text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
NEW YORK, May 04, 2018 (GLOBE NEWSWIRE) -- Carbon Black, Inc . (Nasdaq:CBLK), a leader in next-generation endpoint security, visited the Nasdaq MarketSite in Times Square today in celebration of its initial public offering (IPO) on The Nasdaq Stock Market.
Carbon Black celebrates its IPO by ringing the Opening Bell at the Nasdaq Stock Market.
In an era when businesses have to cope with unprecedented digital exposure due to cloud computing and mobile workplaces, Carbon Black offers a Predictive Security Cloud (PSC) platform that continuously captures, records, and analyzes endpoint data to enable customers to prevent, detect, respond to, and predict cyber attacks. Carbon Black’s unique method of unfiltered endpoint data collection allows its innovative platform to deliver intelligent, real-time analytics.
“Carbon Black’s vision from day one has been clear and simple: ‘create a world safe from cyber attacks,’” said Patrick Morley, President and Chief Executive Officer. “With more than 3,700 customers globally, including 33 of the Fortune 100, we are proud of what we have accomplished to date. But there is much more to be done. We remain committed to our vision and believe it’s time for a new approach to security – one that leverages big data, analytics, and the cloud.”
“With the nature of cyber-crime always adapting, Carbon Black and its unique endpoint security model set a leading example for the kind of innovation that will allow companies and markets to know they can conduct their business securely,” said Nelson Griggs, President, Nasdaq Stock Exchange. “We are proud to welcome Carbon Black into the Nasdaq family.”
The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Information about the company is provided by the company or comes from the company’s public filings and is not independently verified by Nasdaq. Neither Nasdaq nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.
About Nasdaq
Nasdaq (Nasdaq:NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world’s securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: http://business.nasdaq.com
Media Relations Contact: Will Briganti
(646) 441-5012
[email protected]
- NDAQG -
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/a52de605-9247-40b4-b367-a5bbce64067d
Source:Nasdaq, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-nasdaq-welcomes-carbon-black-inc-nasdaq-cblk-to-the-nasdaq-stock-market.html |
Macron thanks Australia PM's "delicious" wife 12:21pm EDT - 00:34
French President Emmanuel Macron thanks Australian Prime Minister Malcolm Turnbull and his ''delicious wife'' for their warm welcome and hospitality during his visit to Sydney. Rough Cut (no reporter narration).
French President Emmanuel Macron thanks Australian Prime Minister Malcolm Turnbull and his "delicious wife" for their warm welcome and hospitality during his visit to Sydney. Rough Cut (no reporter narration). //reut.rs/2rig7N1 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/02/macron-thanks-australia-pms-delicious-wi?videoId=423213564 |
Clients like Facebook, Amazon push for fully solar-powered data centers: Dominion Energy CEO 12 Hours Ago Jim Cramer hears from Dominion Energy Chairman and CEO Tom Farrell about the move to renewable energy sources and his company's biggest customers. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/dominion-energy-ceo-big-tech-clients-push-for-full-solar-power.html |
May 7, 2018 / 1:03 PM / Updated 7 minutes ago BRIEF-Factset Increases Dividend By 14 Pct Reuters Staff * FACTSET INCREASES DIVIDEND BY 14%
* SETS REGULAR QUARTERLY CASH DIVIDEND OF $0.64PER SHARE Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-factset-increases-dividend-by-14-p/brief-factset-increases-dividend-by-14-pct-idUSASC0A03P |
* North says tunnels will be collapsed for dismantlement
* Journalists to be invited to event -KCNA
* North Korea-U.S. summit scheduled for June 12 (Adds details, expert comment)
SEOUL/WASHINGTON, May 12 (Reuters) - North Korea has scheduled the dismantlement of its nuclear test site for sometime between May 23 and 25, depending on weather conditions, in order to uphold its pledge to discontinue nuclear tests, the country's state media reported on Saturday.
The official Korean Central New Agency said dismantlement of the Punggye-ri nuclear test ground would involve collapsing all of its tunnels with explosions, blocking its entrances, and removing all observation facilities, research buildings and security posts.
"The Nuclear Weapon Institute and other concerned institutions are taking technical measures for dismantling the northern nuclear test ground ... in order to ensure transparency of discontinuance of the nuclear test," KCNA said.
The announcement comes after U.S. President Donald Trump said he would hold a summit with North Korea's leader Kim Jong Un in Singapore on June 12, the first-ever meeting between a sitting U.S. president and a North Korean leader.
Trump's Secretary of State Mike Pompeo said on Friday North Korea can look forward to "a future brimming with peace and prosperity" if it agrees to quickly give up its nuclear weapons.
However, in spite of its pledge to stop testing, North Korea has given no indication it is willing to go beyond statements of broad conceptual support for denuclearization by unilaterally abandoning a nuclear weapons program its ruling family has seen as crucial to its survival.
In announcing the plan to shut Punggye-ri last month, Kim said North Korea no longer needed to conduct tests because it had completed its goal of developing nuclear weapons.
KCNA said journalists, including from the United States and South Korea, would be invited to cover the event, to "show in a transparent manner the dismantlement of the northern nuclear test ground to be carried out".
To accommodate the travelling journalists, North Korea said various measures would be taken including "opening territorial air space".
All international journalists would be provided with a charter flight into Wonsan, a port city in eastern North Korea, from Beijing, KCNA said. There, reporters will board a charter train to the nuclear test ground in an "uninhabited deep mountain area".
NO MENTION OF EXPERTS
South Korean officials said in April North Korea also planned to invite experts from the United States and South Korea for the Punggye-ri shutdown, but KCNA made no mention of this.
Last month, South Korea's Yonhap news agency said South Korean President Moon Jae-in had asked the United Nations to help verify the shutdown.
All of North Korea's six known nuclear tests have taken place at Punggye-ri, in the northeastern part of North Korea where a system of tunnels have been dug under Mount Mantap.
Last month Trump welcomed Pyongyang's announcement that it planned to close Punggye-ri.
Experts have said the pledge was a big step forward but verifying it will be difficult.
According to Chinese academic reports, North Korea's most recent nuclear test in September of what Pyongyang said was a hydrogen bomb, was so large it triggered a collapse inside the mountain, rendering the entire site unusable for future tests.
But U.S. intelligence officials have said it remains usable and could be reactivated "in a relatively short period of time" if it was closed.
Jeffrey Lewis, director of the East Asia Nonproliferation Program at California's Middlebury Institute of International Studies, said in a blog post this week that recent satellite images had shown the removal of some buildings from the site.
On Saturday, he told Reuters that closure of Punggye-ri did not mean much in terms of disarmament, given that the United States, for example, stopped nuclear testing in 1992.
"It would, however, require North Korea to clear out the test tunnels and rebuild any infrastructure that might be removed or dig new tunnels at the site or elsewhere. So, its a good confidence building measure, but not necessarily a sign of irreversible disarmament."
Siegfried Hecker, a former director of the Los Alamos National Laboratory in the United States and a leading expert on North Korea's nuclear program, said collapsing the Punggye-ri tunnels would be "a big and positive step," given his belief that North Korea still required more nuclear and missile tests to reach the U.S. mainland with a nuclear-tipped missile.
However, he said the other crucial steps North Korea needed to take to demilitarize its nuclear program were to shut its plutonium production reactor, and open its uranium processing to inspection. (Reporting by Christine Kim Editing by Alexander Smith and susan Thomas) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/12/reuters-america-update-2-north-korea-details-plans-to-dismantle-nuclear-test-site.html |
What's the better bet: Apple or Carolina Panthers? 2 Hours Ago With the news that hedge fund titan David Tepper is buying the Carolina Panthers and getting out of his holdings in Apple, "Fast Money" traders Guy Adami and Tim Seymour debate which is the better investment decision. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/whats-the-better-bet-apple-or-carolina-panthers.html |
May 9, 2018 / 5:55 PM / in 9 minutes TIMELINE-Xerox's complex relationship with top investors Reuters Staff 7 Min Read
May 9 (Reuters) - Xerox Corp’s board is battling activist shareholder Carl Icahn and investor Darwin Deason over the company’s plan to sell itself to Japan’s Fujifilm in a deal the two say dramatically undervalues the photocopying firm.
Following is a timeline of events when the two investors took a stake in the company and how their relationship slowly developed into one of the most contentious proxy fights currently on record.
Feb. 8, 2010
Darwin Deason, son of an Arkansas chicken farmer, becomes a Xerox shareholder after the copier and printer maker buys here #.WvMdfS7wZph his company ACS.
Nov. 23, 2015
Carl Icahn discloses reut.rs/2jHOMka stake in Xerox and calls shares undervalued
Jan. 29, 2016
* Xerox to split here into two companies - one holding its legacy printer operations and the other its business process outsourcing unit
* Icahn gets three board seats on the outsourcing company
* Icahn says separation will greatly enhance shareholder value for Xerox shareholders
June 23, 2016
Business process outsourcing company to be named here "Conduent Inc" and document technology company Xerox Corp. Jeff Jacobson, head of Xerox technology unit, to take over as Xerox CEO
June 27, 2016
Icahn registers 9.78 percent stake in Xerox. Icahn nominee Jonathan Christodoro joins xerox.bz/2jEvZG6 Xerox board
Oct. 31, 2016
Deason, now fourth largest shareholder with 6.1 percent, sues in a U.S. court to prevent the split. Xerox settles reut.rs/2K2fIpH with Deason two weeks later to allow split to proceed
Jan. 3, 2017
Xerox completes xerox.bz/2ItWUT4 separation of Conduent
April 20, 2017
Japan's Fujifilm postpones here its earnings announcement over questionable accounting practices at a unit of Fuji Xerox, its Asia-Pacific joint venture with Xerox
Xerox quarterly profit takes charges related to equity investment in Fuji Xerox
Aug. 1, 2017
Xerox revises here %20Aug%201%202017%20Xerox%20Reports%20Second-Quarter%202017%20Earnings.pdf financial statements for prior periods to reflect the equity income impact from the Fujifilm investigation of Fuji Xerox accounting practices
Dec. 11, 2017
* Xerox says standstill arrangement between the company and Icahn agreed in June, 2016 terminated. Icahn nominee Jonathan Christodoro steps down from Xerox board
* Icahn says here to nominate four candidates for election to Xerox board
Dec. 12, 2017
Icahn says Xerox “desperately” needed new leadership - his first public criticism of management
Jan. 11, 2018
Wall Street Journal reports Xerox in talks with Japanese camera maker Fujifilm Holdings on deal that could include a change in control of Xerox.
Jan. 17, 2018
* Darwin Deason urges Xerox to make public its joint venture agreement with Fujifilm
* Xerox says Deason’s letter “false and misleading”
Jan. 18, 2018
Icahn calls for termination or renegotiation of Fujifilm joint venture
Jan. 22, 2018
Icahn and Deason, together holding 15 pct of shares, say Xerox should explore strategic options, reveal agreement with Fuji. They call for CEO Jacobson to resign and replacement of board “old guard”.
Jan. 31, 2018
* Fujifilm says to take over Xerox in a $6.1 billion deal and combine the U.S. company into existing joint venture, Fuji Xerox
* Combined company will keep the Fuji Xerox name, become a subsidiary of Fujifilm, and be led by Jacobson
* Fujifilm says cutting 10,000 jobs at Fuji Xerox, more than a fifth of workforce.
Feb. 12, 2018
* Icahn and Deason say transaction “dramatically undervalues” company
* Xerox tells Reuters it considered several options in detail and concluded that the combination with Fuji Xerox is the “best path to create value” for the company
Feb. 13, 2018
* Deason asks a court to block merger
* Xerox says walking away from the joint venture would require it to completely rebuild its supply chain
Feb. 20, 2018
Icahn and Deason said Xerox should seek to sell itself to one of its rivals or a private equity firm
March 2, 2018
Deason sues Xerox to allow him to make nominations to its board after missing a deadline
April 17, 2018
Icahn and Deason say company could be worth $54 to $64 per share if it cashed in “untapped” intellectual property in digital printing and other businesses
April 27, 2018
* Source says Fujifilm and Xerox have reopened talks and are discussing a higher price
* U.S. judge temporarily blocks Xerox-Fujifilm deal, saying Jacobson sought to conclude the deal even though he was advised to end negotiations
May 1, 2018
* New York court filing shows Jacobson agreed to resign along with six other directors in settlement with shareholders
* The proposal still needed court approval
* As part of the agreement, the court needs to discontinue Deason litigations against Xerox defendants before 8 p.m. ET on May 3 or else the agreement will automatically terminate
May 2, 2018
* New Icahn and Deason controlled board to meet to reevaluate its joint venture deal with Fujifilm. John Visentin, previously at Novitex Enterprise Solutions, to become CEO.
* Reuters reports buyout firm Apollo Global Management LLC has expressed interest in buying Xerox
May 3, 2018
* Xerox says current board and CEO will stay after all, saying settlement agreement has expired
* Xerox appeals New York court ruling to block its deal with Fujifilm
* Xerox and the activists said the agreement expired over last-minute issues that arose in negotiations with the judge overseeing the case that made the parties unable to finalize their settlement ahead of a self-imposed deadline
May 7, 2018
* Icahn and Deason say they would seriously consider all-cash bid for Xerox at a minimum price of $40 per share
* They are “confident other potential buyers are waiting in the wings”. (Compiled by Supantha Mukherjee in Bengaluru; Editing by Bernard Orr) | ashraq/financial-news-articles | https://www.reuters.com/article/xerox-ma-fujifilm/timeline-xeroxs-complex-relationship-with-top-investors-idUSL3N1SF5A7 |
Asia Trade truce with China could boost US beef, soybeans and other agriculture products Over the weekend, the U.S. and China issued a joint statement stating that both "agreed on meaningful increases in United States agriculture and energy exports," bringing temporary relief to a heated trade dispute. "We estimate a potential increase of US$60-90bn in Chinese purchases of US goods, with a rise in agriculture imports (particularly beef) in the near term," Morgan Stanley said in a note Sunday. Gregory Husisian, chair of the international trade & national security group at Foley & Lardner, expects agriculture products on a list of 106 U.S. goods targeted by Beijing will be the Trump administration's focus in negotiating details on trade with China. CNBC.com Charlie Neibergall | AP Terry Morrison of Earlham, Iowa, watches as soybeans are loaded into his trailer at the Heartland Co-op, Thursday, April 5, 2018, in Redfield, Iowa.
American beef, corn and soybeans could benefit the most from the latest trade agreements between the U.S. and China.
Over the weekend, the two countries issued a joint statement stating that both "agreed on meaningful increases in United States agriculture and energy exports," bringing temporary relief to a heated trade dispute. While analysts said the agreement isn't specific enough to have immediate economic impact, some noted key areas in which American farmers would likely benefit.
"We estimate a potential increase of US$60-90bn in Chinese purchases of US goods, with a rise in agriculture imports (particularly beef) in the near term," Morgan Stanley Economist Robin Xing, Strategist Michael Zezas and their team said in a note Sunday.
China reopened its market to U.S. beef in June 2017 for the first time in 14 years after negotiations earlier in the year between the Trump administration and Beijing. Chinese imports of beef globally increased more than nine-fold between 2012 and 2016, to $2.5 billion, according to the U.S. Department of Agriculture.
"Once [our Chinese distributors] get it they can't sell it fast enough. We can't supply them with enough beef right now," said Kent Bacus, director of international trade at the National Cattlemen's Beef Association.
Beef accounts for six specific items on China's list of 106 U.S. goods that Beijing announced additional tariffs on in early April, in retaliation against the Trump administration's proposed tariffs on $50 billion worth of Chinese goods. Other items on the list include soybeans, corn and wheat.
China has "agriculture products on there to get attention and to inflict pain on key constituencies in the U.S.," said Gregory Husisian, chair of the international trade & national security group at Foley & Lardner.
As a result, he expects the items targeted by Beijing will be the Trump administration's focus in negotiating details on trade with Beijing.
Agriculture overall is strategically a key area for Beijing to work with the U.S. China is the second largest destination for U.S. agriculture exports, at $19.6 billion in 2017, according to the U.S. Department of Agriculture Foreign Agricultural Service.
It's an area in which "China can quickly show results," Husisian said. "They could just shift purchases from Europe or other countries fairly easily. From their perspective it represents one that doesn't really require them to do that much."
China has made some concessions on agriculture already. Beijing said Friday it was ending an investigation into imports of U.S. sorghum. The probe had effectively halted trade worth roughly $1.1 billion in 2017.
Further agreements on U.S. agriculture exports will need similar specifics on product type and amount for a deal to be economically effective, analysts said.
Even in the growing beef market, Bacus said Chinese restrictions on imports of the meat injected with hormones or fed "beta-agonists" makes it difficult for U.S. exporters. "We are not anywhere close to reaching our potential in that market," Bacus said.
President Donald Trump does appear focused on improving the trade environment for U.S. agriculture. He focused two of his tweets Monday on the weekend trade deal on the industry: "Under our potential deal with China, they will purchase from our Great American Farmers practically as much as our Farmers can produce," Trump tweeted.
"There's a relief for American farmers here because we were headed towards a situation where the Chinese were going to block imports of U.S. goods," said Derek Scissors, resident scholar at the American Enterprise Institute and chief economist at the China Beige Book. However, the latest developments are just "a restoration of the status quo."
"If you're playing defense, you're trying to protect the soybean trade. If you're playing offense" you will name a particular product, Scissors said. "The test is whether we're going to get specific goods being mentioned." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/trade-truce-with-china-could-boost-us-beef-soybeans-and-other-agriculture-products.html |
May 2 (Reuters) - Rentian Technology Holdings Ltd:
* UNIT ENTERED SUPPLY AGREEMENT TO SUPPLY ALL-IN-ONE THIN CLIENT COMPUTER PRODUCTS AND RELATED SERVICES TO EASTAEON Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rentian-technology-holdings-says-u/brief-rentian-technology-holdings-says-unit-entered-supply-agreement-with-eastaeon-idUSFWN1S915S |
Revenue Growth of 22%
Loan Originations Increased 92% Accompanied by Strong Credit Performance
MISSISSAUGA, Ontario, May 01, 2018 (GLOBE NEWSWIRE) -- goeasy Ltd. (TSX:GSY), (“ goeasy ” or the “ Company ”), a leading full-service provider of goods and alternative financial services that provides everyday Canadians with a chance for a better tomorrow, today, announced its results for the first quarter ended March 31, 2018.
Revenue for the first quarter of 2018 was $114.8 million, an increase of 21.8% from $94.2 million in the first quarter of 2017. The increase was driven by the expansion of easyfinancial and the growth of its consumer loans receivable portfolio which reached $601.7 million by quarter's end, up 55.5% from March 31, 2017.
During the quarter, the Company generated a record level of loan originations and loan book growth. Loan originations in the quarter reached an all-time high of $202.4 million, an increase of 90.7% compared with the first quarter of 2017. The growth of the loan book in the quarter reached a record $75.2 million compared to $16.5 million in the first quarter of 2017, an increase of 354.6%. The strong growth was fueled by the increased penetration of risk adjusted rate loans to more credit worthy borrowers, the improved retention of the portfolio, the Company’s expansion into Quebec and the introduction of the Company’s new secured loan product. The record growth in the quarter was also complemented by strong credit and collections performance as the Company’s net charge-off rate improved from 13.9% in the first quarter of 2017 to 12.4% in the current quarter.
Operating income for the three-month period ended March 31, 2018 was $24.9 million, an increase of $4.5 million or 22.1% when compared to the first quarter of 2017. Net income for the quarter was $11.1 million, up $0.8 million or 7.8% from $10.3 million in the first quarter of 2017. Diluted earnings per share for the quarter was $0.77, an increase of $0.04 or 5.5% from $0.73 in the first quarter of 2017.
During the first quarter of 2018, the Company adopted IFRS 9, Financial Instruments [“IFRS 9”] which increased the size of the provision for future credit losses that the Company maintained on its balance sheet, although there has been no impact on credit performance or cash flows. This new accounting standard was adopted on January 1, 2018 without the restatement of the prior year’s comparative results which reduces the ability to compare financial results between fiscal periods. The Company estimates that net income and diluted earnings per share for the first quarter of 2017 would have been $9.0 million and $0.64, respectively, if the allowance for credit losses was calculated on the same IFRS 9 basis as the current quarter. On this basis, net income increased 22.8% and diluted earnings per share increased 20.3%.
“We are delighted to see that the positive momentum from our performance in 2017 has accelerated in the first quarter of 2018”, said David Ingram, goeasy ’s Chief Executive Officer. “With our highest loan book growth in a single quarter and our lowest net charge off rate since 2014, our confidence in the business and our ability to achieve our targets has never been stronger. The execution of our strategy, coupled with our focus on helping our customers rebuild their credit, are working well as we also saw net customer growth increase 70% over Q1 2017. As a result of the incremental growth in the quarter compared to last year, we were required to take a larger provision for future credit losses which impacted diluted earnings per share by an incremental $0.31. Mr. Ingram concluded, “Although we had forecasted our loan book to reach between $700 to $750 million by the end of 2018, we now believe that due to the customer demand we will achieve or exceed the high end of that range and will provide a fresh outlook on our 3-year growth targets when we report Q2 results.”
Other highlights for the first quarter of 2018 include:
easyfinancial
Revenue increased by 34.9% to $80.4 million from $59.6 million in the first quarter of 2017. Delinquency rates on the final Saturday of the quarter improved to 4.5% from 5.2% on the final Saturday of the first quarter of 2017. Cash generated from easyfinancial customer payments was $131.8 million in the first quarter of 2018 compared to $99.5 million in the first quarter of 2017. 5 net new branches opened.
easyhome
Same store revenue increased 3.6%. Generated $1.0 million of revenue related to consumer lending. The operating margin for easyhome for the first quarter of 2018 was 15.7%, up from the 14.9% reported for the same period in 2017.
Overall
32 nd consecutive quarter of same store sales growth. 67 th consecutive quarter of positive net income. Pre-tax, pre-provision income, which is income before income taxes provisions for future credit losses, increased by 38.1% to $39.6 million from $28.7 million in the first quarter of 2017. The Company’s return on equity was 19.8% in the current quarter.
Balance Sheet and Liquidity
Total assets were $755.4 million as at March 31, 2018, an increase of 43.5% from $526.5 million as at March 31, 2017 and driven by the $214.7 million growth in the gross consumer loans receivable portfolio.
As at March 31, 2018, the Company had $57.3 million in cash and an additional $110.0 million from committed facilities available to support future growth.
Update on IFRS 9
As detailed in the Company’s Management Discussion and Analysis for the three months ended March 31, 2018, effective January 1, 2018, the Company adopted IFRS 9. IFRS 9 introduces a new expected loss impairment model which replaces the existing incurred loss impairment model under IAS 39, Financial Instruments [“IAS 39”].
Under the previous accounting standard, IAS 39, a collective allowance for loan loss was recorded on those loans, or groups of loans, where a loss event has occurred but has not been reported, as at, or prior to, the balance sheet date. Under IFRS 9, the Company is required to apply an expected credit loss model, where credit losses that are expected to transpire in future years irrespective of whether a loss event has occurred or not as at the balance sheet date, are provided for.
It is important to note that the adoption of IFRS 9 does not impact the net charge-off rate of the Company’s consumer loans receivable portfolio which is driven by borrowers’ credit profile and behaviour. The Company will continue to write off unsecured customer balances that are delinquent greater than 90 days and secured customer balances that are delinquent greater than 180 days. Likewise, the cash flows used in and generated by the Company’s consumer loans receivable portfolio are not impacted by the adoption of IFRS 9 as the periodic increase in the allowance for loan losses as a result of growth in the consumer loans receivable is a non-cash item.
The Company’s allowance for loan losses, as determined under IAS 39, as at December 31, 2017, was $31.7 million which represented 6.0% of the gross consumer loans receivables. The Company determined that its allowance for loan losses, as determined under IFRS 9, as at January 1, 2018, was $49.1 million which represented 9.3% of the gross consumer loans receivable, resulting in an increase to its allowance for loan losses of $17.4 million. This increase in the allowance for loan losses was not indicative of a change in the expected recovery value of the underlying consumer loans receivable but rather a function of extending the allowance for loan losses to provide for expected future losses over a longer future time frame as required under IFRS 9.
In addition to the one-time reduction to retained earnings upon the adoption of IFRS 9 on January 1, 2018, the requirements of IFRS 9 will result in a reduction to IFRS reported net income in periods where the Company experiences growth in its consumer loans receivable portfolio. Due to the transition from an incurred loss model to a future expected credit loss model as required under IFRS 9, the Company’s allowance for credit losses as a percentage of the gross consumer loans receivable outstanding will be higher. Operationally, this will require a larger provision to be taken when new consumer loans receivables are originated. This will result in greater bad debt expense and a corresponding decrease in reported net income when compared to net income reported under the prior standard, IAS 39.
Dividend
The Board of Directors has approved a quarterly dividend of $0.225 per share payable on July 13, 2018 to the holders of common shares of record as at the close of business on June 29, 2018.
Forward-Looking Statements
All figures reported above with respect to outlook are targets established by the Company and are subject to change as plans and business conditions vary. Accordingly, investors are cautioned not to place undue reliance on the foregoing guidance. Actual results may differ materially.
This press release includes forward-looking statements about goeasy , including, but not limited to, its business operations, strategy, expected financial performance and condition, the estimated number of new locations to be opened, targets for growth of the consumer loans receivable portfolio, annual revenue growth targets, strategic initiatives, new product offerings and new delivery channels, anticipated cost savings, planned capital expenditures, anticipated capital requirements, liquidity of the Company, plans and references to future operations and results and critical accounting estimates. In certain cases, forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions, and/or can be identified by the use of words such as ‘expects’, ‘anticipates’, ‘intends’, ‘plans’, ‘believes’, ‘budgeted’, ‘estimates’, ‘forecasts’, ‘targets’ or negative versions thereof and similar expressions, and/or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved.
Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations and business prospects and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company’s operations, economic factors and the industry generally, as well as those factors referred to in the Company’s most recent Annual Information Form and Management Discussion and Analysis, as available on www.sedar.com , in the section entitled “Risk Factors”. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those expressed or implied by forward-looking statements made by the Company, due to, but not limited to, important factors such as the Company’s ability to enter into new lease and/or financing agreements, collect on existing lease and/or financing agreements, open new locations on favourable terms, purchase products which appeal to customers at a competitive rate, respond to changes in legislation, react to uncertainties related to regulatory action, raise capital under favourable terms, manage the impact of litigation (including shareholder litigation), control costs at all levels of the organization and maintain and enhance the system of internal controls. The Company cautions that the foregoing list is not exhaustive.
The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements, which may not be appropriate for other purposes. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise, unless required by law.
About goeasy
goeasy Ltd. is a leading full-service provider of goods and alternative financial services that provides everyday Canadians with a chance for a better tomorrow, today. goeasy Ltd. serves its customers through two key operating divisions, easyfinancial and easyhome . easyfinancial is a non-prime consumer lender that bridges the gap between traditional financial institutions and costly payday lenders. It is supported by a strong central credit adjudication process and industry leading risk analytics. easyfinancial also operates an indirect lending channel, offering loan products to consumers at the point-of-sale of third party merchants. easyhome is Canada's largest lease-to-own company, offering brand-name household furniture, appliances and electronics to consumers under weekly or monthly leasing agreements through both corporate and franchise stores. Both operating divisions of goeasy Ltd. offer the highest level of customer service and enable customers to transact through a national store and branch network and through its online and mobile eCommerce enabled platforms.
goeasy Ltd.’s. common shares are listed for trading on the TSX under the trading symbol “GSY” and goeasy ’s convertible debentures are traded on the TSX under the trading symbol “GSY-DB”. goeasy is rated BB- with a stable trend from S&P and Ba3 with a stable trend from Moody’s. For more information, visit www.goeasy.com .
For further information contact:
David Ingram
Chief Executive Officer
(905) 272-2788
-or-
Steve Goertz
Executive Vice President and Chief Financial Officer
(905) 272-2788
goeasy Ltd. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) (expressed in thousands of Canadian dollars) As At As At March 31, December 31, 2018
2017 ASSETS Cash 57,292 109,370 Amounts receivable 15,065 14,422 Prepaid expenses 5,954 3,545 Consumer loans receivable 565,407 513,425 Lease assets 51,663 54,318 Property and equipment 15,525 15,941 Deferred tax assets 8,833 2,121 Intangible assets 14,304 15,163 Goodwill 21,310 21,310 TOTAL ASSETS 755,353 749,615 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Accounts payable and accrued liabilities 39,098 43,071 Income taxes payable 14,369 9,445 Dividends payable 3,058 2,426 Deferred lease inducements 1,098 1,294 Unearned revenue 5,676 4,819 Convertible debentures 47,025 47,985 Notes payable 420,649 401,193 Derivative financial instruments 4,281 11,138 TOTAL LIABILITIES 535,254 521,371 Shareholders' equity Share capital 88,021 85,874 Contributed surplus 12,276 15,305 Accumulated other comprehensive (loss) income (2,480 ) 141 Retained earnings 122,282 126,924 TOTAL SHAREHOLDERS' EQUITY 220,099 228,244 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 755,353 749,615
goeasy Ltd. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOM E (Unaudited) (expressed in thousands of Canadian dollars except earnings per share) Three Months Ended March 31, March 31, 2018 2017 REVENUE Interest income 53,791 38,134 Lease revenue 30,669 31,910 Commissions earned 26,939 20,973 Charges and fees 3,378 3,228 114,777 94,245 EXPENSES BEFORE DEPRECIATION AND AMORTIZATION Salaries and benefits 28,475 23,822 Stock-based compensation 1,619 1,066 Advertising and promotion 3,929 3,432 Bad debts 24,378 14,117 Occupancy 8,562 8,312 Other expenses 9,503 9,835 76,466 60,584 DEPRECIATION AND AMORTIZATION Depreciation of lease assets 10,002 10,722 Depreciation of property and equipment 1,618 1,324 Amortization of intangible assets 1,767 1,202 13,387 13,248 Total operating expenses 89,853 73,832 Operating income 24,924 20,413 Finance costs 9,670 5,825 Income before income taxes 15,254 14,588 Income tax expense (recovery) Current 4,922 5,447 Deferred (742 ) (1,129 ) 4,180 4,318 Net income 11,074 10,270 Basic earnings per share 0.81 0.76 Diluted earnings per share 0.77 0.73
Segmented Reporting Three Months Ended March 31, 2018 ($ in 000's except earnings per share) easyfinancial easyhome Corporate Total Revenue 80,366 34,411 - 114,777 Total operating expenses before depreciation and amortization 48,537 18,431 9,498 76,466 Depreciation and amortization 2,368 10,566 453 13,387 Operating income (loss) 29,461 5,414 (9,951 ) 24,924 Finance costs 9,670 Income before income taxes 15,254 Income taxes 4,180 Net Income 11,074 Diluted earnings per share 0.77 Three Months Ended March 31, 2017 ($ in 000's except earnings per share) easyfinancial easyhome Corporate Total Revenue 59,553 34,692 - 94,245 Total operating expenses before depreciation and amortization 33,322 18,199 9,063 60,584 Depreciation and amortization 1,688 11,325 235 13,248 Operating income (loss) 24,543 5,168 (9,298 ) 20,413 Finance costs 5,825 Income before income taxes 14,588 Income taxes 4,318 Net Income 10,270 Diluted earnings per share 0.73
Source: goeasy Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-goeasy-ltd-reports-results-for-the-first-quarter-ended-march-31-2018.html |
Florida, Texas and four other states became the latest to file lawsuits against Purdue Pharma LP and other opioid painkiller makers, alleging they fueled an addiction crisis by misrepresenting the risks of their drugs.
