text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
CBS management team doing what they can to protect other shareholders, says analyst 1 Hour Ago 01:07 01:07 | 1 Hr 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/2018/05/17/cbs-management-team-doing-what-they-can-to-protect-other-shareholders-says-analyst.html |
May 16 (Reuters) - EIP PHARMA:
* EIP PHARMA SECURES $20.5 MILLION IN SERIES B FINANCING * EIP PHARMA - ANNOUNCED SUCCESSFUL COMPLETION OF $20.5 MILLION SERIES B FINANCING LED BY ACCESS INDUSTRIES Source text for Eikon: ] ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-eip-pharma-secures-205-million-in/brief-eip-pharma-secures-20-5-million-in-series-b-financing-idUSASC0A2K8 |
SAN ANTONIO--(BUSINESS WIRE)-- Abraxas Petroleum Corporation (NASDAQ:AXAS) today reported financial and operating results for the three months
Financial Highlights for the Three Months Ended March 31, 2018
The three months ended March 31, 2018 resulted in:
Production of 944 MBoe (10,485 Boepd) Revenue of $40.6 million Net income of $10.8 million, or $0.07 per share Adjusted net income (a) (excluding certain non-cash items) of $14.9 million, or $0.09 per share EBITDA (a) of $27.0 million Adjusted EBITDA per bank loan covenants of $27.2 million (a)
(a) See reconciliation of non-GAAP financial measures below.
Operational Highlights for the Three Months Ended March 31, 2018:
Four Delaware Basin wells currently being fracture stimulated Seven Bakken/Three Forks wells scheduled for May/June fracture stimulation First quarter 2018 average daily production of 10,485 Boepd representing approximately 54% and 19% production growth over first and fourth quarter 2017, respectively Second quarter 2018 production guidance of 9,000-9,500 Boepd accounts for planned well downtime associated with offsetting fracture stimulations
Delaware Basin
In Ward County, Texas, Abraxas is currently in the process of fracture stimulating the Company’s 660’ downspacing test at Caprito. The four-well downspacing test consists of two Wolfcamp A2 wells, the Caprito 99-301H and Caprito 99-311H, and two Wolfcamp A1 wells, the Caprito 99-202H and Caprito 99-211H. Abraxas experienced 7" casing integrity issues on the Caprito 99-301H and the 99-311H during the completion. The Caprito 99-301H was fully remediated and the completion of that well continues. The Caprito 99-311H will require minor remediation work following the completion of the other three wells. Abraxas plans to flow back three of the four wells while remediating the Caprito 99-311H. The Company plans to finish the completion of the Caprito 99-311H immediately following the remediation work. Henceforth, Abraxas will be utilizing tie-back strings during the completion to eliminate the risk of further 7" casing integrity issues. Abraxas does not anticipate that these issues or delays will have any material impact on Abraxas' guidance laid out below. Abraxas owns a 57.8% working interest in the Caprito 99-301H, Caprito 99-311H, Caprito 99-202H and Caprito 99-211H.
Abraxas recently participated in two non-operated Wolfcamp wells with approximately 5,000' laterals on the Company’s newly acquired acreage in Winkler County, Texas. The wells averaged 1,110 Boepd (963 barrels of oil per day, 883 mcf of natural gas per day) (1) over their first 30 days of production. Abraxas owns a 30% working interest in each well.
Abraxas is currently drilling two 5,000’ lateral wells, the Greasewood 201H and 301H. These wells are being drilled on Section 94, Block F, which is three sections north of the Company’s previous drilling activity in Ward County, Texas. The two-well pad consists of one Wolfcamp A1 well, the Greasewood 201H, and one Wolfcamp A2 well, the Greasewood 301H. Abraxas owns a 100% working interest in the Greasewood 201H and 301H.
Williston Basin
In McKenzie County, North Dakota, Abraxas expects to begin the fracture stimulation of the Yellowstone 5H-7H and the Lillibridge 9H-12H wells in May and June, respectively. Both pads are expected to begin flowback in July. Abraxas owns a 52% working interest in the Yellowstone 5H-7H and a 25-29% working interest in the Lillibridge 9H-12H.
First Quarter 2018 Production and Guidance Update
Production for the first quarter of 2018 averaged approximately 10,485 Boepd (6,715 barrels of oil per day, 13,180 mcf of natural gas per day, 1,573 barrels of NGL per day). Abraxas did not complete or put any wells onto production during the quarter. Capital expenditures for the quarter of $31.4 million consisted of $17.1 million for drilling and completions and $14.3 million for acquisitions.
Abraxas is providing the following second quarter 2018 production, operating cost and capital expenditure guidance. Abraxas brought down or plans to bring down several high rate producing wells in the Bakken and Delaware Basin for planned offsetting fracture stimulations. Abraxas anticipates first production volumes from the new well completions and a return of production from the shut-in wells late in the second quarter or early in the third quarter. Quarterly lease operating expense ("LOE") guidance is biased toward the high end of annual guidance due to the associated costs with frac protecting wells from offsetting fracture stimulations. Capital expenditures for the second quarter includes approximately $20 million for planned acquisitions. Production guidance for the year ending December 31, 2018 remains unchanged at 10,000-12,000 Boepd at a planned capital expenditure budget of $140 million.
2Q18E
Low
High
Production Total (Boepd) 9,000 9,500 % Oil 63% % NGL 15% % Natural Gas 22% Operating Costs LOE ($/Boe) $5.00 $6.00 Production Tax (% Rev) 7.5% 8.0% Cash G&A ($mm) $2.2 $2.4 CAPEX ($mm) $50 (1) The 30-day average rates represent the highest 30 days of production and do not include the impact of natural gas liquids and shrinkage at the processing plant and include flared gas.
Comments
Bob Watson, President and CEO of Abraxas, commented, “Despite continued midstream curtailments for both oil and gas in the first quarter of 2018, we remained in the middle of our production guidance. We continue to benefit from strong underlying well performance with shallower than anticipated declines. In the second quarter, we brought down or plan to bring down numerous high rate offsetting producing wells as we undertake a busy completion schedule. The completion of these seven Bakken and four Delaware Basin wells will lead to a substantial ramp in volumes in the third quarter of 2018.
“We continue to work a number of deals around our existing assets in the Delaware Basin. Our ultimate objective is to prudently add acres and trade around our core position. With success, our acreage position will become more contiguous and lead to a more efficient and economic development of the asset. We look forward to updating you on the results of these efforts.”
Conference Call
Abraxas Petroleum Corporation (NASDAQ:AXAS) will host its first quarter 2018 earnings conference call at 11 AM ET on May 9, 2018. To participate in the conference call, please dial 844.347.1028 and enter the passcode 5599864. Additionally, a live listen only webcast of the conference call can be accessed under the investor relations section of the Abraxas website at www.abraxaspetroleum.com . A replay of the conference call will be available through June 6, 2018 by dialing 855.859.2056 and entering the passcode 5599864 or can be accessed under the investor relations section of the Abraxas website.
Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploration and production company with operations across the Permian Basin, Rocky Mountain, and South Texas regions of the United States.
Safe Harbor for forward-looking statements: Statements in this release looking forward in time involve known and unknown risks and uncertainties, which may cause Abraxas’ actual results in future periods to be materially different from any future performance suggested in this release. Such factors may include, but may not be necessarily limited to, changes in the prices received by Abraxas for crude oil and natural gas. In addition, Abraxas’ future crude oil and natural gas production is highly dependent upon Abraxas’ level of success in acquiring or finding additional reserves. Further, Abraxas operates in an industry sector where the value of securities is highly volatile and may be influenced by economic and other factors beyond Abraxas’ control. In the context of forward-looking information provided for in this release, reference is made to the discussion of risk factors detailed in Abraxas’ filings with the Securities and Exchange Commission during the past 12 months.
ABRAXAS PETROLEUM CORPORATION CONSOLIDATED FINANCIAL HIGHLIGHTS (In thousands except per share data) Three Months Ended March 31, 2018 2017 Financial Results: Revenues $ 40,630 $ 18,802 Net income 10,779 13,690 Net income per share – basic $ 0.07 $ 0.09 Net income per share – diluted $ 0.06 $ 0.09 Capital expenditures - acquisitions 14,293 — Capital expenditures - drilling and completion 17,062 10,957 Total capital expenditures 31,355 10,957 EBITDA (a) 27,014 11,718 Adjusted net income, excluding certain non-cash items (a) 14,873 4,930 Adjusted net income, excluding certain non-cash items (a) , per share – basic $ 0.09 $ 0.03 Adjusted net income, excluding certain non-cash items (a) , per share – diluted $ 0.09 $ 0.03 Liquidity (a) 76,395 97,811 Weighted average shares outstanding – basic 165,133 154,118 Weighted average shares outstanding – diluted 167,243 156,813 Production from Continuing Operations: Crude oil per day (Bblpd) 6,715 3,748 Natural gas per day (Mcfpd) 13,180 10,428 Natural gas liquids per day (Bblpd) 1,573 1,336 Crude oil equivalent per day (Boepd) 10,485 6,822 Crude oil equivalent (MBoe) 944 614 Realized Prices, net of realized hedging activity: Crude oil ($ per Bbl) $ 53.29 $ 47.62 Natural gas ($ per Mcf) 2.00 2.18 Natural gas liquids ($ per Bbl) 15.70 10.84 Crude oil equivalent ($ per Boe) 39.00 31.61 Expenses: Lease operating ($ per Boe) $ 4.84 $ 6.71 Production taxes (% of oil and gas revenue) 7.7 % 8.6 % General and administrative, excluding stock-based compensation ($ per Boe)
$ 2.27 $ 3.20 Cash interest ($ per Boe) 1.27 0.64 Depreciation, depletion and amortization ($ per Boe)
10.74 8.75 (a) See reconciliation of non-GAAP financial measures below.
ABRAXAS PETROLEUM CORPORATION CONSOLIDATED BALANCE SHEET DATA (In thousands) March 31, 2018 December 31, 2017 Cash $ 5,645 $ 1,618 Working capital (22,574 ) (34,361 ) Property and equipment – net 258,988 237,767 Total assets 292,649 273,806 Long-term debt - less current maturities 107,287 87,354 Stockholders’ equity 117,684 106,308 Common shares outstanding 165,882 165,890 Working capital per bank loan covenants (a) (8,096 ) (23,262 ) (a) Excludes current maturities of long-term debt and current derivative assets and liabilities in accordance with our bank loan covenants.
This working capital calculation excludes the unused commitment amount which is included for our current ratio calculation.
ABRAXAS PETROLEUM CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per share data) Three Months Ended March 31, 2018 2017 Revenues: Oil $ 35,994 $ 15,502 Gas 2,377 1,982 Natural gas liquids 2,223 1,303 40,594 18,787 Other 36 15 40,630 18,802 Operating costs and expenses: Lease operating 4,569 4,118 Production and ad valorem taxes 3,113 1,620 Depreciation, depletion, and amortization 10,130 5,374 General and administrative (including stock-based compensation of $586 and $770, respectively) 2,728 2,737 20,540 13,849 Operating income 20,090 4,953 Other (income) expense: Interest expense 1,329 507 Amortization of deferred financing fees 96 137 Loss on sale of non-oil and gas assets 3 — Loss (gain) on derivative contracts 7,883 (9,381 ) 9,311 (8,737 ) Income before income tax 10,779 13,690 Income tax benefit — — Net income $ 10,779 $ 13,690 Net income per common share - basic $ 0.07 $ 0.09 Net income per common share - diluted $ 0.06 $ 0.09 Weighted average shares outstanding: Basic 165,133 154,118 Diluted 167,243 156,813 ABRAXAS PETROLEUM CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
To fully assess Abraxas’ operating results, management believes that, although not prescribed under generally accepted accounting principles ("GAAP") in the United States of America, EBITDA is an appropriate measure of Abraxas' ability to satisfy capital expenditure obligations and working capital requirements. EBITDA is defined as net income plus interest expense, deferred income taxes, depreciation, depletion and amortization expenses, impairments, unrealized gains and losses on derivative contracts, and stock-based compensation. EBITDA is a non-GAAP financial measure as defined under SEC rules. EBITDA should not be considered in isolation or as a substitute for other financial measurements prepared in accordance with GAAP or as a measure of the Company's profitability or liquidity. EBITDA excludes some, but not all items that affect net income and may vary among companies. The EBITDA presented below may not be comparable to similarly titled measures of other companies.
We have also disclosed Adjusted EBITDA per bank loan covenants. Adjusted EBITDA per bank loan covenants is a non-GAAP financial measure as defined under SEC rules. Our management believes that information regarding Adjusted EBITDA per bank loan covenants is material to an understanding of our financial condition and liquidity. Adjusted EBITDA per bank loan covenants should not be considered in isolation or as a substitute for other financial measurements prepared in accordance with GAAP or as a measure of the Company's profitability or liquidity. Adjusted EBITDA per bank loan covenants presented below may not be comparable to similarly titled measures of other companies.
The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net income for the periods presented.
(In thousands) Three Months Ended March 31, 2018 2017 Net income $ 10,779 $ 13,690 Net interest expense 1,329 507 Depreciation, depletion and amortization 10,130 5,374 Amortization of deferred financing fees 96 137 Stock-based compensation 586 770 Unrealized loss (gain) on derivative contracts 4,094 (8,760 ) EBITDA $ 27,014 $ 11,718 EBITDA $ 27,014 $ 11,718 Expenses related to equity offering/loan amendments/permitted acquisitions 202 3,790 Adjusted EBITDA per bank loan covenants $ 27,216 $ 15,508 This release also includes a discussion of “adjusted net income, excluding certain non-cash items,” which is also a non-GAAP financial measure as defined under SEC rules. The following table provides a reconciliation of adjusted net income, excluding ceiling test impairment and unrealized changes in derivative contracts. Management believes that net income calculated in accordance with GAAP is the most directly comparable measure to adjusted net income, excluding certain non-cash items. The calculation of adjusted net income, excluding certain non-cash items presented below may not be comparable to similarly titled measures of other companies.
Unrealized gains or losses on derivative contracts are based on mark-to-market valuations which are non-cash in nature and may fluctuate drastically from period to period. As commodity prices fluctuate, these derivative contracts are valued against current market prices at the end of each reporting period in accordance with Accounting Standards Codification 815: Derivatives and Hedging as amended and interpreted, which requires Abraxas to record a gain or loss based on the calculated value difference from the previous period-end valuation for open contracts. For example, NYMEX oil prices on March 31, 2017 were $50.60 per barrel compared to $64.94 on March 31, 2018; therefore, the mark-to-market valuation changed considerably from period to period.
(In thousands) Three Months Ended March 31, 2018 2017 Net income $ 10,779 $ 13,690 Unrealized loss (gain) on derivative contracts 4,094 (8,760 ) Adjusted net income, excluding certain non-cash items $ 14,873 $ 4,930 Net income per share – basic $ 0.07 $ 0.09 Net income per share – diluted $ 0.06 $ 0.09 Adjusted net income, excluding certain non-cash items, per share – basic $ 0.09 $ 0.03 Adjusted net income, excluding certain non-cash items, per share – diluted $ 0.09 $ 0.03 Liquidity is calculated by adding the net funds available under our revolving credit facility and cash and cash equivalents. We use liquidity as an indicator of the Company's ability to fund development and exploration activities. However, this measurement has limitations. This measurement can vary from year-to-year for the Company and can vary among companies based on what is or is not included in the measurement on a company's financial statements. This measurement is provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with GAAP (including the notes), included in our SEC filings and posted on our website.
