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U.S. government debt yields ticked higher Tuesday as investors digested the first of three major Treasury auctions this week and an announcement by President Donald Trump on U.S. commitment to the Iran nuclear deal.
The yield on the benchmark 10-year Treasury note was higher at around 2.967 percent at 2:39 p.m. ET, while the yield on the 30-year Treasury bond was higher at 3.121 percent. Bond yields move inversely to prices.
Trump announced he was withdrawing the U.S. from the Iran nuclear deal, which lifted sanctions on the Middle Eastern nation, in return for the country to pull back on its nuclear ambitions. The president ha d often threatened to pull the U.S. from the Iran deal in the past, calling it "the worst deal ever."
In spite of the U.S. incumbent's threats to withdraw, President Hassan Rouhani stated that Iran had a plan to counter any move made by Trump when it comes to the deal, Reuters reported. Though Trump is widely expected to withdraw, Rouhani said on Tuesday that Iran would continue to seek "constructive relations with the world," despite potential sanctions.
An uncompromising exit by the Trump administration could also affect oil prices given Iran role as a leading crude exporter, and that could spell uncertainty for Treasurys.
"The higher price of oil will strain the commercial accounts of large oil importers in the emerging markets while helping producers," said Thierry Wizman, global interest rates and currencies strategist at Macquarie Group. "It will spur inflation almost everywhere, and thus perhaps lift inflation breakevens. In the U.S., that could be the catalyst for 10-year yields getting to 3.25 percent."
Symbol Yield Change %Change US 3-MO --- US 1-YR --- US 2-YR --- US 5-YR --- US 10-YR --- US 30-YR --- Ballooning bond supply also continues to play a major role in fixed income markets.
The Treasury Department auctioned $31 billion in three-year notes at a high yield of 2.664 percent. The bid-to-cover ratio, an indicator of demand, was 2.76. Indirect bidders, which include major central banks, were awarded 45.6 percent. Direct bidders, which includes domestic money managers, bought 12.3 percent.
It will also auction $25 billion in 10-year notes Wednesday and $17 billion in 30-year bonds on Thursday.
The Treasury Department has been under increased pressure to fund the federal government's yawning budget deficit, opting to increase the size of its debt auctions and buoying rates as a result.
In the central banking space, Fed Chair Jerome Powell has delivered remarks in Zurich Tuesday. Speaking at the Swiss National Bank and International Monetary Fund's High Level Conference on the international monetary system, Powell said that the U.S. central bank's interest rate hikes may not end up having as great of a risk on emerging market economies and stock markets as many had initially thought.
The head of the U.S. Federal Reserve went on to add that the central bank would, however, continue to communicate its policy strategy as "clearly and transparently as possible to help align expectations and avoid market disruptions."
In economic data, job openings hit a record in March, challenging the argument that the labor market is near capacity.
The level hit 6.6 million, according to the Job Openings and Labor Turnover Survey released Tuesday that, even though lagging a month, is closely watched for signs of market slack. Openings in total rose by 472,000 over February.
The Labor Department will report on producer prices Wednesday, as well as the more heavily scrutinized consumer-price index on Thursday.
On average, economists surveyed by Reuters expect that so-called core CPI — which excludes volatile food and energy costs — rose 0.2 percent in April from the previous month.
Rising inflation is a threat to Treasury prices because it erodes the purchasing power of their fixed payments, putting upward pressure on rates. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/iran-deal-announcement-and-data-in-focus-for-bond-investors.html |
Denmark bans full-face Muslim veil in public 1:59pm EDT - 00:53
Denmark has become the latest European country to ban the full-face veil worn by some Muslim women. Critics say that infringes women's rights to wear what they choose. Lucy Fielder reports.
Denmark has become the latest European country to ban the full-face veil worn by some Muslim women. Critics say that infringes women's rights to wear what they choose. Lucy Fielder reports. //reut.rs/2IYK8xb | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/31/denmark-bans-full-face-muslim-veil-in-pu?videoId=431970283 |
May 8, 2018 / 5:34 PM / Updated 30 minutes ago Glitzy Eurovision pageant gives boost to Lisbon tourism Andrei Khalip 3 Min Read
LISBON (Reuters) - The Eurovision song contest kicked into high gear on Tuesday in Lisbon with tens of thousands of music fans further boosting the record tourist numbers in the city, where pop star Madonna fixed her residence last year. United Kingdom’s SuRie performs “Storm” during a dress for Eurovision Song Contest 2018 at the Altice Arena hall in Lisbon, Portugal May 7, 2018. REUTERS/Rafael Marchante
After a week of rehearsals, contestants from 19 countries will take to the stage of the 20,000-capacity Altice Arena on Tuesday in the first night of the semi-finals of the show watched by an estimated more than 200 million people around the world.
It will be broadcast simultaneously on giant screens on the city’s main Commerce Square overlooking the Tagus river, where music lovers can party for free with live shows throughout the event until the May 12 finals.
The Portuguese Hotel and Restaurants Association said hotel bookings had jumped 40 percent in Eurovision week and expected the event publicity to lure more foreigners. Reservations on the online lodging marketplace Airbnb soared over 80 percent from the same week of last year to 54,000.
Portugal as a whole, and Lisbon in particular, have enjoyed a tourism boom over the past few years with arrivals spiking 12 percent to a new record last year, contributing to the once-bailed out country’s strongest economic growth since 2000. Ireland’s Ryan O’Shaughnessy performs “Together” during the dress rehearsal of Semi-Final 1 for Eurovision Song Contest 2018 at the Altice Arena hall in Lisbon, Portugal May 7, 2018. REUTERS/Rafael Marchante
Dozens of new hotels and hundreds of apartments for temporary accommodation open every year, while a new cruise ship terminal unveiled in late 2017 doubled the number of arrivals by sea in the first quarter of this year from a year earlier.
Pop star Madonna was last year among a growing number of foreign residents in Portugal, among them movie stars like Monica Belucci and Michael Fassbender.
It is the first time Lisbon has hosted a Eurovision contest after Portugal’s Salvador Sobral won last year’s contest in Ukraine’s capital Kiev. Slideshow (13 Images)
This year’s favorites include Cypriot singer Eleni Foureira with a fiery song “Fuego” and Israel’s Netta Barzilai singing “I’m Not Your Toy”, a fast-paced dance mix with a women’s empowerment twist.
The event also marks the return of Russia after it boycotted the contest last year amid tensions with Ukraine following Moscow’s annexation of Ukraine’s Crimea in 2014. It will be represented by Julia Samoylova who was unable to take part in 2017, singing “I Won’t Break”. Reporting By Andrei Khalip; Editing by Axel Bugge and Janet Lawrence | ashraq/financial-news-articles | https://in.reuters.com/article/us-music-eurovision/glitzy-eurovision-pageant-gives-boost-to-lisbon-tourism-idINKBN1I92FH |
May 31, 2018 / 5:16 PM / Updated 5 minutes ago Fed vigilant as Italy poses some risk to global growth -Brainard Jonathan Spicer 3 Min Read
NEW YORK (Reuters) - Italy’s political woes pose a threat to synchronized global growth and stand out as a risk worth watching as the Federal Reserve continues to gradually raise U.S. rates in the face of big government stimulus at home, one of the most influential Fed policymakers said on Thursday. FILE PHOTO: Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., March 1, 2017. REUTERS/Brian Snyder/File Photo
Fed Governor Lael Brainard said that while she was vigilant to possible threats from abroad, the U.S. economy is on a “quite positive” path thanks to tax cuts and fiscal spending that should boost growth this year and beyond.
Her nod to Italy however was the first from the U.S. central bank, which in recent years has at times delayed policy-tightening plans in the face of financial market turmoil. Markets have recovered in recent days after having tumbled earlier this week over the prospect of a new Italian election dominated by debate over Italy’s future in the euro zone.
“Global growth has been synchronized over the past year, but recent developments pose some risk. Political developments in Italy have reintroduced some risk, and financial conditions in the euro area have worsened somewhat in response,” Brainard told the Forecasters Club of New York.
“I continue to view gradual increases in the federal funds rate as the appropriate path, although I will remain vigilant for the emergence of risks and prepared to adjust if conditions change,” she added.
The Fed has raised interest rates six times since late 2015 and is expected to hike another notch in June, to a range of 1.75 to 2 percent. That would bring policy closer to the Fed’s estimated “neutral” level of about 2.9 percent, even while other estimates from central bankers see rates rising to about 3.4 percent by 2020.
Brainard, who leans dovish and has a permanent vote on policy, said she expects rates to gradually rise “modestly beyond neutral.” But she noted that over the longer run, as the fiscal stimulus fades, that neutral policy estimate should remain at historically low levels.
U.S. unemployment is at a 17-year low and inflation has risen close to a 2-percent Fed target. Years of too-low prices is another reason to raise rates gradually, Brainard said.
Yet “recent developments abroad suggest some risk to the downside,” she added, highlighting the possibility that rising U.S. rates prompt more capital flows from emerging markets. “Although stresses have been contained to a few vulnerable countries so far, the risk of a broader pullback bears watching,” she said.
On a day that the White House said it will impose tariffs on aluminum and steel imports from Canada, Mexico and the European Union, angering those allies, Brainard said “uncertainty over trade clouds the horizon ... and could prove disruptive at home and abroad.” Reporting by Jonathan Spicer; Editing by Chizu Nomiyama | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-fed-brainard/italy-crisis-a-risk-to-global-growth-worth-watching-feds-brainard-idUKKCN1IW2JA |
De Beers is moving to sell diamonds made in a lab rather than formed underground over billions of years.
The world’s biggest diamond miner for years vowed that it wouldn’t sell stones made in laboratories. Now, it has U-turned on that pledge and will start selling man-made stones for about $800 a carat, according to a memo sent to its customers and obtained by Bloomberg News.
While De Beers has never sold man-made diamonds before, it’s very good at making them. The company’s Element Six unit is one of the world’s leading companies for synthetic diamonds, which are mostly used for industrial purposes. It has also been producing gem-quality stones for years to help it tell the difference between natural and man-made types and to reassure consumers that they’re buying the real thing.
While man-made gems make up just a fraction of the $80 billion global diamond market, demand is increasing as buyers look for stones that are cheaper. Retailers like Walmart Inc. have sold synthetic diamonds to customers seeking cheaper alternatives.
De Beers, a unit of Anglo American Plc (aauky) , will sell the lab-produced gems under a new Lightbox Jewelry brand to be started in the U.S. later this year, according to the memo. | ashraq/financial-news-articles | http://fortune.com/2018/05/29/de-beers-diamond-mine-synthetic-manmade-lab/ |
MUMBAI (Reuters) - India’s 10-year benchmark bond rallied early on Monday taking comfort from the central bank’s unexpected announcement last week about purchase of sovereign bonds via open market operation.
FILE PHOTO: An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo The 10-year benchmark bond yield opened at 7.60 percent, sharply lower from its Friday close of 7.73 percent. However, traders expect some pullback in the rally as the amount of bonds to be bought by the Reserve Bank of India is too little and too late, they said.
Soon after a disappointing sale of government bonds on Friday, the RBI said it will buy 100 billion rupees ($1.50 billion) of government bonds on May 17.
($1 = 66.8100 Indian rupees)
Reporting by Suvashree Dey Choudhury, Editing by Sherry Jacob-Phillips
| ashraq/financial-news-articles | https://in.reuters.com/article/india-bonds/indias-10-year-bond-rallies-in-early-trade-slight-pullback-likely-idINKBN1I808V |
Company Reaffirms Second Quarter Guidance for Record Revenue and Record Earnings
AUSTIN, Texas--(BUSINESS WIRE)-- NIWeek – Ahead of its investor conference in Austin, Texas, National Instruments (Nasdaq: NATI), the provider of a software-defined platform that helps accelerate the development and performance of automated test and automated measurement systems, is updating its order growth through May 21, 2018, and reaffirming second quarter guidance.
Through May 21, NI’s software and data acquisition products continued to see year-over-year double-digit order growth. Modular instruments products returned to growth with mid-single-digit order growth year over year through May 21. NI believes this continued growth signals strength in NI’s market position and the value of its software-defined platform to its customers.
NI is reaffirming guidance for Q2 2018 provided on April 26, 2018. The company expects revenue to be in the range of $320 million to $350 million, which would be a new Q2 record at the midpoint. The company currently expects that GAAP fully diluted EPS will be in the range of $0.15 to $0.29 for Q2, with non-GAAP fully diluted EPS expected to be in the range of $0.23 to $0.37, which would be a Q2 record at the midpoint.
“I am pleased with the strong start in the second quarter. We believe the double-digit order growth in our software and data acquisition products demonstrates strength across a diverse set of customers and applications,” said Alex Davern, NI president and CEO. “I am also encouraged by the return to growth of our modular instruments products after a pause in the mobile device supply chain in Q1.”
NI will host its annual investor conference in conjunction with NIWeek, the company’s global customer event that showcases business impacts and new technologies for the world’s top engineers and scientists. This event brings together more than 3,000 customers, partners and academic representatives to hear about the latest industry trends and see products in action on the keynote stage and exhibition floor.
The investor conference begins with a keynote address from Davern and Eric Starkloff, executive vice president of Global Sales and Marketing, titled “Future Faster.” Following the keynote, the NI leadership team will continue to discuss its focus on profitability and growth. Presenters will showcase how the NI software-defined platform is well positioned to solve customer challenges. Recently promoted senior vice president of Global Sales, Jason Green will discuss how the company is leveraging its direct sales force. NI CFO Karen Rapp will close the conference with an update on the NI financial model.
“I look forward to celebrating the impact our customers are having on the world at NIWeek,” Rapp said. “We continue to further leverage our differentiated software-defined platform to build a stronger NI. We will be disciplined in our focus and operational execution to achieve our growth and profitability goals. At our investor conference, we will discuss our financial model for 2018 and beyond.”
The investor conference webcast will start tomorrow, May 22, 2018, at 10:00 a.m. CT and conclude at approximately 1:00 p.m. CT. The link to the presentation materials and webcast will be available in the “Investors” section of the company’s website, ni.com/nati , under the subheading “Events & Presentations.”
Forward-Looking Statements
This release contains “forward-looking statements” including statements regarding NI’s belief that this continued growth signals strength in NI’s market position and the value of its software-defined platform to its customers, expecting revenue to be in the range of $320 million to $350 million, expecting GAAP fully diluted EPS will be in the range of $0.15 to $0.29 for Q2, with non-GAAP fully diluted EPS expected to be in the range of $0.23 to $0.37, our belief that the double-digit order growth in our software and data acquisition products demonstrates the broad health of our platform across a diverse set of customers and applications, being encouraged by the return to growth of our modular instruments products after a pause in the mobile device supply chain in Q1, that we continue to further leverage our differentiated software-defined platform to build a stronger NI, and that we will be disciplined in our focus and operational execution to achieve our growth and profitability goals. These statements are subject to a number of risks and uncertainties, including the risk of adverse changes or fluctuations in the global economy, foreign exchange fluctuations, fluctuations in the demand for NI products including orders from NI’s large customers, component shortages, delays in the release of new products, the company’s ability to effectively manage its operating expenses, manufacturing inefficiencies and the level of capacity utilization, the impact of any recent or future acquisitions by NI, expense overruns, adverse effects of price changes or effective tax rates. Actual results may differ materially from the expected results.
The company directs readers to its Form 10-K for the year ended Dec. 31, 2017, its Form 10-Q for the quarter ended March 31, 2018, and the other documents it files with the SEC for other risks associated with the company’s future performance.
About NI
NI ( ni.com ) empowers engineers and scientists with a software-centric platform that incorporates modular hardware and an expansive ecosystem. This proven approach puts users firmly in control of defining what they need to accelerate their system design within test, measurement and control. NI’s solution helps build high-performance systems that exceed requirements, quickly adapt to change and ultimately improve the world.
National Instruments, NI, ni.com and NIWeek are trademarks of National Instruments. Other product and company names listed are trademarks or trade names of their respective companies.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521006020/en/
National Instruments
Marissa Vidaurri, 512-683-5215
Investor Relations
Source: National Instruments | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-national-instruments-to-host-investor-conference-at-niweek.html |
The trade framework being negotiated between the United States and China would have been right up Gary Cohn 's alley, CNBC Jim Cramer said Monday.
Cohn, who was director of President Donald Trump 's National Economic Council before Larry Kudlow , "would've liked this deal very much, I believe," Cramer said on " Squawk on the Street ."
Cohn was not immediately available to respond to CNBC's request for comment.
"There was a group within the White House, which Larry Kudlow was not apart of, that pushed out Gary Cohn," said Cramer, pointing out that Cohn, formerly the No. 2 executive at Goldman Sachs , was "widely viewed as a globalist."
Back in March, Trump picked the longtime economist and former CNBC commentator Kudlow to succeed Cohn.
Cohn resigned from the White House shortly after losing his fight to persuade the president not to impose import tariffs on steel and aluminum, an earlier move separate from the latest China tariffs over what the U.S. considers Chinese companies' theft of American intellectual property.
When Cohn resigned, Cramer had said at the time that it was a "big blow" to the market.
However, Cramer, host of " Mad Money ," on Monday said the stock market had been experiencing a sort of relief rally because investors want an "end to anything trade."
And at the Wall Street open, the Dow Jones industrial average spiked higher — soaring about 350 points in early trading and eclipsing 25,000 for the first time since mid-March.
"It's great for the stock market," Cramer said. "It's saying there is a framework, so if there is a framework then there's not going to be a break off talks ... and they'll be something that comes out." But he added, "I just wish we could clarify exactly what we got."
In an interview with CNBC's " Squawk Box" on Monday, Treasury Secretary Steve Mnuchin said the Trump administration came away from trade talks with a "very comprehensive framework agreement that needs to be implemented." Mnuchin expressed enthusiasm regarding energy, estimating U.S. companies likely can sell $40 billion to $50 billion to Chinese firms.
Sign Up for Our Newsletter Morning Squawk CNBC's before the bell news roundup SIGN UP NOW Get this delivered to your inbox, and more info about about our products and service. Privacy Policy . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/cramer-ex-trump-advisor-gary-cohn-would-have-liked-us-china-framework.html |
Elon Musk criticizes media in new tweets 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/elon-musk-criticizes-media-in-new-tweets.html |
Vegas not worried about New Jersey taking away gambling biz 2 Hours Ago CNBC's Contessa Brewer discusses why Las Vegas is excited about the New Supreme Court decision on gambling because it will bring new business opportunities. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/vegas-not-worried-about-new-jersey-taking-away-gambling-biz.html |
NEW YORK, May 30 (Reuters) - Late last month, the chief financial officer at Akamai Technologies Inc identified an emerging risk for the network technology company's profit outlook: the U.S. dollar.
Specifically, the surprisingly strong American dollar.
"We do expect some currency headwinds from the recent strengthening of the U.S. dollar over the last couple of weeks," Akamai CFO James Benson told analysts on an earnings conference call at the end of April.
Akamai, like hundreds of big U.S. companies, enjoyed a sales and profit boost from the dollar's steep decline through last year and into the first quarter of 2018.
But the greenback's downtrend abruptly reversed course in April as U.S. interest rates shot higher and European economic growth slowed. It now stands at the highest level in nearly seven months, meaning foreign currency earnings of U.S. multinationals can be worth less when translated back to dollars.
The dollar index, which measures the greenback against a basket of six currencies, has gained nearly 6 percent since April 17 but remains down about 2.7 percent year over year, as of Tuesday's close.
"It's too early to say we're going to see that impact show up in this next quarter, but I think we'll probably see it if it persists in the third quarter," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, referring to U.S. quarterly results.
Against the euro, the greenback is down 3.2 percent year-over-year, compared with a year-over-year decline of 14 percent in mid April. It hit a 10-month high on Tuesday as investors balked at the prospect of repeat elections in Italy, which may become a de facto referendum on Italian membership of the currency bloc.
Analysts expect profit growth for S&P 500 companies to begin to slow, according to Thomson Reuters data, with first quarter's 26.3 percent increase possibly representing a peak for the current earnings up trend. S&P 500 earnings have gained year-over-year since the third quarter of 2016.
They are forecasting profit growth of 22 percent for all of 2018 and 2019 growth to slow to 9.5 percent, based on the data.
The first-quarter jump in earnings - the biggest year-over-year increase since the fourth quarter of 2010 - was largely due to the corporate tax cuts that went into effect this year.
But Bank of America Merrill Lynch estimates currency moves in the first quarter provided a 2 percentage-point benefit to sales growth, the biggest boost from currency changes in six years.
The bank has estimated that in general a sustained 10 percent appreciation in the dollar results in a reduction in S&P 500 earnings per share of 3 to 4 percent.
Companies from many industries pointed to the dollar as a benefit to sales and earnings in the first quarter, including Apple Inc, Bristol-Myers Squibb Co, Mattel Inc , PayPal Holdings Inc, Tapestry Inc and Intuitive Surgical Inc.
In Akamai's case, it added 5 percentage points to first-quarter profit and 2 points to its sales.
For Facebook Inc, a weaker dollar in the first quarter added $536 million to its revenue, increasing the social media company's top line by 49 percent, instead of 42 percent without the foreign exchange effect.
S&P 500 companies that generate 50 percent or more of their revenue outside the United States are on track for a first-quarter earnings increase of 30.5 percent, while companies that generate less than 50 percent of their revenue outside the United States are on track for a 24.8 percent earnings increase, based on Thomson Reuters data.
Analysts estimate that between 40 percent to 50 percent of S&P 500 sales come from abroad, with Asia and Europe accounting for the biggest portion.
