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May 23 (Reuters) - India’s Tata Motors Ltd said on Wednesday fourth quarter profit halved, coming in sharply below estimates.
Net profit here fell to 21.25 billion rupees ($310.74 million) for the January to March quarter, versus 42.96 billion rupees a year ago.
Fourteen analysts polled by Thomson Reuters had expected the company to post a net profit of 38.40 billion rupees.
Income from operations for the quarter rose 15.9 percent to 912.79 billion rupees. ($1 = 68.3850 Indian rupees) (Reporting by Krishna V Kurup in Bengaluru; Editing by Himani Sarkar and Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/tata-motors-results/indias-tata-motors-q4-profit-halves-lags-estimate-idUSL3N1SU4AF |
CALGARY, Alberta, April 30, 2018 (GLOBE NEWSWIRE) -- DIRTT Environmental Solutions Ltd. (“DIRTT” or the “Company”) (TSX:DRT), an interior construction company using technology for client-driven design and manufacturing, today announced its financial results for the three months ended March 31, 2018.
First Quarter 2018 Highlights
Revenue increased by $15.7 million, or 24.1% from Q1 2017, to $80.7 million; Gross profit increased by $8.4 million, or 31.2% from Q1 2017, to $35.4 million; Gross profit % increased from 41.5% in Q1 2017 to 43.9% this quarter; Adjusted gross profit was $37.2 million and adjusted gross profit % was 46.1%; Adjusted EBITDA was $12.7 million and adjusted EBITDA % was 15.7%; and Net income was $3.6 million and net income per share was $0.04.
“The combination of our powerful business model and our fiscal disciplines resulted in a strong quarter, demonstrating DIRTT’s ability to deliver profitability alongside revenue growth,” says interim DIRTT CEO Michael Goldstein.
Goldstein adds that the operating leverage in the Company is highlighted by the strong adjusted gross profit margin and adjusted EBITDA margin for the quarter. “This quarter demonstrates the importance of DIRTT’s investments over the past few years and the perseverance, vision, and passion of our employees and partners to get us to this point. The strength of our digital construction solution is driving increased adoption.”
Summary Financial Results
For the three months ended March 31, 2018 2017 ($ thousands, except per share amounts) Revenue 80,749 65,059 Gross profit 35,416 26,985 Gross profit % 43.9 % 41.5 % Adjusted gross profit (1) 37,246 27,876 Adjusted gross profit % (1) 46.1 % 42.9 % Selling, general and administrative ("SG&A") 30,314 27,983 SG&A % 37.5 % 43.0 % Adjusted SG&A (1) 24,998 23,579 Adjusted SG&A % (1) 31.0 % 36.3 % Operating income (loss) 5,102 (998 ) Adjusted EBITDA (1) 12,713 4,009 Adjusted EBITDA % (1) 15.7 % 6.2 % Income tax expense (recovery) 1,696 337 Net income (loss) 3,562 (1,395 ) Net income (loss) per share - basic and diluted 0.04 (0.02 ) Cash flows (used in) provided by operating activities (8,286 ) 4,625 Cash flows provided by operating activities (1)
before changes in non-cash working capital 10,687 4,261 As at March 31, 2018 December 31, 2017 Cash and cash equivalents 65,912 79,641 Working capital 84,088 79,487 Long-term debt 11,710 12,772 Note: (1) See "Non-IFRS Measures".
Revenue
Revenue for Q1 2018 increased by $15.7 million, or 24.1%, over Q1 2017. The increase is attributable to a general increase across a range of industry segments, with healthcare increasing from 11% of total revenue in Q1 2017 to 13% in Q1 2018. The US dollar (average rate) decreased from 1.3238 in Q1 2017 to 1.2647 in Q1 2018, resulting in a negative impact on overall revenue in the period as compared to the same quarter in Q1 2017.
Gross Profit / Adjusted Gross Profit / Gross Profit % / Adjusted Gross Profit %
Gross profit increased to $35.4 million in Q1 2018 from $27.0 million in Q1 2017, an increase of 31.2%. Gross profit % increased to 43.9% from 41.5%.
Adjusted gross profit increased to $37.2 million in Q1 2018 from $27.9 million in Q1 2017, an increase of 33.6%. Adjusted gross profit % improved to 46.1% from 42.9%.
The Company benefited from a number of factors this quarter, including the operational leverage derived from investments made over the past few years, product mix and having a steady manufacturing flow throughout the quarter, which optimizes the allocation of DIRTT’s resources (specifically labor).
SG&A Expenses / Adjusted SG&A Expenses / SG&A % / Adjusted SG&A %
Selling, general and administrative (“SG&A”) % as a percentage of revenue decreased from 43.0% to 37.5% in Q1 2018 compared with Q1 2017. SG&A expenses increased by $2.3 million, or 8.3% in Q1 2018 compared with Q1 2017. The increase in SG&A expenses in Q1 2018 was due to increases in salaries and benefits of $1.3 million, reorganization costs of $2.1 million due to the recent management changes, professional service fees of $0.6 million related to proxy defense costs and rent expenses of $0.5 million. These increases were partially offset by decreases in stock-based compensation expense of $0.6 million, depreciation and amortization expense of non-manufacturing-related assets of $0.5 million, travel and marketing expense of $0.1 million and other operating expenses of $1.0 million.
Adjusted SG&A % decreased from 36.3% to 31.0% in Q1 2018 compared with Q1 2017. Adjusted SG&A expenses increased by $1.4 million, or 6.0%, in Q1 2018 compared with Q1 2017. The reason for the increase is the same as discussed above with respect to SG&A, excluding the impact from decreased depreciation and amortization of non-manufacturing-related assets, decreased stock-based compensation expense incurred in the period and reorganization costs.
The impact of the weakening US dollar to Canadian dollar average exchange rates during Q1 2018 partially reduced the overall increase in SG&A and Adjusted SG&A expenses across the organization, as certain of these SG&A expenditures are denominated in US dollars.
Adjusted EBITDA / Adjusted EBITDA %
Adjusted EBITDA increased by $8.7 million, or 217.1%, in Q1 2018 compared with Q1 2017. Adjusted EBITDA % in Q1 2018 increased significantly from 6.2% in Q1 2017 to 15.7%. The dollar increase was primarily due to higher adjusted gross profit of $9.4 million and increase in foreign exchange gain of $0.7 million, offset by higher adjusted SG&A expenses of $1.4 million.
Liquidity and Capital Resources
At March 31, 2018, we had $65.9 million in cash and cash equivalents compared with $79.6 million at December 31, 2017.
At March 31, 2018, we also had access to an undrawn US$18.0 million revolving credit facility.
Non-IFRS Measures
Adjusted gross profit, Adjusted gross profit %, Adjusted SG&A, Adjusted SG&A %, Adjusted EBITDA, Adjusted EBITDA % and cash provided by operating activities before changes in non-cash working capital are non-IFRS measures. Non-IFRS measures do not have a standard meaning as prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented and calculated by other companies. DIRTT believes the non-IFRS measures are useful supplemental measures that may assist investors in assessing DIRTT’s business. The non-IFRS measures should not be considered as the sole measure of the Company’s performance and should not be considered in isolation from, or as a substitute for, analysis of its financial statements. For a reconciliation of these non-IFRS measures as well as the rationale for management’s use of such measures, see the Company’s management’s discussion and analysis for the three months ended March 31, 2018, available at http://www.sedar.com .
Conference Call Details
A conference call and webcast for the investment community is scheduled for Tuesday, May 1, 2018 at 9 a.m. ET (7 a.m. MT) to discuss the first quarter results in greater detail. The call and webcast will be hosted by DIRTT interim president and CEO Michael Goldstein, and interim chief financial officer Peter Henry.
To access the conference call by telephone, dial +1 877.479.7708 (toll-free in North America). Please call 10 minutes prior to the start of the call. In addition, a live webcast (listen-only mode) of the conference call will be available at: https://edge.media-server.com/m6/p/asy3q72o .
Investors are invited to submit questions by email before and during the conference call. Please send them to [email protected] .
A replay of the conference call will be available at +1 855.859.2056 by entering passcode 4977827, from noon (ET) Tuesday, May 1, 2018 until 11:59 p.m. (ET) Tuesday, May 8, 2018 at https://edge.media-server.com/m6/p/asy3q72o , and on DIRTT’s website at www.dirtt.net/company/investor .
About DIRTT
DIRTT Environmental Solutions (Doing it Right This Time) uses its proprietary 3D software to design, manufacture and install fully customized prefabricated interiors. The Company's customers in the corporate, government, education and healthcare sectors benefit from DIRTT's precise design and costing; rapid lead times with the highest levels of customization and flexibility; and faster, cleaner construction.
DIRTT's manufacturing facilities are in Phoenix, Savannah, Kelowna and Calgary. DIRTT's team supports nearly 100 Partners throughout North America, the Middle East and Asia. DIRTT trades on the Toronto Stock Exchange under the symbol "DRT." For more information visit www.dirtt.net .
Forward-Looking Statements
Certain information and statements contained in this news release constitute “forward-looking information” and “forward-looking statements” (collectively, “Forward-Looking Information”) as defined under applicable Canadian securities laws and the Company hereby cautions investors about important factors that could cause the Company’s actual results or outcomes to differ materially from those projected in any Forward-Looking Information contained in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “will continue”, “is anticipated”, “believes”, “estimated”, “intends”, “plans”, “projection” and “outlook”), are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such Forward-Looking Information.
In particular and without limitation, this news release contains Forward-Looking Information pertaining to the following: comments with respect to the Company's revenue, objectives and priorities for 2018 and beyond; project timetables; its growth strategies and opportunities; its ability to meet working capital requirements and financial obligations; use and deployment of the Company’s capital; and its outlook for its operations and the Canadian, US and international economies, and in particular, the US and Canadian construction industry.
With respect to Forward-Looking Information contained in this news release, assumptions have been made regarding the Company, among other things:
its ability to manage its growth; competition in its industry; its ability to enhance current products and develop and introduce new products; its ability to obtain components and products from suppliers on a timely basis and on favorable terms; its ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the regulatory framework governing taxes in Canada and the US and any other jurisdictions in which the Company currently or may conduct its business in the future; future development plans for its assets unfolding as currently envisioned; future capital expenditures to be made by the Company; future sources of funding for its capital program; the impact of increasing competition on the Company; and its success in identifying risks to its business and managing the risks mentioned below.
The Company’s actual results or outcomes could differ materially from those expressed in the Forward-Looking Information as a result of the risks normally encountered in its industry such as:
risks related to additional capital requirements; fluctuations in commodity prices; credit risks; foreign exchange rate and fiscal matters; operating results and financial condition fluctuations on a quarterly and annual basis; history of losses; ability to pay a dividend; maintaining and managing growth; risks related to new technology; competition risks; risks related to intellectual property; customer base and market acceptance; software and product defects and design risks; availability of key supplies; dependence of key personnel; the effect of government regulation; risks related to physical facilities; legal risks; risks related to future acquisitions; reliance on third parties; risks related to Forward-Looking Information; and conflicts of interest.
Since actual results or outcomes could differ materially from those expressed in the Forward-Looking Information provided by or on behalf of the Company, investors and others should not place undue reliance on any such Forward- Looking Information.
DIRTT cautions that the foregoing lists of factors are not exhaustive. Further, Forward-Looking Information is made as of the date hereof, and the Company undertakes no obligation to update Forward-Looking Information to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as required by applicable Canadian securities laws. New factors emerge from time to time, and it is not possible for DIRTT’s management to predict all of these factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in Forward-Looking Information. No assurance can be given that these expectations will prove to be correct and such Forward-Looking Information contained in this news release should not be unduly relied upon. In addition, this news release may contain Forward-Looking Information attributed to third party industry sources.
For a detailed description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's annual financial statements, management’s discussion and analysis and annual information form for the year ended December 31, 2017, all of which are available at http://www.sedar.com .
Market and Industry Data
Certain market and industry data contained in this news release is based upon information from government or other third party publications, reports and websites or based on estimates derived from such publications, reports and websites. Government and other third party publications and reports do not guarantee the accuracy or completeness of their information. While the Company believes this data to be reliable, market and industry data is subject to variations and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data-gathering process and other limitations and uncertainties inherent in any statistical survey.
For further information, please contact: Kim MacEachern Investor Relations, DIRTT [email protected] 403.618.4539
Source: DIRTT Environmental Solutions | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-dirtt-announces-strong-results-in-first-quarter-2018.html |
CNBC International Midday Briefing: May 21, 2018 25 Mins Ago CNBC market reporters bring you the latest on the stock markets throughout the day as well as fast, accurate, and actionable business news. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/cnbc-international-midday-briefing-may-21-2018.html |
Net neutrality could be about to make its final stand.
Democrats say they’ll force a Senate vote Wednesday on a proposal to restore the Federal Communications Commission’s (FCC) open Internet rules. Even if the resolution passes, though, it has an uphill battle ahead of it.
All 49 Senate Democrats appear set to vote for the resolution, as does Republican Susan Collins of Maine. Should it pass the Senate, the resolution would move to the House, where it’s likely to encounter tougher opposition. And even if it manages to get through that branch of Congress, it would require the signature of Donald Trump, who has previously shown an inclination to toss the rules out.
Barring Congressional changes, net neutrality is set to expire on June 10 , according to a recently issued notice by the FCC.
The repeal of net neutrality was supported by telecom providers such as Comcast and Verizon , but opposed by large tech companies, including Google and Facebook . (Several major websites, including Reddit and Pornhub , have protested the action as well.) The decision, made late last year prompted several lawsuits.
At the same time, several states, including Washington , Oregon , and California , are proposing—and passing—net neutrality laws of their own, setting them up for a showdown with the FCC. | ashraq/financial-news-articles | http://fortune.com/2018/05/14/senate-vote-on-net-neutrality-date/ |
May 22 (Reuters) - Red Lion Hotels Corp:
* RED LION HOTELS CORP SAYS SELLING SHAREHOLDER MAY OFFER UP TO 3.74 MILLION SHARES OF COMMON STOCK - SEC FILING Source text: ( bit.ly/2LhslPj ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-red-lion-hotels-corp-says-selling/brief-red-lion-hotels-corp-says-selling-shareholder-may-offer-up-to-3-74-mln-shares-of-common-stock-idUSFWN1ST0Q3 |
SANTA FE, Texas—Dimitrios Pagourtzis, like many teenage boys in Texas, gained attention for his skill as a high-school football player.
After playing on the freshman and junior varsity teams at Santa Fe High School, Mr. Pagourtzis went out for varsity last fall—but left before the season began, said a teammate.
“He just quit,” the teammate... | ashraq/financial-news-articles | https://www.wsj.com/articles/texas-school-shooting-suspect-showed-few-red-flags-1526684249 |
May 23 (Reuters) - Siemens AG:
* SAYS BUYS U.S. BUILDING TECH COMPANY ENLIGHTED, NO PRICE GIVEN
* SAYS TRANSACTION EXPECTED TO CLOSE IN THE THIRD QUARTER OF 2018
* SAYS ENLIGHTED INC. PROVIDES INTERNET OF THINGS SYSTEMS IN BUILDINGS, HEADQUARTERED IN SILICON VALLEY Source text for Eikon: Further company coverage: (Reporting By Zurich newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-siemens-ag-buys-silicon-valley-gro/brief-siemens-ag-buys-silicon-valley-group-enlighted-inc-idUSFWN1SU0UW |
NEW YORK (Reuters) - A series of big tobacco bond refundings is reshaping the U.S. municipal junk bond market, taking what has been a high-yielding staple and slowly turning it investment grade.
Shelves full of cigarettes are pictured at a store in the Manhattan borough of New York February 5, 2014. REUTERS/Carlo Allegri/File Photo The change means that investors are increasingly struggling to find the same high yields in comparable securities, a problem compounded by even more investors flowing into the asset class.
“One of the largest sectors in the high-yield universe is shrinking,” said William Black, senior portfolio manager at City National Rochdale in Chicago.
The specialized bonds stem from a 1998 settlement with cigarette makers, which agreed to make annual payments to U.S. states to cover medical costs of sick smokers.
Over the intervening years, at least 21 states and territories, and separately some cities, securitized that stream of money by selling municipal bonds backed by the expected payments.
Since the start of 2016, states and cities have refunded more than $6.2 billion of their old tobacco bonds, according to Thomson Reuters data. Some of the deals are transforming junk-rated debt into investment-grade assets and squeezing high-yield investors.
When that money is returned to investors in a tobacco refunding, it is harder for them to find similar places to put it back to work.
“Mutual funds, along with the ETFs... are looking at the likelihood of seeing cash backing into the portfolio when these bonds are called away and not having a lot of choices for replacement,” said James Colby, who manages muni ETFs for VanEck.
In Colby’s custom high-yield reference index, the weight for tobacco is 15.25 percent, down from 20.70 in January 2016. The shrinkage is a direct result of tobacco refundings, he said.
Tobacco bonds comprised 15.5 percent of the S&P Municipal Bond High Yield Index at start of 2016 but have now fallen to 14.4 percent, a 7 percent decline.
Compounding the crunch is strong demand for high yield muni funds, with investors pouring money in for eight straight weeks and causing more people to chase after fewer tobacco bonds.
Flows into high-yield muni bond funds have been positive every year since 2014, with $7.5 billion of inflows last year alone, according to data from Lipper, a Thomson Reuters unit.
Those investors are likely chasing yield. The S&P Municipal Bond Tobacco Index returned 8.40 percent over the past year, compared with just 3.17 percent for the broader high yield index and 1.64 percent for the overall AMT-free national muni bond index.
For a factbox of refunding deals, click here:
PHOENIX FROM THE ASHES In 2007, issuers sold $16.9 billion of tobacco bonds altogether, the biggest year of issuance on record, according to Thomson Reuters data.
Most bonds are callable after a decade, so some of these deals are coming back for reworking since last year’s 10-year anniversary.
Another $10.4 billion was issued in 2005 and 2006, adding to the pile of tobacco debt now being refunded.
For an interactive graphic of tobacco bond issuance, click here: tmsnrt.rs/2I3Joph
The same firm - Jefferies LLC - has underwritten every tobacco deal since 2016. Jefferies declined to comment.
Over the years, many tobacco bonds have been downgraded as more smokers than anticipated quit. That is because revenues to the states from the 1998 settlement are based on the volume of cigarettes shipped.
But now, the ratings are moving back up as old bonds get reworked.
The high ratings have mostly been driven by new cash flow structures and, in some cases, higher payments from the tobacco companies after the resolution of legal disputes, S&P structured finance analyst Christine Dalton told Reuters.
New Jersey refunded $3.15 billion of tobacco bonds in April, exchanging speculative ‘B’ rated debt for investment-grade bonds. The deal will generate $162 million in present value savings for the state, said New Jersey Treasury spokeswoman Jennifer Sciortino.
The state could use the cash. The second-lowest-rated U.S. state, New Jersey needs nearly $1.6 billion of tax hikes to cover its spending needs next fiscal year, Governor Phil Murphy has said.
States can benefit from using one-time revenues - like from a refunding - for one-time expenses.
“If there’s money on the ground, you can’t blame someone for bending over to pick it up,” said S&P public finance analyst David Hitchcock.
Reporting by Hilary Russ; Editing by Daniel Bases and Dan Grebler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-municipals-tobacco-analysis/tobacco-refundings-erode-high-yield-muni-debt-squeeze-investors-idUSKBN1I3287 |
Airlines US and United Arab Emirates strike deal resolving airline competition feud The United States and the United Arab Emirates signed to resolve a spat over alleged Emirati government subsidies to its airlines and accusations of unfair competition in the U.S. Dubai-based Emirates and Abu Dhabi-based Etihad Airways agreed to voluntarily open up their accounting books by publishing annual financial statements "consistent with internationally recognized accounting standards." The deal is expected to be announced Monday when the Emirati foreign minister visits Washington. Published 38 Mins Ago Fabrizio Gandolfo | SOPA Images | LightRocket | Getty Images An Emirates Airbus 380-800 about to land.
The United States and the United Arab Emirates signed a deal Friday to resolve a years-old spat over alleged Emirati government subsidies to its airlines and accusations of unfair competition in the U.S.
After months of negotiations, the deal was signed in private at the State Department by Assistant Secretary of State Manisha Singh and Emirati Ambassador to the U.S. Yousef al-Otaiba. The State Department, the Emirati Embassy and a representative for the U.S. airlines all declined to comment. The Associated Press obtained the text of the agreement, known as a "record of discussion." The deal is expected to be announced Monday when the Emirati foreign minister visits Washington, according to a State Department official, who wasn't authorized to speak to reporters about the agreement and requested anonymity.
The deal's language was carefully crafted to allow both the Emirati airlines and the U.S. airlines to claim victory.
Under the deal, Dubai-based Emirates and Abu Dhabi-based Etihad Airways agreed to voluntarily open up their accounting books by publishing annual financial statements "consistent with internationally recognized accounting standards." The major U.S. carriers — Delta Air Lines , American Airlines and United Airlines — have long alleged those financials obscure billions in hidden subsidies by the Emirati government.
In a side letter, the Emiratis state they currently have no plans to add more so-called "Fifth Freedom flights" in which passengers can fly to or from the United States to third countries without ever setting foot in the UAE. Those flights have long been the bane of the U.S. carriers, who argue the flights undercut their own routes.
Currently, Emirates offers flights directly from New York-area airports to Milan, Italy, and Athens. The U.S. airlines have feared Emirates or Etihad could expand their offerings by adding flights from Abu Dhabi or Dubai to, say, Paris or London, stop to pick up more passengers, then fly on to New York.
The U.S. airlines had sought a "freeze" — a binding commitment that they wouldn't offer any more Fifth Freedom flights — from the Gulf airlines. Under the deal and side letter, the Emiratis do not explicitly promise never to add more such routes, but simply indicate none are planned. Still, the agreement rests on a tacit understanding between the U.S. and Emirati governments that more routes won't be added, several individuals familiar with the negotiations said. The U.S. airlines can also point to language included in the agreement that affirms their longstanding claim that Emirati government subsidies are hurting their business. The agreement says that both sides agree "that such government support in whatever form may adversely impact competition in providing international air transportation."
Yet in another example of how the deal gives both sides room to say that the other side caved, it also includes language that effectively states the opposite.
"The delegations stated that government support in whatever form — including policies, practices, and rules — is neither uncommon nor necessarily problematic in the global aviation sector," the agreement says, paradoxically.
Both of the Emirati airlines have long denied receiving unfair government subsidies. The three U.S. carriers have spent huge sums over the last three years pressing the Obama administration and Trump administration for tough action, and have been eager to show a win on the issue. The airlines have hoped that if they have more visibility into the finances of the state-owned Emirati airlines, the Emiratis will no longer be able to get away with unfair subsidies.
The deal closely mirrors one reached in January between the U.S. and Qatar . For the UAE, the agreement averts the more serious step U.S. airlines wanted: re-opening the so-called open-skies treaties that could ultimately lead to less favorable conditions for Persian Gulf airlines. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/us-and-united-arab-emirates-strike-deal-resolving-airline-competition-feud.html |
Reblog Major U.S. tech companies have yet to provide to the public all the details of Russian troll activity on their platforms despite their pledge to tackle the problem and pressure from some lawmakers, The Wall Street Journal has found. Six months after social-media firms agreed in congressional hearings to work with lawmakers investigating Russian efforts to interfere in U.S. politics, many specifics about the foreign interference operation remain undisclosed. , a former FBI counterterrorism agent who now tracks Russian propaganda. | ashraq/financial-news-articles | https://www.wsj.com/articles/only-a-fraction-of-russian-troll-accounts-have-been-made-public-by-social-media-giants-1525448056?mod=yahoo_hs&yptr=yahoo |
Kaiser Permanente CEO on health care and fighting homelessness 1 Hour Ago Bernard Tyson, Kaiser Permanente CEO, talks about the managed care consortium's $200 million investment to help combat the spread of homelessness in the U.S. as well as his thoughts on the state of health care in the country. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/kaiser-permanente-ceo-on-health-care-and-fighting-homelessness.html |
Thai police reveal tons of illegal 'e-waste' Thursday, May 31, 2018 - 01:48
Thailand is a new dumping ground for scrap electronics from around the world, say police and environmentalists, the latest country to feel the impact of a Chinese government crackdown on imports of high-tech trash.
Thailand is a new dumping ground for scrap electronics from around the world, say police and environmentalists, the latest country to feel the impact of a Chinese government crackdown on imports of high-tech trash. //reut.rs/2IZZkKz | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/31/thai-police-reveal-tons-of-illegal-e-was?videoId=431873407 |
SEOUL (Reuters) - U.S. President Donald Trump’s decision to cancel next month’s summit with North Korea’s Kim Jong Un came as shock to South Korean officials, who only days ago were publicly predicting a “99.9 percent” chance the meeting would proceed as scheduled.
FILE PHOTO: South Korea's President Moon Jae-in attends at their trilateral summit with Japan's Prime Minister Shinzo Abe and Chinese Premier Li Keqiang (not in picture) at Akasaka Palace state guest house in Tokyo, Japan May 9, 2018. REUTERS/Kim Kyung-Hoon/Pool/File Photo Already on shaky ground amid stalled talks with North Korea, South Korea’s ability to fulfill its self-assigned role of mediator between Pyongyang and Washington suffered the biggest blow yet when Trump apparently failed to give his allies in Seoul a heads up about his announcement.
The setback follows months of diplomatic progress that led to a historic summit between Kim and South Korean President Moon Jae-in in April.
Some experts said the canceled meeting might add to scepticism in Washington that Moon might have misled Trump on North Korea’s willingness to abandon its nuclear weapons program, although U.S. officials have held at least two face-to-face meetings with Kim in recent weeks.
Coming just a day after Moon returned from a trip to Washington to convince Trump to proceed with the summit, the about-face also signaled friction between the old allies over how to deal with a nuclear-armed North Korea.
Pictures released by South Korea’s presidential Blue House showed a glum faced Moon in an emergency meeting with security advisers near midnight to review Trump’s letter to Kim cancelling the summit. Moon described the decision as “perplexing” and “regrettable”.
While sharing the goal of complete denuclearisation, Moon’s government is more eager for dialogue and has urged Washington to address the North’s security concerns even as Trump’s top aides warned Pyongyang to swiftly forsake its nuclear arsenal or face the fate of Libya.
“They overestimated what the North means in terms of denuclearisation and oversold it to Washington,” said Chun Yung-woo, a former South Korean nuclear negotiator.
“You get sick if you eat undercooked food. You get caught if you sell fake stuff as luxury.”
DIFFERENCES WITH THE U.S. Relations between North and South Korea, still technically at war after their 1950-53 conflict ended without a formal peace treaty, have dominated Moon’s first year in office.
Moon had been credited with creating conditions for peace by bringing the old foes on a diplomatic path, after North Korea’s relentless pursuit of a nuclear-armed missile capable of hitting the United States raised fears of a fresh war on the Korean peninsula.
But there was lingering concern among U.S. officials that Kim was not serious about relinquishing the nuclear weapons his country has developed for decades - an issue that will continue to complicate any future talks.
Moon will not be able to act on many of the agreements he made with Kim at their summit unless meaningful progress is made on the nuclear issue, which requires cooperation by the United States, said Cheon Seong-whun, a former secretary to the president for security strategy.
“President Moon’s very ambitious plan to redesign the security situation on the Korean peninsula will undoubtedly face a setback,” he said.
Even after U.S. Secretary of State Mike Pompeo traveled to Pyongyang and met Kim twice to confirm Kim’s commitment to denuclearisation, Trump has repeatedly warned the encounter might not take place or he could walk out if it looked like a deal was not possible on the North’s nuclear program.
“The United States might have been discontent with the difference between what South Koreans told them about denuclearisation and what they actually found out when they met the North Koreans,” said Koh Yu-hwan, a professor in North Korea studies at Dongguk University in Seoul.
Moon may have made the wrong pitch when he met Trump in Washington this week in a bid to save the summit, Chun said.
“It was supposed to be about how they would get Kim to give up the nuclear program, but (Moon) was adamant about having Trump and Kim meet in some way or another and keeping up his peace initiative,” Chun said.
SHORT-TERM HICCUP?
Moon held a historic summit of his own with Kim in April, with the two leaders smiling, holding hands and talking privately together. At the end of the meeting, the two declared a commitment to “complete denuclearisation” of the Korean peninsula.
Seoul officials said they would continue to push for talks between the North and the United States.
“We see the position of both countries remaining unchanged in that they seek to resolve any issue through dialogue,” Unification Ministry spokesman Baik Tae-hyun told a regular news briefing.
North Korea’s own measured reaction to Trump’s cancellation of the summit could add weight to the push, experts said. North Korea’s vice foreign minister expressed sadness the meeting had been called off, but praised Trump for making a bold decision to hold the summit and said the North was open to meeting at any time.
With tens of thousands of U.S. troops stationed in South Korea, and international sanctions restricting many interactions with North Korea, Moon will need to continue to cooperate with the United States.
The latest development won’t stop Moon from pursuing his goals of trying to bring the two sides together, said Lee Seong-hyon, a research fellow at Sejong Institute, nothing both the United States and North Korea kept the door open to continue dialogue.
“Moon sees this as his mission,” Lee said.
Writing by Josh Smith; Editing by Soyoung Kim and Lincoln Feast.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-moon-analysis/perplexed-and-disappointed-south-koreas-moon-regroups-after-mediation-failure-idUSKCN1IQ0RU |
WASHINGTON, May 30 (Reuters) - The United States will soon announce plans to impose tariffs on steel and aluminum from the European Union, possibly as early as Thursday, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
The decision would land ahead of a Friday deadline for exemptions to the planned metals tariffs amid stalled trade talks, and is likely to prompt retaliation. President Donald Trump on March 23 imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum, but granted temporary exemptions to the EU, Canada, Mexico, Brazil, Australia and Argentina.
Reporting by Eric Walsh; Editing by Mohammad Zargham
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-metals-europe/u-s-to-slap-tariffs-soon-on-steel-aluminum-from-eu-wsj-idUSW1N1ME01Q |
May 9, 2018 / 11:36 AM / Updated 7 minutes ago BRIEF-Mylan Reports Q1 Adjusted Earnings Per Share Of $0.96 Reuters Staff
May 9 (Reuters) - Mylan NV:
* MYLAN REPORTS FIRST QUARTER 2018 RESULTS AND REAFFIRMS 2018 GUIDANCE * Q1 GAAP EARNINGS PER SHARE $0.17
* QTRLY TOTAL REVENUES OF $2.68 BILLION, DOWN 1% COMPARED TO PRIOR YEAR PERIOD.
* Q1 EARNINGS PER SHARE VIEW $0.96, REVENUE VIEW $2.75 BILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $5.37, REVENUE VIEW $12.43 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mylan-reports-q1-adjusted-earnings/brief-mylan-reports-q1-adjusted-earnings-per-share-of-0-96-idUSASC0A0XV |
BoE's Broadbent apologizes for 'menopausal' remark 12:37pm EDT - 01:15
Bank of England Deputy Governor Ben Broadbent apologizes for describing Britain’s economy as “menopausal”, a comment that was roundly criticized. Lea Jakobiak reports
Bank of England Deputy Governor Ben Broadbent apologizes for describing Britain’s economy as “menopausal”, a comment that was roundly criticized. Lea Jakobiak reports //reut.rs/2L7CVYX | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/16/boes-broadbent-apologizes-for-menopausal?videoId=427465420 |
Exxon Mobil Corp. plans to reduce methane emissions 15% by 2020, the latest in a series of pledges by major oil companies to voluntarily curtail releases of the potent greenhouse gas.
The Texas-based company also said it intends to cut flaring, or burning of natural gas, by 25% over the same period. Those efforts likely will be concentrated in West Africa. Both reduction targets are compared with 2016 levels.
Exxon’s... | ashraq/financial-news-articles | https://www.wsj.com/articles/exxon-pledges-to-cut-methane-emissions-15-by-2020-1527096748 |
South Carolina’s Brian Bowen will remain in the NBA draft after being deemed ineligible to play next season at a minimum by the NCAA on Wednesday.
File photo: A cyclist rides past the KFC Yum! Center, Louisville, Kentucky, U.S., June 7, 2016. REUTERS/John Sommers II Bowen’s punishment stems from FBI allegations that his father took money from Adidas while Bowen was at Louisville. He transferred to South Carolina prior to the start of the second semester of his first year and hoped to gain eligibility for next season.
“I am completely devastated by the NCAA’s ruling,” Bowen said in a South Carolina press release.
Bowen, a former top recruit, is projected to be drafted late in the second round, if at all.
—Kevin Huerter is staying in the draft, a tough loss for the Maryland Terrapins.
Huerter did not retain an agent but decided against returning for his junior season. He reportedly is viewed as a potential late first-round pick.
Huerter was second on the squad in scoring (14.8) and assists (3.4) last season for a team that finished 19-13. He made a team-leading 73 3-pointers and his 138 career 3s ranks 12th in school history.
—Wisconsin big man Ethan Happ announced he withdrew from the draft and is back for his senior campaign.
Happ averaged 17.9 points and 8.0 rebounds for the Badgers last season. He also blocked 35 shots.
Happ ranks ninth in school history with 1,541 career points. He also ranks second in rebounding (875), third in steals (179) and sixth in blocked shots (110).
—Kansas center Udoka Azubuike withdrew from the NBA draft and is returning for his junior season, the school announced.
The 7-footer averaged 13.0 points and 7.0 rebounds last season.
—The Martin twins, Caleb and Cody, are each returning to Nevada next season, the school announced.
Caleb Martin was named the Mountain West’s player and newcomer of the year after averaging 18.9 points and 5.4 rebounds in his first season with the Wolf Pack. He transferred from North Carolina State following the 2015-16 campaign.
Cody Martin was selected as Mountain West defensive player of the year after averaging 1.5 blocks and 1.7 steals per game.
—Villanova forward Omari Spellman elected to remain in the draft after helping the Wildcats win the 2018 national title, the school announced.
Spellman averaged 10.9 points and 8.0 rebounds in his lone college campaign.
—Syracuse guard Tyus Battle announced he will withdraw from the draft and return for his junior season.
Battle led the Orange with an average of 19.2 points per game last season, though he was projected to be a second-round pick if he were to stay in the draft.
Battle was among a handful of prospects to work out for the Los Angeles Lakers on Tuesday.
—Missouri forward Jontay Porter announced that he withdrew from the draft and will return for his sophomore season.
Porter averaged 11.5 points and 6.8 rebounds and recorded a team-best 55 blocked shots. He is the younger brother of Michael Porter Jr., who entered and remained in the draft after an injury-plagued freshman campaign.
—Kentucky forward PJ Washington announced he pulled out of the draft and is returning for his sophomore campaign. Meanwhile, Wildcats forwards Wenyen Gabriel and Jarred Vanderbilt announced they will remain in the draft.
Washington averaged 10.8 points and 5.7 rebounds as a freshman. Gabriel averaged 6.8 points and 5.4 rebounds as a sophomore. Vanderbilt, also a freshman last season, averaged 5.9 points and 7.9 rebounds.
—Stanford forward Reid Travis announced he has withdrawn from the NBA draft and will play his final season elsewhere as a graduate transfer.
Travis informed Cardinal coach Jerod Haase of his plans on Tuesday night, ESPN reported. He averaged 19.5 points and 8.7 rebounds last season.
Kentucky and Villanova are rumored as possible transfer destinations.
—Boston College guard Ky Bowman pulled out of the NBA draft and is returning for his junior season, the school announced.
Bowman averaged 17.6 points, 6.8 rebounds and 4.7 assists last season, when he ranked fifth in the ACC in scoring. Bowman also made 80 3-pointers and accumulated 51 steals as a sophomore.
—Michigan guard Charles Matthews will return for his redshirt junior season, the school announced.
Matthews was second on the Wolverines in points (13.0) and rebounds (5.5) per game last season, behind only Moritz Wagner, who declared for the draft with the intention to hire an agent and won’t return for his senior season.
