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May 16, 2018 / 10:53 PM / Updated 10 hours ago Ex-Trump aide Bannon promoted 'culture war': Cambridge Analytica whistleblower Mark Hosenball 3 Min Read
WASHINGTON (Reuters) - U.S. President Donald Trump’s former aide Steve Bannon sought to use personal information collected online to promote “a culture war,” a whistleblower on now-defunct political data firm Cambridge Analytica told U.S. senators on Wednesday.
Bannon, a former Cambridge Analytica vice president, “saw cultural warfare as a means to create enduring change in American politics,” testified Christopher Wylie, who says information about tens of millions of Facebook ( FB.O ) users ended up in Cambridge Analytica’s hands.
Bannon’s attorney William Burck did not immediately respond to an email request for comment on Wylie’s testimony.
Wylie, who worked for SCL, the British-based parent of Cambridge Analytica, told the Senate Judiciary Committee that Cambridge Analytica hired hackers to collect data it then used against opponents of its political clients.
Allegations of the improper use of data for 87 million Facebook users by Cambridge Analytica, which was hired by Trump’s 2016 election campaign, have led to investigations in the United States and Europe.
Bannon worked on Trump’s campaign and became a White House aide when Trump took office in January 2017. Bannon left in August 2017. Slideshow (7 Images)
Wylie, who has provided reports about how the firm used data Facebook collected, on Wednesday described discussions at the company about suppressing the vote, exploiting racial tensions, and testing campaign slogans in 2014 for use in the 2016 election.
“One of the things that did provoke me to leave was the beginnings of discussions of voter disengagement, I have seen documents reference and I recall conversations that it was intended to focus on African-American voters,” Wylie said.
“The company learned that there were segments of the population that responded to messages like ‘drain the swamp’ or images of border walls or indeed paranoia about the ‘deep state’ that weren’t necessarily reflected in mainstream polling or mainstream political discourse that Steve Bannon was interested in to help build his movement,” Wylie said.
Another witness who testified to the judiciary committee, Tufts University associate professor Eitan Hersh, said he was “skeptical” of the effectiveness that such political messaging and targeting. “No person is persuadable all the time,” he said.
As part of an investigation into U.S. allegations of Russian meddling in the 2016 U.S. election, Special Counsel Robert Mueller is looking into how Russian intelligence agencies timed and targeted emails hacked from Democratic candidate Hillary Clinton and others. The Kremlin denies interfering in the U.S. election. Reporting by Mark Hosenball; Editing by John Walcott and Grant McCool | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-russia-cambridge-analytica/ex-trump-aide-bannon-promoted-culture-war-cambridge-analytica-whistleblower-idUSKCN1IH36S |
May 18, 2018 / 3:19 PM / Updated 20 minutes ago Poland's PGNiG suspends gas project in Iran because of U.S. sanctions Reuters Staff 1 Min Read
KRAKOW, Poland (Reuters) - Poland’s dominant gas firm PGNiG ( PGN.WA ) has suspended a gas project in Iran because of the risk from U.S. sanctions, the company’s deputy chief executive said.
“There is not much we can do about the contract in Iran. Any moment the sanctions will be put in place and nobody wants to take a risk,” Maciej Wozniak of the state-run PGNiG told Reuters.
“We can take risks when we are drilling and looking for hydrocarbons, but we will not take risks playing politics,” he said, adding the project consisted of providing technical expertise in gas extraction in Iran. Reporting by Wojciech Zurawski; Writing by Marcin Goettig; Editing by Adrian Croft | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-europe-pgnig/polands-pgnig-suspends-gas-project-in-iran-because-of-u-s-sanctions-idUKKCN1IJ211 |
LJUBLJANA, May 9 (Reuters) - Shares in Gorenje jumped by almost 8 percent in Wednesday morning trade after the Slovenian household appliances producer announced it had received three takeover bids.
The shares had gained 7.8 percent to 6.88 euros ($8.17) by 1116 GMT, after the announcement was made late on Tuesday. The blue-chip SBI index gained 0.5 percent.
Analysts said shares in Gorenje, which has a market capitalisation of about 156 million euros, could rise further in coming days as the market awaited a possible takeover deal.
Gorenje said on Tuesday it would examine the three bids and would announce further news on the process by May 15. It did not reveal the names of the bidders or the value of the offers.
Local brokerage Ilirika said it had filed a bid for Gorenje from China’s Hisense Electric, according to comments reported by the national Radio Slovenia. Ilirika officials could not be reached for comment.
The two other bidders were Chinese firms Haier and Hefei Meiling, local newspapers Finance, Delo and Dnevnik reported, adding that all three firms conducted due diligence in Gorenje in past weeks.
The three firms reported to be bidding were not immediately available to comment.
Gorenje, one of the largest Slovenian exporters, said last year it was seeking a strategic partner to increase cost efficiency and strengthen the brand.
$1 = 0.8422 euros Reporting by Marja Novak Editing by Edmund Blair
| ashraq/financial-news-articles | https://www.reuters.com/article/gorenje-ma/shares-in-slovenias-gorenje-up-8-pct-after-takeover-bids-idUSL8N1SG5B3 |
May 23, 2018 / 11:25 PM / Updated 3 hours ago At least four killed, 15 wounded in Baghdad bomb blast Raya Jalabi , Hesham Hajali 2 Min Read
BAGHDAD (Reuters) - At least four people were killed and 15 wounded in a suicide attack in Iraq’s capital Baghdad on Thursday, a military spokesman told Reuters.
The attack took place in the predominantly Shi’ite Shula district, in northwest Baghdad.
According to a statement from Iraq’s National Security media centre, the attacker detonated an explosive vest after he was besieged by security forces at the entrance to the Saqlawiyah park, resulting in the death and injury of “a number of civilians.”
No group immediately claimed responsibility for the attack, though it bore the hallmarks of Islamic State.
Iraq declared victory over the hardline Sunni militant group in December 2017. Although the group has largely been defeated, it continues to carry out sporadic attacks and operate limited cells in the country, particularly in the north, around Iraq’s second city Mosul.
Islamic State has claimed previous attacks against security forces and in public places in mainly Shi’ite dominated areas. Earlier this month, the group claimed a deadly gun attack in Tarmiya, an area 25 km (15 miles) north of Baghdad. Reporting by Raya Jalabi in Baghdad and Hesham Hajali in Cairo; Editing by Sandra Maler | ashraq/financial-news-articles | https://in.reuters.com/article/mideast-crisis-iraq-blast/multiple-casualties-in-a-bombing-in-baghdad-state-tv-idINKCN1IO3II |
Company announcement - No. 14 / 2018
Zealand Pharma - Interim report for the first quarter of 2018
Copenhagen, May 16, 2018 - Zealand Pharma A/S ("Zealand") (Company reg. No. 20 04 50 78), the Copenhagen-based company focused on discovery, design and development of innovative peptide-based medicines, today announced its financial results for the first quarter ended March 31, 2018.
"The first quarter provided a good start with major progress on our own clinical programs, to what we see as an important year for Zealand," said Britt Meelby Jensen, the Company's President and Chief Executive Officer . "New clinical results support the strong profile of glepaglutide for short bowel syndrome, where we plan to initiate Phase 3 this year. We reported the first Phase 3 results for our dasiglucagon HypoPal ® rescue pen for severe hypoglycemia and are ahead of schedule in the ongoing pivotal Phase 3 trial. Finally, FDA approved to initiate Phase 3 with dasiglucagon for congenital hyperinsulinism, thus we will have three of our fully-owned programs in Phase 3. I am proud of our organization's ability to advance our programs quickly and at high standards, thereby decreasing the time to market for the benefit of patients."
Financial results for the first quarter of 2018
Revenue of DKK 10.8 million / USD 1.8 million 1 (DKK 77.6 million / USD 11.2 million 2 in Q1 2017). Royalty revenue increased by 35% vs Q1 2017. There was no milestone revenue in Q1 2018 (DKK 69.6 million / USD 10 million 2 in Q1 2017 related to EU Suliqua ® approval). Net operating expenses 3 of DKK 91.9 million /USD 15.3 million 1 (DKK 70.5 million /USD 10.1 million 2 in Q1 2017). Net result of DKK -91.4 million/USD -15.2 million 1 (DKK -26.3 million DKK/USD -3.8 million 2 in Q1 2017). Cash and cash equivalents, restricted cash and securities totaled DKK 566.8 million/USD 94.3 million 1 as of March 31, 2018 (December 31, 2017: DKK 669.7 million/USD 107.9 million 4 ).
Business highlights
Glepaglutide for Short Bowel Syndrome on track for Phase 3 initiation: Phase 2 data presented at the ASPEN 2018 Conference in Las Vegas, U.S. C linical evidence from pharmacokinetic trial supports potential for once-weekly dosing . Successful End-of-Phase 2 meeting with FDA in April.
Phase 3 results for Dasiglucagon rescue pen for treatment of severe hypoglycemia: First Phase 3 trial meets its primary objective , confirming dasiglucagon's safety profile with no treatment-induced or treatment-boosted anti-drug antibodies.
Dasiglucagon for treatment of congenital hyperinsulinism (CHI) is Phase 3 ready: The U.S. Food and Drug Administration (FDA) approved Zealand's Investigational New Drug (IND) application for initiation of two Phase 3 clinical trials. In April, Zealand and Roche Diabetes Care enter Phase 3 study collaboration.
Zealand Pharma strengthens its Management Ivan Møller appointed SVP, Technical Development & Operations. Dr. Francois Nader, MD, MBA engaged as strategic adviser to Management, to leverage his deep U.S. and global biopharma expertise.
Full-year guidance for 2018
Zealand maintains its financial guidance for full-year 2018 as announced in the Company's 2017 Annual Report.
Net operating expenses in 2018 are expected to be within the range of DKK 475-495 million (USD 76-80 million). Most of the spend are related to the increased clinical development costs associated with the Phase 3 of the Company's glepaglutide and dasiglucagon programs.
The Company expects an increase in royalty from Sanofi for sales of Soliqua ® 100/33 and will provide updates as additional information is available from Sanofi. The products are commercialized by Sanofi, with Zealand receiving 10% in royalty of the global net sales and up to USD 100 million in milestone payments.
Clinical pipeline
Glepaglutide (GLP-2 analog for SBS)
Glepaglutide is the Company's proprietary GLP-2 analog. Following a s uccessful End-of-Phase 2 meeting with the FDA, Zealand plans to initiate a pivotal Phase 3 trial in the third quarter of 2018. The Phase 3 trial will be randomized, double-blind and placebo-controlled, with once- and twice-weekly dosing regimens. The trial is expected to enroll up to 130 patients at multiple sites across the United States, European Union and Canada.
Dasiglucagon (glucagon analog stable in liquid formulation)
Dasiglucagon is a potential first-in-class glucagon analog invented and developed by Zealand with a unique stability profile in liquid formulation. The Company is pursuing several indications where a stable profile would provide new treatment options:
HypoPal® rescue pen for severe hypoglycemia
The ready-to-use dasiglucagon hypo pen, the HypoPal®, is designed to offer people with diabetes a fast treatment solution for severe hypoglycemia. A pivotal Phase 3 efficacy trial was initiated late in 2017 and patient recruitment is progressing as scheduled, with results expected in the second half of 2018.
Dasiglucagon dual hormone pump therapy for diabetes
A next-generation artificial pancreas device containing both insulin and glucagon (dasiglucagon) that could control blood sugar levels, guided by an algorithm developed to maintain and control blood glucose levels without the need for patient intervention. A Phase 2b study is planned to start later this year to test dasiglucagon in a home-use setting in the iLet(TM), a bionic pancreas system developed by Beta Bionics.
Dasiglucagon for congenital hyperinsulism
Zealand is developing dasiglucagon as a potential treatment option for CHI, a rare disease affecting mainly newborns and toddlers. It is caused by a defect in the pancreatic beta cells, resulting in insulin overproduction. The FDA's approval of Zealand's IND application allows the Company to proceed into Phase 3 development of dasiglucagon for the treatment of CHI.
GLP1-GLU dual agonist for obesity and/or diabetes treatment (with Boehringer Ingelheim)
Boehringer Ingelheim has initiated a Phase 1 trial of the glucagon/GLP-1 dual agonist for once-weekly dosing. The glucagon/GLP-1 dual agonist activates two key gut hormone receptors simultaneously and may offer better blood sugar and weight-loss control than current single-hormone receptor agonist treatments. Boehringer Ingelheim is funding all research, development and commercialization activities related to the treatment. Zealand is eligible to receive up to EUR 386 million in milestone payments (of which EUR 365 million is outstanding) and royalties on global sales.
Long-acting amylin analog for obesity and/or diabetes treatment (with Boehringer Ingelheim)
The Phase 1 trial of the long-acting amylin analog with the potential for once-weekly administration for the treatment of obesity and obesity-related comorbidities started in August 2017. In pre-clinical studies, Zealand and Boehringer Ingelheim observed that the novel, long-acting amylin analog may prevent the development of obesity in pre-clinical models, suggesting its potential use in treating obesity and obesity-related comorbidities. Boehringer Ingelheim is funding all research, development and commercialization activities related to the treatment. Zealand is eligible to receive up to EUR 295 million in milestone payments (of which EUR 283 million is outstanding) and royalties on global sales.
Marketed products
Zealand has two products on the market, which are both commercialized worldwide by Sanofi:
Soliqua ® 100/33 and Suliqua ® (combination of lixisenatide and Lantu s ® ) was launched in the United States by Sanofi in 2017 and approved by the European Commission in 2017. The product has so far been made available in a few smaller EU countries. A dlyxin ® /Lyxumia ® (lixisenatide, GLP-1 receptor agonist) was first launched in 2013 and has been available in the United States since 2017.
Conference call today at 4 pm CET/10 am ET
Zealand's management will be hosting a conference call today at 4:00 p.m. CET/10:00 a.m. ET to present the first-quarter 2018 results. Participating in the call will be President and Chief Executive Officer Britt Meelby Jensen, Executive Vice President and Chief Financial Officer Mats Blom and Executive Vice President and Chief Medical and Development Officer Adam Steensberg. The presentation will be followed by a Q&A session.
The conference call will be conducted in English, and the dial-in numbers are:
Denmark +45 35 15 81 21
United Kingdom: +44 (0)330 336 9411
United States: +1 323-994-2083
Passcode 1711773
A live audio webcast of the call, including an accompanying slide presentation, will be available via the following link, https://edge.media-server.com/m6/p/ctp3uv72 , and also will be accessible on the Investor section of Zealand's website ( www.zealandpharma.com ). Participants are advised to register for the webcast approximately 10 minutes before the scheduled start.
A recording of the event will be available on the Investor section of Zealand's website after the call.
For further information, please contact:
Britt Meelby Jensen, President and Chief Executive Officer
Tel.: +45 51 67 61 28, e-mail: [email protected]
Mats Blom, Executive Vice President, Chief Financial Officer
Tel.: +45 31 53 79 73, e-mail: [email protected]
About Zealand Pharma A/S
Zealand Pharma A/S (Nasdaq Copenhagen and New York: ZEAL) ("Zealand") is a biotechnology company focused on the discovery, design and development of innovative peptide-based medicines. Zealand has a late-stage clinical portfolio of proprietary product candidates focusing on specialty gastrointestinal and metabolic diseases. In addition, it has two marketed products, commercialized by Sanofi, and two product candidates under license collaboration with Boehringer Ingelheim.
Zealand is based in Copenhagen (Glostrup), Denmark. For further information about the Company's business and activities, please visit www.zealandpharma.com or follow Zealand on LinkedIn or Twitter @ZealandPharma.
1 Translated solely for convenience into U.S. dollars at an assumed exchange rate of DKK 6.01 per USD 1.00, which was the rounded official exchange rate
of such currencies at March 31, 2018.
2 Translated solely for convenience into U.S. dollars at an assumed exchange rate of DKK 6.96 per USD 1.00, which was the rounded official exchange rate of such currencies at March 31, 2017.
3 Net operating expenses consist of research, development and administrative expenses less other operating income.
4 Translated solely for convenience into U.S. dollars at an assumed exchange rate of DKK 6.21 per USD 1.00, which was the rounded official exchange rate of such currencies at December 31, 2017.
Attachment
14-18_0516 Q1 Interim report.pdf
Source: Zealand Pharma A/S | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-zealand-pharma--interim-report-for-the-first-quarter-of-2018.html |
Breakingviews TV: Female factor 10:36pm IST - 03:41
The workforces of Apple, Google and Facebook are lopsided in men’s favor. Males make up roughly 70 percent. To get to gender parity will take up to 15 years. Richard Beales and Jennifer Saba discuss the various necessary targets to get there.
The workforces of Apple, Google and Facebook are lopsided in men’s favor. Males make up roughly 70 percent. To get to gender parity will take up to 15 years. Richard Beales and Jennifer Saba discuss the various necessary targets to get there. //reut.rs/2wS853y | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/17/breakingviews-tv-female-factor?videoId=427805832 |
May 23 (Reuters) - BlackRock Inc:
* BLACKROCK DECLARES QUARTERLY DIVIDEND OF $2.88 ON COMMON STOCK Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-blackrock-declares-quarterly-divid/brief-blackrock-declares-quarterly-dividend-of-2-88-on-common-stock-idUSFWN1SU0YP |
DALLAS--(BUSINESS WIRE)-- HollyFrontier Corporation (NYSE: HFC) ("HollyFrontier") announced today that its Board of Directors declared a regular quarterly dividend in the amount of $0.33 per share, payable on June 14, 2018 to holders of record of common stock on May 23, 2018.
About HollyFrontier Corporation:
HollyFrontier Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel, jet fuel and other specialty products. HollyFrontier operates through its subsidiaries a 135,000 barrels per stream day ("bpsd") refinery located in El Dorado, Kansas, a 125,000 bpsd refinery in Tulsa, Oklahoma, a 100,000 bpsd refinery located in Artesia, New Mexico, a 52,000 bpsd refinery located in Cheyenne, Wyoming and a 45,000 bpsd refinery in Woods Cross, Utah. HollyFrontier markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. In addition, HollyFrontier, through its subsidiary, owns Petro-Canada Lubricants Inc., whose Mississauga, Ontario facility produces 15,600 barrels per day of base oils and other specialized lubricant products, and owns a 57% limited partner interest and a non-economic general partner interest in Holly Energy Partners, L.P.
Information about the Company may be found on its website at www.hollyfrontier.com .
HFC Forward-Looking Statement:
The statements contained herein relating to matters that are not historical facts are " " within the meaning of the federal securities laws. These statements are based on our beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties. Although we believe that such expectations reflected in such are reasonable, we cannot give assurance that our expectations will prove to be correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in these statements. Any differences could be caused by a number of factors including, but not limited to:
risks and uncertainties with respect to the actions of actual or potential competitive suppliers of refined petroleum products in HollyFrontier's markets; the demand for and supply of crude oil and refined products; the spread between market prices for refined products and market prices for crude oil; the possibility of constraints on the transportation of refined products; the possibility of inefficiencies, curtailments or shutdowns in refinery operations or pipelines; effects of governmental and environmental regulations and policies; the availability and cost of financing to HollyFrontier; the effectiveness of HollyFrontier's capital investments and marketing strategies; HollyFrontier's efficiency in carrying out construction projects; the ability of HollyFrontier to acquire refined product operations or pipeline and terminal operations on acceptable terms and to integrate any future acquired operations; the possibility of terrorist attacks and the consequences of any such attacks; general economic conditions; and other financial, operational and legal risks and uncertainties detailed from time to time in HollyFrontier's Securities and Exchange Commission filings.
The speak only as of the date made and, other than as required by law, HollyFrontier undertakes no obligation to publicly update or revise any , whether as a result of new information, future events or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006282/en/
HollyFrontier Corporation
Craig Biery, 214-954-6510
Director, Investor Relations
Or
Jared Harding, 214-954-6510
Investor Relations
Source: HollyFrontier Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-hollyfrontier-corporation-announces-regular-cash-dividend.html |
WASHINGTON (Reuters) - A White House team will leave as scheduled for Singapore this weekend to prepare for a possible summit between U.S. President Donald Trump and North Korean leader Kim Jong Un, a White House spokeswoman said on Saturday.
FILE PHOTO: A combination photo shows U.S. President Donald Trump and North Korean leader Kim Jong Un (R) in Washignton, DC, U.S. May 17, 2018 and in Panmunjom, South Korea, April 27, 2018 respectively. REUTERS/Kevin Lamarque and Korea Summit Press Pool/File Photos Politico magazine reported earlier that an advance team of 30 White House and State Department officials were preparing to depart later this weekend.
Reporting by David Morgan, Editing by Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-whitehouse/white-house-team-to-leave-for-singapore-to-prep-for-possible-north-korea-summit-idUSKCN1IR0HC |
May 25, 2018 / 2:23 AM / Updated 3 hours ago Brazil truckers suspend strike, govt to subsidize diesel prices Lisandra Paraguassu , Mateus Maia 5 Min Read
BRASILIA (Reuters) - Brazil’s government struck a deal with truck drivers on Thursday to suspend a four-day protest that crippled swathes of the Latin America’s largest economy, promising changes to diesel pricing that could leave it footing a 5 billion reais ($1.37 billion) bill this year. Truckers block the BR-040 highway during a protest against high diesel fuel prices in Duque de Caxias in Rio de Janeiro, Brazil May 24, 2018. REUTERS/Pilar Olivares
Truckers agreed to immediately suspend the strike for 15 days, government ministers told reporters, appearing alongside representatives of truckers’ groups.
“We need all of you truckers to get back to work. Brazil needs you,” said Eliseu Padilha, President Michel Temer’s chief of staff, while announcing the deal at the presidential palace in Brasilia.
Urgency to broker a solution mounted as lack of deliveries led to perishable items disappearing from store shelves, fuel shortages threatening airports and public transport, and the country’s automakers association Anfavea announcing that all vehicle production had been halted for Friday.
The accord could leave the government with a bill of up to 5 billion reais a year to compensate state-led oil company Petroleo Brasileiro SA for any losses under a scheme to stabilize prices, according to government ministers.
Under the deal, a 10-percent price cut for diesel announced by Petrobras on Wednesday will be extended to 30 days, with the government compensating the company for costs beyond the originally announced 15-day period.
The price will then be re-evaluated every 30 days, replacing the policy of daily price changes, Finance Minister Eduardo Guardia said at the news conference.
Petrobras will be compensated by Brazil’s treasury when the set price for diesel falls below the refinery price, he said, estimating a cost of 700 million reais a month until the end of the year. Truckers try to stop another truck driver who doesn't want to protest against high diesel fuel prices in Duque de Caxias in Rio de Janeiro, Brazil May 24, 2018. REUTERS/Pilar Olivares
Petrobras shares plunged 14 percent earlier in the day after the firm initially slashed diesel prices, raising investor concerns of a return to government interference in the company that saw it run up huge losses and debts under ex-President Dilma Rousseff.
Petrobras said in a statement that the accord was “highly positive and an unquestionable gain for the company.”
The company said the reimbursement provided by the government would “fully preserve” the company’s pricing policy. RETURN TO NORMAL
As the strike lifts, the country will not return to normal immediately. Truckers group Abcam said prior to the accord that it would take up to 12 days to normalize cargo deliveries in Brazil once demonstrations end.
Abcam, a major force behind the strike, did not sign onto the government accord, differing from many other truckers’ groups. Slideshow (8 Images)
Changes proposed in the accord, which also includes tax cuts on diesel, will still require congressional approval. Lawmakers are expected to take up the measures next week.
Participation in the demonstrations had swollen to around a million truck drivers as trucking companies joined the movement kicked off by independent truck owners, according to Abcam. The group said there were about 330 blockades in 23 of 26 Brazilian states.
The toll also mounted in industries from automaking and meat processing to aviation and agribusiness as the protests froze deliveries of fuel, feed and other essential inputs, threatening economic activity and exports of soft commodities.
Poultry and pork processors association ABPA said 120 plants had halted production for lack of feed and storage space, up from 78 previously.
At Paranaguá port, Brazil’s second-largest grain export hub, the protests impeded 1,000 trucks from delivering goods over two days, Brazil’s largest cooperative Coamo Agroindustrial said on Thursday.
Brazil’s top coffee exporter Cooxupé on Thursday warned foreign clients about possible shipping delays due to the truckers’ protests.
Brazil’s weak recovery from the deepest recession in decades could have been damaged if protests had lasted weeks, according to a senior member of the government’s economic team on condition of anonymity.
Prior to the accord, automakers association Anfavea announced plans for all car production to halt starting Friday, with the sector accounting for roughly 25 percent of Brazil’s industrial output alone potentially dealing a major blow to the economy.
($1 = 3.6491 reais) Reporting by Lisandra Paraguassu and Mateus Maia in Brasilia; Additional reporting by Leonardo Goy and Marcela Ayres in Brasilia; Ana Mano, Brad Brooks, Marcelo Teixeira, Alberto Alerigi and Flavia Bohone in Sao Paulo; Sybille de La Hamaide in Paris; Writing by Jake Spring; Editing by Brad Haynes, David Gregorio and Lisa Shumaker | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-brazil-transport/brazil-truckers-suspend-strike-govt-to-subsidize-diesel-prices-idUKKCN1IQ095 |
(Reuters) - American R&B singer R. Kelly’s music was removed from playlists and recommendations on Spotify, the streaming service said on Thursday, following a campaign to boycott the singer who has been accused of sexual misconduct.
Kelly, one of the most successful R&B singers of the past two decades, is the target of an online #MuteRKelly boycott campaign that gained new attention last week when it was adopted by the Time’s Up anti-sexual harassment movement.
Kelly, 51, has repeatedly denied the accusations.
The decision to stop actively promoting the singer’s music falls within a new policy that better reflects the company’s values, Spotify Technologies SA said in a statement.
“We don’t censor content because of an artist’s or creator’s behavior, but we want our editorial decisions - what we choose to program - to reflect our values,” said Spotify, whose 75 million paid subscribers make it the world’s largest music streaming service.
“When an artist or creator does something that is especially harmful or hateful, it may affect the ways we work with or support that artist or creator,” it added.
The action will affect Spotify-owned and operated playlists and algorithmic recommendations, the company said. Kelly’s music will still be available on the service but the decision to remove it from playlists means it will no longer be promoted.
Messages left seeking comment with the singer’s representatives and his record label RCA, were not immediately returned.
The “I Believe I Can Fly” singer has denied accusations of sexual misconduct that have dogged him for decades, including a claim he was keeping a household of young women in a “cult” atmosphere.
He was acquitted of child pornography charges in 2008.
But Time’s Up last week issued a statement calling on companies associated with his music business to cut ties with the singer.
The move to quit promoting R. Kelly’s music came on the same day that Spotify unveiled a new hate content and hateful conduct policy aimed to remove or refrain from recommending music that “promotes, advocates, or incites hatred or violence against a group or individual.”
Spotify has in the past removed content related to neo-Nazis and white supremacists.
Singer R. Kelly arrives at the 41st American Music Awards in Los Angeles, California November 24, 2013. REUTERS/Mario Anzuoni Reporting by Eric Kelsey in Los Angeles and Munsif Vengattil in Bengaluru; editing by Bernard Orr and David Gregorio
| ashraq/financial-news-articles | https://www.reuters.com/article/us-people-rkelly/spotify-removes-r-kellys-music-from-its-playlists-idUSKBN1IB2C4 |
May 6 (Reuters) - BAHRAIN TELECOMMUNICATIONS COMPANY :
* Q1 NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS 13.1 MILLION DINARS VERSUS 8.2 MILLION DINARS YEAR AGO
* Q1 GROSS REVENUE 99.5 MILLION DINARS, UP 11 PERCENT YEAR-ON-YEAR Source: ( bit.ly/2ro559Y ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bahrains-batelco-q1-profit-rises/brief-bahrains-batelco-q1-profit-rises-idUSFWN1SD02V |
(Adds U.S. futures, updates prices)
* World stocks hit fresh 7-week high
* Trump says to help ZTE “get back into business, fast”
* European shares edge lower, US stocks futures advance
* Malaysian ringgit hits 4-month low after election shock
* Oil back up, dollar dips
By Kit Rees
LONDON, May 14 (Reuters) - Prospects of a thaw in U.S.-China trade tensions supported global stocks on Monday, as U.S. President Donald Trump pledged to help ZTE Corp “get back into business, fast” after a U.S. ban crippled the Chinese technology company, while oil prices recovered some lost ground.
Trump’s comments on Sunday came ahead of a second round of trade talks between U.S. and Chinese officials this week to resolve an escalating trade dispute. China had said last week its stance in the negotiations would not change.
The MSCI world equity index, which tracks shares in 47 countries, was up 0.1 percent, holding at its highest level in seven weeks and in positive territory for the year.
European stocks dipped 0.3 percent as financials weighed, while EMini futures for the S&P 500 rose 0.2 percent.
“There have been some very serious issues raised in terms of the trade relationship between the U.S. and China, and then they’ve had this quite sudden about-turn on this particular company, and it simply raises questions as to what the underlying policy is,” said Alastair George, chief strategist at Edison Investment Research.
“This is perhaps a little reminder which is being relatively well-received by markets over the last 24 hours that (with) the U.S. administration there is a strong degree of unpredictability compared to prior regimes,” George added.
The United States has said it will lift sanctions on Pyongyang if North Korea agrees to completely dismantle its nuclear weapons program.
Stocks in Asia were also upbeat. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 percent, while Japan’s Nikkei also tacked on 0.5 percent.
Chinese shares came off the day’s highs but still ended in positive territory after Trump’s comments on ZTE Corp ,, which JPMorgan analysts said was “a significant positive”.
Shanghai’s SSE Composite index rose 0.3 percent while the blue-chip rallied 0.9 percent. Hong Kong’s Hang Seng index climbed 1.4 percent.
Elsewhere in Asia, the Malaysian ringgit recovered losses after sliding 1 percent to a four-month trough against the dollar in the first onshore trade since a shock election upset last week. Malaysian stocks sank as much as 2.7 percent at one point but ended 0.2 percent higher.
Veteran Mahathir Mohamad, 92, came out of political retirement to lead the opposition Pakatan Harapan (Alliance of Hope) to a stunning victory, defeating prime minister Najib Razak, a former protege whom he had accused of corruption.
Some investors were concerned that populist promises such as repealing an unpopular goods and services tax and restoring a petrol subsidy could undermine the country’s finances.
But some analysts believe Mahathir’s proposals could be positive for the economy.
“The repeal of GST, while only marginally negative for the fiscal deficit, will be a boon for consumers, who have been upset that they bear the burden of poor fiscal management and came out to vote against the establishment,” said Trinh Nguyen, senior economist at Natixis.
OIL AND IRAN While tensions in the Korean peninsula have eased, U.S. plans to reintroduce sanctions against Iran have stoked anxiety in the Middle East.
Iran pumps about 4 percent of the world’s oil, and the latest development has sent oil prices to near multi-year highs.
Citi analyst Mark Schofield said rising oil prices risk causing ‘stagflation’, which could create a particularly “hostile environment” for risk assets.
On Monday, U.S. crude traded flat at $70.71 a barrel and Brent was up at $77.23, clawing back previous losses after a relentless rise in U.S. drilling activity pointed to increased output.
The United States threatened on Sunday to impose sanctions on European companies that do business with Iran, as the remaining participants in the Iran nuclear accord stiffened their resolve to keep that agreement operational.
In currencies, the dollar dipped 0.2 percent to 92.33 against a basket of major currencies and was set for its fourth straight day of losses.
Against the Japanese yen, it ticked down to 109.49 per dollar, remaining largely in a holding pattern since late last month.
The euro rose 0.3 percent to $1.1983 following two consecutive sessions of gains as Italy’s anti-establishment parties looked likely to form the next government.
Last week, the Bank of England held rates steady and New Zealand’s central bank said the official cash rate will remain at historic lows of 1.75 percent for “some time”.
That leaves the Fed as the only major central bank in the world committed to rate increases, although recent data showing a moderate inflation reading has cast doubt over the pace of any hikes.
The U.S. 10-year Treasury yield was slightly higher at 2.9841 percent.
Spot gold dipped 0.1 percent at $1,319.4 an ounce, after eking out a small weekly gain last week.
Reporting by Kit Rees, Additional reporting by Swati Pandey in Sydney Editing by Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-world-stocks-head-higher-on-hopes-of-thawing-trade-tensions-idUSL5N1SL3H6 |
VENLO, Netherlands--(BUSINESS WIRE)-- QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) announces that it will initiate the repurchase of a first tranche of shares under the share repurchase program which was announced by an ad hoc announcement dated January 31, 2018.
In the time period between May 15, 2018 until August 20, 2018, at the latest, a first tranche of up to 1.65 million common shares of the Company having a total purchase price of up to USD 50 million (or the equivalent Euro amount thereof, in each case without ancillary purchasing costs) shall be repurchased exclusively on the electronic trading platform of the Frankfurt Stock Exchange (XETRA). The maximum purchase price per share (excluding ancillary purchase costs) will not exceed the average closing price for the last five trading days prior to the day of purchase on the electronic trading platform of the Frankfurt Stock Exchange by more than 10%.
The purpose of the share repurchase is to hold the shares in treasury in order to satisfy obligations from exchangeable debt instruments and/or employee share-based remuneration plans. The Managing Board of QIAGEN N.V., upon authorization of the Supervisory Board, is thus exercising the authorization by the Annual General Meeting on June 21, 2017 to acquire own shares.
The full statement can be found here
###
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006013/en/
QIAGEN
Investor Relations
John Gilardi
e-mail: [email protected]
+49 2103 29 11711
or
Public Relations
Dr. Thomas Theuringer
e-mail: [email protected]
+49 2103 29 11826
Source: QIAGEN | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-qiagen-disclosure-according-to-article-5-section-1-and-6-of-the-eu-regulation-5962014-and-article-2-section-1-of-the.html |
BEIJING, May 29, 2018 /PRNewswire/ -- Momo Inc. (NASDAQ: MOMO) ("Momo" or the "Company"), a leading mobile social networking platform in China, today announced its unaudited financial results for the first quarter 2018.
First Quarter 2018 Highlights
Net revenues increased 64% year over year to $435.1 million. Net income attributable to Momo Inc. increased to $129.9 million in the first quarter of 2018 from $81.2 million in the same period last year. Non-GAAP net income attributable to Momo Inc. (note 1) increased 57% to $142.3 million in the first quarter of 2018 from $90.7 million in the same period last year. Diluted net income per American Depositary Share ("ADS") was $0.63, compared to $0.40 in the same period last year. Non-GAAP diluted net income per ADS (note 1) was $0.69, compared to $0.44 in the same period last year. Monthly Active Users ("MAU") [1] were 103.3 million in March 2018, compared to 85.2 million in March 2017. Total paying users of our live video service and value-added service, without double counting the overlap, were 8.1 million for the first quarter of 2018, compared to 7.0 million for the first quarter of 2017.
[1] MAU during a given calendar month is defined as Momo users who accessed the Momo platform through Momo mobile application and utilized any of the functions on the Momo platform for at least one day during the 30-day period counting back from the last day of such calendar month. The active users on Hani, the Company's stand-alone live video application, were not included in the MAU disclosed herein.
"We had another strong quarter and a great start to the year 2018. I am glad to see that we have achieved outstanding results on all strategical priorities we outlined at the beginning of the year. Our community continued to grow in size and engagements despite the negative seasonality, thanks to the product and marketing initiatives we have been taking in recent quarters. The content ecosystem continues to improve, driving robust organic growth momentum for live streaming business. Strong topline performance, coupled with the operating leverage of our business model creates ample room for us to make significant investment for our future while maintaining a healthy profit margin. " Commented Yan Tang, Chairman and CEO of Momo. "We closed the acquisition of Tantan in May and together will be moving forward as a dominant player in China's open social territory. Tantan has made remarkable progresses in user growth and monetization since the beginning of 2018. We believe Tantan has a great deal of potential to be unlocked and will be adding tremendous value to our ecosystem in the future."
First Quarter 2018 Financial Results
Net revenues
Total net revenues were $435.1 million in the first quarter of 2018, an increase of 64% from $265.2 million in the first quarter of 2017.
Live video service revenues continued its momentum and the total live video service revenues were $371.5 million in the first quarter of 2018, an increase of 74.8% from $212.6 million during the same period of 2017. The rapid growth in live video revenues was contributed by the increase in the quarterly paying users, which was 4.4 million for the first quarter of 2018, as well as, the increase in the average revenues per paying user per quarter.
Value-added service revenues mainly include membership subscription revenues and virtual gift revenues. The total value-added service revenues were $37.0 million in the first quarter of 2018, an increase of 62% from $22.9 million during the same period of 2017. The year over year increase was primarily driven by the increase in the number of paying users, and to a lesser extent, the increase in the average revenues per paying user per quarter with the result that we introduced more and more value-added services to our users to enrich communication experience among users. Total paying users of our value-added service were 5.1 million and 4.3 million for the first quarter of 2018 and 2017, respectively.
Mobile marketing revenues were $18.7 million in the first quarter of 2018, an increase of 5% from $17.9 million during the same period of 2017. The growth in mobile marketing revenues was driven by the increased demand from brand marketers.
Mobile games revenues were $6.6 million in the first quarter of 2018, a decrease of 43% from $11.6 million in the first quarter of 2017. The decrease in game revenues was mainly due to the decrease in the quarterly paying users.