"If the political situation in Italy worsens, the longer-term spillovers would be felt in the U.S. via a stronger dollar and lower European growth. This would act as a headwind, especially for some multinationals' corporate profits," said Mohamed El-Erian, chief economic adviser at Allianz in Newport Beach, California.
To be sure, many analysts are skeptical the dollar strength will persist.
Sameer Samana, global equity and technical strategist at Wells Fargo Investment Institute in St. Louis, said he expects the dollar to decline into the year end, citing pressure from the U.S. deficit.
Yet, at its current pace, the dollar index could turn positive on a year-over-year basis sometime later this quarter or early in the third quarter.
Karl Schamotta, director of global product and market strategy at Cambridge Global Payments, in Toronto, said he had seen an increase in hedging activity, particularly companies that are exposed to a falling euro and Canadian dollar.
"Both of these factors are driving a pretty pronounced increase in hedging activity using forwards and options," said Schamotta, referring to companies' use of derivatives to minimize foreign exchange risks.
Some equity strategists said next year could be the bigger problem if the dollar continues on its current path.
"If you measure on a year-over-year basis, the comps are going to look terrible," said Robert Phipps, a director at Per Stirling Capital Management in Austin, Texas.
(Reporting by Caroline Valetkevitch and Saqib Iqbal Ahmed; additional reporting by Noel Randewich in San Francisco, and Lewis Krauskopf, Chuck Mikolajczak, Sinead Carew, April Joyner and Jennifer Ablan in New York; Editing by Alden Bentley and Susan Thomas) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/reuters-america-analysis-dollar-recovery-seen-as-an-earnings-risk-on-horizon.html |
May 23, 2018 / 10:53 AM / Updated 8 minutes ago French PM cancels Middle East trip, cites diary reasons Reuters Staff 1 Min Read
PARIS (Reuters) - French Prime Minister Edouard Philippe has cancelled a planned trip to Israel, an official at his office said on Wednesday, adding that the reason was domestic policy matters to be tended to in the coming days. French Prime Minister Edouard Philippe listens to a speech about the government's recycling program during a visit at the Groupe Seb Moulinex factory in Mayenne, France, April 23, 2018. REUTERS/Stephane Mahe
Philippe had been planning to go at the end of May to Israel and the Palestinian territories, a French diplomatic source added. Reporting By Brian Love; editing by Luke Baker | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-israel-pm/french-pm-cancels-israel-trip-cites-diary-reasons-idUKKCN1IO1GN |
DUBLIN, May 29, 2018 /PRNewswire/ -- Allergan plc (NYSE:AGN) today issued a voluntary recall in the US market of one lot (Lot# 5620706, Expiry May-2019) of TAYTULLA® (norethindrone acetate and ethinyl estradiol capsules and ferrous fumarate capsules) 1mg/20mcg, 6x28 physicians sample pack, indicated for use by women to prevent pregnancy. Allergan recently identified, through a physician report, that four placebo capsules were placed out of order in a sample pack of TAYTULLA. Specifically, the first four days of therapy had four non-hormonal placebo capsules instead of active capsules.
As a result of this packaging error, oral contraceptive capsules, that are taken out of sequence, may place the user at risk for contraceptive failure and unintended pregnancy. The reversing of the order may not be apparent to either new users or previous users of the product, increasing the likelihood of taking the capsules out of order. If patients have concerns regarding the possibility of an unintended pregnancy they should consult their physician.
This product is an oral contraceptive indicated for the prevention of pregnancy in women who elect to use oral contraceptives. The TAYTULLA pill pack is a 28 count blister card that has 24 "active" pink softgel capsules (with hormones) with "WC" printed on the outer shell in white to be taken for 24 days, followed by 4 maroon softgel capsules (without hormones) also imprinted with "WC" on one side to be taken for the next four days. If you are a patient in the U.S. who has used a TAYTULLA sample pack from lot 5620706, Exp. May 2019 since August 27, 2017, and are concerned that you may be impacted by this issue, please consult with your physician. This product was distributed Nationwide to healthcare providers.
Please refer to the affected lot number as well as the pictures below of the affected product.
Lot
Product
NDC
Size
Exp. Date
5620706
Taytulla Softgel Capsules 1mg/20mcg 6X28 Sample
Outer Carton 0023-5862-31
Blister Card 0023-5862-28
Blister Box 0023-5862-29
6X28 Sample
May-2019
Allergan is notifying customers by recall letter and is arranging for return of all recalled sample pack product with the lot #5620706 Exp. May 2019. Consumers who have the sample pack product with the associated lot number should notify their physician to arrange a return.
Consumers with questions regarding this recall can contact Allergan by phone at 800-678-1605 8am-8pm EST Monday through Friday. Consumers should contact their physician or healthcare provider if they have questions.
Adverse events or quality problems experienced with the use of this product may be reported to the FDA's MedWatch Adverse Event Reporting Program either online, by regular mail or by fax.
Complete and submit the report Online: www.fda.gov/medwatch/report.htm Regular Mail or Fax: download form www.fda.gov/MedWatch/getforms.htm or call 1-800-FDA-1088 to request form, then complete and return address on the pre-addressed form, or submit by fax to 1-800-FDA-0178.
This recall is being conducted with the knowledge of the US Food and Drug Administration (FDA)
For more information about TAYTULLA and the full prescribing information, please visit www.taytulla.com .
Company Contact:
Customers:
1-800-678-1605
Media Inquires:
Amy Rose
1-862-289-3072
View original content with multimedia: http://www.prnewswire.com/news-releases/allergan-issues-nationwide-voluntary-recall-of-taytulla-softgel-capsules-1mg20mcg-sample-packs-due-to-out-of-sequence-capsules-300655672.html
SOURCE Allergan plc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-allergan-issues-nationwide-voluntary-recall-of-taytullaa-softgel-capsules-1mg20mcg-sample-packs-due-to-out-of-sequence.html |
Market News May 10, 2018 / 10:13 AM / Updated 9 minutes ago BRIEF-Trovagene Files For Offering Of Up To $15 Mln Of Class A Units Of Common Stock And Up To $15 Mln Of Class B Units Of Common Stock Reuters Staff 1 Min Read
May 10 (Reuters) - Trovagene Inc:
* TROVAGENE INC FILES FOR OFFERING OF UP TO $15.0 MILLION OF CLASS A UNITS OF COMMON STOCK AND UP TO $15.0 MILLION OF CLASS B UNITS OF COMMON STOCK - SEC FILING Source text: [ bit.ly/2rAnkbg ] | ashraq/financial-news-articles | https://www.reuters.com/article/brief-trovagene-files-for-offering-of-up/brief-trovagene-files-for-offering-of-up-to-15-mln-of-class-a-units-of-common-stock-and-up-to-15-mln-of-class-b-units-of-common-stock-idUSFWN1SH0GJ |
May 14, 2018 / 6:02 AM / Updated 9 hours ago China's Shenzhen Center Power Tech to relocate battery operations Reuters Staff 2 Min Read
SHANGHAI (Reuters) - Shenzhen Center Power Tech Co Ltd, a Chinese lead-acid battery maker, will shift its production facility to Vietnam and the inland province of Hubei, the latest in a string of companies to look beyond China amid tighter regulations.
Shenzhen Center Power Tech announced the decision late Sunday in a filing with the Shenzhen Stock Exchange, citing “environmental requirements” of the district in which the company is located across the border from Hong Kong.
The company said the move would help reduce labor costs.
Tianneng Group, another Chinese battery producer, said in March it was considering setting up a factory in South or Southeast Asia, and said many small- and middle-sized Chinese battery firms had already relocated because of the 4 percent consumption tax on lead-acid batteries in China.
The relocation of battery manufacturers is similar to China’s scrap copper sector, where new restrictions on imports of solid waste and a need for importers to prove they are end-users of the material, prompted scrap companies to set base in South or Southeast Asia. Reporting by John Ruwitch, Editing by Sherry Jacob-Phillips | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-pollution-batteries/chinas-shenzhen-center-power-tech-to-relocate-battery-operations-idUSKCN1IF0H4 |
May 7 (Reuters) - AL TAWFEEK COMPANY FOR FINANCIAL LEASING :
* Q1 STANDALONE NET PROFIT EGP 16.3 MILLION VERSUS EGP 15.1 MILLION YEAR AGO
* Q1 CONSOL NET PROFIT EGP 16.3 MILLION VERSUS EGP 15.6 MILLION YEAR AGO
* Q1 CONSOL REVENUE EGP 176.2 MILLION VERSUS EGP 147 MILLION YEAR AGO Source:( bit.ly/2FSh43M )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-al-tawfeek-co-for-financial-leasin/brief-al-tawfeek-co-for-financial-leasing-q1-consol-profit-rises-idUSFWN1SE0DX |
May 23 (Reuters) - DNB Financial Corp:
* DNB FINANCIAL SAYS AS PART OF INTERNAL RESTRUCTURING, CO ELIMINATED POSITION OF CHIEF BANKING OFFICER OF CO AND OF UNIT, DNB FIRST - SEC FILING
* DNB FINANCIAL CORP - VINCE LIUZZI, WHO HELD POSITION OF EXECUTIVE VICE PRESIDENT AND CHIEF BANKING OFFICER, IS NO LONGER WITH COMPANY OR DNB FIRST Source text: ( bit.ly/2J2mbnS ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dnb-financial-says-co-eliminated-p/brief-dnb-financial-says-co-eliminated-position-of-chief-banking-officer-idUSFWN1SU133 |
PETALUMA, Calif., May 08, 2018 (GLOBE NEWSWIRE) -- Sonoma Pharmaceuticals, Inc. (Nasdaq:SNOA), a specialty pharmaceutical company that develops and markets unique and effective dermatological solutions, announced today that Marc Umscheid has been promoted to chief operating officer effective immediately.
“Since joining Sonoma in January of last year after a 17-year career at the Clorox Company, Marc has added significant value to our strategic thinking, brand-building, innovation and digital marketing efforts,” says Jim Schutz, CEO. “We look forward to Marc taking on an expanded role while helping us grow profitably.”
Umscheid is a graduate of Cornell University, where he received both a BS in business management/finance and an MBA from the Johnson Graduate School of Management.
About Sonoma Pharmaceuticals, Inc.
Sonoma is a specialty pharmaceutical company that develops and markets unique and effective solutions for the treatment of dermatological conditions and advanced tissue care. The company’s products, sold throughout the United States and internationally, have improved outcomes for more than five million patients globally by reducing infections, itch, pain, scarring and harmful inflammatory responses. The company's headquarters are in Petaluma, California, with manufacturing operations in the United States and Latin America. European marketing and sales are headquartered in Roermond, Netherlands. More information can be found at www.sonomapharma.com .
Forward-Looking Statements
Except for historical information herein, matters set forth in this press release are forward-looking within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements about the commercial and technology progress and future financial performance of Sonoma Pharmaceuticals, Inc. and its subsidiaries (the “Company”). These forward-looking statements are identified by the use of words such as “believe,” “taking on,” and “grow,” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks that regulatory clinical and guideline developments may change, scientific data may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical results may not be replicated in actual patient settings, protection offered by the Company’s patents and patent applications may be challenged, invalidated or circumvented by its competitors, the available market for the Company’s products will not be as large as expected, the Company’s products will not be able to penetrate one or more targeted markets, revenues will not be sufficient to fund further development and clinical studies, as well as uncertainties relative to varying product formulations and a multitude of diverse regulatory and marketing requirements in different countries and municipalities, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company disclaims any obligation to update these forward-looking statements, except as required by law.
Sonoma Pharmaceuticals is a registered trademark of Sonoma Pharmaceuticals, Inc. All other trademarks and service marks are the property of their respective owners.
Media and Investor Contact:
Sonoma Pharmaceuticals, Inc.
Bob Miller
CFO
(925) 787-6218
Source:Sonoma Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-sonoma-pharmaceuticals-names-marc-umscheid-chief-operating-officer.html |
NEW YORK, May 01, 2018 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ:PSEC) (the “Company”) announced today that it expects to file with the Securities and Exchange Commission its report on Form 10-Q containing its third fiscal quarter results for the three and nine months ended March 31, 2018 on Wednesday, May 9, 2018 after the close of the markets. The Company also expects to issue its earnings press release on Wednesday, May 9, 2018 after the close of the markets.
The Company will host a conference call on Thursday, May 10, 2018 at 11:00 a.m. Eastern Time. The conference call dial-in number will be 888-338-7333. A recording of the conference call will be available for approximately 30 days. To hear a replay, call 877-344-7529 and use passcode 10119888.
The conference call will also be available via a live listen-only webcast on the Company’s website, www.prospectstreet.com . Please allow extra time prior to the call to visit the site and download any necessary software that may be needed to listen to the Internet broadcast. A replay of the audio webcast will be available on the Company's website for approximately 30 days following the conference call.
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation ( www.prospectstreet.com ) is a business development company that focuses on lending to and investing in private businesses. Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
We have elected to be treated as a business development company under the Investment Company Act of 1940 (“1940 Act”). We are required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to us could have an adverse effect on us and our shareholders.
This press release contains within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.
For additional information, contact:
Grier Eliasek, President and Chief Operating Officer
[email protected]
Telephone (212) 448-0702
Source: Prospect Capital Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-prospect-capital-schedules-third-quarter-earnings-release-and-conference-call.html |
Rear Adm. George Tarrant: “Where do we get such men? They leave this ship and they do their job. Then they must find this speck lost somewhere on the sea. When they find it they have to land on its pitching deck. Where do we get such men?”
Man on loudspeaker: “Launch jets!”
—From the final scene in the 1954 movie “The Bridges at Toko-Ri”... | ashraq/financial-news-articles | https://www.wsj.com/articles/why-n-y-pols-arent-world-class-1525817358 |
CAIRO (Reuters) - Sudan remains committed to a Saudi-led alliance fighting in Yemen, state news agency SUNA Quote: d President Omar al-Bashir as saying, three weeks after the Sudanese defense minister said Khartoum was assessing its participation in the Yemen war.
Sudan has at least 3,000 ground troops and several fighter jets fighting in Yemen as part of the Saudi-led alliance. Dozens of Sudanese soldiers have been killed on coastal battlefronts, local and Yemeni media have reported.
SUNA said Bashir, at a meeting on Wednesday with Saudi Arabia’s assistant minister of defense Mohamed Abdullah al-Aish, said economic hardship will not deter Khartoum from “playing its Arab role in restoring legitimacy in Yemen, given that Sudan’s declared principle is to defend the land of the two holy mosques”.
Sudan’s Defense Minister Ali Salem told parliament earlier this month Khartoum was assessing its participation in the operations.
Aish said Saudi Arabia thanks Khartoum for the “heroic roles played by Sudanese forces that contributed to victories and progress” in the operations in Yemen, according to the agency.
Sudan has been largely cut off from international financing in past decades due to U.S. sanctions which were lifted in October. The country’s economy has been struggling since the south seceded in 2011, taking with it three-quarters of its oil output and source of foreign currency.
Sudan sent troops to Yemen with the Saudi-led coalition that intervened in the civil war in 2015 against Iran-aligned Houthis who had captured most of the main populated areas of the country and forced President Abd-Rabbu Mansour Hadi into exile.
Sudanese parliamentarian Hassan Othman Rizq, who has spearheaded a campaign for withdrawing forces from Yemen, told Reuters earlier this month the decision to dispatch troops there was illegal because lawmakers had not approved it.
Reporting by Hesham Hajali and Ahmed Tolba, Writing by Arwa Gaballa, Editing by William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-yemen-security-sudan-saudi/sudan-says-committed-to-yemen-military-campaign-weeks-after-signaling-doubts-idUSKCN1IP1HO |
New Jersey man sentenced to eight years in prison for support of Islamic State Brendan Pierson 2 Min Read
NEW YORK (Reuters) - A New Jersey man was sentenced to eight years in prison on Tuesday after he pleaded guilty to taking part in a conspiracy to support Islamic State, federal prosecutors announced.
Samuel Rahamin Topaz, 24, was sentenced by U.S. District Judge Susan Wigenton in Newark, who also imposed a lifetime term of supervised release. A lawyer for Topaz could not immediately be reached for comment.
Topaz was arrested in June 2015 and pleaded guilty to conspiring to support Islamic State. He admitted that he made plans with several other young men to travel to the Middle East to join the militant group, prosecutors said.
One of the others in the group, Nader Saadeh, actually traveled to Jordan in 2015 and was arrested by authorities there. He was sentenced to 18 years in prison by Wigenton on Monday.
Topaz was the last of five people arrested in connection with the plot to be sentenced. The others, who all pleaded guilty, were Saadeh’s brother, Alaa Saadeh, who was sentenced to 15 years in prison in May 2016; Munther Omar Saleh, who was sentenced to 18 years in February; and Fareed Mumuni, who was sentenced to 17 years last week.
The Saadehs were also charged and sentenced in New Jersey federal court, while Saleh and Mumuni were charged and sentenced in Brooklyn federal court. Prosecutors said Saleh and Mumuni made plans to detonate homemade bombs in Manhattan’s Times Square and World Trade Center. Reporting by Brendan Pierson in New York; Editing by Tom Brown | ashraq/financial-news-articles | https://in.reuters.com/article/new-york-security-islamicstate/new-jersey-man-sentenced-to-eight-years-in-prison-for-support-of-islamic-state-idINKBN1I2452 |
May 14 (Reuters) - FLUGHAFEN ZUERICH AG:
* 2,703,568 PASSENGERS WERE HANDLED AT ZURICH AIRPORT IN APRIL (+6.6% VERSUS. PREVIOUS YEAR)
* IN APRIL, AIR TRAFFIC MOVEMENTS INCREASED BY 5.1% TO 23,503 VERSUS PREVIOUS YEAR
* THE AVERAGE SEAT LOAD FACTOR SAW AN INCREASE OF 0.3 PERCENTAGE POINTS TO 80.3% IN APRIL Source text - bit.ly/2wGLsPz Further company coverage: (Gdynia Newsroom)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-flughafen-zuerich-handled-27-mln-p/brief-flughafen-zuerich-handled-2-7-mln-passengers-in-april-idUSFWN1SL127 |
(Reuters) - Qualcomm Inc’s ( QCOM.O ) $44 billion deal to buy Dutch chipmaker NXP Semiconductors NV ( NXPI.O ) is looking “more optimistic now”, the Wall Street Journal quoted a Beijing official as saying.
FILE PHOTO: A sign on the Qualcomm campus is seen in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake/File Photo Shares of NXP were up 5.5 percent at $112.52 and Qualcomm was up 1.6 percent at $57.86 in late morning trade.
The deal has been approved by eight of the nine required global regulators, with only the Chinese Ministry of Commerce (MofCom) continually stalling the takeover amid U.S.-China trade tensions.
Qualcomm and NXP declined to comment, while MofCom did not immediately respond to a request for comment.
Sources with knowledge of the matter told Reuters on Tuesday that the proposed takeover had yet to see any concrete breakthrough in China.
However, Chinese regulators this week have cleared two big deals - Toshiba Corp’s ( 6502.T ) $18 billion sale of its chip unit to a consortium led by U.S. private equity firm Bain Capital, and Microchip’s ( MCHP.O ) $8.35 billion deal to buy Microsemi ( MSCC.O ).
Reporting by Arjun Panchadar in Bengaluru; Editing by Maju Samuel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-qualcomm-antitrust-nxp-semicond/beijing-official-says-qualcomm-nxp-deal-looking-more-optimistic-wsj-idUSKCN1IJ24H |
Swinton brings deep knowledge of mobile, passive measurement, behavioral analytics
NEW YORK--(BUSINESS WIRE)-- Signaling its growing emphasis on collecting and leveraging data from many sources, GfK has named Rolfe Swinton as its first Director of Data Assets in North America.
Swinton’s role will be to develop and execute GfK’s data strategy in the region. Among other things, he will identify partners who can help GfK leverage or develop innovative data solutions.
Swinton brings exceptional experience in multiplatform measurement, including mobile, as well as building and launching new ventures in the technology and analytics markets. He co-founded RealityMine, a world-leader in consumer behavioral analytics and passive multi-platform measurement, and Lumi Mobile, one of the world's first mobile-centric market research and real-time consumer engagement platforms.
Most recently, Swinton co-founded Crow’s Nest Ventures, which provides financial and intellectual capital to organizations pushing the boundaries in the mobile technology, consumer insight, retail, and health tech industries.
Swinton has worked with GfK in a variety of capacities over the years. Beginning in 2014, RealityMine fused its cross-platform behavioral data with the GfK MRI database to provide deeper insights on media use, through a product called USA Touchpoints. Swinton has also worked with GfK on data integration and fusion related to KnowledgePanel® and other proprietary assets.
“Rolfe is a pioneer in many areas that have become central to GfK’s work and mission,” said Gregg Lindner, Regional Managing Director of GfK North America. “He brings an unusual combination of measurement expertise and entrepreneurial savvy to his new role, and he is deeply familiar with GfK’s existing businesses. We know Rolfe will provide inspiration and leadership in this crucial area.”
A Canadian who has lived in the US for many years, Swinton holds degrees from Yale University, the University of Cambridge, and INSEAD. He is based in GfK’s New York City office.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523006193/en/
David Stanton , +01 908 875 9844
VP, MarComms
[email protected]
Source: GfK | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-gfk-hires-realitymine-co-founder-to-lead-data-assets-team-in-north-america.html |
May 3, 2018 / 8:03 PM / Updated 22 minutes ago Geo-politics hangs over jet-lagged 2026 World Cup vote hunters Simon Evans 4 Min Read
COPENHAGEN (Reuters) - Opening up the vote for FIFA’s 2026 World Cup to every country’s federation has brought a new type of campaigning but geo-political realities and promises of profits remain a strong influence on the process.
