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TORONTO, May 24, 2018 (GLOBE NEWSWIRE) -- Stone Investment Group Limited released its unaudited financial results today for the quarter ended March 31, 2018.
The full interim financial statements for the period, including Management’s Discussion and Analysis, are available on SEDAR at www.SEDAR.com .
About Stone Investment Group Limited
Stone Investment Group Limited is an independent wealth management company. Stone Investment Group Limited, through its wholly owned subsidiary, Stone Asset Management Limited, structures and manages high quality investment products for Canadian investors.
For more information:
Stone Investment Group Limited
Jason Stone
Investor Relations
T 416 867 2533 T 800 336 9528 x4429
E [email protected] www.stoneco.com
Source:Stone Investment Group Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-stone-investment-group-limited-reports-second-quarter-results.html |
WARSAW, May 15 (Reuters) - Poland’s biggest insurer PZU SA said on Tuesday its management board had recommended a dividend of 2.5 zloty per share or 2.16 billion zloty ($595.19 million) in total from 2017 net profit.
If shareholders accept the proposal, the dividend will be paid out on October 3, the statement said. The company also said the dividend was in line with its policy.
Last year PZU, paid a dividend of 1.4 zloty per share or 1.2 billion zloty in total for 2016.
The state-run company had net profit of 2.91 billion zloty in 2017. ($1 = 3.6291 zlotys) (Reporting by Marcin Goclowski. Editing by Jane Merriman)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/pzu-dividend/polands-pzu-plans-to-pay-out-595-mln-in-dividends-for-2017-idUSL5N1SM91Y |
LONDON (Reuters) - Gold in 2018 will deliver its strongest annual price performance in five years, GFMS analysts forecast on Tuesday, as political uncertainty drives investment in bars and bullion-backed investment funds.
A goldsmith makes products at a shop in Hanoi December 3, 2015. REUTERS/Kham The GFMS metals research team, a unit of Thomson Reuters, predicted gold would average $1,360 an ounce this year, up 8 percent from 2017, with some short-term moves towards $1,500.
Gold has not risen above that level since early 2013.
“Uncertainty revolving around President (Donald) Trump’s politics, along with ongoing tensions in the Middle East and Brexit negotiations will remain gold’s key drivers,” the team said as it released its Gold Survey 2018.
The team expected demand by exchange traded funds (ETFs) to rebound this year to 350 tonnes.
“Retail investment is forecast to rise in 2018 following four consecutive years of declines, thanks to a pick-up in bar demand, supported by improving sentiment towards gold and rising price expectations,” GFMS said.
Adding to the bullish picture, the Chinese central bank was expected to resume purchases, GFMS said, leading to a rise in net official sector demand this year to more than 400 tonnes for the first time since 2015.
The Chinese central bank, once a major buyer of gold, has not reported any additions to its reserves since October 2016.
ETF demand totaled 177 tonnes last year, GFMS said, while physical gold demand, including buying of jewelry, coins and bars, rose 10 percent, its first annual increase since 2013.
That was driven by a 13 percent climb in jewelry fabrication, its first annual rise since 2013, with demand in the world’s second largest consumer India particularly strong before the implementation of a new tax regime mid-year.
Jewelry fabrication in East Asia, which includes number one consumer China, fell for a fourth year in a row to its weakest in five years, with a drop in Chinese fabrication accounting for the bulk of the drop, GFMS said.
Overall, China’s gold demand was down 3 percent in 2017 and Chinese consumption was expected to weaken further this year, GFMS said, citing structural changes in the jewelry industry which have seen retailers focus on higher-margin products.
Global bar demand was expected to rise 1 percent, recovering after falling for four years in a row, while coin demand was forecast to remain subdued after falling in 2017 to its weakest since 2007, GFMS said.
“The continual increase in the gold price has kept bargain hunters on the sideline, as coin investors are usually the most price sensitive in the market,” it said.
“The improving sentiment over the economic outlook, particularly in the United States, have investors less interested in gold coins as their risk appetite increased.”
Mine production edged lower last year for the first time since 2008, GFMS said, totaling 3,247 tonnes.
In 2018, the team said it expected mine output to hit a record 3,265 tonnes. “We expect Asian countries such as Indonesia, Mongolia and China to contribute to gains in the current year, accompanied by Russia, Australia and Canada,” it said.
Reporting by Jan Harvey; Editing by Edmund Blair
| ashraq/financial-news-articles | https://www.reuters.com/article/us-gold-gfms/gold-seen-at-highest-annual-price-for-five-years-in-2018-gfms-idUSKBN1I90SB |
May 22 (Reuters) - BP PLC:
* BP INVESTS IN ULTRA-FAST CHARGING BATTERY COMPANY STOREDOT
* BP VENTURES INVESTS $20 MILLION IN ULTRA-FAST CHARGING BATTERY DEVELOPER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bp-invests-in-ultra-fast-charging/brief-bp-invests-in-ultra-fast-charging-battery-company-storedot-idUSFWN1ST07N |
CARLSBAD, Calif. (AP) _ MaxLinear Inc. (MXL) on Tuesday reported first-quarter profit of $1.8 million.
The Carlsbad, California-based company said it had profit of 3 cents per share. Earnings, adjusted for one-time gains and costs, were 37 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.
The chipmaker posted revenue of $110.8 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $112.2 million.
For the current quarter ending in July, MaxLinear said it expects revenue in the range of $100 million to $110 million.
MaxLinear shares have fallen roughly 10 percent since the beginning of the year. The stock has dropped 14 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 MXL at https://www.zacks.com/ap/MXL | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/the-associated-press-maxlinear-1q-earnings-snapshot.html |
April 30 (Reuters) - UAC Of Nigeria PLC:
* Q1 ENDED MARCH 2018 GROUP PROFIT BEFORE TAX FROM CONTINUING OPERATIONS OF 973.6 MILLION NAIRA VERSUS 945.2 MILLION NAIRA YEAR AGO
* Q1 GROUP REVENUE FROM CONTINUING OPERATIONS OF 18.31 BILLION NAIRA VERSUS 24.38 MILLION NAIRA YEAR AGO Source: bit.ly/2rbhpu1 Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-uac-of-nigeria-posts-q1-group-pret/brief-uac-of-nigeria-posts-q1-group-pretax-profit-of-973-6-mln-naira-idUSFWN1S718Q |
May 18 (Reuters) - Edison International:
* EDISON INTERNATIONAL SAYS ON MAY 17, ENTERED INTO SECOND AMENDED AND RESTATED CREDIT AGREEMENT FOR $1.5 BILLION REVOLVING CREDIT FACILITY - SEC FILING
* EDISON INTERNATIONAL - ALSO, SOUTHERN CALIFORNIA EDISON CO ENTERED SECOND AMENDED & RESTATED CREDIT AGREEMENT FOR $3.0 BILLION REVOLVING CREDIT FACILITY Source bit.ly/2wSiZWV Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-edison-international-says-on-may-1/brief-edison-international-says-on-may-17-entered-into-second-amended-for-1-5-bln-credit-facility-idUSFWN1SP0VK |
May 2 (Reuters) - Huaming Power Equipment Co Ltd :
* SAYS IT PLANS TO BUY DATA BUSINESS RELATED ASSETS, SHARE TRADE TO HALT FROM MAY 3 Source text in Chinese: bit.ly/2Ib596J Further company coverage: (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-huaming-power-equipment-to-buy-dat/brief-huaming-power-equipment-to-buy-data-business-related-assets-share-trade-to-halt-from-may-3-idUSH9N1S500V |
May 26, 2018 / 12:56 PM / Updated an hour ago Buttler and Bess keep England alive at Lord's Ed Osmond 4 Min Read
LONDON (Reuters) - Jos Buttler and Dom Bess shared a spirited century stand to save England from a humiliating innings defeat by Pakistan in the first test at Lord’s on Saturday. Cricket - England vs Pakistan - First Test - Lord's Cricket Ground, London, Britain - May 26, 2018 England's Jos Buttler celebrates reaching a half century Action Images via Reuters/John Sibley
The pair came together with the hosts reeling at 110 for six, 69 runs behind the touring side and heading for their first loss in a May test at the home of cricket inside three days.
Buttler, recalled to the side, and debutant Bess calmly added 125 in the evening sunshine to take England to 235 for six and a narrow lead of 56 runs.
“We wanted to scrap hard and try and get ourselves back in the game,” Buttler said.
“With Dom Bess, it was like Joe Root walked back out, with his back foot punches and cover drives. He’s got a great character and he really showed that.”
Pakistan, however, should still complete a deserved victory on Sunday.
They added 13 runs to their overnight 350 for eight to extend their lead to 179 and quickly started running through England’s brittle batting line-up. Cricket - England vs Pakistan - First Test - Lord's Cricket Ground, London, Britain - May 26, 2018 England's Dom Bess and Jos Buttler walk off the pitch at the end of play Action Images via Reuters/John Sibley
Alastair Cook, who top-scored with 70 in the first innings, was trapped lbw by Mohammad Abbas for one and Mark Stoneman, under severe pressure for his place in the team, made a scratchy nine before he was bowled by leg-spinner Shadab Khan before England limped to lunch at 37 for two.
Captain Joe Root batted patiently, content to defend and take advantage of the rare loose balls served up by a disciplined Pakistan attack.
He reached his 50 before Mohammad Amir took centre stage with two wickets in one over. BRILLIANT DELIVERY
Pakistan’s left-arm seamer found the edge of Dawid Malan’s bat to dismiss him for 12 and two balls later Amir produced a brilliant inswinging delivery to bowl Jonny Bairstow and leave England in deep trouble at 91 for four. Slideshow (10 Images)
Ben Stokes clipped his first ball through square leg for four and followed up with another crisp boundary but, on nine, he tried to hit Shadab through the leg-side and was well caught at short mid-wicket.
The packed crowd was stunned into silence as Buttler walked out to the middle and Root was next to go, snared lbw by Abbas for 68 and failing to get the decision overturned on review.
It was the 10th time in a row that Root has failed to convert a test fifty into a century and his dismissal ended England’s realistic hopes of winning the match.
Buttler and Bess clung on till tea, however, and played sensibly in the final session.
Buttler struck five fours in reaching his half-century and 20-year-old off-spinner Bess, who failed to take a wicket, showed great maturity in a supporting role.
He played some polished attacking strokes and his fifty was greeted by warm applause from the packed crowd as he raised his bat to all corners of the ground.
It was probably too little too late for England, who were desperate to make a strong start to the two-test series following their heavy Ashes defeat in Australia and a rare loss to New Zealand.
But at least Buttler, who finished on 66 not out, and Bess (55 not out) justified their selections and gave their team a bit of confidence ahead of a potentially even more difficult five-test series against top-ranked India. Editing by Toby Davis and Clare Fallon | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-test-eng-pak/pakistan-eye-famous-win-as-england-falter-idUKKCN1IR0E2 |
Don't sell in May, says Michael Hans 3:07pm EDT - 05:47
Clarfeld Financial Advisors' CIO tells Reuters' Fred Katayama financial and tech stocks can take this range-bound market higher. ▲ Hide Transcript ▶ View Transcript
Clarfeld Financial Advisors' CIO tells Reuters' Fred Katayama financial and tech stocks can take this range-bound market higher. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rpY87q | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/07/dont-sell-in-may-says-michael-hans?videoId=424756659 |
President Donald Trump 's public financial disclosure form released Wednesday says Trump "fully reimbursed" his longtime lawyer Michael Cohen for an unspecified amount and purpose in 2017.
Cohen is known to have paid porn star Stormy Daniels $130,000 on the eve of the 2016 presidential election in exchange for her silence about an alleged affair with Trump.
Earlier this month, one of Trump's new lawyers, Rudy Giuliani , confirmed for the first time that the president reimbursed Cohen for that payment.
That confirmation, in turn, reignited questions of whether Cohen's payment to Daniels represented an illegal contribution to Trump's presidential campaign.
In recent days, a looming question was whether Trump's financial disclosure form would mention Cohen's payment to Daniels and Trump's reimbursement for it, as a leading government ethics expert said it must.
Getty Images Michael Cohen, former personal attorney for U.S. President Donald Trump, exits the Loews Regency Hotel, May 11, 2018 in New York City. The federal Office of Government Ethics, in a letter to the Justice Department released Wednesday, said that "the payment by Mr. Cohen" to a third party by law should have been revealed in Trump's financial disclosure filing last year.
However, the payment was not revealed in that filing. The OGE's acting director on Wednesday gave the Justice Department both this year's report and last year's report "because you may find the disclosure relevant to any inquiry you may be pursuing."
Former OGE Director Walter Shaub said that the acting director's letter to the Justice Department is "tantamount to a criminal referral."
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The disclosure filed Wednesday does not mention the reason Trump paid Cohen for the payment the lawyer made.
But it says that Cohen incurred expenses in 2016 and that he sought reimbursement for those expenses, "and Mr. Trump fully reimbursed Mr. Cohen in 2017."
The "category of value" of the reimbursement Trump paid Cohen according to the disclosure is not a specific amount, but a range: $100,001 to $250,000.
The disclosure also says, in a footnote, that the expense claimed by Cohen was "not required to be disclosed as 'reportable liabilities'" on the form. But the expense was being revealed, according to the disclosure, "in the interest of transparency."
But the Office of Government Ethics, in a letter to Deputy Attorney General Rod Rosenstein, said that the payment made by Cohen "is required to be reported as a liability."
The OGE's acting director, David Apol, noted that the interest group Citizens for Responsibility and Ethics in Washington in March had filed a complaint with both the Justice Department and OGE.
That complaint asked both agencies to investigate whether Cohen's payment to Daniels "constituted a loan to President Trump that should have been reported as a liability on his public financial disclosure report signed on June 14, 2017." That report covered calendar year 2016, the same year that Cohen paid Daniels.
CREW also asked both agencies to determine if the failure to disclose such a loan "was knowing and willful."
Apol wrote Rosenstein that OGE "has determined that the information" detailing the payment by Cohen and the reimbursement by Trump "meets the disclosure requirements for a reportable liability under the Ethics in Government Act."
Apol wrote that he was giving "both reports" to Rosenstein "because you may find the disclosure relevant to any inquiry you may be pursuing regarding the President's prior report that was signed on June 14, 2017."
On May 4, Democratic Rep. Elijah Cummings said Trump may have broken the law by not disclosing his debt to Cohen in his financial disclosure report last year.
show chapters Trump's fight against 'fake news' has been a boon for media companies 11:50 AM ET Tue, 24 April 2018 | 01:49 Giuliani's statement in early May that Trump had reimbursed Cohen for the Daniels payment came after Cohen's own lawyer had denied Trump reimbursed Cohen.
Giuliani told the New York Times that Trump paid Cohen in monthly installments of $35,000 beginning after the election , which totaled up to $470,000.
Trump had previously denied knowledge of Cohen's payment to Daniels.
But the president acknowledged the hush money deal and Cohen's reimbursement in a trio of tweets after Giuliani's initial revelations.
Cohen, he said, "received a monthly retainer, not from the campaign and having nothing to do with the campaign, from which he entered into, through reimbursement, a private contract between two parties, known as a non-disclosure agreement."
Trump added that such deals are "very common among celebrities and people of wealth," and that it was used in this case to "stop the false and extortionist accusations made by her about an affair."
Thousands of executive branch employees filed the annual forms on Tuesday — including the president, according to the Office of Government Ethics. Trump's previous filing from June 2017 accounted for nearly $600 million in income — but made no mention of any payments to Cohen or Essential Consultants, the company that Cohen set up to funnel the hush money to Daniels.
| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/trumps-financial-disclosure-report-released.html |
MUMBAI, May 15 (Reuters) - The Indian rupee recovered sharply on Tuesday to rise on suspected intervention by the central bank after falling to a near 16-month low in early trade.
State-run banks were seen selling dollars around 67.67 level, dealers said. The Reserve Bank of India typically intervenes in the foreign exchange market via state banks.
The central bank likely sold dollars via state banks at 67.67 level to stem the rupee fall, said dealers.
The Indian rupee sharply retraced all its losses to rise to the day’s high of 67.5350 to the dollar, after falling to 67.7975 in early trade, its weakest since Jan. 31, 2017. It had closed at 67.50 on Monday.
“This time the intervention from RBI seemed quite decisive,” said a dealer at a foreign bank.
Reporting by Suvashree Dey Choudhury and Abhirup Roy, Editing by Sherry Jacob-Phillips
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/india-rupee/indian-rupee-posts-sharp-recovery-on-suspected-cenbank-intervention-idUSI8N1MF01W |
May 19, 2018 / 2:52 PM / Updated 10 minutes ago Melania Trump returns to White House after kidney procedure Reuters Staff 1 Min Read
WASHINGTON (Reuters) - President Donald Trump’s wife, Melania Trump, returned to the White House on Saturday after undergoing a surgical procedure this week to treat a benign kidney condition, her office said. U.S. first lady Melania Trump hosts a roundtable discussion with tech leaders on the effects of the Internet on children, at the White House in Washington, U.S. March 20, 2018. REUTERS/Jonathan Ernst/Files
The first lady, 48, had been recovering at Walter Reed medical center since Monday, when she underwent an embolization procedure to treat the kidney condition.
Spokeswoman Stephanie Grisham said in a statement that the first lady returned to the White House on Saturday morning.
“She is resting comfortably and remains in high spirits,” Grisham said. “Our office has received thousands of calls and emails wishing Mrs. Trump well, and we thank everyone who has taken the time to reach out.”
An embolization is a minimally invasive procedure often used to block the flow of blood to a tumor or an abnormal area of tissue. Reporting by Yeganeh Torbati in Washington; Editing by Matthew Lewis | ashraq/financial-news-articles | https://in.reuters.com/article/usa-trump-melania/melania-trump-returns-to-white-house-after-kidney-procedure-idINKCN1IK0KB |
By Alan Murray and David Meyer 6:35 AM EDT Good morning.
Our Fortune 500 CEO poll is out this morning, and it shows big company CEOs are notably optimistic about the economy. Some highlights:
— Roughly half—48%—think the economy will be better in the next 12 months than it has been in the last 12.
— Nearly two-thirds—63%—don’t think we will face a recession in the next two years.
— 82% expect to hire more employees over the next two years.
— Roughly half—49%—think President Trump’s policies have been “better than they expected” for their companies; only 18% think they have been “worse than expected.”
— 77% expect the new tax law to reduce their tax liability this year. And what will they use that money for? Increased dividends and share buybacks (50%), reinvestment in the company (43%), additional hiring (32%), additional R&D (32%), and additional wages and employee benefits (29%).
Also out this morning, is Erika Fry’s tough piece about Pfizer’s role in the nation’s critical drug shortages, and Michal Lev-Ram’s story about the huge team Facebook is assembling to police its content. (Note: a full 63% of the CEOs, who aren’t a regulatory-minded bunch, think Facebook is in need of more regulatory oversight.)
News below.
Alan Murray @alansmurray [email protected] Top News
ZTE Negotiations
The U.S. and China reportedly have a rough agreement on how to stop the Chinese telecoms giant ZTE from going under. According to the Wall Street Journal ‘s sources, the deal would see the U.S. remove the ban on ZTE buying American parts and software—without which it cannot do business —in exchange for major management changes and possible fines. The ban resulted from ZTE breaking Iran sanctions. WSJ
Iran Sanctions
The U.S. is imposing “the strongest sanctions in history” on Iran, according to Secretary of State Mike Pompeo, who predicted that the Islamic Republic would be “battling to keep its economy alive.” However, Pompeo’s EU counterpart, Federica Mogherini, noted that there’s still no indication of how the U.S. withdrawal from the Iran nuclear deal will stop nuclear proliferation in the Middle East. BBC
Sony Buys EMI
Sony is to spend $1.8 billion on buying EMI Music Publishing, a titan in its field with artists such as Queen and Alicia Keys in its catalog. “We are thrilled to bring EMI Music Publishing into the Sony family and maintain our number one position in the music publishing industry,” said Kenichiro Yoshida, Sony’s recently-installed CEO. Yoshida also said Sony would continue to boost its content services, while investing in image sensors and other technology. Guardian
Adobe Buys Magento
Adobe is shelling out $1.68 billion on Magento Commerce, maker of tools for operating online stores. The two companies already share a number of big-name customers such as Coca-Cola, Warner Music Group, and Nestlé. Magento CEO Mark Lavelle will stay with the operation as part of the deal, which is Adobe’s latest play in the marketing analytics sphere. Fortune
Advertisement Around the Water Cooler
Siemens Threats
The CEO of industrial giant Siemens has received death threats for speaking out against the far-right German opposition party, the AfD. After AfD co-leader Alice Weidel made a speech in which she said refugees were “girls in headscarves, knife-wielding men on government benefits and other good-for-nothing people,” Joe Kaeser attacked her on Twitter, making reference to the Nazis. This is an extremely unusual intervention for a German business leader to make, and Siemens’s board and worker council, as well as the extremely powerful IG Metall union, have formally backed Kaeser in this fight. Financial Times
Zuck’s Apology Tour
Facebook CEO Mark Zuckerberg will testify before the European Parliament today over the Cambridge Analytica scandal and other misadventures. “Whether it’s fake news, foreign interference in elections or developers misusing people’s information, we didn’t take a broad enough view of our responsibilities,” Zuck will say, according to prepared remarks reported by USA Today. Expect the Facebook chief to get a far toastier grilling in Brussels than he did in Washington. USA Today
Tesla Review
What does Consumer Reports think of Tesla’s Model 3? There’s a lot to like, the publication said yesterday in a review, but it can’t recommend the “mass market” car because its braking distance is “far worse than any contemporary car we’ve tested and about 7 feet longer than the stopping distance of a Ford F-150 full-sized pickup.” Also, the control layout “forces drivers to take multiple steps to accomplish simple tasks.” Consumer Reports
Bitcoin Mining
With Bitcoin mining nowadays being only barely profitable, if at all—a function of the relatively low Bitcoin price and the enormous cost of mining—it’s surprising to see a major supplier of mining “rigs” preparing for an IPO. But Canaan Inc. is apparently doing just that. According to Reuters, Canaan is pitching itself as a chip company rather than a Bitcoin company, associating itself with markets beyond the cryptocurrency world. Reuters
This edition of CEO Daily was edited by David Meyer . Find previous editions here , and sign up for other Fortune newsletters here . | ashraq/financial-news-articles | http://fortune.com/2018/05/22/zte-iran-sony-emi-adobe-magento-ceo-daily-for-may-22-2018/ |
BAKERSFIELD, Calif., Berry Petroleum Corporation ("Berry") announced today that it confidentially submitted a draft registration statement on Form S-1 to the Securities and Exchange Commission related to a proposed initial public offering of its common stock. The offering is expected to commence, subject to market and other conditions, after the Securities and Exchange Commission completes the review process of Berry's draft registration statement.
This announcement is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933. As required by Rule 135, this press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements." These forward-looking statements represent Berry's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These statements include, but are not limited to, statements regarding the pursuit of an initial public offering. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Berry's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Berry does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Berry to predict all such factors.
releases/berry-petroleum-corporation-announces-submission-of-draft-registration-statement-for-proposed-initial-public-offering-300641579.html
SOURCE Berry Petroleum Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-berry-petroleum-corporation-announces-submission-of-draft-registration-statement-for-proposed-initial-public-offering.html |
KANSAS CITY, Kan. - Kevin Harvick has been the dominant force in Monster Energy NASCAR Cup Series racing this season.
File photo: Apr 27, 2018; Talladega, AL, USA; NASCAR Cup Series driver Kevin Harvick (4) looks on during practice for the GIECO 500 at Talladega Superspeedway. Mandatory Credit: Jasen Vinlove-USA TODAY Sports In knockout qualifying on Friday at Kansas Speedway, the driver of the No. 4 Stewart-Haas Racing Ford showed no sign of relinquishing his grip on NASCAR’s foremost series.
Harvick navigated the 1.5-mile speedway in 28.600 seconds (188.811 mph) in the final round of time trials to win the top starting spot for Saturday’s KC Masterpiece 400.
The Busch Pole Award was a record fourth for Harvick at Kansas, his second of the season and the 23rd of his career.
“This has been a really good place for us through the years, and obviously, when you look at qualifying day, it’s one of those places that fits what we do,” said Harvick, who has a series-best four victories this season, including last Sunday’s win at Dover.
“It’s been an entertaining day. We’ve had a lot of things to work through today (during practice and inspection), but it’s one of those days when you look at the team and go, ‘Man, those guys are really good at what they do.’ Nobody panics, and it really shows the experience and the patience that all those guys have.”
Harvick edged Ryan Blaney (187.826 mph) for the top spot on the grid by .015 seconds. Kyle Busch (187.552 mph) qualified third, followed by Aric Almirola (187.428 mph) and Brad Keselowski (186.748 mph).
Blaney had the fastest lap of the day in the first round (189.043 mph) but said the handling of his No. 12 Team Penske Ford tightened up in the second and third rounds.
Denny Hamlin, Martin Truex Jr., Kurt Busch, Joey Logano and Chris Buescher completed the top 10. Buescher was the only Chevrolet driver to advance to the final round, as Fords took seven of the top 12 spots and Toyotas accounted for four.
Buescher claimed his best starting spot since qualifying ninth last year at Sonoma Raceway.
“I’m proud of the effort,” Buescher said. “Our Camaro ZL1 was good all three runs. We didn’t lose a bunch of speed throughout the whole thing, and I’m proud of that. It’s the second best start I’ve ever had in the Cup Series. That’s pretty awesome as well.”
In the second round, Kyle Larson, one of the favorites for the pole, spun off Turn 4 and flat-spotted his tires. Larson failed to post a time in the round and earned the 22nd starting position, but the No. 42 will drop to the rear for the start of the race if the team opts to change tires.
“I was pretty tight that run, and I just got tight getting into the top there and got up in the marbles and got loose,” said Larson, who grazed the outside wall with his No. 42 Chip Ganassi Racing Chevrolet. “I’m just thankful I didn’t get too much damage on our First Data Chevy.
“I haven’t looked at it, but it appears really minor. Wish I wouldn’t have done that because I feel like we had a shot at the pole.”
Seven-time series champion Jimmie Johnson’s No. 48 Hendrick Motorsports Chevrolet made it through pre-qualifying inspection just in time to make a first-round qualifying run. But Johnson will start 23rd after opting not to make a run in the second round.
Jamie McMurray, the last driver to qualify in Round 1 after inspection issues, will start 24th after his car failed to fire for the second round.
The No. 14 Ford of local favorite Clint Bowyer failed to advance through inspection in time to qualify, sending Bowyer to the rear for the start of the race. Likewise, Matt Kenseth will start from the back of the field in his return to competition with Roush Fenway Racing, with his No. 6 Ford also failing to pass inspection.
—By Reid Spencer, NASCAR Wire Service. Special to Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-nascar-kansas-qualifying/nascar-harvick-extends-dominance-with-pole-run-at-kansas-idUSKCN1ID0F3 |
PARIS (AP) — French President Emmanuel Macron called on tech leaders Thursday to invest in France, saying his innovation policies aim to make the country the gateway to Europe.
Speaking partly in English in front of CEOs and other tech industry leaders, Macron said "it's because France is changing like crazy that we can say that France is back and you could choose France."
He said his labor policy changes have boosted investment in the country over the past year. The changes, notably aimed at giving employers more flexibility to hire and fire, have prompted a series of strikes and protests against what unions see as weakening workers' rights.
The speech at the Vivatech trade show in Paris came a day after Macron met Facebook, Microsoft, Uber, IBM and other CEOs to discuss personal data protection and taxes, among other issues.
The French president pushed for tougher EU regulations and a European digital tax. "Those who innovate in France, they pay taxes... We are decreasing these taxes. Fine. But it's not fair when somebody else pays no tax," he said.
Privacy was another issue Macron raised as a tough new European data protection law comes into effect this week. The so-called GDPR regulation will give Europeans more control over what companies can do with what they post, search and click.
Microsoft CEO Satya Nadella said in a speech Thursday that "with GDPR, we will now have to operate recognizing that privacy is a human right." Microsoft said this week it would apply European data rights to all its clients worldwide.
Facebook CEO Mark Zuckerberg, also speaking at the conference, said GDPR means adding some controls, but he insisted it is "not a massive departure" from what Facebook does.
At a hearing Tuesday in the European Parliament in Brussels, Zuckerberg acknowledged a "mistake" and apologized for the way the social network has been used to produce fake news and interfere in elections.
In response to a question Thursday, Zuckerberg said he had not foreseen the "huge" responsibility Facebook faces today when he was building the company "as a college service."
"We need to do a more proactive job," Zuckerberg said. He cited taking down "inappropriate content" linked to everything from extremism to bullying.
Other mea culpas included failing to spot Russian interference. In 2016, he said, "we were slow to identify Russian interference in the U.S. election."
Facebook has tools "that can now take down proactively thousands and thousands of fake accounts that might be trying to spread misinformation," Zuckerberg said.
He said the company also has taken steps to make political ads "much more transparent."
"There's a lot more that we need to do here, but we're really focused on this," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/the-associated-press-macron-wants-to-make-france-gateway-to-europe-for-tech-firms.html |
May 3 (Reuters) - Seven Generations Energy Ltd:
* SEVEN GENERATIONS DELIVERS $381 MILLION OF FUNDS FROM OPERATIONS IN FIRST QUARTER OF 2018
* SEVEN GENERATIONS ENERGY - QTRLY FUNDS FROM OPERATIONS PER SHARE $1.05
* SEVEN GENERATIONS ENERGY LTD - QTRLY TOTAL PRODUCTION 187.7 MBOE/D VERSUS 153.1 MBOE/D
* SEVEN GENERATIONS ENERGY LTD - QTRLY REVENUE $648.5 MILLION VERSUS $629.8 MILLION
* SEVEN GENERATIONS ENERGY LTD - SEES REVISED 2018 OUTLOOK FOR FUNDS FROM OPERATIONS OF $1,600 - $1,675 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-seven-generations-delivers-381-mln/brief-seven-generations-delivers-381-mln-of-funds-from-operations-in-first-quarter-of-2018-idUSASC09ZH8 |
JACKSON, Wyo. and ALBUQUERQUE, N.M., Building on the legacy of firm founder Gerry L. Spence , The Spence Law Firm, LLC is now serving clients in New Mexico, fighting for the rights of the injured, the wrongly accused, and whistleblowers.
The firm's new Albuquerque office is led by New Mexico-born Dennis K. Wallin , who comes from a long line of ranchers, farmers, and contractors around the state. He has worked in conjunction with The Spence Law Firm for nearly 30 years, partnering with the firm on some of the largest personal injury lawsuits in New Mexico history.
Mr. Wallin, a partner in The Spence Law Firm NM, LLC, said, "Having seen the devotion and commitment shown to their clients for decades, I'm pleased to formally join the Spence firm lawyers. We are proven and award-winning trial lawyers with the experience and ability to take on the most difficult and most important cases. Clients and New Mexico co-counsel can count on our team of lawyers, industry-leading experts, and a support staff in expensive, complex and exhausting litigation."
In a wide range of successful cases , the Spence firm has won more than a billion dollars in verdicts and settlements across the country by taking on big corporations, insurance companies, and the government. The Spence Law Firm is a unique firm of trial lawyers representing people across the West, and with the opening of the Albuquerque office, the firm is committing to help people and lawyers in New Mexico.
From Gerry Spence's nationally known legacy cases – including the defense of Randy Weaver at Ruby Ridge, the Karen Silkwood case, and the defense of Geoffrey Fieger – to its hundreds of millions of dollars in recent settlements and verdicts in business litigation, injury litigation and class actions, the firm has strong momentum.
The Spence firm handles a variety of personal injury cases, including: motor vehicle accidents, trucking accidents, industrial and work accidents, oil and gas field accidents, explosion accidents, railroad and aviation accidents, civil rights cases, medical malpractice, products liability, carbon monoxide poisoning, birth injuries, burn injuries, catastrophic injuries, and wrongful death. More information about the firm is available at www.spencelawyers.com .
CONTACT : Dennis K. Wallin, The Spence Law Firm NM, LLC, 1600 Mountain Road, N.W., Albuquerque, NM 87104, 505-832-6363.
: releases/the-spence-law-firm-opens-new-mexico-office-300647810.html
SOURCE The Spence Law Firm, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-the-spence-law-firm-opens-new-mexico-office.html |
May 11 (Reuters) - Kimberly-Clark Corp:
* KIMBERLY-CLARK CORP - KIM UNDERHILL, PRESIDENT OF KIMBERLY-CLARK PROFESSIONAL, HAS BEEN NAMED GROUP PRESIDENT KIMBERLY-CLARK NORTH AMERICA
* KIMBERLY-CLARK CORP - UNDERHILL IS SUCCEEDING LARRY ALLGAIER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kimberly-clark-corp-kim-underhill/brief-kimberly-clark-corp-kim-underhill-president-of-kimberly-clark-professional-named-group-president-kimberly-clark-north-america-idUSFWN1SI1H0 |
MELBOURNE (Reuters) - Australian Prime Minister Malcolm Turnbull will travel to China later this year to smooth over bumpy diplomatic ties that have now developed into trade problems for some of Australia’s biggest wine and beverage exporters, Fairfax Media reported.
FILE PHOTO: Australia's Prime Minister Malcolm Turnbull and German Chancellor Angela Merkel (not pictured) address the media following their talks in Berlin, Germany, April 23, 2018. REUTERS/Fabrizio Bensch Relations between the two trade partners have cooled significantly in recent months, after Turnbull’s conservative coalition government proposed a bill to limit foreign influence in Australia, including political donations, but which Beijing has interpreted as “anti-China”.
No dates were immediately available for Turnbull’s trip.
Several Australian businesses that export to China have complained that the cool diplomatic ties had spilled over into business, with delays and extra scrutiny being applied at customs and distribution.
Australia’s Treasury Wine Estates Ltd - the world’s biggest listed winemaker and owner of the Penfolds, Wolf Blass and Rosemount labels - has reported unusual delays of its exports hitting Chinese shelves.
Several unidentified Australian business owners who operate in China told Fairfax Media on the weekend that Chinese authorities had been unfairly targeting Australian products.
Trade Minister Steven Ciobo is already in Shanghai on a trade mission, the first visit from an Australian minister this year, but said that there was “limited scope” to resolve issues involving Australian businesses.[nL3N1SP1YS[
“We do have irritants from time to time, but you know what? We have irritants pretty much in every relationship that we have globally,” Ciobo told reporters on Friday.
“So there’s nothing unique about that,” he added. “We talk through it, we work through it in a constructive way for the mutual benefit of both China and Australia.”
His visit is restricted to Shanghai, which has raised concerns over how he can intervene in the trade issue without meeting with senior government officials, who are based in Beijing.
Foreign Minister Julie Bishop will meet with her Chinese counterpart next week.
Reporting by Alana Schetzer; Editing by Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-china/australian-pm-to-visit-china-to-smooth-trade-ties-idUSKCN1IK032 |
A federal judge on Tuesday dismissed a lawsuit brought against Express Scripts by shareholders who accused the pharmacy benefits manager of inflating its share price by hiding its deteriorating relationship with its largest customer, Anthem .
U.S. District Judge Edgardo Ramos in Manhattan, who dismissed an earlier version of the lawsuit last August, said shareholders failed to support their claim that Express Scripts knowingly misled them.
| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/lawsuit-against-express-scripts-over-anthem-ties-dismissed.html |
May 8, 2018 / 6:37 AM / Updated 38 minutes ago Sensex ends little changed ; ICICI Bank leads gains Reuters Staff 1 Min Read
(Reuters) - Indian shares ended slightly higher on Tuesday, paring early gains which were led by ICICI Bank on hopes of improvement in the lender’s asset quality after it announced March-quarter results post market hours on Monday. A broker laughs while speaking to a colleague, as they trade on their computer terminals at a stock brokerage firm in Mumbai, March 4, 2015. REUTERS/Shailesh Andrade/Files
The benchmark BSE Sensex closed up 0.02 percent at 35,216.32.
The broader NSE Nifty ended 0.02 percent higher at 10,717.8, holding above 10,700 level for a second straight session.
ICICI Bank ended up 6.73 percent at 309.30 rupees, its highest close since Feb. 28. Reporting by Arnab Paul in Bengaluru; Editing by Sunil Nair | ashraq/financial-news-articles | https://in.reuters.com/article/india-sensex-nifty-stocks/sensex-rises-icici-bank-oil-marketers-gain-idINKBN1I90IR |
May 11, 2018 / 8:10 PM / in 8 minutes Report: Hawks zeroing in on Pierce as coach Reuters Staff 1 Min Read
Philadelphia 76ers assistant Lloyd Pierce interviewed with the Atlanta Hawks for a third time on Friday and is expected to be offered their vacant head coaching job, according to Adrian Wojnarowski of ESPN. Downtown Atlanta is seen from the SkyView Atlanta, a 200-foot (61-meter) tall Ferris wheel with 42 gondolas, in downtown Atlanta, Georgia, July 18, 2013. The Ferris wheel, which was previously located in Paris, Switzerland, and Pensacola, Florida, opened to the public in Atlanta on July 16. Picture taken on July 18, 2013. REUTERS/Chris Aluka Berry
Pierce met with Hawks GM Travis Schlenk last Friday and with majority owner Tony Ressler earlier this week, per the report.
His third meeting is with Schlenk and other team officials and an offer could come by day’s end.
Pierce, whose focus is on the defense with Philadelphia, has been with the Sixers since 2013 following stints with Golden State, Memphis and Cleveland.
The 76ers ranked third in defensive rating this season.
Atlanta is looking for a new coach after mutually parting ways with Mike Budenholzer in late April. They have three first-round picks in the upcoming NBA draft.
The Hawks also interviewed Golden State assistant Jarron Collins, Portland’s Nate Tibbetts and former Memphis Grizzlies coach David Fizdale, who wound up taking the New York Knicks job.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-atl-pierce/report-hawks-zeroing-in-on-pierce-as-coach-idUSKBN1IC2HR |
NEW YORK (Reuters) - Short-sellers who had targeted Tesla Inc ( TSLA.O ) logged a $700 million paper profit on Thursday after the stock fell nearly 9 percent a day after Chief Executive Elon Musk stunned analysts by dodging “boring” questions about the electric car maker’s financial outlook.
The windfall wiped out short-sellers’ 2018 losses on Tesla, the biggest U.S. equity short, bringing year-to-date paper profits to $683 million, said Ihor Dusaniwsky, head of research at financial analytics firm S3 Partners.
Short-sellers aim to profit by selling borrowed shares with the hope of buying them back later at a lower price.
Tesla’s shares and bonds slid on Thursday as investors took Musk to task for cutting off analysts’ questions and grappled with concerns over Tesla’s ability to raise money in the future.
In a bizarre conference call, the iconoclastic CEO described questions about Tesla’s capital requirements as “boring” after Tesla, which also makes solar technology, reported a record loss of $709.6 million, or $4.19 per share, in the first quarter ended March 31.