Cost and expenses
Cost and expenses were $288.7 million in the first quarter of 2018, an increase of 65% from $175.1 million in the first quarter of 2017. The increase was primarily attributable to: (a) an increase in revenue sharing with the broadcasters related to our live video service and virtual gift recipients; (b) an increase in personnel related costs including share-based compensation expenses as a result of the Company's rapidly expanding talent pool; (c) an increase in marketing and promotional expenses to enhance our brand awareness, attract users and promote the live video service; (d) increased infrastructure related spending, such as short messaging service charges, bandwidth costs and server depreciation costs, driven by more functions introduced on Momo's platform.
Non-GAAP cost and expenses (note 1) were $276.3 million in the first quarter of 2018, an increase of 67% from $165.6 million during the same period last year.
Income from operations
Income from operations was $147.5 million in the first quarter of 2018, compared to $91.0 million during the same period last year.
Non-GAAP income from operations (note 1) was $159.9 million in the first quarter of 2018, compared to $100.6 million during the same period last year.
Income tax expenses
Income tax expenses were $26.9 million in the first quarter of 2018, increased from $15.8 million in the first quarter of 2017. The increase was mainly because we generated higher profit in the first quarter of 2018.
Net income attributable to Momo Inc.
Net income attributable to Momo Inc. was $129.9 million in the first quarter of 2018, compared to $81.2 million during the same period last year.
Non-GAAP net income (note 1) attributable to Momo Inc. was $142.3 million in the first quarter of 2018, compared to $90.7 million during the same period last year.
Net income per ADS
Diluted net income per ADS was $0.63 in the first quarter of 2018, compared to $0.40 in the first quarter of 2017.
Non-GAAP diluted net income per ADS (note 1) was $0.69 in the first quarter of 2018, compared to $0.44 in the first quarter of 2017.
Cash and cash flow
As of March 31, 2018, Momo's cash, cash equivalents, term deposits and restricted cash totaled $969.4 million, compared to $1,059.6 million as of December 31, 2017. Net cash provided by operating activities in the first quarter of 2018 was $129.9 million, compared to $95.4 million for the same quarter of 2017.
Recent Development
Drawdown of Long-term Bank Loan
To facilitate the closing of our acquisition of 100% equity stake of Tantan Limited, as previously announced on February 23, 2018, we borrowed a bank loan facility from a domestic commercial bank in May 2018. Total amount of drawdown was US$300 million, with a fixed interest rate of 4.5% per annum and with a period of two years.
Business Outlook
For the second quarter of 2018, the Company expects total net revenues to be between $470.0 million and $485.0 million, representing a year-over-year increase of 51% to 55%. Our revenue guidance includes around $4.5 million revenue from Tantan for the month of June 2018 which we expect to consolidate in our financial statement of the second quarter of 2018. These estimates reflect the Company's current and preliminary view, which is subject to change.
Note 1: Non-GAAP measures
To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), we use various non-GAAP financial measures that are adjusted from the most comparable GAAP results to exclude share-based compensation.
Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.
Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of our continuing operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to the GAAP results. In addition, our calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.
Our non-GAAP information (including non-GAAP cost and operating expenses, income from operations, net income attributable to Momo Inc., and diluted earnings per ADS) is adjusted from the most comparable GAAP results to exclude share-based compensation, and such adjustment has no impact on income tax. A limitation of using these non-GAAP financial measures is that share-based compensation charge has been and will continue to be for the foreseeable future a significant recurring expense in our results of operations. We compensate for these limitations by providing reconciliations of our non-GAAP measures to our U.S. GAAP measures. Please see the reconciliation tables at the end of this earnings release.
Conference Call
Momo's management will host an earnings conference call on Wednesday, May 29, 2018 at 8: 00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on May 29, 2018).
Dial-in details for the earnings conference call are as follows:
International:
+65 6713 5090
U.S. Toll Free:
+1 866 519 4004
Hong Kong Toll Free:
800-906601
Mainland China:
4006-208038
Passcode:
Momo
Please dial in 15 minutes before the call is scheduled to begin.
A telephone replay of the call will be available after the conclusion of the conference call through 8:00 a.m. U.S. Eastern Time, June 6, 2018. The dial-in details for the replay are as follows:
International:
+61-2-8199 0299
U.S. Toll Free:
+1 855 452 5696
Passcode:
9188258
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Momo's website at http://ir.immomo.com .
About Momo
Momo is a leading mobile social networking platform in China. Momo connects people in a personal and lively way through a revolutionary mobile-based social networking platform. With powerful and precise location-based features, Momo enables users to connect with each other and expand relationships from online to offline. Momo's platform includes the Momo mobile application, the Hani mobile application and a variety of related features, functionalities, tools and services that it provides to users, customers and platform partners. Leveraging its social interest graph engine and analysis of user behavior data, Momo is able to provide users a customized experience based on their social preferences and needs. Momo users can maintain and strengthen their relationships through private and group communication tools, content creation and sharing functions, as well as the offline social activities promoted on Momo's platform. Momo users are also able to enjoy live video on our platform. For more information, please visit http://ir.immomo.com .
For investor and media inquiries, please contact:
Momo Inc.
Investor Relations
Phone: +86-10-5731-0538
Email: [email protected]
Christensen In China
Mr. Christian Arnell
Phone: +86-10- 5900-1548
E-mail: [email protected]
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]
Safe Harbor Statement
This news release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to our management Quote: s and our financial outlook for the second quarter of 2018.
Our forward-looking statements are not historical facts but instead represent only our belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the first quarter of 2018 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the second quarter of 2018 and may be unable to grow our business in the manner planned. We may also modify our strategy for growth. In addition, there are other risks and uncertainties that could cause our actual results to differ from what we currently anticipate, including those relating to our ability to retain and grow our user base, our ability to attract and retain sufficiently trained professionals to support our operations, and our ability to anticipate and develop new services and enhance existing services to meet the demand of our users or customers. For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see our filings with the U.S. Securities and Exchange Commission.
All information provided in this press release and in the attachments is as of the date of the press release. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, after the date of this release, except as required by law. Such information speaks only as of the date of this release.
Momo Inc.
Unaudited Condensed Consolidated Statement of Operations
(US dollars in thousands, except per share data)
Three months
ended March 31
2017
2018
Net revenues:
Live video service
212,577
371,496
Value-added service
22,867
36,991
Mobile marketing
17,889
18,709
Mobile games
11,561
6,647
Other services
344
1,286
Total net revenues
265,238
435,129
Cost and expenses:
Cost of revenues
(120,444)
(209,608)
Research and development
(8,559)
(17,533)
Sales and marketing
(33,997)
(44,342)
General and administrative
(12,100)
(17,231)
Total cost and expenses
(175,100)
(288,714)
Other operating income
905
1,087
Income from operations
91,043
147,502
Interest income
3,752
7,540
Income before income tax and share of income on equity method investments
94,795
155,042
Income tax expenses
(15,777)
(26,905)
Income before share of income on equity method investments
79,018
128,137
Share of income on equity method investments
2,183
1,279
Net income
81,201
129,416
Less: Net loss attributable to non-controlling interest
(7)
(468)
Net income attributable to Momo Inc.
81,208
129,884
Net income per share attributable to ordinary shareholders
Basic
0.21
0.33
Diluted
0.20
0.31
Weighted average shares used in calculating net income per ordinary share
Basic
389,835,182
399,002,678
Diluted
410,884,521
415,045,295
Momo Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Income
(US dollars in thousands, except per share data)
Three months
ended March 31
2017
2018
Net income
81,201
129,416
Other comprehensive income, net of tax of $nil
Foreign currency translation adjustment
2,263
26,754
Comprehensive income
83,464
156,170
Less: comprehensive loss attributed to the non-controlling interest
(7)
(368)
Comprehensive income attributable to Momo Inc. shareholders
83,471
156,538
Momo Inc.
Unaudited Condensed Consolidated Balance Sheets
( US dollars in thousands)
December 31
March 31
2017
2018
Assets
Current assets
Cash and cash equivalents
685,827
320,488
Term deposits
373,794
578,938
Restricted cash
-
70,000
Accounts receivable, net of allowance for doubtful
accounts of $90 and $93 as of December 31, 2017 and
March 31, 2018, respectively
39,597
32,587
Prepaid expenses and other current assets
82,717
74,798
Amount due from related parties
5,143
6,518
Short-term investment
1,614
-
Total current assets
1,188,692
1,083,329
Property and equipment, net
39,762
45,005
Intangible assets
7,462
7,512
Rental deposits
2,651
2,697
Long term investments
44,337
50,436
Deferred tax assets, non-current
7,197
6,195
Other non-current assets
8,495
16,182
Goodwill
3,401
3,528
Prepaid acquisition consideration
-
229,823
Total assets
1,301,997
1,444,707
Liabilities and equity
Current liabilities
Accounts payable
74,535
82,535
Deferred revenue
64,865
61,926
Accrued expenses and other current liabilities
87,809
64,251
Amount due to related parties
5,804
5,800
Income tax payable
27,033
17,434
Total current liabilities
260,046
231,946
Deferred tax liabilities, non-current
1,866
1,878
Other non-current liabilities
2,305
4,170
Total liabilities
264,217
237,994
Shareholder's equity (Note a)
1,037,780
1,206,713
Total liabilities and shareholder's equity
1,301,997
1,444,707
Note a: As of March 31, 2018, the number of ordinary shares issued and outstanding was 402,129,737.
Momo Inc.
Unaudited Condensed Consolidated Statement of Cash Flows
( US dollars in thousands)
Three months
ended March 31
2017
2018
Cash flows from operating activities:
Net income
81,201
129,416
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation of property and equipment
2,122
4,954
Amortization of intangible assets
-
226
Share-based compensation
9,509
12,382
Share of income on equity method investment
(2,183)
(1,279)
Changes in operating assets and liabilities:
Accounts receivable
3,910
8,379
Prepaid expenses and other current assets
(4,575)
8,996
Amount due from related parties
(337)
(1,169)
Rental deposits
(1,169)
53
Deferred tax assets
73
1,254
Other non-current assets
(733)
(1,814)
Accounts payable
6,456
8,871
Income tax payable
9,797
(10,236)
Deferred revenue
(424)
(5,287)
Accrued expenses and other current liabilities
(8,932)
(26,618)
Amount due to related parties
(255)
(5)
Deferred tax liability
-
(56)
Other non-current liabilities
902
1,865
Net cash provided by operating activities
95,362
129,932
Cash flows from investing activities:
Purchase of property and equipment
(7,204)
(10,115)
Proceeds from disposal of property and equipment
4
1
Payment for long term investments
(1,515)
(630)
Prepayment of long term investments
-
(7,398)
Payment for acquired intangible assets
(578)
-
Prepaid consideration for business acquisition
-
(229,823)
Purchase of term deposits
(261,787)
(572,421)
Cash received on maturity of term deposits
304,607
375,092
Cash received from sales of short term investment
-
1,653
Net cash provided by (used in) investing activities
33,527
(443,641)
Cash flows from financing activities:
Proceeds from exercise of options
299
384
Deferred payment of purchase of property and equipment
(174)
(1,153)
Net cash provided by (used in) financing activities
125
(769)
Effect of exchange rate on cash and cash equivalents
2,121
19,139
Net increase (decrease) in cash, cash equivalent and restricted cash
131,135
(295,339)
Cash, cash equivalent, and restricted cash at beginning of period
257,564
685,827
Cash, cash equivalent, and restricted cash at end of period
388,699
390,488
Momo Inc.
Reconciliation of Non-GAAP financial measures to comparable GAAP measures
(US dollars in thousands, except per share data)
1. Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income to comparable GAAP
measures.
Three months
Three months
ended March 31, 2017
ended March 31, 2018
GAAP
Adjustments
Non-
GAAP
GAAP
Adjustments
Non-
GAAP
Cost and operating expenses
(175,100)
9,509 (a)
(165,591)
(288,714)
12,382 (b)
(276,332)
Income from operations
91,043
9,509 (a)
100,552
147,502
12,382 (b)
159,884
Net income attributable to
Momo Inc.
81,208
9,509 (a)
90,717
129,884
12,382 (b)
142,266
Notes:
(a) Adjustments to exclude share-based compensation of $9,509 from the unaudited condensed consolidated statements.
(b) Adjustments to exclude share-based compensation of $12,382 from the unaudited condensed consolidated statements.
View original content: http://www.prnewswire.com/news-releases/momo-announces-unaudited-financial-results-for-the-first-quarter-2018-300655605.html
SOURCE Momo Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-momo-announces-unaudited-financial-results-for-the-first-quarter-2018.html |
By Bloomberg 10:52 AM EDT
A lightning strike temporarily knocked out the fueling system Sunday morning at London Stansted airport, the biggest base for Ryanair Holdings Plc, causing flight delays and cancellations.
Engineers restored the system, though flights may still be delayed, diverted or canceled at the airport about 40 miles (64 kilometers) north of central London, according to a statement on Stansted’s Twitter account.
Stansted is the third-busiest airport in London and a key hub for the discount airline Ryanair. The Irish carrier canceled a number of flights and is advising customers of their options, including a full refund or a free transfer to the next available flight, it said in an emailed statement.
“We apologize to all customers affected by these disruptions, which are entirely beyond our control,” Ryanair said in the statement, declining to quantify the cancellations. | ashraq/financial-news-articles | http://fortune.com/2018/05/27/lightning-strike-delays-london-stansted-airport/ |
May 1 (Reuters) - Suncor Energy Inc:
* BOARD OF DIRECTORS HAS APPROVED A QUARTERLY DIVIDEND OF $0.36 PER SHARE ON ITS COMMON SHARES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-suncor-energy-board-approves-a-qua/brief-suncor-energy-board-approves-a-quarterly-dividend-of-0-36-per-share-idUSFWN1S80OH |
May 3, 2018 / 4:34 AM / Updated 22 minutes ago PRESS DIGEST - Wall Street Journal - May 3 Reuters Staff 2 Min Read
May 3 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
- Sprint Corp's Chief Executive Marcelo Claure said he would step back from the wireless company's day-to-day management to take a senior role at its Japanese parent company as he leads the carrier's campaign for regulatory approval of a $26 billion merger with rival T-Mobile US Inc.( on.wsj.com/2I6MsAW )
- Facebook Inc has fired an employee who bragged about his access to private user information. ( on.wsj.com/2HLHD0s )
- Southwest Airlines Co said Wednesday that one of its jets was forced to divert and land after a cabin window partially broke, though the plane didn't lose cabin pressure.( on.wsj.com/2HKuzbQ )
- The U.S. oil-and-gas industry is bringing in an outsider as its top lobbyist. Mike Sommers, 43, a lobbyist for the private-equity industry and once chief of staff to former House Speaker John Boehner, will take over at the American Petroleum Institute this summer. ( on.wsj.com/2HLz5a3 ) Compiled by Bengaluru newsroom | ashraq/financial-news-articles | https://www.reuters.com/article/press-digest-wsj/press-digest-wall-street-journal-may-3-idUSL3N1SA213 |
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CINCINNATI, May 07, 2018 (GLOBE NEWSWIRE) -- Protech Home Medical Corp. (the “ Company ”) (TSXV:PHM), a healthcare services company with operations in the U.S., today announced that it has changed its name from “Patient Home Monitoring Corp.” to “Protech Home Medical Corp.” and will commence trading under the new name at the market opening today. The Company’s common shares will continue to trade under the symbol “PHM”.
Edward Brann has notified the Company he is leaving the Board to pursue other ventures. “We want to thank Edward for his contributions and efforts, he has been a great asset during this transition. We will be looking to replace his role on the Board” mentioned Mr. Crawford.
ABOUT PROTECH HOME MEDICAL
PHM provides in-home monitoring and disease management services for patients in the United States healthcare market. It seeks to continue to expand its offerings and to use technology to dominant market share in certain regional markets, through both acquisitions and taking market share directly from competitors, by deploying existing advanced logistics technologies that provide faster and more reliable service for the patients.
The primary business objective of PHM is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. PHM's organic growth strategy is to increase market share in its existing locations by making life easier on the patient, the rendering physician, and improving quality of care.
Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company , including, the Company being confident its second quarter financials will be strong with both revenue and profit growth compared to the first quarter, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including, the results for second quarter known to date not materially changing. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Examples of such risk factors include, without limitation: credit; market (including equity, commodity, foreign exchange and interest rate); liquidity; operational (including technology and infrastructure); reputational; insurance; strategic; regulatory; legal; environmental; capital adequacy; the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities, including the successful completion of acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; difficulty integrating newly acquired businesses; the ability to implement business strategies and pursue business opportunities; low profit market segments; disruptions in or attacks (including cyber-attacks) on the Company's information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which the Company is exposed; the failure of third parties to comply with their obligations to the Company or its affiliates; the impact of new and changes to, or application of, current laws and regulations; decline of reimbursement rates; dependence on few payors; possible new drug discoveries; a novel business model; dependence on key suppliers; granting of permits and licenses in a highly regulated business; the overall difficult litigation environment, including in the U.S.; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events; as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com . Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please visit our website at www.protechhomemedical.com , or contact:
Hardik Mehta
CFO
Protech Home Medical Corp.
859-300-6455
[email protected]
Source:Protech Home Medical Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-protech-home-medical-announces-approval-of-corporate-name-change.html |
* Lira's drop to all-time lows feeds risk aversion * Currencies approach multi-month lows as dollar rallies * Crown joins zloty and forint fall, reaches weakest 2018 level * Czech bond auction may draw less demand on increased supply By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, May 23 (Reuters) - Central Europe's main currencies approached multi-month lows on Wednesday as weak manufacturing data knocked the euro down further against the dollar, while the Turkish lira's persistent decline fuelled risk aversion in emerging markets. The region's assets have taken a beating this month as a dollar and U.S. bond yield rally prompted a sell-off in emerging markets, but they have outperformed other emerging markets including Turkey, where the lira is at record lows on concern about President Tayyip Erdogan's influence on monetary policy. Politics rarely have a direct influence on markets in the European Union's fast-growing and relatively stable economies which have been tightly integrated with the euro zone. Continued dollar buying sent the region's most liquid currencies, the forint and the zloty into retreat at the opening. Losses for the relatively stable crown widened after May Purchasing Managers' Index (PMI) data showed a sharper-than-expected slowdown in growth in the euro zone, Central Europe's main export market and a major financier of its investments. By 0847 GMT, the crown traded at 25.724 against the euro, down 0.1 percent, rebounding from an intraday low of 25.8547, its weakest level this year, while the zloty fell half a percent, the forint a third of a percent, and the leu 0.1 percent. Thin trade contributed to the crown's initial weakness, one Prague-based dealer said. Dividend outflows are also weighing on the crown, while some investors have closed crown positions on the view that the Czech central bank (CNB) may well not raise interest rates earlier than November, Komercni Banka analysts said in a note. But ING economist Jakub Seidler said any crown weakening would be temporary. "The domestic economic development still requires tighter monetary conditions which are not being delivered by the crown at the moment," he said. Demand at Czech government bond auction might be weaker than usual, as more issuance was due in June as part of a rise in planned quarterly sales, Komercni said in a separate note. Raiffeisen analyst Gunter Deuber said in a note that the crown's appreciation potential made Czech bonds attractive. The yield on 5-year Czech bonds was bid higher by 7 basis points (bps), at 1.475 percent, while the corresponding Polish yield dropped 1 bps to 2.51 percent. Warsaw led a fall for equities in the region, in tandem with a decline in Western European markets, with its blue-chip index dropping 1.4 percent. CEE SNAPSHOT AT MARKETS 1047 CET CURRENCI ES Latest Previous Daily Change bid close change in 2018 Czech <EURCZK= 25.7240 25.6950 -0.11% -0.71% crown > Hungary <EURHUF= 318.9900 317.9500 -0.33% -2.53% forint > Polish <EURPLN= 4.3030 4.2814 -0.50% -2.94% zloty > Romanian <EURRON= 4.6310 4.6270 -0.09% +1.05% leu > Croatian <EURHRK= 7.3850 7.3832 -0.02% +0.61% kuna > Serbian <EURRSD= 118.0500 118.1300 +0.07% +0.38% dinar > Note: calculated from 1800 CET daily change Latest Previous Daily Change close change in 2018 Prague 1104.00 1103.290 +0.06% +2.40% 0 Budapest 35943.80 36400.77 -1.26% -8.72% Warsaw 2216.93 2248.71 -1.41% -9.93% Bucharest 8377.22 8429.08 -0.62% +8.04% Ljubljana <.SBITOP 897.08 896.06 +0.11% +11.25% > Zagreb 1854.79 1859.77 -0.27% +0.65% Belgrade <.BELEX1 744.88 743.26 +0.22% -1.96% 5> Sofia 642.91 644.44 -0.24% -5.10% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year <CZ2YT=R 1.0050 0.1200 +162bps +14bps R> 5-year <CZ5YT=R 1.4750 0.0700 +160bps +11bps R> 10-year <CZ10YT= 1.9890 0.0050 +148bps +6bps RR> Poland 2-year <PL2YT=R 1.6160 0.0090 +223bps +3bps R> 5-year <PL5YT=R 2.5100 -0.0110 +263bps +3bps R> 10-year <PL10YT= 3.2330 -0.0130 +273bps +4bps RR> FORWARD RATE AGREEMEN T 3x6 6x9 9x12 3M interban k Czech Rep 1.03 1.19 1.33 0.90 <PRIBOR= > Hungary 0.07 0.40 0.52 0.11 Poland 1.74 1.76 1.83 1.70 Note: FRA are for ask prices Quote: s | ashraq/financial-news-articles | https://www.reuters.com/article/easteurope-markets/cee-markets-turkish-liras-plunge-hits-risk-appetite-dollar-rally-weighs-idUSL5N1SU2NS |
1Q 2018 GAAP diluted EPS of $0.91;1Q 2018 C&I adjusted EPS of $1.18
EVANSVILLE, Ind.--(BUSINESS WIRE)-- OneMain Holdings, Inc. (NYSE: OMF) today reported pretax income of $168 million and net income of $124 million for the first quarter of 2018, compared to $57 million and $33 million, respectively, in the prior year quarter. Earnings per diluted share were $0.91 in the first quarter of 2018, compared to $0.25 in the prior year quarter.
“Our first quarter 2018 financial performance reflected continued strength across all key fundamental drivers of our business,” said Jay Levine, President and CEO of OneMain Holdings, Inc. “We continued to grow finance receivables in a disciplined manner, prioritizing secured lending and appropriate risk-adjusted returns. In addition, credit performance remained strong and we continued to drive improvements in operating leverage. We are very well-positioned to achieve our 2018 strategic priorities.”
The following segment results are reported on a non-GAAP basis. Refer to the required reconciliations of non-GAAP to comparable GAAP measures at the end of this press release.
Consumer and Insurance Segment (“C&I”)
C&I generated adjusted pretax income of $211 million and adjusted net income of $160 million for the first quarter of 2018, compared to $163 million and $103 million, respectively, in the prior year quarter. Adjusted earnings per diluted share were $1.18 for the first quarter of 2018, compared to $0.76 in the prior year quarter.
Originations totaled $2.5 billion in the first quarter of 2018, up 40% from $1.8 billion in the prior year quarter. The percentage of secured originations was 44% in the first quarter of 2018, down from 48% in the prior year quarter.
Ending net finance receivables reached $14.9 billion at March 31, 2018, up 13% from $13.2 billion in the prior year quarter. Average net finance receivables were $14.9 billion in the first quarter of 2018, up 12% from $13.3 billion in the prior year quarter.
Secured receivables represented 43% of ending net finance receivables at March 31, 2018, up from 37% in the prior year quarter.
Interest income in the first quarter of 2018 was $873 million, up from $798 million in the prior year quarter, largely reflecting the impact of higher average receivables.
Yield was 23.8% in the first quarter of 2018, down from 24.4% in the prior year quarter, as an increasing mix of lower yielding Direct Auto loans was partially offset by ongoing pricing initiatives.
Provision for loan losses was $258 million in the first quarter of 2018, up from $239 million in the prior year quarter.
The 30-89 day delinquency ratio was 2.1% at March 31, 2018, down from 2.4% at December 31, 2017 and 2.2% at March 31, 2017.
The 90+ day delinquency ratio was 2.3% at March 31, 2018, consistent with 2.3% at both December 31, 2017 and March 31, 2017.
The net charge-off ratio was 7.2% in the first quarter of 2018, up from 6.4% in the fourth quarter of 2017, and down from 8.5% in the prior year quarter.
Acquisitions and Servicing Segment (“A&S”)
A&S generated adjusted pretax income of $1 million in the first quarter of 2018, consistent with $1 million of adjusted pretax income in the prior year quarter.
Other
During the first quarter of 2018, Other generated an adjusted pretax loss of $10 million, compared to an adjusted pretax loss of $7 million in the prior year quarter.
Funding, Capital and Liquidity
During the quarter ended March 31, 2018, the company issued $1.25 billion of unsecured debt at a cost of funds of 6.875%. In addition, the company issued $950 million of ABS, net of risk retention, at an average cost of funds of 3.74%. The company also redeemed $700 million of its outstanding 6.75% senior notes due 2019. At period end, the company had principal debt balances outstanding of $16.3 billion, 56% of which was secured and 44% of which was unsecured. On April 18, 2018, the company redeemed $400 million of its outstanding 7.25% senior notes due 2021.
As of March 31, 2018, the company had $1.8 billion of cash and cash equivalents, which included $201 million of cash and cash equivalents held at our regulated insurance subsidiaries or for other operating activities that is unavailable for general corporate purposes. The company had undrawn revolving conduit facilities of $4.9 billion and $4.8 billion of unencumbered consumer loans at March 31, 2018.
Use of Non-GAAP Financial Measures
We report the operating results of Consumer and Insurance, Acquisitions and Servicing, and Other using the Segment Accounting Basis, which (i) reflects our allocation methodologies for certain costs, primarily interest expense, loan loss reserves, and acquisition costs, to reflect the manner in which we assess our business results and (ii) excludes the impact of applying purchase accounting (eliminates premiums/discounts on our finance receivables and long-term debt at acquisition, as well as the amortization/accretion in future periods). Consumer and Insurance adjusted pretax income (loss), Consumer and Insurance adjusted net income (loss), Consumer and Insurance adjusted earnings (loss) per diluted share, Acquisitions and Servicing adjusted pretax income (loss), and Other adjusted pretax income (loss) are key performance measures used by management in evaluating the performance of our business. Consumer and Insurance adjusted pretax income (loss), Acquisitions and Servicing adjusted pretax income (loss), and Other adjusted pretax income (loss) represents income (loss) before income taxes on a Segment Accounting Basis and excludes acquisition-related transaction and integration expenses, net gain (loss) on sale of personal and real estate loans, net gain on sale of SpringCastle interests, SpringCastle transaction costs, losses resulting from repurchases and repayments of debt, debt refinance costs, net loss on liquidation of our United Kingdom subsidiary, and income attributable to non-controlling interests. Management believes these non-GAAP financial measures are useful in assessing the profitability of our segments and uses these non-GAAP financial measures in evaluating our operating performance and as a performance goal under the company’s executive compensation programs. These non-GAAP financial measures should be considered supplemental to, but not as a substitute for or superior to, income (loss) before income taxes, net income, or other measures of financial performance prepared in accordance with GAAP.
Conference Call & Webcast Information
OneMain management will host a conference call and webcast to discuss our first quarter 2018 results and other general matters at 8:00 am Eastern Time on Thursday, May 3, 2018. Both the call and webcast are open to the general public. The general public is invited to listen to the call by dialing 877-330-3668 (U.S. domestic) or 678-304-6859 (international), and using conference ID 1293017, or via a live audio webcast through the Investor Relations section of the website. For those unable to listen to the live broadcast, a replay will be available on our website, or by dialing 800-585-8367 (U.S. domestic) or 404-537-3406, and using conference ID 1293017, beginning approximately two hours after the event. The replay of the conference call will be available via audio webcast through August 4, 2018. An investor presentation will be available on the Investor Relations page of OneMain’s website at https://www.omf.com prior to the start of the conference call.
This document contains summarized information concerning OneMain Holdings, Inc. (the “Company”) and the Company’s business, operations, financial performance and trends. No representation is made that the information in this document is complete. For additional financial, statistical and business related information, as well as information regarding business and segment trends, see the Company's most recent Annual Report on Form 10-K (“Form 10-K”) and Quarterly Reports on Form 10-Q (“Form 10-Qs”) filed with the U.S. Securities and Exchange Commission (the “SEC”), as well as the Company’s other reports filed with the SEC from time to time. Such reports are or will be available in the Investor Relations section of the Company's website ( https://www.omf.com ) and the SEC's website ( https://www.sec.gov ).
Cautionary Note Regarding Forward-Looking Statements
This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but instead represent only management’s current beliefs regarding future events. By their nature, forward-looking statements involve inherent risks, uncertainties and other important factors that may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements. We caution you not to place undue reliance on these forward-looking statements that speak only as of the date they were made. We do not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events or the non-occurrence of anticipated events. Forward-looking statements include, without limitation, statements concerning future plans, objectives, goals, projections, strategies, events or performance, and underlying assumptions and other statements related thereto. Statements preceded by, followed by or that otherwise include the words “anticipates,” “appears,” “are likely,” “believes,” “estimates,” “expects,” “foresees,” “intends,” “plans,” “projects” and similar expressions or future or conditional verbs such as “would,” “should,” “could,” “may,” or “will,” are intended to identify forward-looking statements. Important factors that could cause actual results, performance or achievements to differ materially from those expressed in or implied by forward-looking statements include, without limitation, the following: the inability to obtain, or delays in obtaining, cost savings and synergies from the OneMain Acquisition and risks and other uncertainties associated with the integration of the companies; any litigation, fines or penalties that could arise relating to the OneMain Acquisition or the Apollo Transaction; the impact of the Apollo Transaction on our relationships with employees and third parties; various risks relating to our continued compliance with the previously disclosed Settlement Agreement with the U.S. Department of Justice; changes in general economic conditions, including the interest rate environment in which we conduct business and the financial markets through which we can access capital and also invest cash flows from our Consumer and Insurance segment; levels of unemployment and personal bankruptcies; natural or accidental events such as earthquakes, hurricanes, tornadoes, fires, or floods affecting our customers, collateral, or branches or other operating facilities; war, acts of terrorism, riots, civil disruption, pandemics, disruptions in the operation of our information systems, cyber-attacks or other security breaches, or other events disrupting business or commerce; changes in the rate at which we can collect or potentially sell our finance receivables portfolio; the effectiveness of our credit risk scoring models in assessing the risk of customer unwillingness or lack of capacity to repay; changes in our ability to attract and retain employees or key executives to support our businesses; changes in the competitive environment in which we operate, including the demand for our products, customer responsiveness to our distribution channels, our ability to make technological improvements, and the strength and ability of our competitors to operate independently or to enter into business combinations that result in a more attractive range of customer products or provide greater financial resources; risks related to the acquisition or sale of assets or businesses or the formation, termination or operation of joint ventures or other strategic alliances or arrangements, including loan delinquencies or net charge-offs, integration or migration issues, increased costs of servicing, incomplete records, and retention of customers; risks associated with our insurance operations, including insurance claims that exceed our expectations or insurance losses that exceed our reserves; the inability to successfully implement our growth strategy for our consumer lending business as well as various risks associated with successfully acquiring portfolios of consumer loans, pursuing acquisitions, and/or establishing joint ventures; declines in collateral values or increases in actual or projected delinquencies or net charge-offs; changes in federal, state or local laws, regulations, or regulatory policies and practices, including the Dodd-Frank Wall Street Reform and Consumer Protection Act (which, among other things, established the Consumer Financial Protection Bureau, which has broad authority to regulate and examine financial institutions, including us), that affect our ability to conduct business or the manner in which we conduct business, such as licensing requirements, pricing limitations or restrictions on the method of offering products, as well as changes that may result from increased regulatory scrutiny of the sub-prime lending industry, our use of third-party vendors and real estate loan servicing, or changes in corporate or individual income tax laws or regulations, including effects of the enactment of Public Law 115-97 amending the Internal Revenue Code of 1986; potential liability relating to real estate and personal loans which we have sold or may sell in the future, or relating to securitized loans, if it is determined that there was a non-curable breach of a representation or warranty made in connection with such transactions; the costs and effects of any actual or alleged violations of any federal, state or local laws, rules or regulations, including any litigation associated therewith, any impact to our business operations, reputation, financial position, results of operations or cash flows arising therefrom, any impact to our relationships with lenders, investors or other third parties attributable thereto, and the costs and effects of any breach of any representation, warranty or covenant under any of our contractual arrangements, including indentures or other financing arrangements or contracts, as a result of any such violation; the costs and effects of any fines, penalties, judgments, decrees, orders, inquiries, investigations, subpoenas, or enforcement or other proceedings of any governmental or quasi-governmental agency or authority and any litigation associated therewith; our continued ability to access the capital markets or the sufficiency of our current sources of funds to satisfy our cash flow requirements; our ability to comply with our debt covenants; our ability to generate sufficient cash to service all of our indebtedness; any material impairment or write-down of the value of our assets; the effects of any downgrade of our debt ratings by credit rating agencies, which could have a negative impact on our cost of and/or access to capital; our substantial indebtedness, which could prevent us from meeting our obligations under our debt instruments and limit our ability to react to changes in the economy or our industry, or our ability to incur additional borrowings; the impacts of our securitizations and borrowings; our ability to maintain sufficient capital levels in our regulated and unregulated subsidiaries; changes in accounting standards or tax policies and practices and the application of such new standards, policies and practices; changes in accounting principles and policies or changes in accounting estimates; effects of the acquisition of Fortress Investment Group LLC by an affiliate of SoftBank Group Corp.; effects, if any, of the contemplated acquisition by an investor group of shares of our common stock beneficially owned by Fortress Investment Group LLC and its affiliates; any failure or inability to achieve the SpringCastle Portfolio performance requirements set forth in the SpringCastle Interests Sale purchase agreement; the effect of future sales of our remaining portfolio of real estate loans and the transfer of servicing of these loans, including the environmental liability and costs for damage caused by hazardous waste if a real estate loan goes into default; and other risks and uncertainties described in the “Risk Factors” and “Management’s Discussion and Analysis” sections of the Company’s most recent Form 10-K and Form 10-Qs filed with the SEC and in the Company’s other filings with the SEC from time to time. The foregoing list of factors that could cause actual results, performance, or achievements to differ materially from those expressed in or implied by forward-looking statements does not purport to be complete and new factors, risks and uncertainties may arise in the future that are impossible for us to currently predict.
OneMain Holdings, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Quarter Ended (unaudited, $ in millions, expect per share amounts) 3/31/18 12/31/17 3/31/17 Finance charges $ 859 $ 854 $ 756 Finance receivables held for sale originated as held for investment 3 3 3 Total interest income 862 857 759 Interest expense (200 ) (204 ) (202 ) Provision for finance receivable losses (254 ) (231 ) (245 ) Net interest income after provision for finance receivable losses 408 422 312 Other revenues: Insurance 105 106 103 Investment 13 15 19 Other 19 25 19 Total other revenues 137 146 141 Other expenses: Operating expenses: Salaries and benefits (194 ) (195 ) (186 ) Acquisition-related transaction and integration expenses (10 ) (10 ) (23 ) Other operating expenses (128 ) (131 ) (142 ) Insurance policy benefits and claims (45 ) (45 ) (45 ) Total other expenses (377 ) (381 ) (396 ) Income before income taxes 168 187 57 Income tax expense (1) (44 ) (148 ) (24 ) Net income $ 124 $ 39 $ 33 Weighted average number of Diluted Shares 135.9 135.9 135.6 GAAP Diluted EPS $ 0.91 $ 0.29 $ 0.25 (1)
Includes one-time after-tax impact of tax reform in 4Q17 of $81 million.
OneMain Holdings, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) Quarter Ended (unaudited, $ in millions) 3/31/2018 12/31/2017 3/31/2017 Cash and cash equivalents $ 1,807 $ 987 $ 787 Investment securities 1,706 1,697 1,755 Net finance receivables: Personal loans 14,858 14,823 13,240 Other receivables (1) 129 134 148 Net finance receivables 14,987 14,957 13,388 Unearned insurance premium and claim reserves (585 ) (590 ) (558 ) Allowance for finance receivable losses (689 ) (697 ) (666 ) Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses
13,713 13,670 12,164 Finance receivables held for sale 126 132 148 Restricted cash and restricted cash equivalents 679 498 558 Goodwill 1,422 1,422 1,422 Other intangible assets 428 440 477 Other assets 586 587 662 Total assets $ 20,467 $ 19,433 $ 17,973 Long-term debt $ 15,898 $ 15,050 $ 13,679 Insurance claims and policyholder liabilities 728 737 749 Deferred and accrued taxes 72 45 8 Other liabilities 387 323 432 Total liabilities 17,085 16,155 14,868 Common stock 1 1 1 Additional paid-in capital 1,563 1,560 1,550 Accumulated other comprehensive income (loss) (12 ) 11 (2 ) Retained earnings 1,830 1,706 1,556 Total shareholders’ equity 3,382 3,278 3,105 Total liabilities and shareholders’ equity $ 20,467 $ 19,433 $ 17,973 (1)
Other Receivables consist of Real Estate and Retail Sales Finance, which were reported separately in prior periods.
