text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
QUEENSTOWN, New Zealand—Towering mountain ranges, forests and glacier-fed rivers made New Zealand the perfect stand-in for Middle Earth in “The Lord of the Rings” movie series and a cinematic billboard for the country’s natural beauty.
Today, jet boats rip down rivers seeking the mythical Isengard, where the wizard Gandalf was imprisoned. “Freedom campers” in rented vans leave trails of waste. Tens of thousands of helicopter trips annually deposit visitors, some in flip-flops, on New Zealand glaciers that were once the realm... | ashraq/financial-news-articles | https://www.wsj.com/articles/anger-over-tourists-swarming-vacation-hot-spots-sparks-global-backlash-1527000130 |
New applications for U.S. unemployment benefits increased more than expected last week, but remained below a level consistent with a healthy labor market. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/us-weekly-jobless-claims-may-19-2018.html |
Dow Jones, a News Corp company News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services Dow Jones | ashraq/financial-news-articles | http://jp.wsj.com/articles/SB11448110591113194574604584214841022700038 |
May 10, 2018 / 9:00 PM / Updated 26 minutes ago Broadway's 'Mockingbird' play to go ahead after dispute settled Reuters Staff 1 Min Read
(Reuters) - The producer of a Broadway adaptation of Harper Lee’s “To Kill a Mockingbird” and the author’s estate have settled a legal dispute over the Aaron Sorkin-penned script, which will allow the production to go head on schedule.
In a joint statement on Thursday, the production company Rudinplay and Lee’s estate said they had “amicably settled ongoing litigation” following a court battle over the estate’s objections that Oscar-winner Sorkin’s script deviated too much from the 1960 novel about race relations in Depression-era U.S. South.
Terms of the settlement were not disclosed.
The months-long dispute staved off a potential loss of millions of dollars for producers if the play had to be scrapped or delayed. It is due to open for previews on Nov. 1 in New York and will be directed by Tony-winner Bartlett Sher.
Lee died in 2016 at age 89.
“To Kill a Mockingbird” won a Pulitzer Prize and Gregory Peck earned an Academy Award for best actor in the 1962 film adaptation. Reporting by Eric Kelsey in Los Angeles | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-theatre-tokillamockingbird/broadways-mockingbird-play-to-go-ahead-after-dispute-settled-idUKKBN1IB2Z9 |
May 31, 2018 / 7:44 AM / Updated 5 minutes ago Sony's push into entertainment aims for stability, not splashiness Makiko Yamazaki 5 Min Read
TOKYO (Reuters) - Sony Corp’s ( 6758.T ) new chief executive is embracing entertainment content, but for now appears to be steering clear of direct competition with tech giants such as Apple Inc ( AAPL.O ) and Netflix Inc ( NFLX.O ). FILE PHOTO: Sony Corp's new President and Chief Executive Officer Kenichiro Yoshida attends a news conference on their business plan at the company's headquarters in Tokyo, Japan May 22, 2018. REUTERS/Toru Hanai/File Photo
The company last week announced a $2.3 billion deal for EMI Music Publishing, and CEO Kenichiro Yoshida said he would focus on collecting stable profits from existing music, movies and other intellectual property.
The deal made Sony the world’s largest music publisher in an industry that has found new life on the back of streaming services such as Spotify ( SPOT.N ).
But for now, Sony is doing little to step up its game in Hollywood, where it is lagging behind bigger studios and where Apple, Amazon.com ( AMZN.O ) and Netflix are battling to become dominant streaming platforms.
“I don’t think we should aim to build platforms of their level or compete with them,” he told reporters last week. “A key pillar of our strategy is, how can we survive, how can we actually shift the turf.”
His strategy is good news for longtime investors, who have watched Sony extract itself from loss-making projects in the past few years. In 2017, Sony wrote nearly $1 billion off the value of its movie business.
Trying to find safer ground to fight on is an extension of Yoshida’s numbers-focused approach. As former chief financial officer, he is credited with turning around the consumer electronics giant using cost cuts and a focus on seemingly bland but highly profitable sensors.
Sony also recently took a 39 percent stake in Peanuts Holdings, of Snoopy fame, for $185 million. In movies and TV, the company wants to further leverage film rights to its old franchises rather than investing in new star-studded movies and TV shows.
Examples would fall along the lines of last year’s “Jumanji: Welcome to the Jungle,” which unexpectedly grossed more than $900 million. The studio plans to release another film based on the 1995 classic “Jumanji” in late 2019.
Macquarie Capital Securities analyst Damian Thong said the new strategy meant “lower cost, faster decision-making, greater synergies, and a potential turning point in theatrical film margins.” THE RIGHT NOTES
Yoshida has said that rather than trying to make all of Sony’s divisions complement each other, it was important for each to be profitable on its own.
Investors have also speculated that he may be less averse to the idea of putting the movie studio up for sale than his predecessor, Kazuo Hirai, who fought off activist shareholder Daniel Loeb’s recommendation to partially spin off the entertainment division.
Yoshida has not suggested a sale, but he made no secret that Sony’s new emphasis on intellectual property favors music over movies.
Consumers listen to songs more than once but don’t often watch the same movie twice. Similarly, they demand larger song libraries while being satisfied with just a few shows on a platform such as Netflix, he said.
One decision he may have to make is what to do with the company’s struggling internet TV service PlayStation Vue, which is struggling to gain subscribers after launching in the United States in 2015.
With the exception of the PlayStation video game console, Sony has had little success at offering an entertainment platform since losing out to Apple’s iPod and iTunes music store a decade ago.
Walt Disney and cable operator Comcast, meanwhile, are battling for 21st Century Fox Inc’s entertainment assets, while AT&T is trying to persuade the U.S. Justice Department to allow it to buy Time Warner Inc.
Sony’s Hollywood studio, which lags behind Buena Vista, 20th Century Fox and Warner Bros, could become an even smaller player ahead thanks to the rapid rise of Netflix as a content provider.
“The movie industry requires scale to some extent, so perhaps it isn’t absolutely necessary for Sony to remain independent there,” said Atsushi Osanai, a former Sony official who is now a professor at Japan’s Waseda University Business School.
Anthony Vinciquerra, CEO of Sony Pictures Entertainment, said the company was happy to sit out the current round of mergers.
“In the longer term, as these companies begin to consolidate and form their ecosystems, we will be developing alliances somewhere along the way. We don’t know with whom yet, because we don’t know what the landscape is going to look like. But we are very confident,” he told investors last week.
($1 = 109.1600 yen) | ashraq/financial-news-articles | https://uk.reuters.com/article/us-sony-strategy/sonys-push-into-entertainment-aims-for-stability-not-splashiness-idUKKCN1IW0R0 |
TAIPEI, May 14 (Reuters) - Taiwan’s Foxconn, the world’s largest contract electronics maker and a key Apple supplier, posted a 14.5 percent fall in first-quarter net profit on Monday, lagging estimates despite a strong quarter for the U.S. iPhone maker.
Net profit for the first three months of 2018 for the company known formally as Hon Hai Precision Industry Co reached T$24.08 billion ($809 million), the company said in a filing to the Taiwan stock exchange.
That was down 14.5 percent from T$28.168 billion a year earlier, according to Reuters’ calculations. The first-quarter result was also lower than an average estimate of T$28.71 billion from nine analysts, Thomson Reuters data showed.
In May Apple reported resilient iPhone sales in quarterly results that topped Wall Street forecasts. ($1 = 29.7650 Taiwan dollars) (Reporting by Lee Chyen Yee in SINGAPORE and Zhang Min in BEIJING Writing by Jess Macy Yu Editing by David Goodman)
| ashraq/financial-news-articles | https://www.reuters.com/article/foxconn-results/apple-supplier-foxconn-posts-14-5-pct-drop-in-first-quarter-net-profit-idUSS7N1QP04W |
Q1 2018 Reported Sales of $2.8 Billion
Services Revenue Increases to 14% of Reported Sales
Business Solutions Division (BSD) Returns to Growth
Q1 2018 Operating Income of $77 Million
Q1 2018 Operating Cash Flow of $207 Million
Increases Full-Year Outlook for 2018
BOCA RATON, Fla.--(BUSINESS WIRE)-- Office Depot, Inc. (“Office Depot,” or the “Company”) (NASDAQ: ODP), a leading omni-channel provider of business services and supplies, products and technology solutions, today announced results for the first quarter ended March 31, 2018.
Consolidated (in millions, except per share amounts) 1Q18 1Q17 Selected GAAP measures: Sales $2,830 $2,676 Sales change from prior year period 6% Operating income $77 $124 Operating income margin 2.7% 4.6% Net income from continuing operations $33 $74 Earnings per share from continuing operations $0.06 $0.14 Operating Cash Flow (1) $207 $88 Selected Non-GAAP measures: (2) Adjusted operating income $93 $148 Adjusted operating income margin 3.3% 5.5% Adjusted net income from continuing operations $45 $88 Adjusted net earnings per share from continuing operations (most dilutive) $0.08 $0.16 Free Cash Flow (1) (3) $170 $58 (1) Both operating cash flow and Free Cash Flow are for continuing operations
(2) Adjusted results represent non-GAAP measures and exclude charges or credits not indicative of core operations and the tax effect of these items, which may include but not be limited to merger integration, restructuring, acquisition costs, asset impairments and executive transition costs. Reconciliations from GAAP to non-GAAP financial measures can be found in this release as well as on the Investor Relations website at investor.officedepot.com .
(3) As used throughout this release, Free Cash Flow is defined as cash flows from operating activities of continuing operations less capital expenditures.
“I am extremely pleased that we continue to see positive momentum in our core businesses and delivered financial results in the first quarter which, although lower than the prior year, exceeded our recent outlook,” said Gerry Smith, chief executive officer of Office Depot. “We achieved a major milestone this quarter with the Business Solutions Division reporting positive sales growth for the first time since 2012. This is largely driven by our focus on growing the customer base with our demand generation efforts and successfully expanding our offerings beyond office products. When combined with CompuCom, these business-to-business (B2B) focused divisions represent nearly 60% of total sales. I’m also pleased that our continued focus on working capital management allowed us to generate strong cash flows in the quarter, which further strengthens our liquidity and provides additional capital to strengthen our operations and invest in growth initiatives.”
Consolidated Results
Reported (GAAP) Results
Total reported sales for the first quarter of 2018 were $2.8 billion compared to $2.7 billion in the first quarter of 2017, an increase of 6%. As a result of the CompuCom acquisition and focus on growing services revenue, the Company has enhanced its disclosure to report the breakdown between product sales and service revenues. Office Depot’s service revenues now make up approximately 14% of the Company’s total sales.
Sales Breakdown (in millions) 1Q18 1Q17 Product sales $2,423 $2,460 Sales change from prior year (2)% Service revenues $407 $216 Sales change from prior year 88% Total sales $2,830 $2,676 In the first quarter of 2018, Office Depot reported operating income of $77 million and net income from continuing operations was $33 million, or $0.06 per share, compared to operating income of $124 million, net income from continuing operations of $74 million and $0.14 per share in the first quarter of 2017. The decrease was primarily due to lower gross margins from store and supply chain cost deleverage as well as higher selling, general and administrative expenses.
Adjusted (non-GAAP) Results (2)
Adjusted results for the first quarter of 2018 exclude charges and credits totaling $17 million, which were comprised of $12 million in merger, acquisition and integration-related expenses and $5 million in restructuring charges, as well as the after-tax impact of these items. Accordingly,
First quarter 2018 adjusted operating income was $93 million compared to an adjusted operating income of $148 million in the first quarter of 2017. These amounts include a negative impact for the recent change in pension accounting standards of $2 million in the first quarter of 2018 and $3 million in the first quarter of 2017. First quarter 2018 adjusted net income from continuing operations was $45 million, or $0.08 per diluted share, compared to an adjusted net income from continuing operations of $88 million, or $0.16 per diluted share, in the first quarter of 2017.
(2) Adjusted results represent non-GAAP measures and exclude charges or credits not indicative of core operations and the tax effect of these items, which may include but not be limited to merger integration, restructuring, acquisition costs, asset impairments and executive transition costs. Reconciliations from GAAP to non-GAAP financial measures can be found in this release as well as on the Investor Relations website at investor.officedepot.com .
First Quarter Division Results
Business Solutions Division
Business Solutions Division reported sales were $1.3 billion in the first quarter of 2018, up 1% compared to the first quarter of 2017. This is a quarterly sequential improvement of approximately 400 basis points and returns the division to positive sales growth. The favorable sales performance was primarily driven by growth initiatives in adjacency categories, online sales and acquisitions.
Business Solutions Division (in millions) 1Q18 1Q17 Sales $1,328 $1,315 Sales change from prior year 1% Division operating income $55 $58 Division operating income margin 4.1% 4.4% Business Solutions Division operating income was $55 million in the first quarter of 2018 compared to $58 million in the first quarter of 2017. The decrease in operating income versus the prior year was primarily driven by conversion costs associated with the final customer migrations from the legacy OfficeMax platform that was completed during the quarter, as well as additional marketing investments related to the Company’s online demand generation strategy.
Retail Division
Retail Division reported sales were $1.2 billion in the first quarter of 2018. Planned store closures and an approximately $30 million negative impact to revenue resulting from the adoption of the new revenue recognition standard contributed to the decline. Comparable sales declined 4% versus the prior year primarily driven by fewer transactions and lower average order values.
Retail Division (in millions) 1Q18 1Q17 Sales $1,244 $1,358 Comparable store sales change from prior year (4)% Division operating income $72 $112 Division operating income margin 5.8% 8.2% Retail Division operating income was $72 million in the first quarter of 2018, compared to $112 million in the first quarter of 2017. The decline in operating income versus the prior year was primarily due to the negative flow-through impact from lower sales, including store closures, as well as higher marketing and advertising investments during the quarter to drive future store traffic.
During the first quarter of 2018, the Company closed 2 stores and ended the quarter with a total of 1,376 stores in the Retail Division.
CompuCom Division
CompuCom Division results are only included in total Company results for the first quarter of 2018, as this business was not part of Office Depot in the prior year period. However, unaudited adjusted historical results for the first quarter of 2017 have been presented for reference. Accordingly, CompuCom Division reported sales were $257 million in the first quarter of 2018, flat versus sales of $259 million in the prior year historical period.
CompuCom Division (in millions) 1Q18 1Q17 Historical (4)
Sales $257 $259 Sales change from prior year (1)% Division operating income $5 $6 Division operating income margin 2.0% 2.3% CompuCom Division operating income was $5 million in the first quarter of 2018 versus historical operating income of $6 million in the first quarter of 2017. Operating income was down versus the prior year primarily due to investments to support growth initiatives and incremental depreciation and amortization expense, partially offset by cost reductions and efficiencies.
(4) The CompuCom unaudited adjusted historical results for the first quarter of 2017 reflect information prepared prior to our acquisition and have not been subject to audit or the Company’s internal control processes. Results have been adjusted for historical restructuring and acquisition costs and have been presented for reference purposes only. The results for 2017 may not be comparable to current year results nor indicative of the results of future operations of the CompuCom Division or the results that would have been attained had the acquisition been completed on January 1, 2017.
Corporate and Other
Corporate includes support staff services and certain other expenses that are not allocated to the Company’s operating divisions. Unallocated expenses increased to $38 million in the first quarter of 2018 compared to $25 million in the first quarter of 2017 primarily due to costs associated with growth initiatives and compensation expenses.
The Company’s retained sourcing and trading operations in Asia, reported as an “Other” segment, contributed $1 million in sales for the first quarter of 2018 with no material contribution to operating income.
As previously announced, during the first quarter Office Depot successfully completed the sale of its business in Australia on February 5, 2018. In addition, the Company recently closed on the sale of its business in New Zealand on May 4, 2018, which will be reflected in the second quarter results. Sale of the combined businesses provided approximately $102 million of incremental cash to continuing operations. With these two transactions finalized, the Company has fully completed the International divestiture plan to fully focus on the transformational growth opportunities available in North America.
Balance Sheet and Cash Flow
As of March 31, 2018, Office Depot had total available liquidity of approximately $1.6 billion consisting of $0.7 billion in cash and cash equivalents and approximately $0.9 billion available under the Amended and Restated Credit Agreement. Total debt was $1.0 billion, excluding $770 million of non-recourse debt related to the credit-enhanced timber installment notes.
For the first quarter of 2018, cash provided by operating activities of continuing operations was $207 million, including the impact of $12 million in OfficeMax merger–related costs, $10 million in acquisition and integration-related costs and $5 million in restructuring costs, versus $88 million in the first quarter of the prior year. The increase is primarily due to $176 million in working capital improvements, largely from improved vendor payment terms, inventory reductions and lower incentive compensation payouts. Capital expenditures in the quarter were $37 million. Accordingly, Free Cash Flow of continuing operations was $170 million in the first quarter of 2018.
During the first quarter of 2018, the Company paid a quarterly cash dividend of $0.025 per share on March 15, 2018 for approximately $14 million and made a $19 million scheduled debt repayment on the 2022 Term Loan.
Outlook (5)
“I am encouraged by the progress we’ve made so far this year to strengthen our core businesses and expand the service and subscription offerings to our B2B and business-minded customers,” said Gerry Smith. “Our strategic growth initiatives are gaining traction and we expect to continue building momentum throughout the year on this transformation journey to deliver long-term, sustainable growth.”
Due to the favorable results achieved in the first quarter of 2018, the Company is increasing its 2018 full-year outlook for sales, adjusted operating income and free cash flow.
2018 Full-Year Outlook (5) Prior Outlook Change Updated Outlook Sales ~ $10.6 billion + $200 million ~ $10.8 billion Adjusted Operating Income ~ $350 million + $10 million ~ $360 million Free Cash Flow ~ $325 million + $25 million ~ $350 million Additional details on the updated 2018 outlook, as well as the Company’s long-term strategic direction, operating initiatives and capital allocation priorities will be provided at the Investor Day to be held on May 16, 2018 at the Mandarin Oriental hotel in New York City. A live webcast of the event will also be available on the Office Depot Investor Relations website at investor.officedepot.com . The broadcast will remain available on the website for 90 days.
(5) The Company’s outlook for 2018 included in this release is for continuing operations only and includes non-GAAP measures, such as adjusted operating income, which excludes charges or credits not indicative of core operations, which may include but not be limited to merger integration expenses, restructuring charges, acquisition-related costs, executive transition costs, asset impairments and other significant items that currently cannot be predicted. The exact amount of these charges or credits are not currently determinable, but may be significant. Accordingly, the Company is unable to provide equivalent reconciliations from GAAP to non-GAAP for these financial measures.
About Office Depot, Inc.
Office Depot, Inc. (NASDAQ: ODP) is a leading provider of business services and supplies, products and technology solutions through its fully integrated omni-channel platform of approximately 1,400 stores, online presence, and dedicated sales professionals and technicians to small, medium and enterprise businesses. Through its banner brands Office Depot®, OfficeMax®, CompuCom® and Grand&Toy®, the Company offers its customers the tools and resources they need to focus on their passion of starting, growing and running their business. For more information, visit news.officedepot.com and follow @officedepot on Facebook, Twitter and Instagram.
Office Depot is a trademark of The Office Club, Inc. OfficeMax is a trademark of OMX, Inc. CompuCom is a trademark of CompuCom Systems, Inc. Grand&Toy is a trademark of Grand & Toy, LLC in Canada. ©2018 Office Depot, Inc. All rights reserved. Any other product or company names mentioned herein are the trademarks of their respective owners.
FORWARD LOOKING STATEMENTS
This communication may contain within the meaning of the Private Securities Litigation Reform Act of 1995. These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations, cash flow or financial condition, or state other information relating to, among other things, Office Depot, based on current beliefs and assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “outlook,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” “propose” or other similar words, phrases or expressions, or other variations of such words. These are subject to various risks and uncertainties, many of which are outside of Office Depot’s control. There can be no assurances that Office Depot will realize these expectations or that these beliefs will prove correct, and therefore investors and stockholders should not place undue reliance on such statements.
Factors that could cause actual results to differ materially from those in the include, among other things, the risk that Office Depot is unable to transform the business into a service-driven company or that such a strategy will result in the benefits anticipated; the risk that Office Depot may not be able to realize the anticipated benefits of the CompuCom transaction due to unforeseen liabilities, future capital expenditures, expenses, indebtedness and the unanticipated loss of key customers or the inability to achieve expected revenues, synergies, cost savings or financial performance; impact of weather events on Office Depot’s business; unanticipated changes in the markets for Office Depot’s business segments; the inability to realize expected benefits from the disposition of the international operations; fluctuations in currency exchange rates, unanticipated downturns in business relationships with customers or terms with the Company’s suppliers; competitive pressures on Office Depot’s sales and pricing; increases in the cost of material, energy and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technology products and services; unexpected technical or marketing difficulties; unexpected claims, charges, litigation, dispute resolutions or settlement expenses; new laws, tariffs and governmental regulations. The foregoing list of factors is not exhaustive. Investors and stockholders should carefully consider the foregoing factors and the other risks and uncertainties described in Office Depot’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. Office Depot does not assume any obligation to update or revise any .
OFFICE DEPOT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
13 Weeks Ended March 31, 2018
April 1, 2017
Sales: Products $ 2,423 $ 2,460 Services 407 216 Total Sales 2,830 2,676 Cost of goods sold and occupancy costs: Products 1,891 1,878 Services 272 123 Total Cost of goods sold and occupancy costs 2,163 2,001 Gross profit 667 675 Selling, general and administrative expenses 573 531 Merger and restructuring expenses, net 17 20 Operating income 77 124 Other income (expense): Interest income 6 6 Interest expense (29 ) (13 ) Other income, net 1 4 Income from continuing operations before income taxes 55 121 Income tax expense 22 47 Net income from continuing operations 33 74 Discontinued operations, net of tax 8 42 Net income $ 41 $ 116 Basic earnings per common share Continuing operations $ 0.06 $ 0.14 Discontinued operations 0.01 0.08 Net basic earnings per common share $ 0.07 $ 0.22 Diluted earnings per common share Continuing operations $ 0.06 $ 0.14 Discontinued operations 0.01 0.08 Net diluted earnings per common share $ 0.07 $ 0.22 Dividends per common share $ 0.025 $ 0.025 OFFICE DEPOT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share amounts)
(Unaudited)
March 31,
2018
December 30,
2017
ASSETS Current assets: Cash and cash equivalents $ 737 $ 622 Receivables, net 942 931 Inventories 1,033 1,093 Prepaid expenses and other current assets 118 86 Current assets of discontinued operations 98 139 Total current assets 2,928 2,871 Property and equipment, net 713 725 Goodwill 882 851 Other intangible assets, net 448 448 Timber notes receivable 858 863 Deferred income taxes 295 305 Other assets 266 260 Total assets $ 6,390 $ 6,323 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Trade accounts payable $ 969 $ 892 Accrued expenses and other current liabilities 1,011 986 Income taxes payable 6 5 Short-term borrowings and current maturities of long-term debt 93 96 Current liabilities of discontinued operations 27 67 Total current liabilities 2,106 2,046 Deferred income taxes and other long-term liabilities 331 336 Pension and postretirement obligations, net 90 91 Long-term debt, net of current maturities 918 936 Non-recourse debt 770 776 Total liabilities 4,215 4,185 Commitments and contingencies Redeemable noncontrolling interest 18 18 Stockholders’ equity: Common stock — authorized 800,000,000 shares of $.01 par value; issued shares — 614,216,218 at March 31, 2018 and 610,353,994 at December 30, 2017 6 6 Additional paid-in capital 2,697 2,711 Accumulated other comprehensive loss (64 ) (78 ) Accumulated deficit (236 ) (273 ) Treasury stock, at cost — 56,369,637 shares at March 31, 2018 and December 30, 2017 (246 ) (246 ) Total stockholders’ equity 2,157 2,120 Total liabilities, redeemable noncontrolling interest and stockholders’ equity $ 6,390 $ 6,323 OFFICE DEPOT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
13 Weeks Ended March 31, 2018
April 1, 2017
Cash flows from operating activities of continuing operations: Net income $ 41 $ 116 Income from discontinued operations, net of tax 8 42 Net income from continuing operations 33 74 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 51 40 Charges for losses on inventories and receivables 14 18 Compensation expense for share-based payments 4 11 Deferred income taxes and deferred tax asset valuation allowances 19 35 Changes in working capital and other 86 (90 ) Net cash provided by operating activities of continuing operations 207 88 Cash flows from investing activities of continuing operations: Capital expenditures (37 ) (30 ) Businesses acquired, net of cash acquired (30 ) — Proceeds from disposition of assets and other 1 8 Net cash used in investing activities of continuing operations (66 ) (22 ) Cash flows from financing activities of continuing operations: Net payments on long and short-term borrowings (25 ) (6 ) Debt related fees (1 ) — Cash dividends on common stock (14 ) (13 ) Share purchases for taxes, net of proceeds from employee share-based transactions (3 ) (9 ) Repurchase of common stock for treasury — (10 ) Other financing activities 2 — Net cash used in financing activities of continuing operations (41 ) (38 ) Cash flows from discontinued operations: Operating activities of discontinued operations 10 14 Investing activities of discontinued operations 30 (49 ) Net cash provided by (used in) discontinued operations 40 (35 ) Effect of exchange rate changes on cash and cash equivalents (2 ) 2 Net increase (decrease) in cash and cash equivalents 138 (5 ) Cash, cash equivalents and restricted cash at beginning of period 639 807 Cash, cash equivalents and restricted cash at end of period - total 777 802 Cash and cash equivalents of discontinued operations (37 ) (58 ) Cash, cash equivalents and restricted cash at end of the period – continuing operations $ 740 $ 744 OFFICE DEPOT, INC.
GAAP to Non-GAAP Reconciliations
(Unaudited)
We report our results in accordance with accounting principles generally accepted in the United States (“GAAP”). We also review certain financial measures excluding impacts of transactions that are not related to our core operations (“non-GAAP”). Management believes that the presentation of these non-GAAP financial measures enhances the ability of its investors to analyze trends in its business and provides a means to compare periods that may be affected by various items that might obscure trends or developments in its business. Management uses both GAAP and non-GAAP measures to assist in making business decisions and assessing overall performance. Non-GAAP measures help to evaluate programs and activities that are intended to attract and satisfy customers, separate from expenses and credits directly associated with Merger, restructuring, and certain similar items. Certain non-GAAP measures are also used for short and long-term incentive programs.
Our measurement of these non-GAAP financial measures may be different from similarly titled financial measures used by others and therefore may not be comparable. These non-GAAP financial measures should not be considered superior to the GAAP measures, but only to clarify some information and assist the reader. We have included reconciliations of this information to the most comparable GAAP measures in the tables included within this material.
The Company’s outlook for 2018 adjusted operating income excludes charges or credits not indicative of our core operations, which may include but not be limited to merger integration expenses, restructuring charges, asset impairments, and other significant items that currently cannot be predicted. The exact amount of these charges or credits are not currently determinable, but may be significant. Accordingly, the company is unable to provide a reconciliation to an equivalent operating income outlook for 2018.
(In millions, except per share amounts)
Q1 2018
Reported
(GAAP)
% of
Sales
Less:
Charges &
Credits
Adjusted
(Non-GAAP)
% of
Sales
Selling, general and administrative expenses $ 573 20.2 % $ — $ 573 20.2 % Merger and restructuring expenses, net $ 17 0.6 % $ 17 $ — — % Operating income (loss) $ 77 2.7 % $ (17 ) $ 93 3.3 % Income tax expense (benefit) $ 22 0.8 % $ (4 ) $ 26 0.9 % Net income (loss) from continuing operations $ 33 1.2 % $ (13 ) $ 45 1.6 % Earnings (loss) per share (most dilutive) $ 0.06 $ (0.02 ) $ 0.08 Q1 2017 Reported
(GAAP)
% of
Sales
Less:
Charges &
Credits
Adjusted
(Non-GAAP)
% of
Sales
Selling, general and administrative expenses $ 531 19.8 % $ 4 $ 527 19.7 % Merger and restructuring expenses, net $ 20 0.7 % $ 20 $ — — % Operating income (loss) $ 124 4.6 % $ (24 ) $ 148 5.5 % Income tax expense (benefit) $ 47 1.8 % $ (10 ) $ 57 2.1 % Net income (loss) from continuing operations $ 74 2.8 % $ (14 ) $ 88 3.3 % Earnings (loss) per share (most dilutive) $ 0.14 $ (0.03 ) $ 0.16 OFFICE DEPOT, INC.
Store Statistics
(Unaudited)
Q1 2018
Q1 2017
North American Retail (NAR): Stores opened — — Stores closed 2 2 Total NAR (U.S.) stores 1,376 1,439 Total NAR square footage (in millions) 31.0 32.4 Average square footage per store (in thousands) 22.5 22.5
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005113/en/
Office Depot, Inc.
Investor Relations:
Richard Leland, 561-438-3796
[email protected]
or
Media Relations:
Danny Jovic, 561-438-1594
[email protected]
Source: Office Depot, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-office-depot-announces-first-quarter-2018-results.html |
The left-wing Five Star Movement (M5S) and the right-wing Lega met the Italian president Monday afternoon to outline plans for a new coalition government, potentially breaking months of political deadlock.
However, as reported by Reuters, the head of M5S, Luigi Di Maio, asked the president for "a few more days" in order to reach an agreement on who will head the new coalition.
Giulio Sapelli, an economics professor, is supported by M5S but is reported to have ruled himself out. Lega is backing law professor Giuseppe Conte, according to Italian newspaper Corriere. President Sergio Mattarella will then have the final word.
If approved, the deal will avoid a repeat of the March general election . M5S was the most voted for party in the election but didn't receive enough votes to govern alone. Meanwhile, Lega saw a better-than-expected result and was endorsed to form a government with the backing from other right-wing parties.
Analysts expect that, if in place, the new government would mean a significant fiscal slippage. But, they are also confident that despite being from opposite ends of the political spectrum, these two parties will manage to overcome their differences.
Giles Keating, a managing director at wealth manager Werthstein Institute, told CNBC's "Squawk Box Europe" Monday that their political program has some issues that haven't been fully worked out.
"So cutting the pension age, universal income. But I think a flat tax … This is the sort of thing we've heard from America in the past, from many countries … it stimulates the economy," he said.
A flat tax would mean lower duties for companies and citizens and, thus, further economic strength for these people to spend.
Erik Nielsen, group chief economist at UniCredit, meanwhile, compared the Italian situation to what happened in Portugal.
"Before the present Portuguese government came to power (in 2016), many fretted about its policy promises, only to see a set of rather reasonable policies, which markets — slowly — turned out to appreciate very much," he said in a note Sunday.
show chapters Flat tax worth giving a try in Italy, analyst says 10 Hours Ago | 02:53 Portugal is currently being governed by the socialist party, which is supported in parliament by the communist party (CDU) and the far-left Bloco de Esquerda (BE). At the start of their mandate, there were concerns that Portugal would increase public spending substantially and deviate from the reforms implemented during its bailout program. However, Portugal has registered one of the highest growth rates in the euro zone and credit ratings agencies have become more positive about its economy.
"While a M5S-Lega government might not align their policies quite as fast and effectively as the Portuguese did, I wouldn't be surprised if it comes close," Nielsen added.
An Italian government between M5S and Lega was the worst outcome in the minds' of investors before the election at the start of March. However, they have become more positive on such a prospect on the back of an improving economy and the presence of the monetary stimulus from the European Central Bank (ECB) .
Looking at debt markets, the yield on the 10-year Italian paper hit a six-week high last week. However, it dropped slightly Friday following news of the potential deal between the two parties. Above all, the yield remains way below the euro zone crisis peak of 7.32 percent it hit in 2011. The main Italian index in Milan is also one of the best performing markets year-to-date across the globe.
Analysts are Rabobank said in a note Monday morning they are "neutral" as regards to Italian debt.
"In essence, we are caught between concern that investors will become re-sensitized to political risk and an unquantifiable hunch that the lure of positive carry may continue to support the market," they said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/italy-is-poised-for-a-new-anti-establishment-leader.html |
Market News May 3, 2018 / 3:04 PM / Updated 12 minutes ago BRIEF-Adidas CEO Rorsted Says Plans To Close Couple Of Hundred Stores In Year, Closed About 90 Stores In Q1 - CNBC Reuters Staff 1 Min Read
May 3 (Reuters) -
* ADIDAS CEO KASPER RORSTED SAYS PLANS TO CLOSE A COUPLE OF HUNDRED STORES IN THE YEAR; CLOSED ABOUT 90 STORES IN Q1 - CNBC Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-adidas-ceo-rorsted-says-plans-to-c/brief-adidas-ceo-rorsted-says-plans-to-close-couple-of-hundred-stores-in-year-closed-about-90-stores-in-q1-cnbc-idUSFWN1SA17C |
Bill Gates' obsession with reading started early on. As a kid, his parents gave him "an arbitrary budget to buy books, so I got to read a lot," he told Harvard students during a Q&A last month .
And part of his massive success is thanks to the fact that he maintained the curiosity he had as a kid, he says. "A lot of people lose curiosity in their 20s or 30s," the self-made billionaire and Microsoft co-founder said. "So if you hand them a big, thick book, they're like, 'What? Am I going to read that?'"
Specifically, "people don't make time to read what's fairly academic and super profound," Gates continued, but those are some of the most important books to dive into.
He recommends reading Steven Pinker, the author of two of his all-time favorite books: " The Better Angels of Our Nature " and " Enlightenment Now ."
show chapters The evening routine that helps Bill Gates relax and boost his creativity 10:36 AM ET Fri, 7 April 2017 | 00:59 "Pinker uses meticulous research to argue that we are living in the most peaceful time in human history," Gates writes on his blog , adding, "The world is getting better, even if it doesn't always feel that way. I'm glad we have brilliant thinkers like Steven Pinker to help us see the big picture."
He's also a fan of Hans Rosling, whose latest book, " Factfulness " is "one of the most educational books I've ever read," says Gates . "It covers a space that it's not easy to go learn about. The world would be better if literally millions of people read the book."
To maintain lifelong curiosity, it helps to surround yourself with curious people, Gates told the Harvard students: "If I'm trying to understand quantum computing, a lot of times I get confused, so it helps to have friends who can come and try to straighten you out."
Plus, curious friends hold you accountable and increase "your willingness to try to learn something," he said. "Even trying to understand tornadoes, which are this funny 3D thing — having somebody who could show me where the visualization was ... I don't think I would have done that if I didn't have a group of people that had stayed intellectually curious."
Like this story? Like CNBC Make It on Facebook !
Don't miss: Bill Gates: These 3 books 'opened a new world for me'
show chapters When Elon Musk had an existential crisis at age 14, he read this book 10:45 AM ET Tue, 6 June 2017 | 00:52 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/bill-gates-you-should-make-time-to-read-this-type-of-book.html |
May 30, 2018 / 4:11 AM / Updated 4 hours ago Endangered whale shark fins found in Singapore Airlines shipment to HK Reuters Staff 3 Min Read
HONG KONG (Reuters) - Shark fins from endangered species including the giant, placid whale shark were found in a Singapore Airlines shipment to Hong Kong in May, highlighting the widespread challenges the Chinese territory faces in regulating the trade.
The 980 kgs (2,150 pounds) shipment of assorted fins came from Colombo, Sri Lanka via Singapore. Singapore Airlines, which bans shark fin cargo, said in an emailed statement on Wednesday that the shipment had been labeled as “Dry Seafood”.
Hong Kong permits imports of shark fins, viewed as a delicacy, but shark species listed by the U.N. Convention on International Trade in Endangered Species (CITES) must be accompanied by a permit.
Hong Kong is the world’s largest trading hub for shark fins and has moved to stop illegal trading.
On the fringes of the former British colony’s industrial Western district where the Singapore Airline’s shipment was sent to, warehouses brim with bags of shark fins while dried seafood stores are stacked high with the product.
Gary Stokes, Asia director at Sea Shepherd, who discovered the endangered fins within the shipment, said: “This is another case of misleading and deceiving. The shipment came declared as ‘dried seafood’ so didn’t flag any alarms.” FILE PHOTO: Bags of shark fins from a Singapore Airlines shipment are seen in Hong Kong, China May 11, 2018. Sea Shepherd Global/Handout via REUTERS
Singapore Airlines said it had sent out a reminder to all its stations to immediately conduct sampling checks on shipments labeled ‘dried seafood’ and had blacklisted the shipper. The airline was not able to provide further details.
