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May 27, 2018 / 12:01 PM / Updated 7 hours ago RPT-Trump metals tariffs make Granite City great again, but at what cost? Reuters Staff
(Repeats story first moved on Friday for wider distribution, no changes to text)
By Nick Carey
GRANITE CITY, Ill., May 25 (Reuters) - After Donald Trump was elected president in 2016 on a pledge to “Make America Great Again” and revive the country’s old industrial heartland, Dave Chrusciel hoped someday to return to his previous job at the steel mill here in this southern corner of Illinois.
That day has arrived. Chrusciel, 61, is one of around 500 workers United States Steel Corp is re-hiring or recruiting as it readies for production in mid-June at a blast furnace it idled in 2015.
“I’d been waiting for that phone call asking me to come back for more than two years,” he said.
Chrusciel and Granite City are among the winners as the Trump administration fights a multi-front war to reshape U.S. trade policy. City officials say the well-paid jobs at the Granite City Works, which traces its roots to the late 19th century, are the heart of this town of 29,000 people.
“These are jobs you can raise a family on,” said Granite City Mayor Ed Hagnauer. “Those are the jobs we’ve seen disappear.”
Trump imposed the tariffs of 25 percent on steel imports and 10 percent on aluminum in March. They are popular in Granite City, but problematic in other communities.
Major U.S. manufacturers as diverse as Caterpillar Inc , Ford Motor Co, Whirlpool Corp, Campbell Soup Co and Harley-Davidson Inc have said rising steel and aluminum prices will have to be passed on to consumers, offset with cost-cutting measures, or hurt profits.
Bill Hickey, chairman of Chicago-based Lapham-Hickey Steel, which has half a dozen U.S. steel processing plants, said he wants to help U.S. steelmakers, but is concerned rising prices will push manufacturers to duck tariffs by purchasing steel parts overseas.
“The main beneficiary would be China, which has plenty of surplus steel,” he said.
The tariffs are in effect for some countries, and a temporary exemption for Canada, Mexico and the European Union is supposed to expire on June 1.
Uncertainty over the tariffs’ future has left U.S. steel producers’ shares in limbo. U.S. Steel shares surged earlier this year but are now up just 1.6 percent in the year to date. Nucor Corp is also up just 1.6 percent for the year. COMPANY TOWN
Tariffs created Granite City.
The 1890 McKinley Tariff Act, which increased protective duties, acted as a catalyst for the nascent U.S. domestic steel industry and created Granite City in 1896.
Dominated by steel since, the city’s fortunes have mirrored the industry’s. Its population peaked at around 40,000 in the 1970s. U.S. steel-making’s decline is reflected in the faded glory of formerly grand brick buildings, like those in many Rust Belt cities.
Across the Mississippi from St Louis, Granite City sits in Madison County, which voted for Trump by a 15-point margin.
U.S. Steel has not disclosed its investment in restarting the blast furnace, which will have an annual capacity of 1.5 million tons of raw steel, but said in March the furnace would “support anticipated increased demand for steel” from Trump’s tariffs.
“People say tariffs could start a trade war,” said Dan Simmons, president of United Steelworkers’ Local 1899, which represents workers at the plant. “But we’ve been in a trade war for 15 years and we’ve been losing.”
Nucor has announced two investments since Trump’s tariff announcement, which a spokeswoman said were part of a long-term growth strategy.
“The impact should be even greater when the remaining tariff exemptions expire on June 1st,” the spokeswoman said.
Granite City business owners say the 500 new jobs - bringing U.S. Steel’s local workforce up to 1,300 - are a much-needed boost.
Joe Jones owns Joe’s Hog Doc opposite the plant. His business repairing and customizing Harley-Davidson bikes has more than doubled since Trump took office last year and continues to rise.
“The Trump effect is really working,” he said. “It’s making Granite City great again.” WHERE JOBS ARE AT RISK
Elsewhere, steel and aluminum price volatility following Trump’s tariff actions puts jobs at risk, company executives said.
Tim Chimera, director of metal procurement for North America at Norwegian aluminum maker Norsk Hydro, said aluminum consumers have been whipsawed by tariffs and by U.S. sanctions on the major shareholder of Russian aluminum producer United Company Rusal Plc. Norsk Hydro has warned those sanctions could lead to global supply shortages.
“The big risk I see is the threat to the business overall because of extremely volatile pricing,” Chimera said.
In March, Bob Miller, who heads U.S. operations at top Russian steelmaker Novolipetsk Steel PAO (NLMK), said the unit halted planned U.S. investments of more than $600 million and warned that its 1,200 U.S. workers’ jobs are at risk.
Miller now says his stocks of pre-tariff steel are dwindling, while Canadian rivals have exploited the tariff exemption.
Like many other companies, NLMK’s U.S. unit has applied for an exemption from the tariffs so it can import Russian steel slabs. Miller says the Trump administration’s response will likely determine whether he has to lay off workers.
For Granite City steelworker Dave Chrusciel, Trump’s commitment to steel tariffs is crucial. He calls himself a “hard-headed” Democrat, but voted for the Republican Trump because he believed the businessman could revive steel jobs.
Although only a year from retirement himself, Chrusciel says his future vote for Trump depends on the president “seeing it through” and keeping the tariffs in place.
“Many people here have a lot riding on the tariffs,” Chrusciel said. “Without them, this would be a ghost town.”
Map showing iron and steel manufacturing employment tmsnrt.rs/2Fc94hU in the United States. Reporting by Nick Carey Editing by Frances Kerry | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-tariffs-steel/rpt-trump-metals-tariffs-make-granite-city-great-again-but-at-what-cost-idUSL2N1SW0RC |
~ KEVEYIS ® (dichlorphenamide) First Quarter 2018 Revenue of $3.9 Million ~
~ Increased Full-Year 2018 Revenue Guidance for KEVEYIS from $16 to $19 Million to $18 to $20 Million ~
~ MACRILEN™ (macimorelin) Product Launch on Track for July 2018 ~
~ Development Program for RECORLEV™ (levoketoconazole) Progressing with Top-line Results for SONICS Planned for Mid-2018 and LOGICS for First Quarter 2019 ~
DUBLIN, Ireland and TREVOSE, Pa., May 10, 2018 (GLOBE NEWSWIRE) -- Strongbridge Biopharma plc, (Nasdaq:SBBP), a global commercial-stage biopharmaceutical company focused on the development and commercialization of therapies for rare diseases with significant unmet needs, today reported first quarter 2018 financial results.
"The first quarter of 2018 was highly productive for Strongbridge as we began preparing for the commercial launch in July of MACRILEN™ (macimorelin), the first and only FDA-approved oral drug indicated for the diagnosis of Adult Growth Hormone Deficiency (AGHD). The interest from the endocrinology community across the United States has been significant; the enthusiasm to adopt a safe, simple and accurate drug to use in their assessment of AGHD has reinforced our optimism about the market potential for MACRILEN,” said Matthew Pauls, president and chief executive officer of Strongbridge Biopharma. “We also delivered solid first quarter revenues for KEVEYIS® (dichlorphenamide) and given these results, along with our expectation for continued strong commercial execution for the balance of the year, we increased our full year KEVEYIS revenue guidance for 2018.”
First Quarter 2018 & Recent Company Highlights:
Corporate & Commercial:
Achieved KEVEYIS net product sales of $3.9 million in the first quarter of 2018, a 30 percent increase compared to $3.0 million in the fourth quarter of 2017. Increased full-year 2018 revenue guidance for KEVEYIS from $16 to $19 million to $18 to $20 million. Acquired the U.S. and Canadian rights to MACRILEN in January 2018, expanding the Company’s footprint in the rare endocrine therapeutic category. In preparation for the planned MACRILEN launch in July, hired 15 of 16 sales representatives; in the process of hiring two regional business directors and four field reimbursement managers. Strengthened intellectual property portfolio with second method of use patent issued for RECORLEV by the United States Patent and Trademark Office.
Clinical Development and Medical Affairs:
Presented new clinical analyses for KEVEYIS at the 70th American Academy of Neurology (AAN) Annual Meeting. Hired two of three medical science liaisons in preparation for the planned MACRILEN launch. Top-line results for SONICS remain on track for mid-year 2018. Held Data and Safety Monitoring Board (DSMB) meeting at the end of April at which the DSMB recommended that the Phase 3 SONICS study continue as planned with no protocol changes. Dosed the initial patients and continued activating sites for the Phase 3 LOGICS study. Presented results from an in vitro study of levoketoconazole, the active ingredient in RECORLEV, at ENDO 2018, the Annual Meeting of the Endocrine Society; these data demonstrated that levoketoconazole is the clinically active half of ketoconazole with regard to cortisol and androgen synthesis inhibition.
First Quarter 2018 Financial Results
For the three months ended March 31, 2018, basic and diluted net loss attributable to ordinary shareholders on a GAAP basis was $28.7 million, or $0.66 per share, compared to a basic net loss attributable to ordinary shareholders of $29.5 million, or $0.83 per share, for the same period in 2017. Net loss for the three months ended March 31, 2018 was lower than the same period in 2017 primarily due to net revenues recorded in 2018 from sales of KEVEYIS, which was launched in April 2017, and a lower unrealized loss on the fair value of warrants recorded in 2018, offset in part by increased operating expenses associated with the commercialization of KEVEYIS.
For the three months ended March 31, 2018, non-GAAP basic and diluted net loss attributable to ordinary shareholders was $14.3 million, or $0.33 per share, compared to a non-GAAP basic and diluted net loss attributable to ordinary shareholders of $10.4 million, or $0.28 per share, for the same period in 2017. The increase in non-GAAP net loss was primarily due to increased operating expenses associated with the commercialization of KEVEYIS, which was launched in April 2017, offset in part by net revenues recorded from KEVEYIS product sales.
The Company recorded net revenues from sales of KEVEYIS, which was launched in April 2017, of $3.9 million and cost of goods sold of $0.7 million for the three months ended March 31, 2018. No revenue or cost of goods sold was recognized for the same period in 2017.
Research and development expenses were $4.9 million for the three months ended March 31, 2018, compared to $3.5 million for the same period in 2017. The increase during the 2018 period was primarily due to expenses related to the RECORLEV LOGICS clinical trial.
Selling, general and administrative expenses were $12.4 million for the three months ended March 31, 2018, compared to $7.4 million for the same period in 2017. The increase during the 2018 period was primarily due to costs incurred to establish the commercial and corporate infrastructure necessary to support the launch and ongoing commercialization of KEVEYIS.
Strongbridge had $92.4 million of cash and cash equivalents and $86.5 million in outstanding debt as of March 31, 2018, compared to $57.5 million of cash and cash equivalents and $40.0 million in outstanding debt as of December 31, 2017. The Company believes the combination of existing cash resources and potential additional borrowings available under its credit facility will provide sufficient cash resources under its current operating plan, which includes the commercial launch of MACRILEN and the potential U.S. regulatory approval and launch of RECORLEV, to achieve consistent positive cash flows from operating activities.
Conference Call Information
Strongbridge will host a conference call on Thursday, May 10 at 8:30 a.m. ET. To access the live call, dial 844-285-7153 (domestic) or 478-219-0180 (international) with conference ID 4674956. The conference call will also be audio webcast from the Company’s website at www.strongbridgebio.com under the “Investor/Webcasts and Presentations” section. A replay of the call will be made available for one week following the conference call. To hear a replay of the call, dial 855-859-2056 (domestic) or 404-537-3406 (international) with conference ID 4674956.
About Strongbridge Biopharma
Strongbridge Biopharma is a global commercial-stage biopharmaceutical company focused on the development and commercialization of therapies for rare diseases with significant unmet needs. Strongbridge's commercial portfolio within its rare neuromuscular and rare endocrine franchises includes KEVEYIS®(dichlorphenamide), the first and only FDA-approved treatment for hyperkalemic, hypokalemic, and related variants of primary periodic paralysis, and MACRILEN™ (macimorelin), the first and only FDA-approved oral drug indicated for the diagnosis of adult growth hormone deficiency. The Company’s rare endocrine franchise also includes a clinical-stage pipeline of therapies: RECORLEV™ (levoketoconazole), a cortisol synthesis inhibitor currently being studied for the treatment of endogenous Cushing's syndrome, and veldoreotide, a next-generation somatostatin analog being investigated for the treatment of acromegaly and potential additional applications in other conditions amenable to somatostatin receptor activation.
About KEVEYIS
KEVEYIS® (dichlorphenamide) is indicated for the treatment of primary hyperkalemic periodic paralysis, primary hypokalemic periodic paralysis, and related variants. In clinical studies, the most common side effects of KEVEYIS were a numbness or tingling, difficulty thinking and paying attention, changes in taste, and confusion. These are not all of the possible side effects that you may experience with KEVEYIS. Talk to your doctor if you have any symptoms that bother you or do not go away. You are encouraged to report side effects to Strongbridge Biopharma at 1-855-324-8912, or to the FDA at 1-800-FDA-1088 or visit www.fda.gov/medwatch/ . For additional KEVEYIS important safety information and the full prescribing information visit www.keveyis.com .
About MACRILEN
MACRILEN™ (macimorelin) is a prescription oral solution that is used to test for adult growth hormone deficiency (AGHD). In clinical studies, the most common side effects of MACRILEN were changed sense of taste, dizziness, headache, fatigue, nausea, hunger, diarrhea, upper respiratory tract infection, feeling hot, excessive sweating, sore nose and throat, and decreased heart rate. These are not all of the possible side effects that you may experience with MACRILEN. Call your healthcare provider for medical advice about side effects. You are encouraged to report side effects to Strongbridge at 1-855-324-8912, or to the FDA at 1-800-FDA-1088 or visit www.strongbridgebio.com/products/macrilen/ . Please see Full Prescribing Information for additional important MACRILEN safety information.
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release, are forward-looking statements. These statements relate to future events and involve known and unknown risks, including, without limitation, uncertainties regarding Strongbridge's strategy, plans, future financial position, anticipated investments, costs and results, outcomes of product development efforts, status and results of clinical trials, and objectives of management for future operations. The words "anticipate," "estimate," "expect," "intend," "may," "plan," "potential," "project," "target," "will," "would," or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on current expectations, estimates, forecasts and projections and are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors. The forward-looking statements contained in this press release are made as of the date of this press release, and Strongbridge Biopharma does not assume any obligation to update any forward-looking statements except as required by applicable law.
Contacts:
Corporate and Media Relations
Elixir Health Public Relations
Lindsay Rocco
+1 862-596-1304
[email protected]
Investor Relations
U.S.:
Solebury Trout
Marcy Nanus
+1 646-378-2927
[email protected]
Europe:
First House
Geir Arne Drangeid
+47 913 10 458
[email protected]
USA
900 Northbrook Drive
Suite 200
Trevose, PA 19053
Tel. +1 610-254-9200
Fax. +1 215-355-7389
STRONGBRIDGE BIOPHARMA plc Select Consolidated Balance Sheet Information (unaudited) (in thousands, except share and per share data) March 31 December 31, 2018 2017 ( in thousands) Consolidated Balance Sheet Data: Cash and cash equivalents $ 92,405 $ 57,510 Total assets 163,527 103,925 Long-term debt, net 76,142 37,794 Total liabilities 161,674 115,839 Total stockholders’ equity (deficit) 1,853 (11,914 )
STRONGBRIDGE BIOPHARMA plc Consolidated Statement of Operations and Comprehensive Loss (unaudited) (in thousands, except share and per share data) Three Months Ended 2018 2017 Consolidated Statement of Operations Data: Revenues: Net product sales $ 3,870 $ - Total revenues 3,870 - Cost and expenses: Cost of sales (excluding amortization of intangible assets) $ 667 $ — Selling, general and administrative 12,362 7,442 Research and development 4,881 3,481 Amortization of intangible assets 1,769 1,256 Total cost and expenses 19,679 12,179 Operating loss (15,809 ) (12,179 ) Other expense, net: Unrealized loss on fair value of warrants (9,700 ) (14,928 ) Interest expense (2,874 ) (737 ) Foreign exchange loss (20 ) (12 ) Loss on extinguishment of debt (500 ) — Other income (expense), net 180 (35 ) Total other expense, net (12,914 ) (15,712 ) Loss before income taxes (28,723 ) (27,891 ) Income tax expense — (1,594 ) Net loss (28,723 ) (29,485 ) Net loss attributable to ordinary shareholders: Basic and diluted $ (28,723 ) $ (29,485 ) Net loss per share attributable to ordinary shareholders: Basic and diluted $ (0.66 ) $ (0.83 ) Weighted-average shares used in computing net loss per share attributable to ordinary shareholders: Basic and diluted 43,620,746 35,335,026
STRONGBRIDGE BIOPHARMA plc Reconciliation of Non-GAAP Financial Measures (unaudited) (in thousands, except share and per share data) Three Months Ended March 31, 2018 Operating
loss Loss before
income taxes Net loss
attributable to
ordinary
shareholders Net loss per
share
attributable to
ordinary
shareholders GAAP ($15,809 ) ($28,723 ) ($28,723 ) ($0.66 ) Non-GAAP Adjustments: Amortization of intangible assets (a) $1,769 $1,769 $1,769 $0.04 Stock-based compensation - Research & Development (b) $408 $408 $408 $0.01 Stock-based compensation - Selling, General & Admin. (b) $1,280 $1,280 $1,280 $0.03 Unrealized loss on fair value of warrants (c) — $9,700 $9,700 $0.22 Non-cash interest and debt extinguishment expenses (d) — $1,232 $1,232 $0.03 Adjusted ($12,352 ) ($14,334 ) ($14,334 ) ($0.33 ) Three Months Ended March 31, 2017 Operating loss Loss before
income taxes Net loss
attributable to
ordinary
shareholders Net loss per
share
attributable to
ordinary
shareholders GAAP ($12,179 ) ($27,891 ) ($29,485 ) ($0.83 ) Non-GAAP Adjustments: Amortization of intangible asset (a) $1,256 $1,256 $1,256 $0.04 Stock-based compensation - Research & Development (b) $217 $217 $217 $0.01 Stock-based compensation - Selling, General & Admin. (b) $952 $952 $952 $0.03 Unrealized loss on fair value of warrants (c) — $14,928 $14,928 $0.42 Non-cash interest expense (d) — $442 $442 $0.01 Non-cash income tax (benefit) expense (e) — — $1,339 $0.04 Adjusted ($9,754 ) ($10,096 ) ($10,351 ) (0.28 )
(a) The effects of amortization of the intangible assets and charges related to the impairment of the intangible assets are excluded because these charges are non-cash, and we believe such exclusion facilitates investors’ ability to more accurately compare our operating results to those of our peer companies.
(b) The effects of non-cash employee stock-based compensation are excluded because of varying available valuation methodologies and subjective assumptions. We believe this is a useful measure for investors because such exclusion facilitates comparison to peer companies who also provide similar non-GAAP disclosures and is reflective of how management internally manages the business.
(c) The unrealized loss on fair value of warrants are excluded due to the nature of this charge, which is non-cash and related primarily to the effect of changes in the company’s stock price at a point in time. We believe such exclusion facilitates investors’ ability to more accurately compare our operating results to those of our peer companies.
(d) The effects of non-cash interest and debt extinguishment charges are excluded. We believe such exclusion facilitates an understanding of the effects of the debt service obligations on the Company’s liquidity and comparisons to peer group companies, and is reflective of how management internally manages the business.
(e) The effect of non-cash tax expense or benefit related to valuation allowance adjustments of the deferred income tax asset is excluded because of its non-recurring nature. We believe such exclusion facilitates investor’s ability to more accurately compare our operating results to those of our peer companies.
Source:Strongbridge Biopharma plc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-strongbridge-biopharma-plc-reports-first-quarter-2018-financial-results-and-provides-corporate-update.html |
President Donald Trump 's abandonment of the Iran nuclear deal may dramatically ratchet up military tensions in the Middle East, political analysts warned on Wednesday.
In a move that defied pleas from close allies, the U.S. president tore up the landmark nuclear accord and said he would seek to re-impose economic sanctions on Tehran. Iranian lawmakers responded to Trump's decision by setting fire to a U.S. flag and chanting "death to America" during a session of parliament.
"I think the problem here is that what Trump has done is he has empowered the hardliners in Iran," Nicholas Fitzroy, research analyst at the Economist Intelligence Unit, told CNBC's "Squawk Box Europe."
Fitzroy said the Trump administration's abandonment of the multi-party pact could prove to be the flashpoint for Iranian hardliners to adopt "a more confrontational approach" to a region already on edge.
"Our view is that southern Syria will see a new conflict breaking out between Iranian proxies and Israel ," he added.
Missile strikes Syria has long been engulfed in a chaotic war involving several parties fighting for their own calculated interests. One major geopolitical concern coming into sharp focus in recent months has been the escalation of clashes between Iran and Israel.
In the immediate aftermath of Trump's announcement Tuesday, an Iran-linked army base south of Syria's capital of Damascus was reportedly targeted by suspected Israeli missiles.
NIMA NAJAFZADEH | AFP | Getty Images Iranian pro-government supporters burn the Israeli and US flags during a rally in support of the regime after authorities declared the end of deadly unrest, in the city of Mashhad on January 4, 2018. The alleged missile strikes came after Israel's military warned it was on high alert to protect itself from Iranian forces.
Israel was thought to have been preparing for retaliatory action from Tehran after an attack last month — presumed to have been carried out by Israel — hit an Iranian-controlled drone base deep in Syria. Britain's Syrian Observatory for Human Rights said up to 18 Iranians were killed in that attack, although Tehran has since denied there were any casualties.
'Regional war remains unlikely' "Iran will likely turn up the temperature in regional hotspots against the U.S., Israel and Saudi Arabia, although a regional war remains unlikely," Cliff Kupchan, chairman of Eurasia Group, a Washington-based political consulting firm, said in a research note published Wednesday.
"The conflict with the highest potential for volatility is in Syria. As we expected, Israel has ratcheted up airstrikes against Iranian targets, seeking to thwart the establishment of Revolutionary Guard bases throughout Syria," he added.
Getty Images President Donald Trump announces his decision to withdraw the United States from the 2015 Iran nuclear deal in the Diplomatic Room at the White House May 8, 2018 in Washington, DC. Since 2013, Israel is estimated to have carried out more than 100 airstrikes in Syria, primarily targeting the Iranian-funded Lebanese militia group Hezbollah and military convoys. But the first months of 2018 have seen Israel broaden its intervention to increasingly target its longtime nemesis, Iran, directly.
So far, the conflict has not devolved into all-out war, something experts say both countries want to avoid.
But, Israel sees Iranian activity in Syria near its border as an existential threat, and aims to prevent Iranian military installations from becoming permanent bases from which Hezbollah can launch attacks into its territory. Israeli defense sources reportedly told U.S. officials in late April that any such attack would trigger a response targeting Iranian soil.
— CNBC's Natasha Turak contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/iran-deal-trump-may-have-just-empowered-iranian-hardliners-against-israel.html |
ST. LOUIS, May 1, 2018 /PRNewswire/ -- Centene Corporation (NYSE: CNC) ("Centene" or the "Company") announced today that it has priced its previously announced registered offering of $2.6 billion in shares of common stock, par value $0.001 per share, at a public offering price of $107.50 per share, in an underwritten public offering made pursuant to a registration statement and a related preliminary prospectus supplement filed by Centene with the Securities and Exchange Commission ("SEC"). Pursuant to the offering, Centene granted the underwriters an option to purchase from the Company up to an additional $260 million in shares of common stock. The underwriters were led by Barclays, Citigroup, Wells Fargo Securities, Evercore ISI and SunTrust Robinson Humphrey as the book-running managers for the offering. The offering is expected to close on or about May 4, 2018, subject to customary closing conditions.
Centene intends to use the net proceeds of the offering to finance a portion of the cash consideration payable in connection with Centene's previously announced acquisition of the assets of Fidelis Care and to pay related fees and expenses. The acquisition is expected to close on or about July 1, 2018, subject to regulatory approval from the New York Attorney General and certain closing conditions. The closing of this offering is not conditioned on the closing of the acquisition.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering is being made by means of a prospectus and the related preliminary prospectus supplement only. Before you invest, you should read the prospectus and the related preliminary prospectus supplement, the registration statement and other documents that Centene has filed with the SEC for more complete information about Centene and this offering. Copies of the prospectus, the related preliminary prospectus supplement and the registration statement can be obtained from Barclays Capital Inc., Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, 1-888-603-5847, [email protected] ; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Tel: 800-831-9146; Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, by telephone at (800) 326-5897 or email to [email protected] ; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, by telephone at 888-474-0200 or by email at [email protected] ; and SunTrust Robinson Humphrey, Inc., Attention: Prospectus Department, 3333 Peachtree Road NE, 9th Floor, Atlanta, GA 30326, telephone: 404-926-5744, fax: 404-926-5464 or email: [email protected] .
About Centene Corporation
Centene Corporation, a Fortune 100 company, is a diversified, multi-national healthcare enterprise that provides a portfolio of services to government sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. Many receive benefits provided under Medicaid, including the State Children's Health Insurance Program (CHIP), as well as Aged, Blind or Disabled (ABD), Foster Care and Long-Term Services and Supports (LTSS), in addition to other state-sponsored programs, Medicare (including the Medicare prescription drug benefit commonly known as "Part D"), dual eligible programs and programs with the U.S. Department of Defense and U.S. Department of Veterans Affairs. Centene also provides healthcare services to groups and individuals delivered through commercial health plans. Centene operates local health plans and offers a range of health insurance solutions. It also contracts with other healthcare and commercial organizations to provide specialty services including behavioral health management, care management software, correctional healthcare services, dental benefits management, commercial programs, home-based primary care services, life and health management, vision benefits management, pharmacy benefits management, specialty pharmacy and telehealth services.
The information provided in this press release contains forward-looking statements that relate to future events, including without limitation, statements regarding the intended use of proceeds from the offering. The Company disclaims any obligation to update this forward-looking information in the future. Readers are cautioned that matters subject to forward-looking statements involve known and unknown risks and uncertainties, including prevailing market conditions, as well as other factors. Certain risk factors that may affect our business operations, financial condition and results of operations are included in our filings with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
View original content: http://www.prnewswire.com/news-releases/centene-corporation-prices-offering-of-common-stock-300640632.html
SOURCE Centene Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-centene-corporation-prices-offering-of-common-stock.html |
April 30 (Reuters) - Promociones Renta y Mantenimiento SOCIMI SA:
* SHARE TRADING SUSPENDED AS OF MAY 2 DUE TO FY RESULTS DELAY - REGULATOR Source text: bit.ly/2JEb3tT Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-promorent-socimi-share-trading-sus/brief-promorent-socimi-share-trading-suspended-as-of-may-2-regulator-idUSL8N1S76FR |
Sears Holdings Corp. (shld) kicked off another fiscal year with declining sales from a dwindling number of stores, and more closings are on the way.
The operator of Sears and Kmart stores posted a first-quarter loss of $3.93 a diluted share. Revenue fell due to fewer stores and a 12% drop in comparable-store sales. The Hoffman Estates, Illinois-based retailer said Thursday that it has identified 100 unprofitable stores, and 72 of them will begin store-closing sales in the near future. It will announce the locations to close by midday.
Shares fell as much as 13% before the start of regular trading. The shares have lost 10% this year through Wednesday’s close.
The decline in comparable-store sales, a key metric in retail, should be “alarming” to investors, said Noel Hebert, a Bloomberg Intelligence analyst.
“You’ve basically closed half the store base over the last few years and your ‘best’ stores are still negative 12%,” he said.
Chief Executive Officer Edward Lampert has been striving to revive the company by closing unprofitable stores and selling or spinning off assets like its Lands’ End clothing unit . But Sears has lost about $11 billion since 2012. Now it’s hired a second set of advisers to re-shop its Kenmore appliance brand along with some home-services businesses. In April, Lampert’s hedge fund, ESL Investments Inc., said it was willing to purchase those assets itself.
“Our top priority is successfully executing our transformation to return to profitability and remain a competitive retailer for years to come,” Chief Financial Officer Rob Riecker said in a prerecorded call.
The retailer said in a statement that it plans to take further action “with respect to certain near-term maturities of our debt, including through repayments, refinancings and extensions.” First quarter sales were $2.9 billion, compared with $4.2 billion a year earlier, Sears said.
A rally in Sears bonds triggered by the company’s search for asset buyers is casting doubt on plans for reducing the retailer’s debt, Lampert said earlier this week. He’s the retailer’s biggest shareholder and has been using his own money for years to keep the 125-year-old chain open. | ashraq/financial-news-articles | http://fortune.com/2018/05/31/sears-holdings-closing-stores/ |
BEVERLY HILLS, Calif., May 2 (Reuters) - The titans of finance who flock to the annual Milken Institute Global Conference each spring say they believe their quest for profits can also make the world a better place.
At the Beverly Hills, California, event featuring lavish parties, celebrities and big Wall Street names, speakers argued that chasing returns does not have to come with a social or environmental cost.
David Petraeus, the retired U.S. general and former CIA director who is now an executive at $168 billion investment firm KKR & Co, cited moral and practical reasons for so-called impact investing to create environmental and social benefits, in an onstage interview on Monday with event organizer and namesake Michael Milken.
“We seriously try to do well while doing good,” Petraeus said.
Clifton Robbins, chief executive of $3.4 billion Blue Harbour Group LP, said ESG factors are integrated into every investment the activist hedge fund firm makes.
“Using ESG is a new paradigm for smart investing,” Robbins told Reuters on Monday night at a party atop the Peninsula Beverly Hills hotel. “It reduces risk and improves investment outcomes.”
Social and environmental change through business is a core theme of the Milken confab, which features panels on ethical investing and related topics.
“The Milken Institute was founded with the belief that finance can be used to overcome global challenges,” said Caitlin MacLean, Milken’s senior director for innovative finance.
She said solutions to social issues such as financing cures for malaria, renewable power in Southeast Asia or affordable housing in low-income communities all require funding.
Others defended their business more broadly.
Jonathan Sokoloff, managing partner of $25 billion Leonard Green & Partners, said on a panel on Tuesday that private equity was a “very, very important part of the economy” and offered a “better model” for companies versus public markets.
“We believe our form of governance and running our businesses is superior,” Sokoloff said.
Like the World Economic Forum in Davos, Switzerland, Milken’s signature event mixes financiers with government officials, celebrities and non-profit leaders.
Speakers this year included U.S. Treasury Secretary Steve Mnuchin, private equity billionaire Leon Black, U.S. football star Tom Brady and entrepreneur Arianna Huffington. The event was sponsored by firms such as WorldQuant LLC, Credit Suisse Group and Guggenheim Partners.
Attendance hit a record of more than 5,000 attendees. Tickets typically cost between $12,500 and $25,000.
WOOING INVESTORS Fund managers and marketers woo prospective investors at poolside cabanas at the Beverly Hilton hotel and private dinners in nearby restaurants and mansions.
An event on Tuesday night organized by EJF Philanthropies, a hedge fund-linked charity that funds conservation efforts, was held at the home of private equity billionaire Brian Sheth and featured a live cheetah.
Another on Monday night, hosted by investment firm Orchard Global Asset Management at Mastro’s Steakhouse, featured Senator Bob Corker and U.S. Representative Jeb Hensarling and large investors in private funds.
Milken’s positive portrayal of finance does not ring true to all.
“Big investment firms and banks are not helping to create better jobs for most American workers. They’re helping the rich get richer,” said Michael Kink, executive director of the Strong Economy For All Coalition, what he termed a “labor-community economic justice” group based in New York.
Milken’s MacLean said that “public funding and philanthropic capital alone can’t bridge the funding gaps to solve global challenges.”
Eric Cantor, the former U.S. House majority leader and now vice chairman of investment bank Moelis & Company, told Reuters on the sidelines of the conference that he has long been drawn to Milken’s focus on capitalism as a force for good, often through partnership with the public sector.
“It’s about how you create an environment for that collaborative effort to end up yielding one of the highest standards of living in the world,” Cantor said. (Reporting by Lawrence Delevingne; Editing by Jennifer Ablan and Meredith Mazzilli)
| ashraq/financial-news-articles | https://www.reuters.com/article/milken-conference-titans/at-milken-wall-street-touts-itself-as-force-for-good-idUSL1N1S919M |
May 16, 2018 / 12:18 PM / Updated 34 minutes ago Kenya's president signs cybercrimes law opposed by media rights groups Reuters Staff 2 Min Read
NAIROBI (Reuters) - Kenya’s President Uhuru Kenyatta signed a new law on Wednesday that outlaws the abuse of people on social media but which critics say could be exploited to repress civil liberties. Kenya's President Uhuru Kenyatta arrives to attend The Queen's Dinner during The Commonwealth Heads of Government Meeting (CHOGM), at Buckingham Palace in London on April 19, 2018. Daniel Leal-Olivas/Pool via Reuters
Proponents of the law, including the legislators who pushed it through parliament, say the proliferation of social media has given rise to new crimes including online scams, which were not covered by previous laws.
New York-based media rights watchdog the Committee to Protect Journalists (CPJ) warned last week however that the bill could criminalise free speech, “with journalists and bloggers likely to be among the first victims if it is signed into law”.
The law lays the ground for investigation and prosecution of computer and cybercrimes including cyber-harassment and “publication of false information”, a statement from the presidency said.
Violations to be penalised under the law include cyber-espionage, false publications, child pornography, computer-borne forgery, cyber-stalking and cyber-bullying among others, the statement said, without spelling out the penalties.
Offenders convicted for sharing “false” or “fictitious” information and propagating hate speech will be liable to a fine of 5 million shillings ($49,776.01) or sentenced to two years in jail, or both.
Lawmakers passed the bill last month despite protests from media practitioners and rights activists that its provisions could be used to stifle press freedoms.
Kenya joins other countries in the region that have passed laws that activists say will curtail free expression.