Florida and Texas, the most populous states yet to pursue litigation, join more than a dozen other states and hundreds of counties, including Ohio, Alabama, Missouri, New Hampshire and Washington, to sue opioid painkiller makers. Many states and counties have also sued painkiller distributors.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/florida-and-texas-are-among-latest-states-to-sue-opioid-painkiller-companies-1526422996 |
Drawing the Future of Transportation With Flying Cars The JetPack Aviation CEO says the future of transportation could mean congested skies By Wall Street Journal staff May 18, 2018 11:00 am Does our future include flying cars? JetPack Aviation CEO David Mayman talks highways in the sky, VTOL flight, and the noisy future ahead of us. Drawing the Future Innovators and entrepreneurs share their vision of the future in business, technology and ideas. Up Next in Drawing the Future Ep.1 Drawing the Future of Work With Slack’s CEO Ep.2 | ashraq/financial-news-articles | http://www.wsj.com/video/series/drawing-the-future/drawing-the-future-of-transportation-with-flying-cars/86A6E0D7-91D3-48DE-972D-89B67D6B39D3 |
DUBLIN (Reuters) - Paddy Power Betfair ( PPB.I ) welcomed the British government’s decision to reduce the maximum stake on fixed odds betting terminals to two pounds as the issue had become a lightning rod for the industry, CEO Peter Jackson said on Friday.
FILE PHOTO: The Paddy Power logo is seen behind a keyboard and gambling dice in this illustration taken in Sarajevo, September 10, 2015. REUTERS/Dado Ruvic/File Photo Britain will cut the maximum stake on fixed-odds betting terminals to just two pounds to try to tackle problem gambling.
The terminals currently allow gamblers in high street shops to bet up to 100 pounds ($135) every 20 seconds on games such as roulette, which can lead to players losing large sums very quickly.
“We wanted to see the limit come in at 10 pounds, but we’re really pleased we got some resolution. There was an indication that there might be a change in some of the tax rates associated with the sector but it’s very hard to speculate on what that might mean at this stage,” Jackson told reporters.
“We just need to know when it will be implemented because that is the other uncertainty.”
Paddy Power Betfair’s welcome for the move contrasts with the reaction of rival William Hill ( WMH.L ), whose CEO Philip Bowcock said on Thursday that the British government had handed the company “a tough challenge”.
Paddy Power Betfair said on Thursday that the new stake limit would have had a 35-46 million pound impact on revenue in 2017, representing 2 to 2.6 percent of group revenue.
Gambling companies — most of which run internet as well as high street businesses — face a two-way squeeze as the British government plans to increase a duty on online gambling to offset the loss of income from the cut in the stake.
A U.S. Supreme Court ruling on Monday paved the way for states to legalize sports gambling after it struck down a 1992 federal law that had barred gambling in most places.
The Dublin-based company said this week it was in talks about possibly merging its U.S. business with fantasy sports company FanDuel to target the U.S. sports betting market.
The CEO would not be drawn on the discussions but said the company was preparing to expand its U.S. operations, and that he “likes the hand we’ve got”.
“We already operate a very large horse racing business in the U.S. We have 10 percent market share of the entire horse racing market, and if you look at the online market our share is much higher than that. More like a third or so,” he said.
“We know how the legislation works on a state-by-state basis. We are fully licensed by the New Jersey Department of Gaming Enforcement, and we think it will be relatively straightforward to receive our operating license to take sports betting and we are making preparations to enter that market.”
“New Jersey will be live with businesses taking bets in advance of the NFL season which starts in September, and there are a number of other states ready to follow on soon after.”
Reporting by Graham Fahy; Editing by Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-paddypowerbetfair-agm/paddy-power-betfair-pushes-ahead-with-u-s-expansion-idUSKCN1IJ1CK |
The firm that owns most of MoviePass, the monthly subscription service for movie-theater patrons to see movies on the cheap, has formed a company that will produce its own content.
The new company—MoviePass Films LLC—was created by Helios and Matheson Analytics Inc. along with Emmett Furla Oasis Films, a company founded by TV and film producers Randall Emmett and George Furla. The new entity “will focus on studio-driven content and new film production for theatrical release and other distribution channels,” the companies said... | ashraq/financial-news-articles | https://www.wsj.com/articles/moviepass-parent-launches-film-production-venture-1527691385 |
May 26, 2018 / 1:01 PM / Updated an hour ago FEATURE-Motor racing-Patrick road to retirement ends at Indy 500 Steve Keating 5 Min Read
INDIANAPOLIS, May 26 (Reuters) - As far as retirement parties go it is doubtful there has been one bigger than the bash that will be thrown for Danica Patrick when the ‘Queen of Speed’ ends her career on Sunday at the Indianapolis 500.
As many as 300,000 plus spectators are expected to fill the grandstands of the sprawling 2.5 mile oval for the ‘Greatest Spectacle in Racing’ and many of those will be there to say goodbye to motorsport’s most celebrated woman driver.
The only woman to win an IndyCar race and start from pole at the Daytona 500, the 36-year-old American announced last November that she had reached the end of the road and would bring the curtain down on her ground-breaking career with the “Danica Double” contesting the Daytona and Indy 500s.
As far as swansongs go, February’s Daytona 500 was a bust, ending in a wreck, but the Indy 500 holds out the promise of something special.
During a 14-year career, evenly split between IndyCar and NASCAR, it was the Indy 500 that provided most of the material for Patrick’s career highlights reel and made her one of North America’s most recognisable athletes.
Her third-place finish in 2009 remains the best result by a woman in the Indy 500 while her resume also includes coming fourth in 2005 on her rookie debut and sixth in 2006.
A fierce and fearless competitor, Patrick has also led 29 laps at the Indianapolis Motor Speedway another high water mark for women drivers.
“What I will remember most will be my first Indy 500 and, God, I hope I will remember my last one even more,” Patrick told Reuters, rating her Indy 500 debut ahead of her 2008 win at Motegi. “That would be my goal.
“But the first Indy 500 is what I will remember most, the most defining time in my career and the most fond memories.” GIRL POWER
For a time Girl Power was all the rage at the Brickyard, with four women sprinkled through the 33-car starting grids in 2010, 2011 and 2013.
But this year Patrick, back in her trademark GoDaddy electric green Chevrolet, will carry the flag alone.
While standard bearer is a familiar role for Patrick, it is not one she embraces. Rather than being an advocate for women’s causes, Patrick prefers to inspire.
She says when it came to racing she never sought out mentors nor does she want the job.
“I’ve never been a driver that wants a mentor,” said Patrick. “But I am always encouraging people to find what it is they are passionate about and love and that is what is going to give them the ability to persevere through the hard times and have that chance for greatness.
“Whether they are a guy or girl, whether they want to be a race car driver or an astronaut, it’s about finding what it is that you love.”
Patrick understood early on what it would take to survive in the high-testosterone macho world of motorsport.
She did not want to be labelled a “woman” driver but did not want people to forget it either.
For a while Patrick’s racy photo shoots, including appearances in two Sports Illustrated swim suit editions, drew as much attention as her driving. PATRICK’S STORYLINE
From the start Patrick had a firm grasp of exactly what her storyline was and used it to build her brand.
“I’m here largely because I am woman,” she said. “I don’t want people to forget that I am a girl, I don’t think they really can, and I don’t want them to because it is part of my story.
“It’s what put me here in this position today and has given me all the opportunities I have had, at least in part.”
Just 5-foot 2-inches and 100 pounds, the diminutive driver asked for no quarter and offered none.
At the 2007 Milwaukee Mile, unhappy about a late race encounter with the late Dan Wheldon, Patrick climbed out of her car and marched down the pit lane where she confronted the Briton, grabbed him by the arm and then shoved him.
“You can’t be a pushover in your job and I can’t be a pushover in mine,” said Patrick. “If you want to climb the ladder and do great things you have to believe in you and get people to believe in you.
“You have to be sure of what you want.”
Win or lose on Sunday, Patrick will exit having won the respect of everyone up and down pit lane.
“She’s been carrying the flag for the female drivers in IndyCar and she certainly belongs there,” Sebastian Bourdais, a past IndyCar champion and Formula One driver told Reuters. “She proved that she belongs in IndyCar.
“I hope for sure she will have a good last race.” (Editing by Ken Ferris) | ashraq/financial-news-articles | https://uk.reuters.com/article/motor-indy-indy500-patrick/feature-motor-racing-patrick-road-to-retirement-ends-at-indy-500-idUKL3N1SW5H9 |
U.S. still hopeful for Trump-Kim summit 4:20pm EDT - 01:50
U.S. President Trump Wednesday acknowledging that it was unclear if his planned summit with Kim Jong Un would go ahead.
U.S. President Trump Wednesday acknowledging that it was unclear if his planned summit with Kim Jong Un would go ahead. //reut.rs/2GpQuiQ | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/16/us-still-hopeful-for-trump-kim-summit?videoId=427514123 |
Author takes on U.S. education system 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/author-takes-on-u-s-education-system.html |
Activision Blizzard shares suddenly fell 5 percent early Thursday afternoon before trading was halted.
The stock resumed trading around 3:30 p.m. ET and initially spiked more than 1 percent, but subsequently dropped 2 percent.
At 1:05 p.m. ET, Dow Jones ran a few headlines about the gaming company's earnings. The stock initially popped before turning lower. Trading was halted for news at 2:14 p.m. when the company and traders realized that for some reason, the earnings were released ahead of their scheduled time.
An Activision spokesperson said Dow Jones released the information early, and the news wire confirmed to CNBC it did "inadvertently" break an embargo on the news.
At 3:03 p.m., while trading was still halted, Activision Blizzard officially reported adjusted earnings of 38 cents a share, topping expectations of 35 cents. First quarter revenue of $1.38 billion also beat the $1.32 billion estimate.
However, second-quarter guidance disappointed. The company said it expects to report earnings per share of 31 cents, versus a 47 cent estimate, on revenue of $1.35 billion, below the expected $1.45 billion.
Activision Blizzard shares drop before being halted
Source: FactSet
"As we look ahead, our innovative core gaming pipeline, as well as initiatives like mobile, esports, and advertising, will continue to drive growth for our business," Activision CEO Bobby Kotick said in a release.
The company also announced it will pay shareholders a dividend of 34 cents a share.
The Dow Jones headlines said Activision posted earnings per share of 65 cents in the first quarter, and a "net" figure of $500 million. The news wire later revised its initial headline on revenue higher to $1.965 billion.
Shares of competitors Take-Two Interactive and Electronic Arts spiked more than 5.5 and nearly 4 percent in afternoon trading, respectively. The two companies are scheduled to report quarterly results in the next two weeks.
This story is developing. Please check back for updates.
— CNBC's Julia Boorstin and Christine Wang contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/activision-blizzard-shares-dive-following-media-report-on-earnings.html |
AMSTERDAM (Reuters) - A proposal to increase the multi-year European Union budget after Britain leaves the bloc is unacceptable for the Netherlands, Dutch Foreign Minister Stef Blok said on Wednesday.
FILE PHOTO: The Minister of Foreign Affairs, Stef Blok arrives for talks with Prime Minister Mark Rutte in The Hague, the Netherlands March 5, 2018 REUTERS/Michael Kooren “The current proposal is unacceptable for the Dutch government,” he told journalists. “The EU income is declining due to departure of the United Kingdom. If income falls, we will need to spend less.”
Reporting by Anthony Deutsch; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-eu-budget-netherlands/dutch-foreign-minister-says-eu-budget-proposal-unacceptable-idUSKBN1I31RR |
May 15, 2018 / 9:46 AM / Updated 20 minutes ago Palestinian President Abbas in hospital for minor surgery -WAFA Reuters Staff 2 Min Read
RAMALLAH, West Bank (Reuters) - Palestinian President Mahmoud Abbas, 82, is undergoing minor ear surgery in a West Bank hospital and is expected to be discharged within a few hours, the official Palestinian news agency Wafa said on Tuesday. FILE PHOTO - Palestinian President Mahmoud Abbas waves in Ramallah, in the occupied West Bank May 1, 2018. Picture taken May 1, 2018. REUTERS/Mohamad Torokman/File Photo
Abbas’ surgery coincides with an escalation in Israeli-Palestinian tensions after Israeli troops shot dead dozens of Palestinian protesters on the Gaza border on Monday as the new U.S. Embassy opened in Jerusalem.
In February, Abbas was hospitalised in the United States for medical checks during a trip to address the U.N. Security Council in New York.
In October 2016, he was taken to hospital in the West Bank without prior public announcement for heart function tests which, a doctor said, showed normal results.
Abbas became Palestinian president after the death in 2004 of Yasser Arafat. He pursued U.S.-led peace talks with Israel but the negotiations broke down in 2014.
He is also chairman of the Executive Committee of the umbrella Palestine Liberation Organization, a position to which he was re-elected unopposed on May 4. Reporting by Ali Sawafta; Writing by Maayan Lubell; Editing by Gareth Jones | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-palestinians-abbas/palestinian-president-abbas-in-hospital-for-minor-surgery-wafa-idUKKCN1IG19N |
May 22 (Reuters) - PAVmed Inc:
* PAVMED REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 ADJUSTED NON-GAAP LOSS PER SHARE $0.10
* Q1 GAAP LOSS PER SHARE $0.21 * REMAIN ON TARGET TO FILE RESUBMISSION RELATED TO CARPX TO U.S. FDA BY END OF MAY
* PAVMED - IDENTIFIED EU NOTIFIED BODY, TAKING ADDITIONAL REQUISITE STEPS TO SUBMIT APPLICATION FOR CE MARK FOR CARPX IN EUROPE, TARGETED FOR LATE Q3
* ALSO TOOK STEPS TO INITIATE A RIGHTS OFFERING WHICH CO EXPECTS TO LAUNCH THIS WEEK
* COMMON STOCK HOLDERS WILL BE GRANTED ONE RIGHT TO PURCHASE A NEW UNIT CONSISTING OF A SHARE OF STOCK AND A SERIES Z WARRANT FOR $2.25 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pavmed-q1-adjusted-non-gaap-loss-p/brief-pavmed-q1-adjusted-non-gaap-loss-per-share-0-10-idUSASC0A36X |
May 2 (Reuters) - HollyFrontier Corp:
* EXPECT TO RUN BETWEEN 440,000 AND 450,000 BARRELS OF CRUDE OIL PER DAY IN SECOND QUARTER - CONF CALL
* EXPECT WIDENING PERMIAN DIFFERENTIALS AND DISCOUNTED CANADIAN CRUDE TO SUPPORT REFINING MARGINS IN Q2 - CONF CALL
* EXPECT TO SPEND BETWEEN $380 MILLION AND $440 MILLION IN REFINING AND MARKETING BUSINESS THIS YEAR - CONF CALL
* EXPECT IMBALANCE OF TAKEAWAY CAPACITY VERSUS. DRILLING ACITIVITY TO CONTINUE INTO 2019 IN MIDLAND-CUSHING - CONF CALL
* M&A OPPORTUNITIES NOT IMPACTED BY MARATHON-ANDEAVOR DEAL ANNOUNCED EARLIER THIS WEEK - CONF CALL Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hollyfrontier-expects-to-run-44000/brief-hollyfrontier-expects-to-run-440000-and-450000-bpd-of-crude-in-q2-idUSFWN1S90XS |
May 8, 2018 / 9:13 AM / Updated 20 minutes ago New Zealand hikes foreign aid budget with eye on contested South Pacific Charlotte Greenfield 3 Min Read
WELLINGTON (Reuters) - New Zealand will ramp up foreign aid spending by nearly a third, Foreign Minister Winston Peters said on Tuesday, as the country seeks to pour money into the Pacific in part to counter the rising influence of China.
Prime Minister Jacinda Ardern and Peters, who struck a deal in October to form a coalition government, have promised a ‘Pacific reset’ to woo neighboring countries at a time when China is dramatically increasing its presence in the region.
Peters said an extra NZ$714 million ($498.94 million) will be set aside for aid over the next four years in the new Labour-led government’s first budget, set to be announced on May 17. This compares with the current annual aid budget, set under the previous center-right National government, of NZ$647 million.
“The South Pacific has become an increasingly contested strategic space,” Peters, who is also deputy prime minister, told reporters and officials in Parliament on Tuesday.
“Our voice has been weakened during the past decade at the same time as Pacific nations face a myriad of challenges they are not, in many cases, well equipped to tackle.”
The additional aid would “primarily” be directed to the Pacific, Peters added, but he gave no specific details.
New Zealand and neighboring ally Australia have long enjoyed near unswayed influence in the Pacific, including acting as protectorates over Pacific nations such as Papua New Guinea. But their dominance is being challenged with the world’s second biggest economy turning its attention to the region.
Chinese economic aid to the region is growing, according to Australian think-tank the Lowy Institute, with an estimated $1.78 billion spent in the decade to 2016.
China has denied Australian accusations that Beijing is using its aid program to exert influence in the Pacific.
“Does New Zealand need to focus more on the Pacific and to think about its delivery of aid?” said Robert Ayson, a strategic studies professor at Victoria University in Wellington.
“The China factor does encourage New Zealand to think more about that.”
Other nations have expressed similar concerns about China’s growing influence. French President Emmanuel Macron this month called for the creation of a new strategic alliance between Australia, India and France to respond to challenges in the region and China’s assertiveness.
Peters raised the issue with Britain’s foreign secretary, Boris Johnson, at a meeting in London in April. Later Johnson pledged Britain’s “scaled up presence” in the Pacific, a focus analysts say was probably prompted by the Asian giant’s rise.
($1=1.4276 New Zealand dollars) Reporting by Charlotte Greenfield; Editing by Darren Schuettler | ashraq/financial-news-articles | https://www.reuters.com/article/us-newzealand-pacific/new-zealand-hikes-foreign-aid-budget-with-eye-on-contested-south-pacific-idUSKBN1I90X8 |
May 15 (Reuters) - Tiger Global Management LLC:
* TIGER GLOBAL MANAGEMENT UPS SHARE STAKE IN MICROSOFT CORP BY 37.8 PERCENT TO 13.2 MILLION SHARES - SEC FILING
* TIGER GLOBAL MANAGEMENT UPS SHARE STAKE IN TRANSDIGM GROUP INC BY 44.1 PERCENT TO 2.8 MILLION SHARES - SEC FILING
* TIGER GLOBAL MANAGEMENT TRIPLES SHARE STAKE IN SALESFORCE.COM INC TO 2.3 MILLION SHARES - SEC FILING
* TIGER GLOBAL MANAGEMENT DISSOLVES SHARE STAKE IN COMCAST CORP
* TIGER GLOBAL MANAGEMENT - CHANGE IN HOLDINGS ARE AS OF MARCH 31, 2018 AND COMPARED WITH THE PREVIOUS QUARTER ENDED AS OF DEC 31, 2017 Source For the quarter ended Mar 31, 2018: bit.ly/2GhSIRx Source For the quarter ended Dec 31, 2017: bit.ly/2EHnWEH
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tiger-global-management-ups-share/brief-tiger-global-management-ups-share-stake-in-microsoft-dissolves-share-stake-in-comcast-idUSFWN1SM1BO |
May 10 (Reuters) - CareDx Inc:
* CAREDX REPORTS FIRST QUARTER RESULTS * Q1 NON-GAAP LOSS PER SHARE $0.14
* Q1 LOSS PER SHARE $0.30 * Q1 REVENUE $14.1 MILLION VERSUS I/B/E/S VIEW $13.3 MILLION
* FOR FULL YEAR 2018, CAREDX EXPECTS REVENUE TO BE IN RANGE OF $64 MILLION TO $66 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-caredx-reports-q1-loss-per-share-0/brief-caredx-reports-q1-loss-per-share-0-30-idUSASC0A1J4 |
Taxes Senator Rubio says US workers get little benefit from tax reform: Report Republican U.S. Senator Marco Rubio told the Economist magazine there is "no evidence whatsoever" the tax law significantly helped American workers. The tax overhaul permanently cut the top corporate rate to 21 percent from 35 percent. Tax cuts for individuals, however, are temporary and expire after 2025. Published 2 Hours Ago Getty Images Sen. Marco Rubio (R-FL)
Republican U.S. Senator Marco Rubio , in a move that may undercut his party's message about the recent tax overhaul ahead of the 2018 midterm elections, told the Economist magazine there is "no evidence whatsoever" the law significantly helped American workers.
"There is still a lot of thinking on the right that if big corporations are happy, they're going to take the money they're saving and reinvest it in American workers," Rubio said in the interview published Thursday .
"In fact, they bought back shares, a few gave out bonuses; there's no evidence whatsoever that the money's been massively poured back into the American worker."
The tax overhaul, which sailed through the Republican-controlled U.S. Congress in December without Democratic support, permanently cut the top corporate rate to 21 percent from 35 percent. Tax cuts for individuals, however, are temporary and expire after 2025.
Republicans, including President Donald Trump , have said their tax overhaul will lead to more take-home pay for workers and have touted the bonuses some workers received from their employers as evidence the law is working. Rubio voted for the proposal even though he had lobbied party leaders for a larger child tax credit.
Rubio's staff did not deny he made the statement.
"Senator Rubio pushed for a better balance in the tax law between tax cuts for big businesses and families, as he's done for years. As he said when the tax law passed, cutting the corporate tax rate will make America a more competitive place to do business, but he tried to balance that with an even larger child tax credit for working Americans," Rubio spokeswoman Olivia Perez-Cubas said in an email.
The tax law is Republicans' only significant legislative achievement since Trump took office as they head into the midterms, when all 435 seats in the U.S. House of Representatives and about a third of the 100-member Senate's seats are being contested.
The nonpartisan Congressional Budget Office said earlier this month that the tax bill, as written, is projected to add $1.9 trillion to the national debt over the next decade. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/senator-rubio-says-us-workers-get-little-benefit-from-tax-reform-report.html |
ANKARA (Reuters) - A spokesman for Turkish President Tayyip Erdogan said on Tuesday that the decision by the United States to unilaterally withdraw from the 2015 Iran nuclear deal will cause instability and new conflicts.
In a tweet, Ibrahim Kalin also said the multilateral agreement would continue with the other nations, and added that Turkey would continue to oppose all forms of nuclear weapons.
Reporting by Tuvan Gumrukcu; Editing by Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-trump-turkey/turkey-says-u-s-decision-on-iran-deal-will-cause-instability-new-conflicts-idUSKBN1I92XD |
LONDON, May 16 (Reuters) - The cost of insuring exposure to Italian sovereign debt rose to a seven-week high on Wednesday after a report that Italy’s 5-Star and League planned to ask the European Central Bank to forgive 250 billion euros of debt.
Bond markets were rattled by the, pushing yields higher. Italy five-year credit default swaps jumped five basis points to 102 bps, its highest since end-March, according to data from IHS Markit.
Reporting by Marc Jones and Saikat Chatterjee; editing by Sujata Rao
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-cds/italy-5-yr-cds-jump-to-7-week-high-of-102-bps-idUSL5N1SN2JQ |
May 10 (Reuters) - Aurinia Pharmaceuticals Inc:
* AURINIA REPORTS FIRST QUARTER FINANCIAL RESULTS AND OPERATIONAL HIGHLIGHTS
* AURINIA PHARMACEUTICALS INC - AURORA PHASE III TRIAL IN LUPUS NEPHRITIS REMAINS ON TRACK
* AURINIA PHARMACEUTICALS INC - CONTINUE TO BE WELL-CAPITALIZED INTO 2020
* AURINIA PHARMACEUTICALS INC QTRLY LOSS PER SHARE $0.18 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aurinia-reports-qtrly-loss-per-sha/brief-aurinia-reports-qtrly-loss-per-share-0-18-idUSASC0A1JM |
May 15 (Reuters) - Yew Bio-Pharm Group Inc:
* YEW BIO-PHARM GROUP REPORTS 2018 FIRST QUARTER FINANCIAL RESULTS
* Q1 EARNINGS PER SHARE $0.00 * Q1 REVENUE FELL 61.5 PERCENT TO $3.0 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-yew-bio-pharm-q1-earnings-per-shar/brief-yew-bio-pharm-q1-earnings-per-share-0-00-idUSASC0A2FF |
WASHINGTON, May 15 (Reuters) - Goldman Sachs Group Inc has launched a global training initiative to safeguard the tight-knit culture it developed as a private partnership, even as the bank marks its 19th year as a publicly traded company.
Bank leaders, including Chief Executive Officer Lloyd Blankfein and his deputy, Chief Operating Officer David Solomon, have been anchoring 2-1/2-hour sessions with managers across the globe since September, focused on improving culture and employee conduct, executives involved with the effort told Thomson Reuters Regulatory Intelligence.
Since the 2007-2009 financial crisis, regulators have put a strong emphasis on improving corporate culture and employee behavior in a bid to reduce risk across the system.
Some 2,500 employees are expected to participate in the mandatory exercise known internally as the Chairman's Forum by the time it concludes later this year, the executives said.
The sessions recreate everyday workplace scenarios to encourage senior staff to think about how they should behave when faced with tough decisions and conflict, including with respect to client transactions.
Stephen Scherr, CEO of Goldman Sachs Bank USA, which houses the bank's consumer and corporate lending businesses, has led two of the gatherings so far. Instilling uniform cultural values has gotten more difficult as Goldman has grown from the private firm with 5,000 employees Scherr joined in 1993 to the global banking institution with 30,000 employees that it is today, he said.
When I look back over 25 years, I don't think the themes that are being covered in these more organized sessions are frankly very different than those that were pervasive early on, said Scherr. What has changed is that at a purely practical level we're a much bigger organization.
Goldman Sachs listed on the New York Stock Exchange in May 1999. The bank has maintained its partnership program, but partners now represent less than 2 percent of total staff.
Goldman took a hard look at its culture following the financial crisis, when its image was tainted by claims it misled investors over profitable mortgage trades and a former employee who wrote a book accusing bank executives of calling clients muppets. (http://reut.rs/TKAIjb)
Following that review, an internal committee released a report in 2013 reiterating a set of core business principles established by former CEO John Whitehead that focused on integrity, trust and putting clients first. (http://reut.rs/122nCbB)
The training sessions build on that effort, especially as Blankfein enters his 13th year as CEO and prepares to eventually hand the reins over to Solomon.
Goldman executives said they are trying to make the training sessions relevant to real situations managers encounter. Sessions begin with video case studies that lead to interactive group discussions.
Blankfein makes an appearance at the start of each session by video, telling managers to foster a culture in which employees see it their "individual responsibility to raise issues that they are worried about." (Reporting by Henry Engler of Thomson Reuters Regulatory Intelligence. An earlier version of this article first appeared in Regulatory Intelligence. Editing by Michelle Price and Meredith Mazzilli) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/reuters-america-goldman-aims-to-preserve-pre-ipo-culture-even-as-partnership-dwindles.html |
NEW YORK, May 30, 2018 /PRNewswire/ -- Tiger Infrastructure Partners announced today that its portfolio company Hudson Fiber Network (HFN) has signed a definitive merger agreement with ExteNet Systems, Inc. to sell the company in an all cash transaction. Other transaction terms were not disclosed.
Hudson Fiber Network (HFN) is a data transport provider which has a significant metro fiber network in the greater New York City area and operates a national wide-area network with key international points of presence. The buyer, ExteNet Systems, is the largest private developer, owner and operator of distributed networks enabling advanced mobile broadband connectivity across the United States. ExteNet Systems' owners include Stonepeak Infrastructure Partners and Digital Bridge Holdings.
Tiger Infrastructure Partners acquired a controlling stake in HFN in 2014 from the company's founders. Since then, the company has significantly expanded its network in the Manhattan and New Jersey markets by building and acquiring new fiber, grown its enterprise business, and increased its dark fiber product offerings. HFN is one of four investments that Tiger Infrastructure has made in the communications infrastructure space in the U.S. and Europe. Tiger's CEO and Managing Partner, Emil W. Henry Jr., explained "Tiger's successful partnership with HFN was a good example of our investment strategy: we provided growth capital and the resources of our operating and financial teams to help a young company with superb management build critical infrastructure and scale. The result was substantial value creation. I am confident that HFN's future as part of a larger infrastructure platform is bright. Communications infrastructure remains one of Tiger's key areas of focus."
HFN's CEO Brett Diamond, commented "three years ago, I chose Tiger as our financial partner because of their intensive value-add approach to growth infrastructure. Their contributions to our success were critical." Adam Emmert, Partner with Tiger Infrastructure added, "the HFN team has done a phenomenal job building its organization, expanding its physical network and winning new customers." The transaction is expected to close in 2018, pending receipt of customary regulatory approvals.
Hudson Fiber Network was advised in the transaction by Q Advisors LLC and Lowenstein Sandler LLP.
Contact: Tiger Infrastructure Partners, Richard Trabulsi, [email protected] .
View original content with multimedia: http://www.prnewswire.com/news-releases/tiger-infrastructure-announces-exit-of-portfolio-company-hfn-to-extenet-systems-300656865.html
SOURCE Tiger Infrastructure Partners | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-tiger-infrastructure-announces-exit-of-portfolio-company-hfn-to-extenet-systems.html |
May 23 (Reuters) - CELLECTIS SA:
* SAID ON TUESDAY CALYXT ANNOUNCES SUCCESSFUL CLOSING OF $60.9 MILLION PUBLIC OFFERING
* CALYXT’S FOLLOW-ON PUBLIC OFFERING OF 4,057,500 SHARES OF CALYXT COMMON STOCK (INCLUSIVE OF FULL EXERCISE BY UNDERWRITERS OF OPTION TO BUY 457,500 ADDITIONAL SHARES)
* CALYXT’S PUBLIC OFFERING PRICE OF $15.00 PER SHARE * GROSS PROCEEDS TO CALYXT FROM PUBLIC OFFERING ARE ABOUT $60.9 MILLION
Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SU11M |
May 10 (Reuters) - Eagle Energy Inc:
* ANNOUNCES FIRST QUARTER 2018 RESULTS AND CONFIRMS ANNUAL GENERAL MEETING DATE
* QTRLY FUNDS FLOW FROM OPERATIONS $0.04 PER SHARE * QTRLY SALES VOLUMES 2,974 BOE/D VERSUS 3,767 BOE/D Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-eagle-energy-qtrly-loss-per-share/brief-eagle-energy-qtrly-loss-per-share-0-06-idUSASC0A1PN |
ZURICH (Reuters) - Sonova’s ( SOON.S ) sales growth for this fiscal year may be less than half its mid-term target, the world’s biggest hearing aid maker said on Tuesday, partly because of the impact of U.S. disposals and restructuring.
Sonova, facing heightened competition from smaller rivals Widex and Sivantos following their merger this month, expects 2018/2019 sales to increase 2 to 4 percent, with earnings before interest, taxes and amortization increasing 6 to 9 percent, both in local currencies.
That is behind its mid-term goal of 5-7 percent sales growth and an EBITA increase of 7-11 percent.
Sonova is in the process of selling its EPIC hearing managed care provider in the United States, which has nearly $50 million in sales, giving up revenue in the short term for a long-term supply agreement. Sonova did not name the buyer.
A continuing shake up of its U.S. store network will also to weigh on top-line growth, the company said.