OneMain Holdings, Inc. CONSOLIDATED KEY FINANCIAL METRICS (UNAUDITED) Quarter Ended (unaudited, $ in millions) 3/31/2018 12/31/2017 3/31/2017 Loans: Non-TDR Net Finance Receivables $ 14,582 $ 14,590 $ 13,178 TDR Net Finance Receivables 405 367 210 Total Net Finance Receivables $ 14,987 $ 14,957 $ 13,388 Average Net Receivables $ 14,986 $ 14,738 $ 13,513 Origination Volume 2,540 3,133 1,812 Allowance: Non-TDR Allowance $ 524 $ 550 $ 582 TDR Allowance 165 147 84 Total Allowance $ 689 $ 697 $ 666 Non-TDR Allowance Ratio 3.6 % 3.8 % 4.4 % TDR Allowance Ratio 40.7 % 39.9 % 40.2 % Total Allowance Ratio 4.6 % 4.7 % 5.0 % Gross Charge-Off $ 290 $ 256 $ 297 Recoveries (28 ) (24 ) (29 ) Net Charge-Off $ 262 $ 232 $ 268 Gross Charge-Off Ratio 7.9 % 6.9 % 8.9 % Recoveries (0.8 )% (0.7 )% (0.9 )% Net Charge-Off Ratio 7.1 % 6.2 % 8.0 % Delinquency: 30-89 Delinquency $ 317 $ 372 $ 296 30+ Delinquency 671 729 625 60+ Delinquency 490 517 453 90+ Delinquency 354 357 329 30-89 Delinquency Ratio 2.1 % 2.5 % 2.2 % 30+ Delinquency Ratio 4.5 % 4.9 % 4.7 % 60+ Delinquency Ratio 3.3 % 3.5 % 3.4 % 90+ Delinquency Ratio 2.4 % 2.4 % 2.5 % Note: Delinquency ratio is calculated as a percentage of net finance receivables. OneMain Holdings, Inc. BALANCE SHEET METRICS (UNAUDITED) Quarter Ended (unaudited, $ in millions) 3/31/2018 12/31/2017 3/31/2017 Liquidity Cash and cash equivalents $ 1,807 $ 987 $ 787 Unencumbered assets (1) 4,829 5,007 4,088 Undrawn conduit facilities 4,900 5,050 4,640 Total Assets $ 20,467 $ 19,433 $ 17,973 Less: Goodwill (1,422 ) (1,422 ) (1,422 ) Less: Other intangible assets (428 ) (440 ) (477 ) Tangible Managed Assets $ 18,617 $ 17,571 $ 16,074 Long-term debt $ 15,898 $ 15,050 $ 13,679 Less: Junior subordinated debt (172 ) (172 ) (172 ) Adjusted Debt $ 15,726 $ 14,878 $ 13,507 Total Shareholders' Equity $ 3,382 $ 3,278 $ 3,105 Less: Goodwill (1,422 ) (1,422 ) (1,422 ) Less: Other intangible assets (428 ) (440 ) (477 ) Plus: Junior subordinated debt 172 172 172 Adjusted Tangible Common Equity $ 1,704 $ 1,588 $ 1,378 Adjusted Debt to Adjusted Tangible Common Equity (Tangible Leverage) 9.2x 9.4x 9.8x Adjusted Tangible Common Equity to Tangible Managed Assets 9.2 % 9.0 % 8.6 % (1)
Personal loans not pledged as collateral on existing securitizations.
OneMain Holdings, Inc. CONSOLIDATED RETURN ON RECEIVABLES Quarter Ended (unaudited, $ in millions) 3/31/18 12/31/17 3/31/17 Revenue (1) 25.5 % 26.0 % 25.3 % Net Charge-Off (7.1 )% (6.2 )% (8.0 )% Risk Adjusted Margin 18.4 % 19.8 % 17.3 % Operating Expenses (8.9 )% (9.1 )% (10.4 )% Unlevered RoR 9.5 % 10.7 % 6.9 % Interest Expense (5.3 )% (5.5 )% (6.0 )% Income Tax Expense (1.2 )% (4.0 )% (0.7 )% Return on Receivables (2) 3.3 % 1.1 % 1.0 % Note: All ratios are based on Consolidated GAAP results as a percentage of average net finance receivables held for investment. (1)
Revenue includes interest income on finance receivables plus other revenues less insurance policy benefits and claims.
(2)
Return on receivables includes the change in allowance impact, net of tax.
OneMain Holdings, Inc. CONSUMER AND INSURANCE SEGMENT (Non-GAAP) Quarter Ended (unaudited, $ in millions) 3/31/2018 12/31/2017 3/31/2017 Finance charges $ 873 $ 875 $ 798 Finance receivables held for sale — — — Total interest income 873 875 798 Interest expense (194 ) (195 ) (186 ) Provision for finance receivable losses (258 ) (245 ) (239 ) Net interest income after provision for finance receivable losses 421 435 373 Insurance 105 106 103 Investment 14 18 25 Other 14 14 10 Total other revenues 133 138 138 Operating expenses (298 ) (299 ) (303 ) Insurance policy benefits and claims (45 ) (45 ) (45 ) Total other expenses (343 ) (344 ) (348 ) Adjusted pretax income (non-GAAP) 211 229 163 Income taxes (1) (51 ) (85 ) (60 ) Adjusted net income (non-GAAP) $ 160 $ 144 $ 103 Weighted average number of Diluted Shares 135.9 135.9 135.6 C&I Adjusted Diluted EPS (2) $ 1.18 $ 1.06 $ 0.76 (1)
Income taxes assume a 37% statutory tax rate for 2017 periods and 24% for 2018 periods.
(2)
C&I adjusted diluted EPS is calculated as the adjusted net income (non-GAAP) divided by the weighted average number of diluted shares outstanding.
OneMain Holdings, Inc. CONSUMER AND INSURANCE SEGMENT - CREDIT METRICS (Non-GAAP) Quarter Ended (unaudited, $ in millions) 3/31/2018 12/31/2017 3/31/2017 Loans: Non-TDR Net Finance Receivables $ 14,370 $ 14,339 $ 12,758 TDR Net Finance Receivables 500 481 399 Total Net Finance Receivables $ 14,870 $ 14,820 $ 13,157 Average Net Receivables $ 14,860 $ 14,589 $ 13,261 Origination Volume 2,540 3,133 1,812 Allowance: Non-TDR Allowance $ 514 $ 533 $ 548 TDR Allowance 204 191 146 Total Allowance (1) $ 718 $ 724 $ 694 Non-TDR Allowance Ratio 3.6 % 3.7 % 4.3 % TDR Allowance Ratio 40.8 % 39.7 % 36.6 % Total Allowance Ratio 4.8 % 4.9 % 5.3 % Gross Charge-Off $ 297 $ 264 $ 313 Recoveries (33 ) (28 ) (36 ) Net Charge-Off $ 264 $ 236 $ 277 Gross Charge-Off Ratio 8.1 % 7.2 % 9.6 % Recoveries (0.9 )% (0.8 )% (1.1 )% Net Charge-Off Ratio 7.2 % 6.4 % 8.5 % Delinquency: 30-89 Delinquency $ 310 $ 362 $ 284 30+ Delinquency 648 701 586 60+ Delinquency 473 496 422 90+ Delinquency 338 339 302 30-89 Delinquency Ratio 2.1 % 2.4 % 2.2 % 30+ Delinquency Ratio 4.4 % 4.7 % 4.5 % 60+ Delinquency Ratio 3.2 % 3.4 % 3.2 % 90+ Delinquency Ratio 2.3 % 2.3 % 2.3 % Note: Consumer & Insurance financial information is presented on an adjusted Segment Accounting Basis. Delinquency ratios are calculated as a percentage of net finance receivables. All ratios are shown as a percentage of C&I average net finance receivables held for investment. (1)
For allowance for finance receivables loss reconciliation to GAAP, see page 16.
OneMain Holdings, Inc. CONSUMER & INSURANCE SEGMENT METRICS (Non-GAAP) Quarter Ended (unaudited, $ in millions) 3/31/18 12/31/17 3/31/17 Revenue (1) 25.9 % 26.5 % 26.8 % Net Charge-Off (7.2 )% (6.4 )% (8.5 )% Risk Adjusted Margin 18.7 % 20.1 % 18.3 % Operating Expenses (8.0 )% (8.2 )% (9.1 )% Unlevered RoR 10.7 % 11.9 % 9.2 % Interest Expense (5.2 )% (5.3 )% (5.6 )% Provision for Income Taxes (2) (1.4 )% (2.4 )% (1.4 )% Return on Receivables (3) 4.3 % 4.0 % 3.1 % Note: Consumer & Insurance financial information is presented on an adjusted Segment Accounting Basis. All ratios are shown as a percentage of C&I average net finance receivables held for investment. (1)
Revenue includes interest income on finance receivables plus other revenues less insurance policy benefits and claims.
(2)
Income taxes assume a 37% statutory tax rate for 2017 and 24% for 2018.
(3)
Return on receivables includes the change in allowance impact, net of tax.
OneMain Holdings, Inc. ACQUISITIONS AND SERVICING SEGMENT (Non-GAAP) Quarter Ended (unaudited, $ in millions) 3/31/2018 12/31/2017 3/31/2017 Portfolio Servicing Fees from SpringCastle $ 9 $ 10 $ 10 Other — — 2 Total Other Revenues 9 10 12 Operating Expenses (8 ) (10 ) (11 ) Total Other Expenses (8 ) (10 ) (11 ) Adjusted Pretax Income (non-GAAP) $ 1 $ — $ 1 Note: Acquisitions & Servicing results are presented on an adjusted Segment Accounting Basis. OneMain Holdings, Inc. OTHER (Non-GAAP) Quarter Ended (unaudited, $ in millions) 3/31/2018 12/31/2017 3/31/2017 Finance Charges $ 3 $ 3 $ 4 Finance Receivables Held for Sale 2 2 2 Total Interest Income 5 5 6 Interest Expense (5 ) (5 ) (6 ) Provision for Finance Receivable Losses 2 — (1 ) Net Interest Income after Provision for finance receivable losses 2 — (1 ) Other (2 ) 3 — Total Other Revenues (2 ) 3 — Operating Expenses (10 ) (10 ) (6 ) Total Other Expenses (10 ) (10 ) (6 ) Adjusted Pretax Income (non-GAAP) $ (10 ) $ (7 ) $ (7 ) Net Finance Receivables held for investment: Personal Loans $ — $ — $ 6 Other Receivables 136 142 158 Total Net Finance Receivables held for investment $ 136 $ 142 $ 164 Net Finance Receivables held for sale $ 133 $ 138 $ 151 Note: Other is presented on an adjusted Segment Accounting Basis. Effective 1Q17, Real Estate segment was combined with "Other." Effective 1Q18, Retail Sales Finance and Real Estate receivables were combined with "Other Receivables." Prior periods have been revised to conform to the new presentation. OneMain Holdings, Inc. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Non-GAAP) Quarter Ended (unaudited, $ in millions) 3/31/18 12/31/17 3/31/17 Consumer & Insurance $ 174 $ 219 $ 142 Acquisitions & Servicing 1 — 1 Other (10 ) (7 ) (13 ) Segment to GAAP Adjustment 3 (25 ) (73 ) Income Before Income Taxes - GAAP basis $ 168 $ 187 $ 57 Pretax Income - Segment Accounting Basis $ 174 $ 219 $ 142 Net Loss on Repurchases and Repayments of Debt 27 — 1 Acquisition-Related Transaction and Integration Expenses 10 10 20 Consumer & Insurance Adjusted Pretax Income (non-GAAP) $ 211 $ 229 $ 163 Pretax Income - Segment Accounting Basis 1 — 1 Adjustments — — — Acquisitions & Servicing Adjusted Pretax Income (non-GAAP) $ 1 $ — $ 1 Pretax Loss - Segment Accounting Basis $ (10 ) $ (7 ) $ (13 ) Acquisition-Related Transaction and Integration Expenses — — 6 Other Adjusted Pretax Loss (non-GAAP) $ (10 ) $ (7 ) $ (7 ) OneMain Holdings, Inc. RECONCILIATION OF KEY SEGMENT METRICS (Non-GAAP)
Quarter Ended (unaudited, $ in millions) 3/31/18 12/31/17 3/31/17 Consumer & Insurance $ 14,870 $ 14,820 $ 13,157 Acquisition & Servicing — — — Other 136 142 164 Segment to GAAP Adjustment (19 ) (5 ) 67 Net Finance Receivables Held for Investment - GAAP basis $ 14,987 $ 14,957 $ 13,388 Consumer & Insurance $ 718 $ 724 $ 694 Acquisition & Servicing — — — Other 32 35 30 Segment to GAAP Adjustment (61 ) (62 ) (58 ) Allowance for Finance Receivable Losses - GAAP basis $ 689 $ 697 $ 666 Consumer & Insurance $ 15,856 $ 14,974 $ 13,601 Acquisition & Servicing — — — Other 269 280 314 Segment to GAAP Adjustment (227 ) (204 ) (236 ) Long-Term Debt - GAAP basis $ 15,898 $ 15,050 $ 13,679
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006307/en/
OneMain Holdings, Inc.
Kathryn Miller, 475-619-8821
[email protected]
Source: OneMain Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-onemain-holdings-inc-reports-first-quarter-2018-results.html |
MONTREAL, May 02, 2018 (GLOBE NEWSWIRE) -- Niobay Metals Inc. (“NioBay” or the “Company”) (TSX-V:NBY) is pleased to announce the appointment of Ms. Dawn Madahbee Leach to the Board of Directors of the Company.
Dawn Madahbee Leach, General Manager of Waubetek Business Development Corporation since 1988, graduated from the University of Waterloo’s Economic Development Program and holds a degree in Political Science and Law from York and Laurentian Universities. Ms. Madahbee Leach has background experience in program development and management in the public sector, gained her business experience through operating a small retail outlet in her home community of Aundeck Omni Kaning First Nation for 12 years and through private consulting with First Nation communities. She currently serves on the boards of Peace Hills Trust, the Northern Policy Institute and is the Vice-Chair of the National Indigenous Economic Development Board. She also served on the boards of the North-East Local Health Integration Network, the Ontario Development Corporation and Innovations Ontario and was the former Chairperson of the Northern Ontario Development Corporation. She also participates on several Federal and Provincial economic advisory committees.
"We are delighted that Dawn is joining the Board of Niobay, bringing new skills, ideas and experience with First Nations to the Board”, said Claude Dufresne, President and CEO of Niobay.
With this appointment, the Board of Niobay is now composed of six directors namely, Jacques Bonneau, Jean-Sébastien David, Claude Dufresne, Raymond Legault, Serge Savard and Dawn Madahbee Leach.
The Company also announces that it has approved the grant of an option to the new director to acquire 150,000 common shares of the Company pursuant to the Company’s stock option plan. The options are exercisable for a period of five years at an exercise price of $0.25 and will be vesting over a period of two years.
The appointment of Ms. Dawn Madahbee Leach as well as the grant of stock options are subject to regulatory approval.
About NioBay Metals Inc.
NioBay Metals Inc. is a mining exploration company holding a 100% interest in the James Bay Niobium property in Ontario, Canada. In addition, NioBay holds an option to acquire an interest of up to 65% in the La Peltrie gold project in northern Quebec, a 49% direct participation in certain mineral titles located in the Chibougamau region, Quebec, under a joint venture agreement with SOQUEM, and a 72.5% interest in the Crevier niobium and tantalum project, located in Quebec.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
For more information, contact:
Claude Dufresne, P.Eng.
President & CEO
NioBay Metals Inc.
Tel.: 514 866-6500, Ext. 2221
Email: [email protected]
Website: www.niobaymetals.com
Source: Les Métaux Niobay inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-niobay-metals-announces-the-appointment-of-a-new-director-and-a-grant-of-stock-options.html |
Klopp says Salah doubt for World Cup, Egypt more hopeful 20
Liverpool and Egypt star striker Mohamed Salah's World Cup prospects hang in the balance after an injury cut short his Champions League final appearance.
Liverpool and Egypt star striker Mohamed Salah's World Cup prospects hang in the balance after an injury cut short his Champions League final appearance. //reut.rs/2GUORdp | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/27/klopp-says-salah-doubt-for-world-cup-egy?videoId=430679353 |
May 11, 2018 / 5:56 PM / in 12 minutes New York state's pension investment chief to retire -comptroller Hilary Russ 2 Min Read
NEW YORK, May 11 (Reuters) - The chief investment officer of New York State’s $209 billion public pension system will retire this summer, State Comptroller Thomas DiNapoli said on Friday.
Vicki Fuller will end her six-year tenure at the New York State Common Retirement Fund, the third-largest public pension fund in the United States.
Fuller, who manages the fund’s day-to-day operations and investments as CIO, has not yet provided an exact date when she will leave, spokeswoman Jennifer Freeman said.
Determining who will take over the CIO role is under discussion, Freeman said. Fuller was hired in August 2012 after an executive search.
Unlike some other states’ public retirement systems, New York’s pension is well-funded. The two main systems that comprise the fund were nearly 95 percent and 94 percent funded as of March 2017, according to the most recent annual financial report.
Under Fuller’s tenure, the New York’s system has “led the nation as one of the best managed public pension funds,” DiNapoli said in a statement.
It has had an average annual growth rate of more than 8.75 percent, he said.
“Vicki’s creative and strong leadership leaves us with an excellent management team and increased operating efficiencies,” he said, noting that she had helped integrate environmental, social and governance factors into the state’s investment process.
Fuller said in the statement that her colleagues at the fund “have been an inspiration and an extraordinarily dedicated team of talented and genuinely nice people.”
She said there were several goals she wanted to pursue but did not elaborate. (Reporting by Hilary Russ; Editing by Daniel Bases and Dan Grebler) | ashraq/financial-news-articles | https://www.reuters.com/article/new-york-pensions/new-york-states-pension-investment-chief-to-retire-comptroller-idUSL1N1SI1BT |
Fire forces Ford to halt F-150 truck production Thursday, May 10, 2018 - 01:52
Ford is working with a key supplier to shift some production after a fire and subsequent parts shortage forced the automaker to halt manufacturing of its highly-profitable pickups.
Ford is working with a key supplier to shift some production after a fire and subsequent parts shortage forced the automaker to halt manufacturing of its highly-profitable pickups. //reut.rs/2KMgxEm | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/09/fire-forces-ford-to-halt-f-150-truck-pro?videoId=425400426 |
May 23, 2018 / 6:29 PM / Updated 7 minutes ago Venezuela election runner-up to formally challenge result Reuters Staff 3 Min Read
CARACAS (Reuters) - The runner-up in Venezuela’s election, which was widely condemned by other countries as undemocratic, will formally challenge his loss to President Nicolas Maduro after refusing to recognize the result, his campaign said on Wednesday. Ballots are counted on a table at a polling station during the presidential election in Caracas, Venezuela, May 20, 2018. REUTERS/Marco Bello
The head of Henri Falcon’s campaign, Claudio Fermin, told a news conference that given reports of hundreds of irregularities in Sunday’s voting, they would challenge the results before the national electoral board during the next 20 days.
“There is a whole collection of irregularities,” Fermin said.
Electoral board chief Tibisay Lucena, who is on individual U.S. and European Union sanctions lists, has already said Falcon’s allegations of voter fraud lacked evidence.
The United States, European Union and most major Latin American nations have all said the election, which Maduro won easily, did not meet democratic standards. Venezuela’s mainstream opposition boycotted the election because two of its most popular leaders were barred, authorities had banned several political parties, and the election board is run by Maduro loyalists.
Maduro, the 55-year-old successor to late leftist leader Hugo Chavez, hailed his win, with 68 percent of the vote, as a victory against “imperialism.”
Fermin said the government had failed to comply with the electoral board’s requirement that so-called “red points,” set up by Maduro’s government to register which Venezuelans receiving state aid had voted, be at least 200 meters from polling centers.
Some red points were as close as 5 meters from voting centers, he said. Reuters witnesses on Sunday saw red points set up even inside some voting centers.
Fermin also said in some voting centers Falcon’s observers were barred from entering and other centers stayed open later than 6 p.m., when they were required to close. Still, turnout was under 50 percent, well below the 80 percent reached in previous elections.
In response to Maduro’s re-election, U.S. President Donald Trump on Monday ramped up sanctions against OPEC member Venezuela, which is mired in an economic crisis that has led to shortages of basic goods. Maduro on Tuesday ordered the expulsion of two top U.S. diplomats in Caracas in retaliation.
The expulsions would be “met with a swift response” from Washington, U.S. Vice President Mike Pence said on Wednesday, although he gave no details. Reporting by Luc Cohen and Andreina Aponte; writing by Angus Berwick; editing by Grant McCool | ashraq/financial-news-articles | https://www.reuters.com/article/us-venezuela-election/venezuela-election-runner-up-to-formally-challenge-result-idUSKCN1IO2YM |
London to host two MLB matches in 2019 10:28am BST - 01:05
London's mayor says Major League Baseball is bringing the ''two jewels in its crown'' to the UK
London's mayor says Major League Baseball is bringing the "two jewels in its crown" to the UK //reut.rs/2KIbTY5 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/09/london-to-host-two-mlb-matches-in-2019?videoId=425183461 |
May 21 (Reuters) - M&T Bank Corp:
* M&T BANK CORPORATION ELECTS KEVIN J. PEARSON TO BOARD OF DIRECTORS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mt-bank-corporation-elects-kevin-p/brief-mt-bank-corporation-elects-kevin-pearson-to-board-of-directors-idUSASC0A343 |
May 29, 2018 / 12:44 AM / Updated 21 minutes ago Two journalists killed on the job by falling tree in North Carolina Reuters Staff 2 Min Read
(This version of the May 28 story corrects headline, paragraph one to make clear North Carolina was site of accident.)
(Reuters) - A television news anchor and a camera operator were killed on Monday when a tree in North Carolina fell on their vehicle as they were covering the effects of a rainstorm in Polk County, officials said.
WYFF News anchor Mike McCormick and photojournalist Aaron Smeltzer of the NBC affiliate in Greenville, South Carolina, died after the tree hit their sport utility vehicle on a highway, the station reported.
Tryon Fire Chief Geoffrey Tennant said he had just given an interview to McCormick when, minutes later, he received a call about the incident. He arrived to discover the victims were the two men he had just met.
“It personally affected me a little bit because I had done an interview with Mr. McCormick about 10 minutes before we got the call, and we had talked a little bit about how he wanted us to stay safe and how we wanted him to stay safe,” Tennant told reporters.
The ground was saturated from the rain, and a large tree about 3 feet (1 m) in diameter fell on the journalists’ SUV, apparently as it was driving along Highway 176, Tennant said. When first responders arrived, the engine was running and the transmission was in drive, Tennant said.
“It is a freak of nature,” Tennant said. “I think it was a matter of the tree root system had failed and the tree came down.”
McCormick had been with the station since 2007, first as a reporter and later as anchor of two Sunday broadcasts, WYFF said. Smeltzer joined the station in February of this year. Both were born in 1982.
Polk County is about 90 miles (145 km) west of Charlotte. Reporting by Daniel Trotta in New York; Editing by Peter Cooney and David Goodman | ashraq/financial-news-articles | https://www.reuters.com/article/us-north-carolina-journalists/two-north-carolina-journalists-killed-on-the-job-by-falling-tree-idUSKCN1IU01N |
nuclear deal@
* Pullout would stoke Middle East strains
* Iranians fear fresh U.S. sanctions, rial slumps
* Critics say Trump pullout would hit N.Korea talks
* End of deal would remove tough nuclear inspection regime (Adds Netanyahu, Bagheri, IAEA, North Korea)
WASHINGTON, May 8 (Reuters) - U.S. President Donald Trump will announce on Tuesday whether he will pull out of the Iran nuclear deal or stay in and work with European allies who have struggled to persuade him that it has halted Iran's nuclear ambitions.
Trump has consistently threatened to pull out of the 2015 agreement because it does not address Iran's ballistic missile program or its role in wars in Syria and Yemen, and does not permanently prevent Tehran from developing nuclear weapons.
European leaders have warned that a U.S. withdrawal would undo years of work that led to and sustained a landmark deal that has kept nuclear weapons out of Iran's hands
But a senior French official doubted Trump had taken heed of European concerns.
"I think in Washington it was quite clear the president was convinced that Trump was heading to a negative decision so we have been preparing more aggressively the hypotheses of a partial or total pullout", the official said.
Two other European officials also said they expected Trump to pull out of the accord.
Such a move could ratchet up tensions in a region riven with interrelated wars, including the multi-layered conflict in Syria where Iran's presence has brought it into conflict with Israel.
Reflecting those strains, Iran's Armed Forces Chief Major General Mohammad Bagheri said Iran's military power would defuse any threat to Tehran, while accused Iran of deploying "very dangerous weapons" in Syria to threaten Israel.
A decision to quit the deal could also rattle oil markets due to Iran's role as a major exporter, and critics say it could also harm Trump's efforts to reach a deal in nuclear talks with North Korea, a prospect he has dismissed.
"This deal ... is a factor of peace and stabilisation in a very eruptive region," French Defence Minister Florence Parly told RTL radio.
Trump, in a tweet on Monday, said he would make the announcement at 2 p.m. (1800 GMT) on Tuesday.
Iran suggested its economy would not be hurt whatever happened, but its rial was near record lows against the dollar in the free market as Iranians tried to buy hard currency, fearing financial turmoil if Trump quits the deal.
"We are prepared for all scenarios. If America pulls out of the deal, our economy will not be impacted," central bank chief Valiollah Seif said on state television.
'STAND ON OUR OWN FEET'
"One man in one country might create some problems for us for a few months, but we will overcome those problems," President Hassan Rouhani said. "If we are under sanctions or not, we should stand on our own feet."
A senior U.S. official close to the process said France, Germany and Britain had moved significantly to address Trump's concerns over the ballistic missile program, the terms under which international inspectors visit suspect Iranian sites and "sunset" clauses under which some terms of the deal expire.
The deal, negotiated during the administration of Trump's Democratic predecessor, Barack Obama, eased economic sanctions on Iran in exchange for Tehran limiting its nuclear program.
Trump has called it the "worst deal ever negotiated" and he wants Britain, France and Germany - which also signed the pact along with Russia and China - to toughen up the terms.
In the past few weeks, Trump has consulted with leaders of all three countries. Still, European diplomats privately said they expected Trump to leave the agreement.
Two White House officials and a source familiar with the debate inside the administration said last week Trump had all but decided to pull out.
Under the deal, known as the Joint Comprehensive Plan of Action (JCPOA), the United States committed to ease a series of U.S. sanctions on Iran and it has done so under "waivers" that effectively suspend them.
WAIVERS
International Atomic Energy Agency (IAEA) chief Yukiya Amano has said in Iran his agency had the world's most robust nuclear verification regime. If the deal were to fail it would be "a great loss".
Trump has until Saturday to decide whether to extend the waivers or withdraw and reintroduce sanctions related to Iran's central bank and Iranian oil exports.
That would dissuade foreign companies from doing business with Iran because they could be subject to U.S. penalties.
Rouhani suggested on Monday that Iran might remain in the nuclear deal even if Trump abandons it and imposes sanctions. But he also warned that Tehran would fiercely resist U.S. efforts to limit its influence in the Middle East.
The Kremlin said on Tuesday a U.S. withdrawal from the nuclear deal would have harmful consequences.
Israel is widely believed to be the only nuclear-armed state in the Middle East, although it neither confirms nor denies possessing atomic weapons.
Financial markets are watching Trump's decision closely. On Tuesday, oil retreated from 3-1/2 year highs as investors waited for Trump's statement.
(Additional reporting by Arshad Mohammed in Washington, Sybille de La Hamaide and John Irish in Paris, Parisa Hafezi in Ankara, Bozorgmehr Sharafedin in London, Andrew Torchia in Dubai, Writing by William Maclean, Editing by Janet Lawrence) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/reuters-america-wrapup-3-trump-to-reveal-iran-decision-europeans-doubt-he-will-stick-with-nuclear-deal.html |
TOLEDO, Ohio, May 1, 2018 /PRNewswire/ -- Libbey Inc. (NYSE American: LBY) , one of the world's largest glass tableware manufacturers, today reported results for the first quarter ended March 31, 2018.
First Quarter Financial & Operating Highlights
Net sales in the first quarter of 2018 were $181.9 million, compared to $173.0 million in the prior-year, a 5.2 percent increase (or an increase of 1.4 percent, excluding a $6.5 million currency impact). Net loss in the first quarter of 2018 was $3.0 million, compared to a net loss of $6.6 million in the first quarter of 2017. Adjusted EBITDA (see Table 1) in the first quarter of 2018 was $11.9 million, compared to $6.2 million in the first quarter of 2017, a 91.2 percent increase compared to the prior-year first quarter.
"We started fiscal-year 2018 on a positive note by building upon our momentum from the fourth quarter," said Chief Executive Officer William Foley. "We are encouraged by the strong performances from our Latin America and EMEA segments, and the contributions from new product introductions and our e-commerce platform. Our ongoing initiatives to help improve profitability are paying off, as evidenced by an increase in Adjusted EBITDA of more than 90 percent during the first quarter. We expect to see a continuation of these positive trends in the business throughout the remainder of the year and, as a result, we remain confident in our previously provided full-year net sales and Adjusted EBITDA outlook."
Three months ended March 31,
(dollars in thousands)
Net Sales
Increase/(Decrease)
Currency Effects
Constant
Currency
Sales
Growth
(Decline)
2018
2017
$ Change
% Change
U.S. & Canada
$
107,941
$
109,329
$
(1,388)
(1.3)
%
$
49
(1.3)
%
Latin America
34,333
30,722
3,611
11.8
%
1,807
5.9
%
EMEA
32,248
25,331
6,917
27.3
%
4,087
11.2
%
Other
7,391
7,612
(221)
(2.9)
%
521
(9.7)
%
Consolidated
$
181,913
$
172,994
$
8,919
5.2
%
$
6,464
1.4
%
Net sales in the U.S. and Canada segment decreased 1.3 percent, driven by unfavorable product mix sold in the business-to-business and foodservice channels and unfavorable channel mix in the segment, partially offset by favorable volume. In Latin America, net sales increased 11.8 percent (an increase of 5.9 percent excluding currency fluctuation) as a result of higher volume, pricing and a favorable currency impact, partially offset by unfavorable product mix in the business-to-business channel and unfavorable channel mix. Net sales in the EMEA segment were favorably impacted by currency, higher volume and favorable price and product mix on product sold across all channels. Net sales in Other were down primarily as a result of lower sales volume in China, partially offset by favorable price and product mix. The Company's effective tax rate was 41.3 percent for the first quarter of 2018, compared to 32.9 percent in the prior-year quarter. Our tax provision for the first quarter was not materially affected by U.S. tax reform due to changes such as GILTI (Global Intangible Low Taxed Income) and restrictions on the deductibility of certain expenses that partially offset the tax rate reduction. In addition, the relative weight of U.S. versus non-U.S. income during the quarter diluted the impact of U.S. tax reform on our consolidated tax rate. The increased effective tax rate in 2018 was primarily driven by the timing and mix of pretax income earned in the non-U.S. tax jurisdictions with varying effective tax rates.
Balance Sheet and Liquidity
The Company had remaining available capacity of $61.8 million under its ABL credit facility at March 31, 2018, with $30.2 million in loans outstanding and cash on hand of $25.7 million. At March 31, 2018, Trade Working Capital (see Table 3), defined as inventories and accounts receivable less accounts payable, was $215.9 million, an increase of $27.6 million from $188.3 million at March 31, 2017. The increase was primarily a result of higher inventories and higher accounts receivable, partially offset by higher accounts payable. Inventories are higher versus the prior year in support of an anticipated second quarter furnace rebuild and lower inventory at March 31, 2017, as a result of the labor strike in Toledo during late 2016. $5.7 million of the increase in Trade Working Capital was attributable to the effect of currency.
Outlook
Today the Company affirmed its previously provided full-year 2018 outlook, with expected Adjusted EBITDA margins (see Table 6) within the 10 percent to 11 percent range. The Company still expects:
Net sales increase in the low-single digits, compared to full-year 2017, on a reported basis Capital expenditures in the range of $50 million to $55 million Selling, general and administrative expense around 17 percent of net sales
For the first half of 2018, the Company affirmed the following:
Net sales increase in the low-single digits, when compared to the first half of 2017, on a reported basis Adjusted EBITDA margins of 8.5 percent to 9.5 percent (see Table 6)
Jim Burmeister, vice president, chief financial officer, commented, "We're continuing to invest in the important strategic areas of our business while maintaining the competitive strength of our balance sheet. Debt reduction remains a priority for excess cash flow over the near-term horizon, and improving financial performance throughout the year should enable us to pursue this objective."
New Accounting Standards Adopted
On January 1, 2018, the Company adopted three Accounting Standard Updates (ASUs) with the following impacts:
ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. - Prior to January 1, 2018, our derivatives used to reduce economic volatility of natural gas prices in Mexico were not designated as cash flow hedges, and all mark-to-market changes on these derivatives were reflected in other income (expense). Under the new guidance in ASU 2017-12, we are now applying contractually specified component hedging to all of our natural gas hedges, including those in Mexico. As of our January 1, 2018 adoption, we recorded a $0.3 million reduction to our retained deficit and an increase in accumulated other comprehensive loss related to our natural gas swap contracts in Mexico. On a prospective basis beginning January 1, 2018, the change in fair value of these derivatives is recognized in other comprehensive income (loss), rather than other income (expense), within the Condensed Consolidated Statement of Operations. Results for prior reporting periods are not adjusted and continue to be reported in accordance with our previous accounting. ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost. - We retrospectively adopted the presentation that only the service cost component of pension and post-retirement benefit costs be reported within income from operations. The other components of net benefit cost (interest costs, expected return on assets, amortization of prior service costs, settlement charges and other costs) have been reclassified from cost of sales and selling, general and administrative expenses to other income (expense) for the three months ended March 31, 2017. The effect of the retrospective presentation change related to the net periodic pension and non-pension benefit costs had no impact on previously reported net income (loss), Segment EBIT or Adjusted EBITDA. ASU 2014-09, Revenue From Contracts With Customers and all related amendments. - There was no cumulative effect adjustment required at adoption on January 1, 2018, and we expect the impact of the adoption of the new standard to be immaterial to our Condensed Consolidated Statement of Operations on an ongoing basis. Additionally, there was no impact to our Condensed Consolidated Balance Sheets.
Webcast Information
Libbey will hold a conference call for investors on Tuesday, May 1, 2018, at 11 a.m. Eastern Daylight Time. The conference call will be webcast live on the Internet and is accessible from the Investor Relations section of www.libbey.com . To listen to the call, please go to the website at least 10 minutes early to register, download and install any necessary software.
About Libbey Inc.
Based in Toledo, Ohio, Libbey Inc. is one of the largest glass tableware manufacturers in the world. Libbey Inc. operates manufacturing plants in the U.S., Mexico, China, Portugal and the Netherlands. In existence since 1818, the Company supplies tabletop products to retail, foodservice and business-to-business customers in over 100 countries. Libbey's global brand portfolio, in addition to its namesake brand, includes Libbey Signature ® , Master's Reserve ® , Crisa ® , Royal Leerdam ® , World ® Tableware, Syracuse ® China, and Crisal Glass ® . In 2017, Libbey Inc.'s net sales totaled $781.8 million. Additional information is available at www.libbey.com .
Use of Non-GAAP Financial Measures
To supplement the condensed financial statements presented in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP), we use non-GAAP measures of certain components of financial performance. These non-GAAP measures include Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Trade Working Capital, Adjusted Selling, General & Administrative Expense (Adjusted SG&A), Adjusted SG&A Margin and our Debt Net of Cash to Adjusted EBITDA Ratio. Reconciliations to the nearest U.S. GAAP measures of all non-GAAP measures included in this press release can be found in the tables below.
Our non-GAAP measures, as defined below, are used by analysts, investors and other interested parties to compare our performance with the performance of other companies that report similar non-GAAP measures. Libbey believes these non-GAAP measures provide meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of core business operating results. We believe the non-GAAP measures, when viewed in conjunction with U.S. GAAP results and the accompanying reconciliations, enhance the comparability of results against prior periods and allow for additional transparency of financial results and business outlook. In addition, we use non-GAAP data internally to assess performance and facilitate management's internal comparison of our financial performance to that of prior periods, as well as trend analysis for budgeting and planning purposes. The presentation of our non-GAAP measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Furthermore, our non-GAAP measures may not be comparable to similarly titled measures reported by other companies and may have limitations as an analytical tool. We define our non-GAAP measures as follows:
We define Adjusted EBITDA and Adjusted EBITDA Margin as U.S. GAAP net income (loss) plus interest expense, provision for income taxes, depreciation and amortization, and special items, when applicable, that Libbey believes are not reflective of our core operating performance. We define Trade Working Capital as net accounts receivable plus net inventories less accounts payable. We define Adjusted SG&A and Adjusted SG&A Margin as U.S. GAAP selling, general and administrative expenses less special items that Libbey believes are not reflective of our core operating performance. We define our Debt Net of Cash to Adjusted EBITDA Ratio as gross debt before unamortized discount and finance fees, less cash and cash equivalents, divided by Adjusted EBITDA (defined above).