“Don’t let Musk’s conference call theatrics fool you. He did not want investors to focus on his rapidly deteriorating finances,” prominent short-seller Jim Chanos of Kynikos Associates LP told Reuters in an email.
“Tesla’s quick ratio dropped to 0.38 and their (Altman) z-score is approaching 1.0,” Chanos said.
The so-called quick ratio is a commonly used indicator of short-term liquidity, while an Altman z-score is a combination of weighted business ratios that is used to estimate the likelihood of financial distress.
“Both are indicative of a company in financial distress,” said Chanos.
Chanos told Reuters in November he continued to add to his short position in Tesla throughout 2017.
Slideshow (2 Images) EXPENSIVE SHORT The borrowing cost for Tesla is around 3.69 percent, up from about 1 percent at the start of the year, putting it among the top 5 percent most-expensive stocks on the Russell 3000 index to short, according to S3 Partners.
Shorts have to shell out $1.22 million every day to keep their position on, the most for any stock in the Russell 3000 Index, according to S3 Partners data.
Selling Tesla short has not always paid off. Shorts logged $2.3 billion in mark-to-market losses in 2017, as the shares soared 45.7 percent for the year.
But the stock has lost 9 percent in 2018 so far as investors fretted about issues such as a federal probe of a fatal crash on March 23 in California involving one of its vehicles and a downgrade of its credit position by Moody’s Investors Service.
Emboldened by production setbacks at the company, short sellers have boosted short interest in the stock by $2.5 billion, or 26 percent, for the year.
That took the overall short interest to $11.94 billion, enlarging what had been, off and on since March 2016, the largest equity bear bet in U.S. markets, according to S3 Partners data.
Options traders also boosted their bearish bets against Tesla in recent weeks.
Investor Christopher Irons, founder of independent investigative research website quoththeravenresearch.com, said he had a small position in deep out-of-the money puts on Tesla, that makes money if the stock crashes.
Musk’s remarks during the analyst call shook investors’ confidence in Tesla, Irons said.
“Being a public company is a privilege and if you are going to take the good of being a public company, you owe it to the public to answer their questions,” said Irons.
Reporting by Saqib Iqbal Ahmed and Jennifer Ablan; Editing by Alden Bentley and Bernadette Baum
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tesla-results-shorts/musks-conduct-tesla-stock-slide-make-700-million-profit-for-short-sellers-idUSKBN1I420C |
(Recasts headline. No change to text.)
By Gulsen Solaker and Tuvan Gumrukcu
ANKARA, May 10 (Reuters) - Turkey on Thursday suspended the opening of any new French studies departments at its universities, an education official said, amid a growing row with France over a call there for some passages to be removed from the Koran.
An official of Turkey’s Higher Education Board said Turkish universities would not open any new French departments and that 16 existing departments without enrolled students would not be allowed to admit any new students.
The 19 departments which currently have students enrolled will be allowed to admit new students and continue the academic year normally, the official said.
The move to impose limitations on French departments was part of a “reciprocity” relationship with France, the official said, adding that there were no bachelor’s programmes offering Turkish literature in France.
Relations between Ankara and Paris - already tense over differences on Syria - have been further strained after an open letter was published in France in which 300 people called for certain verses to be removed from the Muslim holy book.
The signatories, who included former President Nicolas Sarkozy, argued the verses “spread violent and antisemitic ideas”. The move drew a scathing response from President Tayyip Erdogan and ministers from his Islamist-rooted ruling AK Party.
“Is it your place to make such remarks? We see this only as a reflection of your ignorance. You are no different than Daesh (Islamic State) ... No matter how much you attack what’s sacred to us, we will not do the same. We are not despicable,” Erdogan said in a speech.
France has been one of the most vocal critics of Turkey’s military operation in northern Syria against the Kurdish YPG, which Turkey considers a terrorist organisation.
Ankara has said that a French pledge to help stabilise a region controlled by Kurdish-dominated forces amounted to support for terrorism and could make France a “target of Turkey”. (Editing by David Dolan and Richard Balmforth)
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-education-france/rpt-turkey-curbs-french-studies-amid-koran-row-idUSL8N1SH3WF |
Provides Update on Proposed Merger with Ocwen Financial Corporation
Highlights:
Net loss attributable to PHH Corporation of $30 million, or $0.92 per basic share. Net loss from continuing operations was $26 million or $0.80 per basic share, which includes $9 million of favorable pre-tax notable items. Ended the first quarter of 2018 with cash and cash equivalents of $480 million and total PHH Corporation stockholders’ equity of $523 million. Substantially completed the exit from the private label services origination business and completed the purchase of Realogy's membership interest in PHH Home Loans. Completed substantially all of our previously announced headcount rightsizing plans and ended the first quarter of 2018 with approximately 1,225 employees, which is ahead of the 1,250 employee target by the second half of 2018. Our Total Servicing Portfolio was comprised of 648,040 loans serviced representing $143.5 billion of unpaid principal balance, including 609,250 loans in our subservicing portfolio.
MOUNT LAUREL, N.J.--(BUSINESS WIRE)-- PHH Corporation (NYSE: PHH) (“PHH” or the “Company”) today announced financial results for the quarter ended March 31, 2018 and provided an update on the proposed merger with Ocwen Financial Corporation. For the quarter ended March 31, 2018, the Company reported Net loss attributable to PHH Corporation of $30 million or $0.92 per basic share. Net loss from continuing operations was $26 million or $0.80 per basic share.
Robert B. Crowl, President and Chief Executive Officer of PHH Corporation, said, “Our team is fully committed to executing our business plans and meeting the closing requirements for our merger with Ocwen. Based on the progress made to date on certain closing conditions, including the levels of adjusted net worth and available cash on hand levels as compared to the threshold levels agreed upon in the merger agreement, we continue to believe that the transaction could close in the third or fourth quarter 2018.”
Summary Consolidated Results (In millions, except per share data) Three Months Ended March 31, 2018 2017 Total net revenues $ 50 $ 40 Loss from continuing operations before income taxes (26 ) (77 ) Loss from continuing operations, net of tax (26 ) (53 ) Net loss attributable to PHH Corporation (30 ) (67 ) Basic and Diluted loss per share: From continuing operations $ (0.80 ) $ (0.99 ) From discontinued operations (0.12 ) (0.27 ) Total attributable to PHH Corporation $ (0.92 ) $ (1.26 ) Weighted-average common shares outstanding — basic & diluted 32.645 53.683 Notable items and Exit and disposal costs attributable to the continuing operations of PHH included the following:
Three Months Ended March 31, 2018 2017 Pre-Tax Post-Tax Pre-Tax Post-Tax $ Per Share $ Per Share Notable items: Legal and regulatory reserves, net of insurance proceeds $ 14 $ 0.44 $ (9 ) $ (0.11 ) Merger and strategic review expenses (4 ) (0.11 ) (17 ) (0.19 ) Loss from MSR sales and related transaction costs (1 ) (0.03 ) (7 ) (0.08 ) Severance — — (1 ) (0.01 ) Re-engineering and growth investments — — 1 0.01 Exit and disposal costs $ — $ — $ (9 ) $ (0.10 ) Update on the Proposed Merger with Ocwen Financial Corporation
On February 27, 2018, the Company entered into a definitive Agreement and Plan of Merger with Ocwen Financial Corporation (“Ocwen”), and POMS Corp (“MergerSub”) pursuant to which all of PHH’s outstanding common stock will be acquired by Ocwen in a merger of MergerSub with and into PHH with PHH as the surviving entity (the “Merger”) in an all cash transaction valued at approximately $360 million, or $11.00 per share on a fully-diluted basis. The Merger is subject to, in addition to various other customary closing conditions: approval by the Company’s stockholders; antitrust, state licensing, and other governmental and regulatory approvals; and PHH maintaining cash and adjusted net worth above certain thresholds. The Company has made progress toward meeting its key closing conditions as follows:
The Company ended the first quarter of 2018 with stockholders’ equity of $523 million. Ocwen may terminate the merger agreement if the Company’s adjusted net worth, as calculated under the merger agreement, is more than $47.5 million below a prescribed amount, which prescribed amount was $489 million as of March 31, 2018 and ranges from $476 million to $393 million between April and December 2018. As of March 31, 2018, the adjustments made to PHH Corporation stockholders’ equity to arrive at the adjusted net worth under the merger agreement were immaterial. The Company ended the first quarter 2018 with cash and cash equivalents of $480 million. Ocwen may terminate the merger agreement if available cash on hand falls below a prescribed amount, which prescribed amount was $367 million as of March 31, 2018, and ranges from $357 million to $293 million between April and December 2018. As of March 31, 2018, the adjustments made to cash and cash equivalents to arrive at available cash on hand were immaterial. The Company has submitted substantially all requisite notices and approval requests to governmental agencies and state regulatory and licensing entities. It has not received any objections to date, and continues to communicate with those agencies and entities regarding any further information requests. The Federal Trade Commission granted early termination of the waiting period under the HSR Act effective April 19, 2018 with respect to both the Company and Ocwen. A Special Meeting of Stockholders has been scheduled for June 11, 2018 to approve the merger with Ocwen. The Company satisfied the closing conditions relating to its exit from the private label services origination business and purchase of Realogy's membership interest in PHH Home Loans.
Pending the closing of the Merger, the Company does not intend to provide further profitability forecasts or estimates of potential excess cash and other financial performance metrics.
About PHH Corporation
PHH Corporation (NYSE: PHH), through its subsidiary, PHH Mortgage, is one of the largest subservicers of residential mortgages in the United States. PHH Mortgage provides servicing and portfolio retention solutions to investors of MSRs, financial and wealth management institutions, regional and community banks, and credit unions. Headquartered in Mount Laurel, New Jersey, the Company has been providing mortgage lending and servicing solutions since 1984 and is dedicated to responsible and ethical practices while delivering an exceptional customer experience. For additional information, please visit www.phh.com .
Forward-Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, forward looking-statements are not based on historical facts but instead represent only our current beliefs regarding future events. All forward-looking statements are, by their nature, subject to risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in such forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements. Such statements may be identified by words such as “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “may increase,” “may fluctuate” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could.”
You should understand that forward-looking statements are not guarantees of performance or results and are preliminary in nature. You should consider the areas of risk described under the heading “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in our periodic reports filed with the U.S. Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in connection with any forward-looking statements that may be made by us or our businesses generally. Such periodic reports are available in the “Investors” section of our website at http://www.phh.com and are also available at http://www.sec.gov. Except for our ongoing obligations to disclose material information under the federal securities laws, applicable stock exchange listing standards and unless otherwise required by law, we undertake no obligation to release publicly any updates or revisions to any forward-looking statements or to report the occurrence or non-occurrence of anticipated or unanticipated events.
Special Note Regarding Forward-Looking Statements
In addition to the Cautionary Note Regarding Forward-Looking Statements above, with respect to the proposed Merger, factors that may cause actual results to differ from expected results include, among others: the occurrence of any event, change or other circumstances that could give rise to the termination of the agreements with Ocwen; the risk that PHH’s stockholders may not approve the merger; the risk that the necessary regulatory approvals for the merger may not be obtained or may be obtained subject to conditions that are not anticipated; the risk that PHH’s cash and/or net worth may decline below the threshold levels specified in the merger agreement; risks that Ocwen may not have sufficient funds to consummate the merger; risks that PHH’s business may suffer as a result of uncertainties surrounding the proposed transaction; litigation or other legal proceedings relating to the proposed transaction; unexpected costs, charges or expenses resulting from the proposed transaction; risks related to the disruption of management time from ongoing business operations due to the proposed transaction; the effect of the announcement of the proposed transactions and the PHH’s plans, including impact on PHH’s relationships with customers, regulators, lenders and employees; other risks to the consummation of the transaction, including the risk that the transactions will not be consummated within the expected time period or at all; unfavorable economic conditions in the markets PHH serves; changes in laws or regulations; and other risks and uncertainties described under the heading “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s periodic reports filed with the SEC, including the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in connection with any forward-looking statements that may be made by the Company or the Company’s businesses generally.
PHH CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions)
March 31, December 31,
2018 2017 ASSETS Cash and cash equivalents $ 480 $ 509 Restricted cash 50 33 Mortgage loans held for sale 41 103 Accounts receivable, net 56 73 Servicing advances, net (1) 324 356 Mortgage servicing rights (1) 496 476 Property and equipment, net 19 22 Other assets 30 25 Assets related to discontinued operations (2) 17 214 Total assets $ 1,513 $ 1,811 LIABILITIES Accounts payable and accrued expenses $ 78 $ 98 Subservicing advance liabilities 208 232 Mortgage servicing rights secured liability 443 419 Mortgage warehouse and advance facilities 46 117 Unsecured debt, net 118 118 Loan repurchase and indemnification liability 28 29 Other liabilities 44 46 Liabilities related to discontinued operations (2) 25 199 Total liabilities 990 1,258 Total PHH Corporation stockholders’ equity 523 553 Total liabilities and equity $ 1,513 $ 1,811 (1) MSR and Advances Sale Commitments. As of March 31, 2018, we had commitments to sell MSRs, representing $5.6 billion of unpaid principal balance, for $33 million in MSR fair value. Additionally, we had commitments to transfer approximately $100 million in Servicing advances to the counterparties of these agreements. (2) Discontinued Operations. Represents the assets and liabilities directly attributable to the PLS business and Real Estate channel. The decline from December 31, 2017 represents the completion of substantially all of the run-off activities of these operations, including the acquisition of Realogy’s 49.9% ownership interests in PHH Home Loans for a total of $19 million in cash. PHH CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) Three Months Ended March 31, 2018 2017
REVENUES Loan servicing income, net $ 43 $ 33 Gain on loans held for sale, net 5 12 Origination and other loan fees 1 1 Net interest expense (14 ) (8 ) Other income 15 2 Total net revenues 50 40 EXPENSES Salaries and related expenses 32 36 Foreclosure and repossession expenses 3 7 Professional and third-party service fees 18 31 Technology equipment and software expenses 7 7 Occupancy and other office expenses 6 5 Depreciation and amortization 3 4 Exit and disposal costs — 9 Other operating expenses 7 18 Total expenses 76 117 Loss from continuing operations before income taxes (26 ) (77 ) Income tax benefit — (24 ) Loss from continuing operations, net of tax (26 ) (53 ) Loss from discontinued operations, net of tax (4 ) (18 ) Net loss (30 ) (71 ) Less: net loss attributable to noncontrolling interest from discontinued operations
— (4 ) Net loss attributable to PHH Corporation $ (30 ) $ (67 ) Comprehensive loss attributable to PHH Corporation $ (30 ) $ (67 ) Basic and Diluted loss per share: From continuing operations $ (0.80 ) $ (0.99 ) From discontinued operations (0.12 ) (0.27 ) Total attributable to PHH Corporation $ (0.92 ) $ (1.26 ) Discontinued Operations
We determined that substantially all of the run-off activities of the Private Label Services ("PLS") business and Real Estate channel were completed during the three months ended March 31, 2018. Accordingly, the results of the PLS business and Real Estate channel have been presented as discontinued operations in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), and excluded from continuing operations and segment results for all periods presented. Certain corporate overhead costs that were previously allocated to the PLS business and Real Estate channel for segment reporting purposes did not qualify for classification within discontinued operations, and have been included in continuing operations.
Reportable segments presented in continuing operations now include Mortgage Servicing, which acts as a subservicer for clients that own the underlying mortgage servicing rights and performs servicing activities for owned mortgage servicing rights, and Mortgage Production, which provides portfolio origination retention services to subservicing clients and sells the related mortgage loans in the secondary market.
Mortgage Servicing
Mortgage Servicing segment loss during the first quarter of 2018 was $6 million, as compared to a loss of $34 million in the first quarter of 2017.
During the first quarter of 2018, Total net revenues increased by $17 million, or 63%, as compared to the same period in 2017 primarily driven by a $15 million gain related to an insurance settlement with one of our insurance carriers for certain previously disclosed legal settlements. Our Total net revenues also reflect a $9 million decrease in unsecured debt interest expense related to the capital actions taken in 2017 to reduce our unsecured debt levels, that was partially offset by a decrease in net servicing revenue from a decrease in the size of our average total loan servicing portfolio and the change in mix of our servicing portfolio to primarily subserviced loans which lowered our contractual servicing fees and the impact from changes in fair value of MSRs.
During the first quarter of 2018, Total expenses decreased by $11 million or 18%, as compared to the same period in 2017. The provision for legal and regulatory matters decreased by $8 million primarily driven by various legal proceedings that are or were still ongoing related to our legacy mortgage servicing practices. Foreclosure and repossession expenses decreased by $4 million primarily due to lower foreclosure activity and improved delinquencies that were partially the result of the sales of delinquent government loans that occurred throughout 2017. Exit and disposal costs decreased by $2 million due to non-recurring costs incurred during 2017 for severance and retention expenses related to Mortgage shared services employees related to the reorganization exit plan.
Corporate overhead allocation increased by $7 million, which was impacted by the PLS business and Real Estate channel exits. During the three months ended March 31, 2017, $13 million of indirect costs not allocated to discontinued operations were stranded within the Other reporting unit, whereas, for 2018, 100% of those costs are included in the allocations to our segments.
At March 31, 2018, our subservicing portfolio consisted of approximately 609,000 units, up 127% from March 31, 2017, reflecting the addition of subserviced loans from 2017 sales of MSRs to New Residential. We continue to expect the transfer of approximately 115,000 subservicing units off of our platform in multiple transfers beginning in May 2018, based upon notifications from two of our largest subservicing clients. Approximately 65,000 of these units are subject to a portfolio defense agreement and will no longer be solicitable units upon transfer to a new servicer.
Three Months Ended March 31, 2018 2017 (In millions) Segment Results:
Loan servicing income, net $ 43 $ 33 Net interest expense (14 ) (8 ) Other income 15 2 Total net revenues 44 27 Salaries and related expenses 15 17 Foreclosure and repossession expenses 3 7 Professional and third-party service fees 6 7 Technology equipment and software expenses 3 3 Occupancy and other office expenses 4 3 Depreciation and amortization 1 1 Exit and disposal costs — 2 Other operating expenses 18 21 Total expenses 50 61 Segment loss $ (6 ) $ (34 ) March 31, 2018 2017 ($ In millions) Total Loan Servicing Portfolio:
Conventional loans $ 133,618 $ 150,022 Government loans 8,490 11,833 Home equity lines of credit 1,347 1,771 Total Unpaid Principal Balance
$ 143,455 $ 163,626 Number of loans in owned portfolio (units) 38,790 486,706 Number of subserviced loans (units) (1) 609,250 267,949 Total number of loans serviced (units) 648,040 754,655 Weighted-average interest rate 3.9 % 3.8 % Total Portfolio Delinquency:
% of UPB - 30 days or more past due 2.06 % 1.94 % % of UPB - Foreclosure, REO and Bankruptcy 1.46 % 1.93 % Units - 30 days or more past due 2.91 % 2.65 % Units - Foreclosure, REO and Bankruptcy 1.97 % 2.40 % Total Capitalized Servicing Portfolio:
Unpaid Principal Balance of capitalized MSRs owned $ 7,853 $ 71,808 Unpaid Principal Balance of capitalized MSRs in secured borrowing arrangement (1) 47,738 — Total Unpaid Principal Balance of capitalized servicing portfolio
$ 55,591 $ 71,808 Capitalized servicing rate 0.89 % 0.83 % Capitalized servicing multiple 3.3 3.0 Weighted-average servicing fee (in basis points) 27 28 Three Months Ended March 31, 2018 2017 (In millions) Total Loan Servicing Portfolio:
Average Portfolio UPB $ 146,221 $ 169,152 Owned Capitalized Servicing Portfolio: (1)
Average Portfolio UPB $ 8,252 $ 78,155 Payoffs and principal curtailments 347 3,459 Sales 1,125 10,316 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-phh-corporation-announces-first-quarter-2018-results.html |
May 2 (Reuters) - SJW Group:
* SJW GROUP COMMENTS ON CAL WATER’S PROXY CONTEST AND REAFFIRMS COMMITMENT TO MERGER OF EQUALS WITH CONNECTICUT WATER
* SJW GROUP - “DEEPLY DISAPPOINTED” CAL WATER HAS CHOSEN TO LAUNCH PROXY CONTEST CHALLENGING CO’S MERGER WITH CONNECTICUT WATER SERVICE INC
* SJW GROUP - URGES STOCKHOLDERS TO “DISREGARD CAL WATER’S WHITE PROXY CARD”, AND VOTE GREEN CARD FOR ALL PROPOSALS RELATED TO MERGER WITH CONNECTICUT WATER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sjw-group-comments-on-cal-waters-p/brief-sjw-group-comments-on-cal-waters-proxy-contestreaffirms-commitment-to-merger-with-connecticut-water-idUSFWN1S919R |
The Malaysia election results come as a 'shock': Portfolio manager 11 Hours Ago Sat Duhra of Janus Henderson Investors says a "period of dislocation" is expected as investors understand the direction of the new Malaysian government. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/the-malaysia-election-results-come-as-a-shock-portfolio-manager.html |
Most new cars nowadays can be outfitted with advanced safety gear, but salespeople often fail to pitch buyers on the benefits of these potentially lifesaving but costly features. As a result, drivers are missing out on features that could make cars safer.
Few new-car buyers bother to try out so-called advanced driver assist systems, which include automatic braking, lane-keeping aids and adaptive cruise control proven to keep drivers safer. A recent McKinsey & Co. study estimates 70% of car shoppers are aware of such features... | ashraq/financial-news-articles | https://www.wsj.com/articles/advanced-features-make-cars-safer-but-theyre-slow-to-catch-on-1526911284 |
(Corrects to make clear Moody’s put Italy’s government bond rating under review for downgrade, did not cut Italy’s rating)
MILAN, May 30 (Reuters) - Rating agency Moody’s said on Wednesday it had placed under review for downgrade the long-term deposit ratings of six Italian banks, including Intesa Sanpaolo and Mediobanca.
Moody’s was also reviewing the issuer or the senior unsecured debt ratings of four lenders, including state-controlled Cassa Depositi e Prestiti (CDP), and the counterparty risk assessment of nine institutions, including UniCredit and Credito Emiliano.
The move was triggered by Moody’s decision to put Italy’s Baa2 government bond rating under review for downgrade last Friday. (Reporting by Francesca Landini, editing by Larry King)
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GUELPH, Ontario, May 16, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the first quarter of 2018 ended March 31, 2018.
First Quarter 2018 Highlights
Total solar module shipments were 1,374 MW, compared to 1,831 MW in the fourth quarter of 2017, and first quarter 2018 guidance in the range of 1.30 GW to 1.35 GW. Net revenue was $1.42 billion, compared to $1.11 billion in the fourth quarter of 2017, and first quarter 2018 guidance in the range of $1.37 billion to $1.40 billion. Net revenue from the total solutions business as a percentage of total net revenue was 64.2% compared to 36.4% in the fourth quarter of 2017. Gross margin was 10.1%, compared to 19.7% in the fourth quarter of 2017, and first quarter 2018 guidance in the range of 10.0% to 12.0%. Net income attributable to Canadian Solar was $43.4 million, or $0.72 per diluted share, compared to net income of $61.4 million, or $1.01 per diluted share, in the fourth quarter of 2017. Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $1.19 billion, compared to $1.19 billion at the end of the fourth quarter of 2017. Net cash provided by operating activities was approximately $253.4 million, compared to net cash provided by operating activities of $189.3 million in the fourth quarter of 2017. During the quarter, the Company completed the sale of three solar power plants in the U.S. totaling 309 MWp to the Korea Electric Power Corporation ("KEPCO") for approximately $720.0 million and completed the sale of 142 MWp of solar power plants in the UK for approximately GBP 191.2 million ($267.7 million) to Greencoat Capital LLP ("Greencoat"). The Company's portfolio of utility-scale solar power plants in operation as of April 30, 2018 was approximately 948 MWp with an estimated total resale value of approximately $1.1 billion. Only the class B share value of the Company's tax equity deal projects in the U.S. is included in this resale value.
First Quarter 2018 Results
Net revenue in the first quarter of 2018 was $1.42 billion, up 28.5% from $1.11 billion in the fourth quarter of 2017 and up 110.5% from $677.0 million in the first quarter of 2017. Solar module shipments in the first quarter of 2018 were 1,374 MW, compared to 1,831 MW in the fourth quarter of 2017, and first quarter 2018 guidance in the range of 1.30 GW to 1.35 GW.
Gross profit in the first quarter of 2018 was $143.9 million, compared $218.6 million in the fourth quarter of 2017 and $91.4 million in the first quarter of 2017. Gross margin in the first quarter of 2018 was 10.1%, compared to 19.7% in the fourth quarter of 2017 and 13.5% in the first quarter of 2017, and first quarter 2018 guidance of 10.0% to 12.0%. The sequential decrease in gross margin was primarily due to the low margin associated with the 309 MWp of U.S. solar power plants sold in the quarter, partially offset by an increased module average selling price in the first quarter of 2018.
Total operating expenses in the first quarter of 2018 were $65.7 million, down 25.7% from $88.4 million in the fourth quarter of 2017 and down 29.9% from $93.7 million in the first quarter of 2017.
Selling expenses in the first quarter of 2018 were $42.3 million, up 6.0% from $39.9 million in the fourth quarter of 2017 and up 24.7% from $33.9 million in the first quarter of 2017. The sequential increase was primarily due to increased labor costs and transaction costs related to solar power plant sales, partially offset by decreased shipping and handling costs.
General and administrative expenses in the first quarter of 2018 were $48.8 million, down 30.0% from $69.7 million in the fourth quarter of 2017 and down 11.4% from $55.1 million in the first quarter of 2017. Excluding a $10.2 million fixed asset impairment charge in the fourth quarter of 2017, the sequential decrease was primarily due to a reversal of $4.5 million in other payables and a decrease in professional service expenses.
Research and development expenses in the first quarter of 2018 were $9.5 million, compared to $8.6 million in the fourth quarter of 2017 and $5.6 million in the first quarter of 2017, as the Company further strengthens its leadership position by strategically investing in solar power technology advancements and efficiencies.
Other operating income in the first quarter of 2018 was $34.9 million, compared to $29.8 million in the fourth quarter of 2017 and $0.9 million in the first quarter of 2017. Other operating income in the first quarter of 2018 reflects the net gain from the sale of solar power plants in the U.K. and Japan.
Income from operations in the first quarter of 2018 was $78.2 million, compared to $130.2 million in the fourth quarter of 2017, and a loss from operations of $2.3 million in the first quarter of 2017. Operating margin was 5.5% in the first quarter of 2018, compared to 11.7% in the fourth quarter of 2017 and negative 0.3% in the first quarter of 2017. The sequential decrease primarily reflects the higher revenue contribution from the sale of lower margin solar power plants in the first quarter of 2018.
Non-cash depreciation and amortization charges in the first quarter of 2018 were approximately $34.5 million, compared to $37.2 million in the fourth quarter of 2017, and $17.1 million in the first quarter of 2017. Non-cash equity compensation expense in the first quarter of 2018 was $2.1 million, compared to $2.2 million in the fourth quarter of 2017 and $0.9 million in the first quarter of 2017.
Interest expense in the first quarter of 2018 was $29.6 million, compared to $33.5 million in the fourth quarter of 2017 and $24.1 million in the first quarter of 2017.
Interest income in the first quarter of 2018 was $3.6 million, compared to $3.2 million in the fourth quarter of 2017 and $2.5 million in the first quarter of 2017.
The Company recorded a gain on the change in fair value of derivatives in the first quarter of 2018 of $4.5 million, compared to a gain of $7.6 million in the fourth quarter of 2017 and a loss of $7.8 million in the first quarter of 2017. Foreign exchange loss in the first quarter of 2018 was $8.5 million, compared to $9.5 million in the fourth quarter of 2017, and a foreign exchange gain of $14.2 million in the first quarter of 2017.
Income tax expense in the first quarter of 2018 was $4.1 million, compared to $28.9 million in the fourth quarter of 2017, and an income tax benefit of $3.1 million in the first quarter of 2017.
Net income attributable to Canadian Solar in the first quarter of 2018 was $43.4 million or $0.72 per diluted share, compared to $61.4 million or $1.01 per diluted share in the fourth quarter of 2017 and a net loss of $13.3 million or $0.23 per diluted share in the first quarter of 2017.
Financial Condition
The Company had a cash, cash equivalents and restricted cash balance of $1.19 billion as of March 31, 2018, compared to $1.19 billion as of December 31, 2017.
Accounts receivable, net of allowance for doubtful accounts, at the end of the first quarter of 2018 were $354.3 million, compared to $358.1 million at the end of the fourth quarter of 2017. Accounts receivable turnover in the first quarter of 2018 was 26 days, compared to 38 days in the fourth quarter of 2017.
Inventories at the end of the first quarter of 2018 were $414.1 million, compared to $346.1 million at the end of the fourth quarter of 2017. Inventory turnover in the first quarter of 2018 was 28 days, compared to 35 days in the fourth quarter of 2017.
Accounts and notes payable at the end of the first quarter of 2018 were $914.0 million, compared to $975.6 million at the end of the fourth quarter of 2017.
Short-term borrowings at the end of the first quarter of 2018 were $1.86 billion, compared to $1.96 billion at the end of the fourth quarter of 2017. Long-term borrowings at the end of the first quarter of 2018 were $328.1 million, compared to $404.3 million at the end of the fourth quarter of 2017.
Senior convertible notes totaled $126.7 million at the end of the first quarter of 2018, compared to $126.5 million at the end of the fourth quarter of 2017.
Total borrowings directly related to utility-scale solar power projects were $1.12 billion at the end of the first quarter of 2018, compared to $1.38 billion at the end of the fourth quarter of 2017. Total debt at the end of the first quarter of 2018 was approximately $2.45 billion, of which $785.7 million was non-recourse. Approximately $708.4 million of the non-recourse debt related to utility-scale solar power projects.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "Results for the first quarter 2018 are within our expectations, with solar module shipments and revenue exceeding our guidance. The capacity utilization level was lower than the fourth quarter of 2017, due to several reasons, including seasonally low demand and holidays in China, the Section 201 safeguard decision on solar products by the U.S. government and the safeguard trade investigations in India. On the positive side, we maintained a flat to slightly up module average selling price during the quarter. On the energy business side, we are pleased to have completed the sale of three solar power plants in the U.S. to KEPCO, reflecting the attractiveness of our global power assets. We further diversified our utility scale solar power project pipeline geographically into Australia, South Korea and Argentina, as we executed on additional growth opportunities. As of April 30, 2018, our portfolio of utility-scale solar power plants in operation was approximately 948 MWp and our portfolio of late-stage solar power projects, including those in construction, was approximately 2.3 GWp."
Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar commented, "We are encouraged by our success in monetizing our solar power plants globally. During the quarter, we completed the sale of the 28 MWp Gaskell West 1 project to Southern Power, sold 142 MWp of solar power plants in the U.K. to Greencoat and sold three solar power plants in the U.S., totaling 309 MWp to KEPCO. Gross margin was in line with our guidance in the range of 10.0% to 12.0%, as we absorbed the impact of the lower margin solar power plants sales in the U.S. and higher than expected purchase prices for raw materials used in module manufacturing. We are working to secure approval for the sale of three other U.S. solar power plants totaling 399 MWp. All together our actions have strengthened our balance sheet and allow us to redeploy our capital to support the profitable growth of our business and build value for shareholders."
Utility-Scale Solar Project Pipeline
The Company divides its utility-scale solar project pipeline into two categories: an early-to-mid-stage pipeline and a late-stage pipeline. The late-stage pipeline primarily includes projects that have energy off-take agreements and are expected to be built within the next two to four years. The Company cautions that some late-stage projects may not reach completion due to risks such as failure to secure permits and grid connection, among other risk factors.
Late-Stage Utility-Scale Solar Project Pipeline
As of April 30, 2018, the Company's late-stage utility-scale solar project pipeline, including those in construction, totaled approximately 2.3 GWp, including 459 MWp in the U.S., 435.7 MWp in Mexico, 422.5 MWp in China, 351.3 MWp in Japan, 499.2 MWp in Brazil, 97.6 in Argentina, 24 MWp in India, 24.2 MWp in Australia, 18.4 MWp in Chile and 8 MWp in South Korea.
In the United States , as of April 30, 2018, the Company's late-stage, utility-scale solar project pipeline is detailed in the table below.
Project
MWp
Location
Status
Expected
COD
Mustang Two
210
California
Development
2020
Gaskell West 2
147
California
Development
2020
NC102
102
North Carolina
Construction
2018
Total
459
In Japan, as of April 30, 2018, the Company's late-stage, utility-scale solar project pipeline for which interconnection agreements and feed-in tarrif ("FIT") have been secured totaled approximately 351.3 MWp, 122.7 MWp of which are under construction and 228.6 MWp of which are under development. The Company has an additional 9.4 MWp of projects in the bidding process, which will be added to the list of late-stage projects once FIT has been secured.
In January 2018, the Company achieved commercial operation ("COD") on a 1 MWp solar power project.
The table below sets forth the expected COD schedule of the Company's late-stage utility-scale solar power projects in Japan, as of April 30, 2018:
Expected COD Schedule (MWp )
2018
2019
2020
2021 and
Thereafter
Total
72.7
97.5
45.3
135.8
351.3
In Brazil, as of April 30, 2018, the Company's late-stage, utility-scale solar project pipeline is detailed in the table below.
Project
MWp
Location
Status
Expected
COD
Pirapora II
23 (1)
Minas Gerais
Construction
2018
Francisco Sa
122.2
Ceara
Development
2021
Jaiba
97.3
Minas Gerais
Development
2021
Lavras
144.7
Minas Gerais
Development
2021
Salgueiro
112
Pernambuco
Development
2020
Total
499.2
Note : (1) 23 MWp represents the Company's 20% equity interest in 115 MWp Pirapora II.
In Brazil's A-4 auction held on April 4, 2018, the Company won three solar power projects totaling 364.2 MWp. The projects have been awarded 20-year power purchase agreements with an average price of 118.15 BRL/MWh (approximately US$35.58/MWh). The Company will develop and build the projects and expects to bring them to COD in 2021.
In April 2018, the Company completed the sale of its interest in the 80.6 MWp Guimarania solar energy project in Brazil to Global Power Generation, a subsidiary of the Spanish energy group Gas Natural Fenosa.
In Mexico, as of April 30, 2018, the Company's late-stage, utility-scale solar project pipeline is detailed in the table below.
Project
MWp
Location
Status
Expected
COD
EL Mayo
124
Sonora
Development
2020
Horus
119
Aguascalientes
Development
2020
Tastiota
125
Sonora
Development
2020
Aguascalientes
67.7
Aguascalientes
Construction
2018
Total
435.7
In China, as of April 30, 2018, the Company's late-stage, utility-scale power pipeline totaled 422.5 MWp.
Solar Power Plants in Operation
In addition to its late-stage utility-scale solar project pipeline, as of April 30, 2018, the Company's portfolio of utility-scale, solar power plants in operation totaled 947.9 MWp. The plants are recorded on the Company's balance sheet as "project assets", "assets held-for-sale" and "solar power systems, net". Revenue from the sale of electricity generated by the plants recorded as "assets held-for-sale" and "solar power systems, net" totaled $2.6 million in the first quarter of 2018, compared to $4.7 million in the fourth quarter of 2017. The sequential decrease reflects a reduction in the number of plants in operation as of April 30, 2018, compared to February 28, 2018.
The sale of projects recorded as "project assets" (build to sell) on the balance sheet will be recorded as revenue once revenue recognition criteria are met, and the gain from the sale of projects recorded as "assets held-for-sale" and "solar power systems, net" (build to own) on the balance sheet will be recorded within "other operating income (expenses)" in the income statement.
The table below sets forth the Company's total portfolio of utility-scale, solar power plants in operation, as of April 30, 2018:
U.S.
Japan
Brazil
China
India
Others
Total
499
85.6
56.8
148.1
126.1
32.3
947.9
Manufacturing Capacity
Subject to market conditions, the Company plans to expand its ingot, wafer, cell and module capacities by December 31, 2018 to 2.0 GW, 5.0 GW, 7.05 GW and 9.91 GW, respectively.
Manufacturing Capacity Roadmap (MW)
31-Dec-17
30-Jun-18
31-Dec-18
Ingot
1,200
1,620
2,000
Wafer
5,000
5,000
5,000
Cell
5,450
5,450
7,050
Module
8,110
8,310
9,910
All of the Company's wafer manufacturing capacity uses diamond wire-saw technology. Diamond wire-saw technology is compatible with the Company's proprietary and highly efficient black silicon multi-crystalline solar cell technology, thereby reducing silicon usage and manufacturing cost.
Business Outlook
The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to final customer demand and solar project construction and sale schedules. Management's views and estimates are subject to change without notice.
For the second quarter of 2018, the Company expects total solar module shipments to be in the range of approximately 1.50 GW to 1.60 GW, including approximately 100 MW of shipments to the Company's utility-scale, solar power projects that may not be recognized as revenue in second quarter 2018. Total revenue for the second quarter of 2018 is expected to be in the range of $690 million to $730 million. Gross margin for the second quarter is expected to be between 20.0% and 22.0%.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "We expect a shift in global demand to developing markets to offset China, India and the U.S. We also expect demand in other markets to improve, including Europe, Africa, Argentina and Mexico. These trends align themselves with the Company's global footprint and should serve as a catalyst for continued growth."
Recent Developments
On May 14, 2018, Canadian Solar announced that it had acquired exclusive rights to an 8 MW greenfield development project portfolio in South Korea that is expected to start construction by early 2019.
On April 27, 2018, Canadian Solar announced it had signed an agreement with Global Investment Holdings to develop and operate a pipeline of solar power projects with total capacity of up to 300 MWp in Europe, Middle East and Africa. Canadian Solar will provide engineering, procurement and construction for, and operating and maintenance services to, the projects.
On April 16, 2018, Canadian Solar announced it had completed the sale of its interest in the 80.6 MWp Guimarania solar energy project in Brazil to Global Power Generation, a subsidiary of Spanish energy group Gas Natural Fenosa.
On April 10, 2018, Canadian Solar announced that it had won three solar photovoltaic projects totaling 364 MWp in Brazil. The projects have been awarded 20-year power purchase agreements with an average price of 118.15 BRL/MWh (approximately $35.58/MWh).
On March 29, 2018, Canadian Solar announced that it had acquired a 97.6 MWp solar photovoltaic project in Cafayate, Salta Province, Argentina. The project received a USD denominated 20-year power purchase agreement at $56.28/MWh.
On March 14, 2018, Canadian Solar announced that it had successfully started commercial operation of a 6 MWp solar power plant in Keetmanshoop, Namibia.
On March 13, 2018, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, had completed the sale of its interests in three solar power plants -- Astoria (100 MWac/131 MWp), Astoria 2 (75 MWac/100 MWp), and Barren Ridge (60 MWac/78 MWp) projects -- totaling 235 MWac/309 MWp to KEPCO, South Korea's largest electric utility.