Earlier this month, Tanzanian bloggers and rights activists won a temporary court injunction against a government order to register online platforms that raised concerns about a crackdown on free speech. [L8N1SB3CZ]
In April, Uganda, another East African country acting to regulate internet use, announced plans to slap a new tax on social media users. Reporting by Humphrey Malalo and Omar Mohammed; Editing by Elias Biryabarema and Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-kenya-lawmaking/kenyas-president-signs-cybercrimes-law-opposed-by-media-rights-groups-idUKKCN1IH1KO |
The European Union told the World Trade Organization's dispute settlement body Monday that it had acted within days of a WTO ruling to bring its funding of planemaker Airbus into line with WTO rules, a trade official who attended the meeting said.
The United States won a partial victory on May 15 against EU support for Airbus at the WTO, clearing the way for possible U.S. sanctions in a 14-year-old dispute over claims of illegal handouts for aircraft makers.
The EU said last week it had taken steps to comply with the WTO ruling on subsidies for its A350, Europe's newest long-haul jet, and the A380, the world's largest airliner, and reiterated its efforts at a closed-door WTO meeting on Monday.
The EU said it had made "contractual changes to the loan terms for the A380 and the A350XWB models of aircraft, where it was found that the repayable loans provided to Airbus for these aircrafts did not sufficiently reflect market conditions."
But a U.S. representative at the WTO meeting said it was hard to give credence to the EU's assertion, after four previous rulings that had disagreed with similar EU claims to have brought Airbus's financing into line with market benchmarks.
Under WTO rules, Washington could now ask the WTO to set a level of sanctions allowed against the EU.
"To be clear, the U.S. preferred outcome is a mutually agreed solution with respect to aircraft financing," the U.S. official told the meeting. "The United States remains ready to hold serious discussions to achieve this goal."
The United States is the target of a similar WTO complaint brought by the EU over U.S. support for Airbus's rival, Boeing , and the EU has said it expects to land a similar legal blow later this year.
That could plunge the two sides into a tit-for-tat sanctions battle, or prompt what some trade experts have long expected: a trans-Atlantic deal on financing big civil aircraft.
The U.S. official said Washington wanted to agree to a deal to avoid similar disputes over subsidies in future, although it was prepared to seek countermeasures on EU products if necessary.
"But in our view, what is needed to resolve this dispute is not more WTO litigation but a real desire to resolve this dispute," the U.S. official said.
An Airbus spokeswoman said the firm welcomed the U.S. proposal for a settlement, saying it would be a "wise way forward" and dismissing any grounds for U.S. countermeasures.
Airbus and the EU have always been open to sit down and discuss a settlement with everything on the table and without any preconditions," she said.
"If that is the case, we are happy to start a constructive discussion to find a solution to this long lasting dispute." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/28/us-and-eu-are-at-odds-again-over-airbus-subsidies.html |
May 2 (Reuters) - Kinaxis Inc:
* KINAXIS INC. REPORTS FIRST QUARTER 2018 RESULTS * KINAXIS INC - QTRLY TOTAL REVENUE UNDER IFRS 15/16 $36.8 MILLION VERSUS $32.5 MILLION
* KINAXIS INC - QTRLY EARNINGS PER SHARE $0.17
* KINAXIS INC - FOR FY 2018, UNDER IFRS 15/16, SEES TOTAL REVENUE $150 MILLION - $154 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kinaxis-inc-reports-qtrly-earnings/brief-kinaxis-inc-reports-qtrly-earnings-per-share-0-17-idUSASC09Z8Z |
May 2 (Reuters) - LivaNova PLC:
* LIVANOVA PLC - QTRLY WORLDWIDE SALES FROM CONTINUING OPERATIONS $250.4 MILLION, UP 5.3 PERCENT ON CONSTANT CURRENCY BASIS VERSUS Q1 2017
* LIVANOVA PLC - NOW EXPECTS 2018 WORLDWIDE NET SALES TO GROW BETWEEN 6 AND 8 PERCENT ON A CONSTANT CURRENCY BASIS
* LIVANOVA PLC - 2018 ADJUSTED DILUTED EPS NOW EXPECTED TO BE IN RANGE OF $3.50 TO $3.70
* LIVANOVA PLC - QTRLY DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS $0.36
* LIVANOVA PLC - QTRLY ADJUSTED DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS $0.68 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-livanova-plc-reports-qtrly-diluted/brief-livanova-plc-reports-qtrly-diluted-earnings-per-share-from-continuing-operations-0-36-idUSFWN1S90LA |
BRIDGEWATER, N.J., May 09, 2018 (GLOBE NEWSWIRE) -- Valeritas Holdings, Inc. (NASDAQ:VLRX), a medical technology company which offers patients with diabetes V-Go® Wearable Insulin Delivery device , a simple, affordable, all-in-one insulin delivery option that is worn like a patch and can eliminate the need for taking multiple daily shots, today announced financial results for the first quarter ended March 31, 2018.
First Quarter 2018 and Recent Highlights:
Revenues in the first quarter grew 32% year-over-year to a record $6.1 million; Total and new prescriptions for the first quarter in the Company’s targeted accounts grew 20% and 17% year-over-year, respectively; Gross margin increased to a record 47.6% in the first quarter; Signed exclusive agreements in the first four months of 2018 for the distribution of V-Go in Puerto Rico, Italy, Australia, and New Zealand; Entered into an agreement with Glooko on April 20, 2018, to provide future V-Go SIM™ (Simple Insulin Management) users with Glooko’s cloud-based mobile and web diabetes data management solution; Presented positive data demonstrating the effectiveness of V-Go at lowering A1C levels in patients with type 2 diabetes; and Completed an underwritten public offering of common stock for estimated net proceeds of approximately $24.1 million.
Commenting on the results, John Timberlake, President and Chief Executive Officer of Valeritas, stated, “Q1 2018 was our third consecutive quarter of record revenue and our second consecutive quarter with year-over-year revenue growth in excess of 20%. We attribute this growth largely to the success of the high-touch and higher-service sales and marketing strategy we have implemented over the past year. I believe we are well positioned to continue to drive and deliver sustained growth and expansion.”
First Quarter 2018 Financial Highlights
Total revenue for was a record $6.1 million, a 32% increase from $4.6 million in the first quarter of 2017.
The increase in the Company’s revenue growth was primarily due to the strong prescription growth in the Company’s targeted territories. The first quarter year-over-year growth in the Company’s targeted accounts of total and new prescriptions grew 20% and 17%, respectively. Consistent with the past several quarters, the year-over-year decline in total prescriptions in accounts that were not targeted by the Company’s sales representatives continued to stabilize.
Gross profit in was a record $2.9 million, an increase of 67% as compared to $1.7 million in the first quarter of 2017. Gross margin increased by 1,000 basis points to a record 47.6% from 37.6% in the first quarter of 2017, due primarily to an increase in unit sales of V-Go, as well as a slight increase in V-Go’s net selling price.
Operating expenses in were $13.5 million, a 12.4% increase from $12.0 million in the first quarter of 2017. Increased operating expenses were driven primarily by increased investment in the Company’s commercial initiatives and an increase in R&D related to the Company’s V-Go ® SIM TM program and ongoing clinical studies.
Operating loss in was $10.6 million, an increase of 3.2% as compared to an operating loss of $10.3 million in the first quarter of 2017.
Net loss in was $12.1 million as compared to a net loss of $11.9 million in the first quarter of 2017, an increase of 2.3%.
Total cash and cash equivalents were $14.5 million as of March 31, 2018, compared to $26.0 million as of December 31, 2017. Assuming net proceeds of approximately $24.1 million from the Company’s recent public offering, total cash and cash equivalents were $36.4 million as of May 7, 2018.
Guidance:
The Company expects total 2018 revenue to be between $26 and $28 million. The Company also expects quarterly gross margin to increase on an annual and sequential basis in 2018, ending the year with a gross margin above 50% for the fourth quarter of 2018. This improvement in margin is primarily due to the expected increase in unit sales of V-Go in 2018 vs. 2017, as well as a slight increase in the Company’s net selling price of V-Go for the full year. These expectations are based on, among other things, the assumption that there will be continued growth in the Company’s targeted accounts and no further decline in the Company’s non-targeted accounts.
Conference Call Information
Valeritas will hold a conference call to discuss the results today, Wednesday, May 9, 2018, at 4:30 PM ET. The dial-in numbers are (866) 393-4306 for domestic callers and (734) 385-2616 for international callers. The conference ID number is 2787099. A live webcast of the conference call will be available on the investor relations section of the Valeritas corporate website at www.valeritas.com .
About Valeritas Holdings, Inc.
Valeritas is a commercial-stage medical technology company focused on improving health and simplifying life for people with diabetes by developing and commercializing innovative technologies. Valeritas’ flagship product, V-Go ® Wearable Insulin Delivery device, is a simple, affordable, all-in-one basal-bolus insulin delivery option for patients with diabetes that is worn like a patch and can eliminate the need for taking multiple daily shots. V-Go administers a continuous preset basal rate of insulin over 24 hours and it provides discreet on-demand bolus dosing at mealtimes. It is the only basal-bolus insulin delivery device on the market today specifically designed keeping in mind the needs of type 2 diabetes patients. Headquartered in Bridgewater, New Jersey, Valeritas operates its R&D functions in Marlborough, Massachusetts.
More information is available at www.valeritas.com and our Twitter feed @Valeritas_US, www.twitter.com/Valeritas_US .
Forward-Looking Statements
This press release may contain forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to Valeritas technologies, business and product development plans and market information. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue Valeritas’ business and product development plans, estimated net proceeds from the recent public offering, the ability to achieve certain revenue and gross margin projections, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize the V-Go ® Wearable Insulin Delivery device with limited resources, the ability to launch the V-Go SIM on the projected timeline, Valeritas’ ability to maintain its Nasdaq listing,competition in the industry in which Valeritas operates and overall market conditions. Any forward-looking statements are made as of the date of this press release, and Valeritas assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents Valeritas files with the SEC available at www.sec.gov .
Investor Contacts:
Lynn Pieper Lewis or Greg Chodaczek
Gilmartin Group
610-368-6505
[email protected]
Media Contact:
Kevin Knight
Knight Marketing Communications, Ltd.
(206) 451-4823
[email protected]
Valeritas Holdings, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except share and per share amounts)
Three Months Ended
March 31, 2018 2017 Revenue, net $ 6,081 $ 4,611 Cost of goods sold 3,184 2,878 Gross margin 2,897 1,733 Operating expense: Research and development 2,064 1,588 Selling, general and administrative 11,465 10,447 Total operating expense 13,529 12,035 Operating loss (10,632 ) (10,302 ) Other income (expense), net: Interest expense, net (939 ) (1,584 ) Other expense (3 ) (184 ) Other income — 264 Total other income (expense), net (942 ) (1,504 ) Loss before income taxes (11,574 ) (11,806 ) Income tax expense — — Net loss $ (11,574 ) $ (11,806 ) Preferred stock dividend $ (550 ) $ (48 ) Net loss attributable to common stockholders $ (12,124 ) $ (11,854 ) Net loss per share of common shares outstanding - basic and diluted $ (1.72 ) $ (6.92 ) Weighted average common shares outstanding - basic and diluted 7,042,012 1,706,036 Valeritas Holdings, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands, except share amounts and per share amounts)
March 31,
2018 December 31,
2017 Assets Current assets: Cash and cash equivalents $ 14,467 $ 25,961 Accounts receivable, net 4,024 3,991 Other receivables 171 242 Inventories, net 8,151 8,105 Deferred cost of goods sold — 539 Prepaid expense and other current assets 833 634 Total current assets 27,646 39,472 Property and equipment, net 5,703 5,469 Other assets 252 148 Total assets $ 33,601 $ 45,089 Liabilities and stockholders' deficit Current liabilities: Accounts payable $ 4,263 $ 5,644 Accrued expense and other current liabilities 6,447 5,798 Current portion of capital lease obligation 95 — Deferred revenue — 1,638 Total current liabilities 10,805 13,080 Long-term debt, related parties (net of $121 and $125 in issuance costs at March 31, 2018 and December 31, 2017, respectively) 36,999 36,009 Capital lease obligation, less current portion 198 — Other long-term liabilities 86 58 Total liabilities 48,088 49,147 Stockholders' deficit Convertible preferred stock, $0.001 par value, 50,000,000 shares authorized at March 31, 2018; 2,750,000 shares issued and outstanding at March 31, 2018 and December 31, 2017. (aggregate liquidation value of $29,761 and $29,211 at March 31, 2018 and December 31, 2017, respectively) 3 3 Common stock, $0.001 par value, 300,000,000 shares authorized; 7,092,869 and 7,007,782 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 7 7 Additional paid-in capital 471,043 469,877 Accumulated deficit (485,516 ) (473,921 ) Treasury stock, at cost (7,854 shares at March 31, 2018 and December 31, 2017) (24 ) (24 ) Total stockholders' deficit (14,487 ) (4,058 ) Total liabilities and stockholders' deficit $ 33,601 $ 45,089
Source:Valeritas, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-valeritas-reports-record-first-quarter-revenue-with-32-percent-year-over-year-growth-and-gross-margins-expand-to-record-47.html |
EDEN PRAIRIE, Minn., May 17, 2018 (GLOBE NEWSWIRE) -- NeuroOne Medical Technologies Corporation (NMTC), a medical technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders, today announced the appointment of Dr. Joseph Madsen to the Company’s scientific advisory board.
Dr. Madsen is a pediatric neurosurgeon, Director of Epilepsy Surgery at Children’s Hospital in Boston, Massachusetts and Associate Professor of Harvard Medical School. While pursuing his undergraduate degree at the University of Utah, he worked in the lab of Edwin Catmull, the founder of Pixar. That influence led Dr. Madsen to use his own knowledge of software to implement live 3D models for use in neurosurgery. In addition, Dr. Madsen has authored or co-authored over 300 peer-reviewed papers and currently holds nine patents related to improving care in epilepsy and hydrocephalus.
Dave Rosa, President and CEO of NeuroOne, commented, “We are pleased to have Dr. Madsen working with us. He brings a unique blend of creativity and experience that will be invaluable as we move forward with our thin film electrode technology. Above all, his sincere passion for and commitment to improving patient outcomes in the field of neurosurgery are obvious to those of us that have had the pleasure of meeting him.”
Dr. Madsen joins the following distinguished individuals on NeuroOne’s current scientific advisory board: Dr. Greg Worrell (Mayo Clinic), Dr. Jamie Van Gompel (Mayo Clinic), Dr. Jorge Gonzalez (Cleveland Clinic), Dr. Greg Esper (Emory University), and Justin Williams, Ph.D. (Wisconsin University Research Foundation).
About NeuroOne Medical Technologies Corporation
NeuroOne Medical Technologies Corporation is a medical technology company focused on the development and commercialization of thin film electrode technology for cEEG and sEEG recording, brain stimulation and ablation solutions for patients suffering from Epilepsy, Parkinson’s Disease, Dystonia, Essential Tremors and other related brain related disorders.
Forward Looking Statement
This press release may include 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. Except for statements of historical fact, any information contained in this press release may be a forward‐looking statement that reflects the Company’s current views about future events and are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. In some cases, you can identify forward‐looking statements by the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “target,” “seek,” “contemplate,” “continue” and “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. Forward‐looking statements may include statements regarding the Company’s business strategy, market size, potential growth opportunities, capital requirements, clinical development activities, the timing and results of clinical trials, regulatory submissions, potential regulatory approval and commercialization of the technology. Although the Company believes that we have a reasonable basis for each forward-looking statement, we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of the future, about which we cannot be certain. These forward‐looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the heading “Risk Factors” in our filings with the SEC. These forward‐looking statements speak only as of the date of this press release, and the Company undertakes no obligation to revise or update any forward‐looking statements for any reason, even if new information becomes available in the future.
Contact Dave Rosa, CEO NeuroOne Medical Technologies Corporation [email protected]
Source:NeuroOne Medical Technologies Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-neuroone-medical-technologies-corporation-announces-appointment-to-scientific-advisory-board.html |
HOUSTON (Reuters) - Venezuela’s state-run oil firm PDVSA [PDVSA.UL] is being sued for more than $25 million in the U.S. over non-payment of notes issued for work performed by Canadian energy contractor SNC-Lavalin, according a court filing.
FILE PHOTO: A worker walks past a mural with a PDVSA logo at its gas station in Caracas, Venezuela August 29, 2014. REUTERS/Carlos Garcia Rawlins/File Photo The suit, filed on Wednesday in a district court in Manhattan, is the latest in a recent series of legal filings seeking to press the cash-strapped oil firm and its refining subsidiary for payment, with actions in recent days by U.S. oil producer ConocoPhillips and Canadian mining company Rusoro.
PDVSA’s deteriorating infrastructure and declining oil export revenues have thrown Venezuela into severe recession. The recent court actions have cut its ability to run oil storage, processing and blending facilities that feed its exports.
The suit was filed by White Beech SNC LLC, identified in the complaint as a Delaware corporation that this month received the PDVSA notes from SNC-Lavalin. Its attorney was not available for comment.
PDVSA and SNC-Lavalin did not immediately respond to a request for comment.
The state-run company is facing rising pressures from an inability to finance exploration and refining operations, contributing to a lack of spare parts for its oil and gas and refining operations.
The OPEC member country’s crude exports in the first quarter fell 29 percent year-on-year to 1.19 million barrels per day, according to Thomson Reuters data.
Conoco this month has sought to attach PDVSA oil inventories and other assets to collect on a $2 billion arbitration award, crimping the South American company’s oil storage and export operations in the Caribbean. Rusoro also filed in a New York court seeking to attach assets of PDVSA’s Citgo Petroleum as payment for a $1.2 billion arbitration award.
A Citgo spokeswoman did not have immediate comment.
Reporting by Gary McWilliams, Editing by Rosalba O'Brien and Marguerita Choy
| ashraq/financial-news-articles | https://www.reuters.com/article/us-snc-lavalin-pdvsa/venezuelas-pdvsa-sued-for-25-million-in-u-s-court-over-non-payment-complaint-idUSKBN1IA323 |
Transitioning to High Growth Opportunities in Legalized Cannabis Jurisdictions
Future Farm Technologies Becomes a 10% Partner
CARSON, CA, May 11, 2018 (GLOBE NEWSWIRE) -- Solis Tek, Inc. (OTCQB: SLTK), a vertically integrated cannabis technology innovator, manufacturer and distributor, today announced the closing of its previously disclosed acquisition of YLK Partners NV, LLC, an Arizona-based company which has in place a management services agreement to provide turn-key services for the management, administration and operation of a licensed medical marijuana cultivation and processing facility being developed by the holder of a Medical Marijuana Dispensary Registration Certificate issued by the Arizona Department of Health Services (“Arizona Licensee”). April 26, 2018.html
Solis Tek, through a wholly-owned subsidiary, has also executed an Option Agreement for the right to enter into a long-term lease agreement with MSCP, LLC, for an expansive facility comprised of more than 70,000 square feet located in Phoenix, Arizona. The plan is to develop the facility into one of the most technologically advanced cultivation and processing facilities in the State of Arizona for use by Arizona Licensee. Solis Tek paid MSCP, LLC $160,000 for the option, which remains exercisable until May 19, 2018.
Solis Tek has issued 5 million warrants exercisable at $0.01 per share as consideration for the acquisition of all of the ownership interests in YLK Partners NV from the current owners.
Future Farm Technologies ( FFT.CN ) has agreed to invest $500,000 for a 10% interest in the Arizona Operation.
YA II PN, Ltd. is providing the working capital for YLK Partners. Its investment of $2,495,000 is comprised of a $1,500,000 Promissory Note for 9 months, a $495,000 cash exercise of 450,000 Solis Tek warrants and a $500,000 purchase of Solis Tek common shares at $1.00 per share.
Solis Tek Chief Executive Officer, Alan Lien, commented, “We are really excited about this opportunity in Arizona and its growth and profitability potential. We are very pleased to have partners such as Future Farm Technologies and Yorkville Advisors to collaborate and support the build-out and growth of this facility. Our collective experience and knowledge in cannabis will position this Arizona operation for success. We are excited to commence Phase 1 of the development and construction of our state-of-the-art cultivation and processing facility and look forward to many additional opportunities in the cannabis industry.”
About Solis Tek, Inc.
Solis Tek, Inc. (OTCQB: SLTK ) is a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in both the medical and recreational space in legal markets across the U.S. For nearly a decade, growers have used Solis Tek's lighting solutions to increase yield, lower costs and grow better to maximize their return on investment. The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information, please visit our website, www.solis-tek.com .
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
Investors Contact: Hayden IR 917-658-7878 [email protected]
Source:Solis Tek, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-solis-tek-closes-acquisition-for-cannabis-cultivation-and-processing-facility-in-arizona.html |
Previous Next Months after Parkland shooting, Trump to embrace NRA in rally-like speech Reuters 1 hr ago By Jeff Mason © Carolyn Kaster Since the Florida school shooting, no major new federal gun controls have been imposed. WASHINGTON — President Donald Trump, who briefly pledged to fight the National Rifle Association after a February mass shooting at a Florida high school, is expected to throw his full weight behind the powerful gun rights group on Friday at an event in Dallas.
At the group's annual convention, the Republican president will emphasize his support for gun rights in political terms in a speech, likely claiming again that Democrats want to take away Americans' firearms, a White House official said. This will be Trump's fourth address to the powerful lobbying group. He departed Washington on Friday morning for Dallas.
With control of the U.S. Congress up for grabs in November's midterm elections and campaigns under way, Trump's remarks are expected to include familiar warnings meant to excite the Republican voter base.
"These things typically are pretty 'rah, rah Second Amendment' types of addresses," the official said, adding that Trump likely will say that Democrats oppose the constitutional amendment that protects gun ownership.
Democratic lawmakers generally support tighter gun laws, but specific proposals that they favor, such as universal background checks and a ban on military-style "assault" rifles, would not alter the U.S. Constitution's Second Amendment.
The massacre that killed 17 people at Marjory Stoneman Douglas High School in Parkland, Florida, on Feb. 14 seemed to mark a turning point in America's long-running gun debate, sparking a youth-led movement for tighter gun controls. Days after the shooting, Trump promised action on gun regulation and at a gathering of state officials said this of the NRA: "We have to fight them every once in a while."
Since then, no major new federal gun controls have been imposed, although the administration is pursuing a proposed regulatory ban on bump stocks of the sort used in an October 2017 mass shooting in Las Vegas that killed 59 people. A bump stock allows a semi-automatic rifle to fire like an automatic one.
Semi-automatic assault rifles are sold widely in the United States, which has the world's highest per capita gun ownership rates. The NRA has fiercely defended America's gun ownership rights for many years, citing the Second Amendment.
RHETORICAL SHIFT
Since Parkland, Trump has largely moved his rhetoric back in line with the NRA, which spent $55 million to support him and other Republican candidates in the 2016 elections, according to the Center for Responsive Politics, a campaign finance watchdog.
The group's convention in Texas will attract a strongly pro-Trump crowd, officials said, giving the president room to take some swipes at his opponents, review his record in office and complain about Special Counsel Robert Mueller's investigation of possible collusion between Trump's 2016 campaign and Russia. The event was likely to be "reminiscent of rallies past," a second White House official said.
A Reuters/Ipsos poll found in March 2018 that 54 percent of adults wanted "strong regulations or restrictions" for firearms. That was up from 39 percent in a similar poll from April 2012. Among Republicans in the poll, 40 percent wanted strong regulations or restrictions in March 2018, up from 22 percent in April 2012.
Trump met with NRA officials privately at the White House twice in February as he mulled policy responses to the shooting. He eventually endorsed an NRA proposal to arm teachers, a step the group said would help prevent mass school shootings. Gun control activists generally oppose that idea.
Trump initially expressed enthusiasm for measures to close loopholes for gun buyers seeking to avoid the background check system, raise the age limit for buying rifles, and find ways to seize guns temporarily from people reported to be dangerous. He has since endorsed more modest proposals, such as legislation aimed at providing more data for the background check system.
He did not endorse closing a loophole in existing law that would require background checks for guns bought at guns shows or sales arranged over the internet. | ashraq/financial-news-articles | http://www.reuters.com/article/us-usa-guns-trump-idUSKBN1I50ZR?utm_source=34553&utm_medium=partner |
Scandinavian ChemoTech AB:
* CHEMOTECH SIGNS A NEW COOPERATION AGREEMENT * COOPERATION AGREEMENT WITH DR JAIME ROJO, A DOCTOR AT ACE MEDICAL CENTER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-chemotech-signs-a-new-cooperation/brief-chemotech-signs-a-new-cooperation-agreement-idUSFWN1S90FR |
HOUSTON, Bristow Group Inc. (NYSE: BRS) today reported the following results for the fourth quarter and full fiscal year ended March 31, 2018. All amounts shown are dollar amounts in thousands unless otherwise noted:
Fourth Quarter
Full Year
FY2018
FY2017
% Change
FY2018
FY2017
% Change
Operating revenue
$
341,175
$
323,651
5.4
%
$
1,384,424
$
1,347,850
2.7
%
Net loss attributable to Bristow Group
(100,901)
(78,040)
(29.3)
%
(195,658)
(170,536)
(14.7)
%
Diluted loss per share
(2.84)
(2.22)
(27.9)
%
(5.54)
(4.87)
(13.8)
%
Adjusted EBITDA (1)
22,882
3,687
*
105,427
71,084
48.3
%
Adjusted net loss (1)
(17,038)
(40,302)
57.7
%
(75,007)
(74,525)
(0.6)
%
Adjusted diluted loss per share (1)
(0.48)
(1.15)
58.3
%
(2.13)
(2.13)
—
%
Operating cash flow
(10,237)
25,635
*
(19,544)
11,537
*
Capital expenditures
9,846
15,384
(36.0)
%
46,287
135,110
(65.7)
%
Rent expense
50,172
55,718
(10.0)
%
208,691
212,608
(1.8)
%
March 31,
December 31,
March 31,
% Change
% Change
2018
2017
2017
Quarter over quarter
Year over year
Cash
$
380,223
$
117,848
$
96,656
Undrawn borrowing capacity on Revolving Credit Facility (2)
—
387,584
260,320
Total liquidity
$
380,223
$
505,432
$
356,976
(24.8)
%
6.5
%
*
percentage change too large to be meaningful or not applicable
(1)
A full reconciliation of non-GAAP financial measures is included at the end of this news release.
(2)
The Revolving Credit Facility was terminated on March 6, 2018. Our new $75 million Asset-Backed Revolving Credit Facility closed on April 17, 2018 and, therefore, availability under such facility is not included in liquidity as of March 31, 2018.
"The New Bristow was successful in executing our fiscal 2018 STRIVE priorities, including agreements to recover $136 million in OEM costs, reducing rent expense by returning aircraft to lessors, deferring approximately $190 million of capital expenditures, and increasing financial flexibility by completing over $700 million in new low cost financings," said Jonathan Baliff, President and Chief Executive Officer of Bristow Group. "Our fourth quarter results reflect our global team's delivery of world-class safety performance during very challenging times and the benefit of increased short-cycle offshore activity which continued to drive higher than expected adjusted EBITDA across all regions for fiscal 2018."
BUSINESS AND FINANCIAL HIGHLIGHTS
Net loss was $100.9 million ($2.84 per diluted share) for the March 2018 quarter compared to a net loss of $78.0 million ($2.22 per diluted share) for the March 2017 quarter. Adjusted net loss was $17.0 million ($0.48 per diluted share) for the March 2018 quarter compared to an adjusted net loss of $40.3 million ($1.15 per diluted share) for the March 2017 quarter; the March 2018 quarter is adjusted for $83.9 million in net unfavorable special items, including impairment of our investment in Líder in Brazil, and the March 2017 quarter is adjusted for $37.7 million in net unfavorable special items. Fiscal year 2018 adjusted EBITDA of $105.4 million was up 48% over fiscal year 2017 adjusted EBITDA and in-line with increased adjusted EBITDA guidance provided in February 2018. Cash increase of $262 million in the March 2018 quarter to $380 million reflects the net benefit of the funding of our $350 million 8.75% five-year Senior Secured Notes, the termination of our Revolving Credit Facility and term loan repayments of $52.6 million. We expect fiscal year 2019 adjusted EBITDA to be in the range of $90 million to $140 million.
"I am honored to work with a team that delivered notable successes for our clients and investors in fiscal 2018, especially in the areas of safety on the field and liquidity on the balance sheet," said Jonathan Baliff. "Looking ahead, our fiscal 2019 priorities will focus on continued safety improvement, delivering world-class performance to our clients and proactively managing our cost structure across a more responsive, regionally-focused New Bristow, while we win more business in this short-cycle challenging market."
Operating revenue from external clients by line of service was as follows:
Fourth Quarter
Full Year
FY2018
FY2017
% Change
FY2018
FY2017
% Change
(in thousands, except percentages)
Oil and gas services
$
232,278
$
233,753
(0.6)
%
$
947,462
$
956,649
(1.0)
%
U.K. SAR services
58,659
43,963
33.4
%
222,965
189,555
17.6
%
Fixed wing services
49,845
43,498
14.6
%
209,719
191,609
9.5
%
Corporate and other
393
2,437
(83.9)
%
4,278
10,037
(57.4)
%
Total operating revenue
$
341,175
$
323,651
5.4
%
$
1,384,424
$
1,347,850
2.7
%
FOURTH QUARTER FY2018 RESULTS
The year-over-year increase in revenue was primarily driven by the increase in U.K. SAR services due to additional bases coming online and an increase from our fixed wing services in our Europe Caspian, Asia Pacific and Africa regions. These revenue increases were partially offset by a decrease in our oil and gas services driven by declines in our Asia Pacific and Africa regions, while revenue from oil and gas services in our Americas and Europe Caspian regions improved.
We reported a net loss of $100.9 million and diluted loss per share of $2.84 for the March 2018 quarter compared to a net loss of $78.0 million and diluted loss per share of $2.22 for the March 2017 quarter. The year-over-year change in net loss and diluted loss per share was primarily due to a loss on impairment in the March 2018 quarter and higher interest expense resulting from additional borrowings, partially offset by the increase in revenue discussed above and an income tax benefit.
The net loss for the March 2018 quarter was significantly impacted by the following special items:
Loss on impairment totaling $90.2 million ($62.4 million net of tax including an additional $31.2 million in tax resulting from the repositioning of certain aircraft from one tax jurisdiction to another related to recent financing transactions), or $1.76 per share, including: Impairment of investment in unconsolidated affiliates of $85.7 million related to impairment of our investment in Líder in Brazil, and Impairment on inventories of $4.5 million; Organizational restructuring costs of $8.5 million ($6.0 million net of tax), or $0.17 per share, all of which is severance expense; $6.4 million of the restructuring costs are included in direct costs and $2.1 million are included in general and administrative expense; Early extinguishment of debt of $1.9 million ($1.3 million net of tax), or $0.04 per share, included in interest expense, which includes $1.8 million related to write-off of deferred financing fees and $0.1 million related to write-off of discount on debt; and Loss on disposal of assets of $5.2 million ($40.1 million net of tax), or $1.13 per share; partially offset by A non-cash benefit from tax items of $25.8 million, or $0.73 per share, that includes a one-time non-cash tax effect from the true-up of the one-time transition tax on the repatriation of foreign earnings under the Tax Cuts and Jobs Act (the "Act") of $31.2 million and net reversal of valuation allowances on deferred tax assets of $17.3 million, partially offset by a $22.7 million expense related to the true-up of the revaluation of net deferred tax liabilities to a lower tax rate resulting from the Act.
Excluding these items, adjusted net loss and adjusted diluted loss per share improved to $17.0 million and $0.48, respectively, for the March 2018 quarter compared to $40.3 million and $1.15, respectively, for the March 2017 quarter. Adjusted EBITDA also improved year-over-year to $22.9 million in the March 2018 quarter from $3.7 million in the March 2017 quarter primarily due an increase in operating revenue in our Europe Caspian region, primarily due to additional bases coming online for U.K. SAR, and increased activity and in our Americas region, primarily due to increased activity in the U.S. Gulf of Mexico.
LIQUIDITY AND FINANCIAL FLEXIBILITY
Our cash balance of $380 million as of March 31, 2018 reflects the net benefit from closing and funding the $350 million 8.75% five-year Senior Secured Notes and the repayment of our April 2019 bank maturities.
Don Miller, Senior Vice President and Chief Financial Officer, commented, "Fiscal year 2018 was a very successful year for Bristow as we materially improved our liquidity runway by repaying our 2019 bank maturities with the closing and funding of over $700 million in new low cost capital eliminating near term refinancing risk. The success of these financings will allow us to continue to focus on increasing revenue, reducing costs, and improving returns on our assets."
REGIONAL PERFORMANCE
Europe Caspian
Fourth Quarter
Full Year
FY2018
FY2017
% Change
FY2018
FY2017
% Change
(in thousands, except percentages)
Operating revenue
$
194,429
$
162,511
19.6
%
$
765,412
$
710,581
7.7
%
Operating income (loss)
$
3,164
(4,628)
*
$
22,774
13,840
64.6
%
Operating margin
1.6
%
(2.8)
%
*
3.0
%
1.9
%
57.9
%
Adjusted EBITDA
$
22,787
$
1,890
*
$
81,503
$
45,163
80.5
%
Adjusted EBITDA margin
11.7
%
1.2
%
*
10.6
%
6.4
%
65.6
%
Rent expense
$
31,355
$
34,065
(8.0)
%
$
134,158
$
134,072
0.1
%
Loss on impairment
$
4,525
$
—
*
$
4,525
$
8,706
(48.0)
%
*
percentage change too large to be meaningful or not applicable
The increase in operating revenue for the March 2018 quarter and fiscal year 2018 primarily resulted from an increase in activity and short-term contracts in Norway, the start-up of U.K. SAR bases and an increase in fixed wing revenue. Partially offsetting these increases was a decrease in U.K. oil and gas revenue resulting from the continued impact of the industry downturn on exploration activity. Eastern Airways contributed $30.7 million and $24.5 million in operating revenue for the March 2018 and 2017 quarters, respectively, and $118.5 million and $110.4 million in operating revenue for fiscal years 2018 and 2017, respectively.
During the March 2018 quarter and fiscal year 2018, our results for the Europe Caspian region were impacted by a reduction in rent expense of $2.8 million and $9.9 million, respectively, related to OEM cost recoveries that increased operating income and adjusted EBITDA.