Constant Currency
We translate revenue and expense accounts in our non-U.S. operations at current average exchange rates during the year. References to "constant currency," "excluding currency impact" and "adjusted for currency" are considered non-GAAP measures. Constant currency references regarding net sales reflect a simple mathematical translation of local currency results using the comparable prior period's currency conversion rate. Constant currency references regarding Adjusted EBITDA and Adjusted EBITDA Margin comprise a simple mathematical translation of local currency results using the comparable prior period's currency conversion rate plus the transactional impact of changes in exchange rates from revenues, expenses and assets and liabilities that are denominated in a currency other than the functional currency. We believe this non-GAAP constant currency information provides valuable supplemental information regarding our core operating results, better identifies operating trends that may otherwise be masked or distorted by exchange rate changes and provides a higher degree of transparency of information used by management in its evaluation of our ongoing operations. These non-GAAP measures should be viewed in addition to, and not as an alternative to, the reported results prepared in accordance with U.S. GAAP. Our currency market risks include currency fluctuations relative to the U.S. dollar, Canadian dollar, Mexican peso, euro and RMB.
Caution on Forward-Looking Statements
This press release includes forward-looking statements as defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements reflect only the Company's best assessment at this time and are indicated by words or phrases such as "goal," "expects," " believes," "will," "estimates," "anticipates," or similar phrases. Investors are cautioned that forward-looking statements involve risks and uncertainty and that actual results may differ materially from these statements. Investors should not place undue reliance on such statements. These forward-looking statements may be affected by the risks and uncertainties in the Company's business. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company's Securities and Exchange Commission filings, including the Company's report on Form 10-K filed with the Commission on March 1, 2018. Important factors potentially affecting performance include but are not limited to risks related to increased competition from foreign suppliers endeavoring to sell glass tableware, ceramic dinnerware and metalware in our core markets; global economic conditions and the related impact on consumer spending levels; major slowdowns or changes in trends in the retail, travel, restaurant and bar or entertainment industries that impact demand for our products; inability to meet the demand for new products; material restructuring charges related to involuntary employee terminations, facility abandonments, or other various restructuring activities; significant increases in per-unit costs for natural gas, electricity, freight, corrugated packaging, and other purchased materials; our ability to borrow under our ABL credit agreement; high levels of indebtedness; high interest rates that increase the Company's borrowing costs or volatility in the financial markets that could constrain liquidity and credit availability; protracted work stoppages related to collective bargaining agreements; increases in expense associated with higher medical costs, increased pension expense associated with lower returns on pension investments and increased pension obligations; devaluations and other major currency fluctuations relative to the U.S. dollar and the euro that could reduce the cost competitiveness of the Company's products compared to foreign competition; the effect of exchange rate changes to the value of the euro, the Mexican peso, the RMB and the Canadian dollar and the earnings and cash flows of our international operations, expressed under U.S. GAAP; the effect of high levels of inflation in countries in which we operate or sell our products; the inability to achieve savings and profit improvements at targeted levels in the Company's operations or within the intended time periods; the failure of our investments in e-commerce, new technology and other capital expenditures to yield expected returns; failure to prevent unauthorized access, security breaches and cyber attacks to our information technology systems; compliance with, or the failure to comply with, legal requirements relating to health, safety and environmental protection; our failure to protect our intellectual property; and the inability to effectively integrate future business we acquire or joint ventures into which we enter. Any forward-looking statements speak only as of the date of this press release, and the Company assumes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date of this press release.
Libbey Inc.
Condensed Consolidated Statements of Operations
(dollars in thousands, except per share amounts)
(unaudited)
Three months ended March 31,
2018
2017
Net sales
$
181,913
$
172,994
Freight billed to customers
757
676
Total revenues
182,670
173,670
Cost of sales
149,000
142,473
Gross profit
33,670
31,197
Selling, general and administrative expenses
31,523
33,332
Income (loss) from operations
2,147
(2,135)
Other expense
(2,107)
(2,786)
Earnings (loss) before interest and income taxes
40
(4,921)
Interest expense
5,084
4,867
Loss before income taxes
(5,044)
(9,788)
Benefit from income taxes
(2,083)
(3,218)
Net loss
$
(2,961)
$
(6,570)
Net loss per share:
Basic
$
(0.13)
$
(0.30)
Diluted
$
(0.13)
$
(0.30)
Dividends declared per share
$
0.1175
$
0.1175
Weighted average shares:
Basic
22,087
21,939
Diluted
22,087
21,939
Libbey Inc.
Condensed Consolidated Balance Sheets
(dollars in thousands)
March 31, 2018
December 31, 2017
(unaudited)
ASSETS:
Cash and cash equivalents
$
25,746
$
24,696
Accounts receivable — net
85,593
89,997
Inventories — net
203,644
187,886
Prepaid and other current assets
16,365
12,550
Total current assets
331,348
315,129
Pension asset
3,639
2,939
Purchased intangibles — net
14,390
14,565
Goodwill
84,412
84,412
Deferred income taxes
25,977
24,892
Other assets
10,740
9,627
Property, plant and equipment — net
266,641
265,675
Total assets
$
737,147
$
717,239
LIABILITIES AND SHAREHOLDERS' EQUITY:
Accounts payable
$
73,305
$
78,346
Salaries and wages
22,806
27,409
Accrued liabilities
43,855
43,223
Accrued income taxes
824
1,862
Pension liability (current portion)
2,341
2,185
Non-pension post-retirement benefits (current portion)
4,181
4,185
Derivative liability
87
697
Long-term debt due within one year
6,177
7,485
Total current liabilities
153,576
165,392
Long-term debt
406,222
376,905
Pension liability
45,451
43,555
Non-pension post-retirement benefits
49,539
49,758
Deferred income taxes
1,926
1,850
Other long-term liabilities
12,378
12,885
Total liabilities
669,092
650,345
Common stock and capital in excess of par value
333,390
333,231
Retained deficit
(166,446)
(161,165)
Accumulated other comprehensive loss
(98,889)
(105,172)
Total shareholders' equity
68,055
66,894
Total liabilities and shareholders' equity
$
737,147
$
717,239
Libbey Inc.
Condensed Consolidated Statements of Cash Flows
(dollars in thousands)
(unaudited)
Three months ended March 31,
2018
2017
Operating activities:
Net loss
$
(2,961)
$
(6,570)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
11,879
11,155
Loss on asset sales and disposals
92
23
Change in accounts receivable
4,962
1,961
Change in inventories
(14,311)
(3,827)
Change in accounts payable
(4,458)
(3,921)
Accrued interest and amortization of discounts and finance fees
357
378
Pension & non-pension post-retirement benefits, net
1,975
2,116
Accrued liabilities & prepaid expenses
(7,464)
(4,545)
Income taxes
(2,769)
(4,236)
Share-based compensation expense
290
832
Other operating activities
(736)
320
Net cash used in operating activities
(13,144)
(6,314)
Investing activities:
Additions to property, plant and equipment
(11,271)
(11,952)
Net cash used in investing activities
(11,271)
(11,952)
Financing activities:
Borrowings on ABL credit facility
42,177
—
Repayments on ABL credit facility
(12,000)
—
Other repayments
(1,383)
(169)
Repayments on Term Loan B
(1,100)
(6,100)
Taxes paid on distribution of equity awards
(203)
(423)
Dividends
(2,595)
(2,577)
Net cash provided by (used in) financing activities
24,896
(9,269)
Effect of exchange rate fluctuations on cash
569
267
Increase (decrease) in cash
1,050
(27,268)
Cash & cash equivalents at beginning of period
24,696
61,011
Cash & cash equivalents at end of period
$
25,746
$
33,743
In accordance with the SEC's Regulation G, the following tables provide non-GAAP measures used in this earnings release and a reconciliation to the most closely related U.S. GAAP measure. See the above text for additional information on our non-GAAP measures. Although Libbey believes that the non-GAAP financial measures presented enhance investors' understanding of Libbey's business and performance, these non-GAAP measures should not be considered an alternative to U.S. GAAP.
Table 1
Reconciliation of Net Loss to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted
EBITDA)
(dollars in thousands)
(unaudited)
Three months ended March 31,
2018
2017
Reported net loss (U.S. GAAP)
$
(2,961)
$
(6,570)
Add:
Interest expense
5,084
4,867
Benefit from income taxes
(2,083)
(3,218)
Depreciation and amortization
11,879
11,155
Adjusted EBITDA (non-GAAP)
$
11,919
$
6,234
Net sales
$
181,913
$
172,994
Net loss margin (U.S. GAAP)
(1.6)
%
(3.8)
%
Adjusted EBITDA margin (non-GAAP)
6.6
%
3.6
%
Table 2
Reconciliation of Net Cash Used in Operating Activities to Free Cash Flow
(dollars in thousands)
(unaudited)
Three months ended March 31,
2018
2017
Net cash used in operating activities (U.S. GAAP)
$
(13,144)
$
(6,314)
Net cash used in investing activities (U.S. GAAP)
(11,271)
(11,952)
Free Cash Flow (non-GAAP)
$
(24,415)
$
(18,266)
Table 3
Reconciliation to Trade Working Capital
(dollars in thousands)
(unaudited)
March 31, 2018
December 31, 2017
March 31, 2017
Accounts receivable — net
$
85,593
$
89,997
$
83,385
Inventories — net
203,644
187,886
174,405
Less: Accounts payable
73,305
78,346
69,490
Trade Working Capital (non-GAAP)
$
215,932
$
199,537
$
188,300
Table 4
Summary Business Segment Information
(dollars in thousands)
(unaudited)
Three months ended March 31,
Net Sales:
2018
2017
U.S. & Canada (1)
$
107,941
$
109,329
Latin America (2)
34,333
30,722
EMEA (3)
32,248
25,331
Other (4)
7,391
7,612
Consolidated
$
181,913
$
172,994
Segment Earnings Before Interest & Taxes (Segment EBIT) (5) :
U.S. & Canada (1)
$
4,724
$
7,501
Latin America (2)
2,150
(3,079)
EMEA (3)
1,005
(837)
Other (4)
(1,129)
(1,215)
Segment EBIT
$
6,750
$
2,370
Reconciliation of Segment EBIT to Net Loss:
Segment EBIT
$
6,750
$
2,370
Retained corporate costs (6)
(6,710)
(7,291)
Interest expense
(5,084)
(4,867)
Benefit from income taxes
2,083
3,218
Net loss
$
(2,961)
$
(6,570)
Depreciation & Amortization:
U.S. & Canada (1)
$
3,387
$
3,082
Latin America (2)
4,710
4,397
EMEA (3)
2,009
1,844
Other (4)
1,314
1,354
Corporate
459
478
Consolidated
$
11,879
$
11,155
(1)
U.S. & Canada—includes sales of manufactured and sourced tableware having an end-market destination in the U.S and Canada, excluding glass products for Original Equipment Manufacturers (OEM), which remain in the Latin America segment.
(2)
Latin America—includes primarily sales of manufactured and sourced glass tableware having an end-market destination in Latin America, as well as glass products for OEMs regardless of end-market destination.
(3)
EMEA—includes primarily sales of manufactured and sourced glass tableware having an end-market destination in Europe, the Middle East and Africa.
(4)
Other—includes primarily sales of manufactured and sourced glass tableware having an end-market destination in Asia Pacific.
(5)
Segment EBIT represents earnings before interest and taxes and excludes amounts related to certain items we consider not representative of ongoing operations as well as certain retained corporate costs and other allocations that are not considered by management when evaluating performance. Segment EBIT also includes an allocation of manufacturing costs for inventory produced at a Libbey facility that is located in a region other than the end market in which the inventory is sold. This allocation can fluctuate from year to year based on the relative demands for products produced in regions other than the end markets in which they are sold.
(6)
Retained corporate costs include certain headquarter, administrative and facility costs, and other costs that are not allocable to the reporting segments.
Table 5
Reconciliation of Net Income (Loss) to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) and Debt Net of Cash to Adjusted EBITDA Ratio
(dollars in thousands)
(unaudited)
Last twelve
months ended
March 31, 2018
Year ended
December 31, 2017
Last twelve
months ended
March 31, 2017
Reported net income (loss) (U.S. GAAP)
$
(89,759)
$
(93,368)
$
2,785
Add:
Interest expense
20,617
20,400
20,511
Provision (benefit) for income taxes
16,933
15,798
14,631
Depreciation and amortization
46,268
45,544
47,560
Special items before interest and taxes
82,188
82,188
9,536
Adjusted EBITDA (non-GAAP)
$
76,247
$
70,562
$
95,023
Reported debt on balance sheet (U.S. GAAP)
$
412,399
$
384,390
$
401,944
Plus: Unamortized discount and finance fees
3,055
3,295
4,156
Gross debt
415,454
387,685
406,100
Less: Cash and cash equivalents
25,746
24,696
33,743
Debt net of cash
$
389,708
$
362,989
$
372,357
Debt Net of Cash to Adjusted EBITDA Ratio (non-GAAP)
5.1x
5.1 x
3.9 x
Table 6
2018 Outlook
Reconciliation of Net Income (Loss) margin to Adjusted EBITDA Margin
(percent of estimated 2018 net sales)
(unaudited)
Outlook for the six months
ended June 30, 2018
Outlook for the year ended
December 31, 2018
Net income (loss) margin (U.S. GAAP)
(0.7%) - 0.3%
0.7% - 1.2%
Add:
Interest expense
2.8%
2.7%
Provision for income taxes
0.4%
0.9% - 1.4%
Depreciation and amortization
6.0%
5.7%
Special items before interest and taxes
—%
—%
Adjusted EBITDA Margin (non-GAAP)
8.5% - 9.5%
10.0% - 11.0%
Table 7
Adjusted SG&A Margin
(percent of net sales)
(unaudited)
Outlook for the
year ended
December 31, 2018
Year ended
December 31, 2017
SG&A margin (U.S. GAAP)
~17.0%
16.0%
Deduct special items in SG&A expenses:
Reorganization charges
—%
(0.3)%
Adjusted SG&A Margin (non-GAAP)
~17.0%
15.7%
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SOURCE Libbey Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-libbey-inc-announces-first-quarter-results.html |
May 11, 2018 / 6:27 AM / Updated 2 hours ago Brexit group fined for breaking spending rules in EU vote Alistair Smout , Guy Faulconbridge 4 Min Read
LONDON (Reuters) - Britain’s Electoral Commission imposed a record-matching 70,000 pound fine on Friday on one of the main groups that campaigned for Brexit, and said police might have to investigate possible criminal offences because of unreported campaign spending. FILE PHOTO - A cake waits to be cut at a Leave.eu party after polling stations closed in the Referendum on the European Union in London, Britain, June 23, 2016. REUTERS/Toby Melville
The Leave.EU campaign said it would challenge the finding that it had breached a spending limit by failing to declare at least 77,380 pounds. It said the alleged breaches were minor and the report proved there was no “big conspiracy” around the Brexit vote.
The documented breaches of electoral law could still fuel demands from opponents of Brexit for a re-run of the 2016 referendum. The commission said it was enforcing the rules without suggesting the breach had altered the result.
“These are serious offences,” said Bob Posner, the Electoral Commission’s director of political finance and regulation. “Leave.EU exceeded its spending limit and failed to declare its funding and its spending correctly.”
Asked on BBC radio if the commission was saying the breach was serious enough to have impacted the result, its chief executive, Claire Bassett, said “No”, but she added that the rules still needed to be enforced.
The commission said it suspected criminal offences may have been committed, and the person responsible, Leave.EU CEO Liz Bilney, had been referred to the police. Related Coverage
In the June 23, 2016 referendum, 17.4 million voters, or 51.9 percent, backed leaving the EU while 16.1 million voters, or 48.1 percent, backed staying. “REMOANER SWAMP”
Arron Banks, the founder of Leave.EU who was pictured with Donald Trump and leading Brexiteer Nigel Farage outside a gilded elevator soon after the 2016 U.S. presidential election, cast doubt on the commission’s impartiality.
“The Electoral Commission is a ‘Blairite Swamp Creation’ packed full of establishment ‘Remoaners’,” Banks said, using an epithet that Brexit supporters have coined for those, such as former Prime Minister Tony Blair, who have continued to campaign to remain in the EU despite the referendum. FILE PHOTO: Brittany Kaiser of Cambridge Analytica, Brexit campaigner Aaron Banks, Gerry Gunster, a Washington-based strategist hired by the Leave.EU campaign, and Liz Bilney, CE of Eldon Insurance Services during a Leave.EU news conference in central London, Britain, November 18, 2015. REUTERS/Stefan Wermuth/File Photo
“We view the Electoral Commission announcement as a politically motivated attack on Brexit and the 17.4 million people who defied the establishment to vote for an independent Britain,” he said. “What a shambles. We will see them in court.”
The commission said it had found no evidence that Leave.EU received donations or paid-for services from the firm Cambridge Analytica, a political consultancy at the centre of a storm over how Facebook data was used in political campaigns.
Leave.EU and Cambridge Analytica had previously denied working together on the referendum. Members of parliament have called for investigations into any role the firm may have had in the Brexit campaign.
The commission said Leave.EU failed to include services it received from U.S. campaign strategy firm Goddard Gunster in a spending return, and inaccurately reported three loans. Leave.EU exceeded the spending limit for non-party registered campaigners by at least 10 percent, it said.
The fine is the joint biggest handed down by the Electoral Commission, matching a fine given to Prime Minister Theresa May’s Conservative party for inaccurately reporting spending in elections in 2014 and 2015.
Leave.EU said the total alleged overspending represented less than 0.1 percent of overall spending on the campaign, and the charges against it fell well short of what the commission thought it would find when it started its investigation.
“The Electoral Commission went big game fishing and found a few ‘aged’ dead sardines on the beach. So much for the big conspiracy,” Banks said. Editing by Richard Balmforth and Peter Graff | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-spending/britains-electoral-commission-fines-leave-eu-over-brexit-vote-spending-idUKKBN1IC0HM |
UNIONDALE, N.Y., May 15, 2018 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (the “Company”) (NYSE:ABR) announced today that it plans to make a public offering of 5,500,000 shares of its common stock. In connection with the offering, the Company intends to grant the underwriter a 30-day option to purchase up to an additional 825,000 shares of its common stock.
The Company intends to use the net proceeds from the offering to make investments relating to its business and for general corporate purposes.
JMP Securities is the sole book-running manager for the offering.
The offering will be made pursuant to an effective shelf registration statement, previously filed by the Company with the Securities and Exchange Commission (“SEC”). The offering of these securities will be made only by means of a prospectus. Copies of the preliminary prospectus supplement and accompanying prospectus related to the offering may be obtained, when available, by contacting JMP Securities LLC, 600 Montgomery Street, 10th Floor, San Francisco, CA 94111, Attention: Prospectus Department, or by calling (415) 835-8985.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other 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 other jurisdiction.
About Arbor Realty Trust, Inc.
Arbor Realty Trust, Inc. (NYSE:ABR) is a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets. Arbor is a Fannie Mae DUS® Multifamily Lender and a Fannie Mae Small Loan lender, a Freddie Mac Program Plus® Seller/Servicer and a Freddie Mac Small Balance Loan Lender, a Fannie Mae and Freddie Mac Seniors Housing Lender, an FHA Multifamily Accelerated Processing (MAP)/LEAN Lender, a HUD-approved LIHTC Lender as well as a CMBS, bridge, mezzanine and preferred equity lender.
Safe Harbor Statement
Certain items in this press release may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the proposed offering and the anticipated use of the net proceeds from the offering. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, risks and uncertainties related to the completion of the offering on the anticipated terms or at all, market conditions, the satisfaction of customary closing conditions related to the offering, and other risks detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 and its other reports filed with the SEC. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.
Contacts:
Arbor Realty Trust, Inc.
Paul Elenio, Chief Financial Officer
516-506-4422
[email protected] Investors:
The Ruth Group
Lee Roth
646-536-7012
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Source:Arbor Realty Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-arbor-realty-trust-inc-announces-public-offering-of-common-stock.html |
May 25, 2018 / 11:55 AM / Updated 41 minutes ago Croatia's parliament approves new economy minister Reuters Staff 2 Min Read
ZAGREB (Reuters) - Croatia’s parliament on Friday confirmed Darko Horvat as the new economy minister after his predecessor quit amid criticism of her handling of the crisis at food giant Agrokor, the country’s biggest private firm.
Horvat was entrepreneurship minister in a former government led by the conservative HDZ party which fell apart in 2016.
In total 77 out of 151 deputies, voted for Horvat to take over the economy ministry. Parliament also confirmed Agriculture Minister Tomislav Tolusic to take over as deputy prime minister.
Prime Minister Andrej Plenkovic has said that Horvat has the “necessary experience” to be able to implement the economic reforms the country needed.
The opposition criticized the appointments, saying the HDZ-led ruling coalition of conservatives and liberals was making only cosmetic changes with little prospect of reform. Some parties called for new elections over the government’s handling of the crisis in debt-laden Agrokor.
Former economy minister and deputy prime minister Martina Dalic stepped down on May 14 under pressure from opposition groups who accused her of failing to prevent conflicts of interest during the restructuring of food producer and retailer Agrokor, the Balkans’ biggest employer.
Dalic denied any wrongdoing but said she did not want to be a burden on the government.
Weighed down by debt accrued during an ambitious expansion drive, Agrokor was put under state-run administration a year ago.
Creditors including banks, bondholders and suppliers, are working with the company’s crisis management team on a settlement deal which must be reached before July 10, a legal deadline for avoiding Agrokor’s bankruptcy. Reporting by Igor Ilic | ashraq/financial-news-articles | https://www.reuters.com/article/us-croatia-minister/croatias-parliament-approves-new-economy-minister-idUSKCN1IQ1K6 |
WASHINGTON (AP) — The Federal Reserve is proposing to ease a rule aimed at defusing the kind of risk-taking on Wall Street that helped trigger the 2008 financial meltdown.
The Fed under new leadership on Wednesday unveiled proposed changes to the Volcker Rule, which bars banks' risky trading bets for their own profit with depositors' money. The high-risk activity is known as proprietary trading.
The proposed changes would match the strictest applications of the rule to banks that do the most trading — 18 banks with at least $10 billion in trading assets and liabilities. They account for 95 percent of all U.S. bank trading and include some foreign banks with U.S. operations, Fed officials said.
Less stringent requirements would apply to banks that do less trading. The idea is to make it easier for banks to comply with the Volcker Rule without sacrificing the banks' safety and soundness, the officials said.
"The proposal will address some of the uncertainty and complexity that now make it difficult for firms to know how best to comply, and for supervisors to know that they are in compliance," Fed Chair Jerome Powell said at a meeting of the Fed governors. "Our goal is to replace overly complex and inefficient requirements with a more streamlined set of requirements."
The move comes amid other government efforts to loosen financial regulations, as President Donald Trump has promised.
Fed officials said they received helpful input from other U.S. financial regulatory agencies. The agencies, including the Federal Deposit Insurance Corp. and the Securities and Exchange Commission, will discuss and possibly approve the proposal in their own meetings in coming weeks.
The proposal will be opened to public comment for 60 days.
It also would assume generally that a bank is in compliance with the rule if it records $25 million or less in daily profits or losses from each trading desk over 90 days.
The Volcker Rule, crafted by regulators 4 ½ years ago, is a key plank of the landmark Dodd-Frank law intended to reduce the likelihood of another financial crisis and taxpayer-funded bank bailout. Trump has blamed Dodd-Frank for constraining economic growth.
The rule is named for Paul Volcker, a Fed chairman in the 1980s who was an adviser to President Barack Obama during the financial crisis. Volcker urged a ban on deposit-funded, high-risk trading by big banks, believing that it would be an effective in averting future economic crises.
There has already been a volley of modifications that unwind the stricter regulations put into place during the Great Recession:
—Last week, Congress approved legislation rolling back the Dodd-Frank law, giving Trump a key win on a campaign promise as he quickly signed it into law. The Republican-led legislation, passed with help from some opposition votes, was aimed at especially helping small and medium-sized banks, including community banks and credit unions. It eases oversight and capital requirements (and Volcker Rule compliance) for about two dozen banks falling below new capital thresholds, including BB&T Corp., SunTrust Banks, Fifth Third Bancorp and American Express.
—After Trump installed him in November as acting director of the Consumer Financial Protection Bureau, Mick Mulvaney has shaped the watchdog agency established by the Dodd-Frank law and urged a curb on its powers. He has dropped a lawsuit against a payday lender, targeted agency enforcement powers in anti-discrimination cases and threatened a consumer complaint database. No banks or other financial institutions have been fined or sued since he took over.
Proprietary trading had become a huge money-making machine for Wall Street mega-banks like Goldman Sachs, JPMorgan Chase and Morgan Stanley. Proprietary trading allowed big banks to tap depositors' money in federally-insured bank accounts — essentially borrowing against that money and using it for investments.
Under the Volcker Rule, banks have been required to trade mainly on behalf of their clients. They have pushed against the rule.
"Weakening the Volcker Rule means allowing banks to play with other people's money again. That was the casino economy before the crisis," says Ed Mierzwinski, a senior director at the U.S. Public Interest Research Group, a consumer advocacy organization
The Fed is an independent regulator that asserts its separation from political pressure and the White House. Trump, of course, has had the opportunity to put his stamp on the central bank by filling positions on the seven-member Fed board.
Powell, the new Fed chairman since February, was a board member under ex-Fed chair Janet Yellen. He was an investment banker before he joined the central bank. After Trump named him Fed chief, Powell told Congress that he believes the rules put into place after the 2008 crisis could be improved, though he doesn't completely support the administration's ambition of aggressively rolling back regulations.
Another Trump appointee on the Fed board, investment banker Randal Quarles, is the Fed's top overseer of Wall Street and the leader in seeking to ease financial regulation. He has said the package of rules under Dodd-Frank should be overhauled but not scrapped. The third sitting Fed governor is Lael Brainard, a former Treasury Department official appointed by Obama in 2014.
Trump has named three others to fill vacancies on the board: two economics professors and the Kansas banking commissioner. They await Senate confirmation. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/the-associated-press-fed-proposes-easing-rule-that-limits-risky-bank-trading.html |
WASHINGTON (AP) — The Federal Reserve achieved an inflation milestone this week, but that isn't likely to alter expectations for what the Fed will announce when its latest policy meeting ends Wednesday.
After six years of mostly missing its annual 2 percent target for inflation, the Fed learned Monday that its preferred gauge of consumer inflation had reached a year-over-year pace of 2 percent. And in the coming months, inflation is widely expected to stay around that level.
The debate the Fed is now likely to have is whether it should accept a period in which inflation rises above 2 percent without accelerating its pace of rate increases. But for now, a rate increase is considered unlikely. In a statement it will issue Wednesday afternoon, the Fed is expected to leave its benchmark rate unchanged at a still-low level of 1.5 percent to 1.75 percent.
Solid economic growth, low unemployment and evidence of inflation pressures, though, are expected to keep the central bank on a path of gradual rate hikes the rest of the year. Most Fed watchers foresee either two or three additional increases in the Fed's key rate by year's end, coming after an earlier hike in January.
The appointees by President Donald Trump who
"The Trump Fed could have been a much more hawkish Fed but so far, these choices are pretty middle-of-the road," said Diane Swonk, chief economist at Grant Thornton in Chicago.
As Jerome Powell, Trump's hand-picked new Fed chairman, said at a news conference after the central bank's most recent meeting in March, that by week's end. A year ago, the 10-year yield was just 2.3 percent.
Under Powell's predecessors, Janet Yellen and Ben Bernanke, the Fed's board endured criticism from House lower
But so far, Trump's reshaping of the Fed's board reflects a generally status quo approach.
"Trump's criticisms during the campaign have not been borne out by his decisions on who to put on the Fed," said Mark Zandi, chief economist at Moody's Analytics.
When the Fed announced its most recent rate hike in March, it forecast that it would raise rates twice more this year. But some economists think that the Fed will respond to the increased government stimulus in the form of tax cuts and higher spending to accelerate the rate hikes slightly from three to four this year.
Congress in December passed a $1.5 trillion tax cut that took effect in January. And then in February, it approved $300 billion more in government spending for this year and next year. That stimulus, coming at a time when unemployment is at a 17-year low of 4.1 percent, could raise the threat of higher inflation.
Yet even against this backdrop, the prevailing view is that the Trump-shaped Fed will remain cautious about rate increases.
"The central bank does not want to make the mistakes made in the past when the Fed raised rates too high, too fast and became the No. 1 cause of a recession," said Sung Won Sohn, an economics professor at California State University, Channel Islands. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-fed-set-to-leave-rates-alone-amid-signs-of-rising-inflation.html |
KIRKUK, Iraq, May 12 (Reuters) - The governor of Iraq’s Kirkuk province declared a curfew on Saturday and ordered a manual recount of votes there in the national election, saying an electronic counting system had produced an “illogical” result.
Rakan al-Jubouri, governor of the northern oil-rich region, announced a curfew from midnight until 6 a.m. (0300 GMT) to prevent any ethnic or sectarian tension between its Kurdish, Arab and ethnic Turkmen communities.
Al-Jubouri did not elaborate in his statement on the problem with the vote-counting system.
In October, Iraqi forces backed by Shi’ite militias dislodged Kurdish Peshmerga fighters who had taken control of Kirkuk city in 2014, preventing its capture by Islamic State militants who had overrun Iraqi army positions in northern and western Iraq.
The return of the Iraqi army to Kirkuk was greeted with relief by the Arab and Turkmen populations there.
Saturday’s elections are the first in Iraq since the defeat of Islamic State last year by Iraqi forces backed by a U.S.-led coalition. (Reporting by John Davison; Writing by Maher Chmaytelli; Editing by Hugh Lawson)
| ashraq/financial-news-articles | https://www.reuters.com/article/iraq-election-kirkuk-curfew/iraq-declares-curfew-recount-in-kirkuk-after-illogical-vote-count-idUSL8N1SJ0M6 |
May 17, 2018 / 7:52 AM / Updated an hour ago Investec sees steady earnings growth as it prepares for changing of the guard Reuters Staff 3 Min Read
JOHANNESBURG, May 17 (Reuters) - Anglo-South African investment bank and asset manager Investec Plc reported an increase in operating profit on Thursday, with funds managed by its asset management business topping 100 billion British pounds ($135 billion) for the first time.
The 5.6 percent rise in operating profit for the year ended in March indicates stability as Investec heads for a changing of the guard this year with co-founder Stephen Koseff set to step down as CEO in October and two other founding members of the business - Bernard Kantor and Glynn Burger - also due to retire.
Analysts do not expect any big strategy shift for the group, which reported ongoing operating profit of 701 million pounds ($949 million) for the full-year ended March 31, up from 663.7 million pounds a year earlier.
“Operating performance during the year was underpinned by sound growth in loans and funds under management and a solid recurring income base, despite a challenging backdrop in South Africa and the UK,” Koseff said in a statement.
Adjusted earnings per share before goodwill, acquired intangibles and non-operating items jumped 13.3 percent to 61.3 pence, the company said in a statement.
The board proposed a final dividend of 13.5 pence per ordinary share, equating to a full year dividend of 24 pence, up from 23 pence last year.
Uncertainty about the terms of Britain’s departure from the European Union and political uncertainty in South Africa continued to affect corporate and consumer confidence in those two markets during the period under review, Investec said.
The group’s wealth & investment and asset management businesses generated substantial net inflows taking fund management’s assets under management above 100 billion pounds, Koseff said.
Shares in Johannesburg-listed Investec were up 1 percent at 95.99 rand by 0704 GMT, while in London the group’s shares were flat.
Chairman Fani Titi and Hendrik du Toit - head of Investec’s asset management business - have been picked as the group’s new joint chief executives and will formally take charge in October. ($1 = 0.7401 pounds) (Reporting by Nqobile Dludla; Editing by Susan Fenton) | ashraq/financial-news-articles | https://www.reuters.com/article/investec-ltd-results/investec-sees-steady-earnings-growth-as-it-prepares-for-changing-of-the-guard-idUSL5N1SO1N5 |
May 23 (Reuters) - Exxon Mobil Corp:
* EXXONMOBIL ANNOUNCES GREENHOUSE GAS REDUCTION MEASURES * EXXONMOBIL - EXXONMOBIL IS UNDERTAKING INITIATIVES TO SIGNIFICANTLY REDUCE METHANE EMISSIONS
* EXXONMOBIL - ANNOUNCED INTENTION TO IMPROVE ENERGY EFFICIENCY IN REFINING & CHEMICAL MANUFACTURING FACILITIES
* EXXONMOBIL - EXPECTS TO ACHIEVE A 15 PERCENT REDUCTION OF METHANE EMISSIONS BY 2020 COMPARED WITH 2016 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-exxon-mobil-announces-greenhouse-g/brief-exxon-mobil-announces-greenhouse-gas-reduction-measures-idUSASC0A3EA |
Published: May 24, 2018 8:35 a.m. ET Share
Shares log biggest drop in six years after a report critiquing company’s business practices, stock valuation
By Steven Russolillo
Shares of Hong Kong-traded Samsonite International S.A., the world’s largest luggage maker by volume, on Thursday suffered their worst drop in six years after a short seller issued a report critiquing the company’s business practices and its stock valuation.
The 48-page report was released by a new Texas activist investment fund called Blue Orca Capital LLC launched earlier this month by Soren Aandahl, a former director of research at California-based short-selling firm Glaucus Research. Choosing Samsonite 1910, -9.84% as its first target, Blue Orca claimed that the company is “a mid-level brand masquerading as a premium luxury player” and that it suffers from “questionable accounting practices and poor corporate governance.”
Samsonite’s Hong Kong-listed shares fell 9.8%, its biggest one-day drop since June 2012, after the report was published. The shares climbed over 60% last year and hit a record high in April, giving the company a market value of $6.8 billion at the time. They last traded at 30.70 Hong Kong dollars per share, down 14% in the year to date.
A representative for Samsonite didn’t immediately comment. Trading of the shares was halted Thursday morning after the report was released. | ashraq/financial-news-articles | https://www.wsj.com/articles/samsonite-plunges-after-short-seller-questions-luggage-makers-accounting/ |
* Russell 2000 hits all-time high
* Macy’s earnings beat boosts retail sector
* 10-yr Treasury yields hold near 7-yr peak
* N. Korea threatens withdrawal from summit
* 3M weighs on Dow following brokerage downgrade
* Indexes up: Dow 0.37 pct, S&P 0.55 pct, Nasdaq 0.78 pct (Updates to late afternoon, changes dateline to New York, changes byline)
By Stephen Culp
May 16 (Reuters) - Retail and technology stocks led Wall Street back to positive territory on Wednesday, and the small-cap Russell 2000 hit a new intra-day high, even as traders remained on edge about geopolitics and rising U.S. interest rates.
Smaller companies continued to outperform their larger rivals with the Russell 2000 reaching a record level. The index was last up 1.3 percent.
“Small caps present a cleaner play than large caps on two fundamental market drivers: lower corporate taxes and a stronger US economy,” research firm DataTrek wrote in its morning briefing on Wednesday.
Macy’s shares were up 11.2 percent after beating analyst estimates and raising guidance. The S&P 500 Department Store index was up 5.4 percent, its largest daily gain in nearly six months.
Rival department stores J.C. Penney, Kohl’s, Nordstrom and Target Corp were also boosted by the results.
Macy’s earnings pushed the consumer discretionary sector higher on Wednesday, a day after government data showing an acceleration of consumer spending fanned inflation concerns and helped send U.S. government bond yields higher.
Yields on U.S. Treasuries were little changed with 10-year bonds near a 7-year peak, continuing to pressure stocks as investors consider whether U.S. bonds pose a more attractive option to riskier equities.
“I think bonds are almost becoming an attractive alternative to equities,” said David Carter chief investment officer, Lenox Wealth Advisors in New York. “Not yet, in our opinion, but as yields continue to rise, we may get there soon.”
Weeks of diplomatic progress were thrown into doubt when North Korea postponed high-level talks with Seoul and threatened to pull out of its historic meeting with the United States.
The uncertainty compounded investor jitters ahead of United States-China trade negotiations.
“Tweets and tariffs are making the market a little uncomfortable and uncertain,” Carter said. “It doesn’t help markets, but it’s not necessarily knocking them down.”
On the economic front, housing starts fell 3.7 percent in April while new housing permits declined 1.8 percent, according to the Commerce Department.
At 2:17PM ET, the Dow Jones Industrial Average rose 92.55 points, or 0.37 percent, to 24,798.96, the S&P 500 gained 14.99 points, or 0.55 percent, to 2,726.44 and the Nasdaq Composite added 57.40 points, or 0.78 percent, to 7,409.03.
Of the 11 major sectors of the S&P 500, only rate-sensitive utilities and real estate stocks were in negative territory.
Micron rose 4.6 percent after RBC Capital Markets initiated coverage of the chipmaker with an “outperform” rating.
The Philadelphia SE semiconductor index was up 1.3 percent.
Facebook shares were the biggest drag on the S&P 500, down 0.6 percent, on news that Chief Executive Mark Zuckerberg would appear before members of the European Parliament to answer questions about the improper use of users’ data.
3M Co, was the biggest drag on the Dow, slipping -0.7 percent after Jefferies downgraded the stock to “hold.”
Advancing issues outnumbered declining ones on the NYSE by a 2.30-to-1 ratio; on the Nasdaq, a 2.62-to-1 ratio favored advancers.
Reporting by Stephen Culp; Editing by Steve Orlofsky
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-back-in-black-as-russell-2000-hits-record-idUSL2N1SN1KU |
May 10, 2018 / 2:33 AM / in 14 hours Cheney, Panetta worry about consequences of Iran deal withdrawal Lawrence Delevingne , Svea Herbst-Bayliss 4 Min Read
LAS VEGAS (Reuters) - Dick Cheney and Leon Panetta, who served at the highest levels of U.S. government, see potential unintended consequences of the Trump administration’s decision to pull out of the Iran nuclear deal, including possible military action in the Middle East. Former Vice President Dick Cheney speaks at the Republican Jewish Coalition's annual meeting in Las Vegas, Nevada February 24, 2017. REUTERS/David Becker
Cheney, who served as vice president in the George Bush administration, and Panetta, who served as President Barack Obama’s defense secretary, pondered the consequences a day after Trump left the international agreement, raising the risk of conflict in the Middle East, upsetting European allies and casting uncertainty over global oil supplies.