Sonova is adding new functions to its hearing aids that fit with its new Sword microchip, which allows hearing aids to connect to devices such as mobile phones. But this will only happen towards the end of the calendar year.
“It will then contribute to a quarter worth of growth, but not more,” Chief Executive Arnd Kaldowski said in an interview after the company released its full-year 2017/18 results.
Kaldowski, who recently took over from Lukas Braunschweiler, is having to navigate a changing landscape where rivals are not standing still.
With their merger to create the third biggest hearing aid company behind Sonova and Denmark’s William Demant ( WDH.CO ), Widex and Sivantos said last week they planned to invest more in digital devices that the industry hopes will appeal to tech-savvy consumers who are reaching the age when they might need hearing aids. [nL5N1SN1QW]
Sonova has bulked up in Europe with its nearly $1 billion acquisition of Netherlands-based hearing aid retailer AudioNova in 2016, while rebuilding in the United States, its second-biggest market.
“The company’s outlook for sales is pretty modest, so there could be some corrections to the downward side,” Bank Vontobel analyst Carla Baenziger said in a note to investors. “With regards to profitability, however, we don’t really expect there to be big changes.”
Sonova’s shares were 1.5 percent lower by 0740 GMT.
Earnings before income, taxes and amortization not including acquisition-related amortization (EBITA) rose to 532.4 million Swiss francs ($534.2 million), compared to an average estimate of 521 million in a Reuters poll of analysts. [nL5N1ST0DP]
Sales rose 10.4 percent to 2.65 billion francs, compared to the poll average of 2.67 million francs, as U.S. revenue slipped 1.8 percent.
Sonova plans to increase its dividend 13 percent to 2.60 francs per share.
($1 = 0.9967 Swiss francs)
Reporting by John Miller; Editing by Michael Shields and Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-sonova-hldg-results/sonova-cautious-on-sales-profit-targets-for-current-year-idUSKCN1IN0SP |
LONDON/FRANKFURT, May 10 (Reuters) - The following previously announced initial public offerings (IPOs) have been cancelled or postponed in Europe, Middle East and Africa so far this year, Thomson Reuters data as of May 10, 2018 shows:
MAY
* Property manager Azora Altus postponed listing on Spanish stock exchange amid uncertainty arising from Blackstone's bid for its Hispania real-estate business
* German publisher Springer Nature cancelled 3.2 billion euro ($3.80 billion) stock market flotation, citing weak investor demand
* British vaping liquids manufacturer Supreme postponed London listing, citing market conditions
* Turkish clothing retailer DeFacto cancelled IPO, citing low demand due to recent emerging market volatility
* Italian textile machinery group Itema said it would not go ahead with IPO, citing market conditions
* Turkish clothing retailer Boyner Perakende said its board had decided to cancel IPO of its Beymen Magazacilik unit as a result of low demand
APRIL
* Maker of pre-fabricated wooden homes Danwood Holding postponed its 360 million zloty ($100 million) Warsaw float due to valuation issues
* Russian meat producer Cherkizovo Group postponed a planned share offering in Moscow, citing stock market volatility
* Russia's IBS IT Services postponed its Moscow IPO due to high financial market volatility
* Varo Energy BV decided not to proceed with plans for a flotation on the Euronext stock exchange in Amsterdam, citing poor market conditions
* HNA Group's Swiss ground services and cargo handling unit Swissport Group deferred plans to float shares on the SIX Swiss Exchange, citing market conditions
MARCH
* HNA Group scrapped its planned listing of Swiss-based airline caterer Gategroup
* African mobile phone mast firm Helios Towers pulled its plans to list in London, with one banker saying the expected IPO price was too low for shareholders
FEBRUARY
* Plastics maker Novares cancelled its up to 260 million euro Paris IPO, having already postponed it in November for what it said were technical reasons ($1 = 0.8431 euros) ($1 = 3.5985 zlotys)
(Reporting by Arno Schuetze and Dasha Afanasieva; Editing by Alexander Smith) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/reuters-america-factbox-ipos-cancelled-in-europe-middle-east-and-africa.html |
VANCOUVER, British Columbia and MENLO PARK, Calif., May 22, 2018 /PRNewswire/ -- DelMar Pharmaceuticals, Inc. (the "Company")(NASDAQ: DMPI) today announced that the board of directors (the "Board") has appointed Saiid Zarrabian as the full-time President and Chief Executive Officer of the Company, effective immediately. Mr. Zarrabian had previously served as the Company's interim President and Chief Executive Officer since November 2017 and prior to that as an independent board member since July 2017.
"Saiid has made significant contributions to DelMar, initially as an independent board member and, most recently, as DelMar's interim President and CEO. We are pleased that he has agreed to further commit to the Company by taking on the full-time President and CEO role, effective immediately. His contributions have included a renewed focus on our two Phase 2 open label trials for MGMT-unmethylated glioblastoma multiforme, and enhanced fiscal responsibility while advancing our clinical programs in a timely and cost-effective fashion. The Board and I look forward to working with him to build on this momentum," stated Dr. Erich Mohr, Chairman of the Board.
"I am excited to transition from my interim role at DelMar and to continue the clinical advancement of VAL-083, which has been validated in over 40 prior clinical trials indicating VAL-083's potential to combat multiple devastating diseases for patients with limited alternatives. Although VAL-083 may have applicability to many other solid tumor indications with potentially significant future commercial opportunities, we intend to use a disciplined and stepped approach to investing our resources in pursuing such opportunities. Over the next year, we expect to achieve a number of clinical milestones for VAL-083, including data from the ongoing Phase 2 second-line recurrent GBM study at MD Anderson, as well as data from the international Phase 2 study in newly diagnosed GBM patients. We plan to use our current capital efficiently and to continue to drive the enrollment of our clinical studies in an effort to maximize value for our shareholders," said Mr. Zarrabian.
Mr. Zarrabian is a successful veteran of the biotechnology industry. He previously served as chairman of the board of directors at La Jolla Pharmaceutical Company during the company's transition from being an OTC listed company to a Nasdaq traded company. He also served as president of the Protein Production Division of Intrexon Corporation, a synthetic biology company. Prior to that, he served as chief executive officer and a member of the board of directors of Cyntellect, Inc., a stem cell processing and visualization instrumentation company until it was acquired in 2012. He served as president and chief operating officer of Senomyx, Inc., a company focused on discovery and commercialization of new flavor ingredients, and as chief operating officer of Pharmacopeia, Inc., a former publicly-traded provider of combinatorial chemistry discovery services and compounds, where he also served as president and chief operating officer of its MSI Division. In addition, Mr. Zarrabian has served on numerous private and public company boards, including at Immune Therapeutics, Inc., Exemplar Pharma, LLC, Ambit Biosciences Corporation, eMolecules, Inc. and Penwest Pharmaceuticals Co. Currently, he is serving as an advisor to Redline Capital Partners, S.A., a Luxemburg-based investment firm.
About DelMar Pharmaceuticals, Inc.
DelMar Pharmaceuticals is focused on the development and commercialization of new therapies for cancer patients who have limited or no treatment options. By focusing on understanding tumor biology and mechanisms of treatment resistance, the Company identifies biomarkers to personalize new therapies in indications where patients are failing, or unable to tolerate, standard of care treatments.
The Company's current pipeline is based around VAL-083, a "first-in-class," small-molecule chemotherapeutic with a novel mechanism of action that has demonstrated clinical activity against a range of cancers including central nervous system, ovarian and other solid tumors (e.g. NSCLC, bladder cancer, head & neck) in U.S. clinical trials sponsored by the National Cancer Institute (NCI). Based on DelMar's internal research programs and these prior NCI-sponsored clinical studies, the Company is conducting clinical trials to support the development and commercialization of VAL-083 across multiple oncology indications to solve significant unmet medical needs.
VAL-083 is also being studied in two collaborator-supported, biomarker-driven, Phase 2 clinical trials for MGMT-unmethylated glioblastoma multiforme (GBM). Overcoming MGMT-mediated resistance represents a significant unmet medical need in the treatment of GBM. Further information on DelMar's clinical trials can be found on clinicaltrials.gov :
https://www.clinicaltrials.gov/ct2/results?cond=&term=val-083&cntry1=&state1=&recrs
For further information, please visit http://delmarpharma.com/ ; or contact DelMar Pharmaceuticals Investor Relations: [email protected] / (604) 629-5989.
Connect with the Company on Twitter , LinkedIn , Facebook , and Google+ .
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC, including, the Company's Annual Report on Form 10-K for the year ended June 30, 2017, the Company's Quarterly Reports on Form 10-Q and the Company's Current Reports on Form 8-K.
View original content with multimedia: http://www.prnewswire.com/news-releases/delmar-appoints-saiid-zarrabian-to-full-time-president-and-ceo-300652409.html
SOURCE DelMar Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-delmar-appoints-saiid-zarrabian-to-full-time-president-and-ceo.html |
PAHOA, Hawaii (Reuters) - Hawaii’s Kilauea volcano spewed ash nearly six miles (30,000 feet/9 km) into the air on Thursday and scientists warned this could be the first of a violent string of explosions in the crater.
“This has relieved pressure temporarily,” USGS geologist Michelle Coombs told a news conference in Hilo. “We may have additional larger, powerful events.”
Residents of the Big Island were warned to take shelter from the ash fallout as toxic gas levels spiked in a small southeast area where lava has burst from the ground since the eruption began two weeks ago, authorities said.
The wind could carry Kilauea’s ash plume as far as Hilo, the Big Island’s largest city and a major tourism center, the County of Hawaii Civil Defense warned in an alert.
“Protect yourself from ash fallout,” it said.
Geologists said the 4:15 a.m. (10:15 a.m. EDT) explosion was likely the first in a series of steam-driven explosions last seen 1924, rather than “the big one” that nervous residents had been fearing.
A spike in toxic sulfur dioxide gas closed schools around the village of Pahoa, 25 miles (40 km) east of the volcano, where fissures have destroyed 37 homes and other structures and forced about 2,000 residents to evacuate, health officials said. National guard troops were forced to put on gas masks at a nearby road intersection, according to a Reuters reporter.
USGS geologists and staff were evacuated from the Kilauea summit shortly before the blast and a webcam showed a gray plume of ash and chunks of magma known as pyroclasts that showered the volcano’s slopes.
‘TALL BUT SMALL’ But the eruption was short-lived, said Coombs who called it “a big event that got people’s attention, but did not have widespread impact”.
“Tall but small,” she said of Thursday’s plume.
A soldier of the Hawaii Army National Guard wears a mask to protect himself from volcanic gases in Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 17, 2018. REUTERS/Terray Sylvester An aviation red alert was in effect due to risks that ash could be carried into aircraft routes and damage jet engines, USGS said. Passenger jets generally cruise at around 30,000 feet, the height of Thursday’s plume.
Pahoa fire station on Thursday morning recorded a “red level” of sulfur dioxide, meaning it would cause choking and an inability to breathe, Fenix Grange of the Hawaii Department of Health told a news conference in Hilo.
“If it’s red, it’s get out of Dodge,” She said. “We’re trying to create a ring around sulfur dioxide so we can protect people.”
AVOID DRIVING Lava has destroyed at least 37 homes and other structures in communities near Pahoa, in the southeast area of the island, and forced around 2,000 people to evacuate their homes.
Across the Big Island, home to 200,000 residents, people were encouraged to avoid driving in ashfall areas, as the powdered rock makes roads slippery, and not go outdoors unless necessary.
“Not a good day to go out running,” said Fenix. “People want to stay put and stay behind closed doors.”
Locals in communities near the volcano hit by ashfall such as Volcano, Pahala and Naalehu were to be issued one ash mask per family member, according to a civil defense message.
Geologists had warned explosive eruptions could begin once Kilauea’s falling lava lake descended below the water table, allowing water to run on to the top of the lava column and create steam-driven blasts.
Slideshow (4 Images) “We can expect similar events in the future to continue as lava continues to interact with water,” Coombs said about Thursday’s eruption.
More powerful explosions have the potential to hurl “ballistic blocks” the size of refrigerators across a distance of more than half a mile (1 km) and shoot pebble-sized projectiles and debris up to a dozen miles, the USGS has warned.
Additional reporting by Jolyn Rosa in Honolulu; Writing by Andrew Hay; Editing by Bill Tarrant
| ashraq/financial-news-articles | https://www.reuters.com/article/us-hawaii-volcano-blast/explosive-eruption-rocks-hawaiis-kilauea-volcano-usgs-idUSKCN1II2E3 |
May 6, 2018 / 4:13 AM / Updated 14 minutes ago Lebanese vote in first general election in nine years Angus McDowall 5 Min Read
BEIRUT (Reuters) - Lebanese began voting on Sunday in their first general election for nine years, one that is seen as unlikely to upend the country’s basic contours of power but is important for economic stability. A woman shows her ink-stained finger after casting her vote during the parliamentary election in Beirut, Lebanon, May 6, 2018. REUTERS/Jamal Saidi
The streets of Beirut were quiet early on Sunday, but small crowds had gathered around the schools being used as polling stations and walls were plastered with party flags and pictures of the leading candidates.
Abu Sami, 40, a civil servant, said he was tired of the established politicians. “Today I will choose new faces,” he said.
Lebanon has mostly weathered the regional storm caused by seven years of war in neighbouring Syria that has drawn in regional powers and unleashed a wave of refugees, but it has gone through several internal crises since the last election.
Television broadcasts showed voters queuing at polling stations across the tiny Mediterranean country to cast their ballots under new voting rules that still preserve the country’s sectarian power sharing system.
Voting is scheduled to last from 7 a.m. (0400 GMT) until 7 p.m. (1600 GMT), with unofficial results expected to start coming in overnight and a formal tally announced in the coming days.
Election law makes it illegal to publish forecasts of how the parties will perform. Whatever the result, another coalition government including most of the major parties, like that which has governed since 2016, is likely to be formed after the election, analysts have said.
Analysts are closely watching the performance of Sunni Muslim Prime Minister Saad al-Hariri’s Future Movement party and that of the Iran-backed, Shi’ite Hezbollah group and its allies.
The country has periodically been an arena for the intense regional competition between Iran and Saudi Arabia. However, in this election, Riyadh has pulled back from its previous support for Hariri, backing that helped Future in 2009. A member of the European Union Election Observation Mission and a woman look at a voter's registry list in a polling station during the parliamentary election in Beirut, Lebanon, May 6, 2018. REUTERS/Jamal Saidi
Getting a new government in place quickly would reassure investors of Lebanon’s economic stability after donors pledged $11 billion in soft loans for a capital investment programme last month, in return for fiscal and other reforms. The first follow-up meeting is expected within weeks.
Lebanon has one of the world’s highest debt-to-GDP ratios and the International Monetary Fund has warned its fiscal trajectory is unsustainable.
Ratings agencies had stressed the importance of Lebanon going ahead with the election after parliament had extended its term several times as a sign that the country was returning to normal after years of political difficulty. SECURITY PRESENCE
After the last election in 2009, the onset of Syria’s civil war, the arrival of over a million refugees and a series of militant attacks aggravated internal political rifts.
Rival blocs in parliament could not agree on a new president between 2014-16 and decided three times to delay elections, partly because of disagreement over moving from a winner-takes-all to a proportional voting system.
Voters are registered not where they live, but in the district their ancestors came from, meaning large numbers of voters have to travel from the capital Beirut to villages across the country. Slideshow (8 Images)
The complicated new system has confused some voters and made the contest unpredictable in formerly safe seats. But it has done little to undermine the long-entrenched political elite, a group that includes local dynasties and former warlords.
In municipal elections two years ago, independent candidates did well against established political parties by drawing on public anger at poor government services, including a crisis in which mountains of garbage piled in the streets.
Despite some acts of violence and intimidation connected to the election in recent weeks, no major incidents were reported in the immediate run-up to voting.
However, there was a security presence in Beirut on Sunday and a Reuters witness saw a long military column of armoured vehicles and other troop carriers driving slowly into the capital. Security forces stood sentry on street corners and near the polling booths.
Observers from the European Union and other international bodies are monitoring the poll.
Related stories
EXPLAINER-Lebanon vote under new rules likely to keep old guard in power
An Assad ally plots a comeback in Lebanese election
INSIGHT-A Lebanese city, and an election, feel effect of Saudi cold shoulder
Local tensions flare up before Lebanese election
In Lebanon vote, activists face warlords, powerful political dynasties Reporting by Angus McDowall; Editing by Nick Macfie | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-lebanon-election/polls-open-in-lebanons-first-general-election-in-nine-years-idUKKBN1I702A |
* Westpac biggest drag as stock trades ex-dividend
* Treasury Wine Estates falls on China trade concerns
* NZ’s A2 Milk Company recovers losses
By Sumeet Gaikwad
May 17 (Reuters) - Australian shares were lower on Thursday as the country’s second largest bank by market cap traded ex-dividend, while Treasury Wine Estates weighed on the benchmark after it said it was encountering delays in shipments to China.
The S&P/ASX 200 index was 23.8 points, or 0.4 percent, lower at 6,083.7 by 0221 GMT. The benchmark rose 0.15 percent on Wednesday.
Westpac Banking Corp was the biggest drag on the index, falling 4 percent as it traded ex-dividend. The other three banks of the “Big Four” rose between 0.5 and 0.7 percent. Shares of Treasury Wine Estates slipped over 13 percent to their lowest in nearly four months. The wine maker said it is facing delays in getting clearance for some of its shipments to China, raising wider concerns about Australia-China trade relations.
The company added it is trying to understand additional verification requirements applied since last month that “seemingly appear” to only apply to Australian wines.
Toll-road operator Transurban Group fell over 3 percent after Australia’s competition regulator raised concerns about the effects on inter-toll road competition from a proposed 51 percent stake purchase in WestConnex motorway.
Meanwhile, a rally among Australian miners helped cap losses on the benchmark, with the mining index rising as much as 1.6 percent to more than a six-year high.
James McGlew, executive director for corporate stockbroking at Perth-based Argonaut said material sectors were supported by strength in prices for underlying commodities.
BHP rose 1.2 percent while Rio Tinto was up 2 percent.
Meanwhile, oil and gas producer Santos Ltd fell 2.2 percent after receiving a $10.36 billion binding takeover offer from U.S.-based Harbour Energy. The initial Harbour offer was valued at about A$6.50, but oil prices have risen about 17 percent since then, leading some analysts to say Harbour would need to raise its offer to A$7.00 a share to succeed.
Lithium miner Kidman Resources rose as much as 8.3 percent after it said it entered an agreement to supply lithium hydroxide to electric car maker Tesla Inc, reflecting surging demand for clean cars.
New Zealand’s benchmark S&P/NZX 50 index was up 0.7 percent, or 59.93 points at 8,615.44.
The country’s newly elected Labour party unveiled its first budget on Thursday with billions of dollars in additional funding for housing, health and education, while also pledging to reduce its debt burden as a proportion of Gross Domestic Product.
Consumer staples were the best performers on the benchmark with A2 Milk Company recovering the previous day’s losses to rise 4.2 percent.
For more individual stocks activity click on (Reporting by Sumeet Gaikwad in Bengaluru; Additional reporting by Shanima A; Editing by Simon Cameron-Moore)
| ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-midday/australia-shares-fall-as-westpac-treasury-wines-weigh-nz-climbs-idUSL3N1SO1PW |
May 16, 2018 / 9:14 PM / Updated 3 hours ago EU leaders to woo west Balkan states but road to membership bumpy Tsvetelia Tsolova , Ivana Sekularac 5 Min Read
SOFIA (Reuters) - When EU leaders pose for a “family picture” with counterparts from six western Balkan nations hoping to join the bloc, Spanish Prime Minister Mariano Rajoy will stay away in protest - highlighting how long and hard their road to membership is likely to be. French President Emmanuel Macron walks past Polish Prime Minister Mateusz Morawiecki and German Chancellor Angela Merkel before an informal dinner ahead of a summit with leaders of the six Western Balkans countries in Sofia, Bulgaria, May 16, 2018. Nikolay Doychinov/EU2018BG/Handout via REUTERS
Thursday’s summit, the first such meeting in 15 years, is meant to demonstrate the European Union’s renewed commitment to a region that remains fragile two decades after the ethnic wars that followed the break-up of Yugoslavia.
Spain does not even recognise the independence of Kosovo, which will attend the Sofia summit along with Albania, Bosnia, Serbia, Montenegro and Macedonia, and EU governments also worry about a string of other problems afflicting the region.
But after years of neglecting the six, the EU has been spurred into action by the growing influence of other powers in the region, which in 2015-16 also became a main route for a wave of migrants from the Middle East and Africa heading to wealthier European nations to the north.
EU chairman Donald Tusk made this point before the summit. “It will be an opportunity for both sides to reaffirm that the European perspective remains the Western Balkans’ geostrategic choice,” he said. “I hope to bring our Western Balkan friends closer to the EU.”
As Britain is on the way out, the bloc’s executive European Commission has proposed that EU leaders decide in June to open formal membership negotiations with Albania and Macedonia.
“The risks to Europe are zero,” said Prime Minister Boyko Borissov of Bulgaria, which itself joined the EU in 2007 with neighbouring Romania. German Chancellor Angela Merkel arrives an informal dinner ahead of a summit with leaders of the six Western Balkans countries in Sofia, Bulgaria, May 16, 2018. REUTERS/Stoyan Nenov/Pool
“If we do not embrace... the Western Balkans and do not help them - yes, many of them are not ready and they have yet to catch up - then there is no reason to be angry that the influence of the United States, Russia, Saudi Arabia will be greater than that of Europe,” Borissov added.
But many in the EU feel differently.
As the bloc is still recovering from economic and migration crises that have fuelled euro-scepticism among its own voters, doubters point to problems ranging from organised crime in Albania to Macedonia’s dispute with EU member Greece over its name, which is blocking Skopje’s aspirations.
Rajoy has decided to leave Sofia before the western Balkans meeting and EU officials say no one from the Spanish delegation will pose for the symbolic joint photograph on Thursday - a reminder that Madrid is just one of five member states that do not regard Kosovo as a sovereign nation.
Madrid, locked in a dispute with Catalan separatists at home, refuses to recognise Kosovo’s split from Serbia in 2008. Slideshow (6 Images) TIMING IN DOUBT
Two ex-Yugoslav republics, Slovenia and Croatia, have already joined the EU. But lawlessness and crime flourished in the Balkans during the wars of the 1990s, leaving the region awash with weapons and a transit route for drug and human traffickers.
“The direction of travel is very clear - the European perspective,” a senior EU official said. “What really matters is the determination of applicants in implementing reforms. And patience because also on the EU side you need to have the right window of opportunity to take the decision.”
The EU and Balkan six will sign a declaration on improving infrastructure including electricity and gas connections, as well as countering radicalism, improving security and controlling migration.
Brussels also sees building good neighbourly relations as vital to a region where wartime hostilities still burden relations and threaten the fragile peace.
To join the EU, Serbia - the biggest market among the six - must settle its borders with Kosovo and with Bosnia, where tensions between rival communities often paralyse decision-making.
Macedonian Prime Minister Zoran Zaev warned that a clear perspective was needed to prevent the region from sliding back into conflict.
“We saw that the status quo brings an erosion of democracy, a lack of economic opportunity,” he told a meeting in Sofia. “Negative influence from third parties is increasing.” Editing by Gabriela Baczynska and David Stamp | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-eu-balkans/eu-leaders-to-woo-west-balkan-states-but-road-to-membership-bumpy-idUKKCN1IH303 |
Rookie Padres outfielder Franmil Reyes hit a two-run, two-out home run off Marlins starter Dan Straily in the sixth inning Tuesday night to erase a one-run deficit and lead San Diego to a 9-5 victory over visiting Miami at Petco Park.
It was the third homer for the 6-foot-5, 275-pound Reyes since he was promoted from Triple-A El Paso on May 14.
Eric Hosmer doubled to open the sixth, but he was out at third trying to advance on a grounder by Jose Pirela. Reyes’ homer, which also scored Pirela, gave the Padres a 5-4 lead.
Reyes reached the upper deck in left-center with only the third homer this season by a right-handed hitter against Straily (2-1). Right-handed batters were 6-for-49 (.122) this season before Reyes’ blast.
The Padres scored four more runs in the bottom of the eighth against Tayron Guerrero.
Cory Spangenberg and Hosmer opened the eighth with singles, and Pirela drew a walk to load the bases. Raffy Lopez’s bases-loaded walk forced home Spangenberg.
Pinch hitter Christian Villanueva followed with a two-run single off reliever Jarlin Garcia. The final run scored when center fielder Lewis Brinson dropped a long fly by Freddy Galvis for an error.
JT Riddle hit an inside-the-park homer for the Marlins in the ninth.
Craig Stammen (3-0) got the win in relief of Padres starter Tyson Ross.
The Padres jumped on Straily for three runs in the first after opening the game with three consecutive singles by left-handed hitters Travis Jankowski, Spangenberg and Hosmer. Jankowski scored on Hosmer’s single to center and came around when Brinson misplayed Hosmer’s hit for an error. Hosmer scored from third on Lopez’s single.
All four hits in the inning were by left-handed hitters. After Manuel Margot opened the second with a single, Straily retired 12 straight Padres until Hosmer opened the sixth with a double.
Meanwhile, the Marlins battled back against Ross and Stammen to take a 4-3 lead with three runs in the top of the sixth. Derek Dietrich opened the inning with a single and scored on a triple by J.T. Realmuto. Stammen replaced Ross and gave up a game-tying single to Brian Anderson, who scored the go-ahead run on a double by J.B. Shuck.
—Field Level Media
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Advertise with Us Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-sd-mia-recap/padres-power-past-marlins-9-5-idUSMTZEE5UJ0GH97 |
May 22, 2018 / 10:22 PM / Updated 22 minutes ago Small banks trump Wall Street on Dodd-Frank rewrite Michelle Price , Pete Schroeder 6 Min Read
WASHINGTON (Reuters) - Congress on Tuesday rolled back some of the restraints imposed on banks after the 2007-2009 global financial crisis, but big players like Goldman Sachs Group Inc ( GS.N ), Morgan Stanley ( MS.N ) and JPMorgan Chase & Co ( JPM.N ), will not be breaking out the champagne.
While Wall Street banks lobbied hard for a range of provisions that would have weakened the 2010 Dodd-Frank reform law and boosted their profits, they got trumped by their smaller rivals, according to lobbyists, Congressional staff, bankers and disclosure records.
For example, the bill reduces federal oversight of banks between $50 billion and $250 billion in assets, and eases lending, capital and trading rules for smaller lenders, but big bank lobbyists and analysts agree it does little to help the nation’s largest lenders.
Large banks sought to raise that oversight threshold to $500 billion, or adopt a more flexible approach to big bank scrutiny, but small banks fought to fix the cap at $250 billion, concerned about alienating Democrats whose votes were needed to pass the bill in the Senate.
“We fought anything that would be added to the bill for the mega banks that would jeopardize the effort,” said Paul Merski, executive vice president at the Independent Community Bankers of America (ICBA), the main small bank lobby group, whose members have around $430 million in assets on average.
“We managed to get this legislation done in spite of the mega banks.”
Tuesday’s vote marks a major bipartisan legislative victory for President Donald Trump’s administration, which has promised to spur more economic growth by rolling back regulations. OUTFOXED ON CAPITOL HILL
But while Trump-appointed regulators have been cutting Wall Street some slack in how they apply the rules, the rewrite showed how small banks outmaneuvered their big rivals on Capitol Hill, where Wall Street is still struggling to shake off its negative image.
One such accomplishment was the change in the bill that eased capital, lending and trading rules based on asset-size limits, rather than by firm type or activities, making it tougher for big banks to sneak in under the radar. In many cases this was set at $10 billion.
Dodd-Frank aimed to protect consumers from predatory lenders and mitigate systemic risk, but banks of all sizes have argued its burdens were excessive and have lobbied to reform the law.
Yet since the crisis, small banks have fought aggressively to distance themselves from the “too-big-to-fail” Wall Street titans bailed out to the tune of $700 billion in 2008.
This tension has sometimes spilled into public view, with JP Morgan Chief Executive Jamie Dimon calling Camden Fine, who retired from his longtime role as ICBA chief this month, a “jerk” during a 2016 TV interview.
Banks’ lobbying gained momentum after Republicans took control of Congress and the White House in 2016, but it was community banks which were able to wage a grassroots campaign to win over skeptical Democrats and secure their votes. Slideshow (3 Images)
Armed with government data that showed the number of community lenders fell from around 8,400 in 2007 to around 5,500 today, they targeted moderates in states with many small banks but ideally no big players.
“This bill was perfectly crafted to allow greater flexibility for small community banks and credit unions...so it is purposeful that this bill does not include provisions for the largest banks,” North Dakota’s Senator Heidi Heitkamp, a key sponsor of the bill, told Reuters on Tuesday.
“The highest priorities for the largest institutions are nowhere to be found,” said Heitkamp, adding she had not committed to further easing of capital markets rules sought by banks.
Many of the Democratic backers, including Heitkamp, Montana’s Jon Tester and Indiana’s Joe Donnelly, are facing tough mid-term races in which pro-growth credentials and endorsements from small businesses could help swing votes, said analysts.
The Montana Bankers Association recently fielded its members to star in a commercial urging watchers to vote for Tester because he put politics aside “to cut red tape”.
“We wrote this bill to defend Montana businesses from overreaching government regulations,” Tester said in a statement on Tuesday evening.
Donnelly’s office recognized the support of the ICBA among a raft of other local business groups and said the bill “maintains the key elements of Dodd-Frank”.
Congress has not handed the small banks everything they asked for. For example, a farm bill including measures helpful to small banks was voted down by the House this month.
Many Democrats and consumer advocates, including Senators Elizabeth Warren and Sherrod Brown, also say the bill’s provisions on custody banks and bonds could be exploited by the big banks, potentially increasing systemic risk.
Still, big bank lobbyists privately say the Dodd-Frank rewrite, though a positive signal, did not go far enough.
Among the changes Wall Street banks sought, but did not get were: anointing a single regulator to oversee the Volcker Rule banning proprietary trading; weakening the top U.S. consumer watchdog; loosening liquidity rules and requirements for “living wills.”
“Banks of all sizes have spent eight years explaining to lawmakers and regulators why the rules put in place by Dodd-Frank were not all working as intended,” Ian McKendry, a spokesman for the American Bankers Association, which represents banks big and small, said in a statement.
“We think this is an important step forward, but there is more to do.” Reporting by Michelle Price and Pete Schroeder; additional reporting by Katanga Johnson; Editing by Tomasz Janowski and Lisa Shumaker | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-house-banks-lobbying/small-banks-trump-wall-street-on-dodd-frank-rewrite-idUKKCN1IN328 |
May 15, 2018 / 2:14 PM / Updated 34 minutes ago Greece, lenders resume talks on final bailout review Reuters Staff 3 Min Read
ATHENS, May 15 (Reuters) - Greece and representatives from its EU/IMF creditors will resume talks on the country’s final bailout review on Wednesday aiming to reach an initial agreement on its reform progress by May 24.
The country wants to quickly conclude the negotiations with the European Union and International Monetary Fund, as it races to exit its third international bailout since 2010 in August.
“There is absolutely no reason for any delay by any side,” government spokesman Dimitris Tzanakopoulos told reporters. “Our aim is to conclude the review on a technical level by the next meeting of euro zone finance ministers on May 24.”