During the March 2018 quarter and fiscal year 2018, we recorded an inventory impairment charge of $4.5 million for our fixed wing operations at Eastern Airways as a result of changes in expected future utilization of aircraft within those operations. During fiscal year 2017, we recorded an impairment charge of $8.7 million of goodwill related to Eastern Airways. Both the inventory and goodwill impairment charges were included in operating income, but were adjusted for in our calculation of adjusted EBITDA.
A substantial portion of our revenue in the Europe Caspian region is contracted in British pound sterling, which depreciated significantly against the U.S. dollar in fiscal year 2017 due to Brexit with a modest recovery in fiscal year 2018. As a result of the changes in the British pound sterling, adjusted EBITDA was favorably impacted by foreign currency exchange rate changes of $4.3 million and $9.2 million, respectively, during the March 2018 quarter and fiscal year 2018 compared to an unfavorable impact of $6.3 million and $35.6 million, respectively, during the March 2017 quarter and fiscal year 2017.
Operating income, operating margin, adjusted EBITDA and adjusted EBITDA margin increased in the March 2018 quarter and fiscal year 2018 primarily due to the increase in operating revenue, the reduction in rent expense related to the OEM cost recoveries and favorable impacts from changes in foreign currency exchange rates. These benefits were partially offset by increased salaries and benefits and maintenance expense year-over-year due to the increase in activity. Eastern Airways generated a negative $3.3 million and negative $4.3 million in adjusted EBITDA for the March 2018 and 2017 quarters, respectively, and a negative $6.9 million and negative $4.5 million in adjusted EBITDA for fiscal years 2018 and 2017, respectively.
Africa
Fourth Quarter
Full Year
FY2018
FY2017
% Change
FY2018
FY2017
% Change
(in thousands, except percentages)
Operating revenue
$
45,307
$
47,049
(3.7)
%
$
191,830
$
200,104
(4.1)
%
Earnings from unconsolidated affiliates
$
2,518
$
2,025
24.3
%
$
2,518
$
2,068
21.8
%
Operating income
$
3,973
$
10,225
(61.1)
%
$
32,326
$
30,179
7.1
%
Operating margin
8.8
%
21.7
%
(59.4)
%
16.9
%
15.1
%
11.9
%
Adjusted EBITDA
$
12,213
$
12,203
0.1
%
$
52,419
$
51,553
1.7
%
Adjusted EBITDA margin
27.0
%
25.9
%
4.2
%
27.3
%
25.8
%
5.8
%
Rent expense
$
2,133
$
2,000
6.7
%
$
8,557
$
8,101
5.6
%
The decrease in operating revenue for the March 2018 quarter and fiscal year 2018 primarily resulted from an overall decrease in activity compared to the prior year periods. Activity declined with certain clients and certain contracts ended, partially offset by an increase in activity from other clients. Additionally, fixed wing services in Africa generated operating revenue of $1.9 million and $1.8 million, respectively, for the March 2018 and 2017 quarters and $7.4 million and $4.2 million, respectively, for fiscal years 2018 and 2017.
Operating income and operating margin decreased in the March 2018 quarter primarily due to employee severance costs resulting from the expiration of a significant contract in this region which was not renewed. Operating income and operating margin increased in fiscal year 2018 primarily due to a decrease in depreciation and amortization expense and lower operating expenses. Adjusted EBITDA increased in the March 2018 quarter and fiscal year 2018 compared to prior comparative periods primarily due to a favorable exchange rate impact compared to fiscal year 2017.
On March 31, 2018, a significant contract in this region expired and was not renewed. Additionally, changing regulations and political environment have made, and are expected to continue to make, our operating results for Nigeria unpredictable. Market uncertainty related to the oil and gas downturn has continued in this region, putting smaller clients under increasing pressure as their activity declined, which has reduced our activity levels and overall pricing.
Americas
Fourth Quarter
Full Year
FY2018
FY2017
% Change
FY2018
FY2017
% Change
(in thousands, except percentages)
Operating revenue
$
57,480
$
51,966
10.6
%
$
236,364
$
220,544
7.2
%
Earnings from unconsolidated affiliates
$
590
$
253
133.2
%
$
4,302
$
5,207
(17.4)
%
Operating income (loss)
$
(84,592)
$
(1,566)
*
$
(73,057)
$
4,224
*
Operating margin
(147.2)
%
(3.0)
%
*
(30.9)
%
1.9
%
*
Adjusted EBITDA
$
7,580
$
5,635
34.5
%
$
41,010
$
39,952
2.6
%
Adjusted EBITDA margin
13.2
%
10.8
%
22.2
%
17.4
%
18.1
%
(3.9)
%
Rent expense
$
6,440
$
6,757
(4.7)
%
$
24,920
$
23,015
8.3
%
Loss on impairment
$
85,683
$
—
*
$
85,683
$
—
*
*
percentage change too large to be meaningful or not applicable
Operating revenue increased for the March 2018 quarter and fiscal year 2018 compared to the prior year periods primarily due an increase in activity from our U.S. Gulf of Mexico operations and additional revenue from the search and rescue consortium in the U.S. Gulf of Mexico.
Earnings from unconsolidated affiliates, net of losses, decreased for fiscal year 2018 compared to fiscal year 2017 primarily due to a decrease in earnings from our investment in Líder in Brazil due to reduction in activity, partially offset by less of an unfavorable change in exchange rates. Changes in foreign currency exchange rates decreased our earnings from our investment in Líder by $0.3 million, $0.6 million, $2.0 million and $3.2 million in the March 2018 quarter, March 2017 quarter, fiscal year 2018 and fiscal year 2017, respectively.
Líder's management has significantly decreased their future financial projections as a result of recent tender awards announced by Petrobras. Petrobras represented 64% and 66% of Líder's operating revenue in calendar years 2017 and 2016, respectively. This significant decline in future forecasted results, coupled with previous declining financial results, triggered our review of the investment for potential impairment as of March 31, 2018. Based on the estimated fair value, we recorded an $85.7 million impairment in the March 2018 quarter. Our remaining investment in Líder as of March 31, 2018 is $62.3 million.
The decreases in operating income (loss) and operating margin for the March 2018 quarter and fiscal year 2018 is primarily due to the impairment of our investment in Líder discussed above. The increases in adjusted EBITDA and adjusted EBITDA margin for the March 2018 quarter and fiscal year 2018 were primarily driven by the increase in revenue discussed above.
Asia Pacific
Fourth Quarter
Full Year
FY2018
FY2017
% Change
FY2018
FY2017
% Change
(in thousands, except percentages)
Operating revenue
$
47,825
$
62,628
(23.6)
%
$
201,190
$
217,772
(7.6)
%
Operating income (loss)
$
(4,916)
$
3,610
*
$
(24,290)
$
(20,870)
(16.4)
%
Operating margin
(10.3)
%
5.8
%
*
(12.1)
%
(9.6)
%
(26.0)
%
Adjusted EBITDA
$
(1,926)
$
5,487
*
$
(1,424)
$
(5,026)
71.7
%
Adjusted EBITDA margin
(4.0)
%
8.8
%
*
(0.7)
%
(2.3)
%
69.6
%
Rent expense
$
8,552
$
10,956
(21.9)
%
$
32,908
$
39,759
(17.2)
%
Operating revenue decreased in the March 2018 quarter and fiscal year 2018 compared to the prior year periods primarily due to the early cancellation of a contract that generated an additional $17.2 million of operating revenue in the March 2017 quarter.
Airnorth contributed $17.2 million in operating revenue for both the March 2018 and 2017 quarters, and a negative $1.4 million and a negative $0.7 million in adjusted EBITDA for the March 2018 and 2017 quarters, respectively, and $83.8 million and $77.1 million in operating revenue and $7.2 million and $7.1 million in adjusted EBITDA for fiscal years 2018 and 2017, respectively.
Operating income (loss), operating margin, adjusted EBITDA and adjusted EBITDA margin declined for the March 2018 quarter and fiscal year 2018 compared to the prior year periods primarily due to the contract cancellation discussed above, which contributed $11.1 million of operating income and adjusted EBITDA in the March 2017 quarter, and a decline in oil and gas revenue, which was only partially offset by cost reduction efforts.
Corporate and other
Fourth Quarter
Full Year
FY2018
FY2017
% Change
FY2018
FY2017
% Change
(in thousands, except percentages)
Operating revenue
$
393
$
2,452
(84.0)
%
$
4,305
$
10,369
(58.5)
%
Operating loss
$
(20,287)
$
(25,747)
21.2
%
$
(88,996)
$
(104,616)
14.9
%
Adjusted EBITDA
$
(17,772)
$
(21,528)
17.4
%
$
(68,081)
$
(60,558)
(12.4)
%
Rent expense
$
1,692
$
1,940
(12.8)
%
$
8,148
$
7,661
6.4
%
Loss on impairment
$
—
$
—
*
$
1,192
$
7,572
(84.3)
%
*
percentage change too large to be meaningful or not applicable
Operating revenue decreased in the March 2018 quarter and fiscal year 2018 compared to prior periods primarily due to the sale of Bristow Academy on November 1, 2017.
Operating loss and adjusted EBITDA improved for the March 2018 quarter compared to the March 2017 quarter primarily due to a reduction in general and administrative expenses, partially offset by the decline in revenue discussed above. Operating loss for fiscal years 2018 and 2017 was most significantly impacted by $1.2 million and $7.6 million, respectively, of inventory impairment charges and a reduction in general and administrative expenses, partially offset by the decline in revenue. Adjusted EBITDA decreased year-over-year primarily due to foreign currency transaction losses of $4.4 million for fiscal year 2018 versus foreign currency transaction gains of $14.5 million for fiscal year 2017. This change in foreign currency impacts was partially offset by overall cost reduction activities that decreased general and administrative expenses as discussed above.
During fiscal years 2018 and 2017, we recorded $9.5 million and $10.9 million, respectively, related to organizational restructuring costs, which along with the inventory impairment charges discussed above, are excluded from adjusted EBITDA.
FY 2019 GUIDANCE
Guidance for selected financial measures is included in the tables that follow.
CONFERENCE CALL
Management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Thursday, May 24, 2018 to review financial results for the fiscal year 2018 fourth quarter and year ended March 31, 2018. This release and the most recent investor slide presentation are available in the investor relations area of our web page at www.bristowgroup.com . The conference call can be accessed as follows:
Via Webcast:
Visit Bristow Group's investor relations Web page at www.bristowgroup.com Live: Click on the link for "Bristow Group Fiscal 2018 Fourth Quarter Earnings Conference Call" Replay: A replay via webcast will be available approximately one hour after the call's completion and will be accessible for approximately 90 days.
Via Telephone within the U.S.:
Live: Dial toll free 1-877-404-9648
Via Telephone outside the U.S.:
Live: Dial 1-412-902-0030
ABOUT BRISTOW GROUP INC.
Bristow Group Inc. is the leading global industrial aviation services provider offering helicopter transportation, search and rescue (SAR) and aircraft support services, including maintenance, to government and civil organizations worldwide. Bristow has major transportation operations in the North Sea, Nigeria and the U.S. Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Australia, Brazil, Canada, Russia and Trinidad. Bristow provides SAR services to the private sector worldwide and to the public sector for all of the U.K. on behalf of the Maritime and Coastguard Agency. For more information, visit bristowgroup.com .
FORWARD-LOOKING STATEMENTS DISCLOSURE
Statements contained in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are These forward-looking statements include statements regarding earnings guidance, expected contract revenue, capital deployment strategy, operational and capital performance, expected cost management activities, expected capital expenditure deferrals, shareholder return, liquidity and market and industry conditions. It is important to note that the Company's actual results could differ materially from those projected in such Risks and uncertainties include without limitation: fluctuations in the demand for our services; fluctuations in worldwide prices of and supply and demand for oil and natural gas; fluctuations in levels of oil and natural gas production, exploration and development activities; the impact of competition; actions by clients and suppliers; the risk of reductions in spending on industrial aviation services by governmental agencies; changes in tax and other laws and regulations; changes in foreign exchange rates and controls; risks associated with international operations; operating risks inherent in our business, including the possibility of declining safety performance; general economic conditions including the capital and credit markets; our ability to obtain financing; the risk of grounding of segments of our fleet for extended periods of time or indefinitely; our ability to re-deploy our aircraft to regions with greater demand; our ability to acquire additional aircraft and dispose of older aircraft through sales into the aftermarket; the possibility that we do not achieve the anticipated benefit of our fleet investment program; availability of employees; and political instability, war or acts of terrorism in any of the countries where we operate. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's quarterly report on Form 10-Q for the quarter ended December 31, 2017 and annual report on Form 10-K for the fiscal year ended March 31, 2017. Bristow Group Inc. disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events or otherwise.
(financial tables follow)
Investor Relations
Linda McNeill
Director, Investor Relations
+1 713.267.7622
Global Media Relations
Adam Morgan
Director, Global Communications
+1 281.253.9005
BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts and percentages)
(Unaudited)
Fourth Quarter
Full Year
FY2018
FY2017
FY2018
FY2017
Gross revenue:
Operating revenue from non-affiliates
$
325,640
$
306,595
$
1,317,295
$
1,276,374
Operating revenue from affiliates
15,535
17,056
67,129
71,476
Reimbursable revenue from non-affiliates
17,267
12,543
60,538
52,652
358,442
336,194
1,444,962
1,400,502
Operating expense:
Direct cost
281,040
272,468
1,123,168
1,103,984
Reimbursable expense
16,981
12,217
59,346
50,313
Depreciation and amortization
29,923
25,694
124,042
118,748
General and administrative
46,292
46,089
184,987
195,367
374,236
356,468
1,491,543
1,468,412
Loss on impairment
(90,208)
—
(91,400)
(16,278)
Loss on disposal of assets
(5,177)
(1,422)
(17,595)
(14,499)
Earnings from unconsolidated affiliates, net of losses
3,344
2,168
6,738
6,945
Operating loss
(107,835)
(19,528)
(148,838)
(91,742)
Interest expense, net
(23,383)
(15,386)
(77,060)
(49,919)
Other income (expense), net
(3,223)
(1,123)
(3,076)
(2,641)
Loss before benefit (provision) for income taxes
(134,441)
(36,037)
(228,974)
(144,302)
Benefit (provision) for income taxes
33,437
(43,626)
30,891
(32,588)
Net loss
(101,004)
(79,663)
(198,083)
(176,890)
Net loss attributable to noncontrolling interests
103
1,623
2,425
6,354
Net loss attributable to Bristow Group
$
(100,901)
$
(78,040)
$
(195,658)
$
(170,536)
Loss per common share:
Basic
$
(2.84)
$
(2.22)
$
(5.54)
$
(4.87)
Diluted
$
(2.84)
$
(2.22)
$
(5.54)
$
(4.87)
Non-GAAP measures:
Adjusted EBITDA
$
22,882
$
3,687
$
105,427
$
71,084
Adjusted EBITDA margin
6.7
%
1.1
%
7.6
%
5.3
%
Adjusted net loss
$
(17,038)
$
(40,302)
$
(75,007)
$
(74,525)
Adjusted diluted loss per share
$
(0.48)
$
(1.15)
$
(2.13)
$
(2.13)
BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 31,
2018
2017
ASSETS
Current assets:
Cash and cash equivalents
$
380,223
$
96,656
Accounts receivable from non-affiliates
233,386
198,129
Accounts receivable from affiliates
13,594
8,786
Inventories
129,614
124,911
Assets held for sale
30,348
38,246
Prepaid expenses and other current assets
47,234
41,143
Total current assets
834,399
507,871
Investment in unconsolidated affiliates
126,170
210,162
Property and equipment – at cost:
Land and buildings
250,040
231,448
Aircraft and equipment
2,511,131
2,622,701
2,761,171
2,854,149
Less – Accumulated depreciation and amortization
(693,151)
(599,785)
2,068,020
2,254,364
Goodwill
19,907
19,798
Other assets
116,506
121,652
Total assets
$
3,165,002
$
3,113,847
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' INVESTMENT
Current liabilities:
Accounts payable
$
101,270
$
98,215
Accrued wages, benefits and related taxes
62,385
59,077
Income taxes payable
8,453
15,145
Other accrued taxes
7,378
9,611
Deferred revenue
15,833
19,911
Accrued maintenance and repairs
28,555
22,914
Accrued interest
16,345
12,909
Other accrued liabilities
65,978
46,679
Deferred taxes
—
830
Short-term borrowings and current maturities of long-term debt
56,700
131,063
Total current liabilities
362,897
416,354
Long-term debt, less current maturities
1,429,834
1,150,956
Accrued pension liabilities
37,034
61,647
Other liabilities and deferred credits
36,952
28,899
Deferred taxes
115,192
154,873
Redeemable noncontrolling interest
—
6,886
Stockholders' investment:
Common stock
382
379
Additional paid-in capital
852,565
809,995
Retained earnings
793,783
991,906
Accumulated other comprehensive loss
(286,094)
(328,277)
Treasury shares, at cost
(184,796)
(184,796)
Total Bristow Group stockholders' investment
1,175,840
1,289,207
Noncontrolling interests
7,253
5,025
Total stockholders' investment
1,183,093
1,294,232
Total liabilities, redeemable noncontrolling interest and stockholders' investment
$
3,165,002
$
3,113,847
BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Full Year
FY2018
FY2017
Cash flows from operating activities:
Net loss
$
(198,083)
$
(176,890)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
124,042
118,748
Deferred income taxes
(49,334)
15,720
Write-off of deferred financing fees
2,969
923
Discount amortization on long-term debt
1,701
1,606
Loss on disposal of assets
17,595
14,499
Loss on impairment
91,400
16,278
Deferral of lease payments
3,991
—
Stock-based compensation
10,436
12,352
Equity in earnings from unconsolidated affiliates in excess of dividends received
(3,780)
(4,438)
Increase (decrease) in cash resulting from changes in:
Accounts receivable
(32,459)
23,759
Inventories
(2,154)
(1,958)
Prepaid expenses and other assets
11,913
1,267
Accounts payable
(3,385)
15,052
Accrued liabilities
6,070
(19,713)
Other liabilities and deferred credits
(466)
(5,668)
Net cash provided by (used in) operating activities
(19,544)
11,537
Cash flows from investing activities:
Capital expenditures
(46,287)
(135,110)
Proceeds from asset dispositions
48,740
18,471
Proceeds from OEM cost recoveries
94,463
—
Deposit received on aircraft held for sale
—
290
Net cash provided by (used in) investing activities
96,916
(116,349)
Cash flows from financing activities:
Proceeds from borrowings
896,874
708,267
Payment of contingent consideration
—
(10,000)
Debt issuance costs
(20,560)
(8,010)
Repayment of debt and debt redemption premiums
(671,567)
(570,328)
Purchase of 4½% Convertible Senior Notes call option
(40,393)
—
Proceeds from issuance of warrants
30,259
—
Partial prepayment of put/call obligation
(49)
(49)
Dividends paid to noncontrolling interest
(331)
(2,533)
Common stock dividends paid
(2,465)
(9,831)
Repurchases for tax withholdings on vesting of equity awards
(2,740)
(835)
Net cash provided by financing activities
189,028
106,681
Effect of exchange rate changes on cash and cash equivalents
17,167
(9,523)
Net increase (decrease) in cash and cash equivalents
283,567
(7,654)
Cash and cash equivalents at beginning of period
96,656
104,310
Cash and cash equivalents at end of period
$
380,223
$
96,656
BRISTOW GROUP INC. AND SUBSIDIARIES
SELECTED OPERATING DATA
(In thousands, except flight hours and percentages)
(Unaudited)
Fourth Quarter
Full Year
FY2018
FY2017
FY2018
FY2017
Flight hours (excluding Bristow Academy and unconsolidated affiliates):
Europe Caspian
22,347
20,203
91,109
85,906
Africa
6,645
6,704
29,206
29,573
Americas
7,887
6,151
31,697
23,655
Asia Pacific
6,326
6,359
26,317
26,118
Consolidated
43,205
39,417
178,329
165,252
Operating revenue:
Europe Caspian
$
194,429
$
162,511
$
765,412
$
710,581
Africa
45,307
47,049
191,830
200,104
Americas
57,480
51,966
236,364
220,544
Asia Pacific
47,825
62,628
201,190
217,772
Corporate and other
393
2,452
4,305
10,369
Intra-region eliminations
(4,259)
(2,955)
(14,677)
(11,520)
Consolidated
$
341,175
$
323,651
$
1,384,424
$
1,347,850
Operating income (loss):
Europe Caspian
$
3,164
$
(4,628)
$
22,774
$
13,840
Africa
3,973
10,225
32,326
30,179
Americas
(84,592)
(1,566)
(73,057)
4,224
Asia Pacific
(4,916)
3,610
(24,290)
(20,870)
Corporate and other
(20,287)
(25,747)
(88,996)
(104,616)
Loss on disposal of assets
(5,177)
(1,422)
(17,595)
(14,499)
Consolidated
$
(107,835)
$
(19,528)
$
(148,838)
$
(91,742)
Operating margin:
Europe Caspian
1.6
%
(2.8)
%
3.0
%
1.9
%
Africa
8.8
%
21.7
%
16.9
%
15.1
%
Americas
(147.2)
%
(3.0)
%
(30.9)
%
1.9
%
Asia Pacific
(10.3)
%
5.8
%
(12.1)
%
(9.6)
%
Consolidated
(31.6)
%
(6.0)
%
(10.8)
%
(6.8)
%
Adjusted EBITDA:
Europe Caspian
$
22,787
$
1,890
$
81,503
$
45,163
Africa
12,213
12,203
52,419
51,553
Americas
7,580
5,635
41,010
39,952
Asia Pacific
(1,926)
5,487
(1,424)
(5,026)
Corporate and other
(17,772)
(21,528)
(68,081)
(60,558)
Consolidated
$
22,882
$
3,687
$
105,427
$
71,084
Adjusted EBITDA margin:
Europe Caspian
11.7
%
1.2
%
10.6
%
6.4
%
Africa
27.0
%
25.9
%
27.3
%
25.8
%
Americas
13.2
%
10.8
%
17.4
%
18.1
%
Asia Pacific
(4.0)
%
8.8
%
(0.7)
%
(2.3)
%
Consolidated
6.7
%
1.1
%
7.6
%
5.3
%
Fourth Quarter
Full Year
FY2018
FY2017
FY2018
FY2017
Depreciation and amortization:
Europe Caspian
$
12,065
$
5,917
$
48,854
$
39,511
Africa
3,375
3,984
13,705
16,664
Americas
6,562
7,058
27,468
32,727
Asia Pacific
4,348
5,505
19,695
19,091
Corporate and other
3,573
3,230
14,320
10,755
Consolidated
$
29,923
$
25,694
$
124,042
$
118,748
Rent expense:
Europe Caspian
$
31,355
$
34,065
$
134,158
$
134,072
Africa
2,133
2,000
8,557
8,101
Americas
6,440
6,757
24,920
23,015
Asia Pacific
8,552
10,956
32,908
39,759
Corporate and other
1,692
1,940
8,148
7,661
Consolidated
$
50,172
$
55,718
$
208,691
$
212,608
BRISTOW GROUP INC. AND SUBSIDIARIES
AIRCRAFT COUNT
As of March 31, 2018
(Unaudited)
Aircraft in Consolidated Fleet
Percentage
of FY2018
Operating
Revenue
Helicopters
Small
Medium
Large
Fixed
Wing (1)
Total (2)(3)
Unconsolidated
Affiliates (4)
Total
Europe Caspian
55
%
—
16
82
34
132
—
132
Africa
14
%
9
28
4
4
45
48
93
Americas
17
%
16
41
16
—
73
62
135
Asia Pacific
14
%
—
10
21
14
45
—
45
Total
100
%
25
95
123
52
295
110
405
Aircraft not currently in
fleet: (5)
On order
—
—
27
—
27
Under option
—
—
4
—
4
(1)
Includes 34 fixed wing aircraft operated by Eastern Airways that are included in the Europe Caspian region, three fixed wing aircraft for which Eastern Airways provides technical support in our Africa region and 14 fixed wing aircraft operated by Airnorth that are included in the Asia Pacific region.
(2)
Includes 11 aircraft held for sale and 105 leased aircraft as follows:
Held for Sale Aircraft in Consolidated Fleet
Helicopters
Small
Medium
Large
Fixed
Wing
Total
Europe Caspian
—
2
—
—
2
Africa
—
3
—
1
4
Americas
—
4
—
—
4
Asia Pacific
—
—
—
1
1
Total
—
9
—
2
11
Leased Aircraft in Consolidated Fleet
Helicopters
Small
Medium
Large
Fixed
Wing
Total
Europe Caspian
—
6
42
15
63
Africa
—
1
2
2
5
Americas
3
14
6
—
23
Asia Pacific
—
3
7
4
14
Total
3
24
57
21
105
(3)
The average age of our fleet, excluding training aircraft, was nine years as of March 31, 2018.
(4)
The 110 aircraft operated by our unconsolidated affiliates do not include those aircraft leased to us. Includes 41 helicopters (primarily medium) and 20 fixed wing aircraft owned and managed by Líder, our unconsolidated affiliate in Brazil, which is included in our Americas region, 41 helicopters and seven fixed wing aircraft owned by Petroleum Air Services, which is included in our Africa region, and one helicopter operated by Cougar, our unconsolidated affiliate in Canada, which is included in our Americas region.
(5)
This table does not reflect aircraft which our unconsolidated affiliates may have on order or under option.
BRISTOW GROUP INC. AND SUBSIDIARIES
FY 2019 GUIDANCE
FY 2019 guidance as of March 31, 2018 (1)
Operating revenue 2
Adjusted EBITDA 2,3
Rent 2
Oil and gas
~$825M - $925M
~$20M - $50M
~$115M - $125M
U.K. SAR
~$230M - $240M
~$70M - $80M
~$45M - $50M
Eastern
~$90M - $100M
~$(5M) - $0M
~$10M - $12M
Airnorth
~$80M - $90M
~$5M - $10M
~$8M - $10M
Total
~$1.25B - $1.35B
~$90M - $140M
~$185M - $195M
G&A expense
~$150M - $170M
Depreciation expense
~$115M - $125M
Total aircraft rent 4
~$160M - $165M
Total non-aircraft rent 4
~$25M - $30M
Interest expense
~$100M - $110M
Non-aircraft capex
~$25M annually
Aircraft sale proceeds
~$15M annually
(1)
FY 2019 guidance assumes foreign exchange rates as of March 31, 2018.
(2)
Operating revenue, adjusted EBITDA and rent for oil and gas includes corporate and other revenue and the impact of corporate overhead expenses.
(3)
Adjusted EBITDA for U.K. SAR and fixed wing (Eastern/Airnorth) excludes corporate overhead allocations consistent with financial reporting. Adjusted EBITDA is a non-GAAP measure of which the most comparable GAAP measure is net income (loss). We have not provided a reconciliation of this non-GAAP forward-looking information to GAAP. The most comparable GAAP measure to adjusted EBITDA is net income (loss), which is not calculated at this lower level of our business as we do not allocate certain costs, including corporate and other overhead costs, interest expense and income taxes within our accounting system. Providing this data would require unreasonable efforts in the form of allocations of other costs across the organization.
(4)
Total aircraft rent and total non-aircraft rent are inclusive of the respective components of rent expense for U.K. SAR, Eastern, Airnorth plus oil and gas.
BRISTOW GROUP INC. AND SUBSIDIARIES
GAAP RECONCILIATIONS
(Unaudited)
These financial measures have not been prepared in accordance with generally accepted accounting principles ("GAAP") and have not been audited or reviewed by our independent auditor. These financial measures are therefore considered non-GAAP financial measures. A description of the adjustments to and reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measures is as follows:
Fourth Quarter
Full Year
FY2018
FY2017
FY2018
FY2017
(In thousands, except per share amounts and percentages)
Net loss
$
(101,004)
$
(79,663)
$
(198,083)
$
(176,890)
Loss on disposal of assets
5,177
1,422
17,595
14,499
Special items
98,675
(3,084)
115,027
31,277
Depreciation and amortization
29,923
25,694
124,042
118,748
Interest expense
23,548
15,692
77,737
50,862
Provision (benefit) for income taxes
(33,437)
43,626
(30,891)
32,588
Adjusted EBITDA
$
22,882
$
3,687
$
105,427
$
71,084
Benefit (provision) for income taxes
$
33,437
(43,626)
$
30,891
$
(32,588)
Tax provision (benefit) on loss on disposal of asset
34,882
(618)
42,943
(6,476)
Tax provision (benefit) on special items
(56,729)
38,923
(58,016)
49,342
Adjusted benefit (provision) for income taxes
$
11,590
$
(5,321)
$
15,818
$
10,278
Effective tax rate (1)
24.9
%
(121.1)
%
13.5
%
(22.6)
%
Adjusted effective tax rate (1)
40.3
%
(14.5)
%
17.0
%
11.7
%
Net loss attributable to Bristow Group
$
(100,901)
$
(78,040)
$
(195,658)
$
(170,536)
Loss on disposal of assets
40,059
804
60,538
8,023
Special items
43,804
36,934
60,113
87,988
Adjusted net loss
$
(17,038)
$
(40,302)
$
(75,007)
$
(74,525)
Diluted loss per share
$
(2.84)
$
(2.22)
$
(5.54)
$
(4.87)
Loss on disposal of assets
1.13
0.02
1.72
0.23
Special items
1.23
1.05
1.70
2.51
Adjusted diluted loss per share
(0.48)
(1.15)
(2.13)
(2.13)
(1)
Effective tax rate is calculated by dividing benefit (provision) for income taxes by pretax net income. Adjusted effective tax rate is calculated by dividing adjusted benefit (provision) for income taxes by adjusted pretax net income. Tax expense (benefit) on loss on disposal of asset and tax expense (benefit) on special items is calculated using the statutory rate of the entity recording the loss on disposal of asset or special item.
Three Months Ended
March 31, 2018
Adjusted
EBITDA
Adjusted
Net Income
Adjusted
Diluted
Earnings
Per Share
(In thousands, except per share amounts)
Loss on impairment (1)
$
90,208
$
62,406
$
1.76
Organizational restructuring costs (2)
8,467
5,959
0.17
Tax items (3)
—
(25,833)
(0.73)
Early extinguishment of debt (4)
—
1,272
0.04
Total special items
$
98,675
$
43,804
1.23
Three Months Ended
March 31, 2017
Adjusted
EBITDA
Adjusted
Net Income
Adjusted
Diluted
Earnings
Per Share
(In thousands, except per share amounts)
Organizational restructuring costs (2)
$
2,814
$
2,071
$
0.06
Additional depreciation expense resulting from fleet changes (5)
—
712
0.02
Reversal of Airnorth contingent consideration (6)
(5,898)
(5,898)
(0.17)
Tax items (3)
—
40,049
1.14
Total special items
$
(3,084)
$
36,934
1.05
Fiscal Year Ended
March 31, 2018
Adjusted
EBITDA
Adjusted
Net Income
Adjusted
Diluted
Earnings
Per Share
(In thousands, except per share amounts)
Loss on impairment (1)
$
91,400
$
63,222
$
1.79
Organizational restructuring costs (2)
23,627
17,633
0.50
Tax items (3)
—
(22,865)
(0.65)
Early extinguishment of debt (4)
—
2,123
0.06
Total special items
$
115,027
$
60,113
1.70
Fiscal Year Ended
March 31, 2017
Adjusted
EBITDA
Adjusted
Net Income
Adjusted
Diluted
Earnings
Per Share
(In thousands, except per share amounts)
Organizational restructuring costs (2)
$
20,897
$
14,998
$
0.43
Loss on impairment (1)
16,278
12,566
0.35
Additional depreciation expense resulting from fleet changes (5)
—
6,843
0.19
Reversal of Airnorth contingent consideration (6)
(5,898)
(5,898)
(0.17)
Tax items (3)
—
59,479
1.70
Total special items
$
31,277
$
87,988
2.51 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-bristow-group-reports-fiscal-fourth-quarter-and-full-fiscal-year-2018-results.html |
SOFIA, Bulgaria—European frustration with the Trump administration boiled over Wednesday as leaders gathered in the Bulgarian capital to tackle two issues straining trans-Atlantic ties: the fate of the Iranian nuclear deal and the threat of U.S. tariffs.
Speaking in Sofia ahead of the summit, which runs through Friday, Donald Tusk, a former Polish prime minister who has championed close U.S. ties since becoming European Council president in 2014, took aim at the “capricious assertiveness” of the U.S. administration.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/european-leaders-vent-over-trump-policies-1526501344 |
Joe LaVorgna talks about how Italy impacts U.S. markets 4 Hours Ago Joe LaVorgna, Chief Economist at Natixis, talks about the Italian bond movement, and how that might spill over to U.S. markets | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/joe-lavorgna-talks-about-how-italy-impacts-u-s-markets.html |
May 18th, 2018 Americas , South America
Brazilian pharmaceutical company Hypera SA is in talks to agree to a leniency deal with prosecutors that could include a 2 billion reais ($540 million) fine, the company is set to admit to paying bribes for tax benefits, newspaper Valor Economico reported on Thursday, an agreement that Hypera denied.
In a statement sent to Reuters, Hypera denied “having negotiated any leniency agreement with prosecutors.” Federal prosecutors did not immediately comment.
Last month, police raided the Sao Paulo offices of Hypera, Brazil’s largest listed producer of over the counter medicines, as part of a corruption investigation.
This article has been summarised, the www.reuters.com | ashraq/financial-news-articles | https://www.reuters.com/article/hypera-investigation/brazils-hypera-in-talks-for-leniency-deal-could-pay-540-mln-fine-paper-idUSL2N1SO284 |
WHEATON, Ill.--(BUSINESS WIRE)-- First Trust MLP and Energy Income Fund (the "Fund") (NYSE: FEI) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.1183 per share payable on June 15, 2018, to shareholders of record as of June 4, 2018. The ex-dividend date is expected to be June 1, 2018. The monthly distribution information for the Fund appears below.