—DePaul guard Max Strus pulled his name from the draft and will return for his senior campaign.
Strus averaged 16.8 points, 5.6 rebounds and 2.8 assists for the Blue Demons last season. He made 81 3-point baskets, second most in school history.
—Iowa State guard Lindell Wigginton announced on his Twitter account that he has withdrawn from the NBA draft and is returning for his sophomore season.
Wigginton averaged 16.7 points, 3.7 rebounds and 2.8 assists during a strong freshman campaign. His scoring average was the best in school history for a freshman.
—Clemson guards Marcquise Reed and Shelton Mitchell both withdrew their names from the NBA draft and are returning for their senior campaigns, the school announced.
Reed averaged a team-best 15.8 points and career-high 4.7 rebounds last season. Mitchell established career bests of 12.2 points and 3.6 assists and also averaged 3.9 rebounds for a team that reached the Sweet 16 of the NCAA Tournament.
—Purdue standout Carsen Edwards and teammate Nojel Eastern have pulled out of the NBA draft, the school announced.
Edwards was Purdue’s team MVP and leading scorer (18.5 average) as a sophomore. The 6-foot-1 guard has 1,046 career points to become just the seventh player in school history to reach 1,000 in his first two seasons.
Eastern was a long shot to impress an NBA team after averaging 2.9 points in a reserve role as a freshman.
—Florida guard Jalen Hudson will return for his senior season with the Gators after flirting with leaving for the NBA draft, coach Mike White confirmed.
Hudson was the Gators’ leading scorer last season at 15.5 points per game. He didn’t receive an invite to the NBA Combine and was reportedly told he would not be drafted.
—Washington State forward Robert Franks announced he will return for his senior season.
Franks led the Cougars in scoring at 17.4 points per game last season. He added 6.6 rebounds per contest.
—Washington forward Noah Dickerson has withdrawn from the draft and is returning for his senior season.
Dickerson averaged 15.3 points and 8.3 rebounds during a strong junior campaign. He ranks 29th in school history with 1,165 career points.
—UCLA guard Jaylen Hands and forward Cody Riley will return after pulling out of the NBA draft, the school confirmed.
Hands averaged 9.9 points, 4.0 rebounds and 2.6 assists last season. Riley sat out the year serving his season-long suspension for his part in the shoplifting scandal in China. Their respective decisions came one day after fellow freshman Kris Wilkes pulled his name from the draft.
—Iowa forward Tyler Cook announced he will return for his junior season.
Cook averaged team highs of 15.3 points and 6.8 rebounds a game for the Hawkeyes last season.
—San Diego State forward Jalen McDaniels announced he will return for his sophomore season.
McDaniels averaged 10.5 points and 7.5 rebounds for the Aztecs last season.
—Montana State guard Tyler Hall withdrew from the draft and will return for his senior season, the school confirmed.
Hall averaged 17.5 points last season and ranks third in school history with 1,861 points. He made 99 3-pointers last season.
—Western Kentucky guard Lamonte Bearden announced on his Twitter feed that he has pulled his name from the draft and is returning for his senior season.
Bearden averaged 11.8 points and 3.4 assists for a team that reached the NIT semifinals.
—Wyoming guard Justin James pulled out of the NBA draft and is returning for his senior season, the school announced.
James averaged 18.9 points, 6.0 rebounds and 3.1 assists last season. He ranks 19th in school history with 1,355 career points.
—Hofstra guard Justin Wright-Foreman announced on his Twitter account that he has decided to return for his senior season after withdrawing from the NBA draft.
Wright-Foreman averaged 24.4 points, 3.3 rebounds and 3.2 assists last season. He ranks 13th in school history with 1,379 career points.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-ncaa-draft-notebook/draft-decision-notebook-ineligible-bowen-heads-to-nba-after-fbi-allegations-idUSKCN1IW18I |
(Reuters Health) - For the past four years, since Facebook and Apple began paying for employees to freeze their eggs to delay childbirth, healthy women are increasingly trying to slow their biological clocks by banking their oocytes, or eggs.
But in a new study of more than 200 women who had their eggs removed and frozen as a form of counter-infertility insurance, nearly half expressed regret.
“While most women expressed positive reactions of enhanced reproductive options after freezing eggs, we were surprised to discover that for a group of women it wasn’t so simple,” said lead author Dr. Eleni Greenwood, a reproductive endocrinologist at the University of California, San Francisco (UCSF). “Some even frankly regretted their choice.”
Greenwood and her colleagues invited women who had their oocytes surgically removed and frozen at UCSF from 2012 until 2016 to fill out email surveys. All underwent the procedure because they elected to delay childbearing rather than because of infertility or a cancer diagnosis.
The participants ranged in age from 27 to 44. Most were white, 78 percent had graduate or professional degrees, and 68 percent earned more than $100,000 a year.
Nearly a quarter worked for companies that paid for at least part of the procedure. It costs $10,000 to $20,000, and storage fees can be as high as $1,000 a year.
The vast majority, or 89 percent, of the 201 women who responded to the survey said they expected to be happy they froze eggs, even if they never used them.
But 49 percent revealed feeling some regret about their decision to undergo the procedure. Of those, about two-thirds reported mild regret and the rest reported moderate to severe regret.
The survey did not ask women to explain the reasons for their regret.
Women who choose to freeze their eggs undergo 10 days of injections of hormones to stimulate their ovaries and as many as six ultrasounds to monitor oocyte development. When the eggs look mature, the patient is anesthetized, and a doctor passes a needle through the vaginal wall to retrieve the eggs.
“Women seem to be suggesting to us through this data that they needed more emotional support,” senior author Dr. Heather Huddleston said in a phone interview.
“We need to do a better job of educating women as they go through the process emotionally,” said Huddleston, a reproductive endocrinologist and UCSF professor.
In fact, 13 of the women, who were between the ages of 34 and 40, estimated their likelihood of having a baby with their banked eggs at 100 percent - a highly inflated estimate. The authors called the expectations “unrealistic.”
In an accompanying editorial, Dr. Kara Goldman of New York University Langone Medical Center in New York City expressed alarm over the exaggerated expectations, which “could lead to unintended childlessness with devastating consequences.”
There is no data on the efficacy of egg freezing in healthy women, a 2013 report said. But a separate large study that year of women who were having trouble conceiving found, for example, that the probability of a live birth for a 30-year-old woman who has two to six frozen eggs ranges from about 9 percent to 24 percent.
In 2012, the American Society for Reproductive Medicine stopped considering egg freezing an “experimental” procedure for infertile women or women diagnosed with cancer. But it warned: “Marketing this technology for the purpose of deferring childbearing may give women false hope and encourage women to delay childbearing.”
Rene Almeling, a sociology professor at Yale University in New Haven, Connecticut, praised the new study for being one of the first to consider egg-freezing patients’ experiences.
Almeling, who was not involved with the current research, has called attention to the short-term dangers of egg freezing - health problems associated with the injected drugs and the surgery. She has joined other women’s health advocates in calling for studies to examine potential long-term problems.
Although the first so-called test-tube baby is about to turn 40, no longitudinal studies have been done on assisted-reproduction technologies, she said.
“Without the rigorous scientific based evidence you can’t really say, yes, it’s safe or no, it’s not safe,” she said. “If that were communicated, there would be fewer women willing to throw their eggs into the egg freezer.”
SOURCE: bit.ly/2ILzud5 and bit.ly/2IKG3wz Fertility and Sterility, online May 25, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-fertility-egg-freezing/women-who-freeze-eggs-to-delay-childbirth-often-feel-regret-idUSKCN1IQ2PR |
Lluis gene | AFP | Getty Images Mercedes' British driver Lewis Hamilton.
Formula One (F1) has approved a new Miami street circuit Grand Prix to be added to the calendar in 2019.
However, reigning World Champion Lewis Hamilton has suggested organizers might want to have a rethink before committing fully to the idea.
The Mercedes driver indicated ahead of this weekend's Spanish Grand Prix that he had been underwhelmed by what he had seen so far.
"I don't get why, for example, in golf, all the great golfers design golf courses," Hamilton told reporters. "You have not got any of the top racing drivers in history having ever designed a race track, and I don't get it. Not that any of us are designers, but they haven't asked for our input." show chapters 9:50 AM ET Fri, 20 April 2018 | 03:26
"Miami is a super-cool place and I was very excited to hear about it, but when I saw the layout I was like, meh. I think it could be a lot more fun," he added.
Miami city officials voted in favor of the F1 proposal on Thursday and it's expected the race would be in addition to the U.S. Grand Prix, which has taken place in Austin, Texas, since 2012 and was won by Hamilton on five of those six occasions.
Despite the reservations of the four-time world champion, the unanimous decision of the City of Miami Commission and Miami-Dade County was welcomed by the sport.
"Formula 1 in Miami represents a fantastic opportunity to bring the greatest racing spectacle on the planet to one of the world's most iconic cities, and we are delighted that the journey is underway," said Sean Bratches, F1's commercial managing director. show chapters 10:12 AM ET Mon, 23 April 2018 | 05:39
Miami City Commissioner Ken Russell gave a potential sneak preview of the location and layout of the track on social media last week. Most of the course runs through the port area and features a loop around the downtown American Airlines Arena along Biscayne Bay. TWEET
However, that seems to have only enhanced Hamilton's particular reservations.
"You have got two of the longest straights, but maybe when you drive it will be fun," Hamilton said. "I dread the thought of a street circuit like we had in Valencia, which wasn't a great street circuit."
That said, Hamilton still would like to see the idea succeed and would welcome the opportunity to have some input into what would make an exciting track layout.
Formula One Chairman Chase Carey said Wednesday in a Liberty Media conference call with analysts that he hoped and believed the race would happen.
"We think this race could probably be a real signature race for us on the schedule," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/formula-one-miami-grand-prix-approved-lewis-hamilton-isnt-happy.html |
With the Acquisition of Westlake Village, California-based Starnet, ISSQUARED expands its product and service offerings, also expanding the customer focus from Enterprise to small and mid-sized businesses
LOS ANGELES--(BUSINESS WIRE)-- Leading Enterprise Information Systems Value-Added Solution Provider, ISSQUARED®, Inc., headquartered in Thousand Oaks, California, today acquired Starnet Data Design, Inc., a Westlake Village, California-headquartered, Value Added Reseller (VAR) and solution provider for IT Networking, Security Solutions, and IT Services. This is ISSQUARED®’s first acquisition since being founded in 2010.
ISSQUARED® is focused on addressing the Information Security and Cloud Infrastructure requirements of Global Enterprises. By providing Professional Services, Managed Services, Cloud Services, and Software Solutions to a myriad of industries including Biotech, Pharmaceuticals, Medical Diagnostics, Higher Education, Financial Services/Banking, and Construction, ISSQUARED® has established itself as a leading technology services provider to large enterprises. With this acquisition, ISSQUARED® will be able to expand its customer focus from Enterprises to small and mid-sized businesses, and offer Starnet’s expertise in networking, security, perimeter defense, and hardware/software resales, leveraging several key industry vendor partnerships, and hence be able to provide an end-to-end solution for its customers.
Starnet will be introducing hundreds of customers to the ISSQUARED® brand, along with a host of new services. “We are excited to be welcoming the employees, and their customer relationships, nurtured by Starnet over more than thirty years, to the ISSQUARED® family,” said Bala Ramaiah, Chief Executive Officer of ISSQUARED®. “Our top priority is to ensure that Starnet’s customers can quickly leverage the capabilities and software offerings that ISSQUARED®’s customers enjoy today. We launched our ORSUS™ software suite late last year that will deliver significant value to Starnet’s customers: ORSUS™ modules include Organization Management, Workforce Management, Portfolio Management, Asset Management, Sourcing Management, Identity & Access Management, and Compliance Management.
“The entire Starnet team is excited to be joining the ISSQUARED® global family,” said Steve Marks, CEO of Starnet. “Our California and Arizona-based customers will greatly benefit from ISSQUARED®’s offerings including 24x7 managed services, cloud infrastructure, Microsoft-related expertise, and Cyber Security expertise. Furthermore, ISSQUARED®’s customers will now be able to leverage Starnet’s experiences, relationships and partnerships that we have formed and nurtured to support our customers in the small and medium-sized business segments over the last 30 years in the networking equipment, services, and security space.”
The combined organization will continue to be headquartered in the Greater Los Angeles area of California.
About ISSQUARED®
ISSQUARED® is a leading Value Added Solutions Provider, with an established presence delivering multi-million dollar Cyber Security, Cloud Infrastructure, and Managed Services to Fortune 500 companies. Our very company name underscores our belief in our core competencies of IT Security(IS), strengthened by Infrastructure Solutions(IS), to forge the greatest value our clientele (IS^2), cleverly represented as ISSQUARED®. ISSQUARED® is headquartered in the Greater Los Angeles area, with prominent clients supported through our 16 global office locations. For more information, please visit www.issquaredinc.com .
About Starnet Data Design, Inc.
Starnet offers a broad range of technology products and solutions for mid-market enterprises throughout the Southwest United States. Starnet has over thirty years of experience working with customers seeking to leverage the benefits of these solutions to help their enterprises operate effectively and more efficiently. Starnet is known for its strong partnerships with industry leading network technology vendors, as well as for its broad array of value-added services including network consulting, network assessment and design, solution deployment, and ongoing IT support services.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005347/en/
ISSQUARED
Suchinth Kumar, +1 (805) 630-3259
[email protected]
Source: ISSQUARED | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-newbury-park-california-headquartered-issquareda-inc-acquires-starnet-data-design-inc-and-expands-networking-security-and.html |
Major market indexes finish lower 2 Hours Ago Stocks take a tumble after President Trump hints North Korea summit may not happen in June. Trump told reporters he was not sure whether an already-scheduled summit with North Korea will in fact take place. He also said he was "not satisfied" with trade talks held with China last week. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/major-market-indexes-finish-lower.html |
CHICAGO (Reuters) - A confessed serial killer pleaded guilty in an Indiana court on Friday to the strangulation deaths of seven women as part of a plea agreement that allows him to avoid the death penalty.
FILE PHOTO: Darren Vann, 43, of Gary, Indiana, appears in this Lake County Sheriff's Department photo released on October 21, 2014. Lake County Sheriff's Department/Handout via REUTERS/File Photo ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. Darren Vann, 47, will be sentenced to life without the possibility of parole for each of seven counts of murder, after agreeing to plead guilty. He will serve the seven life sentences concurrently.
Prosecutors had previously pursued death sentences but withdrew them after the victims’ families decided that they preferred that Vann spend the rest of his life in jail rather than be executed, Bernard Carter, Lake County prosecutor, said in a phone interview on Friday.
“They kind of felt like taking his life was the easy way out for him,” Carter said.
Vann had previously admitted to authorities that he strangled Afrika Hardy and killed six other women, before leading detectives to their bodies in Gary, Indiana, about 30 miles southeast of Chicago.
Each of the women’s deaths was ruled a homicide, with the cause of death as strangulation, according to court documents. Carter said that there was evidence that some of the women may have been prostitutes.
“We understand this (is) a difficult resolution for the families of the victims to have to live with, but it brings these matters to a finality that a death sentence might not have brought for 18 or more years,” Matthew Fech, an attorney for Vann, said in an email.
Vann will be sentenced on May 25 before Lake County Superior Court Judge Samuel Cappas. He had been held in the county jail since his confession in October 2014.
Reporting by Suzannah Gonzales; Editing by Patrick Enright and James Dalgleish
| ashraq/financial-news-articles | https://www.reuters.com/article/us-indiana-crime/serial-killer-pleads-guilty-gets-life-sentences-for-indiana-murders-idUSKBN1I52KJ |
LEOMINSTER, Mass., May 29, 2018 /PRNewswire-USNewswire/ -- In the wake of overwhelming community concern about recent service closures engineered by corporate executives at UMass Memorial Health Care (UMMHC), the Central Mass-based health care conglomerate has announced plans to close yet another service, this time it's the 12-bed pediatric unit on the Leominster Hospital campus of UMass Memorial Health Alliance – Clinton Hospital. The closure will force families of ill children to travel from Northern Worcester County to Worcester (28 miles away) for care they used to receive close to home.
The Leominster based pediatric unit provides first rate care to hundreds of children each year who are suffering from a variety of acute medical conditions, undergoing tests or undergoing and recovering from surgical procedures. For example, care provided includes care and observation of children undergoing IV hydration, or infants whose parents have witnessed them either stop breathing or have a seizure at home. Higher acuity patients include infants with respiratory illnesses such as acute asthma and pneumonia who need oxygen and newborns who are having trouble withdrawing from narcotic addiction and children with sepsis (a serious infection).
"We're angry and disappointed that UMass Health Alliance would consider abandoning the children of our city and surrounding communities," said longtime Health Alliance nurse Natalie Pereira, bargaining unit chairwoman of the Massachusetts Nurses Association local bargaining unit on the Leominster campus. "Every day we see the services available to our local community being eroded or eliminated in the interest of further boosting profits for UMass Memorial Health Care corporate."
"As a pediatric nurse who has cared for the children of this community for years, I am concerned about the impact this will have on our families, particularly the poorer members of our community who lack the resources and access to transportation to travel long distances for needed care," said Theresa Love, a nurse who has worked on the pediatric unit for more than 17 years. "The closing of this unit would result in very sick children experiencing delayed access to acute care, in children being boarded in our emergency department, and in children being shipped to Worcester for care they could and should receive here in this community."
Health Alliance management informed the nurses' union of their intent to seek closure of the unit earlier this month, stating that they would be approaching the hospital Board of Trustees to win their endorsement for the closure. Once that decision is made, UMass Health Alliance would then be required to appeal to the Department of Public Health for review of the plan, as any closure of an essential service, such as the pediatric unit, is required to go before the Department of Public Health, who will then schedule a public hearing to gauge public support or opposition to the plan, and to determine if this is a service that should be maintained to protect the public health. Under state law, the service could not be closed for at least 90 days from notification of the DPH.
Background on the Closing Which Is Already in Effect
Even without board or DPH approval, nurses report that the pediatric unit has already been closed by the hospital, with patients already being diverted to other facilities. UMass management cites a low census and the lack of staff available to care for patients at all times as justification for the closure while purposely driving down patient census. The MNA and the nurses point to the hospital's refusal to adhere to an agreement negotiated four years ago, that called for the merging of pediatrics with a medical surgical unit and cross training the medical surgical nurses in pediatrics to ensure around the clock coverage so that the unit could remain open.
"The hospital has never followed through on its commitment to work with our nurses to provide the training we requested to maintain this vital service," Love explained. "Now, because they never honored their commitment, they want to close this unit. Their mismanagement and lack of professional integrity has been used to engineer the closing of this service."
While the unit does have a low census during the spring and summer months, Love explained that the unit can be very busy at the beginning of the school year and during the winter flu season. The MNA also points to a similar situation at Cooley Dickinson Hospital in Northampton, which has an even lower census than the Leominster Unit. Cooley Dickinson shelved its proposal to close its pediatric unit by implementing a plan similar to what was negotiated with the Leominster nurses, whereby nurses were cross trained in pediatrics to ensure that the staff were available to keep that unit open for the children of that community. The difference there was hospital management listened to nurses and community members and made a commitment to save the service.
Other Closures Meet With Strong Opposition
In addition to the pediatric unit closure, UMass Memorial Health Care has engineered the closure of a number of other services, all of which have met with strong opposition from the community and local officials, including the closure of:
The Plumley Village Health Center in Worcester– In April, UMMHC announced that in July it will close this community health center, a 20-year old facility that served the health needs of a diverse, marginalized and underserved population of more than 2,000 patients; 75 percent are Latino, roughly 50 percent are non-English speaking and nearly all are on MassHealth. The closure has been met with strong opposition from a coalition of community members, public health advocates and local public officials who recently packed a local church to voice their strong opposition to the decision.
Endoscopy and Other Ambulatory Services at UMass Health Alliance Clinton Hospital – In January, UMMHC announced its plan to close its endoscopy service for the diagnosis and treatment of colorectal cancer and other serious gastro-intestinal conditions that serves several hundred patients each year. In addition, over the last two years, management has also eliminated the outpatient surgery/operating room; nuclear stress tests; diagnostic mammograms; interventional radiology procedures; and infusion center services such as IV medication administration, IV antibiotics, blood transfusions and phlebotomy, which are essential for providing local treatment for cancer and a number of other conditions. Hundreds of community members turned out to oppose the loss of these services at forums hosted by a local legislator and by the Health Alliance CEO.
13 Psychiatric Beds at UMass Memorial Medical Centers' University Campus – Last year, UMMHC closed 13 desperately needed psychiatric beds for the care and treatment of patients with serious medical and mental health conditions, at a time when psychiatric patients are waiting days or even weeks in hospital emergency rooms for just these type of beds. The closure plan was unanimously opposed by the Worcester City Council, nearly every state legislator and the Department of Public Health which ruled that this was an essential service that should have been maintained to meet the mental health needs of the community. UMMHC closed those beds and converted them to medical surgical beds because treating patients with medical conditions is more profitable than treating patients with psychiatric conditions, which are subject to lower reimbursement rates.
Closure Decisions Follow Posting of Enormous Profits
All of these decisions are typical of a health care system increasingly being driven by large nonprofit corporate networks and the growing influence of for profit Wall Street firms that are attempting to consolidate more profitable services in larger urban facilities, while cutting access to services in local communities, particularly poorer communities serving marginalized patient populations.
The decisions by UMMHC come at a time when the system has posted enormous profits, paying its executives exorbitant salaries and while stashing millions of dollars in offshore tax havens like the Cayman Islands.
UMMHC Profits – Between 2013 and 2016, UMMHC and its affiliated facilities posted profits in excess of $251 million, with total assets of more than $530 million. They can easily afford to maintain these services. Executive Salaries – According to the most recent available filings, UMMHC is paying its top executives salaries totaling more than $32 million annually, while these executives are making decisions to cut services for some of the poorest residents in Worcester County. Offshore Accounts – UMMHC reports an additional $161 million stashed in the Cayman Islands, keeping in mind that more than half the revenue generated by UMMHC comes from taxpayers in the form of Medicare and Medicaid payments. They are hoarding our taxpayer dollars offshore while depriving taxpayers in their communities of the care they need.
"This level of corporate greed is shameful, particularly when it comes at the expense of access to health care for the most vulnerable," Pereira said. "We intend to actively engage with our community and public officials to alert them to this growing public health crisis and to do whatever we can to protect this vital service."
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Founded in 1903, the Massachusetts Nurses Association is the largest union of registered nurses in the Commonwealth of Massachusetts. Its 23,000 members advance the nursing profession by fostering high standards of nursing practice, promoting the economic and general welfare of nurses in the workplace, projecting a positive and realistic view of nursing, and by lobbying the Legislature and regulatory agencies on health care issues affecting nurses and the public.
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SOURCE Massachusetts Nurses Association | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-mna-umass-memorial-health-alliance-in-leominster-plans-to-close-pediatric-unit-depriving-children-and-families-of-access-to.html |
May 14 (Reuters) - NXT Energy Solutions Inc:
* NXT ENERGY SOLUTIONS ANNOUNCES FIRST QUARTER RESULTS FOR 2018 AND UPDATES ON PRIVATE PLACEMENT AND AGM
* Q1 LOSS PER SHARE C$0.03 * QTRLY LOSS PER SHARE C$0.03 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nxt-energy-solutions-reports-q1-lo/brief-nxt-energy-solutions-reports-q1-loss-per-share-c0-03-idUSASC0A1ZB |
May 4 (Reuters) - AMP Ltd, Australia’s largest wealth manager, said on Friday it disagreed with a finding by lawyers assisting an inquiry into banking misconduct that it had committed a criminal offence in providing a report to the regulator.
The report by law firm Clayton Utz has been at the centre of allegations of misconduct by AMP, with evidence provided to the so-called Royal Commission that senior executives modified the report before submitting it to the Australian Securities and Investments Commission.
Their intention was to limit the report’s findings about the involvement of AMP’s senior executives in misappropriating customer fees, the inquiry heard. Counsel assisting the commission said last week that, in doing so, AMP had breached provisions of the Corporations Act that carry criminal sanctions. (Reporting By Rushil Dutta in Bengaluru Editing by Jane Wardell and Paul Tait)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/australia-banks-inquiry-amp/australias-amp-dispute-royal-commission-finding-of-criminal-offence-idUSL3N1SB05S |
CAIRO (Reuters) - Egypt deployed security forces outside metro stations on Sunday, witnesses said, a day after dozens of commuters staged rare protests against fare hikes.
An Egyptian riot police officer is seen outside El Sadat metro station at Tahrir square in the center of Cairo, Egypt May 13, 2018. REUTERS/Amr Abdallah Dalsh Security sources said at least 22 people were detained by police during “limited and sporadic protests” on Saturday at several metro stations by commuters demanding the price hikes be reversed. They said most had been released, while three were ordered detained for 24 hours pending further investigation.
The government says higher fares are needed to keep the loss-making metro running and to finance new extensions being built to serve more of the capital city’s 25 million people. It has also committed to sharply reducing state subsidies as part of a 2016 loan deal with the International Monetary Fund, pushing up living costs for millions of Egyptians.
The price rises, which came into effect on Friday, saw the cost of some metro tickets tripled.
“The (price) increase will generate about 1 billion pounds ($56.37 million),” Transportation Minister Hesham Arafat told private television channel Sada al-Balad late on Saturday.
“Without this billion (pounds), I cannot continue, the metro company cannot continue.”
People wait to board a train at El Sadat metro station in the center of Cairo, Egypt May 13, 2018. REUTERS/Amr Abdallah Dalsh The government angered Cairo residents, more than three million of whom use the metro every day, when it doubled the price of many metro tickets last year.
Discounted rates will be maintained under the new system for students, the elderly, and those with special needs.
ACCUMULATED LOSSES The metro system has accumulated losses of 618.6 million Egyptian pounds ($35 million), according to state news agency MENA.
Slideshow (4 Images) While there were no signs of fresh protests on Sunday, the first day of the work week in predominantly Muslim Egypt, the number of commuters during the morning rush hour appeared lower than in previous days, witnesses said.
They said Central Security forces vehicles were stationed outside several metro stations in downtown Cairo, while police officers milled inside. Metro staff sought to encourage travelers to purchase lower cost monthly tickets.
Videos posted on social media on Saturday showed people jumping over ticket barriers at some stations. At others, dozens of protesters chanted slogans as police looked on.
A Reuters witness said police detained at least two people after scuffles at one of the stations.
Interior Ministry officials could not be reached for comment. It was not possible to verify the authenticity of the recordings.
Inflation shot up after Egypt devalued its currency in November 2016, reaching a record high in July on the back of energy subsidy cuts.
It then eased gradually until last month, when core inflation, which strips out volatile items like food, rose slightly.
($1 = 17.7400 Egyptian pounds)
Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-egypt-economy-protests/egypt-beefs-up-security-outside-metro-stations-after-fare-rise-protests-idUSKCN1IE0K7 |
May 10, 2018 / 9:19 AM / Updated an hour ago COLUMN-Emerging markets risk vicious dollar, yields, reserves spiral: McGeever Reuters Staff
(The opinions expressed here are those of the author, a columnist for Reuters.)
By Jamie McGeever
LONDON, May 10 (Reuters) - With the dollar and U.S. Treasury yields marching higher, the latest emerging market firestorm risks plunging these countries into a self-perpetuating cycle of falling currencies, higher U.S. yields, a stronger dollar and mounting pressure on their FX reserves.
It goes something like this: rising dollar-denominated debt refinancing costs hit emerging currencies, triggering capital outflows, prompting central bank intervention by selling U.S. Treasuries, which pushes yields and the dollar even higher.
There is an inverse relationship between the dollar and global FX reserves, a large chunk of which consists of U.S. Treasury notes and bonds.
A falling dollar is generally associated with looser global financial conditions, increased cross-border capital flows, strong growth and rising trade surpluses across emerging markets. Those surpluses are used to build up FX reserves.
But a rising dollar has the opposite effect, and the pace of reserve accumulation slows or even reverses.
In some emerging market hot spots, that cycle may be getting underway. Between March 1 and April 27, Argentina sold $8 billion of reserves to stop a run on the peso. That’s nearly 15 percent of its total FX reserves.
Since April 27, the peso has slumped to a record low, the central bank has hiked interest rates to 40 pct and President Mauricio Macri has confirmed that Argentina is seeking a financing deal with the International Monetary Fund.
Argentina may be an extreme case, but no emerging country can afford to be complacent. According to the Institute of International Finance, more than $900 billion of emerging market bonds come due this year.
Indonesia’s FX reserves fell by $7.1 billion to $124.9 billion between February and April as the central bank tried to support the rupiah. But the rupiah still lost 5 pct of its value in that three-month period.
Turkey’s reserves are down nearly $3 billion since February.
The sums involved in these countries are small when set against global FX reserves of over $11 trillion, and the IIF expects emerging market central banks to accumulate over $220 billion of FX reserves this year. But that will be less than 2017 and will probably be even less should the dollar and U.S. yields continue rising. RESERVE RELUCTANCE
Global FX reserves were $11.42 trillion at the end of last year, according to the IMF, mostly held by emerging nations. A decade ago they stood at $6.7 trillion, and at the turn of the millennium they were $1.78 trillion.
But that growth hasn’t been uninterrupted. They were nudging $12 trillion in early 2014, just before the dollar embarked on a two-and-a-half-year, 30 percent rally. China, the world’s largest currency reserves holder with over $3 trillion, saw its stockpile fall by $1 trillion.
After recording its biggest annual fall last year since 2003, the dollar is bouncing back. It’s up nearly 5 percent since mid-April, and the 10-year U.S. yield is above 3 percent.
With the Fed almost alone among major central banks raising interest rates, both could continue heading higher, although the 10-year yield is struggling right now to rise much above 3 percent.
It’s generally assumed that FX reserves are buffers built up over years of relative good economic and financial times by countries, mainly emerging markets, to help see them through the bad times. But according to the IIF, emerging market central banks draw down their reserves only reluctantly.
“Emerging markets are more willing to stem (domestic currency) appreciation through reserve accumulation but are averse to selling reserves during depreciation episodes,” the IIF wrote in a note last week.
“This means that official intervention is unlikely to provide much of a buffer when depreciation pressure sets in, as is the case across emerging markets currently,” it said.
Yet they might have to dip into their reserves. In a speech in Zurich this week, Federal Reserve Chair Jerome Powell suggested the Fed has no intention of straying from its path of tighter policy just to dig emerging markets out of a hole.
Ultimately, by signaling it won’t tighten policy as much or as quickly as markets expect, only the Fed can really slow or reverse the rise in the dollar and U.S. yields to ease the strain on emerging currencies.
But Powell said the influence of Fed policy on global financial conditions “should not be overstated.” Post-crisis stimulus from the Fed has had a “relatively limited role” in the surge of emerging market inflows in recent years, he added.
Emerging markets’ reluctance to draw down reserves could be put to the test, though. As the IIF describes it, the stronger dollar and rising U.S. yields represents a “paradigm shift” for investors.
It’s a shift that threatens to slow capital flows into emerging market this year and trigger that vicious spiral. Reporting by Jamie McGeever, graphic by Ritvik Carvalho, editing by Larry King | ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets-reserves/column-emerging-markets-risk-vicious-dollar-yields-reserves-spiral-mcgeever-idUSL8N1SG37R |
May 9 (Reuters) - LifeVantage Corp:
* LIFEVANTAGE ANNOUNCES FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2018
* Q3 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.12
* Q3 REVENUE ROSE 12.3 PERCENT TO $50.6 MILLION * SEES FY 2018 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.45 TO $0.50
* SEES Q4 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.14 TO $0.19
* RAISES MIDPOINT OF 2018 GUIDANCE RANGE FOR ADJUSTED EARNINGS PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-lifevantage-q3-earnings-per-share/brief-lifevantage-q3-earnings-per-share-0-12-idUSASC0A146 |
May 29, 2018 / 9:52 AM / Updated 3 hours ago U.N. voices concern over Saudi arrest of women's rights activists Reuters Staff 2 Min Read
GENEVA (Reuters) - The United Nations called on Saudi Arabia on Tuesday to provide information about women’s rights activists arrested ahead of the lifting of a ban on women driving that is part of Crown Prince Mohammed bin Salman’s reform program. FILE PHOTO: Saudi Arabia's Crown Prince Mohammed bin Salman leaves the Hotel Matignon in Paris, France, April 9, 2018. REUTERS/Charles Platiau/File Photo
The U.N. human rights office said the government should ensure the women and other campaigners in custody have due process.
The crackdown on women’s rights activists, just weeks before a much-hyped lifting of the has revived doubts about Prince Mohammed approach to reforms in the kingdom.
Nearly a dozen prominent activists, mostly women who for years urged reforms that are now being implemented, were arrested this month, drawing a rare expression of concern from the U.N. human rights office on Tuesday.
Six women and three men are known to remain in custody facing very serious allegations that “could lead to draconian sentences”, U.N. human rights spokeswoman Liz Throssell told a Geneva briefing.
Their exact whereabouts is unknown and most of them have only been permitted to make a single telephone call to their families since they were arrested, she said.
“We urge the Saudi Arabian authorities to reveal their locations, and ensure their rights to due process guarantees,” Throssell said. “If, as it appears, their detention is related solely to their work as human rights defenders and activists on women’s issues, they should be released immediately.”
They are entitled to the right to legal representation, to know the nature of the charges against them, to have access to their families and to be brought before an impartial tribunal within a reasonable period of time, she added.
Saudi authorities should provide information about a Saudi prince, Nawaf Talal Rasheed, reported to be missing since being deported from Kuwait on May 12 and to make clear if was arrested and on what grounds, she said. He is also Qatari national. Reporting by Stephanie Nebehay; Editing by Tom Miles and Matthew Mpoke Bigg | ashraq/financial-news-articles | https://www.reuters.com/article/us-saudi-arrests-un/u-n-voices-concern-on-saudi-arrests-of-activists-missing-prince-idUSKCN1IU119 |
TORONTO (Reuters) - Toronto-Dominion Bank ( TD.TO ), Canada’s second-biggest lender by market value, on Thursday reported second-quarter earnings which were ahead of market expectations, benefiting from a strong performance at its domestic retail business.
FILE PHOTO: A Toronto-Dominion Bank (TD) sign is seen outside of a branch in Ottawa, Ontario, Canada, May 26, 2016. REUTERS/Chris Wattie The bank said earnings per share, excluding one-off items, totaled C$1.62 in the quarter to March 31, compared with C$1.34 a year ago. Analysts had on average forecast earnings per share of C$1.50, according to Thomson Reuters I/B/E/S data.
Reporting by Matt Scuffham; Editing by Edmund Blair
| ashraq/financial-news-articles | https://www.reuters.com/article/us-td-results/canadas-td-bank-second-quarter-earnings-beat-expectations-idUSKCN1IP1KC |
May 9 (Reuters) - School Specialty Inc:
* SCHOOL SPECIALTY ANNOUNCES FISCAL YEAR 2018 FIRST QUARTER FINANCIAL RESULTS
* Q1 REVENUE ROSE 2.2 PERCENT TO $99.3 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-school-specialty-q1-revenue-rose-2/brief-school-specialty-q1-revenue-rose-2-2-pct-to-99-3-mln-idUSASC0A187 |
May 21 (Reuters) - The Rohatyn Group:
* THE ROHATYN GROUP ACQUIRES J.P. MORGAN ASIAN INFRASTRUCTURE PLATFORM
* THE ROHATYN GROUP - ACQUIRED J.P. MORGAN ASIAN INFRASTRUCTURE & RELATED RESOURCES OPPORTUNITY PLATFORM Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rohatyn-group-acquires-jp-morgan-a/brief-rohatyn-group-acquires-j-p-morgan-asian-infrastructure-platform-idUSASC0A30T |
HONG KONG (Reuters Breakingviews) - The global investment community may not be gagging for yet another acronym, but four Chinese tech mega-startups are serving up a ready-made one: MAXD. It even spells out a cautionary message.