Athens will be assessed by its lenders on more than 80 demanded reforms, including on energy issues, pension and labour reforms, as part of its final bailout review.
Technical teams from both sides met this week to prepare the ground for the talks between Greek ministers and European Union and International Monetary Fund inspectors, which are due to begin in Athens on Wednesday, Tzanakopoulos said.
The leftist-led government wants to emerge from the bailout programme without requesting a precautionary credit line or extra financial aid. It has been building a cash buffer and wants to be able to service its debt with funds raised directly from the markets.
“We aim to successfully conclude the fourth review to reach a comprehensive agreement for the country’s ‘clean exit’ from the third bailout programme within June,” Tzanakopoulos said.
A finance ministry official said the review was likely to be finally wrapped up in June. Athens also hopes to reach a deal with its lenders before July on further debt relief, which will be implemented in the post-bailout period.
Since 2010, Greece has received about 260 billion euros in bailout loans in exchange for tough austerity and reforms. The bailout loans have kept it afloat but have also helped balloon its debt, which now stands at 180 percent of GDP.
The IMF, which estimates lower economic growth for Greece than its European lenders and has not released any loans since 2014, has also been pushing for a debt reprofiling, saying it is necessary for the country’s debt to be sustainable.
To convince the IMF to participate in its third bailout programme, as demanded by some European Union members, Greece was forced to legislate for pension cuts and tax hikes that will be implemented in 2019 and 2020, after the end of its bailout.
“I believe that we will know whether the IMF will join or not by the end of the month, or in early June,” said the finance ministry official, who requested anonymity. (Reporting by Lefteris Papadimas and Renee Maltezou Editing by Catherine Evans) | ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-greece-bailout-review/greece-lenders-resume-talks-on-final-bailout-review-idUSL5N1SM755 |
Pompeo teases North Korea sanctions relief 3:35am IST - 01:16
U.S. Secretary of State Mike Pompeo said on Sunday that the U.S. could potentially provide North Korea with sanctions relief if it completely ends its nuclear program, and will allow private investors to help build an economy to rival South Korea. Justin Mitchell reports.
U.S. Secretary of State Mike Pompeo said on Sunday that the U.S. could potentially provide North Korea with sanctions relief if it completely ends its nuclear program, and will allow private investors to help build an economy to rival South Korea. Justin Mitchell reports. //reut.rs/2L1eblc | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/13/pompeo-teases-north-korea-sanctions-reli?videoId=426646111 |
(Corrects first paragraph to make clear company not part of shipping group A.P. Moller-Maersk)
COPENHAGEN, May 16 (Reuters) - Danish oil product tanker operator Maersk Tankers said on Wednesday it would wind down its customer agreements in Iran by November following new U.S. sanctions on Tehran.
“We will perform customer agreements entered into before May 8 and ensure that they are wound down by November 4, as required by the re-imposed U.S. sanctions,” the company said in an emailed statement.
“We are closely monitoring developments and assessing the potential impact on our activities while staying in dialogue with our customers to inform them in case of changes,” Maersk Tankers said.
Maersk Tankers operates 161 product tanker vessels worldwide.
Danish oil product tanker operator Torm announced on Tuesday it would stop taking new orders in Iran.
Maersk Tankers was a part of A.P. Moller-Maersk until October last year, when the shipping group sold it off to family-owned A.P. Moller Holding A/S. (Reporting by Emil Gjerding Nielson; Editing by MarkPotter)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-maersk/maersk-tanker-unit-to-wind-down-customer-agreements-in-iran-idUSL5N1SN4ZJ |
VICTORIA, British Columbia, May 03, 2018 (GLOBE NEWSWIRE) -- Carmanah Technologies Corporation (TSX:CMH) (“the Company” or “Carmanah”) will release its first quarter 2018 financial results on Thursday May 10 th , 2018 after market close. Carmanah has scheduled a conference call for analysts at 6:00 am PST (9:00 am ET) on Friday May 11 th , 2018. To access, dial 1.866.229.4144 (Canada toll free) or +1.888.424.8151 (US toll free) approximately five to ten minutes prior to start time. When prompted for the participant PIN code, enter 5093 182#. For a current list of local and international telephone numbers, click the link below:
http://www.yourconferencecenter.com/r.aspx?p=11&a=UQStjVXQuJtKSR
A recording of the conference call will also be available on Carmanah’s corporate website within three business days of the call. For more information, visit www.carmanah.com or telephone 1.877.722.8877 (toll free in US and Canada).
About Carmanah Technologies Corporation
Carmanah designs, develops and distributes a portfolio of products focused on energy optimized LED solutions for infrastructure. Since 1996, we have earned a global reputation for delivering durable, dependable, efficient and cost-effective solutions for industrial applications that perform in some of the world’s harshest environments. We manage our business within two reportable segments: Signals and Illumination. The Signals segment serves the Airfield Ground Lighting , Aviation Obstruction , Offshore Wind , Marine , Traffic and Telematics markets. The Illumination segment provides solar powered LED outdoor lights for municipal and commercial customers.
Contact
Carmanah Technologies Corporation:
Evan Brown, (250) 380-0052
Chief Financial Officer/Corporate Secretary
[email protected]
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “estimates,” “could,” “will” or variations of such words and phrases. Forward-looking statements or information in this news release relate to, among other things: revenues, and revenue growth, for the first quarter of 2018; order backlogs; gross margins; and estimates of EBITDA and Adjusted EBITDA. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah or Sabik to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such factors include, but are not limited to: our ability to become a worldwide leader in the marine aids to navigation industry, the potential growth of the offshore wind safety market or our ability to participate in any growth, and other general uncertainties that may impact actual outcomes. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions, and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. Carmanah disclaims any obligation to update, or to publicly announce, any such statements, events, or developments except as required by law.
For additional information on these risks and uncertainties, see Carmanah’s most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company’s website at www.carmanah.com . The risk factors identified in Carmanah’s AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah.
Source: Carmanah Technologies Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-carmanah-announces-release-date-for-first-quarter-2018-financial-results-and-conference-call.html |
I'd never bet against Disney, says media expert 3 Hours Ago Kay Koplovitz, Springboard Group Capital and former USA Network CEO, discusses the media landscape as companies report earnings and compete for mergers. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/id-never-bet-against-disney-says-media-expert.html |
May 10, 2018 / 3:20 AM / Updated 16 minutes ago Samsung Group's ownership structure unsustainable: South Korea antitrust chief
SEOUL (Reuters) - South Korea’s antitrust chief said on Thursday that South Korea’s No. 1 conglomerate Samsung Group’s [SAGR.UL] current ownership structure is not sustainable. FILE PHOTO - Samsung Group chief, Jay Y. Lee, is surrounded by media as he arrives at the Seoul Central District Court in Seoul, South Korea, January 18, 2017. REUTERS/Kim Hong-Ji/File Photo
Korea Fair Trade Commission chief Kim Sang-jo told reporters on the sidelines of a meeting with business leaders that Samsung’s current ownership structure, resting on circular shareholding between companies such as Samsung C&T, Samsung Life Insurance, and Samsung Electronics, was not sustainable.
“The clear fact is, the current ownership and control structure of Samsung Group, which goes from Vice Chairman Jay Y. Lee to Samsung C&T to Samsung Life Insurance to Samsung Electronics, is not sustainable,” said Kim.
Kim said he had called on Samsung Group heir and Samsung Electronics Vice Chairman Jay Y. Lee to make a decision concerning the ownership structure, adding that Lee had told him that he will think about it. Reporting by Heekyong Yang; Writing by Joyce Lee; Editing by Muralikumar Anantharaman | ashraq/financial-news-articles | https://uk.reuters.com/article/us-southkorea-antitrust-samsung-group/samsung-groups-ownership-structure-unsustainable-south-korea-antitrust-chief-idUKKBN1IB0B8 |
LONDON (Thomson Reuters Foundation) - Women must get off the casting couch and into the director’s chair if Hollywood is to move on from the #MeToo sexual harassment scandal, filmmakers said on Thursday at the British opening of the Sundance Film Festival.
Most films showcased at the British offshoot of the U.S. festival are directed by women, in a selection that champions female voices at a time of deep industry disquiet. [nL8N1RW44A]
But the big message at the opening event was all about jobs - more directors, more critics, more financiers must be female - if Hollywood is to emerge truly reformed.
“There is talent all around us and you can’t just look at a small sliver of the population to tell everyone’s story,” director Amy Adrion told the Thomson Reuters Foundation
Adrion, who directed a timely documentary about the dearth of female directors in Hollywood, said the #MeToo scandal had stoked discussion about equality but the number of women behind the camera was yet to increase.
Women directed only 8 percent of the top 100 grossing films in the United States in 2017, according to the California-based Center for the Study of Women in Television and Film.
Employing more women at the top would have a knock-on effect on the rest of the industry, said Adrion, whose “Half the Picture” documentary has its European premiere at the festival.
“When women are hired as directors, they tend to hire more women in key crew positions,” she said.
SKATEBOARD TO SEX ABUSE Crystal Moselle, director of “Skate Kitchen” - which tells the story of a female teenage skateboarding crew in New York - said more women should work as film critics, too.
“We need more diversity ... at a different level to make the decisions of who is going to see these films,” she said.
Stories like hers featuring teenage girls talking about tampons might not interest older men so reviewers need to come from a wider pool, she said.
Hollywood was rocked last year by allegations of sexual misconduct against movie mogul Harvey Weinstein, in a scandal that has implicated other leading industry figures. [nL8N1RW44A]
On Wednesday, Weinstein was indicted on charges of rape and a criminal sexual act in New York in the first case to emerge from a slew of sexual misconduct allegations against him.
His legal team said he would plead not guilty.
The Weinstein scandal has prompted women from all walks of life to share their experiences of sexual harassment and abuse in a global campaign under the hashtag #MeToo.
Jennifer Fox director of “The Tale”, a semi-autobiographical movie about child sexual abuse, had thought her story was “private and personal” then realized:
“Here I am, admitting in my 40s, that I belong to a larger world in which bad things happen to women, a lot of women.”
WOMEN AT THE TOP Festival organizers said the #MeToo campaign had only amplified Sundance’s long-running support of women in film.
“We’ve been doing this for a long time, we have a legacy for showing many films by women and diverse voices,” said John Cooper, director of the Sundance Film festival.
Kate Kinninmont, who heads Women in Film & Television UK, which groups women working in the creative media, said the sector was changing, even if female directors remained an “endangered species”.”Ultimately, fundamental change will only happen when there are more women making the decisions at the top of the industry. But I’m hopeful... Finally, when we speak people are listening.”
Reporting by Umberto Bacchi and Adela Suliman; editing by Lyndsay Griffiths. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-sundance/sundance-filmmakers-want-women-to-swap-casting-couch-for-directors-chair-idUSKCN1IW2LQ |
May 2 (Reuters) - American International Group Inc:
* AIG BOARD OF DIRECTORS DECLARES COMMON STOCK DIVIDEND OF $0.32 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aig-board-declares-common-stock-di/brief-aig-board-declares-common-stock-dividend-of-0-32-shr-idUSFWN1S919E |
* SSEC -0.1 pct, CSI300 -0.2 pct, HSI 1.4 pct
* HK->Shanghai Connect daily quota used 3.1 pct
* Shanghai->HK daily quota used 0.1 pct
* China stocks to have best week in almost 3 months
SHANGHAI, May 11 (Reuters) - China stocks fell slightly on Friday, but are poised to post their best weekly performance in almost three months as interest towards Chinese blue-chips has been building steadily ahead of MSCI’s A-share inclusion next month. Hong Kong shares followed Asian markets higher.
** The bluechip CSI300 index fell 0.2 percent to 3,885.99 at the end of the morning session, while the Shanghai Composite Index lost 0.1 percent to 3,171.90. For the week, both indexes are on track to rise nearly 3 percent.
** U.S. index publisher MSCI will officially include yuan-denominated A-shares into its emerging market benchmark on June 1.
** In Hong Kong, the Hang Seng index rose 1.4 percent to 31,227.84, while the Hong Kong China Enterprises Index gained 1.1 percent to 12,372.12.
** China’s CSI300 financial sector sub-index was higher by 0.03 percent, the consumer staples sector up 0.03 percent, the real estate index down 0.7 percent and healthcare sub-index down 1.57 percent. ** Chinese H-shares listed in Hong Kong rose 1.13 percent to 12,372.12 while the Hang Seng Index was up 1.36 percent at 31,227.84. ** The smaller Shenzhen index was down 0.65 percent and the start-up board ChiNext Composite index was weaker by 1.11 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.93 percent while Japan’s Nikkei index was up 1.02 percent. ** The yuan was Quote: d at 6.3441 per dollar, 0.03 percent firmer than the previous close of 6.346. ** The percentage gainers in the main Shanghai Composite index were led by Jiangsu Sunrain Solar Energy Co Ltd up 10.09 percent, Chengtun Mining Group Co Ltd gaining 10.04 percent and Shanghai Wondertek Software Co Ltd up by 10.01 percent. ** The percentage losers in the Shanghai index were Aurora Optoelectronics Co Ltd down 10.03 percent, followed by Shandong Swan Cotton Industrial Machinery Stock Co Ltd losing 5.81 percent and Joinn Laboratories China Co Ltd down by 5.7 percent. ** The top gainers among H-shares were Guangzhou Automobile Group Co Ltd up 3.9 percent, Dongfeng Motor Group Co Ltd gaining 3.51 percent and Byd Co Ltd up by 3.46 percent. ** The three biggest H-shares percentage decliners were Anhui Conch Cement Co Ltd which has fallen 0.82 percent, China Communications Construction Co Ltd which has lost 0.6 percent and China Telecom Corp Ltd down by 0.5 percent. ** About 7.52 billion shares traded so far on the Shanghai exchange, roughly 50.2 percent of the market’s 30-day moving average of 14.99 billion shares. The volume traded was 13.30 billion as of the last full trading day. ** As of 04:16 GMT, China’s A-shares were trading at a premium of 22.29 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and below its 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 13.65 as of the last full trading day while the dividend yield was 2.2 percent.
Reporting by Samuel Shen and John Ruwtich; Editing by Gopakumar Warrier
| ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-midday/china-stocks-poised-to-have-best-week-in-3-months-hk-up-idUSL3N1SI233 |
May 10 (Reuters) - La Jolla Pharmaceutical Co:
* LA JOLLA PHARMACEUTICAL ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND RECENT CORPORATE PROGRESS
* QUARTERLY LOSS PER SHARE $2.22 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-la-jolla-pharmaceutical-quarterly/brief-la-jolla-pharmaceutical-quarterly-loss-per-share-2-22-idUSASC0A1NP |
BEIJING, May 22 (Reuters) - A group of roughly two dozen journalists from Western and Chinese news organisations departed for North Korea on Tuesday to witness the closure of its nuclear test site.
Journalists from the Associated Press, CNN, CBS, Russia Today and Chinese state media outlets were among those seen checking in at Beijing Capital International Airport to catch a 9:00 a.m. (0100 GMT) Air Koryo flight, which took off at 9:48 a.m., according to the airport’s website.
Numerous other news organisations, including Reuters, had also sought to cover the shutdown of the North’s nuclear test site but were denied invitations to visit the country.
Pyongyang invited a handful of international media to witness the dismantling of the Punggye-ri site some time between May 23 and May 25 but not technical experts, even though the United States has called for “a permanent and irreversible closure that can be inspected and fully accounted for”.
Diplomatically isolated North Korea, under U.N. security Council sanctions for its nuclear and ballistic missile programmes, announced the planned shutdown of its nuclear test site amid a dramatic round of contact with its long-time bitter rivals, South Korea and the United States.
However, North Korea has since threatened to pull out of a summit meeting between leader Kim Jong Un and U.S. President Donald Trump in Singapore on June 12. (Writing by Tony Munroe Editing by Paul Tait)
| ashraq/financial-news-articles | https://www.reuters.com/article/northkorea-missiles-china-journalists/foreign-media-head-to-n-korea-to-witness-nuclear-site-shutdown-idUSL3N1ST1I6 |
While some New Yorkers love soaring glass towers, others prefer the arduous climbs of aging brick East Village walk-ups where artists, poets and novelists once lived.
On East 12th Street, a co-op on the fifth floor of a narrow East Village building in Manhattan, 164 steps above street level, went into contract for more than $1.9 million in mid-May, after a bidding war with seven offers topping the asking price less than three weeks after it was listed, brokers said.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/step-by-step-new-york-city-walk-ups-climb-the-price-ladder-1527771601 |
Investors in CBS and Viacom may be growing fretful. They have good reason. On Tuesday, Shari Redstone and her family holding company, National Amusements, sued CBS, countering the angry lawsuit CBS filed against Ms. Redstone and National Amusements two weeks ago.
The back-and-forth legal attacks have plunged both companies into uncertainty and paralyzed any deal-making. Yet investors may still want to stay in the game.
In... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-real-end-game-for-cbs-viacom-1527672600 |
HOUSTON, Houston American Energy Corp. (NYSE American: HUSA), a Permian Basin-focused E&P company, today announced financial results for the 2018 First Quarter and provided an update on activity on its Reeves County, Texas acreage.
Q1 2018 Financial and Production Highlights
Q1 2018 revenues rose sharply on increased production attributable to our Reeves County wells and improved energy prices.
Revenue totaled $754,157 for the quarter ended March 31, 2018, up 1209% from the quarter ended March 31, 2017 and up 82%, from the quarter ended December 31, 2017; EBITDAX was $69,148 for the first quarter, (a non-GAAP measure; see reconciliation chart below). Production volumes for the quarter ended March 31, 2018 totaled 7,978 barrels of oil ("Bbl") and 63,409 thousand cubic feet of gas ("Mcf")(or 18,546 barrels of oil equivalent ("boe")); compared to 1,641 boe of production for Q1 2017 and 9,403 boe of production for Q4 2017; and Realized prices for oil and gas were $60.85/Bbl and $4.24/Mcf for the quarter ended March 31, 2018; compared to $47.91/Bbl and $3.42/Mcf for Q1 2017 and $54.05/Bbl and $4.22/Mcf for Q4 2017.
Reeves County Production Update
The Company's first two Reeves County, Texas wells, the Johnson #1H (25% working interest) and O'Brien #3H (11.1885% working interest) wells, both commenced commercial sales in November 2017. The wells were both completed in the Wolfcamp A formation with an approximate 4,500' lateral leg.
Mr. John Boylan, Chairman and CEO of Houston American Energy stated: "We are pleased with the performance of our first two completed wells. Commencing in Q1 2018, we saw material improvements in production, revenues and cash flow resulting in positive EBITDAX of $69,148. Given the recurring delays experienced in our operator's development of our Reeves County acreage, we will continue to investigate and pursue additional drilling opportunities that produce the greatest potential return to shareholders while embarking on necessary cost cutting measures to maximize cash flow."
About Houston American Energy Corp.
Based in Houston, Texas, Houston American Energy Corp. is a publicly-traded independent energy company with interests in oil and natural gas wells, minerals and prospects. The Company's business strategy includes a property mix of producing and non-producing assets with a focus on the Permian Basin in Texas, Louisiana and Colombia.
Forward-Looking Statements
The information in this release includes certain forward-looking statements that are based on assumptions that in the future may prove not to have been accurate, including statements regarding our ability to successfully identify, secure and execute on additional drilling opportunities, maximize return to investors and reduce costs. Those statements, and Houston American Energy Corp., are subject to a number of risks, including the potential inability to identify and secure economically viable drilling opportunities, secure financing to fund Houston American's share of well costs, timing of drilling operations, ultimate drilling results, potential changes in production rates, fluctuations in energy prices, fluctuations in drilling and operating costs, dependence on operators with respect to timing, cost and execution of drilling plans, changes in market conditions, effects of government regulation and other factors. These and other risks are described in the company's documents and reports that are available from the company and the United States Securities and Exchange Commission.
For additional information, view the company's website at www.houstonamerican.com or contact Houston American Energy Corp. at (713) 222-6966.
EBITDAX Reconciliation Table
For the Quarter ended March 31, 2018
Net Income
$
(79,911.00)
Add Back:
Interest
$
-
Taxes
$
-
Stock Based Compensation
$
52,349.00
Depreciation & Depletion
$
96,710.00
EBITDAX
$
69,148.00
with multimedia: releases/houston-american-energy-corp-announces-first-quarter-2018-results-updates-reeves-county-production-300647795.html
SOURCE Houston American Energy Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-houston-american-energy-corp-announces-first-quarter-2018-results-updates-reeves-county-production.html |
May 2, 2018 / 8:53 AM / Updated 21 minutes ago EU launches battle for bigger post-Brexit budget Jan Strupczewski , Alastair Macdonald 5 Min Read
BRUSSELS (Reuters) - The European Commission proposed a bigger new multi-year budget on Wednesday that will trigger battles among member states over how to fill the funding gap left by Britain’s exit next year. European Commission President Jean-Claude Juncker presents the EU's next long-term budget, at the European Parliament in Brussels, Belgium, May 2, 2018. REUTERS/Francois Lenoir
During the 2021-27 period it would trim the biggest single item, farm subsidies, by 5 percent and wants a new plastics tax. It would spend more on research and technology, foreign aid, euro zone stability, compensation for job losses from open trade and on joint defence and frontier guards.
It also introduces a new mechanism to penalise countries — notably in the ex-communist east — where governments breach EU rules on ensuring judicial freedom and the rule of law. These could find some of their important EU funding being withheld.
“With today’s proposal we have put forward a pragmatic plan for how to do more with less,” said European Commission President Jean-Claude Juncker. Related Coverage EU Commission proposes 55 billion euros for euro zone in 2021-2027 budget
“A budget for a Europe that protects, empowers and defends,” declared the Commission, urging the remaining 27 member states to make up the shortfall of at least 10 billion euros (8.8 billion pounds) a year to be caused by Brexit after 2020.
That language reflects a campaign from Brussels to persuade voters the bloc remains relevant after a decade of crisis that has seen ferocious austerity in countries hit by the euro zone debt crisis and uproar over the arrival of more than a million irregular migrants across the Mediterranean in 2015 alone. European Commission President Jean-Claude Juncker and European Union Budget Commissioner Guenther Oettinger speak before the start of the plenary session on the EU budget, at the European Parliament in Brussels, Belgium, May 2, 2018. REUTERS/Francois Lenoir
“A Europe that protects,” has also become a familiar demand from French President Emmanuel Macron, as he tries to work with German Chancellor Angela Merkel to tighten integration after the ever-sceptical British have left, while easing fears among voters that the EU means open borders and jobs exported abroad.
The German government reacted cautiously but the priorities it set out echoed many of those from the EU executive — tougher border control, more EU defence cooperation, tech innovation and a stronger defence of democratic values in Europe.
It repeated its readiness, like France, to pick up a bigger bill if the budget strengthens the Union: “But that,” it added, “includes fair burden-sharing among all member states.”
The proposed budget of 1.28 trillion euros in inflation-adjusted future prices — or 1.14 trillion euros at 2018 prices — would be greater in real terms than the 1.09 trillion euros in the 2014-20 Multiannual Financial Framework. Slideshow (4 Images)
It will be around 1.11 percent of the bloc’s economic output, the Commission said, up from the current 1.03 percent. THERE WILL BE FIGHTS
EU Budget Commissioner Guenther Oettinger, who has called for states to show unprecedented speed and agree the budget within a year or so, said it was inevitable that there will be disputes: “There will be cuts, which many countries will complain about, and there will be new spending, which the others will complain about,” he told German television.
Some of the richest contributors, including the Dutch and Swedes, have insisted they will pay no more to fill the Brexit gap, while poor, eastern states like Poland demand no cuts.
That could hit opposition from farm lobbies, notably in France, while the proposal to withhold cash from countries which fail to meet “EU values” in terms of independent courts will anger Poland and Hungary especially as their leaders are already at odds with Brussels over the “rule of law” issue.
“The rule of law is an essential precondition for sound financial management and effective EU funding,” the budget proposal says, noting that independent courts were needed to ensure fair tender procedures, combat fraud and so on.
Other highlights include ramping up spending on the new EU border guard force, intended to block illegal immigrants, and a 30 percent increase in foreign aid to 123 billion euros over the seven years, reflecting an ambition to project European influence as the United States appears to pull back.
The proposal also foresees Brussels raising more cash for itself rather than relying on national contributions but its proposals for new taxes on plastics or big global tech firms or a claim on funds raised by carbon trading face stiff opposition. Additional reporting by Robin Emmott, Foo Yun Chee, Robert-Jan Bartunek, Gabriela Baczynska, Peter Maushagen and Alissa de Carbonnel; Editing by Jon Boyle and Philip Blenkinsop | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-eu-budget/eu-launches-battle-for-bigger-post-brexit-budget-idUKKBN1I30YU |
A fully electric supercar without a traditional battery? Lamborghini CTO Maurizio Reggiani sketches his vision of the Third Millennium Lamborghini. | ashraq/financial-news-articles | http://live.wsj.com/video/drawing-the-future-of-supercars-with-lamborghinis-maurizio-reggiani/58226AEC-D08E-4969-8029-3F67484F50DF.html |
22 Hours Ago | 01:21
Amazon appears untouchable.
It's rallied 37 percent this year, outperforming the market nearly fourfold. And a stunning quarter, reported last month, prompted nearly two dozen firms to up their price targets on the e-commerce giant; a handful of those newly minted price targets place the company north of the $1 trillion threshold.
But at this juncture, I suspect a black swan has taken flight. Just consider the stock's presence in so many passive vehicles. An overwhelming passive presence
Amazon is a top holding in over 140 exchange-traded funds. A liquidity event for Amazon shares — perhaps triggered by issues related to the Trump administration's ordered review of the company's impact on the U.S. Postal Service — would create uncontrollable selling, in our view.
Zooming in further, around 40 ETFs hold Amazon within the top 5 percent. Look out below: This is a colossal failure of common sense. A passive overdose
Investors have been stuffing themselves on a Thanksgiving feast full of technology stocks. Today, tech sector equities comprise nearly 30 percent of all large-cap mutual fund portfolios; this is an accident waiting to happen.
This represents the largest "overweight" relative to traditional benchmarks, relative to other large-cap sectors, in two decades. This represents, too, nothing more than a passive overdose on big tech, setting up large downside risk.
This development causes me to hearken back a decade.
Of course, who could possibly forget the great gorging on the financial sector heading into the crisis? Leading into 2007, banks and insurance companies comprised nearly 24 percent of the S&P 500. Today, the tech sector's large market weighing puts it up near 26 percent of the market's total capitalization. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/why-amazon-could-be-the-next-black-swan-for-the-market.html |
TOKYO, May 23 (Reuters) - Japan’s Nikkei share average fell to a 1-1/2-week low on Wednesday morning after U.S. President Donald Trump stoked uncertainty over the outcome of U.S.-China trade talks, while a stronger yen hurt exporters.
The Nikkei tumbled 1.2 percent to 22,688.18 in midmorning trade, after sliding to 22,649.85 earlier, the weakest intraday level since May 11.
Trump on Tuesday said he was not pleased with recent trade talks between the United States and China, checking hopes that the world’s two biggest economies were on course to hammer out a deal. U.S. Treasury Secretary Steven Mnuchin has earlier said that trade war is “on hold”, sending the Nikkei over the psychologically important 23,000 level on Monday.
Trump’s latest remarks followed Beijing’s announcement that it would cut import tariffs for automobiles and car parts.
“I don’t think we need to worry too much about trade war hitting the market harder than now because China is seen compromising as it tries to defuse trade tensions with the U.S.,” said Isao Kubo, equity strategist at Nissay Asset Management.
“That said, although investors do not expect that tension will deteriorate dramatically from the current state, there is still lingering uncertainty and that’s keeping activity in check.”
Exporters were sold as the yen bounced against the dollar, with TDK Corp declining 2.1 percent, Honda Motor Co shedding 1.3 percent and Daikin Industries falling 1.8 percent.
The dollar slipped 0.4 percent against the yen to 110.49 yen , after touching a four-month peak on Monday.
Shippers were also under pressure, with Mitsui OSK Lines and Kawasaki Kisen each dropping 2.8 percent.
Nishimatsuya stumbled 5.9 percent after the children’s wear chain said its same-store sales in May dropped 8.3 percent on the year, hit by bad weather after Japan’s Golden Week holidays.
The broader Topix skidded 0.8 percent to 1,794.99. (Editing by Shri Navaratnam)
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-stocks-midday/nikkei-hits-1-1-2-week-low-as-trump-dents-optimism-on-china-u-s-trade-talks-idUSL3N1SU1I2 |
May 3 (Reuters) - Chalice Gold Mines Ltd:
* TO ACQUIRE UP TO AN 80 PERCENT INTEREST IN DENAIN-PERSHING PROJECT FROM RENFORTH RESOURCES INC.
* TO EARN INTEREST IN PROJECT BY MAKING OPTION PAYMENTS OF C$200,000 & FUNDING EXPLORATION EXPENDITURES OF C$1.25 MILLION OVER 3 YRS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-chalice-gold-mines-enters-option-t/brief-chalice-gold-mines-enters-option-to-acquire-up-to-an-80-percent-interest-in-denain-pershing-project-idUSFWN1S91BR |
Continental Resources Inc:
* CONTINENTAL RESOURCES REPORTS FIRST QUARTER 2018 RESULTS * Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.68
* Q1 EARNINGS PER SHARE $0.63 * Q1 EARNINGS PER SHARE VIEW $0.64 — THOMSON REUTERS I/B/E/S
* Q1 2018 PRODUCTION TOTALED 25.9 MILLION BARRELS OF OIL EQUIVALENT (BOE), OR 287,410 BOE PER DAY, UP 34% FROM Q1 2017
* EXPECTS Q2 2018 PRODUCTION WILL BE IN A RANGE OF 285,000 TO 290,000 BOE PER DAY
* CONTINENTAL RESOURCES - EXPECT TO BE BELOW $6 BILLION OF NET DEBT IN Q2 2018, TARGETING LONG-TERM GOAL OF $5 BILLION OF NET DEBT ACHIEVED SOMETIME IN 2019 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-continental-resources-q1-earnings/brief-continental-resources-q1-earnings-per-share-0-63-idUSASC09Z72 |
FLINT, Mich., May 10, 2018 /PRNewswire/ -- Diplomat Pharmacy, Inc. (NYSE: DPLO) ("Diplomat" or the "Company") today announced that its Board of Directors has appointed Brian Griffin, Executive Vice President and CEO of IngenioRx, the pharmacy benefit manager (PBM) of Anthem, Inc. (NYSE: ANTM), as Chief Executive Officer and Chairman of the Board of Directors, effective June 4, 2018.
Ben Wolin, Chairman of the Board, said, "We are pleased to welcome Brian to the Diplomat team at this important time, and are confident that his dynamic skillset and significant industry experience make him ideally suited to assume the roles of CEO and Chairman. Brian is a proven healthcare executive having served in various leadership roles for many years, including at Express Scripts, Empire BlueCross BlueShield and Anthem, most recently launching its PBM organization. He brings expertise in areas essential to Diplomat's continued growth and success, including a tremendous knowledge of the PBM and specialty pharmacy industries and a deep understanding of the complexities and trends shaping the healthcare environment. His deep experience in Health Plan leadership will be instrumental in leading Diplomat in the rapidly evolving healthcare environment. On behalf of my fellow Board members, we look forward to the next stage of the Company's growth under Brian's leadership and are enthusiastic about the opportunities ahead."