(In thousands) March 31, 2018 March 31, 2017 Borrowing base $ 175,000 $ 115,000 Cash and cash equivalents 5,645 1,061 Revolving credit facility - outstanding borrowings (104,000 ) (18,000 ) Outstanding letters of credit (250 ) (250 ) Liquidity $ 76,395 $ 97,811
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006607/en/
Abraxas Petroleum Corporation
Geoffrey King, 210-490-4788
Vice President – Chief Financial Officer
[email protected]
www.abraxaspetroleum.com
Source: Abraxas Petroleum Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-abraxas-announces-first-quarter-2018-financial-and-operating-results.html |
Box revenues beat, smaller-than-expected loss 1 Hour Ago 01:35 01:35 | 7 Hrs Ago 01:09 01:09 | 11:11 AM ET Tue, 29 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/box-earnings.html |
May 3 (Reuters) - SHL Telemedicine Ltd:
* NONE OF CANDIDATES FOR POSITION OF INDEPENDENT (EXTERNAL) DIRECTOR WAS ELECTED
* WILL HAVE TO CONVENE ANOTHER SPECIAL GENERAL MEETING ON AGENDA OF WHICH SHALL BE TO APPOINT SAME Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-shl-telemedicine-to-convene-anothe/brief-shl-telemedicine-to-convene-another-special-general-meeting-idUSFWN1SA15Z |
In some cities, it's easier to stretch a dollar than in others, thanks to a wide range of factors that can make the overall cost of living more expensive or more affordable.
To determine where the most affordable places are, financial website GOBankingRates, using data from the U.S. Census Bureau and Sperling's Best Places , analyzed the three largest cities in every state and ranked affordability based on median household income, median monthly homeowner costs and median gross rent.
Using those factors, it then scored each city's overall cost of living on a scale ranging from a low score of 79.70 in Rockford, Illinois, to the highest score of 145.60 in Hilo, Hawaii.
Based on that ranking, here are the top 10 cities where your paycheck could go the furthest:
Fort Wayne, Indiana Median household income: $44,449
Median monthly homeowner costs: $938
Median gross rent: $670
Cost of living score: 81.20
Parkersburg, West Virginia Median household income: $34,296
Median monthly homeowner costs: $838
Median gross rent: $607
Cost of living score: 80.20
Fort Smith, Arkansas Median household income: $35,956
Median monthly homeowner costs: $950
Median gross rent: $617
Cost of living score: 82.10
show chapters How much more it costs to own vs. rent in your state 1:24 PM ET Fri, 7 April 2017 | 01:23 Aberdeen, South Dakota Median household income: $46,330
Median monthly homeowner costs: $1,079
Median gross rent: $602
Cost of living score: 94.70
Davenport, Iowa Median household income: $48,191
Median monthly homeowner costs: $1,141
Median gross rent: $707
Cost of living score: 89.50
Springfield, Missouri Median household income: $33,769
Median monthly homeowner costs: $911
Median gross rent: $676
Cost of living score: 84.30
Wichita, Kansas Median household income: $46,775
Median monthly homeowner costs: $1,184
Median gross rent: $716
Cost of living score: 84.60
show chapters Professionals in these cities take home the most money after rent and taxes 11:06 AM ET Tue, 21 March 2017 | 00:51 Green Bay, Wisconsin Median household income: $43,473
Median monthly homeowner costs: $1,173
Median gross rent: $655
Cost of living score: 87.30
Great Falls, Montana Median household income: $43,497
Median monthly homeowner costs: $1,149
Median gross rent: $613
Cost of living score: 95.40
Rockford, Illinois Median household income: $40,143
Median monthly homeowner costs: $1,132
Median gross rent: $728
Cost of living score: 79.70
Like this story? Like CNBC Make It on Facebook !
Don't miss: 5 US states where you only need to make about $40,000 a year to afford the average home
Video by Mary Stevens and Andrea Kramar
show chapters Location alone won't determine if your home is a great investment, but this will 9:20 AM ET Tue, 21 March 2017 | 01:05 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/top-10-us-cities-where-your-paycheck-goes-the-furthest.html |
April 30, 2018 / 9:38 PM / Updated 21 hours ago With fans aflutter, boy band 'NSync 'reunites' for Hollywood star Reuters Staff 2 Screaming fans greeted former boy band ‘NSync on Monday just like it was the turn of the last century as the group that helped catapult Justin Timberlake to stardom was honoured with their own star on the Hollywood Walk of Fame.
Timberlake reunited with Lance Bass, JC Chasez, Joey Fatone and Chris Kirkpatrick along Hollywood Boulevard for the unveiling of the emblematic terrazzo and brass star that is one of the city’s major tourist attractions.
“We’re really a family,” Timberlake, 37, said, addressing the crowd.
“I don’t really think I could put into words how much the four of you mean to me. ... I just love all of you so much,” he added.
One of the most successful groups of the teen pop era that also launched the careers of Britney Spears and Christina Aguilera, ‘NSync was greeted with adoring screams and a spontaneous sing-a-long to hit “Tearin’ Up My Heart.”
The band’s second album, 2000’s“No Strings Attached,” held the U.S. record for first week sales with 2.41 million for 15 years. Justin Timberlake speaks during the ceremony for the unveiling of the star for American boy band *NSYNC on the Hollywood Walk of Fame in Los Angeles, U.S. April 30, 2018. REUTERS/Mario Anzuoni
Spectators chanted “reunite” and “sing” during the ceremony.
‘NSync last released an album of new music in 2001 and performed together full time in 2002. They last performed together at the 2013 MTV Music Video Awards.
Bass, who revealed he was gay in 2006, spoke about how he feared for the group’s success if he came out.
“I wanted to so badly let you know I was you; I just didn’t have the strength then,” Bass said. Slideshow (17 Images)
‘NSync has sold more than 40 million records worldwide. They were founded in 1995 in Orlando, Florida. Reporting by Alan Devall; Writing by Eric Kelsey | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-people-nsync-star/with-fans-aflutter-boy-band-nsync-reunites-for-hollywood-star-idUKKBN1I12B1 |
May 28 (Reuters) - Novartis AG:
* NOVARTIS INTERNATIONAL AG: PATIENT-REPORTED OUTCOMES TOOL REVEALED SIGNIFICANT IMPROVEMENT IN SYMPTOM FREQUENCY AND QUALITY OF LIFE DOMAINS WITH ENTRESTO
* SAYS OVERALL SUMMARY SCORE WAS ALSO SIGNIFICANTLY HIGHER FOR ENTRESTO PATIENTS THAN FOR PATIENTS NOT TAKING ENTRESTO Source text for Eikon: Further company coverage: (Reporting By Zurich newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-novartis-patients-on-entresto-repo/brief-novartis-patients-on-entresto-report-improved-quality-of-life-idUSFWN1SZ0GO |
May 4 (Reuters) - EKIZ KIMYA:
* SIGNS PRODUCTION PURCHASE-SALE CONTRACT WITH VERDE CO
* VERDE TO OPERATE 650 TONNES/MONTH OLIVE OIL IN ITS PRODUCTION FACILITIES ON BEHALF OF EKIZ KIMYA Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ekiz-kimya-sanayi-signs-production/brief-ekiz-kimya-sanayi-signs-production-and-purchase-sale-contract-with-verde-company-idUSFWN1SB14J |
Breakingviews TV: Baggage claim 11:21am EDT - 04:28
An experienced short seller has targeted $6 billion luggage maker Samsonite. Quentin Webb and Jeffrey Goldfarb discuss what it means for the company, as well the possible repercussions for the Hong Kong exchange where it is listed.
An experienced short seller has targeted $6 billion luggage maker Samsonite. Quentin Webb and Jeffrey Goldfarb discuss what it means for the company, as well the possible repercussions for the Hong Kong exchange where it is listed. //reut.rs/2IJ5kqK | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/25/breakingviews-tv-baggage-claim?videoId=430237135 |
May 11, 2018 / 5:16 PM / Updated 31 minutes ago Apple is almost a $1 trillion company, but watch out for Amazon Noel Randewich 5 Min Read
SAN FRANCISCO (Reuters) - Apple ( AAPL.O ) is on the verge of becoming the first $1 trillion (738 billion pound) publicly listed U.S. company, but even if it gets there, it could soon be overtaken as Amazon.com ( AMZN.O ) surges from behind. FILE PHOTO: The logo of Amazon is pictured inside the company's office in Bengaluru, India, April 20, 2018. Picture taken April 20, 2018. REUTERS/Abhishek N. Chinnappa
Started in the garage of co-founder Steve Jobs in 1976, the iPhone maker’s annual revenue has ballooned to $229 billion, greater than the gross domestic product of countries including Portugal and New Zealand.
Graphic: Big Tech Rev vs Countries' GDP - reut.rs/2ry9qr6
Apple’s market capitalisation on Thursday topped a record $934 billion, following its unveiling last week of a $100 billion buyback budget and news that Warren Buffett’s Berkshire Hathaway ( BRKa.N ) dramatically increased its stake in the company.
Thanks to a 12 percent rally since its quarterly report last Tuesday, the Cupertino, California company is just 8 percent short of hitting the $1 trillion valuation mark.
Pointing to Apple’s recent 31 percent jump in service revenue, including music streaming and online storage, CFRA analyst Angelo Zino on Wednesday upped his target price for the stock from $195 to $210, which would put Apple’s market capitalisation at $1.03 trillion. Zino joins at least 12 other analysts with price targets putting Apple’s stock market value at 13 digits.
But Apple is in danger of being beaten to the $1 trillion mark - or passed soon after - by Amazon.com, the second largest listed U.S. company by market value, at $780 billion.
Saudi Arabian authorities, meanwhile, have said they expect a planned international initial public offering of Saudi Aramco that would value the national oil producer at about $2 trillion.
While $148 billion smaller than Apple on Friday, Amazon of late has expanded its stock price, and its sales, much more quickly than Apple. Amazon’s stock is red hot, trading recently at over 100 times expected earnings, compared to more-profitable - but slower growing - Apple’s valuation of 15 times earnings.
Graphic: Big Tech PEs - reut.rs/2wsd0YU FILE PHOTO: An Apple logo is seen in a store in Los Angeles, California, U.S., March 24, 2017. REUTERS/Lucy Nicholson
Apple’s stock has risen 24 percent over the past year, fuelled by optimism about the iPhone X, the company’s latest smartphone. But demand for the $1,000 device has underwhelmed investors, and bulls are now focused on Apple’s plan to return more cash to shareholders.
By comparison, Amazon’s stock has surged 70 percent over the past 12 months, bolstered by 31 percent revenue growth as more shopping moves online and businesses shift their IT departments to the cloud, where Amazon Web Services leads the market.
Amazon is also competing more with Apple and Google owner Alphabet ( GOOGL.O ) as it sells music and video content, its Fire TV device and its Alexa smart home gadget.
Graphic: Big Tech Revenue - reut.rs/2wyZaE4
At $765 billion, Alphabet has the third largest market capitalisation on Wall Street, with Microsoft close behind at $749 billion. Amazon breezed past both them both in February.
Graphic: Long-Term Market Cap - reut.rs/2rzCGxD
Including Facebook ( FB.O ), the five largest listed U.S. companies now account for 15 percent of the S&P 500’s $24 trillion market capitalisation.
Graphic: Big Tech's Outsized Weight in S&P 500 - reut.rs/2rwBTOc
To be sure, past stock gains are not a reliable predictor of future performance, and the surge in Apple’s and Amazon’s shares in recent years has been exceptional by most standards.
But if Apple’s stock were to keep growing at the pace seen over the past year, the company’s market capitalisation would hit $1 trillion in September. Amazon would reach $1 trillion around October if its stock price continued to rise at the same rate as the past year, and overtake Apple soon after.
Extending forward their own one-year performances, Microsoft would not reach $1 trillion until early 2019, and Alphabet would take until 2020.
Graphic: Race to $1 Trillion Market Cap - reut.rs/2rz4WAJ
Most Wall Street analysts are less optimistic. The mean analyst price target puts Apple’s stock 6 percent above current levels at $200 within the next 12 months, which would elevate its market capitalisation to $983 billion, according to Thomson Reuters data.
The mean price target of analysts covering Amazon is $1,850, a 15 percent premium over its current price, which would give it a market value of $898 billion. Analysts target Microsoft to rise 12 percent to reach $845 billion, and for Alphabet’s market value to increase 16 percent to $884 billion.
Graphic: Big Tech Analyst Price Targets - reut.rs/2wv224H Reporting by Noel Randewich, Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-apple-stock-trillion-race/apple-is-almost-a-1-trillion-company-but-watch-out-for-amazon-idUKKBN1IC25D |
BUCHAREST (Reuters) - A Romanian court acquitted former prime minister and current Senate speaker Calin Tariceanu on Tuesday of charges of giving false testimony to assist suspects in a wider real estate corruption case.
It is the second high-profile acquittal this month after ex- prime minister Victor Ponta escaped charges of forgery, money laundering and being an accessory to tax evasion.
Both decisions are preliminary and can be appealed.
Transparency International ranks Romania among the European Union’s most corrupt countries and Brussels, which keeps the Romanian justice system under special monitoring, has praised magistrates for their efforts to curb graft.
Anti-corruption prosecutors have been cracking down in recent years, convicting people across parties at a steady rate of just under 90 percent in 2017 of those who stood trial.
Prosecutors said Tariceanu made untrue statements under oath when he was called to testify in an investigation in which a grandson of former King Carol II is accused of illegally obtaining a state-owned forest and farm, and causing damage to the budget worth 145.4 million euros ($171.24 million).
Tariceanu, 66, served as prime minister in 2004-2008. He is now the leader of the junior ruling coalition party ALDE.
Reporting by Luiza Ilie; Editing by Mark Heinrich
| ashraq/financial-news-articles | https://www.reuters.com/article/us-romania-corruption/romanian-court-acquits-ex-pm-tariceanu-of-false-testimony-charges-idUSKCN1IN2OO |
CHICAGO, April 30, 2018 (GLOBE NEWSWIRE) -- MB Financial, Inc. (the “Company”), (Nasdaq:MBFI) announced today that its Board of Directors has declared a quarterly cash dividend on the Company’s 6.00% Non-Cumulative Perpetual Preferred Stock, Series C (“Series C Preferred Stock”). This dividend equals $0.375 per depositary share, each depositary share representing a 1/40th interest in a share of Series C Preferred Stock, and is payable on May 25, 2018 to holders of record as of May 10, 2018. The depositary shares are listed on the NASDAQ Stock Market under the symbol MBFIO.
MB Financial, Inc. is the Chicago-based holding company for MB Financial Bank, N.A. (“MB”) which has approximately $20 billion in assets and a more than one hundred year history of building deep and lasting relationships with middle-market companies and individuals. MB offers a full range of powerful financial solutions and the expertise and experience of bankers who are focused on their clients’ success. Learn more about MB by visiting www.mbfinancial.com .
Safe Harbor Statement: Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. By their nature, such statements are subject to numerous factors that could cause actual results to differ materially from those anticipated in the statements, as discussed in MB Financial’s filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements and MB Financial undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.
For Information at MB Financial, Inc. contact:
Berry Allen - Investor Relations
E-Mail: [email protected]
Source:MB Financial Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-mb-financial-inc-approves-dividend-on-its-series-c-preferred-stock.html |
TORONTO, Sprott Inc. (TSX:SII) will host a conference call on Friday, May 11, 2018 at 10:00 a.m. ET to discuss its 2018 first quarter results. Peter Grosskopf, CEO of Sprott will host the call with Kevin Hibbert, CFO of Sprott. The Company plans to release its financial results at 7:00 a.m. ET the same day.
Conference Call Details
To participate in the call, please dial (855) 458-4215 ten minutes prior to the scheduled start of the call and provide conference ID8291608. The conference call will be webcast live at www.sprott.com and https://edge.media-server.com/m6/p/rhizm9o5 and a replay will be available until Friday, May 19, 2018 by calling (855) 859-2056, conference ID 8291608.
About Sprott Inc.
Sprott is an alternative asset manager and a global leader in precious metal and real asset investments. Through its subsidiaries in Canada, the US and Asia, the Corporation is dedicated to providing investors with best-in-class investment strategies that include Exchange Listed Products, Alternative Asset Management and Private Resource Investments. The Corporation also operates Merchant Banking and Brokerage businesses in both Canada and the US. Sprott is based in Toronto with offices in New York, Carlsbad and Vancouver and its common shares are listed on the Toronto Stock Exchange under the symbol (TSX: SII). For more information, please visit www.sprott.com
Investor contact information: (416) 943-4394 or [email protected] .