Panetta said the most worrisome issue for him is that Iran might continue to enrich uranium to build its nuclear capabilities. That could prompt Israel to react, Panetta said.
“I don’t think Israel is going to stand by and allow Iran to develop a nuclear weapon because they would view that as a direct threat to the existence of Israel,” Panetta, 79, said.
“It would be my sense that Israel would seriously consider some type of military action to deal with that.”
Given the U.S. relationship with Israel, the United States would “probably have to be part of that,” he added.
The men were speaking at the Context Leadership Summit in Las Vegas, a hedge fund-themed conference that brought together investors, money managers and former policy makers.
Cheney, 77, who said he never liked the Iran nuclear deal, agreed there could be conflict in the region even though he is not thinking that the United States would be automatically drawn in.
“I don’t expect military action but it is anyone’s guess. It’s the Middle East,” he said.
Both men said U.S. allies in the region could play a critical role in helping keep the geopolitical balance. Panetta recommended a NATO-like coalition, including Saudi Arabia, the United Arab Emirates, Israel, Jordan and Turkey. Former Director of the Central Intelligence Agency and former Defense Secretary Leon Panetta waits for the start of the third and final debate between Republican U.S. presidential nominee Donald Trump and Democratic nominee Hillary Clinton at UNLV in Las Vegas, Nevada, U.S., October 19, 2016. REUTERS/Rick Wilking ‘GLOBAL WORLD’
More long-term dangers for the United States include China’s growing power, Cheney said.
“Over a long term they are more likely to represent a strategic challenge to the U.S. than Russia or any of the other nations out there,” he said.
Both Cheney and Panetta, who both served as U.S. defense secretary during their careers, worried about China’s decision to militarize islands in the South China Sea and urged a stronger U.S. military presence in the region.
“I think it is very important for us to talk with them, communicate with the Chinese, but to do it from strength,” Panetta said. The best way to do that is to simultaneously increase both diplomatic and military might, he said.
The men spoke on a panel dubbed a “Bi-partisan Discussion on the Future of U.S. Politics.”
Each has a child who is now serving in Congress and said they were confident the next generation of lawmakers would work harder to build government consensus.
Panetta said it was a mistake by the Trump administration to pull out of the Trans-Pacific Partnership trade agreement, and by walking away, the United States gave China a chance to expand its influence.
“This is a global world. We cannot isolate ourselves from that world,” Panetta said.
In discussing trade agreements, Cheney recommended staying in NAFTA, the North American Free Trade Agreement, which President Trump has criticized.
“NAFTA has been a good deal,” he said. “I hope we do not do something foolish in terms of trade policy.”
One thing they were both quick to agree on is that Gina Haspel, Trump’s pick to lead the Central Intelligence Agency, should be confirmed. Reporting by Svea Herbst-Bayliss and Lawrence Delevingne; Editing by Robert Birsel | ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-cheney-panetta/cheney-panetta-worry-about-consequences-of-iran-deal-withdrawal-idUSKBN1IB08E |
May 18 (Reuters) - Spectra Energy Partners LP:
* SPECTRA ENERGY PARTNERS, LP ACKNOWLEDGES ENBRIDGE INC. OFFER AND ESTABLISHES A CONFLICTS COMMITTEE
* SPECTRA ENERGY PARTNERS LP - BOARD ESTABLISHED CONFLICTS COMMITTEE OF INDEPENDENT DIRECTORS TO REVIEW AND CONSIDER PROPOSAL FROM ENBRIDGE INC Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-spectra-energy-acknowledges-enbrid/brief-spectra-energy-acknowledges-enbridge-inc-offer-establishes-conflicts-committee-idUSFWN1SP0QB |
Falling oil prices weigh on S&P 500, Dow Friday, May 25, 2018 - 01:09
The S&P 500 and Dow eased on Friday after a steep drop in oil prices pressured energy stocks. Fred Katayama reports.
The S&P 500 and Dow eased on Friday after a steep drop in oil prices pressured energy stocks. Fred Katayama reports. //reut.rs/2KTXd7j | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/25/falling-oil-prices-weigh-on-sp-500-dow?videoId=430311397 |
Mack Hogan | @macklinhogan Published 1 Hour Ago The Expedition is incredibly impressive, with composed road manners and a driving experience that is years ahead of similar body-on-frame trucks. With Ford's latest powerplant technology and all of the convenient tech features consumers want, the Expedition represents the modern choice among full-size SUVs that often feel behind the times. At $75,260 as-tested, the Expedition is pricey even for the segment. It justifies the cost, but it's still a big check to write. Mack Hogan | CNBC The 2018 Ford Expedition MAX
After a decade of iterative changes, the Ford Expedition finally received a full top-to-tires redesign. With fresh, all-aluminum skin and a powertrain designed around Ford's wonderful 3.5-liter EcoBoost motor, the Expedition represents the modern choice in a segment that typically tends toward primitive design.
It's great to look at, comfortable and quiet to drive and topped off with all the technology you'd expect of a luxury SUV. The 2018 Expedition is easily the class leader, years ahead of competitors. If you're alright with the price, we absolutely recommend it. The Good Mack Hogan | CNBC The 2018 Ford Expedition MAX
The first thing that you notice about the Expedition is its size. We tested the Expedition MAX, the extended version with an even more massive cargo area. Size-wise, it's comparable to a Chevy Suburban rather than the smaller Tahoe.
If you need to fit a massive amount of people and things inside a vehicle you can't really best an Expedition. Seven adults can fit without complaint, with a massive cargo area on deck to swallow their things. Mack Hogan | CNBC The 2018 Ford Expedition MAX
The cabin is also refreshing, with a panoramic roof helping to brighten the passenger compartment. The new Expedition has a higher-quality interior and a more modern design than earlier versions. Ford's Sync 3 infotainment system lives in the Expedition's center screen, and we're happy to report that it's easy to use and quick-responding. Mack Hogan | CNBC The 2018 Ford Expedition MAX
The Expedition's fully-redesigned body is more muscular and clean than in years past. It's particularly impressive that this MAX version of the truck still looks handsome and well-proportioned. Mack Hogan | CNBC The 2018 Ford Expedition MAX
The most important change to the new Expedition is how it drives. Segment stalwarts have often been described as lumbering, bouncy or otherwise sloppy. The Expedition is solid and composed on the road. Despite its size, the rigidity of the Expedition means it never suffers from the shake or flex you might expect of a vehicle in this class. Mack Hogan | CNBC The 2018 Ford Expedition MAX
The powertrain also copes with the heft quite well. Once again, Ford deploys its excellent 3.5-liter EcoBoost V6 for propulsion duty making 375 horsepower. It's mated to a 10-speed automatic transmission co-developed with GM. With a whopping 470 lb-ft of torque and 10 cogs at its disposal, the Expedition never feels out of breath. The Bad Mack Hogan | CNBC The 2018 Ford Expedition MAX
This power comes at a cost. Fuel economy is unlikely to be a high priority for buyers of a truck this size, but it was hard to hit the Expedition 4x4's claimed 17/23 city/highway fuel economy figure. Especially at high speeds, the aerodynamics of a truck this big are hard to argue with and we struggled to crack 20 miles per gallon. That's still good for the class.
The Expedition MAX only really has one direct competitor, but its price point is noticeably higher. Our Expedition MAX Limited 4x4 costs $75,260 and isn't quite top-of-the-line, while a Suburban with every substantive package and option comes in around $72,000.
The Expedition is worth the extra cash. How you should configure it Mack Hogan | CNBC The 2018 Ford Expedition MAX
Start with an Expedition MAX XLT 4x4, assuming you need the space. Add $5,605 for package 202A, which brings leather, blind spot monitoring, upgraded infotainment, heated and cooled seats, dual zone climate control, a power-folding third row, remote start and other quality-of-life upgrades.
$715 buys you the driver assistance package, which brings lane keeping, adaptive cruise control, rain sensing wipers and pre-collision warning into the mix. That brings our total to a clean $65,000. Final Thoughts Mack Hogan | CNBC The 2018 Ford Expedition MAX
The Expedition isn't cheap, but it offers good value in the segment. $65,000 for a truck that looks as good as the Expedition, can tow 9,000 pounds, seat eight people and drives well is impressive enough that we recommend it.
Rating: | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/2018-ford-expedition-max-review.html |
WALL, N.J.--(BUSINESS WIRE)-- The board of directors of New Jersey Resources (NYSE:NJR) unanimously declared a quarterly dividend on its common stock of $.2725 per share. The dividend will be payable on July 2, 2018 to shareowners of record as of June 15, 2018.
NJR has paid quarterly dividends continuously since its inception in 1952, and is committed to providing customers and shareowners with exceptional value by reinvesting earnings to ensure long-term growth.
NJR is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,400 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex and Burlington counties. NJR Clean Energy Ventures invests in, owns and operates solar and onshore wind projects with a total capacity of more than 319 megawatts, providing residential and commercial customers with low-carbon solutions. NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America. NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers through its 50 percent equity ownership in the Steckman Ridge natural gas storage facility and its stake in Dominion Midstream Partners, L.P., as well as its 20 percent equity interest in the PennEast Pipeline Project. NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.
NJR and its more than 1,000 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve ® and initiatives such as The SAVEGREEN Project ® and The Sunlight Advantage ® .
For more information about NJR:
Visit www.njresources.com .
Follow us on Twitter @NJNaturalGas .
“Like” us on facebook.com/NewJerseyNaturalGas .
Download our free NJR investor relations app for iPad, iPhone and Android.
NJR-D
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006422/en/
New Jersey Resources
Investor:
Dennis Puma, 732-938-1229
[email protected]
or
Media:
Michael Kinney, 732-938-1031
[email protected]
Source: New Jersey Resources | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-new-jersey-resources-board-of-directors-declares-quarterly-dividend.html |
NEW YORK, May 2, 2018 /PRNewswire/ -- Inspired Entertainment, Inc. (NASDAQ: INSE) ("Inspired" or the "Company") today announced that, effective immediately, the Company has formed the Office of the Executive Chairman, which will consist of Executive Chairman Lorne Weil; President and Chief Operating Officer Brooks Pierce; Executive Vice President and Chief Strategy Officer Daniel Silvers; and Executive Vice President and Chief Financial Officer Stewart Baker. The Office of the Executive Chairman will execute the day-to-day management of the Company.
In connection with the formation of the Office of the Executive Chairman, Brooks Pierce has been named the Company's President and Chief Operating Officer. Mr. Pierce recently joined the Company as Senior Vice President, North America. He has over 25 years of experience in the gaming industry. He joins established Company executives Weil, Silvers and Baker in the new Office of Executive Chairman. Also in connection with the formation of the Office of the Executive Chairman, the Company's CFO, Stewart Baker, has been promoted to the position of Executive Vice President and Chief Financial Officer.
The Company also announced that Luke Alvarez, President and Chief Executive Officer, is departing the Inspired group, under terms being finalized. Executive Chairman Lorne Weil said, "I am grateful to Luke for his leadership of Inspired since its founding and during its rapid growth in its inaugural year and a half as a public company. We will miss him, and we wish him every success". The Inspired Board adds its thanks and best wishes. Mr. Alvarez's previous responsibilities will be divided among the members of the Office of the Executive Chairman.
The Company also pre-announced certain summary unaudited financial results for the Second Quarter of its 2018 fiscal year, which ended March 31, 2018. The Company has not completed its financial closing procedures, and its independent registered public accounting firm has not completed its review of the Company's results of operations for that quarter. Nevertheless, based on the Company's initial assessments, it estimates that its consolidated revenue for that quarter will be approximately $37.5 million, representing an increase of approximately 33.5% over the Company's consolidated revenue for the comparable period in the prior year, and that its consolidated Adjusted EBITDA (as defined below) for that quarter will be approximately $12.4 million, representing an increase of approximately 43.4% over the Company's consolidated Adjusted EBITDA for the comparable period in the prior year and an increase of approximately 26.1% over the Company's consolidated Adjusted EBITDA for the First Quarter of its 2018 fiscal year. These estimates exceed the quarterly results that the Company budgeted for itself in 2017, at the beginning of its 2018 fiscal year.
These estimates are preliminary and the Company's actual results may differ materially from these estimates, including as a result of the completion of the Company's quarter-end financial closing procedures, any adjustments that may result from the review of the Company's consolidated financial statements for the quarter by its independent registered public accounting firm and other developments that may arise between now and the time the consolidated financial results for the quarter are finalized and publicly reported in the Company's Quarterly Report on Form 10-Q. See "Forward-Looking Statements", below. Adjusted EBITDA is a non-GAAP financial measure. For our definition of the measure and its reconciliation to net loss, see "Non-GAAP Financial Measures", below. The Company undertakes no obligation to make future disclosures regarding its performance against internal budgets.
Mr. Weil concluded, "I believe the outlook for the Company is strong and I look forward to continuing to work with the leadership team, the Board and our incredibly talented employees as we execute on our strategic priorities as a best-in-class company and leader in our industry."
Conference Call and Webcast
Inspired management will host a conference call at 9:00 AM U.S. Eastern Time, Wednesday, May 9, 2018, to discuss the Company's full Second Quarter results and general business trends. The dial-in number is 1-877-870-4263 for participants in the United States and 1-412-317-0790 for participants outside the United States. Participants should ask to be joined to the Inspired Entertainment call. A replay of the call will be available one hour after the conclusion of the call and until May 16, 2018 by calling 1-877-344-7529 for listeners in the United States, or 1-412-317-0088 for listeners outside the United States, via replay access code 10120001 . A replay of the call will also be available on our website at www.inseinc.com on the Investors/Events and Presentations web page.
Non-GAAP Financial Measures
We use certain non-GAAP financial measures, including EBITDA and Adjusted EBITDA, to analyze our operating performance. We use these financial measures to manage our business on a day-to-day basis. We believe that these measures are commonly used in our industry to measure performance. For these reasons, we believe that our non-GAAP financial measures provide expanded insight into our business, in addition to standard U.S. GAAP financial measures. There are no specific rules or regulations for defining and using non-GAAP financial measures, and as a result the measures we use may not be comparable to measures used by other companies, even if they have similar labels. The presentation of non-GAAP financial information should not be considered in isolation from, or as a substitute for, or superior to, financial information prepared and presented in accordance with U.S. GAAP. You should consider our non-GAAP financial measures in conjunction with our U.S. GAAP financial measures. We define certain of our non-GAAP financial measures as follows:
EBITDA is defined as net loss excluding depreciation and amortization, interest expense, interest income and income tax expense.
Adjusted EBITDA is defined as net loss excluding depreciation and amortization, interest expense, interest income and income tax expense, and other additional exclusions and adjustments. Such additional excluded amounts include stock-based compensation U.S. GAAP charges where the associated liability is expected to be settled in stock, and changes in the value of earnout liabilities and income and expenditure in relation to legacy portions of the business (being those portions where trading no longer occurs) including closed defined benefit pension schemes. Additional adjustments are made for items considered outside the normal course of business, including (1) restructuring costs, which include charges attributable to employee severance, management changes, restructuring and integration (2) merger and acquisition costs and (3) gains or losses not in the ordinary course of business.
We believe Adjusted EBITDA, when considered along with other performance measures, is a particularly useful performance measure, because it focuses on certain operating drivers of the business, including sales growth, operating costs, selling and administrative expense and other operating income and expense. We believe Adjusted EBITDA can provide a more complete understanding of our operating results and the trends to which we are subject, and an enhanced overall understanding of our financial performance and prospects for the future. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income or loss, because it does not take into account certain aspects of our operating performance (for example, it excludes non-recurring gains and losses which are not deemed to be a normal part of underlying business activities). Our use of Adjusted EBITDA may not be comparable to the use by other companies of similarly termed measures. Management compensates for these limitations by using Adjusted EBITDA as only one of several measures for evaluating our operating performance. In addition, capital expenditures, which affect depreciation and amortization, interest expense, and income tax benefit (expense), are evaluated separately by management.
INSPIRED ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands)
(Unaudited)
For the Three-Month Period ended
Unaudited
March 31,
Unaudited
March 31,
(In thousands)
2018
2017
Net loss
($498)
($9,120)
Items Relating to Legacy Activities:
Pension charges
139
166
Costs relating to former operations
-
43
Litigation Settlement
260
-
Items outside the normal course of business:
Costs of group restructure
257
467
Transaction fees
228
813
Stock-based compensation expense
1,251
1,291
Depreciation and amortization
11,120
8,004
Total other expense, net
(437)
6,953
Income tax
83
32
Adjusted EBITDA
$12,402
$8,649
Adjusted EBITDA
£8,861
£6,981
Exchange Rate - $ to £
1.40
1.24
Certain totals may vary due to rounding.
About Inspired Entertainment, Inc.
Inspired is a global games technology company, supplying Virtual Sports, Mobile Gaming and Server Based Gaming systems with associated terminals and digital content to regulated lottery, betting and gaming operators around the world. Inspired currently operates approximately 30,000 digital gaming terminals and supplies its Virtual Sports products through more than 40,000 retail channels and over 100 websites, in approximately 35 gaming jurisdictions worldwide. Inspired employs approximately 800 employees in the UK and elsewhere, developing and operating digital games and networks.
Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect"", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or are not statements of historical matters. These statements are based on Inspired's management's current expectations and beliefs, as well as a number of assumptions concerning future events. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of Inspired's control and any of which could cause actual results to differ materially from the results discussed in the forward-looking statements. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in Inspired's most recent annual report on Form 10-K and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K, which are available, free of charge, at the SEC's website at www.sec.gov .
Contact :
Daniel Silvers
[email protected]
+1 646 820-0860
View original content with multimedia: http://www.prnewswire.com/news-releases/inspired-entertainment-announces-management-changes-300641093.html
SOURCE Inspired Entertainment, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-inspired-entertainment-announces-management-changes.html |
– Increases Rental Revenues by 19.5% Compared to Prior Year Period –
– Net Income of $1.75 per diluted share –
– Increases AFFO to $0.26 per diluted share from $0.16 per diluted share –
GREAT NECK, N.Y., May 08, 2018 (GLOBE NEWSWIRE) -- BRT APARTMENTS CORP. (NYSE:BRT), a growing multi-family real estate investment trust with properties located primarily in the Southeast United States and Texas today announced operating results for the three months ended March 31, 2018, the Company’s second quarter of fiscal 2018.
Fiscal Second Quarter 2018 Highlights
Increased rental revenues by 19.5% as compared to the corresponding prior year period. Achieved net income of $1.75 per diluted share compared to a net loss of $0.30 in the same period of the prior year. Net income included $1.86 per diluted share from gains on property sales, after giving effect to $1.74 per diluted share of non-controlling interests. Grew FFO to $0.37 per diluted share from $0.12 per diluted share in the 2017 quarter. FFO included $0.17 of insurance recoveries from Hurricane Harvey, net of non-controlling interests of $0.05. Increased AFFO 62.5% to $0.26 per diluted share from $0.16 per diluted share in the 2017 quarter.
Jeffrey A. Gould, President and Chief Executive Officer, stated: “BRT completed another successful quarter with the sale of two communities and a cooperative apartment for $148.7 million, generating a gain on property sales of $26.8 million, after non-controlling interests of $25.1 million, and the purchase of two value-add communities in the Southeast for a total purchase price of approximately $149 million. The acquisition of value-add communities to the portfolio will enhance our returns over time as we implement property improvements and initiate commensurate rental rate increases. To help support our growth, BRT expanded its access to capital markets to fund accretive acquisitions. The additional liquidity in our shares should allow us to broaden our stockholder base, and provide the opportunity to optimize our cost of capital.”
Financial Results:
Net income attributable to common stockholders was $25.2 million, or $1.75 per diluted share, for the current three months, compared to a net loss of $4.2 million, or $0.30 per diluted share, for the three months ended March 31, 2017. The 2018 quarter includes $26.8 million, or $1.86 per diluted share, of gain on sale of real estate, after giving effect to $25.1 million, or $1.74 per diluted share, of non-controlling interests.
Funds from Operations 1 , or FFO, for the current quarter grew to $0.37 per diluted share, from $0.12 per diluted share in the three months ended March 31, 2017. FFO for the current period was $5.3 million compared to $1.7 million in the corresponding period of the prior year. FFO for the current period includes $2.4 million, or $0.17 per diluted share, net of non-controlling interests of $800,000 or $0.05 per diluted share, of gain on insurance recovery related to the Katy, Texas property that suffered damage in Hurricane Harvey.
Adjusted Funds from Operations, or AFFO, for the current quarter, grew 62.5% to $0.26 per diluted share, from $0.16 per diluted share, in the corresponding prior year period. AFFO in the 2018 quarter was $3.8 million compared to $2.3 million in the 2017 quarter.
1 A description and reconciliation of non-GAAP financial measures to GAAP financial measures is presented later in this release.
Operating Results:
As of May 1, 2018, BRT owns or has interests in 38 multi-family properties with 10,866 units, including properties in lease-up, under development, or owned by unconsolidated joint ventures, located across 11 states. Many of these properties are owned through consolidated joint ventures in which BRT owns a substantial equity interest.
During the current quarter, average total occupancy at stabilized properties was approximately 92.8%, compared to approximately 93.3% during the 2017 quarter. Average rental rate per occupied unit at stabilized properties during the current quarter was approximately $977 per month compared to approximately $906 per month during the 2017 quarter. Stabilized properties include all our consolidated properties, other than those in lease-up or development, and for the current quarter, also excludes the Katy, Texas property that was damaged by Hurricane Harvey.
Rental and other revenues from real estate properties for the current three months increased 19.5% to $29.7 from $24.9 million for the quarter ended March 31, 2017, due primarily to seven properties acquired during the twelve months ended March 31, 2018.
Total expenses for the quarter ended March 31, 2018 increased to $34.5 million from $28.5 million for the quarter ended March 31, 2017, due primarily to increases in operating expense, interest expense and depreciation from the seven multi-family properties acquired during the twelve months ended March 31, 2018.
Portfolio Activity:
During the current quarter, BRT acquired two multi-family properties with 1,108 units for a purchase price of $148.6 million, including $107.5 million of mortgage debt, and sold two multi-family properties with 1,160 units for a sales price of $148.2 million and a gain, net of non-controlling interests of $25.1 million, of $51.5 million.
Balance Sheet:
At March 31, 2018, BRT had $31.0 million of cash and cash equivalents, total debt of $780.3 million, and total stockholders’ equity of $195.1 million.
BRT’s mortgage debt of $743.2 million, net of deferred costs, has a weighted average interest rate of 4.1% and a weighted average remaining term to maturity of 7.4 years. Approximately 91% of the mortgage debt bears interest at a fixed rate. The balance of such debt represents short term or construction financing for properties in lease-up or development; BRT anticipates refinancing such debt when lease-up and development are complete.
Subsequent Event:
On April 30, 2018, the Company acquired, through a joint venture in which it has an 80% equity interest, a 208-unit multi-family property located in Daytona Beach, FL, for $20.5 million, including the assumption of $13.6 million of mortgage debt. The mortgage debt matures in 2025, bears interest at a fixed rate of 3.94%, is interest only for two years, and thereafter amortizes based on a 30 year schedule. The Company contributed $6.9 million for its ownership interest.
Supplemental Financial Information:
In an effort to enhance its financial disclosures to investors, BRT has posted a supplemental financial information report which can be accessed on the Company’s website at www.brtapartments.com under the caption “Investor Relations - Financial Statements and SEC Filings.”
Non-GAAP Financial Measures:
BRT discloses FFO and AFFO because it believes that such metrics are widely recognized and appropriate measure of the performance of an equity REIT.
BRT computes FFO in accordance with the "White Paper on Funds from Operations" issued by the National Association of Real Estate Investment Trusts ("NAREIT") and NAREIT's related guidance. FFO is defined in the White Paper as net income (loss) (computed in accordance with generally accepting accounting principles), excluding gains (or losses) from sales of property, plus depreciation and amortization, plus impairment write-downs of depreciable real estate and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. In computing FFO, BRT does not add back to net income the amortization of costs in connection with its financing activities or depreciation of non-real estate assets. BRT computes AFFO by adjusting FFO for straight-line rent accruals; loss on extinguishment of debt; restricted stock and restricted stock unit expense; deferred mortgage costs (including its share of its unconsolidated joint ventures); and gains on insurance recovery. Since the NAREIT White Paper only provides guidelines for computing FFO, the computation of AFFO may vary from one REIT to another.
BRT believes that FFO and AFFO are useful and standard supplemental measures of the operating performance for equity REITs and are used frequently by securities analysts, investors and other interested parties in evaluating equity REITs, many of which present FFO and AFFO when reporting their operating results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization of real estate assets, which assures that the value of real estate assets diminish predictability over time. In fact, real estate values have historically risen and fallen with market conditions. As a result, BRT believes that FFO and AFFO provide a performance measure that when compared year over year, should reflect the impact to operations from trends in occupancy rates, rental rates, operating costs, interest costs and other matters without the inclusion of depreciation and amortization, providing a perspective that may not be necessarily apparent from net income. BRT also considers FFO and AFFO to be useful in evaluating potential property acquisitions.
FFO and AFFO do not represent net income or cash flows from operations as defined by GAAP. FFO and AFFO should not be considered to be an alternative to net income as a reliable measure of our operating performance; nor should FFO and AFFO be considered an alternative to cash flows from operating, investing or financing activities (as defined by GAAP) as measures of liquidity.
Forward Looking Information:
Certain information contained herein is forward looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the apparent improvement in the economic environment and BRT’s ability to originate additional loans. BRT intends such forward looking statements to be covered by the safe harbor provisions for forward looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “apparent,” “experiencing” or similar expressions or variations thereof. Forward looking statements, including statements with respect to BRT’s multi-family property acquisition and ownership activities, involve known and unknown risks, uncertainties and other factors, which, in some cases, are beyond BRT’s control and could materially affect actual results, performance or achievements. Investors are cautioned not to place undue reliance on any forward-looking statements and to carefully review the section entitled “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2017 and in the Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed thereafter.
Additional Information:
BRT is a real estate investment trust that owns, operates and develops multi-family properties. Interested parties are urged to review the Form 10-Q filed with the Securities and Exchange Commission for the quarter ended March 31, 2018 and the supplemental disclosures regarding the quarter on the investor relations section of the Company’s website at: http://brtapartments.com/investor_relations for further details. The Form 10-Q can also be linked through the “Investor Relations” section of BRT’s website. For additional information on BRT’s operations, activities and properties, please visit its website at www.brtapartments.com .
Contact: Investor Relations - (516) 466-3100
BRT APARTMENTS CORP.
60 Cutter Mill Road
Suite 303
Great Neck, New York 11021
Telephone (516) 466-3100
Telecopier (516) 466-3132
www.BRTapartments.com
BRT APARTMENTS CORP. AND SUBSIDIARIES
CONDENSED BALANCE SHEETS
(Dollars in thousands) March 31,
2018
(Unaudited) September 30,
2017 ASSETS Real estate properties, net of accumulated depreciation $ 993,250 $ 902,281 Real estate loan 5,200 5,500 Cash and cash equivalents 30,795 12,383 Restricted cash 7,702 6,151 Deposits and escrows 22,369 27,839 Investments in unconsolidated joint ventures 20,845 21,415 Other assets 8,231 9,359 Real estate property held for sale — 8,969 Total Assets $ 1,088,392 $ 993,897 LIABILITIES AND EQUITY Mortgages payable, net of deferred costs $ 743,225 $ 697,826 Junior subordinated notes, net of deferred costs 37,028 37,018 Accounts payable and accrued liabilities 16,763 22,348 Total Liabilities 797,016 757,192 Total BRT Apartments Corp. stockholders’ equity 195,139 165,996 Non-controlling interests 96,237 70,709 Total Equity 291,376 236,705 Total Liabilities and Equity $ 1,088,392 $ 993,897
BRT APARTMENTS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data) Three Months Ended
March 31, Six Months Ended
March 31, 2018 2017 2018 2017 Revenues: Rental and other revenues from real estate properties $ 29,476 $ 24,702 $ 57,638 $ 49,731 Other income 175 181 362 792 Total revenues 29,651 24,883 58,000 50,523 Expenses: Real estate operating expenses 14,198 11,909 27,545 24,355 Interest expense 8,657 6,402 16,637 13,089 General and administrative 2,453 2,390 4,756 4,987 Depreciation 9,240 7,772 17,888 14,069 Total expenses 34,548 28,473 66,826 56,500 Total revenue less total expenses (4,897 ) (3,590 ) (8,826 ) (5,977 ) Equity in loss of unconsolidated joint ventures (63 ) — (88 ) — Gain on sale of real estate 51,981 — 64,500 35,838 Gain on insurance recovery 3,227 — 3,227 — Loss on extinguishment of debt (593 ) — (850 ) (799 ) Income (loss) from continuing operations 49,655 (3,590 ) 57,963 29,062 Provision for taxes (253 ) 1,108 (147 ) 1,458 Income (loss) from continuing operations, net of taxes 49,908 (4,698 ) 58,110 27,604 Net (income) loss attributable to non-controlling interests (24,686 ) 469 (26,537 ) (16,063 ) Net income (loss) attributable to common stockholders $ 25,222 $ (4,229 ) $ 31,573 $ 11,541 Per share amounts attributable to common stockholders: Basic $ 1.77 $ (0.30 ) $ 2.24 $ 0.83 Diluted $ 1.75 $ (0.30 ) $ 2.20 $ 0.83 Funds from operations - Note 1 $ 5,099 $ 1,750 $ 8,138 $ 3,636 Funds from operations per common share - diluted - Note 2 $ 0.35 $ 0.12 $ 0.57 $ 0.26 Adjusted funds from operations - Note 1 $ 3,559 $ 2,302 $ 7,392 $ 5,165 Adjusted funds from operations per common share - diluted -Note 2 $ 0.25 $ 0.16 $ 0.52 $ 0.37 Weighted average number of shares of common stock outstanding: Basic 14,227,079 14,018,099 14,123,634 13,957,706 Diluted 14,427,079 14,018,099 14,323,634 13,957,706
BRT APARTMENTS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data) Three Months Ended
March 31, Six Months Ended
March 31, 2018 2017 2018 2017 Note 1: Funds from operations is summarized in the following table: GAAP Net income attributable to common stockholders $ 25,222 $ (4,229 ) 31,573 11,541 Add: depreciation of properties 9,240 7,772 17,888 14,069 Add: our share of depreciation in unconsolidated joint ventures 447 130 816 213 Deduct: gain on sale of real estate (51,981 ) 0 (64,500 ) (35,838 ) Adjustments for non-controlling interests 22,171 (1,923 ) 22,361 13,651 NAREIT Funds from operations attributable to common stockholders $ 5,099 $ 1,750 8,138 3,636 Adjustments for: straight-line rent accruals (10 ) (14 ) (20 ) (36 ) Add: loss on extinguishment of debt 593 — 850 799 Add: amortization of restricted stock and restricted stock units 297 386 612 710 Add: amortization of deferred mortgage costs 373 224 732 525 Deduct gain on insurance proceeds (3,227 ) — (3,227 ) — Adjustments for non-controlling interests $ 434 $ (44 ) 307 (469 ) Adjusted funds from operations attributable to common stockholders 3,559 2,302 7,392 5,165 Note 2: GAAP Net income attributable to common stockholders $ 1.75 $ (0.30 ) $ 2.21 $ 0.83 Add: depreciation of properties 0.63 0.55 1.24 1.01 Add: our share of depreciation in unconsolidated joint ventures 0.03 0.01 0.06 0.02 Deduct: gain on sale of real estate (3.60 ) — (4.50 ) (2.58 ) Adjustment for non-controlling interests 1.54 (0.14 ) 1.56 0.98 NAREIT Funds from operations per common stock basic and diluted 0.35 0.12 0.57 0.26 Adjustments for: straight line rent accruals — — — — Add: loss on extinguishment of debt 0.04 — 0.06 0.06 Add: amortization of restricted stock and restricted stock units 0.02 0.03 0.04 0.05 Add: amortization of deferred mortgage costs 0.03 0.02 0.05 0.04 Deduct gain on insurance recovery (0.22 ) — (0.22 ) — Adjustments for non-controlling interests 0.03 (0.01 ) 0.02 (0.04 ) Adjusted funds from operations per common stock basic and diluted $ 0.25 $ 0.16 $ 0.52 $ 0.37
Source:BRT Apartments Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-brt-apartments-corp-reports-second-fiscal-quarter-results-for-march-31-2018.html |
May 23 (Reuters) - Facebook Inc:
* FACEBOOK SAYS IS PILOTING ADMIN SUPPORT , DEDICATED PLACE FOR ADMINS TO REPORT AN ISSUE OR ASK A QUESTION AND GET A RESPONSE FROM FACEBOOK Source text : bit.ly/2GHAAAL Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-facebook-says-is-piloting-admin-su/brief-facebook-says-is-piloting-admin-support-idUSFWN1SU0XQ |
May 4 (Reuters) - West Virginia revenue collections beat forecasts by nearly $24 million in April, putting one of the economically weakest U.S. states on track to meet its fiscal year-end targets, Governor Jim Justice said at a press conference on Friday.
The Appalachian state collected $535.3 million in revenue in April, 6.3 percent above the same month last year, mainly due to rising personal income tax receipts, wage and salary withholding and sales taxes, Justice said.
“While things still may not be at the top of the rainbow and everything, things are surely improving,” said Justice, who took office in January 2017 as a Democrat but has since changed party affiliations to become Republican.
Revenue collections now stand at $3.49 billion, nearly reaching year-to-date estimates and hitting 4.4 percent above fiscal 2017 levels, which started with deep shortfalls. West Virginia expects to collect about $4.24 billion by June 30, a record amount for the state.
Justice and top state finance officials discussed the revenue increase at a press conference ahead of the state’s $800 million worth of general obligation bond sales expected later this month.
Fitch, on Friday, was the first major credit rating agency to rate the bonds, giving them a AA score. At the same time, Fitch improved its outlook on West Virginia to stable from negative, where the state has lingered for roughly two years.
West Virginia continues to struggle with population loss, per capita income 75 percent less than the U.S. average and volatility in its critical industries of coal and gas, Fitch said in its rating.
Still, it has managed a recent modest improvement.
The revised outlook reflects “recent stability in key revenue sources, the state’s proactive management of financial operations ... improved expenditure controls for its Medicaid program, as well as modestly stabilizing economic indicators,” Fitch wrote.
The series 2018A bonds are due to price on May 21 and the series 2018B bonds are expected to come to market on May 23. (Reporting by Laila Kearney; editing by Daniel Bases and Susan Thomas)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-municipals-west-virginia/west-virginia-reports-april-revenue-upswing-ahead-of-bond-deal-idUSL1N1SB1TQ |
(Reuters) - Chinese conglomerate HNA Group has dropped its bid for most of SkyBridge Capital, a hedge fund investment firm founded by U.S. President Donald Trump’s former aide Anthony Scaramucci, as the deal was still stuck with U.S. regulators after more than a year.
FILE PHOTO: A HNA Group logo is seen on the building of HNA Plaza in Beijing, China February 9, 2018. REUTERS/Jason Lee/File Photo Scaramucci, who was White House communications director for 10 days last year, will return to SkyBridge as co-managing partner to focus on strategic planning and marketing efforts, the two companies said in a statement late on Monday.
The deal’s termination extends the list of unsuccessful acquisitions by Chinese firms in the United States, at a time when Trump is trying to pressure China’s government to be more accommodative on trade issues which he deems uneven.
It also comes as regulators worldwide increase scrutiny of debt-laden HNA after a $50 billion acquisition spree over two years sparked interest in its opaque ownership and use of leverage. The firm has since seen some pending deals collapse.
HNA announced its intention to buy the majority of SkyBridge in January 2017. The terms were never made public.
The two companies aimed to close the deal within six months subject to approval from the Committee on Foreign Investment in the United States (CFIUS), which scrutinizes foreign purchases of U.S. assets to protect national security interests.
In a joint statement, the pair said it was no longer in their interests to pursue the deal as significant time had passed and due to the “uncertain timing” of the approval process.
SkyBridge and HNA Capital, a unit of the financial services-to-aviation conglomerate, now plan to explore the development of a “mutually beneficial marketing and distribution arrangement” of SkyBridge’s offerings in China.
INCREASED SCRUTINY CFIUS has been tightening scrutiny of Chinese companies’ acquisitions of American firms under the Trump administration, with the HNA-SkyBridge deal becoming latest high-profile victim.
In January, CFIUS rejected Ant Financial’s application to buy money transfer company MoneyGram International Inc citing national security concerns.
HNA and SkyBridge in their statement said CFIUS had “offered a path to approval subject to certain mitigation”, without elaborating on mitigation measures.
Two people familiar with the matter, who declined to be identified due to the sensitivity of the matter, said CFIUS had declined to accept HNA’s application to review the deal.
One of the people said the refusal was because HNA kept changing details of its ownership.
HNA did not immediately respond to a request for comment. A call to Scaramucci late on Monday New York time was not answered. CFIUS could not be reached outside of regular business hours.