A man takes a selfie in front of the logo of Xiaomi at a venue for the launch ceremony of Xiaomi's new smart phone Mi Max in Beijing, May 10, 2016. REUTERS/Kim Kyung-Hoon/File Photo Meituan-Dianping, Ant Financial, Xiaomi and Didi Chuxing are four of the most richly valued private companies in the world. Collectively, they could be worth more than $400 billion when they make their market debuts, possibly this year.
Xiaomi, a Beijing-based smartphone maker that aspires to be some sort of technological hypermarket, just unveiled its initial public offering documents in Hong Kong. Ahead of Xiaomi’s financial disclosures, a valuation of $100 billion circulated in media reports, though that may be a stretch at more than five times last year’s revenue.
Meantime, a current private funding round for Ant Financial, a payments outfit affiliated with Alibaba, could impute a valuation of $150 billion, according to the Wall Street Journal.
Ride-hailing service Didi is eyeing a potential $80 billion price tag as it gears up for an IPO. And Meituan, a food reviews and delivery operation backed by Tencent, raised money last year at a $30 billion valuation. It’s preparing to go public as soon as this year at twice that sum, or more, Bloomberg reported.
Such large numbers may not faze public investors, who have become accustomed to 11- and 12-figure tech valuations. China’s BAT – Baidu, Alibaba and Tencent – clocks in at over $1.1 trillion of combined market value. And America’s FANG stocks – Facebook, Amazon, Netflix and Google (whose parent renamed itself Alphabet) – add up to nearly twice as much, at some $2.2 trillion.
The difference is that all those companies were notably smaller when they listed. Large pools of money sloshing around in venture-capital funds and beyond have enabled entrepreneurs to bulk up long before they tap public markets. The risk is that new investors in these latest pioneers will have far less to gain.
Consider the returns at Netflix. At the time of its May 2002 debut, Netflix was worth about $300 million. It is now valued at $140 billion. For Xiaomi to deliver a similar return, by 2034 it would have to command a market capitalization of over $40 trillion. Odds are that the company, and its three companions, will be MAXD out long before they achieve that sort of milestone.
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors.
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-tech-breakingviews/breakingviews-chinese-tech-stars-are-maxd-out-beyond-fang-stocks-idUSKBN1I8053 |
May 2 (Reuters) - Nxp Semiconductors Nv:
* NXP SEMICONDUCTORS REPORTS FIRST QUARTER 2018 RESULTS * Q1 REVENUE $2.27 BILLION VERSUS I/B/E/S VIEW $2.34 BILLION
* QTRLY EARNINGS PER SHARE $ 0.17 * NXP SEMICONDUCTORS SAYS IT CONTINUE TO BELIEVE TRANSACTION WITH QUALCOMM IS IMPORTANT TO SUPPORTING CUSTOMERS’ LONG TERM REQUIREMENTS
* WILL NOT HOLD AN EARNINGS CALL NOR PROVIDE FORWARD GUIDANCE FOR Q2 OF 2018 DUE TO PENDING ACQUISITION OF NXP BY QUALCOMM
* Q1 EARNINGS PER SHARE VIEW $1.67 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nxp-semiconductors-reports-q1-eps/brief-nxp-semiconductors-reports-q1-eps-0-17-idUSASC09ZAS |
CULVER CITY, Calif.--(BUSINESS WIRE)-- Reading International, Inc. (NASDAQ: RDI) (“Reading” ) announced today that it expects to release its financial results for its first quarter ended March 31, 2018 on Thursday, May 10, 2018.
Reading plans to post its pre-recorded conference call and audio webcast on its corporate website on Monday, May 14, 2018 that will feature prepared remarks from Ellen Cotter, President & Chief Executive Officer; Dev Ghose, Executive Vice President & Chief Financial Officer; and Andrzej Matyczynski, Executive Vice President - Global Operations.
A pre-recorded question and answer session will follow our formal remarks. Questions and topics for consideration should be submitted on Friday, May 11, 2018 by 5:00 p.m. EDT. The audio webcast can be accessed by visiting. http://www.readingrdi.com/about/#earnings-call .
About Reading International, Inc.
Reading International Inc. (NASDAQ: RDI) is a leading entertainment and real estate company, engaging in the development, ownership and operation of multiplex cinemas and retail and commercial real estate in the United States, Australia, and New Zealand.
The family of Reading brands includes cinema brands Reading Cinemas, Angelika Film Centers, Consolidated Theatres, and City Cinemas; live theaters operated by Liberty Theatres in the United States; and signature property developments, including Newmarket Village, Auburn Red Yard and Cannon Park in Australia, Courtenay Central in New Zealand and 44 Union Square in New York City.
Additional information about Reading can be obtained from the Company's website: http://www.readingrdi.com .
Forward-Looking Statements
Our statements in this press release contain a variety of forward-looking statements as defined by the Securities Litigation Reform Act of 1995. Forward-looking statements reflect only our expectations regarding future events and operating performance and necessarily speak only as of the date the information was prepared. No guarantees can be given that our expectation will in fact be realized, in whole or in part. You can recognize these statements by our use of words such as, by way of example, “may,” “will,” “expect,” “believe,” and “anticipate” or other similar terminology.
These forward-looking statements reflect our expectation after having considered a variety of risks and uncertainties. However, they are necessarily the product of internal discussion and do not necessarily completely reflect the views of individual members of our Board of Directors or of our management team. Individual Board members and individual members of our management team may have different views as to the risks and uncertainties involved, and may have different views as to future events or our operating performance.
Among the factors that could cause actual results to differ materially from those expressed in or underlying our forward-looking statements are the following:
with respect to our cinema operations: the number and attractiveness to movie goers of the films released in future periods; the amount of money spent by film distributors to promote their motion pictures; the licensing fees and terms required by film distributors from motion picture exhibitors in order to exhibit their films; the comparative attractiveness of motion pictures as a source of entertainment and willingness and/or ability of consumers (i) to spend their dollars on entertainment and (ii) to spend their entertainment dollars on movies in an outside the home environment; the extent to which we encounter competition from other cinema exhibitors, from other sources of outside-the-home entertainment, and from inside-the-home entertainment options, such as “home theaters” and competitive film product distribution technology such as, by way of example, cable, satellite broadcast and DVD rentals and sales, and online streaming; the cost and impact of improvements to our cinemas, such as improved seating, enhanced food and beverage offerings and other improvements; service disruption during theater improvements; and the extent to and the efficiency with which we are able to integrate acquisitions of cinema circuits with our existing operations. with respect to our real estate development and operation activities: the rental rates and capitalization rates applicable to the markets in which we operate and the quality of properties that we own; the extent to which we can obtain on a timely basis the various land use approvals and entitlements needed to develop our properties; the risks and uncertainties associated with real estate development; the availability and cost of labor and materials; the ability to obtain all permits to construct improvements; the ability to finance improvements; the disruptions from construction; the possibility of construction delays, work stoppage and material shortage; competition for development sites and tenants; environmental remediation issues; the extent to which our cinemas can continue to serve as an anchor tenant that will, in turn, be influenced by the same factors as will influence generally the results of our cinema operations; the ability to negotiate and execute joint venture opportunities and relationships; and certain of our activities are in geologically active areas, creating a risk of damage and/or disruption of real estate and/or cinema businesses from earthquakes. with respect to our operations generally as an international company involved in both the development and operation of cinemas and the development and operation of real estate; and previously engaged for many years in the railroad business in the United States: our ongoing access to borrowed funds and capital and the interest that must be paid on that debt and the returns that must be paid on such capital; expenses, management and Board distraction and other effects of the litigation efforts mounted by James Cotter, Jr. against the Company, including his efforts to cause a sale of voting control of the Company; the relative values of the currency used in the countries in which we operate; changes in government regulation, including by way of example, the costs resulting from the implementation of the requirements of Sarbanes-Oxley; our labor relations and costs of labor (including future government requirements with respect to pension liabilities, disability insurance and health coverage, and vacations and leave); our exposure from time to time to legal claims and to uninsurable risks such as those related to our historic railroad operations, including potential environmental claims and health-related claims relating to alleged exposure to asbestos or other substances now or in the future recognized as being possible causes of cancer or other health related problems; our exposure to cyber-security risks, including misappropriation of customer information or other breaches of information security; changes in future effective tax rates and the results of currently ongoing and future potential audits by taxing authorities having jurisdiction over our various companies; and changes in applicable accounting policies and practices.
The above list is not necessarily exhaustive, as business is by definition unpredictable and risky, and subject to influence by numerous factors outside of our control, such as changes in government regulation or policy, competition, interest rates, supply, technological innovation, changes in consumer taste and fancy, weather, and the extent to which consumers in our markets have the economic wherewithal to spend money on beyond-the-home entertainment.
Given the variety and unpredictability of the factors that will ultimately influence our businesses and our results of operation, no guarantees can be given that any of our forward-looking statements will ultimately prove to be correct. Actual results will undoubtedly vary and there is no guarantee as to how our securities will perform, either when considered in isolation or when compared to other securities or investment opportunities.
In addition to the forward-looking factors set forth above, we encourage you to review Item 1A. “Risk Factors,” from our Company’s Annual Report on SEC Form 10-K for the Year Ended December 31, 2017.
Finally, we undertake no obligation to publicly update or to revise any of our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law. Accordingly, you should always note the date to which our forward-looking statements speak.
Additionally, certain of the presentations included in this press release may contain “pro forma” information or “non-U.S. GAAP financial measures.” In such case, a reconciliation of this information to our U.S. GAAP financial statements will be made available in connection with such statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005356/en/
Investor Contacts:
Reading International, Inc.
Dev Ghose, Executive Vice President & Chief Financial Officer
Andrzej Matyczynski, Executive Vice President for Global Operations
(213) 235-2240
or
Media Contacts:
Joele Frank, Wilkinson Brimmer Katcher
Kelly Sullivan or Matthew Gross
(212) 355-4449
Source: Reading International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-date-of-webcast-for-first-quarter-2018-results-announced-by-reading-international.html |
PARIS (Reuters) - French oil company Total has agreed to sell its retail business in Haiti to Bandari Corporation Ltd, a consortium formed by local and regional players.
FILE PHOTO: The logo of French oil giant Total is pictured at its first gas station in Mexico City, Mexico January 25, 2018. REUTERS/Daniel Becerril/File Photo Total said the business comprised a network of 92 service stations and general trade fuel sales operations. The French company did not disclose the financial terms of the sale.
“This transaction with local operators is aligned with our strategy of streamlining our asset portfolio in the Caribbean,” Isabelle Gaildraud, senior vice president for the Americas region at Total Marketing & Services, said in a statement.
Reporting by Sudip Kar-Gupta; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/us-total-haiti/total-to-sell-haiti-retail-business-to-bandari-corp-idUSKBN1IA0NJ |
April 30, 2018 / 8:54 PM / in a day FIFA begin talks on ambitious new competitions Brian Homewood 2 Min Read
ZURICH (Reuters) - FIFA began talks on Monday over two new proposed competitions which could reshape international soccer and be worth billions of dollars to the global soccer body.
FIFA president Gianni Infantino has put forward ambitious plans for a revamped version of the Club World Cup and a new global Nations League competition.
The plans were discussed by representatives of the six continental confederations at a meeting at FIFA headquarters on Monday.
Officials did not comment on a timeline but Philippe Moggio, general secretary of the CONCACAF which organizes football in North and Central America and the Caribbean, said that “there was a sense of urgency to move forward.”
The plans were initially presented at the last FIFA Council meeting in Bogota in March.
Earlier this month, Infantino confirmed that investors had shown interest in backing an expanded Club World Cup but did not comment on the amount involved which has been reported as being up to $25 billion over a 12-year period.
FIFA said in a subsequent statement that the meeting took place in a “friendly and positive environment” and that a working group had been created to “analyze further the relevance and feasibility of staging both competitions.”
FIFA’s plans for the Club World Cup would involve expanding it to 24 teams — including 12 from Europe — and staging it every four years instead of annually as happens at present.
The Nations League would be a global version of the new competitions which are being introduced by UEFA in Europe and CONCACAF in North and Central American and the Caribbean.
In both cases, the competitions involve all the national teams in the respective continents who are divided into divisions based on their rankings.
There is promotion and relegation between the divisions, as in conventional domestic leagues.
Each division is sub-divided into groups with the winners qualifying for a knockout contest. Writing by Brian Homewood, editing by Pritha Sarkar | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-fifa-competitions/fifa-begin-talks-on-ambitious-new-competitions-idUSKBN1I128A |
May 11 (Reuters) - Restoration Robotics Inc:
* RESTORATION ROBOTICS SECURES $20 MILLION LOAN AND SECURITY AGREEMENT WITH SOLAR CAPITAL LTD. AND BRIDGE BANK
* RESTORATION ROBOTICS INC - ADDITIONALLY, NEW DEBT FACILITY PROVIDES FOR INTEREST-ONLY PAYMENTS FOR FIRST 18 MONTHS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-restoration-robotics-secures-20-ml/brief-restoration-robotics-secures-20-mln-loan-and-security-agreement-with-solar-capital-and-bridge-bank-idUSFWN1SI1G5 |
May 2, 2018 / 7:21 AM / Updated 11 hours ago India approves subsidy for cane farmers to help sugar mills: source Nigam , Prusty , Mayank Bhardwaj 3 Min Read
NEW DELHI (Reuters) - India’s cabinet on Wednesday approved a proposal to help sugar mills by paying the cane farmers that supply them a subsidy for their produce, a government source said, as part of efforts to help a sector struggling with a glut. A farmer works in his sugarcane field on the outskirts of Ahmedabad, February 28, 2015. REUTERS/Amit Dave/File photo
Prime Minister Narendra Modi’s administration has decided to give 55 rupees ($0.82) for every tonne of cane sold to the mills by growers, said the source, declining to be named as he was not authorised to speak with media.
That means mills will now pay farmers state-set prices minus the 55 rupee subsidy, the source said.
Every year, the union government fixes the price that mills must pay to cane growers, but Uttar Pradesh state, the biggest producer, usually raises the rate to placate farmers.
For the 2017/18 season, the federal government fixed the cane floor price at 2,550 rupees per tonne, while Uttar Pradesh raised the rate to 3,150 rupees per tonne.
Reuters last month reported that the government was likely to subsidise the sector, which has been reeling from a supply glut and struggling to export because of low global prices.
New Delhi scrapped a 20-percent tax on exports in March, and in April fixed a quota for mills to export 2 million tonnes of sugar sales abroad.
Citing lower global sugar prices, mills said they would incur a loss of at least $150 a tonne.
As a drop in local sugar prices to their lowest level in 28 months made it difficult for mills to pay farmers mandatory cane prices, a panel of ministers last month backed plans to give financial support to cane growers.
“The incentive will help bring down rising cane arrears. It will change sentiment in the domestic market and help sugar prices recover,” said Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories (NFCSF).
India is likely to produce a record 30.3 million tonnes of sugar in the 2017/18 season that ends on Sept. 30, up from 20.3 million tonnes in the previous year.
Industry officials last month said cane arrears in India could leap to a record 250 billion rupees ($3.8 billion) in the 2017/18 season.
Restive farmers have recently taken to the streets to protest against meagre incomes, forcing some state governments to write-off billions of dollars in farm debts.
The government is keen to placate India’s 50 million cane growers, who make up an influential political lobby, especially with national elections barely a year away in May 2019.
($1 = 66.67 rupees) A farmer carries sugarcane from a field on the outskirts of Jammu April 9, 2012. REUTERS/Mukesh Gupta/Files Additional reporting by Rajendra Jadhav in MUMBAI; Editing by Malini Menon | ashraq/financial-news-articles | https://in.reuters.com/article/india-sugar/india-approves-subsidy-for-cane-growers-to-help-sugar-mills-source-idINKBN1I30RM |
May 15 (Reuters) - Boyd Group Income Fund:
* BOYD GROUP INCOME FUND REPORTS FIRST QUARTER 2018 RESULTS
* BOYD GROUP INCOME FUND - QTRLY SALES INCREASED BY 19.6% TO $453.3 MILLION FROM $378.9 MILLION IN 2017, INCLUDING SAME-STORE SALES INCREASES OF 4.0%
* BOYD GROUP INCOME FUND- QTRLY DILUTED EARNINGS PER UNIT $0.928
* BOYD GROUP INCOME FUND- QTRLY ADJUSTED NET EARNINGS PER UNIT $1.062 Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-boyd-group-income-fund-reports-qtr/brief-boyd-group-income-fund-reports-qtrly-diluted-earnings-per-unit-0-928-idUSASC0A26N |
Amazing. Spectacular. Magic. How would you describe the wedding in one word? 12:43pm EDT - 01:21
Royal fans, from children, dogs and adults sum up their experience at the wedding in one word. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Royal fans, from children, dogs and adults sum up their experience at the wedding in one word. Rough cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2wXIMgo | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/19/amazing-spectacular-magic-how-would-you?videoId=428461121 |
May 1 (Reuters) - Jardine Lloyd Thompson Group PLC:
* GOOD PERFORMANCES SEEN IN GLOBAL REINSURANCE SEEN IN 2017 IN EUROPE AND NORTH AMERICA HAVE CONTINUED INTO 2018
* ANTICIPATE DELIVERING ORGANIC REVENUE GROWTH IN LINE WITH HISTORICAL RATES AND ACHIEVING FURTHER FINANCIAL PROGRESS IN 2018
* US SPECIALTY BUSINESS REMAINED ON TRACK TO ACHIEVE CONTINUED REVENUE GROWTH, WHILST FURTHER REDUCING NET INVESTMENT LOSSES
* FOLLOWING POSITIVE JANUARY 1 RENEWAL ACTIVITY, REINSURANCE BUSINESS CONTINUED TO MAKE FINANCIAL PROGRESS
* GLOBAL TRANSFORMATION PROGRAMME PROGRESSING ON SCHEDULE, ANTICIPATED 2018 COSTS OF £33M AND BENEFITS OF £16M REMAIN AS PREVIOUSLY STATED Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jardine-lloyd-thompson-group-says/brief-jardine-lloyd-thompson-group-says-will-achieve-further-financial-progress-in-2018-idUSFWN1S71IK |
Intuitive Aerial AB (publ):
* GETS ORDERS WORTH SEK 1.1 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-intuitive-aerial-ab-gets-orders-wo/brief-intuitive-aerial-ab-gets-orders-worth-sek-1-1-million-idUSFWN1SD02L |
May 27, 2018 / 8:58 AM / Updated 2 hours ago Exclusive - U.S. warships sail near South China Sea islands claimed by Beijing Idrees Ali 4 Min Read
WASHINGTON (Reuters) - Two U.S. Navy warships sailed near South China Sea islands claimed by China on Sunday, two U.S. officials told Reuters, in a move that drew condemnation from Beijing as President Donald Trump seeks its continued cooperation on North Korea.
The operation was the latest attempt to counter what Washington sees as Beijing’s efforts to limit freedom of navigation in the strategic waters.
While this operation had been planned months in advance, and similar operations have become routine, it comes at a particularly sensitive time and just days after the Pentagon uninvited China from a major U.S.-hosted naval drill.
The U.S. officials, speaking on condition of anonymity, said the Higgins guided-missile destroyer and the Antietam, a guided-missile cruiser, came within 12 nautical miles of the Paracel Islands, among a string of islets, reefs and shoals over which China has territorial disputes with its neighbours.
The U.S. military vessels carried out manoeuvring operations near Tree, Lincoln, Triton and Woody islands in the Paracels, one of the officials said.
Trump’s cancellation of a summit with North Korean leader Kim Jong Un has put further strain on U.S.-China ties amid a trade dispute between the world’s two largest economies.
Critics of the operations, known as a “freedom of navigation,” have said that they have little impact on Chinese behaviour and are largely symbolic.
The U.S. military has a long-standing position that its operations are carried out throughout the world, including in areas claimed by allies, and that they are separate from political considerations.
Satellite photographs taken on May 12 showed China appeared to have deployed truck-mounted surface-to-air missiles or anti-ship cruise missiles at Woody Island.
Earlier this month, China’s air force landed bombers on disputed islands and reefs in the South China Sea as part of a training exercise in the region, triggering concern from Vietnam and the Philippines.
The U.S. military did not directly comment on Sunday’s operation, but said U.S. forces operate in the region daily. Related Coverage China condemns U.S. warships' South China Sea mission
“We conduct routine and regular Freedom of Navigation Operations (FONOPs), as we have done in the past and will continue to do in the future,” U.S. Pacific Fleet said in a statement.
China’s Defence Ministry expressed its anger, saying it had sent ships and aircraft to warn the U.S. warships to leave, saying they had entered the country’s territorial waters without permission.
The move “contravened Chinese and relevant international law, seriously infringed upon Chinese sovereignty (and) harmed strategic mutual trust between the two militaries,” it said.
In a separate statement, China’s Foreign Ministry urged the United States to stop such actions.
“China will continue to take all necessary measures to defend the country’s sovereignty and security,” it added, without elaborating. CONTESTED SEA
Pentagon officials have long complained that China has not been candid enough about its rapid military build-up and using South China Sea islands to gather intelligence in the region.
In March, a U.S. Navy destroyer carried out a “freedom of navigation” operation close to Mischief Reef in the Spratly Islands.
Chinese officials have accused Washington of viewing their country in suspicious, “Cold War” terms. Satellite photo dated March 28, 2018 shows Woody Island. Planet Labs Inc/Handout via REUTERS
China’s claims in the South China Sea, through which about $5 trillion (3.75 trillion pounds) in shipborne trade passes each year, are contested by Brunei, Malaysia, the Philippines, Taiwan and Vietnam.
The United States has said it would like to see more international participation in freedom-of-navigation operations in the South China Sea. Reporting by Idress Ali in Washington; Additional reporting by Ben Blanchard in Beijing; Editing by Alexander Smith, Alexandra Hudson and Lisa Shumaker | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-china-military-exclusive/exclusive-u-s-warships-sail-near-south-china-sea-islands-claimed-by-beijing-idUKKCN1IS07Y |
May 23 (Reuters) - Microchip Technology Inc:
* MICROCHIP TECHNOLOGY ANNOUNCES RECEIPT OF ANTITRUST CLEARANCE IN TAIWAN, APPROVAL OF MICROSEMI SHAREHOLDERS, AND EXPECTED CLOSING DATE OF ITS ACQUISITION OF MICROSEMI
* MICROCHIP TECHNOLOGY INC - CURRENTLY EXPECTS THAT MERGER WILL CLOSE ON MAY 29, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-microchip-technology-announces-rec/brief-microchip-technology-announces-receipt-of-antitrust-clearance-in-taiwan-idUSASC0A3G5 |
May 7 (Reuters) - Jiangsu Bicon Pharmaceutical Listed Co :
* SAYS IT SCRAPS PLAN TO SELL ITS TECHNOLOGY UNIT TO SHENZHEN-BASED INVESTMENT FIRM DUE TO CHANGES IN MARKET CONDITIONS
* SAYS IT SIGNS FRAMEWORK AGREEMENT TO SELL THE TECHNOLOGY UNIT TO RISEN ENERGY CO LTD FOR AT LEAST 2.6 BILLION YUAN ($408.48 million)
* RISEN ENERGY SAYS SHARE TRADE REMAINS SUSPENDED Source text in Chinese: bit.ly/2HUdJqR ; bit.ly/2wmpFMQ ($1 = 6.3650 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-jiangsu-bicon-pharma-in-deal-to-se/brief-jiangsu-bicon-pharma-in-deal-to-sell-technology-unit-to-risen-energy-idUSH9N1SA00Y |
May 24, 2018 / 6:58 PM / Updated an hour ago J&J must pay $4 million in punitive damages in latest asbestos cancer trial Tina Bellon 3 Min Read
(Reuters) - A California jury on Thursday ordered Johnson & Johnson to pay $4 million in punitive damages to a woman who said she developed cancer after being exposed to asbestos in the company’s baby powder, pushing the total damages award in the case to $25.7 million. A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake
The decision in Los Angeles Superior Court comes on top of $21.7 million in compensatory damages that the same jury awarded to the woman and her husband on Wednesday.
Joanne Anderson, 68, was diagnosed with mesothelioma, a form of cancer closely linked to asbestos exposure. The case marked the second trial loss for J&J over similar allegations.
J&J has denied that its talc products contain asbestos or cause cancer, citing decades of testing by independent laboratories and scientists. But plaintiffs claim asbestos and talc, which are closely linked minerals, are intermingled in the mining process, making it impossible to remove the carcinogenic substance.
Of Wednesday’s $21.7 million in compensatory damages, J&J was assigned 67 percent of the liability, Anderson’s lawyer, Chris Panatier, said.
In addition to J&J, Anderson and her husband last year sued a unit of Imerys SA, Cyprus Amax Minerals, a unit of Brenntag, Honeywell International and other talc suppliers. It was not immediately clear whether any companies besides J&J were subject to the verdict.
The Imerys unit, Imerys Talc America, was previously dismissed from the lawsuit, a spokesman said.
Panatier on Thursday did not immediately respond to a request for comment.
J&J in a statement said it was disappointed with the decision and would begin the appeals process. “We will continue to defend the safety of our product because it does not contain asbestos or cause mesothelioma,” the company said.
J&J is battling some 9,000 cases claiming its talc products cause ovarian cancer, but the talc litigants have recently focused on claims based on alleged asbestos contamination.
A New Jersey state court jury in April ordered J&J and Imerys Talc America to pay $117 million to a man who alleged he developed mesothelioma due to asbestos exposure from J&J Baby Powder.
An appeal is pending.
A California jury in November last year cleared J&J of liability in another mesothelioma lawsuit.
The company and Imerys’ U.S. unit, as well as a unit of U.S. drugstore chain Rite Aid, are also facing another mesothelioma trial in a South Carolina court. | ashraq/financial-news-articles | https://www.reuters.com/article/us-johnson-johnson-cancer-lawsuit/jj-must-pay-4-million-in-punitive-damages-in-latest-asbestos-cancer-trial-idUSKCN1IP3C2 |
California and a group of 16 other states plan to file a lawsuit on Tuesday in federal appeals court challenging the Trump administration's decision to declare vehicle emissions rules through 2025 "not appropriate," sources briefed on the matter told Reuters.
In April, U.S. Environmental Protection Agency chief Scott Pruitt said standards on model year 2022 to 2025 vehicles should be revised, reversing a decision by the Obama administration in January 2017. The U.S. Transportation Department has drafted a proposal likely to be made public this month that would freeze vehicle requirements at 2020 levels through 2026.
Automakers including General Motors and Toyota Motor want the Trump administration and California to reach agreement to extend national standards. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/17-states-to-challenge-trump-administration-over-vehicle-emissions-sources-say.html |
I was on assignment at the Boeing plant at the Charleston, S.C., airport, when my phone began to vibrate: It was Dow Jones security calling to tell me there was an active shooter in downtown Charleston and I should take cover if nearby.
Perhaps you’ve gotten a similar call during your travels. More companies are tracking employees on the road far more closely. They’re providing services like alerts about everything from traffic jams to terrorist attacks, medical consultations and emergency evacuation.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/a-new-level-of-security-on-your-business-trip-1527685866 |
Asia Charlie Munger plays Berkshire's hand in China bet and seeks more opportunities "American investors are missing China," Charlie Munger said Saturday in response to a question at Berkshire Hathaway's annual shareholder meeting. In September 2008, Berkshire bought 225 million shares of BYD for an 8.25 percent stake. Munger "deserves 100 percent of the credit for BYD," Warren Buffett said in 2010, according to the CNBC Warren Buffett archive. The optimism on China comes as BYD's Hong Kong-traded shares have tumbled 22.8 percent this year, after the company forecast a double-digit drop in profit for the first half of this year. Published 4:23 PM ET Tue, 8 May 2018 CNBC.com Lacy O'Toole | CNBC Charlie Munger
Warren Buffett 's longtime investing partner Charlie Munger thinks Americans should look for opportunities in China , where Berkshire Hathaway has invested in electric automaker BYD .
"American investors are missing China," Munger said Saturday in response to a question at Berkshire's annual shareholder meeting. "It just looks too hard, sitting in Omaha, to outsmart the Chinese market. But I think you're absolutely right. It's where they should be looking."
The optimism on China comes as BYD's Hong Kong-traded shares have tumbled 22.8 percent this year, after the company forecast a nearly 82.6 percent to 71 percent drop in net profit attributable to shareholders for the first half of this year. BYD attributed the decline to reduced subsidies for electric vehicle purchases.
In September 2008, Berkshire bought 225 million shares of BYD for an 8.25 percent stake. Since then, shares have climbed about 480 percent even with the decline of the last few months. A first quarter report from BYD showed Berkshire still held its 8.25 percent stake, now worth about $1.5 billion.
Munger, vice chairman of Berkshire, "deserves 100 percent of the credit for BYD," Buffett said in 2010, according to the CNBC Warren Buffett archive.
One of Munger's close friends, Li Lu, introduced the investor to BYD. Li's Himalaya Capital Investors controls LL Group, which had a 2.76 percent stake in BYD, according to the automaker's 2017 annual report.
BYD is based in southern China and opened its North American headquarters in Los Angeles in 2011. Several regional transportation authorities in the U.S. use BYD vehicles. The company did not immediately respond to a CNBC request for comment.
"I think we'll see tremendous growth over the next 12 years," Macy Neshati, senior vice president for BYD's coach, bus, truck and material handling unit, told CNBC in November. The trend of electric vehicles "I think that's going to spread out to the world quickly. China has done a tremendous job of setting the bar very high."
In September, Xin Guobin, China's vice minister of industry and information technology, said Beijing is considering a ban on production and sales of fossil fuel cars. The country is already the world's largest market for electric vehicles.
Here's why Munger liked BYD, according to his comments in 2009:
BYD is one of the main manufacturers to the world of the rechargeable lithium battery. And it achieved that position from a standing start at zero under the leadership of the founder, Wang Chuanfu.
And — they went on into cell phone components and developed a huge position.
And then, finally, not satisfied with having worked a couple of miracles, Wang Chuanfu decided he would go into the automobile business.
As nearly as I can tell, it was zero experience in automobiles. And from a standing start at zero and with very little capital, he rapidly was able to create the best-selling single model in China.
And that's against competition that was Chinese joint ventures with all the major auto companies of the world, technological marvels with way more capital and so on.
This is not some unproven, highly speculative activity. What it is, is a damn miracle.
...
I don't want to bet against 17,000 Chinese engineers led by Wang Chuanfu, plus 100,000 more talented Chinese in a brand-new area — constructed the way they want it. I will be amazed, if great things don't happen here.
I don't think, given the size, it can be all that important to Berkshire, financially. But I have never, in my life, been more — felt more privileged to be associated with something than I feel about BYD.
Munger still liked BYD three years later in 2012. "It's a very interesting start-up company," he said, although the noted investors didn't expect many cars in 2030 would be electric.
One of the challenges for Berkshire to invest more in China is restrictions on foreign investment.
"It's very hard to imagine that we won't find more things to do in China over time. I mean, it's a huge market," Buffett said in 2009. "And there will also, perhaps, be opportunities to buy more businesses there."
"We would've bought more than 10 percent of BYD, if we could've. But, that's all that they wished to sell us. So we hope that comes about."
BYD didn't come up specifically in Saturday's annual meeting. In fact, the investing duo hasn't mentioned the company by name during an annual meeting since 2013, according to a search using the CNBC Warren Buffett archive. But Munger said Monday on CNBC's "Squawk Box" that he still thinks China has better investment opportunities than the U.S.
"Charlie, Charlie actually keeps pushing me to do more in China," Buffett said during Saturday's meeting.
Back in 2009, Buffett said it was generally a good idea to heed his investment partner's advice.
"And Charlie, when he gets to the point where he really wants me to do something, like buy the BYD interest or something, he always says to me, 'Well,' he says, 'in the end, you'll see it my way. Because you're smart, and I'm right.'" | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/charlie-munger-plays-berkshires-hand-in-china-bet-and-seeks-more-opportunities.html |
TORONTO—Train conductors and engineers went on strike at Canadian Pacific Railway Ltd. late Tuesday night, stranding large volumes of commodities and manufactured goods that are shipped across North America by the country’s second-largest railroad.
A spokesman for the union representing the workers, Teamsters Canada, said that union representatives will remain at the table in a last-ditch effort to reach an agreement.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/strike-at-canadian-pacific-railway-brings-shipments-to-a-halt-1527651911 |
May 15 (Reuters) - MemSQL:
* MEMSQL RAISES $30 MILLION IN SERIES D ROUND * SAYS LATEST ROUND WAS DRIVEN BY NEW INVESTORS GV (FORMERLY GOOGLE VENTURES) AND GLYNN CAPITAL, AS WELL AS EXISTING INVESTORS Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-memsql-raises-30-mln-in-series-d-r/brief-memsql-raises-30-mln-in-series-d-round-idUSASC0A2D0 |
Vodafone to expand in Europe with $21.8 bn Liberty assets purchase 11:28am EDT - 01:36
Vodafone Group has agreed an 18.4 billion euro ($21.8 billion) deal to buy cable TV company Liberty Global's operations in Germany, Czech Republic, Hungary and Romania. Silvia Antonioli reports.
Vodafone Group has agreed an 18.4 billion euro ($21.8 billion) deal to buy cable TV company Liberty Global's operations in Germany, Czech Republic, Hungary and Romania. Silvia Antonioli reports. //reut.rs/2KNAhYj | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/09/vodafone-to-expand-in-europe-with-218-bn?videoId=425282277 |
May 9 (Reuters) - A Tesla car crashed and caught fire in Fort Lauderdale, Florida on Tuesday, killing two people, local police said on Wednesday.
A third person in the Model S sedan was taken to a hospital, the Miami Herald reported here late on Tuesday, adding it was not immediately clear what caused the wreck.
Tesla Inc was not immediately available for comment. (Reporting by Arunima Banerjee and Sanjana Shivdas in Bengaluru; Editing by Sai Sachin Ravikumar)
| ashraq/financial-news-articles | https://www.reuters.com/article/tesla-crash/two-killed-in-tesla-car-crash-in-florida-police-idUSL3N1SG549 |
May 10, 2018 / 2:54 PM / in 12 minutes UPDATE 1-India's Union Bank sees improvement after $384 mln Q4 loss Reuters Staff
* Net loss of 25.83 bln rupees vs 11.37 bln rupees estimate
* Bad loans shoot up after new central bank rules
* Sees net NPA below 6 pct by March, provisioning cost halving (Updates with outlook, CEO comment)
By Devidutta Tripathy
MUMBAI, May 10 (Reuters) - State-run Union Bank of India Ltd reported on Thursday a 25.83 billion-rupee ($383.8 million) net loss for its fourth quarter, as bad loans surged following stricter central bank rules.
The third straight quarterly net loss for the Mumbai-headquartered bank was higher than analysts’ forecast for a 11.37 billion rupees loss in the three months to March 31, and compared with a 1.08 billion rupees net profit a year ago.
India’s banks, already burdened by a near-record 9.5 trillion rupees of soured loans as of last year, have been expected to report a further rise in bad loans in the March quarter after the Reserve Bank of India withdrew half a dozen loan restructuring schemes to hasten a clean-up exercise.
Union Bank is the first of the bigger Indian state-run lenders to report March quarter results.
Twenty one banks majority owned by New Delhi account for bulk of India’s bad loans, and the government has announced a two-year, $32 billion, bailout package to help the lenders set aside funds for bad loans and increase new lending.
Union Bank’s chief executive, Rajkiran Rai, said he expected the lender’s financials to improve in the new fiscal year that began in April as he saw bad loans and provisions falling going forward.
“We hope we have hit the bottom,” Rai told a news conference. “Now I think we should be on the upward cycle.”
He forecast the lender’s net non-performing loans as a percentage of total loans would fall to below 6 percent by next March, from 8.42 percent at the end of March. Provisioning costs should fall to 2 percent this financial year, he said, from 4.39 percent last year.