A tri-nation bid from the United States, Mexico and Canada is facing a challenge from underdogs Morocco and officials from both bid teams are jetting around the world in search of support.
The three co-chairs from the joint North American bid flew into the Danish capital on Thursday morning from Jakarta, Indonesia.
They made an hour-long presentation to five Nordic federations before a news conference and then, suitcases back in hand, flew straight out again to Dubai for another sales pitch, this time to Middle Eastern voters.
Under FIFA’s new system for choosing the host nation for the lucrative tournament, with all 211 football federations in FIFA each given a vote, the bid teams must travel the globe in order to deliver their message to the electorate.
It wasn’t always such hard work.
Last time around in 2010, in the Sepp Blatter era, it was enough for bid teams to target the 22 voters on the executive committee who made the decision.
The only times bids needed to work a room came at one of the six continental confederation congresses where those “Exco” members mingled with their regional colleagues.
But after a series of allegations surrounding the voters for Russia (2018) and Qatar (2022) and in the midst of the corruption scandal that rocked FIFA in 2015 leading to a series of arrests, FIFA decided to widen the franchise for the big decision.
“I think ultimately this is a decision that should be made by the associations, big and small. Everyone has a vote, it is a very democratic, open process and there are very stringent guidelines, set by FIFA, as to what you can and cannot do and we are following them scrupulously,” U.S Soccer Federation president Carlos Cordeiro told Reuters.
Those with the vote certainly appreciate being involved.
“I am really glad we are having these meetings, it is part of the reform process that we moved the decision-making from the few,” Danish FA President Jesper Moller said.
“We can and did ask a lot of questions and that is very good for a democratic and open process,” he added. PUBLISHED CRITERIA
Yet while the powerpoint presentations and Q&A sessions have been given new importance, along with FIFA’s own technical examination of the bids, which must now meet a series of published criteria, outside influences continue to have power over the process.
U.S. President Donald Trump waded into the campaign last week with a Tweet that made clear he expected countries that receive American economic and other forms of support to deliver their votes for his nation’s bid.
Morocco is not only expecting to benefit from the tendency for African countries to vote as a block but also enjoys the support of Vladimir Putin’s Russia.
“I like to think that people will make decisions based on what is in their best interests and the interests of football and that this not a geo-political discussion at the UN,” Cordeiro said.
There is also another reality of football politics that hasn’t changed – the need to deliver FIFA some handsome profits.
In a media presentation, Morocco bid CEO Hicham El Amrani, said a study had shown that “Morocco can guarantee a net profit of 5 billion US dollars, considering a revenue of 7.2 billion and an expense of 2.2 billion,” – figures that were strongly questioned by Cordeiro.
The first page of the North American bid’s brochure states they expect $2 billion in ticket revenue alone and the bid says they would generate more than $5 billion in short-term economic activity.
“They are two strong bids,” Moller said diplomatically when asked if either of the proposals had won over the Nordic voters.
The vote will be held at the FIFA congress on June 13 in Moscow. Reporting by Simon Evans, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-fifa-vote/geo-politics-hangs-over-jet-lagged-2026-world-cup-vote-hunters-idUKKBN1I42J0 |
(Reuters) - Five-times champion Tiger Woods has committed to playing in the Memorial Tournament in Dublin, Ohio, for what is likely to be his final tune-up ahead of next month’s U.S. Open, tournament organizers said on Wednesday.
FILE PHOTO: May 13, 2018; Ponte Vedra Beach, FL, USA; Tiger Woods plays his shot from the 18th tee during the final round of The Players Championship golf tournament at TPC Sawgrass - Stadium Course. Mandatory Credit: Jasen Vinlove-USA TODAY Sports The 14-times major champion has earned four top-12 finishes, including a share of 11th at last week’s Players Championship, in the eight events he has played since returning to the PGA Tour this year after spinal fusion surgery in April 2017.
“I have been so impressed with Tiger during his comeback, and as I said after last weekend, I think he is on the verge of winning for the first time in several years,” Memorial tournament founder and host Jack Nicklaus said in a statement.
“He’s been very close, and having won five times at Muirfield Village, I wouldn’t be surprised if he contended to win his sixth.”
Woods, whose most recent victory at Muirfield Village came in 2012, has not competed in the Columbus suburb since 2015 when he carded a career-worst 85 during the third round en route to finishing in 71st place.
Since Woods has never before competed in the Memphis-based St. Jude Classic, which will be played the week before the U.S. Open, the May 31-June 3 Memorial is expected to be his final stop ahead of the year’s second major, which will be played June 14-17 at Shinnecock Hills in Southampton, New York.
Memorial organizers also said Woods will be paired with former National Football League quarterback and two-times Super Bowl champion Peyton Manning during the official pro-am on the eve of the first round.
Reporting by Frank Pingue in Toronto, editing by Pritha Sarkar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-memorial-woods/golf-woods-to-play-memorial-in-likely-final-u-s-open-tune-up-idUSKCN1IH2MM |
May 31, 2018 / 9:36 AM / Updated 16 minutes ago Germany's Scholz keeps distance from Macron's euro zone budget Reuters Staff 2 Min Read
BERLIN (Reuters) - German Finance Minister Olaf Scholz declined to back French President Emmanuel Macron’s idea for a euro zone budget in an interview with Reuters, in a sign that Berlin and Paris may struggle to present an ambitious reform package next month. German Finance Minister Olaf Scholz poses for a portrait before a Reuters interview in Berlin, Germany, May 30, 2018. REUTERS/Axel Schmidt
Asked repeatedly if he supported Macron’s proposal for the creation of such a euro zone budget, Scholz said: “The French President has made various proposals in his Sorbonne speech at which we are looking as a whole very closely.”
He added: “Together with France, Germany is willing to do its part so that Europe becomes stronger.”
Scholz told Reuters that France and Germany made progress in talks about the harmonization of their corporate tax systems, the future role of the euro zone’s bailout fund ESM and the creation of a common backstop for struggling banks.
“The talks are proceeding well, I’m confident that we’ll reach good results,” Scholz said.
Scholz said he was working on a revived proposal for the introduction of a financial transaction tax that would first be introduced by a few member states and eventually apply for the bloc as a whole.
The Social Democrat finance minister said the European Union would not follow U.S. steps for banking sector deregulation.
Asked if he would back Bundesbank President Jens Weidmann to become the head of the European Central Bank next year, Scholz said: “Now is not the time to discuss the succession of Mr. Draghi who is still in office and very active.” Reporting by Michael Nienaber and Gernot Heller; Editing by Joseph Nasr | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-germany-scholz-europe/germanys-scholz-keeps-distance-from-macrons-euro-zone-budget-idUKKCN1IW12K |
North Korea: denuclearization not due to U.S. sanctions 4:23pm BST - 01:38
North Korea said on Sunday its intention to denuclearize, unveiled at a historic inter-Korean summit, was not the result of U.S.-led sanctions and pressure, warning the United States not to mislead public opinion.
North Korea said on Sunday its intention to denuclearize, unveiled at a historic inter-Korean summit, was not the result of U.S.-led sanctions and pressure, warning the United States not to mislead public opinion. //reut.rs/2KEpRde | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/06/north-korea-denuclearization-not-due-to?videoId=424432190 |
May 23, 2018 / 6:22 AM / Updated an hour ago U.S. Iran strategy reinforces conservatives, endangers region -France Reuters Staff 2 Min Read
PARIS (Reuters) - The U.S. decision to scrap the Iran nuclear deal and implement a tough strategy on the country will strengthen Tehran’s hardliners and endanger the region as a whole, France’s foreign minister said on Wednesday. French Foreign Affairs Minister Jean-Yves Le Drian attends a meeting on the International Partnership against Impunity for the Use of Chemical Weapons, in Paris, France, May 18, 2018. Christophe Petit-Tesson/Pool via Reuters
Jean-Yves Le Drian was speaking two days after U.S. Secretary of State Mike Pompeo said Washington would impose “the strongest sanctions in history” if Iran did not curb its regional influence and limit its ballistic missile programme.
“We disagree with the method because this collection of sanctions, which will be set up against Iran, will not enable dialogue and on the contrary it will reinforce the conservatives and weaken President (Hassan) Rouhani. This posture risks endangering the region more,” Le Drian told France Inter radio.
He said Paris shared Washington’s concerns over Iran’s ballistic missile “frenzy” and regional hegemonic ambitions, but that the 2015 nuclear deal was the best chance of stopping Tehran developing a nuclear bomb.
Deputy foreign ministers of the remaining parties to the accord - Britain, China, France, Germany and Russia - will meet their Iranian counterpart on Friday in Vienna.
The meeting will assess what can be done to keep the deal and circumvent extraterritorial American sanctions that are already impacting foreign business appetite for Iran.
European companies say they are worried about getting caught up in the new U.S. sanctions, given the extent of Washington’s global reach, and some have already started pulling out.
“We have another problem which is the security of our companies and the capacity to give Iran the economic benefits that it can expect in return for giving up on nuclear weapons,” Le Drian said.
“These (U.S.) sanctions are not acceptable. We can’t allow them to become legitimate.” Reporting by John Irish, Editing by Geert De Clercq, William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-france/france-says-u-s-iran-strategy-will-reinforce-conservatives-idUKKCN1IO0L7 |
VATICAN CITY (Reuters) - Cardinal George Pell will remain on a leave of absence from the Vatican after an Australian court ordered him to stand trial on charges of historical sexual offences, the Vatican said on Tuesday.
A statement said the Holy See had “taken note” of the ruling. [L8N1S814C].
It said the leave of absence that Pope Francis had granted Pell, head of the Vatican’s economy ministry, last year so he could defend himself “is still in place”. Pell pleaded not guilty.
Reporting by Philip Pullella; Editing by Alison Williams
| ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-abuse-pell-vatican/cardinal-pell-to-remain-on-leave-after-indictment-vatican-says-idUSKBN1I232T |
SURABAYA, Indonesia—Hours before he sent his daughters, ages 8 and 12, and teenage sons to their deaths in the name of jihad, Dita Oepriarto hugged one of his sons after predawn prayers at a small local mosque.
“It was quite unusual, normally his sons would just kiss his hand,” said Ari, a neighbor whose husband was present at the mosque. Another neighbor, Punjung Susilo, who spoke to those present at the mosque, said it was “like he was saying goodbye.”
... | ashraq/financial-news-articles | https://www.wsj.com/articles/a-father-hugged-his-son-then-he-and-his-children-carried-out-suicide-attacks-1526393505 |
SAN FRANCISCO--(BUSINESS WIRE)-- Gap Inc . (NYSE:GPS) today announced its board of directors authorized a second quarter fiscal year 2018 dividend of $0.2425 per share, payable on or after August 1, 2018 to shareholders of record at the close of business on July 11, 2018.
About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic and Athleta brands. Fiscal year 2017 net sales were $15.9 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through company-operated stores, franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523006210/en/
Gap Inc.
Investor Relations Contact:
Tina Romani, 415-427-5264
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or
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Source: Gap Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-gap-inc-announces-second-quarter-dividend.html |
U.S. activist fund Elliott Management said it will vote against Hyundai Motor's restructuring plan and urged other shareholders to reject the proposal to reform South Korea's second-largest conglomerate.
A Hyundai Motor executive responded that the proposed arrangements to simplify the automaker's complex ownership structure would not change and promised higher returns for shareholders.
"Elliott is one of many people who express their opinions," Cheong Jin-haeng, president of Hyundai Motor, told reporters on the sidelines of an industry event.
Measures to boost investor returns would be laid out after a meeting on May 29 where shareholders will vote on the restructuring, he added.
Elliott said in a statement late on Thursday that the restructuring plan was "based on flawed assumptions" and the conglomerate's "token measures" to buy back and cancel shares were not enough to achieve fair value for investors.
"More significant measures are needed to address the long-unresolved issues at the group that have led to significant valuation discounts and underperformance at Hyundai Mobis, Hyundai Motor and Kia," Elliott said.
Under the plan, auto-parts maker Hyundai Mobis will spin off its domestic module and after-service parts businesses and merge them with Hyundai Glovis, a logistics firm.
Elliott says it holds over 1.5 percent of common shares in Hyundai Mobis. Hyundai Motor Chairman Chung Mong-koo and the group's affiliates own a total 30 percent stake in Mobis, which will put the spin-off plan to a shareholder vote. The state-run National Pension Service holds a nearly 10 percent stake in Hyundai Mobis.
Elliott, which disclosed in April that it holds more than $1 billion worth of shares in three key affiliates of Hyundai Motor, previously called on the company to adopt a holding company strategy and appoint more independent board members.
It is Elliott's latest challenge to South Korea's powerful family-run conglomerates after it forced Samsung Electronics to increase shareholder returns in 2017, and comes amid a government campaign to boost investors' power in a country where shareholder activism is rare.
In 2015, Elliott narrowly lost a battle to block the merger of two Samsung affiliates. The deal was later implicated in a corruption scandal which led to the jailing of the country's former president and bribery charges against Samsung Group heir Jay Y. Lee, who denies any wrongdoing.
Elliott is seeking compensation from the government of no less than $670 million as part of an ongoing legal dispute over the 2015 merger, according to a letter seen by Reuters.
Hyundai Motor said in late April it would cancel $890 million worth of treasury shares, its first stock cancellation in 14 years. Hyundai Mobis said earlier this month it would cancel about 600 billion won ($562 million) in treasury shares from next year, and pay dividends in more installments.
Shares in Hyundai Motor were 0.3 percent higher, compared to the wider market's 0.5 percent rise as of 0124 GMT. Hyundai Mobis were up 1.3 percent, while Kia Motors was up 0.5 percent.
"Elliott's stakes in Hyundai Motor Group companies are known to be small. The move was expected," said Esther Yim, an analyst at Samsung Securities. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/us-activist-fund-elliott-to-vote-against-hyundai-restructuring-plan.html |
5/18/2018 9:56AM How to Scream Like a Rocker Screaming isn’t just for metal musicians. Rock vocal instructor Melissa Cross deconstructs the techniques of four types of screamers, from Roger Daltrey to the Cookie Monster. Photo: Natalia V. Osipova/The Wall Street Journal. | ashraq/financial-news-articles | http://www.wsj.com/video/how-to-scream-like-a-rocker/3F5A1C1A-00AF-4C63-97A1-73F0E385B2B5.html |
Trump: 'I wish I did' pick someone other than Jeff Sessions to be attorney general 3 Hours Ago President Donald Trump tweeted Wednesday that he wishes he had picked someone other than Jeff Sessions to be attorney general. Once friendly with the attorney general, Trump has targeted much of his wrath over the Russia probe at the former Alabama senator after Sessions recused himself last year. The tweets came on the heels of a New York Times article that said the president had asked Sessions to reverse his decision to recuse himself. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/president-trump-jeff-sessions-attorney-general.html |
May 10 (Reuters) - Rimini Street Inc:
* RIMINI STREET ANNOUNCES FISCAL FIRST QUARTER 2018 FINANCIAL RESULTS
* SEES Q2 2018 REVENUE ABOUT $60 MILLION TO $61 MILLION * ACTIVE CLIENTS AS OF MARCH 31, 2018 WERE 1,581, AN INCREASE OF 23% COMPARED TO 1,285 AS OF MARCH 31, 2017
* EXPECT U.S. FEDERAL DISTRICT COURT TO RULE ON MATTER RELATED TO ORACLE SOMETIME IN 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rimini-street-reports-q1-earnings/brief-rimini-street-reports-q1-earnings-per-share-0-05-idUSASC0A1LP |
SINGAPORE (Reuters) - A seasonal splurge has helped lift Asia’s crimped gasoline refining profits out of a long slump, but higher crude prices and the rise of energy-efficient cars are set to leave margins stuck at historically weak levels, industry watchers say.
A Singapore Refining Company staff walks past a residue catalytic cracking unit at Jurong Island in Singapore May 18, 2006. REUTERS/Nicky Loh/Files Asia’s gasoline margin, or ‘crack’, stood at nearly $9.60 barrels per day (bpd) on May 25, well above the 20-month low of $5.42 a barrel on April 19. Traders say the surge since late April has been triggered by strong demand.
Firms like Indonesia’s Pertamina, Asia’s top gasoline importer, have led the charge, buying actively ahead of the Ramadan fasting month, which this year goes from May 17 to June 14. In India, meanwhile, Bharat Petroleum has beefed up imports in recent weeks to meet an uptick in demand.
But analysts warn a creeping slowdown in Asia may be in store.
“Looking just at Asia, we see demand growth (for 2018) at 157,000 bpd year-on-year (up 2 percent), down marginally from the 160,000 bpd growth we had at the beginning of May,” said Michael Dei-Michei, head of research at consultancy JBC Energy.
This also shows in profits. Seasonally adjusted and despite the recent increases, Singapore’s gasoline cracks have spent most of the year at or near five-year lows.
DECELERATION Some of the deceleration is down to overall higher crude prices - despite the recent slump they remain 13 percent above late 2017. [O/R]
This has fed through to the pump, with increases in retail fuel prices from China to India stoking fears of higher inflation and lower economic growth.
Asia’s gasoline demand growth has already been slowing for the last three years, Dei-Michei said.
Increasing vehicle efficiency and the rise of electric and hybrid vehicles have played their part in the weakness.
JBC now expects world gasoline demand in 2018 to grow by 260,000 bpd, down by about 35,000 bpd from its projection at the start of May.
The gradual slowdown in Asian demand growth is also visible in the forward price curve, which has flipped into backwardation in May - meaning prices for immediate delivery are higher than those for dispatch further out in the future.
This implies a seasonally tight market for now, but an expectation of a weaker market further out.
Reporting by Seng Li Peng; Editing by Henning Gloystein and Kenneth Maxwell
| ashraq/financial-news-articles | https://in.reuters.com/article/gasoline-asia-demand/profits-from-gasoline-rebound-in-asia-but-rising-crude-prices-and-green-cars-cap-gains-idINKCN1IT0FJ |
May 29, 2018 / 3:20 PM / Updated 23 minutes ago Brazil truckers strike having limited impact on Vale operations - CEO Reuters Staff 1 Min Read
SAO PAULO, May 29 (Reuters) - A strike by Brazilian truckers to protest a hike in diesel prices has had a limited impact on operations at Vale, the world’s top iron ore producer, but could worsen if the strike continues, Chief Executive Fabio Schvartsman said on Tuesday.
Speaking at an event in Sao Paulo, Schvartsman also said he saw a floor for international iron ore prices at around $60 per tonne and that the company would announce “organic growth” in the coming months. (Reporting by Luciano Costa Editing by Susan Thomas) | ashraq/financial-news-articles | https://www.reuters.com/article/brazil-transportation-vale-sa/brazil-truckers-strike-having-limited-impact-on-vale-operations-ceo-idUSE5N1OL01P |
MADISON, N.J., May 3, 2018 /PRNewswire/ -- Realogy Holdings Corp. (NYSE: RLGY), the largest full-service residential real estate services company in the United States, announced that on May 1, 2018, its Board of Directors declared a cash dividend of $0.09 per share on its common stock. The quarterly cash dividend is payable on May 30, 2018 to shareholders of record at the close of business on May 16, 2018.
Prior to the market open today, the Company will report its financial results for the quarter ended March 31, 2018.
About Realogy Holdings Corp.
Realogy Holdings Corp. (NYSE: RLGY) is the leading and most integrated provider of residential real estate services in the U.S. that is focused on empowering independent sales agents to best serve today's consumers. Realogy delivers its services through its well-known industry brands including Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran Group®, ERA®, Sotheby's International Realty® as well as NRT, Cartus, Title Resource Group and ZapLabs, an in-house innovation and technology development lab. Realogy's fully integrated business model includes brokerage, franchising, relocation, mortgage, and title and settlement services. Realogy provides independent sales agents access to leading technology, best-in-class marketing and learning programs, and support services to help them become more productive and build stronger businesses. Realogy's affiliated brokerages operate around the world with approximately 190,800 independent sales agents in the United States and approximately 98,200 independent sales agents in 115 other countries and territories. Realogy is headquartered in Madison, New Jersey.
Investor Contacts:
Media Contact:
Alicia Swift
Nick Renda
(973) 407-4669
(973) 407-7470
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View original content with multimedia: http://www.prnewswire.com/news-releases/realogy-declares-quarterly-cash-dividend-payable-to-shareholders-of-record-as-of-may-16-2018-300641715.html
SOURCE Realogy Holdings Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-realogy-declares-quarterly-cash-dividend-payable-to-shareholders-of-record-as-of-may-16-2018.html |
May 23 (Reuters) - REX American Resources Corp:
* REX AMERICAN RESOURCES REPORTS FIRST QUARTER DILUTED EPS OF $1.45
* Q1 EARNINGS PER SHARE $1.45 * Q1 SALES $120.8 MILLION VERSUS $113.1 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rex-american-resources-q1-earnings/brief-rex-american-resources-q1-earnings-per-share-1-45-idUSASC0A3CF |
(Adds comment from Samsung)
May 24 (Reuters) - After nearly five days of deliberations, a U.S. jury on Thursday said Samsung Electronics Co Ltd should pay $539 million to Apple Inc for copying patented smartphone features, according to court documents, bringing a years-long feud between the technology companies into its final stages.
The worlds top smartphone rivals have been in court over patents since 2011, when Apple filed a lawsuit alleging Samsungs smartphones and tablets slavishly copied its products. Samsung was found liable in a 2012 trial, but a disagreement over the amount to be paid led to the current retrial over damages where arguments ended on May 18.
Samsung previously paid Apple $399 million to compensate Apple for infringement of some of the patents at issue in the case. The jury has been deliberating the case since last week.