Source: Sprott, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-sprott-inc-announces-date-for-2018-first-quarter-results-conference-call.html |
HAMILTON, BERMUDA, May 23, 2018 - DHT Holdings, Inc. (NYSE:DHT) ("DHT") announced that, in connection with the cumulative effect of the previously announced (i) cash dividend of $0.02 per share of common stock paid on February 28, 2018 to stockholders of record as of the close of business on February 20, 2018 and (ii) cash dividend of $0.02 per share of common stock to be paid on May 30, 2018 to stockholders of record as of the close of business on May 21, 2018, the Conversion Price of the Company's 4.5% Convertible Senior Notes due 2019 (the "Notes") was adjusted, effective May 18, 2018. The Conversion Price was adjusted from $6.3282 per share to $6.2599, which represents a Conversion Rate of approximately 159.7470 shares of common stock per $1,000 principal amount of Notes. A detailed calculation of the adjustment to the Conversion Price can be found in the "Investor Relations" section of our website www.dhtankers.com .
About DHT Holdings, Inc.
DHT is an independent crude oil tanker company operating a fleet of crude oil tankers in the VLCC and Aframax segments. We operate through our wholly owned management companies in Oslo, Norway and Singapore. For further information: www.dhtankers.com .
Forward Looking Statements
This press release may contain assumptions, expectations, projections, intentions and beliefs about future events. When used in this document, words such as "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "will," "may," "should" and "expect" and similar expressions are intended to identify but are not the exclusive means of identifying such statements. These statements reflect DHT's current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these . These represent DHT's estimates and assumptions only as of the date of this press release and are not intended to give any assurance as to future results. Investing in DHT's securities involves risk, and investors should be able to bear the loss of their investment. For a detailed discussion of the risk factors that might cause future results to differ, please refer to DHT's Annual Report on Form 20-F, filed with the SEC on April 24, 2018.
DHT undertakes no obligation to publicly update or revise any forward-looking press release, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and DHT's actual results could those anticipated in these .
CONTACT:
Eirik Ubøe, CFO
Phone: +44 1534 639 759 and +47 412 92 712
E-mail: [email protected]
Source:DHT Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-dht-holdings-inc-announces-an-adjustment-to-the-conversion-price-of-its-4-point-5-percent-convertible-senior-notes-due-2019.html |
May 22, 2018 / 6:37 PM / Updated 21 minutes ago Exclusive: GE seeking to shed troubled insurance business - sources David French 4 Min Read
(Reuters) - General Electric Co ( GE.N ) is working with investment bankers to find ways to shed its insurance business, which has caused it to book hefty charges while sparking shareholder lawsuits and an investigation by U.S. regulators, people familiar with the matter said on Tuesday. FILE PHOTO: The logo of General Electric is seen at its plant in Baden, Switzerland November 15, 2017. REUTERS/Arnd Wiegmann
The move comes after GE announced in January it would take a $6.2 billion after-tax charge and set aside a further $15 billion in reserves to help cover liabilities in insurance operations held by its GE Capital unit, mainly concerning long-term care (LTC) policies.
Many providers of LTC insurance, including GE, underestimated the cost of servicing policies, meaning premiums have been unable to cover the spiraling costs of healthcare and longer life expectancy.
While GE’s insurance operations have stopped generating new business, existing contracts managed to maturity in a process known as run-off have become a major financial burden for the U.S industrial conglomerate.
GE is hoping investment firms which specialize in acquiring run-off insurance businesses could buy some of the assets, the sources said. While GE is focused on shedding its troubled LTC business, it is open to divesting other insurance assets, including structured settlements and other life and disability products, the sources added.
The sources, who asked not to be identified because the matter is confidential, cautioned that no deal is certain given the liabilities that GE faces in its insurance business. A GE spokeswoman declined to comment.
GE spun out much of its insurance business in 2004 into Genworth Financial ( GNW.N ), itself currently attempting a sale to China Oceanwide Holdings Group Co for $2.7 billion. That deal has been held up by the Committee on Foreign Investment in the United States, a U.S. national security panel.
GE said in January a review of its remaining insurance portfolio showed 300,000 policies needed $15 billion more in reserves to cover potential payouts, or about $50,000 per policy, on top of the charge it took as part of its fourth-quarter earnings. It subsequently disclosed the U.S. Securities and Exchange Commission (SEC) had begun probing how it handled its insurance obligations.
Insurance liabilities stood at $38 billion at the end of 2017, according to GE’s annual report.
GE has also been sued by shareholders accusing it of concealing mounting insurance liabilities and the SEC probe, arguing this cost investors tens of billions of dollars.
Struggling to maintain profitability and facing calls to be broken up, GE has proposed major cost-cutting and selling or spinning off parts of its business including power, aviation and healthcare as a way to bolster its value.
As part of its drive to shed assets, GE announced an $11.1 billion deal on Monday to merge its transportation business with U.S. rail equipment manufacturer Wabtec Corp ( WAB.N ), with GE and its shareholders owning just over half of the combined business.
(This version of the story fixes syntax in paragraph 4) Reporting by David French in New York; Editing by Tom Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/us-ge-insurance-exclusive/exclusive-ge-seeking-to-shed-troubled-insurance-business-sources-idUKKCN1IN2NA |
Highlights for the First Quarter Ended March 31, 2018
Net income attributable to Maiden common shareholders of $13.7 million, or $0.16 per diluted common share, compared with net income attributable to Maiden common shareholders of $20.5 million, or $0.23 per diluted common share in the first quarter of 2017;
Non-GAAP operating earnings (11) of $16.8 million, or $0.20 per diluted common share, compared with non-GAAP operating earnings of $22.6 million, or $0.26 per diluted common share, in the first quarter of 2017;
Annualized return on average common equity of 7.6% compared to 7.9% in the first quarter of 2017; Annualized non-GAAP return on average common equity of 9.3% compared to 8.7% in the first quarter of 2017;
Combined ratio (10) of 101.8% compared to 100.9% in the first quarter of 2017; and Book value per common share (1) was $8.34 at March 31, 2018 compared to $9.25 at December 31, 2017 reflecting unrealized movements in the company’s investment portfolio.
HAMILTON, Bermuda, May 09, 2018 (GLOBE NEWSWIRE) -- Maiden Holdings, Ltd. (NASDAQ:MHLD) (“Maiden” or “the Company”) today reported first quarter 2018 net income attributable to Maiden common shareholders of $13.7 million or $0.16 per diluted common share compared to net income attributable to Maiden common shareholders of $20.5 million or $0.23 per diluted common share in the first quarter of 2017. Non-GAAP operating earnings (11) were $16.8 million, or $0.20 per diluted common share compared with a non-GAAP operating earnings of $22.6 million, or $0.26 per diluted common share in the first quarter of 2017.
Commenting on the Company’s results, President and Chief Executive Officer, Art Raschbaum said, “We are pleased to start the year with a profitable first quarter. Underwriting results primarily reflect the impact of higher initial current year loss ratios, a modest level of adverse development and higher G&A expenses. Revenue in the quarter was influenced by a continued moderation of premium from our largest client, AmTrust, and in the Diversified segment from several accounts terminated over the last 12 months. Business development in the quarter was strong across the Diversified segment which should favorably impact future quarters. We remain committed to maintaining disciplined underwriting and enhancing profitability. As previously announced, our Board of Directors has retained BoA Merrill Lynch to assist the Company in evaluating strategic alternatives to enhance value and the Company continues to be actively engaged in this process but has no further update at this time.”
Consolidated Results for the First Quarter Ended March 31, 2018
In the first quarter of 2018, gross premiums written decreased to $852.6 million from $923.4 million primarily due to non-renewals and re-underwriting of certain Diversified contracts conducted in both 2017 and in early 2018. Net premiums written totaled $849.3 million in the first quarter of 2018, a decrease of 5.7% compared to $900.5 million in the first quarter of 2017. Net premiums earned were $685.4 million in the first quarter of 2018 compared to $709.5 million in the first quarter of 2017, representing a decrease of 3.4%.
Net loss and loss adjustment expenses of $473.3 million compared to $480.6 million in the first quarter of 2017. The loss ratio (6) in the first quarter of 2018 was 68.6% compared to 67.4% reported in the first quarter of 2017.
Commission and other acquisition expenses decreased 6.0% to $208.6 million in the first quarter of 2018, compared to $222.0 million in the first quarter of 2017 reducing the commission and other acquisition expense ratio to 30.3% from 31.1%, respectively. General and administrative expenses for the first quarter of 2018 totaled $20.0 million compared with $17.4 million in the first quarter of 2017 primarily due to higher audit, legal and other professional fees and technology-related expenses. The general and administrative expense ratio (8) in the first quarter of 2018 increased to 2.9% compared to 2.4% in the first quarter of 2017, while the expense ratio (9) was 33.2% in the first quarter of 2018 compared with 33.5% in the same quarter last year.
The combined ratio (10) for the first quarter of 2018 totaled 101.8% compared with 100.9% in the first quarter of 2017.
Net investment income was $42.9 million in the first quarter of 2018 compared to $42.2 million in the first quarter of 2017. As of March 31, 2018, the average yield on the fixed income portfolio was 3.18% while the average duration of investable assets was 4.7 years.
Diversified Reinsurance Segment
For the Three Months Ended March 31, ($ in thousands) 2018 2017 Change in (%) Gross premiums written $ 278,712 $ 332,045 (16.1 )% Net premiums written $ 274,953 $ 327,496 (16.0 )% Net premiums earned $ 194,134 $ 201,842 (3.8 )% Underwriting Ratios % Point Change Net loss and LAE ratio (6) 68.6 % 67.5 % 1.1 Commission and other acquisition expense ratio (7) 25.9 % 28.2 % (2.3 ) General and administrative expense ratio (8) 5.1 % 4.2 % 0.9 Expense ratio (9) 31.0 % 32.4 % (1.4 ) Combined ratio (10) 99.6 % 99.9 % (0.3 ) Gross premiums written and net premiums written decreased by 16.1% and 16.0%, respectively, in the first quarter of 2018 primarily as a result of non-renewals and re-underwriting of certain contracts in 2017 and during the first quarter of 2018, with one large terminated account having returned premium of $17.5 million. Net premiums earned decreased by 3.8% in the first quarter of 2018 due to non-renewals and other underwriting actions taken as mentioned above. The segment’s combined ratio was 99.6% in the first quarter of 2018 compared to 99.9% in the same period last year due to lower adverse prior year loss development. The combined ratio also reflects higher initial current year loss ratios for premiums earned during the period.
AmTrust Reinsurance Segment
For the Three Months Ended March 31, ($ in thousands) 2018 2017 Change in (%) Gross premiums written $ 573,928 $ 591,382 (3.0 )% Net premiums written $ 574,380 $ 573,052 0.2 % Net premiums earned $ 491,298 $ 507,642 (3.2 )% Underwriting Ratios % Point Change Net loss and LAE ratio (6) 68.7 % 67.3 % 1.4 Commission and other acquisition expense ratio (7) 32.0 % 32.3 % (0.3 ) General and administrative expense ratio (8) 0.2 % 0.2 % — Expense ratio (9) 32.2 % 32.5 % (0.3 ) Combined ratio (10) 100.9 % 99.8 % 1.1 Gross premiums written decreased 3.0% during the first quarter of 2018 and reflects reductions in the Small Commercial and Program businesses. Net premiums written increased by 0.2% in the first quarter of 2018 largely due to a reduction in the utilization of retrocessional capacity in 2018 compared to 2017. Net premiums earned in the segment decreased by 3.2% compared to the same period in 2017 mainly due to the decline in net premiums written in the AmTrust quota share. The segment experienced adverse prior year development of $8.5 million for the first quarter of 2018 largely from General Liability, with a smaller contribution from Commercial Auto Liability, primarily driven by accident years 2015 and 2016. The segment combined ratio was 100.9% in the first quarter of 2018 compared to 99.8% in the same period in 2017 primarily due to higher initial current year loss ratios for premiums earned during the period slightly offset by a comparatively smaller amount of adverse prior period loss development.
Other Financial Matters
Total assets increased to $6.8 billion at March 31, 2018 compared to $6.6 billion at year-end 2017. Shareholders' equity was $1.16 billion at March 31, 2018 compared to $1.23 billion at year end 2017. Book value per common share (1) was $8.34 at March 31, 2018 compared to $9.25 at December 31, 2017. In the first quarter of 2018, the Company recognized unrealized losses in its fixed income investment portfolio of $68.3 million which represents a decrease of $0.82 in book value per common share. During the first quarter of 2018, the Board of Directors declared dividends of $0.15 per common share, $0.515625 per Series A preference shares, $0.445313 per Series C preference shares and $0.418750 per Series D preference shares.
(1)(11) Please see the Non-GAAP Financial Measures table for additional information on these non-GAAP financial measures and reconciliation of these measures to GAAP measures.
(6)(7)(8)(9)(10) Loss ratio, commission and other acquisition expense ratio, general and administrative expense ratio, expense ratio and combined ratio are non-GAAP operating metrics. Please see the additional information on these measures under Non-GAAP Financial Measures tables.
Conference Call
Maiden’s President and Chief Executive Officer, Art Raschbaum and Chief Financial Officer, Karen Schmitt will review these results on Thursday, May 10, 2018 via teleconference and live audio webcast beginning at 8:30 a.m. ET.
To participate in the conference call, please access one of the following at least five minutes prior to the start time: U.S. Callers: 1.877.734.5373, Outside U.S. Callers: 1.973.200.3059, Conference ID: 9075799, Webcast: http://www.maiden.bm/news_events
A replay of the conference call will be available beginning at 11:30 a.m. ET on May 10, 2018 through 11:30 a.m. ET on May 18, 2018. To listen to the replay, please dial toll free: 1.855.859.2056 (U.S. Callers) or toll: 1.404.537.3406 (callers outside the U.S.) and enter the Conference ID: 9075799; or access http://www.maiden.bm/news_events
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007. Through its subsidiaries, which are each rated A- (excellent) by A.M. Best, the Company is focused on providing non-catastrophic, customized reinsurance products and services to small and mid-size insurance companies in the United States and Europe. As of March 31, 2018, Maiden had $6.8 billion in assets and shareholders' equity of $1.2 billion.
Forward Looking Statements
This release contains "forward-looking statements" which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that actual developments will be those anticipated by the Company. Actual results may differ materially from those projected as a result of significant risks and uncertainties, including non-receipt of the expected payments, changes in interest rates, effect of the performance of financial markets on investment income and fair values of investments, developments of claims and the effect on loss reserves, accuracy in projecting loss reserves, the impact of competition and pricing environments, changes in the demand for the Company's products, the effect of general economic conditions and unusual frequency of storm activity, adverse state and federal legislation, regulations and regulatory investigations into industry practices, developments relating to existing agreements, heightened competition, changes in pricing environments, and changes in asset valuations. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those projected is contained in Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 as updated in periodic filings with the SEC. However these factors should not be construed as exhaustive. Forward-looking statements speak only as of the date they are made and the Company undertakes no obligation to update or revise any forward-looking statement that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.
CONTACT:
Bill Horning, Senior Vice President, Investor Relations
Maiden Holdings, Ltd.