After adding 100.43 billion rupees of bad loans in the March quarter, Union Bank’s gross non-performing loan ratio widened 270 basis points from three months earlier to 15.73 percent.
Rai said 50-60 percent of the bad loans added in the March quarter were due to the new central bank rules.
The bank aims to increase lending by 7-8 percent in the current financial year, he said.
Ahead of the results, Union Bank shares closed 4.7 percent down in a Mumbai market that ended 0.2 percent lower. $1 = 67.3075 Indian rupees Reporting by Devidutta Tripathy; Additional reporting by Vishal Sridhar in Bengaluru; Editing by Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/union-bank-results/update-1-indias-union-bank-sees-improvement-after-384-mln-q4-loss-idUSL3N1SH5SA |
May 3 (Reuters) - Immunovaccine Inc:
* IMMUNOVACCINE INC. HAS APPLIED TO LIST ITS COMMON SHARES ON NASDAQ, ANNOUNCES REVERSE STOCK SPLIT
* IMMUNOVACCINE INC - IMPLEMENTING A CONSOLIDATION OF ITS OUTSTANDING COMMON SHARES, AND CHANGING CORPORATION NAME TO IMV INC
* IMMUNOVACCINE - SHARE CONSOLIDATION WILL BE DONE ON BASIS OF 1 NEW SHARE FOR EVERY 3.2 CURRENTLY OUTSTANDING SHARES
* IMMUNOVACCINE - CURRENTLY ANTICIPATES COMMON SHARES WOULD BEGIN TRADING ON NASDAQ BEFORE END OF Q2 2018 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-immunovaccine-has-applied-to-list/brief-immunovaccine-has-applied-to-list-its-common-shares-on-nasdaq-idUSFWN1SA0S5 |
TOKYO, May 2 (Reuters) - Japan’s Nikkei share average dipped on Wednesday, weighed by weaker automakers, although the dollar’s rise to three-month highs versus the yen and positive sentiment toward tech stocks helped curb some of the losses.
The Nikkei was 0.24 percent lower at 22,454.91 and the broader Topix dropped 0.25 percent to 1,769.72.
Automakers slipped after several posted weaker new U.S. vehicle sales in April with consumer demand in the world’s largest economy continuing to soften.
Toyota Motor Corp, which posted a 4.7 percent decline in April U.S. sales, slipped 0.6 percent. Nissan Motor Co fell 1.2 percent after its April U.S. sales fell 28 percent and Honda Motor Co was down 2.1 percent after its April U.S. sales declined 9.2 percent.
Technology firms were buoyant after Apple Inc’s March quarter results topped Wall Street forecasts.
Electronics parts manufacturer Murata Manufacturing Co gained 2.1 percent, electronic material maker TDK Corp climbed 1.7 percent and industrial tape and LCD manufacturer Nitto Denko Corp advanced 4 percent.
A weaker yen also helped exporter stocks. Konica Minolta Inc was up 1.2 percent. Chip equipment makers Tokyo Electron and Advantest Corp rose 0.4 percent and 3.4 percent, respectively.
Japanese financial markets will be closed on Thursday and Friday for national holidays. (Reporting by the Tokyo markets team; Editing by Sam Holmes)
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-stocks-midday/japans-nikkei-sags-as-automakers-slip-on-softer-u-s-sales-idUSL3N1S90I2 |
MOUNTAIN VIEW, Calif. (AP) _ ChemoCentryx Inc. (CCXI) on Wednesday reported a loss of $9.4 million in its first quarter.
On a per-share basis, the Mountain View, California-based company said it had a loss of 19 cents.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 25 cents per share.
The biopharmaceutical company posted revenue of $9.5 million in the period.
ChemoCentryx shares have increased 88 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.21, a climb of 59 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on CCXI at https://www.zacks.com/ap/CCXI | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/the-associated-press-chemocentryx-1q-earnings-snapshot.html |
* Investors, speculators uncertain about market's direction U.S. $11 bln 10-year TIPS auction fails to inspire demand * U.S. to sell $99 bln coupon issues, $16 bln FRN * U.S. jobless claims rise, Philly Fed data improve (Updates market action, adds Quote: ) By Richard Leong NEW YORK, May 17 (Reuters) - U.S. 10-year Treasury yields rose to a near seven-year peak on Thursday, extending this week's bond market selloff, as traders and investors have not reached a consensus on whether it was time to buy or if the market was vulnerable to more selling. Technical indicators suggested the Treasuries market is the most oversold since three weeks ago when the 10-year yield rose above 3 percent for the first time since January 2014. These chart signals, however, have not lured bargain-minded investors to jump back into bonds, which would send yields lower. "The market is trying to figure where the bottom is. At this point, it is not clear," said Mary Ann Hurley, vice president of fixed income with D.A. Davidson in Seattle. The U.S. Treasury Department's $11 billion reopening of a prior issue of 10-year Treasury Inflation Protection Securities (TIPS) drew mediocre bidding. Demand for new Treasury supply will be tested again next week with $99 billion in fixed-rate coupon issues and $16 billion in two-year floating-rate notes (FRN). Hurley and other traders reckoned bets on rising inflation and federal borrowing will likely push the 10-year yield to 3.25 percent. Some analysts laid the blame more on technical factors behind this week's market selloff. "It's more a technical move than one driven by fundamentals," said Bruno Braizinha, interest rate strategist at SG Corporate & Investment Banking in New York. On balance, recent U.S. economic readings, including payrolls and consumer price data in April, have fallen short of market expectations, Braizinha noted. New applications for U.S. jobless benefits rose more than forecast last week after hitting their lowest level since 1969 in late April. On the other hand, Mid-Atlantic business activity rose to its strongest in a year, based on an index from the Philadelphia Federal Reserve. Benchmark 10-year Treasury notes yielded 3.109 percent, up over 1 basis point from late on Wednesday. The yield touched 3.122 percent earlier Thursday, which was the highest since July 2011, according to Reuters data. Since the 10-year yield on Tuesday broke above 3.05 percent, seen as a critical support level, there are no signs yet that asset managers are bailing from their hefty bullish bets on longer-dated Treasuries or that speculators are rushing out of their heavy bearish bond positions, analysts said. The Treasuries market's risks are "symmetric," meaning yields could move in either direction, Braizinha said. If the 10-year yield hits 3.25 percent, "it's a definite buy." May 17 Thursday 3:00PM EDT/ 1900 GMT Price US T BONDS JUN8 140-15/32 -0-15/32 10YR TNotes JUN8 118-128/256 -0-12/256 Price Current Net Yield % Change (bps) Three-month bills 1.8725 1.9074 0.002 Six-month bills 2.0375 2.0872 0.002 Two-year note 99-160/256 2.5729 -0.016 Three-year note 99-166/256 2.7482 -0.011 Five-year note 99-42/256 2.9324 -0.002 Seven-year note 98-212/256 3.0633 0.005 10-year note 98 3.1094 0.014 30-year bond 97-180/256 3.2454 0.030 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 24.00 1.00 spread U.S. 3-year dollar swap 18.25 1.00 spread U.S. 5-year dollar swap 9.75 0.50 spread U.S. 10-year dollar swap 3.00 -0.25 spread U.S. 30-year dollar swap -8.75 -1.25 spread (Reporting by Richard Leong; Editing by Bernadette Baum and James Dalgleish)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-u-s-10-year-yield-hits-7-year-high-soggy-tips-sale-idUSL2N1SO1MC |
May 10, 2018 / 8:40 PM / Updated 2 hours ago Even young men who smoke have increased stroke risk Lisa Rapaport 4 Min Read
(Reuters Health) - Young men who smoke are more likely to have a stroke before age 50 than their peers who avoid tobacco, a small study suggests.
Smoking has long been linked to an increased risk of stroke in older adults, but research to date examining this connection in younger adults has mainly focused on women. For the current study, researchers examined data on 615 men who had a stroke before age 50 and compared their smoking habits to a control group of 530 similar men who didn’t have a history of stroke.
Overall, current smokers were 88 percent more likely to have a stroke than men who never smoked, the study found.
Light smokers who had fewer than 11 cigarettes a day were 46 percent more likely to have a stroke. Heavy smokers with a two pack-a-day habit, or more, were over five times more likely to have a stroke.
“The simple takeaway is the more you smoke, the more you stroke,” said lead study author Janina Markidan of the University of Maryland School of Medicine in Baltimore.
Smoking causes inflammation in blood vessels that increases the risk of blood clots forming, which in turn increases the risk of stroke, Markidan said by email.
“Although reducing the number of cigarettes smoked can reduce your risk of stroke, quitting is still the best choice for smokers,” Markidan added.
For the study, researchers focused on what’s known as an ischemic stroke, the most common kind, which occurs when a clot blocks an artery carrying blood to the brain.
Among the stroke cases included in the study, 239 men had never smoked and 108 were former smokers. Another 103 men smoked less than 11 cigarettes daily, while 97 men smoked between 11 and 20 cigarettes a day and 40 men smoked 21 to 39 cigarettes daily.
An additional 28 men who had strokes smoked more than 40 cigarettes, or two packs, a day.
Most of the men who had strokes in the study were between 35 and 49 years old.
The study wasn’t a controlled experiment designed to prove whether or how smoking habits might directly influence the potential for a stroke in younger men.
Another limitation is that researchers lacked data on other tobacco products participants used in addition to cigarettes, which might influence their risk of stroke, researchers note in the journal Stroke.
The study team also lacked data on other factors that can independently influence the risk of stroke such as alcohol consumption or exercise habits.
Even so, the results suggest the link between smoking and strokes that is well established for older adults also holds true for younger smokers, said Allan Hackshaw, a researcher at University College London in the UK, who wasn’t involved in the study.
“It shows that smoking has a serious impact even when people are younger,” Hackshaw said by email. “Because treatments for stroke are much better now (fewer die from it straight away), many people who suffer one can have long-lasting consequences and physical disabilities at an age when they are usually expected to be working and physically active/fit.”
SOURCE: bit.ly/2KdLd09 Stroke, online April 19, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-smoking-stroke/even-young-men-who-smoke-have-increased-stroke-risk-idUKKBN1IB2Y7 |
NEW YORK, May 17, 2018 /PRNewswire/ -- BounceX , the leading People-Based Marketing (PBM) cloud, today announced Yiftah Frechter as Chief Technology Officer. An expert in marketing, advertising and media technologies, Frechter was formerly Vice President of Engineering at Undertone and Vice President of Research and Development at Sizmek (Mediamind). He also served as the CTO and co-founder of Legolas Media, which was acquired in 2014 by Undertone. Yiftah brings to this new position 20 years of experience scaling global technology platforms.
Frechter is a key hire as BounceX expands into new market segments and geographies. The company recently announced $37M in funding and over the next two years plans to expand to 600 employees globally, with a concentration in its NYC and UK offices.
In his role as CTO, Frechter will continue to evolve the company's internal strategic technical direction as well as make sure BounceX is providing the best technologies to their elite and dynamic client base. Today, over 350 companies work with BounceX, including world-leading enterprises such as Forever21, Avis, JetBlue, CNN, Uniqlo and Comcast.
"Yiftah has a proven playbook for taking a company like BounceX through its next several stages of growth," said Ryan Urban, CEO of BounceX. "He's a strategic addition to our leadership team and his appointment is an exciting turbo charge to our expansive growth and vision."
"BounceX is the first new scalable revenue channel in 10 years, and I find that extremely exciting to be a part of," said Frechter. "Not only is the platform promising, the culture and team I'm joining are unparalleled."
A lean startup since fruition, the company recently raised $37M in Series B funding and was named one of the Top 50 Highest Rated Private Cloud Companies to Work For by Glassdoor. They are also Inc. 5000's fastest growing software company in the US and the seventh fastest growing company overall; #5 on Deloitte's North America Technology Fast 500; #1 in New York for Entrepreneur & Culture IQ's Top Company Culture; and Crain's New York Best Place to Work.
About BounceX
Founded in 2012, BounceX's People-Based Marketing (PBM) cloud is the first new revenue channel with scale in 10 years. With offices in NYC, San Francisco and London and named the fastest growing software company in America by Inc Magazine in 2016, we currently power thousands of digital properties across a multitude of industries. For the first time, brands and publishers have a meaningful paid channel outside of Google and Facebook. We are trusted by global enterprises such as Forever21, Avis, JetBlue, CNN, Uniqlo, Comcast and many more. www.bouncex.com
MEDIA CONTACT
Holly Hitchcock Front Lines Media
866-316-2368
[email protected]
This press release was issued through 24-7PressRelease.com . For further information, visit http://www.24-7pressrelease.com .
View original content: http://www.prnewswire.com/news-releases/people-based-marketing-leader-bouncex-appoints-yiftah-frechter-as-new-chief-technology-officer-300650016.html
SOURCE BounceX | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-people-based-marketing-leader-bouncex-appoints-yiftah-frechter-as-new-chief-technology-officer.html |
May 1 (Reuters) - Oxford Square Capital Corp:
* OXFORD SQUARE CAPITAL CORP. ANNOUNCES RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 2018 AND ANNOUNCES QUARTERLY DISTRIBUTION OF $0.20 PER SHARE
* OXFORD SQUARE CAPITAL - AS OF MARCH 31, 2018, NET ASSET VALUE PER SHARE WAS $7.60 VERSUS NET ASSET VALUE PER SHARE AS OF DEC 31, 2017 OF $7.55
* OXFORD SQUARE CAPITAL CORP - FOR QUARTER ENDED MARCH 31, 2018 RECORDED NET INVESTMENT INCOME OF APPROXIMATELY $8.7 MILLION, OR APPROXIMATELY $0.17 PER SHARE
* OXFORD SQUARE CAPITAL - CORE NET INVESTMENT INCOME FOR QUARTER ENDED MARCH 31, 2018 WAS $7.6 MILLION, OR APPROXIMATELY $0.15 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-oxford-square-capital-announces-re/brief-oxford-square-capital-announces-results-of-operations-for-the-quarter-ended-march-31-idUSASC09YKL |
CHICAGO, Allscripts (NASDAQ:MDRX), a global leader in healthcare technology, today announced that it signed a definitive agreement to acquire HealthGrid Holding Company, a mobile enterprise patient engagement platform business. The agreement represents a significant expansion of the Allscripts FollowMyHealth ® platform portfolio, the company’s patient engagement solution focused on connecting patients with providers. Allscripts expects to close the acquisition in the second quarter of calendar 2018, subject to the satisfaction of customary closing conditions, including the expiration or termination of the waiting period under U.S. antitrust laws.
HealthGrid is a leading mobile, enterprise patient engagement solution that has helped independent providers, hospitals and health systems to dramatically improve patient interactions and satisfaction. The growing adoption of value-based care combined with the modest level of usage of patient portals across the healthcare industry (as low as 30% in hospital-owned practices, and 10-15% in physician-owned practices) has made it critical for health IT to bring an enhanced approach to patient-engagement solution design.
Upon closing of the strategic acquisition, Allscripts expects to tightly integrate the HealthGrid capabilities into its FollowMyHealth platform, adding functionality that would enable providers to reach 100% of their patient populations without requiring patients to sign up for a portal. Instead, the new functionality will leverage existing patients’ contact information. By continuing to grow usage of FollowMyHealth and helping connect providers with patients outside the portal as well, Allscripts will help providers greatly increase their outreach to patients and boost patients’ engagement in their own health.
This expected advancement of the FollowMyHealth platform further drives Allscripts strategy to offer the most comprehensive patient engagement solutions and enable providers to stay connected with their patients in pre-care, point-of-care and post-care settings, helping care teams to collaborate with patients in real time across the continuum. Driven by a complex rules engine based on clinical protocols, integrated functionality would enable intelligent outreach by providers to connect to patients at the precise, optimal time in the care process, keeping patients engaged, informed and supported throughout their care experience.
Additional, enhanced capabilities Allscripts plans to introduce to FollowMyHealth upon closing of the acquisition include appointment confirmation and waitlist notification functionality, post-discharge surveys, and more robust tools to assist providers in meeting critical regulatory requirements.
"Adding these significant capabilities to our portfolio, further growing our FollowMyHealth platform, will benefit our clients and their patients, as our robust offering will create opportunities to reach new heights of patient outreach and engagement," said Allscripts Solutions Development Executive Vice President Jim Hewitt. "Additionally, it advances our EHR-agnostic approach. You don’t have to have an Allscripts EHR to make this work. Engaging consumers in their own health is critical to achieving a healthier tomorrow, and enabling meaningful connections between patients and providers is a crucial piece of fostering successful healthcare delivery. It’s a role Allscripts is proud to play—to improve the way patients engage with their own health and their clinicians is to fuel the progress of healthcare itself."
About Allscripts
Allscripts (NASDAQ: MDRX) is a leader in healthcare information technology solutions that advance clinical, financial and operational results. Our innovative solutions connect people, places and data across an Open, Connected Community of Health™. Connectivity empowers caregivers to make better decisions and deliver better care for healthier populations. To learn more, visit www.allscripts.com , Twitter , YouTube and It Takes A Community: The Allscripts Blog .
© 2018 Allscripts Healthcare, LLC and/or its affiliates. All Rights Reserved.
Allscripts, the Allscripts logo, and other Allscripts marks are trademarks of Allscripts Healthcare, LLC and/or its affiliates. All other products are trademarks of their respective holders, all rights reserved. Reference to these products is not intended to imply affiliation with or sponsorship of Allscripts Healthcare, LLC and/or its affiliates.
Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical fact or pattern. Forward-looking statements can also be identified by the use of words such as "future," "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "will," "would," "could," "can," "may," and similar terms. Forward-looking statements are not guarantees of future performance. Actual results could differ significantly from those set forth in the forward-looking statements, and reported results should not be considered an indication of future performance. Certain factors that could cause our actual results to differ materially from those described in the forward-looking statements include, but are not limited to: the timing or ultimate completion of the acquisition of Health Grid, as the transaction is subject to certain closing conditions, including the expiration or termination of the waiting period under U.S. antitrust laws; the possibility that expected benefits may not materialize as expected; the expected financial contribution and results of the Health Grid business; the successful integration of the Health Grid business; and the anticipated and unanticipated expenses and liabilities related to the acquisition and the acquired Health Grid business. Additional information about these and other risks, uncertainties, and factors affecting Allscripts business is contained in Allscripts filings with the Securities and Exchange Commission, including under the caption "Risk Factors" in the most recent Allscripts Annual Report on Form 10-K, in subsequent Form 10-Qs and in our Form 8-K regarding the pending Health Grid acquisition to be filed with the Securities and Exchange Commission under the heading "Forward-Looking Statements and Risk Factors." Except as required by law, Allscripts does not undertake to update forward-looking statements to reflect changed assumptions, the impact of circumstances or events that may arise after the date of the forward-looking statements, or other changes in its business, financial condition or operating results over time.
For more information contact:
Investors:
Danielle Protexter
312-386-6779
[email protected]
Media:
Concetta Rasiarmos
312-447-2466
[email protected]
Source: Allscripts | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-allscripts-to-significantly-expand-followmyhealtha-patient-engagement-platform-portfolio-with-new-advanced-capabilities.html |
Diluted EPS of ($2.80) and Adjusted EPS of $1.04
BOSTON--(BUSINESS WIRE)-- Cabot Corporation (NYSE: CBT) today announced results for its second quarter of fiscal year 2018.
Key Highlights
Diluted EPS of ($2.80), compared with $1.19 in the prior year period; Adjusted EPS of $1.04, up 18% year-over-year Record EBIT quarter for Reinforcement Materials; 46% increase year-over-year Performance Chemicals EBIT up 12% year-over-year Purification Solutions after-tax asset impairment of $224 million
(In millions, except per share amounts) Second Quarter 2018 2017 Net sales $ 818 $ 678 Net income (loss) attributable to Cabot Corporation $ (173 ) $ 74 Net income (loss) per diluted share attributable to Cabot Corporation $
(2.80
)
$
1.19
Less: Certain items after tax per share $ (3.84 ) $ 0.31 Adjusted EPS $ 1.04 $ 0.88 Commenting on the results, Cabot President and CEO Sean Keohane said, “I am very pleased with the strong operating results this quarter as we continue to drive our growth strategy. Reinforcement Materials delivered a record EBIT quarter with a 46% year-over-year increase largely from 2018 calendar year customer agreements, strong spot pricing, particularly in Asia, and high capacity utilization. Performance Chemicals results improved compared to the prior year quarter from stronger volumes and realization of price increases across the segment. We had a challenging quarter in Purification Solutions with EBIT lower than the prior year quarter due to lower volumes and pricing in mercury removal products.”
Financial Detail
For the second quarter of fiscal 2018, net loss attributable to Cabot Corporation was $173 million ($2.80 per diluted common share). Net loss includes an after-tax charge of $237 million from certain items, which was predominantly comprised of an asset impairment charge in the Purification Solutions segment. Adjusted EPS for the second quarter of fiscal 2018 was $1.04 per share.
Segment Results
Reinforcement Materials -- Second quarter fiscal 2018 EBIT in Reinforcement Materials increased by $25 million compared to the second quarter of fiscal 2017. The increase in EBIT was principally driven by higher prices in Asia and improved pricing and product mix from calendar year 2018 customer agreements. Globally, volumes were flat year over year with gains in Europe and the Americas that offset a decrease in volumes in Asia. Sequentially, Reinforcement Materials EBIT increased by $17 million compared to the first quarter of fiscal 2018 driven by improved pricing and product mix and 3% higher volumes with increases in the Americas and Europe, partially offset by seasonally lower volumes in Asia.
Global and regional volume changes for Reinforcement Materials for the second quarter of fiscal 2018 as compared to the same quarter of the prior year and the first quarter of fiscal 2018 are included in the table below:
Second Quarter
Year over Year Change
Second Quarter
Sequential Change
Changes in Global Reinforcement Materials Volumes 0%
3%
Asia (7%) (4%) Europe, Middle East, Africa 7% 12% Americas 5% 9% Performance Chemicals -- Second quarter fiscal 2018 EBIT in Performance Chemicals increased by $6 million compared to the second quarter of fiscal 2017 primarily due to higher unit margins achieved by price increases and favorable product mix that more than offset higher raw materials costs. Additionally, volumes increased by 9% in the Specialty Carbons and Formulations business and 2% in the Metal Oxides business. Sequentially, Performance Chemicals EBIT increased by $10 million compared to the first quarter of fiscal 2018, primarily due to a 19% increase in volumes from Specialty Carbons and Formulations. Metal Oxides volumes were flat compared to the first quarter of fiscal 2018. The higher segment volumes in both comparative periods were partially offset by higher fixed costs.
Purification Solutions – Second quarter fiscal 2018 EBIT in Purification Solutions decreased by $8 million compared to the second quarter of fiscal 2017 due to lower volumes and margins from increased competition and lower demand in mercury removal applications. Sequentially, Purification Solutions EBIT decreased by $12 million compared to the first quarter of fiscal 2018 due to lower mercury removal volumes and the receipt of the final $5 million of royalty payments in the first quarter of fiscal 2018. The ongoing competitive pressures in mercury removal and other North American powdered activated carbon applications create a challenging outlook for the business, which has resulted in an after-tax impairment charge to the Purification Solutions segment in the quarter of $224 million.
Specialty Fluids – Second quarter fiscal 2018 EBIT in Specialty Fluids decreased by $3 million compared to the second quarter of fiscal 2017 and by $1 million compared to the first quarter of fiscal 2018 primarily due to lower project activity.
Cash Performance - The Company ended the second quarter of fiscal 2018 with a cash balance of $179 million. During the second quarter of fiscal 2018, cash flows from operating activities were $36 million, which included a $65 million increase in net working capital. Capital expenditures for the second quarter of fiscal 2018 were $57 million. Additional uses of cash during the second quarter included $19 million for dividends.
Taxes – During the second quarter of fiscal 2018, the Company recorded a tax benefit of $7 million for an effective tax rate of 4% and an operating tax rate of 21%. The benefit includes a $27 million net benefit of certain items and discrete tax items primarily related to the Purification Solutions impairment.
Outlook
Commenting on the outlook for the Company, Keohane said, “We are very pleased with our current quarter results and our trajectory for the full year. Looking ahead, we anticipate that Reinforcement Materials will continue its robust performance for the balance of the year supported by our strong execution in a favorable market environment. In Performance Chemicals, we expect to maintain our margins while we drive volume growth through the second half of the year. Although the ongoing competitive pressures will continue to impact results in the Purification Solutions segment, we expect higher seasonal volumes and lower variable costs in the second half of the year. In the Specialty Fluids segment, we are expecting the startup of drilling activity on previously awarded projects to drive improved results in the remainder of the year. We continue to execute on our strategy which is delivering significantly higher performance in 2018.”
Earnings Call
The Company will host a conference call with industry analysts at 2:00 p.m. Eastern time on Tuesday, May 8, 2018. The call can be accessed through Cabot’s investor relations website at http://investor.cabot-corp.com
About Cabot Corporation
Cabot Corporation (NYSE: CBT) is a global specialty chemicals and performance materials company, headquartered in Boston, Massachusetts. The company is a leading provider of rubber and specialty carbons , activated carbon , inkjet colorants , cesium formate drilling fluids , masterbatches and conductive compounds , fumed silica , and aerogel . For more information on Cabot, please visit the company’s website at: http://www.cabotcorp.com . The Company encourages investors and potential investors to consult the Cabot website regularly.
Forward-Looking Statements -- This earnings release contains forward-looking statements. All statements that address expectations or projections about the future, including with respect to our performance in the second half of fiscal 2018 and the factors that we expect will impact volumes, demand for our products and margins are forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, potentially inaccurate assumptions, and other factors, some of which are beyond our control and difficult to predict. If known or unknown risks materialize, or should underlying assumptions prove inaccurate, our actual results could differ materially from past results and from those expressed or implied by forward-looking statements. Important factors that could cause our results to differ expressed or implied in the forward-looking statements include, but are not limited to volatility in the price of energy and raw materials; competition from other specialty chemical companies; safety, health and environmental requirements; a significant adverse change in a customer relationship; negative or uncertain worldwide or regional economic conditions; unanticipated delays in site development projects; and fluctuations in foreign currency exchange and interest rates. These factors are discussed more fully in the reports we file with the Securities and Exchange Commission, particularly under the heading “Risk Factors” in our annual report on Form 10-K for our fiscal year ended September 30, 2017, filed with the SEC at www.sec.gov . We assume no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
Use of Non-GAAP Financial Measures
To supplement Cabot’s consolidated financial statements presented on a generally accepted accounting principle (“GAAP”) basis, the preceding discussion of our results and the accompanying financial tables report Adjusted EPS and our operating tax rate, both of which are non-GAAP financial measures. These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP. A reconciliation of Adjusted EPS to net income (loss) per share attributable to Cabot Corporation, the most directly comparable GAAP financial measure, and a reconciliation of operating tax rate to effective tax rate, the most directly comparable GAAP financial measure, are provided in the table titled “Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate.”
Management believes these non-GAAP measures provide investors with greater transparency to the information used by Cabot management in its financial and operational decision-making, allow investors to see Cabot’s results through the eyes of management, and better enable Cabot’s investors to understand Cabot’s operating performance and financial condition.
Adjusted EPS . In calculating Adjusted EPS, we exclude from our net income (loss) per share from continuing operations items of expense and income that management does not consider representative of the Company’s business operations. Accordingly, reporting earnings on an adjusted basis supplements the GAAP measure of performance and provides additional information related to the underlying performance of the business. For example, certain of the items we exclude are items that we are required by GAAP to recognize in one period that relate to activities extending over several periods or relate to single events that management considers to be unusual and infrequent, although not necessarily non-recurring. We refer to these items as “certain items.” Management believes excluding these items facilitates operating performance comparisons from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis and evaluates the Company’s operating performance without the impact of these costs or benefits. Management also uses Adjusted EPS as a key measure in evaluating management performance for incentive compensation purposes.
The items of income and expense that we have excluded from our calculations of Adjusted EPS, as applicable, but that have been included in our GAAP net income (loss) per share, as applicable, are described below.
Asset impairment charges, which primarily included charges associated with an impairment of goodwill or other long-lived assets. Inventory Reserve Adjustment, which resulted from an evaluation performed as part of an impairment analysis. Global restructuring activities, which included costs or benefits associated with cost reduction initiatives or plant closures and were primarily related to (i) employee termination costs, (ii) asset impairment charges associated with restructuring actions, (iii) costs to close facilities, including environmental costs and contract termination penalties, and (iv) gains realized on the sale of land or equipment associated with restructured plants or locations. Acquisition and integration-related charges, which included transaction costs, redundant costs incurred during the period of integration, and costs associated with transitioning certain management and business processes to Cabot’s processes. Legal and environmental reserves and matters, which consisted of costs or benefits for matters typically related to former businesses or that were otherwise incurred outside of the ordinary course of business. Gains (losses) on sale of investments, which primarily related to the sale of investments accounted for under the cost-method. Non-recurring gains (losses) on foreign currency, which primarily related to the impact of continued currency devaluations on our net monetary assets denominated in that currency. Executive transition costs, which included incremental charges, including stock compensation charges, associated with the retirement or termination of employment of senior executives of the Company.
Cabot does not provide a target GAAP EPS growth rate range or reconciliation of the Adjusted EPS growth rate range with a GAAP EPS growth rate range because, without unreasonable effort, we are unable to predict with reasonable certainty the matters we would allocate to “certain items,” including unusual gains and losses, costs associated with future restructurings, acquisition-related expenses and litigation outcomes. These items are uncertain, depend on various factors, and could have a material impact on GAAP EPS in future periods.
Operating Tax Rate . Our “operating tax rate” represents the tax rate on our recurring operating results. This rate excludes discrete tax items, which are unusual or infrequent items that are excluded from the estimated annual effective tax rate and other tax items, including the impact of the timing of losses in certain jurisdictions, cumulative tax rate adjustments and the impact of the items of expense and income we identify as certain items on both our operating income and the tax provision. Management believes that the operating tax rate is useful supplemental information because it helps our investors compare our tax rate year to year on a consistent basis and to understand what our tax rate on current operations would be without the impact of these items.
Explanation of Terms Used
Product Mix. The term “product mix” refers to the mix of types and grade of products sold or the mix of geographic regions where products are sold, and the positive or negative impact this has on the revenue or profitability of the business or segment.
Net Working Capital. The term “net working capital” includes accounts receivable, inventory and accounts payable and accrued expenses.
Second Quarter Earnings Announcement, Fiscal 2018
CABOT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS Periods ended March 31 Three Months Six Months Dollars in millions, except per share amounts (unaudited) 2018 2017 2018 2017 Net sales and other operating revenues $ 818 $ 678 $ 1,538 $ 1,289 Cost of Sales (A) 628 509 1,170 961 Gross profit 190 169 368 328 Selling and administrative expenses 78 65 147 128 Research and technical expenses 16 14 31 26 Long-lived assets impairment charge 162 - 162 - Goodwill impairment charge 92 - 92 - Income (loss) from operations (158 ) 90 (64 ) 174 Other income (expense) Interest and dividend income 3 2 6 4 Interest expense (14 ) (13 ) (27 ) (26 ) Other income (expense) (2 ) (1 ) 6 1 Total other income (expense) (13 ) (12 ) (15 ) (21 ) Income (loss) from continuing operations before income taxes and equity in earnings of affiliated companies
(171 ) 78 (79 ) 153 (Provision) benefit for income taxes (A)(B) 7 1 (198 ) (17 ) Equity in earnings of affiliated companies, net of tax 1 1 2 3 Net income (loss) (163 ) 80 (275 ) 139 Net income (loss) attributable to noncontrolling interests 10 6 20 10 Net income (loss) attributable to Cabot Corporation $ (173 ) $ 74 $ (295 ) $ 129 Basic and diluted earnings per share of common stock attributable to Cabot Corporation
Net income (loss) attributable to Cabot Corporation (A) (C) $ (2.80 ) $ 1.19 $ (4.78 ) $ 2.05 Weighted average common shares outstanding Diluted (C) 61.8 62.8 61.8 62.8 (A)
Fiscal 2017 amounts have been recast to reflect the retrospective application of the Company’s election to change its inventory valuation method of accounting for its U.S. carbon black inventories from the last-in, first-out (“LIFO”) method to the first-in, first-out (“FIFO”) method, which resulted in a decrease in Cost of Sales of less than $1 million, a decrease to the benefit for income taxes of less than $1 million and an increase in Net income (loss) attributable to Cabot Corporation per diluted common share of $0.01 per share for the three months ended March 31, 2017. For more detail on the transition from the LIFO method to the FIFO method, please refer to the Company's 10-Q filings. (B)
Included within the (Provision) benefit for income taxes is a tax benefit for the three and six months ended March 31, 2018 in the amount of $30 million associated with the long-lived asset impairment charge that was recorded in the second quarter of fiscal 2018. (C)
The weighted average common shares outstanding used to calculate earnings per share for the three and six months ended March 31, 2018 excludes approximately 1 million shares as those shares would be antidilutive due to the Company’s net loss position.
CABOT CORPORATION SUMMARY RESULTS BY SEGMENTS
Periods ended March 31 Three Months Six Months Dollars in millions, except per share amounts (unaudited) 2018 2017 2018 2017 Sales Reinforcement Materials $ 454 $ 352 $ 841 $ 647 Performance Chemicals 268 228 497 433 Specialty Carbons and Formulations 193 162 353 300 Metal Oxides 75 66 144 133 Purification Solutions 66 67 136 136 Specialty Fluids 6 7 12 18 Segment sales 794 654 1,486 1,234 Unallocated and other (A) 24 24 52 55 Net sales and other operating revenues $ 818 $ 678 $ 1,538 $ 1,289 Segment Earnings Before Interest and Taxes (B) Reinforcement Materials $ 79 $ 54 $ 141 $ 94 Performance Chemicals 57 51 104 100 Purification Solutions (6 ) 2 - 6 Specialty Fluids (3 ) - (5 ) 2 Total Segment Earnings Before Interest and Taxes 127 107 240 202 Unallocated and Other Interest expense (14 ) (13 ) (27 ) (26 ) Certain items (C) (264 ) - (257 ) - Unallocated corporate costs (16 ) (14 ) (30 ) (26 ) General unallocated income (expense) (D) (E) (3 ) (1 ) (3 ) 6 Less: Equity in earnings of affiliated companies (1 ) (1 ) (2 ) (3 ) Income (loss) from continuing operations before income taxes and equity in earnings of affiliated companies
(171 ) 78 (79 ) 153 (Provision) benefit for income taxes (including tax certain items) (D) 7 1 (198 ) (17 ) Equity in earnings of affiliated companies 1 1 2 3 Net income (loss) (163 ) 80 (275 ) 139 Net income attributable to noncontrolling interests 10 6 20 10 Net income (loss) attributable to Cabot Corporation $ (173 ) $ 74 $ (295 ) $ 129
Basic and diluted earnings per share of common stock attributable to Cabot Corporation
Net income (loss) attributable to Cabot Corporation (D)(F) $ (2.80 ) $ 1.19 $ (4.78 ) $ 2.05 Adjusted earnings per share Adjusted EPS (D)(G) $ 1.04 $ 0.88 $ 1.97 $ 1.73 Weighted average common shares outstanding Diluted (F) 61.8 62.8 61.8 62.8
(A) Unallocated and other reflects royalties, other operating revenues, external shipping and handling fees, the impact of the corporate adjustment for unearned revenue, the removal of 100% of the sales of an equity method affiliate, and discounting charges for certain Notes receivable. (B) Segment EBIT is a measure used by Cabot's Chief Operating Decision-Maker to measure consolidated operating results, assess segment performance and allocate resources. Segment EBIT includes equity in earnings of affiliated companies, royalty income, and allocated corporate costs. (C) Details of Certain items are presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table. (D) Fiscal 2017 amounts have been recast to reflect the retrospective application of the Company’s election to change its inventory valuation method of accounting for its U.S. carbon black inventories from the LIFO method to the FIFO method, which resulted in a decrease in General unallocated income (expense) of less than $1 million, a decrease in the benefit for income taxes of less than $1 million, an increase in Net income (loss) attributable to Cabot Corporation per diluted common share of $0.01 per share and an increase in Adjusted earnings per share of $0.01 per share for the three months ended March 31, 2017. For more detail on the transition from the LIFO method to the FIFO method, please refer to the Company's 10-Q filings. (E) General unallocated income includes foreign currency transaction gains (losses), interest income, dividend income and the profit related to the corporate adjustment for unearned revenue. (F) The weighted average common shares outstanding used to calculate earnings per share for the three and six months ended March 31, 2018 excludes approximately 1 million shares as those shares would be antidilutive due to the Company’s net loss position. (G) Adjusted EPS is a non-GAAP measure, and a reconciliation of Adjusted EPS to GAAP EPS is presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.