First Trust MLP and Energy Income Fund (FEI):
Distribution per share: $0.1183 Distribution Rate based on the May 18, 2018 NAV of $12.93: 10.98% Distribution Rate based on the May 18, 2018 closing market price of $13.16: 10.79% It is anticipated that, due to the tax treatment of cash distributions made by master limited partnerships ("MLPs") in which the Fund invests, a portion of the distributions the Fund makes to Common Shareholders may consist of a tax-deferred return of capital. The final determination of the source and tax status of all distributions paid in 2018 will be made after the end of 2018 and will be provided on Form 1099-DIV.
The Fund is a non-diversified, closed-end management investment company that seeks to provide a high level of total return with an emphasis on current distributions paid to common shareholders. The Fund seeks to provide its common shareholders with a vehicle to invest in a portfolio of cash-generating securities, with a focus on investing in publicly-traded MLPs and MLP-related entities in the energy sector and energy utilities industries. Under normal market conditions, the Fund invests at least 85% of its managed assets in equity and debt securities of MLPs, MLP-related entities and other energy sector and energy utilities companies. To generate additional income, the Fund expects to write (or sell) covered call options on up to 35% of its managed assets. The Fund is treated as a regular corporation, or a "C" corporation, for United States federal income tax purposes and, as a result, is subject to corporate income tax to the extent the Fund recognizes taxable income.
First Trust Advisors L.P. ("FTA"), a federally registered investment advisor, and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are privately held companies that provide a variety of investment services. FTA is the investment advisor to exchange-traded funds, closed-end funds, mutual funds, separate managed accounts and provides supervisory services to FTP sponsored unit investment trusts. FTA's assets under management were approximately $122 billion as of April 30, 2018. This includes the supervisory services FTA provides to FTP sponsored unit investment trusts, which are unmanaged. FTP is a sponsor of unit investment trusts and distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.
Energy Income Partners, LLC ("EIP") serves as the Fund's investment sub-advisor and provides advisory services to a number of investment companies and partnerships for the purpose of investing in MLPs and other energy infrastructure securities. EIP is one of the early investment advisors specializing in this area. As of April 30, 2018, EIP managed or supervised approximately $6.0 billion in client assets.
Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost.
Principal Risk Factors: The risks of investing in the Fund are spelled out in the shareholder reports and other regulatory filings.
The Fund is subject to risks, including the fact that it is a non-diversified closed-end management investment company.
Because the Fund is concentrated in securities issued by MLPs, MLP-related entities, and other energy and utilities companies, it will be more susceptible to adverse economic or regulatory occurrences affecting those industries, including high interest costs, high leverage costs, the effects of economic slowdown, surplus capacity, increased competition, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors.
The Fund invests in securities of non-U.S. issuers which are subject to higher volatility than securities of U.S. issuers. Because the Fund invests in non-U.S. securities, you may lose money if the local currency of a non-U.S. market depreciates against the U.S. dollar.
Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.
The Fund’s daily closing New York Stock Exchange price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.
//www.businesswire.com/news/home/20180521006051/en/
First Trust MLP and Energy Income Fund
Press Inquiries:
Jane Doyle, 630-765-8775
or
Analyst Inquiries:
Jeff Margolin, 630-915-6784
or
Broker Inquiries:
Jeff Margolin, 630-915-6784
Source: First Trust MLP and Energy Income Fund | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-first-trust-mlp-and-energy-income-fund-declares-its-monthly-common-share-distribution-of-0-point-1183-per-share-for-june.html |
(Rewrites throughout with analyst comments, updates levels)
* MSCI ex-Japan up 0.1 pct, Nikkei flat despite strong Wall St
* Dollar near four-month highs vs yen, near six-month top vs euro
* Oil near 2014 highs after Venezuela’s presidential elections
By Swati Pandey
SYDNEY, May 22 (Reuters) - Asian shares skidded on Tuesday as a strong dollar sapped demand for emerging market assets while surging oil prices stoked concerns about a flare-up in inflation and faster U.S. interest rate increases.
Japan’s Nikkei was mostly flat while Australian shares fell 0.9 percent. Chinese shares opened in the red with the blue-chip CSI300 off 0.7 percent.
Liquidity was relatively thin due to holidays in South Korea and Hong Kong.
MSCI’s broadest index of Asia-Pacific shares outside Japan was just a shade higher at 568.4 points, but well below an all-time peak of 617.12 hit in January.
“We are seeing U.S. dollar strength and that is causing money to flow out from emerging markets to the U.S. There is some sort of risk aversion going on,” said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management.
“People are cautious about taking exposure in emerging markets.”
Those concerns offset the boost to sentiment from overnight gains on Wall Street over the apparent reconciliation between the United States and China over import duties.
Analysts said investors in the region were worried about the growth outlook, with the U.S. Federal Reserve staying on its policy tightening path.
“Stocks have rallied several times on the belief that trade tensions were easing, only to fall back down as investors took the opposite view,” said James McGlew, executive director of stockbroking at Perth-based Argonaut.
“While the global economy remains robust and first-quarter earnings have been strong, stock markets have mostly traded sideways this year because many investors have started to fear that the pace of the expansion has already peaked.”
The MSCI ex-Japan index is flat so far this year after a super-charged 33.5 percent gain in 2017.
JPMorgan’s Shigemi said investors will now turn their focus to the next Fed meeting on June 13 where it is widely expected to raise rates for a second time this year.
A total of three hikes is almost fully priced-in by the market for 2018 although some investors expect the Fed to be more aggressive.
It was the fear of higher inflation and thus faster Fed rate rises that caused a bond market rout earlier this year, sending yields sharply higher and triggering a share market sell-off.
The dollar hovered near five-month highs against a basket of currencies, boosted by the U.S.-China trade optimism.
The dollar index was last down 0.1 percent at 93.56 from Monday’s top of 94.058.
The euro held at $1.1782, within spitting distance of a more than six-month trough of $1.1715 touched on Monday amid continued political uncertainty in Italy.
Italy’s far-right League and the 5-Star Movement agreed on a candidate to lead their planned coalition government and to implement spending plans seen by some investors as threatening the sustainability of the country’s debt pile.
The Japanese yen steadied near four-month lows at 110.99 per dollar, while sterling eased slightly to $1.3428 ahead of key data that could determine whether the Bank of England raises rates in 2018.
Elsewhere, oil prices soared to their highest since 2014 after Venezuela’s presidential election heightened worries that the country’s oil output could fall further.
The market is also weighing the possibility of additional U.S. sanctions on the country.
U.S. crude added 24 to $72.48 per barrel and Brent rose 17 cents to $79.33.
The combination of higher oil and conciliatory actions on the US-China trade front boosted the Australian dollar, a liquid proxy for risk, to a one-month peak.
As the dollar strengthened, gold prices eased to stay near the lowest since late December at $1,290.5.
Editing by Sam Holmes & Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-asian-shares-stumble-as-dollar-strengthens-oil-surges-idUSL3N1ST1R0 |
May 18, 2018 / 10:12 AM / Updated 7 hours ago North Korea 'declines' South Korea media for nuclear site event; China urges 'stability' Heekyong Yang 5 Min Read
SEOUL (Reuters) - North Korea has declined to accept a list of South Korean journalists hoping to observe the closure of its nuclear test site, South Korea said on Friday, raising new questions about the North’s commitment to reducing tension. FILE PHOTO: North Korean leader Kim Jong Un and South Korean President Moon Jae-in deliver a statement at the truce village of Panmunjom inside the demilitarized zone separating the two Koreas, South Korea, April 27, 2018. Korea Summit Press Pool/Pool via Reuters
North Korea had invited a limited number of journalists from South Korea and other countries to witness what it said will be the closing of its only nuclear weapons test site at Punggye-ri next week.
The North Korean offer to scrap the test site has been seen as major concession in months of easing tension between it, on the one hand, and South Korea and the United States on the other.
But the remarkable progress appears to have been checked in recent days with North Korea raising doubts about an unprecedented June 12 summit in Singapore between leader Kim Jong Un and U.S. President Donald Trump, and calling off talks with the South.
The South Korean Unification Ministry, which handles dealings with the North, said on Friday North Korea had “declined to accept” the list of journalists submitted by the South for the test site dismantling.
The ministry did not elaborate but the North Korean decision is likely to raise doubts about its plan for the test site.
Trump on Thursday sought to placate North Korea after it threatened to call off the June summit, saying Kim’s security would be guaranteed in any deal and his country would not suffer the fate of Muammar Gaddafi’s Libya, unless that could not be reached.
North Korea had said on Wednesday it might not attend the Singapore summit if the United States continued to demand it unilaterally abandon its nuclear arsenal, which it has developed in defiance of U.N. Security Council resolutions to counter perceived U.S. hostility.
On Thursday, North Korea’s chief negotiator called South Korea “ignorant and incompetent” and denounced U.S.-South Korean air combat drills and threatened to halt all talks with the South.
Trump, in rambling remarks in the White House’s Oval Office, said as far as he knew the summit was still on track, but that the North Korean leader was possibly being influenced by Beijing.
But he also stressed that North Korea would have to abandon its nuclear weapons and warned that if no deal was reached, North Korea could be “decimated” like Libya or Iraq. ‘PEACEFUL MEANS’
China, responding to U.S. President Donald Trump suggestion that Beijing may be influencing North Korea’s new hardline stance, said on Friday it stands for stability and peace on the Korean peninsula and for settlement of confrontation over its development of weapons through talks.
Chinese foreign ministry spokesman Lu Kang, asked about Trump’s comments, said China’s position had not changed and he reiterated that it supported the goal of denuclearisation on the Korean peninsula.
“We are consistently supporting all relevant parties in resolving the peninsula issue through political consultations and peaceful means,” Lu told a regular briefing.
Kim has made two visits to China recently for talks with President Xi Jinping, including a secretive train trip to Beijing in late March, his first known visit outside North Korea since coming to power.
He flew to the port city of Dalian this month.
Both times, Kim’s encounters with Xi were cast by Chinese state media as friendly. They included beachside strolls and Xi saying that previous generations of North Korean and Chinese leaders had visited each other as often as relatives.
The warmth between the two leaders marks a sharp reversal in what had been months of frosty ties, as China ratcheted up sanction pressure on North Korea in response to its relentless missiles and nuclear tests last year.
China is North Korea’s largest trading partner and considers it an important security buffer against the U.S. military presence in region.
What had seemed until this week to be rapidly warming ties between North Korea, on the one hand, and South Korea and the United States on the other, had fueled fears in Beijing that it might be left out of a new deal on the peninsula, according to analysts. Additonal reporting by Micheal Martina, in BEIJING; Writing by Christian Shepherd; Editing by Josh Smith, Robert Birsel | ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles/north-korea-declines-south-korea-media-for-nuclear-site-event-china-urges-stability-idUSKCN1IJ157 |
Now that the Supreme Court has paved the way to legalize sports betting across the U.S., novices may get the itch to go for broke. But me? I don’t like the odds.
In 1992, the federal government barred states from authorizing sports gambling on the grounds that it threatened the integrity of athletics. Nevada’s existing gambling laws were grandfathered in, but with last week’s high court decision, any state may now opt to permit sports betting.
... RELATED VIDEO NBA's Adam Silver on Why He Supports Legal Sports Betting 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. To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/the-book-on-sports-betting-the-house-holds-the-cards-1527253200 |
LIMA, Peru, May 10, 2018 /PRNewswire/ -- Camposol S.A. (the "Company" or "we") announced today that in connection with its offer to purchase for cash ("Tender Offer") any and all its outstanding 10.50% Notes due 2021 (the "Notes"), it has extended the Expiration Date (as such term is defined in the Statement (as defined below)) of the Tender Offer until 11:59 p.m., New York City time, on May 14, 2018.
As of 5:00 p.m. on May 9, 2018, $113,843,000 principal amount of the Notes have been validly tendered in the Tender Offer, representing approximately 77.19% of the principal amount outstanding of the Notes. Holders who have validly tendered their Notes do not have to re-tender their Notes or take any other action as a result of the extension of the Expiration Date of the Tender Offer.
The other terms and conditions of the Tender Offer set forth in the Offer to Purchase for Cash Statement dated April 27, 2018 (the "Statement") still apply.
The Company has retained J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated to serve as the dealer managers for the Tender Offer. Questions regarding the tender offer may be directed to J.P. Morgan Securities LLC at +1 (212) 834-7279 (collect) or (866) 846-2874 (toll-free) and Merrill Lynch, Pierce, Fenner & Smith Incorporated at +1 (646) 855-8988 (collect) or (888) 292-0070 (toll-free). Requests for documents may be directed to D.F. King & Co. Inc., the information and tender agent for the Tender Offer, at +1 (212) 269-5550 (banks and brokers), +1 (800) 884-4725 (all others, toll free) and by e-mail at [email protected] .
Documents relating to the Tender Offer are also available at www.dfking.com/camposol .
None of the Company, the guarantors to the Notes, the dealer managers or the information and tender agent make any recommendations as to whether holders should tender their Notes pursuant to the Tender Offer, and no one has been authorized by any of them to make such recommendations. Holders must make their own decisions as to whether to tender their Notes, and, if so, the principal amount of Notes to tender.
This press release is for informational purposes only and is not a recommendation and is not an offer to sell or a solicitation of an offer to buy any security. The Tender Offer is being made solely pursuant to the Tender Offer documents.
The Tender Offer does not constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not permitted by law or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation.
In any jurisdiction where the securities, blue sky or other laws require tender offers to be made by a licensed broker or dealer and in which the dealer managers, or any affiliates thereof, are so licensed, the Tender Offer will be deemed to have been made by any such dealer managers, or such affiliates, on behalf of the Company.
Forward-Looking Statements
This release and the Statement contain statements which may constitute "forward-looking statements". These forward-looking statements are not based on historical facts, but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Words such as "expect," "may," "intend," "should" and similar words and expressions are intended to identify forward-looking statements. It is possible that our actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to update publicly or revise any forward-looking statements after the date on which they are made in light of new information, future events and other factors.
View original content: http://www.prnewswire.com/news-releases/camposol-sa-extends-the-expiration-date-of-its-tender-offer-for-any-and-all-of-its-10-50-notes-due-2021--300646298.html
SOURCE Camposol S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-camposol-s-a-extends-the-expiration-date-of-its-tender-offer-for-any-and-all-of-its-10-point-50-percent-notes-due-2021.html |
TORONTO, May 24, 2018 (GLOBE NEWSWIRE) -- Cluny Capital Corp. (the “ Company ”) (TSXV:CLN.H), a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange (the “ TSXV ”), announces the following persons as the new officers and directors of the Company, subject to TSXV approval:
Michael Frank (Director/CEO/CFO)
Mr. Frank is currently the Chief Strategy Officer of DataMetrex AI Limited (TSXV:DM), Chief Executive Officer of Ronin Blockchain Corp., a wholly owned subsidiary of DataMetrex, Chief Executive Officer and a director of Internet of Things Inc. (TSXV:ITT), and a director of AnalytixInsight Inc. (TSXV:ALY). From 2007 to 2011, he was the Chief Executive Officer of Sprylogics International Corporation., a TSXV listed software company focused on semantic and local search and also served as a consultant until March 2014. Additionally, he was Executive Vice President of Hutchison Avenue Software, one of the first real-time online stock Quote: platforms, where he was instrumental in the sale of the company to Intuit Corporation. He also served as Vice President of Business Development at BrandEra.com , a Nasdaq-listed online marketplace for the advertising community.
James Greig (Director)
Mr. Greig is currently the Chief Executive Officer and a director of Crystal Exploration Inc. (TSXV:CEI). From December 2009 to March 2013 he was a Project Manager at Keegan Resources Ltd. and from April 2007 to December 2009 he was a Project Manager at Stantec Mining. In addition, from May 2012 to April 2015 he was a director at GFG Resources Inc., a TSXV listed issuer.
Jaimie Grossman (Director)
Jaimie Grossman is the co-founder and currently the Chairman of Jiffy on Demand, a web and mobile platform that connects homeowners with service providers in real time, based on proximity and availability. He was the Chief Executive Officer of Jiffy from April 2015 to December 2017. Prior to Jiffy, Jaimie was the co-founder and Chief Executive Officer of UpTrend Media, an online advertising representation firm, from 2003 to 2010, which was acquired by Yellow Pages in 2010.
Robbie Grossman (Corporate Secretary)
Robbie Grossman is a securities, M&A and corporate finance lawyer at DLA Piper (Canada) LLP. His cross border practice is underscored by deep experience in acting for emerging issuers and public companies. Prior to DLA Piper (Canada) LLP he was with McMillan LLP from September 2013 to March 2018 and at Garfinkle Biderman LLP from February 2004 to September 2013. Mr. Grossman has been, and currently is, an officer and director of several publicly traded companies.
In connection with the complete management change, the Company announces a proposed non-brokered private placement for gross proceeds of up to $300,000 through the issuance of up to 6,000,000 common shares at a price of $0.05 per share. All securities issued pursuant to the financing will be subject to a four-month hold period. The financing is subject to approval by the TSXV. The net proceeds will be used by the Company for working capital and the identification and evaluation of a Qualifying Transaction (as such term is defined by the TSXV). The Company anticipates that each new officer and director of the Company will subscribe for at least $5,000 of common shares, which will be subject to a TSXV Form 2F Escrow Agreement . The subscriptions by the new officers and directors will result in a "related party transaction" as defined under Multilateral Instrument 61-101 (“MI 61-101”). The transaction is expected to be exempt from the formal valuation requirements of MI 61-101 as none of the securities of the Company are listed on a prescribed stock exchange. The proposed transaction is expected to be exempt from the minority shareholder approval requirements of MI 61-101 based on the financial hardship exemption.
The Company also proposes to complete two securities for debt transactions with two arm’s length service providers. Pursuant to the proposed transactions the Company would issue an aggregate of $56,500 of unsecured convertible debentures in satisfaction of $56,500 of indebtedness. The convertible debentures would be convertible into an aggregate of 941,666 common shares of the Company at a deemed price of $0.06 per share concurrent with the closing of a Qualifying Transaction. The Company determined to satisfy the indebtedness with common shares in order to preserve its cash for use on working capital and the identification and evaluation of a Qualifying Transaction. The transactions are subject to the approval of the TSXV and the directors of the Company. The common shares issued in satisfaction of the indebtedness will be subject to a four month hold period from the date of issuance.
The Company also announces the grant of 323,370 stock options to the new officers and directors of the Company at an exercise price of $0.06 per common share expiring on May 23, 2028. Upon resignation all of the stock options held by the departing officers and directors were forfeited.
The Company anticipates that its stock will remain halted on the TSXV until such times as the new management team has been approved by the TSXV and the financing, specifically the subscriptions by the new management team, has closed.
Forward-Looking Statements
Certain statements contained in this news release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, including the management changes, completion of the financing and option grants, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information, including, receipt of subscription agreements and completion of the conditions precedent to closing, and receipt of TSXV approval of the transactions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: receipt of TSXV approval of the transactions; changes in law; the ability to implement business strategies and pursue business opportunities; state of the capital markets; the availability of funds and resources to pursue operations; as well as general economic, market and business conditions, as well as those risk factors discussed or referred to in disclosure documents filed by the Company with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com . Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this news release is made as of the date of this news release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
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 release.
Cluny Capital Corp.
Michael Frank
Chief Executive Officer
(416) 482-3282
[email protected]
Source: Cluny Capital Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-cluny-capital-corp-provides-corporate-update.html |
Elon Musk's first Boring Co. tunnel under Los Angeles is "almost done" and set to offer free rides to the public "in a few months," the CEO said late Thursday in an Instagram post.
"Super huge thanks to everyone that helped with this project," Musk said in a caption for a video racing through the tunnel. "Once fully operational (demo system rides will be free), the system will always give priority to pods for pedestrians and cyclists for less than the cost of a bus ticket."
The 2.7-mile L.A. tunnel would be first to be completed of four such projects. It's billed as a "proof-of-process" tunnel in the company's large-scale plans for reducing transportation congestion and travel times.
The company is also working on projects along the East Coast and in Chicago.
The tunnels will eventually be a paid alternative to buses or subways. The Instagram video, posted around 11 p.m. ET Thursday, had garnered 1.8 million views within 10 hours.
WATCH: Elon Musk's big ambitions may be killing Tesla show chapters Tesla's earnings were better than expected, but Elon Musk still has a lot on his plate 8:48 PM ET Wed, 2 May 2018 | 05:31 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/elon-musks-first-boring-tunnel-to-offer-free-rides-in-a-few-months.html |
May 7, 2018 / 12:16 PM / Updated 7 hours ago Afghanistan's poverty rate rises as economy suffers Rupam Jain 3 Min Read
KABUL (Reuters) - Afghanistan’s poverty rate has worsened sharply over the past five years as the economy has stalled and the Taliban insurgency has spread, with more than half the population living on less than a dollar a day, a survey published on Monday showed. Afghan men place bread for sale at a market during the early morning hours in Kabul, January 11, 2015. REUTERS/Omar Sobhani (AFGHANISTAN - Tags: SOCIETY) - GM1EB1B11M101
The Afghanistan Living Conditions Survey (ALCS), a joint study by the European Union and Afghanistan’s Central Statistics Organisation, showed the national poverty rate rising to 55 percent in 2016-17 from 38 percent in 2011-12.
“The high poverty rates represent the combined effect of stagnating economic growth, increasing demographic pressures, and a deteriorating security situation,” Shubham Chaudhuri, World Bank director for Afghanistan, said in a commentary about the survey.
The report underlines the problems facing the Western-backed government in Kabul which needs economic growth to help replace foreign aid and to provide jobs for its fast-growing population.
As international forces have withdrawn and the billions of dollars in foreign aid that once poured in have dried up, Afghanistan’s battered agricultural economy has struggled.
More than a decade and a half after a U.S.-led campaign toppled the Taliban in 2001, the poverty line was defined as an income of 70 afghanis, or about one U.S. dollar, per person a day.
The ALCS report comes at a time when 20 of Afghanistan’s 34 provinces are suffering from serious drought and international aid agencies are seeking millions of dollars to help them.
Food insecurity has risen from 30.1 percent to 44.6 percent in five years, meaning many more people are forced to sell their land, take their children out of school to work or depend on food aid, the survey found.
Chaudhuri said the survey was the first estimate of the economic situation since Afghan forces took over security responsibilities in 2014 from international troops.
“In recent years, as population growth outstripped economic growth, an increase in poverty was inevitable,” he said on the World Bank blog site.
The survey found that 50 percent of the population is younger than 15.
This month, President Ashraf Ghani’s government said it had listed job creation among its priorities and aimed at creating 2.1 million jobs within three years.
However, according to the IMF, the economy is set to grow at 2.5-3 percent in 2017-18, too slowly to stop unemployment from rising.
The needs to produce some 400,000 new jobs a year to keep pace with population growth and tens of thousands of qualified people struggle to find work in cities, and farmers were unable to earn a sustainable livelihood due to the drought.
Officials at the European Union said the ALCS report was based on data collected from 21,000 households over 12 months. Editing by James Mackenzie, Robert Birsel | ashraq/financial-news-articles | https://in.reuters.com/article/afghanistan-economy/afghanistans-poverty-rate-rises-as-economy-suffers-idINKBN1I819M |
19 Hours Ago | 05:30
Stock buybacks may be on the rise, but noted analyst Dick Bove warned that is something banks shouldn't be doing.
"I am a big believer that buying back stock is a horrible thing to do for a bank. It's like an oil company giving away oil for stock. You don't do it. You don't give away capital for stock either if you are a bank," the chief strategist at Hilton Capital Management said on " Closing Bell " Friday.
Public companies are expected to return more money to shareholders this year in the form of stock buybacks and dividend increases. Through the end of April, S&P 500 companies are on track to give back a record $1 trillion to investors, according to S&P Dow Jones Indices.
After passing the Federal Reserve stress tests last June, several big banks announced plans to buy back more of their stock.
Bove said the theory is since the big banks can't grow larger, they can give away capital.
"I don't believe that's true," he said. "We're looking at a period where the need for money is going to grow exponentially at a time when the availability of money is declining."
That's because there is now a "massive change" going on in the financial industry, he explained.
"For the last 20, 25 years if you wanted money it was there," Bove said. "Now money supply is not growing. It's not growing because the Fed is shrinking its balance sheet."
The Federal Reserve is now in the process of winding its $4.5 trillion portfolio, known as its balance sheet. It consists mostly of government debt accumulated in the years after the financial crisis.
Overall, Bove is bullish on the banking sector, which has seen a strong first-quarter earnings season .
"The banks are entering a so-to-speak golden age in which they are going to be able to earn consistent increase in earnings, unless there's a recession," he said.
"If there's a recession, they're dead. Without that, I think the earnings are in a big upturn."
He specifically likes the smaller-cap banks, which are "just killing" the big banks in terms of stock performance.
In fact, from 2000 to 2017, mid-cap bank stocks were up 20 percent a year on average, while the biggest universal banks were down, Bove said.
"There's no comparison whatsoever."
His top picks include Silicon Valley Bank , which he calls a "huge winner," and Pinnacle Financial .
— CNBC's Fred Imbert and Jeff Cox contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/buying-back-stocks-is-a-horrible-thing-for-banks-to-do-dick-bove.html |
Old Vic at 200: How the theatre got where it is today 1 Hour Ago Before The Old Vic became a charitable trust, it was threatened with being turned into bingo hall. That was until Sally Greene OBE got involved. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/old-vic-at-200-how-the-theatre-got-where-it-is-today.html |
NEW YORK (Reuters) - Argentina’s three recent interest rate increases to halt the peso’s collapse can be traced back to a late-December government press conference which have left the country more vulnerable to international investor sentiment and capital flows.
Traders work on the floor of the Buenos Aires Stock Exchange, Argentina May 7, 2018. REUTERS/Marcos Brindicci A spike in the U.S. dollar in recent weeks and higher U.S. interest rates tested investor’s confidence in emerging markets and Argentina in particular, forcing the government of Mauricio Macri into shocking the peso back to life just four months after easing monetary policy.
After the peso hit an historic closing low versus the U.S. dollar of 22.40 last week, Argentina lifted its benchmark interest rate to 40 percent while tightening the fiscal deficit target to 2.7 percent of gross domestic product from 3.2 percent.
The Argentine authorities seem to have stopped, for now, a run on the country’s currency, but the higher interest rates and tighter fiscal policy needed to stabilize the peso could be costly down the road.
“It’s now becoming a more delicate balancing act to deliver low inflation, stable GDP growth and continue to finance a large fiscal deficit that requires a quick normalization of market stress,” said Siobhan Morden, New York-based head of Latin America fixed income strategy at Nomura in a note.
“The revised fiscal deficit target looks achievable only if financial stress recedes and only if officials convince the markets on their commitment to low inflation,” she said.
That commitment to low inflation was put in doubt back in December, when the government announced a rise in its inflation target to 15 percent from a previous band with a 10 percent midpoint, arguing that it had acquired room to recalibrate monetary policy. Two weeks later, in early January, the benchmark rate was cut to 28 percent.
The government was seen as making a bet on supporting economic growth at the expense of controlling inflation and the credibility of the central bank was called into question.
“Everything changed for worse in December when they changed the target for inflation and then reduced interest rates on the back of that,” said Claudio Irigoyen, head of Latin America economics and fixed income strategy at Bank of America Merrill Lynch.
EXTERNALITIES Months later, the external shock hit.
With U.S. economic growth looking more robust than Europe’s in the first quarter of the year, market expectations for further Federal Reserve interest rate rises were confirmed, leading to a rise in the U.S. yield curve, and a surge in the U.S. dollar which put pressure on both developed and developing market currencies.
Investors with emerging market exposure, especially those involved in the carry-trade, borrowing in U.S. dollars to invest abroad, began to reduce their exposure and developing market currencies, like Argentina’s, were badly hit.
A man walks past Argentina's Central Bank in Buenos Aires' financial district, Argentina May 7, 2018. REUTERS/Marcos Brindicci “When the external environment became more challenging, if you screened across the emerging markets landscape Argentina stood out among the most vulnerable,” said Alberto Ramos, head of Latin America Economic Research at Goldman Sachs in New York.
Though it is still early to say if last week’s central bank measures worked, some analysts agree they were needed and the coordinated action helped appease investors.
“They seem to have done enough given what we know now in terms of key external variables,” said Alejo Czerwonko emerging markets strategist at UBS Global Wealth Management’s Chief Investment Office in New York, pointing to the recent strength of the U.S. dollar and higher Treasury yields.
“If those change, further action might be needed.”
If the greenback remains near current levels against its peers, the last two weeks could be just a hurdle in the Argentina government’s plans to grow the economy further.
“Of course market developments of the last few weeks will have an impact on key macro variables, but we don’t think ultimately they will derail the improvement in the growth-inflation mix nor the improvement in addressing key imbalances,” Czerwonko said.
THREATS The biggest threat to the government’s plans could come from within.
Macri’s center-right government, a global financial markets darling through last year, could face stagflation if interest rates have to remain this high for too long or if Argentineans decide to buy more U.S. dollars as protection against inflation.
“What you need to monitor now is how the opposition tries to capitalize on this and puts some stone in the road in congress in order to make it more difficult for the government to adjust fiscal policy,” said Irigoyen.
Argentina could find itself needing external financing at high financial cost or having to turn to the International Monetary Fund which would incur a big political cost.
“Politics are going to be very fluid going forward.”
Reporting by Rodrigo Campos; Editing by Daniel Bases
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-argentina-rate-wallstreet-analysis/argentina-stems-peso-bleeding-but-remains-vulnerable-to-capital-flows-idUSKBN1I82LD |
May 7, 2018 / 4:16 AM / Updated 12 minutes ago Australia's ANZ cuts financial planner bonuses as inquiry reshapes an industry Byron Kaye 5 Min Read
SYDNEY (Reuters) - Australia’s ANZ said it would quit paying bonuses to financial planners for selling its products, becoming the country’s first major lender to change business practices in response to a powerful inquiry that has unmasked widespread misconduct in the sector. FILE PHOTO: An ANZ bank logo is pictured in Sydney, Australia April 23, 2018. REUTERS/Edgar Su/File Photo
The move by Australia and New Zealand Banking Group Ltd highlights how the Royal Commission has started to refashion an industry central to the world’s 12th largest economy, just three months into what is scheduled to be a year-long run.
“The world of financial services, particularly for individuals, will look very, very different in two years’ time,” said Michael McCarthy, chief strategist at CMC Markets.
“The Royal Commission is playing a key part in it.”
The barrage of banking headlines continued on Monday with Commonwealth Bank of Australia hit by a cut to its ratings outlook that cited potential ramifications from the Royal Commission and other inquiries as a key factor. The industry’s regulator also gave its first restricted licence to an online bank which aims to take on the sector.
And in the past month, AMP Ltd, Australia’s biggest wealth manager, has seen its CEO and chairman depart over allegations aired in the inquiry that it charged fees for financial advice without actually giving it.
The judge-led inquiry reports back to the government with recommendations in early 2019, but the industry’s biggest players are already scrambling to control the fallout.
ANZ’s decision to scrap sales bonuses for financial planners came after witnesses employed by the company told the inquiry 5 percent of the bank’s financial planning product sales were deemed inappropriate.
“We know it has taken too long for changes to occur, so where we see solutions we will act,” Chief Executive Shayne Elliott said in a statement, which did not mention the Royal Commission.
“That is why we are getting on with these initiatives now.”
By comparison, the UK banned commission-based advice by financial advisers in 2012 in an upheaval dubbed “death of the salesmen” at the time.
“The removal of remuneration that both is conflicted, or that is perceived to be conflicted, is a positive step,” Dante De Gori, chief executive of the Financial Planners Association of Australia, said in an email.
Moves in the United States to shift to fee-based advice for retirement accounts, which began in 2017, from commission-based advice are currently being challenged in the courts. CBA SEEN AT MORE RISK
ANZ’s action comes as many of Australia’s big lenders are cutting back their exposure to financial planning - part of a sectorwide push to simplify business structure and reduce exposure to a highly competitive market.
ANZ is selling most of its planning businesses to IOOF Holdings Ltd, while CBA and National Australia Bank are seeking to exit from wealth management.
Westpac Banking Corp is the only “big four” lender without plans to sell out of wealth management, reaffirming its commitment to its unit at an earnings call on Monday.
But Westpac, which posted a better-than-expected profit in the first half, also warned it expected to sell fewer mortgages, saying tighter lending standards would squeeze growth. That echoes predictions of slower revenue growth in the wake of the inquiry by ANZ last week.
CBA, Australia’s biggest lender, saw Fitch Ratings cut its issuer default rating for the bank to “negative” from “stable”, citing the risk that it may be hit with tougher regulations than its peers.
In addition to the Royal Commission, CBA is facing a federal lawsuit accusing it of more than 50,000 breaches of anti-money laundering protocols. The Australian Prudential Regulatory Authority (APRA) has forced the bank to carry an extra A$1 billion in cash provisions as punishment.
“We believe the initially identified shortcomings of CBA, being risk appetite as well as management and strategy, are more widespread than we had incorporated into the previous assessment of these factors,” Fitch said in a statement.
In another blow to the status quo, APRA granted online-only lender volt bank Ltd the country’s first “restricted authorised deposit-taking institution” licence as part of a push to encourage competition in the sector.
The licence lets volt, founded by former staffers at Barclays and Westpac subsidiary St George, test its platform and gather A$2 million ($1.5 million) in deposits while it works on getting a full banking licence.
“The trust between many Australians and their banks has been broken and the path to repair starts with new market entrants who are willing to do things differently,” volt CEO Steve Weston said in a statement. Additional reporting by Jennifer Hughes in Hong Kong and Aaron Saldanha in Bengaluru; Editing by Edwina Gibbs | ashraq/financial-news-articles | https://in.reuters.com/article/australia-banks-inquiry-anz-bank/anz-scraps-sales-bonuses-for-financial-planners-as-inquiry-shakes-up-sector-idINKBN1I809O |
PBS to debut 'Going to War' on Memorial Day 1 Hour Ago Sebastian Junger, "Going to War," talks about a new film that offers a first-hand account from military veterans who serve in and return from war. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/pbs-to-debut-going-to-war-on-memorial-day.html |
May 31, 2018 / 7:39 PM / Updated an hour ago National Basketball Players Association adds first director of mental health Reuters Staff 2 Min Read
The National Basketball Players Association named Dr. William D. Parham its first director of mental health and wellness on Thursday. File photo: The Washington Wizards and the Boston Celtics reach for a rebound in the first quarter of their NBA basketball game in Boston, Massachusetts November 17, 2010. REUTERS/Brian Snyder
In his role, Parham will oversee the development and management of the newly launched NBPA Mental Health and Wellness Program designed to assist all members of the union in addressing any mental heath challenges or issues they face.