Earlier this year, Reuters reported, citing a person familiar with the matter, that the U.S. government would not approve any investment by HNA until the group provided adequate information on the identity of its shareholders.
ACQUISITION SPREE HNA is currently restructuring operations and selling assets to raise cash, partly to repay debt.
Since the start of 2018, it has agreed to sell over $10 billion worth of real estate in Australia, New York and Hong Kong, along with shares in Deutsche Bank AG, and Hilton Worldwide Holdings Inc.
New Zealand’s Overseas Investment Office (OIO) blocked an attempt by the group to buy a vehicle finance firm in part due to doubts about the debt-laden conglomerate’s financial stability, documents showed this month.
In July, a $416 million investment in U.S. in-flight services firm Global Eagle Entertainment Inc was abandoned after failing to clear CFIUS’ review process.
HNA’s bid for SkyBridge, founded by Scaramucci in 2015, was part of a strategy to build a global asset management business.
SkyBridge had about $10 billion in assets under management or advisement as of February. Its investment offerings include commingled funds of hedge fund products, customised separate account portfolios and hedge fund advisory services.
SkyBridge will continue to be led by current senior management, the statement showed.
FILE PHOTO: Anthony Scaramucci, Founder and Co-Managing Partner at SkyBridge Capital, speaks during the opening remarks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017. REUTERS/Richard Brian/File Photo Reporting by Gui Qing Koh in NEW YORK and Julie Zhu in HONG KONG; Additional reporting by Diptendu Lahiri; Writing by Sumeet Chatterjee; Editing by Arun Koyyur and Christopher Cushing
| ashraq/financial-news-articles | https://in.reuters.com/article/skybridge-capital-m-a-hna-group-co/chinas-hna-drops-bid-to-buy-scaramuccis-skybridge-due-to-regulatory-hold-up-idINKBN1I2391 |
LONDON, May 23 (Reuters) - Mothercare has decided a management buyout is “100 percent not” an option in the future, a source familiar with the matter said on Wednesday, after Bloomberg reported that its CEO had proposed one earlier this year.
Mark Newton-Jones proposed taking the struggling retailer private before his departure in April, Bloomberg reported. Newton-Jones was rehired as chief executive last week.
Mothercare said in a statement that “at certain points the board considers various strategic options available to the company.
“However, no specific plans were drawn up in relation to an MBO.”
Reporting by Alistair Smout; editing by Kate Holton
| ashraq/financial-news-articles | https://www.reuters.com/article/mothercare-buyout/britains-mothercare-has-ruled-out-management-buyout-source-idUSL9N1PZ01C |
GAITHERSBURG, Md., May 21, 2018 (GLOBE NEWSWIRE) -- The Association of Talent Acquisition Professionals recently released its very first annual report, including highlights from its first foundational year. This report features milestones and accomplishments, financial results, and membership demographics, as well as lists of leaders, sponsors and charter members.
In a message from ATAP Board President Tom Darrow, “ATAP ends its first year with nearly 600 members, many corporate members, and several sponsors—all of whom have invested in the future of the profession that has provided a career and/or business platform for all of us through the years.”
If you have any questions or comments, please contact ATAP at [email protected] or 240.686.5626.
ATAP FY17 Annual Report
About ATAP
Founded in 2016, ATAP’s mission is to develop a body of unified educational, ethical and measurement standards, advocate on issues that impact those in our profession, and build a global community of inspired and informed professionals. As the first inclusive association to advance the talent acquisition profession, ATAP will meet the needs of professionals dedicated to finding, hiring and retaining employees in organizations around the globe.
Source:Association of Talent Acquisition Professionals | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-atap-releases-first-annual-report.html |
(Updates prices)
* 10-year yields lowest since May 4
* Bond market closes early Friday, closed Monday
By Karen Brettell
NEW YORK, May 25 (Reuters) - U.S. Treasury yields fell to their lowest level in three weeks on Friday as concerns about Italy’s new government and a leadership challenge in Spain boosted demand for low-risk debt.
Italian Prime Minister-designate Giuseppe Conte began putting together his cabinet team on Thursday, with party leaders pushing for an 81-year eurosceptic economist to be given the post of economy minister.
Spain’s Prime Minister Mariano Rajoy was threatened with two separate no-confidence motions on Friday, after a graft trial involving members of his party in which a judge questioned the credibility of his testimony.
There is “continued unrest with some of the key core economies,” said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets in New York.
Geopolitical concerns have dominated in recent days. North Korea said on Friday it was still open to talks with the United States after President Donald Trump called off a summit with leader Kim Jong Un, saying it hoped the “Trump formula” could resolve the standoff over its nuclear weapons program.
Technical factors were also driving the bond rally, with benchmark 10-year note yields falling back from an almost seven-year high of 3.128 percent last week.
“The Treasury market has essentially pulled back from a solid attempt to reprice to a higher yield plateau,” Lyngen said.
The 10-year notes gained 13/32 in price to yield 2.93 percent, down from 2.98 percent on Thursday.
Month-end demand was also seen as boosting bonds.
Data on Friday showed that new orders for key U.S.-made capital goods increased more than expected in April and shipments rebounded, suggesting business spending on equipment was picking up after slowing at the end of the first quarter.
The bond market closed early on Friday at 2 p.m. EDT (1800 GMT) and will close on Monday for the U.S. Memorial Day holiday. (Editing by David Gregorio; Editing by Meredith Mazzilli) )
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-italy-spain-fears-boost-demand-for-u-s-bonds-idUSL2N1SW1H3 |
(Updates levels throughout, adds spreadbetters)
* MSCI ex-Japan near 2 month highs, Chinese shares jump
* Trump says to help ZTE “get back into business, fast”
* Malaysian ringgit hits 4-month low after election shock
* FTSE futures barely changed, E-Minis up 0.3 pct
By Swati Pandey
SYDNEY, May 14 (Reuters) - Asian shares rose to near two-month highs on Monday on hopes of a thaw in U.S.-China trade tensions as U.S. President Donald Trump pledged to help ZTE Corp “get back into business, fast” after a U.S. ban crippled the Chinese technology company.
Spreadbetters signaled a flat start for European shares with FTSE futures off 0.07 percent, while E-Minis for the S&P 500 rose 0.3 percent.
Trump’s comments on Sunday came ahead of a second round of trade talks between U.S. and Chinese officials this week to resolve an escalating trade dispute. China had said last week its stance in the negotiations would not change.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4 percent, while Japan’s Nikkei tacked on 0.5 percent.
Chinese shares came off the day’s highs but were still upbeat after Trump’s comments on ZTE , which JPMorgan analysts said was “a significant positive.”
Shanghai’s SSE Composite rose 0.2 percent while China’s blue-chip was last up 0.8 percent. Hong Kong’s Hang Seng index climbed more than 1 percent.
“The fact Trump is now...working to find a resolution for ZTE marks the latest sign of thawing in Beijing-Washington relations,” JPMorgan said.
“Trump also needs China to remain on side ahead of his meeting with North Korea’s Kim and this also suggests that until the 12 June meeting the signalling from the U.S. on trade will be more positive.”
The United States has said it will lift sanctions on Pyongyang if North Korea agrees to completely dismantle its nuclear weapons program.
Elsewhere in Asia, the Malaysian ringgit slipped 1 percent to a four-month trough against the dollar in the first onshore trade since a shock election upset last week. It has come off lows since then, while Malaysian stocks sank as much as 2.7 percent at one point but have bounced back to be last up 0.7 percent.
Veteran Mahathir Mohamad came out of political retirement to lead the opposition Pakatan Harapan (Alliance of Hope) to a stunning victory against prime minister Najib Razak, a former protege he had accused of corruption.
Some investors were concerned that populist promises such as repealing an unpopular goods and services tax and restoring a petrol subsidy could undermine the country’s finances.
But some analysts on Monday said Mahathir’s proposals could be positive for the economy.
“The repeal of GST, while only marginally negative for the fiscal deficit, will be a boon for consumers, who have been upset that they bear the burden of poor fiscal management and came out to vote against the establishment,” said Trinh Nguyen, senior economist at Natixis.
OIL AND IRAN While tensions in the Korean peninsula have eased, U.S. plans to reintroduce sanctions against Iran have stoked anxiety in the Middle East.
Iran pumps about 4 percent of the world’s oil, and the latest development has sent oil prices near multi-year highs.
Citi analyst Mark Schofield said rising oil prices risk causing ‘stagflation’, which could create a particularly “hostile environment” for risk assets.
The United States threatened on Sunday to impose sanctions on European companies that do business with Iran, as the remaining participants in the Iran nuclear accord stiffened their resolve to keep that agreement operational.
In currencies, the dollar dipped was barely changed at 92.506 against a basket of major currencies after three straight days of losses.
Against the Japanese yen, it ticked up to 109.46 per dollar, remaining largely in a holding pattern since late last month.
The euro inched 0.1 percent up to $1.1958 following two consecutive sessions of gains as Italy’s anti-establishment parties looked likely to form the next government.
Last week, the Bank of England held rates steady and New Zealand’s central bank said the official cash rate will remain at historic lows of 1.75 percent for “some time.”
That leaves the Fed as the only major central bank in the world committed to rate increases although recent data showing moderate inflation reading has cast doubt over the pace of any hikes.
Spot gold was up 0.2 percent at $1,320.06 an ounce, after eking out a small weekly gain last week.
Editing by Kim Coghill & Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-asian-stocks-up-on-hopes-of-thaw-in-u-s-china-trade-tensions-idUSL3N1SL2ZN |
Turkey's grand canal sows fears among villagers 6:50am EDT - 02:07
A 28 mile canal that will redraw the map of Europe's biggest city, Istanbul, is among President Erdogan's most ambitious mega-projects but the plans are causing concern among locals and environmentalists. Emily Wither reports from Istanbul.
A 28 mile canal that will redraw the map of Europe's biggest city, Istanbul, is among President Erdogan's most ambitious mega-projects but the plans are causing concern among locals and environmentalists. Emily Wither reports from Istanbul. //reut.rs/2KWeeic | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/13/turkeys-grand-canal-sows-fears-among-vil?videoId=426496049 |
May 4 (Reuters) - Axiata Group Bhd:
* UNIT TO BUY 80% OF ISSUED SHARE CAPITAL OF TANJUNG DIGITAL SDN FROM UTARA JERNIH SDN & MOHD AZAM BIN SAAD FOR 140 MILLION RGT Source text: ( bit.ly/2HQhRnO ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-axiata-group-says-unit-to-buy-80-o/brief-axiata-group-says-unit-to-buy-80-of-issued-share-capital-of-tanjung-digital-idUSFWN1SB0NC |
WASHINGTON (AP) — A top Federal Reserve official is suggesting that the unemployment rate could fall further to 3.5 percent with inflation modestly overshooting the Fed's target for a time without raising concerns.
John Williams, currently president of the Fed's San Francisco regional bank, says that he still expects a gradual pace of three to four increases in the Fed's key interest rate this year. He spoke in an interview with CNBC after the government reported that the unemployment rate fell to 3.9 percent in April, the lowest level in more than 17 years, with 164,000 jobs created.
Williams will be moving next month to take over as president of the Fed's most influential regional bank in New York. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/the-associated-press-fed-official-sees-unemployment-dipping-as-low-as-3-point-5-percent.html |
Results In-Line with Expectations; Reaffirms 2018 Guidance
SUSSEX, Wis.--(BUSINESS WIRE)-- Quad/Graphics, Inc. (NYSE: QUAD) ("Quad/Graphics" or the "Company") today reported first quarter 2018 results. For full financial results, please see the accompanying information.
Financial Highlights
Delivered net sales of $968 million and a net loss of $3.5 million, or a $0.07 diluted loss per share. Increased Non-GAAP Adjusted Diluted Earnings Per Share by 12% to $0.58. Achieved Non-GAAP Adjusted EBITDA and Margin of $111 million and 11.4%, respectively. Increased ownership to a majority interest in Rise Interactive, an award-winning digital marketing agency. Continues to successfully integrate Ivie & Associates, a leading marketing services provider. Declares quarterly dividend of $0.30 per share.
“Our results for the first quarter of 2018 were in-line with our expectations as we continue to transform our company as part of Quad 3.0,” said Joel Quadracci, Quad/Graphics Chairman, President & Chief Executive Officer. “As a marketing solutions provider, we address our clients’ marketing challenges and solve their unique problems through a comprehensive offering. Our recent acquisition of Ivie & Associates and additional investment in Rise Interactive continue to accelerate our transformation, creating a powerful integrated marketing platform. Not only are we able to fulfill traditional agency roles, but we also provide integrated marketing execution across channels. In this way, we deliver increased value, helping our clients reduce complexity while improving process efficiencies and marketing spend effectiveness.”
Quadracci added: “To fuel our Quad 3.0 transformation, we have a strong and engaged workforce, backed by state-of-the-art technology that continues to drive productivity improvements to generate the earnings and cash flow necessary to further advance our value-creating transformation. Our goal, as always, is to remain the high-quality, low-cost producer across the continuum – from traditional print to multichannel execution.”
Summary Results
Net sales for the first quarter ended March 31, 2018, were $968 million, representing a 3.1% decrease as compared to 2017. Organic sales declined 5.1% due to ongoing print industry volume and pricing pressures after excluding acquisitions (2.0% impact), pass-through paper sales (-0.2% impact) and foreign exchange (0.2% impact), and is consistent with previous guidance. The Company incurred a net loss of $3.5 million, or $0.07 per share, for the three months ended March 31, 2018, which included a special $22 million non-cash employee stock ownership plan contribution as part of the benefit of tax reform. Excluding the special contribution and restructuring charges, Non-GAAP Adjusted Diluted Earnings Per Share for the first quarter of 2018 improved 12% to $0.58 compared to $0.52 in the first quarter of 2017. First quarter 2018 Non-GAAP Adjusted EBITDA was $111 million compared to $119 million in the first quarter of 2017, and Adjusted EBITDA Margin was 11.4% compared to 11.9% in 2017.
Net cash provided by operating activities was $2 million for the first quarter 2018, compared to $63 million in the first quarter of 2017, and Free Cash Flow decreased $62 million to a negative $22 million. These variances were primarily due to expected timing differences in 2018 versus 2017 for cash generated from working capital, which will be weighted more towards the fourth quarter. As a reminder, the Company generates the majority of its Free Cash Flow in the second half of the year.
“Our first quarter results were as expected and we remain on track with our 2018 guidance,” said Dave Honan, Quad/Graphics Executive Vice President & Chief Financial Officer. “We ended the first quarter of 2018 with a Debt Leverage Ratio of 2.28x, which includes the impact from the Ivie and Rise investments. Our leverage continues to be well within our long-term targeted range of 2.0x to 2.5x. We believe the strength of our balance sheet gives us the ability to balance our use of capital and provide sufficient opportunity for investment in our Quad 3.0 transformation.”
Quad/Graphics’ next quarterly dividend of $0.30 per share will be payable on June 8, 2018, to shareholders of record as of May 21, 2018.
Quarterly Conference Call
Quad/Graphics (NYSE: QUAD) will hold a conference call at 10 a.m. ET on Wednesday, May 2, to discuss first quarter 2018 results. The call will be hosted by Joel Quadracci, Quad/Graphics Chairman, President & Chief Executive Officer, and Dave Honan, Quad/Graphics Executive Vice President & Chief Financial Officer. The full earnings release and slide presentation will be concurrently available on the Investors section of Quad/Graphics' website at http://investors.qg.com .
Participants can pre-register for the webcast by navigating to http://dpregister.com/10118254 . Participants will be given a unique PIN to gain immediate access to the call on May 3, bypassing the live operator. Participants may pre-register at any time, including up to and after the call start time.
Alternatively, participants without internet access may dial in on the day of the call as follows:
U.S. Toll-Free: 1-877-328-5508 International Toll: 1-412-317-5424
Telephone playback will be available shortly after the conference call ends, accessible as follows:
U.S. Toll-Free: 1-877-344-7529 International Toll: 1-412-317-0088 Replay Access Code: 10118254
The playback will be available until June 2, 2018.
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, our current expectations about the Company's future results, financial condition, revenue, earnings, free cash flow, margins, objectives, goals, strategies, beliefs, intentions, plans, estimates, prospects, projections and outlook of the Company and can generally be identified by the use of words or phrases such as "may," "will," "expect," "intend," "estimate," "anticipate," "plan," "foresee," "project," "believe," "continue" or the negatives of these terms, variations on them and other similar expressions. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control.
The factors that could cause actual results to materially differ include, among others: the impact of decreasing demand for printed materials and significant overcapacity in the highly competitive commercial printing industry creates downward pricing pressures and potential underutilization of assets; the impact of electronic media and similar technological changes, including digital substitution by consumers; the inability of the Company to reduce costs and improve operating efficiency rapidly enough to meet market conditions; the impact of changing future economic conditions; the failure of clients to perform under contracts or to renew contracts with clients on favorable terms or at all; the impact of increased business complexity as a result of the Company's transformation into a marketing services provider; the impact of regulatory matters and legislative developments or changes in laws, including changes in cyber-security, privacy and environmental laws; the impact of fluctuations in costs (including labor and labor-related costs, energy costs, freight rates and raw materials) and the impact of fluctuations in the availability of raw materials; the failure to attract and retain qualified production personnel; the impact of changes in postal rates, service levels or regulations; the fragility and decline in overall distribution channels, including newspaper distribution channels; the failure to successfully identify, manage, complete and integrate acquisitions and investments; the impact of risks associated with the operations outside of the United States, including costs incurred or reputational damage suffered due to improper conduct of its employees, contractors or agents; significant capital expenditures may be needed to maintain the Company's platform and processes and to remain technologically and economically competitive; the impact of the various restrictive covenants in the Company's debt facilities on the Company's ability to operate its business; the impact on the holders of Quad/Graphics class A common stock of a limited active market for such shares and the inability to independently elect directors or control decisions due to the voting power of the class B common stock; the impact of an other than temporary decline in operating results and enterprise value that could lead to non-cash impairment charges due to the impairment of property, plant and equipment and other intangible assets; and the other risk factors identified in the Company's most recent Annual Report on Form 10-K, as such may be amended or supplemented by subsequent Quarterly Reports on Form 10-Q or other reports filed with the Securities and Exchange Commission.
Except to the extent required by the federal securities laws, 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.
Non-GAAP Financial Measures
This press release contains financial measures not prepared in accordance with generally accepted accounting principles (referred to as Non-GAAP), specifically Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. Adjusted EBITDA is defined as net earnings (loss) excluding interest expense, income tax expense (benefit), depreciation and amortization, restructuring, impairment and transaction-related charges, net pension income, employee stock ownership plan contribution, loss (gain) on debt extinguishment, and equity in (earnings) loss of unconsolidated entity. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by net sales. Free Cash Flow is defined as net cash provided by operating activities less purchases of property, plant and equipment. Debt Leverage Ratio is defined as total debt and capital lease obligations divided by the last twelve months of Adjusted EBITDA. Adjusted Diluted Earnings Per Share is defined as net earnings (loss) excluding restructuring, impairment and transaction-related charges, employee stock ownership plan contribution, loss (gain) on debt extinguishment, equity in (earnings) loss of unconsolidated entity, discrete income tax items and net (earnings) loss attributable to non-controlling interests, divided by diluted weighted average number of common shares outstanding.
The Company believes that these Non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad/Graphics' performance and are important measures by which Quad/Graphics' management assesses the profitability and liquidity of its business. These Non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by operating activities as a measure of liquidity. These Non-GAAP measures may be different than Non-GAAP financial measures used by other companies. Reconciliation to the GAAP equivalent of these Non-GAAP measures are contained in tabular form on the attached unaudited financial statements.
About Quad/Graphics
Quad/Graphics (NYSE:QUAD) is a leading marketing solutions provider. The Company leverages its strong print foundation as part of a much larger, robust integrated marketing services platform that helps marketers and content creators improve the efficiency and effectiveness of their marketing spend across offline and online media channels. With a consultative approach, worldwide capabilities, leading-edge technology and single-source simplicity, Quad/Graphics has the resources and knowledge to help a wide variety of clients in multiple vertical industries, including retail, publishing and healthcare. Quad/Graphics provides a diverse range of digital and print and related products, services and solutions from multiple locations throughout North America, South America and Europe, and strategic partnerships in Asia and other parts of the world. For additional information visit www.QG.com .
QUAD/GRAPHICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended March 31, 2018 and 2017
(in millions, except per share data)
(UNAUDITED)
Three Months Ended March 31, 2018 2017 Net sales $ 967.5 $ 998.6 Cost of sales 792.4 781.1 Selling, general and administrative expenses 86.9 98.6 Depreciation and amortization 56.2 58.7 Restructuring, impairment and transaction-related charges 24.9 9.2 Total operating expenses 960.4 947.6 Operating income $ 7.1 $ 51.0 Interest expense 17.3 18.2 Net pension income (3.1 ) (2.6 ) Loss on debt extinguishment — 2.6 Earnings (loss) before income taxes and equity in (earnings) loss of unconsolidated entity (7.1 ) 32.8 Income tax (benefit) expense (3.3 ) 6.7 Earnings (loss) before equity in (earnings) loss of unconsolidated entity (3.8 ) 26.1 Equity in (earnings) loss of unconsolidated entity (0.3 ) 0.7 Net earnings (loss) (3.5 ) 25.4 Net (earnings) loss attributable to noncontrolling interests — — Net earnings (loss) attributable to Quad/Graphics common shareholders $ (3.5 ) $ 25.4 Earnings (loss) per share attributable to Quad/Graphics common shareholders Basic $ (0.07 ) $ 0.52 Diluted $ (0.07 ) $ 0.49 Weighted average number of common shares outstanding Basic 50.1 49.1 Diluted 50.1 51.5 QUAD/GRAPHICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31, 2018 and December 31, 2017 (in millions) (UNAUDITED) March 31, December 31, 2018 2017 ASSETS Cash and cash equivalents $ 30.2 $ 64.4 Receivables, less allowances for doubtful accounts 531.3 552.5 Inventories 269.2 246.5 Prepaid expenses and other current assets 55.4 45.1 Total current assets 886.1 908.5 Property, plant and equipment—net 1,351.9 1,377.6 Goodwill 88.0 — Other intangible assets—net 116.6 43.4 Equity method investment in unconsolidated entity 3.9 3.6 Other long-term assets 96.4 119.3 Total assets $ 2,542.9 $ 2,452.4 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 388.6 $ 381.6 Accrued liabilities 283.2 316.7 Short-term debt and current portion of long-term debt 43.5 42.0 Current portion of capital lease obligations 5.7 5.6 Total current liabilities 721.0 745.9 Long-term debt 970.3 903.5 Capital lease obligations 13.3 13.7 Deferred income taxes 44.7 41.9 Other long-term liabilities 224.9 225.0 Total liabilities 1,974.2 1,930.0 Shareholders' equity Preferred stock — — Common stock 1.4 1.4 Additional paid-in capital 850.4 861.1 Treasury stock, at cost (17.9 ) (52.8 ) Accumulated deficit (176.4 ) (162.9 ) Accumulated other comprehensive loss (118.8 ) (124.4 ) Quad/Graphics' shareholders' equity 538.7 522.4 Noncontrolling interests 30.0 — Total shareholders' equity and noncontrolling interests 568.7 522.4 Total liabilities and shareholders' equity $ 2,542.9 $ 2,452.4 QUAD/GRAPHICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Three Months Ended March 31, 2018 and 2017 (in millions) (UNAUDITED) Three Months Ended March 31, 2018 2017 OPERATING ACTIVITIES Net earnings (loss) $ (3.5 ) $ 25.4 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization 56.2 58.7 Employee stock ownership plan contribution 22.3 — Impairment charges 7.9 0.4 Loss on debt extinguishment — 2.6 Stock-based compensation 5.4 6.0 Gain from a property insurance claim (17.2 ) — Gain on sale or disposal of property, plant and equipment (2.2 ) (3.7 ) Deferred income taxes 0.9 3.2 Other non-cash adjustments to net earnings (loss) 0.6 1.6 Changes in operating assets and liabilities—net of acquisitions (68.2 ) (30.9 ) Net cash provided by operating activities 2.2 63.3 INVESTING ACTIVITIES Purchases of property, plant and equipment (24.2 ) (23.4 ) Proceeds from the sale of property, plant and equipment 4.3 10.8 Proceeds from property insurance claims 13.4 3.0 Loan to an unconsolidated entity — (5.0 ) Acquisition of businesses—net of cash acquired (73.9 ) — Net cash used in investing activities (80.4 ) (14.6 ) FINANCING ACTIVITIES Proceeds from issuance of long-term debt — 375.0 Payments of long-term debt (5.0 ) (384.0 ) Payments of capital lease obligations (1.6 ) (2.1 ) Borrowings on revolving credit facilities 245.5 67.0 Payments on revolving credit facilities (174.0 ) (83.8 ) Payments of debt issuance costs and financing fees — (4.6 ) Proceeds from stock options exercised 4.0 1.3 Equity awards redeemed to pay employees' tax obligations (7.5 ) (5.9 ) Payment of cash dividends (17.2 ) (16.8 ) Other financing activities — (4.1 ) Net cash provided by (used in) financing activities 44.2 (58.0 ) Effect of exchange rates on cash and cash equivalents (0.2 ) 0.4 Net decrease in cash and cash equivalents (34.2 ) (8.9 ) Cash and cash equivalents at beginning of period 64.4 19.2 Cash and cash equivalents at end of period $ 30.2 $ 10.3 QUAD/GRAPHICS, INC.
SEGMENT FINANCIAL INFORMATION For the Three Months Ended March 31, 2018 and 2017 (in millions) (UNAUDITED) Restructuring, Impairment and Operating Transaction-Related Net Sales Income (Loss) Charges (1)
Three months ended March 31, 2018 United States Print and Related Services $ 867.8 $ 20.3 $ 20.4 International 99.7 5.7 1.0 Total operating segments 967.5 26.0 21.4 Corporate — (18.9 ) 3.5 Total $ 967.5 $ 7.1 $ 24.9 Three months ended March 31, 2017 United States Print and Related Services $ 902.2 $ 62.5 $ 7.1 International 96.4 4.8 1.0 Total operating segments 998.6 67.3 8.1 Corporate — (16.3 ) 1.1 Total $ 998.6 $ 51.0 $ 9.2 (1)
Restructuring, impairment and transaction-related charges are included within operating income (loss).
QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES EBITDA, EBITDA MARGIN, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN For the Three Months Ended March 31, 2018 and 2017 (in millions, except margin data) (UNAUDITED) Three Months Ended March 31, 2018 2017 Net earnings (loss) $ (3.5 ) $ 25.4 Interest expense 17.3 18.2 Income tax (benefit) expense (3.3 ) 6.7 Depreciation and amortization 56.2 58.7 EBITDA (Non-GAAP) $ 66.7 $ 109.0 EBITDA Margin (Non-GAAP) 6.9 % 10.9 % Restructuring, impairment and transaction-related charges (1) 24.9 9.2 Net pension income (2) (3.1 ) (2.6 ) Employee stock ownership plan contribution (3) 22.3 — Loss on debt extinguishment (4) — 2.6 Equity in (earnings) loss of unconsolidated entity (5) (0.3 ) 0.7 Adjusted EBITDA (Non-GAAP) $ 110.5 $ 118.9 Adjusted EBITDA Margin (Non-GAAP) 11.4 % 11.9 % (1)
Operating results for the three months ended March 31, 2018 and 2017, were affected by the following restructuring, impairment and transaction-related charges: Three Months Ended March 31, 2018 2017 Employee termination charges (a) $ 10.6 $ 2.9 Impairment charges (b) 7.9 0.4 Transaction-related charges (c) 0.7 0.8 Integration costs (d) 0.1 — Other restructuring charges (e) 5.6 5.1 Restructuring, impairment and transaction-related charges $ 24.9 $ 9.2 (a)
Employee termination charges were related to workforce reductions through facility consolidations and separation programs.
(b)
Impairment charges were for certain property, plant and equipment no longer being utilized in production as a result of facility consolidations. (c)
Transaction-related charges consisted of professional service fees related to business acquisition and divestiture activities. (d)
Integration costs were primarily costs related to the integration of acquired companies. (e)
Other restructuring charges were primarily from costs to maintain and exit closed facilities, as well as lease exit charges,. (2)
Due to a change in United States GAAP that requires pension income to be excluded from operating income, the Company will report Adjusted EBITDA excluding net pension income. This change is reflected in both periods presented.
(3)
The Company made a $22.3 million non-cash contribution to the Company's employee stock ownership plan during the three months ended March 31, 2018. (4)
The $2.6 million loss on debt extinguishment recorded during the three months ended March 31, 2017, relates to the second amendment to the Company's April 28, 2014 Senior Secured Credit Facility, completed on February 10, 2017. (5)
The equity in (earnings) loss of unconsolidated entity includes the results of operations for an investment in an entity where Quad/Graphics has the ability to exert significant influence, but not control, which is accounted for using the equity method of accounting. In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains Non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. The Company believes that these Non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad/Graphics' performance and are important measures by which Quad/Graphics' management assesses the profitability and liquidity of its business. These Non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by operating activities as a measure of liquidity. These Non-GAAP measures may be different than Non-GAAP financial measures used by other companies.
QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES FREE CASH FLOW For the Three Months Ended March 31, 2018 and 2017 (in millions) (UNAUDITED) Three Months Ended March 31, 2018 2017 Net cash provided by operating activities $ 2.2 $ 63.3 Less: purchases of property, plant and equipment (24.2 ) (23.4 ) Free Cash Flow (Non-GAAP) $ (22.0 ) $ 39.9 In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains Non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. The Company believes that these Non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad/Graphics' performance and are important measures by which Quad/Graphics' management assesses the profitability and liquidity of its business. These Non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by operating activities as a measure of liquidity. These Non-GAAP measures may be different than Non-GAAP financial measures used by other companies.
QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES DEBT LEVERAGE RATIO As of March 31, 2018 and December 31, 2017 (in millions, except ratio) (UNAUDITED) March 31, December 31, 2018 2017 Total debt and capital lease obligations on the condensed consolidated balance sheets $ 1,032.8 $ 964.8 Divided by: Trailing twelve months Adjusted EBITDA for Quad/Graphics (Non-GAAP) (1) $ 439.8 $ 448.2 Pro forma Adjusted EBITDA for Ivie & Associates (Non-GAAP) (2) 14.1 — Trailing twelve months Adjusted EBITDA (Non-GAAP) $ 453.9 $ 448.2 Debt Leverage Ratio (Non-GAAP) 2.28 x 2.15 x (1)
The calculation of Adjusted EBITDA for the trailing twelve months ended March 31, 2018, and December 31, 2017, was as follows: Add Subtract Trailing Twelve
Months Ended
Year Ended Three Months Ended December 31, March 31, March 31, March 31, 2017 (a)
2018 2017 2018 Net earnings (loss) $ 107.2 $ (3.5 ) $ 25.4 $ 78.3 Interest expense 71.1 17.3 18.2 70.2 Income tax (benefit) expense (16.0 ) (3.3 ) 6.7 (26.0 ) Depreciation and amortization 232.5 56.2 58.7 230.0 EBITDA (Non-GAAP) $ 394.8 $ 66.7 $ 109.0 $ 352.5 Restructuring, impairment and transaction-related charges 60.4 24.9 9.2 76.1 Net pension income (b) (9.6 ) (3.1 ) (2.6 ) (10.1 ) Employee stock ownership plan contribution — 22.3 — 22.3 Loss on debt extinguishment 2.6 — 2.6 — Equity in loss (gain) of unconsolidated entity — (0.3 ) 0.7 (1.0 ) Adjusted EBITDA (Non-GAAP) $ 448.2 $ 110.5 $ 118.9 $ 439.8 (a)
Financial information for the year ended December 31, 2017, is included as reported in the Company's 2017 Annual Report on Form 10-K filed with the SEC on February 21, 2018. (b)
Due to a change in United States GAAP that requires pension income to be excluded from operating income, the Company will report Adjusted EBITDA excluding net pension income. This change is reflected in all periods presented. (2)
As permitted by the Company's senior secured credit facility, certain pro forma financial information related to the acquisition of Ivie & Associates ("Ivie") was included in calculating the Debt Leverage Ratio as of March 31, 2018, and December 31, 2017. As the acquisition of Ivie was completed on February 21, 2018, the $14.1 million pro forma Adjusted EBITDA represents the period from April 1, 2017, to February 20, 2018. Adjusted EBITDA for Ivie was calculated in a consistent manner with the calculation above for Quad/Graphics. Ivie's financial information has been consolidated within Quad/Graphics' financial results since the date of acquisition. If the eleven months of pro forma Adjusted EBITDA for Ivie was not included in the calculation, the Company's Debt Leverage Ratio would have been 2.35x as of March 31, 2018.
In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains Non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. The Company believes that these Non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad/Graphics' performance and are important measures by which Quad/Graphics' management assesses the profitability and liquidity of its business. These Non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by operating activities as a measure of liquidity. These Non-GAAP measures may be different than Non-GAAP financial measures used by other companies.
QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES ADJUSTED DILUTED EARNINGS PER SHARE For the Three Months Ended March 31, 2018 and 2017 (in millions, except per share data) (UNAUDITED) Three Months Ended March 31, 2018 2017 Earnings (loss) before income taxes and equity in (earnings) loss of unconsolidated entity $ (7.1 ) $ 32.8 Restructuring, impairment and transaction-related charges 24.9 9.2 Employee stock ownership plan contribution 22.3 — Loss on debt extinguishment — 2.6 40.1 44.6 Income tax expense at normalized tax rate (1) 10.0 17.8 Adjusted net earnings (Non-GAAP) $ 30.1 $ 26.8 Basic weighted average number of common shares outstanding 50.1 49.1 Plus: effect of dilutive equity incentive instruments (Non-GAAP) 2.0 2.4 Diluted weighted average number of common shares outstanding (Non-GAAP) 52.1 51.5 Adjusted Diluted Earnings Per Share (Non-GAAP) (2) $ 0.58 $ 0.52 Diluted Earnings (Loss) Per Share (GAAP) $ (0.07 ) $ 0.49 Restructuring, impairment and transaction-related charges per share 0.48 0.18 Employee stock ownership plan contribution per share 0.43 — Loss on debt extinguishment per share — 0.05 Income tax (benefit) expense from condensed consolidated statement of operations per share (0.06 ) 0.13 Income tax expense at normalized tax rate per share (1) (0.19 ) (0.34 ) Equity in (earnings) loss of unconsolidated entity from condensed consolidated statement of operations per share (0.01 ) 0.01 Net (earnings) loss attributable to noncontrolling interests from condensed consolidated statement of operations per share — — Adjusted Diluted Earnings Per Share (Non-GAAP) (1) $ 0.58 $ 0.52 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-quadgraphics-reports-first-quarter-2018-results.html |
Elon Musk is acting like he'll never need to raise capital again.
Musk's behavior on a Tesla conference call on Wednesday raises questions about Musk's relationship with the investors who have bought equity from the company year after year, including those who think Tesla may need to return to markets in the not-so-distant future.
Musk insisted on the call that he has no plans to raise capital at this point , and Tesla was not available for further comment.
But many on Wall Street say that insistence does not seem to square with what they see in Tesla's finances .
show chapters Musk's temperament not right to be CEO: Expert 1 Hour Ago | 02:43 For example, CFRA analyst Efraim Levy told CNBC he thinks Tesla may have to raise money again before the end of the first quarter of 2019, either through selling equity or debt.
" I would expect it to be equity rather than debt, because it is cheaper and you don't have to pay it back," he said. The problem with that is, Levy added, that selling more equity will have a dilutive effect on existing shareholders.
The questions typically asked on these calls inform the research relied on by the large institutional shareholders who already own considerable stakes in the company.
"Irrespective of the Tesla CEO's annoyance with the genre of questions he was receiving from the analyst community, we note that an important part of Tesla's success has been its relationship with the capital markets in funding its ambitious plans," said Morgan Stanley's Adam Jonas in a note following the call. "The analysts on the call represent the providers of capital that Tesla has throughout its history depended upon."
Jonas added that while such questions may seem "dry," as Musk called them, they are "extremely important for a highly levered and cash hungry company."
"As we have highlighted in our previous research, even the short-term cadence of Model 3 production can significantly impact cash levels, liquidity, and financial credit worthiness," he said.
The 10 largest institutions collectively own 61 percent of Tesla . Behind Musk himself, who owns 23 percent, Fidelity Investments owns an 11 percent share, Baillie Gifford owns a 9 percent share, and T. Rowe Price owns a 7 percent share, for example.
"It's ironic that they've had at least one capital raise per year every year since going public and now he is being combative with the Street," Morningstar analyst Dave Whiston said. "He's either just very much out of patience or plans to never need to raise capital again."
Apart from interrupting analysts and calling their questions about Tesla's finances "boring," it was bizarre that Musk gave so much time to Gali Russell, the Tesla shareholder who asked several crowdsourced questions, despite the fact that Tesla typically only allows analysts to ask one question and one follow-up, Whiston told CNBC on Thursday.
"[That is] another sign that Elon had had enough of the norm, but when you are public these are the types of questions you get asked," Whiston said. "If you don't like it, go private and stop relying on other people's money."
Indeed, other business leaders have either avoided public markets or taken their companies private so they can run their companies differently from how they might have to if they were publicly traded firms, said Jeffrey Sonnenfeld, who is a senior associate dean for leadership studies at Yale. Michael Dell , who founded computer company Dell Technologies, is one notable example.