Conference Call Information
The Company will hold a conference call at 8:00 a.m. U.S. Eastern Daylight Time on May 16, 2018 (8:00 p.m., May 16, 2018 in Hong Kong) to discuss the Company's first quarter 2018 results and business outlook. The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1-845-675-0437 (from international locations). The passcode for the call is 7789205. A live webcast of the conference call will also be available on the Investor Relations section of Canadian Solar's website at www.canadiansolar.com .
A replay of the call will be available 2 hours after the conclusion of the call until 9:00 a.m. U.S. Eastern Daylight Time on Thursday, May 24, 2018 (9:00 p.m., May 24, 2018 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 (from international locations), with passcode 7789205. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com .
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 27GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com .
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 26, 2018. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
FINANCIAL TABLES FOLLOW
Canadian Solar Inc.
Unaudited Condensed Consolidated Statement of Operations
(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated)
Three Months Ended
March 31
December 31
March 31
2018
2017
2017
Net revenues
$ 1,424,911
$ 1,108,764
$ 677,042
Cost of revenues
1,280,965
890,211
585,636
Gross profit
143,946
218,553
91,406
Operating expenses:
Selling expenses
42,331
39,935
33,941
General and administrative expenses
48,775
69,650
55,070
Research and development expenses
9,499
8,564
5,624
Other operating income
(34,906)
(29,756)
(898)
Total operating expenses
65,699
88,393
93,737
Income (loss) from operations
78,247
130,160
(2,331)
Other income (expenses):
Interest expense
(29,594)
(33,487)
(24,111)
Interest income
3,576
3,180
2,522
Gain (loss) on change in fair value of derivatives
4,474
7,565
(7,752)
Foreign exchange gain (loss)
(8,456)
(9,541)
14,214
Investment loss
-
(3,607)
-
Other expenses, net
(30,000)
(35,890)
(15,127)
Income (loss) before income taxes and equity in
earnings (loss) of unconsolidated investees
48,247
94,270
(17,458)
Income tax (expense) benefit
(4,092)
(28,940)
3,109
Equity in earnings (loss) of unconsolidated investees
(269)
(2,550)
606
Net income (loss)
43,886
62,780
(13,743)
Less: Net income (loss) attributable to
non-controlling interests
509
1,378
(408)
Net income (loss) attributable to Canadian Solar Inc.
$ 43,377
$ 61,402
$ (13,335)
Earnings (loss) per share - basic
$ 0.74
$ 1.05
$ (0.23)
Shares used in computation - basic
58,553,622
58,486,391
57,832,572
Earnings (loss) per share - diluted
$ 0.72
$ 1.01
$ (0.23)
Shares used in computation - diluted
61,952,777
61,936,162
57,832,572
Canadian Solar Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Income
(In Thousands of US Dollars)
Three Months Ended
March 31
December 31
March 31
2018
2017
2017
Net Income (loss)
43,886
62,780
(13,743)
Other comprehensive income (net of
tax of nil):
Foreign currency translation adjustment
23,181
3,395
8,929
Gain on changes in fair value of
derivatives
5,128
296
1,681
Comprehensive income (loss)
72,195
66,471
(3,133)
Less: comprehensive income (loss)
attributable to non-controlling interests
3,500
2,034
(2,438)
Comprehensive income (loss)
attributable to Canadian Solar Inc.
68,695
64,437
(695)
Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheet
(In Thousands of US Dollars)
March 31,
December 31,
2018
2017
ASSETS
Current assets:
Cash and cash equivalents
$ 567,350
$ 561,679
Restricted cash - current
613,410
617,761
Accounts receivable trade, net
354,333
358,091
Contract assets
1,227
1,253
Amounts due from related parties
16,194
26,102
Inventories
414,090
346,092
Value added tax recoverable
88,045
94,503
Advances to suppliers - current
66,090
61,399
Derivative assets - current
23,023
16,200
Project assets - current
958,759
1,523,342
Assets held-for-sale
13,812
182,797
Prepaid expenses and other current assets
296,574
296,084
Total current assets
3,412,907
4,085,303
Restricted cash - non-current
11,026
10,695
Property, plant and equipment, net
790,662
747,235
Solar power systems, net
63,144
63,964
Deferred tax assets, net
134,971
131,796
Advances to suppliers - non-current
58,959
38,325
Prepaid land use right
91,368
78,649
Investments in affiliates
414,839
414,215
Intangible assets, net
11,409
10,986
Goodwill
4,061
6,248
Derivatives assets - non-current
11,587
10,911
Project assets - non-current
165,887
148,170
Other non-current assets
128,854
143,130
TOTAL ASSETS
$ 5,299,674
$ 5,889,627
Current liabilities:
Short-term borrowings
$ 1,857,575
$ 1,957,755
Accounts and notes payable
914,022
975,595
Amounts due to related parties
16,687
6,023
Other payables
294,626
315,321
Convertible notes
126,712
-
Advances from customers
52,587
51,739
Derivative liabilities - current
6,353
6,121
Liabilities held-for-sale
569
185,872
Financing liabilities-current
154,698
407,683
Other current liabilities
196,365
201,903
Total current liabilities
3,620,194
4,108,012
Accrued warranty costs
60,214
55,659
Convertible notes
-
126,476
Long-term borrowings
328,120
404,341
Amounts due to related parties
863
-
Derivatives liabilities - non-current
-
359
Liability for uncertain tax positions
8,097
9,264
Deferred tax liabilities - non-current
5,737
5,562
Loss contingency accruals
26,466
25,682
Financing liabilities - non-current
30,597
12,243
Other non-current liabilities
75,850
82,254
Total LIABILITIES
4,156,138
4,829,852
Equity:
Common shares
702,311
702,162
Additional paid-in capital
2,480
417
Retained earnings*
428,323
383,681
Accumulated other comprehensive loss
(28,716)
(54,034)
Total Canadian Solar Inc. shareholders' equity
1,104,398
1,032,226
Non-controlling interests in subsidiaries
39,138
27,549
TOTAL EQUITY
1,143,536
1,059,775
TOTAL LIABILITIES AND EQUITY
$ 5,299,674
$ 5,889,627
Note: * The Company, starting from January 1, 2018, adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASC 606), using the modified retrospective method. The reported results for year 2018 reflect the adoption of ASC 606, while the reported results for year 2017 were prepared under the previous revenue recognition guidance. The adoption of ASC 606 has no material impact on the revenue recognition for the first quarter of 2018. The cumulative-effect adjustment to the beginning balance of retained earnings on January 1, 2018 was an increase of $1.3 million from $383.7 million to $385.0 million, related to variable consideration recognized for project sales in year 2017. It has no impact on the Company's cash flows for the first quarter of 2018.
View original content: http://www.prnewswire.com/news-releases/canadian-solar-reports-first-quarter-2018-results-300649409.html
SOURCE Canadian Solar Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-canadian-solar-reports-first-quarter-2018-results.html |
2:35 AM ET Tue, 22 May 2018 | 03:09
Instead of OPEC , Iran or even Venezuela , the most prominent driver of oil prices over the next two years is likely to come in the shape of a shipping revolution, analysts have warned.
New rules coming into force in approximately 18 months' time are seen as a source of great concern for some of the world's biggest oil producers. That's because global energy and shipping industries are thought to be ill-prepared for the looming sea change.
On January 1, 2020, the International Maritime Organization (IMO) will enforce new emissions standards designed to significantly curb pollution produced by the world's ships.
"It's the biggest (change) in the history of the market," Amrita Sen, chief oil analyst at Energy Aspects, told CNBC's "Squawk Box Europe" this week. Why are the changes being enforced?
Amid a broader push towards cleaner energy markets, the IMO's changes will specifically look to cut back sulfur emissions. The pollutant is a component of acid rain, which harms vegetation and wildlife, and is blamed for some respiratory illnesses.
The forthcoming measures are widely expected to create an oversupply of high-sulfur fuel oil while sparking demand for IMO-compliant products — thus ratcheting up the pressure on the refining industry to produce substantially more of the latter fuels.
"That is very important because Middle Eastern producers lose out heavily from that because their crude tends to be very high sulfur," Sen said. Ali Mohammadi/Bloomberg via Getty Images A support vessel flying an Iranian national flag sails alongside the oil tanker 'Devon' as it prepares to transport crude oil to export markets in Bandar Abbas, Iran, on Friday, March 23, 2018.
In contrast to some of the world's leading oil producers in the Middle East, including OPEC kingpin Saudi Arabia , the U.S. is expected to be better-placed to cope with the IMO's measures due to their reputation for producing lighter crude. What does this mean for oil prices?
Global benchmark Brent crude will climb to $90 a barrel by 2020 as new international shipping laws overhaul the types of fuels produced by refiners, Morgan Stanley analysts predicted in a research note published last week.
"We expect the crude oil market to remain under-supplied and inventories to continue to draw," the bank said, before adding: "This will likely underpin prices."
To be sure, the IMO's rules will ban ships using fuel with a sulfur content higher than 0.5 percent, compared to 3.5 percent at present, unless ships are fitted with equipment to clean up its sulfur emissions.
Right now, few ships have invested in equipment to scrub pollutants from engines that burn high-sulfur fuel, so many external observers believe the majority of shipping companies are investing in capacity to make low-sulfur fuel. WATCH: Here's what drives the price of oil show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/oil-prices-set-to-soar-ahead-of-shipping-revolution.html |
LONDON (Reuters) - Investors priced in an increased chance that British interest rates will not rise until next year, after the Bank of England said on Thursday that it wanted to make sure a slowdown in the economy was temporary before raising borrowing costs.
The BoE left interest rates on hold at 0.5 percent in its May policy meeting.
While this had been expected by the vast majority of economists polled by Reuters, financial markets picked up on a slightly cautious tone from the BoE that pushed sterling near to four-month lows against the dollar. [GBP/]
Most BoE rate-setters said they should wait for evidence that Britain’s economy was recovering from a weak start to the year before raising interest rates.
Five-year British government bond yields GB5YT=RR, sensitive to expectations for BoE rates, slid almost seven basis points after the decision to approach a three month low, and last stood at 1.13 percent, down four basis points on the day.
“(Policymakers) seem to have back-pedalled on their hawkishness from February. The market was priced for that anyway but the fact they seemed so uncertain about the data - they clearly have low levels of confidence about it,” Jason Simpson, fixed income strategist at Societe Generale said.
Overnight interest swaps now price in a chance of just over 10 percent that the BoE will not raise interest rates at all this year - with a rate hike delayed until early 2019 - compared with a near-certainty of a 2018 rate rise earlier. BOEWATCHMPCOIS=ICAP
They also point to a roughly 40 percent chance of a rate hike this August, which had been the consensus among economists polled by Reuters earlier this week. [BOE/INT]
A similar market measure, short sterling interest rate futures FSSZ8 priced in the lowest chance of a rate rise this year since January, after one of the biggest reductions in expectations this year.
BoE Governor Mark Carney told the BBC later on Thursday that he expected rates to rise this year, unless growth disappointed again.
As of 1500 GMT the 10-year gilt yield GB10YT=RR was down four basis points on the day at 1.42 percent.
Shortly before the BoE decision, HSBC chopped its year-end forecast for the 10-year gilt yield by 30 basis points to one percent, citing weaker-than anticipated economic growth.
“If the MPC is right (about the growth outlook), then it will likely plow on with the limited and gradual tightening it has repeatedly guided towards ... but we suspect it has missed its chance,” HSBC economists Elizabeth Martins and Chris Hare said after the BoE decision.
The premium that 10-year gilts offer over the equivalent German Bund GB10YT=RR narrowed by around 3 basis points after the BoE decision to 87 basis points.
June long gilt future FLGcv1 122.34 (+0.44)
Dec 2018 short sterling FSSZ8 99.12 (+0.04)
Mar 2019 short sterling FSSH9 99.04 (+0.04)
10-year gilt yield GB10YT=RR 1.43 (-3 bps)
Editing by William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-bonds/investors-price-in-chance-boe-rates-on-hold-until-2019-idUSKBN1IB2G7 |
May 2, 2018 / 7:20 PM / Updated an hour ago U.S. stock pickers beat benchmarks amid volatility David Randall 3 Min Read
NEW YORK (Reuters) - The volatility that stopped the bull market in U.S. stocks in its tracks after hitting record highs in January is rewarding stock-picking fund managers. Traders and guests gather for the IPO of PermRock Royalty Trust on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 2, 2018. REUTERS/Brendan McDermid
Approximately 60 percent of U.S. actively managed large-cap funds are beating their benchmarks for the year to date, the best performance through April for any year since at least 2009, according to research from Bank of America Merrill Lynch.
So-called growth funds posted the largest outperformance, with an average of 67 percent of funds beating their benchmarks, followed by a 57-percent outperformance rate for value funds and 52 percent for so-called core funds, which blend both value and growth strategies.
Fund manager investments in Amazon.com Inc and Netflix Inc, both of which are up more than 35 percent for the year to date, helped boost the returns of large-cap funds, noted Savita Subramanian, equity and quant strategist at Bank of America Merrill Lynch.
Overall, the average large-cap fund has gained 0.6 percent for the year, compared with a flat S&P 500, Bank of America Merrill Lynch noted.
Small-cap fund managers, meanwhile, have underperformed compared with the benchmark Russell 2000, with just 37.4 percent of funds beating the index.
While the outperformance will reward investors who have remained in actively-managed funds, it may not be enough to stem the tide of dollars flowing into low-cost passive funds, said Todd Rosenbluth, director of mutual fund research at New York-based CFRA.
“It’s still going to be a challenge to win back investors and advisors that went toward lower-cost, more consistent index based strategies,” Rosenbluth said. “Once you’ve crossed that river, it’s hard to come back.”
Funds run by stock pickers would need to post at least a year of strong outperformance to rekindle the interest of advisors who are now more focused on costs, he said.
Shares of actively-managed fund companies are outperforming for the year to date, as performance gains and the anticipation of higher investor flows boost investor optimism.
Shares of T Rowe Price Group Inc are up 6.4 percent year-to-date, while shares of BlackRock Inc - best known for its iShares line of passive exchange traded funds - are up just 1.2 percent. Reporting by David Randall; Editing by Jennifer Ablan Editing by Nick Zieminski | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-funds-performance/u-s-stock-pickers-beat-benchmarks-amid-volatility-idUSKBN1I32P5 |
Corey Kluber fanned 10 batters to move into fifth place on the Indians’ all-time strikeouts list and allowed two runs on six hits over seven innings as visiting Cleveland beat the Houston Astros 5-4 on Saturday.
With his fourth strikeout, Kluber (7-2) moved past CC Sabathia into fifth with 1,266th career punchouts. The two-time Cy Young Award winner is five strikeouts behind Bob Lemon and Early Wynn for third in team history.
Michael Brantley and Yan Gomes hit solo home runs and Edwin Encarnacion, Jason Kipnis and Jose Ramirez each added an RBI for the Indians, who fell 4-1 on Friday to open the three-game series and had lost three of four.
Carlos Correa clubbed a two-run homer and Alex Bregman and Marwin Gonzalez hit solo shots for Houston, which had won three straight. Astros starter Dallas Keuchel (3-6) allowed four runs on six hits and two walks with three strikeouts in five innings.
Cleveland scored three runs in the first inning to take control.
Brantley went deep two batters into the game, sending a 1-0 Keuchel pitch approximately 348 feet into the left-center field seats for his seventh homer this year. Encarnacion and Kipnis each followed with RBI doubles.
Ramirez knocked an RBI single in the fifth. Gomes launched his sixth homer in the sixth, sending a 1-1 pitch from former Indians reliever Joe Smith an estimated 420 feet to left-center, making it 5-0.
Correa got to Kluber in the sixth for his eighth homer of the season to bring Houston within three runs. Bregman’s blast to left-center, his fourth this year, cut the Astros’ deficit to 5-3.
Jose Altuve’s fly ball to right in the eighth bounced off the top of the wall and landed in the bleachers without hitting the ground. The umpires originally ruled it a home run, but the call was overturned to a ground-rule double.
Gonzalez took Indians closer Cody Allen deep with one out in the ninth for his fourth homer to make it a one-run game. Despite that, Allen notched his sixth save after recording the game’s final five outs.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-hou-cle-recap/kluber-ks-10-as-indians-survive-late-astros-rally-idUSMTZEE5K01EHHX |
BERLIN/PARIS, May 4 (Reuters) - Air France-KLM said it expected profits to fall this year due to the effect of strikes at its main French unit, which are forcing it to rein in growth and mean it can not take advantage of a generally benign backdrop for airlines.
The group said on Friday - as staff staged a 13th day of strikes - that its first quarter loss widened to 118 million euros ($141.4 million), against a restated loss of 33 million euros a year ago.
Overall unit costs in the quarter rose 2.1 percent, of which 1.7 percent was related to the strikes.
Air France-KLM said adjusted unit costs would now rise this year by up to 1 percent, against previous expectations for a drop of 1-1.5 percent. Capacity growth would also now come in at 2.5-3.5 percent, versus previous plans for 3-4 percent growth.
“What I regret is that the year started well in commercial terms, demand was there,” Chief Financial Officer Frederic Gagey told journalists.
$1 = 0.8344 euros Reporting by Victoria Bryan and Cyril Altmeyer; Editing by Sudip Kar-Gupta
| ashraq/financial-news-articles | https://www.reuters.com/article/air-france-klm-results/air-france-klm-reins-in-profit-and-growth-expectations-amidst-strikes-idUSP6N1RO01E |
In celebration of Star Wars Day today, LEGO is bringing back its iconic 7,500-piece Millennium Falcon set.
The set was first sold in October of last year and replaced a much smaller 5,195-piece model. It is one of the biggest LEGO models in history and includes “intricate exterior detailing, upper and lower quad laser cannons, landing legs, lowering boarding ramp and a four-minifigure cockpit with detachable canopy,” according to its product page on LEGO’s website .
The $799 model includes interchangeable sensor dishes and crew so you can play with the old-school cast of Han, Leia, Chewbacca, and C-3PO or the new crew of Rey, Finn, BB-8, and an older Han.
In addition to the Millennium Falcon, the 1,967-piece Ultimate Collector’s Series Y-Wing Starfighter is also available via the LEGO Shop for $199, reports Comicbook.com .
Buying either set directly from LEGO today will score you a free exclusive set to build BB-8 a droid from the new films (while supplies last). You can also buy the Millennium Falcon kit from Amazon . | ashraq/financial-news-articles | http://fortune.com/2018/05/04/legos-7500-piece-millennium-falcon-set-is-back-for-star-wars-day/ |
* Euro rebounds after Tuesday’s big drop
* Dollar falls back from 6-1/2-month highs
* Canadian dollar rises after Bank of Canada announcement
* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh (Updates analyst comments, exchange rates, BoC news)
By Kate Duguid
NEW YORK, May 30 (Reuters) - The U.S. dollar fell on Wednesday as the euro recovered from 10-month lows after reports that Italy’s biggest party would make a renewed attempt to form a coalition government and end months of political turmoil.
An attempt by two anti-establishment parties to form a new government in Italy collapsed over the weekend, raising the prospect of an early election. Markets feared that election would become a de facto referendum on Italy’s use of the euro.
A source close to 5-Star, the single largest party in the new parliament, said it would try again to form a coalition with the right-wing League. Without a deal, sources said President Sergio Mattarella could dissolve parliament in the coming days and send Italians back to the polls as early as July 29.
The euro rallied and Italian government bond yields settled below multi-year highs after Tuesday’s market slide. The dollar index, which tracks the greenback against a basket of six currencies, was down nearly half a percent on Wednesday to a session low of 94.236, below Tuesday’s 6-1/2-month high. The dollar remained steady against the yen.
“We’re seeing a relief trade today. Markets passed through the panic from yesterday so everything that sold off hard is climbing back, the euro in particular,” said Greg Anderson, global head of FX strategy at BMO Capital Markets in New York.
A smooth auction of Italian government debt also helped soothe market jitters.
The single currency, which plunged to a 10-month low of $1.1510 on Tuesday, rose as much as 0.9 percent to a session high of $1.1647 on Wednesday. It remains down 4 percent this month against the dollar.
The Canadian dollar rose as much as 1.2 percent on Wednesday after the country’s central bank held interest rates steady but suggested that it could raise rates soon, possibly as early as July.
“The bottom line is that they’ll be hiking in July unless some surprise occurs,” Anderson said. He noted that the loonie on Wednesday “appreciated in an important way, not just against the dollar, but across all axes, for example, Aussie/CAD.” (Reporting by Kate Duguid and Tommy Wilkes Editing by Paul Simao)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-falls-euro-recovers-as-italy-tries-to-end-turmoil-idUSL5N1T14Y1 |
GOMA, Congo (Reuters) - Five people were killed, including two Congolese security forces, and several company workers wounded in an attack on Banro Corp’s east Congo gold mine, a Banro official told Reuters.
A Mai Mai militia attacked Banro Corp’s east Congo Namoya gold mine on Thursday.
Reporting by Fiston Mahamba; Writing by Tim Cocks; Editing by Chris Reese
| ashraq/financial-news-articles | https://www.reuters.com/article/us-congo-violence-toll/five-killed-including-two-congolese-security-forces-in-banro-attack-idUSKCN1IP3OR |
First Quarter 2018 Highlights
Strong start to operating cash flow, at $216 million in the quarter Continued revenue growth in managed document services and Global Imaging Systems operations Adjusted operating margin of 10.4 percent, down 0.6 points year-over-year; operating margin, excluding equity income, up 0.5 points Core operating profit, excluding equity income, grew 5 percent year-over-year
NORWALK, Conn.--(BUSINESS WIRE)-- Xerox (NYSE: XRX) today announced its first-quarter 2018 financial results.
“In the first quarter of 2018, we grew adjusted operating profit year-over-year, excluding equity income, and continued to generate significant cash flow,” said Bill Osbourn , chief financial officer, Xerox. “The entire Xerox team is keenly focused on continuing to lead in our markets, serving our customers well, and generating strong shareholder returns.”
First Quarter 2018 Financial Results
Earnings Per Share: GAAP earnings per share (EPS) from continuing operations of 8 cents, down 8 cents compared to the same period in 2017, primarily due to lower equity income (including the Xerox share of a Fuji Xerox restructuring charge) partially offset by higher pre-tax profit. Adjusted EPS of 68 cents, an increase of 1 cent year over year, reflects: a 3 cent increase from higher adjusted operating profits, excluding equity income; includes a negative impact from the early termination of a real estate lease a 10 cent increase from Other expenses, net, driven by a gain from a non-core asset sale and lower interest expense
partially offset by: a 1 cent decrease from higher adjusted tax rate an 11 cent decrease from equity income from unconsolidated affiliates, adjusted to exclude our share of Fuji Xerox’s restructuring charge Total Revenue: $2,435 million, down 0.8 percent year-over-year or 4.6 percent in constant currency Equipment Sale Revenue: $499 million, down 2.7 percent or 6.4 percent in constant currency Post Sale Revenue: $1,936 million, down 0.3 percent or 4.1 percent in constant currency. Post sale revenue was 80 percent of total revenue Adjusted Operating Margin: Adjusted operating margin of 10.4 percent, down 0.6 points year-over-year; operating margin, excluding equity income, was 9.9 percent, up 0.5 points year-over-year Cash Balance: $1,398 million at the end of the first quarter of 2018 Cash Flow: Operating cash flow of $216 million; free cash flow of $198 million, up 24 percent year-over-year Dividend: Returned $67 million to shareholders through dividends
Xerox owns a noncontrolling 25 percent equity interest in Fuji Xerox, the company’s joint venture with Fujifilm. During the first quarter, Xerox’s equity income was a loss of $68 million, down $108 million from the prior year. This included a $28 million charge associated with its share of a Fuji Xerox charge (of JPY 12 billion) related to the correction of adjustments and misstatements identified in connection with the completion of audits of Fuji Xerox’s fiscal year-end financial statements for the years ended March 31, 2016 and 2017, as well as the review of Fuji Xerox’s unaudited interim financial statements for the nine months ended December 31, 2017 and 2016. These adjustments and misstatements are incremental to those identified by the independent investigation of Fuji Xerox’s accounting practices completed in the second quarter 2017.
Full Year 2018 Guidance
Xerox is not providing 2018 guidance due to the pending Director Appointment, Nomination and Settlement Agreement with Carl Icahn and Darwin Deason, among others. For additional information on the settlement, please refer to Financial Review - Recent Developments attached to this release.
In the normal course of business, absent recent events, the company would have reaffirmed its full-year guidance on revenue, adjusted operating margin, cash flow and adjusted EPS.
First Quarter 2018 Business Highlights
Xerox continues to execute on its strategy and deliver innovative technologies that help its customers and channel partners communicate and work better, and improve their business performance.
Xerox’s managed document services will enable the U.S. Air Force to gain transparency, security and cost efficiency in its document environment. The company will optimize all aspects of the Air Force’s document infrastructure - including print, scan and fax - as well as provide a help desk and management of servers to deliver a comprehensive document infrastructure. The company continues to enable its graphic communications customers to grow their businesses by targeting new markets. Commercial printer i3logix will use the capabilities of Xerox’s Rialto ® and Versant ® presses to pursue new revenue streams to maintain their 20 to 25 percent annual growth rate. Rhyme and Proven Business Systems , two multi-brand document technology dealers, joined the Xerox channel partner program to help address their customers’ office equipment needs. The partners cited the potential to expand their business by selling the full Xerox portfolio, including office and production technology, to existing and prospective customers.
Additional First-Quarter Earnings Information
Xerox has shared an earnings presentation and remarks from Chief Financial Officer Bill Osbourn on its website . The company will not be hosting a first quarter earnings announcement conference call and live webcast.
About Xerox
Xerox Corporation is a technology leader that innovates the way the world communicates, connects and works. We understand what’s at the heart of sharing information - and all of the forms it can take. We embrace the integration of paper and digital, the increasing requirement for mobility, and the need for seamless integration between work and personal worlds. Every day, our innovative print technologies and intelligent work solutions help people communicate and work better. Discover more at www.xerox.com and follow us on Twitter at @Xerox .
Non-GAAP Measures:
This release refers to the following non-GAAP financial measures for the first-quarter 2018:
Adjusted EPS, which excludes restructuring and related costs (including our share of Fuji Xerox restructuring), the amortization of intangibles, non-service retirement-related costs, transaction and related costs and other discrete adjustments. Adjusted operating margin, which excludes the remainder of Other expenses, net in addition to the EPS adjustments noted above and includes equity income, as adjusted. Adjusted effective tax rate, which excludes the EPS adjustments noted above. Constant currency revenue growth, which excludes the effects of currency translation. Free cash flow, which is cash flow from continuing operations less capital expenditures (including internal use software). Prior year cash flow from operations was also adjusted for collections on beneficial interest received in the sale of receivables.
Refer to the “Non-GAAP Financial Measures” section of this release for a discussion of these non-GAAP measures and their reconciliation to the reported GAAP measure.
Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements
This release, and other written or oral statements made from time to time by management contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”, “should” and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements reflect management’s current beliefs, assumptions and expectations and are subject to a number of factors that may cause actual results to differ materially. Such factors include but are not limited to: our ability to address our business challenges in order to reverse revenue declines, reduce costs and increase productivity so that we can invest in and grow our business; changes in economic and political conditions, trade protection measures, licensing requirements and tax laws in the United States and in the foreign countries in which we do business; changes in foreign currency exchange rates; our ability to successfully develop new products, technologies and service offerings and to protect our intellectual property rights; the risk that multi-year contracts with governmental entities could be terminated prior to the end of the contract term and that civil or criminal penalties and administrative sanctions could be imposed on us if we fail to comply with the terms of such contracts and applicable law; the risk that partners, subcontractors and software vendors will not perform in a timely, quality manner; actions of competitors and our ability to promptly and effectively react to changing technologies and customer expectations; our ability to obtain adequate pricing for our products and services and to maintain and improve cost efficiency of operations, including savings from restructuring actions; the risk that individually identifiable information of customers, clients and employees could be inadvertently disclosed or disclosed as a result of a breach of our security systems; reliance on third parties, including subcontractors, for manufacturing of products and provision of services; our ability to manage changes in the printing environment and expand equipment placements; interest rates, cost of borrowing and access to credit markets; funding requirements associated with our employee pension and retiree health benefit plans; the risk that our operations and products may not comply with applicable worldwide regulatory requirements, particularly environmental regulations and directives and anti-corruption laws; the outcome of litigation and regulatory proceedings to which we may be a party; the outcome of our process to evaluate all strategic alternatives to maximize shareholder value, including terminating or restructuring Xerox's relationship with FUJIFILM Holdings Corporation ("Fujifilm") and the proposed transaction with Fujifilm; and other factors that are set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and other sections of our 2017 Annual Report on Form 10-K, as well as our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. Xerox assumes no obligation to update any forward looking statements as a result of new information or future events or developments, except as required by law.
Fuji Xerox Co., Ltd. (“Fuji Xerox”) is a joint venture between Xerox and Fujifilm in which Xerox holds a noncontrolling 25% equity interest and Fujifilm holds the remaining equity interest. Given our status as a minority investor, we have limited contractual and other rights to information with respect to Fuji Xerox matters. In April 2017, Fujifilm formed an independent investigation committee (the “IIC”) to primarily conduct a review of the appropriateness of the accounting practices at Fuji Xerox’s New Zealand subsidiary and at other subsidiaries. The IIC completed its review during the second quarter 2017 and identified aggregate adjustments to Fuji Xerox’s financial statements of approximately JPY 40 billion (approximately $360 million) primarily related to misstatements at Fuji Xerox’s New Zealand and Australian subsidiaries. We determined that our share of the total adjustments identified as part of the investigation was approximately $90 million and impacted our fiscal years 2009 through 2017. We revised our previously issued annual and interim consolidated financial statements for 2014, 2015 and 2016 and the first quarter of 2017. However, Fujifilm and Fuji Xerox continue to review Fujifilm’s oversight and governance of Fuji Xerox as well as Fuji Xerox’s oversight and governance over its businesses in light of the findings of the IIC.
In 2018, in connection with the completion of audits of Fuji Xerox’s fiscal year-end financial statements as of and for the years ended March 31, 2016 and 2017, as well as the review of Fuji Xerox’s unaudited interim financial statements as of and for the nine months ended December 31, 2017 and 2016, additional adjustments and misstatements were identified. These additional adjustments and misstatements were to the net income of Fuji Xerox for the period from 2010 through 2017 previously revised for the items identified by the IIC noted above. At this time, we can provide no assurances relative to the outcome of any potential governmental investigations or any consequences thereof that may happen as a result of this matter.
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Xerox Corporation
Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended
March 31, (in millions, except per-share data) 2018 2017 Revenues Sales $ 933 $ 936 Services, maintenance and rentals 1,431 1,442 Financing 71 76 Total Revenues 2,435 2,454 Costs and Expenses Cost of sales 563 565 Cost of services, maintenance and rentals 868 881 Cost of financing 34 33 Research, development and engineering expenses 100 111 Selling, administrative and general expenses 628 634 Restructuring and related costs 28 118 Amortization of intangible assets 12 14 Transaction and related costs 36 — Other expenses, net 32 114 Total Costs and Expenses 2,301 2,470 Income (Loss) before Income Taxes & Equity Income (1) 134 (16 ) Income tax expense (benefit) 40 (24 ) Equity in net (loss) income of unconsolidated affiliates (2) (68 ) 40 Income from Continuing Operations 26 48 Loss from discontinued operations, net of tax — (6 ) Net Income 26 42 Less: Net income attributable to noncontrolling interests 3 2 Net Income Attributable to Xerox $ 23 $ 40 Amounts Attributable to Xerox: Net income from continuing operations $ 23 $ 46 Loss from discontinued operations, net of tax — (6 ) Net Income Attributable to Xerox $ 23 $ 40 Basic Earnings (Loss) per Share: Continuing operations $ 0.08 $ 0.17 Discontinued operations — (0.03 ) Total Basic Earnings per Share $ 0.08 $ 0.14 Diluted Earnings (Loss) per Share: Continuing operations $ 0.08 $ 0.16 Discontinued operations — (0.02 ) Total Diluted Earnings per Share $ 0.08 $ 0.14 (1) Referred to as “Pre-Tax Income (Loss)” throughout the remainder of this document. (2) Equity in net (loss) income of unconsolidated affiliates has been revised for the prior year period. Refer to Appendix III for additional information on this revision. Xerox Corporation
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended
March 31, (in millions) 2018 2017 Net income $ 26 $ 42 Less: Net income attributable to noncontrolling interests 3 2 Net Income Attributable to Xerox 23 40 Other Comprehensive Income, Net: Translation adjustments, net 176 133 Unrealized gains, net 17 8 Changes in defined benefit plans, net 18 26 Other Comprehensive Income, Net 211 167 Less: Other comprehensive income, net attributable to noncontrolling interests — 1 Other Comprehensive Income, Net Attributable to Xerox 211 166 Comprehensive Income, Net 237 209 Less: Comprehensive income, net attributable to noncontrolling interests 3 3 Comprehensive Income, Net Attributable to Xerox $ 234 $ 206 Xerox Corporation
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except share data in thousands) March 31, 2018 December 31, 2017 Assets Cash and cash equivalents $ 1,398 $ 1,293 Accounts receivable, net 1,326 1,357 Billed portion of finance receivables, net 106 112 Finance receivables, net 1,301 1,317 Inventories 1,001 915 Other current assets 254 236 Total current assets 5,386 5,230 Finance receivables due after one year, net 2,278 2,323 Equipment on operating leases, net 448 454 Land, buildings and equipment, net 602 629 Investments in affiliates, at equity 1,378 1,404 Intangible assets, net 257 268 Goodwill 3,973 3,930 Deferred tax assets 942 1,026 Other long-term assets 911 682 Total Assets $ 16,175 $ 15,946 Liabilities and Equity Short-term debt and current portion of long-term debt $ 678 $ 282 Accounts payable 1,188 1,108 Accrued compensation and benefits costs 427 444 Accrued expenses and other current liabilities 859 907 Total current liabilities 3,152 2,741 Long-term debt 4,811 5,235 Pension and other benefit liabilities 1,536 1,595 Post-retirement medical benefits 651 662 Other long-term liabilities 229 206 Total Liabilities 10,379 10,439 Convertible Preferred Stock 214 214 Common stock 255 255 Additional paid-in capital 3,908 3,893 Retained earnings 4,927 4,856 Accumulated other comprehensive loss (3,537 ) (3,748 ) Xerox shareholders’ equity 5,553 5,256 Noncontrolling interests 29 37 Total Equity 5,582 5,293 Total Liabilities and Equity $ 16,175 $ 15,946 Shares of common stock issued and outstanding 254,679 254,613 Xerox Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited )
Three Months Ended
March 31, (in millions) 2018 2017 Cash Flows from Operating Activities: Net income $ 26 $ 42 Loss from discontinued operations, net of tax — 6 Income from continuing operations 26 48 Adjustments required to reconcile net income to cash flows from operating activities: Depreciation and amortization 163 133 Provision for receivables 13 13 Provision for inventory 4 5 Net gain on sales of businesses and assets (16 ) — Undistributed equity in net income of unconsolidated affiliates 68 (40 ) Stock-based compensation 16 13 Restructuring and asset impairment charges 28 108 Payments for restructurings (54 ) (58 ) Defined benefit pension cost 27 62 Contributions to defined benefit pension plans (38 ) (23 ) Decrease (increase) in accounts receivable and billed portion of finance receivables 46 (77 ) Increase in inventories (87 ) (58 ) Increase in equipment on operating leases (56 ) (52 ) Decrease in finance receivables 85 65 Increase in other current and long-term assets (42 ) (57 ) Increase in accounts payable and accrued compensation 12 21 Increase (decrease) in other current and long-term liabilities 1 (1 ) Net change in income tax assets and liabilities 13 (41 ) Net change in derivative assets and liabilities (6 ) 55 Other operating, net 13 16 Net cash provided by operating activities of continuing operations 216 132 Net cash used in operating activities of discontinued operations — (80 ) Net cash provided by operating activities 216 52 Cash Flows from Investing Activities: Cost of additions to land, buildings and equipment (9 ) (17 ) Proceeds from sales of land, buildings and equipment 16 1 Cost of additions to internal use software (9 ) (9 ) Acquisitions, net of cash acquired — (11 ) Collections of deferred proceeds from sales of receivables — 48 Collections on beneficial interest from sales of finance receivables — 6 Other investing, net — (29 ) Net cash used in investing activities (2 ) (11 ) Cash Flows from Financing Activities: Net payments on debt (37 ) (1,324 ) Common stock dividends (64 ) (81 ) Preferred stock dividends (3 ) (6 ) Repurchases related to stock-based compensation (1 ) (7 ) Payments to noncontrolling interests (12 ) (1 ) Other financing — 161 Net cash used in financing activities (117 ) (1,258 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 9 9 Increase (decrease) in cash, cash equivalents and restricted cash 106 (1,208 ) Cash, cash equivalents and restricted cash at beginning of period 1,368 2,402 Cash, Cash Equivalents and Restricted Cash at End of Period $ 1,474 $ 1,194 Financial Review
Fuji Xerox Transaction
Recent Developments
Director Appointment, Nomination and Settlement Agreement
In February 2018, five complaints, including four purported class actions, were filed by Xerox shareholders in the Supreme Court of the State of New York, New York County ("Court") alleging, among other things, that Xerox's directors had breached their fiduciary duties in negotiating, approving, and purportedly making false and misleading disclosures about the proposed transaction between Xerox and FUJIFILM Holdings Corporation (“Fujifilm”) described below under "Fuji Xerox Transaction Overview" (“Fuji Transaction”). On April 27, 2018, the Court granted a preliminary injunction prohibiting the parties from taking any further action to consummate the transaction.
On May 1, 2018, Xerox entered into a Director Appointment, Nomination and Settlement Agreement (the “Settlement Agreement”) with Carl Icahn and Darwin Deason, among others, that resolves the pending proxy contest in connection with Xerox’s 2018 Annual Meeting of Shareholders, as well as the ongoing litigation against Xerox and its directors related to the proposed Fuji Transaction. The agreement will become effective upon execution by the Court of stipulations discontinuing these litigations as to the Xerox defendants (the “Effective Time”). The agreement will automatically terminate if the Court does not act before 8:00 p.m. ET on May 3, 2018.
Pursuant to the terms of the Settlement Agreement, at the Effective Time, Xerox agreed to take all necessary action first, (i) to increase the size of the Board of Directors of the Company (the “Board”) from 10 members to 16 members, second (ii) to appoint Messrs. Keith Cozza, Nicholas Graziano, Scott Letier, Jay Firestone, Randolph Read and John Visentin to the Board, third (iii) to procure and accept the resignations of each of Messrs. Robert J. Keegan, Charles Prince, William Curt Hunter and Stephen H. Rusckowski and Mses. Ann N. Reese and Sara Martinez Tucker from the Board, and fourth (iv) to decrease the size of the Board from 16 members to 9 members. Additionally, at the Effective Time, Mr. Jeffrey Jacobson is required to resign as Chief Executive Officer of the Company and as a member of the Board.