“We are excited to have Dr. Parham on board and to get the Program up and running,” said NBPA executive director Michele Roberts in a statement. “We have heard our players’ stories and are making mental health a priority now by bringing in Dr. Parham. His many years of expertise and knowledge of the game allow him to make an impact in this new role right away.”
During the current NBA season, Toronto Raptors guard DeMar DeRozan opened up about his bouts with depression and Cleveland Cavaliers forward Kevin Love wrote about his experience with panic attacks and anxiety. Cavaliers coach Tyronn Lue discussed before the start of the NBA Finals his absence from the bench, which was caused in part by anxiety.
“It really makes you think about how we are all walking around with experiences and struggles — all kinds of things — and we sometimes think we’re the only ones going through them,” Love wrote for The Players’ Tribune. “The reality is that we probably have a lot in common with what our friends and colleagues and neighbors are dealing with. Mental health is an invisible thing, but it touches all of us at some point or another. It’s part of life. Like DeMar said, ‘You never know what that person is going through.’”
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-mental-health/national-basketball-players-association-adds-first-director-of-mental-health-idUSKCN1IW2VF |
Taxes Special counsel subpoenas another Roger Stone aide in Russia probe John Kakanis has been served a subpoena in special counsel Robert Mueller's investigation into alleged Russian meddling in the 2016 election. Kakanis was a key assistant of President Trump's advisor Roger Stone. The FBI has questioned Kakanis on a number of topics related to the investigation including WikiLeaks, Julian Assange and Guccifer 2.0. Published Updated Moments Ago Reuters Kevin Lamarque | Reuters U.S. political consultant Roger Stone, a longtime ally of President Donald Trump, speaks to reporters after appearing before a closed House Intelligence Committee hearing investigating Russian interference in the 2016 U.S. presidential election at the U.S. Capitol in Washington, U.S., September 26, 2017.
U.S. Special Counsel Robert Mueller has subpoenaed a key assistant of long-time Donald Trump advisor Roger Stone, two people with knowledge of the matter said, the latest sign that Mueller's investigation into alleged Russian meddling in the 2016 election is increasingly focusing on Stone.
The subpoena was recently served on John Kakanis, 30, who has worked as a driver, accountant and operative for Stone.
Kakanis has been briefly questioned by the FBI on the topics of possible Russian interference in the 2016 presidential election, the WikiLeaks website, its founder Julian Assange , and the hacker or hackers who call themselves Guccifer 2.0, one of the people with knowledge of the matter said.
Mueller has not scheduled a grand jury appearance for Kakanis, the person said.
WikiLeaks and Guccifer 2.0 each published emails and other documents from the Democratic Party in 2016 that U.S. intelligence agencies say were hacked by Russian operatives in an effort to tip the election in favor of then Republican nominee Trump.
Michael Becker, Kakanis' lawyer, did not respond to multiple requests for comment and Mueller's office declined comment.
In an emailed statement to Reuters on Friday, Stone said he believed that Mueller's scrutiny on him stemmed from "misapprehensions and misconceptions" created by the media, and that he would ultimately be exonerated of any alleged wrongdoing.
"I sincerely hope when this occurs that the grotesque, defamatory media campaign which I have endured for years now will finally come to its long-overdue end," wrote Stone, one of Trump's closest political advisors in the years before he ran for president.
During the 2016 Republican primaries, a Stone political action committee paid more than $130,000 to an entity called "Citroen Associates" for "voter fraud research and documentation" and "research services consulting," according to Federal Election Commission filings.
Florida state records identify the owner of Citroen Associates as John P. Kakanis.
The subpoena handed to Kakanis is the latest development suggesting that Stone, an early Trump backer whose reputation as an aggressive political operative dates back to the Watergate scandal of the 1970s, is being looked at by Mueller.
Reuters reported earlier this week that FBI agents working for Mueller delivered two subpoenas to Jason Sullivan, a social media and Twitter expert who worked for Stone during the 2016 campaign, and that agents told him Mueller's team wanted to question him about Stone and WikiLeaks.
Some of Stone's comments during the elections have prompted questions from investigators in Congress, and others, about whether he had advance knowledge of the Democratic Party material allegedly hacked by Russian intelligence and sent to WikiLeaks founder Julian Assange, who published it.
Stone, including in an appearance before the U.S. House of Representatives Intelligence Committee last September, has repeatedly said he never got any hacked emails from Assange or WikiLeaks or Russians, and that he never passed any hacked emails to Trump, his campaign or anyone else.
Mueller is investigating whether Russia meddled in the presidential election and if Moscow colluded with the Trump campaign. Both Russia and Trump deny collusion.
Other Trump associates who have been questioned by Mueller, including former campaign advisors Sam Nunberg and Michael Caputo, have also been asked about Stone and WikiLeaks.
"They asked me about Roger's businesses – who he worked with prior to the 2016 election. They asked me about Roger's tax returns," Nunberg said in a phone interview earlier this week, adding that he believed Mueller was stepping outside his mandate in casting such a wide net around Stone's activities. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/special-counsel-subpoenas-another-roger-stone-aide-in-russia-probe.html |
BRUSSELS—President Donald Trump is weighing measures to cut European Union steel and aluminum exports to the U.S. by about 10%, in a sign the bloc’s concessions to secure tariff exemptions aren’t meeting White House demands, EU officials familiar with the talks said.
Washington proposed two options for Brussels: a quota fixed at 90% of U.S. imports from the EU in 2017 and a tariff-rate quota that would target the same 10% reduction via levies, Poland’s Entrepreneurship and Technology Minister Jadwiga Emilewicz said Tuesday after... | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-is-targeting-10-cut-in-eu-steel-aluminum-exports-to-u-s-1527020276 |
NAIROBI, May 9 (Reuters) - Kenya’s largest telecoms operator Safaricom said on Wednesday that it expects its earnings before interest and taxation (EBIT) to rise by 7-12 percent in its financial year to next March.
Chief Financial Officer Sateesh Kamath told an investor briefing the company had exceeded its EBIT guidance for its year to the end of March 2018, posting an EBIT of 79.3 billion shillings ($789.45 million), higher than the initial guidance of 71-75 billion shillings. ($1 = 100.4500 Kenyan shillings) (Reporting by Duncan Miriri Editing by Maggie Fick)
| ashraq/financial-news-articles | https://www.reuters.com/article/kenya-safaricom/kenyas-safaricom-expects-ebit-to-jump-7-12-pct-in-fy19-idUSN6N1HI008 |
Snap exec Stuart Bowers leaves for Tesla 1 Hour Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/snap-exec-stuart-bowers-leaves-for-tesla.html |
May 1 (Reuters) - Intersect ENT Inc:
* INTERSECT ENT REPORTS FIRST QUARTER 2018 RESULTS * Q1 REVENUE $24.7 MILLION VERSUS I/B/E/S VIEW $23.6 MILLION
* QTRLY LOSS PER SHARE $0.21 * Q1 EARNINGS PER SHARE VIEW $-0.24 — THOMSON REUTERS I/B/E/S
* FY2018 REVENUE VIEW $115.4 MILLION — THOMSON REUTERS I/B/E/S
* Q2 REVENUE VIEW $28.1 MILLION — THOMSON REUTERS I/B/E/S * SEES FULL YEAR 2018 GROSS MARGIN IN RANGE OF 80% TO 81% Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-intersect-ent-reports-qtrly-loss-p/brief-intersect-ent-reports-qtrly-loss-per-share-0-21-idUSASC09YQ2 |
May 7 (Reuters) - Silicon Valley self-driving startup Drive.ai said on Monday it will launch a pilot program for an autonomous ride-hailing service in July in Frisco, Texas, with safety drivers present.
The initial pilot will run for six months and will be the first public deployments on Texas city streets, the company said.
Drive.ai, one of the handful startups in the self-driving technology, competes with big names such as Alphabet Inc's Waymo and Uber Technologies Inc, General Motors Co and Toyota Motor Corp.
Waymo, which has been working on self-driving cars since 2009 and has driven over 5 million miles on public roads, has announced plans to launch a fully autonomous ride-hailing service in Phoenix, Arizona in the coming months.
California-based Drive.ai, founded in 2015, is developing artificial intelligence software for autonomous vehicles using deep learning. (Reporting by Sonam Rai in Bengaluru and Alexandria Sage in San Francisco; Editing by Shailesh Kuber) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/reuters-america-drive-ai-to-launch-self-driving-ride-hailing-pilot-in-july.html |
May 17, 2018 / 7:01 PM / Updated 38 minutes ago U.S. envoy to Russia cancels speech at event with sanctioned oligarch Reuters Staff 2 Min Read
MOSCOW (Reuters) - The U.S. ambassador to Russia said he would not speak when he appears on the panel of the St Petersburg economic forum (SPIEF) next week which he was to participate in with Viktor Vekselberg, a Russian oligarch recently added to a U.S. sanctions list.
“While I will not be participating in any panel discussions at SPIEF, I will be meeting as many people as possible to discuss the road ahead,” the envoy, Jon Huntsman, said in a video posted by the U.S. Embassy in Moscow on Twitter.
Russian media said earlier that Huntsman was scheduled to give a speech at the forum’s Russia-USA panel session where Vekselberg is one of the participants. The Russian businessman and his Renova Group were added to the list of U.S.-sanctioned individuals and entities on April 6.
The official programme of the forum, which runs from May 24-26, included Huntsman as panelist, Russian media reported in May. As of Thursday, he was no longer on the list.
The United States imposed major sanctions against 24 Russians deemed close to President Vladimir Putin in one of Washington’s most aggressive moves to punish Moscow for its alleged meddling in the 2016 U.S. election and other “malign activity.” Reporting by Maxim Rodionov, editing by Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-russia-sanctions-forum/u-s-envoy-to-russia-cancels-speech-at-event-with-sanctioned-oligarch-idUKKCN1II2QB |
May 14 (Reuters) - Invitation Homes Inc:
* Q1 CORE FFO PER SHARE $0.29 * Q1 REVENUE $424 MILLION VERSUS I/B/E/S VIEW $423.3 MILLION
* QTRLY AFFO EARNINGS PER SHARE $0.24 * 2018 GUIDANCE REMAINS UNCHANGED VERSUS INITIAL GUIDANCE SET IN FEBRUARY 2018
* INVITATION HOMES - MERGER INTEGRATION REMAINS ON TRACK; CONTINUES TO EXPECT $45 - $50 MILLION OF ANNUAL RUN-RATE COST SYNERGIES BY MID-2019
* Q1 FFO PER SHARE VIEW $0.28 — THOMSON REUTERS I/B/E/S * FY2018 FFO PER SHARE VIEW $1.17 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-invitation-homes-q1-ffo-per-share/brief-invitation-homes-q1-ffo-per-share-0-23-idUSASC0A234 |
BEIJING (Reuters) - China’s securities regulator said on Friday that overseas shareholders of futures brokerages must be reputable institutions with outstanding performance, as it prepares to open up the sector to majority foreign ownership.
FILE PHOTO - A security guard stands outside the headquarters building of China Securities Regulatory Commission in Beijing, September 7, 2015. REUTERS/Jason Lee Senior managers of foreign-invested futures brokerages must also be based in China, while at least one third should be Chinese nationals, the China Securities Regulatory Commission (CSRC) told a news conference in Beijing, citing newly-published draft rules.
The rules, which are circulated for public consultation, come after China last April said it would further deregulate its financial industry, raising the foreign ownership ceiling to 51 percent in securities firms, mutual fund houses, life insurers as well as futures brokerages. All ownership restrictions will be scrapped in three years’ time.
Currently, several foreign banks, including Royal Bank of Scotland Group ( RBS.L ) and JPMorgan Chase & Co ( JPM.N ), own minority stakes in Chinese futures brokerage ventures.
CSRC also published draft rules on Friday to better regulate overseas expansion by Chinese brokerages and asset managers.
Some companies are expanding their businesses blindly, while others have complicated structures that make internal management difficult, CSRC said, urging them to streamline their overseas businesses.
Reporting by Zhang Xiaochong and Ryan Wu, Writing by Samuel Shen in SHANGHAI; Editing by Jacqueline Wong
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-csrc-futures/china-regulator-sets-bar-for-foreign-shareholders-of-futures-brokerages-idUSKBN1I514T |
* FTSE falls to lowest level in nearly 3 weeks
* Dixons Carphone down 20 pct on profit warning
* M&A activity underpins Smiths, IWG
By Danilo Masoni
MILAN, May 29 (Reuters) - British stocks fell on Tuesday, joining a Europe-wide sell-off triggered by worries over a political crisis in Italy, while a profit warning at Dixons Carphone wiped one fifth off the retailer’s market value.
The UK’s top share FTSE 100 index fell 1.1 percent to its lowest level in nearly three weeks, shrugging off a fall in the pound as it resumed trading after a long holiday weekend. The FTSE 250 midcap index fell 1.3 percent.
“Even a weaker GBP (typically a boon for FTSE global stocks) and EUR battered by Italian/Spanish geopolitical risks were not sufficient to prop up equities,” said Accendo Markets analyst Artjom Hatsaturjants in a note.
Dixons Carphone, which is struggling in a difficult market for selling phones and electrical goods in Britain, warned profits were likely to plunge by a fifth this year and said it would have to close shops to fix itself.
The shares in the company, formed in 2014 by the merger of Dixons Retail and Carphone Warehouse, fell 20 percent and it their lowest level since December 2017.
“We look forward to a fuller update from the company at the full year results on the company’s plans on 21st June,” said Liberum analysts in a note.
“The key question remains as to what, ultimately, the Carphone Warehouse will look like and how profitable this can be. Deeper clarity on management’s strategy could be the next catalyst,” they added.
Top fallers on the FTSE were banks Royal Bank of Scotland and Barclays, both down more than 3 percent, as financials in Europe were under pressure on worries the next Italian election could turn into a referendum on the euro.
Among the few gainers were precious metal miner Fresnillo , up 3.4 percent, tracking a rise in gold prices, while engineering firm Smiths surged to a record high after news it was in early talks over a potential combination of its medical division with U.S.-based ICU Medical.
M&A talk also lifted serviced office provider IWG. U.S. real estate investment company Prime Opportunities said IWG had rejected its offer approach for the British serviced office provider, sending its shares up 2 percent. (Reporting by Danilo Masoni Editing by Raissa Kasolowsky)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks/britain-shares-join-european-sell-off-dixons-hammered-idUSL5N1T022Z |
* Relief rally probably short-lived on political uncertainty
* Volumes muted as U.S., U.K on holidays
* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh
By Saikat Chatterjee
LONDON, May 28 (Reuters) - The euro jumped on Monday and was set for its biggest one-day rise against the Swiss franc as a relief rally swept through currency markets after Italy’s anti-establishment 5-Star and League parties abandoned plans to form a government.
President Sergio Mattarella is expected to ask a former International Monetary Fund official on Monday to head a stopgap government amidst political and constitutional turmoil, with early elections looking inevitable.
Markets were relieved at not having to immediately deal with the likelihood of a eurosceptic government. But market strategists doubted the rally in the euro would be sustained.
“There can be many potential twists in the Italian political situation and we would be wary of reading too much into this latest development,” said Esther Maria Reichelt, an FX strategist at Commerzbank in Frankfurt.
“Structurally speaking, the U.S. economy is in far better shape than Europe, so any bounce in euro/dollar is short-lived.”
The euro initially rallied 0.6 percent to $1.1728, pulling itself above 6 1/2-month lows. It trimmed some gains to stand 0.4 percent up on the day at $1.1696.
The euro also strengthened by 0.8 percent against the Swiss franc, rebounding from near three-month lows, and was trading at 1.1629.
The euro has been weakened by the dollar’s rally and by widening bond spreads between Italian and German debt, as markets grappled with the prospects of a spendthrift coalition government in Rome comprising the two parties.
Goldman Sachs strategists said political uncertainty will remain elevated, because the prospect of new elections would remain a drag on the economy.
The euro’s surge meant that the dollar pulled back from a six-month peak of 94.30 hit against a basket of rivals on Friday . It was trading 0.2 percent lower on the day at 94.03.
Elsewhere, the dollar was flat against the Japanese yen at 109.42 yen. Risk aversion receded after U.S. President Donald Trump said on Sunday a U.S. team had arrived in North Korea to prepare for a summit between him and North Korean leader Kim Jong Un.
Trump had pulled out of the summit last week, which had sapped investor risk appetite and helped push the dollar to a two-week trough of 108.955 yen on Thursday.
The Australian dollar, which is sensitive to shifts in risk sentiment, gained 0.25 percent to $0.7569 after shedding 0.4 percent on Friday.
Trading volumes overall were set to drop with Britain and the United States, the two main financial centres for foreign exchange trading, both closed for holidays. (Reporting by Saikat Chatterjee; additional reporting by Shinichi Saoshiro in Tokyo; Editing by Catherine Evans)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-euro-jumps-after-italy-eurosceptic-parties-attempt-to-form-government-fails-idUSL5N1SZ14P |
May 3, 2018 / 10:59 AM / Updated 7 minutes ago BRIEF-TreeHouse Foods Reports Q1 Loss Per Share $0.60 Reuters Staff 1 Min Read
May 3 (Reuters) - TreeHouse Foods Inc:
* TREEHOUSE FOODS, INC. REPORTS FIRST QUARTER 2018 RESULTS TOWARDS THE UPPER END OF ITS GUIDANCE RANGE; COMPANY REAFFIRMS FULL YEAR GUIDANCE * Q1 LOSS PER SHARE $0.60
* Q1 EARNINGS PER SHARE VIEW $0.13 — THOMSON REUTERS I/B/E/S
* REAFFIRMS FY 2018 ADJUSTED EARNINGS PER SHARE VIEW $2.00 TO $2.40 * SEES Q2 2018 ADJUSTED EARNINGS PER SHARE $0.20 TO $0.30
* Q1 SALES $1.481 BILLION VERSUS I/B/E/S VIEW $1.44 BILLION
* FY2018 EARNINGS PER SHARE VIEW $2.10 — THOMSON REUTERS I/B/E/S
* Q2 EARNINGS PER SHARE VIEW $0.34 — THOMSON REUTERS I/B/E/S
* TREEHOUSE FOODS - PLANS TO REPURCHASE UP TO $100 MILLION OF SHARES OPPORTUNISTICALLY THROUGHOUT 2018 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-treehouse-foods-reports-q1-loss-pe/brief-treehouse-foods-reports-q1-loss-per-share-0-60-idUSASC09ZFU |
SANTA MONICA, Calif. (AP) _ Cornerstone OnDemand Inc. (CSOD) on Tuesday reported a loss of $16.2 million in its first quarter.
On a per-share basis, the Santa Monica, California-based company said it had a loss of 28 cents. Earnings, adjusted for stock option expense and restructuring costs, came to 13 cents per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.
The developer of human-resources software posted revenue of $133.1 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $126.8 million.
For the current quarter ending in July, Cornerstone OnDemand said it expects revenue in the range of $127 million to $129 million.
The company expects full-year revenue in the range of $503 million to $511 million.
Cornerstone OnDemand shares have increased 29 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $45.52, a rise of 18 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 CSOD at https://www.zacks.com/ap/CSOD | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-cornerstone-ondemand-1q-earnings-snapshot.html |
FRANKFURT, May 16 (Reuters) - Germany’s Merck KGaA said two of its experimental oncology drugs showed early signs of promise in certain lung cancer patients, potentially helping the company’s efforts to find drug-industry partners to share further development costs.
The family-controlled company on Wednesday released some initial data from early- and mid-stage trials that will be presented in more detail at the annual conference of the American Society of Clinical Oncology (ASCO) in Chicago in early June.
A bifunctional fusion protein known as M7824, which combines two immunotherapy mechanism, led to tumour shrinkage in 40.7 percent of patients in a small study group suffering from non-small cell lung cancer (NSCLC).
Those patients, being tested in the first of typically three trial stages, were shown to have tumours with at least some level of PD-L1, a protein that helps the cancer evade an immune system response.
In lung cancer patients where PD-L1 was at a level of at least 80 percent, the rate of tumour shrinkage was 71.4 percent.
In another study, cancer drug tepotinib was associated with partial tumour shrinkage in 9 out of 15 trial participants, according to an interim analysis of an ongoing trial in the second of typically three stages of testing on humans.
Patients in that trial are suffering from NSCLC that is driven by a certain type of genetic mutation.
Bernstein analysts said in a March 21 note that tepotinib was the “one to watch” among Merck’s early and mid-stage pipeline drugs, and predicted 2030 sales of 530 million euros ($650 million).
Merck, which has a promising drug pipeline for the first time in several years, is looking for development partners for experimental treatments including tepotinib and M7824, as an expected decline in operating profit this year forces it to find new ways to finance pharmaceutical development. (Reporting by Ludwig Burger; Editing by Mark Potter)
| ashraq/financial-news-articles | https://www.reuters.com/article/merckkgaa-cancer/merck-kgaas-lung-cancer-drugs-show-promise-in-early-stage-trials-idUSL5N1SN6E5 |
May 21 (Reuters) - TerraForm Power Inc:
* TERRAFORM POWER REPORTS RECEIPT OF NASDAQ LETTER * TERRAFORM POWER - ON MAY 16, GOT NASDAQ LETTER INDICATING IT NO LONGER COMPLIED WITH A LISTING RULE DUE TO FAILURE TO TIMELY FILE ITS FORM 10-Q Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-terraform-got-nasdaq-letter-indica/brief-terraform-got-nasdaq-letter-indicating-it-no-longer-complied-listing-rule-idUSFWN1SS0Q7 |
NASHVILLE, Tenn., May 03, 2018 (GLOBE NEWSWIRE) -- Healthcare Realty Trust Incorporated (NYSE:HR) today announced results for the first quarter ended March 31, 2018. The Company reported net income of $9.2 million or $0.07 per diluted common share for the quarter. Normalized FFO for the three months ended March 31, 2018 totaled $49.0 million, or $0.40 per diluted common share.
Salient quarterly highlights include:
For the trailing twelve months ended March 31, 2018, same store revenue grew 3.1%, operating expenses increased 2.3%, and same store cash NOI grew 3.5%:
○ Same store revenue per average occupied square foot increased 2.7%.
○ Average same store occupancy increased 30 basis points to 89.4% from 89.1%. Four predictive growth measures in the same store multi-tenant portfolio:
○ In-place contractual rent increases averaged 2.81%, up from 2.72% a year ago.
○ Weighted average cash leasing spreads were 5.2% on 247,000 square feet renewed:
• 6% (<0% spread)
• 9% (0-3%)
• 49% (3-4%)
• 36% (>4%)
○ Tenant retention was 81.5%.
○ The average yield on renewed leases increased 60 basis points. Leasing activity in the first quarter totaled 463,000 square feet related to 128 leases:
○ 316,000 square feet of renewals
○ 147,000 square feet of new and expansion leases In April, the Company sold seven properties in Roanoke, Virginia for approximately $46.2 million pursuant to the exercise of a fixed-price purchase option. The Company recognized approximately $1.5 million of NOI from these properties during the three months ended March 31, 2018. A dividend of $0.30 per common share was declared, which is equal to 75.0% of normalized FFO per share. Dividends paid as a percentage of funds available for distribution were 93.8% for the first quarter.
Healthcare Realty Trust is a real estate investment trust that integrates owning, managing, financing and developing income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. As of March 31, 2018, the Company owned 196 real estate properties in 27 states totaling 14.5 million square feet and was valued at approximately $4.8 billion. The Company provided leasing and property management services to 10.9 million square feet nationwide.
Additional information regarding the Company, including this quarter's operations, can be found at www.healthcarerealty.com . Please contact the Company at 615.269.8175 to request a printed copy of this information.
In addition to the historical information contained within, the matters discussed in this press release may contain that involve risks and uncertainties. These risks are discussed in filings with the Securities and Exchange Commission by Healthcare Realty Trust, including its Annual Report on Form 10-K for the year ended December 31, 2017 under the heading "Risk Factors," and as updated in its Quarterly Reports on Form 10-Q filed thereafter. Forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims any obligation to update . A reconciliation of all non-GAAP financial measures in this release appears beginning on page 5.
HEALTHCARE REALTY TRUST INCORPORATED Condensed Consolidated Balance Sheets (1) (amounts in thousands, except per share data) ASSETS 3/31/2018 12/31/2017 Real estate properties: Land $ 201,090 $ 201,283 Buildings, improvements and lease intangibles 3,600,826 3,601,460 Personal property 10,205 10,314 Construction in progress 14,990 5,458 Land held for development 20,123 20,123 Total real estate properties 3,847,234 3,838,638 Less accumulated depreciation and amortization (924,304 ) (897,430 ) Total real estate properties, net 2,922,930 2,941,208 Cash and cash equivalents 3,796 6,215 Assets held for sale and discontinued operations, net 36,118 33,147 Other assets, net 220,576 213,015 Total assets $ 3,183,420 $ 3,193,585 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Notes and bonds payable $ 1,306,951 $ 1,283,880 Accounts payable and accrued liabilities 62,318 70,995 Liabilities of properties held for sale and discontinued operations 201 93 Other liabilities 49,402 48,734 Total liabilities 1,418,872 1,403,702 Commitments and contingencies Stockholders' equity: Preferred stock, $.01 par value; 50,000 shares authorized; none issued and outstanding — — Common stock, $.01 par value; 300,000 shares authorized; 125,198 and 125,132 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 1,252 1,251 Additional paid-in capital 3,175,809 3,173,429 Accumulated other comprehensive loss (639 ) (1,299 ) Cumulative net income attributable to common stockholders 1,027,528 1,018,348 Cumulative dividends (2,439,402 ) (2,401,846 ) Total stockholders' equity 1,764,548 1,789,883 Total liabilities and stockholders' equity $ 3,183,420 $ 3,193,585 (1) The Condensed Consolidated Balance Sheets do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
HEALTHCARE REALTY TRUST INCORPORATED Condensed Consolidated Statements of Income (1) (amounts in thousands, except per share data) (Unaudited) Three Months Ended March 31, 2018 2017 Revenues Rental income $ 110,229 $ 102,709 Other operating 1,895 1,935 112,124 104,644 Expenses Property operating 41,818 37,852 General and administrative 9,101 8,694 Acquisition and pursuit costs 277 586 Depreciation and amortization 39,573 34,452 Bad debts, net of recoveries — 66 90,769 81,650 Other income (expense) Gain on sales of real estate assets — 23,408 Interest expense (12,668 ) (14,272 ) Impairment of real estate asset — (323 ) Interest and other income, net 493 38 (12,175 ) 8,851 Net Income $ 9,180 $ 31,845 Basic earnings per common share: Net income $ 0.07 $ 0.28 Diluted earnings per common share: Net income $ 0.07 $ 0.28 Weighted average common shares outstanding - basic 123,257 114,675 Weighted average common shares outstanding - diluted 123,348 115,507 (1) The Condensed Consolidated Statements of Income do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
HEALTHCARE REALTY TRUST INCORPORATED Reconciliation of FFO, Normalized FFO and FAD (amounts in thousands, except per share data) (Unaudited) Three Months Ended March 31, 2018 2017 Net income $ 9,180 $ 31,845 Gain on sales of real estate assets — (23,408 ) Impairments of real estate assets — 323 Real estate depreciation and amortization 40,003 35,555 Total adjustments 40,003 12,470 Funds from operations $ 49,183 $ 44,315 Acquisition and pursuit costs (1) 277 586 Forfeited earnest money received (466 ) — Normalized funds from operations $ 48,994 $ 44,901 Non-real estate depreciation and amortization 1,466 1,355 Provision for bad debt, net — 66 Straight-line rent receivable, net (1,330 ) (1,595 ) Stock-based compensation 2,822 2,614 Non-cash items 2,958 2,440 2nd generation TI (5,867 ) (5,277 ) Leasing commissions paid (1,851 ) (1,584 ) Capital additions (4,184 ) (2,520 ) Funds available for distribution $ 40,050 $ 37,960 Funds from operations per common share - diluted $ 0.40 $ 0.38 Normalized funds from operations per common share - diluted $ 0.40 $ 0.39 FFO weighted average common shares outstanding - diluted (2) 123,984 115,507 (1) Acquisition and pursuit costs include third party and travel costs related to the pursuit of acquisitions and developments.
(2) Diluted weighted average common shares outstanding for the three months ended March 31, 2018 includes the dilutive effect of nonvested share-based awards outstanding of 635,872 shares.
Management considers funds from operations ("FFO"), FFO per share, normalized FFO, normalized FFO per share, funds available for distribution ("FAD") and FAD per share to be useful non-GAAP measures of the Company's operating performance. A non-GAAP financial measure is generally defined as one that purports to measure historical financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable measure determined in accordance with GAAP. Set forth below are descriptions of the non-GAAP financial measures management considers relevant to the Company's business and useful to investors.
The non-GAAP financial measures presented herein are not necessarily identical to those presented by other real estate companies due to the fact that not all real estate companies use the same definitions. These measures should not be considered as alternatives to net income (determined in accordance with GAAP), as indicators of the Company's financial performance, or as alternatives to cash flow from operating activities (determined in accordance with GAAP) as measures of the Company's liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of the Company's needs.
FFO and FFO per share are operating performance measures adopted by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”). NAREIT defines FFO as the most commonly accepted and reported measure of a REIT’s operating performance equal to “net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus depreciation and amortization (including amortization of leasing commissions), and after adjustments for unconsolidated partnerships and joint ventures.” The Company defines Normalized FFO as FFO excluding acquisition-related expenses and other normalizing items that are unusual and infrequent in nature. FAD is presented by adding to Normalized FFO non-real estate depreciation and amortization, deferred financing fees amortization, share-based compensation expense and provision for bad debts, net; and subtracting maintenance capital expenditures, including second generation tenant improvements and leasing commissions paid and straight-line rent income, net of expense. The Company's definition of these terms may not be comparable to that of other real estate companies as they may have different methodologies for computing these amounts. FFO, Normalized FFO and FAD do not represent cash generated from operating activities determined in accordance with accounting principles generally accepted in the United States of America and is not necessarily indicative of cash available to fund cash needs. FFO, Normalized FFO and FAD should not be considered an alternative to net income as an indicator of the Company’s operating performance or as an alternative to cash flow as a measure of liquidity. FFO, Normalized FFO and FAD should be reviewed in connection with GAAP financial measures.
Management believes FFO, FFO per share, Normalized FFO, Normalized FFO per share, and FAD provide an understanding of the operating performance of the Company’s properties without giving effect to certain significant non-cash items, including depreciation and amortization expense. Historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. However, real estate values instead have historically risen or fallen with market conditions. The Company believes that by excluding the effect of depreciation, amortization, gains or losses from sales of real estate, and other normalizing items that are unusual and infrequent, FFO, FFO per share, Normalized FFO, Normalized FFO per share and FAD can facilitate comparisons of operating performance between periods. The Company reports these measures because they have been observed by management to be the predominant measures used by the REIT industry and by industry analysts to evaluate REITs and because these measures are consistently reported, discussed, and compared by research analysts in their notes and publications about REITs.
Carla Baca
Director of Corporate Communications
P: 615.269.8175
Source:Healthcare Realty Trust Incorporated | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-healthcare-realty-trust-reports-results-for-the-first-quarter.html |
BERLIN (Reuters) - Germany’s small-to-medium-sized firms, or Mittelstand, are scrambling to work out how to maintain business in Iran after a meeting between Germany’s foreign minister and his U.S. counterpart dashed any hopes of a breakthrough on the nuclear accord.
U.S. Secretary of State Mike Pompeo has threatened to impose the “strongest sanctions in history” against Iran after President Donald Trump pulled out of the Iran nuclear deal this month.
Faced with the prospect of being blacklisted by the United States if they defy sanctions, many German companies are awaiting guidance from Berlin about how they can honor contracts and continue financing operations in the Islamic Republic.
Around 1,000 German Mittelstand firms have business ties to Iran and 130 firms have set up branches in the country. They are now faced with “draconian penalties” if they breach sanctions, said Mario Ohoven, president of the German Association for Small and Medium-Sized firms.
Even companies that don’t have direct U.S. business ties could be put on a blacklist for breaching secondary sanctions. This would prevent them from doing business with U.S. companies, for example receiving shipments from the United States, said Philipp Andree, an Iran expert at Germany’s DIHK Chambers of Industries and Commerce.
German steel plant maker SMS Group signed a $400 million deal in February last year to expand capacity of an Iranian steel plant. However, it has put its plans on ice and is wrapping up its business in the country.
A German software company which has struck a co-operation partnership in Iran said it was trying to work out how to honor its contracts while not annoying its partners in the United States.
“We are seeking dialogue with German politicians. On the one hand we want to fulfil our contracts, but on the other hand cannot afford to violate U.S. commercial demands,” said the manager who did not wish his company to be identified.
As well as issues around money transfers, the sharp depreciation in the Iranian rial posed a problem, he added.
German foreign minister Heiko Mass said after meeting Pompeo on Wednesday that there was no compromise in sight, underscoring the deep divisions that remain between the United States and Europe, which wants to keep the nuclear deal alive.
BFB Pharma Handel GmbH, an exporter of nutritional supplements that has been active in Iran for 14 years and does most of its business with the country, said it started facing difficulties last year.
“We are a very small company and we depend of course on monthly money transfers. When there is no money coming, one can become insolvent,” said Chief Executive Manutschehr Bonehie.
“Many companies are suffering from this. The government should find a way for Mittelstand companies.”
“BLUNT SWORD” Having been stung by U.S. penalties in the past for busting U.S. sanctions, Germany’s largest banks, which have operations in the United States, have shied away from financing business with Iran, leaving it up to smaller credit unions and the European-Iranian Trade Bank to transfer funds.