Phone: 856.359.2532
E-mail: [email protected]
Maiden Holdings, Ltd. Consolidated Balance Sheets (in thousands (000's), except per share data) March 31, 2018 December 31, 2017 (Unaudited) (Audited) Assets Fixed maturities, available-for-sale, at fair value (Amortized cost 2018: $4,034,021 ; 2017: $4,027,993) $ 3,984,733 $ 4,044,370 Fixed maturities, held-to-maturity, at amortized cost (Fair value 2018: $1,069,980; 2017: $1,125,626) 1,071,361 1,097,801 Other investments 6,426 6,600 Total investments 5,062,520 5,148,771 Cash and cash equivalents 73,276 67,919 Restricted cash and cash equivalents 87,761 123,584 Accrued investment income 36,010 34,993 Reinsurance balances receivable, net 548,218 345,043 Reinsurance recoverable on unpaid losses 114,499 117,611 Loan to related party 167,975 167,975 Deferred commission and other acquisition expenses, net 475,496 439,597 Goodwill and intangible assets, net 75,121 75,583 Other assets 116,433 123,113 Total Assets $ 6,757,309 $ 6,644,189 Liabilities and Equity Liabilities Reserve for loss and loss adjustment expenses $ 3,616,610 $ 3,547,248 Unearned premiums 1,629,870 1,477,038 Accrued expenses and other liabilities 97,851 132,795 Senior notes - principal amount 262,500 262,500 Less: unamortized debt issuance costs 7,966 8,018 Senior notes, net 254,534 254,482 Total Liabilities 5,598,865 5,411,563 Commitments and Contingencies Equity Preference Shares 465,000 465,000 Common shares 879 877 Additional paid-in capital 749,054 748,113 Accumulated other comprehensive (loss) income (62,915 ) 13,354 Retained earnings 36,727 35,472 Treasury shares, at cost (30,835 ) (30,642 ) Total Maiden Shareholders’ Equity 1,157,910 1,232,174 Noncontrolling interest in subsidiaries 534 452 Total Equity 1,158,444 1,232,626 Total Liabilities and Equity $ 6,757,309 $ 6,644,189 Book value per common share (1) $ 8.34 $ 9.25 Common shares outstanding 83,118,237 82,974,895
Maiden Holdings, Ltd. Consolidated Statements of Income (in thousands (000's), except per share data) (Unaudited) For the Three Months Ended March 31, 2018 2017 Revenues: Gross premiums written $ 852,640 $ 923,427 Net premiums written $ 849,333 $ 900,548 Change in unearned premiums (163,901 ) (191,064 ) Net premiums earned 685,432 709,484 Other insurance revenue 3,726 3,781 Net investment income 42,870 42,157 Net realized gains on investment 357 885 Total revenues 732,385 756,307 Expenses: Net loss and loss adjustment expenses 473,324 480,569 Commission and other acquisition expenses 208,614 222,029 General and administrative expenses 19,950 17,414 Total expenses 701,888 720,012 Non-GAAP income from operations (2) 30,497 36,295 Other expenses: Interest and amortization expenses (4,829 ) (6,856 ) Amortization of intangible assets (462 ) (533 ) Foreign exchange losses (2,407 ) (1,921 ) Total other expenses (7,698 ) (9,310 ) Income before income taxes 22,799 26,985 Less: income tax expense 456 484 Net income 22,343 26,501 Add: net (income) loss attributable to noncontrolling interest (71 ) 22 Net income attributable to Maiden 22,272 26,523 Dividends on preference shares (3) (8,545 ) (6,033 ) Net income attributable to Maiden common shareholders $ 13,727 $ 20,490 Basic earnings per common share attributable to Maiden shareholders $ 0.17 $ 0.24 Diluted earnings per common share attributable to Maiden shareholders $ 0.16 $ 0.23 Dividends declared per common share $ 0.15 $ 0.15 Annualized return on average common equity 7.6 % 7.9 % Weighted average number of common shares - basic 83,040,413 86,350,850 Adjusted weighted average number of common shares and assumed conversions - diluted 83,318,542 87,436,604
Maiden Holdings, Ltd. Supplemental Financial Data - Segment Information (in thousands (000's)) (Unaudited) For the Three Months Ended March 31, 2018 Diversified Reinsurance AmTrust Reinsurance Other Total Gross premiums written $ 278,712 $ 573,928 $ - $ 852,640 Net premiums written $ 274,953 $ 574,380 $ - $ 849,333 Net premiums earned $ 194,134 $ 491,298 $ - $ 685,432 Other insurance revenue 3,726 - - 3,726 Net loss and loss adjustment expenses ("loss and LAE") (135,612 ) (337,307 ) (405 ) (473,324 ) Commissions and other acquisition expenses (51,298 ) (157,316 ) - (208,614 ) General and administrative expenses (4) (10,119 ) (920 ) - (11,039 ) Underwriting income (loss) (5) $ 831 $ (4,245 ) $ (405 ) $ (3,819 ) Reconciliation to net income Net investment income and realized gains on investment 43,227 Interest and amortization expenses (4,829 ) Amortization of intangible assets (462 ) Foreign exchange losses (2,407 ) Other general and administrative expenses (4) (8,911 ) Income tax expense (456 ) Net income $ 22,343 Net loss and LAE ratio (6) 68.6 % 68.7 % 68.6 % Commission and other acquisition expense ratio (7) 25.9 % 32.0 % 30.3 % General and administrative expense ratio (8) 5.1 % 0.2 % 2.9 % Expense ratio (9) 31.0 % 32.2 % 33.2 % Combined ratio (10) 99.6 % 100.9 % 101.8 % For the Three Months Ended March 31, 2017 Diversified Reinsurance AmTrust Reinsurance Other Total Gross premiums written $ 332,045 $ 591,382 $ - $ 923,427 Net premiums written $ 327,496 $ 573,052 $ - $ 900,548 Net premiums earned $ 201,842 $ 507,642 $ - $ 709,484 Other insurance revenue 3,781 - - 3,781 Net loss and LAE (138,649 ) (341,631 ) (289 ) (480,569 ) Commissions and other acquisition expenses (57,945 ) (164,084 ) - (222,029 ) General and administrative expenses (4) (8,730 ) (805 ) - (9,535 ) Underwriting income (loss) (5) $ 299 $ 1,122 $ (289 ) $ 1,132 Reconciliation to net income Net investment income and realized gains on investment 43,042 Interest and amortization expenses (6,856 ) Amortization of intangible assets (533 ) Foreign exchange losses (1,921 ) Other general and administrative expenses (4) (7,879 ) Income tax expense (484 ) Net income $ 26,501 Net loss and LAE ratio (6) 67.5 % 67.3 % 67.4 % Commission and other acquisition expense ratio (7) 28.2 % 32.3 % 31.1 % General and administrative expense ratio (8) 4.2 % 0.2 % 2.4 % Expense ratio (9) 32.4 % 32.5 % 33.5 % Combined ratio (10) 99.9 % 99.8 % 100.9 %
Maiden Holdings, Ltd. Non - GAAP Financial Measures (in thousands (000's), except per share data) (Unaudited) For the Three Months Ended March 31, 2018 2017 Non-GAAP operating earnings attributable to Maiden common shareholders (11) $ 16,818 $ 22,638 Non-GAAP basic operating earnings per common share attributable to Maiden shareholders $ 0.20 $ 0.26 Non-GAAP diluted operating earnings per common share attributable to Maiden shareholders $ 0.20 $ 0.26 Annualized non-GAAP operating return on average common equity (12) 9.3 % 8.7 % Reconciliation of net income attributable to Maiden common shareholders
to non-GAAP operating earnings attributable to Maiden common shareholders: Net income attributable to Maiden common shareholders $ 13,727 $ 20,490 Add (subtract) Net realized gains on investment (357 ) (885 ) Foreign exchange losses 2,407 1,921 Amortization of intangible assets 462 533 Divested excess and surplus ("E&S") business and NGHC run-off 405 289 Non-cash deferred tax expense 174 290 Non-GAAP operating earnings attributable to Maiden common shareholders (11) $ 16,818 $ 22,638 Weighted average number of common shares - basic 83,040,413 86,350,850 Adjusted weighted average number of common shares and assumed conversions - diluted 83,318,542 87,436,604 Reconciliation of diluted earnings per common share attributable to Maiden shareholders to non-GAAP
diluted operating earnings per common share attributable to Maiden shareholders: Diluted earnings per common share attributable to Maiden shareholders $ 0.16 $ 0.23 Add (subtract) Net realized gains on investment - (0.01 ) Foreign exchange losses 0.03 0.02 Amortization of intangible assets 0.01 0.01 Non-cash deferred tax expense - 0.01 Non-GAAP diluted operating earnings per common share attributable to Maiden shareholders $ 0.20 $ 0.26 Reconciliation of net income attributable to Maiden to non-GAAP income from operations: Net income attributable to Maiden $ 22,272 $ 26,523 Add (subtract) Foreign exchange losses 2,407 1,921 Amortization of intangible assets 462 533 Interest and amortization expenses 4,829 6,856 Income tax expense 456 484 Net income (loss) attributable to noncontrolling interest 71 (22 ) Non-GAAP income from operations (2) $ 30,497 $ 36,295
Maiden Holdings, Ltd. Non - GAAP Financial Measures (in thousands (000's), except per share data) (Unaudited) March 31, 2018 December 31, 2017 Investable assets: Total investments $ 5,062,520 $ 5,148,771 Cash and cash equivalents 73,276 67,919 Restricted cash and cash equivalents 87,761 123,584 Loan to related party 167,975 167,975 Total investable assets (13) $ 5,391,532 $ 5,508,249 March 31, 2018 December 31, 2017 Capital: Preference shares $ 465,000 $ 465,000 Common shareholders' equity 692,910 767,174 Total Maiden shareholders' equity 1,157,910 1,232,174 2016 Senior Notes 110,000 110,000 2013 Senior Notes 152,500 152,500 Total capital resources (14) $ 1,420,410 $ 1,494,674 (1) Book value per common share is calculated using Maiden common shareholders’ equity (shareholders' equity excluding the aggregate liquidation value of our preference shares) divided by the number of common shares outstanding. (2) Non-GAAP income from operations is a non-GAAP financial measure defined by the Company as net income attributable to Maiden excluding foreign exchange and other gains and losses, amortization of intangible assets, interest and amortization expenses, income tax expense and net income or loss attributable to noncontrolling interest and should not be considered as an alternative to net income. The Company’s management believes that non-GAAP income from operations is a useful measure of the Company’s underlying earnings fundamentals based on its underwriting and investment income before financing costs. This income from operations enables readers of this information to more clearly understand the essential operating results of the Company. The Company’s measure of non-GAAP income from operations may not be comparable to similarly titled measures used by other companies. (3) Dividends on preference shares consist of $3,094 paid to Preference shares - Series A for the three months ended March 31, 2018 and 2017, $2,939 paid to Preference shares - Series C for the three months ended March 31, 2018 and 2017, and $2,512 and $0 paid to Preference shares - Series D for the three months ended March 31, 2018 and 2017, respectively. (4) Underwriting related general and administrative expenses is a non-GAAP measure and includes expenses which are segregated for analytical purposes as a component of underwriting income. (5) Underwriting (loss) income is a non-GAAP measure and is calculated as net premiums earned plus other insurance revenue less net loss and LAE, commission and other acquisition expenses and general and administrative expenses directly related to underwriting activities. Management believes that this measure is important in evaluating the underwriting performance of the Company and its segments. This measure is also a useful tool to measure the profitability of the Company separately from the investment results and is also a widely used performance indicator in the insurance industry. (6) Calculated by dividing net loss and LAE by the sum of net premiums earned and other insurance revenue. (7) Calculated by dividing commission and other acquisition expenses by the sum of net premiums earned and other insurance revenue. (8) Calculated by dividing general and administrative expenses by the sum of net premiums earned and other insurance revenue. (9) Calculated by adding together the commission and other acquisition expense ratio and general and administrative expense ratio. (10) Calculated by adding together the net loss and LAE ratio and the expense ratio. (11) Non-GAAP operating earnings is a non-GAAP financial measure defined by the Company as net income attributable to Maiden common shareholders excluding realized and unrealized investment gains and losses, foreign exchange and other gains and losses, amortization of intangible assets, divested E&S business and NGHC run-off and non-cash deferred tax expense and should not be considered as an alternative to net income. The Company's management believes that non-GAAP operating earnings is a useful indicator of trends in the Company's underlying operations. The Company's measure of non-GAAP operating earnings may not be comparable to similarly titled measures used by other companies. (12) Non-GAAP operating return on average common equity is a non-GAAP financial measure. Management uses non-GAAP operating return on average common shareholders' equity as a measure of profitability that focuses on the return to Maiden common shareholders. It is calculated using non-GAAP operating earnings attributable to Maiden common shareholders divided by average Maiden common shareholders' equity. (13) Investable assets is the total of the Company's investments, cash and cash equivalents and loan to a related party. (14) Total capital resources is the sum of the Company's principal amount of debt and Maiden shareholders' equity.
Source: Maiden Holdings, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-maiden-holdings-ltd-announces-first-quarter-2018-financial-results.html |
Will employees of AllianceBernstein be whistling Dixie or singing the blues? The New York based money manager shocked everyone this week with the announcement that it will be relocating from Manhattan to Nashville, Tennessee. Music City may not be to everyone’s liking, but bottom-line focused executives probably wonder what took so long. Recently ousted AllianceBernstein Unhappy Soccer Fans No Good for Gambling Group Next Investors Exit U.S. Equity Funds for Third Straight Month | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/02/alliancebernsteins-highway-men-to-live-large-in-nashville/ |
May 9, 2018 / 4:53 AM / in 13 hours Konta hopes Murray can recover in time for grass-court season Reuters Staff 2 Min Read
(Reuters) - Johanna Konta hopes fellow Briton Andy Murray will be in action at this year’s Wimbledon despite media reports claiming that the Scot has suffered a setback in his recovery from hip surgery. FILE PHOTO: Tennis - ATP World Tour Finals Preview - The O2 Arena, London, Britain - November 11, 2017 Great Britain's Andy Murray stands during a minutes silence as part of remembrance commemorations during practice Action Images via Reuters/Tony O'Brien
British media reports said former world number one Murray’s participation in Wimbledon had been thrown into doubt after hi recovery from the surgery had stalled.
Murray, 30, has not played a competitive match since losing to Sam Querrey in the Wimbledon quarter-finals last July and had an operation on the hip at the start of the year after rest and recuperation failed to resolve the issue.
“I still hope he can (come back as planned),” Konta told reporters after losing to Bernarda Pera in the second round of the Madrid Open.
“Obviously he needs to do what’s best for the longevity of his career. I can really just feel for him. I can’t imagine how sad he must be to be away from the game which he loves so much.”
Three-times grand slam winner Murray is scheduled to play in the June grass-court tournament in Rosmalen in the Netherlands as well as at Queen’s Club as a warm-up to Wimbledon.