As Executive Vice President and CEO for IngenioRx, a role he assumed in March 2018, Mr. Griffin is responsible for building the IngenioRx organization, which will begin offering a full suite of PBM solutions starting in 2020. For the three years prior, Mr. Griffin served as Executive Vice President and President of Anthem's Commercial and Specialty Business Division. He joined Anthem in 2013 as President and CEO of the company's second largest affiliated health plan, Empire BlueCross BlueShield, a role he held for two years. From 1987 to August 2012, Mr. Griffin served in positions of increasing responsibility with Medco Health Solutions, Inc., including as President, International and Subsidiaries of Express Scripts International Holding Company, Inc., which completed its merger with Medco Health Solutions, Inc. in April 2012, CEO of Medco International B.V. and CEO of Medco Celesio, B.V. Prior to that, he served as Group President of Health Plans at Medco Health Solutions Inc., and was responsible for national and regional health plans, BlueCross BlueShield plans, commercial insurance carriers, consumer-driven plans and third-party administrators.
Mr. Griffin stated, "This is a time of great opportunity for Diplomat, and I have long admired the Company and its innovative approach to driving better health outcomes. Following years of leadership experience in the healthcare industry, I feel both ready and honored to take on the roles of CEO and Chairman of Diplomat. Together with the Board and management team, I look forward to furthering Diplomat's growth strategy as we enhance value for shareholders and help enable increased benefits for physicians, pharma, payers and patients."
As previously announced, Atul Kavthekar, in addition to his duties as CFO, has temporarily assumed the role of Interim CEO of Diplomat until Mr. Griffin's appointment is effective.
With Mr. Griffin's appointment, the Diplomat Board will expand to eight members. At that time, Mr. Wolin will resume his role and responsibilities as independent Lead Director as outlined in Diplomat's Corporate Governance Guidelines.
The Diplomat Board retained Ignite Search Partners to assist in the completion of this search process.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events or our future financial or operating performance, and include Diplomat's expectations regarding the CEO search process. The forward-looking statements contained in this press release are based on management's good-faith belief and reasonable judgment based on current information. These statements are qualified by important risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from those forecasted or indicated by such forward-looking statements. These risks and uncertainties include CEO succession planning and the dependence on our senior management and key employees, and the additional factors set forth in "Risk Factors" in Diplomat's Annual Report on Form 10-K for the year ended December 31, 2017 and in subsequent reports filed with or furnished to the Securities and Exchange Commission. Except as may be required by any applicable laws, Diplomat assumes no obligation to publicly update such forward-looking statements, which are made as of the date hereof or the earlier date specified herein, whether as a result of new information, future developments, or otherwise.
About Diplomat
Diplomat (NYSE: DPLO) is the nation's largest independent provider of specialty pharmacy services—helping patients and providers in all 50 states. The company offers medication management programs for people with complex chronic diseases and delivers unique solutions for manufacturers, hospitals, payers, providers, and more. Diplomat opened its doors in 1975 as a neighborhood pharmacy with one essential tenet: "Take good care of patients and the rest falls into place." Today, that tradition continues—always focused on improving patient care and clinical adherence. For more information, visit diplomat.is .
INVESTOR CONTACT
Terri Anne Powers, Vice President, Investor Relations
Diplomat Pharmacy Inc.
312.889.5244 | [email protected]
MEDIA CONTACT
Jenny Cretu, Senior Vice President,
Pharma Services and Marketing
810.768.9370 | [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/diplomat-pharmacy-appoints-brian-griffin-as-chief-executive-officer-and-chairman-of-the-board-300646315.html
SOURCE Diplomat Pharmacy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-diplomat-pharmacy-appoints-brian-griffin-as-chief-executive-officer-and-chairman-of-the-board.html |
-- Source link: ( bit.ly/2IHIZ91 )
— China Railway Construction Corporation has asked one of its subsidiaries to halt production of maglev trains in Changsha, which is one of China’s two production lines for medium-low-speed maglev locomotives, Caixin reported on Wednesday.
The production halt occurred in early May and comes after the National Development and Reform Commission in March requested local governments and state-owned rail companies to strictly control production of railroad vehicles.
— Note: Reuters has not verified this story and does not vouch for its accuracy
| ashraq/financial-news-articles | https://www.reuters.com/article/media-crcc-halts-production-of-maglev-tr/media-crcc-halts-production-of-maglev-trains-in-changsha-caixin-idUSL5N1SU0EF |
Good business activity during first quarter, says BNP Paribas CFO 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/good-business-activity-during-first-quarter-says-bnp-paribas-cfo.html |
BALLERUP, Denmark, May 7, 2018 /PRNewswire/ -- LiqTech International, Inc. (NYSE AMERICAN: LIQT) , a clean technology company that manufactures and markets highly specialized filtration products and systems, announced today that it will release financial results for the first quarter ended March 31, 2018 on Tuesday, May 15, 2018 before the market opens.
LiqTech's management team will conduct a conference call at 11 am EDT Tuesday, May 15, 2018 to discuss the financial results and will be followed by an open Q&A.
Conference Call Details
Interested parties may participate in the call by dialing (877) 407-8029 or (201) 689-8029. It is recommended to dial in approximately 10 to 15 minutes prior to the scheduled start time. The conference call will also be available on replay starting at 3 pm EDT on May 15, 2018 and ending on June 5, 2018. To access the replay, please dial (877) 660-6853 and enter the conference id 13679717. The access number for the replay for international callers is (201) 612-7415.
Callers from Denmark can dial in using the following numbers:
Denmark (fixed) ATT 802 521 64
Denmark (mobile) ATT 802 519 17
ABOUT LIQTECH INTERNATIONAL, INC.
LiqTech International, Inc., a Nevada corporation, is a clean technology company that for more than a decade has developed and provided state-of-the-art technologies for gas and liquid purification using ceramic silicon carbide filters, particularly highly specialized filters for the control of soot exhaust particles from diesel engines and for liquid filtration. Using nanotechnology, LiqTech develops products using proprietary silicon carbide technology. LiqTech's products are based on unique silicon carbide membranes which facilitate new applications and improve existing technologies. In particular, Provital Solutions A/S ( www.provital.dk ), the Company's subsidiary, has developed a new standard of water filtration technology to meet the ever increasing demand for higher water quality. By incorporating LiqTech's SiC liquid membrane technology with its longstanding systems design experience and capabilities it offers solutions to the most difficult water pollution problem.
For more information, please visit www.liqtech.com
Follow LiqTech on LinkedIn: http://www.linkedin.com/company/liqtech-international
Follow LiqTech on Twitter: https://twitter.com/LiqTech
Forward-Looking Statements
This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in the our reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward looking statements in order to reflect any event or circumstance that may arise after the date of this release.
CONTACT:
LiqTech International
Aldo Petersen, Chairman,
+45 2390 0000, [email protected]
Sune Mathiesen, CEO
+45 5197 0908, [email protected]
View original content: http://www.prnewswire.com/news-releases/liqtech-international-inc-to-discuss-results-for-the-first-quarter-ended-march-31-2018-300643325.html
SOURCE LiqTech International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-liqtech-international-inc-to-discuss-results-for-the-first-quarter-ended-march-31-2018.html |
"Fast Money" final trades: PYPL, HD and more 9 Hours Ago The “Fast Money” traders share their final trades for the day including PayPal, Home Depot, Tesla and HCA Healthcare. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/fast-money-final-trades-pypl-hd-and-more.html |
WALTHAM, Mass. and MUMBAI, India, May 23, 2018 /PRNewswire/ -- Actifio , the Data-as-a-Service company, today announced the appointment of ValueData Technologies Pvt. Ltd. as its authorized distributor for India and South Asia, a region that includes several of the world's fastest-growing economies. Through this new strategic alliance, Actifio will be able to leverage ValueData Technologies' value-added distribution skills and market presence to reach a very large channel base and provide them with Actifio's robust suite of data management solutions. Gartner estimates IT spending in India will reach $87.1 billion in 2018, with enterprise software the market's fastest-growing segment.
Headquartered in Mumbai, Maharashtra, India, ValueData Technologies provides its customers with a hyper-focused "data-to-value" portfolio of products, solutions and services to help companies build up their data ecosystems. As a value-added distributor of Actifio, customers within the ValueData Technologies channel ecosystem will now gain access to Actifio's state-of-the-art data management solutions that will enable them to design and build a customized data infrastructure, on premise or in the cloud, that can be upgraded, edited or replaced with zero effect to their business operations.
Ronald Fernandes, Head of Business Development and Sales for ValueData Technologies, said, "We are very excited to expand our alliance with Actifio in this official capacity. As ValueData Technologies has always had a focus on data-to-value, Actifio's data-as-a-service mission through its backup management and data virtualization solutions among others complements our efforts perfectly, and we are fortunate to offer our customers a complete range of data-focused solutions under a single banner."
Ash Ashutosh, co-founder and CEO of Actifio, said, "As we expand our global reach, this alliance with ValueData Technologies will be instrumental in providing value added distribution to accelerate our growth throughout India and the South Asia region. With ValueData Technologies customers looking to transition their technology infrastructures, Actifio is proud to offer them a prime data backup management solution that will seamlessly merge into their suite of data-focused solutions."
Ravi Kollipara, Vice President and Country Manager of Actifio India, said, "India and the South Asia region represent some of the world's fastest-growing economies and IT markets. These are high-growth markets for Actifio because our platform enables organizations manage and protect their data and provide instant access to it regardless of hardware platform or cloud service."
To learn more about Actifio's products and solutions, please visit www.actifio.com .
About Actifio
Actifio is the world's leading Data-as-a-Service platform. It enables thousands of users around the world to deliver their data just as they deliver their applications and infrastructure... as a service available instantly, anywhere. An enterprise-class software platform powered by patented Virtual Data Pipeline™ technology, Actifio frees data from traditional infrastructure to accelerate adoption of hybrid cloud, build higher quality applications faster, and improve business resiliency and availability. For more, visit Actifio.com or follow @Actifio on Twitter.
About ValueData Technologies Pvt. Ltd.
ValueData Technologies Pvt. Ltd., combines the years of experience, insights and technology knowledge to data infrastructure and analytics. ValueData Technologies believes the Big Data Infrastructure is the foundational layer for all data analysis, the cornerstone for business value.
Media Contact:
P.J. Lee, CTP for Actifio
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/actifio-names-valuedata-technologies-its-authorized-distributor-for-fast-growing-india-and-south-asia-markets-300654022.html
SOURCE Actifio | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-actifio-names-valuedata-technologies-its-authorized-distributor-for-fast-growing-india-and-south-asia-markets.html |
Juniper Networks Inc:
* JUNIPER NETWORKS REPORTS PRELIMINARY FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 EARNINGS PER SHARE $0.10 * Q1 REVENUE $1.083 BILLION VERSUS I/B/E/S VIEW $1.05 BILLION
* Q1 EARNINGS PER SHARE VIEW $0.26 — THOMSON REUTERS I/B/E/S
* SEES FOR QUARTER ENDING JUNE 30, 2018 , REVENUES WILL BE APPROXIMATELY $1,175 MILLION, PLUS OR MINUS $30 MILLION
* NOW EXPECT ANNUAL OPERATING EXPENDITURES TO BE ABOUT FLAT FOR FULL YEAR 2018 VERSUS FULL YEAR 2017
* SEES FOR QUARTER ENDING JUNE 30, 2018, NON-GAAP NET INCOME PER SHARE WILL BE APPROXIMATELY $0.44, PLUS OR MINUS $0.03
* Q2 EARNINGS PER SHARE VIEW $0.43, REVENUE VIEW $1.16 BILLION — THOMSON REUTERS I/B/E/S
* Q2 REVENUE OUTLOOK REFLECTS A RETURN TO “NORMAL SEASONALITY”
* QTRLY NON-GAAP NET INCOME PER SHARE WAS $0.28 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-juniper-networks-q1-earnings-per-s/brief-juniper-networks-q1-earnings-per-share-0-10-idUSASC09YS0 |
DALLAS, May 07, 2018 (GLOBE NEWSWIRE) -- Capital Southwest Corporation (“Capital Southwest” or the “Company”) (Nasdaq:CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, announced today that it will release its fourth quarter and Fiscal Year 2018 results on Monday, June 4, 2018 after market close. In conjunction with the release, Capital Southwest has scheduled a conference call which will be broadcast live via phone and over the Internet on Tuesday, June 5, 2018 at 11:00 a.m. Eastern time. Investors may participate either by phone or audio webcast.
By Phone:
Dial (866)-502-8274 and provide the operator with Conference ID 2969078 at least 10 minutes before the call. A replay of the conference call will be available shortly after the call concludes until June 12, 2018, by dialing (855)-859-2056 and entering Conference ID 2969078.
By Webcast:
Connect to the webcast using the Investor Relations section of Capital Southwest's website at www.capitalsouthwest.com , or by using https://edge.media-server.com/m6/p/e8nip6rt . Please log in at least 10 minutes in advance to register and download any necessary software. A replay of the conference call will be available on Capital Southwest's website shortly after the call concludes.
About Capital Southwest
Capital Southwest Corporation (Nasdaq:CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $299 million in net assets as of December 31, 2017. A middle-market lending firm focused on supporting the acquisition and growth of middle market businesses, Capital Southwest makes investments ranging from $5 to $25 million in securities across the capital structure, including first lien, unitranche, second lien, subordinated debt and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.
Forward-Looking Statements
This press release contains historical information and forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 with respect to the business and investments of Capital Southwest. Forward-looking statements are statements that are not historical statements and can often be identified by words such as “will,” “may,” “could,” “believe,” “expect” and similar expressions and variations or negatives of these words. These statements are based on management's current expectations, assumptions and beliefs. They are not guarantees of future results and are subject to numerous risks, uncertainties and assumptions that could cause actual in any forward-looking statement. These risks include risks related to changes in the markets in which Capital Southwest invests, changes in the financial and lending markets, regulatory changes, tax treatment and general economic and business conditions.
Readers should not place undue reliance on any forward-looking statements and are encouraged to review Capital Southwest's Annual Report on Form 10-K for the year ended March 31, 2017 and subsequent filings for a more complete discussion of the risks and other factors that could affect any forward-looking statements. Except as required by the federal securities laws, Capital Southwest does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.
Investor Relations Contacts:
Michael S. Sarner, Chief Financial Officer
214-884-3829
Source:Capital Southwest Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-capital-southwest-announces-fourth-quarter-and-fiscal-year-2018-earnings-release-and-conference-call-schedule.html |
Secretary of State Mike Pompeo, in remarks to the press while en route to North Korea, uttered a diplomatic gaffe by referring to North Korean leader Kim Jong Un as "Chairman Un."
Names in Korea, like some other Asian nations, begin with the family name followed by the given name, generally two words. Kim should be referred to as Chairman Kim; Chinese President Xi JinPing as President Xi.
"We've continued to develop both administratively and sort of begin to put some outlines around the substance of the agenda for the summit between the president and Chairman Un," Pompeo said.
More from USA Today:
North Korea releases 3 Americans as Kim Jong Un prepares to meet Trump
Meet the 3 American prisoners released from North Korea
Cold case mystery: Wife charged with murder 17 years later
The Quote: was included in a transcript released by Pompeo's office.
In a tweet Tuesday, Pompeo played it safe: "I had productive meetings in Pyongyang with Chairman Kim Jong-un and made progress. I'm delighted to bring home three Americans."
Pompeo took office just two weeks ago, but the West Point grad is a former director of the CIA. This was his second trip to North Korea this year. He would appear to have plenty of expertise on North Korea affairs.
Struggles with Asian names, however, are nothing new for the Trump administration. A White House press release in July referred to Japanese Prime Minister Shinzo Abe as that nation's president. And hours later, the office referred to Xi as the leader of "the Republic of China." That would be Taiwan, and China views it as a breakaway province. The White House apologized.
Blooper aside, Pompeo's trip is being viewed as wildly successful by President Trump, who announced on Twitter that three Americans being held by North Korea were returning with Pompeo. Trump also said progress had been made toward his summit with Kim.
"I am pleased to inform you that Secretary of State Mike Pompeo is in the air and on his way back from North Korea with the 3 wonderful gentlemen that everyone is looking so forward to meeting," Trump tweeted. "They seem to be in good health. Also, good meeting with Kim Jong Un. Date & Place set."
show chapters Secretary of State Pompeo heading back from North Korea with 3 released prisoners 6 Hours Ago | 01:06 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/oops-mike-pompeo-refers-to-north-korean-leader-kim-as-chairman-un.html |
May 7 (Reuters) - Capital World Ltd:
* Q3 REVENUE 43.5 MILLION RGT VERSUS 74.6 MILLION RGT * Q3 PROFIT ATTRIBUTABLE 19.2 MILLION RGT VERSUS 38.4 MILLION RGT Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-capital-world-posts-q3-profit-attr/brief-capital-world-posts-q3-profit-attributable-19-2-mln-rgt-idUSFWN1SE0PW |
May 16, 2018 / 11:55 AM / a day ago For Big Oil, reserve size matters less than ever Ron Bousso 6 Min Read
LONDON (Reuters) - A decade ago, the news that the world’s top oil and gas companies had less than 12 years of production left in their reserves might have caused a panicked sell-off in their shares. FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. REUTERS/Ernest Scheyder/File Photo
But as consumers try to move away from fossil fuels to cleaner and cheaper energy sources, investors and executives say reserve size is no longer the gold standard for measuring the value and health of a company.
The cost of developing existing reserves and the amount of carbon those reserves produce has now become more important, they say. This is leading to a profound shift in company strategies.
“The quality of reserves and the commercial viability of reserves has eclipsed the quantity of reserves by far in recent years,” said Adi Karev, Global Leader for Oil and Gas at EY.
To view a graphic on Oil majors' reserves life, click: reut.rs/2rxoqFz
The sector is emerging from one of its longest and deepest downturns after an oil price slump that started in 2014.
The largest publicly-traded oil companies — Exxon Mobil, Royal Dutch Shell, Chevron, ConocoPhillips, France’s Total, BP, Equinor (formerly Statoil) and Italy’s Eni — have adapted. They saved money by cutting jobs and increasing technology spending and now make more money with oil at $60 a barrel than they did at $100.
But they also cut spending on exploration for new resources and development of new fields. This led to a decline in reserves.
An analysis by Reuters and Guinness Asset Management of the annual reports of those eight companies shows that the size of their oil and gas reserves, when added together, fell to 91 billion barrels in 2017. That was the lowest since the same amount in 2005.
The reserves of Exxon Mobil, the largest company, shrank by 16 percent since the slump began in 2014. Shell’s reserves fell 6.5 percent since then despite the $54 billion acquisition of BG Group in 2016.
BP and Chevron’s oil and gas reserves increased by a small 5 percent since 2014. Eni was the only one to significantly boost its reserves by over 20 percent thanks to the discovery of the giant Zohr gas field off the coast of Egypt.
The cumulative reserve life - the number of years a company can sustain its current production levels with existing reserves - of the eight companies fell to 11.7 years in 2017. That was the lowest level in at least 20 years although that drop is also the result of a sharp increase in production. Reuters does have access to data going back beyond 1998.
Exxon’s reserves life shrank from 17 years in 2014 to 15 in 2017. Eni’s from 10.6 to 10.1 years despite its discoveries. Shell slipped from 12 to 9 years over the period.
“There is clear deterioration (in reserves) and this will be a problem in time,” according to Jonathan Waghorn, manager of the energy fund at Guinness Asset Management.
But for now, “10-12 year’s reserve life should be fine, so it is not a materially important component between the Majors.” “THE BEST BARRELS”
With electric vehicles on the ascent and a peak for fuel demand on the horizon, the focus on the reserves is shifting to the quality of the reserves rather than the quantity
“Some reserves are more efficient than others,” Eldar Saetre, chief executive officer of Norwegian oil giant Equinor told Reuters.
“At some point we see a shrinking oil and gas industry, when that will be I do not know, but then it is really important that the best barrels come in and that will be increasingly a competitive factor.”
Some companies are already changing strategies to adapt to the new focus.
Oil prices are not expected to rise sharply in the long-term and governments are seeking to reduce pollution and greenhouse gas emissions. This means firms are adjusting by setting ceilings for the cost of projects, often below $35 a barrel. Oil reached a $80 a barrel this month, the highest since late 2014.
Crude oil and natural gas have different grades and the cost of pumping them can vary hugely. Saudi Arabia’s oil is easier and therefore cheaper to extract than Angola’s complex deepwater wells.
Canada’s oil sands have become less attractive due to their high cost of extraction and high carbon intensity. Exxon wrote down a large part of its Canadian oil reserves in 2017. Its largest rival, Shell, has sold most of its Canadian assets in recent years.
North American shale which has emerged over the past decade can be developed relatively quickly and at low cost, in contrast to multi-billion dollar deepwater projects that take years to develop.
The Permian basin in Texas, the heartland of the shale oil boom in recent years, saw production costs drop sharply to as low as $30 a barrel.
Exxon and U.S. rival Chevron have both acquired large acreage in the Permian in recent years. Shell is also expanding in U.S. shale.
The Gulf of Mexico also has low extraction costs because it has large reservoirs of oil and some infrastructure is already located there such as services companies and onshore bases.
Statoil and Total have bought exploration acreage in the U.S. Gulf of Mexico in recent months.
Brazil’s pre-salt reserves also have low costs as there are huge reservoirs and also some existing infrastructure. All eight companies are there and several have recently sharply increased their production in the basin.
“We are now getting to the point that the focus on efficiencies and producing reserves at a low level is what investors expect,” Karev said. Additional reporting by Shadia Nasralla in London and Stephen Jewkes in Milan; Editing by Anna Willard | ashraq/financial-news-articles | https://uk.reuters.com/article/us-oilmajors-reserves/for-big-oil-reserve-size-matters-less-than-ever-idUKKCN1IH1I2 |
May 15, 2018 / 11:34 AM / Updated 16 minutes ago Deals of the day-Mergers and acquisitions Reuters Staff 6 Min Read
(Updates Sibanye-Stillwater, Worldline, Qualcomm; Adds E.ON, Microchip, Marfrig Global Foods, Tyson Foods)
May 15 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1400 GMT on Tuesday:
** France’s Avril has purchased a majority stake in Italian olive oil maker Costa d’Oro, making it the third largest producer in the fast-developing market, the oilseed group said on Tuesday.
** Britain’s Competition and Markets Authority (CMA) said it would examine whether a takeover of miner Lonmin by South Africa’s Sibanye-Stillwater would reduce competition.
** The Dhaka Stock Exchange (DSE) has signed an agreement to sell a 25 percent stake to a Chinese consortium that includes the Shenzhen and Shanghai stock exchanges, a top DSE executive said.
** Santos Ltd’s suitor Harbour Energy said it is working with its target’s top shareholders, China’s ENN Ecological Holdings and Hony Capital, toward sealing a takeover offer for the Australian gas producer.
** Turkey’s Denizbank chief executive Hakan Ates said that he hoped the sale of the bank would be completed in May.
** Chinese state-owned carmaker FAW Group has agreed to invest around $260 million in China-backed electric car start-up Byton as part of an ongoing series-B funding round, two people with knowledge of the matter told Reuters on Tuesday.
** Chinese online retailer JD.com Inc has invested $306 million in ESR Cayman Ltd, a logistics fund developer and manager backed by private equity firm Warburg Pincus LLC, ESR said in a statement on Tuesday.
** French gas and power group Engie said it is in talks with Brazilian state-controlled oil company Petroleo Brasileiro SA to buy Petrobras’ gas pipeline network Transportadora Associada de Gas (TAG).
** Worldline’s $2.75 billion deal to buy the payments unit of Swiss exchange operator SIX Group could herald more consolidation in the industry, SIX’s chairman told Reuters.
** State-owned Saudi Arabian Airlines (Saudia) has selected Jeddah-based hospital operator Dr. Soliman Fakeeh Hospital as a preferred bidder for its medical unit, sources familiar with the matter said.
** India’s Manipal Hospital and private equity firm TPG Capital Management on Monday sweetened their bid to buy Fortis Healthcare Ltd, just days after the Fortis board said it favoured a rival offer to the dismay of many shareholders.
** CBS Corp filed a lawsuit on Monday to reduce the voting power of controlling shareholder National Amusements Inc, the movie theater company owned by Sumner and Shari Redstone, in an act of defiance aimed at thwarting the Redstones’ plan to merge CBS with Viacom Inc.
** Xerox Corp has scrapped a planned $6.1 billion deal with Fujifilm Holdings Corp in a settlement with activist investors Carl Icahn and Darwin Deason that also hands control of the U.S. photocopier giant to new management.
** Valero Energy Corp has agreed to purchase Pure Biofuels Del Peru from private equity firm Pegasus Capital Advisors, the companies said on Monday, marking the U.S. refiner’s first infrastructure investment in South America.
** Shares in Portuguese utility EDP jumped as much as 12 percent on Monday to trade above the price of a bid by China Three Gorges, indicating investors think the $10.8 billion offer is an opening gambit that could lead to a higher or rival bid.
** German automotive parts company Hella is holding talks with potential investors over a sale of its wholesale activities, it said on Monday.
** Qualcomm’s proposed $44 billion takeover of rival NXP Semiconductors is yet to see a concrete breakthrough in China, sources said, tempering hopes a lull in trade tensions with the United States had prompted Beijing to speed up its ruling on the deal.
** Aurora Cannabis Inc will buy rival MedReleaf Corp for C$3.2 billion ($2.51 billion) in the biggest deal yet to unify major Canadian pot growers, as the country moves toward legalizing marijuana for recreational use.
** Struggling department store operator Sears Holdings Corp said on Monday it has formed a special committee to explore the sale of its Kenmore appliances brand, home improvement products and parts direct business.
** Eli Lilly and Co will buy AurKa Pharma Inc in a deal potentially worth up to $575 million, the U.S. drugmaker said on Monday, seeking access to the privately-held firm’s experimental cancer treatment for solid tumors.
** Burberry is to take over one of its leather goods suppliers in Italy as the British group seeks to boost its handbag business in a drive to take its brand more upmarket.
** E.ON has the right to walk away from an agreed deal to break up Innogy should it sell single assets worth more than 150 million euros ($179 million) or assets worth a combined 450 million, RWE’s finance chief said.
** Microchip Technology Inc said it has received antitrust approval from China to buy rival Microsemi Corp , clearing a major hurdle to the $8.35 billion deal.
** The board of Brazil’s Marfrig Global Foods SA authorized the company to get a loan of up to $900 million to finance the acquisition of U.S.-based National Beef Packing Company LLC.
** Tyson Foods Inc said it would buy the poultry rendering and blending assets of American Proteins Inc and AMPRO Products Inc for about $850 million, as the company looks to recycle more animal products to use in feed and pet food. (Compiled by Akshara P in Bengaluru) | ashraq/financial-news-articles | https://www.reuters.com/article/deals-day/deals-of-the-day-mergers-and-acquisitions-idUSL3N1SM514 |
May 13, 2018 / 6:07 AM / Updated 31 minutes ago Iran court sentences eight men to death over Islamic State attack Reuters Staff 2 Min Read
DUBAI (Reuters) - An Iranian court on Sunday sentenced eight men to death over attacks that killed 18 people at the parliament and Ayatollah Ruhollah Khomeini’s mausoleum last year, in the first deadly operation by Islamic State in the country.
The sentence, issued by a Revolutionary Court after a seven-session hearing, can be appealed in Iran’s Supreme Court, Musa Ghazanfarabadi, head of Tehran’s Revolutionary Court, told state television.
Ghazanfarabadi said courts will hear claims later filed by families of the victims against the United States and Saudi Arabia, which mainly Shi’ite Muslim Iran accuses of supporting Sunni Muslim militant group Islamic State. Both countries deny that accusation.
Islamic State claimed responsibility for the unprecedented attacks in Iran, in which suicide bombers and gunmen attacked the parliament and Khomeini’s mausoleum in Tehran.
Eighteen other suspects still face charges over the attacks, according to state media.
Iran has said that the five gunmen and suicide bombers who were killed had fought in Syria and Iraq, where Islamic State once held swathes of territory but is now in decline. Reporting by Dubai newsroom; Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-court-islamicstate/iran-court-sentences-eight-men-to-death-over-islamic-state-attack-tv-idUKKCN1IE071 |
Martin Scorsese receives honorary award in Cannes Wednesday, May 09, 2018 - 01:01 Thu, Nov 23, 2017 - (2:18) Follow Reuters: Reuters Plus | Reuters News Agency | Brand Attribution Guidelines | Careers
Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/09/martin-scorsese-receives-honorary-award?videoId=425396097 |
HUNTINGTON, W. Va., May 2, 2018 /PRNewswire/ -- PREMIER FINANCIAL BANCORP, INC. (PREMIER), (NASDAQ/GMS: PFBI), a $1.5 billion financial holding company with two community bank subsidiaries, announced record financial results for the first quarter of 2018. Premier realized net income of $5,133,000 during the quarter ended March 31, 2018, a 40.1% increase from the $3,664,000 of net income reported for the first quarter of 2017. On a diluted per share basis, Premier earned $0.48 during the first quarter of 2018 compared to $0.34 per share earned during the first quarter of 2017. The increase in net income in the first three months of 2018 is largely due to an increase in interest income, gains on the liquidation of other real estate owned ("OREO") and lower income tax expense. These positive items more than offset a higher provision for loan losses in 2018.
President and CEO Robert W. Walker commented, "While we were expecting an improvement in net income from the lower corporate income tax rates enacted as part of the Tax Cuts and Jobs Act of 2017, completion of the sale of two large foreclosed properties ("OREO") in the first quarter added over $1.0 million to pretax income and propelled our first quarter 2018 results to a record level. But that's not all. We also enjoyed higher interest income on loans, investments and short-term liquid assets in 2018 versus the first quarter of 2017, as well as a higher level of service charge and electronic banking revenue. Our net interest margin improved to 4.28% in the first quarter of 2018, up from 4.12% in the same quarter of 2017, aided by increases in yields on commercial loans, investment securities and short-term liquid assets. Also aiding our improvement in earnings, total earning assets increased in the first quarter of 2018 by approximately $60.8 million, or 4.4%, over the total at year-end 2017, partially due to a $20.4 million increase in non-interest bearing deposits. Lastly, we recently announced our definitive agreement to acquire the First Bank of Charleston, a $182 million bank headquartered in the capital city of West Virginia. We are excited about the opportunity to once again expand the Premier community bank franchise. While we have established commercial loan relationships in Charleston, our retail loan and deposit product offerings should enjoy a natural boost with the addition of First Bank of Charleston's retail franchise. We look forward to completing this merger some time early in the fourth quarter of this year."
Net interest income for the quarter ended March 31, 2018 totaled $14.635 million, up $639,000, or 4.6%, from the $13.996 million of net interest income earned in the first quarter of 2017. Interest income in 2018 increased by $690,000, also a 4.6% increase, largely due to a $499,000, or 3.7%, increase in interest income on loans. Interest income on loans in the first quarter of 2018 included approximately $533,000 of income recognized from deferred interest and discounts recognized on non-accrual loans that paid off during the quarter compared to approximately $446,000 of interest income of this kind recognized during the first quarter of 2017. Otherwise, interest income on loans increased by $412,000, or 3.0%, in the first quarter of 2018 largely due to a higher average balance of loans outstanding during the quarter when compared to the first quarter of 2017. Interest income on investment securities in the first quarter of 2018 increased by $50,000, or 3.5%, largely due to higher average yields although on a lower average balance of investments outstanding during the first quarter of 2018. Interest income from interest-bearing bank balances and federal funds sold increased by $141,000, or 90%, largely due to an increase in the yield on these balances in 2018 resulting from increases in the short-term interest rate policy of the Federal Reserve Board of Governors on a slightly higher average balance outstanding during the first quarter of 2018.