But, in a blow to many smaller exporters, DZ bank, the umbrella organization of German cooperative bank chain Raiffeisen-Volksbanken, said last week it would suspend financial transactions with Iran on July 1.
Patrizia Melfi, director of the international competence center for six regional Volksbanken that have specialized in transactions with difficult countries, said they would continue to process transactions from Iran.
But she said a problem could arise if Iran is cut off from the global payments network SWIFT.
“One solution could be for the Iranian central bank to transfer the money to an account at the Bundesbank (German central bank) from which it could then go to individual firms,” she said.
Last week, the European Commission proposed that EU governments make direct money transfers to Iran’s central bank to avoid U.S. penalties to bypass the U.S. financial system.
It has also suggested renewing a sanctions-blocking measure to protect European businesses in Iran.
Ohoven of the German Association for Small and Medium-Sized firms said the blocking statue was a “blunt sword” and it would make more sense to lobby at the U.S. Office of Foreign Assets Control to ensure financing channels remained open for business with Iran.
Germany’s cultural and commercial ties with Iran date back to the 19th century. It used to be one of the Islamic Republic’s most important trading partners, but exports deteriorated from a high of 4.4 billion euros ($5.16 billion) in 2015 to 1.8 billion in 2013.
In 2017, sales rose 15 percent to almost 3 billion euros, making Iran Germany’s 50th most important trading partner.
Some Mittelstand firms remain sanguine about business prospects for the time being.
Eleven German companies plan to travel to the Iran Health trade fair in Tehran in June, said Jennifer Goldenstede, head of foreign trade and export promotion, at high-tech industry association Spectaris.
“I think they will use the trade fair as an opportunity to get a handle on the situation and speak to traders,” she said.
Additional reporting by Hans Seidenstuecker in Frankfurt and Noah Barkin in Berlin; Editing by Susan Fenton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-germany/germanys-mittelstand-seek-ways-to-keep-doing-business-with-iran-idUSKCN1IP2YL |
AUSTIN, Texas--(BUSINESS WIRE)-- EZCORP, Inc. (NASDAQ: EZPW) (the “Company”), a leading provider of pawn loans in the United States and Latin America, announced today that it intends to offer, subject to market conditions and other factors, $100 million aggregate principal amount of convertible senior notes due 2025 (the “Convertible Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933 (the “Securities Act”). The Company expects to grant an option to the initial purchasers for up to an additional $15 million aggregate principal amount of Convertible Notes. The Convertible Notes are expected to pay interest semiannually and will be convertible into cash, shares of the Company’s Class A common stock or a combination thereof, at the Company’s election, based on a conversion rate to be determined. The Convertible Notes will mature on May 1, 2025, unless earlier converted, redeemed or repurchased in accordance with their terms prior to such date. Prior to the close of business on the business day immediately preceding November 1, 2024, the Convertible Notes will be convertible at the option of the holder only upon the occurrence of certain events and during certain periods, and thereafter, at any time prior to the close of business on the business day immediately preceding the maturity date.
The Company intends to use the net proceeds from this offering for general corporate purposes and potentially to fund acquisitions. The Company is in various levels of discussion regarding a number of acquisition opportunities in the U.S., Canada, and Latin America, and have entered into non-binding letters of intent to acquire pawnshops in Latin America. At this time, there can be no assurance that the Company will complete any of those potential acquisitions.
This press release is neither an offer to sell nor a solicitation of an offer to buy the Convertible Notes or any shares of the Company’s Class A common stock issuable upon conversion of the Convertible Notes, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
The Convertible Notes and any shares of the Company’s Class A common stock issuable upon conversion of the Convertible Notes have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The offering is being made to qualified institutional buyers pursuant to Rule 144A under the Securities Act.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This announcement contains certain regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the proposed offering of the Convertible Notes, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates will, should or may occur in the future, including future capital expenditures and future financial or operating results, are . Actual results for future periods may differ materially from those expressed or implied by these due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors or current or future litigation. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
ABOUT EZCORP
Formed in 1989, EZCORP is a leading provider of pawn loans in the United States and Latin America. It also sells merchandise, primarily collateral forfeited from pawn lending operations and used merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on the NASDAQ stock market under the symbol EZPW and is a member of the Russell 2000 Index, S&P SmallCap 600 Index, S&P 1000 Index and NASDAQ Composite Index.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006660/en/
EZCORP, Inc.
Jeff Christensen, 512-437-3545
Vice President, Investor Relations
[email protected]
Source: EZCORP, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-ezcorp-announces-private-offering-of-100-million-of-convertible-senior-notes-due-2025.html |
May 8 (Reuters) - Dufry AG:
* EBITDA MARGIN EXPANDED BY 100 BASIS POINTS TO 10.1% IN Q1 OF 2018
* TURNOVER IN Q1 OF 2018 REACHED CHF 1,820.0 MILLION VERSUS CHF 1,706.8 MILLION IN SAME PERIOD IN 2017
* Q1 EBITDA REACHED CHF 183.1 MILLION AND GREW BY 18.4% YEAR-ON-YEAR
* Q1 EBIT REACHED CHF -1.5 MILLION IN YEAR TO MARCH COMPARED TO CHF -22.5 MILLION IN SAME PERIOD IN 2017
* Q1 NET EARNINGS TO EQUITY HOLDERS STOOD AT CHF -47.5 MILLION IN Q1 OF 2018, COMPARED TO CHF -60.8 MILLION YEAR AGO
* FINANCIAL RESULTS, NET, WERE REDUCED BY CHF 10.2 MILLION TO CHF -31.4 MILLION IN Q1 2018 Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dufry-q1-ebit-loss-narrows-to-chf/brief-dufry-q1-ebit-loss-narrows-to-chf-1-5-million-idUSFWN1SF00G |
UNTIL LAST YEAR, live-fire cooking was not on chef Katianna Hong’s résumé. But when she left the celebrated Restaurant at Meadowood in St. Helena, Calif., to helm its more casual offspring, the Charter Oak, a massive hearth came with the job. So she learned on the fly, in an open kitchen. “I remember the first day,” she said. “It was like, ‘Is this going to work?’ ”
The elemental cooking that the fireplace inspired quickly became a signature. Ms. Hong’s first Slow Food Fast recipe, this chorizo Bolognese—smoky, earthy, comforting—translates... | ashraq/financial-news-articles | https://www.wsj.com/articles/chorizo-is-the-secret-to-bolder-bolognese-1527178195 |
May 27, 2018 / 10:54 AM / Updated 12 minutes ago Sympathy for Karius but keeper's Anfield future in question Simon Evans 4 Min Read
KIEV (Reuters) - Liverpool goalkeeper Loris Karius has received plenty of sympathy and support following his horrendous errors in his team’s Champions League final defeat to Real Madrid but his future as first choice at Anfield is surely now in doubt. Liverpool's Loris Karius fumbles the ball as Gareth Bale scores Real Madrid's third goal. REUTERS/Phil Noble
The 24-year-old German was a miserable sight at the end of the game when he collapsed to the ground and lay face down in the grass, motionless while Real celebrated their title.
Tears flowed down his face as, after receiving some consolation, he joined his team mates in front of the Liverpool supporters and held out his hands in apology.
Karius had gifted Real the lead in the 51st minute when he inexplicably threw the ball straight to Real forward Karim Benzema, who stretched out his leg and knocked it into the unguarded goal.
Then, with the score at 2-1 to Real, Karius let a long-range effort from substitute Gareth Bale through his hands as the Spanish side made sure of the win.
There was no debate over whether the keeper was to blame for those two goals but plenty of empathy for a young man whose worst moments came in his biggest game.
Former Everton and Wales international goalkeeper Neville Southall took to Twitter to express his support.
“Feel sorry for Karius but it’s how you bounce back I have been there it’s a dark place to be I hope he comes through it. Stay strong. Believe in yourself. Goalkeepers Union.”
There were also supportive words from former Liverpool captain Steven Gerrard, who praised him for his gesture to the supporters but acknowledged he now faces a challenging period.
“No-one makes a mistake on purpose. Fair play to him for going to the fans,” Gerrard said.
“I admire him for owning up and apologising. These Liverpool fans will back you when times are tough, and they’ll also back you when you’re on top of the world as well.
“But there’s no getting away from it. He is in for a tough few months. He’s in for a tough summer.” CLUB BACKING
Karius’s manager Juergen Klopp said the keeper will be backed by the club.
“I really feel for him; he’s a fantastic boy. Now, he has to deal with it, we have to deal with, we will do that – of course we will be with him, there’s no doubt about that. It was not his night, obviously,” he said.
But football is a cruel business and there have been long been question marks over whether Karius or his rival for the keeper’s shirt, Belgian Simon Mignolet, are up to the standard needed for Liverpool’s challenges in Europe and at home.
Former Anfield player turned pundit, Mark Lawrenson, wrote on the BBC website that while he felt sorry for the keeper Karius’s career at the club may be over.
“I don’t see any way back for him at Liverpool now,” he said.
“Even if Klopp backs him publicly as well as privately, he must know that he is not good enough for Liverpool and what they want to achieve.
“You need a top goalkeeper to win trophies and he is not one of those. Can they afford to keep playing him, thinking he might become one? No. Karius always looks like he has a mistake in him, and that cost them dearly on Saturday night.” Reporting by Simon Evans; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-champions-final-karius/sympathy-for-karius-but-keepers-anfield-future-in-question-idUKKCN1IS0AX |
A federal appeals court on Monday gave a U.S. subsidiary of Chinese technology company ZTE Corp another chance to transfer a patent dispute out of the Eastern District of Texas, clarifying that the burden of showing proper venue falls on the plaintiff not the objecting defendant.
The U.S. Court of Appeals for the Federal Circuit vacated a ruling by a magistrate judge in Sherman, Texas, that denied ZTE USA Inc’s motion to dismiss on improper venue grounds a patent case filed by American GNC Corp.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2wGesXF
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Total growth of 3.9% for the first half of fiscal 2017-2018 (of which 2.9% organic growth) and adjusted EBITDA margin of 6.9% – below expectations Decrease in margins for contract catering in France Impact of the start-up of new contracts Performance affected by poor weather conditions and French transport strikes Guidance revised for full-year 2017-2018: organic growth of close to 3%, adjusted EBITDA margin of between 7.5% and 7.8%, and a decrease in adjusted earnings per share compared with fiscal 2016-2017 Confirmation of the objective to keep capex within an overall budget of €300 million
PARIS--(BUSINESS WIRE)-- Regulatory News:
Elior Group (Paris:ELIOR)(Euronext Paris – ISIN: FR 0011950732), one of the world's leading operators in the catering and support services industry, today released preliminary financial information for the first half of fiscal 2017-2018 and revised its full-year guidance.
Philippe Guillemot, Chief Executive Officer of Elior Group, said: "Our second-quarter performance was disappointing. Profit margins for contract catering in France were impacted by a tough competitive environment combined with a period of managerial instability. This latter period is now behind us, a diagnostic analysis has been carried out and action plans launched accordingly. The large number of new contracts that started up, both in concession catering and contract catering, also had a temporary dilutive impact on our margins. And lastly, the poor weather conditions in France, Italy, the United Kingdom and the United States, as well as transport strikes in France, weighed on our revenue and profitability. All of these factors have led us to revise our guidance for the full year. The new Executive Committee set up in March is fully and committedly engaged at my side to oversee the short-term action plans already undertaken and draw up an ambitious and credible business plan for the medium and long term. We will present this plan on June 26".
The Group's financial performance estimates for first-half 2017-2018 show:
total growth of 3.9%, of which 2.9% organic growth; adjusted EBITDA of €231 million, representing 6.9% of revenue; €150 million in CAPEX; a leverage ratio of around 3.48x.
A detailed analysis of the results for first-half 2017-2018 will be published on May 29, 2018 and will be commented on during a conference call.
For full-year 2017-2018, the Group's guidance is now:
organic growth of close to 3% (compared with the previous guidance of organic growth of at least 3%); an adjusted EBITDA margin of between 7.5% and 7.8% (versus a stable adjusted EBITDA margin based on a constant scope of consolidation and constant exchange rates); a decrease in adjusted earnings per share (compared with a slight increase in adjusted earnings per share); CAPEX kept within a budget of €300 million.
A conference call will take place today at 8.30 a.m. (CEST). To connect to the call please dial one of the following numbers:
- France: +33 (0)1 76 77 22 74
- United Kingdom: +44 (0)33 0336 9105
- United States: +1 323 794 2093
Access code: 1873098
The English-language version of this document is a free translation from the original, which was prepared in French. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions expressed therein, the original language version of the document in French takes precedence over this translation.
About Elior Group
Founded in 1991, Elior Group has grown into one of the world's leading operators in the catering and support services industry, and has become a benchmark player in the business & industry, education, healthcare and travel markets. Now operating in 16 countries, the Group generated €6,422 million in revenue through 25,000 restaurants and points of sale in FY 2016-2017. Our 127,000 employees serve 5.5 million people on a daily basis, taking genuine care of each and every one by providing personalized catering and service solutions to ensure an innovative customer experience.
We place particular importance on corporate social responsibility and have been a member of the United Nations Global Compact since 2004, reaching the GC Advanced Level in 2015. The professional excellence of our teams as well as their unwavering commitment to quality and innovation and to providing best-in-class service is embodied in our corporate motto: "Time savored".
For further information please visit our website ( http://www.eliorgroup.com ) or follow us on Twitter (@Elior_Group)
Appendix: Definitions of Alternative Performance Indicators
Organic growth in consolidated revenue: Growth in consolidated revenue expressed as a percentage and adjusted for the impact of (i) changes in exchange rates, using the calculation method described in Chapter 4, Section 4.1.4.1 of the FY 2016-2017 Registration Document, and (ii) other-than-marginal changes in scope of consolidation.
Adjusted EBITDA: Reported EBITDA as defined above adjusted for the impact of share-based compensation expense (stock options and free shares granted by Group companies).
Adjusted EBITDA margin: Adjusted EBITDA as a percentage of consolidated revenue.
Adjusted earnings per share: This indicator is calculated based on consolidated profit for the period attributable to owners of the parent adjusted for non-recurring income and expenses, net of the income tax effect calculated at the Group’s standard tax rate of 34%, and amortization of intangible assets recognized on consolidation (mainly customer relationships).
Leverage ratio (as defined in the covenants in the Senior Facilities Agreement and presented for the Group’s debt at a given period-end): The ratio between (i) the Group’s net debt (at a given period-end determined based on the definition and covenants in the Senior Facilities Agreement as described in Chapter 4, Section 4.7.2 of the FY 2016-2017 Registration Document: “Senior Facilities Agreement”, i.e. excluding unamortized issuance costs and the fair value of derivative instruments) and (ii) adjusted EBITDA calculated on a rolling basis for the twelve months preceding the period-end concerned, further adjusted to exclude the impacts of acquisitions and divestments of consolidated companies during the twelve months preceding said period-end.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006849/en/
Elior Group
Investor relations
Marie de Scorbiac, +33 (0) 1 71 06 70 13
[email protected]
or
Press
Anne-Laure Sanguinetti, +33 (0)1 71 06 70 57
[email protected]
Source: Elior Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-elior-group-publishes-preliminary-results-for-the-first-half-of-fiscal-2017-2018-and-revises-its-full-year-guidance.html |
LONDON (Reuters) - An abundance of stainless steel in China following the ramp up of new production in Indonesia is threatening stainless mills globally and the nickel producers that supply them.
FILE PHOTO: Stainless steel sinks are seen at the production line of the Pyramis Metallourgia manufacturing facility in Thessaloniki, Greece, November 2, 2017. REUTERS/Alexandros Avramidis/File Photo Marking a major structural shift, China, which makes and consumes around half of the world’s stainless, became a marginal net importer of hot-rolled stainless coil in December for the first time in more than seven years, data from the International Steel Statistics Bureau and from consultants CRU showed. This is after Chinese-owned stainless giant Tsingshan started production last August at a giant plant in Indonesia that should, by the end of 2018, have an annual capacity of 3 million tonnes.This is equivalent to 6 percent of last year’s global flat stainless capacity, CRU says, and there is more to come, with China’s Delong Holdings set to start production at its Indonesian stainless plant in 2019.
“If we look at 2021 when we have Delong and Tsingshan fully ramped up, Indonesian capacity will rise to more than 5 million tonnes, that’s just under 10 percent of global capacity,” said CRU analyst Michael Finch. He added that Tsingshan, which has a captive power source and produces its own ferrochrome and nickel pig iron - key raw materials for stainless - is an “incredibly low cost producer”.
The plant sells most of its stainless to China, where stocks have risen 80 percent since the end of December, hitting their highest in more than eight years in mid-April, according to CRU. China’s stainless prices have flatlined since mid-January at around 15,500 yuan a tonne.
Stainless producers beyond China are also concerned.(China stainless versus LME nickel price: reut.rs/2JH3mmK )
Finland’s Outokumpu reported first quarter profits more than halving on falling prices and expects more of the same this quarter. Spain’s Acerinox reported a drop of 40 percent in first quarter earnings, buffeted somewhat by solid U.S. earnings.
In December, Handelsbanken downgraded Outokumpu citing the “tremendously negative” impact from low-cost capacity in Indonesia while Jefferies says weak Asian stainless markets are weighing on Acerinox in Europe and Africa.
The weakness in the stainless market is also a worry for nickel producers.
Two-thirds of nickel demand comes from stainless mills. Benchmark London Metal Exchange nickel (LME) prices rose 27 percent last year amid a ramp up in global stainless output and they are up some 10 percent this year at around $14,000. (China's Net Stainless HRC Trade: reut.rs/2JMj4gi )
However, should stainless price weakness persist, mills, particularly those that are loss-making, could cut production.
FILE PHOTO: 'Stainless Steel' is seen stamped onto the blade of a knife in Manchester, Britain, March 26, 2018. REUTERS/Phil Noble/File Photo ING said, even before operating costs are accounted for, Chinese mills are in the red as stainless prices since December have fallen below nickel prices.
The global nickel market is tight, explaining some of the price strength in nickel.
The International Nickel Study Group last week nearly doubled its global nickel deficit forecast for 2018 to 117,000 tonnes.(LME, ShFE nickel stocks: reut.rs/2IatvNN )
LME nickel stocks, at their lowest since mid-2014 and Shanghai Futures Exchange nickel stocks near their lowest since November 2015, also illustrate the tightness.
However, Chinese media reports say stainless mills are scrambling to combat the supply glut by bringing forward maintenance schedules or switching from stainless to carbon steelmaking.(Acerinox, Outokumpu share price: reut.rs/2I6C4sN )
“Nickel is our preferred short at these levels, we’re forecasting below $13,000 by year-end,” said ING analyst Oliver Nugent.
“While respecting the tightness, the price is up about 25 percent since December while stainless is dead flat, pointing at concerns that prices can’t be passed onto the end consumer.”
Additional reporting by Eric Onstad; Editing by Pratima Desai and David Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-stainless-glut-nickel/stainless-steel-glut-builds-in-china-as-indonesia-ups-output-idUSKBN1I412C |
Turkey’s lira fell as much as 5% on Wednesday, extending a dramatic slide that has brought the currency to a record low and fueled concerns about the ability of other emerging-market nations to withstand tighter U.S. monetary policy. The lira has been falling for years but the slide has accelerated since mid-April, pressured by the resurgence WSJ City PM: Deutsche Bank Zeroes In on 10,000 Job Cuts, Europe's Opaque Trades, What to Expect from Fed Minutes | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/23/turkeys-currency-meltdown-in-6-charts/ |
So, you want a job in cybersecurity? Now is a good time to be looking.
Thousands of information-security jobs are going unfilled as the industry in the U.S. struggles with a shortage of properly trained professionals. The current demand for cybersecurity workers is outpacing supply by so much that by 2022, North America will have 265,000 more data-security jobs than skilled workers, a 2017 report by consultants Frost & Sullivan projected.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/its-a-good-time-to-find-a-cybersecurity-job-1527646081 |
May 2 (Reuters) - Madison Square Garden Co:
* THE MADISON SQUARE GARDEN COMPANY REPORTS FISCAL 2018 THIRD QUARTER RESULTS
* Q3 REVENUE $459.6 MILLION VERSUS I/B/E/S VIEW $447.5 MILLION
* QTRLY EARNINGS PER SHARE $0.38 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-madison-square-garden-company-repo/brief-madison-square-garden-company-reports-qtrly-earnings-per-share-0-38-idUSASC09YYC |
Modern Medicine Two surgeons in China developing a method to transplant a human head Italian scientist Sergio Canavero and Chinese surgeon Xiaoping Ren are developing a plan to transplant a human head — right down to neck bolts and electricity. Their focus is to help patients with spinal cord injuries and paralysis. The surgeons have already performed the procedure on mice, rats and a dog, all of which survived the surgery and even regained some motor function. Although the scientific and medical advancements necessary for human head transplantation are rapidly approaching plausibility, major ethical and moral hurdles remain. CNBC.com Jeff J Mitchell | Getty Images Italian neurosurgeon Sergio Canavero wants to carry out the first human head transplant operation and believes it could help people who have been paralyzed from the neck down to walk again.
A jolt of electricity is delivered to a body with bolts attaching its head to its neck. It's a scene straight out of a horror movie, but it is eerily close to Italian neurosurgeon Sergio Canavero and Chinese surgeon Xiaoping Ren's plan to transplant a human head — down to the neck bolts and electricity.
Canavero and Ren recently performed a trial run on two cadavers, prompting outrage from the medical community, which has declared human head transplantation " fake news ." An examination by a team of independent scientists published this month, however, suggests that, while fantastical seeming, the scientific and medical advancements necessary for human head transplantation are rapidly approaching plausibility. Nevertheless, major ethical and moral hurdles remain.
Canavero has been talking up his plan for human head transplantation in TED talks and the media for decades, despite producing little in the way of scientific evidence, going so far as to announce in 2015 that he would perform surgery on a human volunteer — a young man with Werdnig-Hoffman disease , a degenerative disease where the muscles waste away — by 2017. The volunteer backed out, and the surgery still hasn't been done on a living human, but Canavero maintains that it is "imminent." Together he and Ren, a surgeon at Harbin Medical University, devised a procedure for head transplantation, which they performed in a handful of animal studies on mice , rats and a dog, all of whom shockingly survived the surgery and even regained some motor function.
Without more animal testing, performing such a surgery on humans would be highly unethical, and Canavero's reputation as a sensationalist among medical professionals is well earned. But as transplant surgery reaches new heights — last month a wounded veteran received the first successful penis transplant — combined with advances in biology and computer science, human head transplantation may not be as far-fetched as once thought.
Still, surgical, immunological, psychological and ethical hurdles remain. Modern-day Frankenstein
While it sounds outrageous, keeping a detached human head alive is not the main stumbling block, and may even currently be possible. The unconscious head would be kept at a very cold temperature (50 degrees Fahrenheit) to mitigate against brain damage, and be hooked up to two pumps — one supplying continuous blood flow and the other oxygen.
An adhesive called polyethylene glycol will be used to connect the volunteer's head with the spinal cord of the donor's body. The plan is to induce the volunteer into a coma for a month while blood and new nerve networks rebuild in hopes that the body doesn't reject the head — an inherent type of risk in all transplant procedures. In addition to the spine, the head will also have to be reconnected to airways, the esophagus and blood vessels.
The major barrier is fusing the spinal cord of the head to that of the donor body. If not successful, the body would be paralyzed, a medical problem that still has yet to be solved. This is not the obstacle it once was, however.
In December, Canavero and Ren published a study in which they severed the spinal cords of 12 dogs. They then applied polyethylene glycol to the incision of seven dogs and also delivered electrical stimulation. Over the next two months the dogs in the treatment group regained some motor function, while those in the control group did not. In earlier animal studies, Ren performed the complete head transplantation with spinal fusion technique on mice and rats, as well as a dog, all of whom also regained some motor function, although it was jerky and not completely normal.
"We have shown that with this technique, spinal perfusion is possible," Ren said (Canavero did not respond to multiple requests for comment). Ren acknowledges that the project is "controversial," but insists it is necessary to save people with "working brains whose bodies have died," including those with neuromuscular degenerative diseases, end-stage cancer and multiple organ failure.
That said, his focus right now is patients with spinal cord injuries and paralysis due to accidents or other causes. "These patients don't currently have good strategies, their mortality is very very high. So I try to translate this technique to benefit these patients," Ren said. "That is my main strategy in the future." Sergei Fadeichev | TASS | Getty Images Valery Spiridonov had volunteered to undergo the world's first full head transplant, to be performed by Italian neurosurgeon Sergio Canavero, but he has since changed his mind. Spiridonov has severe muscular atrophy and has been a wheelchair user all his life.
One of the essential keys to the technique is to use a very sharp, special blade to make as precise a cut as possible. Most spinal cord injury patients, however, have extremely frayed cord endings due to the traumatic nature of the injury, so the procedure will not work for them. What's more, polyethylene glycol is toxic to humans, according to Mark Hardy , an expert on immunosuppresion and a pioneering transplant surgeon at Columbia University, who co-authored the paper examining the scientific grounding of head transplantation. Ren's work in animals is "pretty good science," but it is not translatable to humans, Hardy said.
That said, "there are other ways" of potentially succesfully reattaching the spinal cord, Hardy said. He believes it may be possible "sometime in the next 10 to 12 years."
Stem cells are one avenue. In 2014 a Polish man who was stabbed repeatedly in the neck and had been paraplegic for four years had stem cells taken from his nose seeded at his spinal cord junction. With intense rehabilitation he can now stand and take a few steps. Electrostimulation, like Ren and Canavero are using, has also shown promise in spawning nerve regeneration, though both techniques have had only limited applicability so far.
More from Modern Medicine: Scientists say they are on the verge of creating a universal flu vaccine
In addition, Hardy said we may be able to bypass it with computers. "In the future, computers can replace some of these neural connections," he said. Currently, many people who receive artificial limbs also receive neural implants enabling them to move the limb just by thinking about it, as the electrostimulation in the brain triggered by the thought is picked up by the neural implant, which relays the signal to a computer and causes the limb to move. "This sounds totally fantastic and unreal, but it is happening," Hardy said. Immunology issues
The second major technological barrier is immunology, or how to keep the head from rejecting the body and vice versa. "You have to visualize it where the body is the donor organ and the head is the recipient. It's not a head transplant; its a body transplant," Hardy said.
The body rejecting the head is unlikely because there are few white blood cells, which are produced in bone marrow and make up the immune system. Some of the immunosuppressive drugs that transplant recipients take, including Tacrolimus and Cyclosporine, which target white blood cells, and the steroid prednisone, are toxic to the brain. The brain is protected by the blood brain barrier, however, which should prevent them from entering. That said, the barrier is "leaky and unpredictable," Hardy said.
The main concern is the head rejecting the body. If that happened, individual organs including the heart would shut down and the patient would die, but there are ways to prep the body before surgery to avoid that, like replacing all the bone marrow in the host from that of the head's prior form, tricking it into thinking it is its own immune system.
Using similar tactics, in recent years kidney transplant patients have been able to live for two years without taking immunosuppressive drugs after six months of regular immunosuppressant drug therapy. "Immunosuppression is not going to be the major block 10 to 20 years from now," Hardy said. Still, there is a dearth of research, and the things that could go wrong are multitudinous.
For instance, in Ren's studies in animals, while the mice and rats successfully had their cords reattached and regained partial motor function, they all died after about two weeks due to "intestinal issues."
"The idea that the intestine didn't work is not at all surprising. It was predictable," Hardy said. The brain is the origin point of nerves that branch out from the spinal cord and go all over the body, which make the intestines move, stimulate the heartbeat and trigger all sorts of other functions. "That is one of the reasons Canavero is not ready to do anything right now," Hardy said.
Ren agrees. "Of course, we still need more studies in the laboratory using different animals," he said. He is currently focused on the problem of reattaching the spinal cord. After that, they will move on to tackling other problems, such as the intestinal issues and the central nervous system. Psychology and ethics
Although technically we may soon be able to perform human head transplant surgery, "Its not so simple," said Allen Furr , a sociologist and ethicist at Auburn University, who also co-authored the May report. "The ethics are complex. Right now my opinion is, we don't know if it will be a good idea in the future. We are simply not ready to do it."
One glaring issue is the psychological repercussions. "We don't know how the brain is going to react to having a different body," Furr said. "Psychologically, we would expect there would be confusion," as the transplant recipient must learn how to control their "new" body. On top of that, "how folks start to understand themselves is going to become complicated," particularly as the percentage of "yourself" that is now "someone else" increases as transplant surgeries become more advanced, Furr said.
"Some folks are predicting catastrophe, that people will go mad," Furr said. Although there undoubtedly would be difficulty adjusting and the need for extensive rehab, Furr doesn't think that outcome is particularly likely. "History would tell us people would really be able to adjust," Furr said. In research on face transplants, one of the surgeries that would seemingly affect one's most intimate personal identity, for example, recipients (about 44 total so far worldwide) report that they have improved mental health, get outside more and quality of life in general post-surgery. In addition, pre-selection will be incredibly important. Chinese surgeon Xiaoping Ren, a pioneer in research into head transplant procedures, and his team have performed a handful of animal studies on mice, rats and a dog, all of whom survived a spinal cord separation surgery and even regained some motor function. They died two weeks later of intestinal issues. "We don't know how the brain is going to react to having a different body." -Allen Furr, sociologist and ethicist at Auburn University
Historically, there was also intense ethical backlash from the scientific community before the first heart transplant and hand transplant occurred, both of which died down. As the procedures became more common, people saw the utility of such surgeries and the "yuck" factor diminished. Still, there remain major moral and ethical quandaries around head transplantation, whether it is even worth pursuing in the first place.
It's an incredibly expensive line of research for which there is a finite amount of dollars. Perhaps more saliently, whereas a body transplant would benefit one recipient, the organs within that body could theoretically benefit up to 20 individual people — a medical version of the trolley problem .
Medical ethicists also worry about informed consent, especially at this early preclinical stage, and taking advantage of desperate people. In addition, animal rights activists raise important concerns about the suffering in animal experiment subjects — a graphic picture of a monkey with Frankensteinian stitches around its neck is especially disturbing.
To the moral question of whether to save one patient versus many in need of individual organs, Ren said it would be about finding the right donor body. A brain-dead donor can save several people, so they would not be a good candidate. "But we can use a different kind of strategy," Ren said. The donor body could serve as a chassis, for instance, implanting the organs of the head's original body, or growing the organs in a lab — something pharmaceutical companies already do, using miniature "organoids" to test certain drugs.
"It's reasonable to think about. Not only against. Think about it!" Ren said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/two-surgeons-in-china-developing-a-method-to-transplant-a-human-head.html |
May 28 (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 owner of Clydesdale and Yorkshire banks is looking to sweeten its 1.6 billion pounds ($2.13 billion) offer for Virgin Money in a move that could create Britain's largest challenger bank. bit.ly/2xfbp97
The Guardian
A standoff over Italy's future in the eurozone ended on Sunday night with the shock resignation of the country's populist prime minister-in waiting, Giuseppe Conte, after Italy's president refused to accept Conte's controversial choice for finance minister. bit.ly/2ITGfoY
British Prime Minister Theresa May was facing growing demands to allow a referendum on relaxing the abortion laws in Northern Ireland on Sunday after signalling that she will not risk alienating her DUP allies by letting members of parliament settle the matter with a parliamentary vote. bit.ly/2IRHc16
The Telegraph
A government review of the threats to press funding is considering a full competition investigation of Alphabet Inc's Google and Facebook Inc over their dominance of the digital advertising market. bit.ly/2IStFqh
A host of business leaders have signed a letter urging Prime Minister May to hold a vote on Heathrow's expansion quickly. bit.ly/2xhWECB
Sky News
Scores of flights have been delayed at Stansted Airport after lightning hit the aircraft fuelling system, leaving planes unable to refuel. bit.ly/2xluV3O
Smiths Group Plc has been holding preliminary talks with companies including Nasdaq-listed ICU Medical Inc about a possible combination of their healthcare operations. bit.ly/2IStFqh
($1 = 0.7516 pounds)
Compiled by Bengaluru newsroom
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-press-business/press-digest-british-business-may-28-idUSL3N1SZ00V |
May 23, 2018 / 5:55 PM / Updated 25 minutes ago INTERVIEW-Golf-Better to play with men than against them, says pioneer Sorenstam Andrew Both 4 Min Read
May 23 (Reuters) - Annika Sorenstam has fond memories of becoming the first woman in 58 years to play in a PGA Tour event, but feels the future of golf is for men and women to compete with and not against each other.
Fifteen years after paving the way for women to compete in men’s tournaments, Sorenstam, who rarely plays these days having swapped her golf clubs for a triathlon outfit, has no regrets at opening the floodgates for a fad that lasted a few years before dying a natural death.
She captured the imagination of the golf world by competing in the Colonial tournament in Texas.
On a Colonial Country Club course in Fort Worth that is short by modern standards and ideally suited to shorter hitters, be they men or women, Sorenstam equipped herself well and for a time looked in with a chance of making the cut.
Though she missed it by four strokes, her performance inspired several other women to test themselves against the men, most famously Michelle Wie, who competed as a teenager in no fewer than 13 men’s events before acknowledging the novelty had run its course.
Sorenstam was at the top of her game in 2003, and had been there or thereabouts long enough that she needed a new challenge to keep her interested.
“I had been number one in the world. I was looking for different things to keep my motivation going,” the 47-year-old told Reuters in a telephone interview on Tuesday.
“I have so many wonderful memories. It was so amazing overall.
“I had a putt on my last hole to shoot par. That would have been nice but I didn’t need to play the weekend.”
To this day she says she is remembered by people as much for that appearance as for the 59 she recorded at an LPGA event in Arizona in 2001.
These days, however, the conversation has changed from women competing against men, to women competing alongside men, as evidenced by the recent Victorian Open in Australia.
Men and women played that event on the same course on the same days for the same prize money, in alternating groups, albeit from different tees.
Sorenstam sees this as the future, rather than a lone female wolf playing with a pack of 100-plus men.
“I grew up playing with boys at my club,” said the native of Sweden, who now lives in Florida with her husband and two children.