If Musk wants to avoid scrutiny from Wall Street, he could do the same, Sonnenfeld said.
Musk's behavior seemed like an emotional outburst that raises questions about the balance between the creative volatility that makes him great and his openness to questioning and criticism — and that can derail his success, Sonnenfeld said.
"He has made his fortune on other people's money, and he needs to be accountable," he said.
WATCH: Tesla earnings call was the best I've heard in a long time, says Jim Cramer show chapters Tesla earnings call was the best I've heard in a long time, says Jim Cramer 6 Hours Ago | 02:52 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/elon-musk-is-acting-like-he-plans-to-never-need-to-raise-capital-again.html |
May 18, 2018 / 5:04 AM / Updated 19 minutes ago Congo's Ebola not an international emergency, can be controlled -WHO Tom Miles , Fiston Mahamba 4 Min Read
GENEVA/KINSHASA (Reuters) - The Ebola outbreak in Democratic Republic of Congo can be brought under control and is not an international public health emergency, experts advising the World Health Organization said on Friday. Robert Steffen Chair of the Emergency Committee regarding Ebola at the World Health Organization (WHO) (R) and Tedros Adhanom Ghebreyesus Director-General of the WHO attend a news conference on the outbreak in the Democratic Republic of Congo at the United Nations in Geneva, Switzerland, May 18, 2018. REUTERS/Denis Balibouse
Earlier in the day the WHO had said the first confirmation of Ebola in Mbandaka, a city of about 1.5 million people, had prompted it to declare a “very high” public health risk to the country and a “high” risk to the region.
But the WHO’s Emergency Committee of 11 experts said the rapid response had mitigated the risk from the outbreak, which was declared 10 days ago and has killed 25 people since early April.
“Interventions underway provide strong reason to believe that the outbreak can be brought under control,” the committee said in a statement.
They decided not to declare a “public health emergency of international concern” (PHEIC), a formal alert that puts governments on notice and helps mobilise resources and research.
However, committee chairman Robert Steffen said the “vigorous” outbreak response must continue.
“Without that, the situation is likely to deteriorate significantly,” he told a news conference in Geneva. FILE PHOTO: Congolese Health Ministry officials carry the first batch of experimental Ebola vaccines in Kinshasa, Democratic Republic of Congo May 16, 2018. REUTERS/Kenny Katombe/File Photo
Jeremy Farrar, director of the Wellcome Trust medical charity and an infectious diseases expert, said the decision not to declare an emergency was “the right one for the time being”, but should be kept under review.
“We can’t predict how the outbreak will progress, and the WHO must keep the situation under frequent review and not hesitate to declare a PHEIC if the situation shows signs of deteriorating,” he said in a statement.
The outbreak, Congo’s ninth since the disease made its first known appearance near the northern Ebola river in the 1970s, has raised concerns that the virus could spread downstream to the capital Kinshasa, with a population of 10 million. CONTACTS
The WHO was heavily criticised for being too slow to declare an international emergency during an outbreak in West Africa in 2013 to 2016. That epidemic ran out of control, spreading mainly through Guinea, Sierra Leone and Liberia. It killed more than 11,300 people and infected 28,600. FILE PHOTO: Congolese Health Ministry officials arrange the first batch of experimental Ebola vaccines in Kinshasa, Democratic Republic of Congo May 16, 2018. REUTERS/Kenny Katombe/File Photo
One of the problems then was chasing down people who had been in contact with Ebola patients, to stop them spreading the deadly virus further.
This time, a vaccine is being deployed to try to halt the outbreak, which Steffen said was a cause for optimism.
WHO Director General Tedros Adhanom Ghebreyesus said the vaccine would encourage people to come forward, making him confident that very few of around 532 contacts identified so far would go missing.
WHO’s head of emergency preparedness and response Peter Salama said the contact tracing rate was “extremely high” in the city of Mbandaka and “very high” in Bikoro, the small town where most of the 45 confirmed, probable or suspected Ebola cases have occurred since April 4.
More challenging were the small peripheral villages, reachable only by motorcycle, where the first cases went initially unrecorded last month.
Tedros said emergency response teams planned to start vaccinating frontline health workers in Congo by Sunday, but Salama said the date had not been fixed.
“As early as Monday we’ll start,” he said.
The plan involves vaccinating “rings” of contacts around each Ebola patient, and then a second ring around each contact.
The WHO is sending 7,540 doses of the vaccine developed by Merck, enough to vaccinate 50 rings of 150 people. Salama said 8,000-10,000 people would be vaccinated in the first phase.
The WHO was also in talks about a second vaccine made by Johnson & Johnson, he said, and the WHO wanted to get Congo’s approval to use ZMapp, an intravenous treatment for Ebola, and expected it to come within days. Writing and additional reporting by Kate Kelland in London, Editing by Catherine Evans | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-ebola/who-raises-risk-assessment-of-congos-ebola-outbreak-idUSKCN1IJ0CM |
The Supreme Court Just Dealt a Blow to Planned Parenthood in Arkansas. Here's What It Means Planned Parenthood has been a target of GOP-led states and the Trump administration Photograph by Dominick Reuter — Reuters By Sy Mukherjee May 29, 2018
The Supreme Court on Tuesday delivered, at least temporarily, a setback to abortion rights advocates and Planned Parenthood by clearing the way for an Arkansas law that makes it effectively impossible to access medication-induced abortions. The decision will shutter two of the state’s three Planned Parenthood clinics in the short-term, though the organization plans to “swiftly” challenge the law again in federal court.
“Arkansas is now shamefully responsible for being the first state to ban medication abortion,” said Planned Parenthood executive vice president Dawn Laguens in a statement. “This dangerous law also immediately ends access to safe, legal abortion at all but one health center in the state.”
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Arkansas’s 2015 law puts significant restrictions on clinics that provide pill-induced abortion services , which involve combining mifepristone and misoprostol early on in pregnancy. Clinics that perform medication abortions would have to contract with a doctor who has admitting privileges at a hospital under the statute — a regulatory hurdle that just one of the facilities can clear.
Supporters claim the provision is meant to protect women’s health. But Planned Parenthood asserts that the Arkansas law places an undue burden on women attempting to access a more convenient and less invasive form of abortion, and will force many to drive hundreds of miles to get to a clinic at all.
The Supreme Court’s action isn’t necessary a ruling against Planned Parenthood over the long term, as the Justices didn’t officially rule on whether or not the Arkansas statute is legal.
So it’s unclear whether the law will stand permanently; it may wind up in front of the Supreme Court again if Planned Parenthood can successfully take further legal action at the lower court levels, as it says it will. Arkansas, however, isn’t the only state to test the boundaries of abortion rights in recent years, and Planned Parenthood has been a consistent target of funding cuts by the Trump administration. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/29/supreme-court-planned-parenthood-arkansas/ |
May 3 (Reuters) - Realogy Holdings Corp:
* REALOGY REPORTS FINANCIAL RESULTS FOR FIRST QUARTER 2018 * Q1 REVENUE $1.2 BILLION VERSUS I/B/E/S VIEW $1.21 BILLION
* Q1 ADJUSTED LOSS PER SHARE $0.38 * Q1 EARNINGS PER SHARE VIEW $-0.31 — THOMSON REUTERS I/B/E/S
* REALOGY HOLDINGS - CONTINUE TO EXPECT AGGREGATE Q2 TO Q4 OPERATING. EBITDA TO BE IN LINE WITH OR BETTER THAN SAME PERIOD IN 2017
* SEES Q2 COMBINED HOME SALE TRANSACTION VOLUME WILL INCREASE IN RANGE OF 2% TO 5% YEAR-OVER-YEAR Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-realogy-reports-q1-adjusted-loss-p/brief-realogy-reports-q1-adjusted-loss-per-share-0-38-idUSASC09ZHJ |
Les Moonves, president and chief executive officer of CBS Corp.
Check out the companies making headlines after the bell :
CBS stock rose 2 percent in the extended session on earnings and revenue that both exceeded analyst expectations, but the company's stock later gave up its gains. Full-year guidance remained below estimates and second-quarter guidance was weak.
The television broadcasting company said that its direct-to-consumer services are growing rapidly, bringing in substantial income and attracting younger viewers. Average rate per subscriber is also increasing.
Shake Shack shares jumped more than 8 percent after hours. The fast-casual restaurant chain beat Wall Street expectations on top and bottom lines. It also reported bigger same-store growth than anticipated and strong full-year guidance.
Shares of Pandora Media surged more than 6 percent in extended trading. The streaming service company reported a loss that was smaller than expected and surpassed estimates on revenue. Strong advertising revenue helped boost its bottom line and total listener hours were also higher than expected.
Weight Watchers stock jumped more than 7 percent after the bell, following all-over positive earnings. The weight loss company's earnings and revenues were also higher than expected. Full-year guidance was raised as the company reached an all-time record with 4.6 million subscribers, up 29 percent year-over-year.
GoPro shares soared as much as 8 percent post-market on a big revenue beat and a smaller loss per share than expected, but its stock later gave up its gains. The technology company's revenues are still down 7 percent from a year ago, but the company cites big discounts as it tries to compete with discount retailers. Operating expenses have greatly decreased, though.
Twitter stock sank 1 percent in the extended session after disclosing a password storage glitch . The social media company does not believe user accounts were affected but still recommends users change their passwords.
Shares of Fluor plummeted nearly 13 percent after hours on mixed earnings. The engineering and construction firm beat estimates on revenue but missed on earnings. CEO David Seaton attributed the poor results to "continued challenges on a gas-fired power project." Full-year earnings guidance was also cut by $1. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/after-hours-buzz-cbs-shak-p-more.html |
Suzy Welch: Beware of these 3 common job interview traps 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/suzy-welch-beware-of-these-3-common-job-interview-traps.html |
SHANGHAI (Reuters) - Beijing outlined new measures on Friday to improve the way it recycles and disposes of solid waste like bricks and concrete and prevent illegal dumping, in a bid to tackle one of China’s biggest pollution problems.
New mechanisms and preferential policies, including tax exemptions, would encourage the “comprehensive utilization” of waste, the Ministry of Industry and Information Technology (MIIT) said in a statement.
It would encourage firms to “standardize, make green and scale up” the complete recycling of products, including materials used in construction such as cement, bricks, and fire retardants, as well as mine slag and tailings, and porcelain.
Solid waste has emerged as one of China’s biggest environmental priorities as it tries to put an end to illegal dumping and rehabilitate land and water sources contaminated by hazardous chemicals or heavy metals.
According to a study published by the Ministry of Land and Resources in 2015, as many as 100,000 industrial enterprises had closed or relocated since 2001, leaving behind huge amounts of untreated waste. It said as much as 8 percent of China’s arable land was contaminated by heavy metals.
China’s ministries have been scrambling to respond to a speech by President Xi Jinping last Saturday, where he vowed to use the full might of the ruling Communist Party to tackle long-standing environmental problems.
The Ministry of Ecology and Environment (MEE) also published new measures on Tuesday to crack down on the illegal transportation and dumping of solid waste. It called for action to improve China’s ability to recycle and dispose of hazardous materials.
The MEE said in March that there were around 9 million sources of pollution in China, including 7.4 million industrial sources. The number has risen by more than half in just eight years.
China has also banned the import of many types of waste material, with customs authorities now cracking down on illegal smuggling, as it tries to encourage recyclers to tackle rising levels of domestic waste instead.
(This story has been refiled to fix typo “recyling” in headline)
Reporting by David Stanway; editing by Richard Pullin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-waste/china-aims-to-boost-solid-waste-recycling-halt-illegal-dumping-idUSKCN1IQ0BB |
May 19, 2018 / 11:12 AM Meghan Markle picks simple, sleek dress by Givenchy designer for wedding Marie-Louise Gumuchian , Cassandra Garrison Meghan Markle picked a sleek sculpted dress by the British designer of couture house Givenchy for her wedding to Prince Harry on Saturday, worn with a five-metre long veil and a sparkling diamond tiara lent by Queen Elizabeth.
The pure white long-sleeved gown with a boat neck had been eagerly anticipated by royal fans around the world, with speculation over which designer would be chosen starting soon after the couple announced their engagement in November.
As the bride stepped out of her classic Rolls-Royce, Kensington Palace announced that Clare Waight Keller, who became the first female artistic director at famed French house Givenchy last year, had secured the coveted role of making the dress.
The 47-year-old, previously at Pringle of Scotland and Chloe, met Meghan earlier this year and the two worked together on the design, which “epitomises a timeless minimal elegance”, Kensington Palace said.
“The focus of the dress is the graphic open bateau neckline that gracefully frames the shoulders and emphasises the slender sculpted waist,” the palace said in a statement.
“The lines of the dress extend towards the back where the train flows in soft round folds cushioned by an underskirt in triple silk organza. The slim three-quarter sleeves add a note of refined modernity.”
The double bonded gown made of cady silk with a sweeping train was simple in style, which won praise from fashionistas.
Edward Enninful, the editor of British Vogue, called the dress “beautiful” while bridal designer Raishma said the gown was “an example of couture design at its most classic and timeless”.
On social media, fans mainly showered the bride, who wore her hair up, with compliments, some even posting an image of Cinderella. Outside the wedding venue in Windsor, well-wishers were divided over its simplicity.
“It was simple and elegant,” 23-year-old Emily Devaney from New Zealand said. “It’s probably hard to dress for a royal wedding - you probably don’t have much you can go with but I thought she looked beautiful.”
Nursing student Linda O’Dwyer said it was “very modern and classy” and she preferred it to the lace-embroidered gown Kate Middleton wore at her 2011 wedding to Prince William. Meghan Markle departs for her wedding to Britain's Prince Harry, in Taplow, Britain, May 19, 2018. REUTERS/Darren Staples
“It was like (Megan) didn’t want it to be too over the top with lots of embroidery. It really suited her style,” she said.
However spectator Jennifer Hill, 69, described it as “very plain”. “I’m not surprised but slightly disappointed,” she said. “I thought it might be a little more flamboyant but it was very simplistic. I prefer her hair down.” COMMONWEALTH TRIBUTE
The well-kept secret over who would design the dress had kept royal fans and fashionistas guessing for months. Among the those cited as contenders were labels Ralph & Russo and Burberry as well as designer Stella McCartney.
Waight Keller, whose name has now been catapulted into the global spotlight, described the chance to work on the historic occasion as “an honour”.
“We wanted to create a timeless piece that would emphasise the iconic codes of Givenchy throughout its history, as well as convey modernity through sleek lines and sharp cuts,” she was quoted by British Vogue as saying on the magazine’s website.
Meghan’s long veil, made of silk tulle, was decorated with a trim of hand-embroidered flowers in silk threads and organza, the palace said, and paid tribute to the 53 countries of the Commonwealth.
“Ms. Waight Keller designed a veil representing the distinctive flora of each Commonwealth country united in one spectacular floral composition,” the palace said.
Prince Harry last month was appointed a Commonwealth youth ambassador. Meghan Markle arrives at Windsor Castle for her wedding to Prince Harry in Chris Radburn/Pool via REUTERS
Queen Elizabeth lent the 36-year-old bride a historic tiara for the occasion. Made in 1932 for Queen Mary, the sparkling diamond and platinum bandeau has a centre brooch dating from 1893.
Meghan, now to be called the Duchess of Sussex, also wore Cartier earrings and bracelet, and silk duchess satin shoes. Reporting By Marie-Louise Gumuchian; additional reporting by Cassandra Garrison, Andrew MacAskill and Eleanor Whalley; Writing by Marie-Louise Gumuchian; Editing by Giles Elgood | ashraq/financial-news-articles | https://in.reuters.com/article/britain-royals-wedding-dress/meghan-markle-wears-wedding-dress-by-british-designer-clare-waight-keller-idINKCN1IK0DX |
SAN JUAN CAPISTRANO, Calif. and BAHADURGARH, India, May 7, 2018 /PRNewswire/ -- Fluidmaster, Inc., the world's largest manufacturer of toilet tank components and trim , announced today that its new joint venture, Fluidmaster Jindal Sanitaryware India Private Limited , has hired a National Sales Manager.
Shailabh Rathore joins Fluidmaster Jindal from Kohler India and has more than 10 years of experience in the sanitaryware industry, having worked previously for global brand leaders Roca and Grohe. Mr. Rathore also holds an MBA in Marketing from Dr. B.R. Ambedkar University.
"We are very pleased to have Shailabh join our growing team in India. His deep knowledge of the domestic market will be invaluable to us in taking the right first steps and in building our long term future," stated Todd Talbot, Fluidmaster President.
"I am excited about the Fluidmaster Jindal Sanitaryware joint venture," said Mr. Rathore. "The Fluidmaster brand will bring a new level of product excellence to India where the market is demanding both quality and significant local capacity. I am very pleased to be joining the team at the start of this new venture."
Mr. Rathore will immediately deploy his knowledge of the India sanitaryware industry to provide a full assessment of the market followed by coordinated sales and marketing plans. He will be based at the company's new manufacturing and headquarters office in Bahadurgarh, which will be completed in first quarter 2019.
About Fluidmaster
Established in 1957 and reaching across the world, Fluidmaster remains a family owned and operated company known for its superior engineering of efficient and reliable toilet components. The company has become an icon in the plumbing industry, with operations in North America, Europe, the United Kingdom, China and Turkey as well as a worldwide distribution network across more than 80 countries selling more toilet tank replacement valves than any other manufacturer in the world. In addition to the original fill valve developed by founder Adolf Schoepe and enhanced through the years, Fluidmaster's complete line of toilet care parts include exposed and in-wall cisterns, standard and dual flush valves, flappers, activation systems, bowl wax and wax-free products, toilet repair kits, toilet seats and supply line connectors.
The company's global headquarters is located in San Juan Capistrano, California. For media inquiries or for more information, contact David McFarland at 949-728-2207 or by email at [email protected] , or visit www.fluidmaster.com .
View original content: http://www.prnewswire.com/news-releases/fluidmaster-jindal-india-hires-national-sales-manager-300643749.html
SOURCE Fluidmaster, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-fluidmaster-jindal-india-hires-national-sales-manager.html |
May 4 (Reuters) - Bovie Medical Corp:
* BOVIE MEDICAL CORP FILES FOR MIXED SHELF OF UP TO $25 MILLION – SEC FILING Source text - bit.ly/2rmwfNs Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bovie-medical-corp-files-for-mixed/brief-bovie-medical-corp-files-for-mixed-shelf-of-up-to-25-million-idUSFWN1SB19M |
May 1, 2018 / 9:24 AM / Updated 6 hours ago Salah voted England's Footballer of the Year Simon Evans 2 Min Read
MANCHESTER, England (Reuters) - Liverpool’s Egyptian forward Mohamed Salah has been voted Footballer of the Year by the Football Writers’ Association (FWA) to complete the double of English soccer’s major individual awards. FILE PHOTO: Soccer Football - Champions League Semi Final First Leg - Liverpool vs AS Roma - Anfield, Liverpool, Britain - April 24, 2018 Liverpool's Mohamed Salah celebrates scoring their first goal REUTERS/Phil Noble/File Photo
Salah was chosen as Player of the Year by the Professional Footballers Association (PFA) after an outstanding season in which he has scored 43 goals in all competitions.
The 25-year-old is the first African player to win the FWA award which began in 1948. Related Coverage List of England's Footballers of the Year
Salah narrowly beat Manchester City midfielder Kevin De Bruyne in a ballot of over 400 FWA members, with the winning margin less than 20 votes. Tottenham Hotspur striker Harry Kane was placed third. FILE PHOTO: Soccer Football - Champions League Semi Final First Leg - Liverpool vs AS Roma - Anfield, Liverpool, Britain - April 24, 2018 Liverpool's Mohamed Salah celebrates scoring their first goal Action Images via Reuters/Carl Recine
“What a race it has been between two players who, in a relatively short time, have reached genuine world class. But Mo Salah is the worthiest of winners. He is also the first African to receive the award and we congratulate him on a magnificent season,” FWA Chairman Patrick Barclay said.
Salah has helped Liverpool, who are third in the Premier League, into the Champions League semi-finals for the first time in 10 years.
The Merseyside club face AS Roma in the second leg in the Italian capital on Wednesday and lead 5-2 from the opening game at Anfield in which Salah scored twice and set up two other goals.
Salah will head to the World Cup in Russia in June to play for Egypt who have been drawn with the hosts, Saudi Arabia and Uruguay in Group A.
Other players to receive votes from FWA members were Sergio Aguero (Manchester City), Christian Eriksen (Tottenham), Roberto Firmino (Liverpool), Nick Pope (Burnley), David Silva (Manchester City), Raheem Sterling (Manchester City) and Jan Vertonghen (Tottenham).
The inaugural FWA Women’s Footballer of the Year Award was won by Chelsea and England forward Fran Kirby who was also crowned PFA Women’s Player of the Year last month. Reporting by Simon Evans, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-award-salah/salah-voted-englands-footballer-of-the-year-idUKKBN1I236I |
May 17, 2018 / 1:35 PM / Updated 35 minutes ago British watchdog puts Financial.org on investor alert list Kirstin Ridley , Carolyn Cohn 3 Min Read
LONDON (Reuters) - Britain’s financial markets watchdog said on Thursday it had put UK-registered firm Financial.org on an investor alert list, warning investors from dealings with the company. FILE PHOTO: The logo of the new Financial Conduct Authority (FCA) is seen at the agency's headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren
The Financial Conduct Authority (FCA) warning is the latest from regulators around the world about the company, a sponsor of Formula One team Williams ( WGF1G.DE ).
The FCA said in a notice posted on its website that it believed Financial.org “has been providing financial services or products in the UK without our authorization”.
Offering investment services without regulatory permission is a criminal offense in Britain.
Reuters could not reach Financial.org by telephone. A receptionist on the ground floor of the office building in London’s Canary Wharf financial district where the company rents space on the 26th floor, said Financial.org had changed its name to Mythen. Her call to the office went unanswered.
Williams did not respond to a request for comment.
Reuters has reported that Financial.org, which describes itself as an educational platform, is managing hundreds of thousands of dollars for Middle Eastern and Asian investors even though it is not licensed to engage in financial transactions.
Seventeen people from China, Indonesia, Malaysia, Singapore, Thailand, Vietnam and the UAE have told Reuters they had each given between $3,000 and $400,000 to Financial.org.
Most said their money had been invested in U.S. blue-chip stocks. Recent notices on a website described as the official news site for Financial.org say that the company is also offering a cryptocurrency called FOIN.
Financial.org has told investors it will close their accounts and take 20 percent of their money if they do not raise their minimum investment to $10,000 from $3,000, according to a notice posted on its website and seven investors.
The deadline for this has been extended to the end of May, one of the investors told Reuters, providing a screenshot of the latest notice posted on a password-protected, members-only section of the firm’s website.
The investor also said attempts to withdraw money had failed. The person, who declined to be named due to concern about their investments, provided screenshots of an account page showing withdrawal requests had been rejected. Editing by Sinead Cruise/Alexandra Hudson/Alexander Smith | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-investment-financial-org/uk-watchdog-puts-financial-org-on-investor-alert-list-idUSKCN1II1YC |
Kudlow: It's good that gold is soft and the dollar is strong 2 Hours Ago 00:47 00:47 | 2 Hrs Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/kudlow-its-good-that-gold-is-soft-and-the-dollar-is-strong.html |
Mitch Dauerman to Step Down, Focus on Investor Relations, Strategic Initiatives; Felicia Alvaro to Succeed as New CFO
WESTON, Fla.--(BUSINESS WIRE)-- Ultimate Software (Nasdaq: ULTI), a leading provider of human capital management (HCM) solutions in the cloud, announced today our succession plan for chief financial officer (CFO). Mitchell K. Dauerman, who has served as Ultimate’s CFO since September 1996, will step down tomorrow. He will continue his service at Ultimate, focusing on investor relations and strategic initiatives. Felicia Alvaro, vice president of finance and 20-year veteran in Ultimate’s finance and accounting department, will succeed Dauerman in the role of CFO.
Dauerman made his first investor call as Ultimate’s CFO in 1998, when our franchise was valued at $180 million and had 299 employees. He is stepping down now as CFO from a franchise with a market value of nearly $8 billion and more than 4,300 employees. Dauerman will remain at Ultimate and focus his financial and business talents on investor relations and strategic initiatives.
“Mitch is a hall-of-fame CFO, partner, leader, and friend. He has made a difference for all of us at Ultimate,” said Scott Scherr, CEO, president, and founder. “He has brought both humanity and wisdom to the demanding role of financial leadership, and we expect his deep knowledge of Ultimate, our HCM industry, and finance will continue to contribute to our success.”
In her 20 years at Ultimate, Alvaro has been involved in all aspects of Ultimate’s finances, including accounting, financial planning and analysis, financial reporting, and financial compliance as well as operations. Alvaro began her career with KPMG LLP, a global accounting and consulting firm, and had 10 years of experience with both public and private companies prior to joining Ultimate. She has a B.S. in Accounting and is a Certified Public Accountant.
“Mitch has groomed Felicia for years to succeed him. She has been in the room with Mitch and me for all 81 investor conference calls we’ve had as a publicly traded company. It’s Felicia’s time. She’s ready, she’s excited, and she is more than prepared to lead Ultimate into the future. Her financial acumen, track record of high performance, and proven leadership capabilities make her the perfect choice for us,” said Scherr.
About Ultimate Software
Ultimate is a leading provider of cloud-based human capital management solutions, with more than 38 million people records in the Ultimate cloud. Ultimate’s award-winning UltiPro delivers HR, payroll, talent, and time and labor management solutions that connect people with the information they need to work more effectively. Founded in 1990, Ultimate is headquartered in Weston, Florida, and employs more than 4,300 professionals. In 2018, Ultimate ranked #3 on Fortune’s 100 Best Companies to Work For list, our seventh consecutive year in the top 25, and #1 on Fortune’s Best Workplaces in Technology list for the third year in a row. In 2017, Forbes ranked Ultimate #7 on its list of 100 Most Innovative Growth Companies; People magazine ranked Ultimate #2 on its 50 Companies That Care list; and the National Customer Service Association named Ultimate Service Organization of the Year in the Large Business category. Ultimate has more than 4,100 customers with employees in 160 countries, including Bloomin’ Brands, Culligan International, Feeding America, Red Roof Inn, SUBWAY, Texas Roadhouse, and Yamaha Corporation of America. More information on Ultimate’s products and services for people management can be found at www.ultimatesoftware.com .
UltiPro is a registered trademark of The Ultimate Software Group, Inc. All other trademarks referenced are the property of their respective owners.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006544/en/
Ultimate Software
Mitch Dauerman, 954-331-7369
Investor Relations
[email protected]
Source: Ultimate Software | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-ultimate-announces-cfo-succession-plan.html |
Cramer's lightning round: I was wrong about Roku—it's a good company 9 Hours Ago Jim Cramer shares his rapid-fire take on callers' favorite stocks, including a streaming company he thought would be more threatened by Amazon. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/cramers-lightning-round-i-was-wrong-about-roku-its-a-good-company.html |
The role of marketing is changing says Adobe Experience boss 1 Hour Ago To some marketing is the fluffy side of sales, but Brad Rencher says it's all changing. MMM caught up with him at London's Adobe Summit. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/the-role-of-marketing-is-changing-says-adobe-experience-boss.html |
FRANKFURT/DUESSELDORF, Germany (Reuters) - Heinrich Hiesinger’s position as Thyssenkrupp’s CEO is more precarious than it has ever been as he prepares to unveil a new strategy to placate impatient investors, including Cevian and Elliott, people familiar with the matter said.
FILE PHOTO: ThyssenKrupp CEO Heinrich Hiesinger addresses the company's annual shareholders meeting in Bochum, Germany, January 19, 2018. REUTERS/Thilo Schmuelgen/File Photo A 10 percent gain in the industrial group’s share price on news that hedge fund Elliott was taking a stake on Tuesday, the biggest single-day gain in almost a decade, laid bare the dwindling faith investors have in Hiesinger to turn the group around.
Elliott’s engagement comes as investors’ patience is thinly stretched over the length of time it is taking Hiesinger to divest the group’s legacy steel business into a joint venture, a move aimed at revealing the value of Thyssenkrupp’s higher-tech businesses.
The investment, just weeks before a planned strategy refinement expected in July, may also provide a wedge to force through a radical overhaul of Thyssenkrupp - with or without Hiesinger.
“Hiesinger’s days are numbered if there is no 180-degree turnaround with regard to the strategy,” said a banking source familiar with the company, adding Thyssenkrupp’s portfolio offered numerous ways for potential restructuring.
JP Morgan, in a note, said scepticism over management’s ability to turn around the capital goods business, which will form Thyssenkrupp’s core after its exit from steel, was a key reason why the group’s shares have underperformed.
Since the steel joint venture was first announced in September, shares in Thyssenkrupp have lost about 9 percent, compared with a 3-percent rise in the German blue-chip DAX index.
Some investors, most notably Sweden’s Cevian, which holds about 18 percent of the group, have called for a break-up of Thyssenkrupp’s complex conglomerate structure, arguing that it puts a heavy discount on the stock.
With Elliott’s involvement, this effort could gain momentum and solve what analysts at Jefferies have described as Thyssenkrupp’s “identity crisis”, people familiar with the matter said.
Hiesinger, who remains opposed to a break-up, can still count on the support of Ulrich Lehner, Thyssenkrupp’s supervisory board chairman, who has publicly defended the CEO and his strategy.
In the job since 2011, Hiesinger is highly respected inside the company, having reduced Thyssenkrupp’s exposure to the struggling steel sector, slashed debt and strengthened the group’s elevator and car parts businesses.
Replacing Hiesinger, who turns 58 on Friday, against Lehner’s will is seen as unlikely. Hiesinger’s and Lehner’s contracts both run until 2020.
Thyssenkrupp, Elliott and Cevian all declined to comment.
Additional reporting by Danilo Masoni in London; Editing by Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-thyssenkrupp-elliott-ceo/thyssenkrupp-ceo-feels-heat-after-investor-vote-of-no-confidence-idUSKCN1IO2X6 |
NAIROBI, May 29 (Reuters) - Tullow Oil has awarded an engineering design contract for oil production in its northern Kenyan blocs to Australia’s Worley Parsons, a Kenyan petroleum ministry official told Reuters on Tuesday.
Kenya this month moved a step closer to full production at the blocs when the local government and the national government agreed on revenue sharing. The blocs, Kenya’s only source of oil so far, are estimated to contain 750 million barrels.
Andrew Kamau, principal secretary in the ministry of petroleum and mining, did not provide more details on the engineering design contract.
Tullow and its partner Africa Oil discovered commercial reserves in the Lokichar basin in 2012. French oil producer Total has since taken a 25 percent stake.
Tullow, which operates the blocs, and Worley Parsons, were not immediately available for comment.
On Sunday, Kenyan President Uhuru Kenyatta is expected to wave off a convoy of trucks carrying crude oil, marking the start of small scale exports meant to help the firms carry out technical studies like oil well flow rates ahead of full production in 2021/22.
The agreement on revenue sharing will pave the way for the passage of a much delayed law on petroleum production, allowing Tullow to start shipping oil, which has been held in storage tanks for a year as it waited for the law.
The government and the firms involved in the blocs earlier this month also awarded an engineering design contract for a new pipeline. (Reporting by Duncan Miriri; Editing by Susan Fenton)
| ashraq/financial-news-articles | https://www.reuters.com/article/kenya-tullow/tullow-oil-picks-australias-worley-parsons-for-kenya-contract-idUSL5N1T04JI |
May 2 (Reuters) - Bever Holding:
* ANNOUNED ON MONDAY FY RESULT AFTER TAX OF AROUND 1.8 MILLION EUROS VS 9.6 MILLION EUROS IN 2016
* FY PROFIT BEFORE TAX OF AROUND 2.5 MILLION EUROS Source text: bit.ly/2jnPSkV
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S90Z7 |
PAHOA, Hawaii (Reuters) - A little lava was good for business in Pahoa, Hawaii during Kalauea’s frequent eruptions over the past 35 years, say people who make a living from tourists who flocked to the town to see one of the world’s most active volcanoes.
FILE PHOTO - A resident of the Leilani Estates subdivision takes photos of a lava flow near his home during ongoing eruptions of the Kilauea Volcano, Hawaii, U.S., May 8, 2018. REUTERS/Terray Sylvester/File Photo They mainly came to see the Kalapana flow, a stream of lava that flows from one of Kalauea’s craters and cuts through an abandoned town of the same name on its way to the sea.
Kerry Kelly, 70, a longtime resident of Pahoa, said the area saw a “huge” uptick in revenue as a result of the “Kalapana flow”. It began in 1991, pouring into the streets, igniting homes, and burying everything in a layer of thick volcanic rock.
The lava flow became a major tourist draw, pulling hundreds of visitors a day. Residents began running tours by boat, bicycle and off-road vehicles. Vendors set up food stands.
Then it stopped a few months ago, Kelly said. The latest series of eruptions, quakes and clouds of toxic sulphur that has forced hundreds of people to evacuate has made things worse.
“Business was already dropping, and then to have this happen ... This is not just a physical disaster,” said Kelly. “We’re bordering on an economic disaster.”
Business has all but petered out, said Arianna Arakaki, 21, who manages Pele’s Kitchen, a popular restaurant.
“As soon as the lava started going off, business dropped off because everyone started saving money,” said Arakaki, a native Hawaiian who worships Pele, the Hawaiian volcano goddess.
Lava tourism was essential to Pele’s Kitchen, such as a flow that approached the town in 2014. Tour boat operators would bring visitors to the restaurant for breakfast after sunrise viewing trips, she said.
Steam rises from a new fissure in Puna, Hawaii, U.S. in this still image from video taken on May 8, 2018. Apau Hawaii Tours/Social Media via REUTERS “I’m pretty used to lava flowing, but this is different. When people you know are losing their homes, it’s different,” Arakaki said.
The semi-rural wooded area had also become a magnet for newcomers looking to settle on the Big Island of Hawaii, home to about 200,000 people, who were prepared to risk living near an active volcano for more affordable real estate.
Hawaii’s 4,028-sq.-mile (10,432-sq.-km) Big Island accounts for less than a fifth of the state’s tourism. State data show that in the first three months of 2018, it pulled in 16 percent of the $4.8 billion visitors spent in Hawaii, less than half of levels in Oahu and Maui.
Amedeo Markoff, 49, runs an art gallery and a group promoting Pahoa tourism and business. “What a time to be that guy,” he said.
For now the eruption was “a business disaster,” said Markoff, although he has seen a few disaster tourists straggle into town.
But he is cautiously optimistic the eruption will draw more tourist dollars to the area, just as the Kalapana flow did after devastating that town.
“Our town is at the epicenter of an amazing, phenomenal spectacle,” he said. “It does put us in focus.”
But he added, “Any benefits to the community are far outweighed by the trauma to the community.”
Reporting by Terray Sylvester; Writing by Bill Tarrant; Editing by Dan Whitcomb and Clarence Fernandez
| ashraq/financial-news-articles | https://www.reuters.com/article/us-hawaii-volcano-tourism/latest-eruption-a-disaster-for-hawaiian-towns-lava-tourism-idUSKBN1IA1BZ |
DUBAI (Reuters) - Commercial Bank COMB.QA, Qatar’s third-largest lender by assets, has mandated banks to arrange a series of fixed-income investor meetings ahead of a potential U.S. dollar-denominated bond.
The planned transaction would be the first public bond issue by a Qatari bank since a political dispute erupted in June last year between Qatar, Saudi Arabia, the United Arab Emirates, Bahrain and Egypt.
Qatari banks have sought to diversify their funding since the boycott started.
Commercial Bank said last month it had borrowed $250 million through a loan syndicated in the Asian market, and earlier this year it sold bonds in the Swiss franc market.
Its larger peer, Qatar National Bank QNB.QA, also resorted to various niche markets, issuing private placements, Australian dollar-denominated bonds and Formosa bonds in Taiwan.
But the Qatari government issued last month its first public bonds since the Gulf rift started, raising $12 billion, and opening the way for other Qatari entities to issue public international bonds.
The deal, which was largely oversubscribed, set a benchmark that investors can now use to price Qatari debt issues amid the ongoing regional diplomatic crisis.
Qatar’s Commercial Bank has hired BofA Merrill Lynch, Al Khaliji, Barclays, QNB Capital, Standard Chartered Bank and Wells Fargo as joint lead managers for the planned debt sale, it said on Wednesday.
The five-year senior unsecured bond will be of benchmark size, which normally means upwards of $500 million, the bank said in a statement on Wednesday.
Commercial Bank representatives will meet investors in Asia and Europe starting from May 10.
Reporting by Davide Barbuscia, editing by Louise Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-cb-bond/qatars-commercial-bank-hires-banks-for-first-public-bond-since-gulf-dispute-idUSKBN1IA0VE |
May 16, 2018 / 3:13 PM / Updated 4 minutes ago Enough global oil to avoid Caribbean fuel disruptions: U.S Reuters Staff 2 Min Read
WASHINGTON (Reuters) - There is enough oil supply in the global market to make up for potential fuel disruptions due to U.S. oil producer ConocoPhillips’ legal actions against Venezuelan state oil company PDVSA [PDVSA.UL], a State Department spokesman said on Wednesday.
“The U.S. Department of State remains in contact with our partners in the Caribbean to reduce the risk of supply disruptions,” Vincent Campos, spokesman for the Bureau of Energy Resources at the department, told Reuters.