As part of the agreement, Xerox and Carl Icahn will withdraw their respective nominations of any other director candidates for election at the 2018 Annual Meeting of Shareholders.
Overview
On January 31, 2018, Xerox entered into (i) a Redemption Agreement with FUJIFILM Holdings Corporation, a Japanese company (“Fujifilm”), and Fuji Xerox Co., Ltd., a Japanese company, in which, Xerox indirectly holds a 25% equity interest while Fujifilm holds the remaining 75% equity interest (“Fuji Xerox”), and (ii) a Subscription Agreement with Fujifilm (collectively, the “Transaction Agreements”). The Transaction Agreements provide that, on the terms and subject to the conditions set forth in the Transaction Agreements, among other things:
Redemption and Issuance
Fuji Xerox will redeem most of the shares of Fuji Xerox owned by Fujifilm in exchange for cash. Immediately following the Redemption, Fujifilm will contribute to Xerox the cash it received in the Redemption and all shares of Fuji Xerox still held by Fujifilm after giving effect to the Redemption and, in exchange therefore, Xerox will issue to Fujifilm a number of shares of Xerox common stock such that Fujifilm will own 50.1% of the Xerox common stock, on a fully diluted basis, at the closing of the transactions (the “Closing”), a portion of which will be held in escrow in accordance with the terms of the Transaction Agreements. As a result of the transactions contemplated by the Transaction Agreements (referred to herein as the "combination"), Fuji Xerox will become a wholly owned subsidiary of Xerox and Xerox will become a direct, majority owned subsidiary of Fujifilm (with the remainder of Xerox continuing to be owned by Xerox’s existing shareholders). The escrowed shares will be released from escrow upon, among other things, (i) the conversion of any shares of Xerox Series B Convertible Perpetual Preferred Stock into Xerox common stock or (ii) the issuance of any Xerox common stock in respect of any performance shares, options that were not in-the-money options or restricted stock units that remain unvested as of two business days prior to the Closing. If the events that could give rise to a release of the escrow shares to Fujifilm can no longer reasonably be expected to occur, then the escrow shares will be transferred back to the combined company (“new Fuji Xerox”) and thereafter cancelled. Prior to their release, Fujifilm, as the holder of the escrow shares, will be required to vote such shares in the same proportion as all of the outstanding shares of Xerox common stock that are not escrowed shares are voted (for or against, not voted, or abstained as the case may be) and to return to new Fuji Xerox any distributions of dividends received in respect thereof.
Special Dividend
In connection with the combination, subject to applicable law, Xerox will declare a special one-time cash dividend of $2.5 billion, in the aggregate, to the holders of record of Xerox common stock on the record date for the special dividend. The amount of the special dividend is currently estimated to be approximately $9.80 per share of Xerox common stock (based on the shares of Xerox common stock outstanding as of March 31, 2018). The special dividend will be paid immediately prior to the Closing and funded by a new borrowing as discussed below under “Bridge Facility". Fujifilm will not be a shareholder of Xerox as of the record date for the special dividend and therefore will not receive any payment in respect thereof.
Fuji Xerox has been determined to be the accounting acquirer and Xerox to be the accounting acquiree under the acquisition method of accounting based on various considerations. As noted above, immediately following the Closing, Fujifilm, the former parent of Fuji Xerox, is expected to own approximately 50.1% of the fully diluted capital stock of new Fuji Xerox and the other Xerox shareholders are expected to own approximately 49.9%. Further, pursuant to the Shareholders Agreement, to be entered into by Xerox and Fujifilm at Closing (the “Shareholders Agreement”), the board of directors of new Fuji Xerox will have twelve directors, which will initially be composed of seven individuals designated by Fujifilm (including the current CEO of Xerox) and five individuals from among the members of the board of directors of Xerox immediately prior to Closing designated by Xerox in consultation with and subject to reasonable approval by Fujifilm. Accordingly, the combination is expected to be accounted for as a reverse acquisition as per ASC Topic 805-40 - Business Combinations - Reverse Acquisitions.
Bridge Facility
On January 31, 2018, Xerox entered into a Commitment Letter with Citigroup Global Markets Inc. and Morgan Stanley Senior Funding, Inc., which provides a commitment, subject to the satisfaction of customary conditions, for a $2.5 billion unsecured bridge loan facility. This facility would be available for Xerox to pay the special one-time cash dividend of $2.5 billion to existing shareholders of Xerox as described herein. Xerox has not borrowed funds nor does it currently plan to borrow funds under this facility, rather, prior to closing, Xerox intends to secure alternative financing to meet its obligation to pay the special dividend. At March 31, 2018, we had approximately $11 million of debt issuance costs deferred in connection with this facility, which are currently being amortized over the remainder of the year, and another $6 million was paid in the second quarter 2018. Xerox may also secure financing to fund approximately $350 million required to settle certain of Xerox's obligations in respect of unfunded supplemental pension plans and deferred compensation plans which will accelerate in connection with the combination (such accelerated payments, also referred to as the "change-in-control payments").
Fuji Xerox Adjustments
As previously disclosed, in April 2017 Fujifilm publicly announced it had formed an independent investigation committee ("IIC") to conduct a review of the appropriateness of the accounting practices at Fuji Xerox’s New Zealand subsidiary related to the recovery of receivables associated with certain bundled leasing transactions that occurred in, or prior to, Fuji Xerox’s fiscal year ending March 31, 2016. The IIC’s review, completed during the second quarter 2017, identified total aggregate adjustments to Fuji Xerox's financial statements of approximately JPY 40 billion (approximately $360 million based on the Yen/U.S. Dollar spot exchange rate at March 31, 2017 of 111.89). The adjustments identified by the IIC primarily related to misstatements at Fuji Xerox's New Zealand subsidiary as well as their Australian subsidiary and certain other adjustments. We determined that our cumulative share of the total aggregate adjustments identified as part of the investigation was approximately $90 million and affected our fiscal years 2009 through 2017. In the second quarter 2017, we determined that the misstatements to our Equity in net income of unconsolidated affiliates in prior years and the first quarter of 2017 identified through the IIC's review were immaterial to our previously issued financial statements. However, we concluded that the cumulative correction of these misstatements would have had a material effect on our full year 2017 consolidated financial statements. Accordingly, we revised our previously issued annual consolidated financial statements for 2015 and 2016. As a result of the IIC’s findings and recommendations, Fuji Xerox began the process of implementing improved management controls, an entity level monitoring system for financial statements of subsidiaries, and oversight and governance policies, practices and procedures.
In 2018, in connection with the completion of the audits of Fuji Xerox’s fiscal year-end financial statements as of and for the years ended March 31, 2016 and 2017, as well as the review of Fuji Xerox’s unaudited interim financial statements as of and for the nine months ended December 31, 2017 and 2016, additional adjustments and misstatements were identified. These additional adjustments and misstatements were to the previously reported net income of Fuji Xerox for the period from 2010 through 2017 and are incremental to the items identified by the IIC noted above. These incremental adjustments primarily relate to Fuji Xerox’s Asia Pacific subsidiaries and involve improper revenue recognition, including revenue associated with leasing transactions, additional provisions for bad debt allowances and other asset impairments. In certain instances, some of the adjustments related to inappropriate accounting and reporting practices in the Fuji Xerox Asia Pacific subsidiaries and are further evidence of inadequate management oversight and an insufficient entity level monitoring system for financial statements of subsidiaries beyond what was previously identified by the IIC. Fuji Xerox is committed to implementing additional measures to remediate these newly identified issues.
Fuji Xerox recorded a cumulative charge of JPY 12 billion (approximately $110 million based on the Yen/U.S. Dollar average exchange rate for the quarter ended March 31, 2018 of 108.07) in their net loss for the quarter ended March 31, 2018 (our first quarter 2018) related to the correction of these additional adjustments and misstatements. Our recognition of 25% of Fuji Xerox’s net loss for Xerox’s first quarter 2018 included an approximately $28 million charge related to these adjustments and misstatements. We determined that the impact of the out-of-period misstatements was not material to Xerox's consolidated financial statements for any individual prior quarter or year and the adjustment to correct the misstatements is not expected to be material to our full year 2018 results.
Revenues
Three Months Ended
March 31, % of Total Revenue (in millions) 2018 2017 %
Change
CC%
Change
2018 2017 Equipment sales $ 499 $ 513 (2.7 )% (6.4 )% 20 % 21 % Post sale revenue 1,936 1,941 (0.3 )% (4.1 )% 80 % 79 % Total Revenue $ 2,435 $ 2,454 (0.8 )% (4.6 )% 100 % 100 % Reconciliation to Condensed Consolidated
Statements of Income:
Sales $ 933 $ 936 (0.3 )% (3.4 )% Less: Supplies, paper and other sales (434 ) (434 ) — % (2.4 )% Add: Equipment-related training (1) — 11 NM NM Equipment Sales $ 499 $ 513 (2.7 )% (6.4 )% Services, maintenance and rentals $ 1,431 $ 1,442 (0.8 )% (5.1 )% Add: Supplies, paper and other sales 434 434 — % (2.4 )% Add: Financing 71 76 (6.6 )% (10.6 )% Less: Equipment-related training (1) — (11 ) NM NM Post Sale Revenue $ 1,936 $ 1,941 (0.3 )% (4.1 )% North America $ 1,438 $ 1,473 (2.4 )% (2.8 )% 59 % 60 % International 891 852 4.6 % (5.5 )% 37 % 35 % Other 106 129 (17.8 )% (17.8 )% 4 % 5 % Total Revenue (2) $ 2,435 $ 2,454 (0.8 )% (4.6 )% 100 % 100 % Memo: Managed Document Services (3) $ 862 — $ 820 5.1 % 0.6 % 35 % 33 % CC - Constant Currency (see "Non-GAAP Financial Measures" section).
(1) In 2018, upon adoption of ASU 2014-09 Revenue Recognition, revenue from training related to equipment installation is now included in Equipment Sales. In prior periods, this revenue was reported within Services, maintenance and rentals. (2) Refer to Appendix II for our Geographic Sales Channels and Product/Offering Definitions. (3) Excluding equipment revenue, Managed Document Services (MDS) was $753 million in first quarter 2018 and $714 million in first quarter 2017, representing an increase of 5.5% including a 4.4-percentage point favorable impact from currency. First quarter 2018 total revenue decreased 0.8% as compared to first quarter 2017, with a 3.8-percentage point favorable impact from currency. First quarter 2018 total revenue reflected the following:
Post sale revenue primarily reflects contracted services, equipment maintenance, supplies and financing. These revenues are associated with the population of devices in the field, which is affected by installs and removals, as well as the page volumes generated by the usage of such devices and the revenue per printed page. Post sale revenue decreased 0.3% as compared to first quarter 2017, with a 3.8-percentage point favorable impact from currency. Services, maintenance and rentals revenue includes rental and maintenance revenue (including bundled supplies) as well as the post sale component of the document services revenue from our Managed Document Services (MDS) offerings, and revenues from our Communication and Marketing Solutions (CMS). These revenues decreased 0.8%, with a 4.3-percentage point favorable impact from currency. The decline at constant currency 1 reflected the continuing trends of lower page volumes and a lower population of devices, which are partially associated with lower signings and installs in prior periods, as well as the impact of a higher mix of installs of lower usage products. These impacts are partially offset by higher revenues from MDS, driven by our SMB-focused channels, along with revenues from acquisitions within our Global Imaging business and higher revenues from developing markets. Supplies, paper and other sales includes unbundled supplies and other sales. These revenues were flat compared to the first quarter of 2017, with a 2.4-percentage point favorable impact from currency. The decline at constant currency 1 was driven by continued declines in equipment manufacturer (OEM) supplies as well as lower supplies demand consistent with a lower population of devices in the field, partially offset by higher supplies sales within our Global Imaging business. Financing revenue is generated from financed equipment sale transactions. The 6.6% decline in these revenues reflected a declining finance receivables balance due to lower equipment sales in prior periods and included a 4.0-percentage point favorable impact from currency.
Three Months Ended
March 31, % of Equipment Sales (in millions) 2018 2017 %
Change
CC%
Change
2018 2017 Entry (1) $ 53 $ 56 (5.4 )% (10.9 )% 11 % 11 % Mid-range 334 332 0.6 % (2.5 )% 67 % 65 % High-end 92 97 (5.2 )% (9.4 )% 18 % 19 % Other (1) 20 28 (28.6 )% (28.6 )% 4 % 5 % Equipment Sales (2) $ 499 $ 513 (2.7 )% (6.4 )% 100 % 100 % CC - Constant Currency (see "Non-GAAP Financial Measures" section).
(1) In 2018 revenues from our OEM business are included in Other, which had historically been reported within Entry. This reclassification was made to provide better transparency to our business results. Prior year amounts have been adjusted to conform to this change. (2) In 2018, upon adoption of ASU 2014-09 Revenue Recognition, revenue from training related to equipment installation is now included in Equipment Sales (previously included in Post Sale Revenue). Prior year amounts have been adjusted to conform to this change. Equipment sales revenue decreased 2.7% as compared to first quarter 2017, with a 3.7-percentage point favorable impact from currency and was impacted by price declines of approximately 5% (which were in-line with our historic declines). This decrease also reflected the follow-on impact of higher entry and mid-range sales in fourth quarter 2017 related to the expansion of our U.S. indirect channels. The decline at constant currency 1 in entry sales reflected in part higher sales in the prior year related to the indirect channels transition to the new products as well as lower revenues within our indirect channel in the current year, and a higher mix of low-end personal devices mainly in our developing markets. Mid-range declined modestly at constant currency 1 reflecting higher installs of new products offset by ongoing declines consistent with overall market trends. The decrease at constant currency 1 in high-end sales primarily reflected lower revenues from iGen and continuous feed systems due in part to timing of installs in the prior year, as well as lower revenues from black-and-white systems consistent with market decline trends; these declines were partially mitigated by higher activity from the Versant entry production color systems that were launched in the second quarter of 2017.
Total Installs
Revenue associated with equipment installations (discussed below) may be reflected up-front in Equipment sales or over time either through rental income or as part of our Managed Document Services revenues (which are both reported within our post-sale revenues), depending on the terms and conditions of our agreements with customers.
Install activity includes Managed Document Services and Xerox-branded products shipped to Global Imaging Systems. Detail by product group (see Appendix II) is shown below:
Entry 2
4% increase in color multifunction devices, reflecting demand for recently launched products. 18% increase in black-and-white multifunction devices, driven largely by higher activity for low-end devices in developing markets.
Mid-Range 3
16% increase in mid-range color installs, reflecting higher demand for recently launched products. 11% increase in mid-range black-and-white, as demand for recently launched products more than offset market trends.
High-End 3
6% increase in high-end color systems, as growth from Versant products offset lower installs of higher-end color systems. 9% decrease in high-end black-and-white systems reflecting market trends.
Signings
Signings are defined as estimated future revenues from contracts signed during the period, including renewals of existing contracts. Our reported signings mostly represent those from our Enterprise deals, as we do not currently include signings from our growing partner print services offerings or those from our Global Imaging Systems channel. Total Contract Value (TCV) is the estimated total contractual revenue related to signed contracts; our signings expressed in TCV were as follows:
Three Months Ended
March 31, (in millions) 2018 2017 %
Change
CC% Change Signings $ 509 $ 512 (0.6 )% (2.0 )% CC - Constant Currency (see "Non-GAAP Financial Measures" section). First quarter 2018 signings decreased 0.6% from first quarter 2017, with a 1.4-percentage point favorable impact from currency, reflecting lower contribution from new business. On a trailing twelve month (TTM) basis, signings increased 1.1% from the comparable prior year period, with a 0.5-percentage point unfavorable impact from currency.
New business TCV decreased 5.2% from first quarter 2017, with a 1.4-percentage point favorable impact from currency, and decreased 12.2% at constant currency 1 on a TTM basis, led by lower signings in Europe.
Renewal Rate
Renewal rate is defined as the annual recurring revenue (ARR) on contracts that are renewed during the period as a percentage of ARR on all contracts for which a renewal decision was made during the period. Contract renewal rate for the first quarter 2018 was 85%, compared to our full year 2017 renewal rate of 84%.
(1) See the “Non-GAAP Financial Measures” section for an explanation of the non-GAAP financial measure. (2) Entry installations exclude OEM sales; including OEM sales, Entry color multifunction devices increased 7%, while Entry black-and-white multifunction devices increased 16%. (3) Mid-range and High-end color installations exclude Fuji Xerox digital front-end sales; including Fuji Xerox digital front-end sales, Mid-range color devices increased 16%, and High-end color systems increased 5%. Costs, Expenses and Other Income
Summary of Key Financial Ratios
The following is a summary of key financial ratios used to assess our performance:
Three Months Ended March 31, (in millions) 2018 2017 B/(W) Gross Profit $ 970 $ 975 $ (5 ) RD&E 100 111 11 SAG 628 634 6 Equipment Gross Margin 32.3 % 30.7 % 1.6 pts. Post sale Gross Margin 41.8 % 42.1 % (0.3) pts. Total Gross Margin 39.8 % 39.7 % 0.1 pts. RD&E as a % of Revenue 4.1 % 4.5 % 0.4 pts. SAG as a % of Revenue 25.8 % 25.8 % — Pre-tax Income (Loss) $ 134 $ (16 ) $ 150 Pre-tax Income (Loss) Margin 5.5 % (0.7 )% 6.2 pts. Adjusted (1) Operating Profit $ 253 $ 270 $ (17 ) Adjusted (1) Operating Margin 10.4 % 11.0 % (0.6) pts. (1) See the “Non-GAAP Financial Measures” section for an explanation of the non-GAAP financial measure. Pre-tax Income (Loss) Margin
First quarter 2018 pre-tax income margin of 5.5% increased 6.2-percentage points as compared to first quarter 2017. The increase was primarily driven by lower restructuring and related costs that reflected the phasing of our strategic transformation initiatives, as well as lower Other expense, net partially offset by Transaction related costs.
Adjusted 1 Operating Margin
First quarter 2018 adjusted 1 operating margin of 10.4% decreased 0.6-percentage points as compared to first quarter 2017, reflecting a 1.2-percentage point impact from lower Equity in net income (associated with our share of Fuji Xerox net income), partially offset by improvement in other areas of our business as a result of cost savings, including savings from strategic transformation, which more than offset the impact of revenue decline and investments in the business. Adjusted 1 operating margin includes favorable transaction currency of 0.7-percentage points.
Gross Margin
First quarter 2018 gross margin of 39.8% increased by 0.1-percentage points compared to first quarter 2017. This performance reflected cost productivity savings, along with favorable transaction currency of 0.7-percentage points partially offset by the impact of lower revenues.
First quarter 2018 equipment gross margin of 32.3% increased 1.6-percentage points as compared to first quarter 2017, reflecting benefits from transaction currency and cost productivity savings.
First quarter 2018 post sale gross margin of 41.8% decreased 0.3-percentage points as compared to first quarter 2017 reflecting in part the impact of lower revenues, partially offset by net productivity savings as well as favorable transaction currency.
Research, Development and Engineering Expenses (RD&E)
First quarter 2018 RD&E as a percentage of revenue of 4.1% was 0.4-percentage points lower compared to first quarter 2017.
RD&E of $100 million decreased by $11 million compared to first quarter 2017 and reflected cost savings, including restructuring savings, and lower expenses from the sales of businesses and associated transfers of resources to third parties during the prior year. We strategically coordinate our R&D investments with Fuji Xerox.
Selling, Administrative and General Expenses (SAG)
SAG as a percentage of revenue of 25.8% was flat compared to first quarter 2017.
SAG of $628 million was $6 million lower than first quarter 2017, including an approximate $19 million unfavorable impact from currency as well as $9 million of accelerated depreciation related to the early termination of a capital lease associated with a surplus facility. These adverse impacts were more than offset by cost savings, including restructuring savings, partially offset by higher compensation and benefit expense as well as expenses from Global Imaging acquisitions. Bad debt expense of $13 million was flat compared to first quarter 2017 and remained at less than one percent of receivables.
Restructuring and Related Costs
First quarter 2018 restructuring and related costs of $28 million included $24 million of severance costs related to headcount reductions of approximately 400 employees worldwide and $12 million of lease cancellation charges reflecting continued optimization of our operating locations. These costs were partially offset by $8 million of net reversals for changes in estimated reserves from prior period initiatives. First quarter 2018 actions impacted several functional areas, with approximately 55% focused on gross margin improvements and approximately 45% on SAG reductions. Costs related to professional support services associated with the implementation of the Strategic Transformation program were minimal.
First quarter 2017 restructuring and related costs of $118 million included net restructuring and asset impairment charges of $108 million as well as $10 million of additional costs primarily related to professional support services associated with the implementation of the Strategic Transformation program.
First quarter 2017 net restructuring and asset impairment charges of $108 million included $108 million of severance costs related to headcount reductions of approximately 1,000 employees worldwide and $2 million of lease cancellation charges. The first quarter 2017 actions impacted several functional areas, with approximately 30% of the actions focused on gross margin improvements, approximately 60% on SAG reductions and approximately 10% on RD&E optimization. These costs were partially offset by $2 million of net reversals for changes in estimated reserves from prior period initiatives.
The restructuring reserve balance as of March 31, 2018 for all programs was $85 million, of which $82 million is expected to be spent over the next twelve months.
Transaction and Related Costs
During first quarter 2018, we recorded costs of $36 million related to Xerox's planned combination transaction with Fuji Xerox, which is currently halted as a result of a court injunction. These costs were primarily for third-party investment banking, accounting, legal, consulting and other similar types of services as well as certain employee-related costs associated with the planned combination. These costs will include additional expenses expected to be incurred in the second quarter 2018 related to the previously disclosed settlement agreement reached with certain shareholders primarily for third-party legal and other related costs.
Amortization of Intangible Assets
First quarter 2018 amortization of intangible assets of $12 million was $2 million lower than first quarter 2017.
Worldwide Employment
Worldwide employment was approximately 35,000 as of March 31, 2018 and decreased by approximately 300 from December 31, 2017. The reduction is primarily due to the impact of restructuring and productivity-related reductions.
Other Expenses, Net
Three Months Ended
March 31, (in millions) 2018 2017 Non-financing interest expense $ 31 $ 36 Non-service retirement-related costs 25 60 Interest income (3 ) (2 ) Gains on sales of businesses and assets (16 ) — Currency (gains) losses, net (2 ) 3 Loss on sales of accounts receivable 1 3 Loss on early extinguishment of debt — 13 Bridge facility costs 2 — All other expenses, net (6 ) 1 Other expenses, net $ 32 $ 114 Non-financing interest expense
First quarter 2018 non-financing interest expense of $31 million was $5 million lower than first quarter 2017. When combined with financing interest expense (Cost of financing), total interest expense declined by $4 million from first quarter 2017 due to a lower debt balance reflecting debt repayments of approximately $1.3 billion in the first quarter 2017 partially offset by $1.0 billion of new debt issued in the third quarter 2017 to fund, among other things, a $500 million voluntary contribution to our U.S. defined benefit pension plans; the decline also reflected lower average interest rates. See "Debt and Customer Financing Activities" for further details.
Non-service retirement-related costs
First quarter 2018 non-service retirement related costs were $35 million lower than first quarter 2017, primarily driven by lower losses from pension settlements and the favorable impact of higher pension contributions and asset returns in the prior year.
Gains of sales of businesses and assets
First quarter 2018 gains on sales of businesses and assets of $16 million reflected the sale of non-core business assets.
Loss on early extinguishment of debt
During the first quarter of 2017, we recorded a $13 million loss associated with the repayment of $300 million in Senior Notes.
Income Taxes
First quarter 2018 effective tax rate was 29.9%. On an adjusted 1 basis, first quarter 2018 effective tax rate was 28.3%. These rates were higher than the U.S. statutory tax rate of 21% primarily due to impacts associated with the 2017 Tax Act, as discussed below, as well as the geographical mix of profits. The adjusted 1 effective tax rate excludes the tax benefits associated with the following charges: restructuring and related costs, amortization of intangible assets, transaction and related costs, non-service retirement-related costs and other discrete items.
First quarter 2017 tax benefit was at an effective tax rate of 150.0%, which was higher than the U.S. statutory tax rate of 35% primarily due to the favorable re-measurement of certain unrecognized tax positions. On an adjusted 1 basis, first quarter 2017 tax expense was at an effective tax rate of 27.0% which was lower than the U.S. statutory tax rate primarily due to foreign tax credits and the geographic mix of profits. The adjusted 1 effective tax rate excludes the majority of the benefit from the re-measurement of certain unrecognized tax positions as well as the tax benefits associated with the following charges: restructuring and related costs, amortization of intangible assets, non-service retirement-related costs and other discrete items.
Our effective tax rate is based on nonrecurring events as well as recurring factors, including the taxation of foreign income. In addition, our effective tax rate will change based on discrete or other nonrecurring events that may not be predictable.
Tax Cuts and Jobs Act (the “Tax Act”)
On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted. The Tax Act significantly revises the U.S. corporate income tax system by, among other things, lowering the U.S. statutory corporate income tax rate from 35% to 21% and implementing a territorial tax system that includes a one-time transition tax on deemed repatriated earnings of foreign subsidiaries.
During the fourth quarter 2017, we recorded an estimated non-cash charge of $400 million reflecting the impact associated with the provisions of the Tax Act based on currently available information. Our estimated charge incorporates assumptions made based on our current interpretation of the Tax Act as well as currently available information and may change, possibly materially, as we complete our analysis and receive additional clarification and implementation guidance. Changes in interpretations and assumptions as well as actions we may take as a result of the Tax Act may also impact this estimated charge. The $400 million estimated provisional charge continues to be our best estimate of the impacts from the Tax Act and no further adjustment of that charge was made in the first quarter 2018. However, we continue to evaluate the impacts from the Tax Act and likely will do so through the filing of our 2017 U.S. Tax Return in the third quarter 2018. Any adjustments to these provisional amounts will be reported as a component of Income tax expense in the reporting period in which any such adjustments are determined.
Effective January 1, 2018, we became subject to several provisions of the Tax Act including computations related to Global Intangible Low Taxed Income ("GILTI"), Foreign Derived Intangible Income ("FDII"), Base Erosion and Anti-Abuse Tax ("BEAT"), and IRC Section 163(j) interest limitation (Interest Limitation). Our current estimate for the GILTI, FDII and Interest Limitation rules was determined to be immaterial, however we currently estimate that we are subject to BEAT. Accordingly, our first quarter 2018 effective tax rate includes the estimated impact for BEAT, which has also been incorporated into our estimated annual effective tax for 2018. Similar to the provisional charge recorded in the fourth quarter 2017 associated with the enactment of the Tax Act, the estimates for these additional provisions of the Tax Act were made based on our current interpretation of the Tax Act as well as currently available information and may change, as we complete our analysis and receive additional clarification and implementation guidance. Changes in interpretations and assumptions as well as actions we may take as a result of the Tax Act may also impact these estimates.
Equity in Net (Loss) Income of Unconsolidated Affiliates
Equity in net (loss) income of unconsolidated affiliates primarily reflects our 25% share of Fuji Xerox net loss. First quarter 2018 equity loss of $68 million included an approximate $28 million charge related to the out-of-period adjustments described in the "Fuji Xerox Adjustments" section and was $108 million worse compared to first quarter 2017, including $79 million of higher year-over-year charges related to our share of Fuji Xerox after-tax restructuring and other charges. Other charges included costs associated with the combination transaction.
Net Income from Continuing Operations
First quarter 2018 net income from continuing operations attributable to Xerox was $23 million, or $0.08 per diluted share. On an adjusted 1 basis, net income from continuing operations attributable to Xerox was $178 million, or $0.68 per diluted share. First quarter 2018 adjustments to net income include restructuring and related costs, amortization of intangible assets, transaction and related costs and non-service retirement-related costs as well as other discrete, unusual or infrequent items as described in our Non-GAAP Financial Measures section.
First quarter 2017 net income from continuing operations attributable to Xerox was $46 million, or $0.16 per diluted share. On an adjusted 1 basis, net income from continuing operations attributable to Xerox was $176 million, or $0.67 per diluted share. First quarter 2017 adjustments to net income include restructuring and related costs, amortization of intangible assets and non-service retirement-related costs as well as other discrete, unusual or infrequent items as described in our Non-GAAP Financial Measures section.
See the "Non-GAAP Financial Measures" section for the calculation of adjusted EPS. The calculations of basic and diluted earnings per share are included as Appendix I.
(1) See the “Non-GAAP Financial Measures” section for an explanation of the non-GAAP financial measure. Discontinued Operations
Business Process Outsourcing (BPO)
On December 31, 2016, Xerox completed the Separation of its BPO business through the Distribution of all of the issued and outstanding stock of Conduent to Xerox Corporation stockholders. As a result, the financial position and results of operations of the BPO Business are presented as discontinued operations and, as such, have been excluded from continuing operations for all periods presented. The loss from operations in the first quarter 2017 primarily reflected changes in estimates of separation-related costs.
Summarized financial information for our Discontinued Operations is as follows:
Three Months Ended
March 31, (in millions) 2018 2017 Loss from operations $ — $ 8 Loss on disposal — — Net loss before income taxes — (8 ) Income tax benefit — 2 Loss from discontinued operations, net of tax $ — $ (6 ) Capital Resources and Liquidity
The following summarizes our cash, cash equivalents and restricted cash:
Three Months Ended
March 31, (in millions) 2018 2017 Change Net cash provided by operating activities of continuing operations $ 216 $ 132 $ 84 Net cash used in operating activities of discontinued operations — (80 ) 80 Net cash provided by operating activities 216 52 164 Net cash used in investing activities (2 ) (11 ) 9 Net cash used in financing activities (117 ) (1,258 ) 1,141 Effect of exchange rate changes on cash, cash equivalents and restricted cash 9 9 — Increase (decrease) in cash, cash equivalents and restricted cash 106 (1,208 ) 1,314 Cash, cash equivalents and restricted cash at beginning of period 1,368 2,402 (1,034 ) Cash, Cash equivalents and Restricted Cash at End of Period $ 1,474 $ 1,194 $ 280 Cash Flows from Operating Activities
Net cash provided by operating activities of continuing operations was $216 million in first quarter 2018. The $84 million increase in operating cash from first quarter 2017 was primarily due to the following:
$71 million increase in pre-tax income before transaction and related costs, depreciation and amortization, gain on sales of businesses and assets, restructuring charges and defined benefit pension costs. $123 million increase from accounts receivable primarily due to the timing of collections and lower revenue, as well as the prior year reclassification of $48 million of collections of deferred proceeds from the sales of accounts receivables to investing. $20 million increase from finance receivables primarily related to a higher level of run-off due to lower originations. $73 million decrease primarily related to the prior year settlements of foreign currency derivative contracts. $29 million decrease from inventory primarily due to lower equipment sales. $15 million decrease from higher pension contributions primarily in the U.K. $15 million decrease due to payments for transaction and related costs.
Cash Flows from Investing Activities
Net cash used in investing activities was $2 million in first quarter 2018. The $9 million change from first quarter 2017 was primarily due to the following:
$54 million decrease primarily as a result of the termination of certain accounts receivables sales arrangements in fourth quarter 2017. $15 million increase primarily from the sale of non-core business assets in 2018. $11 million increase due to no acquisitions in 2018. $8 million increase due to lower capital expenditures.
Cash Flows from Financing Activities
Net cash used in financing activities was $117 million in first quarter 2018. The $1,141 million decrease in the use of cash from first quarter 2017 was primarily due to the following:
$1,287 million decrease from net debt activity. 2018 reflects payments of $25 million related to the termination of a capital lease obligation and $13 million of bridge facility costs. 2017 reflects payments of $1.0 billion on Senior Notes and net payments of $326 million on the tender and exchange of certain Senior Notes including transaction costs. $20 million decrease from common and preferred stock dividends. $161 million increase resulting from the prior year final cash adjustment with Conduent. $11 million increase due to higher distributions to noncontrolling interests as a result of the timing of payments.
Cash, Cash Equivalents and Restricted Cash
Restricted cash primarily relates to escrow cash deposits made in Brazil associated with tax and labor litigation. Various litigation matters in Brazil require us to make cash deposits to escrow as a condition of continuing the litigation. Restricted cash amounts are classified in our Condensed Consolidated Balance Sheets based on when the cash is expected to be contractually or judicially released.
(in millions) March 31, 2018 December 31, 2017 Cash and cash equivalents $ 1,398 $ 1,293 Restricted cash Tax and labor litigation deposits in Brazil 72 72 Other restricted cash 4 3 Total Restricted cash 76 75 Cash, cash equivalents and restricted cash $ 1,474 $ 1,368 Restricted cash was reported in the Condensed Consolidated Balance Sheet as follows:
(in millions) March 31, 2018 December 31, 2017 Other current assets $ 2 $ 1 Other long-term assets 74 74 Total Restricted cash $ 76 $ 75 Debt and Customer Financing Activities
The following summarizes our debt:
(in millions) March 31, 2018 December 31, 2017 Principal debt balance (1) $ 5,552 $ 5,579 Net unamortized discount (33 ) (35 ) Debt issuance costs (30 ) (32 ) Fair value adjustments (2) - terminated swaps (4 ) 4 - current swaps 4 1 Total Debt $ 5,489 $ 5,517 (1) Includes Notes Payable of $4 million and $6 million as of March 31, 2018 and December 31, 2017, respectively. (2) Fair value adjustments include the following: (i) fair value adjustments to debt associated with terminated interest rate swaps, which are being amortized to interest expense over the remaining term of the related notes; and (ii) changes in fair value of hedged debt obligations attributable to movements in benchmark interest rates. Hedge accounting requires hedged debt instruments to be reported inclusive of any fair value adjustment. Finance Assets and Related Debt
The following represents our total finance assets, net associated with our lease and finance operations:
(in millions) March 31, 2018 December 31, 2017 Total finance receivables, net (1) $ 3,685 $ 3,752 Equipment on operating leases, net 448 454 Total Finance Assets, net (2) $ 4,133 $ 4,206 (1) Includes (i) Billed portion of finance receivables, net, (ii) Finance receivables, net and (iii) Finance receivables due after one year, net as included in our Condensed Consolidated Balance Sheets. (2) The change from December 31, 2017 includes an increase of $36 million due to currency. Our lease contracts permit customers to pay for equipment over time rather than at the date of installation; therefore, we maintain a certain level of debt (that we refer to as financing debt) to support our investment in these lease contracts, which are reflected in total finance assets, net. For this financing aspect of our business, we maintain an assumed 7:1 leverage ratio of debt to equity as compared to our finance assets.
Based on this leverage, the following represents the breakdown of total debt between financing debt and core debt:
(in millions) March 31, 2018 December 31, 2017 Finance receivables debt (1) $ 3,224 $ 3,283 Equipment on operating leases debt 392 397 Financing debt 3,616 3,680 Core debt 1,873 1,837 Total Debt $ 5,489 $ 5,517 (1) Finance receivables debt is the basis for our calculation of "Cost of financing" expense in the Condensed Consolidated Statements of Income. Sales of Accounts Receivable
Accounts receivable sales arrangements may be utilized in the normal course of business as part of our cash and liquidity management. Accounts receivable sold are generally short-term trade receivables with payment due dates of less than 60 days. During the fourth quarter 2017, we terminated all accounts receivable sales arrangements in North America and all but one arrangement in Europe. The remaining accounts receivable sales facility in Europe enables us to sell receivables associated with our distributor network on an ongoing basis without recourse. Under this arrangement, we sell our entire interest in the related accounts receivable for cash and no portion of the payment is held back or deferred by the purchaser. Accounts receivable sales activities were as follows:
Three Months Ended
March 31, (in millions) 2018 2017 Accounts receivable sales (1) $ 103 $ 511 Deferred proceeds — 52 Loss on sales of accounts receivable 1 3 Estimated decrease to operating cash flows (2) (50 ) (65 ) (1) Customers may also enter into structured-payable arrangements that require us to sell our receivables from that customer to a third-party financial institution, which then makes payments to us to settle the customer's receivable. In these instances, we ensure the sale of the receivables are bankruptcy remote and the payment made to us is without recourse. The activity associated with these arrangements is not reflected in this disclosure as payments under these arrangements have not been material and these are customer directed arrangements. (2) Represents the difference between current and prior period accounts receivable sales adjusted for the effects of the deferred proceeds, collections prior to the end of the quarter and currency. Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements
This release, and other written or oral statements made from time to time by management contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”, “should” and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements reflect management’s current beliefs, assumptions and expectations and are subject to a number of factors that may cause actual results to differ materially. Such factors include but are not limited to: our ability to address our business challenges in order to reverse revenue declines, reduce costs and increase productivity so that we can invest in and grow our business; changes in economic and political conditions, trade protection measures, licensing requirements and tax laws in the United States and in the foreign countries in which we do business; changes in foreign currency exchange rates; our ability to successfully develop new products, technologies and service offerings and to protect our intellectual property rights; the risk that multi-year contracts with governmental entities could be terminated prior to the end of the contract term and that civil or criminal penalties and administrative sanctions could be imposed on us if we fail to comply with the terms of such contracts and applicable law; the risk that partners, subcontractors and software vendors will not perform in a timely, quality manner; actions of competitors and our ability to promptly and effectively react to changing technologies and customer expectations; our ability to obtain adequate pricing for our products and services and to maintain and improve cost efficiency of operations, including savings from restructuring actions; the risk that individually identifiable information of customers, clients and employees could be inadvertently disclosed or disclosed as a result of a breach of our security systems; reliance on third parties, including subcontractors, for manufacturing of products and provision of services; our ability to manage changes in the printing environment and expand equipment placements; interest rates, cost of borrowing and access to credit markets; funding requirements associated with our employee pension and retiree health benefit plans; the risk that our operations and products may not comply with applicable worldwide regulatory requirements, particularly environmental regulations and directives and anti-corruption laws; the outcome of litigation and regulatory proceedings to which we may be a party; the outcome of our process to evaluate all strategic alternatives to maximize shareholder value, including terminating or restructuring Xerox's relationship with FUJIFILM Holdings Corporation ("Fujifilm") and the proposed transaction with Fujifilm; and other factors that are set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and other sections of our 2017 Annual Report on Form 10-K, as well as our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. Xerox assumes no obligation to update any forward looking statements as a result of new information or future events or developments, except as required by law.