A Sea Shepherd investigation last year revealed that Maersk, Cathay Pacific and Virgin Australia Cargo, which ban transport of shark fins, were targets of shark fin smuggling including those from endangered species.
Viewed as a status symbol, shark fin is typically consumed in a shredded jelly like soup believed to have nourishing benefits. Restaurants across Hong Kong serve the delicacy, including one of the biggest chains, Maxims, which is half-owned by a unit of conglomerate Jardine Matheson Group.
Over 70 million sharks are killed annually, pushing over a quarter of species into extinction according to WWF. Slideshow (2 Images)
Despite activists helping to dent the volume of shark fins coming into Hong Kong by 50 percent over the past 10 years, illegal supply has continued to boom with the government seizing thousands of kilograms including those from threatened hammerhead and oceanic white tip sharks. Reporting by Farah Master; Editing by Michael Perry | ashraq/financial-news-articles | https://www.reuters.com/article/us-hongkong-environment/endangered-whale-shark-fins-found-in-singapore-airlines-shipment-to-hk-idUSKCN1IV08H |
BEIJING, May 17, 2018 /PRNewswire/ -- Shineco, Inc. ("Shineco" or the "Company"; NASDAQ: TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural produce, specialized textiles, and other health and well-being focused plant-based products in China, announced today its financial results for the third quarter ended March 31, 2018.
Mr. Yuying Zhang, Chairman and Chief Executive Officer of Shineco, Inc., commented, "We are delighted that our increased capital spending in 2017 has translated into increased profitability in 2018. Our business in Xinjiang factory has turned a profit, and our sales in Shandong have remained stable. This is reflected in our financial results. Shineco's gross profit had increased by 102% to $5.26 million, our operating margin had increased by 8.4 percentage points to 29.4%, and our gross margin had increased by 6.7 percentage points to 39.4% compared to the same period of last year."
Mr. Zhang concluded, "The market's response to our Luobuma product line has been immensely positive, as reflected by an impressive sales increase of 388.6% to $5.48 million from $1.12 million from the same period of last year. We are pleased with the recognition from our clients, as we continue to innovate and expand in the future."
Third Quarter of 2018 Financial Highlights
For the Three Months Ended March 31
($ millions, except per share data)
2018
2017
% Change
Revenue
13.34
7.94
68.0%
Luobuma products
5.48
1.12
388.6%
Chinese medicinal herbal products
3.30
3.05
8.3%
Other agricultural products
4.56
3.77
20.9%
Gross profit
5.26
2.60
102.2%
Gross margin
39.4%
32.8%
6.7%
Operating income
3.92
1.67
135.0%
Operating margin
29.4%
21.0%
8.4%
Net income attributable to Shineco
4.55
1.92
136.8%
EPS
0.21
0.09
135.2%
Revenues increased by 68.0% to $13.34 million for the three months ended March 31, 2018 from $7.94 million for the same period last year. Gross profit increased by 102.2% to $5.26 million for the three months ended March 31, 2018 from $2.60 million for the same period last year. Gross margin increased by 6.7 percentage points to 39.4% from 32.8% for the same period of last year. Net income attributable to Shineco increased by 136.8% to $4.55 million, or $0.21 per basic and diluted share, for the three months ended March 31, 2018 from $1.92 million, or $0.09 per basic and diluted share, for the same period last year. The increases in net income and earnings per share were primarily due to an increase in gross profit, partially offset by an increase in general and administrative expenses. Third Quarter of 2018 Financial Results
Revenues
Revenues for the three months ended March 31, 2018 increased by $5.40 million, or 68.0%, to $13.34 million from $7.94 million for the same period of last year, mainly due to increased sales of all products.
For the Three Months Ended March 31
2018
2017
($ millions)
Revenues
COGS
Gross
Margin
Revenues
COGS
Gross
Margin
Luobuma products
5.48
2.36
56.9%
1.12
0.57
49.2%
Chinese medicinal herbal products
3.30
2.56
22.0%
3.05
2.28
24.7%
Other agricultural products
4.56
3.15
31.0%
3.77
2.47
34.4%
Business and sales related taxes
-
0.01
-
-
0.02
-
Total
13.34
8.08
39.4%
7.94
5.34
32.8%
Revenues from Luobuma products increased by $4.36 million, or 388.6%, to $5.48 million for the three months ended March 31, 2018 from $1.12 million for the same period of last year, mainly due to establishment of new subsidiary, Xinjiang Taihe, which generated revenue of $5,210,768.
Revenues from Chinese medicinal herbal products increased by $0.25 million, or 8.3%, to $3.30 million for the three months ended March 31, 2018 from $3.05 million for the same period of last year. The increase was primarily due to more fulfilled sales orders from customers for the three months ended March 31, 2018 than the same period in 2017.
Revenues from other agricultural products increased by $0.79 million, or 20.9%, to $4.56 million for the three months ended March 31, 2018 from $3.77 million for the same period of last year. The sales of other agricultural products were mainly derived from sales of yew trees and our storage services. The increase was mainly due to the increase in sales volume of yew trees since the public realized the air purification function of the yew trees.
Gross profit and Gross Margin
Total cost of goods sold increased by $2.74 million, or 51.3%, to $8.08 million for the three months ended March 31, 2018 from $5.34 million for the same period of last year. Gross profit increased by $2.66 million, or 102.2%, to $5.26 million for the three months ended March 31, 2018 from $2.60 million for the same period of last year. Overall gross margin increased by 6.7 percentage points to 39.4% for the three months ended March 31, 2018, compared to 32.8% for the same period of last year.
Gross margins for Luobuma products, Chinese medicinal herbal products, and other agricultural products were 56.9%, 22.0%, and 31.0%, respectively, for the three months ended March 31, 2018. This compared to gross margins for Luobuma products, Chinese medicinal herbal products, and other agricultural products of 49.2%, 24.7%, and 34.4%, respectively, for the same period of last year.
Operating income
Selling expenses increased by $0.08 million, or 27.4%, to $0.39 million for the three months ended March 31, 2018 from $0.30 million for the same period of last year, primarily due to the acquisition of a new subsidiary, Tianjin Tajite, in October 2017. The increase in selling and distribution expenses was also a result of increased promotion expenses as the Company enhanced its online sales promotions, partially offset by decreased rent expense of warehouse and salary expenses due to more effective cost control during the three months ended March 31, 2018 compared to the same period of 2017. General and administrative expenses increased by $0.33 million, or 51.5%, to $0.96 million for the three months ended March 31, 2018 from $0.63 million for the same period of last year. The increase in general and administrative expenses was primarily due to the incorporation and acquisition of new subsidiaries, Tiankunrunze in last quarter of fiscal year 2017, and Xinjiang Taihe and Tianjin Tajite in fiscal year 2018. As a result, total operating expenses increased by $0.41 million, or 43.6%, to $1.34 million for the three months ended March 31, 2018 from $0.94 million for the same period of last year.
Operating income increased by $2.25 million, or 135.0%, to $3.92 million for the three months ended March 31, 2018 from $1.67 million for the same period of last year. Operating margin was 29.4% for the three months ended March 31, 2018, compared to 21.0% for the same period of last year.
Net income
Net income increased by $2.55 million, or 130.4%, to $4.51 million for the three months ended March 31, 2018 from $1.96 million for the same period of last year. After the deduction of non-controlling interests, net income attributable to common shareholders for the three months ended March 31, 2018 was $4.55 million, or $0.21 per basic and diluted share. This compared to net income attributable to common shareholders of $1.92 million, $0.09 per basic and diluted share, for the same period of last year.
Nine Months Ended March 31, 2018 Financial Results
For the Nine Months Ended March 31
($ millions, except per share data)
2018
2017
% Change
Revenue
35.28
25.53
38.2%
Luobuma products
10.41
2.77
276.0%
Chinese medicinal herbal products
10.23
9.73
5.2%
Other agricultural products
14.64
13.04
12.3%
Gross profit
12.17
8.47
43.6%
Gross margin
34.5%
33.2%
1.3%
Operating income
8.11
5.25
54.4%
Operating margin
23.0%
20.6%
2.4%
Net income attributable to Shineco
9.41
6.12
53.7%
EPS
0.45
0.30
49.3%
Revenues
Revenues for the nine months ended March 31, 2018 increased by $9.75 million, or 38.2%, to $35.28 million from $25.53 million for the same period of last year, mainly due to increased sales of all products.
For the Nine Months Ended March 31
2018
2017
($ millions)
Revenues
COGS
Gross
Margin
Revenues
COGS
Gross
Margin
Luobuma products
10.41
4.81
53.7%
2.77
1.37
50.0%
Chinese medicinal herbal products
10.23
7.89
22.5%
9.73
7.20
25.6%
Other agricultural products
14.64
10.36
29.2%
13.04
8.44
35.3%
Business and sales related taxes
-
0.06
-
-
0.05
-
Total
35.28
23.11
34.5%
25.53
17.06
33.2%
Revenues from Luobuma products increased by $7.64 million, or 276.0%, to $10.41 million for the nine months ended March 31, 2018 from $2.77 million for the same period of last year, mainly due to revenue generated by a new subsidiary, Xinjiang Taihe, of US$ 8,145,196. Moreover, the increase of revenue from this segment was due to increased sales volume of our health awareness related products. The Company also enhanced online sales promotions during the nine months ended March 31, 2018, which contributed to more sales revenue overall.
Revenues from Chinese medicinal herbal products increased by $0.51 million, or 5.2%, to $10.23 million for the nine months ended March 31, 2018 from $9.73 million for the same period of last year. The increase was primarily due to more fulfilled sales orders from customers for the nine months ended March 31, 2018 than the same period in 2017.
Revenues from other agricultural products increased by $1.60 million, or 12.3%, to $14.64 million for the nine months ended March 31, 2018 from $13.04 million for the same period of last year. The increase was mainly attributable to the increase in sales volume of yew trees since the public realized the air purification function of the yew trees.
Gross profit and Gross Margin
Total cost of goods sold increased by $6.06 million, or 35.5%, to $23.11 million for the nine months ended March 31, 2018 from $17.06 million for the same period of last year. Gross profit increased by $3.70 million, or 43.6%, to $12.17 million for the nine months ended March 31, 2018 from $8.47 million for the same period of last year. Overall gross margin increased by 1.3 percentage points to 34.5% for the nine months ended March 31, 2018, compared to 33.2% for the same period of last year.
Gross margins for Luobuma products, Chinese medicinal herbal products, and other agricultural products were 53.7%, 22.5%, and 29.2%, respectively, for the nine months ended March 31, 2018. This compared to gross margins for Luobuma products, Chinese medicinal herbal products, and other agricultural products of 50.0%, 25.6%, and 35.3%, respectively, for the same period of last year.
Operating income
Selling expenses increased by $0.05 million, or 3.9%, to $1.23 million for the nine months ended March 31, 2018 from $1.19 million for the same period of last year, primarily due to the acquisition of a new subsidiary, Tianjin Tajite, in October 2017. The increase in selling and distribution expenses was also a result of increased promotion expenses as the Company enhanced its online sales promotions, partially offset by decreased rent expense of warehouse and salary expenses due to more effective cost control during the nine months ended March 31, 2018 compared to the same period of 2017. General and administrative expenses increased by $0.79 million, or 39.0%, to $2.82 million for the nine months ended March 31, 2018 from $2.03 million for the same period of last year. The increase in general and administrative expenses was primarily attributable to the incorporation and acquisition of new subsidiaries, Tiankunrunze in second quarter of fiscal year 2017, and Xinjiang Taihe and Tianjin Tajite in fiscal year 2018. The increase in general and administrative expenses was also a result of increased professional service fees, such as attorney's fees, consulting fees and auditing fees. As a result, total operating expenses increased by $0.84 million, or 26.0%, to $4.05 million for the nine months ended March 31, 2018 from $3.22 million for the same period of last year.
Operating income increased by $2.86 million, or 54.4%, to $8.11 million for the nine months ended March 31, 2018 from $5.25 million for the same period of last year. Operating margin was 23.0% for the nine months ended March 31, 2018, compared to 20.6% for the same period of last year.
Net income
Net income increased by $3.12 million, or 50.0%, to $9.35 million for the nine months ended March 31, 2018 from $6.23 million for the same period of last year. After the deduction of non-controlling interests, net income attributable to common shareholders for the nine months ended March 31, 2018 was $9.41 million, or $0.45 per basic and diluted share. This compared to net income attributable to common shareholders of $6.12 million, $0.30 per basic and diluted share, for the same period of last year.
Financial Condition
As of March 31, 2018, the Company had cash and cash equivalents of $28.43 million, compared to $23.15 million as of June 30, 2017. Net cash used in operating activities was $5.34 million for the nine months ended March 31, 2018, compared to net cash used in operating activities of $1.38 million for the same period of last year. Net cash used in investing activities was $0.90 million for the nine months ended March 31, 2018, compared to $1.69 million for the same period of last year. Net cash used in financing activities was $0.45 million for the nine months ended March 31, 2018, compared to net cash provided by financing activities of $5.60 million for the same period of last year.
About Shineco, Inc.
Incorporated in August 1997 and headquartered in Beijing, China, Shineco, Inc. ("Shineco" or the "Company") is a Delaware holding company that uses its subsidiaries' and variable interest entities' vertically- and horizontally-integrated production, distribution and sales channels to provide health and well-being focused plant-based products in China. Utilizing modern engineering technologies and biotechnologies, Shineco produces, among other products, Chinese herbal medicines, organic agricultural produce and specialized textiles. For more information about the Company, please visit www.shinecobiotech.com .
Forward-Looking Statements
This press release contains information about Shineco's view of its future expectations, plans and prospects that constitute . Actual results historical results or those indicated by these as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Shineco encourages you to review other factors that may affect its future results in Shineco's registration statement and in its other filings with the Securities and Exchange Commission.
For more information, please contact:
Tina Xiao
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: [email protected]
SHINECO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31,
June 30,
2018
2017
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash
$
28,432,209
$
23,154,551
Accounts receivable, net
24,864,469
14,480,004
Due from related parties
409,193
448,833
Inventories
2,765,143
2,346,273
Advances to suppliers, net
3,582,001
2,396,123
Deferred issuance cost
434,000
-
Other current assets
818,934
1,900,143
TOTAL CURRENT ASSETS
61,305,949
44,725,927
Property and equipment, net
12,463,088
10,320,396
Land use right, net of accumulated amortization
1,426,571
1,346,631
Investments
6,703,975
5,695,080
Deposit for business acquisition
128,967
2,065,686
Distribution rights
1,175,033
-
Long-term deposit and other noncurrent assets
121,494
112,883
Prepaid leases
3,706,730
3,784,533
Deferred tax assets
-
233,834
Goodwill
2,230,683
-
TOTAL ASSETS
$
89,262,490
$
68,284,970
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term loans
$
2,481,156
$
2,663,628
Accounts payable
3,242,373
158,068
Advances from customers
6,811
5,439
Due to related parties
206,885
257,880
Other payables and accrued expenses
2,181,904
337,107
Taxes payable
2,385,329
1,608,926
TOTAL CURRENT LIABILITIES
10,504,458
5,031,048
Deferred tax liability
4,229
-
TOTAL LIABILITIES
10,508,687
5,031,048
Commitments and contingencies
-
-
EQUITY:
Common stock; par value $0.001, 100,000,000 shares authorized; 21,234,072 and 21,034,072 shares issued and outstanding at March 31, 2018 and June 30, 2017
21,234
21,034
Additional paid-in capital
23,171,102
22,737,302
Statutory reserve
4,074,570
3,484,449
Retained earnings
47,880,159
39,064,743
Accumulated other comprehensive loss
2,489,677
(3,140,982)
Total Stockholders' equity of Shineco, Inc.
77,202,742
62,166,546
Non-controlling interest
1,117,061
1,087,376
TOTAL EQUITY
78,319,803
63,253,922
TOTAL LIABILITIES AND EQUITY
$
89,262,490
$
68,284,970
SHINECO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
For the Nine Months
Ended March 31,
For the Three Months
Ended March 31,
2018
2017
2018
2017
REVENUE
$
35,282,977
$
25,531,313
$
13,341,281
$
7,941,583
COST OF REVENUE
Cost of product and services
23,059,329
17,007,048
8,065,117
5,319,742
Business and sales related tax
55,624
53,228
14,287
19,264
Total cost of revenue
23,114,953
17,060,276
8,079,404
5,339,006
GROSS PROFIT
12,168,024
8,471,037
5,261,877
2,602,577
OPERATING EXPENSES
General and administrative expenses
2,820,689
2,029,981
956,765
631,640
Selling expenses
1,232,713
1,186,536
387,494
304,182
Total operating expenses
4,053,402
3,216,517
1,344,259
935,822
INCOME FROM OPERATIONS
8,114,622
5,254,520
3,917,618
1,666,755
OTHER INCOME
Income from equity method investments
703,453
699,380
352,801
297,612
Purchase rebate income
1,191,011
846,297
411,076
253,669
Other income
220,270
253,196
80,295
93,888
Interest income (expense), net
(41,684)
15,124
(10,360)
(25,414)
Total other income
2,073,050
1,813,997
833,812
619,755
INCOME BEFORE PROVISION FOR INCOME TAXES
10,187,672
7,068,517
4,751,430
2,286,510
PROVISION FOR INCOME TAXES
834,647
833,661
239,612
328,274
NET INCOME
9,353,025
6,234,856
4,511,818
1,958,236
Less: net income (loss) attributable to non-controlling interest
(52,512)
116,006
(40,084)
35,829
NET INCOME ATTRIBUTABLE TO SHINECO, INC.
$
9,405,537
$
6,118,850
$
4,551,902
$
1,922,407
COMPREHENSIVE INCOME
Net income
$
9,353,025
$
6,234,856
$
4,511,818
$
1,958,236
Other comprehensive income (loss): foreign currency translation gain (loss)
5,714,317
(1,985,492)
2,683,536
528,683
Total comprehensive income
15,067,342
4,249,364
7,195,354
2,486,919
Less: comprehensive income attributable to non-controlling interest
31,146
80,161
(1,249)
43,720
COMPREHENSIVE INCOME ATTRIBUTABLE TO SHINECO, INC.
$
15,036,196
$
4,169,203
$
7,196,603
$
2,443,199
Weighted average number of shares basic and diluted
21,080,787
20,477,598
21,176,294
21,034,072
Basic and diluted earnings per common share
$
0.45
$
0.30
$
0.21
$
0.09
SHINECO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the Nine Months Ended
March 31,
2018
2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
9,353,025
$
6,234,856
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization
489,835
445,037
Loss from disposal of property and equipment
5,520
-
Bad debt expense
47,497
147,770
Increase in inventory reserve
153,029
45,419
Deferred tax (benefit) provision
(35,677)
9,790
Income from equity method investments
(703,452)
(699,380)
Interest income from loans to related parties
-
(86,585)
Changes in operating assets and liabilities:
Accounts receivable
(8,876,896)
(7,744,632)
Advances to suppliers
(939,882)
(929,907)
Inventories
(315,834)
2,613,094
Other receivables
259,946
(864,944)
Prepaid expense and other assets
233,107
(192,464)
Due from related parties
125,501
361,287
Prepaid leases
361,665
351,480
Accounts payable
2,945,920
185,693
Advances from customers
(81,157)
26,247
Other payables
1,716,955
(1,519,339)
Taxes payable
604,558
232,390
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
5,343,660
(1,384,188)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of property and equipment
(1,721,647)
(41,016)
Proceeds from disposal of property and equipment
603
-
Payment for construction in progress
(5,843)
-
Repayments (advances to) of loans from third parties
831,453
(506,452)
Loan advances to related party
(53,443)
-
Repayments of loans from related parties
-
567,246
Income received from investments in unconsolidated entities
152,694
551,933
Deposit for business acquisition
(123,682)
(2,060,548)
Deposit for potential investment
-
(200,000)
Cash of subsidiary acquired
23,153
-
NET CASH (USED IN) INVESTING ACTIVITIES
(896,712)
(1,688,837)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term loans
2,443,100
2,680,184
Repayment of short-term loans
(2,820,126)
(2,406,426)
Stock issuance cost payable
-
843,844
Proceeds from initial public offering, net of offering costs
-
4,550,705
Repayments of advances from related parties
(68,465)
(68,984)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
(445,491)
5,599,323
EFFECT OF EXCHANGE RATE CHANGE ON CASH
1,276,201
(861,050)
NET INCREASE IN CASH
5,277,658
1,665,248
CASH - Beginning of the Period
23,154,551
22,009,374
CASH - End of the Period
$
28,432,209
$
23,674,622
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for income taxes
$
702,064
$
579,566
Cash paid for interest
$
98,017
$
109,208
SUPPLEMENTAL NON-CASH INVESTING ACTIVITY:
Issued 200,000 shares of deferred issuance cost
$
434,000
$
-
View original content: http://www.prnewswire.com/news-releases/shineco-inc-reports-third-quarter-of-2018-financial-results-300650566.html
SOURCE Shineco, Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-shineco-inc-reports-third-quarter-of-2018-financial-results.html |
MECHANICSBURG, Pa., May 31, 2018 /PRNewswire/ -- Vibra Healthcare, LLC ("Vibra"), a post-acute care provider, today announced it has reached an agreement to form a partnership consisting of Ernest Health, Inc. ("Ernest"), and several Vibra rehabilitation hospitals and development projects, which will be contributed in exchange for a significant equity participation in the new entity. One Equity Partners ("OEP"), a leading middle market private equity firm which joins Vibra in the partnership, has agreed to acquire Ernest from Medical Properties Trust ("MPT") and Ernest's management shareholders. Following the completion of the transactions, Ernest will be managed by the Vibra management team, led by Chairman & CEO Brad Hollinger, and will continue to operate under the Ernest name.
Ernest currently operates twenty-five inpatient rehabilitation and long-term acute care hospitals in eleven states, including Arizona, Colorado, Idaho, Indiana, Montana, New Mexico, Ohio, South Carolina, Texas, Utah and Wyoming. Financial details of the transactions have not been disclosed. The transactions are expected to close during the third quarter of 2018.
"We are very excited to have the opportunity to join forces with an organization with an exceptional industry reputation," stated Brad Hollinger, Vibra's Chairman and Chief Executive Officer. "The Ernest management team is recognized as an industry leader in patient care and we look forward to establishing best practices system wide. Strategically, the Ernest hospitals balance Vibra's portfolio of hospitals between inpatient rehabilitation and long-term acute care, better positioning Vibra to thrive in the fast-changing post-acute environment. From a geographic perspective, Ernest provides Vibra entry into over twenty new markets. Furthermore, we are delighted to partner with OEP, a private equity firm with an outstanding reputation for creating shareholder value," Hollinger added.
"The Vibra management team has demonstrated a tremendous ability to grow companies across the post-acute care continuum organically and via acquisitions. The opportunity to partner with Brad and the Vibra management team was a critical factor in our decision to acquire Ernest. The combination of Ernest with the Vibra assets represents the culmination of several years working with the Vibra team who we believe are uniquely qualified to build upon the strong Ernest foundation," added Greg Belinfanti, Senior Managing Director at OEP.
About Vibra Healthcare
Vibra Healthcare, LLC is a post-acute care provider based in Mechanicsburg, PA that is focused on the development, acquisition, and operation of freestanding specialty acute care hospitals, medical rehabilitation hospitals, and outpatient physical rehabilitation centers. Teams of highly trained specialists lead clinical programs at Vibra's specialty hospitals for rehabilitating patients who suffer from strokes, multiple traumas, major orthopedic, neurologic, cardiac, and respiratory conditions. Vibra and its affiliates currently employ over 6,000 employees and own and operate 45 specialty hospitals, transitional care units/facilities, and hospital-based outpatient physical therapy locations in 14 states. For additional information about Vibra Healthcare's network of specialty hospitals and post-acute care continuum, please visit our website at www.vibrahealthcare.com .
About One Equity Partners
OEP is a middle-market private equity firm with approximately $7 billion of assets under management focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 170 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, and Frankfurt. For more information, please visit www.oneequity.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/vibra-healthcare-enters-partnership-to-combine-ernest-health-inc-and-certain-vibra-healthcare-assets-300657518.html
SOURCE Vibra Healthcare, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-vibra-healthcare-enters-partnership-to-combine-ernest-health-inc-and-certain-vibra-healthcare-assets.html |
May 14 (Reuters) - Primo Water Corp:
* PRIMO WATER ANNOUNCES PROPOSED FOLLOW-ON PUBLIC OFFERING OF COMMON STOCK
* PRIMO WATER CORP - INTENDS TO OFFER AND SELL ABOUT $65 MILLION OF SHARES OF ITS COMMON STOCK IN A PROPOSED UNDERWRITTEN FOLLOW-ON PUBLIC OFFERING
* PRIMO WATER CORP - INTENDS TO USE NET PROCEEDS FROM OFFERING TO PAY DOWN EXISTING INDEBTEDNESS
* PRIMO WATER CORP - UPON COMPLETION OF OFFERING, COMPANY INTENDS TO REFINANCE ITS REMAINING OUTSTANDING SENIOR INDEBTEDNESS Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-primo-water-announces-proposed-fol/brief-primo-water-announces-proposed-follow-on-public-offering-of-common-stock-idUSASC0A22A |
May 3, 2018 / 2:15 PM / Updated 11 minutes ago As Greek islands heave under influx, refugees turn to old river route Lefteris Papadimas 4 Min Read
GREEK-TURKISH BORDER, Northern Greece (Reuters) - As dawn breaks over the waterlogged plain along the border Greece shares with Turkey, an all-too familiar outline of refugees emerges through the morning haze, picking their way through a road well travelled by thousands before them. Syrian refugees who crossed the Evros river, the natural border between Greece and Turkey, board a police truck transferring them to a first reception centre, near the village of Nea Vyssa, Greece, May 2, 2018. REUTERS/Alkis Konstantinidis
Young parents carrying infants and widowed women following railway tracks they hope will lead them to a town have become a common sight in the fields at Greece’s north-eastern border region with Turkey.
“Do not send us back because we ran away from a war,” pleaded Maya, 28, from the Syrian city of Aleppo. When a Reuters team caught up with her, she, her father, her sister and her six children had been walking for 13 hours.
Two years after a sea passage used in a mass migration wave from Turkey to Greece’s islands was effectively sealed, more and more refugees are re-discovering an old smugglers’ route through the watery land border splitting the two countries.
In April alone, at least 2,900 people arrived in Greece via Evros, the river border separating Greece from Turkey. That equals half the estimated arrivals for 2017 overall, United Nations refugee agency UNHCR said on April 27. A Syrian refugee who crossed the Evros river, the natural border between Greece and Turkey, rests in a field as they wait for the police to arrive and transfer them to a first reception centre, near the village of Nea Vyssa, Greece, May 2, 2018. REUTERS/Alkis Konstantinidis NEW ROUTE, REVISITED
Police and local government officials in the region are worried at the trend. A burst in arrivals, they say, more or less mirror an upsurge in hostilities in either Iraq or Syria.
Nearly a million refugees and migrants crossed from Turkey to Greece’s islands in 2015, but that route all but closed after the European Union and Ankara agreed to stop the flow in March 2016.
Under the deal, anyone who crosses to the Greek islands must qualify for asylum or face deportation to Turkey. The accord effectively turned five Aegean islands into cramped holding camps for more than 15,000 people unable to leave until their claims are processed.
The land border does not appear to fall under the agreement, but a UNHCR official cautioned at jumping to conclusions the exclusion actually diverted the migrant flow elsewhere. Slideshow (30 Images)
Aid workers and police officials told Reuters those who arrive via the Evros river are taken to be registered, and then given a three month resident permit. Theoretically, they are free to move around Greece - unlike those on the islands. TREACHEROUS WATERS
About thirty-five refugees from the besieged Syrian city of Afrin took a country road close to the community of Nea Vyssa early in the morning of May 2.
One man cradled a month old baby, Abdu, in a small blue swaddling blanket. A second man strode, a blank look in his eyes as a sleeping toddler bounced around in the pouch he had strapped to his front.
Beyond that, a small blonde girl in pigtails and pink rubber boots scowled as an adult pulled her along the road, clutching a pink ragdoll.
It can take about five to six minutes to paddle one’s way across the Evros river, compared to a harrowing journey in the open seas on overcrowded rafts. Yet the fast-moving waters are treacherous.
Before the sea corridor between Turkey and Greek islands became a grave for hundreds of refugees in 2015, Evros had claimed at least 1,500 lives over the past 18 years.
Twelve deaths in the first quarter of the year have outpaced all of 2017 put together, when 8 people drowned, said associate professor of forensic medicine Pavlos Pavlidis.
“I can only hope the number stays there ... but we expect the worst has yet to come because the influx has risen,” he told Reuters. Writing By Michele Kambas; Editing by Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-migrants-greece-evros-widerima/as-greek-islands-heave-under-influx-refugees-turn-to-old-river-route-idUKKBN1I41S3 |
LAKE FOREST, Ill.--(BUSINESS WIRE)-- Bradley Bodell has joined national employee benefits provider Trustmark as Senior Vice President and Chief Information Officer. In this role, Bodell will lead technology strategies to facilitate enterprise growth, enhance customer experience and engagement, and direct ongoing investments in information security.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180521005041/en/
Bradley Bodell Joins Trustmark as Chief Information Officer. (Photo: Trustmark)
"Brad brings nearly 20 years of technology leadership experience in insurance and financial services to Trustmark,” said CEO Joe Pray. “Specifically, he has led IT transformations that support business growth strategies by enabling quicker product innovation, improved customer experience through digital solutions and more effective marketing through data management. Trustmark solves complex employee benefit challenges for our customers, and Brad’s expertise, which spans business, operations and technology, is ideally suited to advance that vision.”
Bodell comes to Trustmark from CNO Financial Group, Inc., where he served as Senior Vice President and Chief Information Officer. There, he led enterprise technology strategy and delivery for CNO and its subsidiary companies, which include Bankers Life, Colonial Penn and Washington National. He was responsible for a $60 million portfolio of more than 400 applications and helped drive the digital transformation of CNO’s sales force. In addition, he led IT’s architecture, talent development and sourcing efforts and was the Chairman of CNO India.
Prior to CNO Financial, Bodell spent 13 years in roles of increasing responsibility at MetLife. As Vice President, Global Technology and Operations, he oversaw several multi-year programs to modernize MetLife’s policy administration systems to increase reliability, reduce costs and improve customer service. In addition, he led information technology work to support multi-channel marketing, including capabilities to facilitate new product administration, campaign management, social collaboration, customer relationship management and mobile applications.
Bodell’s civic leadership includes serving on the Board for the Indiana Youth Institute and the Indiana Region of the American Red Cross. He holds a BS in Industrial Engineering from Northwestern University and earned his Master of Management from the Kellogg Graduate School of Management, Northwestern University.
About Trustmark
Trustmark is a national employee benefits company with deep, specialized expertise in voluntary benefits, self-funded health benefits, and population health and fitness management. The strengths that differentiate Trustmark include our personalized, caring approach; our ability to engage employees to improve overall wellbeing and help them become smarter, more confident healthcare consumers; and our commitment to being the long-term, trusted partner to our producer partners, our clients and their employees. For more than 100 years, Trustmark has helped people and businesses thrive. Visit us at www.trustmarkcompanies.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005041/en/
Trustmark
Patton Hollow, 847-283-4133
[email protected]
Source: Trustmark | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-bradley-bodell-joins-trustmark-as-chief-information-officer.html |
SANTA CLARA, Calif. (AP) _ Arista Networks Inc. (ANET) on Thursday reported first-quarter earnings of $144.5 million.
On a per-share basis, the Santa Clara, California-based company said it had profit of $1.79. Earnings, adjusted for one-time gains and costs, were $1.66 per share.
The results beat Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.52 per share.
The cloud networking company posted revenue of $472.5 million in the period, which also beat Street forecasts. Nine analysts surveyed by Zacks expected $462.1 million.
For the current quarter ending in July, Arista Networks said it expects revenue in the range of $500 million to $514 million.
Arista Networks shares have climbed 14 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $267.85, a climb of 90 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on ANET at https://www.zacks.com/ap/ANET | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/the-associated-press-arista-networks-1q-earnings-snapshot.html |
May 28, 2018 / 4:10 PM / Updated an hour ago Russian art gallery to review alcohol sales after attack on masterpiece Andrew Osborn 3 Min Read
MOSCOW (Reuters) - One of Russia’s leading art galleries announced on Monday it would try to stop the sale of alcohol on its premises after a man attacked a masterpiece with a metal pole after drinking vodka there.
The incident at Moscow’s State Tretyakov Gallery on Friday caused serious damage to one of the country’s most famous paintings, which depicts Tsar Ivan the Terrible cradling his dying son in 1581, and raised awkward questions about how Russia protects its historical and cultural artefacts.
The damaged painting was completed by renowned Russian realist Ilya Repin in 1885 and was described by its curators on Monday as a masterpiece in the same league as the Mona Lisa.
In an interior ministry video, a 37-year-old man called Igor Podporin described how he had knocked back 100 grams of vodka in the gallery’s cafe, became “overwhelmed”, and then used a metal security pole to strike the canvas several times.
Zelfira Tregulova, director of the Tretyakov, said she wanted to stop the sale of alcohol on the gallery’s premises and would be holding talks with the lessees of an on-site cafe and restaurant.
“As we’ve now understood, there were small bottles of wine or cognac in the cafe. We’re going to talk to the cafe and ask them to remove them,” she told a news conference.
It would be harder to persuade a separate restaurant, accessible from both the gallery and the street, to stop selling alcohol, she said.
“The incident was awful and frightening and speaks to the aggression which reigns in society,” said Tregulova, complaining that people were increasingly unable to distinguish between works of art and the documentation of historical facts. Participants attend a news conference dedicated to the damaged painting "Ivan the Terrible and His Son Ivan on November 16, 1581", after a visitor recently attacked it with a metal pole, at the State Tretyakov Gallery in Moscow, Russia May 28, 2018. REUTERS/Maxim Shemetov HISTORICAL GRUDGE?
Vladimir Aristarkhov, the deputy culture minister, said that jail time for such attacks should be sharply increased from a current three-year maximum, disclosed Russia’s museums had a shortfall of around 1,000 security guards, and called for the attacker to be made an example of.
The Tretyakov’s curator, Tatyana Gorodkova, told reporters that Podporin had shouted something at the time of his attack to the effect that Ivan the Terrible did not kill his son. The painting depicts Ivan cradling his son after dealing him a mortal blow.
Some Russian historians and nationalists dispute the idea that Ivan murdered his son.
The painting, which will be protected by a bulletproof case after being restored, has never been valued because it has never been lent out, but another work by Repin was sold for over $7 million in 2011.
The painting was attacked in 1913, prompting the then gallery’s curator to commit suicide. Slideshow (4 Images)
When asked if she took responsibility for the latest attack, Tregulova, the gallery’s director, quipped she would not be taking her own life and said the incident had been hard to stop.
“It was not possible to do anything. It was a question of seconds,” she said, saying the gallery nonetheless planned to review security. Editing by Andrew Roche | ashraq/financial-news-articles | https://in.reuters.com/article/us-russia-painting-attack/russian-art-gallery-to-review-alcohol-sales-after-attack-on-masterpiece-idINKCN1IT1N1 |
May 17 (Reuters) -
* The Electric Reliability Council of Texas (ERCOT) set a new all-time May peak demand record between 5 and 6 p.m. on Thursday, while preparing for a record breaking peak usage this summer.
* Preliminary operating data showed peak demand topped out at 61,519 megawatt (MW), this is more than 2,200 MW above the May 2017 peak demand record.
* One megawatt can power about 1,000 homes.
* Previously on Wednesday, the grid operator set a new all-time May peak demand record, with a preliminary peak demand of 61,148 MW between 4 and 5 p.m. This is more than 1,800 MW higher than the previous May record set in 2017.
* Ercot North EL-PK-ERTN-SNL power prices rose to $130 per megawatt hour, their highest since January, due to a heat wave blanketing the Gulf Coast region. SOURCE: here RELATED: U.S. power grid ready for summer, but Calif. & Texas are concerns -FERC
Reporting by Sumita Layek in Bengaluru
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ercot-hits-new-all-time-may-peak-p/brief-ercot-hits-new-all-time-may-peak-power-demand-idUSL3N1SO5AF |
TOKYO, May 9 (Reuters) - Japanese government bond prices were little changed across the board on Wednesday, as a retreat by U.S. Treasuries neutralised support from the Bank of Japan’s regular debt-buying operation.