“There is sufficient oil supply in the global market that countries can access,” Campos said, adding that the United States was an increasing oil exporter to the region.
Conoco said on Tuesday it was far from collecting the full value of a $2 billion arbitration award against PDVSA, after the American oil major won court orders allowing it to seize PDVSA assets on Caribbean islands, including Curacao.
Three Curacao state-run utilities said on Tuesday they were filing a lawsuit in a local court to determine the responsibility of the local Isla refinery, operated by PDVSA, to meet fuel supply contracts following Conoco’s efforts to attach assets there.
The utilities, which include power and water company Aqualectra and fuel distributor Curoil, said a lack of fuel could have a severe impact on their operations and therefore on the local population.
PDVSA, which operates Isla, has stopped sending crude shipments on concern they could be seized.
Aruba’s Prime Minister Evelyn Wever-Croes said on Tuesday she did not think the dispute would hurt the island.
She told journalists that government officials and the refinery management were organizing a contingency plan to avoid a situation similar to Curacao and Bonaire, where inventories were blocked by Conoco’s legal actions.
No fuel shortages have been reported in the Caribbean, but officials are trying to import from other sources.
Shares of ConocoPhillips were down 12 cents, or 0.2 percent, at $69.97 in midday trading. Reporting by Lesley Wroughton; Editing by Chizu Nomiyama and Bill Berkrot | ashraq/financial-news-articles | https://www.reuters.com/article/us-conocophillips-pdvsa-usa/enough-global-oil-supplies-to-avoid-possible-disruptions-in-caribbean-u-s-idUSKCN1IH22S |
May 16, 2018 / 12:42 PM / Updated 16 minutes ago REFILE-FDA declines to approve Evolus Inc's rival treatment to Botox Reuters Staff 1 Min Read
(Corrects to “Wednesday” from “Tuesday” in paragraph 1)
May 16 (Reuters) - U.S. health regulators on Wednesday declined to approve Evolus Inc’s rival product to Allergan Plc’s Botox, citing certain deficiencies related to its potential treatment for frown lines.
The deficiencies cited by the U.S. Food and Drug Administration were isolated to items related to chemistry, manufacturing, and controls processes, the company said.
No deficiencies were related to clinical or non-clinical matters, it added. (Reporting by Manas Mishra in Bengaluru; Editing by Shailesh Kuber) | ashraq/financial-news-articles | https://www.reuters.com/article/evolus-fda/fda-declines-to-approve-evolus-incs-rival-treatment-to-botox-idUSL3N1SN4U4 |
May 1 (Reuters) - North American Construction Group Ltd :
* NORTH AMERICAN CONSTRUCTION GROUP LTD ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2018
* Q1 EARNINGS PER SHARE $0.36 * COMPANY IS ON TRACK TO ACHIEVE ITS GROWTH OBJECTIVES FOR 2018 AND 2019
* Q1 EARNINGS PER SHARE VIEW C$0.36 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-north-american-construction-group/brief-north-american-construction-group-reports-q1-earnings-per-share-0-36-idUSASC09YRE |
YORK, Pa., May 03, 2018 (GLOBE NEWSWIRE) -- Glatfelter (NYSE:GLT) today announced that its board of directors declared a $0.13 per share cash dividend on its outstanding common stock. The dividend is payable on August 1, 2018, to shareholders of record as of the close of business on July 3, 2018.
Glatfelter is a global supplier of specialty papers and engineered materials, offering innovation, world-class service and over a century and a half of technical expertise. Headquartered in York, PA, the company employs approximately 4,200 people and serves customers in over 100 countries. U.S. operations include facilities in Arkansas, Pennsylvania and Ohio. International operations include facilities in Canada, Germany, France, the United Kingdom and the Philippines, and sales and distribution offices in China and Russia. Glatfelter’s sales approximate $1.6 billion annually and its common stock is traded on the New York Stock Exchange under the ticker symbol GLT. Additional information may be found at www.glatfelter.com .
Contacts: Investors: Media: John P. Jacunski Eileen L. Beck (717) 225-2794 (717) 225-2793 [email protected] [email protected]
Source:Glatfelter | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-glatfelter-declares-dividend-of-0-point-13-on-common-stock.html |
- Findings Presented at the 2018 American Association of Neurological Surgeons (AANS) Annual Scientific Meeting -
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- InVivo Therapeutics Holdings Corp. (Nasdaq: NVIV) today announced the presentation of the complete six-month primary endpoint results from the company’s single-arm INSPIRE study ( In Vivo Study of Probable Benefit of the Neuro- Spi nal Scaffold™ for Safety and Neurologic Re covery in Subjects with Complete Thoracic AIS A Spinal Cord Injury) at a medical meeting. The presentation was given by Stuart Lee, M.D., Division of Neurosurgery, Vidant Health, at the 2018 AANS Meeting during the Plenary Session II on Tuesday, May 1, 2018. The presentation was titled, “Complete 6-Month Primary Endpoint Results from the Prospective INSPIRE Study of the Investigational Neuro-Spinal Scaffold™ in Acute Thoracic Complete Spinal Cord Injury”, co-authored by Dr. Lee, Domagoj Coric, M.D., Carolina Neurosurgery and Spine, Charlotte, NC, Nicholas Theodore M.D., Department of Neurosurgery, Johns Hopkins Hospital, Baltimore, MD, and Kee Kim, M.D., Department of Neurosurgery, UC-Davis, Sacramento, CA. This is the first presentation at a medical meeting of the complete six-month data from the INSPIRE study.
As reported by Dr. Lee and previously announced by InVivo, 7 of 16 (44%) patients who reached the six-month primary endpoint visit in the INSPIRE study had an ASIA Impairment Scale (AIS) conversion at 6 months, which is the primary endpoint of the trial (defined as improvement in AIS grade from baseline for all evaluable patients at the six-month visit). Altogether, 19 patients have been implanted with the Neuro-Spinal Scaffold. Three patients died within two weeks of implantation. The Objective Performance Criterion (OPC) (study success definition) for the study was a 25% AIS conversion rate based on the published conversion rates for thoracic spinal cord injury (SCI) reported in the literature. The AANS presentation further reported these data in light of the company’s recently announced CONTEMPO study results. The CONTEMPO study was designed to provide comprehensive natural history benchmarks for Neuro-Spinal Scaffold™ clinical study results. The CONTEMPO study included neurological recovery data from 170 patients across three registries of SCI patients with similar baseline characteristics to those in the INSPIRE study and validated the company’s previously established OPC with AIS conversion rates at approximately six months post-injury of 16.7% – 23.4% across the three registries.
InVivo has officially closed the INSPIRE study and has received supplemental Investigational Device Exemption (IDE) approval from the US Food and Drug Administration (FDA) for a second pivotal clinical study of the company’s Neuro-Spinal Scaffold™ in patients with acute SCI. The 20-patient (10 subjects in each study arm), randomized, controlled trial is designed to enhance the existing clinical evidence for the Neuro-Spinal Scaffold™ from the company’s single-arm INSPIRE study.
“I was honored to present these clinical findings at the AANS Annual Scientific Meeting, and I believe the complete six-month INSPIRE findings encourage future clinical investigation of the Neuro-Spinal Scaffold,” said Dr. Lee.
About InVivo Therapeutics
InVivo Therapeutics Holdings Corp. is a research and clinical-stage biomaterials and biotechnology company with a focus on treatment of spinal cord injuries. The company was founded in 2005 with proprietary technology co-invented by Robert Langer, Sc.D., Professor at Massachusetts Institute of Technology, and Joseph P. Vacanti, M.D., who then was at Boston Children’s Hospital and who now is affiliated with Massachusetts General Hospital. In January 2018, the company announced updated clinical evidence, including improvements in patients with acute spinal cord injury (SCI), from its INSPIRE study of the Neuro-Spinal Scaffold™. The publicly traded company is headquartered in Cambridge, MA. For more details, visit www.invivotherapeutics.com .
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of the federal securities laws. These statements can be identified by words such as “believe,” “anticipate,” “intend,” “estimate,” “will,” “may,” “should,” “expect” and similar expressions, and include statements regarding future clinical investigation of the Company’s Neuro-Spinal Scaffold. Any forward-looking statements contained herein are based on current expectations, and are subject to a number of risks and uncertainties. Factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to: successfully identify financing alternatives and raise the capital necessary to undertake the second pivotal trial, successfully decreasing costs and spending and successfully opening additional clinical sites for enrollment and enrolling additional patients if such trial is initiated; the timing of the Institutional Review Board process; the company’s ability to obtain FDA approval to commercialize its products; the company’s ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the company’s products and technology in connection with spinal cord injuries; the availability of substantial additional funding for the company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and other risks associated with the company’s business, research, product development, regulatory approval, marketing and distribution plans and strategies identified and described in more detail in the company’s Annual Report on Form 10-K for the year ended December 31, 2017 and its other filings with the SEC, including the company’s quarterly reports on Form 10-Q and current reports on Form 8-K. The company does not undertake to update these forward-looking statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005461/en/
InVivo Therapeutics Holdings Corp.
Heather Hamel, 617-863-5530
Investor Relations
[email protected]
Source: InVivo Therapeutics Holdings Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-invivo-therapeutics-announces-presentation-of-complete-six-month-primary-endpoint-results-from-the-inspire-study-of-the.html |
Plane maker Boeing said on Tuesday it would buy aerospace parts company KLX for about $3.2 billion in cash to expand its aircraft services business.
The $63-per-share offer gives KLX an enterprise value of $4.25 billion, including about $1 billion of net debt.
Boeing Chief Executive Dennis Muilenburg said last week its services growth would be complemented by strategic acquisitions.
The plane maker said there will be no change to its 2018 guidance or capital deployment strategy and expects annual cost savings of about $70 million by 2021.
Last year, Boeing launched a services business, which announced deals worth nearly $1 billion in February, as it looks to capture more of the higher-margin services and spare-parts revenue after a plane is sold.
The Wall Street Journal reported the news on Friday. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/boeing-to-buy-aerospace-parts-maker-klx-for-about-3-point-2-billion-in-cash.html |
CAIRO (AP) — Egypt's parliament has approved a law to govern popular ride-hailing apps Uber and Careem, which had faced legal challenges stemming from regulations designed for traditional taxis.
The new law, as described Monday by state news agency MENA, establishes operating licenses and fees. It requires licensed companies to store user data for 180 days and provide it to Egyptian security authorities upon request.
Uber and Careem welcomed the move.
"This is a major step forward for the ridesharing industry as Egypt becomes one of the first countries in the Middle East to pass progressive regulations," Uber spokeswoman Shaden Abdellatif said. "We will continue working with the Prime Minister and the Cabinet in the coming months as the law is finalized, and look forward to continuing to serve the millions of Egyptian riders and drivers that rely on Uber."
Careem called the passage "a remarkable step for Egypt, Careem and our region." It said it marked the first time in any of its markets "that a regulatory framework for ride-hailing has emerged from a consultative legislative and parliamentary process."
Both companies provide smartphone apps that connect passengers with drivers who work as independent contractors. An administrative court in Cairo ruled in March that it is illegal to use private vehicles as taxis, but another court overruled it on appeal, and both companies have continued operating.
Data privacy is a major concern for Uber in its dealings with the Egyptian government. A strict new European law called the General Data Protection Regulation comes into effect on May 25 and would affect its operations worldwide.
Uber was founded in 2010 in San Francisco, and operates in more than 600 cities across the world. Careem was founded in 2012 in Dubai, and operates in 90 cities in the Middle East and North Africa, Turkey, and Pakistan.
The applications took off in Cairo, a city of 20 million people with near-constant traffic and little parking. The services have recently started offering rides on scooters and tuk-tuks, three-wheeled motorized vehicles that can sometimes squeeze through the gridlock.
The apps are especially popular among women, who face rampant sexual harassment in Egypt, including from some taxi drivers. Cairo's taxi drivers are also notorious for tampering with their meters or pretending the meters are broken in order to charge higher rates.
In 2016, taxi drivers protested the ride-hailing apps. They have complained that Uber and Careem drivers have an unfair advantage because they do not have to pay the same taxes or fees, or follow the same licensing procedures. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/the-associated-press-egypt-approves-law-to-govern-popular-ride-hailing-apps.html |
May 16, 2018 / 10:50 AM / Updated 6 minutes ago Eletrobras' first-quarter profit shrinks Reuters Staff 1 Min Read
SAO PAULO, May 16 (Reuters) - Brazilian state-controlled power utility Centrais Eletricas Brasileiras SA on Wednesday posted a net income of 56 million reais ($15.33 million) in the first quarter, down 96 percent from the same period a year earlier.
Eletrobras, as the company is known, reported in a securities filing higher provisions and lower gains from its stakes in other companies.
Brazil’s largest electricity company said its earnings before interest, tax, depreciation and amortization, a common gauge of operational profitability known as EBITDA, was 1.244 billion reais, down 70 percent from the same period one year earlier.
Eletrobras has been included in the government’s national privatization program. ($1 = 3.6529 reais) (Reporting by Carolina Mandl; Editing by Adrian Croft) | ashraq/financial-news-articles | https://www.reuters.com/article/eletrobras-first-quarter-profit-shrinks/eletrobras-first-quarter-profit-shrinks-idUSL2N1SN09Y |
Stanley Black & Decker CEO: Wouldn't see massive disruptions from a trade war 3 Hours Ago Jim Loree, Stanley Black & Decker CEO, discusses the impact of the current state of global trade on the business and the American manufacturing sector. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/stanley-black-decker-ceo-wouldnt-see-massive-disruptions-from-a-trade-war.html |
MIAMI--(BUSINESS WIRE)-- Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS; LTSL; LTS PrA) (the “Company”) today announced that it has closed its previously announced underwritten registered public offering of $40 million aggregate principal amount of 7.00% senior notes due 2028 (the “Notes”). The Company has granted the underwriters a 30-day option to purchase up to an additional $6 million aggregate principal amount of Notes in connection with the offering to cover overallotments, if any. The Notes are expected to be listed on the NYSE American and to trade thereon within 30 days of the original issue date under the trading symbol “LTSF.”
The offering resulted in net proceeds of approximately $38.4 million after deducting underwriting discounts and commissions, but before expenses. The Company plans to use the net proceeds from the offering for general corporate purposes.
Ladenburg Thalmann & Co. Inc., a subsidiary of the Company, acted as sole book-running manager for the offering and BB&T Capital Markets, a division of BB&T Securities, LLC, Incapital LLC and Barrington Research Associates, Inc., acted as co-managers for the offering.
The offering was made pursuant to the Company’s existing shelf registration statement on Form S-3 previously filed with, and declared effective by, the Securities and Exchange Commission (“SEC”). The offering was made only by means of a prospectus and a related prospectus supplement, each of which has been filed with the SEC, and copies of which may be obtained from Ladenburg Thalmann & Co. Inc., Attn: Syndicate Department, 277 Park Ave, 26th Floor, New York, NY 10172, or by emailing [email protected] (telephone number 1-800-573-2541). You may also obtain these documents for free, by visiting the SEC’s website at www.sec.gov .
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in this offering or any other securities nor will there be any sale of these securities or any other securities referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
About Ladenburg
Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS, LTSL; LTS PrA) is a publicly-traded diversified financial services company based in Miami, Florida. Ladenburg’s subsidiaries include industry-leading independent advisory and brokerage (IAB) firms Securities America, Triad Advisors, Securities Service Network, Investacorp and KMS Financial Services, as well as Premier Trust, Ladenburg Thalmann Asset Management, Highland Capital Brokerage, a leading independent life insurance brokerage company, Ladenburg Thalmann Annuity Insurance Services, a full-service annuity processing and marketing company, and Ladenburg Thalmann & Co. Inc., an investment bank which has been a member of the New York Stock Exchange for over 135 years. The company is committed to investing in the growth of its subsidiaries while respecting and maintaining their individual business identities, cultures, and leadership. For more information, please visit www.ladenburg.com .
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s offering of the Notes and the anticipated use of the net proceeds of such offering. These statements are based on management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, including the United States Department of Labor’s rule and exemptions pertaining to the fiduciary status of investment advice providers to 401(k) plans, plan sponsors, plan participants and the holders of individual retirement or health savings accounts and the SEC’s proposed rules and interpretations concerning the standards of conduct for broker dealers and investment advisors when dealing with retail investors, future cash flows, a change in the Company’s dividend policy by the Company’s Board of Directors (which has the ability in its sole discretion to increase, decrease or eliminate entirely the Company’s dividend at any time) and other risks and uncertainties affecting the operation of the Company’s business. These risks, uncertainties and contingencies include those set forth in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2017 and other factors detailed from time to time in its other filings with the SEC. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that the Company’s quarterly revenue and profits can fluctuate materially depending on many factors, including the number, size and timing of completed offerings and other transactions. Accordingly, the Company’s revenue and profits in any particular quarter may not be indicative of future results. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise, except as required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006469/en/
Sard Verbinnen & Co
Emily Claffey / Benjamin Spicehandler
212-687-8080
Source: Ladenburg Thalmann Financial Services Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-ladenburg-thalmann-announces-closing-of-public-offering-of-senior-notes-due-2028.html |
Kim Yong Chol: the man sent by Pyongyang 2:41pm IST - 02:08
When Kim Yong Chol lands in New York this week, he will become the most senior North Korean envoy to hold talks with American officials on U.S. soil in 18 years. The former spy chief is a trusted adviser to North Korean leader Kim Jong Un, playing a pivotal role in preparations for an historic summit between Kim and U.S. President Donald Trump.
When Kim Yong Chol lands in New York this week, he will become the most senior North Korean envoy to hold talks with American officials on U.S. soil in 18 years. The former spy chief is a trusted adviser to North Korean leader Kim Jong Un, playing a pivotal role in preparations for an historic summit between Kim and U.S. President Donald Trump. //in.reuters.com/video/2018/05/31/kim-yong-chol-the-man-sent-by-pyongyang?videoId=431666254&videoChannel=13423 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/31/kim-yong-chol-the-man-sent-by-pyongyang?videoId=431666254 |
WASHINGTON (Reuters) - Venezuela’s expulsion of two U.S. diplomats “will be met with a swift response,” U.S. Vice President Mike Pence said on Wednesday, but he gave no details about what measures Washington was considering.
U.S. Vice President Mike Pence speaks before President Donald Trump during a rally with supporters at North Side middle school in Elkhart, Indiana, U.S., May 10, 2018. REUTERS/Leah Millis The expulsions marked the latest escalation of tensions between the two countries, after the United States imposed new sanctions on the oil producer in response to what Washington decried as “sham” elections.
Venezuela’s leftist President Nicolas Maduro won re-election on Sunday by a wide margin but critics said the vote was not free or fair. The United States, the European Union and several Latin American countries said the election did not meet democratic standards.
U.S. President Donald Trump imposed sanctions on Monday limiting Venezuela’s ability to sell state assets. Maduro responded on Tuesday by accusing the U.S. charge d’affaires, Todd Robinson, of being involved in a “military conspiracy,” and ordering him and another senior diplomat to leave the country within 48 hours.
The State Department and the two diplomats have denied Maduro’s allegations.
Maduro’s second six-year term will begin in January.
Reporting by Makini Brice; Editing by Frances Kerry
| ashraq/financial-news-articles | https://www.reuters.com/article/us-venezuela-election-usa-pence/venezuelas-expulsion-of-u-s-diplomats-to-receive-swift-response-pence-idUSKCN1IO2GI |
May 22, 2018 / 10:01 AM / Updated 2 hours ago Investors turn up heat on Shell over climate targets Ron Bousso 4 Min Read
THE HAGUE (Reuters) - Top investors in Royal Dutch Shell ( RDSa.L ) on Tuesday put pressure on the oil and gas giant to commit to hard targets to reduce greenhouse gas emissions to battle climate change. FILE PHOTO: Electric car charging points are seen at the Holloway Road Shell station where Shell is launching its first fast electric vehicle charging station in London, Britain October 18, 2017. REUTERS/Mary Turner/File Photo
Shell has set out “ambitions” to halve carbon emissions by 2050 and expand in renewables, goals Chief Executive Officer Ben van Beurden said were ground breaking for the oil industry.
But he clashed with shareholders who had pushed climate to the forefront of the annual general meeting (AGM) and demanded Shell give specifics on how it would turn promises into action. However, a motion that proposed setting targets was defeated.
“Nobody else comes close, it is seriously ambitious,” van Beurden told investors when explaining Shell’s plans at the AGM.
To view a graphic on Shell carbon reduction goals, click: reut.rs/2JOGJgZ
But a growing number of major shareholders, who praised Shell’s overall plans, urged the Anglo-Dutch company to commit to firm targets to reduce carbon emissions from its oil and gas production, as well as from fuels it sells around the world.
“We call for this ambition to be translated into firm medium and short term targets, aligned with the Paris Agreement,” a group of 27 investors managing $7.9 trillion in assets said in a statement read at the AGM. FILE PHOTO: A logo of Shell is pictured at a gas station in the western Canakkale province, Turkey April 25, 2016. REUTERS/Murad Sezer
The group includes HSBC, BMO Capital Markets, AXA and UBS.
Shell’s board has urged shareholders to vote against a resolution brought forward for a vote at the AGM by activist group Follow This that called on Shell to set targets to reduce emissions and meet the 2015 Paris Climate Agreement goal that aims to limit global warming to “well below” 2 degrees Celsius.
The resolution was rejected by a majority of 95 percent.
The previous two climate resolutions tabled by Follow This in 2016 and 2017 secured support of 2.8 percent and 6.3 percent of the votes, respectively.
Van Beurden said that setting targets would hamper Shell’s efforts to adapt to the transition going on in energy.
He rejected accusations by Follow This founder Mark van Baal that Shell’s plans fell short of the Paris agreement goals.
To view a graphic on Shell emissions, click: reut.rs/2Iya7Hf
“The reputation of our company is irrevocably linked to targets,” the chief executive said. “Nobody can see how the energy transition will play out over this period.”
Although the Follow This motion was defeated, van Baal said companies were under more pressure to set clear goals.
“There is a very clear signal that investors want targets, not ambitions,” he told reporters, adding that “the oil industry can make or break the Paris climate agreement.”
Last week, a group of 60 global investors urged companies to do more to reduce emissions and become more transparent about their plans.
Shell announced last year an ambition to slash emissions of greenhouse gases by 20 percent by 2035 and by half by 2050. The targets include Shell’s operations and emissions from consumers of its products.
Producing and burning of oil and gas account for around 50 percent of global carbon emissions.
At the AGM, shareholders also approved management’s 2017 remuneration, including van Beurden’s 8.9 million euro package, by an unusually small majority of 75 percent. Reporting by Ron Bousso; Editing by Jason Neely and Edmund Blair | ashraq/financial-news-articles | https://uk.reuters.com/article/us-shell-agm/investors-turn-up-heat-on-shell-over-climate-targets-idUKKCN1IN13X |
May 9, 2018 / 7:12 PM / Updated 39 minutes ago Eating fast food linked to infertility Lisa Rapaport 4 Min Read
(Reuters Health) - Women who eat a lot of fast food may take longer to become pregnant and be more likely to experience infertility than their counterparts who rarely if ever eat these types of meals, a recent study suggests.
Compared to women who generally avoided fast food, women who indulged four or more times a week before they conceived took almost a month longer to become pregnant, the study of 5,598 first-time mothers in Australia, New Zealand and the UK found.
Overall, 2,204 women, or 39 percent, conceived within one month of when they began having sex with their partner without contraception and 468, or 8 percent, experienced infertility and failed to conceive after 12 months of trying.
While women who rarely or never ate fast food had an 8 percent risk of infertility, the risk was 16 percent among women who ate fast food at least four times weekly.
“Fast foods contain high amounts of saturated fat, sodium, and sometimes sugar,” said lead study author Jessica Grieger of the Robinson Research Institute and the University of Adelaide in Australia.
“Although these dietary components and their relationship to fertility has not been specifically studied in human pregnancies, higher amounts of saturated fatty acids were identified in oocytes (an egg cell in the ovary) of women undergoing assisted reproduction and studies in mice have demonstrated that a high fat diet had a toxic effect on the ovaries” Grieger said by email. “We believe that fast food may be one factor mediating infertility through altered ovarian function.”
Roughly 1 in 10 women of childbearing age have difficulty getting pregnant. Most of the time, it’s caused by problems with ovulation, often related to a hormone imbalance known as polycystic ovarian syndrome (PCOS). Some signs that a woman is not ovulating normally include irregular or absent menstrual periods.
Less-common causes of infertility in women can include blocked fallopian tubes, structural problems with the uterus or uterine fibroids.
The risk increases with age, and can also be exacerbated by smoking, excessive drinking, stress, an unhealthy diet, too much exercise, being overweight or obese or having sexually transmitted infections.
Women in the current study were typically overweight and most of them ate fast food at least twice a week, the study team notes in Human Reproduction.
Researchers also looked at how often women ate fruit and found that those who had it less than once a month took half a month longer to become pregnant than women who ate at least three fruit servings a day.
With the lowest fruit intake, the risk of infertility was 12 percent, compared to 8 percent with the highest fruit consumption.
The study wasn’t a controlled experiment designed to prove whether or how the amount of fruit or fast food women consume might impact their fertility. Another limitation is that researchers relied on dietary questionnaires women completed during prenatal visits that asked them to recall how they ate in the month before they conceived - a method that isn’t always accurate.
“A lot of maternal lifestyle factors are associated with infertility, like smoking, alcohol drinking or obesity,” said Dr. Joachim Dudenhausen, a clinical professor of obstetrics and gynecology at Weill Cornell Medicine in New York City.
The current study offers fresh evidence of the role diet can play in helping women conceive, Dudenhausen, who wasn’t involved in the study, said by email.
“There are some studies showing that preconception intake of fruits and fish increase fertility,” Dudenhausen said. “The study is in the same line and has clear data supporting the advice for women who wish to get pregnant to have greater intake of fruit and lower intake of fast food.”
SOURCE: bit.ly/2Ic3Y6R Human Reproduction, online May 4, 3018. | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-fertility-fast-food/eating-fast-food-linked-to-infertility-idUSKBN1IA33B |
May 22, 2018 / 1:45 PM / Updated 16 minutes ago EU must push hard to secure U.S. tariff exemption - Altmaier Reuters Staff 2 Min Read
BRUSSELS (Reuters) - German Economy Minister Peter Altmaier said on Tuesday it was unclear whether Europe’s appeal to the United States to be exempt from import tariffs on steel and aluminium would succeed, but the bloc would push as hard as possible in the coming days. FILE PHOTO: German Economic Minister Peter Altmaier answers questions from the news media after delivering a statement regarding the Trump Administration's steel and aluminum tariffs outside of the White House in Washington, U.S., March 19, 2018. REUTERS/ Leah Millis
U.S. President Donald Trump has set tariffs of 25 percent on incoming steel and 10 percent on aluminium on grounds of national security but has granted EU producers an exemption until June 1 pending the outcome of talks.
“It’s not just about coal and steel, but about the future of transatlantic trade relations,” Altmaier told a news conference after a meeting of EU ministers about trade. “We will use the next nine days.... in very close and intensive contact with the United States to look for a solution.”
“Whether we come to a positive result, no one can say, but we would lose if we didn’t at least try... I remain optimistic that a solution can be found if both sides are interested in it and if both sides are prepared to move in the right direction.” Reporting by Philip Blenkinsop; editing by Robert-Jan Bartunek | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trade-eu-germany/eu-must-push-hard-to-secure-u-s-tariff-exemption-altmaier-idUKKCN1IN1PZ |
Top Chinese official to visit U.S: White House 1:01pm BST - 01:27
China's top economic official will visit Washington next week to resume trade talks with the Trump administration, the White House said on Monday, after discussions in Beijing last week yielded no agreement on a long list of U.S. trade demands. Ed Giles reports. ▲ Hide Transcript ▶ View Transcript
China's top economic official will visit Washington next week to resume trade talks with the Trump administration, the White House said on Monday, after discussions in Beijing last week yielded no agreement on a long list of U.S. trade demands. Ed Giles reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2FRQ8kV | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/08/top-chinese-official-to-visit-us-white-h?videoId=424940177 |
* Chartbook: tmsnrt.rs/2Li5RO7
By John Kemp
LONDON, May 21 (Reuters) - For all the bullish commentary about oil prices at the moment, hedge fund managers have continued to take profits after the recent rally and are trimming their net long positions rather than adding to them.
Focusing on what people do rather than what they say is one of the most important lessons for any good analyst (actions always speak louder than words).
Hedge funds and other money managers cut their net long position in the six most important petroleum futures and options contracts by 16 million barrels in the week to May 15 ( tmsnrt.rs/2Li5RO7 ).
Fund managers have cut their net long position in the petroleum complex in each of the last four weeks by a total of 71 million barrels, according to records published by regulators and exchanges.
Liquidation has been concentrated in crude oil, where the net long position in Brent and WTI has been reduced by a total of 124 million barrels over the last four weeks.
Net long positions in Brent have fallen by 84 million barrels over five consecutive weeks, while net length in NYMEX and ICE WTI has dropped by 53 million over four weeks.
But, while portfolio managers have been reducing their bullish exposure to crude, they have been boosting their net long positions in refined fuels.
Net length in refined fuels has risen by 53 million barrels since the middle of April, with increases in U.S. gasoline (+26 million barrels), U.S. heating oil (+24 million) and European gasoil (+2 million).
Portfolio managers have accumulated record net positions of 124 million barrels in U.S. gasoline and 160 million barrels in European gasoil, as well as a near-record 86 million barrels in U.S. heating oil.
The rotation of positions from crude to fuels reflects strong consumer demand and shrinking inventories of products, coupled with profit-taking in crude oil after a strong rally since the end of June 2017.
The rotation away from crude also likely explains the weakening of the nearby calendar spreads in Brent in recent trading sessions.
The first three contract months nearest to expiry account for more than 42 percent of all open contracts in Brent futures and options, according to the Intercontinental Exchange.
Assuming hedge fund positions are distributed in the same proportion, then the liquidation of hedge fund positions will have been concentrated in nearby months.
In fact, hedge funds tend to focus disproportionately on nearby contracts, where liquidity and turnover is greatest, so the impact of hedge fund selling on nearby months will have been magnified.
Momentum-following funds are especially likely to focus on nearby contract months because of the greater liquidity.
As hedge funds accumulated a record long position in Brent and WTI between June 2017 and the first three months of 2018, the concentration of buying nearby helped push futures prices deeper into backwardation.
But as fund managers trim those positions, it has removed much of the support for nearby prices, and caused the backwardation to narrow sharply.
Related columns:
- Hedge funds take profits after oil rally, Reuters, May 15
-Hedge funds hold fire as oil prices hit multi-year highs, Reuters, May 8
- Hedge funds trim positions in crude but boost fuels, Reuters, April 30
- Hedge funds build record bullish position in Brent, Reuters, April 16 (Editing by Edmund Blair) | ashraq/financial-news-articles | https://www.reuters.com/article/oil-prices-kemp/column-hedge-funds-exit-crude-oil-but-stay-bullish-on-fuels-kemp-idUSL5N1SS2MQ |
ATLANTA, May 1, 2018 /PRNewswire/ -- DLH Holdings Corp. (NASDAQ: DLHC) ("DLH" or the "Company"), a leading healthcare and human services provider to the federal government, today announced that it will release its second quarter financial results for the period ended March 31, 2018 on Tuesday, May 15, 2018 after the market closes. DLH will then host a conference call for the investment community the next morning, May 16, at 11:00 a.m. Eastern Time, during which members of senior management will make a brief presentation focused on the financial results and operating trends. A question-and-answer session will follow.
Interested parties may listen to the conference call by dialing 877-870-4263 or 412-317-0790. Presentation materials will also be posted on the Investor Relations section of the DLH website prior to the commencement of the conference call. A digital recording of the conference call will be available for replay two hours after the completion of the call and can be accessed on the DLH Investor Relations website or by dialing 877-344-7529 and entering the conference ID 10119759.
About DLH
DLH (NASDAQ: DLHC) serves clients throughout the United States as a healthcare and human services provider to the Federal Government. Core competencies include assessment & compliance monitoring, business process outsourcing, health IT systems integration and management, readiness and medical logistics, and pharmacy solutions. DLH has over 1,400 employees working throughout the country. For more information, visit the corporate website at www.dlhcorp.com .
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements in this press release regarding DLH Holdings Corp's business which are not historical facts are " " that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the , see "Risk Factors" in the Company's Annual Report on Form 10-K for the most recently ended fiscal year.
COMMUNICATIONS
INVESTOR RELATIONS
Contact: Tiffany McCall
Contact: Chris Witty
Phone: 404-334-6000
Phone: 646-438-9385
Email: [email protected]
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/dlh-to-announce-second-quarter-fy18-financial-results-300639521.html
SOURCE DLH Holdings Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-dlh-to-announce-second-quarter-fy18-financial-results.html |
(Reuters) - England’s players have talked about the potential for racist abuse from spectators at the World Cup finals in Russia, defender Ashley Young has said.
Soccer Football - England Press Conference - St. George's Park, Burton Upon Trent, Britain - May 28, 2018 England's Ashley Young during the press conference Action Images via Reuters/Carl Recine Russia has pledged to crack down on racism as the country faces increased scrutiny ahead of the World Cup, which it will host from June 14 to July 15 in 11 cities.
FIFA fined Russia 30,000 Swiss francs ($30,232.79) earlier this month for discriminatory chants by fans after racist abuse was directed at French players during a friendly in St Petersburg in March.
“I’m sure we’ll talk about it and we have talked about it, in the squad, in what to do and what not to do,” Young told British media.
“Hopefully FIFA, if anything is to come about, will be able to deal with it. Whether it’s going to happen, whether you are on the pitch, I’m not sure how you react to it.”
England have been drawn in Group G at the World Cup and play their first match against Tunisia in Volgograd on June 18.
Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Peter Rutherford
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-eng-young/england-have-discussed-prospect-of-racism-in-russia-says-young-idUSKCN1IV0CV |
SAN JOSE, Calif. (AP) — The Latest on Facebook's developer conference (all times local):
11:15 a.m.
Facebook CEO Mark Zuckerberg poked a little fun at himself talking about a new feature called Watch Party, which lets Facebook users view videos together with their friends.
"Let's say," Zuckerberg told developers at Facebook's f8 conference Tuesday, "That your friend is testifying before Congress."
Now, he said, you'll be able to bring your friends together, "laugh together, cry together," Zuckerberg said to laughs, adding that some of his friends "actually did this."
Zuckerberg testified before Congress last month for about 10 hours over two days. He was grilled about how Facebook protects users' data and other issues.
10:50 a.m.
Facebook CEO Mark Zuckerberg says the company is working on a feature that allows users to clear their browsing history from the site and prevent it from keeping tabs on link clicks going forward.
Zuckerberg warned that the service won't be quite as good if users take this step, as it has to relearn their history. But he added the goal is to put more power into its users' hands to determine what they want to share.
Zuckerberg made the announcement at Facebook's annual f8 developer conference, in which he acknowledging that 2018 has been an "intense year" just four months in.
10:40 a.m.
Facebook is ready to launch a portable headset that it's counting on to transform the geeky realm of virtual reality into a mass phenomenon.
The $199 device, called the Oculus Go, is going on sale Tuesday. Facebook CEO Mark Zuckerberg announced the company's plan to make the headset six months ago.
Oculus Go is different from other virtual reality devices that require smartphones or a cord tethered to a personal computer to cast people into artificial worlds or show three-dimensional videos.
The need for additional equipment is one of the reasons virtual reality, or VR, has had limited appeal so far.
Zuckerberg is counting on the Oculus Go to widen the audience for VR, as Facebook tries to deploy the technology to reshape the way people interact and experience life, much as its social network already has done.
10:30 a.m.
Move over Match.com.
Facebook is launching a dating feature. CEO Mark Zuckerberg said to laughs at Facebook's f8 developer conference Tuesday that the new tool is "not just for hookups" but to build "meaningful, long-term relationships."
That is, if you want. The feature will be opt-in, meaning you have to choose to use it. Zuckerberg also stressed that the feature was built with privacy and security in mind from the start. The company has been under fire recently for possibly not doing this with some of its features over the years.
Zuckerberg also said the dating feature will not suggests users' friends to date. This is already what other dating apps that rely on Facebook data do, such as Tinder.
10:20 a.m.
Facebook CEO Mark Zuckerberg kicked off his company's annual developer conference acknowledging that 2018 has been an "intense year" just four months in.
Speaking in San Jose, California, at Facebook's f8 gathering of tech folks, startups and others, Zuckerberg said to cheers that the company is re-opening app reviews, the process that gets new and updated apps on its services.
He also reiterated that Facebook is investing a lot in security and in strengthening its systems so they can't be exploited to meddle with elections.
But unlike other recent public appearances, he did not start off with an apology for the company's recent privacy scandal.
7 a.m.
Mark Zuckerberg has a fresh opportunity to apologize for Facebook's privacy scandal — and to sketch out Facebook's future.
The Facebook CEO will kick off F8, the company's annual conference for software developers. Zuckerberg will speak Tuesday in San Jose, California, to assembled software developers and other tech folks.
It's normally a sympathetic audience. But they are likely to have some tough questions this year.
Zuckerberg might touch on Facebook's year of privacy scandals, congressional testimony, Russia investigations and apologies.
He will also have an opportunity to talk about where things go from here. Facebook is forging ahead with new promises to protect user privacy even if it means restricting access to developers. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/the-associated-press-the-latest-facebook-unveils-watch-party-feature.html |
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