CABOT CORPORATION CONSOLIDATED STATEMENT OF FINANCIAL POSITION March 31,
2018
September 30,
2017
Dollars in millions Current assets: Cash and cash equivalents $ 179 $ 280 Accounts and notes receivable, net of reserve for doubtful accounts of $10 and $9 637 527 Inventories: (A) Raw materials 116 93 Work in process 2 2 Finished goods 332 293 Other 48 45 Total inventories 498 433 Prepaid expenses and other current assets 73 59 Total current assets 1,387 1,299 Property, plant and equipment, net 1,274 1,305 Goodwill 97 154 Equity affiliates 54 56 Intangible assets, net 103 137 Assets held for rent 107 104 Deferred income taxes (A) 49 237 Other Assets 46 46 Total assets $ 3,117 $ 3,338 (A) Fiscal 2017 amounts have been recast to reflect the retrospective application of the Company’s election to change its inventory valuation method of accounting for its U.S. carbon black inventories from the LIFO method to the FIFO method, which resulted in an increase in Total inventories of $37 million and a decrease in Deferred income taxes of $13 million.
CABOT CORPORATION CONSOLIDATED STATEMENT OF FINANCIAL POSITION March 31,
2018
September 30,
2017
Dollars in millions, except share and per share amounts Current liabilities: Notes payable $ 268 $ 7 Accounts payable and accrued liabilities 505 457 Income taxes payable 24 22 Current portion of long-term debt 36 256 Total current liabilities 833 742 Long-term debt 631 661 Deferred income taxes 19 38 Other liabilities 265 245 Redeemable preferred stock 26 27 Stockholders' equity: Preferred stock: Authorized: 2,000,000 shares of $1 par value Issued and Outstanding: None and none - - Common stock: Authorized: 200,000,000 shares of $1 par value Issued: 62,019,859 and 62,087,627 shares Outstanding: 61,818,776 and 61,884,347 shares 62 62 Less cost of 201,083 and 203,280 shares of common treasury stock (7 ) (6 ) Additional paid-in capital - - Retained earnings (A) 1,370 1,707 Accumulated other comprehensive income (209 ) (259 ) Total Cabot Corporation stockholders' equity 1,216 1,504 Noncontrolling interests 127 121 Total stockholders' equity 1,343 1,625 Total liabilities and stockholders' equity $ 3,117 $ 3,338 (A) Fiscal 2017 amounts have been recast to reflect the retrospective application of the Company’s election to change its inventory valuation method of accounting for its U.S. carbon black inventories from the LIFO method to the FIFO method, which resulted in an increase in Retained earnings of $24 million.
CABOT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Periods ended March 31 Three Months Six Months Dollars in millions 2018 2017 2018 2017 Cash Flows from Operating Activities: Net income (loss) (A) $ (163 ) $ 80 $ (275 ) $ 139 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 40 38 79 76 Other non-cash charges, net (A) (B) 233 (25 ) 424 (23 ) Changes in assets and liabilities: Changes in certain working capital items (A) (C) (65 ) (134 ) (115 ) (120 ) Changes in other assets and liabilities, net (12 ) (11 ) (39 ) (20 ) Cash dividends received from equity affiliates 3 3 7 6 Cash provided by (used in) operating activities 36 (49 ) 81 58 Cash Flows from Investing Activities: Additions to property, plant and equipment (57 ) (23 ) (109 ) (45 ) Cash paid for acquisition of business, net of cash acquired of $1 - - (64 ) - Other investing activities, net 1 (1 ) 16 (2 ) Cash used in investing activities (56 ) (24 ) (157 ) (47 ) Cash Flows from Financing Activities: Change in debt, net 9 7 9 7 Cash dividends paid to common stockholders (19 ) (19 ) (39 ) (38 ) Other financing activities, net (B) (5 ) 2 (21 ) (11 ) Cash used in financing activities (15 ) (10 ) (51 ) (42 ) Effect of exchange rates on cash 25 27 26 (36 ) Increase (decrease) in cash and cash equivalents (10 ) (56 ) (101 ) (67 ) Cash and cash equivalents at beginning of period 189 189 280 200 Cash and cash equivalents at end of period $ 179 $ 133 $ 179 $ 133 (A) Fiscal 2017 amounts have been recast to reflect the retrospective application of the Company’s election to change its inventory valuation method of accounting for its U.S. carbon black inventories from the LIFO method to the FIFO method, which resulted in an increase in Net income (loss) of less than $1 million, an increase in Other non-cash charges, net of less than $1 million and a decrease in Changes in certain working capital items of less than $1 million. (B) Fiscal 2017 amounts have been recast to reflect the retrospective change related to cash flow presentation of excess tax benefits from stock based compensation under the new stock compensation guidance adopted in the first quarter of fiscal 2018, which resulted in the reclassification of $5 million and $7 million for tax benefits from stock based compensation awards from cash flows from financing activities to cash flows from operating activities in the Condensed Consolidated Statement of Cash Flows for the three and six months ended March 31, 2017, respectively. (C) Includes Accounts and notes receivable, Inventories, and Accounts payable and accrued liabilities
CABOT CORPORATION Fiscal 2017 Fiscal 2018 Dollars in millions, except per share amounts (unaudited) Dec. Q. Mar. Q. June Q. Sept. Q. FY Dec. Q. Mar. Q. June Q. Sept. Q. FY Sales
Reinforcement Materials $ 295 $ 352 $ 367 $ 367 $ 1,381 $ 387 $ 454 $ - $ - $ 841 Performance Chemicals 205 228 229 246 908 229 268 - - 497 Specialty Carbons and Formulations 138 162 154 169 623 160 193 - - 353 Metal Oxides 67 66 75 77 285 69 75 - - 144 Purification Solutions 69 67 71 74 281 70 66 - - 136 Specialty Fluids 11 7 12 11 41 6 6 - - 12 Segment Sales 580 654 679 698 2,611 692 794 - - 1,486 Unallocated and other (A) 31 24 26 25 106 28 24 - - 52 Net sales and other operating revenues $ 611 $ 678 $ 705 $ 723 $ 2,717 $ 720 $ 818 $ - $ - $ 1,538 Segment Earnings Before Interest and Taxes (B) Reinforcement Materials $ 40 $ 54 $ 51 $ 48 $ 193 $ 62 $ 79 $ - $ - $ 141 Performance Chemicals 49 51 46 55 201 47 57 - - 104 Purification Solutions 4 2 (2 ) 2 6 6 (6 ) - - - Specialty Fluids 2 - 4 3 9 (2 ) (3 ) - - (5 ) Total Segment Earnings Before Interest and Taxes 95 107 99 108 409 113 127 - - 240 Unallocated and Other Interest expense (13 ) (13 ) (13 ) (14 ) (53 ) (13 ) (14 ) - - (27 ) Certain items (C) - - (2 ) (1 ) (3 ) 7 (264 ) - - (257 ) Unallocated corporate costs (12 ) (14 ) (11 ) (13 ) (50 ) (14 ) (16 ) - - (30 ) General unallocated income (expense) (D) (E) 7 (1 ) (2 ) (1 ) 3 - (3 ) - - (3 ) Less: Equity in earnings of affiliated companies (2 ) (1 ) (3 ) (1 ) (7 ) (1 ) (1 ) - - (2 ) Income (loss) from continuing operations before income taxes and equity in earnings of affiliated companies
75 78 68 78 299 92 (171 ) - - (79 ) (Provision) benefit for income taxes (including tax certain items) (D) (18 ) 1 (16 ) - (33 ) (205 ) 7 - - (198 ) Equity in earnings of affiliated companies 2 1 3 1 7 1 1 - - 2 Net income (loss) 59 80 55 79 273 (112 ) (163 ) - - (275 ) Net income (loss) attributable to noncontrolling interests 4 6 8 7 25 10 10 - - 20 Net income (loss) attributable to Cabot Corporation $ 55 $ 74 $ 47 $ 72 $ 248 $ (122 ) $ (173 ) $ - $ - $ (295 ) Basic and diluted earnings per share of common stock attributable to Cabot Corporation
Net income (loss) attributable to Cabot Corporation (D)(F) $ 0.86 $ 1.19 $ 0.73 $ 1.13 $ 3.91 $ (1.98 ) $ (2.80 ) $ - $ - $ (4.78 ) Adjusted earnings per share Adjusted EPS (D)(G) $ 0.85 $ 0.88 $ 0.83 $ 0.98 $ 3.54 $ 0.93 $ 1.04 $ - $ - $ 1.97 Weighted average common shares outstanding Diluted (F) 62.8 62.8 62.7 62.5 62.7 61.9 61.8 - - 61.8
(A) Unallocated and other reflects royalties, other operating revenues, external shipping and handling fees, the impact of the corporate adjustment for unearned revenue, the removal of 100% of the sales of an equity method affiliate and discounting charges for certain Notes receivable. (B) Segment EBIT is a measure used by Cabot's Chief Operating Decision-Maker to measure consolidated operating results, assess segment performance and allocate resources. Segment EBIT includes equity in earnings of affiliated companies, royalty income, and allocated corporate costs. (C) Details of certain items are presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table. (D) Fiscal 2017 full year amounts have been recast to reflect the retrospective application of the Company’s election to change its inventory valuation method of accounting for its U.S. carbon black inventories from the LIFO method to the FIFO method, which resulted in an increase in General unallocated income of $11 million, an increase in (Provision) benefit for income taxes of ($4) million , an increase in Net income (loss) attributable to Cabot Corporation per diluted common share of $0.11 per share and an increase in Adjusted earnings per share of $0.11 per share. For more detail on the transition from the LIFO method to the FIFO method, please refer to the Company's 10-Q filings. (E) General unallocated income (expense) includes foreign currency transaction gains (losses), interest income, dividend income and the profit related to the corporate adjustment for unearned revenue. (F) The weighted average common shares outstanding used to calculate earnings per share for all periods in fiscal 2018 excludes approximately 1 million shares as those shares would be antidilutive due to the Company’s net loss position in that period. (G) Adjusted EPS is a non-GAAP measure, and a reconciliation of Adjusted EPS to GAAP EPS is presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.
CABOT CORPORATION CERTAIN ITEMS AND RECONCILIATION OF ADJUSTED EPS AND OPERATING TAX RATE TABLE 1: DETAIL OF CERTAIN ITEMS Periods ended March 31 Dollars in millions, except per share amounts (unaudited) Three Months Six Months 2018 2017 2018 2017 $ $ $ $ Certain items before and after income taxes
Impairment of goodwill and long-lived assets $ (254 ) $ ― $ (254 ) $ ― Inventory reserve adjustment (13 ) — (13 ) — Global restructuring activities 9 (2 ) 8 (2 ) Acquisition and integration-related charges (1 ) — (1 ) — Legal and environmental matters and reserves (5 ) 2 (6 ) 2 Gains (losses) on sale of investments — — 10 — Other certain items — — (1 ) — Total certain items, pre-tax (264 ) — (257 ) — Tax impact of certain items (A) 32 — 30 — Certain items after tax (excluding discrete tax items) (232 ) — (227 ) — Certain items after tax per share impact (excluding discrete tax items) $ (4.18 ) $ ― $ (4.09 ) $ 0.01 Tax-related certain items Discrete tax items (5 ) 20 (190 ) 20 Total tax-related certain items (5 ) 20 (190 ) 20 Total tax-related certain items per share impact $ 0.37 $ 0.31 $ (2.61 ) $ 0.31 Total certain items after tax $ (237 ) $ 20 $ (417 ) $ 20 Total certain items after tax per share impact $ (3.81 ) $ 0.31 $ (6.70 ) $ 0.32 TABLE 2: CERTAIN ITEMS STATEMENT OF OPERATIONS LINE ITEM Periods ended March 31 Three Months Six Months Dollars in millions, Pre-Tax (unaudited) 2018 2017 2018 2017 Statement of Operations Line Item (B)
Cost of sales $ (8 ) $ (2 ) $ (11 ) $ (2 ) Selling and administrative expenses (2 ) 2 (2 ) 2 Other income (expense) — — 10 — Long-lived assets impairment charge (162 ) — (162 ) — Goodwill impairment charge (92 ) — (92 ) — Total certain items, pre-tax $ (264 ) $ ― $ (257 ) $ ― TABLE 3: RECONCILIATION OF TAX CERTAIN ITEMS Periods ended March 31 Three Months Six Months Dollars in millions (unaudited) 2018 2017 2018 2017 Reconciliation of Provision for income taxes, excluding certain items, to Provision for income taxes
(Provision) benefit for income taxes (C) $ 7 $ 1 $ (198 ) $ (17 ) Less: Tax impact of certain items 32 — 30 — Less: Tax-related certain items (5 ) 20 (190 ) 20 (Provision) benefit for income taxes, excluding certain items $ (20 ) $ (19 ) $ (38 ) $ (37 ) TABLE 4: RECONCILIATION OF OPERATING TAX RATE Periods ended March 31 Three Months Six Months Forecast Dollars in millions (unaudited) 2018 2017 2018 2017 2018 Reconciliation of the effective tax rate to the operating tax rate
(Provision) benefit for income taxes (C) $ 7 $ 1 $ (198 ) $ (17 ) N/A Effective tax rate 4 % (1 %) (248 %) 11 % 224 % Impact of discrete tax items: (D) Unusual or infrequent items (15 %) 25 % 238 % 12 % (180 %) Items related to uncertain tax positions - % (1 %) 2 % 1 % (1 %) Other discrete tax items - % 1 % - % - % - % Impact of certain items 32 % - % 29 % - % (22 %) Operating tax rate 21 % 24 % 21 % 24 % 21 % TABLE 5: RECONCILIATION OF ADJUSTED EPS BY QUARTER FOR FISCAL 2017 and FISCAL 2016 NON-GAAP MEASURE: Periods ended (unaudited) Fiscal 2018 (E) Dec. Q Mar. Q Jun. Q Sept. Q FY 2018 Reconciliation of Adjusted EPS to GAAP EPS
Net income (loss) per share attributable to Cabot Corporation $ (1.98 ) $ (2.80 ) $ ― $ ― $ (4.78 ) Less: Certain items after tax per share (2.89 ) (3.81 ) — — (6.70 ) Less: Dilutive impact of shares (F) (0.02 ) (0.03 ) — — (0.05 ) Adjusted earnings per share $ 0.93 $ 1.04 $ ― $ ― $ 1.97 Periods ended (unaudited) Fiscal 2017 (E) Dec. Q Mar. Q Jun. Q Sept. Q FY 2017 Reconciliation of Adjusted EPS to GAAP EPS
Net income (loss) attributable to Cabot Corporation ( C)(G) $ 0.86 $ 1.19 $ 0.73 $ 1.13 $ 3.91 Less: Certain items after tax per share 0.01 0.31 (0.10 ) 0.15 0.37 Adjusted earnings per share (C)(G) $ 0.85 $ 0.88 $ 0.83 $ 0.98 $ 3.54
(A) The tax effect of certain items is determined by (1) starting with the current and deferred income tax expense or benefit, included in Net income attributable to Cabot Corporation, and (2) subtracting the tax expense or benefit on “adjusted earnings”. Adjusted earnings is defined as the pre-tax income attributable to Cabot Corporation excluding certain items. The tax expense or benefit on adjusted earnings is calculated by applying the operating tax rate, which includes both current and deferred taxes, as defined under the section Use of Non-GAAP Financial Measures of the earnings release. (B) This table indicates the line items where certain items are recorded in the table titled Cabot Corporation Consolidated Statements of Operations. (C) Fiscal 2017 amounts have been recast to reflect the retrospective application of the Company’s election to change its inventory valuation method of accounting for its U.S. carbon black inventories from the LIFO method to the FIFO method, which resulted in a decrease to the benefit for income taxes of less than $1 million, an increase in Net income (loss) attributable to Cabot Corporation per diluted common share of $0.01 per share and an increase in Adjusted earnings per share of $0.01 per share for the three months ended March 31, 2017. For more detail on the transition from the LIFO method to the FIFO method, please refer to the Company's 10-Q filings. (D) The nature of the discrete tax items for the periods ended March 31, 2018 and 2017 was as follows: (i) Unusual or infrequent items during the three and six months ended March 31, 2018 comprised of the net tax impacts resulting from the enactment of H.R. 1, commonly referred to as the Tax Cuts and Jobs Act of 2017 ($4 million and $189 million, respectively), foreign exchange gain/loss on the remeasurement of a deferred tax liability, as well as immaterial impacts related to stock compensation deductions. Additionally, unusual or infrequent items during the three and six months ended March 31, 2018 and 2017 included the tax impact of excludible foreign exchange gains and losses in certain jurisdictions. Unusual or infrequent items during the three and six months ended March 31, 2017 included a tax benefit associated with the generation of excess foreign tax credits upon repatriation of previously taxed foreign earnings, partially offset by charges for the accrual of U.S. tax on certain foreign earnings of prior years; (ii) Items related to uncertain tax positions during the three and six months ended March 31, 2018 and 2017 including net tax benefits from the reversal of accruals for uncertain tax positions due to the expiration of statutes of limitations and the settlement of tax audits, the accrual of interest on uncertain tax positions, and, for fiscal 2018 only, the refinement of the accrual for existing uncertain tax positions; (iii) Other discrete tax items during the three and six months ended March 31, 2018 and 2017 including net tax impacts from various return to provision adjustments related to tax return filings and, for fiscal 2018 only, changes in non-U.S. tax laws and audit settlements. (E) Per share amounts are calculated after tax and, where applicable, noncontrolling interest, net of tax. (F) Due to the Company’s Net Loss position, GAAP EPS has been calculated using basic weighted average shares for both basic and diluted GAAP EPS. However, in order to provide an Adjusted Non-GAAP EPS with a weighted average share figure that is consistent with all other periods presented, the Company has included this reconciling item to quantify the difference between basic and diluted weighted average shares. The net loss for the six months ended March 31, 2018 is driven by a discrete tax item and impairment charges, so the Company believes this approach provides the most comparable presentation possible. (G) Fiscal 2017 full year amounts have been recast to reflect the retrospective application of the Company’s election to change its inventory valuation method of accounting for its U.S. carbon black inventories from the LIFO method to the FIFO method, which resulted in an increase in Net income (loss) attributable to Cabot Corporation per diluted common share of $0.11 per share and an increase in Adjusted earnings per share of $0.11 per share.
CABOT CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES All dollar amounts shown below are in millions, except per share information Fiscal 2018 (A) Dec. Q Mar. Q Jun. Q Sept. Q FY 2018 Reconciliation of Adjusted EPS to GAAP EPS
Net income (loss) per share attributable to Cabot Corporation $ (1.98) $ (2.80) $ ― $ ― $ (4.78) Less: Certain items after tax (2.89) (3.81) — — (6.70) Less: Dilutive impact of shares (B) (0.02) (0.03) — — (0.05) Adjusted earnings per share $ 0.93 $ 1.04 $ ― $ ― $ 1.97 (A) Per share amounts are calculated after tax and, where applicable, noncontrolling interest, net of tax. (B) Due to the Company’s Net Loss position, GAAP EPS has been calculated using basic weighted average shares only to avoid anti-dilution. However, in order to provide an Adjusted Non-GAAP EPS with a weighted average share figure that is consistent with all other periods presented, the Company has included this reconciling item to quantify the difference between basic and diluted weighted average shares. The net loss for the three and six months ended March 31, 2018 is driven by a discrete tax item and impairment charges so the Company believes this approach provides the most comparable presentation possible. Fiscal 2018 Dec. Q Mar. Q Jun. Q Sept. Q FY 2018 Reconciliation of Segment EBIT to Net Income and Segment EBITDA Margin
Net income (loss) attributable to Cabot Corporation $ (122) $ (173) $ - $ - $ (295) Net income (loss) attributable to noncontrolling interests 10 10 - - 20 Equity in earnings of affiliated companies, net of tax (1) (1) - - (2) Provision (benefit) for income taxes 205 (7) - - 198 Income (loss) from continuing operations before income taxes and equity in earnings of affiliated companies $ 92 $ (171) $ - $ - $ (79) Interest expense 13 14 - - 27 Certain items (7) 264 - - 257 Unallocated corporate costs 14 16 - - 30 General unallocated (income) expense - 3 - - 3 Equity in earnings of affiliated companies 1 1 - - 2 Total Segment EBIT $ 113 $ 127 $ - $ - $ 240 Plus: Total Depreciation & Amortization 39 40 - - 79 Plus: Adjustments to Depreciation (C) - 1 - - 1 Total Segment EBITDA $ 152 $ 168 $ - $ - $ 320 Less: Unallocated Corporate Costs (14) (16) - - (30) Adjusted EBITDA $ 138 $ 152 $ - $ - $ 290 Dec. Q Mar. Q Jun. Q Sept. Q FY 2018 Reinforcement Materials EBIT $ 62 $ 79 $ - $ - $ 141 Plus: Depreciation & Amortization 17 18 - - 35 Reinforcement Materials EBITDA $ 79 $ 97 $ - $ - $ 176 Reinforcement Materials Sales $ 387 $ 454 $ - $ - $ 841 Reinforcement Materials EBITDA Margin 20% 21% -% -% 21% Dec. Q Mar. Q Jun. Q Sept. Q FY 2018 Performance Chemicals EBIT $ 47 $ 57 $ - $ - $ 104 Plus: Depreciation & Amortization 12 12 - - 24 Performance Chemicals EBITDA $ 59 $ 69 $ - $ - $ 128 Performance Chemicals Sales $ 229 $ 268 $ - $ - $ 497 Performance Chemicals EBITDA Margin 26% 26% -% -% 26% Dec. Q Mar. Q Jun. Q Sept. Q FY 2018 Purification Solutions EBIT $ 6 $ (6) $ - $ - $ - Plus: Depreciation & Amortization 10 10 - - 20 Purification Solutions EBITDA $ 16 $ 4 $ - $ - $ 20 Purification Solutions Sales $ 70 $ 66 $ - $ - $ 136 Purification Solutions EBITDA Margin 23% 6% -% -% 15% Dec. Q Mar. Q Jun. Q Sept. Q FY 2018 Specialty Fluids EBIT $ (2) $ (3) $ - $ - $ (5) Plus: Depreciation & Amortization - 1 - - 1 Specialty Fluids EBITDA $ (2) $ (2) $ - $ - $ (4) Specialty Fluids Sales $ 6 $ 6 $ - $ - $ 12 Specialty Fluids EBITDA Margin (33%) (33%) -% -% (33%) Fiscal 2018 Reconciliation of Discretionary Free Cash Flow
Dec. Q Mar. Q Jun. Q Sept. Q FY 2018 Cash flow from operating activities (D) 45 36 - - 81 Less: Changes in net working capital (E) (50) (65) - - (115) Less: Sustaining and compliance capital expenditures 42 34 - - 76 Discretionary Free Cash Flow $ 53 $ 67 $ - $ - $ 120 (C) Adjustments to depreciation includes the addition of the depreciation expense of a contractual joint venture in Purification Solutions less accelerated depreciation expense not allocated to a business. (D) As provided in the Condensed Consolidated Statement of Cash Flows. (E) Defined as changes in accounts receivable, inventory and accounts payable and accrued liabilities as presented on the Condensed Consolidated Statement of Cash Flows.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180507006183/en/
Cabot Corporation
Steve Delahunt, 617-342-6255
Source: Cabot Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-cabot-corp-reports-second-quarter-fiscal-2018-results.html |
May 7 (Reuters) - WOJAS SA:
* APRIL 2018 REVENUE AT 19 MILLION ZLOTYS, UP 4.3 PERCENT YOY Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-wojas-april-revenue-up-43-percent/brief-wojas-april-revenue-up-4-3-percent-yoy-idUSFWN1SE0FP |
NORCROSS, Ga., May 21, 2018 (GLOBE NEWSWIRE) -- OmniMax Holdings, Inc. announced today that it will host an investor conference call regarding its first quarter 2018 financial results at 11:00 AM Eastern Time on Tuesday, May 22, 2018. Existing bond holders, qualified institutional investors and securities analysts can obtain dial-in information upon registration at the OmniMax Investor Relations website at http://www.omnimax.com/investor-relations .
Contact Information
OmniMax Holdings, Inc.
Mary S. Cullin, 770-449-7066
Senior Vice President, Chief Financial Officer and Treasurer
Email: [email protected]
Source:OmniMax International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-omnimax-holdings-inc-announces-first-quarter-2018-investor-call-information.html |
LONDON, May 24 (Reuters) - British retail sales jumped by the most in one-and-a-half years in April, official figures showed on Thursday as consumers returned to the shops after a snowy start to 2018 that weighed on the overall economy. Retail sales volumes rose by 1.6 percent from March, the Office for National Statistics said, well above the median forecast for a monthly 0.7 percent increase in a Reuters poll of economists. The rise followed a sharp fall of 1.1 percent in March when Britain was in the grip of unusually cold winter weather. However, the ONS said the big picture remained one of subdued spending with sales broadly unchanged over the past six months. In the three months to April, sales edged up by 0.1 percent compared with a fall of 0.4 percent in the three months to March when they suffered the biggest decline since the first quarter of 2017. British households were hit last year by a combination of rising inflation and weak wage growth. Recent figures have shown a cooling of price growth and a pickup in wages. But many retailers are struggling as consumers remain wary about spending and online shopping upends the industry. Marks & Spencer , House of Fraser and New Look among other chains have said they plan to close shops. But clothing retailer Next said earlier this month that warmer weather in April boosted its sales. The Bank of England is watching for signs that Britain's economy has recovered from the early 2018 slowdown before it presses ahead with only the second interest rate hike since before the financial crisis. Figures published on Wednesday by the Confederation of British Industry showed retail sales picked up moderately in May. The gauge of inflation used in the retail sales data, the retail price deflator, picked up to 2.2 percent after sinking in March to its lowest since January 2017 at 1.9 percent. The ONS said retail sales in cash terms grew by 3.5 percent in April in annual terms, up from 3.2 percent in March. (Reporting by William Schomberg and Alistair Smout)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-economy-retail/uk-consumers-return-to-shopping-after-snowy-start-to-2018-sales-beat-forecast-idUSUKLOGEE36 |
Dow Jones, a News Corp company News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services Dow Jones | ashraq/financial-news-articles | http://jp.wsj.com/articles/SB11506919535091864805104584201803560724342 |
SANTA FE, N.M., Sigma Labs, Inc. (NASDAQ:SGLB) (“Sigma Labs,” "we," "our" or the “Company”), a provider of quality assurance software under the PrintRite3D® brand, today announced financial results for the three months ended March 31, 2018 and provided an overview of recent accomplishments.
First Quarter 2018 and Recent Business Highlights
May 2018 – Sigma Labs expanded its business development in Europe by hiring its first employee in Europe.
April 2018 – Sigma Labs completed a $1.0 Million private placement financing.
April 2018 – Sigma Labs participated in two significant industry events including The Additive Manufacturing Users Group (AMUG) Conference and Exhibition in St. Louis, MO ( http://www.amug.com ) and The Rapid 2018 Conference in Fort Worth, TX ( http://www.rapid3devent.com ).
March 2018 - Sigma Labs signed a cooperative research and development agreement with the National Institute of Standards and Technology to assess production yields of metal additive manufacturing using the Company's PrintRite3D® technology.
March 2018 – Sigma Labs released Version 3.0.2 of its PrintRite3D INSPECT® In-Process Quality Assurance™ (IPQA®) software featuring Sigma Labs’ new and proprietary Thermal Energy Density™ (TED™) In Process Quality Metric™ (IPQM®), setting what the Company views as a new industry standard for quantitatively measuring melt pool and part quality.
“In the first quarter of 2018 we raised additional capital in order to increase our working capital and technology resources to both grow the company and develop closed loop control,” commented John Rice, Chairman and Interim CEO of Sigma Labs. “We continue to upgrade our products and services while working evermore closely with select 3D metal manufacturing customers to provide on-site proof of our PrintRite3D technology’s ability and value to raise quality and economic yields in their AM metal production runs. Our company continues the process of evolving from an R&D company culture into a technology commercialization company, as I indicated in our letter to our shareholders in January of this year. I am proud of the progress we are making so far and look forward to continuing on this sometimes twisted road to commercialization and to our goal of profitability,” Mr. Rice concluded.
First Quarter 2018 Financial Results
During the three months ended March 31, 2018, we recognized revenue of $103,415, as compared to $114,523 in revenue recognized during the same period in 2017.
Sigma’s operating expenses for the three months ended March 31, 2018 were $1,177,130 as compared to $1,159,494 for the same period in 2017. The most significant of these operating expenses is personnel costs, specifically the payroll and stock-based compensation components of personnel costs. Personnel costs were $560,179 for the three months ended March 31, 2018 and $577,842 for the same period in 2017 or 48% and 50% of total operating expenses for the period, respectively. Total payroll costs for the first three months of 2018 were $39,554 lower than in the same period in 2017, primarily due to a $50,000 bonus payment in 2017 to our Vice President of Business Development in connection with the satisfaction of performance milestones. Stock-based compensation was $21,890 higher in the first three months of 2018 compared to the same period in 2017.
Outside Services Fees incurred in the three months ended March 31, 2018 were $319,622 compared to $364,784 incurred during the same period in 2017. Services in connection with our obligations as an SEC reporting company, the February 2017 public offering, and in preparation of the April 2018 sale of convertible preferred stock were the major components of the fees incurred in both periods. The net decrease in these fees in 2018 results primarily from the one-time $42,000 entry fee paid to NASDAQ in connection with our being listed on the NASDAQ Capital Market in the first quarter of 2017.
Research and Development expenditures of $121,977 were incurred during the three months ended March 31, 2018 compared to $54,505 in the same period of 2017. This $67,472 increase resulted primarily from the purchase of multiple upgraded servers and various pieces of specialized equipment as part of our continued concentrated acceleration of technology development in 2018.
Sigma’s net loss for the three months ended March 31, 2018 totaled $1,170,876, as compared to $943,965 for the same period of 2017, a $226,911 increase. The 2018 net operating loss contributed $63,684 to the overall loss increase, and other income and expenses contributed to the balance.
Investor Conference Call
Management on Tuesday, May 15, 2018 at 4:30pm to review financial results and corporate highlights. Following management’s formal remarks, there will be a question and answer session. To listen to the call by phone, interested parties within the U.S. should call 1-844-802-2441 and International callers should call 1-412-317-5134. All callers should ask for the Sigma Labs conference call. The conference call will also be available through a live webcast at www.sigmalabsinc.com . Details for the webcast may be found on the Company’s IR events page at: http://client.irwebkit.com/sigmalabsinc/events .
A replay of the call will be available approximately one hour after the end of the call through June 15, 2018. The replay can be accessed via Sigma Labs' website or by dialing 877-344-7529 (domestic) or 412-317-0088 (international) or Canada Toll Free at 855-669-9658. The replay conference ID number is 10120280. The webcast replay will be available through August 15, 2018.
About Sigma Labs, Inc.
Sigma Labs, Inc. is a provider of quality assurance software under the PrintRite3D® brand and a developer of advanced, in-process, non-destructive quality assurance software for commercial firms worldwide seeking productive solutions for advanced manufacturing. For more information please visit us at www.sigmalabsinc.com .
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “prospects,” “outlook,” and similar words or expressions, or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company’s forward-looking statements, please see the Company’s Annual Report on Form 10-K (including but not limited to the discussion under “Risk Factors” therein) filed with the SEC on April 17, 2018 and which may be viewed at http://www.sec.gov .
Investor Relations Contact:
Bret Shapiro
Managing Director
CORE IR
561-479-8566
[email protected]
Sigma Labs, Inc. Condensed Balance Sheets March 31, 2018 December 31, 2017 (Unaudited) ASSETS Current Assets: Cash $ 1,347,319 $ 1,515,674 Accounts Receivable, net 72,195 104,538 Note Receivable, net 266,062 788,500 Inventory 116,381 192,705 Prepaid Assets 57,216 55,278 Total Current Assets 1,859,173 2,656,695 Other Assets: Property and Equipment, net 381,212 411,643 Intangible Assets, net 296,880 294,396 Investment in Joint Venture 500 500 Prepaid Stock Compensation 50,359 31,576 Total Other Assets 728,951 738,115 TOTAL ASSETS $ 2,588,124 $ 3,394,810 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts Payable $ 265,814 $ 100,884 Notes Payable 100,000 100,000 Deferred Revenue 60,031 35,680 Accrued Expenses 140,934 146,330 Total Current Liabilities 566,779 382,894 TOTAL LIABILITIES 566,779 382,894 Commitments & Contingencies Stockholders’ Equity Preferred Stock, $0.001 par; 10,000,000 shares authorized; None issued and outstanding - - Common Stock, $0.001 par; 15,000,000 shares authorized; 5,002,185 and 4,978,929 issued and outstanding, respectively 5,002 4,979 Additional Paid-In Capital 17,525,689 17,345,407 Accumulated Deficit (15,509,346 ) (14,338,470 ) Total Stockholders’ Equity 2,021,345 3,011,916 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,588,124 $ 3,394,810
Sigma Labs, Inc. Condensed Statements of Operations (Unaudited) Three Months Ended March 31, 2018 March 31, 2017 REVENUES $ 103,415 $ 114,523 COST OF REVENUE 73,795 74,534 GROSS PROFIT 29,620 39,989 OPERATING EXPENSES: Salaries & Benefits 398,657 438,210 Stock-Based Compensation 161,522 139,632 Operating R&D Costs 121,977 54,505 Investor & Public Relations 180,399 265,146 Legal & Professional Service Fees 138,423 99,638 Office Expenses 95,106 84,205 Depreciation & Amortization 47,321 46,148 Other Operating Expenses 33,725 32,010 Total Operating Expenses 1,177,130 1,159,494 INCOME FROM OPERATIONS (1,147,510 ) (1,119,505 ) OTHER INCOME (EXPENSE) Interest Income 13,167 343 State Incentives - 152,068 Change in fair value of derivative liabilities - 93,206 Interest Expense - (49,316 ) Debt discount amortization - (56,441 ) Loss on Disposal of Assets (36,733 ) - Total Other Income (Expense) (23,366 ) 139,860 LOSS BEFORE PROVISION FOR INCOME TAXES (1,170,876 ) (979,645 ) Provision for Income Taxes - - Net Loss $ (1,170,876 ) $ (979,645 ) Net Loss per Common Share - Basic and Diluted $ (0.23 ) $ (0.26 ) Weighted Average Number of Shares Outstanding - Basic and Diluted 4,997,534 3,835,875
Sigma Labs, Inc. Condensed Statements of Cash Flows (Unaudited) Three Months Ended March 31, 2018 March 31, 2017 OPERATING ACTIVITIES Net Loss $ (1,170,876 ) $ (979,645 ) Adjustments to reconcile Net Loss to Net Cash used in operating activities: Noncash Expenses: Depreciation and Amortization 47,320 46,149 Stock Based Compensation 161,522 140,671 Loss on Write-off of Asset 36,733 - Gain/Loss on Change in Derivative Balance - (93,206 ) Original Issue Discount Amortization - 24,658 Debt Discount Amortization - 56,441 Change in assets and liabilities: Accounts Receivable 32,343 130,882 Interest Receivable 22,438 - Inventory 76,324 (13,732 ) Prepaid Assets (1,938 ) 7,039 Accounts Payable 164,930 167,845 Deferred Revenue 24,351 35,680 Accrued Expenses (5,396 ) 36,665 NET CASH USED IN OPERATING ACTIVITIES (612,249 ) (440,553 ) INVESTING ACTIVITIES Purchase of Property and Equipment (16,565 ) (33,000 ) Purchase of Intangible Assets (39,542 ) (17,441 ) Advance of Funds for Note Receivable (500,000 ) Proceeds from Note Receivable and Related Accrued Interest 500,000 - NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 443,894 (550,441 ) FINANCING ACTIVITIES Gross Proceeds from issuance of Common Stock and Warrants - 5,823,300 Offering Costs Paid - (597,651 ) NET CASH PROVIDED BY FINANCING ACTIVITIES - 5,225,649 NET CHANGE IN CASH FOR PERIOD (168,355 ) 4,234,655 CASH AT BEGINNING OF PERIOD 1,515,674 398,391 CASH AT END OF PERIOD $ 1,347,319 $ 4,633,046 Supplemental Disclosures: Other noncash operating activities disclosure: Issuance of Common Stock for services $ 40,000 $ 51,408 Disclosure of cash paid for: Interest $ - $ 20,114 Income Taxes $ - $ -
Source:Sigma Labs, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-sigma-labs-reports-first-quarter-2018-financial-results.html |
OKLAHOMA CITY, May 15, 2018 /PRNewswire/ -- Energy and Environmental Services, Inc. ("we" or the "Company") (OTC: EESE) today announced its unaudited financial results for the first quarter ended March 31, 2018.