“He must be doing everything that he can to come back fitter and stronger and be playing for a long time so if he’s not around through that period he will be sorely missed. Hopefully he gets better soon,” Konta added. Reporting by Shrivathsa Sridhar in Bengaluru; editing by Amlan Chakraborty | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-england-murray/konta-hopes-murray-can-recover-in-time-for-grass-court-season-idUKKBN1IA0F9 |
May 9 (Reuters) - 21St Century Fox:
* TWENTY-FIRST CENTURY FOX INC - CABLE NETWORK PROGRAMMING QUARTERLY SEGMENT OIBDA INCREASED 16% COMPARED TO PRIOR YEAR QUARTER TO $1.68 BILLION
* REPORTS THIRD QUARTER INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE OF $1.33 BILLION AND TOTAL SEGMENT OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION OF $1.89 BILLION
* Q3 EARNINGS PER SHARE $0.47 FROM CONTINUING OPERATIONS * Q3 REVENUE $7.42 BILLION VERSUS I/B/E/S VIEW $7.4 BILLION
* Q3 ADJUSTED EARNINGS PER SHARE $0.49 FROM CONTINUING OPERATIONS EXCLUDING ITEMS
* Q3 EARNINGS PER SHARE VIEW $0.53 — THOMSON REUTERS I/B/E/S
* TWENTY-FIRST CENTURY FOX INC - TELEVISION REPORTED QUARTERLY SEGMENT OIBDA OF $78 MILLION, A DECREASE OF $112 MILLION COMPARED TO PRIOR YEAR QUARTER
* TWENTY-FIRST CENTURY FOX INC - FILMED ENTERTAINMENT GENERATED QUARTERLY SEGMENT OIBDA OF $286 MILLION, A 23% DECREASE
* TWENTY-FIRST CENTURY FOX - CURRENT QUARTER’S SEGMENT OIBDA REFLECTS AN APPROXIMATE $60 MILLION CHARGE
* TWENTY-FIRST CENTURY FOX INC - ANTICIPATES REGULATORY APPROVAL OF SKY TRANSACTION BY EARLY SUMMER 2018
* TWENTY-FIRST CENTURY FOX INC - REMAINS COMMITTED TO ITS OFFER FOR SHARES OF SKY WHICH CO DOES NOT ALREADY OWN AND IS CURRENTLY CONSIDERING OPTIONS
* TWENTY-FIRST CENTURY FOX - HIGHER COMPENSATION EXPENSE IN QUARTER RELATED TO DISNEY, NEW FOX DEALS INCLUDED IN OTHER, CORPORATE & ELIMINATIONS SEGMENT
* TWENTY-FIRST CENTURY FOX - MODIFICATION OF EQUITY AWARDS FROM PROPOSED DISNEY & NEW FOX DEALS NEGATIVELY IMPACTED ADJUSTED EPS BY $0.02/SHARE IN QUARTER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-21st-century-fox-reports-q3-eps-fr/brief-21st-century-fox-reports-q3-eps-from-cont-ops-0-47-idUSASC0A14J |
MIDLAND, Texas--(BUSINESS WIRE)-- Ring Energy, Inc. (NYSE American: REI) (“Ring”) (“Company”) announced today financial results for the first quarter ended March 31, 2018. For the three month period ended March 31, 2018, Ring had oil and gas revenues of $29,891,391 compared to $12,243,793 for the quarter ended March 31, 2017, and net income of $5,665,634, or $0.10 per diluted share, compared to net income of $1,279,281, or $0.03 per diluted share.
For the three months ended March 31, 2018, the net income included a pre-tax “Unrealized Loss on Derivatives” of $790,701. Excluding this item, the net income per diluted share would have been $0.11.
For the three months ended March 31, 2018, oil sales volume increased to 479,864 barrels, compared to 240,260 barrels for the same period in 2017, an 99.7% increase, and gas sales volume increased to 210,031 MCF (thousand cubic feet), compared to 168,349 MCF for the same period in 2017, a 24.7% increase. On a barrel of oil equivalent (“BOE”) basis for the three months ended March 31, 2018, production sales increased to 514,869 BOEs, compared to 268,318 BOEs for the same period in 2017, a 91.9% increase. The average commodity prices received by Ring were $60.73 per barrel of oil and $3.58 per MCF of natural gas for the quarter ended March 31, 2018, compared to $48.69 per barrel of oil and $3.25 per MCF of natural gas for the quarter ended March 31, 2017.
Lease operating expenses, including production taxes, for the three months ended March 31, 2018 were $14.00 per BOE, a 14% increase from the prior year. Depreciation, depletion and amortization costs, including accretion, increased 25% to $16.82 per BOE. General and administrative costs, which included a $1,081,199 charge for stock based compensation, were $5.99 per BOE, a 43% decrease.
Cash provided by operating activities, before changes in working capital, for the three months ended March 31, 2018 was $19,168,262 or $0.33 per fully diluted share, compared to $7,221,936, or $0.14 per fully diluted share for the same period in 2017. Earnings before interest, taxes, depletion and other non-cash items (“Adjusted EBITDA”) for the three months ended March 31, 2018 was $19,203,791, or $0.33 per fully diluted share, compared to $7,105,257, or $0.14 per fully diluted share for the same period in 2017. (See accompanying table for a reconciliation of net income to adjusted EBITDA).
In February 2018, the Company closed on an underwritten public stock offering of 6,164,000 shares of its common stock, including 804,000 shares sold pursuant to the full exercise of an over-allotment option, at $14.00 per share for gross proceeds of $86,296,000. Total net proceeds from the offering were $81,822,066 after deducting underwriting commissions and offering expenses.
There was no outstanding debt on the Company’s $500 million senior secured credit facility at March 31, 2018.
Ring’s Chief Executive Officer, Mr. Kelly Hoffman, stated, “Our first quarter results have gotten the Company off to a great start for 2018. We continue to have excellent results from our horizontal drilling program. We have 60 wells scheduled to be drilled this year and look forward to continued exceptional results. Our new gas pipeline is completed, and now, instead of having to flare the gas associated with our horizontal drilling, we are selling it. This, along with added saltwater disposal wells and the restimulation of some of our older wells, is only adding to our momentum. The North Gaines and Brushy Canyon wells are on track with encouraging results that will be released in the near future. Our goal of being cash flow positive by year end is on track. Our dedicated staff continues to search for and evaluate complementary, accretive properties and opportunities that will build on our success. With the completion of our stock offering in February, we have strengthened an already strong balance sheet. We look forward to the rest of 2018 and couldn’t be more excited for Ring and its shareholders.”
Non-GAAP Financial Measures:
Net income for the three months ended March 31, 2018 includes a non-cash charge for stock based compensation of $1,081,199. Excluding this item, the Company’s net income would have been $0.11 per diluted share for the three months ended March 31, 2018. The Company believes results excluding this item are more comparable to estimates provided by security analysts and, therefore, are useful in evaluating operational trends of the Company and its performance, compared to other similarly situated oil and gas producing companies.
About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration, development and production company with current operations in Texas.
www.ringenergy.com
Safe Harbor Statement
This release contains within the meaning of the “safe-harbor” provisions of the 1995 that involve a wide variety of risks and uncertainties, including, without limitations, statements with respect to the Company’s strategy and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2017, its Form 10-Q for the quarter ended March 31, 2018 and its other filings with the SEC. Readers and investors are cautioned that the Company’s actual results may those described in the due to a number of factors, including, but not limited to, the Company’s ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and the conduct of business by the Company, and other factors that may be more fully described in additional documents set forth by the Company.
RING ENERGY, INC. STATEMENTS OF OPERATIONS Three Months Ended March 31,
2018 2017 (Unaudited)
(Unaudited)
Oil and Gas Revenues $ 29,891,391 $ 12,243,793 Costs and Operating Expenses Oil and gas production costs 5,781,910 2,705,371 Oil and gas production taxes 1,425,882 583,264 Depreciation, depletion and amortization 8,501,379 3,474,019 Asset retirement obligation accretion 161,120 137,176 General and administrative expense 3,085,980 2,841,111 Total Costs and Operating Expenses 18,956,271 9,740,941 Income from Operations 10,935,120 2,502,852 Other Income (Expense) Interest income 8,953 116,679 Interest expense (44,483 ) - Realized loss on derivatives (1,475,026 ) - Unrealized loss on change in fair value of derivatives (790,701 ) - Net Other Income (Expense) (2,301,257 ) 116,679 Income before tax provision 8,633,863 2,619,531 Provision for Income Taxes (2,968,229 ) (1,340,250 ) Net Income $ 5,665,634 $ 1,279,281 Basic Income Per Common Share $ 0.10 $ 0.03 Diluted Income Per Common Share $ 0.10 $ 0.03 Basic Weighted-Average Common Shares Outstanding 56,415,673 49,114,731 Diluted Weighted-Average Common Shares Outstanding 57,949,389 50,414,435 COMPARATIVE OPERATING STATISTICS Three Months Ended March 31, 2018 2017 Change Net Production - BOE per day 5,721 2,981 92 % Per BOE: Average Sales Price
$58.06
$45.63
27 % Lease Operating Expenses 11.23 10.08 11 % Production Taxes 2.77 2.17 28 % DD&A 16.51 12.95 27 % Accretion 0.31 0.51 -39 % General & Administrative Expenses 5.99 10.59 -43 % RING ENERGY, INC. CONSOLIDATED BALANCE SHEET March 31,
December 31,
2018
2017
ASSETS Current Assets Cash $47,036,101 $15,006,581 Accounts receivable 13,447,211 12,833,883 Joint interest billing receivable 636,336 1,054,022 Prepaid expenses and retainers 131,027
229,438 Total Current Assets 61,250,675 29,123,924 Properties and Equipment Oil and natural gas properties subject to depletion and amortization 483,115,061 433,591,134 Fixed assets subject to depreciation 1,848,405 1,884,818 Total Property and Equipment 484,963,466 435,475,952 Accumulated depreciation, depletion and amortization (70,344,636) (61,864,932) Net Property and Equipment 414,618,830 373,611,020 Deferred Income Taxes 8,263,971 11,232,200 Deferred Financing Costs
67,671 135,342 Total Assets $484,201,147 $414,102,486 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $24,822,069 $44,475,163 Derivative Liabilities $4,758,987 $3,968,286 Total Current Liabilities 29,581,056 48,443,449 Asset retirement obligations 9,447,852 9,055,697 Total Liabilities 39,028,908 57,499,146
Stockholders' Equity Preferred stock - $0.001 par value; 50,000,000 shares authorized; No shares issued or outstanding
- - Common stock - $0.001 par value; 150,000,000 shares authorized; 60,388,029 shares and 54,224,029 shares outstanding, respectively
60,388 54,224 Additional paid-in capital 480,801,870 397,904,769 Accumulated deficit (35,690,019) (41,355,653) Total Stockholders' Equity 445,172,239 356,603,340 Total Liabilities and Stockholders' Equity $484,201,147 $414,102,486 RING ENERGY, INC. STATEMENTS OF CASH FLOW Three Months Ended March 31, 2018
2017
Cash Flows From Operating Activities Net income $ 5,665,634 $ 1,279,281 Adjustments to reconcile net income to net cash used in operating activities:
Depreciation, depletion and amortization 8,501,379 3,474,019 Accretion expense 161,120 137,176 Share-based compensation 1,081,199 991,210 Deferred income tax provision 1,809,625 923,390 Excess tax deficiency related to share-based compensation 1,158,604 416,860 Change in fair value of derivative instruments 790,701 - Changes in assets and liabilities: Accounts receivable (195,642 ) (1,119,947 ) Prepaid expenses and retainers 166,082 161,693 Accounts payable (32,653,094 ) 4,761,819 Settlement of asset retirement obligation (149,772 ) (8,929 ) Net Cash Provided by (Used in) Operating Activities (13,664,164 ) 11,016,572 Cash Flows from Investing Activities Payments to purchase oil and natural gas properties (1,061,195 ) (3,924,404 ) Payments to develop oil and natural gas properties (35,081,925 ) (19,796,719 ) Disposal of fixed assets subject to depreciation 14,738 - Purchase of inventory for development - (2,816,165 ) Net Cash Used in Investing Activities (36,128,382 ) (26,537,288 ) Cash Flows From Financing Activities Amounts paid for registration statement for future offerings - (147,537 ) Proceeds from issuance of common stock, net of offering costs 81,822,066 - Net Cash Provided by (Used in) Financing Activities 81,822,066 (147,537 ) Net Decrease in Cash 32,029,520 (15,668,253 ) Cash at Beginning of Period 15,006,581 71,086,381 Cash at End of Period $ 47,036,101 $ 55,418,128 Supplemental Cash Flow Information Cash paid for interest $ 44,483 - Noncash Investing and Financing Activities Asset retirement obligation incurred during development $ 380,807 $ 244,372 Use of inventory in property development - $ 687,443 Capitalized expenditures attributable to drilling projects financed through current liabilities
$ 13,000,000 $ 4,700,000 RECONCILIATION OF CASH FLOW FROM OPERATIONS Net cash provided by operating activities ($13,664,164 ) $ 11,016,572 Change in operating assets and liabilities 32,832,426 (3,794,636 ) Cash flow from operations $ 19,168,262 $ 7,221,936 Management believes that the non-GAAP measure of cash flow from operations is useful information for investors because it is used internally and is accepted by the investment community as a means of measuring the Company's ability to fund its capital program. It is also used by professional research analysts in providing investment recommendations pertaining to companies in the oil and gas exploration and production industry. RING ENERGY, INC. NON-GAAP DISCLOSURE RECONCILIATION March 31, March 31, 2018
2017
NET INCOME (LOSS) $ 5,665,634 $ 1,279,281 Interest (income) (8,953 ) (116,679 ) Interest expense 44,483 - Income tax expense (benefit) 1,809,625 923,390 Excess tax benefits related to share-based compensation 1,158,604 416,860 Depreciation, depletion and amortization 8,501,379 3,474,019 Accretion of discounted liabilities 161,120 137,176 Share-based compensation 1,081,199 991,210 Change in fair value of derivative instruments 790,701 - ADJUSTED EBITDA $ 19,203,792 $ 7,105,257
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006672/en/
K M Financial, Inc.
Bill Parsons, 702-489-4447
Source: Ring Energy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-ring-energy-inc-announces-financial-and-operating-results-for-first-quarter-2018.html |
CHARLOTTE, N.C.--(BUSINESS WIRE)-- Level Brands, Inc. (NYSE American: LEVB), an innovative marketing and licensing company that provides bold, unconventional and socially responsible branding for leading businesses, today announced that it will host a live conference call 9:00 a.m. Eastern Time on Wednesday, May 16, 2018, to discuss the company’s second quarter financial results and business progress.
CONFERENCE CALL DETAILS Wednesday, May 16, 2018, 9:00 a.m. Eastern Time Domestic: 1-877-451-6152 International: 1-201-389-0879 Conference ID: Level Brands Replay – Available through May 30, 2018 Domestic: 1-844-512-2921 International: 1-412-317-6671 Conference ID: 3680081 About Level Brands, Inc. ( www.LevelBrands.com )
Level Brands creates bold, unconventional and socially responsible branding for leading businesses. With a focus on corporate brand management and consumer products marketing art, beauty, fashion, health & wellness including the beverage space, entertainment, and real estate. Licensed brand marketing is at the core of the Level Brand businesses: Ireland Men One or I'M1, for millennial men and the women who love them; Encore Endeavor One or EE1, corporate brand management and producer of experiential entertainment events and products across multiple platforms; kathy ireland® Health & Wellness; Beauty & Pin-Ups, Level Brands' hair care and disruptive women's products brand.
Forward-Looking Statements
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified by the use of words such as ''should,'' ''may,'' ''intends,'' ''anticipates,'' ''believes,'' ''estimates,'' ''projects,'' ''forecasts,'' ''expects,'' ''plans,'' and ''proposes.'' These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to expectations of Society Hill’s ability to introduce new products under the terms of the license agreement and the level of any future sales of those products. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" in Level Brands, Inc.'s Annual Report on Form 10-K for the fiscal year ended September 30, 2017 as filed with the Securities and Exchange Commission (the "SEC") on December 26, 2017 and our other filings with the SEC. Level Brands, Inc. does not undertake any duty to update any forward-looking statements except as may be required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005204/en/
Investors:
RedChip Companies
Paul Kuntz, 407-644-4256, ext. 105
[email protected]
Source: Level Brands, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-level-brands-inc-to-host-conference-call-to-discuss-second-quarter-2018-results.html |
TOKYO (Reuters) - An incremental North Korean approach to denuclearization at a June 12 summit with President Donald Trump will not be acceptable to the U.S. president or the people of South Korea, South Korea’s special national security adviser said on Tuesday.
“When Kim Jong Un sees President Trump in Singapore, he should give something big,” the security adviser, Moon Chung-in, said at a Tokyo conference, referring to the North Korean leader.
Moon said Trump, as well as the people of the United States, Japan and South Korea, would not be able to accept an incremental approach.