Because of that credit, if the verdict is upheld on appeal it will result in Samsung making an additional payment to Apple of nearly $140 million.
In a statement, Apple said it was pleased that the members of the jury "agree that Samsung should pay for copying our products."
"We believe deeply in the value of design," Apple said in its statement. "This case has always been about more than money."
Samsung did not immediately say whether it planned to appeal the verdict but said it was retaining "all options" to contest it.
Todays decision flies in the face of a unanimous Supreme Court ruling in favor of Samsung on the scope of design patent damages," Samsung said in a statement. "We will consider all options to obtain an outcome that does not hinder creativity and fair competition for all companies and consumers.
The new jury verdict followed a trial in San Jose, California, before Judge Lucy Koh that focused on how much Samsung should pay for infringing Apple patents covering aspects of the iPhone's design. The jury awarded Apple $533.3 million for Samsung's violation of so-called design patents and $5.3 million for the violation of so-called utility patents.
Apple this year told jurors it was entitled to $1 billion in profits Samsung made from selling infringing phones, saying the iPhone's design was crucial to their success.
Samsung sought to limit damages to about $28 million, saying it should only pay for profits attributable to the components of its phones that infringed Apple patents.
Jurors in the earlier trial awarded $1.05 billion to Apple, which was later reduced.
Samsung paid $548 million to Apple in December 2015, including $399 million for infringement of some of the patents at issue in this week's trial.
Apples case against Samsung raised the question of whether the total profits from a product that infringes a design patent should be awarded if the patent applies only to a component of the product, said Sarah Burstein, a professor of patent law at the University of Oklahoma.
The verdict appears to be a compromise between Apple and Samsung's positions and does not offer much clarity on that question, said Burstein, who predicted Samsung would appeal it to the U.S. Court of Appeals for the Federal Circuit.
This decision just means we are going to have more uncertainty, Burstein said. "Smart tech industry players are waiting to see what the Federal Circuit does. This is just one jury applying one test." (Reporting by Stephen Nellis in San Francisco and Jan Wolfe in New York; Editing by Lisa Shumaker) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/reuters-america-update-2-u-s-jury-awards-apple-539-mln-in-samsung-patent-retrial.html |
44 COMMENTS WASHINGTON—The Supreme Court decided Monday that employers can block collective claims from workers—as opposed those by individuals—through arbitration clauses, ruling in favor of management in the clash of two longstanding federal laws.
With Justice Neil Gorsuch writing for a 5-to-4 majority after casting the deciding vote, the case exposed the conflict between the Federal Arbitration Act of 1925, which makes arbitration clauses generally “valid, irrevocable and enforceable,” and the National Labor Relations Act, passed in 1935, which authorizes employees to take collective action for “mutual aid or protection.”
Supreme Court precedents have given great weight to arbitration clauses that businesses use to block consumers and employees from filing lawsuits, instead funneling claims into private arbitration. The cases before the court didn’t dispute employers’ ability to require the arbitration of labor disputes.
But employees asserted that their right to “concerted activities” could not be limited by employment contracts that allow only individual arbitration claims by workers, rather than joint arbitration actions.
Under the Obama administration, the Justice Department and the National Labor Relations Board backed the worker position. The Justice Department switched sides after President Donald Trump took office, while the labor board, still run by holdover appointees, held to its prior position. Lower courts divided on the issue.
(More to Come)
Write to Jess Bravin at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/supreme-court-imposes-new-limits-on-workers-in-arbitration-cases-1526916858 |
Glass Lewis recommendations)
In a report last week second-ranked proxy adviser Glass Lewis recommended investors vote for Zuckerberg, but also backed the two shareholder proposals and recommended votes against three audit committee directors responsible for overseeing legal and regulatory matters.
"In our view, the audit committee has failed to effectively fulfill its obligations to shareholders," Glass Lewis' report states.
and Glass Lewis both Lewis, Cynthia Osterman & Shri Navaratnam) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/reuters-america-update-2-big-proxy-adviser-iss-does-not-support-facebooks-zuckerberg-in-proxy-vote.html |
May 22 (Reuters) - MyoKardia Inc:
* MYOKARDIA ANNOUNCES PRICING OF PUBLIC OFFERING OF COMMON STOCK
* SAYS PUBLIC OFFERING OF 3.75 MILLION COMMON SHARES PRICED AT $49.00PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-myokardia-announces-pricing-of-pub/brief-myokardia-announces-pricing-of-public-offering-of-common-stock-idUSASC0A3BD |
China denies offering $200 bln package to slash trade gap Friday, May 18, 2018 - 01:41
China dropped its anti-dumping probe into imports of U.S. sorghum on Friday, beating a hasty retreat from a dispute that wreaked chaos across the global grain market. But as Ciara Lee reports, it has denied reports that it had offered a package to slash the U.S. trade deficit by up to $200 billion.
China dropped its anti-dumping probe into imports of U.S. sorghum on Friday, beating a hasty retreat from a dispute that wreaked chaos across the global grain market. But as Ciara Lee reports, it has denied reports that it had offered a package to slash the U.S. trade deficit by up to $200 billion. //reut.rs/2KAtFf3 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/china-denies-offering-200-bln-package-to?videoId=428058463 |
May 29, 2018 / 8:21 AM / Updated 10 hours ago Zurich too pricey? Then try LA for affordability Reuters Staff 2 Min Read
ZURICH (Reuters) - The Swiss financial hub of Zurich remains the world’s most expensive major city and Egypt’s capital Cairo the cheapest, the annual rankings of 77 metropolitan areas by Swiss bank UBS found on Tuesday.
But Los Angeles features the world’s best buying power for the average worker’s salary, with Angelenos able to afford almost a quarter more than New Yorkers, according to the study, which uses New York as the basis for comparisons.
Still, when factoring the high salaries many Zurich residents enjoy, the Swiss lakeside city came second to the Californian metropolis in purchasing power, with New York tenth. London was 23rd.
In a subset of data for 11 big cities, UBS looked at where millennials would be best off to buy a package of typical must-have goods including an Apple iPhone, a laptop, and a Netflix subscription. Expensive Hong Kong was the surprise winner.
A couple looking for a Friday night out with a meal, bottle of wine and a movie will pay the most in Tokyo, New York and Stockholm, while the best values were in Prague, Mexico City and Rio de Janeiro.
For the full set of data on prices and earnings see: here Reporting by Michael Shields; editing by David Stamp | ashraq/financial-news-articles | https://www.reuters.com/article/us-ubs-prices/zurich-too-pricey-then-try-la-for-affordability-idUSKCN1IU0SN |
HERAT, Afghanistan (Reuters) - Taliban fighters attacked Afghan bases in the western province of Farah, killing more than 30 police, officials said on Friday, as the insurgents stepped up their offensive in a region with vital opium smuggling routes into neighboring Iran.
Farid Bakhtawar, head of the Farah provincial council, said fighters had stormed a police base overnight in Balabuluk, a district that has been under heavy pressure for months, killing at least 23 and wounding three.
In a separate attack in Farah city, Taliban fighters killed 11 police and seized a large quantity of weapons and equipment, he said.
The latest violence underlines the extent of the pressure faced by the Western-backed government of President Ashraf Ghani, already heavily criticized for a spate of suicide bombings in the capital, Kabul.
Last week, Taliban fighters, who challenge government control in almost half the country, seized a district in the northern province of Baghlan and there has been heavy fighting in areas from Faryab in the northwest to Ghazni, south of Kabul.
Farah, a remote and sparsely populated province between Iran to the west and the Taliban heartland of Helmand province in the south, has been a key battleground for the insurgents for months, with heavy fighting in Balabuluk district.
The region covers major smuggling routes into Iran from Helmand, source of much of Afghanistan’s opium crop.
Afghan special forces, backed by air support, have been heavily involved in the fighting but have been unable to prevent repeated attacks by the insurgents.
Farah’s governor resigned in January, claiming political interference and corruption, and residents have complained bitterly about security in the province.
Since the Taliban announced the start of their annual spring offensive last month, fighting has been intense in many areas of the country and it is expected to pick up further once the opium harvest is completed in coming weeks.
Violence has also increased around voter registration centers set up ahead of parliamentary and district council elections that are due in October.
U.S. and NATO officials say Afghan forces, backed by thousands more U.S. military advisers and intensified air strikes, have been steadily improving and are matching and beating the Taliban.
However a recent report by SIGAR, a U.S. Congressional watchdog, said that the number of Afghan security forces personnel had fallen by 11 percent over the past year, even as fighting has intensified. Police, army and air force numbers were almost 40,000 below the authorized strength of 334,000, the report said.
The report showed the government controlled areas with about 65 percent of the population and controlled or influenced 56.3 percent of districts, the second lowest level since 2015, the first year after most international forces left Afghanistan.
Reporting by Jalil Rezaiee; Editing by Nick Macfie
| ashraq/financial-news-articles | https://www.reuters.com/article/us-afghanistan-taliban/taliban-kill-dozens-of-police-in-western-afghan-province-idUSKBN1IC131 |
May 7, 2018 / 11:18 AM / in 22 minutes Iraqi candidate for parliament shot dead south of Mosul Reuters Staff 2 Min Read
BAGHDAD (Reuters) - An Iraqi parliamentary candidate was shot dead late on Sunday in his home near the city of Mosul, a family member and a security official said, less than a week before elections.
Islamic State claimed responsibility for the shooting of Farouk Zarzour in the village of al-Lazaka, but security officials disputed that claim and said they were treating it as a political killing.
Zarzour’s brother and eight others have been arrested as suspects, they said.
Zarzour had been an adviser to parliamentary speaker Salim al-Jabouri.
The Islamic State militants have threatened to carry out attacks ahead of the elections and have warned Sunni Arabs not to participate. However, the hardline militants have also claimed responsibility for several attacks that never happened.
Iraqi Prime Minister Haider al-Abadi declared nationwide victory over the Islamic State in December, five months after his forces recaptured Iraq’s second city Mosul in a protracted battle with the jihadist militants.
Islamic State, however, continues to carry out bombings, assassinations and ambushes in different areas of Iraq, and remains active in neighboring Syria. Reporting by Salih Elias in Baghdad and Raya Jalabi in Kirkuk; Writing by Ahmed Aboulenein; Editing by Gareth Jones | ashraq/financial-news-articles | https://www.reuters.com/article/us-iraq-election-security/iraqi-candidate-for-parliament-shot-dead-south-of-mosul-idUSKBN1I814V |
ISLAMABAD (Reuters) - The man believed to have shot Pakistan’s Interior Minister Ahsan Iqbal on Sunday was affiliated to the new ultra-religious Tehreek-e-Labaik party, according to a police report seen by Reuters.
FILE PHOTO: Pakistan's Interior Minister Ahsan Iqbal speaks to media outside the accountability court in Islamabad, Pakistan October 2, 2017. REUTERS/Faisal Mahmood/File Photo The report said the shooter was Abid Hussain, 21, who “showed his affiliation” to the party, which focuses on highlighting and fighting blasphemy. It did not speculate on his motive.
Labaik’s leader, Khadim Hussain Rizvi, condemned the attack in a statement and said his party had not authorized any of its workers to take up arms.
Reporting by Asif Shahzad; Writing by Drazen Jorgic
| ashraq/financial-news-articles | https://www.reuters.com/article/us-pakistan-attack-religiousparty/man-who-shot-pakistani-minister-affiliated-to-blasphemy-focused-religious-party-police-report-idUSKBN1I70T6 |
(Repeats to attach to alerts)
BEIJING, May 8 (Reuters) - China’s April exports rose 12.9 percent from a year earlier, rebounding from a drop in March, while imports grew 21.5 percent, both growing much faster than expected despite worries over an escalating trade dispute with the United States.
That left the country with a trade surplus of $28.78 billion for the month, customs data showed on Tuesday.
Analysts polled by Reuters had expected April shipments from the world’s largest exporter to have risen 6.3 percent on year, bouncing back from a 2.7 percent decline the previous month that was believed to have been heavily distorted by seasonal factors.
Import growth had been expected to pick up to 16 percent, compared with 14.4 percent one month earlier.
Analysts had expected China to post a trade surplus of $24.7 billion for April after a rare deficit of $4.98 billion the previous month.
For January-April combined, exports rose 16.5 percent, and imports rose 19.6 percent on year, suggesting global demand remains resilient despite concerns about rising trade protectionism.
China’s trade performance has got off to a strong start this year, following through on a solid rebound in 2017, supported by sustained demand at home and abroad.
But the export outlook is being clouded by the trade row with the United States, which could disrupt China’s shipments and its supply chains. (Reporting by Beijing Monitoring Desk; Editing by Kim Coghill)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/china-economy-trade/rpt-china-april-exports-jump-12-9-pct-imports-up-21-5-pct-beat-forecasts-idUSZZN07A401 |
LOVELAND, Colo., May 4, 2018 /PRNewswire/ -- Heska Corporation (NASDAQ: HSKA - News; "Heska" or the "Company"), a provider of advanced veterinary diagnostic and specialty products, today reported financial results for its first quarter ended March 31, 2018.
First Quarter 2018 Highlights with Prior Year Comparison:
Net revenue up 10.8% to $32.8 million
Core Companion Animal ("CCA") segment revenue up 12.8% to $26.8 million
Point of Care Laboratory Consumables revenue up 17%
Point of Care Imaging revenue up 33%
Other Vaccines and Pharmaceuticals ("OVP") segment revenue up 3% to $5.9 million Consolidated gross margin down 4.1 percentage points to 40.6% due to OVP product mix (impact of approximately 5 percentage points)
CCA segment gross margin up 1 percentage point to 47.5%
OVP segment gross margin down 28 percentage points to 9.4% Operating expenses declined as a percent of sales to 34.9% Operating income down (32.9)% to $1.9 million Operating margin down to 5.7% from 9.4% due to unfavorable product mix in OVP (impact of approximately 5 percentage points) Net income attributable to Heska down (53.2)% to $2.2 million Earnings per share down (54.1)% to $0.28 per diluted share Cash flow from operations up $2.3 million to $4.2 million
Kevin Wilson, Heska's Chief Executive Officer and President, commented, "The first quarter of 2018 was a solid quarter that slightly exceeded my expectations. Point of Care Laboratory Consumables rose 17%, imaging outperformed with 33% growth, and we are tracking towards our 1.5% to 2.0% market share gains in Point of Care Laboratory hospitals. Margins were up in CCA by 1 percentage point driven by our highest margin and fastest growing Point of Care Laboratory (up 1.4 percentage points) and Imaging (up 3.8 percentage points) business lines, which were offset by a large, 3% margin shipment of contractual manufacturing product in our OVP segment. We continue to see OVP achieving our prior full year outlook for approximately 20% gross margins, with higher margin shipments skewed to the second half and we continue to anticipate gross margin expansion for the whole Heska business in 2018."
"Veterinary market indicators continue to point to a strong environment for the rest of 2018," added Mr. Wilson. "Aided by this trend and a solid beginning to the year, we expect 2018 to progress as expected commercially, while also being the period in which several new product and market expansion initiatives solidify towards release. To this end, we are ramping up our investments in research and development, recruitment of key talent, commercial team density, and operations, finance, and legal systems. Our investments, growth initiatives, and additional details surrounding our strong Reset subscriptions model will be more fully explained during our upcoming Investor Day in New York on May 15 th . We hope to see you there or to have your participation by our webcasting feed."
Core Companion Animal ("CCA") Segment and Outlook (1)
Point of Care Laboratory Products Outlook
Core Companion Animal's point of care laboratory diagnostics continues to be Heska's key growth engine. In the first quarter, Heska gained market share with strong Reset subscription wins, increased the quantities and sales of testing consumables in excess of 17%, and improved gross margins for point of care laboratory instruments and consumables by 1.4 percentage points to 52%. For 2018 management expects Heska point of care laboratory products to continue their multi-year growth trend within the full year prior outlook for 15% to 20% consumables growth, stable to improving gross margins, and 1.5% to 2.0% veterinary hospital market share growth.
Point of Care Imaging Products Outlook
Heska's imaging team entered 2018 integrated with the overall Heska operation and with (1) a robust pipeline, (2) a newly launching major product refresh cycle, (3) a new extended maintenance revenues opportunity, and (4) solid early performance. Aided by these factors, imaging sales grew 33% in the first quarter, compared to the prior year, with 17% domestic growth and 137% international growth. Gross margins improved 3.8 percentage points to 40.8%. While sales cadence may vary from quarter to quarter, in light of the strong start in imaging in the first quarter, management expects imaging to grow in excess of prior full-year estimates.
Other Vaccines and Pharmaceuticals ("OVP") Segment and Outlook (1)
Entering 2018, Heska's outlook for OVP was for approximately $21.0 million in revenues at roughly 20% gross margins, due in part to third party contract customer product mix, higher margin product ordering skewed to the latter half of 2018, and plant utilization adjustments. In line with this outlook, first quarter OVP product mix that contained a large, low margin contracted shipment, order timing, and plant utilization adjustments resulted in lower gross margins of 9.4% in the quarter, down 28 percentage points compared to the prior year period and below the full year outlook of 20%. With positive product mix and order timing weighted to the latter half of 2018 still anticipated, management continues to expect full year performance in line with its earlier stated outlook.
Consolidated Outlook for 2018 (1)
Veterinary market indicators continue to point towards broad-based growth in 2018, led by industry estimates of 5% veterinary hospital growth and 7% veterinary hospital diagnostics growth. Heska entered 2018 with a Baseline Target (1) of approximately 7% consolidated revenues growth from a mix of (1) point of care laboratory market share gains in existing markets, (2) increased sales team density in the second half, (3) minor test and analyzer additions, (4) healthy pricing, (5) increased utilization from the largest installed base in Heska's history, and (6) a return to growth in imaging, offset by a regression to long-term trends in OVP sales and margins. With a stronger performance in the first quarter of 2018, Heska is raising revenue outlook for full year 2018 to approximately 8%. Due to positive margin mix led by higher margin, faster growing laboratory consumables and imaging products, the Baseline Target for 2018 continues to assume gross margin expansion of +30 to +50 basis points, positive inventory trends, which were beginning to appear in the first quarter, and positive operating cash flow momentum. Entering the second quarter, Heska continues to anticipate capital investments towards major product line extensions, strategic investments, investments in scale, systems and processes, and investments towards geographic expansion.
Analyst and Investor Day: May 15, 2018
Heska's Baseline Target for 2018 excludes the effects of (1) geographic expansion and (2) major product line extensions and investments ("Growth Initiatives") and their potential impacts for 2018 through 2022, which will be detailed during Heska's upcoming investor day, on May 15 th , 2018, in New York City.
(1) Segment Outlook(s) and Consolidated Outlook, and Baseline Target are forward-looking statements. See "Forward-Looking Statements".
Financial Results
Revenues
2018 first quarter revenue was $32.8 million, a 10.8% increase from $29.6 million in the first quarter of 2017. Core Companion Animal (CCA) segment revenue increased 12.8% to $26.8 million, up from $23.8 million in the first quarter of 2017, driven primarily by strong point of care laboratory consumables revenue increase of 17% and point of care imaging products revenue increase of 33%, offset by a decrease in instrument revenue of 29%, largely due to lower capital lease revenue recognition and lower levels of non-core diagnostic pump sales in the current period as compared to the prior period. Our Other Vaccines, Pharmaceuticals and Products (OVP) segment revenue increased 3% to $5.9 million, up from $5.8 million in the first quarter of 2017.
Cost of Revenues
First quarter gross profit rose 0.7% to $13.3 million, compared to $13.2 million in the prior year. First quarter gross margin was 40.6%, a decline of 4.10 percentage points from the 44.7% gross margin in the first quarter of 2017. This decline is due to a decline in gross margin in OVP to 9.4% in the first quarter of 2018, from 37.4% in the first quarter of 2017, resulting from unfavorable product mix.
Income
Total operating expenses in the first quarter of 2018 were $11.4 million (34.9% of sales), compared to $10.4 million (35.3% of sales), in the prior year period. $1.0 million of the increased operating expenses were related to stock and other compensation expense recognition, research and development expense related to new product development, and consulting fees related to advisory services. Operating income decreased 33% to $1.9 million during the first quarter of 2018, compared to $2.8 million in the first quarter of 2017. Operating margin of 5.7% for the first quarter of 2018 was negatively impacted by OVP product mix, which was affected by timing of a larger, 3% margin contracted manufacturing product shipment, resulting in a 5 percentage point decrease in the period. Net income attributable to Heska Corporation decreased to $2.2 million, or $0.28 per diluted share, in the first quarter of 2018, compared to $4.6 million, or $0.61 per diluted share, in the first quarter of 2017.
Cash Flow
Cash flow from operations was $4.2 million for the first quarter of 2018, up $2.3 million as compared to $1.9 million in the first quarter of 2017.
Income Taxes
The Company's effective income tax rate for the first quarter of 2018 was a benefit of 15%, compared to a benefit of 51% for the first quarter of 2017. The effective tax rate for this quarter was favorably impacted by the discrete tax benefits associated with the vesting of restricted stock units but to a lesser extent than this impacted the first quarter of 2017. The Company estimates the discrete tax benefits associated with the vesting of restricted stock units resulted in a tax benefit of $0.8 million for the first quarter of 2018, or $0.10 of diluted earnings per share, as compared to approximately $2.2 million impact of discrete tax benefits, or $0.29 of diluted earnings per share, for the first quarter of 2017. The Company has an underlying annual effective tax rate of about 27% to 29%, minus the effect of discrete tax benefits related to stock option exercises and the vesting of restricted stock units that could result in a tax deduction in excess of the book compensation expense recognized. While the Company expects the underlying annual effective tax rates to be in the 27% to 29% range, these rates could be impacted on a quarterly basis by volatility due to accounting for income taxes associated with previous and future stock-based compensation awards.