The five-year JGB yield rose half a basis point to minus 0.105 percent.
The 10-year and 20-year yields were unchanged at 0.045 percent and 0.525 percent, respectively.
Treasury prices fell and the benchmark 10-year yield climbed towards the 3 percent threshold as crude oil prices rallied to a 3-1/2-year high after the U.S. abandoned an international nuclear deal with Iran, likely curbing the OPEC-member’s crude exports in an already tight market.
The BOJ on Wednesday offered to buy 1.03 trillion yen ($9.41 billion) of one- to 10-year JGBs as part of its regular debt-purchasing scheme. ($1 = 109.4700 yen) (Reporting by the Tokyo markets team; Editing by Sunil Nair)
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-bonds/jgbs-little-changed-as-retreat-by-treasuries-neutralises-bojs-bond-buying-idUSL3N1SG1YW |
May 3 (Reuters) - NORDJYSKE BANK A/S:
* Q1 NET INTEREST INCOME DKK 121 MILLION VERSUS DKK 120 MILLION YEAR AGO
* Q1 PRETAX PROFIT DKK 116 MILLION VERSUS DKK 75 MILLION YEAR AGO Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-nordjyske-bank-q1-pretax-profit-ri/brief-nordjyske-bank-q1-pretax-profit-rises-to-dkk-116-million-idUSFWN1SA0GX |
May 7 (Reuters) - Shenzhen Sunwin Intelligent Co Ltd :
* SAYS IT PLANS TO ISSUE UP TO 900 MILLION YUAN ($141.42 million) CONVERTIBLE BONDS
* SAYS IT SCRAPS BOND ISSUE PLAN ANNOUNCED IN 2017 Source text in Chinese: bit.ly/2wixa7k ; bit.ly/2K29A0T ($1 = 6.3640 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-shenzhen-sunwin-intelligent-to-iss/brief-shenzhen-sunwin-intelligent-to-issue-up-to-900-million-yuan-convertible-bonds-idUSH9N1SA00U |
How come nobody from Facebook got fired over the Cambridge Analytica data leak scandal?
That was the first question moderator Kara Swisher asked Facebook COO Sheryl Sandberg on stage at the Code Conference in Rancho Palos Verdes, California, on Tuesday.
"People do get fired," Sandberg said, but Facebook doesn't trot them out as examples.
But in the end, she said, responsibility belongs at the top. Mark Zuckerberg built the platform, and Sandberg and other members of the senior leadership team didn't anticipate well enough what would happen when all of humanity was using it.
Both Sandberg and Facebook CTO Mike Schroepfer tried to explain the difficulty of striking the right balance between free speech and safety on the platform. Schroepfer said there's a tension between "giving people tools for free expression, and really locking things down" by having human moderators read and vet every post on the site.
Ahead of the midterms "We always had ways for people to control your data," he said, but now Facebook put it at the top of everybody's news feed and made it easy to delete it. "All of those controls existed, they were just harder to find for people, we just made them easier."
Addressing the reports of Russians using fake accounts to spread misinformation to sway the 2016 election, Sandberg once again said that they just didn't see it coming.
"Threats change," she said. In 2016, people were largely worried about spamming and phishing, following things like the Sony email hacks.
"We didn't see coming a different kind of more insidious threat, but once we saw it, we did publish a white paper" and made a series of changes. She said Facebook is taking strong steps for the 2018 midterm elections and the company looks forward to facing the challenge of bad actors trying to use Facebook to influence the results.
Sandberg also said that Facebook was thinking about how to disrupt the economic incentives that existed for generating outrageous stories -- for example by taking clickbait farms out of Facebook's ad networks.
show chapters Facebook stock pops after Zuckerberg hearing 10:07 AM ET Thu, 12 April 2018 | 01:46 Sandberg argued that Facebook should not be broken up under antitrust laws, noting that there are safety benefits to having multiple products under the same company's control.
"If you are doing child exploitative content, WhatsApp is encrypted," she said, meaning it could allow criminals to exchange information without getting caught. But Facebook will know who they are when they post publicly on that platform and will be able to suspect their WhatsApp accounts as well.
Schroepfer also said that the company is working on allowing users to delete all information that Facebook has on them, similar to clearing information like cookies and sites visited from a web browser.
Finally, Sandberg noted that the company is making "huge investments" that will affect profitability to make the platform safer and prevent these kinds of abuse.
"It's the biggest cultural shift I've seen in the whole history of the company," said Schroepfer. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/sheryl-sandberg-defends-facebook-at-code-2018.html |
* Canadian dollar at C$1.2896, or 77.54 U.S. cents * Loonie falls 0.7 percent * Canada's inflation rate cools to 2.2 percent in April * Bond prices higher across the yield curve TORONTO, May 18 (Reuters) - The Canadian dollar weakened against its U.S. counterpart on Friday after weaker-than-expected domestic inflation dampened prospects of another Bank of Canada interest rate hike as early as this month. Canada's annual inflation rate cooled modestly to 2.2 percent in April, short of economist expectations for 2.3 percent, as consumers paid less for travel services and gasoline prices moderated, data from Statistics Canada showed. Still, two out of three of the central bank's core inflation measures rose and separate data showed that Canadian retail sales rose by the most in five months. It fits with the Bank of Canada's view that it is going to have to raise interest rates further but "inflation isn't really pushing them to do it in a really fast way that would destabilize the household sector," said Nathan Janzen, senior economist at Royal Bank of Canada. The central bank has raised its benchmark interest rate three times since July to leave it at 1.25 percent. Chances of another hike at the May 30 announcement sank to 35 percent from nearly 50 percent before the data. At 9:21 a.m. ET (1321 GMT), the Canadian dollar was trading 0.7 percent lower at C$1.2896 to the greenback, or 77.54 U.S. cents. The currency touched its weakest since Tuesday at C$1.2909. Declines for the loonie came as the top U.S. trade official on Thursday poured cold water on the prospect of an imminent breakthrough in talks to rework the North American Free Trade Agreement hours after Canada's prime minister struck a positive note. Canada sends about 75 percent of its exports to the United States so its economy could benefit if a deal is reached. The price of oil, one of Canada's major exports, edged lower after reaching on Thursday its highest in three-and-a-half years. U.S. crude prices were down 0.2 percent at $71.34 a barrel. Canadian government bond prices were higher across the yield curve, with the two-year up 5.5 Canadian cents to yield 2.035 percent and the benchmark 10-year rising 22 Canadian cents to yield 2.494 percent. On Thursday, the 10-year yield touched its highest in more than four years at 2.537 percent. (Reporting by Fergal Smith Editing by Nick Zieminski)
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/canada-forex/canada-fx-debt-c-weakens-as-boc-rate-hike-bets-ebb-on-cooler-inflation-idUSL2N1SP0NY |
Dow Jones, a News Corp company News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services Dow Jones | ashraq/financial-news-articles | http://jp.wsj.com/articles/SB11182910543236833496604584224900079331332 |
May 9 (Reuters) - Golden Entertainment Inc:
* GOLDEN ENTERTAINMENT REPORTS 2018 FIRST QUARTER REVENUE OF $214.8 MILLION, NET INCOME OF $3.9 MILLION AND ADJUSTED EBITDA OF $45.9 MILLION
* Q1 EARNINGS PER SHARE $0.13 * Q1 REVENUE $214.8 MILLION VERSUS I/B/E/S VIEW $217.2 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.26 — THOMSON REUTERS I/B/E/S
* ACTIVELY EVALUATING ADDITIONAL OPPORTUNITIES TO EXPAND CASINO AND DISTRIBUTED GAMING BUSINESSES IN AN ACCRETIVE MANNER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-golden-entertainment-q1-earnings-p/brief-golden-entertainment-q1-earnings-per-share-0-13-idUSASC0A131 |
By Valentina Zarya 8:01 AM EDT Good morning, Broadsheet readers! Britain had a big fat feminist royal wedding over the weekend, Elizabeth Holmes might not be to blame for all of Theranos’ problems, and the Fortune 500 is out—and just 24 female CEOs are on the list. Have a marvelous Monday.
EVERYONE'S TALKING
• The Fortune 24. Fortune ‘s annual ranking of the 500 largest companies in the United States is out—and includes just 24 female CEOs. That’s a 25% decline from last year, when 32 women made the list (an all-time high). The drop is due primarily to the number of powerful women who’ve vacated their corner offices. In the past year alone, more than a third of those women (12) have left their CEO jobs, including a few long-time veterans of the ranking.
Just last week, Cambell Soup Co. CEO Denise Morrison announced she was retiring, effective immediately. Another veteran who recently stepped down is Hewlett Packard Enterprise CEO Meg Whitman—the only woman to have run two Fortune 500 companies (HPE and eBay ). Irene Rosenfeld, who was CEO of snack food giant Mondelez for six years, announced her retirement last August. Avon CEO Sheri McCoy stepped down that same month after running the cosmetics company for five years.
Happily, there were also some newcomers to the—far too exclusive—club this year: Ulta Beauty’s Mary Dillon, Kohl’s Michelle Gass, Yum China’s Joey Wat, and Anthem’s Gail Boudreaux. Dillon, who appeared on Fortune ‘s list of Most Powerful Women for the first time last year (No. 48 ), has been running the cosmetics company since July 2013, though this year marks Ulta’s debut on the Fortune 500. The other three women were appointed in the past year.
Fortune
Advertisement ALSO IN THE HEADLINES
• Markle-style marriage. Fortune ‘s Claire Zillman spent the weekend covering the royal nuptials from London, and describes the ceremony planned by Meghan Markle and Prince Harry as “a big, fat, feminist wedding.” The evidence: The bride walked herself down most of the aisle, omitted a promise to “obey” from her vows, and Harry will break with male royal tradition and wear a wedding ring. But even more significant, writes Claire, is that the ceremony made clear “that Markle’s cultural background—the child of an African-American woman, Doria Ragland—was on level footing with the traditions of Harry’s family, arguably the most prominent and storied on planet Earth.”
Fortune
• The plot thickens. While Theranos founder and CEO Elizabeth Holmes often gets most—if not all—of the blame for the blood-testing startup’s alleged fraud, a new WSJ profile of Ramesh “Sunny” Balwani suggests some of Theranos’ worst sins weren’t Holmes’s doing at all, but rather the machinations of Balwani, her mentor-turned-COO-turned-lover. (He has left the company after the fallout and is no longer in any of those roles.)
Fortune
• If you can’t stand the heat… Mario Batali is under criminal investigation by the NYPD for sexual misconduct, according to a new 60 Minutes report. In the Sunday program, host Anderson Cooper spoke with multiple Batali accusers, one of whom (anonymously) alleges the celebrity chef of drugging and sexually assaulting her while she was unconscious in 2005. Batali “vehemently” denied the allegation.
People
• Battle of the Staceys. Georgia voters, who go to the polls tomorrow, are witnessing the Battle of the Two Staceys: Stacey Abrams, an African-American former state House minority leader who lives in Atlanta, and Stacey Evans, a white former state representative from the city’s northern suburbs. Both are Democrats vying for the role of governor. (The state has never elected a woman or an African American.)
Wall Street Journal
MOVERS AND SHAKERS: Wayfair has announced that Andrea Jung , the former chairman and CEO of Avon Products, has been elected to its board of directors.
IN CASE YOU MISSED IT
• Inequity’s expensive. Bloomberg ‘s Kate Smith argues that “the old boy’s network is costing universities money,” as investment committees dominated by women are outperforming those controlled by men.
Bloomberg
• From RTR to WMT. Rent the Runway co-founder Jenny Fleiss is leading Jetblack, a “members-only” personal shopping service for affluent city moms that was incubated inside of Walmart’s startup incubator Store No. 8. The service is currently being beta tested in Manhattan.
Recode
• Dream duo. Jennifer Aniston is set to play the first U.S. president and Tig Notaro her first lady in First Ladies , a new Netflix political comedy written by Notaro and Stephanie Allynne.
Deadline
Share today’s Broadsheet with a friend.
Looking for previous Broadsheets? Click here.
Advertisement ON MY RADAR
Meghan Markle dons wedding dress designed by Givenchy’s Clare Waight Keller
Fortune
Saudi crackdown on driving activists taints reforms
Wall Street Journal
Cardi B is helping YouTube launch its revamped music streaming service
Fortune
This exchange student embraced U.S. culture. One of its darkest elements—a mass shooting—killed her.
Washington Post
Advertisement Quote:
A lot of my goals—they’re written down somewhere a long time before I get them. Not all of them, though; some are more spontaneous. - Margo Hayes, who at 19 years old became the first woman to ascend the toughest-graded climbing route | ashraq/financial-news-articles | http://fortune.com/2018/05/21/fortune-500-royal-wedding-theranos-broadsheet-may-17/ |
LONDON, May 21 (Thomson Reuters Foundation) - When London accountant Arvind Verma got a call in April from someone posing as a salesman for the British retailer Carphone Warehouse, the offer was too enticing to refuse and he saw no reason not to hand over his credit card details.
It wasn’t until the real Carphone Warehouse called that he realised scammers had gained access to his private information in the company’s database and used it to take out a contract with the extra details he had provided.
Now Verma hopes a new European law designed to give people more control over how their data is held and used will stop such scammers in their tracks.
“It’s not uncommon for a company to call you and offer you better services or a better contract and for you to commit to that service over the phone,” he told the Thomson Reuters Foundation.
“What had happened is this (fake) company had gathered as many of my details as possible, called me up to get the rest of the details, and then called up Carphone Warehouse to take a contract out in my name.”
The European Union’s General Data Protection Regulation (GDPR) has been billed as the biggest shake-up of data privacy laws since the birth of the web and is the largest change in data protection law in Europe for more than 20 years.
It gives EU citizens more control over how their personal data are stored and used. Companies breaching the new rules on how they handle people’s data could incur fines of up to 4 percent of their annual revenue.
Carphone Warehouse, which is owned by Dixons Carphone, said it had reviewed how it stored customers’ information ahead of the new law, which comes into effect on May 25.
The mobile phone retailer was fined in January by Britain’s Information Commissioner’s Office for a 2015 cyber attack which exposed the personal data of over 3 million customers.
EXTRA BARRIER Under GDPR, companies will have to report serious data breaches within 72 hours and have to be able to provide European customers with a copy of the personal data they hold.
“Citizens will now have greater rights to know what is being held by corporations, organisations,” said Richard Benham, founder of The Cyber Trust, which aims to protect those most vulnerable from cyber fraud.
“They will have the right not only to access that information but also have the right for that information to be deleted if appropriate.”
Businesses around the world have been racing to make sure they comply with the rules, which apply to all companies that do business with Europeans.
The industries most affected will be those that collect large amounts of customer data, including technology companies, retailers, healthcare providers, insurers and banks.
“It’s not just a tech sector issue. Data protection is key to all organisations of every size and every sector,” said Jeremy Lilley, policy manager for data protection at trade association TechUK.
For the consumer, analysts say the law will have the added benefit of decreasing the number of marketing emails hitting their inbox.
It will be policed by a patchwork of national and regional watchdogs across the 28-nation European Union bloc.
Although his experience has made him more careful, Verma has not stopped using online services and is optimistic the new EU law will help with data protection.
“I cannot avoid my data being out there ... For me, GDPR offers that extra bit of security that gives me that comfort that there’s an extra barrier. It’s like having a house and putting an alarm on it,” he said. (Reporting by Serena Chaudhry, Editing by Claire Cozens. Please credit Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women’s rights, trafficking, property rights, climate change and resilience. Visit news.trust.org)
| ashraq/financial-news-articles | https://www.reuters.com/article/eu-data-gdpr/feature-blow-for-scammers-as-eu-tightens-data-protection-law-idUSL5N1SL2CF |
May 19, 2018 / 5:41 PM / Updated 9 hours ago Greece, lenders reach initial agreement on bailout review Reuters Staff 2 Min Read
ATHENS (Reuters) - Greece and representatives from its European and International Monetary Fund creditors have reached an initial agreement on the country’s reform progress under its final bailout review, the finance minister said on Saturday. FILE PHOTO: A Greek and a tangled EU flag flutter atop Greece's Financial Ministry in Athens, Greece, November 21, 2017. REUTERS/Costas Baltas
“The staff-level agreement closed. We have an agreement on all issues,” Euclid Tsakalotos told reporters, adding it would be ratified at an upcoming meeting of euro zone finance ministers.
Greece is keen for a quick closure of the review as it looks to the end of its third bailout in August. It is being assessed on more than 80 demanded reforms, including on energy issues, pension and labor issues. Related Coverage EU Commission says lenders reach deal with Greece on reforms
Athens also wants to reach a deal with its lenders before July on further debt relief, which will be implemented in the post-bailout period.
Greece has received about 260 billion euros in emergency loans since 2010 in exchange for unpopular austerity measures and reforms. The money has kept it afloat but has also increased its debt, which now stands at 180 percent of GDP.
The government wants to emerge from the bailout without requesting a precautionary credit line or extra financial aid. It has been building a cash buffer and wants to be able to service its debt with funds raised directly from the markets. Reporting by Karolina Tagaris; Editing by Andrew Bolton | ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-greece-bailout-review/greece-lenders-reach-initial-agreement-on-bailout-review-idUSKCN1IK0P4 |
May 28, 2018 / 2:45 PM / Updated 2 hours ago Elton John says Ireland abortion vote shows mindsets can change Matthias Williams 2 Min Read
KIEV (Reuters) - Elton John, on a visit to Ukraine to raise awareness about AIDS, said Ireland’s vote to liberalise its abortion laws showed how mindsets can change. British musician Elton John (R) and founder of the ANTIAIDS Foundation Olena Pinchuk attend a charity event to support innovative HIV prevention and to raise awareness about AIDS in Kiev, Ukraine May 28, 2018. REUTERS/Gleb Garanich
The 71-year-old singer has travelled regularly to Ukraine and spoken out for gay rights in the eastern European country, including at an AIDS charity concert in Kiev during the Euro soccer championships in 2012.
“Believe me, I love this country. We will do everything we can to continue the fight against AIDS,” he said at an event organised by the Elena Pinchuk Foundation. British musician Elton John talks on radio station air as he attends a charity event to support innovative HIV prevention and to raise awareness about AIDS in Kiev, Ukraine May 28, 2018. REUTERS/Gleb Garanich
“It takes a long time for things to happen as I said,” he said. “Look what just happened in Ireland: the vote for abortion. Things change. People ... they change their mind. And with a younger generation coming up, they are different kind of people, and they’re our future.” Slideshow (3 Images)
Voters in Ireland, a once deeply Catholic nation, on Friday backed a change to abortion laws by a landslide.
Ukrainian authorities have increased their support for gay rights since a pro-Western government took power following the Maidan protests in 2014. In 2015, a law was passed banning workplace discrimination against the LGBT community.
But critics say homophobic attitudes remain widespread.
Kiev was embroiled in gay rights row last year as it hosted the Eurovision Song Contest with a slogan to “Celebrate Diversity”. A plan to paint a Soviet-era monument in rainbow colours was resisted by hard-right groups.
The singer tried to adopt an HIV-positive baby in Ukraine 2009 but was refused permission by the authorities, who said prospective parents must be married and that Elton John’s civil partnership with David Furnish would not be recognised as such.
“We’ve made great progress but we still have a lot of work to do,” he said. Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-people-eltonjohn-ukraine-aids/elton-john-says-ireland-abortion-vote-shows-mindsets-can-change-idUKKCN1IT1GQ |
Breakingviews TV: Fortnite fun 8:20pm IST - 04:32
The $500 bln Chinese gaming and payments titan Tencent alleviated fears about declining profit margins with a big pop in quarterly revenue. Robyn Mak and Jeffrey Goldfarb discuss how the latest craze, ''Fortnite: Battle Royale'' will help sustain the enthusiasm.
The $500 bln Chinese gaming and payments titan Tencent alleviated fears about declining profit margins with a big pop in quarterly revenue. Robyn Mak and Jeffrey Goldfarb discuss how the latest craze, "Fortnite: Battle Royale" will help sustain the enthusiasm. //reut.rs/2wVPgMY | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/breakingviews-tv-fortnite-fun?videoId=428118460 |
May 8 (Reuters) - Franklin Resources Inc:
* FRANKLIN RESOURCES, INC. ANNOUNCES MONTH-END ASSETS UNDER MANAGEMENT
* FRANKLIN RESOURCES INC - PRELIMINARY MONTH-END ASSETS UNDER MANAGEMENT OF $732.5 BILLION AT APRIL 30, 2018, COMPARED TO $737.5 BILLION AT MARCH 31, 2018
* FRANKLIN RESOURCES INC - PRELIMINARY AVERAGE ASSETS UNDER MANAGEMENT FOR QUARTER, THROUGH APRIL 30, 2018, WERE $735.0 BILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-franklin-resources-announces-month/brief-franklin-resources-announces-month-end-assets-under-management-idUSASC0A0R0 |
6 Mins Ago | 02:03
Bitcoin has recouped the week's losses and is in rally mode as trade threats keep equities on the back foot. One market strategist says the major cryptocurrency may have finally found its bottom.
"When we step back, we see the first phase starting to happen. We think Bitcoin is starting to bottom off some very key support around $7,000 and we think it's going to start a recovery process here," Robert Sluymer, head of technical strategy at Fundstrat Global Advisors, told CNBC's " Futures Now " on Thursday.
Bitcoin has touched its key support level around $7,000 several times this year and recovered. Most recently, prices moved as low as $7,054 this week before bouncing higher.
"That's certainly the first step in a bottoming process – to see some sort of consolidation or a basing taking hold," he said.
Momentum also looks positive to Sluymer, indicating a decline in Bitcoin may have found a floor.
"That RSI indicator in the bottom of the chart is very oversold and starting to bottom so that's really part of that bottoming phase taking hold," he said.
Bitcoin's relative strength index, a measure of momentum, is currently trading around 40. A level close to 30 typically indicates oversold conditions.
"The next thing that has to happen is to see Bitcoin actually rally through the downtrend and we use the 15-day moving average, it's very simplistic, but it's a pretty good proxy across most markets," said Sluymer. Its 15-day moving average of roughly $7,800 "will be the next hurdle for it to get through."
Bitcoin last traded around the $7,800 level a week ago. It has not traded above it since May 23.
"We think the setup is very attractive here," added Sluymer. "If you're short we think you should be very careful and reducing your short exposure. I think if you're looking to be long this is where you start adding here to your long exposure."
Bitcoin is up more than 2 percent on Thursday and last traded at $7,558. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/bitcoin-finds-a-bottom-after-plunging-from-highs-technician.html |
Pizza Hut expanding beer delivery test Tuesday, May 08, 2018 - 01:32
Yum Brands' Pizza Hut is expanding a beer delivery test to nearly 100 restaurants in Arizona and California this month looking for growth. Aleksandra Michalska reports.
Yum Brands' Pizza Hut is expanding a beer delivery test to nearly 100 restaurants in Arizona and California this month looking for growth. Aleksandra Michalska reports. //reut.rs/2KJmHVI | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/08/pizza-hut-expanding-beer-delivery-test?videoId=425055413 |
May 7 (Reuters) - Radian Group Inc:
* RADIAN ANNOUNCES UPDATED PRICING FOR MI BUSINESS * RADIAN GROUP INC - PRICING UPDATES WILL BE EFFECTIVE FOR ALL MI APPLICATIONS RECEIVED ON, OR AFTER, MONDAY, JUNE 4, 2018 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-radian-announces-updated-pricing-f/brief-radian-announces-updated-pricing-for-mi-business-idUSFWN1SE11N |
THE HAGUE (Reuters) - Royal Dutch Shell ( RDSa.L ) shareholders on Tuesday approved the 2017 management remuneration, including Chief Executive Officer Ben van Beurden’s 8.9 million euro ($10.51 million) package, by a majority of 75 percent.
FILE PHOTO: Ben van Beurden, CEO of Royal Dutch Shell company, speaks during a meeting with Russian President Vladimir Putin in Moscow, Russia June 21, 2017. REUTERS/Sergei Karpukhin The 2016 remuneration resolution won the support of more than 92 percent of shareholders.
Board member Gerard Kleisteree, who heads Shell’s remuneration committee, said the lower support was due in part to an accident in Pakistan last year where more than 200 people were killed in an explosion of a tanker operated by a Shell sub-contractor.
Reporting by Ron Bousso, editing by Louise Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-shell-agm-pay/shell-shareholders-adopt-ceo-pay-by-75-percent-majority-idUSKCN1IN1GA |
EY CEO: Won't see full tax-cut productivity payoff for 6 months to a year 2 Hours Ago EY Global Chairman and CEO Mark Weinberger speaks to CNBC's Brian Sullivan at the Milken Conference about the effects from coporate tax reform and the role of automation in the future of work. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/ey-ceo-wont-see-full-tax-cut-productivity-payoff-for-6-months-to-a-year.html |
Former DDR Corp. executive to grow Midwest footprint in Cleveland
LOS ANGELES--(BUSINESS WIRE)-- Matthews Real Estate Investment Services™ , the nation’s fastest growing commercial real estate company, announces the high power addition of Ben Snyder as Senior Vice President & Senior Director of Matthews™ Shopping Center business. Snyder will focus on expanding the firm’s overall investment sales in the Midwest, as the company establishes a new office in Cleveland, OH in June 2018.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180510005373/en/
Ben Snyder Joins Matthews™ as SVP & Senior Director of Shopping Center business. (Photo: Business Wire)
Snyder brings almost a decade’s worth of commercial real estate experience to Matthews™, most recently serving as Vice President of Transactions at DDR Corp.
“Ben is an accomplished industry leader with a diverse and successful track record in working with both private and institutional investors,” says Kyle Matthews , Chairman and CEO of Matthews™. “His market knowledge, client relationships and outstanding negotiation experience make him an ideal fit for our company, and his presence will bring an even greater depth of market knowledge that we can offer to current and future clients throughout the Midwest.”
In the last four years at DDR Corp, Snyder led the execution of over $2 billion in real estate transactions. “I am excited to join Matthews™. Over the last few years, I have watched the company grow, and recognize this is a great opportunity,” says Snyder. “The company’s platform provides me with the entrepreneurial freedom and resources to deliver the highest level of service my clients demand in today’s marketplace. I look forward to carrying on the dynamic growth of Matthews™ to the Midwest.”
Snyder also brings Zachary Bates over from DDR Corp., who will serve as Associate Vice President of Matthews™ Shopping Center business. “As a former client of Matthews™, I had the opportunity to experience the power of a platform that is conducive to an agent’s success and overall client satisfaction,” said Bates. “I’m excited to join this best-in-class team, and look forward to delivering the high quality service and results that Matthews™ clients are accustomed to as we expand in the Midwest.”
In 2017, Matthews™ opened their Dallas and San Fernando Valley locations with no plans to slow down in 2018. “Given I grew up in the Cleveland area, I cannot overstate how excited I am to plant a very large flag in this market, which we anticipate being the hub for much of our Midwest activity,” says Kyle Matthews on the new office opening. “We see the opportunity throughout the region and are pleased to further demonstrate the power of Matthews™.”
In continuation of the company’s aggressive growth strategy, Matthews™ is slated to open offices in Austin, TX and Atlanta, GA later this year.
About Matthews Real Estate Investment Services™:
Matthews Real Estate Investment Services™ is recognized as an industry leader in shopping center, STNL, leasing, multifamily, management, portfolio disposition and 1031 exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit www.matthews.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005373/en/
Matthews Real Estate Investment Services
Cat Ray, (310) 955-1776
[email protected]
Source: Matthews Real Estate Investment Services | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-ben-snyder-joins-matthewsa-to-lead-new-midwest-office-expansion.html |
May 26, 2018 / 9:02 PM / Updated 42 minutes ago Tennis - Zverev mentally ready for French title bid, says Wilander Martyn Herman 3 Min Read
LONDON (Reuters) - The raw material has never been in doubt but Germany’s Alexander Zverev now has the mentality to start punching his weight in the grand slams, according to two former French Open champions. Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 20, 2018 Germany's Alexander Zverev in action during the final against Spain's Rafael Nadal REUTERS/Tony Gentile
Zverev, 21, is seeded two at Roland Garros after rising to third in the ATP rankings and all eyes will be on him as he attempts to shrug off a surprisingly poor record at the majors and stamp his authority on the Parisian clay.
He has yet to beat a top-50 opponent at the Australian Open, French Open, Wimbledon or U.S. Open and has still to venture past the fourth round at any of them.
In Melbourne this year he appeared demoralised after losing 6-0 in the fifth set to South Korean youngster Hyeon Chung in the third — earning only five points in a deciding-set meltdown.
Few expect such a statistical anomaly to last much longer though and after Zverev’s Madrid Open title, his third Masters 1000 crown, and reaching the final in Rome where he worried claycourt king Rafa Nadal, he looks a prime candidate for a long run in the French capital.
Three-times Roland Garros champion Mats Wilander says Zverev has now put together the final pieces of the jigsaw.
“I don’t think it’s a mental block (his poor run in grand slams). A bit of bad luck, a bit of uncertainty about what style he should play on all the surfaces,” Wilander, who will be hosting his Game, Schett and Mats show for Eurosport during the Paris fortnight, told Reuters.
“Tactically he is way more mature now in the last two, three, four months, even then he was at the Australian Open.
“He’s way more certain of how he needs to play now. Tactically he is going to be as good as anyone we’ve ever seen now he’s figured out what he’s doing.
“He really is thinking and playing an intuitive game plan now whereas at the Aussie Open he was searching for something.”
Zverev will get an early chance to lay down a marker in the Parisian dirt on Sunday when he plays Ricardas Berankis of Lithuania in the first round.
His first big test could be a potential fourth-round clash with 2015 champion Stan Wawrinka.
American Jim Courier, champion in Paris in 2001 and 2002, said Zverev will on a high after his impressive build-up on the European claycourts.
“He won Madrid and reached the final in Rome so he will have a huge amount of confidence and momentum,” Courier, who will be analysing for broadcaster ITV, told Reuters.
“Whether he still has doubts about whether he can do it in the slams only he knows that. But we will find out. He has a pretty attractive draw early on. He doesn’t have too many weaknesses.”
Zverev has been at pains to play down his questionable record on the biggest stages.
“We all know I’m going to beat a top-50 player at some point in a grand slam. I mean, this is not something I worry about, to be honest,” he said. “Those things are not going to be on my mind. It’s not going to be on anybody’s mind.” Editing by Clare Fallon | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-men-zverev/tennis-zverev-mentally-ready-for-french-title-bid-says-wilander-idUKKCN1IR0R3 |
May 15, 2018 / 1:02 PM / Updated 24 minutes ago Facebook has not fully answered questions on data privacy: UK lawmakers Reuters Staff 2 Min Read
LONDON (Reuters) - Facebook has failed to fully answer 39 questions from British lawmakers examining data privacy and fake news, a parliamentary committee said on Tuesday, adding that it would ask the social media giant once again for the missing details. FILE PHOTO: Silhouettes of mobile users are seen next to a screen projection of Facebook logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration/File Photo
The committee had put additional questions to Facebook after it said that the firm’s chief technology officer Mike Schroepfer had not addressed all its concerns during a parliamentary hearing last month.
Facebook UK’s head of public policy, Rebecca Stimson, gave 39 answers to the extra questions in a letter published by the committee. However, its head said that they lacked the detail they were looking for.
“It is disappointing that a company with the resources of Facebook chooses not to provide a sufficient level of detail and transparency on various points,” Damian Collins, chair of the Digital, Culture, Media and Sport Committee, said in a statement.
As part of its inquiry, the committee has been investigating allegations of the improper use of data for 87 million Facebook users by Cambridge Analytica, which was hired by President Donald Trump’s 2016 U.S. election campaign.
Collins said that Cambridge Analytica was one of the areas where Facebook’s response had been insufficiently detailed.
In her letter, Stimson said that Facebook did not pass user information to Cambridge Analytica, although it did provide tools to a researcher who appeared to have shared the data with the consultancy. Reporting by Alistair Smout; editing by Stephen Addison | ashraq/financial-news-articles | https://in.reuters.com/article/us-facebook-privacy-britain/facebook-has-not-fully-answered-questions-on-data-privacy-uk-lawmakers-idINKCN1IG1W8 |
– First quarter revenue increased 33% year-over-year to $69 million, driven primarily by LINZESS ® (linaclotide) U.S. net sales of $159 million and commercial margin of 63% –
– IW-3718 Phase III program expected to initiate in the third quarter of 2018 –
– Phase II sGC programs, praliciguat and olinciguat (IW-1701) continue to progress –
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Ironwood Pharmaceuticals, Inc. (NASDAQ: IRWD), a commercial biotechnology company, today provided an update on its first quarter 2018 results and recent business activities.
“Ironwood’s first quarter results reflect year-over-year topline growth of 33%, significant commercial and pipeline progress, and continued financial discipline,” said Peter Hecht, chief executive officer of Ironwood. “LINZESS continued to demonstrate strong demand, with 15% year-over-year prescription volume growth. We believe we have alignment on Phase III design for IW-3718 following a productive end of Phase II meeting with the FDA and expect to initiate the IW-3718 trials in the third quarter of 2018. In addition, we continue to make good progress advancing our four Phase II trials with praliciguat and olinciguat, our lead clinical sGC stimulators.”
First Quarter 2018 and Recent Highlights
Irritable Bowel Syndrome with Constipation (IBS-C) / Chronic Idiopathic Constipation (CIC)
U.S. LINZESS. U.S. net sales, as reported by Ironwood’s U.S. collaboration partner Allergan plc, were $159.3 million in the first quarter of 2018, an 8% increase compared to the first quarter of 2017. Ironwood and Allergan share equally in brand collaboration profits. LINZESS commercial margin was 63% in the first quarter of 2018 compared to 52% in the first quarter of 2017. Net profit for the LINZESS U.S. brand collaboration, net of commercial and research and development (R&D) expenses, was $88.8 million in the first quarter of 2018, a 43% increase compared to the first quarter of 2017. Total LINZESS prescription volume in the first quarter of 2018 included approximately 30 million LINZESS capsules, an 15% increase in capsules compared to the first quarter of 2017, per IQVIA. More than 764,000 total LINZESS prescriptions were filled in the first quarter of 2018, an approximately 9% increase compared to the first quarter of 2017, per IQVIA. Since the launch of LINZESS in December 2012, greater than 2 million unique patients have filled approximately 10.6 million prescriptions, per IQVIA. In January 2018, Ironwood and Allergan reached an agreement with wholly-owned subsidiaries of Sun Pharmaceutical Industries Ltd. (Sun Pharma, including its subsidiaries and/or associated companies), resolving patent litigation brought in response to Sun Pharma’s abbreviated new drug application (ANDA) seeking approval to market a generic version of LINZESS prior to the expiration of the companies’ patents. Pursuant to the terms of the settlement, Ironwood and Allergan will grant the wholly-owned subsidiaries of Sun Pharma a license to market a generic version of LINZESS in the U.S. beginning on February 1, 2031 (subject to U.S. FDA approval), unless certain limited circumstances, customary for settlement agreements of this nature, occur. As a result of the settlement, all Hatch-Waxman litigation between the companies and Sun Pharma regarding LINZESS patents has been dismissed. Additional Abdominal Symptom Claims. Ironwood and Allergan expect to initiate a single Phase III trial with LINZESS in mid-2018 to evaluate its efficacy for relief of additional abdominal symptoms, including bloating and discomfort, two highly bothersome symptoms associated with IBS-C. Linaclotide Delayed Release. An estimated 20 to 25 million patients suffer from IBS-mixed and IBS with diarrhea in the U.S. Ironwood and Allergan plan to advance into a Phase IIb clinical trial a linaclotide delayed release formulation as a potential visceral, non-opioid, pain-relieving agent for patients suffering from all subtypes of IBS. The companies are in active discussions with the U.S. FDA about this program. LINZESS-Japan. Ironwood reported $5.4 million in sales of linaclotide active pharmaceutical ingredient (API) to its Japanese partner, Astellas Pharma Inc. in the first quarter of 2018.
Uncontrolled Gout
DUZALLO ® (lesinurad and allopurinol) and ZURAMPIC ® (lesinurad). Ironwood is systematically exploring a more comprehensive marketing mix for its lesinurad franchise, including DUZALLO and ZURAMPIC, in select test markets (with paired controls), while continuing to expand affordable access across the country. The data received from these test markets in 2018 are expected to inform our lesinurad franchise investment decisions. Combined U.S. net sales were $0.6 million in the first quarter of 2018.