“Men and women should play together, but not necessarily compete against each other.”
LPGA commissioner Mike Whan recently said it was just a matter of time before the women’s tour and the PGA Tour staged a joint event, though nothing has been announced.
Sorenstam, meanwhile, walked away from competitive golf in 2008 at the relatively young age of 38 and focuses her attention these days on her myriad of business and philanthropic interests.
Her Annika Foundation seeks to develop women’s golf worldwide, and stages six junior tournaments. She hopes soon to add one or two more.
Sorenstam also finds time in her busy schedule for triathlon training.
She recently competed in a race in St Petersburg, Florida, completing the 750-metre swim, 20km bike and 5 km run in a respectable one hour, 26 minutes, 32 seconds.
While she has little time left for golf, she remains proud of her achievements in the sport.
“I’m very happy, and when I look back on my career I’m proud,” she said. (Reporting by Andrew Both in Cary, North Carolina Editing by Toby Davis) | ashraq/financial-news-articles | https://in.reuters.com/article/golf-sorenstam/interview-golf-better-to-play-with-men-than-against-them-says-pioneer-sorenstam-idINL2N1SU142 |
May 28 (Reuters) - Centrais Eletricas Brasileiras SA :
* BRAZIL’S POWER HOLDING CO SAYS BOARD APPROVED SALE OF STAKES IN 70 SUBSIDIARIES- FILING
* BRAZIL’S ELETROBRAS SAYS STAKES REFER TO COMPANIES HOLDING WIND FARMS AND TRANSMISSION LINES- FILING
* BRAZIL’S ELETROBRAS SAYS MININUM PRICE FOR ALL COMPANIES IS 2.8 BILLION REAIS - FILING
* ELETROBRAS SAYS CREDIT SUISSE WAS HIRED TO MANAGE THE SALE OF THE STAKES IN SUBSIDIARIES - FILING
* BRAZIL’S ELETROBRAS SAYS BOARD APPROVED PLAN ANNOUNCED BY COMPANY IN JUNE 2017, FEBRUARY 2018 - FILING Source text for Eikon: Further company coverage: (Reporting by Tatiana Bautzer)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-brazils-eletrobras-says-board-appr/brief-brazils-eletrobras-says-board-approved-sale-of-stakes-in-70-subsidiaries-filing-idUSE6N1SA03B |
A North Sea oil field named after a 19th century Norwegian prime minister could soon spark a shakeup in the Brent crude benchmark that prices oil around the world.
The widely used benchmark risks losing relevance amid declining production from the oil fields that it is priced off. Other oil benchmarks are clamoring for its role, including in China and Dubai, while the U.S. oil gauge, West Texas Intermediate, is gaining more currency abroad as American crude is exported.
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LONDON, May 17 (Reuters) - Britain’s financial markets watchdog said on Thursday it had put British-registered firm Financial.org on an investor alert list.
The Financial Conduct Authority said in a notice on its website that it believed the firm “has been providing financial services or products in the UK without our authorisation”.
Reuters has reported that Financial.org, a sponsor of Formula One team Williams, has been offering investments across the Middle East and Asia although it is not authorised to do so. (Reporting by Kirstin Ridley and Carolyn Cohn, editing by Sinead Cruise)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-investment-financialorg/uk-watchdog-puts-financial-org-on-investor-alert-list-idUSL5N1SO4NW |
LONDON (Reuters) - The recent run up in the dollar and global borrowing costs has led to the first monthly outflow of foreign money from poorer “emerging” economies since 2016, estimates compiled by the Institute of International Finance show.
People are seen at a currency exchange office in Istanbul, Turkey October 10, 2017. REUTERS/Murad Sezer/Files A new IIF report said the rising pressure from the dollar and bond yields has exhumed “the ghost of tantrums past” and caused a $0.5 billion outflow when combining figures from EM stocks funds and bond funds.
It was referring to the “taper tantrum” of 2013 when the U.S. Federal Reserve first hinted that it was looked to wind in the stimulus used to combat the financial crisis.
The April retrenchment was mostly concentrated in Asia, with combined debt and equity outflows amounting to some $7.8 billion. In contrast, foreign demand for Latin American securities was robust at about $6.8 billion.
“The rise of 10-year U.S. Treasury yields — in tandem with a stronger dollar — have been the key drivers of this downturn,” the authors of the IIF study said.
“Indeed, foreign investors have withdrawn more than $5.5 billion from EM debt markets since April 16, a slightly faster pace than that seen during the taper tantrum in May 2013.”
After a fast start to the year, net capital inflows to emerging markets which are a broader measure of cross-border flows, amounted to $77 billion in the first three months of 2018 which was still the largest net gain in four years.
For now though the tide has turned. The dollar has surged over three percent in two weeks and U.S. Treasury yields - a major driver of global borrowing costs - have broken above three percent for the first time in four years.
That has caused familiar jitters about the mountain of dollar-denominated debt that has been issued in the developing world in recent years.
They have borrowed at vastly cheaper rates by using dollars, but the rise in the U.S. currency now makes the repayments more costly unless they have been hedged.
The Bank for International Settlements this week said that a record 22 percent surge in debt sales last year pushed up the annual growth in EM dollar debt 10 percent to $3.7 trillion.
Reporting by Marc Jones, Editing by William Maclean
| ashraq/financial-news-articles | https://in.reuters.com/article/emerging-markets-flows/ghosts-of-tantrums-past-trigger-first-emerging-market-outflows-since-2016-iif-idINKBN1I31IJ |
First quarter earnings represent a 'good start' for 2018: HSBC 1 Hour Ago Growth in the bank's four global offices was "very much driven" by retail banking, wealth management and Asia, says Iain Mackay of HSBC. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/first-quarter-earnings-represent-a-good-start-for-2018-hsbc.html |
Acquisition Expands Canon’s Market Leading Network Video Solutions Business with Addition of BriefCam’s Best-of-Breed Video Content Analytics Platform
BOSTON--(BUSINESS WIRE)-- BriefCam , the industry’s leading provider of Video Synopsis® and Deep Learning solutions, today announced its acquisition by Canon Inc., a world leader in digital imaging solutions. The addition of BriefCam to Canon’s market leading Network Video Solutions products portfolio complements the Canon Group’s previous acquisitions of AXIS Communications and Milestone Systems with a breakthrough, innovative video content analytics solution.
The acquisition will drive further, rapid innovation in video analytics by BriefCam as well as new co-innovation activities with Canon and its market leading portfolio companies. In addition, it will enable BriefCam to enter new markets, deliver stronger vertical solutions, and serve its global customers even more effectively. BriefCam will continue to remain an open platform, working seamlessly with other third party products in the market ecosystem, providing customers with freedom of choice.
“We are thrilled to be joining forces with a global leader in digital imaging. The acquisition will allow BriefCam to continue to deliver industry leading video content analytics solutions, while remaining a standalone company within the Canon Group,” said Trevor Matz, BriefCam President and CEO. “The opportunity is a testament to the innovative technology we have built, the outstanding team we have assembled, and the rapidly growing business we have created.”
“With BriefCam, we can deliver an even broader range of leading-edge technology and solutions in the fields of network cameras, video management software and video content analysis software to customers and partners across the globe. We are very excited to work with such an innovative organization and we welcome BriefCam into the Canon Group,” said Masanori Yamada, Canon Inc. Managing Executive Officer and Group Executive, Network Visual Solution Business Promotion Headquarters.
Closing of the deal is subject to customary closing conditions.
About BriefCam
BriefCam was founded in 2007 by Prof. Shmuel Peleg, Mr. Gideon Ben-Zvi, and Dr. Yaron Caspi, based on the Video Synopsis technology developed at The Hebrew University of Jerusalem. BriefCam is the industry’s leading provider of Video Synopsis® and Deep Learning solutions for rapid video review and search, smart alerting and quantitative video insights. By transforming raw video into actionable intelligence, BriefCam dramatically shortens the time-to-target for security threats while increasing safety and optimizing operations. BriefCam’s award-winning products are deployed by law enforcement and public safety organizations, government and transportation agencies, major enterprises, healthcare and educational institutions, and local communities worldwide. For more information about transforming video surveillance into actionable intelligence, visit https://www.briefcam.com/ .
About Canon
Canon Inc., headquartered in Tokyo, Japan, is a leader in the fields of professional and consumer imaging equipment, industrial equipment and information systems. Canon’s extensive range of products includes production printers, multifunction office systems, inkjet and laser printers, cameras, video and cinematography equipment, network cameras, medical systems and semiconductor-manufacturing equipment. Originally established in 1937 as Precision Optical Industry, Co., Ltd., a camera manufacturer, Canon has successfully diversified and globalized to become a worldwide industry leader in professional and consumer imaging systems and solutions. With approximately 198,000 employees worldwide, the Canon Group includes manufacturing and marketing subsidiaries in Japan, the Americas, Europe, Asia and Oceania; and a global R&D network with companies based in the United States, Europe, Asia and Australia.
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BriefCam
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Source: BriefCam | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-briefcam-to-be-acquired-by-canon-inc.html |
May 14 (Reuters) -
* TESLA CEO ELON MUSK TELLS EMPLOYEES THAT TESLA WILL UNDERGO A MANAGEMENT RESTRUCTURING, ACCORDING TO MEMO - WSJ REPORTER TWEET Further company coverage:
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SOFIA (Reuters) - Three brown bear cubs stare forlornly through the bars of a cage as they prepare for a journey though the borderlands of Bulgaria.
Three bear cubs who were found by the Bulgarian authorities in the wild and rescued at the Dancing Bears Park are pictured inside a bus near Belitsa, Bulgaria, May 23, 2018, before their relocation to a bear orphan station in Greece. REUTERS/Stoyan Nenov Three months old and still unnamed, they were found by rangers in late April, seemingly abandoned, in the southwestern Rhodope Mountains.
Efforts to track down their mother proved unsuccessful, and they were eventually taken to Four Paws, an animal foundation that has nursed them back to health with milk and flour.
At around 800 strong, Bulgaria’s brown bear population is concentrated in its central and southwestern mountains and among the most stable in Europe. But the species, which is protected, remains on the endangered list.
“Our experience shows that in more than 90 percent of the cases in which little bears are found in the wild, the mother has been chased or shot by poachers,” said Dimitar Ivanov, the manager of the rescue centre that Four Paws runs jointly with the Brigitte Bardot Foundation.
The foundation hopes to return the three cubs to the wild in Bulgaria, but first they must be transported by van to a specialist rescue centre in Greece, where it is hoped they will learn the skills they will need to survive.
“They will spend around a year there,” said foundation spokesman Yavor Gechev.
Slideshow (4 Images) Reporting by Angel Krasimirov; editing by John Stonestreet
| ashraq/financial-news-articles | https://in.reuters.com/article/bulgaria-environment-bears/call-of-bulgarias-wild-beckons-for-orphan-bears-idINKCN1IO2RQ |
May 14, 2018 / 3:58 PM / Updated 37 minutes ago Saudi Airlines chooses Jeddah hospital operator as preferred bidder for medical unit-sources Hadeel Al Sayegh , Saeed Azhar 2 Min Read
DUBAI, May 14 (Reuters) - State-owned Saudi Arabian Airlines (Saudia) has selected Jeddah-based hospital operator Dr. Soliman Fakeeh Hospital as a preferred bidder for its medical unit, sources familiar with the matter said.
Saudia said in a statement emailed to Reuters on Monday that it had concluded the bidding process for its medical unit - Saudi Medical Services. It did not name the bidder, saying the partner would be announced after the completion of required approvals.
Three sources familiar with the transaction said Dr. Soliman Fakeeh Hospital had been selected as a preferred bidder in the deal which is estimated to be worth about 650 million Saudi riyals ($173 million). The sources declined to be named due to commercial sensitivities.
The Saudi government is working on a pipeline of privatisations as part of economic reforms aimed at diversifying the Gulf Arab state’s economy away from oil.
Soliman Fakeeh declined to comment, while the financial adviser for the sales process, Jadwa Investment, was not immediately available to comment.
Sources told Reuters in May last year that the transaction could fetch $500 million.
However, one of the sources said on Monday the airline’s initial price expectations had been high and the deal structure had changed.
The two sides are still negotiating the final terms of the deal, the source added without elaborating.
Saudia Medical Services owns a major hospital in Jeddah, Saudi Arabia’s second biggest city.
The medical business is a major healthcare provider to Saudia and a number of its group companies, providing outpatient services such as occupational and aviation medicine in Jeddah.
Saudia has been spinning off some subsidiaries through stock market listings - it listed Saudi Airlines Catering in 2012.
The sale of its medical business would be a complete exit, Reuters has reported. $1 = 3.7503 riyals Reporting by Hadeel Al Sayegh and Saeed Azhar; Additional reporting by Marwa Rashad in Riyadh; Editing by Ghaida Ghantous and Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/saudi-healthcare-ma/saudi-airlines-chooses-jeddah-hospital-operator-as-preferred-bidder-for-medical-unit-sources-idUSL5N1SL3H1 |
May 2 (Reuters) - BANK OF JORDAN CO:
* Q1 NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS 11.5 MILLION DINARS VERSUS 13.9 MILLION DINARS YEAR AGO
* Q1 NET INTEREST INCOME 26.6 MILLION DINARS VERSUS 24.3 MILLION DINARS YEAR AGO Source:( bit.ly/2rdDt79 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bank-of-jordan-q1-profit-falls/brief-bank-of-jordan-q1-profit-falls-idUSFWN1S9091 |
The future of TV advertising 2 Hours Ago What can TV learn from programmatic ad buying, and what does the future hold for TV advertising? MMM spoke to Edward Wale at SpotX and Mike Shaw at Dataxu to get their thoughts. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/the-future-of-tv-advertising.html |
CHICAGO, May 24, 2018 /PRNewswire/ -- Telephone and Data Systems, Inc. (NYSE: TDS) today announced that John M. Toomey has been promoted to vice president and treasurer, effective immediately.
Toomey most recently served as vice president and assistant treasurer. In his new role he will take on greater responsibilities for capital markets activities, banking relationships, cash investing, and certain other corporate finance functions for TDS and its business units, U.S. Cellular and TDS Telecom. He will also continue to be a member of the investment management committee for the Company's retirement plans.
Toomey succeeds Peter Sereda, who has been appointed senior vice president of finance for TDS.
"John has shown exceptional leadership in successfully managing TDS' capital markets and banking functions that are essential to maintain the company's strong financial foundation," said Sereda. "I'm confident he will continue to apply his expertise and excel in his new position."
Toomey received an MBA in finance and accounting from the Kellogg Graduate School of Management at Northwestern University, and a BS in mechanical engineering from Marquette University.
About TDS
Telephone and Data Systems, Inc. (TDS), a Fortune 1000 ® company, provides wireless; cable and wireline broadband, TV and voice; and hosted and managed services to approximately 6 million connections nationwide through its businesses, U.S. Cellular, TDS Telecom, BendBroadband and OneNeck IT Solutions. Founded in 1969 and headquartered in Chicago, TDS employed 9,900 people as of March 31, 2018.
View original content: http://www.prnewswire.com/news-releases/tds-names-john-m-toomey-vice-president-and-treasurer-300654732.html
SOURCE Telephone and Data Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-tds-names-john-m-toomey-vice-president-and-treasurer.html |
NEW YORK (Reuters) - A federal prosecutor in Brooklyn said Friday more people are expected to be charged in a sex-trafficking case, in which self-help guru Keith Raniere and actress Allison Mack are accused of running a secret society where women were branded and treated as slaves.
Actor Allison Mack, known for her role in the TV series 'Smallville', exits with her lawyer following a hearing on charges of sex trafficking in relation to the Albany-based organization Nxivm at United States Federal Courthouse in Brooklyn, New York, U.S., May 4, 2018. REUTERS/Brendan McDermid “We anticipate that there will be additional charges and additional defendants in this case,” Assistant U.S. Attorney Moira Kim Penza said at a hearing before U.S. District Judge Nicholas Garaufis in Brooklyn federal court. Penza said a superseding indictment could be filed within the next month.
Garaufis scheduled a trial in the case for Oct. 1.
Raniere, 57, has been in jail since he was arrested in Mexico in March.
Actor Allison Mack, known for her role in the TV series 'Smallville', exits with her lawyers following a hearing on charges of sex trafficking in relation to the Albany-based organization Nxivm at United States Federal Courthouse in Brooklyn, New York, U.S., May 4, 2018. REUTERS/Brendan McDermid His lawyer, Marc Agnifilo, said at Friday’s hearing that he planned to ask Garaufis to release Raniere on bail. Penza told Garaufis prosecutors would not consent to any bail conditions.
Mack, 35, known for her role in WB Television’s “Smallville” series, was arrested in April and is living with her parents in California under house arrest.
Slideshow (3 Images) Prosecutors have accused Raniere of running a secret society within his Albany-based organization Nxivm (pronounced “Nexium”), in which women were branded with his initials, put on extremely restrictive diets and ordered to have sex with him.
Upon joining, members were required to provide so-called “collateral” that could be used against them if they tried to leave, including compromising information about family and friends, nude photographs and rights to their assets, according to prosecutors.
Nxivm on its website calls itself “a community guided by humanitarian principles that seek to empower people and answer important questions about what it means to be human.” Women recruited into Raniere’s secret society were promised it would empower and strengthen them, prosecutors said.
Penza said Friday that authorities had seized a large number of electronic devices and records associated with Nxivm and expected to begin turning them over to the defendants later that day. Agnifilo said he believed the case would depend more on witnesses than written evidence.
“At the end of the day this is a case about consent and it’s about the circumstances that existed between people,” he said.
Penza said prosecutors were open to plea discussions with the defendants, but Agnifilo told reporters after the hearing that Raniere planned to go to trial. Agnifilo said he expected to prove that everything described by prosecutors was “utterly consensual.”
Mack’s lawyers declined to comment.
Reporting By Brendan Pierson in New York; Editing by Bernadette Baum
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-crime-cult/prosecutors-expect-to-charge-more-people-in-n-y-sex-traffic-case-idUSKBN1I5228 |
MADRID (Reuters) - The outgoing Bank of Spain Governor said on Tuesday that despite current political uncertainty in some markets, external economic conditions surrounding Spain remain positive.
“The external environment of the Spanish economy remains favourable,” Luis María Linde said, after Spain and other countries on the euro zone’s periphery saw their borrowing costs jump amid fears that political turmoil in Italy could spark wider trouble.
On Tuesday, the Spanish government put forward Pablo Hernandez de Cos as the next central bank governor to replace Linde when his mandate runs out next month.
Reporting By Jesús Aguado; editing by Isla Binnie
| ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-cenbank-economy/bank-of-spain-says-external-conditions-favourable-for-spanish-economy-idUSKCN1IU1UI |
May 31, 2018 / 11:20 AM / Updated 23 minutes ago France's Lactalis tests plant after tainted milk scandal Reuters Staff 2 Min Read
PARIS (Reuters) - Lactalis is testing production at its Craon plant in northwest France that had been halted because dozens of babies were found ill last year after drinking salmonella-contaminated milk produced at the factory, the company said on Thursday. The logo of Lactalis Group is seen at the entrance of the French dairy group Lactalis headquarters in Laval, western France, January 12, 2018. REUTERS/Stephane Mahe
Lactalis, one of the world’s largest dairy groups, had to recall 12 million tins in France and around the world due to the contamination, in a scandal that hit the reputation of France’s strategic agri-business industry in overseas markets.
“The tower number 2 has resumed since Sunday for test phases. We want to check, control, inspect, analyze to make sure that everything is compliant,” a Lactalis spokeswoman said.
“Since Sunday the results have been compliant, which is a rather positive step,” he said.
The plant had been halted since December after discovering the contamination in baby milk produced in the production tower number 1, which the group permanently shut due to the outbreak.
None of the products made at the plant will be sold on the market before farm ministry approval, the spokeswoman said. Output is limited to powder milk for adults for the moment.
More than 200 babies in France have been contaminated with Salmonella Agona since 2005, including 38 between mid-August and December last year, as well as 25 between 2006 and 2017 and 141 in 2005, said the Institut Pasteur, a French organization that monitors micro-organisms and diseases.
Lactalis CEO Emmanuel Besnier said in February that Lactalis could have been producing salmonella-tainted baby milk at the factory in Craon since 2005.
The crisis was likely to cost the company hundreds of millions of euros, he said.
It also hit French supermarket chains such as Leclerc, Auchan, Carrefour, and Systeme U which have all acknowledged that some of the baby milk remained on their shelves after the recall. Reporting by Pierre-Henri Allain and Sybille de La Hamaide; Editing by Edmund Blair | ashraq/financial-news-articles | https://uk.reuters.com/article/us-france-babymilk-lactalis/frances-lactalis-tests-plant-after-tainted-milk-scandal-idUKKCN1IW1FK |
SOCHI (Reuters) - Russian President Vladimir Putin said on Wednesday that Russian military vessels with Kalibr cruise missiles would be on permanent standby in the Mediterranean to counter what he said was the terrorist threat in Syria.
The deployment shows how Russia has increased its military presence in the Middle East since it launched an intervention in Syria in 2015, turning the tide of the civil war in favor of its close ally, Syrian President Bashar al-Assad.
Russia has in the past fired Kalibr cruise missiles from frigates and submarines stationed in the Mediterranean Sea at militant targets to support Syrian army offensives.
Putin on Wednesday said only warships armed with Kalibr missiles would be on permanent standby, and not submarines.
Announcing the deployment while addressing the Russian high military command at a meeting in the Black Sea city of Sochi, Putin said it was “due to the remaining terrorist threat in Syria.”
Moscow already has a permanent naval base at Tartus, on the Syrian coast, and an air base at Hmeimim in Syria.
Last month Russia hinted it would also supply advanced S-300 ground-to-air missiles to Assad despite objections from Israel, which has lobbied Russia hard not to transfer the missiles.
On Friday, however, in an apparent U-turn following a visit to Moscow by Israeli Prime Minister Benjamin Netanyahu, Russia said it was not in talks with Syria about supplying the missiles. It said it did not think they were needed.
The Kremlin denied it had performed a U-turn on the missile question or that any decision was linked to Netanyahu’s visit.
Reporting by Denis Pinchuk; editing by John Stonestreet and Raissa Kasolowsky
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-russianvessels/putin-says-russian-frigates-in-mediterranean-on-standby-over-syria-threat-idUSKCN1IH1HZ |
May 4, 2018 / 11:13 AM / Updated 9 minutes ago BRIEF-RedHill Biopharma Reports Enrollment of 300th Patient in Confirmatory Phase III Study With Talicia Reuters Staff 1 Min Read
May 4 (Reuters) - Redhill Biopharma Ltd:
* REDHILL BIOPHARMA ANNOUNCES ENROLLMENT OF 300TH PATIENT IN CONFIRMATORY PHASE III STUDY WITH TALICIA® FOR H. PYLORI INFECTION
* REDHILL BIOPHARMA LTD - EXPECTS TO COMPLETE ENROLLMENT IN Q3/2018 AND ANNOUNCE TOP-LINE RESULTS IN Q4/2018
* REDHILL BIOPHARMA LTD - STUDY IS EXPECTED TO COMPLETE PACKAGE REQUIRED FOR FILING A U.S. NDA FOR TALICIA IN EARLY 2019
* REDHILL BIOPHARMA LTD - IF ACCEPTED, TALICIA NDA WILL BENEFIT FROM PRIORITY REVIEW OF 6 MONTHS WITH POTENTIAL FDA APPROVAL IN H2/2019
* REDHILL BIOPHARMA LTD - REMAINS ON TRACK TO POTENTIALLY COMPLETE ENROLLMENT OF ERADICATE HP2 STUDY IN Q3 OF 2018
* REDHILL BIOPHARMA LTD - EXPECTS TO ANNOUNCE TOP-LINE RESULTS OF ERADICATE HP2 STUDY IN Q4 OF 2018 Source text for Eikon: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-redhill-biopharma-reports-enrollme/brief-redhill-biopharma-reports-enrollment-of-300th-patient-in-confirmatory-phase-iii-study-with-talicia-idUSFWN1SB0NG |
May 2 (Reuters) - Regional REIT Ltd:
* EXCHANGED CONTRACTS TO PURCHASE SIX REGIONAL ASSETS FROM KILDARE PARTNERS FOR £35.2 MILLION IN AN OFF MARKET TRANSACTION
* TRANSACTION EXPECTED TO PROVIDE A NET INCOME OF C. £3.1 MILLION PER ANNUM WHICH EQUATES TO A NET INITIAL YIELD OF 8.4% Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-regional-reit-announes-acquisition/brief-regional-reit-announes-acquisition-of-35-2-mln-regional-portfolio-idUSFWN1S908K |
May 18, 2018 / 12:57 AM / Updated 18 hours ago Golf-Leishman fires career-low 61 to lead at Trinity Forest Frank Pingue 3 Min Read
May 17 (Reuters) - Australian Marc Leishman, buoyed by a pair of eagles, fired a career-low 61 for a three-shot lead after the first round of the AT&T Byron Nelson in Dallas on Thursday while home-town favourite Jordan Spieth failed to make a move.
World number 16 Leishman, one of only four top-20 players competing this week at the links-style Trinity Forest Golf Club, carded a bogey-free 10-under-par 61 to sit three shots clear of Americans J.J. Spaun and Jimmy Walker.
Leishman could not have asked for a better start to his round as his approach from 237 yards at the par-five first hole stopped three feet from the cup, allowing him a tap-in eagle that set the stage for a memorable day.
The three-times PGA Tour winner, whose previous career-low was 62, then made birdies at the sixth and seventh holes before a scorching trip around the back nine that included four birdies and an eagle at the par-five 14th.
Spaun, who started on the 10th, made six birdies over a stunning seven-hole stretch of his back nine to sit with Walker one clear of a pack of eight that included Mexico’s Abraham Ancer and Americans Sam Saunders and Jonathan Byrd.
World number three Spieth (69), the highest-ranked player in the field, did well to erase a bogey at the par-four fifth with birdies at seven and eight but only had one more birdie the rest of the way and was in a share of 57th place.
The Dallas native, seeking his first win of the year, would love to get it his hometown this week, the event having moved after being held in nearby Irving from 1986 until last year.
Former U.S. Masters champion Adam Scott, seeking his first PGA Tour win since 2016, mixed six birdies with two bogeys to reach four-under and a share of 23rd.
Japanese world number nine Hideki Matsuyama and Spanish world number 14 Sergio Garcia carded matching one-over 72s to sit in a distant share of 120th place.
Defending champion Billy Horschel, who started on the back nine, had an eagle at the par-five 14th en route to a three-under 68 that left him seven shots back. (Reporting by Frank Pingue in Toronto; Editing by Ian Ransom) | ashraq/financial-news-articles | https://in.reuters.com/article/golf-byronnelson/golf-leishman-fires-career-low-61-to-lead-at-trinity-forest-idINL3N1SP06N |
ST. PAUL, Minn.--(BUSINESS WIRE)-- The 3M Board of Directors (NYSE:MMM) today declared a dividend on the company’s common stock of $1.36 per share for the second quarter of 2018, payable June 12, 2018, to shareholders of record at the close of business on May 18, 2018.
3M has paid dividends to its shareholders without interruption for more than 100 years.
As of March 31, 2018, 3M had 593,692,282 common shares outstanding and 77,840 shareholders of record.
About 3M
At 3M, we apply science in collaborative ways to improve lives daily. With $32 billion in sales, our 91,000 employees connect with customers all around the world. Learn more about 3M’s creative solutions to the world’s problems at www.3M.com or on Twitter @3M or @3MNews.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006719/en/
3M
Investor Contacts:
Bruce Jermeland, 651-733-1807
or
Tony Riter, 651-733-1141
or
Media Contact:
Lori Anderson, 651-733-0831
Source: 3M | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-3m-board-declares-quarterly-dividend.html |
May 15 (Reuters) - Rongyu Group Co Ltd:
* SAYS IT SIGNS FRAMEWORK AGREEMENT WITH ALIBABA'S TECHNOLOGY AFFILIATE ON AREAS INCLUDING E-COMMERCE SOLUTIONS Source text in Chinese: bit.ly/2jWfvJJ Further company coverage: (Reporting by Hong Kong newsroom)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-rongyu-group-says-it-signs-framewo/brief-rongyu-group-says-it-signs-framework-agreement-with-alibabas-technology-affiliate-idUSH9N1SF02C |
May 3, 2018 / 4:48 PM / a few seconds ago Bayer to sell further Covestro stake for 2.2 billion euros Reuters Staff 2 Min Read
BERLIN (Reuters) - Pharmaceutical group Bayer ( BAYGn.DE ) is selling a further stake in plastics company Covestro ( 1COV.DE ), placing a holding of around 14.2 percent via an accelerated bookbuilding process. FILE PHOTO: The corporate logo of Bayer is seen at the headquarters building in Caracas, Venezuela March 1, 2016. REUTERS/Marco Bello/File Photo
Covestro was spun off from Bayer in 2015 and Bayer said this latest sale marks the start of the full separation from its former unit.
Bayer, which is buying seed maker Monsanto ( MON.N ), raised 1.8 billion euros ($2.15 billion) in January from selling a 10.4 percent stake in Covestro.
The latest sale of around 29 million shares to institutional investors was set to generate proceeds of about 2.2 billion euros, Bayer said.
Bayer said that, after the sale, it would hold just under 7 percent of Covestro shares which it acquired from Bayer Pension Trust. These would be used to repay an exchangeable bond issued in 2017 that matures in 2020, Bayer said.
BofA Merrill Lynch and J.P. Morgan are acting as joint bookrunners. They said the shares would be placed at a price range of 75.26 to market.
Covestro shares closed at 76.48 euros on Thursday, while Bayer shares closed at 99.97 euros. Reporting by Victoria Bryan; Editing by Alexandra Hudson and Edmund Blair | ashraq/financial-news-articles | https://uk.reuters.com/article/us-bayer-covestro-sale/bayer-to-sell-further-covestro-stake-for-2-2-billion-euros-idUKKBN1I426W |
- Revenue rose to RMB816.2 million (US$130.1 million) -
- The Company's year-over-year net profit increased by 102.4% to RMB26.1 million (US$4.2 million) -
ZHANGZHOU, China, May 17, 2018 /PRNewswire/ -- China Zenix Auto International Limited (NYSE: ZX) ("Zenix Auto" or "the Company"), the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume, today announced its unaudited financial results for the first quarter ended March 31, 2018.
Financial Highlights
First Quarter 2018:
Revenue was RMB816.2 million (US$130.1 million), up 21.8% year-over-year; Sales to the Chinese OEM market increased by 33.8% year-over-year; Sales of aluminum wheels increased by 99.1% year-over-year; Gross margin was 15.4%; Net profit and total comprehensive income for the period was RMB26.1 million (US$4.2 million) with earnings per American Depositary Share ("ADS") of RMB0.51 (US$0.08) compared with a net profit and total comprehensive income of RMB12.9 million with earnings per ADS of RMB0.25 in the first quarter of 2017.
Mr. Junqiu Gao, Deputy CEO and Chief Sales and Marketing Officer of Zenix Auto, commented, "The combined effects of the Chinese government's anti-truck overloading policy, supply-side reforms and higher fixed asset investments, revitalized new truck demand. Also, the aftermarket demand began to slowly rebound after the two past sluggish years. We expect the margin to continue to improve as the utilization rate of our aluminum wheel production line continues to rise, and product price adjustments continue."
Mr. Martin Cheung, CFO of Zenix Auto, commented, "In an environment of high raw material costs, we proactively adjusted pricing of our end products. As a result, our gross margin improved from 14.7% in the fourth quarter of 2017 to 15.4% in the first quarter of 2018. In the meantime, our increased shipments of aluminum wheels also positively contributed to the overall margin improvement."
2018 First Quarter Results
Revenue for the first quarter increased 21.8% to RMB816.2 million (US$130.1 million) from RMB 670.4 million in the first quarter of 2017. The increase in revenue on a year-over-year basis was mainly due to strong sales to the domestic truck OEM market which was driven by Chinese government's enforcement of its anti-truck overloading policy. The increase in total revenue was also attributable to the upward price adjustments in response to rising raw material costs.
Sales to the Chinese OEM market increased by 33.8% year-over-year to RMB465.1 million (US$74.1 million) in the first quarter of 2018 compared to RMB347.6 million in the same quarter of 2017. Total unit sales in the OEM market increased by 11.6% year-over-year during the first quarter of 2018.
Aftermarket sales in China increased by 9.7% year-over-year to RMB253.9 million (US$40.5 million) in the first quarter of 2018 from RMB231.5 million in the first quarter of 2017. Total unit sales in the aftermarket increased by 1.7% year-over-year as the aftermarket wheel segment began to recover after two sluggish years.
International sales increased by 6.5% year-over-year to RMB97.2 million (US$15.5 million) in the first quarter of 2018 compared to sales of RMB91.2 million in the first quarter of 2017. Total unit sales in the international sales decreased by 3.6% year-over-year in the first quarter of 2018 mainly due to continued weak demand in Southeastern Asian countries.
In the first quarter of 2018, domestic OEM sales, domestic aftermarket sales and international sales contributed 57.0%, 31.1% and 11.9% of revenue, respectively.
Sales of tubed steel wheels accounted for 45.7% of 2018 first quarter revenue compared to 44.9% in the same quarter in 2017. Tubeless steel wheel sales represented 41.3% of 2018 first quarter revenue compared to 45.4% in the same quarter of 2017. While tubed and tubeless steel wheel sales remain the main sources of revenue for the Company, sales of aluminum wheels increased by 99.1% year-over-year and accounted for 9.5% of first quarter revenue as compared to 5.8% in the same quarter a year ago. The tightened regulation by the Chinese government to curb emissions and increase road safety continued to fuel high demand for light-weight tubeless and aluminum wheels.
First quarter gross profit increased by 19.1% to RMB125.9 million (US$20.1 million), compared to RMB105.7 million in the same quarter in 2017. Gross margin was 15.4%, compared with 15.8% in the first quarter of 2017. The decrease in gross margin on a year-over-year basis was mainly due to higher raw material costs. The Company raised selling prices during the first quarter in all markets. However, in order to capture the aftermarket recovery, the price adjustment in this segment was not high enough to offset the increase in raw material costs, causing a slight deterioration in overall gross margin.