Balance Sheet
At March 31, 2018, Heska had $12.1 million in cash and cash equivalents, compared to $9.7 million in the prior year period, and working capital of $39.5 million. Stockholders' equity increased to $105.1 million as of March 31, 2018, up from $100.4 million as of December 31, 2017.
Investor Conference Call
Management will conduct a conference call on May 4, 2018 at 9 a.m. MDT (11 a.m. EDT) to discuss the first quarter 2018 financial results. To participate, dial 1-800-289-0438 (domestic) or 1-323-794-2423 (international) and reference conference call access number 1336083. The conference call will also be broadcast live over the Internet at www.heska.com . To listen, simply log on to the web at this address at least ten minutes prior to the start of the call to register, and download and install any necessary audio software. Telephone replays of the conference call will be available for playback until May 11, 2018. The telephone replay may be accessed by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international). The replay access number is 1336083. The webcast will also be archived on www.heska.com for 90 days.
About Heska
Heska Corporation (NASDAQ: HSKA - News) sells advanced veterinary diagnostic and specialty products. Heska's state-of-the-art offerings include point of care laboratory instruments and supplies, digital imaging products, software and services, vaccines, local and cloud-based data services, allergy testing and immunotherapy, and single-use offerings such as in-clinic diagnostic tests and heartworm preventive products. The Company's core focus is on supporting veterinarians in the canine and feline healthcare space. For further information on Heska and its products, visit www.heska.com .
Forward-Looking Statements
This announcement contains forward-looking statements regarding Heska's future financial and operating results. These statements are based on current expectations and are subject to a number of risks and uncertainties. Investors should note that there is an inherent risk in using past results, including trends, to predict future outcomes, including financial results and perceived customer behavior. Factors that could affect the business and financial results of Heska generally include, but are not limited to, the following: risks related to reliance on third parties to develop and manufacture products for Heska; risks related to the commercialization of new products; uncertainties related to attempts to expand into international markets, including, but not limited to, uncertainties related to timing, profitability and currency effects; uncertainties related to Heska's ability to measure and predict trends in the veterinary market; uncertainties related to Heska's ability to measure and predict the effectiveness of commercial relationships; uncertainties related to the future impact of recent business development activity; risks related to Heska's reliance on third-party suppliers, which is substantial; competition; and the risks set forth in Heska's filings and future filings with the Securities and Exchange Commission, including those set forth in Heska's Annual Report on Form 10-K/A for the year ended December 31, 2017.
Financial Table Follows:
HESKA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
2018
2017
Revenue:
Core companion animal health
$
26,819
$
23,784
Other vaccines, pharmaceuticals and products
5,946
5,775
Total revenue, net
32,765
29,559
Cost of revenue
19,458
16,350
Gross profit
13,307
13,209
Operating expenses:
Selling and marketing
6,140
6,100
Research and development
670
530
General and administrative
4,626
3,791
Total operating expenses
11,436
10,421
Operating income
1,871
2,788
Interest and other income, net
(4)
(62)
Income before income taxes
1,875
2,850
Income tax expense (benefit):
Current income tax expense
17
7
Deferred income tax benefit
(297)
(1,460)
Total income tax benefit
(280)
(1,453)
Net income
2,155
4,303
Net loss attributable to non-controlling interest
—
(304)
Net income attributable to Heska Corporation
$
2,155
$
4,607
Basic earnings per share attributable to Heska Corporation
$
0.30
$
0.66
Diluted earnings per share attributable to Heska Corporation
$
0.28
$
0.61
Weighted average outstanding shares used to compute basic earnings per share attributable to Heska Corporation
7,102
7,011
Weighted average outstanding shares used to compute diluted earnings per share attributable to Heska Corporation
7,711
7,594
HESKA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31,
December 31,
2018
2017*
UNAUDITED
ASSETS
Current Assets:
Cash and cash equivalents
$
12,126
$
9,659
Accounts receivable, net of allowance for doubtful accounts of
$249 and $215, respectively
14,293
15,710
Due from – related parties
—
1
Inventories, net
30,301
32,596
Lease receivable, current, net of allowance for doubtful accounts of
$42 and $0, respectively
2,302
2,069
Contract acquisition costs, current
874
30
Other current assets
2,992
3,066
Total current assets
62,888
63,131
Property and equipment, net
16,858
17,331
Goodwill
26,710
26,687
Other intangible assets, net
1,861
1,958
Deferred tax asset, net
12,173
11,877
Lease receivable, non-current
10,369
9,615
Contract acquisition costs, non-current
1,526
3
Other non-current assets
5,335
5,185
Total assets
$
137,720
$
135,787
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
6,226
$
9,489
Due to – related parties
677
1,828
Accrued liabilities
7,441
4,417
Current portion of deferred revenue
3,090
3,992
Line of credit
6,000
6,000
Total current liabilities
23,434
25,726
Long-term liabilities
9,196
9,621
Total liabilities
32,630
35,347
Stockholders' equity
105,090
100,440
Total liabilities and stockholders' equity
$
137,720
$
135,787
* December 31, 2017 amounts are derived from the December 31, 2017 audited Consolidated Financial Statements, reclassified to conform to current year presentation.
View original content: http://www.prnewswire.com/news-releases/heska-reports-first-quarter-results-300642719.html
SOURCE Heska Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-heska-reports-first-quarter-results.html |
Results Reuters Staff 1 Results Semi-final .. 1-Simona Halep (ROU) beat beat | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-results-womens-singles/atp-world-tour-masters-1000-wta-premier-rome-masters-womens-singles-results-idUKMTZXEE5JZMDHBG |
May 11, 2018 / 4:58 PM / Updated an hour ago English County Championship Division Two Scoreboard Reuters Staff 2 Scoreboard at stumps on the first day of between Derbyshire and Durham on Friday at Derby, England Derbyshire are 301 for 4 Derbyshire 1st innings Ben Slater c Graham Clark b Nathan Rimmington 55 Luis Reece c Stuart Poynter b James Weighell 48 Wayne Madsen Not Out 80 Alex Hughes b James Weighell 0 Billy Godleman lbw Matt Dixon 61 Matthew Critchley Not Out 35 Extras 2b 16lb 4nb 0pen 0w 22 Total (80.0 overs) 301-4 Fall of Wickets : 1-110 Slater, 2-122 Reece, 3-126 Hughes, 4-240 Godleman To Bat : Smit, Viljoen, Palladino, Rampaul, Olivier Bowling Ov Md Rn Wk Econ Ex Mark Wood 14 1 58 0 4.14 Nathan Rimmington 13 4 46 1 3.54 Matt Dixon 17 1 83 1 4.88 2nb James Weighell 19 6 48 2 2.53 Paul Collingwood 9 5 9 0 1.00 Will Smith 3 0 10 0 3.33 Cameron Steel 3 0 16 0 5.33 Graham Clark 2 0 13 0 6.50 Umpire Richard Kettleborough Umpire Paul Baldwin Home Scorer John Brown Away Scorer William Dobson | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-england-scoreboard/english-county-championship-division-two-scoreboard-idINMTZXEE5BKPNV4A |
May 14, 2018 / 1:59 PM / Updated 37 minutes ago PRECIOUS-Gold prices dip as U.S. dollar bounces from one-week low Reuters Staff 3 Min Read * Geopolitical risks could support bullion * Gold price expected to remain in narrow range (Recasts, updates prices; adds comment, second byline, NEW YORK dateline) By Renita D. Young and Pratima Desai NEW YORK/LONDON, May 14 (Reuters) - Gold slipped on Monday as the U.S. dollar strengthened and precious metals prices remained within a tight range as investors awaited key U.S. data. Spot gold lost 0.3 percent at $1,314.17 per ounce by 2:31 p.m. EDT (1831 GMT), erasing earlier gains after the U.S. dollar, in which it is priced, turned positive. U.S. gold futures for June settled down $2.50, or 0.2 percent, at $1,318.20 per ounce. The dollar rose on Monday, erasing earlier losses, as investors questioned whether a rally that last week sent the greenback to more than four-month highs had run out of steam. "Gold is largely paying attention to the dollar," said John Caruso, senior market strategist at RJO Futures. A stronger greenback makes dollar-denominated gold more expensive for holders of other currencies, a relationship used by funds to generate buy and sell signals. "We are seeing a lot of back and forth action with no news. Tomorrow with retail sales, everything could change," Caruso added. U.S. retail sales growth would suggest a strengthening economy and give the Federal Reserve more reason to raise interest rates. Higher U.S. rates make gold a less attractive investment, because bullion does not offer interest. A U.S. interest rate hike, possibly in June at the Fed's next meeting, would weigh on gold, though analysts say that would be unlikely to push gold significantly lower. "Over the short term, and particularly during May, we see gold trading between $1,285 and $1,338 an ounce as continued strength in the dollar and rising rates pressure values lower," said INTL FCStone analyst Edward Meir. However, gold is expected to remain in this year's narrow range, mostly between $1,300 and $1,350, unless supply or demand fundamentals dramatically change. "Gold's trading range in the first four months between low and high price was the lowest in percentage terms since it was fixed to the dollar in 1971," said Macquarie commodities strategist Matthew Turner. Further bullion support could come from rising security risks in the Middle East after the United States said it would withdraw from the 2015 international nuclear deal with Iran and reimpose sanctions. Traders said falling gold imports by India, a top consumer, were also undermining sentiment. Silver was down 0.7 percent at $16.51 per ounce. Platinum declined 1.1 percent at $911.60 per ounce and palladium lost 0.2 percent at $994.22. (Additional reporting by Apeksha Nair in Bengaluru Editing by David Goodman, Dale Hudson and Richard Chang) | ashraq/financial-news-articles | https://uk.reuters.com/article/global-precious/precious-gold-firms-as-dollar-retreats-from-2018-peak-idUKL5N1SL5ID |
May 1 (Reuters) -
* INDOSTAR CAPITAL FINANCE LTD SETS IPO PRICE RANGE AT 570-572 RUPEES PER SHARE - PUBLIC NOTICE
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-indostar-capital-finance-se/brief-indias-indostar-capital-finance-sets-price-range-for-up-to-278-mln-ipo-idUSFWN1S71HQ |
May 9 (Reuters) - Meredith Corp:
* MEREDITH CORPORATION BOARD OF DIRECTORS DECLARES QUARTERLY DIVIDEND
* MEREDITH CORP - BOARD OF DIRECTORS TODAY DECLARED A REGULAR QUARTERLY DIVIDEND OF $0.545 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-meredith-corp-board-of-directors-d/brief-meredith-corp-board-of-directors-declares-quarterly-dividend-idUSFWN1SG1N2 |
TEL AVIV—Gaza’s ruler Hamas on Wednesday declared a unilateral cease-fire with Israel, after a day of intense shelling from the Palestinian territory and retaliatory strikes raised concerns of an imminent wider conflict.
Israel denied agreeing to an official cease-fire, but officials indicated they would only strike in response to attacks.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/hamas-declares-cease-fire-with-israel-after-intense-fighting-1527701477 |
1 Hour Ago | 02:56
Facebook shares may have recovered from the Cambridge Analytica data scandal, but NYU Stern professor of marketing Scott Galloway is still pushing for the company to be regulated.
"Just as big tobacco was never able to make the connection between tobacco and cancer, and the NRA can't make the connection between gun sales and mass shootings, Facebook will never make the connection between the lack of safeguards and the risk to the commonwealth," Galloway said Friday on CNBC's "Squawk Alley."
Galloway has been a vocal critic of Facebook, arguing the social media company has too much power, and the leadership should take more responsibility what happens on the platform.
On Friday he called Facebook CEO Mark Zuckerberg "scarier" than Fidel Castro and likened Facebook to a dictatorship. He referenced Zuckerberg's 2016 proposal of a new share structure , which would have allowed him to give away a majority of shares, while remaining in a leadership role at the company.
"He has control of the content that over 2.1 billion people see. He cannot be removed from office," Galloway said. "In my view, the most powerful, dangerous person in the world is 'the Zuck'."
Despite his concerns over Zuckerberg's leadership, Galloway has no illusions that users will step away from the popular social media platforms.
"This isn't going to be a consumer-led revolution. People feign outrage at the subterfuge of our democracy and look where they go to express it, Facebook or Instagram," Galloway said. "It is the job of our elected officials to look at these types of issues and decide whether or not a company like this should have more regulation."
Facebook did not immediately respond to a request for comment. Chloe Aiello News Associate for CNBC.com Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/nyus-scott-galloway-zuckerberg-is-the-most-dangerous-person-in-the-world.html |
BRUSSELS (Reuters) - EU antitrust regulators will decide by June 15 whether to clear Finnish utility Fortum’s ( FORTUM.HE ) bid to acquire 47 percent of German peer Uniper ( UN01.DE ) from German energy company E.ON ( EONGn.DE ).
FILE PHOTO: The headquarters of Fortum, the largest electricity distribution operator in the Nordic region, is seen in Espoo, Finland December 12, 2013. Lehtikuva/Antti Aimo-Koivisto via REUTERS Fortum sought EU approval on May 7, according to the European Commission website. The EU competition enforcer can approve the deal unconditionally or demand concessions. It can also open a four-month long investigation if it has serious concerns.
The deal was cleared by Russian authorities last month. Uniper is against the Fortum bid, saying it makes little sense as it focuses on gas and coal-fired power plants while Fortum targets clean technologies.
Reporting by Foo Yun Chee, editing by Louise Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-uniper-m-a-fortum-oyj-regulator/eu-regulators-to-rule-on-fortum-bid-for-uniper-by-june-15-idUSKBN1I90ZJ |
DUBAI—At the headquarters of Emirates Airline, techies have taken over an entire floor. A sign hanging on the wall captures their ambition—and challenge.
It shows an airplane with Google written on its side, a fanciful reminder of the company the airline considers one of its biggest future competitors, not in the air but in cyberspace.
Emirates... | ashraq/financial-news-articles | https://www.wsj.com/articles/emirates-air-aims-to-sell-more-than-flights-1526868540 |
May 15, 2018 / 5:30 AM / Updated 38 minutes ago Malaysia's 92-year-old PM says he'll stay in office for 1-2 years Joseph Sipalan , Linda Sieg 6 Min Read
KUALA LUMPUR/TOKYO (Reuters) - New Malaysian Prime Minister Mahathir Mohamad said on Tuesday he will remain in office for one or two years and that Anwar Ibrahim, the jailed reformist he had vowed would replace him, will be released on Wednesday. Malaysia's Prime Minister Mahathir Mohamad is seen on video conference screen during the Wall Street Journal CEO Conference in Tokyo, Japan May 15, 2018. REUTERS/Toru Hanai
Mahathir, 92, said he thought that “in a short while” the government could have a case against his predecessor, Najib Razak, who has been dogged by a multi-billion-dollar scandal at state fund 1Malaysia Development Berhad (1MDB).
A four-party alliance driven by Mahathir and Anwar won the general election last week, ousting the ruling Barisan Nasional coalition for the first time in the history of the Southeast Asian nation. Mahathir was sworn in as prime minister on Thursday, making him the world’s oldest democratically elected leader.
In “an initial stage, maybe lasting one or two years, I will be the prime minister”, Mahathir said, speaking by live video link from Kuala Lumpur to a Wall Street Journal CEO conference in Tokyo.
“I will play a role in the background even when I step down.”
The pardons board in Malaysia’s capital will meet on Wednesday to discuss Anwar’s release and Mahathir said he would be released the same day.
Anwar, 70, is serving a second five-year jail term for sodomy. He and his supporters have said the charges are politically motivated.
A royal pardon would reverse Anwar’s conviction and make him eligible to actively participate in politics. He has been in hospital for a few months recovering from a shoulder operation.
During the campaign, Mahathir, who was prime minister for 22 years in a previous stint from 1981, promised to step aside and make Anwar prime minister once he was pardoned.
But there have been differences between the two over the cabinet formation, and Mahathir made it clear on Tuesday that he was in charge.
“I expect him to play the same role as the leaders of the other three parties. There will be no special powers given except as are given to ministers or deputy ministers or deputy prime ministers,” Mahathir said. He added that he would make the final decision about cabinet posts.
The Wall Street Journal cited what it called audio remarks from Anwar as saying Mahathir should be given time to achieve his objectives.
“I’m not in a rush,” Anwar was quoted as saying.
Reuters could not verify the report. VOLATILE RELATIONSHIP
Mahathir has named just three ministers so far in addition to himself and Anwar’s wife, Wan Azizah Wan Ismail, as deputy prime minister. Related Coverage Senior Malaysian adviser says to announce GST strategy in hundred days
Anwar’s People’s Justice Party (PKR), which has the most seats in the alliance, is demanding a proportionate number of posts in the cabinet.
The volatile relationship between Anwar and Mahathir, from friends to foes to allies, has dominated Malaysia’s political landscape for more than three decades and is central to the future of the alliance.
When Mahathir was prime minister in the 1990s, Anwar was his deputy and clear heir-apparent.
But in 1998, they disagreed on how to tackle the Asian financial crisis and fell out. Anwar was sacked, and later jailed on charges of sodomy and corruption.
Anwar was freed in 2004 but in 2015, he was jailed again - for five years - for sodomizing a former aide, a charge he and his supporters describe as a politically motivated attempt by Najib to end his career.
In an astonishing U-turn last year, Anwar shook hands with Mahathir and agreed to join forces to oust scandal-tainted Najib.
Mahathir vowed on Monday to investigate any faults that may have been committed by Najib’s government and said all ministries had been instructed not to destroy any documents.
Asked if Najib would go to prison, he said: “It all depends on the investigation being made and whether there is a case against him or not. If there is no case, we do not go for detention without trial.”
The scandal is being investigated in at least six countries, including Singapore, Switzerland and the United States.
The Swiss attorney general’s office said on Tuesday that federal prosecutors were seeking quick talks with Malaysian counterparts on how to press forward with the investigation.
News broke in 2015 that about $700 million allegedly stolen from 1MDB had made its way into Najib’s personal bank accounts. Najib has said the deposit was a donation by an unnamed member of the Saudi royal family which had been largely returned.
Najib was cleared of wrongdoing by the attorney general in 2016 but Mahathir has said the official has been asked to go on leave and replaced.
The Malaysian Anti-Corruption Commission found evidence in late 2015 that 42 million ringgit ($10.6 million) was transferred from a former subsidiary of 1MDB into an account of Najib, but its recommendation for further investigation was rejected by the attorney general, a member of a panel that reviewed the commission’s case files told Reuters.
Najib set up 1MDB in 2009 and previously served as chairman of its advisory board. He and the fund have denied wrongdoing.
Mahathir blocked Najib from leaving the country at the weekend. Writing by Raju Gopalakrishnan; Additional reporting by Praveen Menon; Editing by Nick Macfie | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-politics-mahathir/malaysian-pm-mahathir-says-may-be-prime-minister-for-1-2-years-idUKKCN1IG0IN |
May 1, 2018 / 1:13 PM / Updated 5 minutes ago MetLife CFO John Hele retires, treasurer to succeed him Suzanne Barlyn , Aparajita Saxena 1 Min Read
(Reuters) - U.S. insurer MetLife Inc ( MET.N ) said on Tuesday John Hele retired as chief financial officer and will be succeeded by the company’s treasurer John McCallion. FILE PHOTO: A statue stands atop Grand Central Station in front of the MetLife building in New York, October 8, 2008. REUTERS/Lucas Jackson/File Photo
McCallion takes over as CFO on Tuesday, and Hele is expected to stay at MetLife as senior adviser until September.
In 2017 MetLife disclosed two key financial reporting errors, including payments it failed to make to pensioners whom it could not locate.
MetLife cut Hele’s total 2017 compensation by 6.4 percent, to $5.3 million from $5.7 million, a change that reflected the insurer’s “performance in managing financial matters, including material weaknesses in internal control over financial reporting,” the company said in an April 26 proxy statement..
“I want to thank John Hele for his service as CFO and for bringing a sharper focus on the true economics of the business we write,” MetLife Chief Executive Steven Kandarian said in a statement on Tuesday. Reporting By Suzanne Barlyn in New York and Aparajita Saxena in Bengaluru; Editing by Sai Sachin Ravikumar and Susan Thomas | ashraq/financial-news-articles | https://www.reuters.com/article/us-metlife-cfo/metlife-cfo-john-hele-retires-treasurer-to-succeed-him-idUSKBN1I23NQ |
10 COMMENTS Doctors have long struggled to care for patients amid artificial shortages of, and soaring prices for, hundreds of drugs—notably generic sterile injectable products, including saline, epinephrine, chemotherapeutic agents, anesthetics, painkillers, antibiotics, even sterilized water.
So when Amazon Business signaled last year that it planned to infuse competition into the marketplace for hospital supplies, clinicians were optimistic that scarce items would soon reappear. Wrong. Mighty Amazon has now backed away from the market. CNBC, which reported the news in April, attributed the decision partly to the barrier posed by hospitals’ tight relationships with group purchasing organizations, or GPOs.
Amazon achieved its remarkable success by building a sophisticated e-commerce platform that promotes competition, transparency and low prices. In contrast, the GPO industry, which supplies doctors with hundreds of billions in medical products each year, rests on myriad conflicts of interest. The result is not only shortages but higher prices.
Four giant GPOs—Vizient, Premier Inc., HealthTrust and Intalere—control purchasing for most of the supplies used by thousands of hospitals, outpatient clinics and nursing homes. These buying cartels literally sell market share, taking money from drugmakers and other vendors in exchange for exclusionary supply contracts.