Persistent Gastroesophageal Reflux Disease (GERD)
IW-3718. Ironwood is actively working to advance IW-3718, its gastric retentive formulation of a bile acid sequestrant for the potential treatment of persistent GERD, into Phase III trials. There are an estimated 10 million Americans who suffer regularly from symptoms of persistent GERD, such as heartburn and regurgitation, despite receiving treatment with the current standard of care, proton pump inhibitors. Following a series of productive meetings with the U.S. FDA, Ironwood expects to initiate two randomized, placebo-controlled Phase III trials for IW-3718 in the third quarter of 2018. These trials are expected to evaluate the safety and efficacy of IW-3718 1500mg in patients with persistent GERD. The two trials are expected to enroll less than 800 patients each, with heartburn severity response as the primary endpoint. Further details on study design and endpoints will be provided upon the initiation of the trials.
Diabetic Nephropathy and Heart Failure with Preserved Ejection Fraction (HFpEF)
Praliciguat (IW-1973). Ironwood is enrolling patients in Phase II tirals to evaluate praliciguat, its lead soluble guanylate cyclase (sGC) stimulator, for the potential treatment of serious diseases, including diabetic nephropathy and HFpEF. Both diseases affect millions of patients around the world, including an estimated eight million Americans suffering from diabetic nephropathy and an estimated three million Americans suffering from HFpEF. Diabetic nephropathy is the leading cause of end-stage renal disease. There are few treatment options available to delay the steady decline of renal function leading to dialysis or kidney transplant. HFpEF is a highly symptomatic condition with high rates of morbidity and mortality, with no approved treatments available. Diabetic nephropathy. Ironwood expects to enroll approximately 150 patients into a randomized, double-blind, placebo-controlled, dose-ranging Phase II trial designed to evaluate the safety and efficacy of praliciguat in patients with diabetic nephropathy. HFpEF. Ironwood expects to enroll approximately 325 patients into a randomized, double-blind, placebo-controlled, dose-ranging Phase II trial designed to evaluate the safety and efficacy of praliciguat in patients with HFpEF.
Sickle Cell Disease and Achalasia
Olinciguat (IW-1701). Ironwood is enrolling patients in Phase II trials to evaluate olinciguat, its second clinical sGC stimulator, for the potential treatment of sickle cell disease and of achalasia. Sickle cell disease is a rare, debilitating genetic disorder that affects approximately 100,000 Americans and causes red blood cells to become sickle-shaped, reducing normal red blood cell number. Achalasia is a rare disease with a prevalence rate of 10/100,000 Americans in which the lower esophagus does not relax normally, causing dysphagia (swallowing problems), regurgitation, and chest pain. Sickle Cell Disease. Ironwood expects to enroll approximately 80 patients into a multicenter, randomized, double-blind, placebo-controlled, dose-ranging Phase II trial of olinciguat in patients with sickle cell disease. The Phase II trial is designed to evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of olinciguat in these patients. Achalasia. Ironwood continues to enroll patients into a randomized, double-blind, placebo-controlled, single-dose Phase IIa study of olinciguat in patients with achalasia. This study is designed to evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of olinciguat in these patients. Data from this study are expected in 2018.
Corporate and Financials
Total Revenues Total revenues were $69.2 million in the first quarter of 2018 compared to $52.2 million in the first quarter of 2017. Included in total revenues was $61.2 million associated with Ironwood’s share of the net profits from the sales of LINZESS in the U.S., $5.4 million in sales of linaclotide API to Astellas, $0.6 million in ZURAMPIC and DUZALLO product revenue, and $2.0 million in linaclotide royalties, co-promotion and other revenue. Operating Expenses Operating expenses were $105.0 million in the first quarter of 2018, compared to $91.8 million in the first quarter of 2017. Operating expenses in the first quarter of 2018 included $2.6 million in cost of revenues, $36.5 million in R&D expenses, $61.9 million in selling, general and administrative (SG&A) expenses, of which $2.4 million related to Ironwood’s field-based workforce reduction in January 2018, $3.5 million in acquired intangible assets amortization expenses, and a $0.5 million loss on fair value remeasurement of contingent consideration. Contingent consideration and amortization of acquired intangible assets relate to Ironwood’s license agreement with AstraZeneca for the exclusive U.S. rights to all products containing lesinurad. Other Expense Interest Expense. Net interest expense was $8.6 million in the first quarter of 2018, primarily in connection with the $150 million 8.375% Notes funded in January 2017 and the approximately $336 million convertible debt financing funded in June 2015. Interest expense recorded in the first quarter of 2018 includes $5.0 million in cash expense and $4.2 million in non-cash expense. Gain on Derivatives. Ironwood recorded a gain on derivatives related to the change in fair value of the convertible note hedges and note hedge warrants issued in connection with the convertible debt financing funded in June 2015. A gain on derivatives of $1.3 million was recorded in the first quarter of 2018. Net Loss GAAP net loss was $43.1 million, or $0.29 per share, in the first quarter of 2018, compared to a net loss of $52.5 million, or $0.36 per share, in the first quarter of 2017. Non-GAAP net loss was $40.5 million, or $0.27 per share, in the first quarter of 2018, compared to $48.3 million, or $0.33 per share, in the first quarter of 2017. Non-GAAP net loss excludes the impact of mark-to-market adjustments on the derivatives related to Ironwood’s convertible debt, as well as the amortization of acquired intangible assets and the fair value remeasurement of contingent consideration related to Ironwood’s U.S. lesinurad license. See Non-GAAP Financial Measures below. Cash Position Ironwood ended the first quarter of 2018 with approximately $194.4 million of cash, cash equivalents and available-for-sale securities. Ironwood used approximately $30.9 million of cash for operations during the first quarter of 2018.
Non-GAAP Financial Measures
The company presents non-GAAP net loss and non-GAAP net loss per share to exclude the impact of net gains and losses on the derivatives related to our convertible notes that are required to be marked-to-market, as well as the amortization of acquired intangible assets and the fair value remeasurement of contingent consideration associated with Ironwood’s U.S. license agreement with AstraZeneca for the exclusive rights to all products containing lesinurad. The derivative gains and losses may be highly variable, difficult to predict and of a size that could have a substantial impact on the company’s reported results of operations in any given period. The acquired intangible assets are valued as of the date of acquisition and are amortized over their estimated economic useful life, and management believes excluding the amortization of acquired intangible assets provides more consistency with the treatment of internally developed intangible assets for which research and development costs were previously expensed. The contingent consideration balance is remeasured each reporting period, and the resulting change in fair value impacts the company’s reported results of operations. The changes in the fair value remeasurement of contingent consideration do not correlate to the company’s actual cash payment obligations in the relevant period. Management believes this non-GAAP information is useful for investors, taken in conjunction with Ironwood’s GAAP financial statements, because it provides greater transparency and period-over-period comparability with respect to Ironwood’s operating performance. These measures are also used by management to assess the performance of the business. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. For a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures, please refer to the table at the end of this press release.
Conference Call Information
Ironwood will host a conference call and webcast at 8:30 a.m. Eastern Time on Tuesday, May 1, 2018 to discuss its first quarter 2018 results and recent business activities. Individuals interested in participating in the call should dial (877) 643-7155 (U.S. and Canada) or (914) 495-8552 (international) using conference ID number 9859406. To access the webcast, please visit the Investors section of Ironwood’s website at www.ironwoodpharma.com at least 15 minutes prior to the start of the call to ensure adequate time for any software downloads that may be required. The call will be available for replay via telephone starting at approximately 11:30 a.m. Eastern Time, on May 1, 2018 running through 11:59 p.m. Eastern Time on May 8, 2018. To listen to the replay, dial (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (international) using conference ID number 9859406. The archived webcast will be available on Ironwood’s website for 14 days beginning approximately one hour after the call has completed.
About Ironwood Pharmaceuticals
Ironwood Pharmaceuticals (NASDAQ: IRWD) is a commercial biotechnology company focused on creating medicines that make a difference for patients, building value for our fellow shareholders, and empowering our passionate team. We are commercializing two innovative primary care products: linaclotide, the U.S. branded prescription market leader for adults with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC), and lesinurad, which is approved to be taken with a xanthine oxidase inhibitor (XOI), or as a fixed-dose combination with allopurinol, for the treatment of hyperuricemia associated with gout. We are also advancing a pipeline of innovative product candidates in areas of significant unmet need, including persistent gastroesophageal reflux disease, diabetic nephropathy, heart failure with preserved ejection fraction, achalasia and sickle cell disease. Ironwood was founded in 1998 and is headquartered in Cambridge, Mass. For more information, please visit www.ironwoodpharma.com or www.twitter.com/ironwoodpharma ; information that may be important to investors will be routinely posted in both these locations.
About LINZESS (linaclotide)
LINZESS® is the #1 prescribed brand for the treatment of adult patients with irritable bowel syndrome with constipation (IBS-C) and chronic idiopathic constipation (CIC), based on IQVIA data. Since its FDA approval in August of 2012 and subsequent launch in December 2012, greater than 2 million unique patients have filled approximately 10.6 million prescriptions for LINZESS, according to IQVIA.
LINZESS is a once-daily capsule that helps relieve the abdominal pain and constipation associated with IBS-C, as well as the constipation, infrequent stools, hard stools, straining, and incomplete evacuation associated with CIC. The recommended dose is 290 mcg for IBS-C patients and 145 mcg for CIC patients, with a 72 mcg dose approved for use in CIC depending on individual patient presentation or tolerability. LINZESS should be taken at least 30 minutes before the first meal of the day.
LINZESS is contraindicated in pediatric patients less than 6 years of age. The safety and effectiveness of LINZESS in pediatric patients less than 18 years of age have not been established. In neonatal mice, linaclotide increased fluid secretion as a consequence of GC-C agonism resulting in mortality within the first 24 hours due to dehydration. Due to increased intestinal expression of GC-C, patients less than 6 years of age may be more likely than patients 6 years of age and older to develop severe diarrhea and its potentially serious consequences. In adults with IBS-C or CIC treated with LINZESS, the most commonly reported adverse event was diarrhea.
LINZESS is not a laxative; it is the first medicine approved by the FDA in a class called guanylate cyclase-C (GC-C) agonists. LINZESS contains a peptide called linaclotide that activates the GC-C receptor in the intestine. Activation of GC-C is thought to result in increased intestinal fluid secretion and accelerated transit and a decrease in the activity of pain-sensing nerves in the intestine. The clinical relevance of the effect on pain fibers, which is based on nonclinical studies, has not been established.
In the United States, Ironwood and Allergan plc co-develop and co-commercialize LINZESS for the treatment of adults with IBS-C or CIC. In Europe, Allergan markets linaclotide under the brand name CONSTELLA® for the treatment of adults with moderate to severe IBS-C. In Japan, Ironwood's partner Astellas markets linaclotide under the brand name LINZESS for the treatment of adults with IBS-C. Ironwood also has partnered with AstraZeneca for development and commercialization of linaclotide in China, and with Allergan for development and commercialization of linaclotide in all other territories worldwide.
About ZURAMPIC (lesinurad) 200mg tablets
ZURAMPIC (lesinurad) works in combination with xanthine oxidase inhibitors (XOIs) to treat hyperuricemia associated with uncontrolled gout. ZURAMPIC is not recommended for the treatment of asymptomatic hyperuricemia and should not be used as monotherapy. XOIs reduce the production of uric acid; ZURAMPIC increases the excretion of uric acid. Together, the combination of ZURAMPIC and an XOI provides a dual mechanism of action that both decreases production and increases excretion of uric acid, thereby lowering serum uric acid (sUA) levels in patients who have not achieved target serum uric acid levels with XOI treatment alone. ZURAMPIC selectively inhibits the function of transporter proteins uric acid transporter 1 (URAT1) and organic anion transporter 4 (OAT4), involved in uric acid reabsorption in the kidney. The safety and efficacy of ZURAMPIC was established in three Phase III clinical trials that evaluated a once-daily dose of ZURAMPIC in combination with the XOI allopurinol or febuxostat compared to XOI alone. The boxed warning for ZURAMPIC states that acute renal failure has occurred with ZURAMPIC and was more common when ZURAMPIC was given alone and reinforces that ZURAMPIC should be used in combination with an XOI.
About DUZALLO (lesinurad and allopurinol)
DUZALLO (lesinurad and allopurinol) is a once-daily oral therapy that contains lesinurad 200 mg plus allopurinol 300 mg; it is also available in a lesinurad 200 mg plus allopurinol 200 mg dosage. DUZALLO is approved by the FDA as a once-daily oral treatment for hyperuricemia associated with gout in patients who have not achieved target serum uric acid (sUA) levels with a medically appropriate daily dose of allopurinol alone. DUZALLO is not recommended for the treatment of asymptomatic hyperuricemia. Allopurinol is an XOI whose action differs from that of uricosuric agents such as lesinurad. Allopurinol reduces the production of uric acid (UA); lesinurad increases renal excretion of UA by selectively inhibiting the action of URAT1, the UA transporter responsible for the majority of renal UA reabsorption. The dual-mechanism combination of DUZALLO can address both inefficient excretion and overproduction of UA, thereby lowering sUA levels. DUZALLO should be taken in the morning with food and water, and patients should be advised to stay well hydrated when taking DUZALLO (about 2 liters of liquid a day).
LINZESS Important Safety Information
INDICATIONS AND USAGE
LINZESS (linaclotide) is indicated in adults for the treatment of both irritable bowel syndrome with constipation (IBS-C) and chronic idiopathic constipation (CIC).
IMPORTANT SAFETY INFORMATION
WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTS
LINZESS is contraindicated in patients less than 6 years of age. In nonclinical studies
in neonatal mice, administration of a single, clinically relevant adult oral dose of linaclotide caused
deaths due to dehydration. Use of LINZESS should be avoided in patients 6 years to less than 18
years of age. The safety and effectiveness of LINZESS have not been established in patients less
than 18 years of age.
Contraindications
LINZESS is contraindicated in patients less than 6 years of age due to the risk of serious dehydration. LINZESS is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction.
Warnings and Precautions
Pediatric Risk
LINZESS is contraindicated in patients less than 6 years of age. The safety and effectiveness of LINZESS in patients less than 18 years of age have not been established. In neonatal mice, linaclotide increased fluid secretion as a consequence of GC-C agonism resulting in mortality within the first 24 hours due to dehydration. Due to increased intestinal expression of GC-C, patients less than 6 years of age may be more likely than patients 6 years of age and older to develop severe diarrhea and its potentially serious consequences. Use of LINZESS should be avoided in pediatric patients 6 years to less than 18 years of age. Although there were no deaths in older juvenile mice, given the deaths in young juvenile mice and the lack of clinical safety and efficacy data in pediatric patients, use of LINZESS should be avoided in pediatric patients 6 years to less than 18 years of age.
Diarrhea
Diarrhea was the most common adverse reaction in LINZESS-treated patients in the pooled IBS-C and CIC double-blind placebo-controlled trials. The incidence of diarrhea was similar in the IBS-C and CIC populations. Severe diarrhea was reported in 2% of 145 mcg and 290 mcg LINZESS-treated patients, and in <1% of 72 mcg LINZESS-treated CIC patients. If severe diarrhea occurs, dosing should be suspended and the patient rehydrated.
Common Adverse Reactions (incidence ≥2% and greater than placebo)
In IBS-C clinical trials: diarrhea (20% vs 3% placebo), abdominal pain (7% vs 5%), flatulence (4% vs 2%), headache (4% vs 3%), viral gastroenteritis (3% vs 1%) and abdominal distension (2% vs 1%). In CIC trials of a 145 mcg dose: diarrhea (16% vs 5% placebo), abdominal pain (7% vs 6%), flatulence (6% vs 5%), upper respiratory tract infection (5% vs 4%), sinusitis (3% vs 2%) and abdominal distension (3% vs 2%). In a CIC trial of a 72 mcg dose: diarrhea (19% vs 7% placebo) and abdominal distension (2% vs <1%).
Please see full Prescribing Information including Boxed Warning: http://www.allergan.com/assets/pdf/linzess_pi
ZURAMPIC Important Safety Information and Limitations of Use
WARNING: RISK OF ACUTE RENAL FAILURE MORE COMMON WHEN USED
WITHOUT A XANTHINE OXIDASE INHIBITOR (XOI)
Acute renal failure has occurred with ZURAMPIC and was more common when
ZURAMPIC was given alone ZURAMPIC should be used in combination with an XOI Contraindications:
Severe renal impairment (eCLcr less than 30 mL/min), end-stage renal disease, kidney transplant recipients, or patients on dialysis Tumor lysis syndrome or Lesch-Nyhan syndrome
Warnings and Precautions:
Renal events: Adverse reactions related to renal function have occurred after initiating ZURAMPIC. A higher incidence was observed at the 400-mg dose, with the highest incidence occurring with monotherapy use. Monitor renal function at initiation and during therapy with ZURAMPIC, particularly in patients with eCLcr below 60 mL/min or with serum creatinine elevations 1.5 to 2 times the pre-treatment value, and evaluate for signs and symptoms of acute uric acid nephropathy. Interrupt treatment with ZURAMPIC if serum creatinine is elevated to greater than 2 times the pre-treatment value or if there are symptoms that may indicate acute uric acid nephropathy. ZURAMPIC should not be restarted without another explanation for the serum creatinine abnormalities. ZURAMPIC should not be initiated in patients with an eCLcr less than 45 mL/min. Cardiovascular events: In clinical trials, major adverse cardiovascular events (defined as cardiovascular deaths, non-fatal myocardial infarctions, or non-fatal strokes) were observed with ZURAMPIC. A causal relationship has not been established.
Adverse Reactions:
Most common adverse reactions with ZURAMPIC (in combination with an XOI and more frequently than on an XOI alone) were headache, influenza, blood creatinine increased, and gastroesophageal reflux disease
Indication and Limitations of Use for ZURAMPIC
ZURAMPIC is a URAT1 inhibitor indicated in combination with an XOI for the treatment of hyperuricemia associated with gout in patients who have not achieved target serum uric acid levels with an XOI alone.
ZURAMPIC is not recommended for the treatment of asymptomatic hyperuricemia ZURAMPIC should not be used as monotherapy
Please see full Prescribing Information , including Boxed Warning, at: http://irwdpi.com/zurampic/ZURAMPIC_PI_and_Medguide_2017.pdf#page=1
DUZALLO Important Safety Information
WARNING: RISK OF ACUTE RENAL FAILURE
Acute renal failure has occurred with lesinurad, one of the components of DUZALLO Contraindications:
Severe renal impairment (estimated creatinine clearance [eCLcr] < 30 mL/min), end-stage renal disease, kidney transplant recipients, or patients on dialysis Tumor lysis syndrome or Lesch-Nyhan syndrome Known hypersensitivity to allopurinol, including previous occurrence of skin rash
Warnings and Precautions:
Renal events: Adverse reactions related to renal function, including acute renal failure, can occur after initiating DUZALLO. Renal function should be evaluated prior to initiation of DUZALLO and periodically thereafter, as clinically indicated. More frequent renal function monitoring is recommended in patients with eCLcr < 60 mL/min or with serum creatinine elevations 1.5 to 2 times the value when lesinurad treatment was initiated. DUZALLO should not be initiated in patients with an eCLcr < 45 mL/min. Interrupt treatment with DUZALLO if serum creatinine is elevated to > 2 times the pretreatment value or if there are symptoms that may indicate acute uric acid nephropathy, including flank pain, nausea, or vomiting. DUZALLO should not be restarted without another explanation for the serum creatinine abnormalities Skin rash and hypersensitivity: Skin rash is a frequently reported adverse event in patients taking allopurinol. In some instances, a skin rash may be followed by more severe hypersensitivity reactions associated with exfoliation, fever, lymphadenopathy, arthralgia, and/or eosinophilia including Stevens-Johnson syndrome and toxic epidermal necrolysis. Associated vasculitis and tissue response may be manifested in various ways including hepatitis, renal impairment, seizures, and on rare occasions, death. Hypersensitivity reactions to allopurinol may be increased in patients with decreased renal function who are receiving thiazide diuretics and DUZALLO concurrently. DUZALLO should be discontinued immediately at the first appearance of skin rash or other signs that may indicate an allergic reaction, and additional medical care should be provided as needed Hepatotoxicity: A few cases of reversible clinical hepatotoxicity have been reported in patients taking allopurinol and, in some patients, asymptomatic rises in serum alkaline phosphatase or serum transaminase have been observed. If anorexia, weight loss, or pruritus develops in patients taking DUZALLO, evaluation of liver function should be performed. In patients with preexisting liver disease, periodic liver function tests are recommended Cardiovascular events: In clinical trials, major adverse cardiovascular events (defined as cardiovascular deaths, nonfatal myocardial infarctions, and nonfatal strokes) were observed with DUZALLO. A causal relationship has not been established Bone marrow depression: Bone marrow depression has been reported in patients receiving allopurinol, most of whom received concomitant drugs with the potential for causing this reaction. This has occurred as early as 6 weeks to as long as 6 years after the initiation of allopurinol therapy. Rarely, a patient may develop varying degrees of bone marrow depression, affecting one or more cell lines, while receiving allopurinol alone. Patients taking allopurinol and mercaptopurine or azathioprine require a reduction in dose to approximately one-third to one-fourth of the usual dose of mercaptopurine or azathioprine Increase in prothrombin time: It has been reported that allopurinol prolongs the half-life of dicumarol, a coumarin anticoagulant. The prothrombin time should be reassessed periodically in patients receiving coumarin anticoagulants (dicumarol, warfarin) concomitantly with DUZALLO Drowsiness: Occasional occurrence of drowsiness was reported in patients taking allopurinol. Patients should be alerted to the need for caution when engaging in activities where alertness is mandatory
Adverse Reactions:
The most common adverse reactions in controlled studies (occurring in 2% or more of patients on lesinurad in combination with allopurinol and at least 1% greater than observed in patients on allopurinol alone) were headache, influenza, blood creatinine increased, and gastroesophageal reflux disease The most common adverse reactions identified during post-approval use of allopurinol are skin rash, nausea, and diarrhea
Indication and Limitations of Use:
DUZALLO, a combination of lesinurad, a URAT1 inhibitor, and allopurinol, a xanthine oxidase inhibitor, is indicated for the treatment of hyperuricemia associated with gout in patients who have not achieved target serum uric acid levels with a medically appropriate daily dose of allopurinol alone.
DUZALLO is not recommended for the treatment of asymptomatic hyperuricemia
Please see full Prescribing Information, including Boxed, at https://www.irwdpi.com/duzallo/DuzalloPIandMedguide2017.pdf#page=1
LINZESS® and CONSTELLA® are registered trademarks of Ironwood Pharmaceuticals, Inc., and ZURAMPIC® and DUZALLO® are registered trademarks of AstraZeneca AB. Any other trademarks referred to in this press release are the property of their respective owners. All rights reserved.
This press release contains forward-looking statements. Investors are cautioned not to place undue reliance on statements, including statements about the development, launch, commercial availability and commercial potential of linaclotide, lesinurad, other product candidates and the other products that we promote and the drivers, timing, impact and results thereof; market size, prevalence, growth and opportunity, and the growth in, and potential demand for, linaclotide, lesinurad and other product candidates, as well as their potential impact on applicable markets; the potential indications for, and benefits of, linaclotide, lesinurad and other product candidates; the anticipated timing of preclinical, clinical and regulatory developments and the design, timing and results of clinical and preclinical studies; expected periods of patent exclusivity, durability and life of the respective patent portfolios for linaclotide, lesinurad and other product candidates; and the strength of the intellectual property protection for linaclotide, lesinurad and other product candidates and our intentions and efforts to protect such intellectual property. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include those related to the effectiveness of development and commercialization efforts by us and our partners; preclinical and clinical development, manufacturing and formulation development; the risk that findings from our completed nonclinical and clinical studies may not be replicated in later studies; efficacy, safety and tolerability of linaclotide, lesinurad and other product candidates; decisions by regulatory and judicial authorities; the risk that we are unable to successfully commercialize lesinurad or realize the anticipated benefits of the lesinurad transaction; the risk that we may never get sufficient patent protection for linaclotide, lesinurad and other product candidates or that we are not able to successfully protect such patents; the outcomes in legal proceedings to protect or enforce the patents relating to our products and product candidates, including ANDA litigation; developments in the intellectual property landscape; challenges from and rights of competitors or potential competitors; the risk that our planned investments do not have the anticipated effect on our company revenues, linaclotide, lesinurad or other product candidates; the risk that we are unable to manage our operating expenses or cash use for operations, or are unable to commercialize our products, within the guided ranges or otherwise as expected; and the risks listed under the heading "Risk Factors" and elsewhere in Ironwood's Annual Report on Form 10-K for the year ended December 31, 2017, and in our subsequent SEC filings. These forward-looking statements (except as otherwise noted) speak only as of the date of this press release, and Ironwood undertakes no obligation to update statements. Further, Ironwood considers the net profit for the U.S. LINZESS brand collaboration with Allergan in assessing the product's performance and calculates it based on inputs from both Ironwood and Allergan. This figure should not be considered a substitute for Ironwood's GAAP financial results. An explanation of our calculation of this figure is provided in the U.S. LINZESS Brand Collaboration table and related footnotes accompanying this press release.
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
March 31,
2018
December 31,
2017
Assets Cash, cash equivalents and available-for-sale securities $ 194,447 $ 221,416 Accounts receivable, net 70,651 82,157 Inventory 1,705 735 Prepaid expenses and other current assets 8,924 7,288 Total current assets 275,727 311,596 Restricted cash 7,056 7,056 Property and equipment, net 16,844 17,274 Convertible note hedges 113,445 108,188 Intangible assets, net 156,429 159,905 Goodwill 785 785 Other assets 809 870 Total assets $ 571,095 $ 605,674 Liabilities and Stockholders’ (Deficit) Equity Accounts payable, accrued expenses and other current liabilities $ 46,427 $ 61,508 Current portion of capital lease obligations 3,359 4,077 Current portion of deferred rent 237 195 Current portion of long- term debt 11,958 - Current portion of contingent consideration 355 247 Total current liabilities 62,336 66,027 Deferred rent, net of current portion 5,860 5,449 Other liabilities 5,060 5,060 Contingent consideration, net of current portion 31,389 31,011 Note hedge warrants 96,129 92,188 Convertible notes 253,153 249,193 Long-term debt 135,220 146,898 Total stockholders’ (deficit) equity (18,052) 9,848 Total liabilities and stockholders’ (deficit) equity $ 571,095 $ 605,674 Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
2018 2017 Total revenues 69,155 $ 52,166 Cost and expenses: Cost of revenues, excluding amortization of acquired intangible assets 2,607 531 Research and development 36,505 33,702 Selling, general and administrative 61,923 55,604 Amortization of acquired intangible assets 3,476 420 Loss on fair value remeasurement of contingent consideration 512 1,614 Total cost and expenses 105,023 91,871 Loss from operations (35,868) (39,705) Other (expense) income: Interest expense, net (8,592) (8,588) Gain (loss) on derivatives 1,316 (2,199) Loss on extinguishment of debt - (2,009) Other expense, net (7,276) (12,796) GAAP net loss $ (43,144) $ (52,501) GAAP net loss per share—basic and diluted $ (0.29) $ (0.36)
Three Months Ended
March 31,
2018 2017 Non-GAAP net loss $ (40,472) $ (48,268) Non-GAAP net loss per share (basic and diluted) $ (0.27) $ (0.33) Weighted average number of common shares
used in net loss per share — basic and diluted
151,013
147,786
Reconciliation of GAAP Results to Non-GAAP Financial Measures
(In thousands, except per share amounts)
(unaudited)
A reconciliation between net loss on a GAAP basis and on a non-GAAP basis is as follows:
Three Months Ended
March 31,
2018 2017 GAAP net loss $ (43,144) $ (52,501) Adjustments: Mark-to-market adjustments on the derivatives related to
convertible notes, net
(1,316) 2,199 Amortization of intangible assets 3,476 420 Loss on fair value remeasurement of contingent consideration 512 1,614 Non-GAAP net loss (40,472) $ (48,268) A reconciliation between diluted net loss per share on a GAAP basis and on a non-GAAP basis is as follows:
Three Months Ended
March 31,
2018 2017 GAAP net loss per share – Basic and Diluted $ (0.29) $ (0.36) Adjustments to GAAP net loss per share (as detailed
above)
0.02 0.03 Non-GAAP net loss per share – basic and diluted $ (0.27) $ (0.33) U.S. LINZESS Brand Collaboration 1
Revenue/Expense Calculation
(In thousands)
(unaudited)
Three Months Ended
March 31,
2018 2017 LINZESS U.S. net sales $ 159,334 $ 147,615 Commercial costs and expenses 2
58,890 70,929 Commercial profit on sales of LINZESS $ 100,444 $ 76,686 Commercial Margin 3
63% 52% Ironwood’s share of net profit $ 50,222 $ 38,343 Ironwood’s selling, general and administrative expenses 4
10,928 11,109 Ironwood’s collaborative arrangement revenue $ 61,150 $ 49,452 1 Ironwood collaborates with Allergan on the development and commercialization of linaclotide in North America. Under the terms of the collaboration agreement, Ironwood receives 50% of the net profits and bears 50% of the net losses from the commercial sale of LINZESS in the U.S. The purpose of this table is to present calculations of Ironwood’s share of net profit (loss) generated from the sales of LINZESS in the U.S. and Ironwood’s collaboration revenue/expense; however, the table does not present the research and development expenses related to LINZESS in the U.S. that are shared equally between the parties under the collaboration agreement. For the three months ended March 31, 2018, net profit for the U.S. LINZESS brand collaboration with Allergan was $88.8 million, calculated by subtracting $58.9 million in commercial costs and expenses and $11.6 million in research and development expenses, from LINZESS U.S. net sales of $159.3 million.
2 Includes cost of goods sold incurred by Allergan as well as selling, general and administrative expenses incurred by Allergan and Ironwood that are attributable to the cost-sharing arrangement between the parties.
3 Commercial margin is defined as commercial profit on sales of LINZESS as a percent of total LINZESS U.S. net sales.
4 Includes Ironwood’s selling, general and administrative expenses attributable to the cost-sharing arrangement with Allergan.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005661/en/
Ironwood Pharmaceuticals, Inc.
Meredith Kaya, 617-374-5082
Vice President, Investor Relations and Corporate Communications
[email protected]
Source: Ironwood Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-ironwood-pharmaceuticals-provides-first-quarter-2018-investor-update.html |
May 4 (Reuters) - Subex Ltd:
* MARCH QUARTER CONSOL NET PROFIT 150.4 MILLION RUPEES VERSUS LOSS 937 MILLION RUPEES YEAR AGO
* MARCH QUARTER CONSOL REVENUE FROM OPERATIONS 806.5 MILLION RUPEES VERSUS 948.5 MILLION RUPEES YEAR AGO Source text - bit.ly/2HPmX7Z Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-subex-posts-march-qtr-conso/brief-indias-subex-posts-march-qtr-consol-profit-idUSFWN1SB0AY |
May 7 (Reuters) - Carrizo Oil & Gas Inc:
* CARRIZO OIL & GAS ANNOUNCES FIRST QUARTER RESULTS * Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.48 EXCLUDING ITEMS
* Q1 EARNINGS PER SHARE $0.18 * Q1 EARNINGS PER SHARE VIEW $0.33 — THOMSON REUTERS I/B/E/S
* QTRLY TOTAL PRODUCTION OF 51,257 BOE/D, 11% ABOVE Q1 OF 2017
* CARRIZO IS REITERATING ITS 2018 PRODUCTION GUIDANCE OF 58,500-60,100 BOE/D
* QTRLY CRUDE OIL PRODUCTION OF 34,136 BBLS/D, 18% ABOVE Q1 OF 2017 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-carrizo-oil-gas-reports-q1-earning/brief-carrizo-oil-gas-reports-q1-earnings-per-share-0-18-idUSASC0A05V |
The Pre-Markets Rundown: May 24, 2018 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/the-pre-markets-rundown-may-24-2018.html |
03:26 03:26 | 9:40 AM ET Thu, 24 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/2017-highest-earning-hedge-fund-managers.html |
WESTLAKE, Ohio--(BUSINESS WIRE)-- TravelCenters of America LLC (Nasdaq: TA) today announced financial results for the three months ended March 31, 2018:
(in thousands, except per share and per gallon amounts)
Three Months Ended
March 31,
2018 2017 Total revenues $ 1,584,687 $ 1,391,672 Loss before income taxes (14,704 ) (48,673 ) Net loss (10,078 ) (29,375 ) Net loss attributable to common shareholders (10,112 ) (29,398 ) Net loss per common share attributable to common shareholders (basic and diluted)
$ (0.25 ) $ (0.74 ) Supplemental Data: Fuel sales volume (gallons): Diesel fuel 395,883 394,705 Gasoline 118,336 119,451 Total fuel sales volume 514,219 514,156 Fuel revenues $ 1,100,127 $ 922,874 Fuel gross margin 93,559 73,163 Fuel gross margin per gallon $ 0.182 $ 0.142 Nonfuel revenues $ 480,397 $ 464,168 Nonfuel gross margin 282,402 267,797 Nonfuel gross margin percentage 58.8 % 57.7 % Non-GAAP Measures: (1) Adjusted net loss $ (26,754 ) $ (21,020 ) Adjusted net loss per common share attributable to common shareholders (basic and diluted)
$ (0.67 ) $ (0.53 ) EBITDA $ 20,432 $ (9,489 ) Adjusted EBITDA (1,714 ) (1,131 ) (1)
A reconciliation from net loss and net loss per common share attributable to common shareholders, the financial measures determined in accordance with general accepted accounting principles, or GAAP, to the non-GAAP measures disclosed herein are included in the supplemental tables below.
Andrew J. Rebholz, TA's CEO, made the following statement regarding the 2018 first quarter results:
"During the first quarter of 2018, we continued to gain traction in our business initiatives. Our efforts continued to make progress against the combined headwinds of increased fuel efficiency and competition we have been experiencing and we continued to grow our nonfuel businesses. For same sites in our travel centers segment, nonfuel revenues were up 3.9% over the prior year quarter and nonfuel gross margin was up 5.2%, driven largely by our truck service programs and other retail services, such as parking and showers. We also continued to see success with our cost control initiatives. On a same site basis, site level operating expenses as a percentage of nonfuel revenues improved by 90 basis points and by 150 basis points in our travel centers segment. The operating results we saw during the first quarter of this year leave me optimistic that we will further grow our business and improve our profitability as we continue through 2018."
Business Commentary
Fuel sales volume increased modestly and same site fuel sales volume decreased by 3.6 million gallons, or 0.7%, for the 2018 first quarter as compared to the 2017 first quarter. TA believes the slight fuel sales volume decrease on a same site basis experienced during the 2018 first quarter primarily resulted from the continued effects of fuel efficiency gains and increased competition. Fuel revenues increased by $177.3 million, or 19.2%, in the 2018 first quarter as compared to the 2017 first quarter primarily due to higher market prices for fuel during the 2018 first quarter and newly acquired and developed locations. Fuel gross margin increased by $20.4 million, or 27.9%, as compared to the 2017 first quarter primarily as a result of the $23.3 million benefit recognized in the 2018 first quarter in connection with the February 2018 retroactive reinstatement for 2017 of the federal biodiesel tax credit. Without this discrete item, fuel gross margin declined by $2.9 million.
Nonfuel revenues increased by $16.2 million, or 3.5%, in the 2018 first quarter as compared to the 2017 first quarter, including a $12.2 million same site increase and a $4.0 million increase attributable to new sites. The increase on a same site basis was primarily due to an increase in truck service and parking programs. Nonfuel gross margin increased by $14.6 million, or 5.5%, in the 2018 first quarter as compared to the 2017 first quarter, including a $12.0 million same site increase and a $2.6 million increase attributable to new sites. The increase in nonfuel gross margin was primarily due to the increase in nonfuel revenues and an increase in the nonfuel gross margin percentage. The nonfuel gross margin percentage was 58.8% for the 2018 first quarter as compared to 57.7% for the 2017 first quarter; the increase in the nonfuel gross margin percentage was primarily due to a change in the mix of products and services sold.