Fuji Xerox Co., Ltd. (“Fuji Xerox”) is a joint venture between Xerox and Fujifilm in which Xerox holds a noncontrolling 25% equity interest and Fujifilm holds the remaining equity interest. Given our status as a minority investor, we have limited contractual and other rights to information with respect to Fuji Xerox matters. In April 2017, Fujifilm formed an independent investigation committee (the “IIC”) to primarily conduct a review of the appropriateness of the accounting practices at Fuji Xerox’s New Zealand subsidiary and at other subsidiaries. The IIC completed its review during the second quarter 2017 and identified aggregate adjustments to Fuji Xerox’s financial statements of approximately JPY 40 billion (approximately $360 million) primarily related to misstatements at Fuji Xerox’s New Zealand and Australian subsidiaries. We determined that our share of the total adjustments identified as part of the investigation was approximately $90 million and impacted our fiscal years 2009 through 2017. We revised our previously issued annual and interim consolidated financial statements for 2014, 2015 and 2016 and the first quarter of 2017. However, Fujifilm and Fuji Xerox continue to review Fujifilm’s oversight and governance of Fuji Xerox as well as Fuji Xerox’s oversight and governance over its businesses in light of the findings of the IIC.
In 2018, in connection with the completion of audits of Fuji Xerox’s fiscal year-end financial statements as of and for the years ended March 31, 2016 and 2017, as well as the review of Fuji Xerox’s unaudited interim financial statements as of and for the nine months ended December 31, 2017 and 2016, additional adjustments and misstatements were identified. These additional adjustments and misstatements were to the net income of Fuji Xerox for the period from 2010 through 2017 previously revised for the items identified by the IIC noted above. At this time, we can provide no assurances relative to the outcome of any potential governmental investigations or any consequences thereof that may happen as a result of this matter.
Non-GAAP Financial Measures
We have reported our financial results in accordance with generally accepted accounting principles (GAAP). In addition, we have discussed our financial results using the non-GAAP measures described below. We believe these non-GAAP measures allow investors to better understand the trends in our business and to better understand and compare our results. Accordingly, we believe it is necessary to adjust several reported amounts, determined in accordance with GAAP, to exclude the effects of certain items as well as their related income tax effects.
A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are set forth below as well as in the first quarter 2018 presentation slides available at www.xerox.com/investor .
These non-GAAP financial measures should be viewed in addition to, and not as a substitute for, the company’s reported results prepared in accordance with GAAP.
Adjusted Earnings Measures
Net income and Earnings per share (EPS) Effective tax rate
The above measures were adjusted for the following items:
Amortization of intangible assets: The amortization of intangible assets is driven by our acquisition activity which can vary in size, nature and timing as compared to other companies within our industry and from period to period. The use of intangible assets contributed to our revenues earned during the periods presented and will contribute to our future period revenues as well. Amortization of intangible assets will recur in future periods. Restructuring and related costs: Restructuring and related costs include restructuring and asset impairment charges as well as costs associated with our Strategic Transformation program beyond those normally included in restructuring and asset impairment charges. Restructuring consists of costs primarily related to severance and benefits paid to employees pursuant to formal restructuring and workforce reduction plans. Asset impairment includes costs incurred for those assets sold, abandoned or made obsolete as a result of our restructuring actions, exiting from a business or other strategic business changes. Additional costs for our Strategic Transformation program are primarily related to the implementation of strategic actions and initiatives and include third-party professional service costs as well as one-time incremental costs. All of these costs can vary significantly in terms of amount and frequency based on the nature of the actions as well as the changing needs of the business. Accordingly, due to that significant variability, we will exclude these charges since we do not believe they provide meaningful insight into our current or past operating performance nor do we believe they are reflective of our expected future operating expenses as such charges are expected to yield future benefits and savings with respect to our operational performance. Non-service retirement-related costs: Our defined benefit pension and retiree health costs include several elements impacted by changes in plan assets and obligations that are primarily driven by changes in the debt and equity markets as well as those that are predominantly legacy in nature and related to employees who are no longer providing current service to the company (e.g. retirees and ex-employees). These elements include (i) interest cost, (ii) expected return on plan assets, (iii) amortization of prior plan amendments, (iv) amortized actuarial gains/losses and (v) the impacts of any plan settlements/curtailments. Accordingly, we consider these elements of our periodic retirement plan costs to be outside the operational performance of the business or legacy costs and not necessarily indicative of current or future cash flow requirements. This approach is consistent with the classification of these costs as non-operating in Other expenses, net as a result of our adoption of ASU 2017-07 - Reporting of Retirement Related Benefit Costs in 2018. Adjusted earnings will continue to include the service cost elements of our retirement costs, which is related to current employee service as well as the cost of our defined contribution plans. Transaction and related costs: Transaction and related costs are expenses incurred in connection with Xerox's planned combination transaction with Fuji Xerox, which is currently halted as a result of a court injunction. These costs are primarily for third-party investment banking, accounting, legal, consulting and other similar types of services as well as certain employee-related costs associated with the planned combination. These costs will include additional expenses expected to be incurred in the second quarter 2018 related to the previously disclosed settlement agreement reached with certain shareholders primarily for third-party legal and other related costs. These costs are considered incremental to our normal operating charges and were incurred or are expected to be incurred solely as a result of the planned combination transaction and the related shareholder settlement agreement. Accordingly, we are excluding these expenses from our Adjusted Earnings Measures in order to evaluate our performance on a comparable basis. Restructuring and other charges - Fuji Xerox: We also adjust our 25% share of Fuji Xerox’s net income for similar items noted above such as Restructuring and related costs and Transaction and related costs based on the same rationale discussed above. Other discrete, unusual or infrequent items: In addition, we also excluded the following items given their discrete, unusual or infrequent nature and their impact on our results for the period: 2018 - Bridge facility costs relate to the previously disclosed $2.5 billion bridge loan facility, which was entered into in the first quarter 2018 to provide funding for the payment of the expected $2.5 billion dividend associated with the Fuji Xerox combination transaction in the event Xerox does not secure permanent financing. Since these costs are related to the Fuji Xerox combination transaction, the exclusion was considered consistent with Transaction and related costs discussed above. 2017 - Loss on early extinguishment of debt in the first quarter of 2017. 2017 - A benefit from the remeasurement of a tax matter in the first quarter of 2017 that related to a previously adjusted item.
We believe the exclusion of these items allows investors to better understand and analyze the results for the period as compared to prior periods and expected future trends in our business.
Adjusted Operating Income/Margin
We also calculate and utilize adjusted operating income and margin measures by adjusting our reported pre-tax income (loss) and margin amounts. In addition to the costs and expenses noted as adjustments for our Adjusted Earnings measures, adjusted operating income and margin also exclude the remaining amounts included in Other expenses, net, which are primarily non-financing interest expense and certain other non-operating costs and expenses. We exclude these amounts in order to evaluate our current and past operating performance and to better understand the expected future trends in our business. Adjusted Operating income and margin also include Equity in net (loss) income of unconsolidated affiliates. Equity in net (loss) income of unconsolidated affiliates primarily reflects our 25% share of Fuji Xerox's net income. We include this amount in our measure of operating income and margin as Fuji Xerox is our primary product supplier and intermediary to the Asia/Pacific market for distribution of Xerox branded products and services.
Constant Currency
To better understand trends in our business, we believe that it is helpful to adjust revenue to exclude the impact of changes in the translation of foreign currencies into U.S. dollars. We refer to this adjusted revenue as “constant currency.” This impact is calculated by translating current period activity in local currency using the comparable prior year period's currency translation rate. This impact is calculated for all countries where the functional currency is the local country currency. The constant currency impact for signings growth is calculated on the basis of plan currency rates. Management believes the constant currency measure provides investors an additional perspective on revenue trends. Currency impact can be determined as the difference between actual growth rates and constant currency growth rates.
Free Cash Flow
To better understand trends in our business, we believe that it is helpful to adjust operating cash flows from continuing operations by subtracting amounts related to capital expenditures (inclusive of internal use software). In addition, we also believe that prior period operating cash flows from continuing operations should also be adjusted to include the collections on beneficial interests received in a sale of receivables as these cash flows were the result of sales to customers. Management believes this measure gives investors an additional perspective on cash flow from operating activities in excess of amounts required for reinvestment. It provides a measure of our ability to fund acquisitions, dividends and share repurchase.
Summary:
Management believes that all of these non-GAAP financial measures provide an additional means of analyzing the current period’s results against the corresponding prior period’s results. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, the company’s reported results prepared in accordance with GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business based on these non-GAAP measures.
A reconciliation of these non-GAAP financial measures and the most directly comparable measures calculated and presented in accordance with GAAP are set forth on the following tables:
Net Income and EPS reconciliation:
Three Months Ended
March 31, 2018 Three Months Ended
March 31, 2017 (in millions, except per share amounts) Net Income EPS Net Income EPS Reported (1) $ 23 $ 0.08 $ 46 $ 0.16 Adjustments: Restructuring and related costs 28 118 Amortization of intangible assets 12 14 Transaction and related costs 36 — Non-service retirement-related costs 25 60 Loss on early extinguishment of debt — 13 Bridge facility costs 2 — Income tax on adjustments (2) (27 ) (59 ) Remeasurement of unrecognized tax positions — (16 ) Restructuring and other charges - Fuji Xerox (3) 79 — Adjusted $ 178 $ 0.68 $ 176 $ 0.67 Dividends on preferred stock used in adjusted EPS calculation (4) $ — $ — Weighted average shares for adjusted EPS (4) 264 263 Fully diluted shares at end of period (5) 264 (1) Net income and EPS from continuing operations attributable to Xerox. (2) Refer to Effective Tax Rate reconciliation. (3) Other charges in 2018 represent costs associated with the combination transaction. (4) For those periods that exclude the preferred stock dividend, the average shares for the calculations of diluted EPS include 7 million shares associated with our Series B convertible preferred stock, as applicable. (5) Represents common shares outstanding at March 31, 2018 as well as shares associated with our Series B convertible preferred stock plus potential dilutive common shares as used for the calculation of diluted earnings per share for the first quarter 2018. Effective Tax Rate reconciliation:
Three Months Ended
March 31, 2018 Three Months Ended
March 31, 2017 (in millions) Pre-Tax
Income
Income Tax
Expense
Effective Tax
Rate
Pre-Tax
(Loss)
Income
Income Tax
(Benefit)
Expense
Effective Tax
Rate
Reported (1) $ 134 $ 40 29.9 % $ (16 ) $ (24 ) 150.0 % Non-GAAP Adjustments (2) 103 27 205 59 Remeasurement of unrecognized tax positions — — — 16 Adjusted (3) $ 237 $ 67 28.3 % $ 189 $ 51 27.0 % (1) Pre-Tax Income (Loss) and Income Tax Expense (Benefit) from continuing operations. (2) Refer to Net Income and EPS reconciliation for details. (3) The tax impact on Adjusted Pre-Tax Income from continuing operations is calculated under the same accounting principles applied to the As Reported Pre-Tax Income (Loss) under ASC 740, which employs an annual effective tax rate method to the results. Operating Income / Margin reconciliation:
Three Months Ended
March 31, 2018 Three Months Ended
March 31, 2017 (in millions) Profit Revenue Margin (Loss)
Profit
Revenue Margin Reported (1) $ 134 $ 2,435 5.5 % $ (16 ) $ 2,454 (0.7 )% Adjustments: Restructuring and related costs 28 118 Amortization of intangible assets 12 14 Transaction and related costs 36 — Non-service retirement-related costs 25 60 Equity in net (loss) income of unconsolidated affiliates (68 ) 40 Restructuring and other charges - Fuji Xerox (2) 79 — Other expenses, net 7 54 Adjusted $ 253 $ 2,435 10.4 % $ 270 $ 2,454 11.0 % Equity in net (loss) income of unconsolidated affiliates 68 (40 ) Restructuring and other charges - Fuji Xerox (2) (79 ) — Adjusted (3) $ 242 $ 2,435 9.9 % $ 230 $ 2,454 9.4 % (1) Pre-Tax Income (Loss) and revenue from continuing operations. (2) Other charges in 2018 represent costs associated with the combination transaction. (3) Also referred to as "Core operating profit, excluding equity income" Free Cash Flow reconciliation:
Three Months Ended
March 31, (in millions) 2018 2017 Operating Cash Flows from Continuing Operations $ 216 $ 132 Less: Capital Expenditures (including Internal Use Software) (18 ) (26 ) Add: Collections on beneficial interests received in sales of receivables — 54 Free Cash Flows from Continuing Operations $ 198 $ 160 APPENDIX I
Xerox Corporation
Earnings per Common Share
(in millions except per share data, shares in thousands)
Three Months Ended
March 31, 2018 2017 Basic Earnings (Loss) per Share: Net income from continuing operations attributable to Xerox $ 23 $ 46 Accrued dividends on preferred stock (4 ) (4 ) Adjusted net income from continuing operations available to common shareholders $ 19 $ 42 Net loss from discontinued operations attributable to Xerox — (6 ) Adjusted net income available to common shareholders $ 19 $ 36 Weighted average common shares outstanding 254,660 254,038 Basic Earnings (Loss) per Share: Continuing operations $ 0.08 $ 0.17 Discontinued operations — (0.03 ) Basic Earnings per Share $ 0.08 $ 0.14 Diluted Earnings (Loss) per Share: Net income from continuing operations attributable to Xerox $ 23 $ 46 Accrued dividends on preferred stock (4 ) (4 ) Adjusted net income from continuing operations available to common shareholders $ 19 $ 42 Net loss from discontinued operations attributable to Xerox — (6 ) Adjusted net income available to common shareholders $ 19 $ 36 Weighted average common shares outstanding 254,660 254,038 Common shares issuable with respect to: Restricted stock and performance shares 2,810 2,104 Adjusted weighted average common shares outstanding 257,470 256,142 Diluted Earnings (Loss) per Share: Continuing operations $ 0.08 $ 0.16 Discontinued operations — (0.02 ) Diluted Earnings per Share $ 0.08 $ 0.14 The following securities were not included in the computation of diluted earnings per share as they were
either contingently issuable shares or shares that if included would have been anti-dilutive:
Restricted stock and performance shares 2,977 3,937 Convertible preferred stock 6,742 6,742 Total Anti-Dilutive Securities 9,719 10,679 Dividends per Common Share $ 0.25 $ 0.25 APPENDIX II
Xerox Corporation
Geographic Sales Channels and Product/Offering Definitions
Our business is aligned to a geographic focus and is primarily organized on the basis of go-to-market sales channels, which are structured to serve a range of customers for our products and services:
North America, which includes our sales channels in the U.S. and Canada. International, which includes our sales channels in Europe, Eurasia, Latin America, Middle East, Africa and India. Other, primarily includes our OEM business, as well as sales to and royalties from Fuji Xerox, and our licensing revenue.
Our products and offerings include:
“Entry”, which includes A4 devices and desktop printers. Prices in this product group can range from approximately $150 to $3,000. “Mid-Range”, which includes A3 Office and Light Production devices that generally serve workgroup environments in mid to large enterprises. Prices in this product group can range from approximately $2,000 to $75,000+. “High-End”, which includes production printing and publishing systems that generally serve the graphic communications marketplace and large enterprises. Prices for these systems can range from approximately $30,000 to $1,000,000+. Managed Document Services (MDS) revenue, which includes solutions and services that span from managing print to automating processes to managing content. Our primary offerings within MDS are Managed Print Services (including from Global Imaging Systems), as well as workflow automation services, and Centralized Print Services and Solutions (CPS). MDS excludes Communication and Marketing Solutions (CMS).
APPENDIX III
Xerox Corporation
Correction of Fuji Xerox Misstatement in Prior Period Financial Statements
(As Presented in our Second-Quarter 2017 Earnings Release)
Revised Consolidated Statements of Income and Non-GAAP Financial Measures
Fuji Xerox is a joint venture between Xerox Corporation and FUJIFILM Holdings Corporation (“Fujifilm”) in which Xerox holds a noncontrolling 25% equity interest and Fujifilm holds the remaining equity interest. Refer to "Fuji Xerox Adjustments" for additional information regarding the results of a review of accounting practices at Fuji Xerox and the associated impact of adjustments to our previously reported Equity in net income of unconsolidated affiliates, resulting from that review.
The following tables reconcile selected lines from the company’s first quarter 2017 Consolidated Statements of Income and applicable non-GAAP Operating Income/Margin reconciliations from the previously reported amounts to the revised amounts. These revisions did not have an impact on the company's operating cash flows.
Three Months Ended March 31, 2017 (in millions) As Reported Adjustment As Revised Equity in net income of unconsolidated affiliates $ 16 $ 24 $ 40 Income from Continuing Operations 24 24 48 Net Income 18 24 42 Net Income Attributable to Xerox 16 24 40 Net income from continuing operations attributable to Xerox $ 22 $ 24 $ 46 Basic Earnings per Share: Continuing operations $ 0.07 $ 0.10 $ 0.17 Total $ 0.05 $ 0.09 $ 0.14 Diluted Earnings per Share: Continuing operations $ 0.07 $ 0.09 $ 0.16 Total $ 0.05 $ 0.09 $ 0.14 Non-GAAP Measures Adjusted Net Income $ 154 $ 24 $ 178 Adjusted EPS $ 0.58 $ 0.09 $ 0.67 Adjusted Operating Profit (1) $ 250 $ 24 $ 274 Adjusted Operating Margin 10.2 % 11.2 % | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-xerox-reports-first-quarter-2018-results.html |
WASHINGTON (Reuters) - U.S. President Donald Trump on Friday escalated his attacks on the Justice Department, suggesting that the FBI may have planted or recruited an informant in his 2016 presidential campaign.
U.S. President Donald Trump gestures as he delivers remarks during the Prison Reform Summit at the White House in Washington, U.S., May 18, 2018. REUTERS/Kevin Lamarque Trump stopped short of accusing the FBI of spying on his campaign, instead citing unnamed reports that at least one FBI representative was “implanted” for political purposes into his campaign.
“If true - all time biggest political scandal!” Trump said in a tweet.
Former New York Mayor Rudolph Giuliani, now one of Trump’s personal attorneys, almost immediately undercut Trump’s speculation about an informant. “I don’t know for sure, nor does the president, if there really was one,” he told CNN.
“For a long time we’ve been told there was some kind of infiltration,” Giuliani said. “At one time, the president thought it was a wiretap.”
Neither Trump nor Giuliani provided any evidence of government infiltration into Trump’s presidential campaign.
With Special Counsel Robert Mueller investigating possible collusion between Trump’s election campaign team and Russia, Trump and some of his allies have alleged that elements inside the Justice Department are seeking to undermine his administration.
Trump has denied any collusion with Russia and repeatedly called Mueller’s investigation a “witch hunt.” Russia has denied meddling in the U.S. presidential election.
Glenn Simpson, who heads a consulting firm in Washington and hired former British spy Christopher Steele to investigate Trump’s dealings with Russia prior to the campaign, testified last August to the Senate Judiciary Committee that some of what he collected was “human source intelligence.”
Simpson, however, did not tell the committee anything that could substantiate suggestions that U.S. authorities might have inserted an informant into the Trump campaign.
The FBI declined to comment on Friday.
CNN reported that U.S. officials said, “The confidential intelligence source was not planted inside the campaign to provide information to investigators.”
The New York Times nyti.ms/2Isi6JX , citing people familiar with the matter, reported that the FBI sent an informant to talk to two Trump campaign advisers, Carter Page and George Papadopoulos, after the agency received evidence that the two men had suspicious contacts linked to Russia during the campaign.
It said the informant was an American academic who teaches in Britain.
Papadopoulos pleaded guilty last fall to lying to FBI agents about his contacts with Russia.
The FBI did not immediately respond to a request for comment about The New York Times report. Page and Papadopoulos did not immediately respond to requests for comment.
Some Republicans are demanding classified documents related to the alleged informant. The Justice Department has refused to provide them.
The top Democrat on the Senate Intelligence Committee, Mark Warner, warned members of Congress against publicly outing FBI sources.
“It would be at best irresponsible, and at worst potentially illegal, for members of Congress to use their positions to learn the identity of an FBI source for the purpose of undermining the ongoing investigation into Russian interference in our election,” Warner said in a statement.
FBI Director Christopher Wray, a Trump appointee, on Wednesday cited the need to protect people who cooperate with law enforcement or intelligence officials.Trump’s allies also charge that Mueller has exceeded the bounds of his authority by investigating the financial dealings of former Trump campaign manager Paul Manafort.
Mueller so far remains undeterred by attempts to discredit the investigation or distract attention from it, according to one source familiar with the probe.
His office has negotiated a plea agreement with Manafort’s former son-in-law, Jeffrey Yohai, that requires him to cooperate with other probes, Reuters reported on Thursday.
Reporting by Sarah Lynch and John Walcott; Editing by Bill Berkrot and Leslie Adler
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-trump-russia/trump-suggests-fbi-may-have-infiltrated-his-campaign-idINKCN1IK009 |
Jury selection is scheduled to begin on Monday in a New Jersey memorabilia dealer's lawsuit that accuses New York Giants quarterback Eli Manning of conspiring with the team's equipment staff to sell bogus "game-used" helmets to unsuspecting collectors as part of a long-running scam.
Barring a last-minute settlement, the two-time Super Bowl-winning quarterback could take the witness stand to defend himself against the explosive allegations as early as next week.
Manning and the team have denied the claims, and have characterized lead plaintiff Eric Inselberg as a scam artist who sold fake memorabilia himself over a span of several years. Manning's attorneys also have described Inselberg's lawsuit as "inflammatory and baseless," and have accused Inselberg's attorneys of using underhanded tactics to whip up a media frenzy against their client.
Inselberg filed the lawsuit in 2014. It says that two helmets purchased by Inselberg and two other plaintiffs — including one purportedly used by Manning during the Giants' 2007-2008 Super Bowl season — were bogus. Inselberg says photographic experts using a technique called "photomatching" could not find evidence that the helmets were ever used in games.
The Giants and Manning contend photomatching is unreliable because it does not take into account that helmets are routinely reconditioned during or after a season, the evidence of which might be found on the inside of the helmet and not the outside.
The stakes were raised in the lawsuit in April 2017 when Inselberg's attorneys filed court documents that contained emails between Manning and equipment manager Joseph Skiba, who also is a defendant in the lawsuit. In one email, Manning asks Skiba to get "2 helmets that can pass as game used."
The email does not refer to the two helmets at issue in the lawsuit, but Inselberg alleges it indicates a pattern of fraud. In a court filing last week, Inselberg's attorneys wrote they would introduce evidence during the trial that would "show that Manning engaged in a pattern of knowingly providing items to Steiner Sports that he misrepresented as having been game-used when he knew they were not."
When the emails went public last year, Manning angrily denied any wrongdoing. In a court filing this month, Manning's attorney wrote that the email was intended to ask Skiba for two game-used helmets that would "satisfy the requirement of being game-used."
Manning never instructed Joe Skiba to create any fraudulent memorabilia," attorney Robert Lawrence wrote. "Rather, Manning believed that if he asked Joe Skiba for his helmets, he received his game-used helmets and that the helmets he received from Skiba were his game-used helmets."
In the same court filing, Manning's lawyer accused Inselberg of being "engaged in a decades long memorabilia scheme" in which he obtained, without permission, game-used Giants equipment, including Manning's, from Skiba and Skiba's brother, Ed, as well as a local dry cleaner.
Attorneys for the plaintiffs, the Giants and Manning didn't return messages seeking comment Sunday night. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/giants-qb-eli-manning-on-trial-accused-of-conspiring-to-sell-bogus-game-used-helmets.html |
May 11 (LPC) - Barclays has hired John Clements from Citigroup as head of US Collateralized Loan Obligation (CLO) origination and syndication, and made two other key hires as it beefs up its capabilities in the CLO space.
Clements, who will be based in New York, will report to Drew Mogavero, head of US credit flow trading at Barclays, a bank spokesperson confirmed. He is slated to start in July.
Barclays is looking to bolster its CLO team, not only bringing on Clements, but also hiring Mike Hopson and Lorraine Medvecky from Natixis to set up a new middle-market CLO platform, the spokesperson confirmed. They are also expected to join in July.
The hires come as US CLO volume is up almost 43% this year through May 8 compared to the same period in 2017, with more than US$43bn of deals raised, according to Thomson Reuters LPC Collateral data. Citigroup is forecasting a record US$140bn of US CLO issuance this year. The funds are the largest buyers of leveraged loans, which companies including retailer Party City and American Airlines rely on for financing.
Clements did not immediately return a message left on his cell phone seeking comment. A Citigroup spokesperson declined to comment.
Barclays was the eighth largest arranger of US CLOs by volume, excluding refinancings and resets, in the first four months of the year, according to LPC Collateral data. Citigroup was the second largest.
Clements has worked at Citigroup for almost 17 years, according to FINRA BrokerCheck.
Clements departure was first reported by Asset-Backed Alert. (Reporting by Kristen Haunss Editing by Michelle Sierra)
| ashraq/financial-news-articles | https://www.reuters.com/article/barclays-cloclements/moves-barclays-hires-citigroups-clements-beefs-up-us-clo-platform-idUSL1N1SI247 |
Momentum Continues with 9% Annual Enterprise ACV Growth
VANCOUVER, British Columbia--(BUSINESS WIRE)-- Absolute (TSX: ABT), the endpoint visibility and control company, today announced financial results for the three and nine months ended March 31, 2018. All dollar figures are unaudited and stated in U.S. dollars, unless otherwise indicated.
“Absolute’s visibility and control platform goes beyond other solutions in the space by protecting the weakest link within the security landscape,” said Steve Munford, interim chief executive officer at Absolute. “Over the past quarter, after discussions with our current and prospective customers as well as our partners, it’s clear that Absolute has an opportunity to accelerate its growth rate with laser focus and a sense of urgency on specific market segments where our success rate is highest, including regulated and highly mobile markets. We plan to direct resources into those specific markets and rapidly build a repeatable process for success.”
Key Financial Metrics
Commercial recurring revenue in Q3-F2018 was $22.2 million, representing a year-over-year increase of 3%. Year-to-date commercial recurring revenue was $66.0 million, increasing 4% over the prior year-to-date period. Total revenue in Q3-F2018 was $23.3 million, representing a year-over-year increase of 1%. Year-to-date total revenue was $69.5 million, representing an increase of 2% over the prior year-to-date period. The Commercial Annual Contract Value (“ACV”) Base at March 31, 2018, was $90.3 million, an increase of 2% year-over-year and 1% sequentially. The Enterprise portion of the ACV Base increased 9% year-over-year and was up 3% sequentially. Enterprise customers represented 52% of the ACV Base at March 31, 2018, compared with 49% in the prior year. The Public Sector portion of the ACV Base decreased 4% year-over-year and was down 1% sequentially. Net ACV Retention from existing Absolute customers was 100% during Q3-F2018, compared with 102% in Q3-F2017. Incremental ACV from New Customers was $0.8 million in Q3-F2018 compared with $0.6 million in Q3-F2017. Adjusted EBITDA in Q3-F2018 was $2.4 million, or 10% of revenue, compared with $2.3 million, or 10% of revenue, in Q3-F2017. For the year-to-date period, Adjusted EBITDA was $6.1 million, or 9% of revenue, compared with $6.0 million, or 9% of revenue in the prior year period. Cash generated from operating activities in Q3-F2018 was $2.3 million compared with negative $0.4 million in Q3-F2017. For the year-to-date period, cash generated from operating activities was $7.6 million, compared with $0.3 million in the prior year period. The prior year-to-date figures are net of reorganization and income tax payments of $6.0 million. Absolute paid a quarterly dividend of CAD$0.08 per common share during Q3-F2018.
Products and Organizational Developments
In January 2018, the Company appointed former Absolute advisor Steve Munford as interim chief executive officer. Mr. Munford is an accomplished cybersecurity industry leader with a track record of guiding high-growth cybersecurity companies to market leadership. This includes serving as the chief executive officer of Sophos Group plc, a leading endpoint security vendor, from 2006 to 2012 where he led the company through a period of dramatic growth. Mr. Munford currently serves as a nonexecutive director at Sophos and as chairman of Carbonite Inc., in addition to board and advisory roles with a number of private companies. In March 2018, Absolute released new General Data Protection Regulation (“GDPR”) Data Risk and Endpoint Readiness Assessments to help global organizations identify and secure their sensitive data and devices in order prepare for the impending GDPR deadline. The assessment delivers a measurable estimate of risk and actionable recommendations to improve endpoint hygiene as well as insights into where sensitive data is at risk of being accessed, stored or shared. In February 2018, Absolute expanded its K12 Education offering with the addition of Student Technology Analytics (“STA”) to enable school administrators to track and analyze device usage. With Absolute’s unique ability to capture device telemetry and usage data across diverse device populations, STA delivers the analytics that school administrators need in order to optimize technology investments and to understand the correlation between student device usage and learning outcomes. In January 2018, the Company added new scripts to its growing Absolute Reach Library to automate the cleanup of Meltdown/Spectre vulnerabilities. Leveraging the power of Absolute Reach and its ability to apply customized workflows across an entire endpoint population, Absolute’s customers were able to perform endpoint assessment, remediation and protection within 24 hours of the patch announcement. Since the addition of the new Reach Library and Wizard to the Absolute platform, the number of automation use cases has grown to address hundreds of endpoint challenges.
Summary of Key Financial Metrics
USD Millions, except per share data Q3 YTD F2018 F2017 Change F2018 F2017 Change Revenue Commercial recurring (1) $ 22.2 $ 21.6 3 % $ 66.0 $ 63.5 4 % Other $ 1.1 $ 1.5 (21 %) $ 3.5 $ 4.5 (21 %) Total $ 23.3 $ 23.1 1 % $ 69.5 $ 68.0 2 % Adjusted EBITDA (2) $ 2.4 $ 2.3 3 % $ 6.1 $ 6.0 2 % As a percentage of revenue 10 % 10 % 9 % 9 % Net Income (Loss) $ 1.1 $ (0.2 ) 565 % $ 0.6 $ (2.9 ) 120 % Per share (basic) $ 0.03 $ (0.01 ) $ 0.01 $ (0.07 ) Per share (diluted) $ 0.03 $ (0.01 ) $ 0.01 $ (0.07 ) Cash from (used in) operating activities $ 2.3 $ (0.4 ) 727 % $ 7.6 $ 0.3 2,210 % Dividends paid $ 2.5 $ 2.4 7 % $ 7.6 $ 7.1 6 % Per share (CAD) $ 0.08 $ 0.08 - $ 0.24 $ 0.24 - Cash, equivalents and short-term investments $ 31.9 $ 34.6 (8 %) Total assets $ 90.8 $ 93.1 (2 %) Deferred revenue $ 136.5 $ 132.2 3 % Common shares outstanding 40.2 39.6 2 % 1. Commercial recurring revenue represents revenue derived from term licenses and recurring managed services, both of which are included as part of our Commercial ACV Base. Other revenue represents revenue derived from professional services and ancillary product lines, including consumer products.
2. “Adjusted EBITDA” is used as a profitability measure. Please refer to the “Non-IFRS Measures” section of the Company’s March 31, 2018 MD&A for further discussion on this measure.
Corporate Outlook
The Company is updating its outlook for F2018:
The Company is narrowing its revenue forecast to $93.0 million to $94.0 million, from $93.0 million to $95.0 million. The Company is maintaining its guidance for Adjusted EBITDA of 8% to 10% of revenue. The Company is narrowing its guidance for cash from operating activities to 9% to 12% of revenue, compared with previous guidance of 8% to 12% of revenue. Expected capital expenditures remain unchanged at $3.0 million to $3.5 million.
Quarterly Dividend
On April 20, 2018, the Company declared a quarterly dividend of CAD$0.08 per share on its common shares, payable in cash on May 29, 2018, to shareholders of record at the close of business on May 8, 2018.
Quarterly Filings
Management’s Discussion and Analysis (“MD&A”) and Interim Condensed Consolidated Financial Statements and the notes thereto for the fiscal quarter and year-to-date period ended March 31, 2018 can be obtained today from Absolute’s corporate website at www.absolute.com . The documents will also be available at www.sedar.com .
Notice of Conference Call
Absolute will hold a conference call to discuss the Company’s Q3-F2018 results on Monday, May 7, 2018, at 5:00 p.m. ET. All interested parties can join the call by dialing 647-427-7450 or 888-231-8191. Please dial in 15 minutes prior to the call to secure a line. The conference call will be archived for replay until Monday, May 14, 2018, at midnight ET. To access the archived conference call, please dial 416-849-0833 or 1-855-859-2056 and enter the reservation code 8977316.
A live audio webcast of the conference call will be available at www.absolute.com and https://bit.ly/2JbZhqw . Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available on the Company’s website for 90 days.
Non-IFRS Measures and Definitions
Throughout this press release, the Company refers to a number of measures that the Company believes are meaningful in the assessment of the Company’s performance. All these metrics are nonstandard measures under International Financial Reporting Standards (“IFRS”), and are unlikely to be comparable to similarly titled measures reported by other companies. Readers are cautioned that the disclosure of these items is meant to add to, and not replace, the discussion of financial results or cash flows from operations as determined in accordance with IFRS. For a discussion of the purpose of these non-IFRS measures, please refer to the Company’s March 31, 2018 MD&A on SEDAR at www.sedar.com .
These measures, as well as their method of calculation or reconciliation to IFRS measures, are as follows:
1) Commercial ACV Base, Net ACV Retention and ACV from New Customers
As the majority of the Company’s customer contracts are sold under multiyear term licenses, there is a significant lag between the timing of the billing and the associated revenue recognition. As a result, the Company focuses on the aggregate annualized value of its subscriptions under contract, measured by Annual Contract Value (“ACV”), as an indicator of its future revenues.
Commercial ACV Base measures the amount of recurring annual revenue Absolute will receive from its commercial customers under contract at a point in time, and therefore is an indicator of the Company’s future revenue streams. Net ACV Retention measures the percentage increase or decrease in the Commercial ACV Base at the end of a period for the customers that made up the Commercial ACV Base at the beginning of the same period. This metric provides insight into the effectiveness of Absolute’s customer retention and expansion functions. ACV from New Customers measures the addition to the Commercial ACV base from sales to new commercial customers during the quarter.
We believe that increases in the amount of ACV from New Customers, and improvement in the Company’s Net ACV Retention, will grow our Commercial ACV Base and, in turn, our future revenues.
2) Adjusted EBITDA
Management believes that analyzing operating results exclusive of significant noncash items or items not controllable in the period provides a useful measure of the Company’s performance. The term Adjusted EBITDA refers to earnings before deducting interest and investment gains (losses), income taxes, amortization of acquired intangible assets and property and equipment, foreign exchange gain or loss, share-based compensation, and restructuring and reorganization charges and post-retirement benefits. The items excluded in the determination of Adjusted EBITDA are share-based compensation, amortization of acquired intangibles, amortization of property and equipment, and restructuring and reorganization charges and certain post-retirement benefits.
3) Adjusted Operating Expenses
A number of significant noncash or nonrecurring expenses are reported in the Company’s Cost of Revenue and Operating Expenses. Management believes that analyzing these expenses exclusive of these noncash or nonrecurring items provides a useful measure of the cash invested in the operations of its business. The items excluded in the determination of Adjusted Operating Expenses are share-based compensation, amortization of acquired intangible assets, amortization of property and equipment, and restructuring and reorganization charges and certain post-retirement benefits. For a description of the reasons these items are adjusted, please refer to the “Non-IFRS Measures” section of the March 31, 2018 MD&A.
About Absolute
Absolute provides visibility and resilience for every endpoint with self-healing endpoint security and always-connected IT asset management to protect devices, data, applications and users — on and off the network. Bridging the gap between security and IT operations, only Absolute gives enterprises visibility they can act on to protect every endpoint, remediate vulnerabilities, and ensure compliance in the face of insider and external threats. Absolute’s patented Persistence technology is already embedded in the firmware of PC and mobile devices and trusted by over 15,000 customers worldwide. For the latest information, visit www.absolute.com and follow us at @absolutecorp.
Forward-Looking Statements
This press release contains forward-looking statements and financial outlook that involve risks and uncertainties. These forward-looking statements and financial outlook relate to, among other things, the expected performance, functionality and availability of the Company’s services and products, and other expectations, intentions and plans contained in this press release that are not historical facts. When used in this press release, the words “plan,” “expect,” “believe” and similar expressions generally identify forward-looking statements. These statements reflect the Company’s current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and general market conditions. In light of the many risks and uncertainties, readers of the press release should understand that Absolute cannot assure them that the forward-looking statements and financial outlook contained in this press release will be realized. Furthermore, the forward-looking statements and financial outlook contained in this press release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements and financial outlook, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
©2018 Absolute Software Corporation. All rights reserved. Absolute and Persistence are registered trademarks of Absolute Software Corporation. For patent information, visit www.absolute.com/patents . The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release.