Hospitals sometimes even get a cut of the GPOs’ fees. The industry is very secretive, but when Premier was considering an initial public offering in 2013, Thomas Finn, an analyst at HCMatters.com, explained: “As a member-driven enterprise, it is common knowledge that Premier and other GPOs ‘share back’ with their members and owners. In fact, many hospital executives who are part of the Premier alliance have learned to rely on that share back as an integral part of their annual compensation.”
In turn, GPOs primarily use three big “authorized distributors”: McKesson, AmerisourceBergen and Cardinal Health . The supply chain is set up so that only authorized distributors, which pay fees to the GPOs, are entitled to manufacturers’ rebates for products covered by the contracts. Since smaller wholesalers can’t get the rebates, they’re effectively frozen out.
The results of this anticompetitive system are higher costs and inevitable supply breakdowns. For example, the GPOs would have the public believe that Hurricane Maria triggered shortages of sterile IV solutions by damaging Baxter International ’s Puerto Rican plants. In fact, shortages of saline and other solutions have existed for years, forcing the U.S. to import them from several countries. The deeper reason is that GPOs have relied almost exclusively on Baxter for these products, concentrating production and discouraging potential competitors. Although information on contract terms is confidential, a Baxter press release touting a 2007 deal with Novation (now Vizient) describes the terms as “an extended single source award for IV solutions.”
What’s more, the fees that manufacturers pay to GPOs can be exorbitant, as demonstrated during a 2003 federal whistleblower case filed by a former employee of Novation. Documents in the case showed that in 1998 Ben Venue Laboratories, an Ohio company that produced the heart medication diltiazem, paid GPO fees that exceeded half its sales on the drug. The case was eventually settled. Ben Venue shut down after failing FDA inspections in 2011, making supplies of its products even tighter.
GPOs didn’t always operate this way. The first was founded in 1910 when several New York City hospitals banded together to buy supplies in bulk. Members paid dues to cover administrative expenses. This nonprofit “co-op” model worked for decades. What perverted the system was a rule that began to allow cash to flow from manufacturers to the GPOs. In the mid-1980s, Congress gave GPOs a “safe harbor” by exempting them from the laws against taking kickbacks from suppliers.
A 2010 report by the Senate Finance Committee found no independent empirical evidence that GPOs save hospitals money. In 2002, however, the Government Accountability Office studied purchases of safety needles and pacemakers in one metropolitan area and found hospitals that negotiated on their own often obtained lower prices. Our estimate, based on accumulated evidence including interviews with former GPO contracting officers, is that the current system may inflate costs by 30% or more. Still, most administrators are enculturated to the GPO system, and the web of rebates and fees helps keep it in place.
Making matters worse, in 2003 the Department of Health and Human Services advised drug makers that the safe harbor would protect rebates paid to pharmacy benefit managers. This has created an upward spiral in the cost of drugs sold through these middlemen, as drugmakers compete for placement on PBM formularies by offering ever-larger rebates.
Without Amazon, the best hope for ending this travesty remains congressional repeal of the safe harbor. That goal has long eluded the bipartisan handful of lawmakers who have endorsed the idea, but thankfully outrage is mounting. The 36,000-member American College of Emergency Physicians adopted a resolution last year calling for repeal. Just last week, the commissioner of the Food and Drug Administration, Scott Gottlieb, suggested re-examining the safe harbor as a way to disrupt the system of drug rebates “that’s driving higher and higher list prices.”
If Washington is truly interested in lowering medical costs, here’s a straightforward idea: cancel the safe harbor and force the middlemen feeding at the health-care trough to compete on the merits.
Mr. Zweig, a former Journal reporter, is executive director of Physicians Against Drug Shortages (PADS). Dr. Blum is an associate professor at the West Virginia University School of Medicine, a past president of the American College of Emergency Physicians, and a co-chair of PADS. | ashraq/financial-news-articles | https://www.wsj.com/articles/where-does-the-law-against-kickbacks-not-apply-your-hospital-1525731707 |
May 27, 2018 / 4:35 PM / Updated 22 minutes ago Box Office: 'Solo: A Star Wars Story' looks to edge past $100 million for holiday weekend 3 Min Read
LOS ANGELES (Variety.com) - Estimates for “Solo: A Star Wars Story” are continuing to fly low. 71st Cannes Film Festival - Screening of the film "Solo: A Star Wars Story" out of competition - Red Carpet Arrivals - Cannes, France May 15, 2018. Director Ron Howard, Star Wars' character Chewbacca and cast members Alden Ehrenreich, Donald Glover, Woody Harleson, Emilia Clarke, Joonas Suotamo, Thandie Newton pose. REUTERS/Regis Duvignau/Files
Disney and Lucasfilm’s “Star Wars” prequel is now looking to make $101 million in North America during its four-day holiday weekend debut. The Han Solo origin film’s three-day estimate currently hovers around $83 million.
Tracking earlier this week suggested “Solo” would lift off with $130 million to $150 million. The film, directed by Ron Howard, follows Alden Ehrenreich as a young Han Solo, who befriends his future co-pilot and Wookie companion Chewbacca, and meets the notorious gambler Lando Calrissian (Donald Glover). Emilia Clarke, Woody Harrelson, Thandie Newton, Paul Bettany, Joonas Suotamo, and Phoebe Waller-Bridge round out the cast.
“There’s a ton of momentum in the box office,” Dave Hollis, president of domestic distribution at Disney, said of the trio of recent openings — “Solo,”“Avengers: Infinity War,” and “Deadpool 2.”“There’s a wide open landscape for the next handful of weeks.” Early estimates predicted “Solo” could secure the best Memorial Day weekend opening, but it looks like “Pirates of the Caribbean: At World’s End” will continue to hold the crown with its $139.8 million in 2007.
“Solo,” the second standalone “Star Wars” anthology film, has fallen far behind 2016’s “Rogue One,” which landed a three-day weekend opening of $155 million. The most recent installment in the franchise — “Star Wars: The Last Jedi” — opened less than six months ago. The second film in “Star Wars’” sequel trilogy debuted with $220 million domestically.
With “Solo” as the only new release of the weekend, the rest of the North American box office will be bolstered by a number of holdovers. 71st Cannes Film Festival - Photocall for the film "Solo: A Star Wars Story" Out of Competition - Cannes, France, May 15, 2018. Cast member Joonas Suotamo takes a selfie with Chewbacca. REUTERS/Eric Gaillard/Files
“Deadpool 2” should easily score the second slot, heading for a $42 million three-day sophomore frame and a four-day total of around $54 million. As of Friday, the superhero sequel starring Ryan Reynolds has earned $176.8 million.
The fifth weekend of “Avengers: Infinity War” looks to land in third. The Marvel blockbuster is looking at a $16.9 million three-day estimate, along with a four-day number of $22.1 million.
In fourth should be Paramount’s “Book Club.” The romantic comedy is aiming for $9.6 million in its second weekend. If its four-day cume reaches $12.3 million, that would put “Book Club’s” domestic tally at $34.5 million. “Life of the Party” should round out the top five with around $5 million in its third frame.
“Solo” still boosts the domestic box office 23.1 percent compared to Memorial Day weekend in 2017, according to comScore. Meanwhile, the year-to-date box office continues its positive trajectory with 7.6 percent. Slideshow (4 Images)
“Despite the fact that ‘Solo’ performed softer than many had projected, a hugely competitive and crowded marketplace gave the industry one of the better performing Memorial holiday weekend totals,” said box office analyst Paul Dergarabedian. | ashraq/financial-news-articles | https://in.reuters.com/article/usa-boxoffice/box-office-solo-a-star-wars-story-looks-to-edge-past-100-million-for-holiday-weekend-idINKCN1IS0KT |
ST. JOHN’S, Newfoundland, May 01, 2018 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V:PNG) (OTCQB:KRKNF) announced it has filed its financial results for the fourth quarter and year ended December 31, 2017. Additional information concerning the Company, including its audited consolidated financial statements and related management’s discussion and analysis (“MD&A”) for the year ended December 31, 2017, can be found at www.sedar.com . Unless otherwise stated, all dollar amounts are Canadian dollar denominated.
2017 Highlights
Revenue growth of 56% to $3.5 million for the 12 months ended December 30, 2017 versus $2.2 million in 2016; Received multi-unit AquaPix® order with a $3 million contract announced in Q3 2017; Received $2 million order for a military version of KATFISH™ towed underwater vehicle in Q3 2017; Introduced our industry leading SeaVision® laser imaging system, with first commercial shipments expected in 2018; Completed our first RaaS job with our ThunderFish® AUV prototype in Q3 2017; Signed our first contract for sensors and robotics for ship hull inspections in Q4 2017; Saw a successful first year of R&D and business development efforts from our German subsidiary, Kraken Robotik GmbH ( KRG ), which is co-developing sensors and software, including our SeaVision® underwater laser system; Our investee company, Kraken Power GmbH, completed its first year of operations under new ownership structure and is seeing strong potential for its deep-sea pressure tolerant batteries and thrusters. Kraken Power GmbH recently received initial prototype orders from two multi-billion dollar industrial companies which offer potential for significant revenue, and; At year-end 2017, Kraken had $1.7 million of funding awards to draw upon from the National Research Council of Canada Industrial Research Assistance Program ( NRC-IRAP ) and Innovate Newfoundland.
Subsequent Highlights after Year-End 2017
Completed a non-brokered private placement. Investors exercised warrants, resulting in gross proceeds of $1.9 million; Pre-qualified for a Build in Canada Innovation Program (BCIP) contract for our ThunderFish ® AUV platform, and; Formed a strategic partnership with US-based defense integrator Thayer Mahan .
CEO Comments
“For 2018, we are targeting at least a doubling of revenue to more than $7 million, after 56% revenue growth in 2017,” said Karl Kenny, Kraken’s President and CEO. “This growth target excludes upside from several, large, multi-unit defense industry bids that are currently in progress. We base our forecast on 2017’s significant business development activity that positions us for a step change in top line growth for Kraken’s underwater sensors, systems and services. We are excited about the growth potential for our new products, KATFISH™ and SeaVision,® which are seeing strong interest across both military and commercial markets. Our AquaPix® sensors continue to gain traction in these markets. With the upcoming launch of our Tentacle™ Intelligent Winch products and continued development of the ThunderFish® Autonomous Underwater Vehicles ( AUV ), we are rounding out our sensor and robotics technology portfolio. We believe we are nicely positioned as the defense market undergoes an upgrade cycle and commercial markets are increasing adoption of underwater robotic technology.”
Outlook for 2018
Targeting to at least double revenues in 2018 to more than $7 million . This target excludes any contribution from the Company’s current major defense bids; Strong KATFISH™ traction . We are seeing considerable interest from both military and commercial market sectors, and we have bids out representing more than 30 units. To date, we have built three KATFISH™ towed systems. In addition to defense market opportunities, we are seeing emerging opportunities in the oil and gas sector, offshore wind, ocean mapping and science; Launch of Tentacle™ Intelligent Winch products . Kraken’s Nova Scotia-based Handling Systems Group designs intelligent winches and autonomous launch and recovery systems. After more than two years of development, Kraken expects this group to move into revenue-generating mode during 2018 with product price points ranging from $200,000 to $1 million; First commercial units of SeaVision ® available for sale at the end of Q2 2018 . SeaVision® is the world’s first red-green-blue ( RGB ) underwater laser imaging system that offers the resolution, range and scan rate to deliver dense full-colour 3D point cloud images of subsea infrastructure in real time, with millimetre accuracy. The initial system is designed for deployment on underwater robotic platforms such as Remotely Operated Vehicles ( ROVs ) and AUVs; Anticipate first major contracts to be awarded to Kraken Robotik GmbH in 2018 ; Expect to see first benefits from the Canadian Government’s Ocean Supercluster . Announced in February 2018, the Ocean Supercluster will see more than $400 million of government and industry contributions over the next 5 years; Continued evolution of the ThunderFish® AUV platform ; and Pursuit of further Robotics as a Service (RaaS) contracts
Transition to IFRS 15 revenue recognition rules. While not affecting cash flows, implementation of new revenue recognition rules will negatively affect the timing of reported revenue as it ends the use of “percentage of completion” accounting. Annual revenues will be more back-end loaded, and quarterly revenues will be lumpy. Notwithstanding our positive revenue outlook, we anticipate a soft Q1.
ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB:KRKNF) is a marine technology company that is dedicated to the production and sale of software-centric sensors and underwater robotic systems. The company is headquartered in St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Bremen, Germany; and Fairfax, Virginia. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter. For more information, please visit www.krakenrobotics.com , www.krakenrobotik.de , www.krakenpower.de . Find us on social media on Twitter (@krakenrobotics), Facebook (@krakenroboticsinc) and LinkedIn.
Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the OTCQB has neither approved nor disapproved the contents of this press release.
For further information, please contact:
Greg Reid, Chief Financial Officer
(416) 818-9822
[email protected]
Sean Peasgood, Investor Relations
(647) 955-1274
[email protected]
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288
[email protected]
Source: Kraken Robotics Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-kraken-reports-56-percent-annual-revenue-growth-in-2017.html |
(Updates with details, Quote: , background)
AMSTERDAM, May 14 (Reuters) - The Dutch government said on Monday it had decided to phase out the use of anti-virus software made by Kaspersky Labs “as a precautionary measure” and was advising companies involved in safeguarding vital services to do the same.
In a letter to parliament, Justice Minister Ferdinand Grapperhaus said the decision was made because the Russian government had an “offensive cyber programme that targets among others the Netherlands and Dutch interests”.
He also said Moscow-based Kaspersky was subject to Russian laws that could oblige it to comply with Russian state interests.
The decision is the latest blow to Kaspersky, whose founder Eugene Kaspersky, firmly denies any cooperation with Russian intelligence. Kaspersky could not immediately be reached for comment on Monday.
The Dutch decision follows a U.S. Department of Homeland Security ban on the use of Kaspersky software by the U.S. Federal government in 2017
It also follows a warning by Britain’s National Cyber Security Centre for agencies and organisations not to use Russian anti-virus software if they were guarding classified information that the Kremlin could target.
In April, Twitter banned Kaspersky from advertising on its platform, citing U.S. allegations of ties between the company and Russian intelligence.
“The (Dutch) cabinet has carried out an independent review and analysis and made a careful decision on that basis,” Grapperhaus said. “Although there are no concrete cases of misuse known in the Netherlands, it cannot be excluded.”
Grapperhaus said the government would consider revising the decision “if circumstances justify” doing so.
Reporting by Toby Sterling Editing by Andrew Roche and Edmund Blair
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/cyber-netherlands-kaspersky/update-1-dutch-government-to-phase-out-use-of-kaspersky-anti-virus-software-idUSL5N1SL7KL |
ROME, May 29 (Reuters) - The head of Italy’s central bank, speaking amid political turmoil, said any move to weaken the country’s public finances could undermine confidence and years of valuable reforms.
Ignazio Visco, speaking to the bank’s annual meeting, made the comments as Italy heads back to snap elections where the issue is likely to be the country’s role in the European Union and its membership of the euro zone.
The two anti-establishment parties, which tried and failed to form a government after inconclusive March elections, are promising to ramp up public spending, seek changes to EU fiscal rules and roll back pension and labour reforms. (Reporting by Mark Bendeich Editing by Giselda Vagnoni)
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-centralbank-visco/italy-c-bank-says-a-move-to-weaken-finances-could-risk-confidence-idUSL5N1T01Z0 |
May 1, 2018 / 12:05 AM / in a minute BRIEF-FTS International Qtrly Total Revenue Was $467.5 Mln Reuters Staff
April 30 (Reuters) - FTS International Inc:
* QTRLY TOTAL REVENUE WAS $467.5 MILLION VERSUS $213.5 MILLION
* QTRLY NET INCOME $78.7 MILLION VERSUS LOSS OF $20.1 MILLION LAST YEAR Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-fts-international-qtrly-total-reve/brief-fts-international-qtrly-total-revenue-was-467-5-mln-idUSFWN1S71H0 |
Markets are 'sanguine' about political risks now: Researcher 14 Hours Ago U.S.-China trade, the Korean Peninsula or the Middle East are all "tail risks" for the markets now and not at the forefront of sentiment, says Stephen Halmarick of CBA. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/20/markets-are-sanguine-about-political-risks-now-researcher.html |
(Reuters) - A federal judge blocked the U.S. Drug Enforcement Administration from suspending a Louisiana drug distributor from selling controlled substances over allegations it failed to identify suspicious orders of opioids that were diverted for illicit uses.
U.S. District Judge Elizabeth Foote in Shreveport, Louisiana, on Tuesday entered a temporary restraining order blocking the DEA from enforcing an order issued last week that immediately suspended Morris & Dickson Co’s registration.
The DEA’s order marked the first time during President Donald Trump’s administration that it had moved to immediately block narcotic sales by a distributor as the agency attempts to combat a national opioid abuse epidemic.
A DEA probe focusing on purchases of the highly addictive painkillers oxycodone and hydrocodone showed that, in some cases, pharmacies were allowed to buy as much as six times the quantity of narcotics they would normally order, the agency said.
The DEA on Friday announced it was suspending the registration of privately-held Morris & Dickson, saying the distributer failed to properly identify large, suspicious orders of drugs sold to independent pharmacies.
However in a brief order, Foote wrote that the drug wholesale distributor had demonstrated a substantial likelihood that it would be able to prove the agency’s action was “arbitrary and capricious.”
The judge scheduled a May 22 hearing to determine whether she should issue a preliminary injunction that would further block the DEA’s action.
The U.S. government is trying to crack down on opioid abuse through a number of measures, including a proposal last month to tighten rules governing the amount of prescription opioid painkillers that drugmakers can manufacture in a given year.
Paul Dickson, Morris & Dickson’s president, in a statement said the ruling “means that tens of thousands of patients, many of whom are critical care, are able to get their desperately-needed medications.”
The DEA did not respond to a request for comment on Wednesday.
Family-owned Morris & Dickson was founded in 1841 and is the largest independently owned and privately held drug wholesale distributor in the United States, according to its court filing.
According to the U.S. Centers for Disease Control and Prevention, 42,000 people died nationwide from opioid overdoses in 2016, the last year with publicly available data.
Reporting by Nate Raymond in Boston; Editing by Bill Berkrot
| ashraq/financial-news-articles | https://in.reuters.com/article/us-usa-justice-opioids/u-s-judge-blocks-dea-from-suspending-drug-distributor-over-opioid-sales-idINKBN1IA2OB |
MOSCOW/VIENNA (Reuters) - Austrian energy company OMV ( OMVV.VI ) is looking to buy some of Gazprom’s ( GAZP.MM ) Siberian assets outright after Norway voiced opposition to plans by the two firms to swap assets, sources told Reuters.
FILE PHOTO: The logo of Austrian oil and gas group OMV is pictured at its headquarters in Vienna, Austria, January 21, 2016. REUTERS/Heinz-Peter Bader/File Photo In 2016 OMV agreed to swap 38.5 percent of its Norway assets for 24.98 percent of a section of Gazprom’s Urengoy gas field.
But Norway is not happy with that plan because it would give the Russian company access to its continental shelf, the Norwegian energy minister told Reuters last week.
The swap deal was meant to close by mid-2017 but still has not been finalised. OMV has said it now expects closure by year-end, saying talks are being complicated by corporate governance issues.
In recent talks, the two companies discussed several options, including cancelling the swap for an outright payment, one source familiar with the talks said.
“There are different options, including this one,” the source said about the possibility of payments by OMV.
Another source, also familiar with the talks, said that OMV may buy Gazprom assets in Siberia instead of swapping for them.
OMV and Gazprom declined to comment.
OMV Chief Executive Rainer Seele told the company’s annual shareholder meeting on Tuesday that talks with Gazprom were ongoing and that OMV remained confident that it could close the asset swap deal by the end of the year.
With the non-cash deal, Austria’s largest energy group aimed to replenish its weakening reserves with access to low-cost oil and gas fields while the Russian gas giant hoped to benefit from diversifying its geographic footprint.
OMV is now in a stronger financial position than it was in 2016 and can easily afford to buy the assets, avoiding potential trouble with the Norwegian government.
OMV has announced plans to spend 10 billion euros on acquisitions and has so far spent 3 billion euros of that on oil concessions in the Middle East.
CEO Seele told shareholders this week he was ready to buy additional assets in Russia.
Russia’s President Vladimir Putin will visit Vienna on June 5 to celebrate 50 years of Russian gas deliveries to OMV.
Reporting by Oksana Kobzeva and Kirsti Knolle; additional reporting by Vladimir Soldatkin; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/us-omv-gazprom-assets/omv-looking-to-buy-gazproms-siberian-assets-instead-of-swapping-sources-idUSKCN1IP276 |
LONDON (Reuters) - The euro headed for a third successive day of gains on Monday as a weak dollar helped the single currency recoup losses, as investors kept a wary eye on political events in Italy.
FILE PHOTO: A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration/File Photo Italy’s anti-establishment 5-Star Movement and the far-right League, both hostile to EU budget rules, spent the weekend in talks to forge a common policy programme. The parties were adversaries as recently as March but now look likely to form Italy’s next government.
The euro was 0.3 percent higher at $1.1972, having fallen last week to $1.1823, its weakest since Dec. 22.
“Italian politics aren’t a major moving factor in the euro zone yet. It’s not an existential threat and isn’t driving a lot of positioning or putting the euro’s bounce at risk,” said Manuel Oliveri, an FX strategist at Credit Agricole in London.
“I expect inflation will rebound in the euro zone and that will keep the European Central Bank’s stimulus unwinding on track.”