Site level operating expenses increased by $3.6 million, or 1.5%, in the 2018 first quarter as compared to the 2017 first quarter due to a $2.0 million same site increase and a $1.6 million increase from sites acquired and developed since the beginning of the 2017 first quarter. The increase on a same site basis was primarily due to increased labor costs related to the increase in nonfuel sales. Site level operating expenses as a percentage of nonfuel revenues was 51.9% for the 2018 first quarter as compared to 53.0% for the 2017 first quarter. The improvement in site level operating expenses as a percentage of nonfuel revenues was primarily the result of excess transaction fees of $1.8 million charged by Comdata, Inc., or Comdata, in the 2017 first quarter and the realization of certain cost saving initiatives in the 2018 first quarter.
Selling, general and administrative expenses for the 2018 first quarter decreased by $3.3 million, or 7.9%, as compared to the 2017 first quarter, primarily attributable to litigation costs related to TA's litigation with Comdata expensed during the 2017 first quarter.
Real estate rent expense increased by $2.8 million, or 4.1%, in the 2018 first quarter as compared to the 2017 first quarter, primarily from TA's sale to, and lease back from, Hospitality Properties Trust, or HPT, of a travel center and improvements at leased sites since the beginning of 2017.
Depreciation and amortization expense decreased by $4.3 million, or 13.4%, in the 2018 first quarter as compared to the 2017 first quarter primarily resulting from the write offs of certain assets during the 2017 first quarter.
Net loss for the 2018 first quarter was $10.1 million as compared to $29.4 million for the 2017 first quarter. Adjusted net loss for the 2018 first quarter was $26.8 million as compared to $21.0 million for the 2017 first quarter. The increase in adjusted net loss was primarily due to the decrease in fuel gross margin, an increase in real estate rent expense and an increase in selling, general and administrative expenses.
Net loss attributable to common shareholders for the 2018 first quarter was $0.25 per common share as compared to $0.74 per common share for the 2017 first quarter. Adjusted net loss attributable to common shareholders for the 2018 first quarter was $0.67 per common share as compared to $0.53 per common share for the 2017 first quarter.
Adjusted EBITDA for the 2018 first quarter decreased by $0.6 million as compared to the 2017 first quarter, primarily due to the decrease in fuel gross margin, an increase in real estate rent expense and an increase in selling, general and administrative expenses.
Travel Centers Segment
Fuel sales volume increased by 1.5 million gallons, or 0.3%, for the 2018 first quarter as compared to the 2017 first quarter due to newly acquired and developed locations. Same site fuel sales volume decreased by 2.8 million gallons, or 0.6%, due to the continued effects of fuel efficiency gains and increased competition. Fuel revenues increased by $164.3 million, or 20.5%, in the 2018 first quarter as compared to the 2017 first quarter primarily due to higher market prices for fuel and from sites acquired and developed since the beginning of the 2017 first quarter. Fuel gross margin increased by $20.5 million, or 33.2%, to $82.4 million primarily as a result of the $23.3 million benefit recognized in the 2018 first quarter in connection with the February 2018 retroactive reinstatement for 2017 of the federal biodiesel tax credit and from an increase from newly acquired and developed locations.
Nonfuel revenues increased by $20.2 million, or 5.1%, in the 2018 first quarter as compared to the 2017 first quarter primarily due to a $15.3 million, or 3.9%, increase on a same site basis primarily as a result of TA's truck service and parking programs. Nonfuel gross margin increased by $15.4 million, or 6.4%, in the 2018 first quarter as compared to the 2017 first quarter due to an increase in nonfuel revenues and an increase in the nonfuel gross margin percentage. Nonfuel gross margin percentage was 61.8% in the 2018 first quarter as compared to 61.0% in the 2017 first quarter; the increased nonfuel gross margin percentage was primarily the result of changes in the mix of products and services sold.
Site level gross margin in excess of site level operating expenses increased by $31.5 million, or 34.1%, in the 2018 first quarter as compared to the 2017 first quarter primarily due to an increase at same sites.
On a same site basis, (223 locations) site level gross margin in excess of site level operating expenses increased in the 2018 first quarter by $29.2 million, or 32.5%, as compared to the 2017 first quarter, primarily due to a $19.0 million increase in fuel gross margin that resulted primarily as a result of a one time reduction in TA's fuel costs of goods sold related to the retroactive reinstatement for 2017 of the federal biodiesel tax credit and an increase in nonfuel gross margin due to the increase in both nonfuel revenues and nonfuel gross margin percentage.
Convenience Stores Segment
Fuel sales volume decreased by 1.0 million gallons, or 1.8%, for the 2018 first quarter as compared to the 2017 first quarter. This decrease was primarily due to the continued effects of competition. Fuel revenues increased by $11.3 million, or 10.9%, in the 2018 first quarter as compared to the 2017 first quarter primarily due to higher market prices for fuel. Fuel gross margin decreased by $0.1 million, or 0.9%, to $11.1 million as a result of a decrease in fuel sales volume.
Nonfuel revenues decreased by $2.3 million, or 3.8%, in the 2018 first quarter as compared to the 2017 first quarter primarily due to increased competition. Nonfuel gross margin remained flat in the 2018 first quarter as compared to the 2017 first quarter. Nonfuel gross margin percentage was 36.1% in the 2018 first quarter as compared to 34.8% in the 2017 first quarter. The increase in nonfuel gross margin percentage was primarily the result of changes in the mix of products sold.
Site level gross margin in excess of site level operating expenses decreased in the 2018 first quarter by $0.5 million, or 8.4%, as compared to the 2017 first quarter due to an increase in site level operating expenses and a decrease in fuel gross margin.
Conference Call:
On Monday, May 7, 2018, at 10:00 a.m. Eastern time, TA will host a conference call to discuss its financial results and other activities for the three months ended March 31, 2018. Following management's remarks, there will be a question and answer period.
The conference call telephone number is 877-329-4614. Participants calling from outside the United States and Canada should dial 412-317-5437. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available for about a week after the call. To hear the replay, dial 412-317-0088. The replay pass code is 10118585.
A live audio webcast of the conference call will also be available in a listen only mode on TA's website at www.ta-petro.com . To access the webcast, participants should visit TA's website about five minutes before the call. The archived webcast will be available for replay on TA's website for about one week after the call. The transcription, recording and retransmission in any way of TA's first quarter conference call is strictly prohibited without the prior written consent of TA. The Company's website is not incorporated as part of this press release.
About TravelCenters of America LLC:
TA's nationwide business includes travel centers located in 43 U.S. states and in Canada, standalone convenience stores in 11 states and standalone restaurants in 13 states. TA's travel centers operate under the "TravelCenters of America," "TA," "Petro Stopping Centers" and "Petro" brand names and offer diesel and gasoline fueling, restaurants, truck repair services, travel/convenience stores and other services which are designed to provide attractive and efficient travel experiences to professional drivers and other motorists. TA's convenience stores operate principally under the "Minit Mart" brand name and offer gasoline fueling as well as nonfuel products and services such as coffee, groceries, some fresh foods and other convenience items. TA's standalone restaurants operate principally under the "Quaker Steak & Lube" brand name.
WARNING CONCERNING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. WHENEVER TA USES WORDS SUCH AS "BELIEVE," "EXPECT," "ANTICIPATE," "INTEND," "PLAN," "ESTIMATE," "WILL," "MAY" AND NEGATIVES OR DERIVATIVES OF THESE OR SIMILAR EXPRESSIONS, TA IS MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON TA'S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY TA'S FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. AMONG OTHERS, THE FORWARD LOOKING STATEMENTS WHICH APPEAR IN THIS PRESS RELEASE THAT MAY NOT OCCUR INCLUDE:
MR. REBHOLZ STATES THAT TA'S BUSINESS INITIATIVES CONTINUED TO GAIN TRACTION, THAT TA CONTINUED TO GROW ITS NONFUEL BUSINESS, THAT TA CONTINUED TO SEE SUCCESS WITH ITS COST CONTROL INITIATIVES AND THAT HE IS OPTIMISTIC THAT TA WILL FURTHER GROW ITS BUSINESS AND IMPROVE ITS PROFITABILITY. HOWEVER, TA'S BUSINESS INITIATIVES MAY NOT IMPROVE AND MAY RESULT IN TA INCURRING LOSSES. IN ADDITION, TA'S NONFUEL BUSINESS MAY NOT CONTINUE TO GROW AND COULD DECLINE AND ITS COST INITIATIVES MAY NOT BE SUCCESSFUL. FURTHER, TA OPERATES IN HIGHLY COMPETITIVE BUSINESSES AND IT MAY NOT BE ABLE TO GROW ITS BUSINESS OR IMPROVE ITS PROFITABILITY AS A RESULT OF COMPETITION AND OTHER FACTORS, MANY OF WHICH ARE BEYOND ITS CONTROL; STATEMENTS IN THIS PRESS RELEASE ABOUT IMPROVED OPERATING RESULTS, COST SAVINGS AND INCREASING GROSS MARGINS MAY IMPLY THAT TA'S BUSINESS MAY BE PROFITABLE IN THE FUTURE. HOWEVER, CERTAIN OF THOSE IMPROVEMENTS RESULTED FROM UNIQUE ITEMS THAT MAY NOT OCCUR AGAIN. IN ADDITION, SINCE TA BECAME PUBLICLY OWNED IN 2007, TA'S OPERATIONS HAVE GENERATED LOSSES AND ONLY OCCASIONALLY GENERATED PROFITS. TA MAY BE UNABLE TO PRODUCE FUTURE PROFITS AND TA'S LOSSES MAY INCREASE; AND STATEMENTS IN THE SUPPLEMENTAL DATA TO THIS PRESS RELEASE ABOUT THE FINAL ORDER AND JUDGMENT THAT THE COURT OF CHANCERY OF THE STATE OF DELAWARE ENTERED ON APRIL 8, 2018, OR THE ORDER, IN TA'S LITIGATION AGAINST COMDATA, PURSUANT TO WHICH COMDATA IS REQUIRED TO CONTINUE TO HONOR THE TERMS OF THE MERCHANT AGREEMENT AND THE RFID AGREEMENT WITH TA AND REIMBURSE TA FOR ATTORNEYS' FEES AND COSTS, TOGETHER WITH INTEREST, IN THE AMOUNT OF $10.7 MILLION, ALONG WITH TA'S RECEIPT OF THE REIMBURSEMENT FROM COMDATA, MAY SUGGEST THAT THIS LITIGATION IS COMPLETED. IN FACT, COMDATA HAS 30 DAYS FROM THE DATE OF THE ORDER TO FILE A NOTICE OF APPEAL AND THE COURT'S DECISION MAY BE REVERSED OR AMENDED UPON APPEAL. THE CONTINUATION OF THIS LITIGATION IS DISTRACTING TO TA'S MANAGEMENT AND EXPENSIVE, AND THE DISTRACTION AND EXPENSE MAY CONTINUE.
THE INFORMATION CONTAINED IN TA'S PERIODIC REPORTS, INCLUDING TA'S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2017, WHICH HAS BEEN FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION, OR SEC, AND TA'S QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED MARCH 31, 2018, WHICH HAS BEEN OR WILL BE FILED WITH THE SEC, UNDER THE CAPTION "RISK FACTORS," OR ELSEWHERE IN THOSE REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE DIFFERENCES FROM TA'S FORWARD LOOKING STATEMENTS. TA'S FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC'S WEBSITE AT WWW.SEC.GOV .
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.
EXCEPT AS REQUIRED BY LAW, TA DOES NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENT AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
TRAVELCENTERS OF AMERICA LLC
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share amounts)
Three Months Ended
March 31,
2018 2017 Revenues: Fuel $ 1,100,127 $ 922,874 Nonfuel 480,397 464,168 Rent and royalties from franchisees 4,163 4,630 Total revenues 1,584,687 1,391,672 Cost of goods sold (excluding depreciation): Fuel 1,006,568 849,711 Nonfuel 197,995 196,371 Total cost of goods sold 1,204,563 1,046,082 Operating expenses: Site level operating 249,560 245,915 Selling, general and administrative 38,035 41,303 Real estate rent 70,812 67,999 Depreciation and amortization 27,548 31,800 Total operating expenses 385,955 387,017 Loss from operations (5,831 ) (41,427 ) Acquisition costs — 140 Interest expense, net 7,588 7,384 (Loss) income from equity investees (1,285 ) 278 Loss before income taxes (14,704 ) (48,673 ) Benefit for income taxes 4,626 19,298 Net loss (10,078 ) (29,375 ) Less: net income for noncontrolling interests 34 23 Net loss attributable to common shareholders $ (10,112 ) $ (29,398 ) Net loss per common share attributable to common shareholders: Basic and diluted $ (0.25 ) $ (0.74 ) These financial statements should be read in conjunction with TA's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, to be filed with the U.S. Securities and Exchange Commission.
TRAVELCENTERS OF AMERICA LLC
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands)
March 31,
2018
December 31,
2017 Assets Current assets: Cash and cash equivalents $ 52,139 $ 36,082 Accounts receivable, net 153,488 125,501 Inventory 207,686 209,640 Other current assets 24,652 27,295 Total current assets 437,965 398,518 Property and equipment, net 984,396 1,001,090 Goodwill 93,859 93,859 Other intangible assets, net 33,677 34,383 Other noncurrent assets 93,468 90,282 Total assets $ 1,643,365 $ 1,618,132 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 166,886 $ 155,581 Current HPT Leases liabilities 41,706 41,389 Other current liabilities 155,657 130,328 Total current liabilities 364,249 327,298 Long term debt, net 319,853 319,634 Noncurrent HPT Leases liabilities 365,122 368,782 Other noncurrent liabilities 35,861 35,923 Total liabilities 1,085,085 1,051,637 Shareholders' equity (40,000 and 39,984 common shares outstanding at March 31, 2018 and December 31, 2017, respectively)
558,280 566,495 Total liabilities and shareholders' equity $ 1,643,365 $ 1,618,132 These financial statements should be read in conjunction with TA's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, to be filed with the U.S. Securities and Exchange Commission.
TRAVELCENTERS OF AMERICA LLC
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts)
TA believes the non-GAAP financial measures presented in the tables below are meaningful supplemental disclosures because they may help investors gain a better understanding of changes in TA's operating results and its ability to pay rent or service debt when due, make capital expenditures and expand its business. These non-GAAP financial measures also may help investors to make comparisons between TA and other companies and to make comparisons of TA's financial and operating results between periods.
TA believes that adjusted net loss and adjusted net loss per common share attributable to common shareholders are meaningful disclosures that may help investors to better understand TA's financial performance by providing financial information that represents TA's operating results without the effects of items that do not result directly from TA's normal recurring operations and may allow investors to better compare TA's performance between periods and to the performance of other companies. Management uses these measures in developing internal budgets and forecasts and analyzing TA's performance.
TA believes that EBITDA and adjusted EBITDA are meaningful disclosures that may help investors to better understand TA's financial performance, including by allowing investors to compare TA's performance between periods and to the performance of other companies. Management uses EBITDA and adjusted EBITDA to evaluate TA's financial performance and compare TA's performance over time and to the performance of other companies. Management also uses these measures in developing internal budgets and forecasts and analyzing its performance. TA calculates EBITDA as earnings before interest, taxes and depreciation and amortization, as shown below. TA calculates adjusted EBITDA by excluding items that are considered not to be normal, recurring, cash operating expenses or gains or losses. TA also believes that adjusted EBITDA provides financial information that represents TA's operating results without the effects of items that do not result directly from TA's normal recurring operations.
The non-GAAP financial measures TA presents should not be considered as alternatives to net loss attributable to common shareholders, net loss or loss from operations as an indicator of TA's operating performance or as a measure of TA's liquidity. Also, the non-GAAP financial measures TA presents may not be comparable to similarly titled amounts calculated by other companies.
TA believes that net loss is the most directly comparable GAAP financial measure to adjusted net loss, EBITDA and adjusted EBITDA and that net loss per common share attributable to common shareholders is the most directly comparable GAAP financial measure to adjusted net loss per common share attributable to common shareholders. The following tables present the reconciliations of the non-GAAP financial measures to the respective most comparable GAAP financial measures for the three months ended March 31, 2018 and 2017.
Three Months Ended
March 31, 2018 2017 Calculation of adjusted net loss: Net loss $ (10,078 ) $ (29,375 ) Less: Federal biodiesel tax credit (1) (23,251 ) — Add: Comdata legal expenses (2) 78 6,372 Add: Asset write offs (3) — 5,227 Add: Comdata excess transaction fees (4) — 1,813 Add: Incremental share based compensation expense (5) 1,027 173 Add (less): Income tax provision (6) 5,470 (5,230 ) Adjusted net loss $ (26,754 ) $ (21,020 ) Three Months Ended
March 31, 2018 2017 Calculation of adjusted net loss per common share attributable to common shareholders:
Net loss per common share attributable to common shareholders $ (0.25 ) $ (0.74 ) Less: Federal biodiesel tax credit (1) (0.58 ) — Add: Comdata legal expenses (2) — 0.16 Add: Asset write offs (3) — 0.13 Add: Comdata excess transaction fees (4) — 0.05 Add: Incremental share based compensation expense (5) 0.02 — Add (less): Income tax provision (6) 0.14 (0.13 ) Adjusted net loss per common share attributable to common shareholders
$ (0.67 ) $ (0.53 ) Three Months Ended
March 31,
2018 2017 Calculation of EBITDA and adjusted EBITDA: Net loss $ (10,078 ) $ (29,375 ) Less: Benefit for income taxes (4,626 ) (19,298 ) Add: Depreciation and amortization 27,548 31,800 Add: Interest expense, net 7,588 7,384 EBITDA 20,432 (9,489 ) Less: Federal biodiesel tax credit (1) (23,251 ) — Add: Comdata legal expenses (2) 78 6,372 Add: Comdata excess transaction fees (4) — 1,813 Add: Incremental share based compensation expense (5) 1,027 173 Adjusted EBITDA $ (1,714 ) $ (1,131 ) (1) Federal biodiesel tax credit. On February 8, 2018, legislation was passed that retroactively reinstated the 2017 federal biodiesel tax credit. The federal biodiesel tax credit for 2017 was $23.3 million and was recognized in the three months ended March 31, 2018.
(2) Comdata legal expenses. During the three months ended March 31, 2018 and 2017, TA incurred $0.1 million and $6.4 million, respectively, of legal fees in its litigation with Comdata. TA's attorneys' fees and costs related to this matter totaled $10.6 million through March 31, 2018. On April 9, 2018, the Court of Chancery of the State of Delaware, or the Court, entered its final order and judgment, or the Order. Pursuant to the Order, Comdata is required to, among other things, reimburse TA for attorneys' fees and costs, together with interest, in the amount of $10.7 million, which TA collected in April 2018. Comdata has 30 days from the date of the Order to file a notice of appeal. If Comdata does not appeal, TA believes legal fees that it may incur for this matter during the remainder of 2018 will not be material.
(3) Asset write offs. During the three months ended March 31, 2017, TA wrote off assets which totaled $5.2 million in connection with TA's cost reduction initiatives.
(4) Comdata excess transaction fees. From February 1, 2017, until mid-September 2017, Comdata unilaterally withheld increased fees from the transaction settlement payments due to TA under an agreement between TA and Comdata under which TA agreed to accept Comdata issued fuel cards through January 2, 2022, for certain purchases by TA's customers in exchange for fees payable by TA to Comdata, or the Merchant Agreement. During the three months ended March 31, 2017, TA incurred $1.8 million of excess transaction fees. On September 11, 2017, the Court issued its post-trial Memorandum Opinion. The Court found that TA was entitled to, among other things, an order requiring Comdata to specifically perform under the Merchant Agreement, and awarded damages to TA and against Comdata for the difference between the higher transaction fees paid to Comdata since February 1, 2017, and what TA would have paid during this period under the fee structure in the Merchant Agreement. In November 2017, TA recovered $6.9 million for the amount of excess transaction fees.
(5) Incremental share based compensation expense. As part of TA's retirement agreements with certain former officers, TA agreed to accelerate the vesting of previously granted share awards. For the three months ended March 31, 2018 and 2017, this acceleration resulted in $1.0 million and $0.2 million, respectively, of incremental share based compensation expense as compared to what TA would have expensed in the absence of these retirement agreements.
(6) Non-GAAP financial measures net tax impact. The tax impact of the exclusion of the above items from net loss to arrive at adjusted net loss was calculated using TA's estimated statutory rate of 24.7% and 38.5% for the three months ended March 31, 2018 and 2017, respectively. The change in the estimated statutory rate is due to the Tax Cuts and Jobs Act enacted in December 2017, which reduced the federal corporate income tax rate from 35% to 21%.
TRAVELCENTERS OF AMERICA LLC
SUPPLEMENTAL RECENTLY ISSUED ACCOUNTING PRONOUNCEMENT EFFECT
(in thousands, except per gallon amounts)
In May 2014, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, or ASU 2014-09, which establishes a comprehensive revenue recognition standard under GAAP for almost all industries. TA adopted ASU 2014-09 on January 1, 2018, using the full retrospective method, which required that TA restate its consolidated financial statements for prior year comparative periods. Although the majority of TA's revenue is initiated at the point of sale, the implementation of this standard impacted the accounting for TA's loyalty programs, initial franchise fees and advertising contributions received from franchisees.
The recognition of loyalty awards in accordance with ASU 2014-09 resulted in a reclassification between nonfuel and fuel revenues. This reclassification resulted in a decrease to fuel gross margin per gallon and an increase to nonfuel gross margin percentage. The adjusted fuel revenues, fuel gross margin per gallon, nonfuel revenues and nonfuel gross margin percentage for each quarter of 2017 and 2016 and for the years ended December 31, 2017 and 2016, is as follows:
As Reported Adoption of
ASU 2014-09
As Adjusted Fuel revenues: Three months ended March 31, 2017 $ 935,296 $ (12,422 ) $ 922,874 Three months ended June 30, 2017 990,265 (14,046 ) 976,219 Three months ended September 30, 2017 1,055,593 (19,814 ) 1,035,779 Three months ended December 31, 2017 1,109,758 (19,341 ) 1,090,417 Year ended December 31, 2017 4,090,912 (65,623 ) 4,025,289 Three months ended March 31, 2016 $ 709,528 $ (14,622 ) $ 694,906 Three months ended June 30, 2016 931,211 (14,802 ) 916,409 Three months ended September 30, 2016 947,558 (15,223 ) 932,335 Three months ended December 31, 2016 941,852 (11,830 ) 930,022 Year ended December 31, 2016 3,530,149 (56,477 ) 3,473,672 As Reported Adoption of
ASU 2014-09 (1)
As Adjusted Fuel gross margin per gallon: Three months ended March 31, 2017 $ 0.166 $ (0.024 ) $ 0.142 Three months ended June 30, 2017 0.192 (0.026 ) 0.166 Three months ended September 30, 2017 0.189 (0.036 ) 0.153 Three months ended December 31, 2017 0.184 (0.036 ) 0.148 Year ended December 31, 2017 0.183 (0.030 ) 0.153 Three months ended March 31, 2016 $ 0.170 $ (0.027 ) $ 0.143 Three months ended June 30, 2016 0.182 (0.027 ) 0.155 Three months ended September 30, 2016 0.194 (0.027 ) 0.167 Three months ended December 31, 2016 0.189 (0.022 ) 0.167 Year ended December 31, 2016 0.184 (0.026 ) 0.158 (1) The effect ASU 2014-09 will have on fuel gross margin per gallon will vary from period to period as a result of changes in certain factors that figure into the underlying calculations, including, but not limited to, fuel prices, the value of loyalty awards and loyalty program redemption rates. As Reported Adoption of
ASU 2014-09
As Adjusted Nonfuel revenues: Three months ended March 31, 2017 $ 451,746 $ 12,422 $ 464,168 Three months ended June 30, 2017 504,722 14,046 518,768 Three months ended September 30, 2017 516,555 19,814 536,369 Three months ended December 31, 2017 471,158 19,341 490,499 Year ended December 31, 2017 1,944,181 65,623 2,009,804 Three months ended March 31, 2016 $ 436,018 $ 14,622 $ 450,640 Three months ended June 30, 2016 494,467 14,802 509,269 Three months ended September 30, 2016 510,559 15,223 525,782 Three months ended December 31, 2016 462,579 11,830 474,409 Year ended December 31, 2016 1,903,623 56,477 1,960,100 As Reported Adoption of
ASU 2014-09
As Adjusted Nonfuel gross margin percentage: Three months ended March 31, 2017 56.6 % 110 pts 57.7 % Three months ended June 30, 2017 55.6 % 110 pts 56.7 % Three months ended September 30, 2017 55.2 % 160 pts 56.8 % Three months ended December 31, 2017 56.0 % 180 pts 57.8 % Year ended December 31, 2017 55.8 % 140 pts 57.2 % Three months ended March 31, 2016 56.0 % 150 pts 57.5 % Three months ended June 30, 2016 55.0 % 140 pts 56.4 % Three months ended September 30, 2016 54.9 % 130 pts 56.2 % Three months ended December 31, 2016 55.4 % 110 pts 56.5 % Year ended December 31, 2016 55.3 % 130 pts 56.6 % TRAVELCENTERS OF AMERICA LLC
SUPPLEMENTAL SAME SITE OPERATING DATA
(dollars and gallons in thousands, except per gallon amounts unless indicated otherwise)
CONSOLIDATED SAME SITE OPERATING DATA
The following table presents consolidated operating data for the periods noted for all of the locations in operation on March 31, 2018, that were operated by TA continuously since the beginning of the earliest period presented, with the exception of six locations TA operates that are owned by an unconsolidated joint venture in which TA owns a noncontrolling interest. This data excludes revenues and expenses at locations TA does not operate, such as rents and royalties from franchisees, and corporate level selling, general and administrative expenses. TA does not exclude locations from the same site comparisons as a result of capital improvements to the site or changes in the services offered.
Three Months Ended
March 31, 2018 2017 Change Number of same site company operated locations (1) 461 461 — Diesel sales volume (gallons) 388,309 390,353 (0.5 ) % Gasoline sales volume (gallons) 112,543 114,080 (1.3 ) % Total fuel sales volume (gallons) 500,852 504,433 (0.7 ) % Fuel revenues $ 1,070,784 $ 904,874 18.3 % Fuel gross margin 91,932 72,975 26.0 % Fuel gross margin per gallon $ 0.184 $ 0.145 26.9 % Nonfuel revenues $ 472,835 $ 460,597 2.7 % Nonfuel gross margin 277,454 265,503 4.5 % Nonfuel gross margin percentage 58.7 % 57.6 % 110 pts Total gross margin $ 369,386 $ 338,478 9.1 % Site level operating expenses 244,746 242,744 0.8 % Site level operating expenses as a percentage of nonfuel revenues 51.8 % 52.7 % (90 )pts Site level gross margin in excess of site level operating expenses $ 124,640 $ 95,734 30.2 % (1) Same site operations for the three months ended March 31, 2018, include 223 travel centers, 227 convenience stores and 11 standalone restaurants that TA operated since January 1, 2017. The 11 standalone restaurants are not a separately reportable segment but are included in corporate and other in TA's segment information. TRAVEL CENTERS SEGMENT SAME SITE OPERATING DATA
The following table presents operating data for the periods noted for all of the travel centers in operation on March 31, 2018, that were operated by TA continuously since the beginning of the earliest period presented, with the exception of two travel centers TA operates that are owned by an unconsolidated joint venture in which TA owns a noncontrolling interest. This data also excludes revenues and expenses at travel centers TA does not operate, such as rents and royalties from franchisees, and corporate level selling, general and administrative expenses. TA does not exclude locations from the same site comparisons as a result of capital improvements to the site or changes in the services offered.
Three Months Ended
March 31, Travel Centers 2018 2017 Change Number of same site company operated travel center locations 223 223 — Diesel sales volume (gallons) 383,715 386,372 (0.7 ) % Gasoline sales volume (gallons) 61,026 61,119 (0.2 ) % Total fuel sales volume (gallons) 444,741 447,491 (0.6 ) % Fuel revenues $ 956,201 $ 801,844 19.3 % Fuel gross margin 80,811 61,802 30.8 % Fuel gross margin per gallon $ 0.182 $ 0.138 31.9 % Nonfuel revenues $ 408,451 $ 393,105 3.9 % Nonfuel gross margin 252,264 239,872 5.2 % Nonfuel gross margin percentage 61.8 % 61.0 % 80 pts Total gross margin $ 333,075 $ 301,674 10.4 % Site level operating expenses 214,122 211,891 1.1 % Site level operating expenses as a percentage of nonfuel revenues 52.4 % 53.9 % (150 )pts Site level gross margin in excess of site level operating expenses $ 118,953 $ 89,783 32.5 % CONVENIENCE STORES SEGMENT SAME SITE OPERATING DATA
The following table presents operating data for the periods noted for all of the convenience stores in operation on March 31, 2018, that were operated by TA continuously since the beginning of the earliest period presented, with the exception of three convenience stores TA operates that are owned by an unconsolidated joint venture in which TA owns a noncontrolling interest. This data also excludes revenues and expenses at convenience stores TA does not operate, such as revenues from a dealer operated convenience store, and corporate level selling, general and administrative expenses. TA does not exclude locations from the same site comparisons as a result of capital improvements to the site or changes in the services offered.
Three Months Ended
March 31, Convenience Stores 2018 2017 Change Number of same site company operated convenience store locations
227 227 — Fuel sales volume (gallons) 56,111 56,942 (1.5 ) % Fuel revenues $ 114,583 $ 103,030 11.2 % Fuel gross margin 11,121 11,173 (0.5 ) % Fuel gross margin per gallon $ 0.198 $ 0.196 1.0 % Nonfuel revenues $ 58,298 $ 60,464 (3.6 ) % Nonfuel gross margin 21,044 21,035 — % Nonfuel gross margin percentage 36.1 % 34.8 % 130 pts Total gross margin $ 32,165 $ 32,208 (0.1 ) % Site level operating expenses 27,232 26,906 1.2 % Site level operating expenses as a percentage of nonfuel revenues 46.7 % 44.5 % 220 pts Site level gross margin in excess of site level operating expenses $ 4,933 $ 5,302 (7.0 ) % TRAVELCENTERS OF AMERICA LLC
BUSINESS SEGMENT INFORMATION
(in thousands)
The following tables present business segment information for travel centers and convenience stores, or TA's reportable segments, for the three months ended March 31, 2018 and 2017.
Three Months Ended March 31, 2018 Travel
Centers
Convenience
Stores Corporate
and Other Consolidated Revenues: Fuel $ 966,026 $ 115,002 $ 19,099 $ 1,100,127 Nonfuel 414,376 58,412 7,609 480,397 Rent and royalties from franchisees 3,128 53 982 4,163 Total revenues 1,383,530 173,467 27,690 1,584,687 Site level gross margin in excess of site level operating expenses
$ 124,019 $ 4,911 $ 1,634 $ 130,564 Corporate operating expenses: Selling, general and administrative $ 38,035 $ 38,035 Real estate rent 70,812 70,812 Depreciation and amortization 27,548 27,548 Loss from operations (5,831 ) Interest expense, net 7,588 7,588 Loss from equity investees (1,285 ) (1,285 ) Loss before income taxes (14,704 ) Benefit for income taxes 4,626 4,626 Net loss (10,078 ) Less: net income for noncontrolling interests 34 Net loss attributable to common shareholders $ (10,112 ) Supplemental data:
Gross margin: Fuel $ 82,377 $ 11,141 $ 41 $ 93,559 Nonfuel 256,074 21,077 5,251 282,402 Rent and royalties from franchisees 3,128 53 982 4,163 Total gross margin $ 341,579 $ 32,271 $ 6,274 $ 380,124 Site level operating expenses $ 217,560 $ 27,360 $ 4,640 $ 249,560 Three Months Ended March 31, 2017 Travel
Centers Convenience
Stores Corporate
and Other Consolidated Revenues: Fuel $ 801,719 $ 103,706 $ 17,449 $ 922,874 Nonfuel 394,206 60,702 9,260 464,168 Rent and royalties from franchisees 3,413 54 1,163 4,630 Total revenues 1,199,338 164,462 27,872 1,391,672 Site level gross margin in excess of site level operating expenses
$ 92,477 $ 5,363 $ 1,835 $ 99,675 Corporate operating expenses: Selling, general and administrative $ 41,303 $ 41,303 Real estate rent 67,999 67,999 Depreciation and amortization 31,800 31,800 Loss from operations (41,427 ) Acquisition costs 140 140 Interest expense, net 7,384 7,384 Income from equity investees 278 278 Loss before income taxes (48,673 ) Benefit for income taxes 19,298 19,298 Net loss (29,375 ) Less: net income for noncontrolling interests 23 Net loss attributable to common shareholders $ (29,398 ) Supplemental data:
Gross margin: Fuel $ 61,832 $ 11,245 $ 86 $ 73,163 Nonfuel 240,633 21,115 6,049 267,797 Rent and royalties from franchisees 3,413 54 1,163 4,630 Total gross margin $ 305,878 $ 32,414 $ 7,298 $ 345,590 Site level operating expenses $ 213,401 $ 27,051 $ 5,463 $ 245,915
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005215/en/
TravelCenters of America LLC
Katie Strohacker, 617-796-8251
Senior Director of Investor Relations
www.ta-petro.com
Source: TravelCenters - Financial | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-travelcenters-of-america-llc-announces-first-quarter-2018-financial-results.html |
May 15, 2018 / 3:22 PM / Updated 34 minutes ago U.S. threatens sanctions as WTO raps Airbus subsidies Tom Miles , Tim Hepher 4 Min Read
GENEVA/PARIS (Reuters) - The World Trade Organization ruled on Tuesday the European Union had maintained illegal support to Airbus ( AIR.PA ), prompting the United States to threaten sanctions against European products in the first of two key aircraft subsidy decisions due this year. FILE PHOTO: Qantas airline's first Boeing 787 Dreamliner aircraft to be delivered (front) sits on the tarmac of Sydney's International Airport in Australia, October 20, 2017 as a Qantas Airbus A380 passes behind. REUTERS/Jason Reed/File Photo
The WTO report coincides with mounting trade tensions over U.S. aluminium and steel tariffs and the impact on European firms of Washington’s decision to exit the Iran nuclear pact.
It is also part of a two-way battle between the EU and the United States over aircraft subsidies that could spark tit-for-tat reprisals between the two trade superpowers.
The WTO’s appeals body said the EU had failed to remove subsidised government development loans for the world’s largest airliner, the A380, and Europe’s newest long-haul jet, the A350, causing losses for Boeing ( BA.N ) and U.S. aerospace workers.
But the Geneva watchdog dismissed U.S. claims that loans for Airbus’s most popular models, the A320 and A330, were also costing Boeing significant sales and in so doing narrowed the scope of one of the world’s longest and costliest trade spats. Related Coverage France says will respect WTO decision on Airbus aid
Airbus shares closed down 0.9 percent.
U.S. Trade Representative Robert Lighthizer said the United States would slap countermeasures on European goods unless the EU stopped “harming U.S. interests”. WTO rules allow it to target any industry since all goods fall into one category.
“It is long past time for the EU to end these subsidies,” he said. FILE PHOTO: Flag with Airbus logo is pictured at the Airbus A380 final assembly line at Airbus headquarters in Blagnac near Toulouse, France, March 21, 2018. REUTERS/Regis Duvignau
Boeing predicted such tariffs could reach billions of dollars a year starting as early as 2019.
The European Commission said the U.S. had lost most of its claims and that much of the aid faulted by the WTO in earlier rounds of the 14-year-old case had expired in 2011. It said it would comply swiftly on the rest.
The EU highlighted earlier wins in a parallel case against U.S. subsidies for Boeing, and Airbus said this could in turn spark EU sanctions against the United States once the timetable for that case reaches the same point later this year.
“Today’s report is really only half the story,” Airbus Chief Executive Tom Enders said. COMPETING CLAIMS
Barring a settlement, both sides are expected to push for billions of dollars in sanctions annually, but the amounts will depend on arbitration, expected to take around a year.
The WTO case has yielded 5,000 pages of filings and cost tens of millions of dollars.
Boeing says Airbus received illegal aid worth $22 billion, including $18 billion in loans from governments. Of these, $9 billion are involved in the outstanding A350 and A380 claims.
Airbus disputes those numbers, saying they overstate the amount of support embedded in the contested loans. It has meanwhile levelled significant subsidy claims against Boeing.
European officials seized on Boeing’s recent criticism of the A380’s poor sales record as a way to limit any estimates of damage to Boeing caused by subsidies for the double-decker jet.