Selling and distribution expenses increased by 6.1% to RMB45.0 million (US$7.2 million) from RMB42.4 million in the first quarter of 2017. The increase in selling and distribution expenses was primarily caused by higher sales in the first quarter of 2018 compared with the same quarter last year. As a percentage of revenue, selling and distribution expenses were 5.5% in the first quarter of 2018, compared to 6.3% in the same quarter a year ago.
Research and development ("R&D") expenses decreased by 8.3% to RMB12.9 million (US$2.0 million), compared to RMB14.0 million in the first quarter of 2017. R&D as a percentage of revenue was 1.6% in the first quarter of 2018, compared to 2.1% in the same quarter a year ago. As the Company's aluminum and new steel products continue to mature, R&D expenses were reduced.
Administrative expenses decreased by 2.9% to RMB30.7 million (US$4.9 million) from RMB31.6 million in the first quarter of 2017. As a percentage of revenue, administrative expenses were 3.8%, compared to 4.7% of revenue in the first quarter of 2017.
Net income and total comprehensive income were RMB26.1 million (US$4.2 million) in the first quarter of 2018 compared to net income and total comprehensive income of RMB12.9 million for the first quarter of 2017.
Basic and diluted income per ADS were RMB0.51 (US$0.08) in the first quarter of 2018 compared to basic and diluted income per ADS of RMB0.25 in the first quarter of 2017.
In the first quarter of 2018, the Company recorded net cash flow from operating activities of RMB39.3 million (US$6.3 million). Higher sales to the domestic OEM market increased total account receivables and inventories. Days Sales Outstanding (DSO) remained at 58 days in the first quarter of 2018, slightly increased from 57 days for the full year of 2017. The Company did not incur any capital expenditures for the purchase of property, plant and equipment in the first quarter of 2018.
During the first quarter of 2018 and 2017, the weighted average number of ordinary shares was 206.5 million and the weighted average number of ADSs was 51.6 million.
As of March 31, 2018, Zenix Auto had bank balances and cash of RMB783.7 million (US$124.9 million) and fixed bank deposits with a maturity period over three months of RMB290.0 million (US$46.2 million). Total bank borrowings were RMB558.0 million (US$89.0 million). Total equity attributable to owners of the Company was RMB2,572.8 million (US$410.2 million).
Conference Call Information
The Company will host a conference call, to be simultaneously webcast, on Thursday, May 17, 2018 at 8:00 a.m. EDT/ 8:00 p.m. Beijing Time. Interested parties may participate in the conference call by dialing +1-877-407-0782 (U.S. Toll Free) or +1-201-689-8567 (International). Please dial in five minutes before the call start time and ask to be connected to the "China Zenix Auto" conference call.
A replay will be available shortly after the conclusion of the conference call through June 17, 2018, at 8:00 a.m. EDT. Interested parties may access the replay by dialing +1-877-481-4010 (U.S. Toll Free) or +1-919-882-2331 (International) and using Conference ID 29037 to access the replay.
Exchange Rate Information
The United States dollar (US$) amounts disclosed in this press release are presented solely for the convenience of the reader. All translations from RMB to U.S. dollars are made at a rate of RMB6.2726 to US$1.00, the effective noon buying rate as of March 31, 2018 in The City of New York, for cable transfers of RMB as set forth in the H.10 weekly statistical release of the Federal Reserve Board. The percentages stated are calculated based on RMB amounts.
About China Zenix Auto International Limited
China Zenix Auto International Limited is the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume. The Company offers more than 798 series of aluminum wheels, tubed steel wheels, tubeless steel wheels, and off-road steel wheels in the aftermarket and OEM markets in China and internationally. The Company's customers include large PRC commercial vehicle manufacturers, and it also exports products to over 75 distributors in more than 28 countries worldwide. With six large, strategically located manufacturing facilities in multiple regions across China, the Company has a designed annual production capacity of approximately 15.5 million units of steel and aluminum wheels as of March 31, 2018. For more information, please visit: www.zenixauto.com/en .
Safe Harbor
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. The Company may make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these risks is included in our filings with the SEC. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.
For more information, please contact
Kevin Theiss
Awaken Advisors
Tel: +1-(212) 521-4050
Email: [email protected]
- tables follow -
China Zenix Auto International Limited
Unaudited Condensed Consolidated Statements of Profit or Loss
and Other Comprehensive Income
For the three months ended March 31, 2018 and 2017
(RMB and US$ amounts expressed in thousands, except number of shares and ADSs and
per share data)
Three Months Ended March 31,
2017 Q1
2018 Q1
2018 Q1
RMB' 000
RMB' 000
US$' 000
Revenue
670,356
816,207
130,123
Cost of sales
(564,640)
(690,294)
(110,049)
Gross profit
105,716
125,913
20,074
Other operating income
6,416
4,174
665
Net exchange loss
(306)
(2,457)
(392)
Selling and distribution costs
(42,435)
(45,015)
(7,176)
Research and development
expenses
(14,017)
(12,855)
(2,049)
Administrative expenses
(31,621)
(30,707)
(4,895)
Finance costs
(5,290)
(5,670)
(904)
Profit before taxation
18,463
33,383
5,323
Income tax expense
(5,546)
(7,235)
(1,153)
Profit and total
comprehensive income for
the period
12,917
26,148
4,170
Earnings per share
Basic
0.06
0.13
0.02
Diluted
0.06
0.13
0.02
Earnings per ADS
Basic
0.25
0.51
0.08
Diluted
0.25
0.51
0.08
Shares
206,500,000
206,500,000
206,500,000
ADSs
51,625,000
51,625,000
51,625,000
China Zenix Auto International Limited
Unaudited Condensed Consolidated Statements of Financial Position
(RMB and US$ amounts expressed in thousands)
December 31,
2017
March 31,
2018
March 31,
2018
RMB'000
RMB'000
US$' 000
ASSETS
Current Assets
Inventories
178,034
248,831
39,670
Trade and other receivables and
prepayments
900,162
937,899
149,523
Prepaid lease payments
9,425
9,425
1,503
Pledged bank deposits
35,200
39,800
6,345
Fixed bank deposits with maturity
period over three months
290,000
290,000
46,233
Bank balances and cash
751,612
783,729
124,945
Total current assets
2,164,433
2,309,684
368,219
Non-Current Assets
Property, plant and equipment
1,272,774
1,235,260
196,929
Prepaid lease payments
367,024
364,668
58,137
Deferred tax assets
25,500
26,127
4,165
Intangible assets
17,000
17,000
2,710
Total non-current assets
1,682,298
1,643,055
261,941
Total assets
3,846,731
3,952,739
630,160
EQUITY AND LIABILITIES
Current Liabilities
Trade and other payables and
accruals
635,425
708,803
113,000
Amount due to shareholders
8,742
10,597
1,690
Taxation payable
3,573
8,606
1,372
Bank borrowings
558,000
558,000
88,958
Total current liabilities
1,205,740
1,286,006
205,020
Deferred tax liabilities
86,670
86,463
13,784
Deferred income
7,699
7,500
1,196
Total non-current liabilities
94,369
93,963
14,980
Total liabilities
1,300,109
1,379,969
220,000
EQUITY
Share capital
136
136
22
Paid in capital
392,076
392,076
62,506
Reserves
2,154,410
2,180,558
347,632
Total equity attributable to
owners of the company
2,546,622
2,572,770
410,160
Total equity and liabilities
3,846,731
3,952,739
630,160
China Zenix Auto International Limited
Unaudited Condensed Consolidated Statement of Cash Flows
For the three months ended March 31, 2018
(RMB and US$ amounts expressed in thousands)
Three Months Ended
OPERATING ACTIVITIES
March 31, 2018
RMB' 000
US$' 000
Profit before taxation
33,383
5,323
Adjustments for:
Amortization of prepaid lease payments
2,356
376
Depreciation of property plant and equipment
37,816
6,028
Release of deferred income
(199)
(32)
Finance costs
5,670
904
Loss on disposal of property, plant and equipment
5
1
Interest income
(3,272)
(522)
Operating cash flows before movements
in working capital
75,759
12,078
Increase in inventories
(70,797)
(11,287)
Increase in trade and other receivables and prepayments
(39,508)
(6,299)
Increase in trade and other payables and accruals
73,378
11,698
Cash generated from operations
38,832
6,190
Interest received
3,559
567
PRC income tax paid
(3,036)
(484)
NET CASH FROM OPERATING ACTIVITIES
39,355
6,273
INVESTING ACTIVITIES
Placement of pledged bank deposits
(4,600)
(733)
Proceeds on disposal of property, plant and equipment
39
6
Placement of fixed bank deposits with maturity periods over
three months
(240,000)
(38,262)
Withdrawal of fixed bank deposits with maturity periods over
three months
240,000
38,262
NET CASH USED IN INVESTING ACTIVITIES
(4,561)
(727)
FINANCING ACTIVITIES
New bank borrowings raised
(255,000)
(40,653)
Repayment of bank borrowings
255,000
40,653
Interest paid
(6,016)
(959)
Advance from shareholder
1,855
296
NET CASH USED IN FINANCING ACTIVITIES
(4,161)
(663)
NET INCREASE IN CASH AND CASH EQUIVALENTS
30,633
4,883
Cash and cash equivalents at beginning of the period
751,612
119,825
Effect of foreign exchange rate changes
1,484
237
Cash and cash equivalents at end of the period
783,729
124,945
View original content: http://www.prnewswire.com/news-releases/china-zenix-auto-international-limited-reports-21-8-revenue-growth-in-2018-first-quarter-300650100.html
SOURCE China Zenix Auto International Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-china-zenix-auto-international-limited-reports-21-point-8-percent-revenue-growth-in-2018-first-quarter.html |
May 25, 2018 / 7:29 PM / Updated 26 minutes ago Bombs target Iraq communist party headquarters Reuters Staff 2 Min Read
BAGHDAD (Reuters) - Two homemade bombs targeted the headquarters of the Iraqi Communist Party, which is part of an alliance with cleric Moqtada al-Sadr that won Iraq’s parliamentary election, a party official and security sources said.
The explosive devices were hurled into the garden of the building in Baghdad on Friday and did not cause any casualties, said Jassim Helfi, a senior member of the party.
He described the incident as a message from those opposed to the Sairoon bloc’s calls for reforms in Iraq. Sairoon has promised to end corruption and foreign interference in Iraq’s affairs.
Sadr scored a surprise victory in the election by promising better services and tapping growing resentment with Iran and what voters say is its support for a corrupt political elite.
The cleric himself cannot become prime minister because he did not run in the election, though his bloc’s victory puts him in a position to have a strong say in negotiations on forming a new government.
Sadr reached out to dispossessed Shi’ites and marginalized Sunnis, and restored links with Sunni neighbours while keeping Iran at bay.
The nationalist cleric’s success could be a setback for Iran, which has steadily increased its influence in Iraq - its most important ally in the Middle East - since a U.S.-led invasion toppled Saddam Hussein in 2003.
Before the election, Iran publicly stated it would not allow Sadr’s bloc to govern in Iraq, with which it shares a border. Reporting by Michael Georgy; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iraq-election-communists/bombs-target-iraq-communist-party-headquarters-idUKKCN1IQ2V9 |
JERUSALEM, May 31 (Reuters) - Israeli energy conglomerate Delek Group reported on Thursday higher first-quarter net profit and sales, though it saw a decline in revenue from energy operations in Israel after selling part of its stake in a major gas field.
Delek said it earned 243 million shekels ($68 million) in the first quarter, up from 220 million a year earlier. Revenue rose to 1.78 billion shekels from 1.54 billion.
Last year it sold 9.25 percent of its stake in the Tamar offshore gas field, leaving it with a 22 percent share. That resulted in lower income from gas production in the project, which was offset by expanded operations abroad as well as growth in its fuel product segment, the company said.
Delek is also a partner in the massive Leviathan gas field, which it said remains on target.
“Almost half of the Leviathan project has been completed and is on track for production of first gas during 2019,” said Chief Executive Asaf Bartfeld.
Delek declared a dividend of 120 million shekels.
$1 = 3.5670 shekels Reporting by Ari Rabinovitch Editing by Steven Scheer
| ashraq/financial-news-articles | https://www.reuters.com/article/delek-group-results/israeli-energy-firm-delek-group-q1-profit-revenue-up-idUSL5N1T21I8 |
WASHINGTON, May 17 (Reuters) - White House chief economic adviser Larry Kudlow said on Thursday that he expects China to bring a proposal to trade talks in Washington this week, and said that would “extend the conversation and permit additional negotiations.”
“We’ll be glad to have this discussion,” Kudlow told Fox Business Network. “It’s absolutely essential to the president’s trade and economic policy.” (Reporting by Justin Mitchell; Editing by Tim Ahmann)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china-kudlow/white-house-adviser-expects-china-to-bring-proposal-to-trade-talks-idUSS0N1QH00W |
WASHINGTON (Reuters) - A federal judge dealt President Donald Trump’s former campaign manager Paul Manafort a major blow on Tuesday by refusing to dismiss criminal charges brought by Special Counsel Robert Mueller, after Manafort claimed that Mueller’s probe has run amok and should be reined in.
President Trump's former campaign manager Paul Manafort departs U.S. District Court after a motions hearing in Alexandria, Virginia, U.S., May 4, 2018. REUTERS/Jonathan Ernst In a sharp rebuke of those claims, Judge Amy Berman Jackson of U.S. District Court for the District of Columbia ruled that Deputy Attorney General Rod Rosenstein had followed all the Justice Department’s rules when he hired Mueller and Mueller’s case against Manafort is not overly broad or improper.
Rosenstein “expressly approved the Special Counsel’s investigation of the facts alleged in the indictment, so there has been no violation of the regulations, and the Special Counsel did not act without authority,” wrote Jackson, who was appointed by Democratic President Barack Obama.
A spokesman for Manafort did not have any immediate comment on the ruling, and a spokesman for the Special Counsel declined to comment.
Manafort, who performed lobbying work for a pro-Russian former Ukrainian president before serving as Trump’s campaign chairman in 2016, is facing two indictments brought by Mueller in federal courts in Washington and Alexandria, Virginia.
The charges against him in the Washington case include conspiring to launder money, conspiring to defraud the United States and failing to register as a foreign agent. In Virginia, he faces charges that include bank fraud and filing false tax returns.
He has pleaded not guilty to all of the charges, none of which are directly related to work he performed for Trump’s campaign.
In both criminal cases, Manafort has asked the courts to dismiss the charges on the grounds that Rosenstein’s May 17, 2017 appointment order hiring Mueller runs afoul of Justice Department rules on special counsels.
He has also argued that Mueller’s case against him has nothing to do with Russian interference in 2016 election, and that the probe by the FBI into his Ukraine dealings predates the Russia probe.
Trump has denied that his campaign colluded with Russia and called the probe that has dogged his presidency a “witch hunt.”
Jackson was not moved by any of Manafort’s assertions.
“Manafort was, at one time, not merely ‘associated with,’ but the chairman of, the Presidential campaign, and his work on behalf of the Russia-backed Ukrainian political party and connections to other Russian figures are matters of public record,” she wrote, adding that it was “logical” for investigators to probe Manafort’s dealings.
Her ruling also pointed to an August 2017 memo by Rosenstein that further detailed the scope of the probe. That memo explicitly gave Mueller authority to probe all of Manafort’s Ukraine-related work predating the 2016 campaign.
Republicans in the House of Representatives who are critical of the Mueller probe have pressed the Justice Department in recent months to provide them with an unredacted copy of the August memo.
The ruling marks a setback for Manafort, who last month was buoyed when the judge in the Alexandria case aggressively questioned prosecutors about whether their case was overly broad and mused that he believed they were using the charges to get Manafort to turn over dirt on Trump.
That judge, T.S. Ellis III for the Eastern District of Virginia, has yet to rule on whether to dismiss the charges against Manafort.
Ellis, who was appointed to the bench by Republican President Ronald Reagan, has also said he too wants to see an unredacted copy before he can fully form a decision on whether to dismiss the charges.
He told prosecutors to turn over a copy to him by Friday.
Reporting by Sarah N. Lynch; editing by Tom Brown and Cynthia Osterman
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-trump-russia/u-s-judge-refuses-to-dismiss-ex-trump-aide-manaforts-criminal-case-idINKCN1IG3B7 |
May 8 (Reuters) - Dare Bioscience Inc:
* DARÉ BIOSCIENCE, INC. EXPANDS LEADERSHIP TEAM, APPOINTING JOHN FAIR TO CHIEF BUSINESS OFFICER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dar-bioscience-appoints-john-fair/brief-dar-bioscience-appoints-john-fair-to-chief-business-officer-idUSFWN1SF0M4 |
May 2 (Reuters) - Signet Jewelers Ltd:
* SIGNET JEWELERS ANNOUNCES NON-PRIME CREDIT AGREEMENT WITH MINORITY PURCHASER
* SIGNET JEWELERS LTD - INVESTMENT FUNDS MANAGED BY CARVAL INVESTORS WILL PURCHASE 70 PERCENT OF FORWARD FLOW NON-PRIME RECEIVABLES
* SIGNET JEWELERS LTD - CO’S GUIDANCE PROVIDED ON MARCH 14, 2018 AND APRIL 2, 2018 RELATING TO IMPACT OF CREDIT TRANSACTION IS UNCHANGED Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-signet-jewelers-announces-non-prim/brief-signet-jewelers-announces-non-prime-credit-agreement-with-minority-purchaser-idUSASC09Z5F |
May 14, 2018 / 4:36 PM / Updated 40 minutes ago Wenders film shows 'emotional giant' Pope Francis Hanna Rantala 3 Min Read
CANNES, France (Reuters) - Viewers hoping Wim Wenders’ documentary about Pope Francis will be a critical portrait of the head of the Catholic Church will be disappointed. The German director makes no excuses for the fact this is a work of love for a man he respects. 71st Cannes Film Festival – Photocall for the documentary film "Pope Francis: A Man of His Word" presented as part of a special screening – Cannes, France May 13, 2018. Director Wim Wenders poses. REUTERS/Stephane Mahe
Wenders, who won the Palme d’Or for “Paris, Texas” in 1984, has made several successful documentaries, including “Buena Vista Social Club” about the Cuban music scene, and “Pina” on dance choreographer Pina Bausch - subjects that, like the pope, are things he has great affection for.
“I didn’t want to make a critical film about him, other people do that really well, television does it all the time,” Wenders told Reuters in Cannes where “Pope Francis - a Man Of His Word” had its premiere.
“My documentaries are expressions of love and affection for something that I want to share with the world ... Right now I think there is nobody who has more important things to say to us that the pope, so I wanted to share that.
“We are living in an utterly immoral time and our political leaders, powerful leaders, are emotional dwarfs. So I wanted to have this emotional giant talk to us.”
Jorge Mario Bergoglio, born in Argentina in 1936, became pope in 2013 after the unexpected resignation of Pope Benedict. He chose his papal name after Francis of Assisi, a figure Wenders calls “a revolutionary” for his work with the poor and nature.
“Today Saint Francis would be the first ecologist of the world. Pope Francis took on a heavy duty prog by choosing that name,” Wenders said. 71st Cannes Film Festival – Photocall for the documentary film "Pope Francis: A Man of His Word" presented as part of a special screening – Cannes, France May 13, 2018. Director Wim Wenders poses. REUTERS/Jean-Paul Pelissier
He filmed four two-hour interviews with Francis in which the pope talked directly into camera.
He said a kind of “teleprompter in reverse” allowed him to get that intimate look, by imposing Wenders’ face on a transparent screen with a camera behind it “so by looking into my eyes he sees everybody’s eyes”.
“This man communicates in such an honest direct and spontaneous way ... even with the greatest actors you find that very rarely,” Wenders said.
With no prerequisites from the Vatican, Wenders insists his film is more than a promotional video.
“It is not propaganda,” he said. Slideshow (4 Images)
“It’s not a commission. I was free to do what I wanted to do and this is what I wanted to do. I wanted to give a platform for his work, period.”
The Cannes Film Festival runs to May 19. Writing by Robin Pomeroy; Editing by Alison Williams | ashraq/financial-news-articles | https://in.reuters.com/article/us-filmfestival-cannes-pope-francis/wenders-film-shows-emotional-giant-pope-francis-idINKCN1IF2BQ |
WHEN: Today, Thursday, May 24, 2018
WHERE: CNBC's "Power Lunch"
The following is the unofficial transcript of an EXCLUSIVE CNBC interview with Philadelphia Federal Reserve President Patrick Harker and CNBC's Steve Liesman on CNBC's "Power Lunch" (M-F 1PM – 3PM) today, Thursday, May 24. Following is a link to video of the interview on CNBC.com: https://www.cnbc.com/video/2018/05/24/people-need-to-commit-themselves-to-a-lifetime-of-education-to-refresh-skills-philly-fed-president.html?play=1 .
References must be sourced to CNBC.
MICHELLE CARUSO-CABRERA: STEVE IS JOINING US NOW WITH THE HEAD OF THE PHILADELPHIA FEDERAL RESERVE TO SEE WHAT HE THINKS TODAY. TAKE IT AWAY, STEVE.
STEVE LIESMAN: THANKS, MICHELLE. YEAH, HERE AT THE DALLAS FEDERAL RESERVE CONFERENCE ON DISRUPTION AND TECHNOLOGY AND THE ECONOMY. BUT YOU'RE RIGHT, MICHELLE. YOU TOOK THE FIRST QUESTION OUT OF MY -- OUT OF MY MOUTH RIGHT THERE. I'M HERE WITH PATRICK HARKER, PHILADELPHIA FED PRESIDENT. PATRICK, LET'S TALK ABOUT WHAT MICHELLE BROUGHT UP -- SAID IN THE MINUTES YESTERDAY, SUGGESTING THERE MAY NOT BE SO MUCH FURTHER TO GO WHEN IT COMES TO HIKING RATES. AND SECOND THAT THERE'S MORE TOLERANCE FOR INFLATION. DO THOSE BOTH REFLECT YOUR POINT OF VIEW?
PATRICK HARKER: YEAH, SO MY OWN VIEW IS, WHEN I BEGAN THIS YEAR, I HAD THREE 25 BASIS POINT INCREASES FOR THIS YEAR AND FOR NEXT YEAR. I HAVEN'T MOVED FAR FROM THAT. I THINK WE'RE GETTING CLOSE TO NEUTRAL. NEUTRAL SAY SOMEWHERE ABOUT 2.75% TO 3%. SO IF WE SEE INFLATION START TO ACCELERATE, THEN I WOULD BE OPEN TO A FOURTH INCREASE THIS YEAR BUT I'D HAVE TO SEE EVIDENCE OF THAT FIRST.
LIESMAN: WHEN IT COMES TO SYMMETRY AND INFLATION, HOW HIGH IS YOUR TOLERANCE FOR HIGHER INFLATION?
HARKER: SO I DON'T THINK OF IT SO MUCH AS A NUMBER AROUND THE 2%, ALTHOUGH THAT'S PART OF IT. IT'S THE ACCELERATION OR DECELERATION. IF WE'RE CREEPING UP TO 2% AND WE CREEP UP TO SAY, 2 -- 2.25%, THAT'S A DIFFERENT STORY THAN WE'RE ACCELERATING PAST 2%. I THINK WE BEHAVE DIFFERENTLY. AT LEAST I WOULD AS A POLICYMAKER.
LIESMAN: SO WHEN YOU TALK ABOUT -- I WANT TO GO BACK TO YOUR FIRST ANSWER, THREE THIS YEAR AND THREE NEXT YEAR, IS 2019 THE END OF IT IN YOUR OPINION?
HARKER: COULD BE. YEAH. IT'S POSSIBLE.
LIESMAN: DO YOU SEE A NEED TO BECOME RESTRICTIVE AND SLOW THE ECONOMY, GO WELL ABOVE NEUTRAL?
HARKER: NOT PARTICULARLY. I THINK IF WE CAN HIT NEUTRAL AND STAY AROUND THERE, OF COURSE YOU'RE ALWAYS GOING TO BE MOVING HERE OR THERE. IT'S NOT A FIXED POINT. THEN I'D BE COMFORTABLE WITH THAT. I WOULDN'T WANT TO JUST GO FAR OVER NEUTRAL AND THEN HAVE TO PUT THE BRAKES ON.
LIESMAN: SO THERE'S AN OBVIOUS QUESTION THAT COMES FROM THAT. TYPICALLY THE FED HAS CUT AS MUCH AS 500 BASIS POINTS IN A RECESSION. IF YOU STOPPED AT THREE, YOU'D ONLY HAVE 300 TO CUT.
HARKER: THIS ALL COMES DOWN TO THE NEUTRAL REAL RATE, R-STAR. IT'S WHAT WE'RE DISCUSSING AT THIS CONFERENCE. WILL TECHNOLOGY LIFT PRODUCTIVITY? WE'VE NOT SEEN IT NOW FOR A LONG TIME. IF IT DOES, THEN OF COURSE WE CAN INCREASE THE NEUTRAL RATE. IF IT DOESN'T, THEN I THINK WE ARE WHERE WE ARE.
LIESMAN: THAT'S A GREAT SEGUE INTO THE CONFERENCE. WHY DOES THE FED -- I THINK THIS IS THE SECOND OR THIRD CONFERENCE I'VE BEEN TO ON THIS VERY TOPIC -- WHY IS THE FED SO FOCUSED ON THIS ISSUE OF TECHNOLOGY AND DISRUPTION? WHAT DOES IT MEAN FOR THE OVERALL MACRO ECONOMY AND FOR MONETARY POLICY?
HARKER: SO I THINK WE'RE INTERESTED IN THIS FOR A COUPLE REASONS. ONE, JUST TRYING TO UNDERSTAND ITS IMPACT ON THINGS LIKE PRODUCTIVITY, INFLATION. YOU KNOW, TRYING TO UNDERSTAND THE VARIABLES THAT WE TRY TO CONTROL. RIGHT? OUR DUAL MANDATE. AND WITH UNEMPLOYMENT, WHAT IS ACTUALLY HAPPENING WITH RESPECT TO TECHNOLOGY? AND THAT GETS TO THE SECOND POINT, AND PARTICULARLY FOR ME, A LOT OF THE WORK WE'RE DOING IN PHILADELPHIA AROUND WORKFORCE DEVELOPMENT. RIGHT? WHAT ARE THE SKILLSETS THAT ARE NEEDED IN THIS NEW ECONOMY? NOT ALL JOBS ARE GOING TO GO AWAY. THE MACHINES AREN'T GOING TO TAKE AWAY ALL OUR JOBS.
LIESMAN: I WANT TO TAKE THESE ONE BY ONE. BECAUSE IN THE FIRST INSTANCE, I WANT TO MAKE SURE EVERYONE UNDERSTANDS WHAT YOU'RE SAYING. IF ALL THIS WIZ-BANGERY TECHNO STUFF AROUND US CREATES HIGH PRODUCTIVITY, IT MEANS THE ECONOMY CAN RUN HOTTER AND WITH LESS INFLATION, AND IT MEANS THE FED DOESN'T REALLY HAVE TO RESPOND TO MORE GROWTH – IS THAT RIGHT?
HARKER: POTENTIALLY, YEAH. WE HAVE TO SEE IT PLAY OUT. MY BIGGEST CONCERN NOW –
LIESMAN: RIGHT NOW YOU DON'T SEE IT.
HARKER: NO. MY BIGGEST CONCERN AROUND PRODUCTIVITY IS YES, WE'RE GONNA SEE PRODUCTIVITY MANUFACTURING AND ELECTRIC UTILITIES. THE ECONOMY IS A SERVICE ECONOMY. SO UNTIL WE SEE THE NEEDLE MOVE SAY, ON HEALTHCARE PRODUCTIVITY, WE'RE NOT GOING TO SEE OVERALL PRODUCTIVITY GROW. AND THE PROBLEM IS WE DON'T EVEN KNOW HOW TO MEASURE HEALTHCARE OUTPUTS. SO WE CAN'T REALLY MEASURE THAT PRODUCTIVITY.
LIESMAN: AND LET'S GET TO THE SECOND PART, WHICH IS THE EFFECT ON THE WORKFORCE. I THINK A LOT OF PEOPLE ARE CONCERNED RIGHT HERE AND THERE WAS JUST A CONFERENCE BEFORE YOU AND I SAT DOWN TO SPEAK WHERE I SORT OF THOUGHT WE'RE IN DEEP TROUBLE HERE. THAT THE CHINESE CAN COME AND THEY CAN BEAT US OUT DRAMATICALLY ON CAR PRODUCTION, BUT ALSO THE IDEA THAT YOUR TYPICAL ENGINEER -- AND I HAVE FRIENDS WHOSE KIDS ARE GRADUATING ENGINEERS, THEY THINK THEY HAVE A LIFETIME OF EMPLOYMENT -- THAT THERE ARE SUBSTANTIAL HIGH PAYING SALARIES IN AREAS THAT ARE AT RISK HERE BECAUSE OF TECHNOLOGICAL DEVELOPMENTS.
HARKER: THE ONLY WAY THEY HAVE A LIFETIME EMPLOYMENT GOING FORWARD IS IF THEY HAVE A LIFETIME OF EDUCATION. THEY HAVE TO COMMIT THEMSELVES NOW TO A LIFETIME OF EDUCATION, CONSTANTLY REFRESHING THEIR SKILLS.
LIESMAN: ARE YOU CONCERNED THAT TECHNOLOGY GETS TO A PLACE WHERE VAST NUMBERS OF PEOPLE ARE UNEMPLOYED AND UNEMPLOYABLE?
HARKER: I WORRY THAT WE WILL HAVE SEGMENTS OF OUR SOCIETY THAT THAT'S A SITUATION, WHETHER IT'S GEOGRAPHY OR SKILL SET. I'M NOT WORRIED ABOUT IT OVERALL, BECAUSE WE ALWAYS CREATE NEW JOBS. RIGHT? AS WE WERE TALKING ABOUT EARLIER AT THE CONFERENCE. ASSOCIATES DEGREE LEVEL FOR CYBERSECURITY. WE STARTED THIS WHEN I WAS THE PRESIDENT OF THE UNIVERSITY OF DELAWARE WITH THE ARMY AND J.P. MORGAN CHASE. THERE WILL BE NEW JOBS. THAT WILL BE JOBS THAT WILL COME OUT OF MACHINE LEARNING WHERE HUMANS HAVE TO BE ENGAGED WITH IT. WE DON'T KNOW WHAT THOSE JOBS ARE -- GO BACK 20 YEARS AGO – HOW MANY WEB DESIGNERS --?
LIESMAN: -- PEOPLE GET HURT ALONG THE WAY THOUGH.
HARKER: THEY DO. AND THAT'S SOMETHING WHERE WE NEED TO HAVE JOB RETRAINING PROGRAMS THAT REALLY WORK IN THIS COUNTRY.
LIESMAN: PATRICK HARKER, WE HAVE TO LEAVE IT THERE. PHILADELPHIA FED PRESIDENT. THANKS FOR JOINING US.
HARKER: THANK YOU.
LIESMAN: GUYS, A TOPIC I THINK WE'LL BE DISCUSSING A LOT ABOUT AND VERY INTERESTING TO ME HOW MUCH FOCUS THE FEDERAL RESERVE IS PUTTING ON THIS ISSUE. MICHELLE, MELISSA, BACK TO YOU GUYS. AND SARA.
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For more information about NBCUniversal, please visit http://www.NBCUniversal.com . | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/cnbc-exclusive-cnbc-transcript-philadelphia-federal-reserve-president-patrick-harker-speaks-with-cnbcs-steve-liesman-today.html |
May 22 (Reuters) - Victory Capital Holdings Inc:
* VICTORY CAPITAL ANNOUNCES SHARE REPURCHASE PROGRAM * VICTORY CAPITAL HOLDINGS INC SAYS BOARD APPROVED SHARE REPURCHASE PROGRAM AUTHORIZING REPURCHASE OF UP TO $15 MILLION OF CLASS A COMMON STOCK Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-victory-capital-announces-share-re/brief-victory-capital-announces-share-repurchase-program-idUSASC0A39L |
May 1, 2018 / 10:46 AM / Updated 11 minutes ago BRIEF-Acco Brands Reports Q1 Earnings Per Share $0.09 Reuters Staff
May 1 (Reuters) - ACCO Brands Corp:
* ACCO BRANDS CORPORATION REPORTS FIRST QUARTER 2018 RESULTS * APRIL SAME STORE SALES FELL 6 PERCENT
* Q1 EARNINGS PER SHARE VIEW $0.07 — THOMSON REUTERS I/B/E/S * REITERATING ITS OUTLOOK FOR 2018 REVENUE
* REITERATING ITS OUTLOOK FOR 2018 ADJUSTED EARNINGS PER SHARE AND FREE CASH FLOW
* FY EARNINGS PER SHARE VIEW $1.35, REVENUE VIEW $1.99 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-acco-brands-reports-q1-earnings-pe/brief-acco-brands-reports-q1-earnings-per-share-0-09-idUSASC09YI2 |
Explosives found after Texas school shooting 1:12pm EDT - 00:50
Santa Fe police chief Walter Braun says in addition to the at least eight fatalities in the Texas school shooting, one police officer was shot and explosives were found in and near the school. Rough Cut (no reporter narration).
Santa Fe police chief Walter Braun says in addition to the at least eight fatalities in the Texas school shooting, one police officer was shot and explosives were found in and near the school. Rough Cut (no reporter narration). //reut.rs/2IMCXam | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/18/explosives-found-after-texas-school-shoo?videoId=428151186 |
Smartphones help Kenya's women into work 8:29am BST - 01:43
Ride-hailing apps are helping women into employment in Kenya's capital, where a growing number of women are getting behind the wheel to help support themselves and their families.
Ride-hailing apps are helping women into employment in Kenya's capital, where a growing number of women are getting behind the wheel to help support themselves and their families. //reut.rs/2rifu6b | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/03/smartphones-help-kenyas-women-into-work?videoId=423415579 |
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