Reporting by Kiyoshi Takenaka; Editing by Robert Birsel
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-usa-southkorea/incremental-north-korean-denuclearization-will-be-unacceptable-south-korea-official-idUSKCN1IG119 |
May 25, 2018 / 11:57 PM / Updated 18 hours ago It's 'Love, Actually' as bachelor Hugh Grant marries at 57 Reuters Staff 2 Min Read
(Reuters) - Hugh Grant, best known for playing bumbling Britons in romantic comedies like “Four Weddings and a Funeral,” has married for the first time, British media reported on Friday. FILE PHOTO - Hugh Grant and Anna Eberstein arrive for the British Academy of Film and Television Awards (BAFTA) at the Royal Albert Hall in London, Britain, February 18, 2018. REUTERS/Hannah McKay
Grant, 57, who has played a string of commitment-phobic characters, married Swedish television producer Anna Eberstein, 39, at a low-key civil ceremony in London’s Chelsea district, photos of the pair printed in British newspapers showed.
Eberstein is the mother of three of Grant’s young children. The “Love, Actually” star has two other children with former partner Tinglan Hong.
The photos showed Grant and Eberstein leaving the Chelsea register office in London on Friday and posing for pictures on the steps outside with a small group of family members. Grant wore a dark blue suit, while Eberstein was dressed in a blue shirt and white miniskirt and wearing a simple gold wedding band.
Grant’s publicist did not return a Reuters request for comment.
Grant, one of Britain’s best-known comic actors, is also famous for his own reluctance to marry. He split up in 2000 with his actress girlfriend Elizabeth Hurley after 13 years together.
“I’m not really a believer in marriage,” he told People magazine in 2015. “I’ve seen very few good examples, maybe five, in my life, but I think otherwise it’s a recipe for mutual misery.”
Grant, the star of two “Bridget Jones” comedies, also made headlines when he was arrested in Los Angeles in 1995 with a prostitute. Reporting by Jill Serjeant in Los Angeles; Editing by Sandra Maler | ashraq/financial-news-articles | https://www.reuters.com/article/us-people-hugh-grant/its-love-actually-as-bachelor-hugh-grant-marries-at-57-idUSKCN1IQ37Y |
May 9 (Reuters) - Costco Wholesale Corp:
* SAYS TOTAL COMPANY COMPARABLE SALES UP 10.9% IN APRIL * SAYS NET SALES OF $10.81 BILLION FOR RETAIL MONTH OF APRIL, FOUR WEEKS ENDED MAY 6, 2018, AN INCREASE OF 13.1 PERCENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-costco-wholesale-says-total-compan/brief-costco-wholesale-says-total-company-comparable-sales-up-10-9-pct-in-april-idUSL8N1SH05A |
(Reuters) - Yale University’s vice president for student life said she was “deeply troubled” by an episode this week in which a white student called the police after finding a black student napping in a university common room.
In an email to students on Wednesday, Kimberly Goff-Crews said that the black student, Lolade Siyonbola, had “every right to be there” and that the university was working to address incidents of racial discrimination and harassment.
“This incident and others recently reported to me underscore that we have work to do to make Yale not only excellent but also inclusive,” Goff-Crews wrote.
Siyonbola broadcast two cellphone videos of the episode on early Tuesday morning via social media. They have since drawn hundreds of thousands of views and angered many who see the police call as an example of how black Americans can face undue suspicion.
In the first video, Siyonbola films the student who called the police, identified by Siyonbola and the Yale Daily News as Sarah Braasch.
“I have every right to call the police,” Braasch tells Siyonbola. “You cannot sleep in that room.”
In the second video, several police officers arrive and question Siyonbola, who says she was napping while trying to finish a paper. Siyonbola, a graduate student in African studies, can be heard showing the police that she has a key to her room but hesitating before agreeing to show her Yale identification.
“I don’t understand the justification for you being here,” Siyonbola tells the officers, saying she believes the student is harassing her because she is black. “I deserve to be here. I pay tuition like everybody else. I’m not going to justify my existence here.”
After about 17 minutes, the police are satisfied and leave.
Braasch, a graduate student in philosophy, did not respond to an email seeking comment on Thursday.
Yale, in New Haven, Connecticut, said the Yale police officers “admonished” Braasch for calling the police on a student who was doing nothing wrong.
Siyonbola said she has since received “incredible” support from the black community at Yale.
“I know this incident is a drop in the bucket of trauma Black folk have endured since Day 1 America, and you all have stories,” she wrote on Facebook.
For some, the episode evoked the arrest of two black men last month in a Starbucks coffee shop in Philadelphia who were waiting for a friend before ordering.
Reporting by Jonathan Allen in New York; editing by Daniel Wallis and David Gregorio
| ashraq/financial-news-articles | https://www.reuters.com/article/us-connecticut-yale/yale-troubled-by-police-call-for-napping-black-student-idUSKBN1IB2NT |
JAKARTA (Reuters) - Indonesia’s parliament approved on Friday tougher anti-terrorism laws as it seeks to combat a surge in homegrown Islamist militancy, days after suicide bombings claimed by Islamic State killed more than 30 people in the city of Surabaya.
A view of Indonesia's Parliament building in Jakarta, Indonesia, November 23, 2017. REUTERS/Beawiharta/File Photo Revising a 2003 law became a top priority for the world’s biggest Muslim-majority in the wake of the Surabaya attacks, which were the deadliest since 2002 bombings on the tourist island of Bali.The revised law will allow police to preemptively detain suspects for longer and prosecute those who join or recruit for militant groups.
Reporting by Tabita Diela; Writing by Ed Davies; Editing by Michael Perry
| ashraq/financial-news-articles | https://www.reuters.com/article/us-indonesia-security-bill/indonesias-parliament-approves-tougher-anti-terror-laws-idUSKCN1IQ0DQ |
SHANGHAI (Reuters) - China’s total arable land declined for a fourth consecutive year in 2017 as a result of new construction, natural disasters and environmental requirements, as well as agricultural production changes, the natural resources ministry said.
The Ministry of Natural Resources said the country’s total arable land fell to 134.86 million hectares, a decline of 60,900 hectares compared to the previous year.
Land used for construction reached 39.59 million hectares, with 534,400 hectares newly added in 2017, the ministry said in a report published on Friday.
China has to feed nearly a quarter of the world’s population with just 7 percent of its total farmland, and food security has long been regarded as a major source of political legitimacy for the ruling Communist Party.
But rapid industrial development has left large swathes of agricultural land and water unfit for human use, with more than 3.33 million hectares - an area the size of Belgium - deemed too polluted to grow crops, according to a 2013 survey. As many as 10 million hectares are contaminated by heavy metals, according to 2015 figures.
While China aims to make 90 percent of contaminated land safe for planting by the end of 2020, it is also committed to an extensive reforestation program as well as an “ecological red line” system that will put large parts of the country out of bounds for both agriculture and industry.
The cabinet, the State Council, said earlier this year that it would hold local governments fully responsible for retaining and protecting arable land under their jurisdiction, and for improving food quality, with failures likely to affect promotion prospects and even result in dismissal.
Reporting by David Stanway; Editing by Muralikumar Anantharaman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-agriculture-land/chinas-total-arable-land-falls-for-fourth-year-in-2017-resources-ministry-idUSKCN1IK059 |
May 7, 2018 / 4:50 PM / in 2 minutes Before vote, Mexican leftist has 'affable' meeting with BlackRock's Fink Trevor Hunnicutt , Ana Isabel Martinez 4 Min Read
NEW YORK/MEXICO CITY (Reuters) - Mexico’s presidential front-runner met BlackRock Inc Chief Executive Larry Fink on Monday, part of a push by the left-winger to reassure investors about his policies ahead of the July vote, with his team saying the men clicked personally. FILE PHOTO: Larry Fink, Chief Executive Officer of BlackRock, takes part in the Yahoo Finance All Markets Summit in New York, U.S., February 8, 2017. REUTERS/Lucas Jackson/File Photo
Andres Manuel Lopez Obrador, who is ahead by double digits in all major polls, has been openly fighting with some Mexican business leaders, and said he would review major energy contracts and a $13 billion airport project.
His campaign has met with multiple foreign fund managers in recent months to try to calm concerns about his policies, with aides telling investors that he is not opposed to foreign investment and markets.
BlackRock, the world’s largest asset manager, is heavily invested in Mexico, and recently announced it would acquire the local asset management business of a Citigroup Inc subsidiary.
Fink met Lopez Obrador on Monday morning in Mexico City, the candidate’s adviser Carlos Urzua said, praising Fink’s understanding of the country.
“It was a very affable meeting...There was an immediate click between them. They both left the meeting charmed,” Urzua, who is Lopez Obrador’s pick for finance minister, said. BlackRock declined to comment on the content of the encounter.
The meeting follows a change in tone from Lopez Obrador in recent days after a series of clashes with business leaders over what he calls influence trafficking. On Monday, he said a private concession could salvage a $13 billion airport project he has previously threatened to scrap.
Markets have not reacted strongly to Lopez Obrador’s lead in the polls.
The peso has weakened more than 7 percent against the dollar since mid-April, but the fall is mostly in line with other emerging market currencies. Fund managers and companies warn the next few months could be more volatile, partly on concerns over Lopez Obrador’s economic policy.
BlackRock, which has $6.3 trillion in assets under management, engages with governments “irrespective of party affiliations,” the company said in a statement. Fink was a vocal supporter of President Enrique Pena Nieto’s economic reforms.
Fink will also meet with the management of clients, business partners, and three other major presidential campaigns.
He planned to meet the campaign of second-place Ricardo Anaya as well as those of ruling party candidate Jose Antonio Meade and independent Margarita Zavala, according to a person familiar with the matter but not authorized to discuss it publicly.
The Anaya campaign confirmed they had met. A spokesman for Zavala said she was due to meet Fink on Monday afternoon. As of midday, the Meade campaign said no meeting had taken place.
The Mexico City meeting follows BlackRock’s pending acquisition, announced in November, of the asset management business of Citibanamex.
Less than two months before Mexicans vote, Lopez Obrador’s support grew to 39 percent from 38 percent in the previous poll at the end of March, according to a recent poll, but his lead narrowed to 14 points from 18.
Fink has been consistently optimistic about the country’s prospects. In 2014, he said if he was starting his career, he might try his luck in Mexico.
In recent years, BlackRock took a $900 million stake in the second phase of the Los Ramones pipeline project with private equity firm First Reserve. Marco Antonio Slim Domit, the son of the country’s richest man Carlos Slim, is among BlackRock’s board members. Reporting by Trevor Hunnicutt in New York and Ana Isabel Martinez in Mexico City; Additional reporting by Adriana Barrera, Christine Murray and Dave Graham in Mexico City; Editing by Richard Chang, Frank Jack Daniel and Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-mexico-election-blackrock/mexican-presidential-campaigns-meeting-with-blackrocks-larry-fink-idUSKBN1I81XI |
DUBAI, May 27 (Reuters) - Saudi Aramco said on Sunday it has awarded Halliburton a contract for unconventional gas stimulation services.
The contract will “further improve the economics of Saudi Aramco’s unconventional resources programme”, Aramco said in a statement.
“The new agreement will provide lump sum turnkey stimulation services which include major hydraulic fracturing and well intervention operations,” Aramco said.
Saudi Aramco’s unconventional resources programme covers three areas of Saudi Arabia: North Arabia, South Ghawar and Jafurah/Rub’ al-Khali. (Reporting by Rania El Gamal Editing by Alison Williams)
| ashraq/financial-news-articles | https://www.reuters.com/article/saudi-aramco-halliburton/aramco-awards-halliburton-contract-for-unconventional-gas-services-idUSB2N1RL00J |
Cunningham Succeeds Thomas Farley as head of the New York Stock Exchange
John Tuttle promoted to Chief Operating Officer of NYSE Group
NEW YORK--(BUSINESS WIRE)-- Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, announced today that Stacey Cunningham will become President of NYSE Group, succeeding Thomas Farley, who has served in that role since 2014. Cunningham, currently the Chief Operating Officer of NYSE Group, began her career as a floor clerk on the NYSE trading floor in 1996 and will now become the 67 th President of the New York Stock Exchange in its 226-year history.
As Cunningham ascends to her new role, John Tuttle, currently the NYSE’s Global Head of Listings will become Chief Operating Officer of NYSE Group. Tuttle, who joined the NYSE in 2007, will lead NYSE’s Global Listings, Capital Markets, and Exchange Traded Products businesses.
The promotions of Cunningham and Tuttle are effective as of May 25.
“As our COO, Stacey Cunningham successfully managed our equities, equities derivatives and ETF businesses, distinguishing herself as a customer-focused leader who is respected across our industry,” said Jeff Sprecher, Chairman and CEO of Intercontinental Exchange and Chairman of NYSE Group and the New York Stock Exchange. “More than a half century after Muriel Siebert became the first woman to own a seat on the NYSE, Stacey represents a new generation of leadership for the NYSE Group. I’m confident that Stacey, who started as a summer intern on the NYSE floor in 1994, will continue to propel this vital institution forward. Stacey and our team are steadfastly committed to ensuring that the U.S. remains the center of world’s capital markets.”
“John Tuttle’s track record at the NYSE over the past decade has helped drive continuous growth for our business since he joined the Exchange,” said Sprecher. “John drives results, clearly demonstrated by the resurgence of our IPO leadership, his strong relationships, and his record of delivering on the NYSE’s commitments. By centralizing our corporate listings and exchange-traded products under John, we will enhance the NYSE issuer network and provide an unparalleled level of service for our community.”
Thomas Farley joined ICE in 2007 as President and COO of ICE Futures U.S., formerly the New York Board of Trade, and joined the NYSE in 2013 when ICE acquired NYSE Euronext. He leaves the NYSE with an impressive track record of continuous growth and headline-making IPOs as President of the NYSE Group. When he leaves the Exchange, Farley will become the chief executive officer of a special purpose acquisition company.
“I have had the honor of standing at the NYSE Bell Podium with hundreds of inspiring entrepreneurs during my years as the NYSE’s President and I am now thrilled to join their ranks by building on an idea and starting something from scratch,” Tom Farley said. “With enormous gratitude to Jeff for the tremendous opportunity he has given me to lead the NYSE and work with our customers and management team, I am eager to build a new company and to watch with pride as Stacey, John, and this world-class management team takes the NYSE to new heights.”
“Tom Farley’s contribution to our growth has been extraordinary, having transformed and integrated our exchange acquisitions in New York, including the NYSE and New York Board of Trade,” said Sprecher. “Tom is a valued colleague, leader and confidant, and our management team looks forward to supporting him in his new venture. Having partnered with Tom to build an exceptional NYSE team, advance our listings leadership, and rebuild our technology systems, I’m extremely confident that Stacey and John will continue to grow the NYSE as the world’s leading equity marketplace.”
About NYSE Group
NYSE Group is a subsidiary of Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses, and a provider of data and listings services. NYSE Group’s equity exchanges -- the New York Stock Exchange, NYSE American and NYSE Arca -- trade more U.S. equity volume than any other exchange group. The NYSE is the premier global venue for capital raising, leading worldwide in IPOs, including technology IPOs. NYSE Arca Options and NYSE Amex Options are leading equity options exchanges. To learn more, visit www.nyse.com/index .
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 and Fortune Future 50 company formed in the year 2000 to modernize markets. ICE serves customers by operating the exchanges, clearing houses and information services they rely upon to invest, trade and manage risk across global financial and commodity markets. A leader in market data, ICE Data Services serves the information and connectivity needs across virtually all asset classes. ICE is the parent company of the New York Stock Exchange, which has helped companies raise more capital than any other exchange in the world, driving economic growth and transforming markets.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at http://www.intercontinentalexchange.com/terms-of-use . Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key information Documents (KIDS)”.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statement in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC on February 7, 2017.
SOURCE: Intercontinental Exchange
ICE-CORP
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522005456/en/
Media Contacts:
Josh King
[email protected]
Phone: 212.656.2490
Source: Intercontinental Exchange | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-intercontinental-exchange-names-stacey-cunningham-as-new-president-of-nyse-group.html |
Short-seller Mark Spiegel says Tesla stock is worth 'zero' 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/short-seller-mark-spiegel-says-tesla-stock-is-worth-zero.html |
The 'reset button' in Malaysia has been pressed, expert says 3 Hours Ago Richard Harris, chief executive at Port Shelter Investment Management shares his thoughts on the market response to Malaysia's election. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/the-reset-button-in-malaysia-has-been-pressed-expert-says.html |
BERLIN/FRANKFURT (Reuters) - A report that U.S. President Donald Trump has threatened to pursue German carmakers until there are no Mercedes-Benz rolling down New York’s Fifth Avenue dented shares in the luxury car manufacturers on Thursday.