Both companies have cut output of four-engined A380s and 747s due to airlines’ preference for smaller models and Boeing has long said the industry’s behemoths have had their day.
Airbus says Boeing’s willingness to deliver the last rites to the A380 contradicts Boeing’s claim that it has been damaged by the same aircraft. For a claim to stick at the WTO, subsidies must be found not just to exist but to have caused real harm.
But U.S. sources say the A380 aid meant Airbus was able to gamble on building the world’s largest jetliner without facing the financial consequences of market failure, bolstering its balance sheet in a way that disadvantages Boeing to this day.
“Companies should not have to compete with governments - that is what this case is about,” said Robert Novick, co-managing partner at Boeing’s trade lawyers WilmerHale. Additional reporting by Ankit Ajmera, Writing by Tim Hepher, editing by Tom Miles, Sarah White and Jane Merriman | ashraq/financial-news-articles | https://uk.reuters.com/article/us-eu-usa-wto-aircraft/wto-rules-that-eu-failed-to-remove-all-airbus-subsidies-idUKKCN1IG2CR |
Arabic-speaking robot could replace teachers, says researcher 11:59am BST - 01:13
A researcher at a Saudi university has designed an Arabic-speaking robot, and believes the robots could replace faculty members in the future. Stuart McDill reports.
A researcher at a Saudi university has designed an Arabic-speaking robot, and believes the robots could replace faculty members in the future. Stuart McDill reports. //reut.rs/2H3dWCL | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/30/arabic-speaking-robot-could-replace-teac?videoId=431651402 |
Brick and mortar retailers are catching up to online retailers: Analyst 2 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/brick-and-mortar-retailers-are-catching-up-to-online-retailers-analyst.html |
2018 Q1 total revenue records a 6% increase year-over-year Focal One Final Additional Information submitted to FDA early May EDAP to attend American Urological Association congress in San Francisco, May 18-21, 2018
LYON, France, May 14, 2018 -- EDAP TMS SA (Nasdaq: EDAP) ("the Company"), the global leader in therapeutic ultrasound, announced today financial results for the first quarter of 2018, and provided an update on strategic and operational developments.
Marc Oczachowski, EDAP's Chief Executive Officer, said: "We are pleased with the return to growth in the first quarter, a trend we expect to sustain, and we look forward to feedback from the FDA following our submission for Focal One to the Agency. We also look forward to engaging with our customers and key opinion leaders at the upcoming annual meeting of the American Urological Association later this month where we will showcase the important benefits of Focal One for soft tissue ablation of the prostate."
First Quarter 2018 Results
Total revenue for the first quarter 2018 was EUR 9.2 million (USD 11.3 million), a 6% increase compared to EUR 8.7 million (USD 9.3 million) for the first quarter of 2017.
Total revenue in the HIFU business for the first quarter 2018 was EUR 2.4 million (USD 3.0 million), a 5% increase compared to EUR 2.3 million (USD 2.5 million) for the first quarter of 2017.
For the three months ended March 31, 2018, total revenue for the Lithotripsy division was EUR 6.7 (USD 8.3 million), a 6% increase compared to EUR 6.4 million (USD 6.8 million) during the year-ago period.
Gross profit for the first quarter 2018 was EUR 4.0 million (USD 4.9 million), compared to EUR 3.6 million (USD 3.8 million) for the year-ago period. Gross profit margin on net sales was 43.8% in the first quarter of 2018, compared to 41.1% in the year-ago period.
Operating expenses were EUR 4.4 million (USD 5.4 million) for the first quarter of 2018, compared to EUR 4.0 million (USD 4.3 million) for the same period in 2017.
Operating loss for the first quarter 2018 was EUR 0.4 million (USD 0.5 million), compared to an operating loss of EUR 0.4 million (USD 0.4 million) in the first quarter of 2017.
Net income for the first quarter 2018 was EUR 89 thousand (USD 109 thousand), or earnings of EUR 0.00 per diluted share, as compared to a net income of EUR 1.7 million (USD 1.8 million), or earnings of EUR 0.06 per diluted share in the year-ago period. Net income in the first quarter of 2018 included non-cash interest expense of EUR 647 thousand (USD 797 thousand) to adjust the accounting fair value of the outstanding warrants.
Conference Call
An accompanying conference call will be conducted by Philippe Chauveau, Chairman of the Board; Marc Oczachowski, Chief Executive Officer; and François Dietsch, Chief Financial Officer, to review the results. The call will be held at 8:30 AM ET, on Tuesday May 15, 2018. Please refer to the information below for conference call dial-in information and webcast registration.
Conference Call & Webcast
Tuesday, May 15, 2018 @ 8:30am Eastern Time
Domestic: 866-548-4713
International 323-794-2093
Passcode: 9225280
Webcast: http://public.viavid.com/index.php?id=129164
Replays, Available through May 29, 2018:
Domestic: 844-512-2921
International: 412-317-6671
Replay PIN: 9225280
Following the live call, a replay will be available on the Company's website, www.edap-tms.com under "Investors Information."
About EDAP TMS SA
A recognized leader in the global therapeutic ultrasound market for almost 40 years, EDAP TMS develops, manufactures, promotes and distributes worldwide minimally invasive medical devices for urology using ultrasound technology. By combining the latest technologies in imaging and treatment modalities in its complete range of Robotic HIFU devices, EDAP TMS introduced the Focal One® (currently pending FDA clearance) in 2013 as the answer to all requirements for ideal prostate tissue ablation as a complement to the existing FDA cleared Ablatherm® Robotic HIFU and Ablatherm® Fusion. As a pioneer and key player in the field of extracorporeal shock wave lithotripsy (ESWL), EDAP TMS exclusively utilizes the latest generation of shock wave source in its Sonolith® range of ESWL systems. For more information on the Company, please visit http://www.edap-tms.com , and us.hifu-prostate.com.
Forward-Looking Statements
In addition to historical information, this press release may contain forward-looking statements. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties, including matters not yet known to us or not currently considered material by us, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to the results anticipated in the forward-looking statements include, among others, the clinical status and market acceptance of our HIFU devices and the continued market potential for our lithotripsy device. Factors that may cause such a difference also may include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission and in particular, in the sections "Cautionary Statement on Forward-Looking Information" and "Risk Factors" in the Company's Annual Report on Form 20-F.
Company Contact
Blandine Confort
Investor Relations / Legal Affairs
EDAP TMS SA
+33 4 72 15 31 50
[email protected]
Investor Contact
Jeremy Feffer
LifeSci Advisors, LLC
212-915-2568
[email protected]
EDAP TMS S.A.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands of Euros and U.S. Dollars, except per share data)
Three Months Ended: Three Months Ended:
March 31,
2018
Euros March 31,
2017
Euros March 31,
2018
$US March 31,
2017
$US Sales of medical equipment
Net Sales of RPP and Leases 5,751
1,210 5,512
1,295 7,085
1,491 5,899
1,386 Sales of spare parts, supplies and
Services
2,197
1,842
2,707
1,972 TOTAL NET SALES 9,158 8,648 11,283 9,257 Other revenues - 26 - 28 TOTAL REVENUES 9,158 8,675 11,283 9,285 Cost of sales (5,147) (5,123) (6,341) (5,483) GROSS PROFIT 4,011 3,551 4,942 3,801 Research & development expenses (1,000) (896) (1,232) (959) S, G & A expenses (3,413) (3,075) (4,205) (3,291) Total operating expenses (4.413) (3,971) (5,437) (4,250) OPERATING PROFIT (LOSS) (402) (419) (495) (449) Interest (expense) income, net 639 1,983 787 2,123 Currency exchange gains (loss), net (15) 175 (18) 188 INCOME (LOSS) BEFORE TAXES AND MINORITY INTEREST 223 1,739 274 1,861 Income tax (expense) credit (134) (58) (165) (62) NET INCOME (LOSS)
89 1,681 109
1,799 Earning per share - Basic 0.00 0.06 0.00 0.06 Average number of shares used in computation of EPS 28,997,866 28,839,099 28,997,866 28,839,099 Earning per share - Diluted 0.00 0.06 0.00 0.06 Average number of shares used in computation of EPS for positive net income
29,345,366 30,213,544 29,345,366 30,213,544 NOTE: Translated for convenience of the reader to U.S. dollars at the 2018 average three months' noon buying rate of 1 Euro = 1.2320 USD, and 2017 average three months noon buying rate of 1 Euro = 1.0703 USD.
EDAP TMS S.A.
UNAUDITED CONSOLIDATED BALANCE SHEETS HIGHLIGHTS
(Amounts in thousands of Euros and U.S. Dollars)
Mar. 31,
2018
Euros Dec. 31,
2017
Euros Mar. 31,
2018
$US Dec. 31,
2017
$US
Cash, cash equivalents and short term investments 18,142 20,004 22,351 24,049 Total current assets 37,734 39,558 46,487 47,557 Total current liabilities 13,843 16,134 17,054 19,397 Shareholders' Equity 25,439 25,143 31,340 30,227 NOTE: Translated for convenience of the reader to U.S. dollars at the noon buying rate of 1 Euro = 1.2320 USD, on March 31, 2018 and at the noon buying rate of 1 Euro = 1.2022 USD, on December 31, 2017.
EDAP TMS S.A.
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS BY DIVISION
THREE MONTHS ENDED MARCH 31, 2018
(Amounts in thousands of Euros)
HIFU Division
UDS Division
Corporate Total After Consolidation
Sales of goods
1,109
4,642
5,751 Sales of RPPs & Leases 861 349 1,210 Sales of spare parts & services 467 1,730 2,197 TOTAL NET SALES
2,437 6,721 9,158 Other revenues
- - - TOTAL REVENUES 2,437 6,721 9,158 GROSS PROFIT
(% of Total Revenues) 1,310 53.7% 2,702 40.2% 4,011 43.8%
Research & Development
(611) (389) (1,000) Total SG&A plus depreciation (1,381) (1,696) (336) (3,413)
OPERATING PROFIT (LOSS)
(682)
616
(336)
(402)
Source:EDAP TMS S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-edap-tms-sa-edap-reports-2018-first-quarter-results.html |
May 5, 2018 / 5:26 PM / in 3 hours Saudi body appears to retract call to end gender segregation Sarah Dadouch 3 Min Read
RIYADH (Reuters) - A Saudi body seems to have backtracked on a new initiative calling to end prayer-time store closures and gender segregation in public places - potentially divisive reforms for the deeply conservative kingdom.
Arabic-language newspaper Okaz reported that the Quality of Life programme to improve life in Saudi Arabia had cited both practices as requiring “immediate change” in order to increase the public’s participation in its activities and boost investor confidence.
The article, published on Friday, was later removed. Reuters saw a copy of the document it cited, but a different version posted on an official website did not mention gender segregation or store closures among needed reforms. No timeframe was specified.
Loai Bafaqeeh, chief executive of the Quality of Life programme, refused to comment on the apparent discrepancy.
“We are looking into all things that relate to the citizen and resident, including things that involve improving the quality of life, such as families entering sports stadiums and women driving,” he told Reuters by phone on Saturday.
Saudi Arabia has for decades imposed strict social rules, including bans on alcohol, music and mixing of unrelated men and women.
Much of that is now changing under Crown Prince Mohammed bin Salman who curbed the powers of the religious police in 2016 as part of ambitious social and economic reforms that saw cinemas reopen last month after a nearly 40-year ban.
The kingdom, which is set to allow women to drive this summer but still requires them to have a male guardian, does not have an all-encompassing codified legal code. It relies instead mainly on Islamic sharia law, with police and judiciary citing social customs in enforcing certain prohibitions.
Analysts say there is no legal basis for enforcing store closures or segregation.
The religious police still patrol some public spaces, but no longer harass people for being on the streets during prayer time or enter private establishments to enforce gender segregation. Many Saudis, especially in big cities, welcome the limits on their authority.
Unrelated men and women are increasingly allowed to enter family sections of restaurants together, and public events have generally done away with such divisions. Stores still close multiple times a day for prayer for about 30 minutes each, but some allow customers to stay inside and continue shopping.
The potential changes were not mentioned in an event on Thursday celebrating the Quality of Life programme, which includes entertainment, health, sports and education. Editing by Stephen Kalin and Clelia Oziel | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-saudi-reforms/saudi-body-appears-to-retract-call-to-end-gender-segregation-idUKKBN1I60OP |
Race, Royals and Meghan Markle Tuesday, May 08, 2018 - 01:53
The upcoming royal wedding of biracial actress Meghan Markle to Prince Harry, sixth-in-line to the British throne, has caused a new conversation among black Britons. Jayson Mansaray reports.
The upcoming royal wedding of biracial actress Meghan Markle to Prince Harry, sixth-in-line to the British throne, has caused a new conversation among black Britons. Jayson Mansaray reports. //reut.rs/2KLTGZL | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/08/race-royals-and-meghan-markle?videoId=425066328 |
May 9, 2018 / 10:02 AM / Updated 10 minutes ago Deals of the day-Mergers and acquisitions Reuters Staff 3 Min Read
(Adds Enbridge, BNP Paribas, Naspers, Xerox. Updates Walmart)
May 9 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Wednesday:
** Walmart Inc has agreed to pay $16 billion for a roughly 77 percent stake in Indian online shopping site Flipkart, the U.S. retailer’s biggest foreign investment as it battles rival Amazon.com Inc in one of the world’s biggest emerging markets.
** South African Internet and entertainment firm Naspers sold its entire 11.18 percent stake in Indian e-commerce firm Flipkart to Walmart Inc for $2.2 billion, it said.
** Vodafone has agreed to pay $21.8 billion to buy Liberty Global’s assets in Germany and eastern Europe to take on rivals with a broader range of superfast cable TV, broadband and mobile services.
** HR services provider Recruit Holdings Co has agreed to buy Glassdoor Inc for $1.2 billion, in a deal that will give the Japanese firm access to the U.S. job-website operator’s vast database of company reviews and salary data.
** Agribusiness company Scales Corp Ltd said it would sell its cold storage business for NZ$151.4 million($105.4 million) to Australian company Emergent Cold.
** French oil company Total has agreed to sell its retail business in Haiti to Bandari Corporation Ltd, a consortium formed by local and regional players.
** Australian digital classifieds company Mitula Group said Japanese real estate portal Lifull Co agreed to buy the company for about A$188.3 million ($140 million) and merge it with Lifull’s online classifieds unit.
** BNP Paribas announced a secondary offering of shares in First Hawaiian Inc, resulting in the French bank relinquishing its majority ownership of the Hawaiian bank.
** Enbridge Inc will sell a 49 percent stake in some of its renewable power assets for C$1.75 billion ($1.35 billion), the pipeline operator said on Wednesday, as it seeks to shed non-core businesses and reduce its massive debt load.
** Xerox Corp’s board said it intended to resume merger discussions with Fujifilm Corp, seeking a superior deal to terms announced at the end of January that have spurred a complex proxy fight over the company. (Compiled by Nivedita Balu in Bengaluru) | ashraq/financial-news-articles | https://www.reuters.com/article/deals-day/deals-of-the-day-mergers-and-acquisitions-idUSL3N1SG3YO |
May 16, 2018 / 1:11 PM / Updated 26 minutes ago Writers urge China to end house arrest of Liu Xia, wife of Nobel laureate Christian Shepherd 3 Min Read
BEIJING (Reuters) - More than two dozen writers, poets and artists on Wednesday called for the release of Liu Xia, the widow of Nobel Peace Prize-winner Liu Xiaobo, who has been under house arrest in China since her husband died in custody last year. FILE PHOTO: A police officer stands guard next to a chair prop, alluding to an empty chair at late Liu Xiaobo's Nobel Peace Prize awarding ceremony in 2010, with an image of his wife Liu Xia, during a protest to urge for the release of Liu Xia, outside the Chinese liaison office in Hong Kong, China December 25, 2017. REUTERS/Tyrone Siu/File Photo
Concern is growing among Western diplomats and friends of Liu Xia over delayed talks to arrange for Liu to leave China for another country, a wish she has repeatedly made clear.
Figures such as Nobel laureate J.M. Coetzee, poet Rita Dove and novelists Paul Auster, Khaled Hosseini and Ma Jian recorded videos of themselves reading excerpts from Liu Xia’s poems in a campaign organized by PEN America and Amnesty International.
“Liu Xia’s cry for freedom resonates around the world and rebukes the Chinese government’s hollow claim that she is free,” Suzanne Nossel, chief executive of PEN America, said in a statement.
China’s foreign ministry, asked to comment, said Liu was a Chinese citizen and her rights were being protected according to the law. The public security ministry did not respond to a faxed request for comment.
Liu, an artist and poet who suffers from depression, has been under effective house arrest since her husband, who was jailed by Chinese authorities in 2009 for inciting subversion, won the Nobel prize in 2010.
China has said Liu Xia is free, but Western diplomats say she is closely guarded at her home and can only speak with friends and family through arranged visits and phone calls.
Western diplomats in Beijing last Friday took the rare step of attempting to visit Liu Xia in her home but were turned away by security personnel, an official of one of the embassies involved told Reuters, but declined to be named.
China’s government has repeatedly said Liu Xia has all the freedoms granted to her as a Chinese citizen under the law, and her case is an internal affair.
The PEN campaign adds to the chorus of calls from Western governments, rights groups, and friends and supporters demanding “true freedom” for Liu Xia.
In early May, Liao Yiwu, a writer and friend of Liu’s who lives in Germany, said she had told him by telephone that she was prepared to die in China. He also released a recording of Liu crying uncontrollably during another phone call. Reporting by Christian Shepherd; Editing by Darren Schuettler | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-rights/writers-urge-china-to-end-house-arrest-of-liu-xia-wife-of-nobel-laureate-idUSKCN1IH1PQ |
Carl Icahn is paring down his investment in Herbalife Nutrition Ltd., locking in profits and cementing a victory over fellow activist William Ackman, who earlier this year bailed on a yearslong Herbalife short campaign that likely lost him hundreds of millions of dollars.
Mr. Icahn is selling 10.5 million of his shares, valued at about $550 million, to the company as part of a tender offer, according to people familiar with the transaction. That would leave him with more than a 21% stake, and he would remain Herbalife’s biggest... | ashraq/financial-news-articles | https://www.wsj.com/articles/carl-icahn-sells-about-550-million-of-his-herbalife-stake-1527264459 |
May 2 (Reuters) - Cipla Ltd:
* GETS FINAL NOD FOR GENERIC VAZCULEP, GENERIC PHENYLEPHRINE HYDROCHLORIDE INJECTION USP, 10 MG/ML SINGLE-DOSE VIAL, GENERIC AROMASIN
* PRODUCTS ARE MANUFACTURED AT CO'S GOA PLANT Source text - bit.ly/2JMr1lF Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-cipla-gets-final-nod-for-ge/brief-indias-cipla-gets-final-nod-for-generic-vazculep-others-idUSFWN1S9002 |
Don't underestimate Elaine Wynn: Jim Stewart 15 Hours Ago CNBC contributor and N.Y. Times Columnist Jim Stewart discusses his interview with Elaine Wynn who is the largest shareholder in Wynn Resorts after her ex-husband Steve Wynn was forced to sell his shares of the company amid sexual misconduct allegations. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/dont-underestimate-elaine-wynn-jim-stewart.html |
May 24, 2018 / 3:32 PM / Updated 3 hours ago U.S. auto import probe fans tariff fears, riles Asia, Europe David Shepardson , Jeff Mason 7 Min Read
(Reuters) - A U.S. threat that it may introduce tariffs on foreign auto imports drew strong criticism on Thursday from the country’s main business lobbying group, which warned of a “staggering” blow to the industry and the prospect of a global trade war. Automobiles are on a truck for delivery to a car lot in Queens, New York, U.S., May 24, 2018. REUTERS/Shannon Stapleton
President Donald Trump’s administration opened a trade investigation on Wednesday into whether vehicle imports had damaged the American auto industry. That could lead to tariffs of up to 25 percent on the same “national security” grounds used to impose U.S. steel and aluminum duties in March.
U.S. Commerce Secretary Wilbur Ross said on Thursday the investigation was still in its early stages but that other countries’ high, artificial barriers, such as tariffs and other interventions, have skewed the marketplace.
“Now it’s very difficult to get back to a reciprocal arrangement,” Ross said in an interview on CNBC, a day after announcing the probe, which could lead to new U.S. tariffs on imported vehicles.
The probe, launched under Section 232 of the Trade Expansion Act of 1962, will look at whether vehicle and parts imports are threatening the industry’s health and ability to research and develop advanced technologies, Ross said on Wednesday.
The U.S. Chamber of Commerce said it strongly opposes the move.
“If this proposal is carried out, it would deal a staggering blow to the very industry it purports to protect and would threaten to ignite a global trade war,” chamber President and Chief Executive Officer Thomas Donohue said in a statement. He urged the government to reverse course.
Canadian Prime Minister Justin Trudeau said the U.S. move was based on flimsy logic and clearly linked to talks to modernize the North American Free Trade Agreement (NAFTA). NAFTA partner Canada is the largest exporter of auto products to the United States. Related Coverage Tariffs on auto imports could hurt U.S. jobs, raise consumer costs: Toyota
Germany’s DIHK Chambers of Industries and Commerce dismissed as farfetched the national security justification for a probe. “We almost have to take this as a provocation,” DIHK President Eric Schweitzer said.
Together German carmakers BMW ( BMWG.DE ), Daimler AG ( DAIGn.DE ) and Volkswagen AG control more than 90 percent of the North American premium auto market.
Tariffs would hit Germany particularly hard and shave 0.16 percent off the economic output of Europe’s largest economy, the influential Ifo think tank said. “No other country has higher absolute losses to fear than Germany,” said Gabriel Felbermayr, foreign trade expert at Ifo.
German Finance Minister Olaf Scholz said the European Union should be united in its response to the threat of U.S. tariffs.
The probe comes ahead of midterm elections in the United States in November that will determine whether Republican President Donald Trump’s party retains control of Congress. It is seen as part of Trump’s “America First” promise to win back manufacturing jobs lost to overseas competitors.
United Auto Workers President Dennis Williams said he supports Trump’s trade policies and his efforts to protect American workers from competition from low-wage countries. Slideshow (7 Images)
But that did not mean the UAW was ready to support Republicans running for Congress in the midterms. “The Republican Congress and Senate, they have totally ignored the needs of working men and women in this country,” Williams said.
U.S. Senate Finance Committee Chairman Orrin Hatch said possible auto tariffs are “deeply misguided,” and urged the administration “to remain focused on addressing China’s trade practices.”
Pointing to a mixed bag of effects on U.S. producers after the metals tariffs, analysts were cautious about predicting major gains for U.S. companies and workers from the process.
“Measures like this are ultimately about protecting American manufacturing jobs in states that voted for Trump rather than national security,” Morningstar analyst David Whiston said in a note.
“We don’t see these tariffs (if proposed) lasting forever and we think (they) will ultimately cost American jobs.”
Shares of General Motors Co ( GM.N ) rose 1.5 percent and Ford Motor Co ( F.N ) was up 1.7 percent in early afternoon trading.
In Europe, BMW ( BMWG.DE ) and Daimler ( DAIGn.DE ) shares dropped as much as 3.5 percent during the session, while Volkswagen AG ( VOWG_p.DE ) closed down 2.5 percent. Together the three automakers control more than 90 percent of the North American premium auto market.
Renault SA ( RENA.PA ), exposed to the U.S. market via its 43.4 percent stake in Nissan, fell as much as 2.1 percent. Europe’s auto sector index .SXAP lost 2 percent and was on track for its worst day in 10 months.
Higher tariffs could be particularly painful for Asian automakers, including Toyota Motor Corp ( 7203.T ), Nissan Motor Co ( 7201.T ), Honda Motor Co ( 7267.T ) and Hyundai Motor Co ( 005380.KS ), which count the United States as a key market. The probe sparked a broad sell-off in automakers’ shares across the region. [MKTS/GLOB]
Toyota dropped 3 percent and Honda slid 3.4 percent.
Toyota, which has 10 U.S. plants and 1,500 U.S. dealers, said in a statement that any tariffs “could hurt American jobs” and raise costs for consumers.
The governments of Japan, China and South Korea said they will monitor the situation, while Beijing, which is increasingly eyeing the United States as a potential market for its cars, added that it would defend its interests.
In addition to tariffs, Commerce Secretary Ross cited other non-tariff barriers such as standards, licensing and “all kinds of other games.”
“The stupidity is that we let ourselves get into this box of extremely low rates,” he told CNBC.
The United States imported 8.3 million vehicles in 2017 worth $192 billion, including 2.4 million from Mexico, 1.8 million from Canada, 1.7 million from Japan, 930,000 from South Korea and 500,000 from Germany, according to U.S. government statistics.
At the same time, the United States exported nearly 2 million vehicles worldwide worth $57 billion.
(This refiled version restores dropped word “of” in first paragraph) Reporting by David Shepardson, Jeff Mason and Susan Heavey in Washington, Rachit Vats in Bengaluru, Edward Taylor in Frankfurt and Laurence Frost in Paris, Esha Vaish in Stockholm, Phil Blenkinsop in Brussels and Michelle Martin in Berlin; writing by Susan Thomas; editing by Jeffrey Benkoe and Jonathan Oatis | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-autos/u-s-auto-import-probe-fans-tariff-fears-riles-asia-europe-carmakers-idUSKCN1IP2QT |
May 12, 2018 / 3:47 PM / Updated an hour ago County Championship Div2 Standings Standings of the County Championship Div2 on Saturday P W L T Ded RR PTS Warwickshire 3 2 0 1 0 55 Sussex 4 1 0 3 0 51 Kent 3 2 1 0 0 41 Derbyshire 3 1 1 1 0 36 Glamorgan 3 1 1 1 0 33 Middlesex 4 1 2 1 0 33 Gloucestershire 3 1 1 1 0 29 Leicestershire 3 0 1 2 0 27 Durham 3 1 1 1 0 26 Northamptonshire 3 0 2 1 0 10 Note: Ded-Deductions; RR-Net Run Rate | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-england-standings/county-championship-div2-standings-idINMTZXEE5CMH3D9Q |
When an activist investor comes knocking, boards like to look busy—particularly if the activist is directly funded by a handful of your existing shareholders.
Barclays of the U.K. is in just such a position, but the idea that one potential answer is a merger of this trans-Atlantic consumer and investment bank with Standard Chartered, a trade-finance-driven emerging-markets bank, as reported in British media, seems unlikely to say the least. The report cited sources close to the bank’s board.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/barclays-standard-chartered-i-cant-even-1527085569 |
May 10, 2018 / 1:38 PM / Updated 11 minutes ago Logjam on Paris climate 'rule book' forces extra UN talks Alister Doyle Environment Correspondent 3 Min Read
BONN, Germany (Reuters) - A gathering of almost 180 nations made slow progress on a “rule book” for a global climate accord at talks in Germany ending on Thursday and agreed to a new round of negotiations to break a diplomatic logjam before a year-end deadline for a deal.
Disagreements at the two-week talks in Bonn included about how rich nations will raise finance to a pledged $100 billion a year by 2020 to help developing nations cope with rising temperatures and cut their emissions.
“We can’t say failure. But overall we’ve been having slow progress,” said Gebru Jember Endalew, chair of the group of least developed countries which are among those most vulnerable to droughts, floods and rising sea levels.
Delegates agreed to hold an extra week-long session in Bangkok in September before environment ministers meet in Katowice, Poland, in December when the rule book for the Paris pact is due to be agreed. The Paris Agreement sets a goal of slashing man-made greenhouse gas emissions.
“We have to be very, very clear that we have a lot of work in the months ahead and that we have to improve the pace of progress to achieve a good outcome in Katowice,” Patricia Espinosa, the U.N. climate chief, told a news conference.
She said progress had been “satisfactory” in Bonn.
A robust “rule book” is a test of the commitment by other nations to the Paris Agreement since President Donald Trump said in June he will pull out, doubting that climate change has a human cause.
Elina Bardram, of the European Commission, said clear rules were vital to bring the Paris agreement to life. “Parties must now urgently accelerate the pace,” she said.
The 2015 Paris Agreement set a sweeping goal of ending the fossil fuel era this century with a trillion-dollar shift towards cleaner energies such as wind and solar power.
But it was vague on details, such as measuring financial flows to developing nations, how countries will report and monitor their curbs on greenhouse gas emissions and ratchet up national goals every five years to limit global warming.
Current pledges put the world on track for a warming of about 3 degrees Celsius (5.7 Fahrenheit) above pre-industrial times, far above a Paris goal of “well below” 2C (3.6F).
Mohamed Adow, of Christian Aid, said the talks made some progress by telling two co-chairs, from Saudi Arabia and New Zealand, to streamline hundreds of pages of text before the Bangkok meeting in September.
“This gives a much better chance to agree the rule book in Poland,” he said. Reporting By Alister Doyle; Editing by Hugh Lawson | ashraq/financial-news-articles | https://in.reuters.com/article/climatechange-accord/logjam-on-paris-climate-rule-book-forces-extra-un-talks-idINKBN1IB1WM |
(Adds strategist Quote: and details on activity; updates prices) * Canadian dollar at C$1.2877, or 77.66 U.S. cents * Bond prices lower across a steeper yield curve * 10-year yield touches four-year high at 2.521 percent By Fergal Smith TORONTO, May 15 (Reuters) - The Canadian dollar hit a nearly one-week low against its U.S. counterpart on Tuesday as the greenback broadly rose and investors weighed prospects of a deadline being met for a new trade pact between Canada, the United States and Mexico. Mexico's economy minister said he saw diminishing chances for a new North American Free Trade Agreement ahead of a May 17 deadline to present a deal that could be signed by the current U.S. Congress. Canada sends about 75 percent of its exports to the United States, so its economy could benefit if a NAFTA deal is reached. "With NAFTA-on, NAFTA-off it places a bit more focus on the upcoming data that we have later this week and prospective tightening that is being priced into the curve," said Mazen Issa, senior FX strategist at TD Securities. Chances of a Bank of Canada interest rate hike at the bank's next policy announcement on May 30 have climbed to about 50 percent from less than 25 percent at the beginning of the month. . The Bank of Canada appears to be losing sway in its own backyard as Canadian bond yields chase after rising U.S. interest rates even though Canadian policy makers have pledged to proceed slowly with rate hikes of their own. The U.S. dollar rose against a basket of major currencies to the highest level since December, as data showing a pickup in U.S. consumer spending exerted fresh selling pressure on U.S. government bonds and sent the yield on the 10-year Treasury note to its highest level since July 2011. At 5 p.m. EDT (2000 GMT), the Canadian dollar was trading 0.5 percent lower at C$1.2877 to the greenback, or 77.66 U.S. cents. The currency hit its weakest level since Wednesday at C$1.2924. The loonie retreated even as the price of oil, one of Canada's major exports, rose to multi-year highs. U.S. crude oil futures settled 0.5 percent higher at $71.31 a barrel. Resales of Canadian homes fell 2.9 percent in April from March to the lowest level in more than five years, the Canadian Real Estate Association said. Canadian government bond prices were lower across a steeper yield curve, with the two-year down 8.5 Canadian cents to yield 2.041 percent and the 10-year falling 51 Canadian cents to yield 2.484 percent. The 10-year yield touched its highest intraday level since April 2014 at 2.521 percent. Canadian inflation data for April is due on Friday. (Reporting by Fergal Smith Editing by Leslie Adler)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/canada-forex/canada-fx-debt-c-hits-six-day-low-vs-greenback-amid-nafta-deadline-doubts-idUSL2N1SM2EV |
May 22, 2018 / 12:34 PM / Updated 7 minutes ago At least 9 dead after police fire on protestors seeking closure of Indian copper smelter Reuters Staff 1 Min Read
NEW DELHI, May 22 (Reuters) - At least nine died after police fired at protestors calling for closure of a Vedanta Resources-controlled copper smelter in South India, a senior police official told Reuters on Tuesday.
“Nine people have been confirmed dead,” said the official, Kapil Kumar Saratkar.
Scores of protesters in the port city of Thootukudi in Tamil Nadu state set vehicles on fire and threw stones at police on Tuesday, demanding that Vedanta shut the smelter because they claim it is creating environmental problems. (Reporting by Sudarshan Varadhan Editing by Martin Howell) | ashraq/financial-news-articles | https://www.reuters.com/article/vedanta-smelter-violence-casualties/at-least-9-dead-after-police-fire-on-protestors-seeking-closure-of-indian-copper-smelter-idUSFWN1ST0JG |
May 13, 2018 / 10:31 AM / in 7 hours Erdogan's 'crazy' canal alarms villagers and environmentalists Ali Kucukgocmen 7 Min Read
SAZLIBOSNA, Turkey (Reuters) - When residents of Sazlibosna, a village near Istanbul, tried to attend a public meeting about the Turkish government’s plan to dig a 400 metre-wide canal through their farmlands, they were stopped by police.
The 45 km (28 mile) Kanal Istanbul will link the seas north and south of Istanbul and ease traffic on the Bosphorus strait, a major global shipping lane. It will also redraw the map of one of Europe’s biggest cities, turning its western side into an island.
Critics, including the national architects association, have questioned the need for the canal and warned it will destroy an 8,500-year-old archaeological site near Istanbul and cause widespread environmental damage.
The experience of the Sazlibosna villagers illustrates how the government has shut them out of an enterprise that could displace thousands. Estimated to cost around $16 billion, the canal is one of the most ambitious of President Tayyip Erdogan’s infrastructure mega-schemes. He has publicly referred to it as his “crazy project”.
When the villagers, who described themselves as Erdogan supporters, arrived for the meeting in March in western Istanbul - a session intended to allow the public to voice concerns and learn about the project - they were met by police carrying rifles and tear gas who said the hall was full.
It was - with workers who told Reuters they had been bussed in from another government mega-project. The villagers were stuck outside the hearing, in a crowd of more than a hundred people, including environmentalists, who were also not let in.
“The owners of these lands need to be inside,” said Oktay Teke, Sazlibosna’s local administrator, as he stood with the villagers outside the Arnavutkoy municipal building where the meeting was underway.
“If land is going to be expropriated, it will be our land - we will lose our homes.”
A Reuters reporter saw dozens of men leave the hall and board buses after the meeting. When approached, three said they were workers from Istanbul’s giant new airport, which opens in October at the northern end of the planned canal.
“Projects at the airport are about to be finished. This (canal) is a job opportunity for us,” one said, without giving his name.
The spokesman for the Arnavutkoy municipality, Fatih Sanlav, said only a limited number of people were unable to enter the meeting, and no workers were bussed in to fill the hall.
For a Graphic: tmsnrt.rs/2KkBczc ERDOGAN’S PROJECTS
In a decade and a half in power, Erdogan and his ruling AK Party have built roads, trains and hospitals and improved the lives of millions of lower-income, pious Turks. Under a state of emergency in effect since after a 2016 coup attempt, he has also overseen a sweeping crackdown against opponents.
Erdogan says the canal will take the pressure off the Bosphorus and prevent accidents there. He says “mega-projects”, such as Istanbul’s third airport, are major contributors to the economy.
Yet there is concern about overdevelopment. A protest in 2013 against plans to redevelop Istanbul’s Gezi park turned into a major anti-government uprising.
The Union of Chambers of Turkish Engineers and Architects (TMMOB) criticized the canal as an environmental and urban “disaster” which should be abandoned.
Some 369,000 people live in the area that could be impacted by the canal, according to the Turkish Data Analysis Centre, a research company. FILE PHOTO: Bosphorus strait is pictured through the window of a passenger aircraft over Istanbul, Turkey, November 12, 2016. REUTERS/Murad Sezer/File Photo
The canal will destroy archaeological sites around the Kucukcekmece lagoon that date back to 6,500 BC and provide the earliest evidence of the Hittites in Thrace, TMMOB said. The lagoon’s ecosystem, vital for marine animals and migratory birds, will also be destroyed.
The canal will demolish two basins that provide nearly a third of Istanbul’s fresh water and will increase the salinity of underground water streams, affecting agricultural land as far away as the neighboring Thrace region, TMMOB said.
The project will increase oxygen levels in the Black Sea, impacting the wildlife population, it said.
Three groups of artificial islands will be built just offshore in the Sea of Marmara from the earth dug for the canal, which environmentalists say will cause pollution there.
The Environment Ministry did not respond to requests for comment. The Transport Ministry and Cinar Engineering, the company tasked with compiling an environmental impact report, declined to comment.
While the Bosphorus is difficult to navigate, shipping companies do not need a new canal, said Cihangir Inanc of shipping agent GAC Shipping, adding it would be “more realistic” for the government to improve the strait.