Partially offsetting some of the increase in interest income in the first quarter of 2018 was a $51,000, or again 4.6%, increase in interest expense. Interest expense on deposits increased by $82,000, or 8.6%, in the first quarter of 2018, primarily due to a higher average rate paid on certificates of deposit during the quarter. Average interest-bearing deposit balances were down slightly compared to the first quarter of 2017, and the average interest rates paid on savings, NOW and money market accounts were relatively unchanged in 2018 compared to the first quarter of 2017. However, increases in short-term rates have increased competition for time deposits and the related rates of interest paid on time deposits. Partially offsetting the increase in interest expense on deposit accounts, interest expense on borrowings in the first quarter of 2018 decreased by $40,000, or 46.0%, largely due to a decrease in outstanding borrowings from scheduled and accelerated principal payments on long-term borrowings at the parent company. Also adding to the overall increase in interest expense during the first quarter of 2018 was an $8,000, or 11.4%, increase in interest expense on Premier's subordinated debt due to an increase in the variable rate interest rate paid in 2018. The variable interest rate is indexed to the short-term three-month LIBOR interest rate, which has increased over the past twelve months in conjunction with increases in short-term interest rate policy by the Federal Reserve Board of Governors.
During the quarter ended March 31, 2018, Premier recorded $1,115,000 of provision for loan losses compared to $366,000 of provision for loan losses recorded during the same quarter of 2017. The increase in the provision for loan losses recorded during the first quarter of 2018 was primarily to provide for additional identified credit risk on impaired loans in Premier's commercial, commercial real estate and construction loan portfolios. The provision for loan losses recorded during the first quarter of 2017 was primarily to provide for the increase in the total loan portfolio during the first quarter of 2017 as well as additional identified credit risk in Premier's commercial and residential real estate loan portfolios. The level of provision expense is determined under Premier's internal analyses of evaluating credit risk. The amount of future provisions for loan losses will depend on any future improvement or further deterioration in the estimated credit risk in the loan portfolio as well as whether additional payments are received on loans previously identified as having significant credit risk. Gross charge-offs of loans increased by $55,000 in the first quarter of 2018 when compared to the same quarter of 2017, while recoveries on loans previously charged-off decreased by $15,000. Also during the quarter ended March 31, 2018, non-accrual loans increased by $68,000 since year-end 2017, while accruing loans over 90 days past due decreased by $2.7 million.
Net overhead costs (non-interest expenses less non-interest income) for the quarter ended March 31, 2018 totaled $6.923 million compared to $7.981 million in the first quarter of 2017. Net overhead decreased by $1.058 million, or 13.3%, in the first quarter of 2018 when compared to the first quarter of 2017, largely due to $1.080 million of net gains upon the sale of OREO in the first quarter of 2018. Premier sold approximately $6.1 million of OREO, or approximately 30% of the carrying value held on the books at year-end 2017, and realized $1.080 million of net gains upon their liquidation. OREO expenses and writedowns are traditionally included in Premier's total non-interest expenses, so the net gains from these sales reduced non-interest expense in the first quarter of 2018. Excluding the net OREO gains, net overhead totaled $8.003 million in the first quarter of 2018, compared to the $7.981 million in the first quarter of 2017, an increase of $22,000, or 0.3%. Total non-interest income increased by $49,000 in the first quarter of 2018 when compared to the first quarter of 2017, largely due to a $118,000, or 12.1%, increase in service charges on deposit accounts and a $37,000, or 4.7%, increase in electronic banking income. These increases were partially offset by a $35,000 decrease in secondary market mortgage income, $50,000 of proportional start-up costs from an investment in a start-up insurance agency and a $21,000 decrease in other non-interest income. Non-interest expense decreased by $1.009 million in the first quarter of 2018 when compared to the first quarter of 2017, largely due to the $1.080 million of net gains on the sale of OREO discussed above. Otherwise, non-interest expense increased by $71,000, or 0.7% in the first quarter of 2018 compared to the first quarter of 2017. Increases in operating costs include a $261,000 increase in loan collection expenses, an $89,000, or 5.9% increase in occupancy and equipment expense, an $88,000, or 35.5%, increase in professional fees and a $51,000, or 27.0%, increase in taxes not on income. The unusually high increase in loan collection expenses was primarily due to expenses related to foreclosure on a large multifamily housing unit that was completed in the first quarter of 2018. These increases were substantially offset by a $192,000, or 3.9%, decrease in staff costs, a $71,000, or 5.4%, decrease in data processing costs, a $70,000, decrease in the amortization of intangible assets, a $45,000, or 23.3%, decrease in FDIC insurance premiums, and a $46,000 decrease in OREO expenses, exclusive of the net gains discussed previously.
Total assets as of March 31, 2018 were up $32.4 million, or 2.2%, from the $1.493 billion of total assets at year-end 2017. Liquid assets, such as cash and due from banks, interest bearing bank balances and federal funds sold, increased by $57.5 million, largely due to an increase in funds from an increase in total deposits and net payoffs on loans during the first three months of 2018. Cash and due from banks decreased by $21.0 million, due to a decrease in reserves required to be kept in non-interest bearing bank accounts under Federal Reserve Regulation D. These funds were moved to interest-bearing bank balances, improving Premier's overall interest income from short-term investments. Investment securities increased by $2.6 million, or 0.9%, since year-end 2017, as $20.6 million of new investment purchases were substantially offset by principal paydowns and a $3.9 million decrease in the market value of the securities available for sale. Total loans outstanding decreased by $20.3 million, or 1.9%, largely due to payoffs on loans, including expected sizable payoffs from completed construction projects, exceeding new loans generated during the quarter. Other real estate owned ("OREO") decreased by $5.8 million, or 29.0%, due to the sale of two of the three largest OREO properties held, which also generated nearly $1.07 million of profit upon liquidation. Total deposits increased by $30.5 million, or 2.4%, since year-end 2017, including a $20.4 million increase in non-interest bearing deposits, and a $12.9 million increase in interest bearing transaction and savings deposits. Time deposits have decreased by $2.8 million since year-end 2017. Customer repurchase agreements decreased by $2.5 million, or 10.8% since year-end 2017. Other borrowings decreased by $750,000 since year-end 2017 due to scheduled principal payments plus additional principal payments on Premier's existing borrowings. Premier's subordinated debentures increased by $7,000 since year-end 2017 due to the accretion of purchase accounting fair value adjustments applied to the $6.186 million face value of the subordinated debentures. Other liabilities increased by $4.6 million, largely due to securities that were purchased prior to March 31, 2018 that did not settle until April.
Stockholders' equity of $183.9 million equaled 12.1% of total assets at March 31, 2018, which compares to stockholders' equity of $183.4 million, or 12.3% of total assets, at December 31, 2017. The increase in stockholders' equity was largely due to the $5.1 million of first quarter net income. This increase in stockholders' equity was substantially offset by a $3.1 million, net of tax, decrease in the market value of the investment portfolio available for sale and a $0.15 per share cash dividend declared and paid during the first quarter of 2018.
Premier recently announced a definitive agreement to acquire First Bank of Charleston, a $182 million bank, as of March 31, 2018, headquartered in Charleston, West Virginia. Under terms of the definitive agreement with First Bank of Charleston, First Bank shareholders will be entitled to a combination of Premier common stock and cash currently valued at approximately $32.00 per First Bank share, or an aggregate value of $33.0 million, including $5.00 in cash from Premier and a $5.00 special dividend from First Bank. Under a floating exchange ratio, Premier would issue common stock valued at approximately $22.00 per First Bank share, or approximately 1.12 million shares assuming yesterday's closing price of $20.20 per share for Premier. The transaction, which is subject to satisfaction of various contractual conditions, requires approval by bank regulatory agencies and the shareholders of First Bank and approval of Premier shareholders for the issuance of shares. The transaction is anticipated to close in the fourth quarter of 2018, with a systems conversion anticipated to be completed soon thereafter.
Certain Statements contained in this news release, including without limitation statements including the word "believes," "anticipates," "intends," "expects" or words of similar import, constitute "forward-looking statements" within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Premier to be materially different from any future results, performance or achievements of Premier expressed or implied by such forward-looking statements. Such factors include, among others, general economic and business conditions, changes in business strategy or development plans and other factors referenced in this press release. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. Premier disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
Following is a summary of the financial highlights for Premier as of and for the period ended March 31, 2018
PREMIER FINANCIAL BANCORP, INC.
Financial Highlights
Dollars in Thousands (except per share data)
For the
Quarter Ended
March 31
March 31
2018
2017
Interest Income
Loans, including fees
14,034
13,535
Investments and other
1,765
1,574
Total interest income
15,799
15,109
Interest Expense
Deposits
1,031
949
Borrowings and other
133
164
Total interest expense
1,164
1,113
Net interest income
14,635
13,996
Provision for loan losses
1,115
366
Net interest income after provision
13,520
13,630
Non-interest Income
Service charges on deposit accounts
1,094
976
Electronic banking income
817
780
Other non-interest income
155
261
Total non-interest income
2,066
2,017
Non-Interest Expense
Salaries and employee benefits
4,778
4,970
Net occupancy and equipment
1,610
1,521
Outside data processing
1,249
1,320
OREO expenses and writedowns, net
(886)
240
Amortization of intangibles
195
265
Other non-interest expenses
2,043
1,682
Total non-interest expense
8,989
9,998
Income Before Taxes
6,597
5,649
Income Taxes
1,464
1,985
NET INCOME
5,133
3,664
EARNINGS PER SHARE
0.48
0.34
DILUTED EARNINGS PER SHARE
0.48
0.34
DIVIDENDS PER SHARE
0.15
0.15
Charge-offs
464
409
Recoveries
86
101
Net charge-offs (recoveries)
378
308
PREMIER FINANCIAL BANCORP, INC.
Financial Highlights (continued)
Dollars in Thousands (except per share data)
Balances as of
March 31
December 31
2018
2017
ASSETS
Cash and due from banks
19,845
40,814
Interest-bearing bank balances
107,550
39,773
Federal funds sold
15,348
4,658
Securities available for sale
281,088
278,466
Loans (net)
1,015,918
1,036,948
Other real estate owned
14,185
19,966
Other assets
33,298
34,053
Goodwill and other intangible assets
38,551
38,746
TOTAL ASSETS
1,525,783
1,493,424
LIABILITIES & EQUITY
Deposits
1,303,195
1,272,675
Fed funds/repurchase agreements
20,793
23,310
Other borrowings
4,250
5,000
Subordinated debentures
5,383
5,376
Other liabilities
8,286
3,708
TOTAL LIABILITIES
1,341,907
1,310,069
Common stockholders' equity
183,876
183,355
TOTAL LIABILITIES &
STOCKHOLDERS' EQUITY
1,525,783
1,493,424
TOTAL BOOK VALUE PER COMMON SHARE
17.22
17.17
Tangible Book Value per Common Share
13.61
13.55
Non-accrual loans
15,314
15,246
Loans past due over 90 days and still accruing
678
3,391
View original content: http://www.prnewswire.com/news-releases/premier-financial-bancorp-inc-reports-record-first-quarter-2018-earnings-300640640.html
SOURCE Premier Financial Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-premier-financial-bancorp-inc-reports-record-first-quarter-2018-earnings.html |
PARIS (Reuters) - Air France-KLM’s board will decide on a management transition plan on May 15, the company said on Saturday, after CEO Jean-Marc Janaillac said he would step down when staff at its French brand rejected a pay deal.
The empty podium is seen after Jean-Marc Janaillac, Chief Executive Officer of Air France-KLM Group, attended a news conference to announce his resignation in Paris, France, May 4, 2018. REUTERS/Charles Platiau More than half of the staff at the French carrier who cast a ballot voted against the offer of a 7 percent salary increase over four years, prompting Janaillac to say he would resign.
Strikes over the pay dispute, due to resume on May 7 and May 8, have cost the company 300 million euros ($360 million) so far.
Janaillac, who is chairman at Air France as well as chairman and CEO of parent group Air France-KLM, agreed to stay on until a May 15 shareholder meeting, the company said in a statement. Air France-KLM’s board will also meet then.($1 = 0.8363 euros)
Reporting by Sarah White; Editing by Kevin Liffey
| ashraq/financial-news-articles | https://in.reuters.com/article/air-france-klm-ceo/air-france-klm-to-decide-on-management-plan-on-may-15-as-ceo-leaves-idINKBN1I60R4 |
FRANKFURT, April 30 (Reuters) - Influential proxy adviser Glass Lewis has recommended that shareholders in Deutsche Bank vote against ratifying the actions of the management and supervisory boards at the lender’s 2018 annual general meeting next month.
German companies typically ask shareholders to approve the actions of their boards over the previous year at the annual shareholder meetings. Votes against the boards’ actions amount to a vote of no confidence but are largely symbolic. (Reporting by Tom Sims Editing by David Goodman)
| ashraq/financial-news-articles | https://www.reuters.com/article/deutsche-bank-agm/proxy-advisor-glass-lewis-urges-vote-against-deutsche-bank-board-actions-at-agm-idUSL8N1S774M |
After years of trying, two investors have reached a deal to buy a majority share of the historic Plaza Hotel for $600 million, a top executive for the seller, the Sahara Group, confirmed.
The buyers are Shahal Khan, founder of the Dubai-based family office White City Ventures, and Kamran Hakim of the Hakim Organization, a major New York City landlord. The deal is scheduled to close on June 25.
Sandeep Wadhwa, head of corporate finance at the Sahara Group, which owns a 70 percent stake in the hotel, and Sant Singh Chatwal, a hotelier who owns the other 5 percent being sold, confirmed the deal. Both men declined to comment further, citing confidentiality agreements.
Opened in 1907, the Plaza is a city landmark and the only hotel listed on the National Register of Historic Places. Home of the literary troublemaker Eloise, famous for pouring water down the mail chute, the hotel has been featured in countless movies, from "North by Northwest" to "Home Alone 2," and was at one time owned by Donald J. Trump, who lost it in a bankruptcy. In 2005, it was largely converted into luxury condominiums, though a smaller hotel component and restaurants, including the Palm Court and the underground food hall, remain.
The Sahara Group has long tried to sell the property, and last year, it hired Jones Lang LaSalle, a brokerage firm, to carry out an auction of the property. The latest deal follows a string of reported sales that never came to fruition, though this time the buyers have made a $30 million deposit that they would forfeit if they backed out, making a completed sale more likely.
Read more from The New York Times:
The Plaza is for sale, but a part-owner has other ideas
What Donald Trump's Plaza deal reveals about his White House bid
Legal woes of owners help put the plaza back in play
The deal is complicated by the fact that a partnership of the Ashkenazy Acquisition, a real-estate firm, and Kingdom Holdings, which is controlled by the Saudi Prince Alwaleed bin Talel, owns the remaining 25 percent of the Plaza. The partners have the right of first refusal to buy the hotel at the same valuation. That right is set to expire sometime in the next week.
Prince Alwaleed was among a group of Saudi princes and ministers who were taken into custody by the government in November in a series of arrests orchestrated by Crown Prince Mohammed bin Salman.
Prince Alwaleed was released in January.
Calls to Kingdom Holdings and Ashkenazy Acquisitions were not returned.
The transaction is complex. The $600 million purchase price includes the refinancing of a more than $410 million mortgage on the hotel. The Qatari Sheikh Hamad bin Jassim bin Jaber Al Thani, known as H.B.J., holds the mortgage, which is set to mature in early July.
The sale was first reported by the real estate trade magazine The Real Deal.
Subrata Roy, chairman of the Sahara Group, and Mr. Chatwal bought their shared stake in the hotel in 2012. Shortly after the purchase, Indian regulators sought to arrest Mr. Roy over a bond sale. He was jailed for two years, and has since been ordered to return several billion dollars.
In 2010, Sahara purchased the Grosvenor House, a historic hotel in London. Last year, Ashkenazy Acquisition, with financing from H.B.J., acquired that hotel. As part of that deal, H.B.J. took over the mortgage on the Plaza.
Mr. Khan has spent several years trying to buy the hotel. It was suggested that he would use cryptocurrency to fund the acquisition, but the financing for the deal is a combination of traditional equity and debt.
Mr. Hakim is a major landlord, with a portfolio of properties worth more than $1 billion. He sued to get off New York's 100 worst landlord list, arguing that the buildings cited were vacant. A judge ruled against him in the suit last year, and he is now listed at No. 26.
Mr. Khan confirmed the deal, but declined to comment further. Mr. Hakim did not return requests for comment. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/deal-is-reached-to-sell-the-plaza-hotel.html |
May 10 (Reuters) - FS Investment Corp:
* FSIC REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND DECLARES REGULAR DISTRIBUTION FOR SECOND QUARTER
* FS INVESTMENT CORP QTRLY NET INVESTMENT INCOME OF $0.21 PER SHARE
* FS INVESTMENT CORP QTRLY ADJUSTED NET INVESTMENT INCOME OF $0.21 PER SHARE
* FS INVESTMENT CORP QTRLY TOTAL NET REALIZED LOSS OF $0.02 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fsic-reports-first-quarter-2018-fi/brief-fsic-reports-first-quarter-2018-financial-results-and-declares-regular-distribution-for-second-quarter-idUSASC0A1ML |
-- Conference Call Today at 4:30 p.m. ET --
SOUTH SAN FRANCISCO, Calif., May 09, 2018 (GLOBE NEWSWIRE) -- Portola Pharmaceuticals, Inc. ® (Nasdaq:PTLA) today reported financial results for the three months and provided a corporate update.
“We achieved several major manufacturing and regulatory milestones this past year, including last week’s U.S. approval of Andexxa ® . We are now concentrating the Company’s efforts on the successful launch of Andexxa and Bevyxxa ® , which both have the potential to impact public health and become standards of care in the field of thrombosis,” said Bill Lis, chief executive officer of Portola. “We are also encouraged by interim data for our next compound for hematologic cancers, cerdulatinib, which will be presented next month at the American Society of Clinical Oncology Annual Meeting. Together, these three compounds comprise a leading thrombosis and hematology portfolio, all with global rights.”
Recent Achievements, Upcoming Events and Milestones
Andexxa [coagulation factor Xa (recombinant), inactivated-zhzo] – antidote for the reversal of the Factor Xa inhibitors rivaroxaban and apixaban.
Andexxa received Accelerated Approval from the FDA on May 3, 2018 for patients treated with rivaroxaban and apixaban, when reversal of anticoagulation is needed due to life-threatening or uncontrolled bleeding. Earned an additional $100 million milestone payment from the Company’s royalty-based financing with Health Care Royalty Partners based on the FDA approval of Andexxa in May 2018. Early Supply Program to launch in June with broader commercial launch anticipated in early 2019, upon FDA approval of the Generation 2 product. Presented interim data from the ongoing Phase 3b/4 ANNEXA-4 study in a late-breaking clinical trial presentation at the American College of Cardiology’s 67th Annual Scientific Session & Expo (ACC.18). Enrollment on track for completion this summer. Received a positive CHMP trend vote and working with regulatory authorities to address their accompanying request for additional data. Built significant Generation 2 product inventory to meet broad demand upon regulatory approval in the U.S. and Europe.
Bevyxxa (betrixaban) – oral, once-daily Factor Xa inhibitor approved for extended prophylaxis of venous thromboembolism (VTE) in acute medically ill patients with risk factors for VTE.
Initiated U.S. commercial launch and continued to expand the field force and market access teams. Additional results from the APEX trial published in the American Heart Journal and the American Journal of Medicine continue to highlight betrixaban’s effect on symptomatic VTE and VTE-related deaths. Eight abstracts accepted at the upcoming International Society on Thrombosis and Haemostasis (ISTH) and European Society of Cardiology (ESC) meetings.
Cerdulatinib – an oral, dual-spleen tyrosine kinase (SYK) and janus kinase (JAK) inhibitor in development for the treatment of relapsed/refractory B-cell and other T-cell malignancies in patients who have failed multiple therapies.
Completed enrollment in two of four cohorts of the ongoing Phase 2a study evaluating the safety and efficacy of cerdulatinib in patients with relapsed/refractory B-cell and T-cell malignancies who have failed multiple therapies. Interim results from the ongoing Phase 2a study accepted for presentation at the 2018 American Society of Clinical Oncology (ASCO) Annual Meeting. Received initial feedback from the FDA on the potential regulatory pathway.
First Quarter 2018 Financial Results
Total revenue for the first quarter of 2018 was $6.6 million, compared with $5.1 million for the first quarter of 2017. This includes $6.0 million in collaboration and license revenue earned under Portola’s collaboration and license agreements with Bristol-Myers Squibb Company, Pfizer, Bayer Pharma, Janssen Pharmaceuticals and Daiichi Sankyo, as well as $0.6 million in product revenue from initial sales of Bevyxxa, which was launched in the U.S. in January 2018.
Total operating expenses for the first quarter of 2018 were $91.9 million, compared with $45.7 million for the same period in 2017. Total operating expenses for the first quarter of 2018 included $11.0 million in stock-based compensation expense, compared with $9.0 million for the same period in 2017.
Research and development expenses were $60.1 million for the first quarter of 2018, compared with $30.6 million for the first quarter of 2017. The increase is due to the second Generation 2 commercial manufacturing campaign. Selling, general and administrative expenses for the first quarter of 2018 were $31.5 million, compared with $15.0 million for the same period in 2017. The increase is due to the build-out of the field force and marketing spend for the Bevyxxa launch.
For the first quarter of 2018, Portola reported a net loss of $84.2 million, or $1.28 net loss per share, compared with a net loss of $41.7 million, or $0.74 net loss per share, for the same period in 2017. Shares used to compute net loss per share attributable to common stockholders were 65.5 million for the first quarter of 2018 compared with 56.7 million for the same period in 2017.
Cash, cash equivalents and investments at March 31, 2018 totaled $451.1 million, compared with cash, cash equivalents and investments of $534.2 million as of December 31, 2017.
Based on the FDA approval of Andexxa in May 2018, the Company earned an additional $100 million milestone payment from its royalty-based financing with Health Care Royalty Partners.
Conference Call Details
Portola will host a conference call today, Wednesday, May 9, 2018, at 4:30 p.m. ET, during which time management will provide first quarter 2018 financial results, updates on Andexxa, the U.S. launch of Bevyxxa and other matters. The live call can be accessed by phone by dialing (844) 452-6828 from the U.S. and Canada or 1 (765) 507-2588 internationally and using the passcode 7068059. The webcast can be accessed live on the Investor Relations section of the Company's website at http://investors.portola.com . It will be archived for 30 days following the call.
About Portola Pharmaceuticals, Inc.
Portola Pharmaceuticals is a commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics that could significantly advance the fields of thrombosis and other hematologic diseases. The Company’s two FDA-approved medicines are Bevyxxa ® (betrixaban), the first and only oral, once-daily Factor Xa inhibitor, and Andexxa ® [coagulation factor Xa (recombinant), inactivated-zhzo], the first and only antidote for the Factor Xa inhibitors rivaroxaban and apixaban. The company also is advancing cerdulatinib, a SYK/JAK inhibitor for the treatment of hematologic cancers.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding the potential public health impact of Andexxa and Bevyxxa, the timing of the anticipated Early Supply Program launch of Andexxa, our plans to present cerdulatinib interim Phase 2a clinical trial results and our expected receipt of an additional $100 million in royalty-based financing investment. Risks that contribute to the uncertain nature of the forward-looking statements include: the risk that physicians, patients and payers may not see the benefits of utilizing Andexxa or Bevyxxa for the indications which they are approved; our ability to continue to manufacture our products and to expand approved manufacturing facilities; the possibility of unfavorable results from additional clinical trials involving Andexxa; the risk that the EMA may not approve Andexxa in the currently anticipated timelines or at all, and that any marketing approvals or reimbursement limitations may have significant limitations on its use; the risk that Portola may not obtain additional regulatory approvals necessary to expand approved indications for Andexxa; our expectation that we will incur losses for the foreseeable future and will need additional funds to finance our operations; the accuracy of our estimates regarding expenses and capital requirements; our ability to successfully build a hospital-based sales force and commercial infrastructure; our ability to obtain and maintain intellectual property protection for our product candidates; and our ability to retain key scientific or management personnel. These and other risks and uncertainties are described more fully in our most recent filings with the Securities and Exchange Commission, including our most recent quarterly report on Form 10-Q. All forward-looking statements contained in this press release speak only as of the date on which they were made. We undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Investor Contact: Media Contact: Cara Miller Laurie Masonson Portola Pharmaceuticals Pure Communications [email protected] [email protected]
Unaudited Condensed Consolidated Statements of Operations (In thousands, except share and per share data) Three Months Ended March 31, 2018 2017 Revenues: Product revenue, net $ 606 $ — Collaboration and license revenue 6,038 5,128 Total revenues 6,644 5,128 Operating expenses: Cost of Sales 336 — Research and development 60,067 30,645 Selling, general and administrative 31,541 15,021 Total operating expenses 91,944 45,666 Loss from operations (85,300 ) (40,538 ) Interest and other income, net 3,371 413 Interest expense (2,581 ) (1,639 ) Net loss (84,510 ) (41,764 ) Net loss attributable to noncontrolling interest (SRX Cardio) 332 45 Net loss attributable to Portola $ (84,178 ) $ (41,719 ) Net loss per share attributable to Portola common stockholders: Basic and diluted $ (1.28 ) $ (0.74 ) Shares used to compute net loss per share attributable to Portola common stockholders: Basic and diluted 65,509,945 56,692,788
Unaudited Condensed Consolidated Balance Sheet Data (In thousands) March 31, 2018 December 31, 2017 (Unaudited) Cash, cash equivalents and investments $ 451,085 $ 534,233 Prepaid research and development 3,449 734 Trade and other receivables, net 1,693 3,750 Unbilled - collaboration and license revenue 4,660 — 436,237 477,923 Property and equipment, net 5,393 5,217 Intangible assets 7,710 7,851 Prepaid and other long-term assets 4,812 9,609 Total assets 496,666 571,676 Accounts payable 20,788 9,304 Accrued research and development 22,105 44,973 Accrued compensation and other liabilities 10,754 15,078 Deferred revenue (current portion and long-term) 9,273 29,967 57,508 80,524 Notes payable, long-term and Long-term debt 107,397 104,816 Long term obligation to Collaborator 8,000 8,000 Total liabilities 186,498 222,183 Total Portola stockholders’ equity 307,992 346,866 Noncontrolling interest (SRX Cardio) 2,176 2,627 Total stockholders’ equity 310,168 349,493 stockholders’ equity 496,666 571,676
Source:Portola Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-portola-pharmaceuticals-reports-first-quarter-2018-financial-results-and-provides-corporate-update.html |
COLUMBUS, Ohio--(BUSINESS WIRE)-- Today the board of directors of State Auto Financial Corporation (NASDAQ:STFC) declared a regular quarterly cash dividend of $0.10 per share, payable June 29, 2018, to shareholders of record at the close of business on June 12, 2018. This is the 108th consecutive quarterly cash dividend declared by the company's board since STFC had its initial public offering of common stock in 1991.
About State Auto Financial Corporation
State Auto Financial Corporation, headquartered in Columbus, Ohio, is a super regional property and casualty insurance holding company and is proud to be a Trusted Choice® company partner. STFC stock is traded on the NASDAQ Global Select Market, which represents the top fourth of all NASDAQ listed companies.
The insurance subsidiaries of State Auto Financial Corporation are part of the State Auto Group. The State Auto Group markets its insurance products throughout the United States, through independent insurance agencies. The State Auto Group is rated A- (Excellent) by the A.M. Best Company and includes State Automobile Mutual, State Auto Property & Casualty, State Auto Ohio, State Auto Wisconsin, Milbank, Meridian Security, Patrons Mutual, Rockhill Insurance, Plaza Insurance, American Compensation and Bloomington Compensation. Additional information on State Auto Financial Corporation and the State Auto Insurance Companies can be found online at http://www.StateAuto.com/STFC .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005654/en/
State Auto Financial Corporation
Investors:
Tara Shull, 614-917-4478
[email protected]
or
Media:
Kyle Anderson, 614-917-5497
[email protected]
Source: State Auto Financial Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-state-auto-financial-declares-108th-consecutive-quarterly-dividend.html |
Revenue of $54.5 million under ASC 606
Revenue growth of 29% year-over-year under ASC 605
Annualized recurring revenue of $177.8 million, an increase of 38% year-over-year
Raised revenue and ARR growth guidance for full-year 2018
BOSTON, May 08, 2018 (GLOBE NEWSWIRE) -- Rapid7, Inc. (NASDAQ:RPD), a leading provider of analytics solutions for security and IT operations, today announced its the first quarter of 2018.
“Rapid7 had a strong start to 2018, putting us in a great position to achieve our 2018 goals, our long term aspirations and our overall SecOps vision," said Corey Thomas, President and CEO of Rapid7. "Enterprises are prioritizing cyber security in their IT budgets, and products that provide visibility, analytics and automation continue to outgrow the overall market for security software. With a broad set of solutions, our SecOps portfolio and platform are resonating with our customers and the broader market."
"The highlight of our first quarter was our Annualized Recurring Revenue, which accelerated to 38% year over year growth, which is evidence that our shift to subscription is gaining traction. Based on the strength of our business so far this year, we are raising our guidance for growth in both ARR and revenue for 2018, maintaining our guidance for 2018 non-GAAP operating loss, as we continue to invest in the business to drive meaningful growth, and reiterating our goal of achieving non-GAAP profitability in 2019."
First Quarter 2018 Financial Results (under ASC 606)
Total revenue for the first quarter of 2018 was $54.5 million.
For the first quarter of 2018, GAAP loss from operations was $(16.6) million and non-GAAP loss from operations was $(8.9) million.
Adjusted EBITDA was $(7.4) million in the first quarter of 2018.
For the first quarter of 2018, GAAP net loss was $(16.4) million or a GAAP loss per share of $(0.36) and non-GAAP net loss was $(8.6) million or a non-GAAP net loss per share of $(0.19).
For the first quarter of 2018, total revenue from North America was $46.4 million and comprised 85% of total revenue. Total revenue from international was $8.1 million and comprised 15% of total revenue in the first quarter of 2018.
Cash provided by operating activities was $7.3 million for the first quarter of 2018.
First Quarter 2018 Financial Results (under ASC 605)
Total revenue for the first quarter of 2018 was $58.2 million, an increase of 29% year-over-year.
For the first quarter of 2018, GAAP loss from operations was $(14.6) million, compared to GAAP loss from operations of $(10.5) million in the first quarter of 2017. For the first quarter of 2018, non-GAAP loss from operations was $(6.9) million, compared to non-GAAP loss from operations of $(5.7) million in the first quarter of 2017.
Adjusted EBITDA was $(5.4) million in the first quarter of 2018, compared to an adjusted EBITDA of $(4.6) million in in the first quarter of 2017.