The dollar retreated further from a 2018 peak hit last week as traders booked gains on its recent run-up, spurred by the widening interest rate gaps in favour of the United States.
The dollar index against a basket of six major currencies was down 0.1 percent at 92.515.
Bank of America Merrill Lynch strategists said the main catalyst for the dollar’s surge was the lack of improvement in euro zone economic data, prompting investors to unwind record short-dollar bets, particularly against emerging market currencies.
A loss of economic momentum in Europe has made policymakers in Europe and Britain more cautious about ending financial crisis-era policies.
On Friday, ECB President Mario Draghi said the euro zone needed a new “fiscal instrument” to help weaker member nations if they were being overly penalized by investors during a debt crisis.
Traders pushed out expectations of a rate hike in Britain to end-2018, and the European Central Bank boosting interest rates to the second half of 2019.
Analysts at ACLS said they expected a reduction in trade tensions between the U.S. and China this week to fuel risk-on sentiment that would be positive for the Australian dollar and negative for the yen, considered a safe-haven currency.
The Australian dollar was 0.2 percent higher at $0.7558 after rallying back from an 11-month low of $0.7413 plumbed on Wednesday.
Investors this week are focussed on speeches by Fed and ECB officials, as well as German GDP data due out on Tuesday and expected to show some slowdown in growth.
Additional reporting by Shinichi Saoshiro in TOKYO, editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-global-forex/dollar-treads-water-rally-loses-steam-as-u-s-yields-sag-idUSKCN1IF04I |
April 30 (Reuters) - ELVE SA:
* FY 2017 TURNOVER AT EUR 27.4 MILLION VERSUS EUR 23.3 MILLION YEAR AGO
* FY 2017 NET PROFIT AT EUR 0.6 MILLION VERSUS EUR 0.6 MILLION YEAR AGO
* NET CASH ON DEC. 31, 2017 AT EUR 1.9 MILLION VERSUS EUR 2.0 MILLION YEAR AGO Source text : bit.ly/2HFTZqT Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-elve-fy-2017-net-profit-at-eur-06/brief-elve-fy-2017-net-profit-at-eur-0-6-mln-idUSFWN1S70OB |
Which risk should you be more scared by: American cities being vaporized by North Korean nuclear missiles, or the VIX spiking above 20? Judging by recent market reactions, investors are much more worried about volatility than they are by the prospect of nuclear armageddon.
In one way this is a grossly unfair comparison, but it also goes to the heart of one of the most important questions in investment: What is risk?
Investors... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/the-real-risk-is-believing-that-volatility-is-risk-1525106959 |
May 15, 2018 / 7:02 PM / Updated 16 minutes ago Sporting players, staff attacked by hooded supporters at training ground Reuters Staff 3 Min Read
LISBON (Reuters) - Portuguese club Sporting condemned “acts of vandalism and aggression” on Tuesday after forward Bas Dost was injured when a group of hooded supporters, armed with sticks and belts, attacked players and staff at the club’s training complex.
Portuguese media published pictures of Dutch international Dost with cuts on his head and reports said that assistant coaches Mario Monteiro and Raul Jose suffered unspecified injuries.
The attackers, numbering around 50, also brandished weapons at coach Jorge Jesus and other players, who were caught by surprise in their changing room after training, reports said.
One video showed a group of masked men walking down the road near the Alcochete training ground just outside Lisbon and another showed clothes strewn across a changing-room at the complex while an alarm sounded.
“Sporting Club of Portugal vehemently repudiate the incidents registered today at the Sporting academy,” said the club in a statement.
“We cannot in any form be associated with acts of vandalism and aggression towards players, coaches and staff of the professional football department, nor with attitudes which constitute the practise of a crime.
“This is not and cannot be Sporting.
“We will take every measure we can to find those responsible for what happened and we will not shy away from demanding punishments for those who acted in this absolutely lamentable manner.”
The Portuguese league also condemned the attacks.
The incidents came at the end of a tumultuous season for Sporting who finished third in the Primeira Liga and reached the quarter-finals of the Europa League.
Last month, club president Bruno de Carvalho threatened to suspend nearly the entire first-team squad after becoming involved in a public spat with the players over their performance in a Europa League match against Atletico Madrid.
Nineteen players posted a message on their social media pages repudiating De Carvalho’s comments on the game.
They were not suspended in the end although relations between them and De Carvalho have remained tense. Writing by Mark Gleeson and Brian Homewood; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-portugal-sporting/sporting-lisbons-dost-injured-by-hooded-training-ground-attackers-reports-idUKKCN1IG2Z6 |
It isn’t just the Federal Trade Commission scrutinizing U.S. health-care mergers these days. The Vatican is watching, too.
Some of the biggest recent deals involve nonprofit hospitals affiliated with the Catholic Church, which make up about 8% of U.S. hospitals. Many began as small institutions founded by nuns more than a century ago. But as they have combined and grown into large corporations, they are posing new moral quandaries for church officials, who have a say in which mergers go ahead.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/is-this-hospital-takeover-permitted-ask-the-catholic-church-1526290201 |
May 15 (Reuters) - Purple Innovation Inc:
* QTRLY LOSS PER SHARE $0.17 * FOR Q2 OF 2018 EXPECTS ADJUSTED EBITDA TO BE IN RANGE OF A LOSS OF $3.0 MILLION TO LOSS OF $1.0 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-purple-innovation-q1-loss-per-shar/brief-purple-innovation-q1-loss-per-share-0-17-idUSASC0A2EK |
LONDON (Reuters) - BP expects benchmark oil prices to weaken in the second half of the year as U.S. shale production surges by up to 1.5 million barrels per day, Chief Financial Officer Brian Gilvary said on Tuesday.
The London-based oil and gas producer still sees oil prices averaging $50 to $60 per barrel this year despite Brent crude reaching around $75, its highest since late 2014.
“We’re still planning for $50-$60 a barrel, that’s a good place to sit,” Gilvary told Reuters in a phone interview.
“What we’re seeing now is strong demand, OPEC compliance, you’re seeing geopolitics playing to the front end of the market.”
“That will start to get dampened as you see Lower 48 (U.S. states) production ramp up. You will see at least 1 million to 1.5 million barrels per day coming out of the Lower 48 this year.”
Reporting by Ron Bousso; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/us-bp-oil/bp-says-still-sees-oil-at-50-60-bbl-in-2018-as-shale-output-surges-idUSKBN1I23CP |
May 30, 2018
Google is making it easier to sign into websites without the hassle of entering passwords.
The tech giant this week said it would release an updated desktop version of it browser, Chrome, that will allow users to log into online services using biometrics like fingerprints and through authenticators like a security key or mobile phone via bluetooth. Web Authentication FIDO Alliance and W3C
Chrome 67 for desktop will be available in the next few days or weeks, according to Google . It will save users from having to remember multiple passwords for most websites, which, as most everyone knows from first-hand experience, is difficult to do.
The update uses Web Authentication standards that were released in April by the FIDO Alliance and the World Wide Web Consortium (W3C), two international organizations that develop web security standards. These Web Authentication standards can be incorporated into browsers to allow for additional ways for users to securely sign into most sites.
Sam Srinivas, management director of Google Cloud security product, said in April about the new standards: “Google Chrome is dedicated to building a better web, and allowing developers to interact with secure keystores in a structured way helps us continue this mission. He added that “we’re excited for the launch of these standards and look forward to our continued collaboration.”
In addition to helping users avoid having to remember passwords, the update is intended to prevent phishing or middle-man attacks — tactics bad actors try to gain access to user passwords. “User credentials and biometric templates never leave the user’s device and are never stored on servers,” the FIDO Alliance and W3C release explains.
Specifically with Chrome 67, users will be able to use a “private/public key pair generated by an authenticator such as a security key, fingerprint reader, or any other device that can authenticate a user,” according to Google developer advocate Pete LePage.
Google Chrome, Microsoft Edge, and Mozilla Firefox all committed to using the Web Authentication standards in their browsers. Mozilla Firefox was the first to do so, and now with Chrome 67, Google is also adding it to its widely-used Chrome browser.
In addition to Web Authentication, Chrome 67 is rolling out “Site Isolation,” which will keep each browser tab separate so data cannot be shared between tabs to improve security and reduce the risks of Spectre,” a security vulnerability in some chips, according to Google. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/30/google-chrome-67-password-free-sign-in/ |
(Corrects second paragraph to pretax profit, not net profit)
FRANKFURT, May 15 (Reuters) - Commerzbank’s pretax profit declined by 12 percent in the first quarter amid weak markets and as the German lender saw costs increase despite its restructuring efforts.
The 289 million euro quarterly pretax profit at Germany’s second-largest lender after Deutsche Bank was roughly ahead of analysts expectations of 276 million euros, according to a Reuters poll of seven banks and brokerages. (Reporting by Arno Schuetze Editing by Edward Taylor)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/commerzbank-results/commerzbank-first-quarter-pretax-profit-drops-on-higher-costs-idUSASO0004RR |
Walmart is expanding its Opioid Stewardship Initiative , introducing additional measures this week in an effort to further curb opioid abuse.
The retail giant announced Monday that it will begin limiting supplies of acute opioid prescriptions to no more than seven days, with up to a 50 morphine milligram equivalent maximum per day. The change will come into effect within the next 60 days, and will apply to all Walmart and Sam’s Club pharmacies in the U.S. and Puerto Rico.
Why Walmart is limiting prescriptions Walmart’s new policy aligns with the Centers for Disease Control and Prevention’s (CDC) guidelines for opioid use. These guidelines suggest that clinicians should prescribe the “lowest effective dose” of opioids to treat pain , as its abuse often stems from such treatment. They should therefore prescribe “no greater quantity than needed,” which is often “three days or less” but “more than seven days will rarely be needed.” In states where the law for fills is less than seven days, Walmart and Sam’s Club will abide by this lower limit.
Why not all doctors agree Many medical professionals are concerned that such limits could be arbitrary and prevent a doctor from addressing the individual needs of each patient. The American Medical Association (AMA) told The Hill that “Pain is a complex, biopsychosocial phenomenon, and individuals experience pain in different ways. The AMA believes that decisions around dosages needs to be left between the patient and the physician.”
What happens next The issue is not at all black and white. Many have found that overprescribing is often a culprit, as it increases the amount of opioids in circulation, thereby increasing the potential for addiction. While a CDC study largely corroborates this argument, noting that someone prescribed eight or more days of an opioid therapy had a 13.5% chance of addiction within a year , the same study found that even a day of such a therapy already increased the risk of addiction by 6%.
Generally speaking, limiting access to opioid prescriptions may in fact decrease the risk of addiction and abuse. However, it is not immediately clear whether Walmart ’s seven-day limit will be adequate to have a marked effect. | ashraq/financial-news-articles | http://fortune.com/2018/05/08/walmart-limit-opioid-prescriptions/ |
lid on financials@ (Corrects to remove incorrect reference to Xiaomi making 60 percent of its profit from internet services in paragraph 15)
* Expected to be largest China tech listing since 2014
* IPO to raise around $10 bln, could launch end-June - sources
* Big win for HK amid global battle for tech listings
* Posts 114.6 bln yuan in 2017 revenue, up 68 pct yoy
* Posts 2017 net loss of 44 bln yuan vs 2016 net profit of 492 bln
BEIJING/HONG KONG, May 3 (Reuters) - Smartphone and connected device maker Xiaomi filed for a Hong Kong initial public offering on Thursday that could raise $10 billion and become the largest listing by a Chinese technology firm in almost four years.
Xiaomi's IPO, which will be one of the first in Hong Kong under new rules to attract tech firm listings, is a major win for the bourse as competition heats up between Hong Kong, New York and the Chinese mainland.
The listing is expected to raise about $10 billion via the public offering, giving Beijing-based Xiaomi a market value of between $80 billion and $100 billion, people familiar with the plans told Reuters.
Those targets, if achieved, will make it the biggest Chinese tech IPO since Chinese internet giant Alibaba Group Holding Ltd raised $21.8 billion in 2014.
Xiaomi's prospectus gave investors the first detailed look at its financial health ahead of the much-hyped IPO, which could be launched as soon as end-June, according to the people close to the process who requested anonymity as the details were not yet public.
The numbers underscore how Xiaomi has remained resilient even as the global smartphone market has slowed, helped in part by a push overseas into markets like India.
The company said its revenue was 114.62 billion yuan ($18 billion) in 2017, up 67.5 percent against 2016. Operating profit for 2017 was 12.22 billion yuan, up from 3.79 billion yuan a year ago.
It made a net loss of 43.89 billion yuan versus a profit of 491.6 million yuan in 2016, though this was impacted by the fair value changes of convertible redeemable preference shares.
Alongside smartphones, Xiaomi makes dozens of internet-connected home appliances and gadgets, including scooters, air purifiers and rice cookers, although it derives most of its profits from internet services.
Its relatively cheap handsets pose a rising challenge to market leaders Samsung Electronics Co Ltd and Apple Inc .
Xiaomi doubled its shipments in 2017 to become the world's fourth-largest smartphone maker, according to Counterpoint Research, defying a global slowdown in smartphone sales.
It is also making a big push outside China's borders, with 28 percent of its sales derived from overseas markets last year, up from 6.1 percent in 2015.
Yet margins on its smartphones are razor-thin. Xiaomi posted a gross profit margin of just 8.8 percent for its smartphone business in 2017 compared to 60 percent for its internet services business.
According to some analyst estimates, Apple's flagship iPhone X and iPhone 8 have gross margins of around 60 percent.
Xiaomi's internet services include gaming and advertising linked to its homegrown user interface, MIUI, which had 190 million monthly active users as of March 2018.
DUAL-CLASS SHARES
Xiaomi's listing plans come as the company and its investors look to capitalise on a bull run for the Hong Kong market, which has seen the benchmark Hang Seng Index rise about 27 percent over the past year.
Armed with the new rules allowing the listing of companies with dual-class structures, Hong Kong is eyeing several tech listings that are expected in the coming two years from Chinese firms with a combined market cap of $500 billion.
Xiaomi said in its IPO application the company would have a weighted voting rights (WVR) structure, or dual-class shares. The WVR give greater power to founding shareholders even with minority shareholding.
The structure would allow the company to benefit from the "continuing vision and leadership" of the dual-class share beneficiaries, who would control the company for its "long-term prospects and strategy", it said.
Dual-class shares have been a contentious topic in Hong Kong since the city's strict adherence to a one-share-one-vote principle cost it the float of Alibaba, which instead listed in New York.
Xiaomi is also likely to be among the first Chinese tech firms seeking a secondary listing in its home market, using the planned China depositary receipts route, two people with knowledge of the matter said.
CLSA, Morgan Stanley and Goldman Sachs Group Inc are sponsoring Xiaomi's IPO. ($1 = 6.3610 Chinese yuan)
(Reporting by Cate Cadell in Beijing, Julie Zhu in Hong Kong and Rushil Dutta in Bengaluru; Writing by Sumeet Chatterjee; Editing Stephen Coates) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/reuters-america-corrected-update-3-chinas-xiaomi-files-for-mega-hong-kong-tech-ipo-lifts-lid-on-financials.html |
May 15 (Reuters) - Amazon.com Inc is bringing its grocery store without checkout lines to Chicago and San Francisco, the company said in a statement this week, confirming reports it will expand the concept beyond its pilot in Seattle.
Known as Amazon Go, the store is fashioned after small grocery shops with a crucial difference: it has no cashiers. Customers scan a smartphone app to enter the store, and then cameras and sensors track what they remove from the shelves and what they put back. Amazon then bills shoppers' credit cards on file after they leave.
It was not clear when the new stores will open. Amazon posted job listings for Amazon Go store managers in San Francisco and Chicago last month. News of the listings was reported by The Seattle Times on Monday.
The concept has the potential to alter brick-and-mortar retail and has spawned similar designs from startups hoping to sell the technology to other retailers. (Reporting By Jeffrey Dastin in San Francisco, Editing by Rosalba O'Brien) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/reuters-america-amazon-to-open-checkout-free-stores-in-chicago-and-san-francisco.html |
JOINT BASE ANDREWS, Md (Reuters) - A plane carrying three Americans released by North Korea landed at a military base bear Washington early on Thursday, where U.S. President Donald Trump was waiting to greet them.
The plain with the Americans formerly held hostage in North Korea arrives at Joint Base Andrews, Maryland, U.S., May 10, 2018. REUTERS/Jonathan Ernst Reporting by David Brunnstrom and Roberta Rampton; Editing by Nick Macfie
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-usa-prisoners-trump/plane-carrying-americans-freed-by-north-korea-lands-near-washington-idUSKBN1IB0OX |
Goldman Sachs is moving ahead with plans to open the first bitcoin trading firm of any Wall Street bank and other banks will likely follow, said Spencer Bogart, a partner at Blockchain Capital.
"That's what a lot of banks do, follow what Goldman does," the blockchain venture capitalist told CNBC on Thursday.
"Most of these banks have heard about the numbers or seen the numbers that companies like Coinbase and Binance are putting up," Bogart said on " Fast Money ." "There's a real risk that some of those companies could overtake some of Wall Street's biggest banks if they don't get in the market."
On Wednesday, The New York Times reported that Goldman Sachs is moving ahead with its plans to open the first bitcoin-trading firm of any bank on Wall Street . The move comes at a time when many banks have shied away from the crypto craze over regulatory concerns.
Indeed, Bogart called the bank's bet on bitcoin bullish and said it is "definitely a big step" for the crypto market.
"This market is so large you can't ignore it anymore," he said. "Now we're seeing large banks roll out trading desks."
Bitcoin , which peaked in mid-December at around $19,500 before falling to around $6,000 earlier this year, could exceed $50,000 this year, Bogart said. The popular cryptocurrency was priced above $9,700 on Friday morning.
Bogart predicted that within five years, "way more people will be newly buying bitcoin for the first time."
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/goldman-sets-new-norm-for-bitcoin-on-wall-street-venture-capitalist.html |
Sunday kicks off Warren Buffett's annual charity auction, during which hopefuls bid on the opportunity to sit down for a meal with the Oracle of Omaha himself. In 2017, the winning price was almost $2.7 million .
Since 2004, those lunches have been hosted by famous steakhouse Smith & Wollensky. In fact, the restaurant is among Buffett's favorites.
The menu at the Manhattan eatery touts decadent entrees like the roasted veal chop with lemon and thyme marmalade for $54, 15 oz. cold water lobster tails for $59 and a Cajun rib steak for $59, as well as $16 craft cocktails, such as the Pendennis Club, Wallbanger Revisited and the Salty Dog.
But Buffett's palate isn't very pretentious.
A 2007 winner of the auction says that Buffett orders "a medium-rare steak with hash browns and a cherry coke." For dessert, he reportedly asked the waiter for a couple of spoons, explaining that he'll have "a little of everyone's."
A spokesperson for Smith & Wollensky previously confirmed that this is indeed Buffett's preferred meal at the restaurant and that his favorite cut of steak is a sirloin. The steak is priced at $49, while the hash browns cost $15.
An order of Cherry Coke is a classic soft drink choice for the billionaire.
Buffett, 87, has long been vocal about his love for Coke, and even told Fortune in 2015 that he is "one-quarter Coca-Cola." The sharp-minded investor claims to drink at least five 12-ounce servings every day — three during the day and two at night. Buffett's Berkshire Hathaway has a big stake in The Coca-Cola Company.
In April, a cartoon image of Buffett even appeared on special edition Cherry Coke cans in China, CNNMoney reports, in an effort to introduce the product in the country. Buffett reportedly allowed Coke to use his likeness for free.
And it isn't just sugary soft drinks that Buffett has a soft spot for; he's also known for indulging in McDonald's every morning.
Despite his billionaire status (he's worth $83 billion ), Buffett never spends more than $3.17 on breakfast, he explains in his HBO documentary "Becoming Warren Buffett." In the documentary, he says that on his way to the office every morning, he stops by the Golden Arches for a breakfast item like a sausage, egg and cheese or a bacon, egg and cheese biscuit.
"When I'm not feeling quite so prosperous, I might go with the $2.61, which is two sausage patties, and then I put them together and pour myself a Coke," he tells director Peter Kunhardt in the documentary.
Buffett isn't the only successful person to tout specific — and somewhat unhealthy — eating preferences.
Like Buffett, billionaire and Microsoft founder Bill Gates is also a fan of McDonald's. Gates often opts for cheeseburgers and Diet Coke, according to Joe Cerrell, the managing director of the Bill and Melinda Gates Foundation.
"If you get the lunchtime slot with Bill, you're eating burgers. Someone will always be sent to get bags of McDonald's. I don't think Melinda lets him have them at home," Cerrell told The Telegraph in 2016.
While campaigning for the presidency, President Donald Trump also reportedly regularly ordered a McDonald's dinner of "two Big Macs, two Filet-O-Fish and a chocolate malted," according to the book "Let Trump Be Trump" by Corey Lewandowski and David Bossie.
Meanwhile, Nancy Pelosi, the minority leader of the House of Representatives, opts for something a bit sweeter: She admitted to Food & Wine in 2014 that she consumes ice cream every morning for breakfast, likening it to a cup of coffee.
"I've been eating dark chocolate ice cream for breakfast for as long as I can remember. I don't see it as different from having a cup of coffee," Pelosi tells Food & Wine . "The flavors keep getting darker and darker, which I love. Double Rainbow has one called Ultra Chocolate; you can just imagine how delicious that is. And Three Twins, I like their Bittersweet Chocolate. Sugar cones are my thing."
This is an updated version of a previously published article .