"We're pleased with the company's continued upward trend shown in the first quarter," stated Leon Joyce, CEO. "As demand looks to remain strong moving forward, we will remain focused on growing revenues and expanding our product lines," added Joyce.
First Quarter 2018 Financial Highlights
Sales revenues continued to strengthen with an increase of $829,400 (110%) from $755,200 in the First Quarter 2017 to $1,584,600 for the First Quarter 2018. Our gross profit grew $192,700 (33.0%) from $584,500 in the First Quarter 2107 to $777,200 in the First Quarter 2018. Operating expenses were reduced $194,000 (18.8%) from $1,030,800 in the First Quarter 2017 to $836,800 in the First Quarter 2018. EBITDA for the First Quarter 2018 was $53,800 compared to $(298,000) for the First Quarter 2017. Our net loss for the First Quarter 2018 was $(17,500) versus a net loss of $(445,500) in the First Quarter 2017.
Capital Resources and Outlook
Our primary source of capital has been cash flow from operations. We have had limited borrowings in recent years and have not sold shares to generate capital. Our balance sheet remains strong and at March 31, 2018, we had cash and cash equivalents of $3,059,400, which reflects a net decrease of $592,000 from the beginning of the First Quarter 2018 period. Much of the net decrease came from a $739,300 increase in accounts receivable and, to a lesser extent, $177,600 in higher inventories, both of which grew as sales demand expanded. With working capital of $5,400,700 at March 31, 2018, we have sufficient capacity to meet our cash needs and will continue to focus on increasing revenues.
We believe our revenues will continue to increase. With improved margins, we expect a return to profitability by year end 2018. We expect that our chemical sales will continue to grow as oil and gas industry activity increases. The latter part of the year should see growth in our coating product sales with the Vortex joint venture coming on line. Our enzyme and probiotics products are nearing final stages of development, and we expect several products to reach market later this year.
Amended Bylaws and Board Committees
As the Company prepares to transition to registration under the Securities Exchange Act of 1934, the Board of Directors adopted amended and restated bylaws, which better suits a publicly-held company.
The new bylaw provisions address:
Use of electronic transmission and remote communication in meetings of shareholders and directors and for other corporate communications Advance notice of any director nomination or other proposal by a proposing shareholder and requiring certain qualifications for director nominees, which ensure that adequate background information and suitability are afforded before the meeting. Use of written consents by shareholders, which was not previously covered. Requirement that derivative actions, claims of fiduciary breach against a director, claims under the Colorado Business Corporation Act, and claims relating to the Company's internal affairs must be brought in the District Court of Arapahoe County, Colorado. Authorizing the creation of board committees and establishing procedures for their constitution and operation.
The Board has also authorized the creation of an Audit Committee and a Compensation Committee and appointed directors to those committees. James Merrill will chair the Audit Committee and Mark Day will also serve. The Audit Committee will work with the Company's auditors, accountants and consultants to prepare for an audit of the Company's year-end 2018 financial statements. Mark Day will chair the Compensation Committee and James Merrill will also serve. The Compensation Committee will handle executive compensation matters, including the administration of the Company's proposed equity incentive compensation plan. Mr. Merrill and Mr. Day are both independent directors.
About EES
Energy and Environmental Services, Inc. (EES), based in Oklahoma City, participates in the oilfield chemical, anti-corrosive coatings and biotech industries. EES was established in 1991 and management has over 50 years of experience blending, manufacturing and packaging custom liquids and solid chemicals for the oil, gas and agricultural industries. Additionally, the company has expanded to develop innovative products and applications for enzyme system technologies, livestock feed supplements, specialized anti-corrosive coatings and solar well treatment systems.
Company website www.eesokc.com
Safe Harbor for Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Energy & Environmental Services actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by law, Energy & Environmental Services expressly disclaims any intent or obligation to update any forward-looking statements.
View original content: http://www.prnewswire.com/news-releases/ees-announces-first-quarter-2018-financial-results-300648839.html
SOURCE Energy and Environmental Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-ees-announces-first-quarter-2018-financial-results.html |
May 17, 2018 / 4:37 AM / Updated 7 minutes ago METALS-Copper cuts gains on firmer dollar, worries over Chinese demand Reuters Staff 5 Min Read (Updates prices) By Manolo Serapio Jr MANILA, May 17 (Reuters) - London copper futures pared gains on Thursday as the U.S. dollar hovered near a five-month high against the euro and amid worries over slower demand in top copper user China. Three-month copper on the London Metal Exchange was up 0.3 percent at $6,844.50 a tonne by 0714 GMT, off a session-high of $6,866. ANZ analysts said in a note that the copper market appeared to be tightening, with the front-end of the curve moving into backwardation, when prices for future delivery are lower than those for immediate dispatch. The one-day spread on tomorrow's contracts, or tom-next spread, stood at $50 per tonne. "This appears to be creating a short squeeze, with many traders forced to buy back short positions," ANZ said. "If you look at the longer term, there's definitely a bull case for copper," Argonaut Securities analyst Helen Lau said, citing declining ore grades and rising cost, among other factors. "But in the short-term, we still need to grapple with slowing copper demand from China especially in the power sector." DOLLAR: The euro stayed near a five-month low against the greenback on concerns political developments in Italy could cause wider disruptions in the euro bloc, making dollar-denominated assets more costly for holders of other currencies. SHANGHAI COPPER: The most-traded July copper contract on the Shanghai Futures Exchange closed up 0.2 percent at 51,050 yuan ($8,023) a tonne. BULL CYCLE: Metals markets are moving into a new bull cycle that will be longer and shallower than the last, driven by rising inflation and dispersed demand growth, panelists said at the LME week Asia conference in Hong Kong. CHALCO: Aluminum Corp of China Ltd, or Chalco, plans to export 30,000-50,000 tonnes of alumina in May, the company's president said. U.S.-CHINA: The United States and China launch trade talks on Thursday in a bid to avert a damaging tariff war, with the White House's harshest China critic relegated to a supporting role, senior Trump administration officials said. HONG KONG EXCHANGE: The head of Hong Kong Exchanges and Clearing said it would take time for the group to develop its metals business on the Chinese mainland, including plans to develop its commodity business in Qianhai in southern China and start warehousing through its London Metal Exchange operations. LITHIUM: Australia's Kidman Resources said it would supply lithium for Tesla Inc's electric car batteries, the latest in a string of deals by carmakers securing supplies of the mineral as demand surges for clean cars. OTHER METALS: LME aluminium rose 0.4 percent to $2,325 a tonne and nickel was flat at $14,475. In Shanghai, aluminium climbed 1 percent to end at 14,885 yuan per tonne, while nickel added 0.4 percent to 107,820 yuan. BASE METALS PRICES 0714 GMT Three month LME copper 6844.5 Most active ShFE copper 51050 Three month LME aluminium 2325 Most active ShFE aluminium 14885 Three month LME zinc 3063.5 Most active ShFE zinc 23570 Three month LME lead 2333.5 Most active ShFE lead 19410 Three month LME nickel 14475 Most active ShFE nickel 107820 Three month LME tin 20800 Most active ShFE tin 145900 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 301.53 LME/SHFE ALUMINIUM LMESHFALc3 -2329.51 LME/SHFE ZINC LMESHFZNc3 436.06 LME/SHFE LEAD LMESHFPBc3 569.28 LME/SHFE NICKEL LMESHFNIc3 -1377.41 ($1 = 6.3627 Chinese yuan) (Reporting by Manolo Serapio Jr. Editing by Joseph Radford) | ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-copper-prices-edge-up-for-second-session-as-dollar-retreats-idUSL3N1SO1OS |
CALGARY, Alberta, May 11, 2018 (GLOBE NEWSWIRE) -- Raise Production Inc. (TSX-V:RPC) ("Raise" or the "Company") announces that Synergy Energy Holdings, LLC (“SEH”) has acquired by way of a non-brokered private placement (the “Private Placement”), 10,950,000 common shares of Raise at $0.24 per share for gross proceeds of $2,628,000 resulting in SEH holding approximately 9.97% of Raise’s issued and outstanding common shares.
This Private Placement represents the first tranche of SEH’s investment in Raise. The second tranche for 3,633,333 common shares of Raise at $0.24 per share for gross proceeds of $872,000 resulting in SEH holding approximately 12.86% of Raise’s issued and outstanding common shares will close upon the receipt of approval from the TSX Venture Exchange (“TSXV”). The securities issued pursuant to the Private Placements will be subject to a four month hold period from the date of issuance.
The proceeds received by the Company from the Private Placement will be used for commercialization of the High Angle Lift Solution (“HALS”) in the USA and international markets, hiring critical staff for commercialization, purchasing HALS inventory and working capital. In conjunction with the Private Placement, Raise will be amending its current distribution agreement with SEH to grant SEH exclusivity for the sale of all Raise’s products in the USA, through one of SEH’s companies, Endurance Lift Solutions (“ELS”).
The financing is an endorsement by SEH and its private equity owners, Crestview Partners and B29 Investments, LP, as to the need and applications for the technology supplied by Raise. The financing will also allow the company to reinforce its Canadian operations and international options.
Eric Laing, President and CEO said:
“The financing by our USA partner will allow us to move quickly into full commercialization in North America and select international locations. The fact that ELS and their private equity owners have shown confidence to invest in the Company is an endorsement of their belief in the technologies developed and future technologies we can work on together. It also shows the direction ELS wishes to pursue to become a technology leader in horizontal well optimization. We are excited to deepen our partnership with ELS and look forward to a rewarding partnership for both entities.”
Dan Newman, CEO Synergy Energy Holdings said:
“We are pleased to further our relationship with Raise and our involvement with their key technologies. This partnership will allow us to immediately bring enhanced solutions to our Customers, especially in horizontal well applications. Going forward, we are committed to working closely with the Raise team to continue the development of targeted technologies for Artificial Lift.”
Synergy of 114 East Foreline Street, Gainesville, Texas, 76240, advised that it, together with ELS, Crestview Partners and B29 Investments, LP, which may be considered to be joint actors in respect of this investment, did not beneficially own or exercise control or direction over any securities of Raise prior to the Private Placement and the acquisition is being made for investment purposes.
About Raise Production Inc.
The Company is an innovative oilfield service company that focuses its efforts on the production service sector, utilizing its proprietary products to enhance and increase ultimate production in both conventional and unconventional horizontal oil and gas wells.
For further information please contact:
Eric Laing, President and Chief Executive Officer
E-mail: [email protected]
Susan Scullion, Chief Financial Officer
E-mail: [email protected]
Raise Production Inc.
2620-58 th Avenue S.E.
Calgary, Alberta T2C 1G5
Tel: (403) 699-7675
Web site at: www.raiseproduction.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains certain forward-looking statements, including but not limited to: e xpectations regarding commercialization in North America and select international locations, use of proceeds from the Private Placement, timing and amendment of the Company’s distribution agreement, timing of the closing of the Private Placement and timing and receipt of all regulatory approvals, including TSXV approval, required in connection with the Private Placement. All statements, other than statements of historical fact, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from these anticipated in such statements.
The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to publicly update or revise any of the included forward-looking statements, except as required by applicable Canadian securities law.
Source: Raise Production Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-raise-production-inc-announces-private-placement.html |
May 3, 2018 / 9:16 AM / Updated 6 minutes ago BRIEF-Orion Group Holdings Reports Qtrly Earnings Per Share $0.14 Orion Group Holdings Inc:
* ORION GROUP HOLDINGS, INC. REPORTS FIRST QUARTER 2018 RESULTS * Q1 EARNINGS PER SHARE $0.14
* Q1 EARNINGS PER SHARE VIEW $-0.09 — THOMSON REUTERS I/B/E/S
* QTRLY CONTRACT REVENUES WERE $136.8 MILLION, A DECREASE OF 1.4%, AS COMPARED TO REVENUES OF $138.8 MILLION
* ORION GROUP HOLDINGS -BACKLOG OF WORK UNDER CONTRACT AS OF MARCH 31, 2018 WAS $355.3 MILLION, DOWN 10.0%. FROM SAME PERIOD LAST YEAR | ashraq/financial-news-articles | https://www.reuters.com/article/brief-orion-group-holdings-reports-qtrly/brief-orion-group-holdings-reports-qtrly-earnings-per-share-0-14-idUSASC09ZDJ |
May 2 (Reuters) - Pferdewetten De AG:
* PIERRE HOFER APPOINTED SOLE MANAGEMENT BOARD MEMBER TILL END OF THE FY 2022 Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pferdewetten-pierre-hofer-sole-man/brief-pferdewetten-pierre-hofer-sole-management-board-member-till-end-of-2022-idUSFWN1S90L6 |
JPMorgan Chase & Co. said it plans to assume majority ownership of its Chinese fund-management joint venture, its latest step toward establishing a firmer foothold in China after Beijing recently relaxed its rules for foreign ownership of financial firms.
The U.S. bank on Monday said its asset-management arm is hoping to increase its ownership of China International Fund Management Co.—a mutual-fund joint venture in which JPMorgan has owned a minority stake since 2004—to 51% from 49% currently. The bank hasn’t yet formally... | ashraq/financial-news-articles | https://www.wsj.com/articles/jpmorgan-plans-to-take-controlling-stake-in-chinese-venture-1526295221 |
(Adds detail on Doel 2 closure)
PARIS, May 2 (Reuters) - Belgium’s Doel 1 reactor, which was closed on April 23 following a leak in a back-up pipe on its primary cooling circuit, will remain closed until Oct 1 as operator Engie brings forward planned maintenance, the company said on Wednesday.
Doel 1 had been scheduled to close from May 29 to Oct. 1 for maintenance and to allow the French gas and power group to upgrade the reactor to extend its lifetime to 2025.
A spokeswoman for Engie’s Belgian unit Electrabel, which operates seven nuclear reactors in Belgium, said the leak was minor and did not endanger staff or the local population.
“The loss of water was well below the limit which would have triggered an automatic stoppage of the reactor,” she said.
The Doel 2 reactor will also close for major maintenance from May 22 to Oct. 8.
The lifespan of the Doel 1 and 2 reactors, as well as Tihange 1 - Belgium’s three oldest reactors - will be extended to 2025, 10 years beyond their originally scheduled closure date. The government decided in March to phase out nuclear by 2025.
Belgium’s seven reactors - four at Doel and three at Tihange - produce about half of the country’s electricity. (Reporting by Geert De Clercq; editing by Bate Felix and Jason Neely)
| ashraq/financial-news-articles | https://www.reuters.com/article/engie-belgium-nuclearpower/update-1-engies-belgian-doel-1-reactor-to-remain-closed-until-oct-1-idUSL8N1S938B |
The MIL-STD-810G Condor GR4 3U VPX card is a single slot, SWaP-conscious card for ultra-high performance rugged ISR applications EIZO Rugged Solutions will showcase Condor GR4 in booth 1251 at SOFIC (Special Operations Forces Industry Conference), May 21-24, 2018 in Tampa, Florida, USA.
ALTAMONTE SPRINGS, Florida--(BUSINESS WIRE)-- EIZO Rugged Solutions Inc., a provider of ruggedized graphics and video products, has released the Condor GR4 3U VPX 3G-SDI capture board, an ultra-high performance rugged graphics/capture board with four 3G-SDI inputs and outputs.
The new graphics module is based on the NVIDIA® Quadro® P5000 and P3000 graphics processing units (GPUs) with 2,048 or 1,280 CUDA cores respectively and up to 6.4 TFLOPs shader performance. The Condor GR4 is a single slot, SWaP-conscious card designed for today’s rugged Intelligence, Surveillance, Reconnaissance (ISR) applications such as avionics, manned and unmanned video streaming and security/surveillance.
Selwyn L. Henriques, president and CEO of EIZO Rugged Solutions, commented, “The Condor GR4 3U VPX card is the perfect solution for today’s ISR market that is transitioning to 3G-SDI. Our ISR customers typically have 3-4 sensors per gimbal and have been demanding a single slot, SWaP-conscious card that does everything – ingest information from the sensors, output this high definition data over 3G-SDI, process it using the GPU and then encode each stream using the onboard H.265/H.264 encoder.
“The Condor GR4 3U VPX product provides all this in a single slot solution and has already been integrated into a few large-scale ISR programs,” added Mr. Henriques. “We are now working with several other partners to bring this proven technology to those that may have similar requirements.”
The Condor GR4 3U VPX offers four 3G-SDI inputs and four 3G-SDI outputs and a DisplayPort output. With NVIDIA GPUDirect™ Direct Memory Access (DMA) support, the captured video data is transferred directly into GPU memory for processing or display, both resulting in extremely low latency. The MIL-STD-810G compliant card supports PCI Express 3.0 (up to 8 lanes) and is available in conduction-cooled and air-cooled variants.
“NVIDIA Pascal GPU technology has been gaining popularity due to its high-performance graphics and GPGPU computing using CUDA or OpenCL,” added Selwyn L. Henriques. “As the sensor resolutions increase to HD and Ultra HD resolutions, the volume of computations for such image processing is significantly higher. For example, customers need a way to get full frame rate 3G-SDI video into the GPU, perform analysis and process the data with low latency.”
The Condor GR4 3U VPX graphics and video capture card comes with an option of either the Pascal architecture-based NVIDIA® Quadro P5000 or Quadro P3000. The boards have 16 GB and 6 GB GDDR5 graphics memory and 192 or 168 GB/s memory bandwidth on P5000 and P3000 products respectively. GPGPU computing and input processing tasks are simplified through an API provided by EIZO.
EIZO Rugged Solutions has built a reputation for its flexibility and responsiveness to customer requirements, offering engineering support pre- and post-sale as well as a genuine willingness to modify designs to fit specific and unique customer needs.
EIZO Rugged Solutions designs all its ITAR-free graphics and video products – Condor, Tyton, Hydra, and Adapt – at its headquarters in Altamonte Springs, Florida, USA. These rugged graphics, video capture, video conversion, video management, encoding and streaming solutions, serve customers in the defense, security, aerospace, avionics, transportation, maritime, and industrial markets. All products are manufactured in the USA.
EIZO Rugged Solutions will be showcasing its Condor GR4 3U VPX card in booth 1251 at SOFIC (Special Operations Forces Industry Conference) from May 21-24 in Tampa, Florida, USA.
For more information on the Condor GR4 3U VPX card or any other product from EIZO Rugged Solutions, please visit www.eizorugged.com , email [email protected] or call +1 (407) 262-7100.
Media photo:
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http://www.eizorugged.com/support/brochures/pdfs/Condor_GR4_3U_VPX.pdf
-ends-
About EIZO Rugged Solutions
EIZO Rugged Solutions Inc. has been developing graphics and video solutions for air traffic control, military, and embedded applications for over 30 years. The ISO9001:2008 certified company offers a range of commercial off-the-shelf (COTS) products, including graphics processors targeted at GPGPU applications, video input solutions, video compression and streaming boards, imaging cards, recording solutions, and software libraries. The company designs and manufactures its core MIL-STD-810G graphics and video products in the USA and serves customers in defense, security, aerospace, avionics, transportation, maritime, and industrial markets.
All product names are trademarks or registered trademarks of their respective companies. EIZO is a registered trademark of EIZO Corporation.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005629/en/
EIZO Rugged Solutions
John Payne
Phone: +1 (407) 262-7100
Email: [email protected]
Source: EIZO Rugged Solutions | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-eizo-releases-3u-vpx-capture-board-with-four-3g-sdi-inputs-and-outputs.html |
LOS ANGELES, CA, May 16, 2018 (GLOBE NEWSWIRE) -- Agritek Holdings, Inc. (OTCQB: AGTK) www.AgritekHoldings.com , a fully integrated, active real estate investor for the cannabis sector and consultant for multiple cannabis brands, today announced that the Company has timely filed its 10Q for the Quarter Ended March 31, 2018. The Company has considerably reduced liabilities, substantially retired and consolidated old convertible debt repayments and increased equity infusions before quarter end.
“This 10Q is yet another stepping stone towards our goal to become free of toxic debt and allows us to move forward with our newly developed revenue streams. With Agritek Holdings’ multiple equity investments in Colorado, Puerto Rico, Washington State and California, we can now turn our attention to the numerous revenue-generating projects the Company has initiated from the funding phase to now entering the post licensing and production phases,” stated B. Michael Friedman, CEO of Agritek Holdings Inc.
With the Company’s new industrial Hemp farm in Colorado expected to move into production next month, we will also continue to sell our CBD product lines through both new distribution channels, including retail and e-commerce sites. Presently the Company has moved into raw isolate sales, including the sale of our CBD edibles and alternative delivery products. Expectations for the cannabidiol (CBD) market continue to look bright as estimates are projecting the market to grow by 700% by 2020, according to Forbes . A new report by cannabis/legal marijuana market analysts firm Hemp Business Journal projects that the CBD market will grow to $2.1 billion by 2020, an astronomical jump in value compared to last year's cannabidiol (CBD) market of $202 million. As the market continues to swell, it is expected the space will reach the billion-dollar status as product diversification and global demand drive revenue levels. One of the major drivers for the CBD market is the growing list of Health benefits of CBD oil. CBD oil products have several benefits and are believed to cure various ailments in the human body. Over the past few years, the demand for CBD oil has increased in different parts of the world because of the growing awareness about the health benefits alone.
A full investor presentation on Agritek Holdings may be viewed in the investor section of our corporate website located at www.Agritekholdings.com
About Agritek Holdings, Inc.
Agritek Holdings, Inc. ( www.AgritekHoldings.com ), is a fully integrated, active investor and operator in the legal cannabis sector. Specifically, Agritek Holdings provides strategic capital and functional expertise to accelerate the commercialization of its diversified portfolio of cannabis related holdings. Currently, the Company is focused on three high-value segments of the cannabis market, including real estate investment, intellectual property/brands, and infrastructure, with operations in three U.S. States, Canada and Puerto Rico. Agritek Holdings, Inc. presently owns or manages property in Colorado, Washington State, Puerto Rico, and Canada and has licenses with permitted facilities in California approved for cultivation as well as manufacturing capabilities. The company owns several Hemp and cannabis brands for distribution including "Hemp Pops", Hemp oil wellness products and "California Premiums". Agritek Holdings Inc. does not directly grow, harvest, or distribute or sell cannabis or any substances that violate or contravene United States law or the Controlled Substances Act, nor does it intend to do so in the future.
FORWARD-LOOKING DISCLAIMER:
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Agritek Holdings, Inc. to be materially different from the statements made herein.
Agritek Holdings, Inc. www.AgritekHoldings.com 305.721.2727 [email protected]
Source:Agritek Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-agritek-holdings-inc-announces-timely-filing-of-quarterly-report-now-focused-on-revenue-acquisitions-and-international.html |
(Adds details from report)
ISTANBUL, May 1 (Reuters) - In an unexpected move, Standard & Poor’s cut its sovereign debt rating on Turkey further into junk territory on Tuesday, citing widening concern about the outlook for inflation amid a sell-off in the Turkish lira currency.
S&P said the ratings decision, cutting Turkey to “BB-/B” from “BB/B,” was not part of its regularly scheduled reviews, reflecting what it said were growing concerns.
“The downgrade reflects our concerns over a deteriorating inflation outlook and the long-term depreciation and volatility of Turkey’s exchange rate,” S&P said in a statement.
“The rating action also reflects our concerns over Turkey’s deteriorating external position and rising distress in the externally leveraged private sector.”
The agency said it did not believe the central bank hiking its late-liquidity window rate last week would be sufficient to bring down inflation to the state-lender’s 5 percent target or reduce the volatility in Turkey’s real effective exchange rate.
The bank’s reluctance to aggressively tighten policy in the face of double-digit inflation has increased concern that it is under pressure from Turkish President Tayyip Erdogan. S&P alluded to that in its statement, saying the central bank has been “facing increasing political pressure.”
With the weakening of the lira against the dollar, the private sector will have a harder time repaying its foreign currency-denominated debt, S&P said, adding this would negatively impact government debt - 40 percent of which is denominated in foreign currency.
Numerous large Turkish companies have sought to restructure their debts. Reuters reported in April that Turkish food giant Yildiz Holding would restructure $6.5 billion of its $8.5 billion in debt.
Turkey’s Dogus Holding, with outstanding loans that stood at 23.5 billion Turkish lira ($5.73 billion) at the end of 2017, is also in talks with banks on debt restructuring, according to sources familiar with the matter.
“Our downgrade reflects our view that there is a risk of a hard landing for Turkey’s overheating, credit-fueled economy,” S&P said.
$1 = 4.1015 Turkish lira Reporting by David Dolan; writing by Ali Kucukgocmen; editing by Peter Graff and Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-ratings/update-1-sp-cuts-turkeys-rating-deeper-into-junk-idUSL8N1S85JM |
Dubbed the "Royce Rod" this '79 Silver Shadow II is one badass hotrod 47 Mins Ago Jay takes a ride in hot-rodder Corbin Goodwin's "Royce Rod", and the two talk about the appeal of his "rebel on wheels." Tune in to an all new Jay Leno's Garage Thursday 10P ET/PT | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/dubbed-the-royce-rod-this-79-silver-shadow-ii-is-one-badass-hotrod.html |
STOCKHOLM, May 22, 2018 /PRNewswire/ -- Successful rights issue
Business operations
Important events January – March 2018
NeuroVive decided to conduct a rights issue for the continued development of the company's drug projects following shareholder approval at an Extraordinary General Meeting. The company reported positive efficacy data in an experimental model, entailing a breakthrough for the NVP025 mitochondrial myopathy project. NeuroVive presented the company at the Stockholm Corporate Finance Life Science Seminar. The company presented its NASH research at the 2nd Annual H.C. Wainwright NASH Investor Conference.
Important events after the end of the period
NeuroVive conducted an oversubscribed rights issue. The company announced that the last patient had been recruited to the first KL1333 Phase I clinical study. KL1333 was granted orphan drug designation by the FDA in the US. NeuroVive announced a collaboration with TRACK-TBI, a network of world-class traumatic brain injury (TBI) researchers. NeuroVive held Annual General Meeting on 27 April in Lund, Sweden. NeuroVive and Yungjin reported positive KL1333 phase I clinical study results, paving the way for further clinical development.
Financial information
First quarter (January – March 2018)
Net revenues were SEK 0 (27,000) and other operating income was SEK 174,000 (63,000) Loss before tax was KSEK -13 053 (-21 390) Loss per share* was SEK -0,25 (-0,40) Diluted loss per share** was SEK -0,25 (-0,40)
* Profit/loss for the period divided by average number of shares before dilution at the end of the period.
** Profit/loss for the period divided by average number of shares after dilution at the end of the period
Please find the complete interim report attached below.
This information is information that NeuroVive Pharmaceutical AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08:30 a.m. CEST on 22 May 2018.
For more information please contact:
Daniel Schale, Director of Communications
+46 (0)46-275-62-21
[email protected]
NeuroVive Pharmaceutical AB (publ)
Medicon Village
SE-223 81 Lund
Sweden
Tel: +46(0)46-275-62-20 (switchboard)
[email protected]
www.neurovive.com
About NeuroVive
NeuroVive Pharmaceutical AB is a leader in mitochondrial medicine, with one project in clinical phase II development for the prevention of moderate to severe traumatic brain injury (NeuroSTAT®) and one project in clinical phase I (KL1333) for genetic mitochondrial diseases. The R&D portfolio consists of several late stage research programs in areas ranging from genetic mitochondrial disorders to cancer and metabolic diseases such as NASH. The company's strategy is to advance drugs for rare diseases through clinical development and into the market. The strategy for projects within larger indications outside the core focus area is out-licensing in the preclinical phase. NeuroVive is listed on Nasdaq Stockholm, Sweden (ticker: NVP). The share is also traded on the OTCQX Best Market in the US (OTC: NEVPF).
This information was brought to you by Cision http://news.cision.com
http://news.cision.com/neurovive-pharmaceutical/r/neurovive-pharmaceutical-ab-interim-report-january---march-2018,c2526802
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SOURCE NeuroVive Pharmaceutical | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-neurovive-pharmaceutical-ab-interim-report-january--march-2018.html |
May 22, 2018 / 5:11 AM / Updated 8 hours ago Noguera bets on his Pumas future with new pack Rex Gowar 5 Min Read
LONDON (Reuters) - Lucas Noguera Paz’s decision to leave the Jaguares Super Rugby team and join Bath in the English Premiership might seem counter-productive considering the ban on foreign-based players representing Argentina. FILE PHOTO: Rugby Union - Argentina v Namibia - IRB Rugby World Cup 2015 Pool C - Leicester City Stadium, Leicester, England - 11/10/15 Lucas Noguera Paz scores the fifth try for Argentina Reuters / Darren Staples Livepic
A proud Puma since his debut as a 20-year-old in 2014, prop Noguera is no different from most Argentine rugby players whose dream is to wear the light blue and white hooped shirt of their country.
Noguera says he does wants to add to his 43 caps but felt he needed a change in order to improve his game and be ready to give more to the Pumas later in his career.
“I had a place in the Jaguares and luckily in the Pumas too and I knew that playing abroad, whatever my form, the doors to the Pumas would be closed to me,” Noguera told Reuters in an interview.
“I have no regrets, I knew the consequences, but I thought that if ever I had the chance of returning to the national team, if the doors opened for me I would want that and could give more to the team.
“It’s a long term investment I’m sure will bear its fruit.”
A recall is not an immediate possibility, although the Argentine Rugby Union (UAR) is considering lifting the ban on overseas-based players nearer the 2019 World Cup.
Noguera, who moved to Bath in January, said he decided to quit the Jaguares because he had completed a cycle within a UAR programme which aims at nurturing a home-based Super Rugby franchise made up of 40 odd players as a feeder for the Pumas.
“I felt that to keep learning I had to take another path, seek another kind of rugby and learn how to become a part of another team,” said Noguera, who is from the northwestern Argentine rugby stronghold of Tucuman.
“I’m at a stage where I’m building my career. I’m 24, if I had left at 28 or 30, it wouldn’t be entirely for sporting reasons.”
Noguera, who is not far off completing a medical degree, is earning considerably more in England and able to continue his studies at local universities but said his decision to move was based solely on his desire to play English rugby.
“It’s a more organised game and very physical with a lot of competition in the scrum. For my position, it’s the kind of rugby that will help me grow,” said the loosehead prop.
“If I went to another Super Rugby club I’d still play the same tournament and I’m not sure how much I could improve.
“Without wanting to say one game is better than the other, they are different kinds of rugby, one is more dynamic but the other is a lot more physical.
“That means it can be slower but you fight for every ball ... there is constant rucking, the scrum is not just a platform to launch attacks, they are all contested.
“I’m not a heavy prop,” added Noguera, who is 1.79 metres tall and weighs 108 kg. “So I thought that in England I could improve physically.” JAGUARES IMPROVING
The Jaguares, meanwhile, have made a significant breakthrough in their third season in Super Rugby, beating South Africa’s Bulls 54-24 in Buenos Aires on Saturday to consolidate on a run of four wins in Australia and New Zealand.
Noguera said the hard work put in by the team in adapting to the demands of Super Rugby since they joined in 2016 was bearing fruit.
“It’s an excellent tournament with the best teams in the world and I enjoyed it,” he said.
“It’s a very dynamic tournament, shorter than the Premiership, not many results went our way but we managed to raise the standard of the team.
“I think what we’re seeing now is the work of (those) years, adjusting small things and now we’re seeing the results.”
After only two wins in their opening six matches of the season, the Jaguares now have six and sit in second place in a tight South African conference ahead of next Saturday’s home match with the Sharks.
“We were a new team in the first year, we’d never played Super Rugby, we’d never had a professional team which had to play so many games,” Noguera said.
“It was all new, the game, the pressure, and we didn’t know what we were coming up against, but now we’re getting what we had always sought.” Reporting by Rex Gowar, editing by Nick Mulvenney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-argentina-noguera/noguera-bets-on-his-pumas-future-with-new-pack-idUKKCN1IN0FT |
WASHINGTON (Reuters) - The U.S. Department of Transportation told Congress it opposes a Senate bill that would require new rules prohibiting airline fees that are not “reasonable and proportional,” along with many other new consumer protections that the administration deems “unnecessary and wasteful,” according to a letter seen on Friday by Reuters.
FILE PHOTO - Travelers make their way through Reagan National Airport in Washington December 23, 2015. REUTERS/Kevin Lamarque The U.S. House in April passed a bill to reauthorize the Federal Aviation Administration by a 393-to-13 vote. It now moves to the Senate, which could take up the issue as early as next month. The Senate Commerce Committee in July 2017 passed a version of legislation to extend the FAA.
The DOT said the Senate airline fee provision requiring rules barring “unreasonable” cancellation, baggage, seat selection and same-day change fees would mark a return to the pre-1978 era before airline deregulation.
The bill said the government must review whether fees are “disproportionate to the costs incurred by the air carrier.”
The provision “represents a giant step backwards, presents a risk of even wider re-regulation of the airline industry, and ultimately would harm air carriers and consumers alike,” the DOT’s deputy general counsel, James Owens, said in the May 23 letter.
Airlines for America, an airline trade group representing United Airlines Inc, American Airlines Group Inc, Southwest Airlines Co and others, said previously the provision would result in “government-mandated price controls” and should be rejected. The House bill does not have the provision.
U.S. airlines’ revenues from baggage and reservation change fees increased from $5.7 billion in 2010 to $7.5 billion in 2017. Other fees are not reported to regulators.
The letter said both bills have a number of consumer mandates that are “unnecessary and wasteful” and “would constitute significant regulatory overreach.”
The Trump administration called provisions that would bar airlines from denying seats to passengers who have already checked in or were cleared by the gate attendant to board “objectionable” because it would make it more difficult or prohibit airlines from continuing the practice “of overselling their scheduled flights to compensate for ‘no shows.’”
The letter suggested a passenger could need to be involuntarily bumped for a federal air marshal.
The proposals were prompted by outrage following the forcible removal in April 2017 of a United passenger from his seat in Chicago. United has since banned the practice.
The top Democrat on the Senate Commerce Committee, Bill Nelson, said the letter “reads more like something written by the airlines instead of the government watchdog that’s supposed to be protecting consumers.”
Both bills would require the department to issue regulations permanently banning mobile phone calls onboard planes. The letter called that “problematic,” noting that the Federal Communications Commission has not approved regulations to permit calls.