Nearly 43,000 ships passed through the Bosphorus in 2017, down a quarter from a decade ago, although ships today are much bigger, according to government data. Traffic on the Bosphorus was nearly three times that of the Suez Canal. GREEN HILLS
On the banks of Sazlidere dam, Sazlibosna is surrounded by rolling hills and green fields of grazing sheep and cattle. The canal will cut through that land, as well as land around nearly two dozen different villages and neighborhoods.
At the local tea house, villagers fear the government will compulsorily purchase land that has been in their families for generations and pay less than the market value.
Their concerns are fueled by a similar experience 20 years ago, when the government expropriated land to build the dam, paying below market value and devastating local farms.
“We had around 3,000 cattle then, we have 300 now,” Teke, the administrator, said.
Villagers fear the canal will destroy what remains of their agricultural land.
“Once this happens, there won’t be any husbandry or farming left. I’m going to have to stop farming, I don’t know what I’m going to do,” said one villager, who grows barley, wheat, maize and sunflowers.
Teke said he wrote to Erdogan, the prime minister, and to government offices asking for more information about what will happen, but to no avail.
Erdogan has promised to hold the tender for the canal soon, saying it will be built no matter what. Slideshow (9 Images)
“Whether they want it or not, we will build Kanal Istanbul,” he said. Editing by David Dolan and Giles Elgood | ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-canal/erdogans-crazy-canal-alarms-villagers-and-environmentalists-idUSKCN1IE0GS |
You may have heard of the General Data Protection Regulation (GDPR). But most likely you haven't because it sounds boring, but it's really important and CNBC has a guide to help you understand it.
It's a piece of European Union (EU) legislation that could have a far-reaching impact on some of the biggest technology firms in the world including Facebook and Google.
So here's your guide to the GDPR.
What is GDPR? GDPR is a piece of legislation that was approved in April 2016. European authorities have given companies two years to comply and it will come into force on May 25, 2018.
It replaces a previous law called the Data Protection Directive and is aimed at harmonizing rules across the 28-nation EU bloc.
The aim is to give consumers control of their personal data as it is collected by companies. Not only will it affect organizations located within the EU, but it will also apply to companies outside of the region if they offer goods or services to, or monitor the behavior of, people in the bloc.
This is why GDPR could have a far-reaching impact.
show chapters EU's GDPR introduction on May 25 is just the start of the process: Citi 5:40 AM ET Thu, 3 May 2018 | 04:02 What are the key policies? A major focus of GDPR is on conditions of consent which have been strengthened. So companies will not be able to use vague or confusing statements to get you to agree to give them data. Firms won't be able to bundle consent for different things together either.
"If you have a page of different consent, and saying by clicking here you consent to lots of things, that will be wrong, you need to be able to apply that consent individually," Harry Small, a partner at law firm Baker & McKenzie, told CNBC by phone.
Consent must also be easy to withdraw.
For children under 16, a person holding "parental responsibility" must opt-in to data collection on their behalf.
Another rule will make it mandatory for companies to notify their data protection authority about a data breach within 72 hours of first becoming aware of it. The processor of the data will need to notify customers "without undue delay" after learning of the breach, according to an EU document.
When it comes to user data, consumers will have more control. You will be able to access the personal data being stored by companies and find out where and for what purpose it is being used. You will also have the right to be forgotten. This means you can ask whoever is controlling your data to erase it and potentially stop third parties processing it too. Another provision of GDPR allows people to take their data and transfer it to a different service provider.
show chapters Many 'regular' companies are unprepared for the new GDPR rules: CEO 15 Hours Ago | 02:44 Are there punishments for breaking the rules? Yes, and potentially big ones. An organization in breach of GDPR laws will be fined up to 4 percent of annual global turnover or 20 million euros ($24.6 million), whichever is bigger.
Some of the biggest technology companies are making billions in turnover every year so this could be a big hit if they were to breach any rules.
What will the impact be on firms? Big organizations have had two years to get themselves ready for GDPR.
The big technology firms who have huge user bases and handle massive amounts of data have spoken about what they are doing. Facebook recently released some new privacy tools which will help it comply with GDPR. Other big technology firms have also released their plans on GDPR.
In a recent note, Barclays said that GDPR is likely going to impact social networks.
"We think there is a risk that reported MAUs (monthly average users) could drop off for Facebook and Twitter starting in late 2Q. DAUs (daily average users) are far more important and less of a GDPR concern for the social networks, but may also drop off a bit," Barclays analysts said.
"In terms of ad revenue, we see less of an impact, but have heard additional concern around products like custom audiences which all platforms are using. Our checks suggest that most companies using cookies and tags for digital marketing should be relatively unchanged as most
publishers have been using GDPR compliant notifications for months ahead of the May mandate." | ashraq/financial-news-articles | https://www.cnbc.com/2018/03/30/gdpr-everything-you-need-to-know.html |
MIAMI--(BUSINESS WIRE)-- Vector Group Ltd. (NYSE: VGR) today announced that it has declared a regular quarterly cash dividend on its common stock of $0.40 per share. The quarterly cash dividend will be payable on June 29, 2018 to holders of record as of June 19, 2018.
Vector Group is a holding company that indirectly owns Liggett Group LLC and Vector Tobacco Inc. and directly owns New Valley LLC, which owns a controlling interest in Douglas Elliman Realty, LLC. Additional information concerning the company is available on the Company's website, www.VectorGroupLtd.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529006280/en/
Sard Verbinnen & Co
Jared Levy/Emily Claffey/Benjamin Spicehandler
212-687-8080
Source: Vector Group Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-vector-group-declares-quarterly-cash-dividend.html |
David Tepper confirms he's buying the Carolina Panthers 2 Hours Ago The "Squawk on the Street" team discusses the confirmation of David Tepper's agreement to purchase the Carolina Panthers. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/david-tepper-confirms-hes-buying-the-carolina-panthers.html |
TORONTO--(BUSINESS WIRE)-- Gluskin Sheff + Associates Inc. (the “Company”) announced today its results for the three and nine months ended March 31, 2018.
Financial Highlights:
Assets Under Management As At As At ($ in millions) Mar 31, 2018 Mar 31, 2017 $ 8,949 $ 8,873 Income Statement Information 3 Months 3 Months 9 Months 9 Months (unaudited, $ in thousands except for per share amounts) Ended Ended Ended Ended Mar 31, 2018 Mar 31, 2017 Mar 31, 2018 Mar 31, 2017 Revenue: Base Management Fees $ 27,382 $ 26,141 $ 81,741 $ 79,494 Performance Fees $ 580 547 30,246 39,288 Investment & Other Income $ 725 606 2,003 1,687 Total Revenue $ 28,687 $ 27,294 $ 113,990 $ 120,469 Net Income attributable to shareholders $ 6,903 $ 6,001 $ 31,799 $ 37,369 Amortization of Restricted Share Units (RSUs) $ 1,265 1,967 6,396 7,257 Other amortization $ 1,564 1,411 4,890 4,497 RSU portion of current period's Base bonus $ (670 ) (721 ) (2,669 ) (2,357 ) Special RSUs $ (375 ) - (375 ) (581 ) Stock option and post-retirement obligation / Founders' retirement obligation provision $ 372 131 2,479 391 Performance fees net of related cash bonus $ (392 ) (374 ) (20,439 ) (26,921 ) Provision for income taxes $ 2,717 2,364 12,902 14,413 Base EBITDA $ 11,384 $ 10,779 $ 34,983 $ 34,068 Basic Earnings per Share 0.23 $ 0.20 $ 1.05 $ 1.25 . Diluted Earnings per Share 0.22 $ 0.19 $ 1.02 $ 1.20 The Company’s revenues are derived from Base Management Fees, calculated as a percentage of Assets Under Management (“AUM”), Performance Fees, which are earned when the Company exceeds pre-specified rates of return, and Other Income.
During the quarter, AUM decreased by $29 million to $8.9 billion as at March 31, 2018, from $9.0 billion as at December 31, 2017, as net withdrawals of $48 million were partially offset by positive net investment performance of $19 million. The $48 million of net withdrawals over the quarter included a withdrawal of $135 million by one institutional client. Our private client business was strong during the quarter, adding a net $61 million. Year-over-year AUM increased by $76 million due to positive net investment performance of $401 million, partially offset by net withdrawals of $325 million. High net worth clients comprise 88% of AUM as at March 31, 2018.
Base Management Fees 2018, increased year-over-year to $27.4 million from $26.1 million as the Average AUM for the quarter increased to $9.0 billion from $8.8 billion and average Base Management Fee Percentage increased to 1.23% from 1.21% for the same quarter last year. Total expenses decreased by $0.1 million from the year ago quarter.
Performance Fees 2018, were $0.6 million, compared to $0.5 million 2017.
Net income was $6.9 million and represented earnings per share, basic and diluted, of $0.23 and $0.22, respectively 2018. Net income was $6.0 million and represented earnings per share, basic and diluted, of $0.20 and $0.19, respectively, 2017.
Base EBITDA eliminates the effect of Performance Fees, Performance Fee related expenses, post-retirement obligations, stock option expense and amortization of RSU awards, and deducts the dollar value of the base bonus RSUs to be awarded in respect of the current period and special RSUs awarded in the period. Base EBITDA was $11.4 million 2018, compared with $10.8 million in the year ago quarter due primarily to higher Base Management Fees.
“We are pleased that our clients’ capital was protected amid a period of heightened volatility and continue to believe we are well positioned for the environment that lies ahead,” commented Jeff Moody, President & Chief Executive Officer.
Gluskin Sheff + Associates Inc. is one of Canada’s pre-eminent wealth management firms, serving high net worth private clients, estates, trusts and institutional investors. Founded in 1984, the Company is dedicated to providing clients with strong risk-adjusted returns together with the highest level of personalized client service. The Company's Common Shares are listed on the Toronto Stock Exchange under the symbol "GS". For more information about the Company, please visit our website at www.gluskinsheff.com .
This press release may contain relating to Gluskin Sheff + Associates Inc.’s business and the environment in which it operates. These statements are based on the Company’s expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the Company’s regulatory filings available on the Company’s website at www.gluskinsheff.com or at www.sedar.com . Actual outcomes and results may differ materially from those expressed in these . Readers, therefore, should not place undue reliance on any such . Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances; except as required by applicable law.
Non-IFRS Measures
Included in this press release are certain financial terms (including Base EBITDA and AUM) that the Company utilizes to assess the financial performance of its business that are not measures recognized under International Financial Reporting Standards (IFRS). These non-IFRS measures do not have any standardized meanings prescribed by IFRS and should not be considered alternatives to net income or any other measure of performance determined in accordance with IFRS. Therefore, these non-IFRS measures are unlikely to be comparable to similar measures presented by other issuers. For additional information regarding the Company’s use of non-IFRS measures, including the calculation of these measures, please refer to the “Non-IFRS financial measures” section of the Company’s Management’s Discussion and Analysis and its financial statements available on the Company’s website and on the SEDAR website located at www.sedar.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006387/en/
Gluskin Sheff + Associates Inc.
David R. Morris
and Secretary
1.416.681.6036
Source: Gluskin Sheff + Associates Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-gluskin-sheff-associates-inc-announces-third-quarter-fiscal-2018-results.html |
13 minutes ago Egypt detains prominent blogger, latest in arrest series Reuters Staff 3 Min Read
CAIRO (Reuters) - Egyptian security forces detained prominent blogger and journalist Wael Abbas on Wednesday, two security sources and his lawyer said, the latest activist to be arrested in what rights groups say is a campaign to silence government critics.
Abbas, an award-winning journalist and rights activist, was taken from his home early on Wednesday and his whereabouts are unknown, his lawyer Gamal Eid said on his Twitter account.
An Interior Ministry official said he was checking the report. Two security sources, who declined to be identified, confirmed Abbas had been detained but gave no details on the reasons.
The Arab Network for Human Rights Information (ANHRI) said that armed police raided Abbas’s home at dawn, without presenting an arrest warrant, blind-folded him and took him in his pyjamas to an unknown location.
In a message on his Twitter account, Eid said Abbas had been “kidnapped, not arrested.”
Abbas first became known in activist circles after posting videos showing police brutality. One such video, published in 2006, caused such uproar that it prompted an investigation resulting in a rare conviction of two policemen.
Abbas was awarded International Center for Journalists’ Knight International Journalism Award in 2007.
Rights groups accuse the government of President Abdel Fattah al-Sisi of a sweeping crackdown on dissent which they say is the worst ever for Egypt.
Since 2013 when Sisi took power, thousands of Islamist opponents, as well as scores of liberal activists and journalists have been imprisoned by the authorities.
Sisi, who ousted President Mohamed Mursi of the Muslim Brotherhood after mass protests against his rule, denies that there are political prisoners in Egypt.
Last week, Egypt’s state security prosecutor ordered Haitham Mohamedeen, a leftist lawyer, and Shady Ghazaly Harb, a leading opposition figure during the 2011 uprising, to be detained for 15 days and investigated for a terrorist organization.
On Tuesday a court sentenced journalist and researcher Ismail al-Iskandarani to 10 years in prison on charges of publishing false news and military secrets for his work on an ongoing army campaign against militants in the Sinai Peninsula, his lawyer said.
Amnesty International condemned the sentencing.
In an unprecedented move, authorities arrested a former military chief in January before he could challenge Sisi in a March presidential election, which he ended up .
“Egyptian authorities continue their security campaign to silence all critical voices and fabricate cases against them in order to avenge and to silence them,” the ANHRI statement said. Editing by Raissa Kasolowsky | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-egypt-politics/egypt-detains-prominent-blogger-latest-in-arrest-series-idUKKCN1IO1YQ |
The prospective antiestablishment government of Italy has shocked markets, with bond yields jumping higher on the potential for anti-euro policy positions and a burst of new government spending.
The gap between Italy and Germany’s government bond yields climbed to 1.92 percentage points early Wednesday, the highest in nearly a year. During the last week that spread. a common measure of the perceived risk to holding Italian debt, has increased more quickly than at any time in the last five years.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/italys-troubles-test-investors-patience-1527008197 |
RIYADH (Reuters) - HSBC ( HSBA.L ) has more than 20 investment banking deals in the pipeline in Saudi Arabia and 2018-19 will be a year of delivery and execution of deals, the head of investment banking advisory at HSBC Saudi Arabia said on Thursday.
FILE PHOTO: The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo “At HSBC by ourselves we have more than 20 deals in the pipeline and others are equally having a good share,” Faris AlGhannam said at a business conference. “I think 2018-19 will be actual delivery. We and others will see a lot of M&A.”
Reporting By Tom Arnold and Marwa Rashad; Editing by Saeed Azhar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-hsbc-saudi-m-a/hsbc-has-20-plus-deals-in-pipeline-in-saudi-arabia-exec-idUSKBN1I414X |
PARIS, May 4 (Reuters) - Air France employees rejected a pay deal on Friday, a setback for the company in a dispute that has seen over a dozen strikes and cost the company some 300 million euros.
That prompted CEO Jean-Marc Janaillac to say he would resign.
Air France said on Twitter: “#AirFrance staff consultation on the proposed pay agreement: with a participation rate of 80.33 percent, the result of the vote is “No” at 55,44 percent.” (Reporting by Cyril Altmeyer; Writing by Richard Lough; Editing by Ingrid Melander)
| ashraq/financial-news-articles | https://www.reuters.com/article/air-france-klm-ceo/air-france-employees-reject-salary-package-ceo-resigns-idUSP6N1QQ00W |
May 7, 2018 / 1:49 AM / Updated 7 minutes ago Hezbollah allies gain in Lebanon vote, underscoring Iran sway Tom Perry , Laila Bassam , Ellen Francis 7 Min Read
BEIRUT (Reuters) - Hezbollah and its political allies won just over half the seats in Lebanon’s parliamentary election, unofficial results showed, boosting an Iranian-backed movement fiercely opposed to Israel and underlining Tehran’s growing regional clout.
Hezbollah’s leader, Sayyed Hassan Nasrallah, called it a “political and moral victory” for the “resistance”, as the group refers to itself and allies.
Branded a terrorist group by the United States, the heavily armed Shi’ite Hezbollah has grown in strength since joining the war in Syria in support of President Bashar al-Assad in 2012.
The gains for parties and politicians who support Hezbollah’s possession of weapons risk complicating Western policy in Lebanon, which is banking on foreign aid and loans to revive its stagnant economy and receives U.S. military support.
An Israeli minister said the outcome, which has yet to be confirmed by official results, showed the Lebanese state was indistinguishable from Hezbollah, signaling the risk of Israel hitting Lebanon’s government in a future war.
Western-backed Prime Minister Saad al-Hariri lost over a third of his seats. He blamed a complex new voting law and gaps in his party’s performance.
But with 21 MPs, down from 33 in the last parliament, he emerged as the Sunni Muslim leader with the biggest bloc in the 128-seat house, making him the frontrunner to form the next government.
Initial indications showed the staunchly anti-Hezbollah Lebanese Forces, a Christian party, emerging as a big winner, nearly doubling its lawmakers to at least 15 from eight.
Lebanon’s prime minister must be a Sunni under its sectarian power-sharing system. The new government, like the outgoing one, is expected to include all the main parties. Talks over cabinet posts are expected to take time.
“Hariri is going to be further weakened in any kind of government going forward,” Andrew Tabler of the Washington Institute said. “His ability to substantially tame or restrain Hezbollah ... in Lebanon is going to be very limited.”
“It will lead to more criticism of U.S. military aid to the Lebanese Armed Forces” in Washington, he added. HARIRI RECEIVES A “SLAP”
Hezbollah, along with allied groups and individuals, secured at least 67 seats, according to a Reuters calculation based on preliminary results for nearly all the seats obtained from politicians and campaigns and reported in Lebanese media. Related Coverage Hezbollah's Nasrallah says Lebanon results are 'victory' for the resistance
Seats in the Lebanese parliament are divided according to a strict sectarian quota. The number of Hezbollah lawmakers was the same or little changed at around 13, but candidates supported by the group or allied to it made significant gains.
Hezbollah-backed Sunnis did well in Beirut, Tripoli and Sidon, strongholds of Hariri’s Future Movement, the preliminary results showed. The pro-Hezbollah al-Akhbar newspaper declared the election a “slap” for Hariri on its front page.
Hezbollah-backed winners include Jamil al-Sayyed, a retired Shi’ite general and former Lebanese intelligence chief who is a close friend of Syria’s Assad.
Sayyed was one of the most powerful men in Lebanon in the 15 years of Syrian domination that followed the 1975-90 civil war.
At least five other figures who held office then returned to parliament for the first time since Syrian forces quit Lebanon after the 2005 assassination of Rafik al-Hariri, Saad’s father.
Faisal Karami, son of the late pro-Syrian prime minister Omar Karami, won a seat for the first time.
Iranian media appeared to gloat at Hariri’s setback. The hardline Tasnim news agency ran a report headlined: “Lebanese election result puts an end to Hariri’s monopoly among Sunnis.”
Hezbollah’s big allies include the Shi’ite Amal Movement led by Parliament Speaker Nabih Berri and the Christian Free Patriotic Movement of President Michel Aoun, a Hezbollah ally since 2006 who has said its arsenal is needed to defend Lebanon.
While Hezbollah and its allies do not always see eye to eye, their support for its arsenal is vital to the group in Lebanon, where its weapons have been a major point of friction for years.
Hezbollah lost ground in Baalbek-Hermel constituency, one of its strongholds. Two of 10 seats there were won by its foes, one by the Lebanese Forces and the other by Future. It also failed to take a Shi’ite seat in the coastal town of Byblos.
Hezbollah and its allies are not on course to win the two-thirds majority that would be required to pass big decisions such as changing the constitution. Lebanon's Hezbollah deputy leader Sheikh Naim Qassem casts his vote as he stands next to Hezbollah parliament candidate Amin Sherri at a polling station during the parliamentary election, in Beirut, Lebanon, May 6, 2018. REUTERS/Mohamed Azakir
Turnout was 49.2 percent, down from 54 percent the last time legislative elections were held nine years ago.
Independent candidates running against the political establishment may have won a seat in Beirut.
An anti-Hezbollah coalition led by Hariri and backed by Saudi Arabia won a majority in parliament in 2009. But that “March 14” alliance disintegrated and Riyadh has switched its attention to confronting Iran in other parts of the region, notably Yemen. FIXING ‘THE PATH’
Samir Geagea, the Lebanese Forces leader, said the results showed there was still a “popular ground” that backs “March 14” and would “give us strength... to fix the path much more than we were able to in past years”.
Geagea is Hezbollah’s most prominent Lebanese Christian opponent. He led the Lebanese Forces militia in the last years of the civil war, during which he was an adversary of Aoun.
Hariri has urged the quick formation of a government after the election so it can press ahead with reforms needed to reduce state debt levels, among the highest in the world.
He said the international community should look at the election result “in a very positive way”.
Donors want to see reforms before they release some of the $11 billion of aid and soft loans pledged in April.
Lebanon has been a big recipient of foreign aid to help it cope with hosting one million refugees from neighboring Syria.
Nasrallah called for the quick formation of a new government and said it should be done in a spirit of cooperation, putting aside differences.
Lebanon should have held a parliamentary election in 2013 but MPs instead voted to extend their own term because leaders could not agree on a new parliamentary election law.
The question of Hezbollah’s weapons has slipped down the political agenda in Lebanon in recent years. Hariri, who led years of political conflict with the group, says it is an issue to be resolved regionally through dialogue. Slideshow (5 Images)
The Lebanon vote is to be followed on May 12 by an Iraqi election that is also set to underline Iran’s reach, with one of three pro-Tehran Shi’ite leaders set to become prime minister.
Iran said it respected Lebanon’s election, while France said the vote was an important step. Additional reporting by Angus McDowall, Dahlia Nehme and Lisa Barrington in Beirut, Dan Williams in Jerusalem and Parisa Hafezi in Ankara; Editing by William Maclean and Mark Heinrich | ashraq/financial-news-articles | https://www.reuters.com/article/us-lebanon-election/hezbollah-allies-set-for-gains-in-lebanon-parliament-unofficial-results-idUSKBN1I804D |
May 3 (Reuters) - New York Times Co:
* THE NEW YORK TIMES COMPANY REPORTS 2018 FIRST-QUARTER RESULTS
* Q1 EARNINGS PER SHARE $0.13 FROM CONTINUING OPERATIONS * Q1 ADJUSTED EARNINGS PER SHARE $0.17 FROM CONTINUING OPERATIONS
* Q1 ADJUSTED EARNINGS PER SHARE $0.17 * TOTAL REVENUES FOR Q1 OF 2018 INCREASED 3.8 PERCENT TO $413.9 MILLION
* QTRLY SUBSCRIPTION REVENUES $260.6 MILLION VERSUS $242.4 MILLION
* NEW YORK TIMES -TOTAL SUBSCRIPTION REVENUES IN Q2 OF 2018 ARE EXPECTED TO INCREASE IN MID-SINGLE DIGITS COMPARED TO Q2 OF 2017
* TOTAL SUBSCRIPTION REVENUES IN Q2 OF 2018 ARE EXPECTED TO INCREASE IN MID-SINGLE DIGITS COMPARED TO Q2 OF 2017
* QTRLY ADVERTISING REVENUES $125.6 MILLION VERSUS $130 MILLION
* NEW YORK TIMES - PAID DIGITAL-ONLY SUBSCRIPTIONS TOTALED ABOUT 2,783,000 AT Q1-END, NET INCREASE OF 139,000 SUBSCRIPTIONS COMPARED WITH Q4-END
* IN Q1, SAW INCREASES IN REVENUE AND OVERALL PROFITABILITY AND CONTINUED SOLID GROWTH IN DIGITAL SUBSCRIPTION BUSINESS
* TOTAL ADVERTISING REVENUES IN Q2 OF 2018 ARE EXPECTED TO DECREASE IN LOW-TEENS COMPARED WITH Q2 OF 2017
* ADJUSTED OPERATING COSTS ARE EXPECTED TO INCREASE IN MID-SINGLE DIGITS IN Q2 OF 2018 COMPARED WITH Q2 OF 2017
* TURNING TO ADVERTISING, Q1 SAW A GOOD PERFORMANCE IN PRINT
* NEW YORK TIMES - STRONG DEMAND FOR THE TIMES RESULTED IN A 139,000 NET INCREASE IN DIGITAL-ONLY SUBSCRIPTIONS FOR QUARTER
* EXPECT ANOTHER DOWN QUARTER IN DIGITAL ADVERTISING IN Q2 * NEW YORK TIMES - “CONFIDENT THAT WE WILL RETURN TO SOLID YEAR-OVER-YEAR GROWTH IN Q3” IN DIGITAL ADVERTISING Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-new-york-times-q1-earnings-per-sha/brief-new-york-times-q1-earnings-per-share-0-13-from-continuing-operations-idUSASC09ZJK |
By David Meyer 5:03 AM EDT
President Donald Trump wants to impose heavy tariffs on car imports, and European and Asian automakers’ stocks are tumbling.
In European early Thursday trading, Volkswagen (vlkay) fell by 2%, BMW (bmwyy) by 3%, Daimler (ddaif) by 2.9%, Peugeot (pugoy) by 0.8%, and Renault (rnsdf) by 1.1%. In Japan and South Korea, Nissan (nsany) fell by 1.8%, Toyota (tm) by 3%, and Hyundai (hymtf) by 3.1%.
“There is evidence suggesting that, for decades, imports from abroad have eroded our domestic auto industry,” U.S. Commerce Secretary Wilbur Ross said Wednesday.
The tariffs of up to 25% may be levied under national security laws, much as happened with the U.S.’s threatened tariffs on steel and aluminum imports, the Wall Street Journal reported , saying Trump was behind the push.
With auto imports totaling $176 billion last year, new automobile tariffs would have a much bigger effect than the tariffs on steel ($30 billion imported) and aluminum ($18 billion). There will be big news coming soon for our great American Autoworkers. After many decades of losing your jobs to other countries, you have waited long enough!
— Donald J. Trump (@realDonaldTrump) May 23, 2018
However, while President Trump has long promised to protect the U.S. auto industry, it’s far from clear that the industry itself wants protecting.
John Bozzella, the CEO of Washington-based auto industry body Global Automakers, said the planned tariffs would be bad for U.S. consumers.
“The U.S. auto industry is thriving and growing. Thirteen, soon to be 14 companies, produced nearly 12 million cars and trucks in America last year,” he said in a statement quoted by Politico . “To our knowledge, no one is asking for this protection. This path leads inevitably to fewer choices and higher prices for cars and trucks in America.”
The tariffs can be seen in the context of the renegotiation of the North American Free Trade Agreement (NAFTA,) as Canada and Mexico are among the biggest exporters of cars to the U.S. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/24/trump-auto-tariffs-stock/ |
Immune Design Corp:
* IMMUNE DESIGN REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
* Q1 REVENUE VIEW $1.8 MILLION — THOMSON REUTERS I/B/E/S * Q1 EARNINGS PER SHARE VIEW $-0.29 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-immune-design-q1-loss-per-share-02/brief-immune-design-q1-loss-per-share-0-28-idUSASC09Z32 |
* FTSE up 1.3 pct, best day in a month
* Oil majors up as U.S. pulls out of Iran deal
* Belgian billionaire sells stake in Burberry, shares tumble
* Imperial Brands jumps after H1 results (Updates prices, adds details)
By Julien Ponthus and Helen Reid
LONDON/MILAN, May 9 (Reuters) - Oil stocks drove Britain’s leading stock index sharply higher on Wednesday after the U.S. decision to pull out of the Iran nuclear deal sent crude prices soaring.
The FTSE 100 index jumped 1.3 percent, easily beating other European bourses as commodities stocks surged and strong results sent tobacco firm Imperial Brands up. It was the index’s best day in a month
Oil majors Royal Dutch Shell and BP, up 3.1 percent and 3.3 percent respectively, delivered the biggest boost to the index as oil prices rose more than 2 percent. U.S. sanctions against Iran, an OPEC member, are expected to tighten global oil supply.
Leading the FTSE was heavyweight tobacco firm Imperial Brands, which jumped 6.2 percent after pledging to step up divestments and reporting first-half sales and profits slightly ahead of estimates.
Jefferies analysts found “a number of areas of encouragement for the market to hang its hat on” in Imperial’s results, including volumes, progress with its vapour business, and plans to sell off non-strategic assets for up to 2 billion pounds over the next 12 to 24 months.
Fashion house Burberry was the worst performer, down 6.1 percent after Belgian billionaire Albert Frere’s Groupe Bruxelles Lambert (GBL) sold its entire stake, amounting to 6.6 percent of Burberry’s shares.
“We do not believe (the disposal) should be seen as an indicator of any deterioration in Burberry’s fundamentals or a change in the equity story,” said Berenberg analysts, noting however that such an early disposal - after 1 1/2 years - is unusual in the context of GBL’s long-term investment strategy.
Compass Group shares also fell, down 4.7 percent after first-half results from the world’s biggest catering firm disappointed due to a steep decline in margins in Europe.
Bakery and food-to-go company Greggs sank 15 percent after it warned that profits for 2018 were likely to fall short of expectations and be at a similar level to 2017, blaming a dip in consumer demand.
“We have never been especially relaxed with the high teen multiple and the ‘safe haven’ status that this implied of Greggs,” wrote Peel Hunt analysts in a note.
“That halo has now slipped, and whilst turning negative after the shares have fallen 15 percent may appear to be ambulance-chasing, the shares still trade on nearly 17x price-to-earnings and that for us is too high,” they added, downgrading their recommendation on the stock from “hold” to “reduce”.
Still in the mid-cap segment of the market, shares in precision engineering group Renishaw soared 14.6 percent, on track for their best day in over two years after it raised its 2018 revenue guidance.
Sub-prime lender Provident Financial also jumped 6.6 percent as it said its recovery plans would deliver 2018 results in line with internal plans.
M&A was not a big stock mover. Vodafone inched up 0.5 percent after the world’s second-largest mobile operator announced a $21.8 billion deal to buy Liberty Global’s assets in Germany, the Czech Republic, Hungary and Romania. (Reporting by Julien Ponthus and Helen Reid Editing by Alison Williams)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks/update-1-imperial-brands-oil-surge-lift-ftse-100-while-burberry-tumbles-idUSL8N1SG6UB |
May 1, 2018 / 12:56 PM / Updated 5 minutes ago CORRECTED-BRIEF-IRadimed Corporation Q1 GAAP Earnings Per Share $0.07 (April 30) Reuters Staff
(Corrects to “$0.30-$0.33” from “$0.22-$0.27” in 7th bullet point)
May 1 (Reuters) - IRadimed Corp:
* IRADIMED CORPORATION ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 NON-GAAP EARNINGS PER SHARE $0.10 * Q1 REVENUE $7.1 MILLION VERSUS $5.2 MILLION
* SEES Q2 2018 NON-GAAP EARNINGS PER SHARE $0.10 TO $0.11 * SEES Q2 2018 REVENUE $7.2 MILLION TO $7.3 MILLION
* SEES FY 2018 REVENUE UNCHANGED AT $29.3 MILLION TO $30 MILLION
* SEES FY 2018 NON-GAAP EARNINGS PER SHARE $0.40 TO $0.43 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/corrected-brief-iradimed-corporation-q1/corrected-brief-iradimed-corporation-q1-gaap-earnings-per-share-0-07-idUSL3N1S82PT |
MUMBAI, India, May 14, 2018 /PRNewswire/ --Vedanta Limited has filed a communication with the stock exchanges in India (BSE and NSE) today, informing that it has received the approval from the Competition Commission of India for the application made by it for the acquisition of Electrosteel Steels Limited.
About Vedanta Limited
Vedanta Limited is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc - lead - silver, aluminium, copper, iron ore and commercial power. The company has a presence across India, South Africa and Namibia. Vedanta Ltd has a portfolio of world-class, low-cost, scalable assets that consistently generate strong profitability and have robust cash flows. The company holds industry-leading market shares across its core divisions.
Vedanta Limited is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Governance and Sustainable Development are at the core of Vedanta's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities. The company is conferred with the Confederation of Indian Industry (CII) 'Sustainable Plus Platinum label', ranking among the top 10 most sustainable companies in India. To access the Vedanta Sustainable Development Report 2017, please visit http://sd.vedantaresources.com/SustainableDevelopment2016-17/
Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange in India. The company is in the Nifty 50 Index and has ADRs listed on the New York Stock Exchange.
For more information please visit www.vedantalimited.com
Vedanta Limited
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400 099
www.vedantalimited.com
Registered Office:
Regd. Office: 1st Floor, 'C' wing, Unit 103,
Corporate Avenue, Atul Projects,
Chakala, Andheri (East),
Mumbai – 400 093
CIN: L13209MH1965PLC291394
Disclaimer
This press release contains " " – that is, statements related to future, not past, events. In this context, often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our . We do not undertake to update our .
For further information, please contact:
Communications:
Arun Arora
Head Communications
Tel: +91-1244593000
[email protected]
Investor Relations:
Rashmi Mohanty
Director – Investor Relations
Tel: +91-22-6646-1531
[email protected]
Aarti Raghavan
VP – Investor Relations
Sneha Tulsyan
Associate Manager – Investor Relations
View original content: http://www.prnewswire.com/news-releases/vedanta-limited-acquisition-of-electrosteel-steels-limited-approved-by-competition-commission-of-india-300647554.html
SOURCE Vedanta Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-vedanta-limited-acquisition-of-electrosteel-steels-limited-approved-by-competition-commission-of-india.html |
DENVER, May 22, 2018 /PRNewswire/ --
West Coast Ventures Group Corp. (OTCQB: WCVC) ("Company"), which wholly owns fast-casual dining concept Illegal Burger, offering hand-crafted burger + bar (menu also includes chicken, salads, and specialty desserts), announced today the Company recently signed a letter of intent for a new Illegal Burger restaurant in a premier high-volume location in one of Denver's busiest trade areas.
"This is an exceptional opportunity to capture a dense white-collar day and evening population with high-income residential demographics. The new location sits between two nationally recognized hotels, Hilton and Residence Inn, with high-volume shopping and dining traffic. Sales in this location already exceeded $900,000 before conversion to the Company's Illegal Burger brand. What is also very important to our model is that the location will provide 2000 sq. ft. of indoor seating and 350 sq. ft. of patio seating," said Jim Nixon, CEO of the Company.
About West Coast Ventures Group Corp.
Based in Denver, Colo., West Coast Ventures Group Corp. (WCVC) develops, owns and operates two contemporary restaurant concepts: Illegal Burger, a quick-casual burger + bar concept, and El Señor Sol, a full-service fresh Mexican restaurant. Led by seasoned restaurant entrepreneurs, WCVC management is committed to scaling both modern sustainable concepts into national franchise models operating metro-styled restaurants serving only the finest and freshest natural ingredients. The Company generates gross annual sales of $2,725,000.
For more information:
https://www.westcoastventuresgroupcorp.com/
https://www.illegalburger.com/
About Jim Nixon
Jim Nixon, CEO and Founder, started in Illegal Burger in 2013. Mr. Nixon has more than 30 years of progressively responsible experience in every facet of the restaurant business, having directed as many as 200 employees in various restaurant companies with revenues in excess of $25 million annually. Jim has led these restaurants through start-up, rebranding, turnaround, and growth.
Mr. Nixon has been a top executive in the hospitality industry, nurturing restaurants into profitability and streamlined efficiency. His has a comprehensive command of SOP creation, zero-based budgeting, quality assurance, and internal-audit procedures and is considered to be an effective leader and motivator.
Among some of his significant past positions, Mr. Nixon served as Regional Director of Specialty Restaurants Corporation, a California based destination-restaurant business, and home to the world-famous Polynesian-themed Reef in Long Beach, California, and a second restaurant, Castaway, in Burbank, California. With more than 100 restaurants across the U.S., including the Proud Bird adjacent to Los Angeles International Airport and 94th Aero Squadron at the Van Nuys Airport. Mr. Nixon was in charge of maintaining this renowned Company's profitability and brand while maintaining day-to-day regional operations.
Mr. Nixon also held the position of Director of Food and Beverage for Wyndham Resorts, a major hotel resort company, with locations worldwide. Mr. Nixon was in charge of continuing to expand the Wyndham brand through ever-changing food-and-drink menus, rebranding ideas, and retaining customers in the resort dining and entertainment area.