FILE PHOTO: U.S. President Donald Trump look on as he welcomes South Korea's President Moon Jae-In in the Oval Office of the White House in Washington, U.S., May 22, 2018. REUTERS/Kevin Lamarque/File Photo An excerpt from German magazine Wirtschaftswoche’s article, which cited several unnamed European and U.S. diplomats but did not include any direct Quote: s, could not be independently verified, while a United States Embassy spokesman in Berlin referred questions to Washington.
The news and current affairs magazine said Trump had told French President Emmanuel Macron in April that he aimed to push German carmakers out of the United States altogether. Macron’s administration in Paris declined to comment on the report.
The Trump administration last week opened a trade investigation into vehicle imports, which could result in a 25 percent tariff on cars on the same “national security” grounds Washington used to impose metals duties in March..
This could destroy exports by German carmakers, which control 90 percent of the U.S. premium market and are the biggest European Union exporters of cars to the United States.
BMW owns Rolls-Royce, while Daimler has Mercedes-Benz and Volkswagen ( VOWG_p.DE ) controls Bentley, Bugatti, Porsche and Audi.
Daimler, BMW and Audi declined comment. Porsche was not immediately available for comment.
BMW shares were trading 0.5 percent lower at 0939 GMT, while Daimler and VW’s shares were down 1 percent and 1.6 percent respectively, underperforming Germany’s blue-chip DAX.
Slideshow (3 Images) Trump has railed against German carmakers before and in early 2017, in an interview with German newspaper Bild, had said he would impose 35 percent tariffs on imported cars.
At the time, the president called Germany a great car producer but said that the business relationship with the United States was an unfair one-way street.
Germany’s auto industry association VDA says its members exported 657,000 vehicles to North America last year, with total exports of vehicle components, cars, engines, as well as second-hand vehicles totaling 31.2 billion euros in 2016.
Imports from the United States to Germany amounted to 7.4 billion euros, meaning a trade deficit of 23.8 billion euros the VDA’s latest available figures show.
However, German brands also have huge factories in the United States, where they built 804,000 cars last year, VDA said, providing jobs for U.S. workers.
NATIONAL SECURITY Berlin has reacted angrily to the U.S. vehicle imports investigation, but the head of Germany’s BDI industry association Dieter Kempf on Thursday called for prudence in the growing trade tensions between the EU and the United States.
If the EU imposes countermeasures, it must expect Trump to come up with further measures, he told Deutschlandfunk radio.
EU passenger car imports from the United States were worth 6.2 billion euros ($7.3 billion) last year, while the bloc’s U.S. exports topped 37 billion euros, according to Brussels-based industry association ACEA.
The threats made to the car sector are part of a bigger trade dispute with the United States.
Trump is expected to decide on Thursday whether to end an EU exemption from tariffs on U.S. imports of steel and aluminum, a move Germany has warned could lead to a trade war.
But late on Wednesday, talks to avoid a transatlantic trade war showed no sign of a breakthrough.
German Finance Minister Olaf Scholz told Reuters there were no signs of a de-escalation and that the EU response to any tariffs must be “clear and strong and smart”.
Trump’s auto tariff is a test of Franco-German solidarity since French carmakers have hardly any U.S. sales, while German carmakers generate up to 30 percent of global sales there.
A 25 percent tariff would destroy the business case for German carmakers to export to the United States, and mean a 4.5 billion euro hit for Germany’s premium manufacturers, analysts at Evercore ISI said in a note last week.
Audi and Porsche are seen to be particularly vulnerable because they do not have U.S. factories, while Mercedes-Benz and BMW have large established plants which could more easily allow them to expand local production capacity if imports were curtailed.
Additional reporting by Jean-Baptiste Vey in Paris and Michael Nienaber in Berlin; Reporting by Madeline Chambers; Writing by Edward Taylor; editing by John Stonestreet and Alexander Smith
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-autos-germany/trump-wants-to-bar-german-luxury-cars-in-u-s-german-magazine-idUSKCN1IW0LP |
St. Louis Federal Reserve Bank President James Bullard on Friday spelled out the case against any further interest rate increases, saying rates may already have reached a "neutral" level that is no longer stimulating the economy.
Going further at this point, he said, risks nipping off business investment that might follow the recent corporate tax cut, upset healthy conditions in the labor market, and leave inflation expectations short of the central bank's goal.
There are "reasons for caution in raising the policy rate further given current macroeconomic conditions," Bullard said in remarks to the Springfield Area Chamber of Commerce in Springfield, Mo.
Bullard has made a series of arguments in recent years for halting further rate increases until it is clear that inflation, growth and market interest rates have shifted to a higher, more dynamic "regime."
His colleagues have proceeded to gradually raise rates nonetheless, and currently expect to do so two more times this year. Many economists and analysts argue they will likely add an additional quarter-point increase this year as the impact of burgeoning federal deficits and a recent tax cut are felt in an economy with low unemployment and inflation edging up towards the Fed's two percent target.
Bullard, who is not a voting member of the Fed's policy committee this year, said he felt they may be moving too fast. While inflation now appears close to 2 percent, Bullard said his estimate of market-based inflation expectations show that investors "believe there is currently little inflationary pressure in the U.S."
Leaving rates steady, he said, would "re-center inflation expectations at the target."
He laid out a similar case for giving businesses more time to invest, and for extending what he sees as a healthy balance in job markets where building wage pressures offer companies a choice between paying more to workers or investing more capital to raise productivity.
"This is an equilibrium process, not an inflationary one," Bullard said, and "it is not necessary to disrupt" it with higher interest rates.
He also flagged an evolving debate at the Fed about how much further rates can rise before they are neutral and no longer "accommodative." That is a sensitive line the central bank may be hesitant to cross, but to Bullard it has already arrived.
The Fed's current policy rate of between 1.5 and 1.75 percent is already "pressing against" estimates of the neutral rate, he said, another argument against going further. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/st-louis-feds-bullard-says-no-more-raises-needed-rates-are-neutral.html |
COLOMBO, May 11 (Reuters) - Sri Lanka’s central bank kept its key policy rates steady on Friday as expected, a little more than a month after it unexpectedly cut the main lending rate, saying it aims to stabilise inflation in mid-single digit levels in the medium term.
The central bank left the standing lending facility rate (SLFR) at 8.50 percent and standing deposit facility rate (SDFR) at 7.25 percent. The market had expected both rates to be kept steady.
Reporting by Shihar Aneez and Krishna V Kurup in Bangalore Editing by Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/sri-lanka-economy-rates/sri-lanka-c-bank-keeps-rates-steady-as-expected-idUSL3N1SI1EA |
May 8 (Reuters) - Monster Beverage Corp:
* MONSTER BEVERAGE REPORTS 2018 FIRST QUARTER FINANCIAL RESULTS
* Q1 EARNINGS PER SHARE $0.38 * Q1 EARNINGS PER SHARE VIEW $0.39 — THOMSON REUTERS I/B/E/S
* Q1 NET SALES RISE 14.7 PERCENT TO $850.9 MILLION * NET SALES FOR STRATEGIC BRANDS SEGMENT FOR 2018 Q1 WERE NEGATIVELY IMPACTED BY $6.0 MILLION, DUE TO ADOPTION OF ASC 606
* MONSTER BEVERAGE - ESTIMATES THAT DISTRIBUTOR TERMINATION EXPENSES IN 2018 Q1 REDUCED REPORTED EARNINGS BY ABOUT $0.01 PER SHARE, AFTER TAX
* Q1 REVENUE VIEW $850.0 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-monster-beverage-reports-q1-earnin/brief-monster-beverage-reports-q1-earnings-per-share-0-38-idUSASC0A0OY |
Net cash used in operating and investing activities was $31.8 million in the first quarter; quarter-end cash and restricted cash position of $433.1 million supports advancement through key milestones of R&D pipeline Entered into global neuroscience research & development collaboration with Celgene to advance novel therapies for patients with neurodegenerative diseases Initiated a first-in-human study of PRX004 in patients with ATTR amyloidosis
DUBLIN, Ireland, May 08, 2018 (GLOBE NEWSWIRE) -- Prothena Corporation plc (NASDAQ:PRTA), a clinical-stage biotechnology company focused on the discovery and development of novel therapies in the neuroscience and orphan categories, today reported financial results for the first quarter of 2018. In addition, the Company provided an update on its R&D programs.
“We are moving several programs in our clinical and discovery pipeline forward and have recently initiated a Phase 1 study of PRX004 in patients with ATTR amyloidosis,” said Gene Kinney, PhD, President and Chief Executive Officer of Prothena. “Through our recently announced neuroscience R&D collaboration with Celgene, we are advancing three discovery programs that target a broad range of neurodegenerative diseases. While we recently discontinued development of NEOD001, we remain focused on pursuing new and better treatment options for patients through a scientifically rigorous approach in our research and development efforts.”
First Quarter 2018 and Recent Highlights:
Entered into a global neuroscience research & development collaboration with Celgene Corporation to develop new therapies for a broad range of neurodegenerative diseases. The collaboration is focused on three targets implicated in the pathogenesis of several neurodegenerative diseases, inducing tau, TDP-43 and a third that is undisclosed. Prothena received a $100 million upfront payment and a $50 million equity investment by Celgene and is eligible to receive future potential exercise payments and regulatory and commercial milestones for each licensed program. Prothena is also eligible to receive additional royalties on net sales of any resulting marketed products.
Presented a broad range of scientific and health outcomes data in oral and poster presentations at the 16 th International Symposium on Amyloidosis (ISA). New research was presented at ISA relating to PRX004 for the potential treatment of ATTR amyloidosis, including a proprietary mis-TTR assay developed to measure the misfolded forms of transthyretin (TTR) protein present in plasma of patients with hereditary ATTR amyloidosis, as well as preclinical research demonstrating that conformation-specific antibodies target misfolded TTR and induce immune mediated clearance through phagocytosis.
Announced the discontinuation of development of NEOD001, an investigational antibody that was being evaluated for the treatment of AL amyloidosis. The decision was based on results from the Phase 2b PRONTO study and a futility analysis of the Phase 3 VITAL study.
Achieved first-in-human dosing in a Phase 1 clinical study of PRX004 in patients with ATTR amyloidosis. PRX004 is an investigational antibody designed to target and clear the pathogenic, misfolded forms of the TTR protein found in ATTR amyloidosis without affecting the native, or normal tetrameric form of the protein. The Phase 1 study will evaluate PRX004 in patients with ATTR amyloidosis to inform possible future studies and will include the use of Prothena’s propriety mis-TTR assay as a pharmacodynamic measure of the levels of misfolded TTR species in plasma across multiple hereditary TTR mutations.
Upcoming Research and Development Milestones
PRX002/RG7935
The Phase 2 PASADENA study , initiated in the second quarter of 2017, continues to enroll patients with early Parkinson's disease
PRX004
The Phase 1 study of PRX004, initiated in the second quarter of 2018, continues to enroll patients with ATTR amyloidosis, and preliminary data from this study is expected in 2019
First Quarter 2018 Financial Results and Updated 2018 Financial Guidance
Prothena reported a net loss of $48.7 million for the first quarter of 2018, as compared to a net loss of $35.4 million for the first quarter of 2017. Net loss per share for the first quarter of 2018 was $1.26, as compared to a net loss per share of $0.99 for the first quarter of 2017.
Prothena reported total revenue of $0.2 million for the first quarter of 2018, as compared to total revenue of $0.3 million for the first quarter of 2017 from our collaboration with Roche.
Research and development (R&D) expenses totaled $34.7 million for the first quarter of 2018, as compared to $25.7 million for the first quarter of 2017. The increase in R&D expenses for the first quarter of 2018 compared to the same period in the prior year was primarily due to higher consulting expenses, higher personnel costs, higher expense associated with PRX002/RG7935 and to a lesser extent higher clinical trial costs partially offset by lower product manufacturing expenses. R&D expenses included non-cash share-based compensation expense of $2.3 million for the first quarter of 2018, as compared to $2.3 million for the first quarter of 2017.
General and administrative (G&A) expenses totaled $14.2 million for the first quarter of 2018, as compared to $10.8 million for the first quarter of 2017. The increase in G&A expenses for the first quarter of 2018 compared to the same period in the prior year was primarily due to higher personnel costs and to a lesser extent higher legal expense. G&A expenses included non-cash share-based compensation expense of $4.6 million in the first quarter of 2018, as compared to $3.3 million in the first quarter of 2017.
Total non-cash share-based compensation expense was $6.9 million for the first quarter of 2018, as compared to $5.6 million for the first quarter of 2017.
As of March 31, 2018, Prothena had $433.1 million in cash, cash equivalents and restricted cash and no debt.
As of April 20, 2018, Prothena had approximately 39.8 million ordinary shares outstanding.
With the recent discontinuation of the NEOD001 program, the Company is assessing its resources relative to its current pipeline and is developing a reorganization plan. It expects to provide an update during the second quarter on reorganization plans and financial guidance for 2018.
About Prothena
Prothena Corporation plc is a global clinical-stage biotechnology company focused on the discovery and development of novel therapies in the neuroscience and orphan categories. Fueled by its deep scientific understanding built over decades of research in protein misfolding, Prothena seeks to fundamentally change the course of progressive, life-threatening diseases associated with this biology. Prothena is advancing a pipeline of antibody therapeutic candidates for a number of indications and novel targets including Parkinson's disease and other related synucleinopathies (PRX002/RG7935) and ATTR amyloidosis (PRX004), as well as tau, Aβ (Amyloid beta) and TDP-43 where its scientific understanding of disease pathology can be leveraged. For more information, please visit the Company's website at www.prothena.com and follow us @ProthenaCorp.
Forward-looking Statements
This press release contains . These statements relate to, among other things, the sufficiency of our cash to support advancement of our R&D pipeline through key milestones; our goal of moving several programs in our clinical and discovery pipeline forward, including those under our collaboration with Celgene; amounts we might receive under our collaboration with Celgene; our focus on pursuing new and better treatment options for patients; the design, proposed mechanism of action and potential therapeutic benefits of PRX004; the objective and design of the Phase 1 study of PRX004; the intended use of our proprietary assay as a pharmacodynamic measure across multiple hereditary TTR mutations; the expected timing of having data from the Phase 1 study of PRX004; the possibility of further studies of PRX004; enrollment in the Phase 2 study of PRX002; and our plan and timing to develop a reorganization plan and provide an update on that plan and financial guidance for 2018. These statements are based on estimates, projections and assumptions that may prove not to be accurate, and actual results could differ materially from those anticipated due to known and unknown risks, uncertainties and other factors, including but not limited to the risks, uncertainties and other factors described in the “Risk Factors” sections of our Annual Report on Form 10-K filed Commission (SEC) on February 26, 2018 and our subsequent Quarterly Reports on Form 10-Q filed with the SEC. Prothena undertakes publicly any contained in this press release as a result of new information, future events or changes in Prothena's expectations.