Reporting by David Shepardson; Editing by Dan Grebler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-airlines-regulation/trump-administration-opposes-requiring-reasonable-airline-baggage-fees-idUSKCN1IQ2XH |
May 9 (Reuters) - Jewett-Cameron Trading Company Ltd :
* JEWETT-CAMERON ANNOUNCES 2 FOR 1 STOCK SPLIT
* JEWETT-CAMERON TRADING COMPANY LTD - RECORD DATE FOR TWO-FOR-ONE STOCK SPLIT IS MAY 22 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jewett-cameron-announces-2-for-1-s/brief-jewett-cameron-announces-2-for-1-stock-split-idUSASC0A17B |
SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- Popular, Inc. (“Popular") (NASDAQ:BPOP), parent company for Banco Popular de Puerto Rico (“Banco Popular”), announced today that, on May 22, 2018, Banco Popular entered into a Termination Agreement (the “Termination Agreement”) with the Federal Deposit Insurance Corporation (the “FDIC”) to terminate all Shared-Loss Agreements in connection with the acquisition of certain assets and assumption of certain liabilities of Westernbank Puerto Rico through an FDIC-assisted transaction in 2010 (the “FDIC Transaction”).
As a result of the Termination Agreement, assets that were covered by the Shared-Loss Agreements, including covered loans in the amount of approximately $514.6 million and covered real estate owned assets in the amount of approximately $15.3 million as of March 31, 2018, will be reclassified as non-covered. Banco Popular will now recognize entirely all future credit losses, expenses, gains, and recoveries related to the formerly covered assets with no offset due to or from the FDIC.
Under the terms of the Termination Agreement, Banco Popular made a payment of approximately $23.7 million to the FDIC as consideration for the termination of the Shared-Loss Agreements. Popular is expected to record a pre-tax gain of approximately $95.0 million, calculated based on the difference between the Termination Payment and the estimated net obligation due to the FDIC as of March 31, 2018. Net of income tax expense of $45.2 million, the Termination Agreement will contribute $49.8 million to net income.
“We are pleased to have successfully negotiated the early termination of our shared-loss agreements with the FDIC,” said Ignacio Alvarez, President and Chief Executive Officer of Popular. “We are now focused on realizing the expected benefits of this transaction, which include lower operating expenses, greater flexibility to manage these assets and simpler financial reporting.”
In June 2012, the Puerto Rico Department of the Treasury and Popular entered into a Tax Closing Agreement (the “Tax Closing Agreement”) to clarify the tax treatment related to the loans acquired in the FDIC Transaction. The Tax Closing Agreement provides that any principal amount collected in excess of the amount paid for such loans will be taxed as a capital gain and that, Popular’s tax liability upon termination of the Shared-Loss Agreements, be calculated based on the “deemed sale” of the underlying loans. Popular expects to recognize an income tax benefit of approximately $111.4 million, composed of an increase in the deferred tax asset balance of $160.3 million due to the increase in tax basis as a result of the “deemed sale”, net of the additional income tax expense of $48.9 million associated with the incremental tax liability at the capital gains rate per the Tax Closing Agreement.
The combined effect of the Termination Agreement and the Tax Closing Agreement is a contribution of $161.2 million to net income.
Founded in 1893, Popular, Inc. is the leading banking institution by both assets and deposits in Puerto Rico and ranks among the top 50 U.S. banks by assets. In Puerto Rico and the U.S. Virgin Islands, Popular provides retail, mortgage and commercial banking services through its principal banking subsidiary, Banco Popular de Puerto Rico, as well as auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. In the mainland United States, Popular provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches located in New York, New Jersey and Florida.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523006535/en/
Popular, Inc.
Media Relations:
Teruca Rullán, 917-679-3596 or 787-281-5170
or
Investor Relations:
Brett Scheiner, 212-417-6721
Source: Popular, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-popular-announces-early-termination-of-fdic-shared-loss-agreements.html |
0 COMMENTS ‘Newton’ (1795) by William Blake. Photo: PHOTO: GETTY IMAGES/BETTMANN ARCHIVE
Every week, CIO Journal offers a glimpse into the mind of the CEO, whose view of technology is shaped by stories in management journals, general interest magazines and, of course, in-flight publications.
Kissinger on how The Enlightenment ends. At 94, the former national security advisor and secretary of state is almost old enough to remember when the first printing press hit the streets, paving the way for what we now call the Age of Enlightenment. “Individual insight and scientific knowledge replaced faith as the principal criterion of human consciousness,” Henry Kissinger writes in the Atlantic . Centuries later, humanity finds itself slipping into Age of Faith 2.0, this one defined by algorithms and data. “These algorithms, being mathematical interpretations of observed data, do not explain the underlying reality that produces them. Paradoxically, as the world becomes more transparent, it will also become increasingly mysterious,” he writes. Human cognition is set to lose its “personal character.”
Cybersecurity requires a step back . One way or another, it will happen. Air gaps will be bridged, firewalls breached and the cybersecurity staff worken by that 2 a.m. call. For the sake of security (and sleep), should companies drop the digital transformation schtick and go analog? Well, yes, kind of, suggests Andy Bochman, senior grid strategist at Idaho National Laboratory. Mr. Bochman recommends that companies move away from a “full reliance on digital complexity and connectivity.” An effort to identify “essential processes” and cut or even eliminate the digital pathways hackers could use to reach them, makes a company safer and senior leaders better able to weigh strategic cyber risks, he writes in Harvard Business Review ,
When analytics efforts fail. Scaling analytics pilot programs remains out of reach for a surprising number of companies. In a recent McKinsey & Co. survey, just eight percent out of 1,000 respondents with analytics initiatives said they found success. Blame the boss, many of whom cannot differentiate between “traditional analytics,” such as business intelligence, and the “advanced analytics” made possible by tools such as machine learning. To fix the problem, McKinsey recommends that the CEO, CAO or CDO start educating the peers on analytics analytics. “These workshops can form the foundation of in-house “academies” that can continually teach key analytics concepts to a broader management audience.”
Share this: Previous Improving the Odds of Success for Corporate Transformations | ashraq/financial-news-articles | https://blogs.wsj.com/cio/2018/05/18/what-your-ceo-is-reading-kissinger-on-ai-cyber-goes-analog-failing-analytics/ |
TUCSON, Ariz., May 09, 2018 (GLOBE NEWSWIRE) -- Accelerate Diagnostics, Inc. today announced financial results for the quarter ending March 31, 2018. The company generated revenue of $801,000, up 51% from the prior year, and reported signed agreements for 345 instruments. Contracts for customer evaluations total 256 instruments while revenue generating placements grew to 89 across the U.S. and European regions.
“The team made considerable commercial and development progress to start the year, increasing awareness and adoption of the Accelerate Pheno™ system, and expanding its capability beyond bloodstream infections and sepsis to include patients with severe bacterial pneumonia,” said Lawrence Mehren, President and CEO. “By giving physicians the ability to optimize antibiotic therapy at least two days earlier, we continue to move closer to achieving our mission to dramatically improve outcomes for patients with these life-threatening infections.”
The company highlighted 12 recent customer studies shared at ECCMID, the European Congress of Clinical Microbiology and Infectious Diseases. These studies, all related to the Accelerate Pheno™ system, were shared at the congress by hospitals in Italy, Germany, Sweden, and the United States.
The company also reported progress on development of its severe bacterial pneumonia kit including alignment with the U.S. Food and Drug Administration (FDA) on a shorter and less complex, 510(k) regulatory pathway, for the test, along with the addition of two new pathogens and three additional antibiotics. The expected start of the U.S. clinical trial remains in late Q2 to Q3.
Mr. Mehren, together with Steve Reichling, the company’s Chief Financial Officer, will host a conference call to review the financial results, commercial progress, and development updates at 4:15 p.m. Eastern Time on May 9, 2018.
First quarter 2018 results
Net sales of $801,000 compared to $530,000 in the first quarter of 2017
Gross margin realized was 39%, impacted by one-time charges reported for the quarter
Selling, general, and administrative expenses of $14.4 million, compared to $10.5 million in the prior year period, driven by higher personnel and customer evaluation-related costs across the U.S. and Europe
R&D expenses for the first quarter of $6.8 million, compared to $4.3 million in the same quarter of 2017 due to investments made in preparation for activities related to the U.S. clinical trial for respiratory
Net loss of $20.8 million, or $0.37 per share on weighted average basic shares of 55.6 million shares outstanding, which includes $5.6 million in non-cash stock-based compensation expense
Net cash used in the quarter was $16.2 million, ending the quarter with total cash, investments, and cash-equivalents from all activities of $193.6 million
Full financial results for the quarter ending March 31, 2018 will be filed on Form 10-Q through the Securities and Exchange Commission’s (SEC) website at http://www.sec.gov .
Audio Webcast and Conference Call
Listen to an audio webcast of the call by visiting the events section of the company’s investor relations website at ir.axdx.com . A replay of the audio webcast will be available until August 9, 2018.
To participate in the conference call, dial +1.877.883.0383 and enter the conference ID: 8101976.
International participants may dial +1.412.902.6506. Please dial in 10-15 minutes prior to the start of the conference. A replay of the call will be available by telephone at +1.877.344.7529 (U.S.) or +1.412.317.0088 (international) using access code 10119275 until May 30, 2018.
About Accelerate Diagnostics, Inc.
Accelerate Diagnostics, Inc. (Nasdaq:AXDX), is an in vitro diagnostics company dedicated to providing solutions for the global challenge of antibiotic resistance and healthcare-associated infections. The company recently obtained FDA marketing authorization for antimicrobial susceptibility testing direct from positive blood culture samples using its Accelerate Pheno™ system and Accelerate PhenoTest™ BC kit. The system and kit leverage proprietary molecular identification methods and morphokinetic cellular analysis (MCA) to provide minimum inhibitory concentrations for a range of applicable antibiotics. The fully-automated system is designed to eliminate the lengthy culture and sample preparation steps required prior to antimicrobial susceptibility testing. Recent market studies suggest the solution offers results 1-2 days faster than conventional methods, enabling clinicians to optimize antibiotic selection, dosage, and infusion strategy specific to the individual patient and their infection.
The “ACCELERATE DIAGNOSTICS” and “ACCELERATE PHENO” and “ACCELERATE PHENOTEST” and diamond shaped logos and marks are trademarks or registered trademarks of Accelerate Diagnostics, Inc.
For more information about the company, its products or technology, visit axdx.com .
Forward-Looking Statements
Certain of the statements made in this press release are forward looking, such as those, among others, about our projections as to when certain key business milestones may be achieved, the potential of our products or technology, the growth of the market, our estimates as to the size of our market opportunity and potential pricing, our competitive position and estimates of time reduction to results, and our future development plans and growth strategy. Actual results or developments may projected or implied in these forward-looking statements. Information about the risks and uncertainties faced by Accelerate Diagnostics is contained in the section captioned "Risk Factors" in the company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 1, 2018, and in any other reports that we file with the Securities and Exchange Commission from time to time. The company's forward-looking statements could be affected by general industry and market conditions. Except as required by federal securities laws, the company undertakes no obligation to update or revise these forward-looking statements to reflect new events, uncertainties or other contingencies.
Source: Accelerate Diagnostics, Inc.
ACCELERATE DIAGNOSTICS, INC.
CONDENSED CONSOLIDATED
BALANCE SHEET
(in thousands) March 31, December 31, 2018 2017 Unaudited ASSETS Current assets: Cash and cash equivalents $ 126,847 $ 28,513 Investments 66,754 80,648 Trade accounts receivable 1,065 1,946 Inventory 10,127 8,063 Prepaid expenses 1,538 850 Other current assets 804 468 Total current assets 207,135 120,488 Property and equipment, net 5,851 4,890 Intellectual property, net 129 134 Total assets $ 213,115 $ 125,512 LIABILITIES AND STOCKHOLDERS ’ EQUITY Current liabilities: Accounts payable $ 2,758 $ 2,080 Accrued liabilities 4,578 3,636 Deferred revenue and income 117 1,071 Total current liabilities 7,453 6,787 Other long term liabilities 25 21 Convertible notes 99,162 — Total liabilities $ 106,640 $ 6,808 Commitments and contingencies Stockholders’ equity: Preferred shares, $0.001 par value; 5,000,000 preferred shares authorized and none outstanding as of March 31, 2018 and December 31, 2017 — — Common stock, $0.001 par value; 75,000,000 common shares authorized with 53,950,083 shares issued and outstanding on March 31, 2018
and 75,000,000 authorized with 55,673,810 shares issued and outstanding on December 31, 2017 54 56 Contributed capital 414,262 360,620 Treasury Stock (45,067 ) — Accumulated deficit (262,833 ) (241,972 ) Accumulated other comprehensive loss 59 — Total stockholders’ equity 106,475 118,704 Total liabilities and stockholders’ equity $ 213,115 $ 125,512 See accompanying notes to consolidated financial statements.
ACCELERATE DIAGNOSTICS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Unaudited
(in thousands, except per share data) Three Months Ended March 31, March 31, 2018 2017 Net sales $ 801 $ 530 Cost of sales 492 26 Gross profit 309 504 Costs and expenses: Research and development 6,782 4,288 Sales, general and administrative 14,353 10,526 Total costs and expenses 21,135 14,814 Loss from operations (20,826 ) (14,310 ) Other income (expense): Interest expense (158 ) — Foreign currency exchange gain (loss) 55 (26 ) Interest income 301 136 Total other income, net 198 110 Net loss before income taxes (20,628 ) (14,200 ) Provision for income taxes (184 ) — Net loss $ (20,812 ) $ (14,200 ) Basic and diluted net loss per share $ (0.37 ) $ (0.27 ) Weighted average shares outstanding 55,640 51,887 Other comprehensive loss: Net loss $ (20,812 ) $ (14,200 ) Net unrealized (loss) gain on available-for-sale investments (53 ) 11 Foreign currency translation adjustment 112 56 Comprehensive loss $ (20,753 ) $ (14,133 ) See accompanying notes to consolidated financial statements.
ACCELERATE DIAGNOSTICS, INC.
CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
Unaudited
(in thousands) Three Months Ended March 31, March 31, 2018 2017 Cash flows from operating activities: Net loss $ (20,812 ) $ (14,200 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 539 505 Amortization of intangible assets 5 3 Amortization of investment discount 19 121 Equity-based compensation 5,602 3,215 Non-cash interest expense 158 — Loss on disposal of property and equipment 11 — (Increase) decrease in assets: Accounts receivable 881 (522 ) Inventory (1,917 ) (4,155 ) Prepaid expense and other (653 ) (457 ) Other current assets (336 ) (280 ) Increase (decrease) in liabilities: Accounts payable 701 276 Accrued liabilities 733 (4 ) Deferred revenue and income (1,003 ) 29 Deferred compensation 4 — Net cash used in operating activities (16,068 ) (15,469 ) Cash flows from investing activities: Purchases of equipment (1,294 ) (229 ) Purchases of available-for-sale securities (9,356 ) (4,562 ) Sales of available-for-sale securities 3,000 — Maturity of available-for-sale securities 20,125 8,845 Net cash provided in investing activities 12,475 4,054 Cash flows from financing activities: Issuance of common stock net of issuance costs 134 189 Exercise of options and warrants 1,112 1,844 Proceeds from issuance of convertible note 150,000 — Prepayment of forward stock repurchase transaction (45,069 ) — Payment of debt issuance costs (4,330 ) — Net cash provided by financing activities 101,847 2,033 Effect of exchange rate on cash: 80 55 Increase (decrease) in cash and cash equivalents 98,334 (9,327 ) Cash and cash equivalents, beginning of period 28,513 19,244 Cash and cash equivalents, end of period $ 126,847 $ 9,917
Investors May Contact: Laura Pierson, Accelerate Diagnostics, +1 520 365-3100, [email protected] Reporters May Contact: Andrew Chasteen, Accelerate Diagnostics, +1 520 365-3100, [email protected]
Source:Accelerate Diagnostics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-accelerate-diagnostics-reports-q1-2018-financial-results.html |
May 15, 2018 / 9:51 AM / Updated 17 minutes ago Thomson Reuters to move forex derivatives to Dublin due to Brexit Tommy Wilkes , Guy Faulconbridge 3 Min Read
LONDON (Reuters) - Thomson Reuters Corp said on Tuesday it would transfer its $300 billion-a-day foreign exchange derivatives trading business to Dublin from London ahead of Britain’s departure from the European Union next year. A Thomson Reuters logo is pictured on a building during the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 25, 2018. REUTERS/Denis Balibouse
Major electronic bond and forex trading platforms have announced plans over the past year to shift their trading businesses out of London ahead of Brexit in March 2019, with most of Thomson Reuters’ rivals opting for Amsterdam.
Thomson Reuters has applied to the Irish central bank to move its foreign exchange Multilateral Trading Facility (MTF) to Dublin so that it can continue to sell into the EU’s single market, the company said in a statement.
It intends to transfer all “existing client relationships of the Thomson Reuters MTF and Dealing, as well as Fixed Income Callouts and Auctions, from RTSL to our new Irish legal entity ahead of the Brexit date.”
Neill Penney, the company’s co-head of trading, said there were no plans to move staff from London but that some new personnel would be hired in Dublin.
He said Thomson Reuters had opted for Dublin over Amsterdam because it was the most cost-effective, would “minimise disruption for clients” and because Dublin’s growing role as a centre for financial technology and research would “open a number of doors” should the company want to expand.
“It doesn’t matter for our customers which European city we are in ... From a technology front, the technology is remaining where it is, which is in London and New York,” he said.
All spot forex trading, where its volumes top $100 billion a day, would remain in London, as would its post-trade services.
Thomson Reuters runs one of the world’s largest trading platforms in the $5 trillion-a-day global foreign exchange market.
Even if only the legal entity, the departure of any part of a currencies trading business will be a blow to London. Foreign exchange trading remains the crown jewel of the city’s financial services industry with volumes traded in the city far surpassing its nearest rival.
Big banks and trading platforms compete on speed when trading forex and invest heavily in cutting edge technology in London.
While trading platforms - or even some of the dealers themselves - head elsewhere after Brexit most of the hardware is likely to remain in London because of the high-speed sub-Atlantic cables linking it to New York.
Bloomberg, MarketAxess and Nex Group have chosen Amsterdam as their EU hub for their trading units, media have reported.
Bonds platform Tradeweb, in which Thomson Reuters has a stake, also announced plans to move to Amsterdam, a city that hosts many of the fast-moving algorithmic trading businesses active in FX and fixed income markets.
Thomson Reuters, controlled by Canada’s Thomson family, is the parent of Reuters News.
Its forex business is part of the trading operations being bought by private equity giant Blackstone. Additional reporting by Pamela Barbaglia; Editing by Michael Holden and Janet Lawrence | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-thomsonreuters/thomson-reuters-to-move-forex-derivatives-out-of-london-to-dublin-after-brexit-ft-idUKKCN1IG1A5 |
May 21, 2018 / 4:11 PM / Updated an hour ago Golf: New world tour with massive prize money proposed Andrew Both 5 Min Read
(Reuters) - A new global golf circuit is being planned, multiple sources have confirmed to Reuters, in what would be the biggest upheaval in the professional game in decades.
To be named the World Golf Series, the circuit proposed by the British-based World Golf Group has been in the planning stages for more than a year.
The group hopes to stage 15-to-20 yearly tournaments around the world, each offering a purse of close to $20 million, according to sources familiar with the plans.
Such a figure would dwarf the prize money currently on offer on the game’s richest circuit, the U.S. PGA Tour, whose biggest purse this season is $11 million.
Several blue-chip sponsors are believed to be on board for the World Golf Series if top players can be signed.
Organisers, however, are understandably reluctant to release details while they are still in the sensitive negotiation phase with agents, players, sponsors and television companies.
“It would not be appropriate to make a comment at this time,” the World Golf Group, whose Chief Commercial Officer is Richard Marsh, said in an email to Reuters.
A leading player says he and other top professionals are aware of the proposal.
“Why would you not be interested — 18 tournaments for $20 million?” the player, speaking on condition of anonymity, told Reuters.
But the new tour faces major hurdles, not least that it is likely to meet staunch opposition from the PGA Tour, which will hardly be pleased by the prospect of a rival circuit siphoning off its best and most marketable talent.
The new tour is also unlikely to be sanctioned for world ranking points, which could on its own make it a non-starter.
Ranking points are used to determine eligibility for the four major championships, which are not run by the PGA Tour.
Player contracts are also dependent on their world ranking.
“Every player’s deal is centred around world ranking points,” leading British agent Andrew ‘Chubby’ Chandler, who is aware of the proposed World Golf Series, told Reuters.
“This series will never get world ranking points, so it will cost people money in the end. I think there are a lot of obstacles to get over.
“The cards are stacked against them if they don’t get six of the world’s top 10 players to sign up.”
The series sounds eerily similar to the world tour proposed by then-number one Greg Norman more than two decades ago — a plan that went nowhere after the PGA Tour played hardball.
It divided and conquered by issuing an “us or them” ultimatum, threatening to scrap the membership of any player who signed up for the doomed venture. HARDBALL AGAIN
The PGA Tour will likely play hardball again to try to see off a threat to its near monopoly on the world’s best talent.
“I’m sure the (PGA) tour would be concerned,” the player who spoke to Reuters said, adding that just because Norman’s proposed tour never got off the ground did not mean this one would suffer the same fate.
“I’m not sure what they did with (Norman’s tour), but these are different times.”
But another comment by the same player suggested the World Golf Series is having trouble getting its plans to come together.
“At first I heard it was going to get off the ground in 2019, then it was 2020, and now it’s 2021,” he said.
Chandler raised the intriguing question of whether the European Tour might be more interested in playing ball with the World Golf Group than its American counterpart.
The European Tour plays for much smaller prize money than the American one, struggling to attract top players to many of its events. Thus, it has more incentive to consider new ventures and business partners.
While Chandler was happy to talk about the World Golf Series, another agent was more tight-lipped.
“I’d prefer not to comment on it,” Jay Danzi, agent of three-times major champion Jordan Spieth, told Reuters, in perhaps an indication of the sensitivity of the topic.
If the participation of players such as Spieth is crucial, one name looms as even more important.
“The critical figure could be Tiger Woods,” Chandler said of the 42-year-old American former world number one, who remains the game’s most marketable figure.
But Woods, a decade after winning his 14th and last major title, has off-course income of about $50 million, so the prize money from the World Golf Series is unlikely to be enough on its own to entice him.
As the end of his playing days looms, Woods can also look forward to receiving millions from his PGA Tour retirement plan, another reason not to rock the boat. Reporting by Andrew Both in Cary, North Carolina, editing by Ed Osmond | ashraq/financial-news-articles | https://in.reuters.com/article/golf-worldtour/golf-new-world-tour-with-massive-prize-money-proposed-idINKCN1IM1T7 |
LONDON (Reuters) - In London’s world-famous Great Ormond Street children’s hospital, Dr. Karin Straathof is excited about a new cell-based medicine that offers hope for toddlers with incurable nerve tissue cancer.
FILE PHOTO: A scientist prepares protein samples for analysis in a lab at the Institute of Cancer Research in Sutton, July 15, 2013. REUTERS/Stefan Wermuth/File Photo Her progress with a handful of children for whom standard care does not work reveals the promise of modern cancer drugs, an increasingly crowded pharmaceuticals field from which investors must try to select future winners.
The new therapy using engineered white blood cells has shown anti-tumor activity in the hardest to treat neuroblastoma patients.
“The beauty is that it is very specific in targeting the cancer cells, while leaving healthy tissue unharmed,” Straathof told Reuters, after presenting her early findings at a science meeting in Chicago in April. “It’s an important step forward.”
Autolus - the small British biotech company developing the chimeric antigen receptor T-cell or CAR-T treatment - is equally excited, and is planning a potential IPO on Nasdaq.
But Autolus is far from alone in pursuing CAR-T therapy. In fact, CAR-T treatment - part of the wider field of cancer immunotherapy - is one of the hottest areas of drug research today, with multiple firms piling in.
The biotech dollars are flooding in not only in Europe and the United States but also in China which, with 162 clinical trials, now boasts more CAR-T studies than the United States, according to a Reuters analysis of the latest data.
With over 2,000 drugs in the cancer immunotherapy space, the competitive landscape has never been more crowded as each firm seeks its own proprietary version of often similar drugs.
Overall, researchers are working on more than 5,200 cancer drugs, up 7.6 percent from a year ago, according to the Pharmaprojects database. The sheer number is stretching the ability of scientists to find enough patients to test them on.
Cancer now makes up 34.1 percent of the total drug industry pipeline, up from 26.8 percent in 2010, as companies divert resources into a promising sector where new treatments can often fetch more than $100,000 a year.
Slideshow (3 Images) ‘MORE CIRCUMSPECT’ With the first two CAR-T treatments from Novartis ( NOVN.S ) and Gilead Sciences ( GILD.O ) winning U.S. approval last year for rare blood cancers, the promise of such smart medicine is real and life-changing - especially if it can be made to work in solid tumors, as Straathof’s work suggests is possible.
However, the wholesale rush by pharmaceutical and biotech companies into the cancer area poses a dilemma for investors.
A flood of similar products makes it hard for investors to pick those companies that will achieve commercial success.
“More competition means you should be more circumspect,” said Nooman Haque, head of life sciences at Silicon Valley Bank in London, which provides financing for start-ups and venture capitalists.
“The traditional investment thesis in biotech is to have a differentiated medicine with not many competitors, which helps drive value. Here the problem is that even if there is a big patient benefit, there are questions as to how long your advantage lasts and what your commercial edge will be.”
Pharmaceutical executives are not blind to the issue, although each hopes to find a winning formula in immunotherapy - the fastest-growing part of the $100 billion-a-year cancer drug market, with sales expected to top $25 billion by 2021, according to analyst forecasts compiled by Thomson Reuters.
Roche ( ROG.S ) CEO Severin Schwan, head of the world’s top cancer company, says he expects “an enormous drop-out”, while Sanofi’s ( SASY.PA ) outgoing research head Elias Zerhouni warned analysts last week that duplication of effort would shrink the time available for drugmakers to recoup their R&D investments.
“The cycle of innovation has been shortened significantly,” agrees Aiman Shalabi, chief medical officer at the non-profit Cancer Research Institute. “There is no doubt we are seeing fast follow-on and many identical agents hitting the same targets.”
The good news for society is that patients will find out much faster than in the past if new approaches work. But that means doctors can rapidly switch to alternatives, leading to increased product churn and uncertainty over future sales.
COMBINATION STUDIES Twenty years ago, when Roche launched its state-of-the-art cancer drugs Herceptin and Rituxan, it enjoyed years without rivals. Today, there are multiple versions of new drugs targeting molecular pathways with acronyms such as PD-1/L1, PARP and CDK, as well as CAR-T.
“You’re either first or you’re best or you’re nowhere because it has become such a race,” said Paul Major, an investment manager at BB Healthcare Trust ( BBH.L ), who is cautious about investing in cancer immunotherapy.
Lydia Haueter at Pictet Asset Management is also wary, pointing out there are already five PD-1/L1 drugs on the market - from Merck ( MRK.N ), Bristol-Myers Squibb ( BMY.N ), Roche, AstraZeneca ( AZN.L ) and Pfizer ( PFE.N ) - and more are coming.
“It seems everybody has a PD-1, so we especially don’t go for those kind of cancer companies,” she said.
Some drugmakers like GlaxoSmithKline ( GSK.L ) and Novartis that missed the initial PD-1/L1 wave are trying to make a virtue of looking ahead to the next phase of cancer immunotherapy, particularly drug combinations.
Yet last month’s failure of a combination study using a next-generation drug from Incyte ( INCY.O ) with Merck’s PD-1 Keytruda shows that adding a new agent is no slam dunk for expanding the reach of immune-boosting medicine.
At Great Ormond Street, Straathof is less concerned about doubling up on research and more focused on getting effective, affordable cures - and she hopes automated processes will eventually bring down today’s sky-high drug prices.
“I’m not too worried about duplication. It’s important to not ask the same question in two trials but I think there are a lot of questions to be addressed because there is a lot of nuance in the system.”
Cancer drug research and development - tmsnrt.rs/2I1zdkV
Reporting by Ben Hirschler; Editing by Pravin Char
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-cancer-pharmaceuticals-insight/too-many-cancer-drugs-crowded-market-gives-investors-pause-idUSKBN1I31EX |
Revenue grew 31.3%, EBITDA increased 20.8% from year-ago period RevPAR grew 5.5% from Q1 2017 due to the acquisition of higher quality hotels Higher occupancy-related expenses and planned renovation activity resulted in lower margins Increased seasonality from recent acquisition activity is affecting quarterly performance CEO, Rob O'Neill, making additional significant investment in the Company
(All numbers are in U.S. dollars unless otherwise indicated)
VANCOUVER, May 9, 2018 /PRNewswire/ - American Hotel Income Properties REIT LP (" AHIP ", the " Company ") (TSX: HOT.UN, TSX: HOT.U, TSX: HOT.DB.U), which has 115 select-service hotels located across the United States, announced today its financial results .
During the first quarter of 2018, revenues increased 31.3% from the same quarter last year, to $81.1 million, driven largely by the acquisition of 20 additional hotels since Q1 2017, but also bolstered by a 2.9% increase in occupancy levels and a 2.5% increase in Average Daily Rate (" ADR "). Net operating income (" NOI ") increased 22.0% to $25.4 million, with NOI from Premium Branded hotels growing 30.6% to $20.7 million and NOI from Economy Lodging hotels declining 5.7% to $4.7 million. EBITDA for the first quarter increased 20.8% from Q1 2017, to $20.4 million. Net income was $1.4 million compared to $2.4 million last year as a result of higher depreciation and interest charges.
As anticipated and discussed in the previous quarter, renovation activity at several of AHIP's larger hotels during the first quarter to upgrade and improve guest facing facilities did affect some hotel operations. Funds from operations (" FFO ") decreased 2.1% to $11.4 million, and adjusted funds from operations (" AFFO ") decreased 8.0% to $9.9 million. The decrease was primarily a result of lower margins from properties under renovation, competition from new supply, lower guaranteed revenues from two rail crew contracts, and higher interest expense. The Eastern Seaboard Portfolio, which represents approximately 23% of AHIP's total revenues, is more seasonally affected by slower Q1 activity than AHIP's other hotels, and this also contributed to lower revenues and NOI. Q1 2018 Diluted FFO per Unit was $0.15, and Diluted AFFO per Unit was $0.13.
"Our recent activities have created a solid foundation for sustainable, long-term unitholder returns," said Rob O'Neill, AHIP's CEO. "The pre-funded renovations we are undertaking to enhance our guest experience within our Premium Branded hotel portfolio are cementing these properties to be market leaders in their regions, with next generation hotel design and amenities. The rebranding of our Economy Lodging hotels to Wyndham brands, which was completed in March, is already demonstrating positive and promising contributions to the performance of that portfolio, with revenue from non-rail crew (transient) guests up almost 18% in March alone. As well, our new hotel manager, Aimbridge Hospitality, has already identified ways to improve our hotel processes and enhance reporting, and uncovered new development opportunities for us. I look forward to seeing the full power of our higher-quality hotel portfolio over the next several quarters, as our hotel renovations, branding strategy and new hotel manager all combine to demonstrate their full impact."
Mr. O'Neill continued: "I'm also pleased to confirm that I will be investing further in AHIP, through open market purchases of units during the second quarter. These purchases will elevate my holdings and firmly position me as one of the largest unitholders in AHIP – highlighting my continued commitment, positive long-term outlook for the Company and desire for U.S. asset exposure."
The details of unit purchases completed by Mr. O'Neill during the second quarter will be disclosed in regulatory filings as they are completed. Since January 1, 2018, Mr. O'Neill has acquired 9,322 units as part of his agreement with the Company to take 100% of his 2018 compensation in the form of equity.
Ian McAuley, President of AHIP added, "While we remain pleased with the revenue and RevPAR performance of our portfolio, we acknowledge there is opportunity for our margins to improve. Specifically, we were disappointed by the mix of occupancy versus ADR growth during the first quarter, which drove higher guestroom utilization and related occupancy costs alongside lower room rates at several of our hotels. Our expanded Asset Management department has already identified ways to more effectively refine the revenue management strategies of our hotels with our new hotel manager – who assumed our contract in the second quarter, to better balance occupancy and guestroom rates to drive margin growth."
Mr. McAuley continued: "We are very encouraged by our recent meetings with our new hotel manager, and continue to believe we will see long-term benefits from their purchasing power, management bench strength, and deep-rooted industry expertise and contacts. We're also very pleased to have reached an agreement with SunOne Developments, our former hotel developer, to terminate that exclusive agreement at no cost to AHIP. This will provide us with the flexibility to pursue the most qualified and appropriate development partners in the future, as we evaluate opportunities to grow our business organically."
THREE MONTHS ENDED MARCH 31, 2018 FINANCIAL HIGHLIGHTS
Total revenues for the quarter increased 31.3% to $81.1 million (Q1 2017 – $61.7 million) due to the acquisition of new hotels between reporting periods, higher occupancy and higher ADR.
Net income for the first quarter was $1.4 million, compared to net income of $2.4 million in Q1 2017, due to higher depreciation charges from recent acquisitions, increased interest expense related to respective hotel loans and the issuance of convertible debentures in Q2 2017. As a result, diluted net income per Unit for the quarter was $0.02 compared to diluted net income per Unit of $0.04 in the same quarter of last year.
Total portfolio revenue per available room (" RevPAR ") grew 5.5% from the same quarter last year, led by occupancy increases of 2.9%, and by ADR increases of 2.5%, reflecting AHIP's recent acquisitions of higher quality, premium branded, select-service properties located within larger secondary markets .
RevPAR for Premium Branded Hotels was affected by planned renovations at certain large hotel properties. RevPAR decreased 0.2% from the same quarter of 2017, due mostly to more hotel rooms being sold at a lower rate in response to renovation activity and new supply. Occupancy for Premium Branded hotels during the first quarter increased 0.7% to 76.9%. Pro-forma RevPAR, which includes operating results for hotels for periods prior to their ownership by AHIP, was strong in Ohio and New Jersey with growth rates of 5.8% and 5.4%, respectively. RevPAR was also positive in AHIP's existing portfolio with the Oklahoma and Florida regions having RevPAR growth rates of 17.3% and 3.6%, respectively. The resurgence of improved performance at the Company's Oklahoma properties reflects the rebound in oil prices and oil-field production activity, while the Florida properties continued their solid performance. This was offset by supply-impacted RevPAR declines of 14.6% in Amarillo, 8.5% in Virginia and 8.2% in Pittsburgh, respectively. AHIP's Baltimore properties saw pro-forma RevPAR declines of 4.7% as a result of inauguration activities in 2017, two government shutdowns resulting in group cancellations during 2018, and multiple Nor'Easter storms during the first quarter.
Two larger hotel properties were temporarily affected by ongoing PIP (defined below) renovations during the first quarter: the Embassy Suites Cincinnati (Covington) and the Embassy Suites Dallas (Fort Worth), which experienced RevPAR declines of 21.4% and 1.2% respectively. Renovations at these two hotels are expected to be completed during the second quarter.
Same Property Metrics:
Same property metrics represent the performance of only 88 hotels (or 76.5%) of AHIP's total hotel portfolio during Q1 2018, meaning 27 hotel properties were excluded in total portfolio same property metrics as they were not owned during both full comparable periods or were under renovation. Similarly, only 44 hotels (or 65.7%) of AHIP's Premium Branded Hotels were included in AHIP's Premium Branded same property hotel metrics.
Total portfolio same-property revenues for the first quarter increased slightly to $48.1 million (Q1 2017 - $48.0 million).
Same-property RevPAR for Premium Branded Hotels decreased slightly, by 0.1%, relative to Q1 2017, as a result of a 0.9% decrease in occupancy rates, which was mostly offset by a 0.8% increase in ADR. The strongest same-property Premium Branded RevPAR performance was seen in Oklahoma and Florida, with increases of 17.3% and 3.6%, respectively. Conversely, the weakest markets were Amarillo, TX (-14.6%), Virginia (-8.5%) and Pittsburgh, PA (-8.2%) – all impacted by new supply.