Press Contact:
James Nixon
[email protected]
+1(303)995-7526
https://www.illegalburger.com/
SOURCE West Coast Ventures Group Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-west-coast-ventures-group-corp-signs-letter-of-intent-to-acquire-new-illegal-burger-restaurant-in-prime-denver-location.html |
Milwaukee got homers from Travis Shaw, Domingo Santana, Christian Yelich and Tyler Saladino and the Brewers became the second team this season to win a series from the Arizona Diamondbacks with an 8-2 victory at Chase Field on Wednesday.
Shaw and Santana hit back-to-back homers in a three-run first inning and Yelich hit a two-run homer in the second as the Brewers won for the fifth time in seven games.
Daniel Descalso’s two-run homer in the first inning was one of four hits for the Diamondbacks, who have lost seven of eight and 10 of 14. The Brewers took two of three in the series after Washington swept a four-game series in Arizona last weekend.
Shaw and Jonathan Villar had two hits and Shaw and Lorenzo Cain scored twice.
Brandon Woodruff (2-0) gave up one hit and two runs in five innings before the Brewers’ bullpen pitched four innings of scoreless relief. Woodruff had six strikeouts and four walks.
Arizona starter Matt Koch gave up nine hits, including all four homers, and eight runs in 4 1/3 innings, his shortest start of the season. He walked one without a strikeout.
Cain walked and stole second base in the first inning before Shaw and Santana hit back-to-back homers for a 3-0 lead. Santana hit the first pitch he saw for his second homer after Shaw hit his 10th.
Descalso hit his fifth homer to make it 3-2 after Jarrod Dyson walked. Descalso made his second career start hitting third in the lineup. The first came Tuesday, when he drove in the game-winning run with a two-out single in the eighth. He is 21-for-63 with eight doubles, three homers and 16 RBIs in his last 23 games.
Yelich homered after Cain singled with two outs in the second inning for a 5-2 lead.
Saladino, who had an inside-the-park homer Friday, hit one over the center field fence to make it 6-2 in the fourth inning.
Shaw doubled to knock out Koch after Jesus Aguilar singled with one out in the fifth inning. Aguilar scored on Santana’s groundout and Villar doubled in Shaw for an 8-2 lead.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-ari-mil-recap/four-homers-help-brewers-top-d-backs-8-2-idUSMTZEE5GUFTWBC |
(Adds NTSB probe, closing stock price, other NTSB investigations)
May 9 (Reuters) - The U.S. National Transportation Safety Board said on Wednesday it will investigate a Tesla accident in Fort Lauderdale, Florida this week that killed two teenagers and injured another - the agency's fourth active probe into crashes of the company's electric vehicles.
The NTSB said it was sending a team of four to investigate Tuesday's crash of a 2014 Tesla Model S that was reportedly traveling at high speed when it struck a wall and caught fire. The agency said it does not believe the Tesla's semi-autonomous Autopilot system will be part of the investigation.
This investigation is "primarily focus(ed) on emergency response in relation to the electric vehicle battery fire, including fire department activities and towing operations," the agency said.
A preliminary investigation showed the Tesla drove off the road and hit a concrete wall, immediately catching fire, the Fort Lauderdale Police Department said in a statement. The speed of the vehicle is believed to have been a factor in the crash, the police said.
Tesla Inc did not immediately comment. Shares of the company closed up at $306.85 up 1.6 percent and were off less than 0.5 percent in afterhours trading.
The new investigation adds to an already contentious relationship between the company and the agency.
Last month, Tesla lashed out at the NTSB after it took the unusual step of removing the automaker from the investigation of a fatal crash in March in which a Tesla vehicles driver-assistance Autopilot system was in use.
The NTSB defended the decision, saying Tesla released investigative information prematurely and in violation of procedure.
Tesla in return blasted the NTSB, saying the board was "more concerned with press headlines than actually promoting safety. It accused the agency of violating its own rules while trying to prevent Tesla from disclosing all the facts.
The NTSB is also investigating an August 2017 Tesla battery fire in Lake Forest, California, after an owner lost control and ran the vehicle into his garage and a January crash of a Tesla vehicle apparently traveling in Autopilot that struck a fire truck in California. (Reporting by David Shepardson in Washington Arunima Banerjee in Bengaluru; Editing by Bernard Orr and Cynthia Osterman) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/reuters-america-update-3-u-s-safety-board-probes-fatal-tesla-accident-in-florida.html |
Final Trade: VIA, RIG & more 9 Hours Ago The "Fast Money" traders share their final trades of the day including Viacom, Transocean, Tesla and Take-Two Interactive. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/final-trade-via-rig-ttwo-tsla.html |
(Repeating May 9 story without changes for wider distribution)
By Sebastien Malo and Nichola Groom
NEW YORK/LOS ANGELES, May 9 (Thomson Reuters Foundation) - B uilders in California will be required to fit solar panels on most new homes from 2020 under new building standards adopted on Wednesday, a move that is the first in the United States and could provide a big boost to the solar industry.
The decision, adopted unanimously by the five-member California Energy Commission, is part of the state’s effort to fight global climate change. It came despite estimates it would raise the up-front cost of a new home by nearly $10,000 in one of the most expensive parts of the country.
The Commission estimated the standards will add about $40 to monthly mortgage payments but will compensate for that by saving residents $80 a month on energy bills.
“We cannot let Californians be in homes that are essentially the residential equivalent of gas guzzlers,” Commissioner David Hochschild said ahead of the vote.
The new building codes include updates to building ventilation and lighting standards. They are collectively expected to reduce the state’s greenhouse gas emissions by 700,000 metric tons over three years, a level equal to taking 115,000 cars off the road, according to state officials.
The vote was a major win for the solar installation industry, which already counts California as its biggest market. Demand for solar equipment in California could rise by 10 percent to 15 percent because of the new standards, the Energy Commission forecast in a study earlier this year.
Solar companies cheered the move, saying they hoped such requirements would one day be adopted in other states, too.
“We think it’s another example of California policy preceding what will happen in other markets,” Tom Werner, chief executive of San Jose-based solar company SunPower, said in an interview ahead of the decision.
California has one of the most ambitious renewable energy mandates in the country, with a goal of sourcing half of its electricity needs from renewable sources by 2030. At the end of 2017, it had reached about 30 percent, according to the CEC.
Because of such policies, the most populous U.S. state has frequently been at odds with President Donald Trump’s aggressive rollback of policies to combat climate change. Governor Jerry Brown is planning a global climate summit this September.
Just 9 percent of single-family detached homes in the state of 39.5 million people currently have solar panels, according to a 2017 U.S. Department of Energy report the Energy Commission cited.
Buildings that are shaded or have a roof that is too small to accommodate panels will be among those exempt, California Energy Commission spokeswoman Amber Pasricha Beck said. (Reporting by Sebastien Malo in New York City, Nichola Groom in Los Angeles; Editing by Claire Cozens and Dan Grebler Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, which covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org )
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-solar-california/rpt-update-1-california-becomes-first-u-s-state-to-require-solar-panels-on-new-homes-idUSL1N1SH117 |
(Recasts throughout, adds weekend Tesla crash)
May 21 (Reuters) - Influential U.S. magazine Consumer Reports will not recommend Tesla Inc's Model 3 sedan, saying on Monday it braked slower than a full-sized pickup truck, taking the shine off a day of gains for shares in Elon Musk's electric car company.
Musk had driven shares in Tesla as much as 4 percent higher with weekend tweets showing the Silicon Valley company was aiming initially to deliver higher-priced, more profitable fully-loaded editions of the Model 3.
The car is seen as crucial to Tesla's profitability at a time when it is battling to reverse production shortfalls, confronting reports of crashes involving its vehicles and facing increased skepticism over its finances.
On Twitter, Musk said the fully-loaded Model 3, with all-wheel drive, a dual motor and a 310-mile (499-km) range - but excluding its vaunted Autopilot feature - would cost $78,000. The company has not yet begun to make the $35,000 base price version that Tesla originally claimed would make it a mass-market vehicle.
Consumer Reports, however, declined to recommend the Model 3 and criticized it for having overly long stopping distances and a difficult-to-use center touchscreen.
The magazine, which provides an annual rating of vehicles sold in the United States, said even though its tests found plenty to like about the Model 3 and it was a thrill to drive, it had "big flaws."
Tesla's stopping distance of 152 feet (46 m) when braking at 60 miles per hour (100 km per hour) was "far worse" than any contemporary car tested by the magazine and about seven feet longer than the stopping distance of a Ford F-150 full-sized pickup, it said.
Tesla said its own testing had found braking distances of 133 feet on average using the 18" Michelin all season tire, and as low as 126 feet with all tires currently available.
"Unlike other vehicles, Tesla is uniquely positioned to address more corner cases over time through over-the-air software updates, and it continually does so to improve factors such as stopping distance," Tesla said.
"LOSE MONEY AND DIE"
Research firm Berenberg also helped give Tesla shares a boost on Monday, after it raised its share price target to $500 from $470 on Friday.
Its forecast, the highest among over two dozen analysts tracked by Thomson Reuters, is now more than $200 above the stock's price, which has fallen $100 from September's peak.
Musk, whose refusal to answer analysts' questions on a call this month also hurt company shares, said in his weekend tweets that Tesla had to focus first on delivering Model 3s that were priced higher than the base version, or it would "die."
"With production, 1st you need achieve target rate & then smooth out flow to achieve target cost. Shipping min cost Model 3 right away wd cause Tesla to lose money & die. Need 3 to 6 months after 5k/wk to ship $35k Tesla & live," Musk tweeted.
The new Model 3 version's price was similar to the BMW M3, "but 15 percent quicker & with better handling," Musk added, without giving details.
Also over the weekend, a Model S sedan crashed and killed the driver in the San Francisco Bay Area, one of a recent spate of crashes, some of which involved fire and some of which took place while the company's semi-autonomous Autopilot technology was engaged.
In the latest case, the car launched off a rural county road into a nearby pond more than 60 feet from the road, state and local law enforcement said.
The car appeared to be going faster than the posted 35 mph limit, but authorities had not yet determined its speed and whether Autopilot was engaged, a California Highway Patrol spokesman said.
Tesla said it did not yet know the facts and had not yet received data from the car, but was cooperating with local authorities.
The National Highway Traffic Safety Administration said it was gathering information and would "take action as appropriate."
On Friday, proxy adviser Institutional Shareholder Services (ISS) backed a shareholder proposal to separate Musk's current chairman and CEO roles, suggesting that shareholders would be better served by having Musk focus on running the company.
Tesla shares closed up 2.8 percent to $284.49 on the Nasdaq. (Reporting by Vibhuti Sharma and Sonam Rai in Bengaluru; Writing by Alexandria Sage; editing by Patrick Graham and Lisa Shumaker) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/reuters-america-update-3-tesla-model-3-fails-to-get-consumer-reports-nod-due-to-big-flaws.html |
U.S. stocks surged Monday, powered by shares of industrial companies, as concerns about a trade war between the U.S. and China eased.
The Dow Jones Industrial Average jumped 314 points, or 1.3%, to 25029, topping 25000 for the first time since March 16. The S&P 500 and Nasdaq Composite advanced 0.8% and 0.6%, respectively.
Money managers... | ashraq/financial-news-articles | https://www.wsj.com/articles/global-shares-rise-on-u-s-china-trade-spat-reprieve-1526889195 |
Spanish prime minister to face confidence vote 3:20pm BST - 01:19
Spanish Prime Minister Mariano Rajoy will face a vote of confidence in his leadership on Friday as corruption convictions handed down to dozens of people linked to his center-right People’s Party threatened his six-year rule.
Spanish Prime Minister Mariano Rajoy will face a vote of confidence in his leadership on Friday as corruption convictions handed down to dozens of people linked to his center-right People’s Party threatened his six-year rule. //reut.rs/2IUoABy | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/28/spanish-prime-minister-to-face-confidenc?videoId=431154252 |
Waking up can be one of the most difficult and dreaded parts of going to work. But for some of the most successful people in art, business and sports, rising early is key to their success .
Apple CEO Tim Cook starts his mornings at 3:45 a.m., Ellevest CEO and co-founder Sallie Krawcheck wakes at 4 a.m. and Oprah Winfrey , Michelle Obama and Indra Nooyi have been known to rise at the crack of dawn.
Benjamin Spall, author of " My Morning Routine: How Successful People Start Every Day Inspired " and founding editor of my morning routine.com has spoken with hundreds of successful figures about their morning regimens. "It's not a coincidence that all of these people these people have routines," he tells CNBC Make It .
While Spall says the biggest predictor of success is simply having a steady routine, it cannot be ignored that many of the most successful figures in his book wake up early — as in, before-6-a.m.-early.
Here are 10 successful people who wake with (or before) the sun:
Christopher Goodney | Bloomberg | Getty Images William 'Bill' McNabb, president and chief executive officer of Vanguard Advisers Inc. 1. Bill McNabb, Chairman of the Vanguard Group, wakes up around 5 and gets to his desk by 6:15 a.m.
Bill McNabb, chairman and former CEO of the Vanguard Group, has a strict early-morning routine that he has not changed in decades.
"My routine has varied about 30 minutes over 30 years," he says. "When I became Vanguard's CEO in 2008 (a position I held until early 2018), I started coming in a little earlier so I could have some additional preparation time in the morning. Other than that, not much has changed since I joined the company in 1986."
His routine includes waking up between 5 and 5:15 a.m., grabbing a cup of coffee on the way to work and settling in at his desk between 5:45 and 6:15. Getting into the office early, he says, gives him crucial time for creative productivity.
"The quiet time between 6 and 7:30 a.m. is when some of my best work gets done," says McNabb. "It's my time to read, think and prepare for the day ahead. I try really hard to preserve that time."
Getty Images Washington state Attorney General Bob Ferguson speaks during a press conference at his office on February 9, 2017 in Seattle, Washington. 2. Bob Ferguson, Attorney General of Washington State, wakes at 5 a.m. to make breakfast for his family "I'm a big believer that how your day starts is really important," says Bob Ferguson, Attorney General of the state of Washington.
He wakes between 5 and 6:30 a.m. in order to carve out time for himself and his family.
"First, I have a little personal time — breakfast, coffee, the morning news," he lists. Then he wakes his children and wife up and begins to make breakfast for the family to enjoy together.
Waking up early, he explains, is the only way for him to make sure that he has time for what matters most.
"It's easy for meetings to go late at work, or for other events to come up, and I'm not always guaranteed much time with them later in the day, so I liked to lock in that morning time," says Ferguson.
David A. Grogan | CNBC Brad Feld at Iconic Devern on June 16, 2016. 3. Brad Feld, Venture Capitalist at the Foundry Group, rises anywhere between 5:30 and 9 a.m. to 'watch the day open up' Venture capitalist Brad Feld occasionally wakes up before 6 a.m., but also warns against wearing yourself too thin.
"Five years ago, I woke up at 5 every morning during the week, regardless of what time zone I was in," he says. "Then I had a major depressive episode and decided to stop waking up with an alarm clock. I now get up whenever I wake up, which is anywhere between 5:30 and 9 a.m."
Once he wakes up, Feld weighs himself, brushes his teeth and makes a cup of coffee. He then spends four minutes sitting with his wife and their dogs. "We just sit with our coffee, talk a little and watch the day open up and the birds sing."
Kristian Dowling/Getty Images Caroline Burckle 4. Caroline Burckle, U.S. Olympic bronze medalist, rises at 5:30 to work out — without an alarm Like many of the other successful early-risers, Olympic swimmer Caroline Burckle wakes up early in order to work out. She wakes up around 5:30 a.m. and eats an energy bar before beginning a running interval, weight-training or swimming workout.
"I've had this routine my entire life," she says. "Swimming bred me to wake up in the wee hours of the morning from a young age. I try to have two days a week to 'sleep in' to 6:30 or 7 a.m."
What's more, Burckle says her body will naturally wake up at this early time. "Typically, my internal clock wakes me up about four minutes before my alarm," she says.
Getty Images 5. General Stanley McChrystal, retired U.S. Army four-star general, wakes at 4 a.m. and doesn't eat until dinner General Stanley McChrystal's morning routine is regimented — to say the least. He wakes up around 4 a.m., shaves, exercises for an hour and a half, takes a four or five-minute shower and then goes to the office.
"When I was deployed in Iraq and Afghanistan, my morning routine was pretty much the same, except I would often break it into two parts," he says.
Even though he spends over 90 minutes working out each morning, the General skips breakfast— and lunch. "I typically don't eat anything until dinner," he says. "It just makes me feel better, my body has gotten used to it, and so if I eat before dinner I get kind of sluggish."
Getty Images for Vanity Fair DreamWorks Animation Chairman and moderator Mellody Hobson speaks during "Who Owns Your Screen?" at the Vanity Fair New Establishment Summit, Oct. 9, 2014, in San Francisco. 6. Mellody Hobson, President of Ariel Investments, rises at 4 a.m. to exercise and take a bath Mellody Hobson, who serves as the President of Ariel Investments, has been waking up before 6 a.m. for more than two decades.
She wakes up between 4 and 5 a.m. and checks her phone for urgent emails and news alerts before exercising, which consists of running, lifting weights, swimming and cycling. She drinks two liters of water while exercising. When her work out is over, she has two hard-boiled eggs with coffee or tea followed by a bath.
"My bath time is essential personal time," she explains. "I take a bath every morning, and use the time to decompress and relax. When I'm running outside on cold days in Chicago, I run faster on the return leg, thinking about my bath."
Source: StyleSeat Melody McCloskey, founder and CEO of StyleSeat 7. Melody McCloskey, founder and CEO of StyleSeat, trained herself to get up at 5:45 a.m. For Melody McCloskey, founder and CEO of StyleSeat, rising with the sun is crucial to her productivity and well-being.
"I've been getting up early for a few years," she says. "For a long period of my life I stayed up very late, but I've since found my early morning routine to be the best way for me to sustain a high output and to feel balanced and happy throughout the day."
McCloskey wakes up at 5:45 a.m. and does an hour of organizing. She exercises every day at 7 a.m., either with a personal trainer or in a exercise class like hot yoga, Pilates or TRX.
"Of course it wasn't easy at first," admits the CEO. "It was torture getting up that early; I was never naturally a morning person. But now it's become routine, and I wake up pretty early on weekends too."
Source: YouTube/Texas Instruments Peter Balyta 8. Peter Balyta, President of Education Technology at Texas Instruments, wakes at 5:20 a.m. and does math while exercising Growing up in Canada, Peter Balyta would wake up early every morning for hockey practice. "I'm wired to be disciplined, especially when it comes to fitness," he says.
Today, Balyta serves as the President of Education Technology for Texas Instruments. He says this discipline is a crucial part of his morning routine. Every day he wakes up at 5:20 a.m., eats a banana, drinks a glass of water, scans his email and then hits the gym.
"We start with a warm-up of light stretching, followed by a high-intensity workout of the day, involving constantly changing movements," he says.
While he is exercising he does mental math to wake up both his mind as well as his body. "Not to geek out too much, but I use simple math to determine transition times and physics to determine how to leverage my body around a barbell," he says.
Scott Eisen/Getty Images MIT President L. Rafael Reif 9. L. Rafael Reif, President of M.I.T., gets up at 5 a.m. and rarely skips breakfast The President of Massachusetts Institute of Technology, L. Rafael Reif, says that maintaining his early morning routine is essential to staying productive and happy.
"I set my alarm for 6 a.m. but I rarely get to hear it — I almost always wake up around 5 or 5:30 on my own," he says.
The first thing he does is checks his phone. "I'll try to respond to any urgent messages right away, then I take my phone or tablet to breakfast and read the news while I eat," says Reif. "After breakfast, I shower, get dressed, and then I'm off to my first meeting of the day."
He uses breakfast as a time to read and connect with his wife.
"If I don't have a chance to check my email, I worry about what I'm missing. Even when I do check my email, I still worry," he says. "And it happens rarely, but if I miss breakfast for some reason, it throws me off for the whole day. The word 'grumpy' comes to mind."
Bob Riha, Jr./Getty Images Scott Adams 10. Scott Adams, creator of "Dilbert," wakes at 4 a.m. to be his 'smartest' While Scott Adams, creator of the "Dilbert" comic strip does allow for some flexibility, he always wakes up as early as he can — typically between 4 and 6 a.m.
"Some people are just morning people, myself included, so for me it is easy to get up in the morning, that's the best part of my day," says Adams. "Typically speaking I'm happiest, smartest, most creative and most optimistic between the hours of 4 and 8 a.m."
As soon as he wakes up he goes to work in order to take advantage of these creative early hours.
Unlike other early risers, however, Adams does not go to sleep particularly early, usually around 11 p.m., and he admits that being sleep deprived can take its toll.
"Being tired can be dangerous," he says. "It takes a pretty predictable chunk off your IQ."
Like this story? Like CNBC Make It on Facebook
Don't miss:
The president of Pixar starts the day with meditation, a triple espresso and 3 tablespoons of cocoa powder Tim Cook says the Class of 2018 needs to face their fears—here's why Oprah to the Class of 2018: 'Your job is not who you are' show chapters Donald Trump is the 'poster child of sleep deprivation': Arianna Huffington 8:18 AM ET Mon, 13 Feb 2017 | 07:18 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/10-highly-successful-people-who-wake-up-before-6-a-m.html |
May 3 (Reuters) - BankNordik P/F:
* REG-A STRONG START TO 2018 - NET PROFIT GUIDANCE RAISED
* Q1 NET INTEREST INCOME DKK 94 MILLION VERSUS DKK 98 MILLION YEAR AGO
* Q1 PRE-TAX PROFIT DKK 148 MILLION VERSUS DKK 57 MILLION YEAR AGO
* Q1 LOAN LOSSES DKK 31 MILLION VERSUS LOAN LOSSES DKK 0 MILLION YEAR AGO
* GROUP IS RAISING ITS FY2018 NET PROFIT GUIDANCE UPWARDS FROM DKK 165-215M AS PREVIOUSLY GUIDED TO DKK 175-225M Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-banknordik-p-f-q1-net-interest-inc/brief-banknordik-p-f-q1-net-interest-income-down-at-dkk-94-mln-idUSFWN1S91G3 |
May 9 (Reuters) - Diana Containerships Inc:
* . REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2018
* Q1 REVENUE $8.0 MILLION VERSUS $3.8 MILLION * QTRLY LOSS PER SHARE $0.67, ADJUSTED TO GIVE EFFECT TO REVERSE STOCK SPLITS THAT BECAME EFFECTIVE IN 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-diana-containerships-reports-q1-re/brief-diana-containerships-reports-q1-revenue-of-8-0-mln-versus-3-8-mln-idUSASC0A0XH |
May 15, 2018 / 11:22 AM / Updated 7 hours ago Qualcomm-NXP deal still on hold in China, trade talks with U.S. eyed: sources Michael Martina , Adam Jourdan 4 Min Read
BEIJING/SHANGHAI (Reuters) - Qualcomm’s proposed $44 billion takeover of rival NXP Semiconductors is yet to see a concrete breakthrough in China, sources said, tempering hopes a lull in trade tensions with the United States had prompted Beijing to speed up its ruling on the deal. A sign on the Qualcomm campus is seen, as chip maker Broadcom Ltd announced an unsolicited bid to buy peer Qualcomm Inc for $103 billion, in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake/Files
China’s approval would likely depend on the progress of broader trade discussions, three people with knowledge of the deal said, as senior Chinese and U.S. officials meet this week in Washington for their second round of high-stake talks.
They made little apparent progress in discussions in Beijing earlier this month. The U.S. ambassador to China said on Tuesday the two countries were still “very far apart” on resolving trade frictions.
Washington and Beijing have proposed tens of billions of dollars in tariffs in recent weeks, fanning worries of a full-blown trade war that could hurt global supply chains and dent business investment plans.
Qualcomm’s takeover of NXP has been caught in the crosshairs of the trade tensions. The deal has received approval from eight of the nine required global regulators, with Chinese clearance the only one pending.
NXP shares jumped on Monday after a media report said China had resumed its review of the deal and that the commerce ministry had been asked to speed up the process.
This followed President Donald Trump’s pledge on Sunday to help China’s ZTE Corp get “back into business” after a U.S. ban hurt the telecom equipment maker, signalling a thaw in trade relations.
However, two sources told Reuters there had been no outward change in the review process that has been ongoing since Qualcomm refiled its application for the deal in April.
There has been no clear new signs since Sunday pointing to an imminent approval of the deal, one of the sources said.
The second source, who is familiar with Qualcomm’s dealings with Chinese regulators, said the State Administration for Market Regulation (SAMR) had not provided the company with any updates on the review.
The Ministry of Commerce and SAMR did not have an immediate comment when contacted by Reuters on Tuesday. Qualcomm did not respond to requests for comment. BROADER TALKS IN FOCUS
China is unlikely to approve the deal while broader trade talks and discussion around ZTE are still in the balance, but it could quickly give the go-ahead at the “right political moment”, antitrust lawyers and people close to Qualcomm said.
“Because of the current trade tensions and the ZTE incident they are just waiting for the right timing to do it,” said one Beijing-based antitrust lawyer, who asked not to be named because he was not authorised to speak about the matter.
He added that Chinese regulators had already been looking at the case for a “very long time” and had identified remedies that Qualcomm needed to implement to resolve competition issues and push the deal through.
“From a procedural perspective, (the Chinese regulators) could clear the case even tomorrow or this week,” he said.
Clinching the deal is key for Qualcomm, which is looking to diversify its customer base and become the leading chip supplier to the fast-growing automotive market.
The sharp change in Trump’s stance on ZTE has fuelled optimism about the prospects of the deal, sources said.
“This is the first positive indicator I’ve seen for some time,” said a third U.S.-based technology industry executive with knowledge of the deal.
“For suppliers to ZTE - including Qualcomm, Google, Intel and InterDigital - positive engagement is a good outcome.” A man works on a tent for NXP Semiconductors in preparation for the 2015 International Consumer Electronics Show (CES) at Las Vegas Convention Center in Las Vegas, Nevada, U.S. January 4, 2015. REUTERS/Steve Marcus/Files Reporting by Michael Martina and Matt Miller in BEIJING, Adam Jourdan in SHANGHAI and Greg Roumeliotis in NEW YORK; Writing by Adam Jourdan; Editing by Himani Sarkar | ashraq/financial-news-articles | https://in.reuters.com/article/china-qualcomm/qualcomm-nxp-deal-still-on-hold-in-china-trade-talks-with-u-s-eyed-sources-idINKCN1IG1K8 |
AMSTERDAM, May 24 (Reuters) - Dutch Prime Minister Mark Rutte will shorten his visit to India by a day in order to join cabinet discussions on Friday about new findings on the downing of passenger flight MH17 over Ukraine in 2014, Dutch news agency ANP said on Thursday.
Prosecutors investigating the downing of Malaysia Airlines Flight 17 said on Thursday they had identified the missile used to shoot down the plane on July 17, 2014, as coming from a Russian military unit.
The airliner with 298 people on board, two-thirds of them Dutch, was hit by a Russian-made missile over territory in eastern Ukraine held by pro-Russian separatists. All those aboard died. (Reporting by Bart Meijer Editing by Gareth Jones)
| ashraq/financial-news-articles | https://www.reuters.com/article/ukraine-crisis-mh17-rutte/dutch-pm-cuts-short-india-trip-for-cabinet-meeting-on-downed-mh17-airliner-anp-idUSA5N1JW01I |
By Bloomberg 2:07 PM EDT
A Southwest Airlines Co. jetliner made an unscheduled stop after a window cracked, two weeks after an accident on a separate plane in which a passenger was partially sucked out of a destroyed window and died.
Flight 957 from Chicago-Midway to Newark, New Jersey, didn’t lose cabin pressure as it diverted to Cleveland, Southwest said in a statement Wednesday. An emergency wasn’t declared.
The passenger window was broken, according to the Federal Aviation Administration. The Boeing Co. 737, which carried 76 passengers, was taken out of service.
Neither Southwest nor the FAA identified a cause of the problem with the window, in which cracks formed in multiple layers. The FAA said it would investigate the incident.
“My sense is that its very rare for a cabin window to have that issue,” said Richard Healing, a former National Transportation Safety Board member who now leads Air Safety Engineering. It’s more common for cockpit windows to crack than those in the passenger area of the plane, he said.
“The way they are designed, the window performed, the backup function worked as intended,” he said, with the multiple layers preventing a blowout. “My suspicion is it was the outside part but the frame held and kept it in place. It performed as intended.”
On April 17, a passenger was partially sucked out of a window after an engine exploded on Southwest Flight 1380 and hurled debris against the fuselage. The National Transportation Safety Board said it found signs of metal fatigue where a blade on an engine fan broke off.
Southwest rose less than 1 percent to $53.12 at 12:39 p.m. in New York after declining on news of the diverted landing. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/02/southwest-airlines-window-emergency-landing/ |
Malaysia's Mahathir claims election win as count swings against government Published 12 Mins Ago Reuters Lai Seng Sin | Reuters Mahathir Mohamad, former Malaysian prime minister and opposition candidate for Pakatan Harapan (Alliance of Hope) reacts during a news conference after general election, in Petaling Jaya, Malaysia, May 9, 2018.
Malaysia 's Mahathir Mohamad said the opposition alliance he leads had won enough parliament seats in Wednesday's general election to form the next government, but the count was continuing and official results so far did not back his claim.
The Election Commission sought to tamp down speculation about the outcome, but thousands of supporters of the Southeast Asian country's 92-year-old former leader did not wait to celebrate, cheering and honking horns in central Kuala Lumpur.
Several key roads in the heart of the capital were blocked off by police amid growing evidence that Prime Minister Najib Razak 's coalition was on the back foot and could lose power for the first time since Malaysia's independence six decades ago.
His party postponed an evening news conference until Thursday morning and said Najib, who has ruled the Southeast Asian country for nearly 10 years, would address the media at 11:00 on Thursday (11 p.m. ET, Wednesday). | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/malaysias-mahathir-claims-election-win-as-count-swings-against-government.html |
May 10, 2018 / 5:54 PM / Updated 6 minutes ago Nigerian diplomat killed in Sudanese capital Khartoum Reuters Staff 1 Min Read
KHARTOUM (Reuters) - A Nigerian diplomat was found dead in his home in the Sudanese capital Khartoum on Thursday, two security sources said, in an apparent murder that police said did not appear to be politically motivated.
Police spokesman Omar al-Mokhtar said the unidentified diplomat, who had been working in the immigration section of the Nigerian Embassy, was stabbed to death and police had ruled out the possibility it was a terrorist attack.
Mokhtar said police had arrested several suspects, but provided no further details.
Officials from the Nigerian Embassy in Khartoum were not available to comment.
Dubai-based al-Arabiya television had earlier described the diplomat’s death as an “assassination”.
Though intermittent violence is common in Sudan’s ethnically torn southern and western regions, violence in the capital is rare.
President Omar Hassan al-Bashir has recently shaken up the security establishment, replacing the heads of the army and intelligence service in February. Reporting by Khalid Abdelaziz and Ahmed Tolba, writing by Sami Aboudi and Eric Knecht; editing by Mark Heinrich | ashraq/financial-news-articles | https://www.reuters.com/article/us-sudan-nigeria-diplomat/nigerian-diplomat-killed-in-sudanese-capital-khartoum-idUSKBN1IB2MD |
A dozen auto makers failed to meet a deadline to repair millions of air bags that risk exploding in crashes, prompting the U.S.’s senior-most traffic-safety regulator to summon them to meetings.
Under an unprecedented government order, auto makers were required to address by the end of 2017 vehicles with Takata Corp. air bags at the highest risk of rupturing and spraying metal shards. The National Highway Traffic Safety Administration said Monday it was “concerned that certain higher-risk vehicles with defective Takata air... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/auto-makers-miss-deadline-for-repairing-explosive-air-bags-1526315815 |
Closing Bell Exchange: A lot of momentum for the dollar 2 Hours Ago Discussing the current state of the markets with Michael Zinn, UBS Financials Services; Steve Grasso, Stuart Frankel; and CNBC’s Rick Santelli. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/closing-bell-exchange-a-lot-of-momentum-for-the-dollar.html |
By Fortune Editors 3:40 PM EDT
Watch episode three of our new weekly news show, The Breakdown , for a quick dive into some of the week’s most compelling topics by reporters and editors from Fortune, Time , Money, and Sports Illustrated . In this week’s edition, Fortune looks at Disney’s current winning streak at the box office, Time explores DNA privacy, Money editor Ian Salisbury shares everything you need to know about Bitcoins, and Sports Illustrated discusses why you should pay attention to the latest string of groundbreaking salaries in the NFL. The show stars Neha Joy and streams weekly on Wednesdays at 4 p.m. Eastern. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/09/the-breakdown-episode-3/ |
DETROIT (Reuters) - A Detroit businessman who sold and leased human body parts was sentenced to nine years in prison Tuesday for selling diseased remains to medical educators.
Arthur Rathburn, convicted of providing diseased body parts to medical customers, is pictured in a court sketch while being sentenced by U.S. District Judge Paul Borman in Detroit, Michigan, U.S., May 22, 2018. REUTERS/Jerry Lemenu Arthur Rathburn, 64, is the third and most significant person convicted as part of a national investigation into the largely unregulated market for body parts in the United States. The Federal Bureau of Investigation is also investigating other so-called body brokers in Illinois, Oregon and Colorado, and has executed search warrants in each of those cases.
Prosecutors said Rathburn earned $13 million from 1997 to 2013 by selling or leasing human remains that had been donated to science.
During a January trial, an FBI agent testified that Rathburn took little care as he stockpiled body parts in freezers at his Detroit warehouse. The agent said parts from various donors were found “frozen together in flesh-on-flesh chunks.”
Among the relatives of those whose bodies were donated to science and ended up in Rathburn’s warehouse is Tracy Smolka of Kankakee, Illinois. Her father, Randolph Wright, died in 2010. Three years later, the FBI found her father’s head in Rathburn’s freezer. Smolka faced Rathburn for the first time Monday, in court.
“I hope you burn in hell,” Smolka told him. “And when you get there, make sure to tell the devil I sent you.”
Rathburn was not prosecuted for his treatment of human remains: U.S. law governs only body parts intended for transplantation, such as hearts and livers. Rathburn was convicted of defrauding customers and violating hazardous shipping laws.
According to a government tally, Rathburn supplied unwitting medical educators with body parts infected with HIV or hepatitis at least 120 times from 1997 to 2013. The government’s failure to stop Rathburn sooner, despite a decade of warning signs, was documented in stories Reuters published last year about the body trade.
Rathburn did not testify at the trial but spoke during the sentencing hearing, in his first public comments since his arrest in 2016. In a rambling statement, Rathburn denied that he intentionally misled those who bought or leased body parts from him. He blamed mistakes on others and portrayed his lab as “clean, perfect.” He described himself as a visionary in the field — a scientist “ahead of his time.”
“I know how some of you thought this was barbaric,” Rathburn said of the body parts trade. “I can understand your point of view, but this was necessary.”
Assistant U.S. Attorney John Neal said Rathburn’s comments show that he has no remorse.
“Mr. Rathburn has learned nothing from this experience. If permitted to leave prison any time soon, he will commit fraud again,” Neal said. “Mr. Rathburn believes he can talk his way out of anything.”
Earlier, Rathburn’s ex-wife, Elizabeth Rathburn, and one of the couple’s suppliers, Steve Gore, were also convicted of fraud. Each pleaded guilty, was sentenced to probation, and testified against Arthur Rathburn. Gore ran the Phoenix-based Biological Resource Center, which sold more than 20,000 parts from some 5,000 human bodies over a decade. It closed in 2014, following a raid by the FBI.
FILE PHOTO: FBI agents search the premises during a December 2013 raid on Arthur Rathburn’s warehouse in Detroit, Michigan. REUTERS/Steve Neavling/File Photo Reporting by Serena Maria Daniels in Detroit and John Shiffman in Washington. Edited by Blake Morrison.
Advertise with Us | ashraq/financial-news-articles | https://in.reuters.com/article/usa-bodies-sentence/businessman-who-sold-diseased-human-body-parts-gets-nine-years-in-prison-idINKCN1IN2QY |
Mark Zuckerberg criticized for his lack of answers in Brussels testimony 47 Mins Ago Facebook CEO Mark Zuckerberg has been criticized for his lack of answers in his testimony at the European Parliament in Brussels. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/facebook-ceo-mark-zuckerberg-criticized-for-his-lack-of-answers-in-brussels-testimony.html |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.