For the first quarter of 2018, GAAP net loss was $(14.4) million or a GAAP loss per share of $(0.32), compared to a GAAP net loss of $(10.5) million or a GAAP loss per share of $(0.25) for the first quarter of 2017. For the first quarter of 2018, non-GAAP net loss was $(6.7) million or a non-GAAP net loss per share of $(0.15), compared to a non-GAAP net loss of $(5.8) million or a non-GAAP net loss per share of $(0.14) for the first quarter of 2017.
For the first quarter of 2018, total revenue from North America increased 30% year-over-year to $49.3 million and comprised 85% of total revenue. Total revenue from international increased 22% year-over-year to $8.9 million and comprised 15% of total revenue for the first quarter of 2018.
Cash provided by operating activities was $7.3 million for the first quarter of 2018, compared to $3.3 million for the first quarter of 2017.
For the first quarter of 2018, we recognized revenue under ASC 606. For the first quarter of 2017, however, we recognized revenue under ASC 605. Therefore, the periods are not directly comparable. In addition, since we adopted ASC 606 using the modified retrospective method, we have presented in the table below, for the first quarter of 2018, a summary of certain consolidated financial statement line items impacted by the adoption of ASC 606 with a comparison of these line items to ASC 605.
Three Months Ended March 31, 2018 Under ASC 606 Under ASC 605 Difference (in thousands)
Products $ 35,279 $ 37,766 $ (2,487 ) Maintenance and support 10,753 11,682 (929 ) Professional services 8,483 8,753 (270 ) Total revenue 54,515 58,201 (3,686 ) Cost of revenue - GAAP 16,594 16,616 (22 ) Gross margin - GAAP 70.0 % 71.4 % Cost of revenue - non-GAAP 15,312 15,334 (22 ) Gross margin - non-GAAP 71.9 % 73.7 % Sales and marketing - GAAP 29,052 30,743 (1,691 ) Sales and marketing - non-GAAP 27,450 29,141 (1,691 ) GAAP loss from operations (16,585 ) (14,612 ) (1,973 ) Non-GAAP loss from operations (8,872 ) (6,899 ) (1,973 ) Deferred revenue, current portion 140,448 152,336 (11,888 ) Deferred revenue, non-current portion 78,450 61,730 16,720 Total deferred revenue 218,898 214,066 4,832 Recent Business Metrics and Highlights
Annualized recurring revenue for the first quarter of 2018 was $177.8 million, an increase of 38% year-over-year.
In March, InsightVM was recognized by Forrester Research, Inc. as a Leader in The Forrester Wave™: Vulnerability Risk Management, Q1 2018 report. Among the vendors included in the report, Rapid7 received the highest scores in both the “Strategy” and “Current Offering” categories. “Rapid7 has already implemented what VRM will look like in the future,” wrote Forrester report author Josh Zelonis. The report also states: “Rapid7 leverages the same agent for endpoint detection and response as well as VRM to ease deployment, management, and, most importantly, to marry all your endpoint data at the point of collection.”
Our renewal rate for the first quarter of 2018, which includes upsells and cross-sells of additional products and services, was 120%. The expiring renewal rate, which excludes upsells and cross-sells of additional products and services, was 89% in the first quarter of 2018.
77% (under ASC 606) and 75% (under ASC 605) of total revenue in the first quarter of 2018 was recurring revenue, which is comprised of content subscriptions, maintenance and support, cloud-based subscriptions, managed services subscriptions, and term licenses, up from 69% in the first quarter of 2017.
85% (under ASC 606) and 89% (under ASC 605) of total revenue for the first quarter of 2018 came from deferred revenue on the balance sheet at the beginning of the quarter.
Ended the first quarter of 2018 with over 7,100 customers, an increase of 12% year-over-year.
Calculated billings were $48.0 million (under ASC 606) and $47.8 million (under ASC 605) for the first quarter of 2018, an increase of 9% year-over-year. Growth in calculated billings was depressed by an anticipated decrease in weighted average contract lengths from 23 months to 18 months year-over-year as we shift the business towards ARR, and a decrease in professional services growth. As we transition to a more subscription-based model, we believe calculated billings will be a less meaningful metric for our operations.
On January 30, 2018, we closed on a public offering of 5.95 million shares, of which 1.5 million were sold by us, resulting in net proceeds to us of approximately $30.9 million. On March 15, 2018, we closed on a public offering of 2.0 million shares, all which were sold by certain existing stockholders. We did not receive any of the proceeds from the sale of shares by the selling stockholders.
Please see investors.rapid7.com for our Financial Metrics spreadsheet.
For additional details on the reconciliation of non-GAAP measures and certain other business metrics to their nearest comparable GAAP measures, please refer to the accompanying financial data tables posted in this press release.
Second Quarter and Full-Year 2018 Guidance
Rapid7 anticipates total revenue, non-GAAP loss from operations, and non-GAAP net loss per share to be in the following ranges:
Second Quarter 2018 Guidance (in millions, except per share data) Impact of Adoption Under ASC 606 Under ASC 605 of ASC 606 Revenue $ 54.3 to $ 55.7 $ 57.6 to $ 59.0 $ (3.3 ) to $ (3.3 ) Year-over-year growth 21 % to 24 % Non-GAAP loss from operations $ (9.8 ) to $ (8.4 ) $ (8.7 ) to $ (7.8 ) $ (1.1 ) to $ (0.6 ) Non-GAAP net loss per share $ (0.21 ) to $ (0.18 ) Weighted average shares outstanding 46.5 Full-Year 2018 Guidance (in millions, except per share data) Impact of Adoption Under ASC 606 Under ASC 605 of ASC 606 Revenue $ 231.0 to $ 236.5 $ 244.5 to $ 249.0 $ (13.5 ) to $ (12.5 ) Year-over-year growth 22 % to 24 % Non-GAAP loss from operations $ (26.0 ) to $ (20.0 ) $ (25.0 ) to $ (21.0 ) $ (1.0 ) to $ 1.0 Non-GAAP net loss per share $ (0.55 ) to $ (0.42 ) Weighted average shares outstanding 46.7 Guidance for the second quarter and full-year 2018 does not include any potential impact of foreign exchange gains or losses.
Non-GAAP guidance excludes estimates for stock-based compensation expense, amortization of acquired intangible assets, acquisition-related expenses and certain non-recurring items. Rapid7 has provided a reconciliation of historical non-GAAP financial measures to the most comparable GAAP measures in the financial statement tables included in this press release. A reconciliation of non-GAAP guidance measures to the most comparable GAAP measures is not available on a forward-looking basis.
Conference Call and Webcast Information
Rapid7 will host a conference call today, May 8, 2018, to discuss its results at 4:30 p.m. Eastern Time. The call will be accessible by telephone at 888-223-6884 (domestic) or 303-223-4373 (international). The call will also be available live via webcast on the Company’s website at http://investors.rapid7.com . A telephone replay of the conference call will be available at 800-633-8284 or 402-977-9140 (access code 21886771) until May 15, 2018. A webcast replay will be available at http://investors.rapid7.com .
About Rapid7
Rapid7 (NASDAQ:RPD) powers the practice of SecOps by delivering shared visibility, analytics, and automation that unites security, IT, and DevOps teams. The Rapid7 Insight platform empowers these teams to jointly manage and reduce risk, detect and contain attackers, and analyze and optimize operations. Rapid7 technology, services, and research drive vulnerability management, application security, incident detection and response (SIEM), orchestration and automation, and log management for more than 7,100 organizations across more than 120 countries, including 55% of the Fortune 100. To learn more about Rapid7 or join our threat research, visit www.rapid7.com .
Non-GAAP Financial Measures and Other Business Metrics
To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States, or GAAP, we provide investors with certain non-GAAP financial measures and other business metrics, which we believe are helpful to our investors. We use these non-GAAP financial measures and other business metrics for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We also use certain non-GAAP financial measures as performance measures under our executive bonus plan. We believe that these non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.
The presentation of non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate our business.
Adjusted EBITDA . We define adjusted EBITDA as net loss before (1) interest income (expense), net, (2) other income (expense), net, (3) provision for income taxes, (4) depreciation expense, (5) amortization of intangible assets, (6) stock-based compensation expense, and (7) certain non-recurring items. We believe that the use of adjusted EBITDA is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Adjusted EBITDA should not be considered as a substitute for other measures of financial performance reported in accordance with GAAP. There are limitations to using this non-GAAP financial measure, including that other companies may calculate this measure differently than we do, that it does not reflect our capital expenditures or future requirements for capital expenditures and that it does not reflect changes in, or cash requirements for, our working capital and excludes some items that are cash based.
We also monitor operating measures of non-GAAP gross profit, non-GAAP operating loss, non-GAAP net loss and non-GAAP net loss per share. These non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, and certain non-recurring items such as secondary public offering costs and litigation-related expenses. We believe that these non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making. While our non-GAAP financial measures are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, you should review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate our business.
Annualized Recurring Revenue (ARR) . ARR is a non-GAAP measure that we define as the annual value of all recurring revenue related contracts in place at the end of the quarter. ARR should be viewed independently of revenue and deferred revenue as ARR is a performance metric and is not intended to be combined with any of these items.
Calculated Billings (non-GAAP) . Calculated billings is a non-GAAP measure that we define as total revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period. Historically, we have considered calculated billings to be a useful metric for management and investors, as a supplement to the corresponding GAAP measure of total revenue, because billings drive deferred revenue, which is an important indicator of the health and visibility of trends in our business. With the expansion of our subscription, cloud-based product offerings (InsightVM, InsightIDR, InsightAppSec, and InsightOps) on the Insight platform, the shift of our other products to subscription pricing, and the shift of our sales compensation plans to Annualized Recurring Revenue, we believe calculated billings will be a less meaningful metric for our operations. Our use of calculated billings has limitations as an analytical tool and should not be considered in isolation or as a substitute for revenue recognition or revenue measurement, or an analysis of our results as reported under GAAP. Also, it is important to note that other companies, including companies in our industry, may not use calculated billings as a measure of their business, may calculate billings differently, may have different billing frequencies, or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of calculated billings as a comparative measure.
While a reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis as a result of the uncertainty regarding, and the potential variability of, many of these costs and expenses that we may incur in the future, we have provided a reconciliation of historical non-GAAP financial measures and other business metrics to the nearest comparable GAAP measures in the accompanying financial statement tables included in this press release.
Cautionary Language Concerning Forward-Looking Statements
This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, statements regarding our market opportunity, demand for our product and service offerings, expectations regarding our reoccurring revenue and our future financial and business performance for the second quarter and full-year 2018, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to our rapid growth and ability to sustain our revenue growth rate, the ability of our products and professional services to correctly detect vulnerabilities, competition in the markets in which we operate, market growth, our ability to innovate and manage our growth, our ability to operate in compliance with applicable laws as well as other risks and uncertainties set forth in the “Risk Factors” section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2017 filed with the Securities and Exchange Commission on March 8, 2018, and subsequent reports that we file with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
Investor contact:
Jeff Bray, CFA
Vice President, Investor Relations
[email protected]
(857) 990-4074
Press contact:
Caitlin Doherty
[email protected]
(857) 990-4136
RAPID7, INC. Consolidated Balance Sheets (Unaudited) (in thousands) March 31, 2018 December 31,
2017 Under ASC 606 Under ASC 605 Under ASC 605 Assets Current assets: Cash and cash equivalents $ 99,646 $ 99,646 $ 51,562 Short-term investments 29,630 29,630 39,178 Accounts receivable, net 38,718 38,718 73,661 Deferred contract acquisition and fulfillment costs, current portion 8,583 — — Prepaid expenses and other current assets 12,232 11,949 8,877 Total current assets 188,809 179,943 173,278 Long-term investments 1,096 1,096 1,102 Property and equipment, net 9,238 9,238 8,589 Goodwill 83,164 83,164 83,164 Intangible assets, net 16,316 16,316 16,640 Deferred contract acquisition and fulfillment costs, non-current portion 20,295 — — Other assets 1,552 1,552 1,363 Total assets $ 320,470 $ 291,309 $ 284,136 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 5,669 $ 5,669 $ 2,240 Accrued expenses 18,372 18,372 29,728 Deferred revenue, current portion 140,448 152,336 155,811 Other current liabilities 1,702 1,702 1,706 Total current liabilities 166,191 178,079 189,485 Deferred revenue, non-current portion 78,450 61,730 68,689 Other long-term liabilities 1,907 1,478 1,809 Total liabilities 246,548 241,287 259,983 Stockholders’ equity: Common stock 462 462 441 Treasury stock (4,764 ) (4,764 ) (4,764 ) Additional paid-in-capital 503,669 503,669 463,428 Accumulated other comprehensive loss (44 ) (44 ) (39 ) Accumulated deficit (425,401 ) (449,301 ) (434,913 ) Total stockholders’ equity 73,922 50,022 24,153 Total liabilities and stockholders’ equity $ 320,470 $ 291,309 $ 284,136
RAPID7, INC. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data) Three Months Ended March 31, 2018 2018 2017 Under ASC 606 Under ASC 605 Under ASC 605 Revenue: Products $ 35,279 $ 37,766 $ 25,942 Maintenance and support 10,753 11,682 10,802 Professional services 8,483 8,753 8,501 Total revenue 54,515 58,201 45,245 Cost of revenue: Products 8,436 8,464 4,710 Maintenance and support 1,849 1,849 1,878 Professional services 6,309 6,303 5,676 Total cost of revenue 16,594 16,616 12,264 Total gross profit 37,921 41,585 32,981 Operating expenses: Research and development 16,722 16,722 11,393 Sales and marketing 29,052 30,743 24,810 General and administrative 8,732 8,732 7,248 Total operating expenses 54,506 56,197 43,451 Loss from operations (16,585 ) (14,612 ) (10,470 ) Other income (expense), net: Interest income (expense), net 241 241 169 Other income (expense), net 78 78 (115 ) Loss before income taxes (16,266 ) (14,293 ) (10,416 ) Provision for income taxes 95 95 129 Net loss $ (16,361 ) $ (14,388 ) $ (10,545 ) Net loss per share, basic and diluted $ (0.36 ) $ (0.32 ) $ (0.25 ) Weighted-average common shares outstanding, basic and diluted 45,210,250 45,210,250 42,016,831
RAPID7, INC. Consolidated Statements of Cash Flows (Unaudited) (in thousands) Three Months Ended March 31, 2018 2018 2017 Under ASC 606 Under ASC 605 Under ASC 605 Cash flows from operating activities: Net loss $ (16,361 ) $ (14,388 ) $ (10,545 ) Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization 2,399 2,399 1,624 Stock-based compensation expense 6,225 6,225 4,279 Provision for doubtful accounts 156 156 316 Foreign currency re-measurement loss 147 147 44 Other non-cash (income) expense (52 ) (52 ) 97 Changes in operating assets and liabilities: Accounts receivable 34,722 34,722 15,182 Deferred contract acquisition and fulfillment costs (1,713 ) — — Prepaid expenses and other assets (3,190 ) (2,936 ) 1,466 Accounts payable 3,219 3,219 (244 ) Accrued expenses (11,317 ) (11,317 ) (7,216 ) Deferred revenue (6,495 ) (10,435 ) (1,416 ) Other liabilities (444 ) (444 ) (266 ) Net cash provided by operating activities 7,296 7,296 3,321 Cash flows from investing activities: Purchases of property and equipment (2,147 ) (2,147 ) (1,335 ) Capitalization of internal-use software costs (693 ) (693 ) — Purchases of investments (4,460 ) (4,460 ) (7,401 ) Sale and maturities of investments 14,062 14,062 900 Net cash provided by (used in) investing activities 6,762 6,762 (7,836 ) Cash flows from financing activities: Proceeds from secondary public offering, net of offering costs paid of $284 31,231 31,231 — Taxes paid related to net share settlement of equity awards (462 ) (462 ) (169 ) Proceeds from employee stock purchase plan 1,632 1,632 1,499 Proceeds from stock option exercises 1,961 1,961 775 Net cash provided by financing activities 34,362 34,362 2,105 Effects of exchange rates on cash, cash equivalents and restricted cash (36 ) (36 ) (76 ) Net increase (decrease) in cash, cash equivalents and restricted cash 48,384 48,384 (2,486 ) Cash, cash equivalents and restricted cash, beginning of period 51,762 51,762 53,148 Cash, cash equivalents and restricted cash, end of period $ 100,146 $ 100,146 $ 50,662
RAPID7, INC. GAAP to Non-GAAP Reconciliation (Unaudited) (in thousands, except share and per share data) Three Months Ended March 31, 2018 2018 2017 Under ASC 606 Under ASC 605 Under ASC 605 Total gross profit (GAAP) $ 37,921 $ 41,585 $ 32,981 Add: Stock-based compensation expense 1 374 374 202 Add: Amortization of acquired intangible assets 2 908 908 439 Total gross profit (non-GAAP) $ 39,203 $ 42,867 $ 33,622 Gross margin (non-GAAP) 72 % 74 % 74 % Gross profit (GAAP) - Products $ 26,843 $ 29,302 $ 21,232 Add: Stock-based compensation expense 125 125 60 Ad: Amortization of acquired intangible assets 908 908 439 Total gross profit (non-GAAP) - Products $ 27,876 $ 30,335 $ 21,731 Gross margin (non-GAAP) - Products 79 % 80 % 84 % Gross profit (GAAP) - Maintenance and support $ 8,904 $ 9,833 $ 8,924 Add: Stock-based compensation expense 28 28 60 Total gross profit (non-GAAP) - Maintenance and support $ 8,932 $ 9,861 $ 8,984 Gross margin (non-GAAP) - Maintenance and support 83 % 84 % 83 % Gross profit (GAAP) - Professional services $ 2,174 $ 2,450 $ 2,825 Add: Stock-based compensation expense 221 221 82 Total gross profit (non-GAAP) - Professional services $ 2,395 $ 2,671 $ 2,907 Gross margin (non-GAAP) - Professional services 28 % 31 % 34 % Loss from operations (GAAP) $ (16,585 ) $ (14,612 ) $ (10,470 ) Add: Stock-based compensation expense 1 6,225 6,225 4,279 Add: Amortization of acquired intangible assets 2 948 948 486 Add: Secondary public offering costs 3 140 140 — Add: Litigation-related expenses 4 400 400 — Loss from operations (non-GAAP) $ (8,872 ) $ (6,899 ) $ (5,705 ) Net loss (GAAP) $ (16,361 ) $ (14,388 ) $ (10,545 ) Add: Stock-based compensation expense 1 6,225 6,225 4,279 Add: Amortization of acquired intangible assets 2 948 948 486 Add: Secondary public offering costs 3 140 140 — Add: Litigation-related expenses 4 400 400 — Net loss (non-GAAP) $ (8,648 ) $ (6,675 ) $ (5,780 ) Net loss per share, basic and diluted (non-GAAP) $ (0.19 ) $ (0.15 ) $ (0.14 ) Weighted-average common shares outstanding, basic and diluted 45,210,250 45,210,250 42,016,831 1 Includes stock-based compensation expense as follows: Cost of revenue $ 374 $ 374 $ 202 Research and development 2,566 2,566 1,513 Sales and marketing 1,563 1,563 1,403 General and administrative 1,722 1,722 1,161 2 Includes amortization of acquired intangible assets as follows: Cost of revenue $ 908 $ 908 $ 439 Sales and marketing 39 39 38 General and administrative 1 1 9 3 Includes secondary public offering costs as follows: General and administrative $ 140 $ 140 $ — 4 Includes litigation-related expenses as follows: General and administrative $ 400 $ 400 $ —
RAPID7, INC. Reconciliation of Total Revenue to Calculated Billings (Unaudited) (in thousands) Three Months Ended March 31, 2018 2018 2017 Under ASC 606 Under ASC 605 Under ASC 605 Total revenue $ 54,515 $ 58,201 $ 45,245 Add: Deferred revenue, end of period 218,898 214,066 167,647 Less: Deferred revenue, beginning of period 225,393 224,500 169,063 Calculated billings $ 48,020 $ 47,767 $ 43,829
Reconciliation of Net Loss to Adjusted EBITDA (Unaudited) (in thousands) Three Months Ended March 31, 2018 2018 2017 Under ASC 606 Under ASC 605 Under ASC 605 Net loss $ (16,361 ) $ (14,388 ) $ (10,545 ) Interest (income) expense, net (241 ) (241 ) (169 ) Other (income) expense, net (78 ) (78 ) 115 Provision for income taxes 95 95 129 Depreciation expense 1,383 1,383 1,138 Amortization of intangible assets 1,016 1,016 486 Stock-based compensation expense 6,225 6,225 4,279 Secondary public offering costs 140 140 — Litigation-related expenses 400 400 — Adjusted EBITDA $ (7,421 ) $ (5,448 ) $ (4,567 )
RAPID7, INC. Adjusted Opening Consolidated Balance Sheet Under ASC 606 (Unaudited) (in thousands) Adjusted under
ASC 606 January 1, 2018 Cash and cash equivalents $ 51,562 Short-term investments 39,178 Accounts receivable, net 73,661 Deferred contract acquisition and fulfillment costs, current portion 7,844 Prepaid expenses and other current assets 8,907 Long-term investments 1,102 Property and equipment, net 8,589 Goodwill 83,164 Intangible assets, net 16,640 Deferred contract acquisition and fulfillment costs, non-current portion 19,321 Other assets 1,363 Total assets $ 311,331 Accounts payable $ 2,240 Accrued expenses 29,728 Deferred revenue, current portion 142,020 Other current liabilities 1,706 Deferred revenue, non-current portion 83,373 Other long-term liabilities 2,238 Total liabilities 261,305 Common stock 441 Treasury stock (4,764 ) Additional paid-in-capital 463,428 Accumulated other comprehensive loss (39 ) Accumulated deficit (409,040 ) Total stockholders’ equity 50,026 Total liabilities and stockholders’ equity $ 311,331
Source:Rapid7 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-rapid7-announces-first-quarter-2018-financial-results.html |
DAKAR (Reuters) - Senegal’s old Palais de Justice sits among some of the most sought-after real estate in the capital Dakar, where it shares a stunning sea view with the nearby French ambassador’s residence.
A man looks at "Triumph of Seagulls", by Nathalie MBA Bikoro during the 13th edition of the Dakar Biennale of African Contemporary Art, Dak'art in Dakar, Senegal May 4, 2018. REUTERS/Mikal McAllister So, many Senegalese were surprised when 18 months ago President Macky Sall turned the vast modernist building into a museum for fine arts - rarely a priority for African leaders usually more preoccupied with building roads and wooing hotels.
Now, at the latest installment of Africa’s oldest and biggest biennale art exhibition, the curator who lobbied for this space wants African artists to seize the moment as the continent finally starts to enjoy the attention it deserves.
“The global message for the African is, if we don’t catch that train - and the train is leaving now - too bad for us. Tomorrow will be too late,” curator Simon Njami told Reuters at the venue, where more than 75 artists from around the world are exhibiting their work for a month.
The practice of hosting art exhibitions every two years has spread to several African countries, but none has been more successful so far than the Dakar Biennale, founded in the 1990s and also known as Dak’Art.
This year’s displays by African artists at the biennale are as eclectic as those from elsewhere. They include works using materials that have become hallmarks of the continent’s modern art - such as the recycled food packaging and strips of “African print” cloth in Nigerian artist Olanrewaju Tejuoso’s abstract wall piece.
Yassine Balbzioui poses for a photo with his artwork "Crazy Cloud" during the 13th edition of the Dakar Biennale of African Contemporary Art, Dak'art in Dakar, Senegal May 4, 2018. REUTERS/Mikal McAllister Others - involving lights going on and off, rooms scattered with everyday household objects or projectors beaming images with enigmatic slogans onto walls - wouldn’t look out of a place in a Western conceptual art exhibition.
One by South African artist Frances Goodman seems to conjure up intense rage using an amorphous blob of fake fingernails.
In the past quarter-century African art has gone from near total obscurity on the world scene to producing stars such as Ghana’s El Anatsui and South Africa’s William Kentridge.
“It’s a whole continent that was ignored. The market is just starting to pick up on it,” said Njami, a Swiss national of Cameroonian descent. “Before, anyone could have bought an El Anatsui. Nowadays if you don’t have $2 million, forget about it.”
Slideshow (9 Images) In March a portrait of a Nigerian princess that was lost for 40 years and found in London sold for $1.4 million.
Despite successfully lobbying for the Palais, Njami thinks African governments do woefully little to support the arts.
“People say: ‘Why spend money on arts when you can build a road?’” he said. “But we need culture, not just infrastructure”.
Owing to poor support, facilities and a tiny domestic market, many of Africa’s most talented artists predictably end up in Europe or the United States. Those staying at home are often underresourced.
At the exhibition, Senegalese artist Badara Sarr complained that his spot was underlit, so he had to buy a spot lamp, and then there was no technician available to install it.
“It was a bit deplorable, but we manage as Senegalese. That’s Africa for you,” he told Reuters next to his cloud-like patches of red, blue and green paint. Despite being a bit in the dark, “a lot of people are interested” in his painting.
“I’m honestly happy about the interactions we’re having,” he said.
Editing by Mark Heinrich
| ashraq/financial-news-articles | https://www.reuters.com/article/us-senegal-art-biennale/at-dakar-biennale-africas-artists-urged-to-seize-chance-idUSKBN1IA2B6 |
(Adds CEO Quote: , more details on sales and performance)
AMSTERDAM, May 8 (Reuters) - Dutch speciality chemicals company DSM on Tuesday said its net profit more than doubled in the first quarter to 331 million euros ($394.3 million), as supply disruptions at competitors drove prices for its vitamins substantially higher.
DSM confirmed preliminary figures, which showed earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 56 percent to 538 million euros in the first three months of the year.
Total sales grew 11 percent in the first quarter, excluding the temporary vitamin boost and adverse currency effects, with an almost equally strong growth in its nutritional and materials divisions, the company said.
DSM’s products range from food ingredients, such as vitamins and enzymes, to fabrics and plastics used in cars, garments and construction.
“We are very pleased that the strong underlying performance of our business continues, with growth well above market,” Chief Executive Feike Sijbesma said in a statement.
Last month, the company raised its 2018 forecast for adjusted EBITDA growth to “towards” 25 percent, as it expects sales to keep rising and costs to drop, while the effect of high vitamin prices will likely ebb in the second half of the year.
The vitamin price benefit added 165 million euros to EBITDA in the first quarter, with the total effect for 2018 estimated between 250 million euros and 300 million euros.
$1 = 0.8395 euros Reporting by Bart Meijer; Editing by Subhranshu Sahu and Sherry Jacob-Phillips
| ashraq/financial-news-articles | https://www.reuters.com/article/koninklijke-dsm-results/update-1-dsms-q1-net-profit-doubles-on-high-vitamin-prices-idUSL8N1SF0R7 |
Authorities say a Tesla sedan in Autopilot mode has crashed into a parked police cruiser in Southern California .
Police Sgt. Jim Cota says the officer was not in the cruiser during the crash Tuesday in Laguna Beach. He says the Tesla driver suffered minor injuries.
The police SUV ended up with its two passenger-side wheels on a sidewalk.
Tesla's semi-autonomous Autopilot mode has come under scrutiny following other recent crashes. The carmaker says the function is not designed to avoid a collision and warns drivers not to rely on it entirely.
WATCH: Elon Musk's big ambitions may be killing Tesla show chapters Tesla's earnings were better than expected, but Elon Musk still has a lot on his plate 8:48 PM ET Wed, 2 May 2018 | 05:31 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/tesla-in-autopilot-mode-hit-a-parked-california-police-car.html |
May 22 (Reuters) - Attis Industries Inc:
* ATTIS INDUSTRIES INC - ANNOUNCED APPROVAL OF LEAD SITES FOR ACQUISITION AND CONSTRUCTION OF ITS PLANNED BIOREFINING FACILITIES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-attis-industries-announced-approva/brief-attis-industries-announced-approval-of-lead-sites-for-acquisition-and-construction-of-biorefining-facilities-idUSFWN1ST0JO |
NEW YORK, May 10, 2018 (GLOBE NEWSWIRE) -- Staffing 360 Solutions, Inc. (Nasdaq:STAF), (“STAF 360” or “the Company”), a staffing solutions company executing an international buy-and-build strategy in the U.S. and the U.K., today announced that it will issue its 2018 First Quarter financial results before the market opens on May 14, 2018.
In addition, Brendan Flood, Chairman and Chief Executive Officer, and David Faiman, Chief Financial Officer, of STAF 360, will host a conference call focusing on financial results, recent business developments and growth initiatives, the same day at 9:00am Eastern Time. A Q&A session will follow the prepared remarks.
Interested parties may participate in the call by dialing 877.407.0778 (U.S), 800.756.3429 (U.K.) or 201.689.8565 (other international locations). Please dial in 10 minutes prior to the beginning of the call.
The conference call will be simultaneously webcast and available at: http://www.investorcalendar.com/event/29626 . To listen to the live webcast, go to the web site at least 15 minutes early to register, download and install any necessary audio software. If you are unable to listen live, the conference call will be archived on STAF 360’s web site.
About Staffing 360 Solutions, Inc.
Staffing 360 Solutions, Inc. (Nasdaq: STAF) is a public company in the staffing sector engaged in the execution of an international buy-and-build strategy through the acquisition of domestic and international staffing organizations in the United States and United Kingdom. The Company believes that the staffing industry offers opportunities for accretive acquisitions that will drive its annual revenues to $500 million. As part of its targeted consolidation model, the Company is pursuing acquisition targets in the finance and accounting, administrative, engineering, IT, and Commercial staffing space. For more information, please visit: www.staffing360solutions.com .
Follow Staffing 360 Solutions on Facebook , LinkedIn and Twitter .
Forward-Looking Statements
This press release contains forward-looking statements, which may be identified by words such as "expect," "look forward to," "anticipate" "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. Although Staffing 360 Solutions, Inc. believes such based on reasonable assumptions, it can give no assurance that its expectations will be attained. Actual results may vary expressed or implied by the statements herein, including the goal of achieving annualized revenues of $500 million, due to the Company’s ability to successfully raise sufficient capital on reasonable terms or at all, to consummate additional acquisitions, to successfully integrate newly acquired companies, to organically grow its business, to successfully defend potential future litigation, changes in local or national economic conditions, the ability to comply with contractual covenants, including in respect of its debt, as well as various additional risks, many of which are now unknown and generally out of the Company’s control, and which are detailed from time to time in reports filed by the Company with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Staffing 360 Solutions does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law.
Corporate Investor Contact:
Investor Relations:
The Equity Group, Inc.
Lena Cati
[email protected] / +1 (212) 836-9611
Devin Sullivan
[email protected] / +1 (212) 836-9608
Staffing 360 Solutions, Inc.
Brendan Flood, Chairman and CEO
[email protected] / +1 (646) 507-5715
David Faiman, Chief Financial Officer
[email protected] / +1 (646) 507-5711
Source:Staffing 360 Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-staffing-360-solutions-to-announce-2018-first-quarter-financial-results-and-host-investor-conference-call-on-monday-may-14.html |
May 25, 2018 / 9:03 AM / Updated 30 minutes ago Oscar winner Danny Boyle to direct next Bond film Reuters Staff 2 Min Read
LONDON (Reuters) - Academy Award winner Danny Boyle will direct the next James Bond film, the movie’s producers said on Friday, with actor Daniel Craig returning for his fifth outing as Britain’s famous fictional spy, the smooth-talking, martini-drinking 007.
Production on the 25th instalment in the Bond movie franchise will begin in December at Britain’s Pinewood Studios. The film will be released in autumn 2019.