Same-property RevPAR for Economy Lodging Hotels increased 1.9% relative to Q1 2017, driven by a 2.8% increase in occupancy, which was offset partially by a 0.9% decrease in ADR. The higher occupancy levels reflect the continued recovery of intermodal rail carload volumes since late 2016. Higher occupancy from rail crew contracts was offset by lower contractually guaranteed revenues, which negatively affected ADR.
The transition of AHIP's Economy Lodging hotels to Wyndham's world-class reservation and property management systems was completed in March 2018. As a result, the first quarter only benefitted from a partial impact of the Wyndham branding agreement; however early indications of the expected benefits were promising. During Q1 2018, same-property transient (non-rail crew) revenue increased by 10.9% relative to the same quarter of 2017, 72% of which was driven by higher ADR and 28% driven by higher occupancy. In the month of March alone, same-property transient (non-rail crew) revenue increased by 17.7%, with 48% of the increase driven by higher ADR and 52% of the increase from higher occupancy.
Total portfolio same-property NOI was $16.6 million (Q1 2017 - $17.2 million), which was lower due to higher occupancy related operating costs as well as higher weather-related utility expenses and maintenance expenses. As 27 hotels were not included in AHIP's same-property metrics, same-property NOI represented only 65.4% of AHIP's total NOI during the first quarter.
First quarter FFO decreased 2.1% to $11.4 million (Q1 2017 – $11.6 million), while AFFO decreased 8.0% to $9.9 million (Q1 2017 – $10.8 million). Both declines were a result of lower margins from selling more rooms at lower ADRs in response to properties under renovation and competition from new supply. Lower guaranteed revenue from rail crew lodging contracts, and higher interest expense and personnel costs also contributed to the decline.
For the quarter, Diluted FFO per Unit decreased to $0.15 (Q1 2017 – $0.20) and Diluted AFFO per Unit decreased to $0.13 (Q1 2017 – $0.18).
EBITDA for the quarter increased 20.8% to $20.4 million compared to $16.9 million in the same period last year and the EBITDA margin declined 220 basis points to 25.1% (Q1 2017 – 27.3%) reflecting higher occupancy related operating expenses, higher labour costs, and lower guaranteed rail crew revenues.
The hotel business is seasonal in nature, and can be expected to cause quarterly fluctuations in revenues, expenses and cash flows. Historically, occupancy, revenues and cash flows tend to be higher in the second and third quarters and lower in the first and fourth quarters, which can lead to higher payout ratios in the first and fourth quarter. The AFFO payout ratio for Q1 2018 was 127.9% (Q1 2017 – 88.0%).
The year-over-year increase in the AFFO payout ratio was caused by AHIP's increased exposure to seasonality, given the Eastern Seaboard hotel portfolio acquired in June 2017 lowered the proportion of counter-seasonal Florida properties in AHIP's portfolio to 11%, compared to 14% in Q1 2017, based on number of guestrooms. AHIP expects its annual AFFO payout ratio for 2018 to be in the low 90% range.
The table below further demonstrates how seasonality has increased due to the acquisition of the 18 hotel Eastern Seaboard portfolio.
% of total 2017 NOI by Quarter
Q1 2017
Q2 2017
Q3 2017
Q4 2017
AHIP excluding Eastern Seaboard Portfolio
23.9%
28.2%
26.7%
21.2%
AHIP including Eastern Seaboard Portfolio
19.7% (1)
25.7% (1)
31.9%
22.7%
(1)
NOI for the Eastern Seaboard Portfolio for Q1 2017 and Q2 2017 reflect results for periods prior to our ownership, were provided to us by prior owners and were not adjusted or independently verified by us.
AHIP's interest coverage ratio for the first quarter was 2.3x (Q1 2017 – 3.0x). The decline was caused by the interest expense on the convertible debentures issued in June 2017, the proceeds from which were used to partially fund the acquisition of the Eastern Seaboard Portfolio.
As at March 31, 2018, AHIP's debt had an average remaining term of 7.1 years (Q1 2017 – 7.8 years) and a weighted average interest rate of 4.64% (Q1 2017 – 4.65%). Substantially all of AHIP's term loans have fixed interest rates.
AHIP paid U.S. dollar monthly distributions of $0.054 per Unit during the quarter, which is equivalent to $0.648 per Unit on an annualized basis. AHIP's distribution policy is to use available cash for distribution to unitholders and to maintain a conservative annual AFFO Payout Ratio. Distributions declared will be paid to unitholders of record at the close of business on the last business day of each month on or about the 15th day of the following month. AHIP has no intention of changing its monthly distribution based on the Company's current performance and expectations. The Company has seasonal differences, with Q2 and Q3 generally producing significantly higher AFFO and lower AFFO payout ratios than Q1 and Q4.
As at March 31, 2018, AHIP had an unrestricted cash balance of $15.3 million and $33.3 million available through revolving credit facilities, of which $6.9 million was utilized. The Company also had a restricted cash balance of $50.9 million, including $33.8 million on deposit for upcoming PIP renovations.
AHIP's debt-to-gross book value as at March 31, 2018 was 53.6% (March 31, 2017 – 48.4%), which is within AHIP's target range of 50% to 55%.
FIRST QUARTER DEVELOPMENTS
On March 16, 2018, AHIP completed the refinancing of certain Economy Lodging hotel properties to provide AHIP with improved operating and tax efficiencies. AHIP refinanced its Railway Portfolio Term Loan of approximately $19.6 million and obtained a $4.0 million mortgage for two of its recently acquired properties – the Days Inn hotel in Fargo, ND and the Baymont Inn & Suites in Whitefish, MT, through its existing lending syndicate of U.S. chartered banks.
On March 23, 2018, AHIP announced that it expanded its Asset Management department, which is responsible for overseeing and enhancing the performance of the Company's hotel portfolio.
During the first quarter two hotels began renovations and upgrades (through AHIP's Property Improvement Plans, or PIPs). Renovations at these two properties are expected to be complete by the end of the second quarter.
During the first quarter, AHIP secured a new $40 million secured revolving credit facility, with a U.S. affiliate of a Canadian Chartered Bank. The credit facility, which is currently undrawn, has an initial size of $19.8 million (based on the current borrowing base) and includes an accordion feature that allows the Company to increase the size of the facility to $75 million subject to certain conditions. The facility has an initial term of three years and two additional one-year extension options and any borrowings will bear interest at LIBOR plus 2.75%. The facility is currently secured by three premium branded hotel properties that were not financed with any debt prior to the new facility. This facility will provide the Company with increased flexibility to pursue opportunistic acquisitions and fund capital investments.
SUBSEQUENT EVENTS
On April 2, 2018, AHIP announced that Aimbridge Hospitality would assume its hotel management responsibilities. The assumption of AHIP's hotel management contracts by Aimbridge was completed on April 25, 2018.
On April 2, 2018, AHIP also announced that that it had reached an agreement with SunOne Developments Inc., the Company's former hotel development partner, to terminate its exclusive hotel development agreement at no cost to AHIP.
CAPITAL INVESTMENT
During the first quarter of 2018, AHIP invested $4.6 million (from PIP reserves and FF&E reserves) in hotel improvements and renovations. The work underway includes complete lobby, atrium, restaurant and corridor renovations at both the Embassy Suites Cincinnati (in Covington, KY) and the Embassy Suites Dallas (in Fort Worth, TX). In addition, the guestrooms at the Embassy Suites Cincinnati are also being completely renovated. These hotel upgrades are expected to be completed by June 2018, making these properties two of the newest 'next generation' hotels under the Embassy Suites brand.
In total during 2018, AHIP expects to deploy $20 million of pre-funded reserve capital towards PIP projects. During the second quarter, in addition to the completion of projects at the two Embassy Suites previously discussed, AHIP will also begin renovations at the Hilton Garden Inn White Marsh (in Baltimore, MD), and smaller renovation projects at three other hotel properties. These PIP projects may cause some guestroom displacement and temporarily impact hotel performance, and therefore revenue and cashflows.
The information in this news release should be read in conjunction with AHIP's unaudited condensed interim consolidated financial statements and management's discussion and analysis (" MD&A ") , which are available on AHIP's website at www.ahipreit.com and on SEDAR at www.sedar.com .
Q1 2018 FINANCIAL RESULTS CONFERENCE CALL
Management will host a conference call at 4:00 p.m. (Eastern), 1:00 p.m. (Pacific) on Thursday, May 10, 2018 to review the financial results .
To participate in this conference call, please dial one of the following numbers at least five minutes prior to the commencement of the call and ask to join the American Hotel Income Properties' Q1 2018 Analyst Call.
Dial in numbers:
North America Toll free:
1-877-291-4570
International or local Toronto:
1-647-788-4919
The conference call will also be webcast live (in listen-only mode). The link to the webcast can be found on the Events tab of the following webpage: https://www.ahipreit.com/news-and-events/
CONFERENCE CALL REPLAY
A replay of the conference call will be available by dialing one of the following replay numbers. You will be able to dial in and listen to the conference call replay two hours after the call end time, and the replay will be available until June 10, 2018. An audio recording of this conference call will also be available at www.ahipreit.com under the Events tab on the News and Events page.
Please enter replay PIN number 7196766 followed by the # key.
Replay dial in numbers:
North America Toll free:
1-800-585-8367
International or local Toronto:
1-416-621-4642
NON-IFRS MEASURES
Certain non-IFRS financial measures are included in this news release, which include NOI, EBITDA, FFO, Diluted FFO per Unit, AFFO, Diluted AFFO per Unit, interest coverage ratio, AFFO payout ratio and debt-to-gross book value. These terms are not measures recognized under International Financial Reporting Standards (" IFRS ") and do not have standardized meanings prescribed by IFRS. Real estate issuers often refer to NOI, FFO, Diluted FFO per Unit, AFFO, Diluted AFFO per Unit, and AFFO payout ratio as supplemental measures of performance and interest coverage ratio and debt-to-gross book value as supplemental measures of financial condition.
Debt-to-gross book value, NOI, EBITDA, FFO, Diluted FFO per Unit, AFFO, Diluted AFFO per Unit, interest coverage ratio and AFFO payout ratio should not be construed as alternatives to measurements determined in accordance with IFRS as indicators of AHIP's performance or financial condition. AHIP's method of calculating NOI, EBITDA, FFO, Diluted FFO per Unit, AFFO, Diluted AFFO per Unit, interest coverage ratio, AFFO payout ratio and debt-to-gross book value may differ from other issuers' methods and accordingly may not be comparable to measures used by other issuers. For further information, including reconciliations of certain of these non-IFRS financial measures to the closest comparable IFRS measure, please refer to AHIP's MD&A dated May 8, 2018, which is available on SEDAR at www.sedar.com and on AHIP's website at www.ahipreit.com .
FORWARD-LOOKING INFORMATION
Certain statements in this news release may constitute "forward-looking information" applicable securities laws (also known as forward-looking statements). Forward looking information involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information generally can be identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "feel", "intend", "may", "plan", "predict", "project", "subject to", "will", "would", and similar terms and phrases, including references to assumptions. Some of the specific forward-looking statements in this news release include, but are not limited to, statements with respect to: Mr. O'Neill's commitment to acquire additional Units of AHIP through open-market purchases during the second quarter and the expectation that the details of such purchases will be disclosed in regulatory filings as they are completed; management's belief that AHIP will see long-term benefits from Aimbridge's purchasing power, management bench strength, and deep-rooted industry expertise and contacts; management's expectation that it will see the impact of AHIP's renovations, branding strategy and new hotel manager in the next several quarters; management's belief that the termination of the exclusive development agreement with SunOne Developments will provide AHIP with flexibility to pursue the most qualified development and appropriate development partners in the future; the expected cost and timing of PIP renovations to be completed in 2018 and the expected impacts thereof on the applicable hotels including on occupancy levels and revenues and AHIP's operating results; AHIP management's expectation that the renovations at the Embassy Suites Cincinnati and Embassy Suites Dallas will complete in the second quarter of 2018; AHIP commencing renovations at the Hilton Garden Inn White Marsh and small renovation projects at three other hotel properties in the second quarter; AHIP management's expectation that the seasonal nature of the hotel business will cause quarterly fluctuations in revenues, expenses and cash flows; AHIP distributions declared will be paid to unitholders of record at the close of business on the last business day of each month on or about the 15 th day of the following month; AHIP having no intention of changing its monthly distribution based on the Company's current performance and expectations; AHIP's expectation that the annual AFFO payout ratio for 2018 will be in the range of 90-95%; the new secured revolving credit facility providing AHIP with increased flexibility to pursue opportunistic acquisitions and fund capital investments and AHIP's long-term objectives.
Forward-looking information is based on a number of key expectations and assumptions made by AHIP, including, without limitation: a reasonably stable North American economy and stock market; the continued strength of the U.S. lodging industry; AHIP will be able to successfully integrate properties acquired into its portfolio; capital markets will provide AHIP with readily available access to equity and/or debt financing on terms acceptable to AHIP; the accuracy of third party reports with respect to lodging industry data; the value of the U.S. dollar; the rebranding of AHIP's Economy Lodging Hotels achieving its intended results; the cost, timing and impact of PIP renovations for 2018 being consistent with management's expectations and AHIP will realize the expected benefits of such renovations; AHIP will realize the expected benefits of Aimbridge assuming management responsibilities for AHIP's hotels; the transition of management responsibilities for AHIP's hotels will not have any negative impact on the operation or performance of AHIP's hotels; AHIP's financial performance in the second and third quarters will improve and cash flow from operations will exceed distributions declared during such quarters; Mr. O'Neill will complete additional purchases of Units in the second quarter; and AHIP will realize the expected benefits of the termination of the exclusive development agreement with SunOne Developments. Although the forward-looking information contained in this news release is based on what AHIP's management believes to be reasonable assumptions, AHIP cannot assure investors that actual results will be consistent with such information.
Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results as actual results may differ materially from those expressed or implied in such forward-looking statements. Those risks and uncertainties include, among other things, risks related to: AHIP not realizing any or all of the expected benefits of Aimbridge assuming management responsibilities for AHIP's hotels; the ongoing transition of management responsibilities for AHIP's hotels from ONE to Aimbridge having a negative impact on the operation and performance of AHIP's hotels; AHIP not realizing the expected benefits of the rebranding of its Economy Lodging Hotels under Wyndham brands; the possibility that AHIP's financial performance may not improve to the extent expected by AHIP management, or at all, in the second or third quarter; AHIP not realizing the expected benefits of renovations to be completed in 2018 and that such renovations are not completed in accordance with expected timing or budgets; distributions are not guaranteed and may be reduced or suspended at any time at the discretion of AHIP's board of directors; general economic conditions; future growth potential; Unit prices; liquidity; tax risk; tax laws currently in effect remaining unchanged; ability to access capital markets; competition for real property investments; environmental matters; the value of the U.S. dollar; and changes in legislation or regulations. Management believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions and information currently available; however, management can give no assurance that actual results will be consistent with these forward-looking statements. Additional information about risks and uncertainties is contained in AHIP's MD&A dated May 8, 2018 and annual information form for the year ended December 31, 2017, copies of which are available on SEDAR at www.sedar.com .
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to AHIP. The forward-looking information is made as of the date of this news release and AHIP assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
ADDITIONAL INFORMATION
Additional information relating to AHIP, including AHIP's unaudited condensed consolidated interim financial statements and 2017, AHIP's MD&A dated May 8, 2018, and other public filings are available on SEDAR at www.sedar.com .
ABOUT AMERICAN HOTEL INCOME PROPERTIES REIT LP
American Hotel Income Properties REIT LP (TSX: HOT.UN, TSX: HOT.U, TSX: HOT.DB.U), or AHIP, is a limited partnership formed to invest in hotel real estate properties located substantially in the United States. AHIP currently has 115 hotels, and is actively engaged in growing its portfolio of premium branded, select-service hotels in larger secondary markets that have diverse and stable demand. AHIP hotels operate under brands affiliated with Marriott, Hilton, IHG, Wyndham and Choice Hotels through license agreements. The company's long-term objectives are to build on its proven track record of successful investment, deliver reliable and consistent U.S. dollar denominated distributions to unitholders, and generate value through the continued growth of its diversified hotel portfolio. More information is available at www.ahipreit.com .
FIRST QUARTER HIGHLIGHTS AND KEY PERFORMANCE INDICATORS
(US$000s unless noted and except Units and per Unit amounts)
Three months ended
March 31, 2018
Three months ended
March 31, 2017
Number of rooms (1)
11,709
9,383
Number of properties (1)
115
95
Number of restaurants (1)
41
37
Occupancy rate
73.5%
71.4%
Average daily room rate
$
95.55
$
93.25
Revenue per available room
$
70.23
$
66.58
Revenues
$
81,066
$
61,725
Net operating income
$
25,374
$
20,795
Net income and comprehensive income
$
1,376
$
2,382
Diluted net income per Unit
$
0.02
$
0.04
EBITDA
$
20,384
$
16,880
EBITDA Margin %
25.1%
27.3%
Funds from operations (FFO)
$
11,353
$
11,597
Diluted FFO per Unit
$
0.15
$
0.20
Adjusted funds from operations (AFFO)
$
9,904
$
10,770
Diluted AFFO per Unit (2)
$
0.13
$
0.18
Distributions declared
$
12,665
$
9,482
AFFO Payout Ratio
127.9%
88.0%
Debt-to-Gross Book Value (1)
53.6%
48.4%
Debt-to-EBITDA
8.1x
8.0x
Interest Coverage Ratio
2.3x
3.0x
Weighted average debt face interest rate (1)
4.64%
4.65%
Weighted average debt term to maturity (1)
7.1 years
7.8 years
Number of Units outstanding (1)
78,047,806
58,623,606
Diluted weighted average number of Units outstanding (3)
78,207,113
58,599,242
Same property Occupancy rate
72.9%
72.4%
Same property Average daily room rate
$
85.11
$
85.33
Same property RevPAR
$
62.05
$
61.78
Same property Revenues
$
48,094
$
47,970
Same property Net operating income
$
16,583
$
17,215
Same property NOI Margin %
34.5%
35.9%
(1)
At period end.
(2)
The Debentures were dilutive only for AFFO for the period. Therefore, Debenture finance costs of $611 were added back to AFFO and 5,283,783 Units on conversion of the Debentures were added to the diluted weighted average number of Units outstanding.
(3)
Diluted weighted average number of Units includes the 159,307 unvested Restricted Stock Units as at March 31, 2018.
View original content: http://www.prnewswire.com/news-releases/american-hotel-income-properties-reit-lp-reports-first-quarter-2018-results-300645933.html
SOURCE American Hotel Income Properties REIT LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-american-hotel-income-properties-reit-lp-reports-first-quarter-2018-results.html |
10 COMMENTS Media companies think they may have hit the jackpot with the Supreme Court’s ruling on sports betting.
On Monday, the Supreme Court struck down a federal law that prohibited sports gambling , paving the way for states to make their own decisions about allowing legal betting on athletic events.
The ruling has media and advertising executives envisioning a world in which more viewers tune into live televised sporting events and follow more sports coverage in great detail. Those more engaged fans would then attract more advertising dollars, including the marketing spending of gambling companies themselves, executives say.
Media companies are already tossing around programming ideas and ways to incorporate more stats and betting options on their digital platforms. The change could even inflate the value of leagues, teams, sports media properties and sports TV rights deals , executives say.
Turner, the Time Warner Inc. TWX 0.89% division that includes TBS and TNT, could use its Bleacher Report site as a platform to program shows and stats for bettors and potentially partner with third-party online betting platforms, a person familiar with the company’s thinking said.
“When disruption and change happens, it’s an opportunity,” said Turner President David Levy. Getting into the sports betting business “is a very big opportunity that every media company will have to look at.”
At ESPN’s presentation for advertisers Tuesday, executives and on-air talent expressed interest in sports betting as a phenomenon that could drive bigger audiences for sports programming.
“It’s very early,” said ESPN President Jimmy Pitaro. “We’re actively monitoring and we are looking at the space…especially from a programming perspective.”
SportsCenter host Scott Van Pelt, who has a bettors-focused “Bad Beats” segment on his show, said that big TV networks could potentially create leagues, similar to fantasy sports. Networks could also program to bettors, for example, in the hour before NFL games when there are fewer people watching, he said.
“The number of revenue streams that come out of this are endless,” he said in an interview.
CBS’s chief advertising revenue officer, Jo Ann Ross, said that if gambling is legal, it could lead to the reintroduction of the ad-spending bonanza from fantasy-sports companies like FanDuel and DraftKings.
“We’re always open for business,” said Ms. Ross.
The sports-betting ruling could lead to the reintroduction of the ad-spending bonanza from fantasy-sports companies like FanDuel and DraftKings. Photo: Kathy Willens/Associated Press The daily-fantasy sports companies at one point were a huge source of ad revenue for sports networks but have pulled back amid scrutiny over whether they violated gambling laws . (The companies insist their products don’t violate gambling laws because the games involve skill.)
FanDuel spent $189 million on U.S. advertising in 2015, a figure that fell to just $10.7 million in 2016, according to Kantar Media. After spending $247 million in 2015, DraftKings only shelled out $18.4 million in 2016. Those figures were up slightly in 2017. The Kantar figures don’t include ad spending with some digital platforms.
FanDuel’s chief marketing officer, Mike Raffensperger, said there was “an enormous opportunity” to expand into sports betting after the Supreme Court’s ruling, but the company likely won’t shell out the same high levels of spending on commercials as it did three years ago.
Related Video The Supreme Court overturned a federal ban on sports betting in a decision announced Monday. NBA Commissioner Adam Silver explains why that could bring greater transparency and integrity as well as business opportunities. He spoke with WSJ's Jason Gay at the Future of Everything Festival in New York on May 8. DraftKings said it has been preparing since 2017 to launch a sports-betting platform for mobile. Chief Business Officer Ezra Kucharz said he sees opportunities for more marketing spending and has also received more interest from advertisers in DraftKings’ platform.
More interest in games would be welcome news for TV networks. While the captive audiences for live sports are compelling for advertisers, sports programming hasn’t been immune to ratings declines as more consumers cut the cord and turn to new streaming services.
“We do think gambling drives engagement and potentially could provide some viewership uptick,” said an ad buyer at a large media agency.
The rollout of legal sports betting across the country will take time and isn’t guaranteed. The ruling applies to a case brought by New Jersey, and other states will have to consider the issue for themselves. Plus, states will need to sort out licensing, taxing and potential demands from leagues.
It’s too early to know how far-reaching sports betting will be , especially if not every state legalizes the activity, said Brian Wieser, a senior analyst at Pivotal Research Group. Also, there might be regulations preventing certain ads that mention gambling, he said.
“I think it probably will lead to some incremental spending,” said Mr. Wieser.
The ruling has also sparked new potential bidders for Sports Illustrated, which is up for sale. Art Slusark, a spokesman for Meredith Corp, which owns Sports Illustrated, said that following the Supreme Court’s decision, Meredith “received several new inquiries from parties interested in the brand.”
Mr. Slusark said Sports Illustrated reaches 50 million consumers each month via digital and print, an audience he described as “very appealing to anyone who would like to get their gambling products in front of a sports-oriented crowd.” He added that the ruling could also lead to opportunities to attract new sponsors and partners.
One former sports executive said the rapid growth of fantasy-sports leagues spurred greater consumer interest in watching live sports, as well as more time spent online as fans tried to glean insights to help their picks.
“It will take time, but going forward the decision will have a huge influence on sports media companies,” this person said.
—Jeffrey A. Trachtenberg and Joe Flint contributed to this article.
Write to Alexandra Bruell at [email protected] and Shalini Ramachandran at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/media-companies-line-up-to-gamble-on-sports-betting-1526644800 |
Innergex Renewable Energy Inc:
* INNERGEX ENTERS THE SOUTH AMERICAN RENEWABLE ENERGY MARKET BY ACQUIRING TWO HYDRO FACILITIES
* INNERGEX RENEWABLE ENERGY INC - SELECTED IN BID PROCESS TO ACQUIRE IN PARTNERSHIP DUQUECO HYDRO PROJECT
* INNERGEX RENEWABLE ENERGY INC - TOTAL ENTERPRISE VALUE ACQUIRED, NET OF CASH, OF US$210 MILLION
* INNERGEX RENEWABLE ENERGY INC - TRANSACTION TO BE PARTLY FINANCED BY ITAÚ
* INNERGEX RENEWABLE ENERGY - SIGNED EXCLUSIVITY AGREEMENT WITH ENERGÍA LLAIMA FOR A JOINT VENTURE PARTNERSHIP TO ACQUIRE A 50% STAKE IN COMPANY
* INNERGEX RENEWABLE ENERGY INC - INNERGEX WOULD OWN 50% OF ENERGÍA LLAIMA FOR $110 MILLION TO BE INVESTED IN NEXT 3 YEARS
* INNERGEX RENEWABLE ENERGY - ON SIGNING FINAL PARTNERSHIP AGREEMENT CO WOULD OWN 50% OF ENERGÍA LLAIMA FOR TOTAL $110 MILLION TO BE INVESTED IN NEXT 3 YRS Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-innergex-enters-the-south-american/brief-innergex-enters-the-south-american-renewable-energy-market-by-acquiring-two-hydro-facilities-idUSFWN1SM12J |
(Reuters) - They flew in from Ghana, Canada, New Orleans and Essex, dressed in finery to rival the royals they had come to watch get married in the English town of Windsor.
Bernadette Christie, from Canada, poses for a portrait in Windsor, Britain, May 18, 2018. "I love the royal family and I am here because this is the best royal wedding in last 30 years," said Bernadette. REUTERS/Marko Djurica Reuters spoke to some of Prince Harry and Meghan Markle's most colorful fans lining the streets the day before the wedding extravaganza. ( reut.rs/2IrVfhQ )
“I’m here for the big day, to congratulate them. They support the Commonwealth,” said Joseph Afrane, from Ghana, whose suit, waistcoat, hat and sunglasses were all emblazoned with the British flag.
Caroline Wagstaff did her best to outshine Harry’s grandmother Queen Elizabeth, complete with crown, sash and regal wave. “I am here because I am from Windsor,” she said.
Slideshow (8 Images) Writing by Andrew Heavens
| ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-royals-wedding-fans-widerimag/wedding-fans-outshine-the-royals-in-englands-windsor-idINKCN1IJ2AN |
May 9 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
The Times
The government is investigating ways to ban technology companies from transferring sensitive information to Europe if Brussels carries out its threat to block the UK from the Galileo satellite navigation system. bit.ly/2wp0Uj9
Vodafone Group Plc was on the brink of announcing a 19 billion euros ($22.54 billion) deal to buy a significant part of Liberty Global Plc's European cable business. bit.ly/2jGyW9a
The Guardian
London-listed maker of treatments for ADHD and rare diseases Shire Plc has finally agreed to a takeover by the Japanese firm Takeda Pharmaceutical Co Ltd after it raised its offer to 46 billion pounds ($62.34 billion), making it the biggest deal in the pharmaceutical sector since 2000. bit.ly/2KO3BOm
Britain's biggest mortgage lender Halifax has dismissed fears that the UK housing market is heading for a crash despite posting news of the biggest monthly drop in prices since shortly after David Cameron became prime minister. bit.ly/2KL4GGP
The Telegraph
Fears are growing over the future of hundreds of UK steelworkers' jobs after Tata Steel Ltd began seeking buyers for five of its European businesses following a strategic review. bit.ly/2I8YtCJ
Facebook Inc is appointing new leaders to its main divisions, in the most substantial reshuffle in its history and in a move which reveals its blockchain ambitions. bit.ly/2wny3eS
Sky News
The Wall Street bank Goldman Sachs Group Inc has agreed to buy a stake in Trussle, a UK-based online mortgage broker, underlining the growing appetite of established lenders to invest in financial technology start-ups. bit.ly/2jFQ6UC
Plans for a merger between "big six" energy suppliers SSE Plc and npower face an in-depth investigation by regulators on fears that the deal could mean higher bills for households. bit.ly/2KOgqbw
The Independent
Consumer credit agency Equifax Inc said hackers stole more than 145 million Americans' Social Security numbers and other identifying information during a massive breach last year. ind.pn/2rpMEkm
$1 = 0.8429 euros $1 = 0.7379 pounds Compiled by Bengaluru newsroom; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-press-business/press-digest-british-business-may-9-idUSL1N1SG014 |
NEW DELHI, May 21 (Reuters) - India is looking at ways to keep rising fuel prices in check, its oil minister said on Monday, with retail rates for diesel and petrol touching record highs in capital city New Delhi and financial hub Mumbai.
Prices at the pump have surged on the back of rallying international markets for crude oil, which last week hit their strongest since late-2014 amid ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
“Various alternatives are being looked at,” Dharmendra Pradhan said in a televised speech, adding that he would “work out something soon”. He did not give details.
Opposition leaders have criticised the government for failing to rein in rising fuel prices, a politically-sensitive issue in one of the world’s biggest economies.
India is particularly at risk from stronger global prices for crude oil as it is the No.3 importer of the commodity, buying about 80 percent of its oil needs.
On Monday, industry lobby group FICCI called for an immediate cut in the excise duty on oil imports.
The cost of the growing thirst for oil around Asia will surpass $1 trillion this year, about twice as much as in 2015 and 2016, as oil prices touch $80 per barrel and continental demand hits a record.
Reporting by Sudarshan Varadhan; Editing by Mayank Bhardwaj and Joseph Radford
| ashraq/financial-news-articles | https://www.reuters.com/article/india-fuel/india-oil-minister-says-considering-steps-to-keep-fuel-prices-in-check-idUSL3N1SS29X |
* Move brings relief to Chinese importers of sorghum
* Seen as goodwill gesture while China vice premier in Washington
* China launched probe in February, imposed duties in April
* ADM has warned dispute will hurt trading profits (Adds detail throughout)
By Hallie Gu and Josephine Mason
BEIJING, May 18 (Reuters) - China dropped its anti-dumping probe into imports of U.S. sorghum on Friday, beating a hasty retreat from a dispute that wreaked chaos across the global grain market and raised concerns about rising costs and financial damage at home.
The move was seen as a goodwill concession as Chinese Vice Premier Liu He was in Washington for talks aimed at resolving trade tensions between the world’s two largest economies.
China’s Commerce Ministry said in a statement the investigation into a critical ingredient for animal feed and liquor had revealed that anti-dumping and anti-subsidies penalties would inflate living costs for Chinese consumers.
The investigation launched in early February had quickly showed its top trading partner how much financial pain it could inflict on U.S. farmers, analysts said. Last month, Beijing also imposed hefty anti-dumping deposits on imports of the grain.
“China has taught a lesson to the United States and showed how it can hurt U.S. exports,” said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.
“Now they are showing goodwill by halting its anti-dumping investigation into sorghum imports, but it is a cheap way of showing goodwill as the U.S. does not have much sorghum left to export. The next U.S. sorghum crop will be harvested in August.”
Agricultural products are considered one of the most powerful weapons in Beijing’s arsenal because a strike against farm exports to China would hurt mostly states that backed U.S. President Donald Trump.
The United States accounts for more than 90 percent of total sorghum shipments to China, with imports from the U.S. worth just over $1 billion last year.
The deposit scheme brought trade to a halt and disrupted supply chains worldwide, with almost two dozen ships carrying U.S. sorghum stranded at sea, as merchants and buyers scrambled to sell cargoes at big discounts elsewhere.
Frantic Chinese importers, who faced crippling extra costs to doing business, had lobbied the government to rethink the plan.
The probe had sparked worries that tariff-inflated costs for the grain would be passed onto feedmakers and eventually push retail meat prices higher.
Corn, soybean and soymeal futures fell on the news as worries over feedmakers having to find alternative ingredients eased.
The ministry said it would return the deposits it had collected. The news brought some unexpected relief to Chinese buyers who still had cargoes stuck at ports.
“This is great news! We are now saved,” said a private sorghum trader who had over 600 tonnes of U.S. sorghum stranded at a Chinese port. “We will clear our goods immediately today.”
The United States shipped 4.76 million tonnes of sorghum to China in 2017, worth around $1.1 billion and making up the bulk of China’s roughly 5 million tonnes of imports of the grain last year, according to Chinese customs data.
Still, some traders said the ending of the sorghum probe may not be enough to entice them back to doing business with the United States while trade tensions remain high. Beijing still threatens to slap aggressive 25 percent tariffs on a swathe of U.S. farm goods, including sorghum and soybeans.
For many, the damage has already been done. Archer Daniels Midland warned earlier this month it will take a $30 million hit to trading profit due to the dispute.
“The damage has been done, and mainly to the domestic buyer,” said Cherry Zhang, analyst at Shanghai JC Intelligence Co Ltd.
“The government won’t compensate you for the losses out of reselling and demurrage.” (Reporting by Tony Munroe, Josephine Mason and Hallie Gu in BEIJING; Additional reporting by Naveen Thukral in SINGAPORE; Editing by Tom Hogue)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china-sorghum/update-2-china-drops-u-s-sorghum-probe-amid-chaos-in-global-grain-market-idUSL3N1SP1TF |
Published 3:21 AM ET Tue, 8 May 2018 CNBC.com
— This is the script of CNBC's news report for China's CCTV on April 20, Friday.
Bezos not only always keep silent about the specific number of paying user that is one of the most important assets for Amazon, but also be caution to media interview and seldom delivery message via exclusive interview. In the letter to shareholders disclosed on the 18 th , however, Bezos mentioned the number of Amazon user has been over 0.1 billion. But the questions are: 1 st , why dose Bezos disclose the data at this stage? 2 nd , what does the data indicate?
Some analysts believe that this letter to shareholders is quite important, because President Trump criticized Amazon for "3 crimes" that includes not paying a reasonable consumption tax, causes loss to U.S. delivery system and led to the bankruptcy of tens of thousands of traditional retailers which caused Amazon in the forefront of public opinion and many investors question the profitability of Amazon. Prime has more than 0.1 billion users which is a powerful answer from Bezos.
As for the 2 nd question, what does the number of Prime user indicate? That indicates Amazon earns more than 9.9 billion USD revenue from member fees, accounting for 5.5% of total annual revenue in 2017. Meanwhile, the growth of the number of paying user represents the increase of user's spending on Amazon. According to a survey from Consumer Association, the spending of Prime users doubles that of unpaying users. So the Prime's member service plays an important role to Amazon's performance.
During the overnight trade, Amazon's stock price advanced 1.9% after the published data allied investor's sentiment. And in the past year, Amazon's stock rose by 76%, which is about 5 times that of the S&P 500.
Bezos also said the number of delivery package is over 5 billion in 2017. Amazon does change the operation model of many industries, so many people is curious about its future development.
Bezos said that the investment on original content is the highlight of Amazon's development plan, as well as the growth in China market. Amazon has business in various industries which makes its future unpredictable. For example, in the last year, Amazon has been involved in different industries that include transportation, supermarket, packaged food, Trucks, auto parts, pharmaceuticals, real estate agents, cosmetics, concert bookings, swimming pool supplies and banking, etc. Bezos added that Amazon's long-term plan will also focus on the combination of technological explorations such as machine learning, automation, and space exploration with Amazon.
Amazon is called as U.S. "Business Nightmare" amid the stock price of related business will drop immediately when Amazon announce it will enter into these business or even when there is just a rumor. Regulatory measures that the Trump administration may take afterwards overshadowed Amazon's prospect which make the nightmare not invulnerable. "Everything Store" described Amazon's growth, But now, "Everything Store", this name may underestimated Bezos's ambition. Business | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/cctv-script-200418.html |
May 9 (Reuters) - Black Knight Inc:
* BLACK KNIGHT ANNOUNCES PRICING OF SECONDARY OFFERING OF COMMON STOCK
* BLACK KNIGHT - PRICING OF PUBLIC OFFERING BY SELLING SHAREHOLDERS OF 13.6 MILLION SHARES EXPECTED TO RESULT IN GROSS PROCEEDS OF ABOUT $680 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-black-knight-announces-pricing-of/brief-black-knight-announces-pricing-of-secondary-offering-of-common-stock-idUSASC0A100 |
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