ABSOLUTE SOFTWARE CORPORATION
Consolidated Statements of Financial Position
(Expressed in United States dollars) (Unaudited)
March 31, 2018 June 30, 2017 ASSETS CURRENT Cash and cash equivalents $ 31,533,090 $ 32,511,093 Short-term investments 367,689 366,789 Trade and other receivables 14,413,307 19,460,872 Income taxes receivable 1,996,511 83,487 Prepaid expenses and other 2,422,028 2,419,881 50,732,625 54,842,122 PROPERTY AND EQUIPMENT 5,749,247 6,304,152 DEFERRED INCOME TAX ASSETS 20,797,411 22,286,804 INTANGIBLE ASSETS AND GOODWILL 13,530,214 14,894,518 $ 90,809,497 $ 98,327,596 LIABILITIES CURRENT Trade and other payables $ 11,448,102 $ 13,079,456 Income taxes payable 92,048 - Accrued warranty 340,000 570,000 Deferred revenue – current 73,232,469 72,361,648 85,112,619 86,011,104 DEFERRED REVENUE 63,257,536 66,040,653 148,370,155 152,051,757 CONTINGENCIES SHAREHOLDERS’ DEFICIENCY Share capital 68,166,343 64,875,130 Equity reserve 36,270,302 36,254,893 Treasury shares (458,320 ) (499,443 ) Deficit (161,538,983 ) (154,354,741 ) (57,560,658 ) (53,724,161 ) $ 90,809,497 $ 98,327,596 ABSOLUTE SOFTWARE CORPORATION
Consolidated Statements of Operations and Comprehensive (Loss) Income
Three and nine months ended March 31, 2018 and 2017
(Expressed in United States dollars) (Unaudited)
Three months ended
March 31,
Nine months ended
March 31,
2018 2017 2018 2017 REVENUE $ 23,336,655 $ 23,091,063 $ 69,546,664 $ 68,026,070 COST OF REVENUE 3,798,961 3,376,636 11,014,456 10,838,729 GROSS MARGIN 19,537,694 19,714,427 58,532,208 57,187,341 OPERATING EXPENSES Sales and marketing 10,249,816 11,104,476 30,698,594 33,519,393 Research and development 4,904,448 3,922,951 15,236,233 13,176,739 General and administration 2,825,748 3,121,113 8,949,724 9,546,588 Share-based compensation 443,605 1,009,798 1,646,605 3,227,273 18,423,617 19,158,338 56,531,156 59,469,993 OPERATING INCOME (LOSS) 1,114,077 556,089 2,001,052 (2,282,652 ) OTHER INCOME (EXPENSE) Interest income, net 39,036 25,761 59,668 73,347 Foreign exchange gain (loss) 68,531 (11,340 ) (41,715 ) (40,585 ) 107,567 14,421 17,953 32,762 NET INCOME (LOSS) BEFORE INCOME TAXES 1,221,644 570,510 2,019,005 (2,249,890 ) INCOME TAX EXPENSE (169,000 ) (797,000 ) (1,460,000 ) (609,000 ) NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) $ 1,052,644 $ (226,490 ) $ 559,005 $ (2,858,890 ) BASIC AND DILUTED INCOME (LOSS) PER SHARE $ 0.03 $ (0.01 ) $ 0.01 $ (0.07 ) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC 40,136,234 39,150,654 39,969,935 39,050,786 ABSOLUTE SOFTWARE CORPORATION
Condensed Consolidated Statement of Changes in Shareholders’ Deficiency
(Expressed in United States dollars) (Unaudited)
Share Capital Number of Common shares Amount Equity reserve Treasury Shares Deficit Total BALANCE, JUNE 30, 2016 38,881,307 $ 58,607,382 $ 36,732,175 $ - $ (139,049,869 ) $ (43,710,312 ) Shares issued on options exercised 583,625 3,535,299 (1,141,589 ) - - 2,393,710 Shares issued under Employee Share Purchase Plan 84,455 361,477 - - - 361,477 Shares issued under Phantom Share Unit Plan 327,145 2,281,206 (2,281,206 ) - - - Shares repurchased and cancelled under the Normal Course Issuer Bid (280,100 ) (449,848 ) - - (876,847 ) (1,326,695 ) Treasury shares repurchased under the Normal Course Issuer Bid - - - (499,443 ) - (499,443 ) Share-based compensation - - 2,649,702 - - 2,649,702 Dividends paid - - - (7,127,606 ) (7,127,606 ) Net loss and total comprehensive loss - - - (2,858,889 ) (2,858,889 ) BALANCE, MARCH 31, 2017 39,596,432 $ 64,335,516 $ 35,959,082 $ (499,443 ) $ (149,913,211 ) $ (50,118,056 ) Shares issued on options exercised 78,213 504,482 (171,606 ) - - 332,876 Shares issued under Performance and Restricted Share Unit plan 7,104 35,132 (35,132 ) - - - Share-based compensation - - 502,549 - - 502,549 Dividends paid - - - - (2,349,244 ) (2,349,244 ) Net loss and total comprehensive loss - - - - (2,092,286 ) (2,092,286 ) BALANCE, JUNE 30, 2017 39,681,749 $ 64,875,130 $ 36,254,893 $ (499,443 ) $ (154,354,741 ) $ (53,724,161 ) Shares issued on options exercised 330,500 2,303,329 (674,628 ) - - 1,628,701 Shares issued under Employee Share Purchase Plan 99,477 440,714 - - - 440,714 Shares issued under Phantom Share Unit Plan 50,812 297,786 (297,786 ) - - - Shares issued under Performance and Restricted Share Unit plan 80,922 322,565 (367,320 ) 41,123 - (3,632 ) Shares repurchased and cancelled under the Normal Course Issuer Bid (49,800 ) (73,181 ) - - (172,243 ) (245,424 ) Share-based compensation - - 1,355,143 - - 1,355,143 Dividends paid - - - - (7,571,004 ) (7,571,004 ) Net income and total comprehensive income - - - - 559,005 559,005 BALANCE, MARCH 31, 2018 40,193,660 $ 68,166,343 $ 36,270,302 $ (458,320 ) $ (161,538,983 ) $ (57,560,658 ) ABSOLUTE SOFTWARE CORPORATION
Condensed Consolidated Statements of Cash Flows
Three and nine months ended March 31, 2018 and 2017
(Expressed in United States dollars) (Unaudited)
Three months ended
March 31,
Nine months ended
March 31,
2018 2017 2018 2017 OPERATING ACTIVITIES Net income (loss) $ 1,052,644 $ (226,490 ) $ 559,005 $ (2,858,890 ) Items not involving cash Amortization of property and equipment 852,249 763,475 2,392,400 2,163,244 Amortization of acquired intangible assets 3,750 11,444 51,250 95,926 Amortization of intangible assets – contract costs and brand 2,293,139 2,280,904 6,855,904 6,766,589 Share-based compensation 352,032 1,014,285 1,355,144 3,227,273 Deferred income taxes 1,556,393 (1,408,987 ) 1,489,393 (1,301,987 ) Amortization of investment premium - - - 466,885 Change in non-cash working capital Trade and other receivables (173,085 ) 2,149,315 5,047,565 9,475,486 Income taxes receivable (1,976,751 ) 826,688 (1,820,976 ) (3,597,186 ) Prepaid expenses and other (298,612 ) (135,020 ) (2,147 ) (11,453 ) Intangible assets – contract costs and brand additions (1,518,340 ) (1,840,714 ) (5,542,850 ) (5,873,286 ) Trade and other payables 22,056 (2,312,666 ) (691,918 ) (2,515,933 ) Accrued warranty (20,000 ) - (230,000 ) 30,000 Deferred revenue 148,351 (1,488,301 ) (1,912,296 ) (5,739,760 ) CASH FROM (USED IN) OPERATING ACTIVITIES 2,293,826 (366,067 ) 7,550,474 326,908 INVESTING ACTIVITIES Purchase of property and equipment (1,455,192 ) (885,262 ) (2,720,482 ) (3,968,246 ) Income taxes paid on disposal of business unit - - - (2,623,890 ) Proceeds from investments - 268,146 - 23,623,146 CASH (USED IN) FROM INVESTING ACTIVITIES (1,455,192 ) (617,116 ) (2,720,482 ) 17,031,010 FINANCING ACTIVITIES Repurchase of common shares for cancellation (245,423 ) (714,653 ) (245,423 ) (1,326,695 ) Dividends paid (2,548,152 ) (2,378,728 ) (7,571,004 ) (7,127,606 ) Purchase of treasury shares - (499,443 ) - (499,443 ) Issuance of common shares 421,048 1,784,650 2,024,868 2,757,698 CASH USED IN FINANCING ACTIVITIES (2,372,527 ) (1,808,174 ) (5,791,559 ) (6,196,046 ) FOREIGN EXCHANGE EFFECT ON CASH (497 ) (69,699 ) (16,436 ) (49,711 ) (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,534,390 ) (2,861,056 ) (978,003 ) 11,112,161 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 33,067,480 37,066,069 32,511,093 23,092,852 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 31,533,090 $ 34,205,013 $ 31,533,090 $ 34,205,013
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Source: Absolute | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-absolute-reports-fiscal-2018-third-quarter-financial-results.html |
KIEV/MOSCOW (Reuters) - Ukraine and Russia traded accusations on Wednesday after a dissident Russian journalist and Kremlin critic was shot dead in Kiev, in a killing that sent shivers through the journalistic communities in both countries.
A picture of Russian dissident journalist Arkady Babchenko, who was shot dead in the Ukrainian capital on May 29, hangs from a fence of the Russian embassy in Kiev, Ukraine May 30, 2018. REUTERS/Gleb Garanich Arkady Babchenko, 41, died of his wounds in an ambulance on Tuesday after an unidentified gunman shot him in the back several times as he returned home after buying bread.
Babchenko, a critic of President Vladimir Putin and of Russian policy in Ukraine and Syria, had lived in exile in the Ukrainian capital after receiving threats at home for saying he did not mourn the victims of a Russian defence ministry plane crash in 2016.
Ukrainian Prime Minister Volodymyr Groysman said in a social media posting late on Tuesday he was convinced that what he called “the Russian totalitarian machine” had not forgiven Babchenko for what Groysman called his honesty.
The Ukrainian president’s office referred reporters on Wednesday to comments by Foreign Minister Pavlo Klimkin, who said it was too early to draw conclusions but that there was “an astounding similarity to the methods Russia uses to provoke political destabilisation”.
The Kremlin described such allegations as part of an anti-Russian smear campaign.
“This is the height of cynicism against the backdrop of such a brutal murder, it is anti-Russian bluster instead of talking about the need to conduct a thorough, objective investigation,” Kremlin spokesman Dmitry Peskov told reporters.
FOURTH KILLING Peskov said Ukraine had become a dangerous country for journalists and press freedom there was under severe pressure.
Babchenko’s killing was the fourth of a Kremlin critic in the Ukrainian capital in two years. None of the others, which Kiev has also blamed on Russia, have been solved.
“We think this should attract very tough international reaction which will move the Ukrainian authorities towards active measures to resolve the situation,” said Peskov.
Russian investigators have opened their own investigation into the killing and said they are ready to cooperate with Ukraine.
Russian Foreign Minister Sergei Lavrov and Alexander Bortnikov, head of Russia’s Federal Security Service (FSB), also flatly denied any Russian involvement in the killing.
Harlem Desir, OSCE Representative on Freedom of the Media, said he was on his way to Kiev to meet the Babchenko’s colleagues on Wednesday as a slew of Western foreign ministers condemned the killing.
“I am outraged by this horrific act,” Desir said in an earlier statement.
The European Union, Desir, and the Council of Europe all called on Ukraine to spare no effort in its investigation.
Police in Kiev were preparing to further investigate the scene of the crime on Wednesday by conducting ballistic and forensic examinations and looking at CCTV footage.
Babchenko fought in the Russian army in Chechnya, and then became a war reporter for several Russian newspapers.
He reported on Russia sending private military contractors into Syria and the downing of Malaysia Airlines Flight MH-17 in July 2014 over eastern Ukraine, for which investigators last week held the Russian state responsible, something it denies.
On Feb. 27 last year, he wrote on social media that he had left Russia.
One man stuck black and white photos of Babchenko on the fence of the Russian embassy in Kiev, and mourners were expected to gather in Kiev’s central Maidan square on Wednesday evening.
A man hangs a picture of Russian dissident journalist Arkady Babchenko, who was shot dead in the Ukrainian capital on May 29, on a fence of the Russian embassy in Kiev, Ukraine May 30, 2018. REUTERS/Gleb Garanich NO RESALES. NO ARCHIVES Additional reporting by Tom Balmforth and Maria Kiselyova; Editing by Andrew Roche
Our | ashraq/financial-news-articles | https://in.reuters.com/article/ukraine-russia-journalist/ukraine-and-russia-trade-accusations-over-killing-of-dissident-journalist-idINKCN1IV1GC |
WARSAW, Ind., May 14, 2018 (GLOBE NEWSWIRE) -- OrthoPediatrics Corp. (NASDAQ:KIDS), a company exclusively focused on advancing the field of pediatric orthopedics, is pleased to announce U.S. Food and Drug Administration (FDA) 510k clearance for the Pediatric Nailing Platform | FEMUR, the Company’s 25 th surgical system. The new system utilizes high precision, innovative, and best-in-class instruments to accompany two distinct pediatric-specific nail offerings. The platform is an unparalleled upgrade to the legacy system and the next step in the evolution of the Company’s Intramedullary Nailing franchise.
Luis Vega, MD, OrthoPediatrics’ Engineering Director of Trauma and Deformity Correction, stated, “Our team is excited about the Pediatric Nailing Platform. We worked alongside pediatric orthopedic surgeons to create a system which features dedicated child and adolescent offerings, enhanced fixation options, and state-of-the-art instrumentation. The new platform will allow surgeons to treat a wider range of children and pathologies and serve as the foundation for future intramedullary nailing endeavors.”
About OrthoPediatrics Corp.
Founded in 2006, OrthoPediatrics is an orthopedic company focused exclusively on providing a comprehensive product offering to the pediatric orthopedic market to improve the lives of children with orthopedic conditions. OrthoPediatrics currently markets 25 surgical systems that serve three of the largest categories within the pediatric orthopedic market. This offering spans trauma & deformity, scoliosis and sports medicine/other procedures. OrthoPediatrics’ global sales organization is focused exclusively on pediatric orthopedics and distributes its products in the United States and 38 countries outside the United States.
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Source:OrthoPediatrics Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-orthopediatrics-corp-announces-fda-510k-clearance-for-its-25th-surgical-system-pediatric-nailing-platform-femur.html |
Watch CNBC's full interview with Social Capital's Chamath Palihapitiya 1 Hour Ago Chamath Palihapitiya, Social Capital founder and CEO, discusses his take on Apple, bitcoin, the media business and the future of the internet with CNBC's "Squawk Box." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/watch-cnbcs-full-interview-with-social-capitals-chamath-palihapitiya.html |
The Dassault company will continue to play a strategic role for the French armed forces, the country's defense minister Florence Parly said on Tuesday, following the death of billionaire industrialist Serge Dassault.
"This is a company in which the state cannot play down its own interests," Parly told the Public Senat channel in an interview, adding that the Dassault company represented a "strategic role" for the country's armed forces ministry.
Parly also said the French government would keep a close eye on the succession plans at the Dassault company.
Serge Dassault, whose group builds the Rafale war planes and owns Le Figaro newspaper, died in Paris on Monday aged 93.
The Dassault group which his father had created controls Dassault Aviation and Le Figaro, and holds major stakes in Dassault Systemes and Thales.
Airbus holds a 9.9 percent stake in Dassault Aviation, and the French and German governments both in turn have stakes of around 11 percent in Airbus.
Olivier Dassault, one of Serge Dassault's sons, also told Europe 1 radio on Tuesday that succession plans at the company would proceed smoothly.
"There is no need for concern, everything is in place, everything will go smoothly, and in total unity," said Olivier Dassault.
The family-owned Dassault Group had in 2014 appointed Charles Edelstenne as eventual successor to Serge Dassault, saying at the time that the succession would be automatic. Edelstenne is currently CEO of the group. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/dassault-company-will-continue-to-play-strategic-role-for-france-defense-minister-says.html |
The chairman of South Korea's LG Group, Koo Bon-moo, instrumental to transforming the country's fourth-largest conglomerate into a global brand, passed away on Sunday after a year-long battle with brain disease.
LG Group said in a statement Koo, 73, had been ill for a year.
A group official said Koo had been fighting a brain disease and had undergone surgery. The official declined to be named due to the sensitivity of the matter.
"Becoming the third chairman of LG at the age of 50 in 1995, Koo established key three businesses - electronics, chemicals and telecommunications - led a global company LG, and contributed to driving (South Korea's) industrial competitiveness and national economic development," LG said.
Under Koo's leadership, the conglomerate changed its corporate brand to LG from Lucky Goldstar and sold LG's semiconductor business to Hyundai, now SK Hynix Inc, under government-led restructuring in the wake of the Asia financial crisis in the late 1990s.
Major affiliates are LG Electronics Inc, display maker LG Display and electric car battery maker LG Chem.
Prior to its chairman's death, LG Group had established a holding company in order to streamline ownership structure and begin the process of succession.
The country's powerful family-run conglomerates are implementing generational succession amid growing calls from the government and public to improve transparency and corporate governance.
LG Corp, a holding company of the electronics-to-chemicals conglomerate, said on Thursday its longtime chairman was unwell and planned to nominate his son to its board of directors in preparation for a leadership succession.
Heir apparent Koo Kwang-mo is from the fourth generation of LG Group's controlling family. He owns 6 percent of LG Corp and works as a senior official at LG Electronics.
The senior Koo's younger brother, the group's vice chairman Koo Bon-joon, who led LG Electronics for many years, effectively managed the conglomerate in his stead.
South Korean prosecutors said this month they raided LG Group's head office as part of a probe into alleged tax evasion by family members controlling the conglomerate.
Analyst do not see a change at the helm being disruptive to the group's business.
"Although Koo passed away at a relatively early age, his son has been already in a senior position and I don't think there will be a big change in governance structure or strategic decisions," said Park Ju-gun, head of corporate analysis firm CEO Score.
The company said Koo's funeral would be held privately at the request of the family. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/20/south-koreas-lg-group-chairman-dies-from-illness-at-73.html |
Elon Musk's 'bizarre theatrics' 2 Hours Ago Elon Musk was the talk of Wall Street today after a strange conference call following the company's earnings announcement. Colin Rusch, Oppenheimer, discusses with the Power Lunch crew. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/elon-musks-bizarre-theatrics.html |
May 3, 2018 / 2:18 AM / in 7 minutes Trump praises China's Xi as trade talks begin in Beijing Michael Martina , Tom Daly 5 Min Read
BEIJING (Reuters) - U.S. President Donald Trump on Thursday praised his relationship with Chinese President Xi Jinping as officials from the world’s two largest economies began trade talks in Beijing, while state media said China would stand up to U.S. bullying.
A breakthrough deal to fundamentally change China’s economic policies is viewed as highly unlikely during the two days of talks, though a package of short-term Chinese measures could delay Washington’s decision to impose tariffs on about $50 billion worth of Chinese exports.
The discussions, led by U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He, are expected to cover a wide range of U.S. complaints about China’s trade practices, from accusations of forced technology transfers to state subsidies for technology development.
“Thrilled to be here. Thank you,” Mnuchin told Reuters at his hotel when asked if he expected progress. He made no other comments.
As Mnuchin arrived, Trump tweeted: “Our great financial team is in China trying to negotiate a level playing field on trade! I look forward to being with President Xi in the not too distant future. We will always have a good (great) relationship!”
It was not clear when Trump and Xi might meet again next, though both will likely attend some of the same multilateral summits this year, including those of the G20 and APEC.
Throughout his 2016 election campaign, Trump routinely threatened to impose a 45 percent across-the-board tariff on Chinese goods as a way to level the playing field for American workers. At the time, he was also accusing China of manipulating its currency to gain an export advantage, a claim that his administration has since dropped.
The U.S. Embassy in Beijing said the U.S. delegation planned to meet Chinese officials on both days, in addition to U.S. Ambassador Terry Branstad, before leaving on Friday evening. Related Coverage Key sticking points in the U.S.-China trade dispute
The delegation returned to their hotel late on Thursday evening without taking questions from reporters, though, when asked how the talks were going, one unidentified U.S. official said “Well.”
In Washington, the U.S.-China Business Council, which represents American companies doing business in China, said it was pleased the two governments were talking and urged a deal to end forced technology transfers and improve China’s intellectual property protections.
“USCBC believes it is unlikely that the issues will be fully resolved in this meeting, but we hope the two sides will be able to lay out a path for continued negotiations that will lead to a solution and avoid tariffs and other commerce-slowing sanctions,” the group said in a statement.
Chinese Foreign Ministry spokeswoman Hua Chunying said at a briefing in Beijing: “The outcome should be mutually beneficial and win-win.”
In a commentary widely cited in Chinese media on Thursday, the official Xinhua news agency said if things went poorly and a trade war did break out, China would never yield and would hit back strongly.
“China will inevitably suffer losses, but China has the political advantage of a centralized and unified leadership and support of a massive domestic market,” it said. U.S. Treasury Secretary Steven Mnuchin, a member of the U.S. trade delegation to China, leaves a hotel in Beijing, China May 3, 2018. REUTERS/Jason Lee
The official China Daily said in an editorial that China would “stand up to the U.S.’ bullying as necessary.”
“The U.S. wants greater access to China’s market, but it should not use trade actions as a battering ram to force China to open its doors. It is already in the process of opening them wider,” the English-language newspaper said.
In doing so, China expected Washington to reciprocate and open its market to Chinese investment and competition, it said. U.S. TARIFFS READY IN JUNE
The first round of threatened tariffs under the U.S. government’s “Section 301” intellectual property probe focused heavily on technology products benefiting from a “Made in China 2025” program to upgrade China’s domestic manufacturing base with more advanced products.
The U.S. tariffs could go into effect in June following the completion of a 60-day consultation period.
U.S.-based trade experts said they expected Beijing to offer Trump’s team a package of policy changes that may include some previously announced moves, such as a phase-out of joint venture requirements for some sectors, auto tariff reductions and increased purchases of U.S. goods.
Trump has demanded a $100 billion annual reduction in the $375 billion U.S. goods trade deficit with China. Slideshow (11 Images)
But members of the diverse U.S. trade delegation, which includes U.S. Trade Representative Robert Lighthizer and White House trade adviser Peter Navarro, both of whom have been critical of China, are likely to have differing views on the merits of such an offer. Reporting by Michael Martina and Tom Daly; Additional reporting by Ben Blanchard in Beijing and David Lawder in Washington; Writing by Ben Blanchard; Editing by Nick Macfie, Richard Balmforth and Paul Simao | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china/u-s-trade-delegation-to-arrive-in-china-on-thursday-idUSKBN1I404R |
(Recasts with auction results; adds Quote: s, updates prices) * Treasury sells $33 bln in two-year notes * U.S. will sell $36 bln in five-year notes on Wednesday * Federal Reserve meeting minutes on Wednesday in focus By Karen Brettell NEW YORK, May 22 (Reuters) - The U.S. Treasury Department sold $33 billion in two-year notes to fair demand on Tuesday, the first sale of $99 billion in coupon-bearing supply this week. The sale came as two-year yields held just below almost 10-year highs reached on Thursday, as investors bet the Federal Reserve will raise rates at least two more times this year. The two-year notes sold at a high yield of 2.59 percent, just below where they traded before the auction. Dealers took 45.37 percent of the sale, their largest share since Dec. 2016. "It wasn’t terrible, it wasn’t super good, and the stats were really sluggish," said Aaron Kohli, an interest rate strategist at BMO Capital Markets in New York. The Treasury has been increasing the size of its auctions as it increases debt to pay for the rising deficit, which is being hurt by spending increases, and to make up for declining purchases by the Fed. The two-year note auction size has increased from $26 billion in January. Large dealers have had to absorb much of this increase as demand from other investors has failed to make up for the increase in supply. "Those balance sheets are starting to feel very heavy," Kohli said. Demand for this week’s U.S. debt sales is being watched for indications on whether last week’s sell-off attracts buyers, or if investors are reticent to buy the debt with further weakness possible. The government will sell $36 billion in five-year notes on Wednesday and $30 billion in seven-year notes on Thursday, in addition to $16 billion in two-year floating rate notes on Wednesday. Wednesday's five-year note sale will come just before the Fed releases minutes from its May meeting, which will be further evaluated for indications of how many rate hikes are likely this year. The U.S. central bank left rates unchanged at the meeting and expressed confidence that a recent rise in inflation to near its target would be sustained, leaving it on track to raise borrowing costs in June. (Reporting by Karen Brettell; Editing by Dan Grebler) )
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-dealers-take-large-share-of-u-s-2-year-note-sale-idUSL2N1ST1JD |
May 5, 2018 / 11:22 AM / in 7 hours Jailed former head of Turkey's pro-Kurdish opposition says fair election impossible Gulsen Solaker 5 Min Read
ANKARA (Reuters) - Turkey’s Kurdish opposition presidential candidate, who is challenging President Tayyip Erdogan from behind prison bars, said a fair vote in next month’s election was impossible under the state of emergency. Selahattin Demirtas, co-leader of the pro-Kurdish Peoples' Democratic Party (HDP), greets the crowd during a peace rally to protest against Turkish military operations in northern Syria, in Istanbul, Turkey September 4, 2016. REUTERS/Osman Orsal/Files
In his first interview with international media since being named as candidate by his Peoples Democratic Party (HDP) on Friday, Selahattin Demirtas told Reuters opposition parties will face huge obstacles campaigning for votes.
“Demonstrations are banned, talking is banned, criticising the government is banned, even defending peace is considered terror propaganda,” he said. “Hundreds of opposition journalists are arrested, dozens of TV and radio channels are closed.
“It is impossible for there to be fair elections in such an environment,” Demirtas said in a hand-written response to questions submitted by Reuters to his lawyers.
Demirtas and the HDP face even greater challenges than other opposition parties in running against Erdogan, Turkey’s most successful modern politician. The party’s former co-leader has been in jail for a year and a half on security charges and faces up to 142 years in prison if convicted.
Announcing his candidacy on Friday, the party released images of a visibly thinner yet smiling Demirtas dressed in a white shirt and black trousers in the courtyard of his prison in the northwestern province of Edirne.
A human rights lawyer by training, he is one of Turkey’s best-known politicians, winning votes beyond his core Kurdish constituency in the 2015 election to turn the HDP into the second-largest opposition party in parliament.
Prosecutors charge that Demirtas and hundreds of other detained HDP members are tied to the militant Kurdistan Workers Party (PKK), which has waged a decades-long insurgency in Turkey’s mainly Kurdish southeast. The HDP denies the charges and Demirtas said he was unjustly jailed.
“There is no legal obstacle to my candidacy because I am not convicted,” he said, adding it would be a “scandal and a crime” if the courts blocked him by convicting him.
While the HDP commands only about 10 to 12 percent support, Demirtas is likely to draw significant backing against Erdogan and other candidates, while also boosting the prospects of his party entering parliament.
POST-COUP CRACKDOWN
Turkish authorities imposed the state of emergency after a failed military coup in July 2016 in which 250 people were killed. Since then more than 160,000 people have been detained and nearly the same number of civil servants have been dismissed, the United Nations said in March.
Rights groups and some Western allies say Erdogan has used the putsch as an excuse to quash dissent. The HDP says as many as 5,000 of its members have been detained. On Saturday, it said co-leader Sezai Temelli had his passport confiscated at Istanbul airport on his way to Germany for election campaigning.
The government says the post-coup measures are necessary to confront the security challenges Turkey faces.
When he called the snap June 24 vote last month, nearly a year and a half earlier than scheduled, Erdogan said it would allow Turkey to move more swiftly to the powerful executive presidency which he has long advocated.
Erdogan moved seamlessly into campaign mode and Turkish media is saturated with coverage of him and his ministers - the president routinely speaks two or three times a day and the speeches are carried live by major broadcasters. Opposition parties get far less coverage, and pro-Kurdish HDP almost none.
On Friday, the HDP streamed its nomination of Demirtas live on social media while mainstream broadcasters ignored it.
Demirtas said Erdogan and his ruling AK Party, which has been in power for 15 years, called the early election over fears of waning support and said Kurdish voters would not vote for “a racist party”.
“The AKP government is losing its support rapidly. The economy is also being dragged into a crisis. The government plans to control the state before hitting rock-bottom,” he said.
“The people in Turkey are fed up with the AKP and want to get rid of them, and the AKP surely knows this,” he said. A supporter of the pro-Kurdish Peoples' Democratic Party (HDP) holds pictures of Selahattin Demirtas, the party's jailed former co-leader and the candidate for the upcoming presidential election, during a gathering in Istanbul, Turkey May 4, 2018. REUTERS/Murad Sezer Writing by Tuvan Gumrukcu; Editing by Dominic Evans and Janet Lawrence | ashraq/financial-news-articles | https://in.reuters.com/article/turkey-election-hdp/jailed-former-head-of-turkeys-pro-kurdish-opposition-says-fair-election-impossible-idINKBN1I60D2 |
May 24, 2018 / 12:29 AM / Updated 28 minutes ago Global shares sink as U.S.-North Korea meeting axed, trade fears hurt autos Laila Kearney 5 Min Read
NEW YORK (Reuters) - U.S. President Donald Trump’s move to cancel a planned June meeting with North Korean leader Kim Jong Un sent global share markets sharply lower on Thursday before they regained some footing, while auto stocks continued to decline on tariff fears. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S. May 22, 2018. REUTERS/Brendan Mcdermid
Trump, in a letter to North Korea released by the White House, called off the June 12 summit, citing “tremendous anger and open hostility” in a recent statement by the East Asian country. The cancellation came even after North Korea followed through on a pledge to blow up tunnels at its nuclear test site.
As investors digested the latest development in the tumultuous U.S.-North Korea relationship, stocks sank, with the blue chip Dow Jones Industrial Average falling one percent, before cutting losses in afternoon trading.
On Wall Street, the Dow Jones Industrial Average .DJI fell 72.77 points, or 0.29 percent, to 24,814.04, the S&P 500 .SPX lost 4.87 points, or 0.18 percent, to 2,728.42 and the Nasdaq Composite .IXIC added 1.01 points, or 0.01 percent, to 7,426.96.
MSCI's gauge of stocks across the globe .MIWD PUS shed 0.17 percent, while the pan-European FTSEurofirst 300 index .FTEU3 lost 0.63 percent.
As the latest U.S.-North Korea concerns boosted investor appetite for low-risk debt, U.S. 10-year Treasury yields fell to a session low of 2.97 percent.
Gold prices were propelled above $1,300 per ounce on apparently rising tensions between Trump and Kim.
Spot gold XAU= added 0.9 percent to $1,304.44 an ounce. U.S. gold futures GCcv1 gained 1.12 percent to $1,304.00 an ounce.
Meanwhile, some investors interpreted Trump’s message with caution.
“The market is expressing its disappointment, but this is a short-term tantrum,” said Michael Antonelli, managing director of institutional sales trading at Robert W. Baird in Milwaukee. AUTOS
Markets had plenty more to digest, including minutes from the latest Fed and ECB meetings, but in Asian and European trading, it was U.S. plans to investigate auto imports that caused the biggest moves.
“What we are seeing is a little more broad. We are at the mercy of the (Trump) administration, not just on North Korea but on trade with the auto tariffs being announced,” Liz Ann Sonders, chief investment strategist at Charles Schwab & Co in New York.
Trump on Wednesday ordered a national security probe into car and truck imports that could lead to new tariffs, with China calling the move an “abuse” of the clauses and saying it would defend its interests.
Japan's Nikkei .N225 ended down 1.1 percent after Nissan, Mazda and Toyota all fell [.T].
In Europe, German carmakers Daimler ( DAIGn.DE ), BMW ( BMWG.DE ) and Volkswagen ( VOWG_p.DE ) dropped 1.7 to 2.8 percent.
Germany's benchmark DAX index .GDAXI fell 0.9 percent and Europe's autos sector .SXAP was the worst-performing, losing 1.8 percent.
In the currency markets, Turkey’s lira remained the big mover. It weakened to beyond 4.79 against the dollar, surrendering most of the gains it made a day earlier after the Turkish central bank jacked up its key interest rate by 300 basis points to prop up the plunging currency. Investors appeared to bet another hike would be needed to relieve the selloff.
The dollar fell against a basket of currencies .DXY and hit a two-week low against the Japanese yen, after the U.S.-North Korea meeting was nixed.
Oil prices recorded their largest one-day drop in two weeks amid expectations OPEC could wind down an output deal that has been in place since the start of 2017 due to concerns about supplies from Venezuela and Iran.
U.S. crude CLcv1 fell 1.04 percent to $71.09 per barrel and Brent LCOcv1 was last at $79.17, down 0.79 percent. Additional reporting by Marc Jones, April Joyner, Sruthi Shankar, Andrew Galbraith in Shanghai; Editing by Bernadette Baum | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-global-markets/asia-markets-lower-on-renewed-u-s-china-trade-concerns-idUKKCN1IP02I |
May 3 (Reuters) - AEDIFICA SA:
* ACQUIRES TWO HEALTHCARE SITES IN GERMANY * BUYS SENIOR APARTMENT COMPLEX IN NEUMUENSTER, CONTRACTUAL VALUE OF APPROX. EUR 11 MILLION
* BUYS HEALTHCARE SITE IN WALD-MICHELBACH, CONTRACTUAL VALUE OF APPROX. EUR 3 MILLION Source text: bit.ly/2FFXoA6 (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-aedifica-acquires-two-healthcare-s/brief-aedifica-acquires-two-healthcare-sites-in-germany-idUSFWN1SA17Z |
May 16, 2018 / 3:35 PM / Updated 36 minutes ago Facebook's Zuckerberg to appear at European Parliament - speaker Julia Fioretti 2 Min Read
BRUSSELS (Reuters) - Facebook CEO Mark Zuckerberg will appear before members of the European Parliament to answer questions about the improper use of users’ data by a political consultancy, the speaker of the legislature said on Wednesday. FILE PHOTO: Facebook CEO Mark Zuckerberg speaks at Facebook Inc's annual F8 developers conference in San Jose, California, U.S. May 1, 2018. REUTERS/Stephen Lam/File Photo
The world’s largest social network has come under scrutiny over the way it handles personal data after revelations that British consultancy Cambridge Analytica, which worked on Donald Trump’s 2016 presidential election campaign, improperly accessed the Facebook data of 87 million users. Related Coverage Facebook CEO to meet with European Parliament to talk privacy - company
“The founder and CEO of Facebook has accepted our invitation and will be in Brussels as soon as possible, hopefully already next week,” Antonio Tajani, president of the European Parliament, said in a statement. The American would meet party leaders and members of the civil liberties committee. Slideshow (2 Images)
“I welcome Mark Zuckerberg’s decision to appear in person before the representatives of 500 million Europeans. It is a step in the right direction towards restoring confidence,” Tajani said.
The British parliament also requested that Zuckerberg answer questions from lawmakers but the firm’s chief technology officer attended that hearing instead. Reporting by Julia Fioretti; Editing by Alastair Macdonald and Gareth Jones | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-facebook-privacy-eu/facebooks-zuckerberg-to-appear-at-european-parliament-speaker-idUKKCN1IH24F |
April 30 (Reuters) - Private equity firm Lantern Capital is nearing a deal to acquire the Weinstein Company, the TV and film studio whose former chairman Harvey Weinstein faces sexual assault claims, with a $310 million offer, people familiar with the matter said.
The Weinstein Company filed for bankruptcy in March with the offer from Lantern Capital in hand as a so-called stalking horse bidder. It had hoped to get better offers from other suitors, but no higher bid emerged by a deadline set in a bankruptcy auction for Monday, the sources said.
The sources asked not to be identified ahead of an official announcement. The Weinstein Company declined to comment, while Lantern did not immediately respond to a request for comment.
Hollywood trade publication Deadline Hollywood first reported earlier on Monday that Lantern was the winning bidder for the Weinstein Company.
The deal, which is subject to approval by a U.S. bankruptcy judge, would be the culmination of efforts by the Weinstein Company over several months to find a buyer. When the allegations against Harvey Weinstein became public in October, the company’s board fired him, and Hollywood heavyweights distanced themselves from the studio. Combined with lawsuits filed by Harvey Weinstein’s victims, this made the company an unappealing acquisition target.
An offer for the studio from a group of investors led by former Obama administration official Maria Contreras-Sweet failed to produce a deal earlier this year, after New York Attorney General Eric Schneiderman filed a civil lawsuit against the company and demanded more compensation for Harvey Weinstein’s victims.
Contreras-Sweet’s offer included an $80 million to $90 million compensation fund that would supplement any insurance payouts victims would receive.
Harvey Weinstein, once one of Hollywood’s most influential men, has been accused of sexual misconduct including rape by more than 70 women. He has denied having non-consensual sex with anyone. It has been unclear how his alleged victims would be treated in a potential bankruptcy filing.
Co-founded with Bob Weinstein, Harvey’s brother, the Weinstein Company produced and distributed critically acclaimed hits including “The King’s Speech” and “Silver Linings Playbook,” as well as TV’s fashion reality competition “Project Runway.”
With its bankruptcy filing, the Weinstein Company said it released anyone “who suffered or witnessed any form of sexual misconduct by Harvey Weinstein” from nondisclosure agreements, contracts that prevented victims from speaking out.
As part of the deal, Lantern will acquire Weinstein’s prized asset, its library of 277 feature films that have generated over $2 billion in aggregate box office receipts worldwide.
Based in Dallas, Texas, Lantern is a buyout firm founded by Andy Mitchell, the former head of Ally Financial’s global special assets group. (Reporting by Jessica DiNapoli in New York)
| ashraq/financial-news-articles | https://www.reuters.com/article/weinsteinco-ma-lanterncapital/weinstein-company-set-to-be-taken-over-by-lantern-capital-sources-idUSL1N1S804C |
May 10 (Reuters) - RMR Group Inc:
* THE RMR GROUP INC. ANNOUNCES SECOND QUARTER FISCAL 2018 RESULTS
* Q2 EARNINGS PER SHARE $0.52 * Q2 REVENUE $59.3 MILLION VERSUS I/B/E/S VIEW $61.8 MILLION
* Q2 EARNINGS PER SHARE VIEW $0.55 — THOMSON REUTERS I/B/E/S
* AS OF MARCH 31, 2018, CO HAD ABOUT $30.0 BILLION OF TOTAL AUM, COMPARED TO TOTAL AUM OF $27.6 BILLION AS OF MARCH 31, 2017
* $0.02 PER SHARE IMPACT IN QUARTER FROM ONE-TIME ITEMS ASSOCIATED WITH SEPARATION COSTS AND SHARE AWARD ACCELERATIONS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rmr-group-reports-q2-earnings-per/brief-rmr-group-reports-q2-earnings-per-share-of-0-52-idUSASC0A1C9 |
PARIS (Reuters) - The French Open is mostly a picture of elegance — well-dressed spectators in Panama hats watching the ball sizzle across the red clay in searing sunshine. The problem is when most of the crowd disappears for a long Mediterranean lunch.
Tennis - French Open - Roland Garros - Paris, France - 23/05/16. Roland Gorros logo. REUTERS/Benoit Tessier Picture Supplied by Action Images While numbers at Roland Garros have been climbing steadily in recent years — there were a record 472,000 visitors in 2017, up 16,000 from 2016 — the stands are often half-empty during the lunch hour, which at the French Open can run from around 1130 a.m. until 3 p.m. and is frequently fueled by Champagne.
Early round women’s matches have been particularly affected but even the 2016 semi-final between Serena Williams and Kiki Bertens did not escape. Photos showed Philippe Chatrier, the main show court, largely deserted. The other semi-final between Garbine Muguruza and Sam Stosur was not much better attended.
As well as disappointing players — Frenchman Jo-Wilfried Tsonga has expressed irritation — it does not look good on TV and is a source of embarrassment for the French Tennis Federation, which has been looking at ways to resolve it.
Wimbledon, with its hordes of tennis fans arriving from the world over to camp out for days or even weeks to get hold of tickets, has not faced the same problem.
Last year, Roland Garros sold tickets to the men’s semi-finals separately, so rather than someone being able to buy a day pass and fit in a liquid lunch in between matches, spectators had to buy a ticket for one semi-final or the other.
This year, with the main tournament beginning on May 27 and running until June 10, organizers are hoping other minor tweaks will keep the show courts nicely filled.
“The problem arises especially during the first week with games starting at 11 a.m.,” a spokesman for the French Tennis Federation acknowledged.
“To help fill the courts, we’re giving our hospitality customers a lot of flexibility in the ticketing, so they are able to host several guests on the same ticket at different times during the day,” he explained.
That means that while one guest may be enjoying one of the famously lavish hospitality lunches, another invited by the same sponsor could be sitting in the stands watching a game.
Of course, the federation is also keen to ensure sponsors can entertain as they see fit, and that everyone has a good time.