Don't miss: Warren Buffett has been making the same salary for decades — and it's surprisingly low
show chapters Warren Buffett thinks cryptocurrencies will end badly 2:34 PM ET Wed, 10 Jan 2018 | 00:59 Like this story? Like CNBC Make It on Facebook ! | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/warren-buffetts-go-to-order-at-smith-wollensky-steakhouse.html |
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Sesen Bio, Inc. (Nasdaq: SESN), a late-stage clinical company developing next-generation antibody-drug conjugate therapies for the treatment of cancer, today announced that it intends to offer and sell, subject to market conditions, shares of its common stock in an underwritten public offering. All of the shares to be sold in the offering will be offered by Sesen Bio. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. In addition, Sesen Bio intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of shares of its common stock offered in the public offering.
Sesen Bio intends to use the net proceeds from this offering for the clinical development of Vicinium™ for the treatment of high-grade non-muscle invasive bladder cancer (NMIBC) and the development of commercial-scale manufacturing capabilities for Vicinium for the treatment of high-grade NMIBC by Sesen Bio’s third-party contract manufacturer (including the technology transfer to support such efforts), and general corporate purposes, which may include capital expenditures and funding Sesen Bio’s working capital needs.
Jefferies and Canaccord Genuity are acting as joint book-running managers for the proposed offering.
A shelf registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (SEC) and became effective on March 20, 2015. The offering is being made only by means of a written prospectus and a preliminary prospectus supplement and accompanying prospectus relating to the offering that form a part of the registration statement, which will be filed with the SEC and will be available on the SEC’s website at www.sec.gov . Copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by e-mail at [email protected] or by telephone at (877) 821-7388; or by contacting Canaccord Genuity LLC, Attention: Syndicate Department, 99 High Street, 12th Floor, Boston, MA 02110, or by telephone at (617) 371-3900.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Sesen Bio
Sesen Bio, Inc. is a late-stage clinical company advancing next-generation antibody-drug conjugate therapies for the treatment of cancer based on the company’s Targeted Protein Therapeutics platform. The company’s lead program, Vicinium™, also known as VB4-845, is currently in a Phase 3 registration trial, the VISTA Trial, for the treatment of high-grade non-muscle invasive bladder cancer. Vicinium incorporates a tumor-targeting antibody fragment and a protein cytotoxic payload into a single protein molecule designed to selectively and effectively kill cancer cells while sparing healthy cells.
Cautionary Note on Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for the Company, the Company’s strategy, future operations, and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may those indicated by such forward-looking statements as a result of various important factors, including risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the proposed offering and other factors discussed in the “Risk Factors” section of the preliminary prospectus supplement and accompanying prospectus related to this Offering and of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006364/en/
THRUST Strategic Communications
Monique Allaire, 617-895-9511
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Source: Sesen Bio, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-sesen-bio-announces-proposed-public-offering-of-common-stock.html |
WASHINGTON, May 10 (Reuters) - The Federal Communications Commission said in a notice Thursday that 2015 landmark U.S. open internet rules will cease around June 10.
The FCC in December repealed the Obama era “net neutrality” rules, which will allow internet providers to block or slow websites as long as they disclose the practice. The FCC said the new rules take effect 30 days from Friday, which is around June 10.
A group of states and others have filed suit to try to block the new rules from taking effect. The revised rules were a win for providers like AT&T Inc and Comcast Corp, but are opposed by internet firms like Facebook Inc and Alphabet Inc.
] (Reporting by David Shepardson)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-internet/fcc-says-net-neutrality-rules-will-end-in-june-idUSL1N1SH0PE |
(Corrects first paragraph to say surplus instead of deficit)
WASHINGTON, May 18 (Reuters) - White House economic adviser Larry Kudlow said on Friday that China is “meeting many of our demands” on reducing its trade surplus with the United States but that no deal had emerged yet.
“China has come to trade,” Kudlow told reporters at the White House as U.S. officials met with a Chinese trade delegation for a second day. “They are meeting many of our demands. There is no deal yet to be sure, and it’s probably going to take a while to process, but they’re coming to play.” (Reporting By Steve Holland; editing by Jonathan Oatis)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china-kudlow/corrected-trump-economic-adviser-kudlow-says-china-meeting-many-of-our-demands-on-trade-idUSL2N1SP1HH |
May 1 (Reuters) - Noble Midstream Partners LP:
* NOBLE MIDSTREAM PARTNERS REPORTS FIRST QUARTER 2018 RESULTS
* QTRLY NET INCOME ATTRIBUTABLE TO LIMITED PARTNERS PER LIMITED PARTNER COMMON UNITS $0.97
* FULL YEAR 2018 GROSS OIL AND GAS GATHERING VOLUMES REMAIN UNCHANGED AT 200 TO 235 MBOE/D
* CONTINUES TO EXPECT VOLUMES GROWTH ACCELERATION IN SECOND HALF OF YEAR
* QTRLY TOTAL REVENUES $97.7 MILLION VERSUS $50.3 MILLION * NOBLE MIDSTREAM - CO’S 2018 ORGANIC CAPITAL BUDGET IS $500 - $535 MILLION, OR $270 - $285 MILLION ATTRIBUTABLE TO THE PARTNERSHIP
* SEES 2018 FULL YEAR NET INCOME TO BE BETWEEN $175 MILLION AND $210 MILLION
* Q1 REVENUE VIEW $80.3 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-noble-midstream-partners-sees-fy18/brief-noble-midstream-partners-sees-fy18-net-income-of-175-mln-to-210-mln-idUSASC09YJI |
LAS VEGAS, May 10, 2018 (GLOBE NEWSWIRE) -- Player’s Network, Inc. (OTCQB:PNTV), a leading diversified and integrated cannabis holding company, announced today that it entered into a binding Letter of Intent to acquire the assets of a 56,000 sq. ft. fully operational greenhouse complex licensed for cannabis cultivation in Salinas Valley California.
The purchase price for the complex is $5,000,000 in cash to be paid out in tranches based on a payment schedule over several months and is estimated to close before the end of May. The purchased assets will include the facility, its temporary marijuana licenses that ultimately will be transferred to a PNTV subsidiary, fixed assets, all existing inventory, plus supplies and business plans and relationships.
PNTV CEO Mark Bradley stated, “Earlier this year we announced that we were going to invest into the California market through a project in Desert Hot Springs. We have tabled that development for now due to its long payback period and other risk factors. However, by signaling publicly our interest in California, we were able to discover other acquisition targets in what we believe is the best region to cultivate marijuana in the entire nation. The Salinas Valley offers the perfect climate to cultivate year-round with very modest utility and infrastructure costs. We believe this acquisition will produce immediate and ongoing returns that will push PNTV to new heights.
This greenhouse is pristine and has a great existing operational team and sales channels that we plan to retain and build upon.”
PNTV CFO Geoffrey Lawrence stated, “We estimate that this facility will generate about $800,000 in total revenue for the month of May based on its existing track record and PNTV will be able to recognize those revenues starting May 1, per the negotiated agreement. We certainly hope to grow those revenues even further and plan for this acquisition to be the first of many fully operational cultivation facilities to join the PNTV family. We have spent the past several months engaged in comprehensive strategic planning to develop our new, cohesive growth strategy and this acquisition will be the crown jewel. We couldn’t be happier.”
Visit www.PlayersNetwork.com/IR to Activate Your Shareholder Account now.
About Player’s Network (PNTV)
Player’s Network, Inc. (symbol:PNTV) is a leading diversified and integrated cannabis holding company. PNTV focuses on two main business segments: seed-to-sale operations and cannabis lifestyle. All seed-to-sale operations are held by PNTV’s subsidiary, Green Leaf Farms Holdings, and our cannabis entertainment and lifestyle ventures such as WeedTV are held by MJ Media Corp. Follow PNTV on Twitter at @PlayersNetwork and follow us on Facebook www.fb.com/PlayersNetwork .
For more information please visit www.PlayersNetwork.com
Activate your Shareholder Account here: https://playersnetwork.com/shareholders
Information about Forward-Looking Statements
This press release contains "forward-looking statements" that include information relating to future events. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. Important factors that could cause these differences include, but are not limited to: the Company's need for additional funding, governmental regulation of the cannabis industry, the impact of competitive products and pricing, the demand for the Company's products, and other risks that are detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting Players Network, please refer to the Company's recent Securities and Exchange Commission filings, which are available at www.sec.gov . 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.
Player’s Network Contacts:
Investor Inquiries:
Brett H. Pojunis, Director
Email: [email protected]
Office: 702.840.3272
Investor Inquiries:
David Klepinger, Strategic Relationships Manager
Email: [email protected]
Office: 702.840.3283
Source:Players Network | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-players-network-signs-binding-letter-of-intent-to-acquire-a-56000-square-foot-fully-operating-greenhouse-complex.html |
May 1 (Reuters) - Lydian International Ltd:
* LYDIAN ANNOUNCES MANAGEMENT CHANGES * LYDIAN INTERNATIONAL LTD - HOWARD STEVENSON, CEO OF LYDIAN AND A MEMBER OF BOARD, HAS RESIGNED EFFECTIVE MAY 1, 2018
* LYDIAN INTERNATIONAL LTD - APPOINTED JOÃO CARRÊLO AS PRESIDENT AND CEO AND A MEMBER OF BOARD, EFFECTIVE MAY 1, 2018 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-lydian-says-ceo-howard-stevenson-h/brief-lydian-says-ceo-howard-stevenson-has-resigned-idUSASC09YI7 |
BELGRADE (Reuters) - Having qualified for their first major tournament since the 2010 World Cup, Serbia sacked coach Slavoljub Muslin to make way for debutant Mladen Krstajic who vowed to inject fresh blood in their bid to reach the knockout stages in Russia.
The Serbians advanced from a tight group ahead of Ireland, Wales and Austria after results which sometimes flattered their performances, prompting the country’s FA to part ways with Muslin straight after clinching a berth in the finals.
The 64-year-old journeyman came to loggerheads with his bosses for refusing to include several young talents in the squad, notably versatile midfielder Sergej Milinkovic-Savic who is being sized up by Europe’s top clubs.
Krstajic, who will make his competitive debut as head coach when Serbia take on Costa Rica in their Group E opener in Samara on June 17, called up the Lazio playmaker and other prospects for warm-up matches.
Serbia blew hot and cold in the friendlies as Krstajic, who switched from Muslin’s unorthodox 3-4-3 to a more familiar 4-3-3 formation, tried a range of players and strategies.
After a 2-0 win over China and a 1-1 draw with South Korea in November, Serbia suffered a 2-1 defeat by Morocco which drew stinging criticism by fans and pundits before an impressive 2-0 win over Nigeria in March.
With Brazil and Switzerland also in their group, the Serbians face a tricky path to the last 16.
Serbia face the Swiss in Kaliningrad on June 27 and meet Brazil in Moscow five days later.
The squad includes three survivors from the 2010 team who flattered to deceive as they made a group-stage exit after defeats by Ghana and Australia nullified a shock 1-0 win over eventual semi-finalists Germany.
Goalkeeper Vladimir Stojkovic and defenders Branislav Ivanovic and Aleksandar Kolarov are the ageing backbone of a side that also includes Manchester United enforcer Nemanja Matic and Newcastle United striker Aleksandar Mitrovic.
Milinkovic-Savic, Benfica winger Andrija Zivkovic and Eintracht Frankfurt forward Mijat Gacinovic are the young lions who should up the team’s energy levels, with Dusan Tadic and Adem Ljajic expected to provide width.
Lack of experience on the big stage and a shaky defense likely to miss injured center-back Matija Nastasic are Serbia’s weaknesses which their rivals will look to exploit.
Nastasic faces a lengthy spell on the sidelines with a cruciate knee ligament injury and is highly doubtful for the June 14-July 15 tournament in Russia.
Writing by Zoran Milosavljevic; Editing by Ed Osmond
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-srb-prospects/revamped-serbia-take-krstajic-gamble-in-last-16-bid-idUSKCN1IO24T |
Here are some of the companies with shares expected to trade actively in Thursday’s session. Stock movements reflect premarket trading. —Down 6.6%: Chief Executive sparred with analysts over their “boring, bonehead” questions on the company’s earnings call, cutting off two of them after they asked about Tesla’s capital requirements and Model 3 reservations. The earnings report showing Tesla burned Investors Bet on a Faster Fed Next Brexit & Beyond: France and Germany at Loggerheads Over Trump Tariff Plan | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/03/stocks-to-watch-tesla-spotify-blue-apron-sprint-apple-aig-metlife-kraft-heinz-square-kkr-fitbit/ |
May 7 (Reuters) - Huiyin Holdings Group Ltd:
* CO TO SELL ENTIRE STAKE IN VITOP MANUKA RESOURCES LTD FOR HK$44 MILLION TO JOYFUL SAIL LIMITED Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-huiyin-holdings-group-to-sell-enti/brief-huiyin-holdings-group-to-sell-entire-stake-in-vitop-manuka-resources-ltd-for-hk44-mln-idUSFWN1SE0QQ |
ANDOVER, England (Reuters) - As 600 robots swarm on a grid overhead, the technology boss of British online supermarket pioneer Ocado explains why its new high-tech plant has caught the attention of the world’s retail bosses who are racing to crack internet food shopping.
Supermarkets around the world are struggling to develop a sustainable system that delivers food to customers. In the last six months three of the biggest have turned to Ocado, set up by three former Goldman Sachs bankers 18 years ago.
The deals followed the development of Ocado’s 240,000 square foot distribution center in Andover, southern England, that pulls together an average order of 50 items in a matter of minutes as opposed to the several hours taken by its older centers.
Ocado says Andover, powered by its own software and hardware, is the most advanced system for online grocery on the planet. While boosting its own profitability, it also functions as a shop window to potential customers and the three deals have helped send its share price up by 117 percent in a year.
“We are talking to people across literally every continent apart from Antarctica,” said Paul Clarke, Ocado’s chief technology officer.
Last week’s 7.3 billion pounds ($9.9 billion) agreed bid by Sainsbury’s to buy Walmart’s Asda was in part a response to the growth of online retail, particularly the relentless march of Amazon.
Retailers around the world are experimenting with different ways of picking online grocery orders, seeking to balance speed with cost as ecommerce takes off for food.
Ocado’s recent partnerships have been lapped up by those investors who view it as central to the development of grocery shopping. Skeptics see only a costly and complicated venture that will never make sustained profits.
That risk is baked into the share price — Ocado trades on a ratio to current earnings of 2,258 compared with 17 for Britain’s biggest retailer Tesco.
ROOKS ON A CHESSBOARD U.S. players such as Walmart are focusing on cheaper low tech warehouses as they can afford more of them, closer to customers, rather than the high tech sheds favored by Ocado and Chinese players.
Dutch supermarket group Ahold, for example, has developed a low-cost center that has a picking rate of 135 items per hour, according to brokerage Bernstein - far slower than Ocado but without the high capital investments in technology.
Ocado has struck deals for its Ocado Smart Platform (OSP) with France’s Casino, Canada’s Sobeys and Sweden’s ICA Group so they can develop their own e-commerce operations.
Ocado will build warehouse facilities and provide all the end-to-end software - effectively offering a one-stop shop for the partners’ online grocery operations.
At the heart of the system will be replicas of the robots that can be found hidden away in Andover, racing around a grid.
The plant is Ocado’s third automated warehouse, or customer fulfillment center (CFC). Where the first two required humans to load thousands of crates traveling on miles of conveyor belts, Andover has 600 robots whizzing around at four meters a second. It will have 1,100 when at full capacity.
A robotic arm undergoes trials at the Ocado CFC (Customer Fulfilment Centre) in Andover, Britain May 1, 2018. REUTERS/Peter Nicholls The robots run on two huge extruded steel and aluminum grids - one for chilled products and another for ambient goods.
“The robots are like rooks on a chessboard,” Clarke said, adding that they are given instructions about 10 times a second and collaborate as a swarm.
Under every chess square is a stack of up to 21 containers holding groceries. Together the stacks make up the body, or “hive”, of the grid.
The robots stop on a square, lower a grabber and pick up a container. They bring the container up into a cavity in their body, then move to drop it off at another stack on a nearby square or move it to the periphery of the grid, where humans fulfill the orders by packing the goods into bags. Containers then shoot them back into the hive for despatch to customers.
Andover, where 300 people work inside the warehouse, is also proving attractive due to its size.
While it will eventually have an annual capacity of about 350 million pounds and some 65,000 orders per week, that’s still about one third of Ocado’s older site in central England.
The smaller size is appealing to those retail bosses operating in more nascent online markets, and Ocado will use the same technology but on a bigger scale at its next plant in Britain, where 42 percent of shoppers go online for at least some of their groceries, according to industry group IGD.
STARTING SMALL “We needed a solution that could scale,” said Clarke. “(Partners) may need to start small in a territory where online grocery is not as evolved,” he said.
“So rather than building a huge facility all in one go, you might want to build it more incrementally and scale-up capacity and capital investment over time.”
Ocado’s own capital expenditure has been rising – 210 million pounds is forecast for 2018, up from 160 million pounds in 2017.
Ocado’s shares have had a rollercoaster ride since listing at 180 pence in 2010. They were trading at 564 pence on Tuesday, valuing the business at 3.7 billion pounds.
Bernstein analyst Bruno Monteyne says the valuation implies 15 platform deals and 17 software deals.
For now, the company itself is confident of further success.
Slideshow (19 Images) “It took time for us to sign the first few but now we have a lot of work in progress, there’s a lot of companies that we’re talking to,” Clarke said. “We expect to sign multiple deals in the medium term.”
Additional reporting by Emma Thomasson in Berlin; Editing by Kate Holton/Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ocado-technology/ocado-courts-global-food-retailers-with-robot-army-idUSKBN1IA2BJ |
May 16 (Reuters) - Unit Corp:
* UNIT CORP - ON MAY 10, SUPERIOR PIPELINE COMPANY THAT IS EQUALLY OWNED BETWEEN CO & SP INVESTOR HOLDINGS, ENTERED INTO A CREDIT AGREEMENT - SEC FILING
* UNIT CORP - CREDIT AGREEMENT CREATES 5-YEAR, $200 MILLION SENIOR SECURED REVOLVING CREDIT FACILITY WITH AN OPTION TO RAISE CREDIT AMOUNT UP TO $250 MILLION Source text : [ bit.ly/2rN3rOp ] Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-superior-pipeline-company-enters-c/brief-superior-pipeline-company-enters-credit-agreement-creating-a-200-million-credit-facility-idUSFWN1SN0UB |
May 22 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Headlines
Ex-London mayor Ken Livingstone quits Labour party on.ft.com/2KJBdvR
UK likely to clear way for Comcast to bid for Sky on.ft.com/2IDOuph
FCA demands higher standards in "robo advice" for investors on.ft.com/2KLAxq2
Overview
Former London mayor Ken Livingstone resigned from Britain’s opposition Labour Party on Monday, saying that a row over anti-Semitism allegations against him had become a distraction for the party’s leadership.
Britain said it was unlikely to refer Comcast Corp’s bid for Sky Plc for a full investigation after deciding that the deal did not raise public concerns about media ownership.
Automated financial advisers must provide more clarity on their fees and gather more information on a customer’s financial circumstances to ensure they receive the appropriate service, Britain’s markets regulator said on Monday. Advice doled out online or via smartphone apps, referred to in the industry as “robo advice”, aims to cut costs for customers looking to save or invest.
Compiled by Bengaluru newsroom; editing by Diane Craft
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-press-ft/press-digest-financial-times-may-22-idUSL3N1SS5GY |
When CNBC's Jim Cramer realized that the stock market has erased nearly all of its gains since Congress passed the Trump administration's sweeping tax overhaul, he was baffled.
"It's like the whole darned thing never happened," the "Mad Money" host said on Tuesday. "Does that make any sense, or does this weakness represent an absurd overreaction?"
Cramer went with the second notion. He pointed to the windfall that occurred after the corporate tax cuts: companies gave out employee bonuses , then searched for things to acquire. Some are still figuring out how best to use the extra cash.
Small- to medium-sized businesses are also showing interest in building more properties, opening more stores and hiring more employees, according to their first-quarter, post-earnings conference calls, Cramer said.
The "Mad Money" host pointed to his interview last week with Nick Akins, the CEO of American Electric Power .
Akins said that the new tax code, combined with federal deregulation, would drive growth in his company's main operating region between Texas and Ohio.
"The expansion is so robust that it's even spread to include retail — that's right, brick-and-mortar retail — a group that had pretty much been written off and left for dead not that long ago," Cramer said.
A smattering of recent earnings reports only bolstered Cramer's point. Results from First Data Corp. and Visa showed a surge in consumer spending since the tax overhaul; the regional banks showed improving loan growth; and numbers from the real estate investment trusts told a story of rising demand and favorable deregulation, the "Mad Money" host said.
"Honestly, the idea that tax cuts have done nothing is patently absurd," Cramer said. "They've led to a real step up in growth all over the country."
And while he acknowledged that the issues weighing down the market — particularly concerns about tariffs and inflation — were legitimate, he thought some money managers had taken their selling sprees too far.
"The inputs I'm looking at are simply too positive to dismiss," the "Mad Money" host concluded. "Stocks are almost right back to where they were before Congress passed the tax cut, even though business is in much better shape. To me, that's kind of nuts, even with all the new big-picture worries that we didn't have six months ago."
"It would be easy for me to be super negative here like so many others that I talk to, but when I look at the data, it tells me being too negative will be a mistake."
WATCH: Cramer on tax cut benefits and market negativity show chapters Cramer: The selling has gone too far, especially after Trump's tax cuts 21 Hours Ago | 04:48 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/cramer-the-selling-has-gone-too-far-especially-after-tax-cuts.html |
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