In a statement, producers Michael G. Wilson and Barbara Broccoli describe Boyle, who won an Oscar for heart-warming drama “Slumdog Millionaire” and is also known for “Trainspotting” and “Steve Jobs”, as “exceptionally talented”.
Boyle previously worked with Craig on a short film for the opening ceremony at the 2012 London Olympics, in which the actor, as Bond, entered Buckingham Palace, where he was greeted by Queen Elizabeth.
The as-yet-unnamed Bond film’s screenplay will be written by John Hodge, who worked with Boyle on “Trainspotting”.
Craig has played Bond since 2006’s “Casino Royale”. After months of speculation on whether he would reprise the role after 2015’s “Spectre”, the 50-year-old actor confirmed last year he would put on Bond’s tuxedo for a fifth time. Director Danny Boyle attends a news conference to promote the movie 'T2 Trainspotting' at the 67th Berlinale International Film Festival in Berlin, Germany, February 10, 2017. REUTERS/Axel Schmidt Reporting by Marie-Louise Gumuchian; Editing by Peter Graff | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-film-bond/oscar-winner-danny-boyle-to-direct-next-bond-film-idUKKCN1IQ0ZR |
MAPUTO (Reuters) - At least 10 people were beheaded in an attack in northern Mozambique over the weekend in an area where previous Islamist attacks have been reported, state Radio Mocambique said on Tuesday.
Police in the capital Maputo could not immediately give details of the attack in a village near the town of Palma, close to Mozambique’s border with Tanzania and near one of the world’s biggest untapped offshore gas fields.
“Unknown persons killed by decapitation at least 10 people in recent days in the administrative post of Olumbi, Palma district, in the north of Cabo Delgado province,” Radio Mocambique said in a brief report.
The radio station did not provide any further details on the attack. Portuguese news agency Lusa, quoting national broadcaster TVM, said two children were among those beheaded but this could not be independently verified.
Palma district administrator David Machimbuko told the station that authorities had moved security teams to areas where further attacks were feared. Police spokesman Inacio Dina said officers were gathering information from a team dispatched to the north.
Local media have reported a series of attacks carried out by Islamists since October last year, when police stations were attacked in the north, a predominantly Muslim region.
Mozambique has not been a focal point of Islamist militant activity in the past and police have been reluctant to ascribe the attacks to Islamists.
Muslims make up about 18 percent of Mozambique’s population. Roman Catholics form the largest single religious grouping, with about 30 percent of its 30 million people.
The gas project is located in the Rovuma basin off the northern coast of Mozambique, an area where oil firms are exploring. Experts say the reserves are enough to supply energy to Britain, France, Germany and Italy for over 20 years.
Reporting by Manuel Mucari, Writing by James Macharia, Editing by Angus MacSwan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mozambique-attack/at-least-10-beheaded-in-mozambique-attack-state-radio-idUSKCN1IU1L5 |
May 3, 2018 / 12:17 PM / Updated an hour ago UPDATE 1-Sweden's Clas Ohlson sees growth in online, new DIY service Reuters Staff 3 Min Read
(Adds details of strategy, background)
STOCKHOLM, May 3 (Reuters) - Clas Ohlson will look to e-commerce, its Nordic home markets and a new home jobs service to power sales growth, the Swedish budget retailer said on Thursday.
Under new CEO Lotta Lyra, Clas Ohlson, which sells a broad range of DIY and other products ranging from cleaning supplies to home electronics, has been reviewing its strategy.
In December it halted store expansion in the Nordics amid a rapidly changing retail market and sluggish store sales which have seen its shares fall by a third over the past six months.
The company, which hosted a capital markets day on Thursday, raised its annual target for organic sales growth to five percent from two percent over the next five years. Sales grew five percent the last fiscal year.
Clas Ohlson said it aimed for online sales to at least double every other year. They currently account for 3.5 percent of turnover, below market average, it said.
However, the firm set a new operating margin target of 6-8 percent over the same five-year period, down from the previous target of 10 percent. Last year, the margin was 7.8 percent.
It said that over the first two years, it expects to invest 1–2 percent of the underlying operating margin in strategic initiatives.
Shares in the Swedish firm were down 0.5 percent at 1207 GMT.
Last year, 85 percent of its 8 billion crown ($905 million) turnover was generated in Sweden and Norway, and the rest in Finland, Britain, Germany and Dubai.
The company said it saw great growth potential in the Nordics and announced the launch of a new “Clas Fix It” service in partnership with service companies developer Pegital Investment.
The new service will help customers in Sweden with practical advice on how to use the tools they have bought from Clas Ohlson or carry out do-it-yourself projects for the customer.
“By developing our offering, we will get closer to our customers’ everyday lives, thereby becoming even more relevant and accessible to them,” CEO Lyra said.
Clas Ohlson in December bought a stake in Swedish online grocery store MatHem, hoping to reach new customers via MatHem’s website as well as use its fast delivery services to the front door. ($1 = 8.8443 Swedish crowns) (Reporting by Anna Ringstrom; editing by Jason Neely and Jon Boyle) | ashraq/financial-news-articles | https://www.reuters.com/article/clas-ohlson-strategy/update-1-swedens-clas-ohlson-sees-growth-in-online-new-diy-service-idUSL8N1SA57M |
GADSDEN, Ala., May 04, 2018 (GLOBE NEWSWIRE) -- The Southern Banc Company, Inc. (OTCBB:SRNN), the holding company for The Southern Bank Company announced net income of approximately $112,000, or $0.15 per basic and diluted share, for the quarter ended March 31, 2018, as compared to a net loss of approximately $63,000, or ($0.08) per basic and diluted share, for the quarter ended March 31, 2017. For the nine-month period ended March 31, 2018 the Company recorded a net loss of approximately $625,000, which included an income tax expense of approximately $655,000 due to the recent tax law changes, as compared to a net loss of approximately $346,000 for the nine-month period ended March 31, 2017.
Gates Little, President and Chief Executive Officer of the Company stated that the Company’s net income for the quarter ended March 31, 2018 was primarily due to an increase in interest and fees on loans. During the quarter ended March 31, 2018 the Company’s net interest margin improved as compared to the same period in 2017. Net interest income for the quarter ended March 31, 2018 was approximately $1.1 million as compared to approximately $844,000 for the quarter ended March 31, 2017, an increase of approximately $217,000 or 25.7%. The improvement in the net interest margin for the quarter was primarily attributable to an increase in total interest income of approximately $240,000 or 23.4%, offset in part by a decrease in interest and dividends on securities of approximately $40,000 and an increase in interest on borrowing of approximately $28,000. Provision for loan and lease losses decreased approximately $76,000 during the quarter as compared to the same period in 2017. Net interest income after provision for loan and lease losses increased approximately $293,000 or 38.1% for the quarter ended March 31, 2018, as compared to the same quarter in 2017. For the quarter ended March 31, 2018, total non-interest income increased approximately $17,000 or 53.1% while total non-interest expense increased approximately $57,000 or 6.3% as compared to the same three month period in 2017. The increase in non-interest income was primarily attributable to an increase in gain on sale of securities of approximately $7,000, customer service fees of $7,000 and miscellaneous income of $3,000. The increase in non-interest expense was primarily attributable to increases in salaries and employee benefits of approximately $17,000, professional services of approximately $28,000, loss on sale of securities of approximately $9,000, other operating expenses of approximately $4,000, offset in part by a decrease in office building and equipment expenses of approximately $5,000.
For the nine-months ended March 31, 2018, net interest income increased approximately $749,000 or 29.7%. Provision for loan and lease losses increased approximately $185,000 or 46.8% during the nine-month period as compared to the same period in 2017. Net interest income after provision for loan and lease losses increased approximately $564,000 or 26.5% for the nine-months ended March 31, 2018, as compared to the same period in 2017. For the nine-months ended March 31, 2018, total non-interest income increased approximately $21,000 or 19.2% while total non-interest expense increased approximately $10,000 or 0.4% as compared to the same period in 2017. The increase in non-interest income was primarily attributable to increases in customer service fees of approximately $14,000, miscellaneous income of approximately $23,000 offset in part by a decrease in gain on sale of securities of approximately $16,000. The increase in non-interest expense was primarily attributable to increases in professional service expenses of approximately $11,000, other operating expense of approximately $17,000, loss on sale of securities of approximately $9,000, offset in part by decreases in salaries and employee benefits of approximately $10,000, office building and equipment expenses of approximately $13,000, data processing expenses of approximately $4,000.
The Company’s total assets at March 31, 2018 were approximately $98.6 million, as compared to $96.5 million at June 30, 2017. Total stockholders’ equity was approximately $10.9 million at March 31, 2018 or 11.0% of total assets as compared to approximately $11.8 million at June 30, 2017 or approximately 12.3% of total assets.
The Bank has four offices located in Gadsden, Albertville, Guntersville, and Centre, Alabama. The stock of The Southern Banc Company, Inc. is listed on the OTC Bulletin Board under the symbol “SRNN”.
Certain statements in this release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which statements can generally be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “target,” “plan,” “project,” “continue,” or the negatives thereof, or other variations thereon or similar terminology, and are made on the basis of management’s plans and current analyses of the Company, its business and the industry as a whole. These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes. The above factors, in some cases, have affected, and in the future could affect the Company’s financial performance and could cause actual results to differ materially from those expressed or implied in such forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
(Selected financial data attached)
THE SOUTHERN BANC COMPANY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollar Amounts in Thousands) March 31, June 30, 2018 2017 ASSETS CASH AND CASH EQUIVALENTS $ 4,876 $ 2,910 SECURITIES AVAILABLE FOR SALE, at fair value 20,383 28,775 FEDERAL HOME LOAN BANK STOCK 578 340 LOANS RECEIVABLE, net of allowance for loan losses
of $1,004 and $1,238, respectively 70,012 61,309 PREMISES AND EQUIPMENT, net 720 754 ACCRUED INTEREST AND DIVIDENDS RECEIVABLE 216 216 PREPAID EXPENSES AND OTHER ASSETS 1,772 2,238 TOTAL ASSETS $ 98,557 $ 96,542 LIABILITIES
DEPOSITS $ 75,961 $ 79,383 FHLB ADVANCES 10,000 5,000 OTHER LIABILITIES 1,708 312 TOTAL LIABILITIES 87,669 84,695 STOCKHOLDERS' EQUITY:
Preferred stock, par value $.01 per share
500,000 shares authorized, shares issued
and outstanding—none 0 0 Common stock, par value $.01 per share,
3,500,000 authorized, 1,454,750 shares issued 15 15 Additional paid-in capital 13,887 13,887 Shares held in trust, at cost,
39,260 shares (706 ) (706 ) Retained earnings 6,747 7,373 Treasury stock, at cost,
648,664 shares (8,825 ) (8,825 ) Accumulated other comprehensive income (loss) (230 ) 103
TOTAL STOCKHOLDERS’ EQUITY 10,888 11,847
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 98,557 $ 96,542
THE SOUTHERN BANC COMPANY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Dollar Amounts in Thousands, except per share data) Three Months Ended Year-to-Date March 31, March 31, 2018
(Unaudited) 2017
2018
(Unaudited) 2017
INTEREST INCOME:
Interest and fees on loans $ 1,118 $ 843 $ 3,402 $ 2,513 Interest and dividends on securities 135 175 440 555 Other interest income 11 6 29 16 Total interest income 1,264 1,024 3,871 3,084 INTEREST EXPENSE: Interest on deposits 165 170 500 536 Interest on borrowings 38 10 100 26 Total interest expense 203 180 600 562 Net interest income before provision
for loan losses 1,061 844 3,271 2,522 Provision for loan losses 0 76 581 396 Net interest income after provision
for loan losses 1,061 768 2,690 2,126 NON-INTEREST INCOME: Fees and other non-interest income 27 20 76 62 Gain on sale of securities 7 0 7 23 Miscellaneous income 14 11 46 23 Total non-interest income 48 31 129 108 NON-INTEREST EXPENSE: Salaries and employee benefits 526 507 1,540 1,550 Office building and equipment expenses 58 63 173 186 Professional Services Expense 103 75 275 264 Data Processing Expense 121 118 354 358 Loss on sale of securities 9 0 9 0 Other operating expense 141 137 448 431 Total non-interest expense 958 900 2,799 2,789 Income (loss) before income taxes 151 (101 ) 20 (555 ) PROVISION (BENEFIT) FOR INCOME TAXES 39 (38 ) 645 (209 )
Net income (loss) $ 112 $ (63 ) $ (625 ) $ (346 )
LOSS PER SHARE:
Basic $ 0.15 $ (0.08 ) $ (0.82 ) $ (0.45 ) Diluted $ 0.15 $ (0.08 ) $ (0.82 ) $ (0.45 ) DIVIDENDS DECLARED PER SHARE $ --- $ --- $ --- $ --- AVERAGE SHARES OUTSTANDING: Basic 766,826 773,299 766,826 773,371 Diluted 766,826 773,299 766,826 773,371 Contact: Gates Little
(256) 543-3860
Source:The Southern Banc Company, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-the-southern-banc-company-inc-announcesathird-quarter-earnings.html |
(Reuters) - Making good on threats to intervene in the U.S. Justice Department’s investigation of possible collusion between his campaign and Russia, President Donald Trump on Sunday tweeted a “demand” that DOJ “look into whether or not the FBI/DOJ infiltrated or surveilled the Trump campaign for political purposes.” The Justice Department quickly announced that its inspector general would expand his ongoing review of investigators’ surveillance applications to determine if “any impropriety or political motivation” tainted the FBI’s early counterintelligence probe.” Deputy Attorney General Rod Rosenstein , who is overseeing the case, promised “appropriate action” if the inspector general concludes the Trump campaign was inappropriately infiltrated.
Sunday’s demand was a stark reminder that President Trump believes he has ultimate power – an “absolute right,” he told The New York Times in December – to control the Justice Department. He is not alone. Legal scholars, including, most visibly, Alan Dershowitz of Harvard Law School, have argued that the Constitution gives the president authority “to tell the Justice Department who to investigate, who to prosecute, and who not to investigate, and who not to prosecute,” as Dershowitz told Slate last December. Under the “unitary executive” view of presidential power, as former federal prosecutor Andrew McCarthy wrote last month in the National Review, Justice Department officials are mere instruments of the president’s constitutional authority as head of the executive branch.
There is, of course, a competing narrative: Prosecutors have a duty, as attorneys, to the rule of law so the Justice Department must stand as an independent bulwark against presidential overreach. At his Senate confirmation hearing in 2017, Attorney General Jeff Sessions was the latest in a long line of AG candidates to claim reverence for the Justice Department’s independence and ideals.
After reading a Twitter feed Sunday night filled with 280-character commentary about whether Trump’s demand for a DOJ investigation is a fundamental threat to prosecutorial independence and the rule of law, I did some research on the Justice Department’s historical relationship with the president. The best overview I found is an article scheduled to appear in this fall’s Alabama Law Review: " Can the President Control the Department of Justice? " Its authors are Bruce Green, the noted Fordham Law ethics expert, and law professor Rebecca Roiphe of New York Law School, who also has a doctorate in history from the University of Chicago.
Green and Roiphe contend that prosecutorial independence is baked into our system by history and tradition, but is the concept too tenuous to survive the Trump presidency?
I put that question to Roiphe in an interview Monday. She said no. “The convention is strong – stronger than people make it out to be,” she told me. “Maybe this is misplaced optimism, but I think there are more protections than people think.”
“The norm is ancient,” she said. “If you look closely, it has become stronger and stronger.”
It’s true, she said, that the law hasn’t been settled by Congress or the Supreme Court. But if the Trump presidency provokes a Supreme Court case over the president’s power to dictate prosecutions, Roiphe said, Congress’s long-standing acquiescence to the convention of prosecutorial independence is an implicit endorsement of the concept. That implicit consent, she said, could be important if the Supreme Court ends up being called upon to interpret the president’s power over DOJ.
Roiphe said Deputy AG Rosenstein seems to be doing his best to preserve the principle of DOJ independence, betting that Justice Department conventions will prevail.
“I think he believes the institution is strong enough to withstand this,” she said. “I share that view.”
Green and Roiphe traced the concept of prosecutorial independence back to British law and explained how the idea strengthened as the federal criminal justice system expanded, especially after the Civil War. They concede that prosecutorial independence is not enshrined in the U.S. Constitution, U.S. Supreme Court precedent or federal law, but it’s become embedded in our criminal justice system.
The creation of the Justice Department in 1870, the spread of the idea of professional expertise and the growth of the administrative state have all bolstered the idea that the president alone cannot and does not control the justice system, the paper said. Prosecutorial power has always been diffuse in this country, and that’s by design. “Myriad zones of power have always comprised substantial and important checks on power,” Green and Roiphe wrote.
With only a few exceptions, presidents have been content to dictate DOJ policy while staying out of individual cases.
Green and Roiphe do present a few examples of presidential meddling: George Washington ordered the prosecution of participants in the Whiskey Rebellion, then ordered the case be dropped. John Adams ordered prosecutions under the Sedition Act. Thomas Jefferson squelched those cases, but took an active hand in the prosecution of his own onetime vice president Aaron Burr. One of Theodore Roosevelt’s AGs deferred to the president on individual antitrust cases. William Taft, according to the paper, ordered the backdating of a Justice Department document to give him cover for firing a whistleblowing federal employee.
Richard Nixon outdid all of his predecessors. In addition to his many alleged attempts to obstruct the Watergate investigation, Nixon also ordered the Justice Department to drop an antitrust case against ITT after the conglomerate donated money for the 1972 Republican Convention. After Attorney General John Mitchell intervened, Nixon groused about Mitchell’s professional ethics in a memo to chief of staff H.R. Haldeman: “When Mitchell leaves as Attorney General, we’re going to be better off in my view. John is just too damn good a lawyer, you know. He’s a good, strong lawyer. It repels him to do these horrible things, but they’ve got to be done.”
The Nixon presidency, as you know, led to formal DOJ regulations about interactions between Justice and the president. Those regulations remain in place. The independent counsel law spurred by the Watergate scandal has expired, but Green and Roiphe argue that the Supreme Court’s 1988 decision in Morrison v. Olson, upholding a subsequent independent counsel statute, “strongly suggests that Congress may authorize federal prosecutors to act independently of the President’s direction in exercising discretion in particular cases.”
In modern times, presidents have faced backlash for intruding on prosecutorial independence, the paper said. When, for instance, President George W. Bush’s administration abruptly attempted to fire seven U.S. attorneys, Congress convened hearings and Attorney General Alberto Gonzales ended up losing his job. The post-Watergate convention, as the paper documents, is for the president and attorneys general to avoid the appearance of presidential interference with particular prosecutions.
But the Trump presidency has dramatically sharpened what had been a mostly academic question, the paper said. President Trump has been uniquely transparent about disregarding the convention that the Justice Department is independent from political interference. And neither Congress nor the Supreme Court has definitely decided if the president has unfettered power over criminal prosecution.
The views expressed in this article are not those of Reuters News.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-otc-independence/doj-independence-entrenched-and-ingrained-will-survive-trump-historian-law-prof-idUSKCN1IM2DP |
(Adds Trump comments, Quote: , updates prices) * Geopolitical concerns boost demand for U.S. bonds * Strong demand for $30 billion U.S. seven-year note sale * Federal Reserve meeting minutes seen as dovish By Karen Brettell NEW YORK, May 24 (Reuters) - U.S. Treasury yields fell on Thursday on safety buying after President Donald Trump called off a planned summit with North Korean leader Kim Jong Un and as the Turkish lira renewed its decline. Trump cited Pyongyang's "open hostility," and warned that the U.S. military was ready in the event of any reckless acts by North Korea. Earlier on Thursday, North Korea repeated a threat to pull out of the unprecedented summit with Trump next month and warned it was prepared for a nuclear showdown with Washington if necessary. "Some of the move seemed to be more of a classic risk off move on account of the North Korean headlines and the apparent lack of cooperation going forward," said Jonathan Cohn, an interest rate strategist at Credit Suisse in New York. Turkey's lira weakened more than 3 percent on Thursday, giving up a large chunk of the gains it made after the central bank raised interest rates by 300 points a day earlier, as investors bet another hike would be needed to tame the sell-off. Investors are also focused on an effort by Italy’s coalition parties to name a euroskeptic economist as economy minister. "It seems like the geopolitical backdrop is still something that is causing a flight to quality in U.S. Treasuries," said Tom di Galoma, a managing director at Seaport Global Holdings in New York. Demand for U.S. bonds helped the Treasury sell $30 billion in seven-year notes on Thursday to strong demand, the final sale of $99 billion in coupon-bearing supply this week. The bid-to-cover ratio was the highest since January. Dealers had taken a larger than usual share for the two previous auctions, indicating that the market is struggling to absorb some larger auction sizes. Bonds were also supported after minutes from the Federal Reserve May meeting on Wednesday were seen as giving no new clues that the U.S. central bank is likely to raise rates an additional three times this year. A number of Fed policymakers, including Chairman Jerome Powell, have been keen to stress they will tolerate inflation rising above the Fed's goal for a time without undue concern. An additional two rate hikes this year, including one in June, are widely expected. (Reporting by Karen Brettell; editing by Diane Craft) )
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-u-s-treasury-yields-fall-on-north-korea-concerns-idUSL2N1SV1SX |
* Dollar index breaks above 200-day average for first time in year
* Sterling falls as soft UK data dampens BoE rate rise expectation
* Euro at lowest since mid-January, GDP seen slowing
By Hideyuki Sano
TOKYO, May 2 (Reuters) - The dollar held near a four-month high against a basket of major currencies on Wednesday, buoyed by the outlook for a strong U.S. economy and rising yields amid signs of a slowdown elsewhere, especially in Europe.
The dollar’s index ticked down 0.1 percent in Asia after having gained 1 percent in the preceding two days. It rose to as high as 92.57 on Tuesday, its firmest since Jan. 10.
The index rose above its 200-day moving average for the first time in a year, triggering a wave of short-covering.
While the Federal Reserve is widely expected to keep the benchmark interest rate on hold at its policy meeting ending on Wednesday, it looks certain to raise borrowing costs next month, given signs of possible acceleration in the U.S. economy.
The Institute for Supply Management (ISM) survey published on Tuesday showed U.S. factory activity slowed in April, but it highlighted shortages of skilled workers and rising costs, suggesting inflationary pressure is building.
Data published last month showed the Fed’s favourite gauge of consumer inflation had jumped in March.
“We are seeing a roll-back of dollar selling since the start of the year. If the upcoming U.S. jobs data shows gains in wage rises, that would propel the dollar higher,” said Shinichiro Kadota, senior currency strategist at Barclays Capital in Tokyo.
Investors also think U.S. President Donald Trump’s tax cuts and spending plans — acting as additional stimulus at a time of already solid economic expansion — could further fuel inflation and prompt a faster pace of rate rises.
In contrast, expectations of rising rates are dwindling in Europe as recent economic figures suggest cooling momentum after stellar growth last year.
The British pound traded at $1.3612 after having fallen to a four-month low of $1.3588 on Tuesday on soft UK manufacturing data.
It was the latest in a run of mediocre economic data that further reduced the chances of a rate increase from the Bank of England when it meets next week.
Swap markets now indicate around a 15 percent chance of a rate increase this month, down from 90 percent in early April.
The euro hovered at $1.2005, near Tuesday’s low of $1.1981, which was its lowest since mid-January.
The common currency also eased to 131.58 yen, its lowest in three weeks, and last fetched 131.75 yen.
Preliminary data at 0900 GMT is expected to show growth in the 19 country currency bloc slowing to 0.4 percent quarter-on-quarter in January-March from 0.6-0.7 percent clip in the preceding five quarters.
While that would still be hardly a bad figure, it would undermine the case for an earlier withdrawal of the European Central Bank’s stimulus.
The dollar rose to as high as 109.89 yen, a three-month high on Tuesday before easing slightly in Asia on Wednesday to 109.71.
Elsewhere the Australian dollar sank to an 11-month low of $0.74725 in overnight trade and last stood at $0.7504.
There was a muted response to China’s Caixin/Markit manufacturing survey, which showed the sector unexpectedly picked up in April, though export orders shrank.
The Chinese yuan dipped to its lowest level since February against the dollar as the central bank lowered its yuan midpoint to 6.3670 per dollar, the weakest level in more than three months, as the dollar strengthened broadly.
The onshore yuan fell to as low as 6.3642 per dollar .
Editing by Jacqueline Wong and Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-near-4-month-high-on-view-u-s-economic-outlook-still-solid-idUSL3N1S91DS |
GREENVILLE, S.C., May 3, 2018 /PRNewswire/ -- World Acceptance Corporation (NASDAQ:WRLD) will provide an online, real-time webcast and rebroadcast of its fourth quarter conference call to be held on Thursday, May 10. The earnings release will be issued prior to the call.
The live broadcast of World Acceptance Corporation's conference call will be available online at https://www.webcaster4.com/Webcast/Page/1118/25471 on May 10, beginning at 10:00 a.m. (Eastern Time). The online replay will follow immediately and continue for 30 days.
About World Acceptance Corporation
World Acceptance Corporation is one of the largest small-loan consumer finance companies, operating 1,334 offices in 15 states and Mexico.
View original content: http://www.prnewswire.com/news-releases/world-acceptance-corporation-announces-fourth-quarter-2018-conference-call-on-the-internet-300642415.html
SOURCE World Acceptance Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-world-acceptance-corporation-announces-fourth-quarter-2018-conference-call-on-the-internet.html |
12:20 PM ET Mon, 7 May 2018 | 01:35
Think college is expensive now? Then new parents will probably want to take a seat for this news.
In 2036, just 18 years from now, four years at a private university will be around $303,000, up from $167,000 today.
To get a degree at a public university you'll need about $184,000, compared with $101,000 now.
These forecasts were provided by Wealthfront, an automated investment platform that offers college saving options. It uses Department of Education data on the current cost of schools along with expected annual inflation to come up with its projections.
Here are the estimated changes in cost over the next 18 years for six well-known schools.
(The totals include tuition, room and board, supplies and other expenses for four years at the institution).
"Some of the universities are nearly half a million dollars — people get a little bit of sticker shock," said Kate Wauck, head of communications at Wealthfront.
"But once you have the power of knowing what cards are on the table you can start to make a plan," she said. What is a 529?
Experts agree that 529 plans , tax-advantaged investment funds that can be used for education costs, are the best way for you to save for your child's college years.
The plans are state-run, but you don't have to open one in the state in which you live. When should you start saving with one? Getty Images
"The sooner they start saving, the more the earnings can compound," said Mark Kantrowitz, a student loan expert.
If you start saving at your child's birth, about a third of the college savings goal will come from earnings, Kantrowitz said.
"If you wait until the child enters high school, less than 10 percent will come from earnings and you will have to save six times as much per month to reach the same goal," he said.
Despite the benefits of 529 plans, just 29 percent of parents use one to save for college, compared with 45 percent who keep their savings in a general bank account, according to Sallie Mae's 2018 report, How America Saves for College. How to pick one Getty Images
Your first step in deciding on a 529 plan should be to learn if your state offers a full or partial state income tax deduction for your contribution, said Kim Lankford, contributing editor at Kiplinger's Personal Finance , who writes about the plans.
More than half ofstates, plus the District of Columbia, offer such a deduction, she said — and that perk often (but not always) makes it smart to stick with your home state's plan.
(Seven states allow you to claim a tax benefit even if you don't contribute to your own state's plan, according to SavingforCollege.com: Arizona, Arkansas, Kansas, Minnesota, Missouri, Montana and Pennsylvania.)
Beyond taxes, you can compare plans by their investment options and fees. "Look at what funds they're invested in and if there are some you're familiar with and like already," Lankford said.
Many funds offer age-based plans, meaning the investments become less aggressive as your child's first day at college nears. As time goes on, keep tabs on your account to make sure it's being managed in a way you're comfortable with.
You can get a breakdown of 529 plans at SavingForCollege.com . show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/attending-harvard-will-cost-475000-in-2036-heres-how-much-other-schools-will-charge.html |
May 5, 2018 / 4:56 PM / Updated 11 minutes ago U.S. condemns China for 'Orwellian nonsense' over airline websites David Shepardson 4 Min Read
WASHINGTON (Reuters) - The White House on Saturday sharply criticised China’s efforts to force foreign airlines to change how they refer to Taiwan, Hong Kong and Macau, labelling China’s latest effort to police language describing the politically sensitive territories as “Orwellian nonsense.” FILE PHOTO: A U.S. flag is seen during a welcoming ceremony in Beijing, China, November 9, 2017. REUTERS/Thomas Peter
Amid a growing fight over U.S.-China trade, the White House said in a statement that the Chinese Civil Aviation Administration sent a letter to 36 foreign air carriers, including a number of U.S. carriers, demanding changes.
The carriers were told to remove references on their websites or in other material that suggests Taiwan, Hong Kong and Macau are part of countries independent from China, U.S. and airline officials said.
The White House said President Donald Trump “will stand up for Americans resisting efforts by the Chinese Communist Party to impose Chinese political correctness on American companies and citizens.”
“This is Orwellian nonsense and part of a growing trend by the Chinese Communist Party to impose its political views on American citizens and private companies.”
Taiwan is China’s most sensitive territorial issue. Beijing considers the self-ruled, democratic island a wayward province. Hong Kong and Macau are former European colonies that are now part of China but run largely autonomously
“The United States strongly objects to China’s attempts to compel private firms to use specific language of a political nature in their publicly available content,” the White House said in its statement. “We call on China to stop threatening and coercing American carriers and citizens.”
The sharp criticism comes on the heels of contentious trade talks with China earlier this week.
demanded a $200 billion (£147.9 billion) cut in China’s trade States by 2020, a halt to subsidies for advanced technology,
Trump tweeted on Friday that he would meet with U.S. trade officials once they returned from their meetings in China. “It is hard for China in that they have become very spoiled with U.S. trade wins! Trump wrote.
The U.S. demands were presented to Beijing before the start of talks Thursday and Friday between top-level Trump administration officials and their Chinese counterparts to try and avert a damaging trade war between the world’s two largest economies.
On Saturday, a spokesman for Airlines for America, a trade group representing United Airlines, American Airlines and other major carriers, said the group was “continuing to work with U.S. government officials as we determine next steps” over China’s demands on how airlines refer to Hong Kong, Taiwan and Macau
In January, Delta Air Lines, following a demand from China over listing Taiwan and Tibet as countries on its website, apologised for making “an inadvertent error with no business or political intention,” and said it had taken steps to resolve the issue.
Also in January, China suspended Marriott International Inc’s Chinese website for a week to punish the world’s biggest hotel chain for listing Tibet, Taiwan, Hong Kong and Macau as separate countries in a customer questionnaire.
The apparent intensification of efforts to police how foreign businesses refer to Chinese-claimed territories - even if only in pull-down web menus - underscores how sensitive the issue of sovereignty has become in China.
China’s aviation authority said in January it would require all foreign airlines operating routes to China to conduct comprehensive investigations of their websites, apps and customer-related information and “strictly comply with China’s laws and regulations to prevent a similar thing from happening.”
Australia’s Qantas Airways said in January it had amended its website to no longer refer to Taiwan and Hong Kong as countries, rather than Chinese territories after China issued a similar warning. Reporting by David Shepardson; Editing by Kieran Murray and Leslie Adler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-airlines-china-exclusive/exclusive-white-house-criticises-chinese-pressure-on-foreign-airlines-idUKKBN1I60NU |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.