Top-notch hospitality tickets for the men’s semi-finals, including a gourmet lunch, all-day open bar and direct access to Philippe Chatrier, cost around 2,500 euros per ticket this year. At that price, punters want to make the most of everything — both the tennis and the hospitality.
“We want to offer our spectators an experience that’s rich on both the sporting and the non-sporting front,” the federation spokesman said.
Writing by Luke Baker; Editing by Toby Davis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-crowds/french-open-organizers-launch-assault-on-tardy-diners-idUSKCN1IO0RB |
BRUSSELS, May 24 (Reuters) - The euro zone’s economy is in good shape but there are “clouds” relating to government policy, for example in Italy, the European Central Bank’s chief economist said on Thursday.
“There are clouds but economic conditions are good,” Praet told a financial industry event in Brussels.
Among the clouds, he cited plans by Italy’s would-be government to loosen fiscal policy and roll back a pension reform, as well as international trade tensions. (Reporting By Francesco Canepa Editing by Gareth Jones)
| ashraq/financial-news-articles | https://www.reuters.com/article/ecb-policy-italy/ecbs-praet-says-economy-is-good-but-there-are-political-clouds-idUSF9N1PX00N |
Every year, millions of young people hold paid and unpaid internships — and for good reason. Internships have the potential to provide students with valuable hands-on experience, mentorship connections and future career opportunities. But not all internships are created equally.
Under the Obama Administration, the Department of Labor required that unpaid internships benefit the intern more than the company. In January, the Trump administration announced new guidelines that roll back these protections, making it easier for companies to not pay interns and offer them less valuable experiences.
This means that it is more important than ever that interns do their research when deciding where to work. Job site Indeed recently analyzed data from over 72 million worker reviews in order to better understand what sets great internship programs apart from the rest. They found that at 15 companies, interns reported having the best and most valuable experiences.
Here are the 15 top-rated workplaces for internships, with ratings out of a possible five points:
Source: Boeing A UPS Boeing 747 jet. 15. UPS Intern rating: 3.80
14. Target Intern rating: 3.81
13. Chick-fil-A Intern rating: 3.82
12. Kohl's Intern rating: 3.87
11. Amazon Intern rating: 3.90
Getty Images A man checks his phone as he walks past Macy's flagship store in New York City. 10. Macy's Intern rating: 3.92
9. The Home Depot Intern rating: 3.93
8. Burlington Stores Intern rating: 3.94
7. Lowe's Intern rating: 3.94
6. Starbucks Intern rating: 3.99
show chapters Interns for these major companies can earn thousands each month 2:43 PM ET Mon, 27 March 2017 | 00:52 5. YMCA Intern rating: 4.06
4. Walgreens Intern rating: 4.08
3. Northwestern Mutual Intern rating: 4.10
2. The Walt Disney Company Intern rating: 4.14
1. Kaiser Permanente Intern rating: 4.24
Getty Images Chief executive officer and chairman of The Walt Disney Company Bob Iger and Mickey Mouse look on before ringing the opening bell at the New York Stock Exchange (NYSE), November 27, 2017 in New York City. Kaiser Permanente ranked first among interns with a score of 4.24 out of five. The healthcare organization also was ranked the fourth best companies for work-life balance . Entertainment company Walt Disney came in second and financial services company Northwestern Mutual took third place.
While the top-ranking companies come from a wide range of industries, they all have one very important thing in common — they pay their interns. It makes sense that interns would prefer programs that offer compensation and that's also backed by data. The National Association of Colleges and Employers (NACE) reports that students who held unpaid internships actually were less likely to have a job after graduation. Paid interns, on the other hand, receive more job offers and earn higher starting salaries when they graduate.
Not only do unpaid internships not improve employment outcomes, they can also be expensive for students who cannot live at home or be supported by their families. CNBC Make It estimates that if you consider the earnings unpaid interns are missing out on and how much they have to spend to live in expensive cities with large intern populations, an unpaid internship can cost as much as $12,986.
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CAMP HILL, Pa., May 02, 2018 (GLOBE NEWSWIRE) -- Harsco Corporation (NYSE:HSC) today announced that its Board of Directors has authorized a stock repurchase program under which the Company may repurchase up to $75 million of its common stock.
“The decision by Harsco’s Board of Directors to implement a share repurchase program demonstrates our confidence in our business strategy and enables us to deliver additional value to shareholders,” said President and CEO Nick Grasberger. “Harsco continues to perform well and each of our businesses is poised to benefit as we execute against key priorities and markets further improve. Our financial flexibility, underscored by a strong balance sheet and cash flow, allows Harsco to opportunistically return capital to shareholders while also making strategic investments to pursue growth.”
Purchases may be made through the open market in accordance with the requirements of the Securities and Exchange Commission, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The extent to which Harsco repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors including market conditions and other corporate considerations as determined by the Company’s management. The Company intends to finance the purchases with anticipated cash flows, and the repurchase program may be suspended or discontinued at any time.
About Harsco
Harsco Corporation is a diversified, global engineered products and services company serving the worldwide steel, railway and energy sectors. Harsco’s common stock is a component of the S&P SmallCap 600 Index and the Russell 2000 Index. Additional information can be found at www.harsco.com .
Investor Contact Media Contact David Martin Jay Cooney 717.612.5628 717.730.3683 [email protected] [email protected]
Source:Harsco Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-harsco-corporation-announces-75-million-share-repurchase-authorization.html |
May 30, 2018 / 11:44 AM / Updated an hour ago UPDATE 1-Cricket-Morgan to lead England against Australia, Scots despite broken finger Reuters Staff 2 Min Read
(Updates with squad announcement, changes slug)
May 30 (Reuters) - England’s limited-overs captain Eoin Morgan has been included in the one-day international (ODI) squad to face Australia and Scotland despite suffering a finger injury, the England and Wales Cricket Board said on Wednesday.
Morgan fractured the ring finger on his right hand while fielding against Somerset in a Royal London One-Day Cup match and will not play for the World XI in Thursday’s charity Twenty20 game against West Indies at Lord’s.
But the 31-year-old is expected to regain full fitness ahead of England’s one-off encounter with Scotland on June 10 before they face Australia three days later.
England have rested wicketkeeper-batsman Jos Buttler for the match in Edinburgh, with Sam Billings drafted in as replacement in the 13-man squad.
Buttler and pace bowler Tom Curran will return to a 14-man squad for the five-match series against Australia starting on June 13, while Billings drops out.
Limited-overs specialist Alex Hales and Adil Rashid have been selected in the two squads alongside all-rounder Moeen Ali, who was dropped from England’s test side during the tour to New Zealand in March.
England, who are number one in the ODI world rankings, beat hosts Australia 4-1 in a five-match series in January.
Squad v Scotland
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Sam Billings, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood.
Squad v Australia
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood. (Reporting by Hardik Vyas and Shrivathsa Sridhar in Bengaluru; Editing by Peter Rutherford and Ken Ferris ) | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-odi-eng-aus-squad/update-1-cricket-morgan-to-lead-england-against-australia-scots-despite-broken-finger-idINL3N1T145L |
Right-hander Adam Plutko carried a no-hit bid into the seventh inning, and Michael Brantley drove in the lone run as the Cleveland Indians held on for a 1-0 win over the Chicago Cubs on Wednesday night at Wrigley Field.
Cleveland swept the two-game series in the teams’ first meeting in Chicago since the 2016 World Series. The Indians climbed back above .500 and maintained their lead in the underwhelming American League Central.
The Cubs scored one run in the series and lost for the third time in the past five games.
Plutko (2-0) made a strong claim to seize the Indians’ No. 5 starter role after earning the first opportunity to replace veteran right-hander Josh Tomlin, who was demoted to the bullpen earlier this week.
In only his second career start, Plutko tossed six hitless innings before Cubs first baseman Anthony Rizzo doubled to lead off the seventh.
An infield single by Cubs catcher Willson Contreras in the next at-bat left runners at first and third and prompted Indians manager Terry Francona to replace Plutko with left-handed reliever Andrew Miller.
Plutko finished with six-plus shutout innings while allowing two hits, walking four and striking out four.
Miller escaped the jam when Javier Baez put down a bunt to try to score Rizzo from third, but Miller easily fielded the ball and threw him out at the plate.
Miller proceeded to strike out Addison Russell and to retire Jason Heyward on a ground ball to first to preserve the shutout.
Indians closer Cody Allen pitched a scoreless ninth for his seventh save.
The Cubs’ futility at the plate spoiled a terrific outing from veteran southpaw Jon Lester (4-2), who limited Cleveland to one run on six hits in seven innings. He walked one and struck out four.
Cleveland scored in the third on Brantley’s run-scoring single. Rajai Davis ripped a leadoff single, advanced to second on a sacrifice bunt by Plutko and scored on Brantley’s hit to center field.
Brantley extended his hitting streak to 12 games. He is batting .365 (19-for-52) during the streak.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-chc-cle-recap/tribes-plutko-bullpen-stifle-cubs-idUSMTZEE5O7PLWVR |
FDA adds Mylan's EpiPen to shortage list 11:10am EDT - 01:04
The move by U.S. regulators to add EpiPen to the drug shortage list came on the same day Mylan's quarterly revenue disappointed Wall Street. Fred Katayama reports.
The move by U.S. regulators to add EpiPen to the drug shortage list came on the same day Mylan's quarterly revenue disappointed Wall Street. Fred Katayama reports. //reut.rs/2G1hVPM | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/09/fda-adds-mylans-epipen-to-shortage-list?videoId=425285037 |
Reporter asks Nigerian president about "shithole" comment 1:05am EDT - 01:04
A reporter asks Nigerian President Muhammadu Buhari on Monday if he had addressed the allegations that President Trump used vulgar language to describe African nations during his meeting with Trump. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
A reporter asks Nigerian President Muhammadu Buhari on Monday if he had addressed the allegations that President Trump used vulgar language to describe African nations during his meeting with Trump. Rough Cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2FugCZH | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/01/reporter-asks-nigerian-president-about-s?videoId=422760997 |
BRUSSELS (Reuters) - Belgian scientists have discovered the oldest ever fossil of the common mouse-eared bat, proving the species already existed more than 33 million years ago.
The skeleton of a Myotis myotis bat is pictured at the Royal Institute of Natural Sciences in Brussels, Belgium May 9, 2018. REUTERS/Francois Lenoir The bones of the tiny mammal were found at a fossil site in the late 1990s, unearthed when a new high-speed train track was built east of Brussels, but researchers spent decades sifting through tonnes of soil to make the discovery.
Eventually they encountered the bones of a tiny bat, from the myotis or mouse-eared bat genus, barely changed from those commonly found in Europe today.
“This fossil bat is tiny, it is only made up of tiny isolated teeth, fragments of the jaw and some small bones,” said Thierry Smith, one of the researchers involved in the project at the Royal Institute of Natural Sciences.
Slideshow (5 Images) “Some species survive a few thousand years or one or two million years but not like here 33 million years,” he added.
The Belgian discovery shows that the previous estimate of when such bats appeared for the first time was off by some seven million years.
Smith said the long life of the bat species could be explained by the fact that bats are the only mammal capable of flying and as such did not need to compete with others for resources.
Reporting by Christopher Stern and Verity Crane; writing by Robert-Jan Bartunek, Editing by William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-belgium-fossils-bats/bats-have-hung-around-for-33-million-years-fossil-shows-idUSKBN1IA2JB |
(Reuters) - A coalition of ethanol and farm groups sued the U.S. Environmental Protection Agency on Tuesday, challenging its decision to free three refineries, including one owned by billionaire investor Carl Icahn, from annual biofuels requirements.
The groups, including the Renewable Fuels Association and the National Corn Growers Association, filed the challenge in a U.S. Court of Appeals for the 10th Circuit in Denver, according to a statement from the coalition. The lawsuit targets three waivers doled out to refineries owned by CVR Energy Inc, in which Icahn hold a majority stake, and HollyFrontier Corp.
Refiners are required by the U.S. Renewable Fuel Standard to blend increasing volumes of biofuels like ethanol each year, but the EPA can offer exemptions for facilities under 75,000 barrels per day, if they experience “disproportionate economic hardship.”
The EPA did not respond immediately to a request for comment on the lawsuit.
The EPA has come under pressure for being stingy with the waivers in the past, and a successful lawsuit last year by Sinclair Oil Corporation led a federal court to order EPA to expand its definition of “economic hardship” - opening the door for more facilities to qualify. U.S. refiner Andeavor and CVR are among the companies that sources have said have received waivers for their smallest units. Chevron Corp, Exxon Mobil Corp and Marathon Oil Corp have requested them, sources have told Reuters.
The number of waivers has soared, amplifying controversy over a program that has been a battleground for entrenched farm and oil interests in Washington for years. Oil refiners say the requirements cause undue financial strain, while corn and biofuels supporters say the waivers reduce demand for their products.
In addition to challenging the waivers themselves, the group criticized the EPA for its lack of transparency. The EPA has refused to share details of which companies have asked for and received the waivers, citing confidential business information.
“EPA is trying to undermine the RFS program under the cover of night,” Bob Dinneen, CEO and president of Renewable Fuels Association, said in the statement.
The American Coalition for Ethanol and National Farmers Union joined in filing the lawsuit.
Reporting by Chris Prentice and Jarrett Renshaw in New York; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-biofuels-lawsuit/ethanol-farm-groups-sue-epa-over-refineries-biofuels-exemptions-idUSKCN1IV02V |
WASHINGTON (Reuters) - President Donald Trump on Monday urged West Virginia voters to reject former coal executive Don Blankenship, who served time in prison after a mining accident, in the Republican primary, saying he will not be able to unseat incumbent Democratic Senator Joe Manchin.
FILE PHOTO - Former Massey Energy Chief Executive Don Blankenship is talking on his mobile phone as he walks into the Robert C. Byrd U.S. Courthouse in Charleston, West Virginia December 3, 2015. REUTERS/Chris Tilley/File Photo Trump, mindful of maintaining a Republican majority in the Senate, said on Twitter that West Virginians should support either of the two other Republicans in Tuesday’s primary.
Blankenship, the former chief executive officer of coal company Massey Energy, was released from prison last year after serving a year for safety violations after a 2010 blast in West Virginia that killed 29 miners.
“Don Blankenship, currently running for Senate, can’t win the General Election in your State ... No way!” Trump said in his tweet. “... Vote Rep. Jenkins or A.G. Morrisey!”
U.S. Representative Evan Jenkins and state Attorney General Patrick Morrisey are Blankenship’s rivals in the West Virginia race, one of several primary contests where Republicans are wrestling over their allegiance to Trump.
Blankenship has billed himself as an anti-establishment Republican in the vein of the unorthodox president, embracing the label that he is “Trumpier than Trump.”
He responded to Trump’s tweeted repudiation with a statement saying “the President is a very busy man and doesn’t know me.”
Blankenship has centered his candidacy around attacking fellow Republican Mitch McConnell, the Senate majority leader, accusing him of undermining Trump. He also is running television ads targeting the Taiwanese heritage of McConnell’s wife, U.S. Transportation Secretary Elaine Chao.
Blankenship’s statement blamed “the establishment” for Trump’s comment about him and said he would defeat Manchin.
“He (Trump) doesn’t know how flawed my two main opponents are in this primary,” Blankenship said.
Republicans want to retain control of Congress in the November congressional elections that are viewed by some as referendum on Trump’s presidency. Democrats would have to pick up two seats in the U.S. Senate and 23 seats in the House of Representatives in November to take over.
Trump’s tweet also said West Virginia voters should recall what happened in Alabama in December, when Democrat Doug Jones won a special election for a Senate seat against Republican Roy Moore, whose campaign was derailed by accusations of sexual misconduct with teenage girls. Moore’s loss narrowed Republicans’ Senate majority to 51-49.
Coal miners are an influential political constituency in West Virginia and Trump’s White House victory came amid promises to revive the ailing coal industry. Despite the Trump administration’s rollback of some regulations, the coal sector continues to struggle with competition from cheap natural gas.
The state’s main coal miners’ union has endorsed Manchin.
Reporting by Susan Heavey and Makini Brice; Editing by Doina Chiacu and Bill Trott
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-election-west-virginia/trump-says-republicans-shouldnt-back-ex-coal-exec-in-west-virginia-u-s-senate-race-idUSKBN1I8149 |
May 7 (Reuters) - Siauliu Bankas AB:
* SAYS 2018 Q1 NET PROFIT AT EUR 9.9 MILLION Source text: bit.ly/2rn081g (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-siauliu-bankas-ab-says-2018-q1-net/brief-siauliu-bankas-ab-says-2018-q1-net-profit-at-eur-9-9-million-idUSFWN1SE0E1 |
CANTON, Mass., May 22, 2018 /PRNewswire/ -- Dunkin' Brands Group, Inc. (Nasdaq: DNKN), the parent company of Dunkin' Donuts (DD) and Baskin-Robbins (BR), today announced that its Board of Directors has approved a new program for the repurchase of up to $250 million of the Company's common stock.
"Our asset-light, fully franchised business model has allowed us to return over $2.65 billion to shareholders in the form of share repurchases and dividends since we became a public company in 2011," said Kate Jaspon, Chief Financial Officer, Dunkin' Brands. "This new authorization demonstrates our continued commitment to using our strong balance sheet to return capital to our shareholders."
Repurchases under the new program may be made at management's discretion from time to time on the open market or through privately negotiated transactions. The authorization is good for a period of two years.
As previously announced, in February 2018, the Company entered into an agreement for the repurchase of an aggregate of $650 million of its outstanding common stock through an accelerated share repurchase program and received an initial delivery of approximately 8.5 million shares. Final settlement of the accelerated share repurchase program is expected to be completed in August 2018. The Company had approximately 83 million shares of common stock outstanding as of May 4, 2018.
About Dunkin' Brands Group, Inc.
With more than 20,000 points of distribution in more than 60 countries worldwide, Dunkin' Brands Group, Inc. (Nasdaq: DNKN) is one of the world's leading franchisors of quick service restaurants (QSR) serving hot and cold coffee and baked goods, as well as hard-serve ice cream. At the end of the first quarter 2018, Dunkin' Brands' 100 percent franchised business model included more than 12,500 Dunkin' Donuts restaurants and more than 7,900 Baskin-Robbins restaurants. Dunkin' Brands Group, Inc. is headquartered in Canton, Mass.
Forward-Looking Statements
This release contains projections and other within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Generally, these statements can be identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "feel," "forecast," "intend," "may," "plan," "potential," "project," "should," "would," and similar expressions intended to identify , although not all contain these identifying words. By their nature, involve because they relate to events and depend on circumstances that may or may not occur in the future. These projections and statements reflect management's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain risk factors. A discussion of these risk factors is included in the Company's periodic reports filed Commission. Except as required by applicable law, we do not undertake to publicly update or revise any of these , whether as a result of new information, future events or otherwise.
View original content with multimedia: http://www.prnewswire.com/news-releases/dunkin-brands-announces-board-authorization-of-250-million-share-repurchase-program-300652581.html
SOURCE Dunkin' Brands Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-dunkin-brands-announces-board-authorization-of-250-million-share-repurchase-program.html |
May 18, 2018 / 7:12 PM / Updated 12 minutes ago Terrell Owens: It's 'mind-boggling' Garrett is still Cowboys coach Reuters Staff 3 Min Read
Former NFL star wideout Terrell Owens is as provocative as ever in retirement. Feb 5, 2017; Houston, TX, USA; NFL former player Terrell Owens on the field before Super Bowl LI between the Atlanta Falcons and the New England Patriots at NRG Stadium. Mandatory Credit: Matthew Emmons-USA TODAY Sports
On a radio spot in Dallas, he took aim at Dallas Cowboys coach Jason Garrett, saying it’s “mind-boggling” that Garrett still has the job after seven seasons.
“When you really look at it, it doesn’t make sense for Jason Garrett to continue to have his job,” Owens said Wednesday during an appearance on 105.3 The Fan. “(The Cowboys are) not really expanding or not really progressing with the organization, even as a team, under his coaching tenure there.”
Garrett has a 67-53 regular-season record, including his 5-3 mark as the interim coach in 2010. He has led the Cowboys to the playoffs twice, in 2014 and 2016. Garrett signed a five-year deal after the Cowboys went 12-4 in 2014 . Garrett was named NFL Coach of the Year in 2016.
Owens, who spent three seasons in Dallas during a 15-year Hall of Fame career, went on to compare Garrett’s situation to that of recently fired Toronto Raptors coach Dwane Casey of the NBA.
“(Casey) was voted unanimous coach of the year, has taken Toronto to the playoffs, had three straight years of winning 50-plus games and then they don’t make it beyond what the expectations are within that organization and he gets fired,” Owens said. “And then you have Jason Garrett, who has no accomplishments, not even close to that, and he continues to still have a job.”
The Cowboys’ offseason decision to let Dez Bryant go also seems to factor into Owens’ argument.
“It all boils down to players being the scapegoat for his inability to lead the team as he should. For me, it’s mind-boggling. I don’t understand it. And I think Jerry (Jones) - again, he’s the owner at the end of the day, he has to feel good with himself about the decisions - but I just don’t understand why this guy still has a job.”
In an April interview with the NFL Network, Bryant, who has yet to sign with another team, suggested players loyal to Garrett had a hand in the Cowboys’ decision.
“I’ll say this right here: I believe that ‘Garrett guys’ (are responsible). I would say that,” Bryant said.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-football-nfl-dal-garrett/terrell-owens-its-mind-boggling-garrett-is-still-cowboys-coach-idUSKCN1IJ2K9 |
May 3, 2018 / 12:16 AM / Updated 3 minutes ago Oil up on OPEC output cuts, worries about Iran sanctions Stephanie Kelly 3 Min Read
NEW YORK (Reuters) - Oil prices rose on Thursday, boosted by OPEC production cuts and the potential for new U.S. sanctions against Iran, but gains were limited by growing U.S. crude inventories. Oil pumps are seen at sunset outside Vaudoy-en-Brie, near Paris, France April 23, 2018. REUTERS/Christian Hartmann
Brent crude futures LCOc1 rose 52 cents to $73.88 a barrel, a 0.7 percent gain, by 1:32 p.m. EDT (1732 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 rose 44 cents to $68.37 a barrel, also up 0.7 percent.
“The price move today is probably based off Iran and the tight oil supply market that we already have,” said Rob Thummel, portfolio manager at energy investment manager Tortoise Capital in Leawood, Kansas. “The margin for error right now is just so low in the oil market that you can’t just take supply off the market.”
Iran's foreign minister said U.S. demands to change its 2015 nuclear agreement with world powers were unacceptable as a deadline set by President Donald Trump for Europeans to "fix" the deal loomed. (GRAPHIC: U.S. oil production and storage levels: reut.rs/2riHTd9 )
Trump has all but decided to withdraw from the accord by May 12, sources said on Wednesday, though exactly how he will do so remained unclear.
Iran re-emerged as a major oil exporter in January 2016 when international sanctions against Tehran were suspended in return for curbs on Iran’s nuclear program.
Also supporting prices, North Sea oilfields connected to the Brent oil pipeline have stopped production due to a shutdown at the UK's Sullom Voe oil terminal, the Brent pipeline operator said, reducing output of the crude.(GRAPHIC: U.S. crude oil production: reut.rs/2rhsIB0 )
Global oil supply has tightened with production cuts led by the Organization of the Petroleum Exporting Countries and its allies. The latest Reuters survey showed OPEC pumped around 32 million barrels per day (bpd) in April, slightly below its target of 32.5 million bpd, due largely to plunging output in Venezuela.
Russia on Thursday said its own compliance with a global deal with OPEC and other producers to curb output stood at 95.2 percent in April, with its output unchanged at 10.97 million bpd.(GRAPHIC: Russia vs Saudi vs U.S. oil production: reut.rs/2rgEXxw )
However, rising U.S. oil supply tempered oil futures gains.
On Wednesday, U.S. government data showed a 6.2-million-barrel jump in crude inventories last week. U.S. production also hit a new weekly record of 10.62 million bpd, ahead of top OPEC producer Saudi Arabia and just below No. 1 producer Russia.
Inventories at the Cushing, Oklahoma storage hub climbed by about 152,000 barrels in the week to May 1, according to market intelligence firm Genscape, traders who saw the data said. Additional reporting by Libby George in London and Henning Gloystein in Singapore; Editing by Marguerita Choy and David Gregorio | ashraq/financial-news-articles | https://www.reuters.com/article/us-global-oil/oil-prices-fall-on-rising-u-s-crude-inventories-record-production-idUSKBN1I400J |
6 COMMENTS WASHINGTON—Two senior Environmental Protection Agency staffers have left their posts, in another sign of turmoil at an agency facing a number of investigations over Administrator Scott Pruitt’s management and spending .
The EPA confirmed in a statement Tuesday that Albert “Kell” Kelly, the head of the Superfund program, and Pasquale “Nino” Perrotta, the EPA’s security chief, had left the agency. Messrs. Kelly and Perrotta couldn’t be reached for comment.
Mr. Pruitt is under investigation by the White House, inspector general of the EPA, House oversight committee and Government Accountability Office over spending on security, lodging, and travel, along with allegations that he pushed out staffers who criticized his decisions. He has denied the allegations and noted that ethics officers cleared the actions.
Mr. Perrotta is scheduled to appear for a transcribed interview with House oversight-committee staffers Wednesday and an aide said that would still go ahead. “His resignation will not impact his appearance before the committee.”
Mr. Perrotta oversaw controversial actions taken in the name of Mr. Pruitt’s security, including a $43,000 secure phone booth in his office, first-class travel and a security detail during personal travel including a trip to Disneyland.
Democrats have raised questions about whether Mr. Kelly should have had a position such of responsibility at the EPA after Oklahoma regulators banned him from the banking industry.
Mr. Pruitt praised both men for their service, saying in the statement that Mr. Kelly “will be sorely missed” and wishing Mr. Perrotta “the very best in retirement.” He didn’t provide any details on the reason for their departures and the EPA declined to comment beyond its statement.
Rep. Don Beyer (D, Va.), who recently asked the EPA’s inspector general to investigate Mr. Kelly’s hiring and work at the agency, called the departures of two of Mr. Pruitt’s closest aides an indication of “how toxic” the administrator has become.
“ Albert Kelly was never qualified to run Superfund, his banking ban was a huge red flag, and his resignation is a positive development,” Mr. Beyer said in a statement.
Others, however, praised Mr. Kelly’s work to improve and speed the process of cleaning up the Superfund hazardous waste sites.
“Mr. Kelly really did appear to be a champion for these sites,” said Dawn Chapman, head of a nonprofit called Just Moms STL that has long campaigned for the cleanup of a polluted St. Louis landfill . She said Mr. Kelly was extremely accessible, handing out his cellphone number and immediately picking up when she called. He also visited the St. Louis site twice and worked to get attention for their plight, Ms. Chapman said.
—Louise Radnofsky contributed to this article.
Write to Heidi Vogt at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/two-senior-staffers-at-epa-depart-1525225438 |
A decade after the financial crisis, The Wall Street Journal has checked in on dozens of the bankers, government officials, chief executives, hedge-fund managers and others who left a mark on that period to find out what they are doing now. Today, we spotlight Blythe Masters and Gary Gorton.
This spring, Gary Gorton taught a class at Yale University on financial crises. It’s a topic that the 66-year-old academic knows about firsthand.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/yale-professor-who-had-controversial-role-in-the-crisis-now-teaches-about-it-1526047200 |
May 2 (Reuters) - Cardiovascular Systems Inc:
* CARDIOVASCULAR SYSTEMS, INC. REPORTS FISCAL 2018 THIRD-QUARTER FINANCIAL RESULTS
* Q3 EARNINGS PER SHARE $0.01 * Q3 REVENUE $55.6 MILLION VERSUS I/B/E/S VIEW $55.7 MILLION
* Q3 EARNINGS PER SHARE VIEW $-0.02 — THOMSON REUTERS I/B/E/S
* SEES Q4 2018 EARNINGS PER SHARE $0.05 TO $0.08 * SEES FY 2018 REVENUE $215.4 MILLION TO $216.9 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cardiovascular-systems-inc-q3-earn/brief-cardiovascular-systems-inc-q3-earnings-per-share-0-01-idUSASC09Z3N |
May 2, 2018 / 8:45 PM / Updated 4 minutes ago U.S. tech, banks are big winners from lower taxes in first quarter Noel Randewich 5 Min Read
SAN FRANCISCO (Reuters) - U.S. technology heavyweights like Apple, Amazon and Intel along with Wall Street’s biggest banks look like the early winners from Republicans’ corporate tax cuts, boosting their bottom lines by more than $11 billion so far, a Reuters analysis of first-quarter earnings showed. FILE PHOTO: An iPhone is seen on display at a kiosk at an Apple reseller store in Mumbai, India, January 12, 2017. REUTERS/Shailesh Andrade/File photo
S&P 500 companies on average have slashed their median effective tax rates to 21 percent in the March quarter, down 6 percentage points from a year ago, according to an analysis of 252 earnings reports. That has translated into a nearly $18 billion reduction in income tax provisions in the first quarter, more than half of which accrued to the benefit of the tech and finance industries.
The financial and technology sectors lead others in the size of their profits, and they also reduced their effective tax rates more than others during the most recent quarter.
In the latest big example, Apple Inc ( AAPL.O ) on Tuesday reported a $13.8 billion net profit for the March quarter, up $2.8 billion from the year before, with nearly half of that increase resulting from a reduced tax rate. Changes to how overseas profits are treated also allowed it to plow a record amount of cash into stock repurchases.
Companies’ tax rates rise and fall over time for a variety of reasons, making it difficult to say how much of the quarter’s broad tax-rate decline was a direct results of the Tax Cuts and Jobs Act passed by Republican lawmakers in December.
However, this quarter’s drop in average tax rates provisioned by recently reporting S&P 500 companies was dramatic compared with changes in the same quarter in recent years, and many companies attributed their lower tax rates to the fiscal overhaul. The companies in the Thomson Reuters analysis had median tax rates of 27 percent in the first quarter of 2017 and 29 percent in the first quarter of 2016.
Intel ( INTC.O ) halved its tax rate in the first quarter to 11 percent, primarily because of the tax cuts, reducing the chipmaker’s effective tax bill by around $560 million.
Amazon.com’s ( AMZN.O ) tax rate declined by 9 percentage points in the March quarter, adding $170 million to its bottom line.
Morgan Stanley ( MS.N ), Citigroup ( C.N ), JPMorgan ( JPM.N ), Wells Fargo & Co ( WFC.N ) and Bank of America ( BAC.N ) trimmed their tax bills by a combined $2 billion in the first quarter, compared to what they would have set aside using last year’s tax rates.
About a third of expected U.S. corporate earnings expansion in the March quarter is a result of the tax cuts, a trend that is likely to continue through 2018, said Patrick Palfrey, an earnings analyst at Credit Suisse.
“What we’re experiencing is a very strong underlying growth trend, which is being driven by revenue and margin growth,” Palfrey said. “That’s being augmented by the tax change.”
The biggest overhaul of the U.S. tax code in over 30 years, the new law slashes the corporate income tax rate to 21 percent from 35 percent and reshapes how the government taxes multinational corporations.
Its passage pushed Wall Street to record highs, with analysts recently forecasting a 25 percent leap in aggregate S&P 500 earnings in the March quarter, according to Thomson Reuters I/B/E/S.
S&P 500 information technology companies on average slashed their first-quarter effective tax rates by 9 percentage points, outdone only by the telecommunication group’s 10 percent reduction. They are followed by financials, which on average cut their tax rates by 8 percentage points.
Apple cut its effective tax rate to 15 percent in the March quarter from 25 percent a year before.
Alphabet’s ( GOOGL.O ) effective tax rate of 11 percent in the first quarter netted the Google owner an additional $1 billion in net income compared to what it would have earned using its tax rate of 20 percent in the first quarter of 2017. Alphabet attributed its lower tax rate to changes in accounting rules for reporting investments, as well as to the Tax Act.
Twitter ( TWTR.N ) said that $21 million of its $70 million increase in non-GAAP quarterly net income was due to the tax cut.
Raytheon ( RTN.N ) cut its tax rate by 10 percentage points in the March quarter, equivalent to $83 million, and the missile maker raised its 2018 earnings forecast in part because of the tax cuts.
Hershey Co ( HSY.N ) cut its adjusted tax rate to 25 percent in the March quarter from over 30 percent the year before, an improvement it attributed to the tax cut. Reporting by Noel Randewich; Editing by Dan Burns and Cynthia Osterman | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-tax-profits/u-s-tech-banks-are-big-winners-from-lower-taxes-in-first-quarter-idUSKBN1I32VJ |
May 2 (Reuters) - LAVIPHARM SA :
* Reported on Monday, FY 2017 TURNOVER AT EUR 20.3 MLN VS EUR 30.5 MLN YR AGO
* FY NET LOSS AT EUR 3.7 MLN VS LOSS EUR 4.9 MLN YR AGO * NET CASH ON DEC. 31, AT EUR 1.3 MLN VS EUR 1.1 MLN YR AGO
Source text : bit.ly/2jkkQtZ
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S90SX |
May 25, 2018 / 6:33 AM / Updated 8 hours ago British police charge 18-year-old with terrorism offences Reuters Staff 1 Min Read
LONDON (Reuters) - British police said on Friday they had charged an 18-year-old man with a string of offences under terrorism legislation after he was arrested with the assistance of armed officers last week.
Sudesh Mamoor Faraz Amman of Harrow, north London, was charged with seven offences of making a record of information that might be used by someone committing or preparing an act of terrorism.
He was also charged with three counts of dissemination of terrorist publications. He will appear at Westminster Magistrates’ Court on Friday. Reporting by Alistair Smout; editing by Kate Holton | ashraq/financial-news-articles | https://uk.reuters.com/article/us-britain-security-charge/british-police-charge-18-year-old-with-terrorism-offences-idUKKCN1IQ0M5 |
April 30 (Reuters) - EZDAN HOLDING GROUP:
* Q1 NET PROFIT 103 MILLION RIYALS VERSUS 946 MILLION RIYALS YEAR AGO Source: ( bit.ly/2rbs47h ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-qatars-ezdan-holding-q1-profit-fal/brief-qatars-ezdan-holding-q1-profit-falls-idUSFWN1S7113 |
May 8 (Reuters) - A-Mark Precious Metals Inc:
* A-MARK PRECIOUS METALS REPORTS FISCAL THIRD QUARTER AND NINE MONTH 2018 RESULTS; ANNOUNCES SHARE REPURCHASE PROGRAM
* Q3 LOSS PER SHARE $0.09 * Q3 REVENUE ROSE 15 PERCENT TO $1.99 BILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-a-mark-precious-metals-reports-q3/brief-a-mark-precious-metals-reports-q3-loss-per-share-0-09-idUSASC0A0MW |
Getty Images Speaker of the House Paul Ryan (L) (R-WI) and Rep. Kevin McCarthy (R) (R-CA)
A pocket of House Republicans killed a GOP farm bill championed by the party's leaders Friday. But Republican leaders' headaches caused by rebellion within the party may only have begun.
The hardline conservative House Freedom Caucus sought assurances that the House would vote on a tough immigration plan in exchange for their votes on the farm bill, but it did not get them. Thirty House Republicans then broke with party leaders to oppose the legislation. With all Democrats voting against the plan and some members not voting, the measure sank by a 198 to 213 vote.
The backlash from the party's conservative wing comes at a terrible time for House Speaker Paul Ryan and top Republicans. The jab from the conservatives coincides with hits Republican leaders have taken from the party's moderate flank over immigration.
Ryan, House Majority Leader Kevin McCarthy and others already oppose a push by centrist GOP lawmakers to force a vote on a plan to shield young undocumented immigrants from deportation .The effort has gained steam over the objection of House leaders, who caution that Republicans should pass an immigration plan President Donald Trump will support. The president has backed restrictions on legal immigration in exchange for protecting the young immigrants, the so-called Dreamers. Democrats and many moderate Republicans consider that deal unacceptable.
Despite objections from powerful Republicans, centrist GOP lawmakers need only a handful more signatures on a petition to force a vote on immigration policy, assuming all Democrats get on board, as expected. The success of the Freedom Caucus' rebellion will likely only turbocharge the efforts to subvert House GOP leaders on immigration policy as lawmakers recognize the leverage they have.
The GOP's Chief Deputy Whip, Rep. Patrick McHenry, said as much following the farm bill's failure on Friday, according to NBC News.
It will be "probably hours" before more Republican lawmakers sign on to the petition, the North Carolina Republican said. More momentum for the centrist lawmakers' effort "is exactly what I feared if the farm bill went down," McHenry added. Moe tweet: Chief Deputy Whip @ PatrickMcHenry says it is "probably hours" before more moderate Rs sign onto the immigration discharge petition - says "which is exactly what I feared if the farm bill went down"
The pressure from two of the GOP's ideological flanks puts party leaders in a precarious spot. The Freedom Caucus lawmakers' immigration goals align more closely with Trump's demands that moderate Republicans appear unwilling to accept.
Appeasing one pocket of the Republican caucus likely would mean alienating another. On top of that, it is unclear if top Republicans even want to revisit immigration — a politically charged issue — as they try to hold off a Democratic push and keep control of the House after November's midterm elections.
Some Republicans worry that seeking a bipartisan immigration deal months before the midterms would suppress enthusiasm from the Republican base, which largely responds well to figures such as Trump who pledge to crack down on immigration. McCarthy — who needs to keep all of his caucus happy as he tries to succeed Ryan as House GOP leader — believes such an agreement could hurt Republicans, according to a Politico report .
"If you want to depress [GOP voter] intensity, this is the No. 1 way to do it," the California Republican told fellow lawmakers this week, according to the report.
McCarthy and Ryan have taken different stances on the issue, the news outlet reported. Ryan, who has long talked about wanting to protect the young immigrants brought to the U.S. illegally as children, hopes he can pass a bill to do so before he leaves Congress in January. He wants to do so in part for his legacy, Politico said, citing a leadership source.
When Ryan and McCarthy met with Trump this week to discuss how to proceed on immigration amid the moderates' push, the president appeared uninterested in starting talks again, according to Politico, which cited several sources briefed on the meeting. He called the petition the House's problem.
Ryan has repeatedly said he wants to pass only immigration legislation that the president would sign. That leaves Republicans in a difficult spot, trying to appease two emboldened pockets of their party with diverging interests only months before critical elections.
It is unclear whether the House would bring up a series of varying immigration bills and let lawmakers decide which they prefer, as the Senate did last year. Three different plans to codify protections for young immigrants failed in the Senate earlier this year . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/house-gop-leaders-face-immigration-and-farm-bill-backlash.html |
CNBC International Market Open Briefing: May 04, 2018 13 Mins Ago CNBC market reporters bring you the latest on the stock markets throughout the day as well as fast, accurate, and actionable business news. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/cnbc-international-market-open-briefing-may-04-2018.html |
Apple still makes the bulk of its money selling iPhones. But in trying to show investors that it can thrive in high-margin software, the company has built a services unit that's now approaching $40 billion in annual revenue. But it's leaving money on the table by failing to embrace the biggest trend in the software industry: subscriptions
Music, apps, cloud storage, customer support and Apple Pay are all popular services among Apple's vast population of gadget owners. They've helped the services business grow 53 percent in the past two years, while iPhone sales have only increased 16 percent over that stretch.
Apple's focus on software should entice investors, who have shown a willingness to pay higher sales multiples for fast-growing companies like Salesforce , Workday and ServiceNow in enterprise software and Netflix and Spotify in the consumer world. But unlike those companies and older software vendors such as Adobe and Microsoft, which have migrated to the cloud in recent years, Apple hasn't fully embraced subscription software.
Apple has a suite of products called Pro Apps, used primarily by audio and visual professionals, that customers buy and download onto their local hard drives — the way software worked in the pre-cloud days. Users of Mac computers go to the App Store to purchase Final Cut Pro, Logic Pro X, Motion, Compressor and MainStage 3. They each have separate prices — Final Cut Pro X costs $300 — and the whole package costs $630.
Those are all products that Apple could conceivably host in the cloud and charge monthly subscriptions to use (Apple Music, for example, costs $10 a month for unlimited streaming). The model, known in the technology world as software as a service, provides less revenue up front but potentially much more over time if customers see the value and renew annually. Last year Apple said Final Cut Pro X had 2 million users , but none are paying for the video production software on a recurring basis.
Gene Munster, who spent 12 years covering Apple as an analyst before starting investment firm Loup Ventures in 2016, estimates that only 30 percent of Apple's services revenue comes from subscriptions, suggesting that the company is potentially leaving billions of dollars of future sales on the table.
"I don't know why it hasn't happened yet," Munster told CNBC. He said that converting pro apps to subscription services would be "very logical."
An Apple representative didn't respond to requests for comment.
There's plenty of growth in the business. In the latest quarter , Apple reported a 31 percent revenue increase in services to $9.2 billion, representing 15 percent of total sales. That's up from 12 percent in the same period two years earlier .
"An acceleration in growth despite Apple's already large services revenue base is that much more impressive," wrote Neil Cybart, an analyst at Above Avalon , in a report last week.
Apple made a subscription push at its annual Worldwide Developers Conference three years ago, when it introduced Apple Music, a change from its previous strategy of charging for every song or album download on iTunes. It also sells iCloud storage on a subscription basis, with monthly prices ranging from $1 to $10.
While investors are showing a clear preference for subscription businesses, they require fundamental shifts in how companies build and support products and how they incentivize salespeople. It costs a lot of money to land a new customer but can take many months, if not years, before that user turns profitable.
Uncertainty can hurt the stock price Also, some users will inevitably stop paying, an issue known in cloud software as churn. Cloud companies typically have automated systems and teams dedicated to getting customers to renew. Apple has become the world's most valuable company by creating consumer products that people love, not by hiring "customer success" representatives to keep teams paying for iCloud.
"The general thought was whenever you change your model, it just created a bunch of uncertainty, which negatively impacts the stock," Munster said.
Still, software is increasingly running in the cloud and legacy businesses are being forced to adapt. Adobe has pushed longtime users of apps to the Creative Cloud, and Microsoft has had success with Office 365, the cloud version of its license-based productivity suite. Some analysts view stragglers as a part of Microsoft's growth opportunity over the next few years.
Apple's services business could use a similar revenue driver, especially with the smartphone market having reached saturation. In 2016, iPhone revenue — and overall company sales — dropped for three straight quarters , on a year-over-year basis.
show chapters Apple CEO Tim Cook says he wouldn't be in Zuckerberg's position 2:22 PM ET Wed, 28 March 2018 | 01:42 Munster wrote in a note last week that services will represent 20 percent of Apple's revenue by 2023. In an interview, he said that Apple could roll out new subscription services in augmented reality, artificial intelligence and video.
Byron Deeter, a partner at Bessemer Venture Partners and a big investor in cloud software start-ups, said the opportunity is clearly there for Apple.
"You could absolutely see the case for an ambitious general manager saying, 'Give me a gang of engineers, I'm going to make this a cloud business, and let's go for it and launch it,'" Deeter said. "People just aren't going to want these desktop products five years from now."
Given Apple's ubiquity with consumers and the fact that people use Apple devices for work, the company could also focus on software for businesses, like making iCloud more suitable for the workplace, according to Deeter. A report earlier this year from Barclays suggested that an enterprise-grade iCloud could help Apple decrease its dependence on hardware.
"They have such great engagement," Deeter said. "They already own the consumer at home and people are already using their products in a lot of professional settings."
More from Tech Drivers:
Online learning company Pluralsight spikes in debut on Nasdaq Blockchain company BitPesa wants to transform payments in Africa Amazon Web Services chief explains why Amazon competitors shouldn't be afraid to use its cloud | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/apple-services-business-is-leaving-money-on-the-table.html |
NEW YORK/LONDON/SINGAPORE, May 15 (Reuters) - Oil futures prices have soared past three-year highs, OPEC's deal has cut millions of barrels of inventory worldwide and investors are betting in record numbers that prices could rocket past $80 and even hit $90 a barrel this year.
But physical markets for oil shipments tell a different story. Spot crude prices are at their steepest discounts to futures prices in years due to weak demand from refiners in China and a backlog of cargoes in Europe. Sellers are struggling to find buyers for West African, Russian and Kazakh cargoes, while pipeline bottlenecks trap supply in west Texas and Canada.
The divergence is notable because traditionally, physical markets are viewed as a better gauge of short-term fundamentals. Crude traders who peddle cargoes to refineries worldwide say speculators are on shaky ground as they drive futures markets above $70 a barrel, their highest levels for three-and-a-half years, on concerns about tighter supply from Venezuela and the potential impact of U.S. sanctions on supply from Iran.
Investors have piled millions of dollars in record wagers in the options market, betting on a further rally on the back of rising geopolitical tensions, particularly in Iran, Saudi Arabia and Venezuela, and the global decline in supply.
"Guys who are trading futures have a view that draws are coming and big draws are coming," a U.S.-based crude trader at a global commodity merchant said, adding that demand could ramp up as global refinery maintenance ends.
"Over the next few weeks, we should start to see markets globally clean up, but if that doesn't happen, I think we could be in trouble."
A RISKY BET?
Brent, the benchmark on which two-thirds of the world's oil is priced, has surpassed $78 a barrel, the highest since November 2014. U.S. crude futures hit a high just short of $72.
Inventories in the developed world are now just 9 million barrels above the five-year average, down from 340 million barrels above the average in January 2017, after supply cuts by the Organization of the Petroleum Exporting Countries and other producers, including Russia.
In the last few weeks, expectations that U.S. President Donald Trump would withdraw from the Iran nuclear agreement added to bullishness. Following Trump's announcement making good on that threat last week, prices surged further. Analysts estimate anywhere from 200,000 to 1 million bpd could be cut from global exports next year.
"Any reduction in Iranian supply will likely exacerbate market deficits, suggesting upward pressure on pricing," wrote Greg Sharenow, PIMCO commodities portfolio manager, which sees oil surpassing $80 in the short term.
In the weeks before Trump's decision, hedge funds and others piled a record number of bets into bullish crude oil options. Traders currently hold a record 21.3 million barrels worth of options that pay off if the December Brent contract hits $90 by late October. Bets that U.S. crude will hit $85 a barrel by mid-June are currently at a record above 14,000 contracts.
These bets are being made due to strong demand, not just fear of political destabilization, said Scott Shelton, energy futures broker with ICAP in Durham, North Carolina.
"The bigger picture of demand keeping up with supply...is much more important," Shelton said.
BIG DISCONNECT
Those on the front lines of the physical market are not convinced. Traders say the surge in U.S. exports to more than 2 million bpd has saturated some markets, leaving benchmark prices ripe for a correction.
"There is a huge disconnect between futures and fundamentals," a trader with a Chinese independent refiner said. "I won't be surprised if prices correct by $20 a barrel."
Increased U.S. competition has dented sales of oil from Nigeria and Azerbaijan, which produce similar quality oil and compete for buyers in Europe and Latin America.
Physical prices have sunk even as benchmarks on which they are based stay buoyant. The strength of Brent crude, now trading at nearly $7 above U.S. futures <WTCLc1-LCOc1>, and $4 above Dubai, <DUB-EFS-1M> has made it hard to find buyers for grades priced off Brent.
Russian Urals hit a seven-year discount against dated Brent <BFO-URL-NWE> while Kazakh CPC Blend <BFO-CPC> crashed to its weakest since mid-2012 this month.
Separately, shipments of West African crude to Asia hit a five-month low in April due to a backlog at Chinese ports.
Clogged pipelines have hit key U.S. oil grades, including in west Texas <WTC-WTM> <WTC-WTS>, where the discount to U.S. crude is near its widest in three years.
Some are confident the world's refineries will gobble up these barrels when they finish seasonal maintenance. About 10 percent of China's refining capacity is expected to be offline through June.
"For the last three, four, five months we've seen high turnarounds globally," a U.S. crude trader said, referencing maintenance works.
"Once you get past that, all of a sudden (you're) looking at 3 million barrels per day of fresh crude consumption."
But whether that is enough to support Brent at $80 and above is yet to be seen.
"I think it's touch and go," he added. (Reporting by Devika Krishna Kumar in New York, Libby George in London and Florence Tan in Singapore; Additional reporting by Ayenat Mersie; Editing by Lisa Shumaker) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/reuters-america-investors-see-big-oil-surge-but-physical-markets-suggest-caution.html |
LONDON and NEW YORK,
Neudata is very pleased to announce that Jan Scibor-Kaminski has joined the company as Managing Director. Jan was previously Managing Director of Structured Retail Products (SRP) - the foremost data business for the structured products industry and part of the Euromoney Institutional Investor group.
"I am excited to be joining such a talented, young, vibrant company in what is the most fast-paced and dynamic sector of the financial services industry: alternative data has disruptive capability for managers and investors alike and it is fascinating to be able to play a small part in shaping this nascent, game-changing industry" said Jan Scibor-Kaminski. "I look forward to working closely with quantitative and fundamental fund managers and with the Neudata team to develop some groundbreaking alt data products and services."
"Jan brings with him a track record of double-digit growth when it comes to data businesses achieved through innovative product development. Jan has spent the last 10 years working consultatively with the major derivatives desks of investment banks, asset managers, hedge funds, insurance companies and index providers to pioneer new products such as APIs and research products. We look forward to seeing Jan make a similar contribution to the alternative data space" said Rado Lipuš, CEO of Neudata.
Jan has also worked for Goldman Sachs Asset Management, is a former member of Her Majesty's Armed Forces and holds a degree in Modern Languages from Trinity College, Oxford.
About Neudata
Neudata, headquartered in London with offices in New York City and Geneva, vets alternative data and conducts agnostic and independent research for investment managers. Neudata's expertise lies in scouting and evaluating alternative data sources and assisting investment managers in selecting relevant data for backtests and research. Neudata is uniquely equipped to provide metadata and up-to-date objective research through its ever expanding network of data vendor relationships.
Unlike data brokers, Neudata does not sell data. It offers fund managers subscription-based access to its intelligence database. Neudata aligns interests with clients in finding sources that are the most promising for alpha generation. As such, Neudata's clients are often among the first in the industry to be made aware of new data launches. Visit us at: www.neudata.co
You can also follow us on:
Twitter: https://twitter.com/neudatalab
LinkedIn: https://www.linkedin.com/company/neudata
YouTube: https://www.youtube.com/channel/UCC45eYGfZyKbThDUgWrBPeQ/featured
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SOURCE Neudata | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-alternative-data-expert-jan-scibor-kaminski-joins-neudata-as-managing-director.html |
May 27, 2018 / 5:14 AM / Updated 13 minutes ago Colombians vote for new president with peace deal at stake Steven Grattan , Helen Murphy 6 Min Read
BOGOTA (Reuters) - Colombians voted on Sunday in a deeply divisive presidential ballot that has stirred concern the winner could upset a fragile peace accord with Marxist FARC rebels and risk former fighters returning to combat as they fear for their future. Presidential candidate Sergio Fajardo (L, at booth) casts his ballot at a polling station as Colombians vote for a new president in Medellin, Colombia, May 27, 2018. REUTERS/Fredy Builes
In the first election since the controversial peace deal was signed in 2016 with the Revolutionary Armed Forces of Colombia (FARC), voters will decide on a replacement for President Juan Manuel Santos, who won the Nobel Peace Prize for ending the five-decade-old conflict.
(For graphic on Latin American elections, click tmsnrt.rs/2rAQ4l1 )
Leading candidate, right-wing Ivan Duque, has pledged to alter the terms of the peace deal and to jail former rebels for war crimes. Leftist Gustavo Petro, polling second and 10 points behind Duque, has also provoked alarm with pledges to overhaul Colombia’s orthodox economic policy and redistribute wealth from the rich to the poor.
Trailing them in the often-unreliable polls are mathematician and centrist Sergio Fajardo and former Vice President German Vargas, who has Santos’ support.
If no candidate gets more than 50 percent, the top two will go to a runoff on June 17. Polls close at 2100 GMT (5 p.m. ET).
Campaigning in the traditionally conservative nation has been marked by acrimonious accusations that rival candidates will collapse the economy with socialist policies, force the nation back to the battlefield or bust the budget by overspending.
The election coincides with a migration crisis from neighboring socialist-run Venezuela. Colombia is appealing for international support to cope with hundreds of thousands of Venezuelans streaming across the border to flee shortages of food and rising crime as their nation’s economy implodes. Colombia's President Juan Manuel Santos casts his vote at a polling station, during the presidential election in Bogota, Colombia May 27, 2018. REUTERS/Carlos Garcia Rawlins
“We are witnessing the most important elections in Colombia for many years,” said Alejandro Echeverri, a 20-year-old law student. “For the first time in history, there are candidates offering alternatives and that has generated a very tense environment, one polarized by two candidates.”
Business-friendly Duque, handpicked by hard-liner former President Alvaro Uribe who is seen as the power behind his campaign, has promised to cut corporate taxes and support oil and mining projects, as well as impose tougher punishments for former FARC fighters.
Under the terms of the deal, thousands of rebels demobilized and the group is now a political party. But the accord drew ire from many who believe FARC commanders should be in prison and not in Congress.
Some areas abandoned by the FARC have suffered an increase in fighting between criminal gangs and remaining guerrilla group the National Liberation Army (ELN) over valuable illegal mining and drug trafficking territories. Colombia’s production of coca - the raw material for cocaine - has risen sharply, stirring concern in Washington.
The ELN called a ceasefire during the election and Santos has deployed 155,000 members of the armed forces to ensure orderly voting.
“Whoever wins will win with transparency,” said Santos after voting in congress. “Without doubt they will say these elections were the most safe, the most secure, with most guarantees.” Slideshow (13 Images) REALIGN AXIS
Petro, a combative populist who was once a member of the now defunct M19 rebel group, supports the peace deal. But some of his economic policies spook investors and have prompted rivals to compare him to former Venezuelan President Hugo Chavez.
“I’m so fed up that what happened in Venezuela could happen here,” said Leonardo Coronado, a 41-year-old engineer, as he voted for Duque in the capital. “We don’t want our country destroyed like our neighbor’s has been.”
He has promised to take power away from political and social elites he says have stymied progress and to carry out a complete economic overhaul.
His pledges to end extractive industries and shift the focus of state-run oil company Ecopetrol to renewable energy have dismayed business leaders. Oil and coal are Colombia’s top exports.
Petro voters are excited by the possibility the right-wing status quo could be overhauled and a leftist president installed for the first time in history.
“He’s the most important option for the middle-class and the poor people who have been excluded,” said Jose Ramon Llamos, a 75-year-old university lecturer after voting in downtown Bogota.
Polls suggest the end of the FARC conflict has shifted voters’ priorities to inequality and corruption from security issues - opening the door to the left for the first time.
“These elections may realign the political axis to a more ideological right versus left,” said Francisco Miranda, a political consultant.
“It would be the first time in the history of Colombia that an openly leftist leader, a socialist, may get through to the second round.”
Alleging that voting software had been tampered with to benefit Vargas, Petro called on his followers to observe vote counting and may call for protests if he does not reach the run-off. Reporting by Helen Murphy and Steven Grattan, additional reporting by Dylan Baddour; Editing by Daniel Flynn, Rosalba O'Brien and Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-colombia-election/colombians-vote-for-new-president-with-peace-deal-economy-at-stake-idUSKCN1IS03E |
May 21, 2018 / 4:00 PM / Updated an hour ago Russia delays U.N. sanctions on Libya human-trafficking leaders Michelle Nichols 3 Min Read
UNITED NATIONS (Reuters) - Russia has delayed a western proposal for a U.N. Security Council committee to blacklist six accused leaders of human trafficking and migrant smuggling networks in Libya, asking for more information on the value and efficiency of the move.
The Netherlands, backed by France, Germany, Britain and the United States, asked the 15-member council’s Libya sanctions committee to impose a global asset freeze and travel ban on six people. But Russia put a so-called “technical hold” on the request earlier this month. The committee operates by consensus.
“We hope that the designating committee members will share with others at least some of “extensive evidence” from “reliable sources” confirming the involvement of the six individuals in the illicit activities they are accused of,” the Russian U.N. mission said in a letter to the committee, seen by Reuters.
The Russian U.N. mission wanted to know “how the problem can be solved without dealing with criminals from countries of origin and countries of destination,” noting the designation proposal indicated that “networks stretch to many European countries and the United States.”
The proposal to impose targeted sanctions on the six people comes after a video, appearing to show African migrants sold as slaves, sparked global outrage late last year.
U.S. Ambassador to the United Nations Nikki Haley told a council meeting on Libya on Monday that “failing to move forward with the designations would be a travesty in the face of so much global outrage over these abuses.”
“The evidence showing the involvement of the six people is clear,” Haley said.
Under a sanctions regime set up in 2011, the Security Council is able to impose a global asset freeze and travel ban on “individuals and entities involved in or complicit in ordering, controlling, or otherwise directing, the commission of serious human rights abuses against persons in Libya.”
“It is time our words are turned into action,” deputy Netherlands U.N. Ambassador, Lise Gregoire Van Haaren, told the council on Monday.
Libya descended into chaos after a NATO-backed uprising in 2011 led to the overthrow and killing of leader Muammar Gaddafi, with two competing governments backed by militias scrambling for control of the oil-producing country. Islamic State militants also gained a foothold in the North African state.
People smugglers operating with impunity in Libya have sent hundreds of thousands of migrants by sea to Europe, mainly Italy, since 2014. Thousands have died during these voyages. Reporting by Michelle Nichols | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-libya-migrants-un/russia-delays-u-n-sanctions-on-libya-human-trafficking-leaders-idUKKCN1IM1SP |
AGOURA HILLS, Calif., May 3, 2018 /PRNewswire/ -- American Homes 4 Rent (NYSE: AMH) (the "Company"), a leading provider of high quality single-family homes for rent, today announced that the Board of Trustees declared a dividend of $0.05 per share on the Company's common shares for the second quarter of 2018. The distribution will be payable in cash on July 2, 2018 to shareholders of record on June 15, 2018.
The Board of Trustees also declared a per share quarterly distribution on the Company's cumulative redeemable perpetual preferred shares of $0.40625 per share on the 6.5% Series D shares, $0.39688 per share on the 6.35% Series E shares, $0.36719 per share on the 5.875% Series F shares and $0.36719 per share on the 5.875% Series G shares payable in cash on July 2, 2018 to shareholders of record on June 15, 2018.
About American Homes 4 Rent
American Homes 4 Rent (NYSE: AMH) is a leader in the single-family home rental industry and "American Homes 4 Rent" is fast becoming a nationally recognized brand for rental homes, known for high quality, good value and tenant satisfaction. We are an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, renovating, leasing, and operating attractive, single-family homes as rental properties. As of March 31, 2018, we owned 51,840 single-family properties in selected submarkets in 22 states.
Additional information about American Homes 4 Rent is available on our website at www.americanhomes4rent.com .
Forward-Looking Statements
This press release contains " " that relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as "believe," "expect," "will," "intend," "anticipate" or other words that convey the uncertainty of future events or outcomes. These include the payment and anticipated timing of the payment of distributions of the Company's common and preferred shares. The Company has based these on its current expectations and assumptions about future events. While the Company's management considers these expectations to be reasonable, they are inherently subject to risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control and could adversely affect our cash flows and ability to pay distributions. Additional information about these and other important factors that may cause our actual results to differ materially from anticipated results expressed or implied by these is available in the Company's most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement to conform to actual results or changes in expectations, except as required by applicable law.
Contact:
American Homes 4 Rent
Investor Relations
Phone: (855) 794-2447
Email: [email protected]
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SOURCE American Homes 4 Rent | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-american-homes-4-rent-announces-distributions.html |
May 25, 2018 / 1:36 PM / Updated 15 minutes ago Slovak police may have destroyed evidence in slain journalist case: lawyer Reuters Staff 3 Min Read
BRATISLAVA (Reuters) - Slovak police may have inadvertently destroyed evidence through negligence at the scene of the murder of an investigative journalist, his family’s lawyer said, in a case that prompted mass street protests and the prime minister’s resignation. Participants hold a banner reading: "Attack on journalists" as they march in honour of murdered Slovak investigative reporter Jan Kuciak and his girlfriend Martina Kusnirova in Bratislava, Slovakia, March 2, 2018. REUTERS/Radovan Stoklasa/Files
Journalist Jan Kuciak, who had written about political corruption in Slovakia, was found shot dead along with his girlfriend at their home in February. They were both 27.
As well as forcing the resignations of veteran prime minister Robert Fico, his interior minister and Slovakia’s police chief, the case also exacerbated worries about media freedom in ex-communist eastern Europe.
No one has been charged with the murder, which a prosecutor has said was probably a contract killing.
The Kuciak family’s lawyer, Daniel Lipsic, a former Slovak interior minister, said the two bodies had been moved without being examined by a forensic surgeon at the crime scene and this led to an incorrect initial pronouncement of the time of death.
“I don’t understand why more experienced investigators from the National Crime Agency (NAKA) were not called immediately, and arrived at the crime scene hours after the district police,” Lipsic told Reuters in a telephone interview late on Thursday.
“Some evidence was not secured immediately but was only discovered in photographs from the crime scene,” said Lipsic, who served as interior minister in 2010-2012.
“This is a serious dereliction of duty. We don’t know how much evidence may have been destroyed,” he added.
Pictures from the crime scene published by the Slovak media also show that NAKA’s anti-corruption section chief, Robert Krajmer, who does not directly investigate murders, was also present.
The police first denied Krajmer was at the crime scene and later issued a corrected statement saying he had “carried out tasks related to the investigation”.
Asked about Lipsic’s criticism, the police said only prosecutors could comment on the case.
The special prosecutor’s office said “some failures were detected during initial actions at the crime scene”.
Kuciak had, among other things, investigated fraud cases involving businessmen with Slovak political ties. He had also looked into suspected mafia links of Italians with businesses in Slovakia. Reporting By Tatiana Jancarikova; Editing by Gareth Jones | ashraq/financial-news-articles | https://in.reuters.com/article/slovakia-crime-police/slovak-police-may-have-destroyed-evidence-in-slain-journalist-case-lawyer-idINKCN1IQ1VD |
* Consumers in China, elsewhere push up prices of salmon
* Fish stocks crimped by cold sea temperatures off Norway
* Volatile supply conditions hurt some producers in Q1 (Recasts to include results of Norway Royal Salmon and Leroey Seafood, adds details, context)
By Ole Petter Skonnord and Gwladys Fouche
OSLO, May 8 (Reuters) - Prices of salmon and other farmed fish are likely to remain high as rising demand from increasingly health-conscious consumers in China and elsewhere outpaces limited growth in supply, Norwegian producers said on Tuesday.
Salmon spot prices have surged from a low point of 51.90 Norwegian crowns ($6.40) per kilo in early January to close to 80 crowns per kilo, their highest level in 16 months.
As well as robust demand, prices have been lifted by slowing growth in supply as colder-than-usual sea temperatures off Norway meant the fish grew slower than normal and that harvested fish thus were smaller.
Norway is the world’s largest producer of farmed fish, ahead of Chile, and consumption has boomed in recent years as middle-class consumers from Europe to Asia seek healthier sources of protein for their diets.
“Demand is very strong and we don’t see that supply will grow by much this year,” Henning Beltestad, chief executive of leading Norwegian fish producer Leroey Seafood, told an earnings presentation on Tuesday after reporting a decline in first-quarter profit, blaming a lower harvest of fish.
“Now we are around 80 crowns per kilo this week. We think there will be big swings ahead, but the price level will lie at a relatively high level in the near term, “ said Beltestad.
Demand in China increased by 18 percent in January-March, he said, while in the European Union it rose by 7 percent. Meanwhile global supply of farmed fish is expected to grow by 3.7 percent this year against the 5 percent Leroey had forecast in February.
Peer Norway Royal Salmon also anticipated “good” demand ahead with low growth in supply, after reporting a 5.8 percent drop in first-quarter operating profit.
Slowing supply has made the market volatile for producers but Norway Royal Salmon said the outlook was positive despite the drop in operating profit.
“Together with good demand for salmon, this provides the basis for a continued positive market outlook for the industry,” the company said in a statement.
Fish farms, which raise salmon and rainbow trout, have grown from being a side activity for Norwegian fishermen two decades ago into the country’s second-largest exports after oil and gas, with sales of 64.7 billion Norwegian crowns ($7.99 bln) in 2017.
On Monday, Bakkafrost a producer in the Faroes said it expected a tight salmon market ahead as supply growth abates after reporting below-forecast first-quarter earnings.
Marine Harvest, the world’s largest fish farmer, will present its outlook on Wednesday after preliminary results on April 16 showed operating profit fell 31 percent from a year earlier, slightly below analysts’ forecasts and also hit by volatile supply conditions. ($1 = 8.1011 Norwegian crowns) (Editing by Susan Fenton)
| ashraq/financial-news-articles | https://www.reuters.com/article/norway-fish/update-1-austevoll-q1s-earnings-above-forecast-helped-by-one-off-gain-idUSL8N1SF0QR |
House expected to vote on Senate bill rolling back some bank rules next week 2 Hours Ago The House is expected to vote on a Senate-passed bill rolling back some Dodd-Frank bank regulations next week. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/house-vote-senate-bill-bank-rules-next-week.html |
May 23, 2018 / 1:53 PM / Updated 31 minutes ago ECB can afford to wind down asset buys: Makuch Reuters Staff 1 Min Read
BRATISLAVA (Reuters) - The European Central Bank’s 2.55 trillion euro ($2.99 trillion)bond purchase program has achieved what it could and the bank can now afford to wind it down, Governing Council member Jozef Makuch told reporters on Wednesday. FILE PHOTO: The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach
Makuch added that he was confident inflation would rise in the coming years and would hit the ECB’s elusive target of almost 2 percent in 2020-2021.
“The crucial thing is that we are returning to normal, to normal policies,” he said. Reporting by Tatiana Jancarikova; Writing by Balazs Koranyi; Editing by Catherine Evans | ashraq/financial-news-articles | https://www.reuters.com/article/us-ecb-policy-makuch/ecb-can-afford-to-wind-down-asset-buys-makuch-idUSKCN1IO20O |
OVERLAND PARK, Kan., May 24, 2018 (GLOBE NEWSWIRE) -- Ferrellgas Partners, L.P. (NYSE:FGP) (“Ferrellgas” or the “Company”) today announced the declaration of its third quarter cash distribution of $0.10 per partnership common unit. The distribution is payable on June 14, 2018 to common unitholders of record as of June 7, 2018. The distribution covers the period from February 1, 2018, to April 30, 2018, the Company’s third quarter of fiscal 2018.
About Ferrellgas
Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia, and Puerto Rico, and provides midstream services to major energy companies in the United States. Ferrellgas employees indirectly own 22.8 million common units of the partnership, through an employee stock ownership plan. Ferrellgas Partners, L.P. filed a Form 10-K with the Securities and Exchange Commission on September 28, 2017. Investors can request a hard copy of this filing free of charge and obtain more information about the partnership online at www.ferrellgas.com . In accordance with Treasury Regulation 1.1446-4(d), nominees are hereby notified they are responsible for withholding 35% of this distribution from foreign investors as required under Section 1446 of the Internal Revenue Code.
Contacts
Jim Saladin, Media Relations – [email protected] , 913-661-1833
Bill Ruisinger, Investor Relations – [email protected] , 816-792-7914
Source:Ferrellgas Partners, L.P. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-ferrellgas-partners-l-p-declares-third-quarter-fiscal-year-2018-cash-distribution.html |
"I can tell you a story. It's kind of graphic and gross," says Therese Tucker, sitting inside one of the four floors of an office building her company occupies in Los Angeles.
Tucker is about to tell her own #MeToo moment, one of many actually.
"What's so interesting is back when I was of an age to be harassed," she laughs, "it was pretty much part of the culture."
Tucker is in her 50s now, and before we get to her #MeToo story, here's the story of the tech company she created, software company BlackLine. It currently has a market cap of $2.17 billion.
Glass ceilings
Therese Tucker fell in love with computer programming in college at the University of Illinois after taking a single course in 1981. "There were not a lot of women in there," she says.
After graduating, she spent years working in tech, intrigued by the idea of solving business problems with software.
Eventually, she worked her way up to Chief Technology Officer at SunGard, a Fortune 500 IT company later acquired by FIS in 2015.
One night, around the turn of the century, Tucker had a revelation. "We had this 'Circle of Excellence,' the sales winners' award trip to Hawaii one year," Tucker says. "All of the people walking across the stage were middle-aged white men, and that was the first time I was thinking, 'You know, my career is probably limited here.'"
She decided the only way to move up to CEO was to start her own company. "You have this dream of this vision that you can build something, that you can make something out of nothing."
Making something out of nothing
BlackLine was born in 2001.
"I cashed out my nest egg from my options, I maxed out my credit cards, I took out a second mortgage on my house," Tucker says. "If I could have figured out how to get into my kids' college funds, I would have taken that too." Tucker was a single mother of two at the time.
At the suggestion of an early client, Tucker decided BlackLine would be a software company handling accounting tasks. She landed Costco as a customer fairly early, which was both good and bad. "Here's the thing about companies," she says, "they take forever to pay."
At times Tucker was so strapped for cash she couldn't make payroll.
"I had a couple of friends that believed in me," says Tucker.
Those mentors — men, by the way — would bail her out until BlackLine got paid. "I would go and beg the for $30,000 or $40,000." That went on for about year, and Tucker says without those mentors, "the company wouldn't be here. It would not be here."
These days BlackLine has about 800 employees and 2,400 customers (Costco is still among them). The company went public in October 2016, and it has been a winner on Wall Street. Shares are up around 20 percent year to date. Tucker has since remarried her ex-husband, and one of her children works at BlackLine.
What's behind the gender pay gap
Now that she's the boss, Therese Tucker has seen first hand the differences in pay between men and women. She's also seen how differently many of them negotiate.
"I've had women who, when they've been promoted, have said, 'Oh, no, that's ok, I make enough,'" she says. "I think this is much of how the pay gap comes about."
In contrast, many male employees will show up in management's office regularly asking for more money and more responsibilities. "When their yearly review comes, there's a mental piece there where you don't want to 'disappoint' them," she says, using air quotes.
Tucker says some departments at BlackLine have started to look at differences in pay and make adjustments. A new law in California bars employers from asking prospective hires what their current salaries are. Tucker thinks that could help, "because if you make a little less at this job, and a little less than that at the next job, then, yeah, you get to that 80 cents on the dollar very quickly."
About that pink hair...
Then there's the pink hair. It's the first thing you notice about Therese Tucker when you meet her.
"It started as a marketing dare," she says with a laugh.
The marketing team at BlackLine wanted to make a video with her, which she considered "boring," but she agreed she would only do it if she could dye her hair pink. "You could lie on the floor, and nobody notices an older woman with gray hair."
That was more than three years ago, and the pink has stuck. "It has been the most amazing social experiment," she says.
Tucker says, on a daily basis, all kinds of strangers approach her. The pink hair is like a magnet. (Though she's heard her sales team sometimes "warns" prospective customers about to meet the CEO that her hair is pink.)
It's made for some interesting encounters.
Tucker said when she took BlackLine through a second round of funding before going public, she ended up in the elevator with her banker and CFO.
"An executive from that bank jumped on the elevator, apparently somebody pretty important," Tucker says. Her banker introduced her and her CFO to the higher up, explaining they'd just completed a very successful secondary. "And this guy looks over to Mark, my CFO, and says, 'That's wonderful, congratulations!'"
Her banker quickly pointed out that Tucker was the CEO, and just as quickly, the top executive pivoted. "It was like, 'Nice, yeah, congratulations.'"
She can't recall the story without laughing.
#MeToo
So back to the story that's "kind of graphic and gross."
Like many women in their 50s — especially in tech — Tucker saw harassment as part of the job. "Everybody knew that there were people that you didn't get into an elevator with, that there were people that, once they'd had a few drinks, they were going to be very handsy," she says.
One moment, however, stands out.
She was working as an executive at another company, and she was on a business trip. One evening, she and a female co-worker had a couple of drinks, "but not too much." Tucker says they were sitting on a couch in their hotel lobby when, "The president of the company at the time comes and sits down between us, runs his hand up our legs, up underneath our skirts and says, 'I've done so much for you girls, what are you going to do for me?'"
Tucker said she and her coworker managed to push themselves away — "it was like octopus hands" — and left.
"Here's the crazy thing. Neither one of us reported it," says Tucker.
However, the man had apparently been very aggressive with several other women that same evening, and one of those women did report him. The company started an investigation "that took them something like two years." By the time it was over, the president had already left the company to become CEO at a start-up, and Tucker had left to start BlackLine.
What about the woman who filed the report? "She sat in a corner until I hired her," says Tucker.
Therese Tucker believes not a lot has changed...yet. "I think that there's a lot of noise," she says. "I have yet to see that noise turn into sustainable change."
Women who report abuse still become targets, and Tucker has some advice: Avoid trouble, especially after hours, but if trouble finds you, speak up. "Be vocal, don't be emotional," she advises. "Suit up, and go to work."
She admits that, despite BlackLine's strict policies on harassment and discrimination, "I would not say that we have a 100 percent track record, just to be brutally honest, because you hire people, and sometimes they act like pigs, and it takes a little while for that behavior to catch up with them." She paused. "It does catch up with them eventually."
The reluctant role model
She may have pink hair, but Therese Tucker prefers flying under the radar. Still, she reluctantly realizes she has become a role model. She says an outside compensation consultant made sure her own pay package was equivalent to CEOs of similar sized software companies, and the latest available filings indicated her package is worth about $1.2 million a year.
Her net worth is estimated to be well over $100 million.
"I think it's important for young women to see what I've done, and to know that it's possible, to know that you can go out and build a business from absolutely nothing, through a successful IPO, through life as a public company," she says. "Women can do that."
Don't miss: | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/blackline-ceo-therese-tucker-on-glass-ceilings-metoo-equal-pay.html |
ZURICH, May 15 (Reuters) - Sika said it is selling a 1.5 billion Swiss franc ($1.50 billion) convertible bond, with the proceeds going towards buying its own shares back from Saint-Gobain.
The bonds, which will be due in 2025, are expected to carry a coupon between 0.00 percent and 0.30 percent per annum, the company said.
French building materials company Saint-Gobain and Swiss peer Sika said on Friday they had reached an agreement to end a long-standing legal dispute, which will result in Saint-Gobain acquiring a large stake in Sika.
Under the deal, Sika will buy a 6.97 percent stake in itself back from Saint-Gobain, and then cancel the shares. ($1 = 1.0013 Swiss francs) (Reporting by John Revill; Editing by Kim Coghill)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/swiss-sika-bonds/sika-to-issue-1-5-bln-sfr-in-bonds-to-buy-own-shares-from-saint-gobain-idUSZ8N1RJ016 |
DENVER (Reuters) - Wildlife rangers in Colorado on Monday shot and killed a black bear suspected of attacking and trying to drag off a five-year-old girl from her yard.
The attack occurred early Sunday morning when the girl went outside to check on a noise she thought her dog had made and her mother heard screaming, officials said.
“When she went outside to investigate, she witnessed a large black bear dragging her ... daughter,” the Colorado Parks and Wildlife agency said in a statement.
The bear dropped the child after her mother yelled at it, officials said. The attack took place in East Orchard Mesa, a small community about 250 miles (400 km) west of Denver.
The child, whose name was not released, was in fair condition early on Monday at a local hospital, NBC affiliate KKCO said.
Wildlife agents set up traps and deployed tracking hounds in an effort to locate the bear, said Mike Porras, a spokesman for the state parks agency’s northwest region office.
He said agents were monitoring the traps overnight when they observed a bear approaching a home about a half-mile (0.8 km) from where the attack on the girl occurred. They shot it before it entered a trap.
“Based on the description of the bear and that it returned to the same general area, we believe it is the same animal,” Porras said by telephone.
Colorado has a “robust” population of about 18,000 black bears, he said, noting that unprovoked attacks by black bears on humans are rare.
The bear’s carcass will be shipped to the agency’s laboratory for a necropsy to determine if DNA testing can confirm it was the animal that attacked the girl and to assess its overall health, Porras said.
Reporting by Keith Coffman in Denver, additional reporting by Rich McKay in Atlanta; Editing by Scott Malone and Dan Grebler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-colorado-bear/colorado-rangers-hunt-bear-that-tried-to-drag-away-child-idUSKCN1IF0TL |
Billionaire Jack Ma’s Ant Financial Services Group will sharply reduce how much cash investors in the world’s largest money-market fund can withdraw daily from Ant’s popular payments network, a move that could help limit the risk of a potential liquidity crunch.
An asset-management division of Ant Financial operates Yu’e Bao, an online platform that in just four years created the world’s largest money-market fund by drawing idle cash from hundreds of millions of users of Alipay, a mobile payments network owned by Ant. The... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/chinas-giant-money-market-fund-sharply-lowers-daily-withdrawal-limits-1526317811 |
LONDON (Reuters) - Violence in Gaza is destructive to the peace process, a spokesman for British Prime Minister Theresa May said on Tuesday, after scores of protesters were killed by Israeli troops on the Gaza-Israeli border.
“We are extremely concerned by the scale of the violence. The loss of life and the large number of injured Palestinians is tragic ... Such violence is destructive to peace efforts,” the spokesman told reporters.
“We call on all sides to show restraint and refrain from any further violence. Palestinians have the right to protest but these protests must be peaceful. We are concerned that extremist elements may be seeking to hijack peaceful protests to further their own objectives. Israel has the right to defend its borders ... but the use of live fire is deeply troubling.”
Reporting by Elizabeth Piper, writing by William James
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-usa-protests-britain/uk-says-violence-in-gaza-is-destructive-to-peace-efforts-idUSKCN1IG1NM |
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