PROTHENA CORPORATION PLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited - amounts in thousands except per share data)
Three Months Ended
March 31, 2018 2017 Collaboration revenue $ 227 $ 259 Total revenue 227 259 Operating expenses: Research and development 34,706 25,698 General and administrative 14,229 10,832 Total operating expenses 48,935 36,530 Loss from operations (48,708 ) (36,271 ) Other expense, net (72 ) (774 ) Loss before income taxes (48,780 ) (37,045 ) Benefit from income taxes (37 ) (1,661 ) Net loss $ (48,743 ) $ (35,384 ) Basic and diluted net loss per share $ (1.26 ) $ (0.99 ) Shares used to compute basic and diluted net loss per share 38,684 35,758 PROTHENA CORPORATION PLC
CONSOLIDATED BALANCE SHEETS
(unaudited - amounts in thousands)
March 31, December 31, 2018 2017 Assets Cash and cash equivalents $ 429,039 $ 417,620 Accounts receivable 100,012 240 Other current assets 8,102 8,467 Total current assets 537,153 426,327 Property and equipment, net 54,278 54,990 Restricted cash 4,056 4,056 Other assets 11,160 10,956 Total non-current assets 69,494 70,002 Total assets $ 606,647 $ 496,329 Liabilities and Shareholders’ Equity Accrued research and development $ 15,693 $ 13,509 Other current liabilities 19,862 23,862 Total current liabilities 35,555 37,371 Deferred revenue 110,242 — Other non-current liabilities 51,345 51,769 Total non-current liabilities 161,587 51,769 Total liabilities 197,142 89,140 Total shareholders’ equity 409,505 407,189 Total liabilities and shareholders’ equity $ 606,647 $ 496,329 Media and Investor Contact:
Ellen Rose, Head of Communications
650-922-2405, [email protected]
Source:Prothena Corporation plc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-prothena-reports-first-quarter-2018-financial-results-and-provides-rd-update.html |
SINGAPORE (Reuters) - Chinese Internet security firm 360 Security Technology Inc said it plans to raise up to 10.8 billion yuan ($1.69 billion) in a private placement of shares to fund projects in fast-growing areas such as artificial intelligence and big data.
360 Security Technology plans to issue up to 1.35 billion shares to investors such as asset management companies, brokerages and trusts, it said in a filing to the Shanghai stock exchange on Tuesday. The exact pricing has yet to be finalised.
The company plans to use the money raised to fund nine projects in areas such as Internet security, artificial intelligence, big data and online entertainment platforms, it said.
The plan is still pending approval from shareholders and the China Securities Regulatory Commission.
Trading in its shares will resume on Wednesday after a suspension since May 2.
Reporting by Lee Chyen Yee in SINGAPORE; Editing by Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-360-placement/chinas-360-security-to-raise-up-to-1-7-billion-in-private-share-placement-for-tech-projects-idUSKCN1IG2B3 |
NEWPORT, R.I., May 10, 2018 /PRNewswire/ -- Pangaea Logistics Solutions Ltd. ("Pangaea" or the "Company") (NASDAQ: PANL), a global provider of comprehensive maritime logistics solutions, announced today its results for the three months ended March 31, 2018.
1st Quarter 2018 Highlights
$12.1 million Adjusted EBITDA (1) Net income attributable to Pangaea Logistics Solutions Ltd. of $4.3 million or $0.10 per share. Net revenue (2) increased over 40% from the prior year, to $16.3 million TCE rates up 39% to $13,849/day
Results for the three months ended March 31, 2018 and 2017
"During the first quarter of 2018, we continued a transition to a stronger shipping market, with cargo owners and traders shifting their sourcing and transportation requirements in response to higher shipping costs and potential impacts of tariff and sanction threats," said Ed Coll, Chief Executive Officer of Pangaea Logistics Solutions Ltd. "This kind of disruption presents us with strong opportunities to bring meaningful growth to our business in the right places, not in simple volume movements. This market plays to our practice of responding to our customers' needs and providing them with the most effective and efficient logistics and cargo services. We are in the process of extending and expanding important contracts, cautiously investing in new assets, adding people and capabilities in important places, and re-enforcing our presence in growing markets."
In highlighting the Company's improved performance, Mr. Coll noted, "Our high ice class Panamax fleet is an important leg of our specialized logistics business, serving customers who cannot move valuable cargo without our help. This year we saw a robust ice season for our Copenhagen office and over the past three summers we have performed extensive transportation activity from Baffin Island, Canada, shipping iron ore from Arctic regions to Europe, starting each July. We are excited to announce a recently signed ten year contract to support our Baffin Island customer's mining business, which will utilize our entire panamax ice fleet for at least 25% of available days during each year. We will also be providing non-owned, chartered-in tonnage as part of our overall logistics approach for this customer."
For the first quarter of 2018, the Company reported net income of $4.3 million, compared to net income of $1.3 million in the first quarter of 2017. Drybulk market rates improved considerably in the first quarter as compared to the same period of 2017, which resulted in improved TCE rates and Adjusted EBITDA, which was $12.1 million for the three months ended March 31, 2018, compared with $7.9 million for the three months ended March 31, 2017.
The average TCE rate was $13,849 per day for the three months ended March 31, 2018, compared to $9,945 per day for the same period in 2017. Total revenue for the three months ended March 31, 2018 was $79.0 million, compared to $84.5 million for the same period in 2017, a 6% decrease. The total number of shipping days decreased 19% to 3,524 in the three months ended March 31, 2018, compared to 4,342 for the same period in 2017, largely due to the completion of the Charleston project. The revenue decrease is predominantly due to that decrease in total shipping days, and was offset by a large increase in TCE rates.
(1) Adjusted EBITDA is a non-GAAP measure and represents income or loss from operations before depreciation and amortization, loss on sale and leaseback of vessel and, when applicable, loss on impairment of vessels and certain non-recurring items. See Reconciliation of Income from Operations to Adjusted EBITDA.
(2) Net revenue represents total revenue less the total direct costs of transportation and services, which includes charter hire, voyage and vessel operating expenses.
Mr. Coll additionally commented, "Overall, our ship days activity was lower in the first quarter of 2018 than last year, when we were in the middle of performing our 14-month long Charleston contract that used four to five ships every day in the first quarter of 2017. However, by the end of this quarter, our operating fleet of owned and chartered-in ships was back up to over 50 vessels, and growing. We continue to be optimistic about the market."
Liquidity and Cash Flows
Cash and cash equivalents were $28.2 million as of March 31, 2018, compared with $38.5 million on December 31, 2017.
At March 31, 2018 and December 31, 2017, the Company had working capital of $14.3 million and $13.0 million, respectively. For the three months ended March 31, 2018, the Company's net cash provided by operating activities was $2.8 million, compared to $2.4 million for the three months ended March 31, 2017.
For the three months ended March 31, 2018 and 2017, net cash used in investing activities was $0.4 million and $38.7 million, respectively. Net cash used in financing activities was $8.7 million for the three months ended March 31, 2018 while net cash provided by financing activities was $35.7 million for the three months ended March 31, 2017. These changes reflect the Company's investment in and purchase of vessels in Q1 2017, including the m/v Bulk Destiny, which was financed under a sale and leaseback arrangement; and the m/v Bulk Endurance which was financed under a commercial loan facility.
Conference Call Details
The Company's management team will host a conference call to discuss the Company's financial results on May 11, 2018 at 8:00 a.m., Eastern Time (ET). To access the conference call, please dial (888) 895-3561 (domestic) or (904) 685-6494 (international) approximately ten minutes before the scheduled start time and reference ID# 5796949.
A supplemental slide presentation will accompany this quarter's conference call and can be found attached to the Current Report on Form 8-K that the Company filed concurrently with this press release. This document will be available at http://www.pangaeals.com/company-filings or at sec.gov .
A recording of the call will also be available for two weeks and can be accessed by calling (800) 585-8367 (domestic) or (404) 537-3406 (international) and referencing ID# 5796949.
Pangaea Logistics Solutions Ltd.
Consolidated Statements of Income
Three Months Ended March 31,
2018
2017
Revenues:
Voyage revenue
$
70,319,194
$
77,688,449
Charter revenue
8,654,099
6,766,672
78,973,293
84,455,121
Expenses:
Voyage expense
30,168,028
41,271,919
Charter hire expense
22,695,935
23,201,155
Vessel operating expense
9,849,165
8,591,243
General and administrative
4,128,298
3,514,764
Depreciation and amortization
4,338,188
3,941,795
Loss on sale and leaseback of vessels
—
4,289,998
Total expenses
71,179,614
84,810,874
Income (loss) from operations
7,793,679
(355,753)
Other (expense) income:
Interest expense, net
(2,060,736)
(1,630,988)
Interest expense on related party debt
(63,459)
(77,979)
Unrealized (loss) gain on derivative instruments, net
(562,605)
1,966,387
Other income
428,332
94,650
Total other (expense) income, net
(2,258,468)
352,070
Net income (loss)
5,535,211
(3,683)
(Income) loss attributable to non-controlling interests
(1,210,217)
1,350,525
Net income attributable to Pangaea Logistics Solutions Ltd.
$
4,324,994
$
1,346,842
Earnings per common share:
Basic
$
0.10
$
0.04
Diluted
$
0.10
$
0.04
Weighted average shares used to compute earnings
per common share
Basic
42,019,779
35,280,806
Diluted
42,655,038
35,805,205
Pangaea Logistics Solutions Ltd.
Consolidated Balance Sheets
March 31, 2018
December 31, 2017
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
28,205,463
$
34,531,812
Accounts receivable (net of allowance of $2,135,877 at
March 31, 2018 and December 31, 2017)
21,682,912
21,089,425
Bunker inventory
14,293,347
15,356,712
Advance hire, prepaid expenses and other current assets
9,797,784
12,032,272
Total current assets
73,979,506
83,010,221
Restricted cash
4,000,000
4,000,000
Fixed assets, net
304,114,813
306,292,655
Vessels under capital lease
29,704,830
29,994,212
Total assets
$
411,799,149
$
423,297,088
Liabilities and stockholders' equity
Current liabilities
Accounts payable, accrued expenses and other current liabilities
$
21,793,353
$
29,181,276
Related party debt
4,468,457
7,009,597
Deferred revenue
6,581,760
5,815,924
Current portion of secured long-term debt
18,706,122
18,979,335
Current portion of capital lease obligations
1,812,475
1,785,620
Dividend payable
6,333,598
7,238,401
Total current liabilities
59,695,765
70,010,153
Secured long-term debt, net
113,170,604
117,615,634
Obligations under capital lease
24,552,298
25,015,659
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no shares issued or outstanding
—
—
Common stock, $0.0001 par value, 100,000,000 shares authorized; 44,096,911 shares issued and outstanding at March 31, 2018; 43,794,526 shares issued and outstanding at December 31, 2017
4,410
4,379
Additional paid-in capital
155,556,362
154,943,728
Accumulated deficit
(7,694,827)
(9,596,785)
Total Pangaea Logistics Solutions Ltd. equity
147,865,945
145,351,322
Non-controlling interests
66,514,537
65,304,320
Total stockholders' equity
214,380,482
210,655,642
$
411,799,149
$
423,297,088
On January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606) using the modified retrospective transition method applied to voyage contracts that were not substantially complete at the end of 2017. The Company recorded a $2.4 million adjustment to decrease retained earnings at the beginning of 2018, which reflects the cumulative impact of adopting this standard. Comparative financial statements have not been restated and are reported under the accounting standards in effect for those periods.
Pangaea Logistics Solutions Ltd.
Consolidated Statements of Cash Flows
Three Months Ended March 31,
2018
2017
Operating activities
Net income (loss)
$
5,535,211
$
(3,683)
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization expense
4,338,188
3,941,795
Amortization of deferred financing costs
166,221
174,342
Amortization of prepaid rent
30,484
30,485
Unrealized loss (gain) on derivative instruments
562,605
(1,966,387)
Gain from equity method investee
(90,000)
(80,681)
Provision for doubtful accounts
—
147,745
Loss on sale of vessel
—
4,289,998
Drydocking costs
(1,497,979)
(63,808)
Recognized cost for restricted stock issued as compensation
612,665
446,978
Change in operating assets and liabilities:
Accounts receivable
(593,487)
(2,324,202)
Bunker inventory
1,063,365
(2,166,797)
Advance hire, prepaid expenses and other current assets
4,026,194
(69,870)
Accounts payable, accrued expenses and other current liabilities
(7,400,141)
(838,732)
Deferred revenue
(3,962,909)
913,854
Net cash provided by operating activities
2,790,417
2,431,037
Investing activities
Purchase of vessels and vessel improvements
(298,418)
(37,902,753)
Purchase of building and equipment
(110,417)
(7,245)
Proceeds from sale of equipment
31,594
—
Purchase of non-controlling interest in consolidated subsidiary
—
(799,289)
Net cash used in investing activities
(377,241)
(38,709,287)
Financing activities
Payments of related party debt
(2,541,140)
—
Proceeds from long-term debt
—
19,500,000
Payments of financing and issuance costs
(91,329)
(763,381)
Payments of long-term debt
(4,765,747)
(4,059,488)
Proceeds from sale and leaseback of vessel
—
21,000,000
Payments of capital lease obligations
(436,506)
—
Dividends paid to non-controlling interests
(904,803)
—
Net cash (used in) provided by financing activities
(8,739,525)
35,677,131
Net decrease in cash, cash equivalents and restricted cash
(6,326,349)
(601,119)
Cash, cash equivalents and restricted cash at beginning of period
38,531,812
28,422,949
Cash, cash equivalents and restricted cash at end of period
$
32,205,463
$
27,821,830
Supplemental cash flow information and disclosure of noncash items
Cash paid for interest
$
1,758,934
$
1,420,287
Pangaea Logistics Solutions Ltd.
Reconciliation of Income from Operations to Net Revenue and Adjusted EBITDA
Three Months Ended March 31,
2018
2017
Net Revenue
Income from operations
$
7,793,679
$
(355,753)
General and administrative
4,128,298
3,514,764
Depreciation and amortization
4,338,188
3,941,795
Loss on sale and leaseback of vessels
—
4,289,998
Net Revenue
$
16,260,165
$
11,390,804
Adjusted EBITDA (in millions)
Income from operations
$
7,793,679
$
(355,753)
Depreciation and amortization
4,338,188
3,941,795
Loss on sale and leaseback of vessel
—
4,289,998
Adjusted EBITDA
$
12,131,867
$
7,876,040
Earnings Per Common Share - basic
Net income attributable to Pangaea Logistics Solutions Ltd.
$
4,324,994
$
1,346,842
Weighted average number of common shares outstanding - basic
42,019,779
35,280,806
Weighted average number of common shares outstanding - diluted
42,655,038
35,805,205
Earnings per common share - basic
$
0.10
$
0.04
Earnings per common share - diluted
$
0.10
$
0.04
Adjusted EPS
Net Income attributable to Pangaea Logistics Solutions Ltd.
$
4,324,994
$
1,346,842
Non-GAAP
Add: loss on sale and leaseback of vessels
—
4,289,998
less: loss on sale and leaseback of vessels attributable to noncontrolling interests
—
(2,157,633)
Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd.
$
4,324,994
$
3,479,207
Weighted average number of common shares - basic
42,019,779
35,280,806
Weighted average number of common shares - diluted
42,655,038
35,805,205
Adjusted EPS - basic
$
0.10
$
0.10
Adjusted EPS - diluted
$
0.10
$
0.10
INFORMATION ABOUT NON-GAAP FINANCIAL MEASURES . As used herein, "GAAP" refers to accounting principles generally accepted in the United States of America. To supplement our consolidated financial statements prepared and presented in accordance with GAAP, this earnings release discusses non-GAAP financial measures, including non-GAAP net revenue and non-GAAP adjusted EBITDA. This is considered a non-GAAP financial measure as defined in Rule 101 of Regulation G promulgated by the Securities and Exchange Commission. Generally, a non-GAAP financial measure is a numerical measure of a company's historical or future performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The presentation of this non-GAAP financial information 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 GAAP.
We use non-GAAP financial measures for internal financial and operational decision making purposes and as a means to evaluate period-to-period comparisons of the performance and results of operations of our core business. Our management believes that non-GAAP financial measures provide meaningful supplemental information regarding the performance of our core business by excluding charges that are not incurred in the normal course of business. Non-GAAP financial measures also facilitate management's internal planning and comparisons to our historical performance and liquidity. We believe certain non-GAAP financial measures are useful to investors as they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and are used by our institutional investors and the analyst community to help them analyze the performance and operational results of our core business.
Net revenue. Net revenue represents total revenue less the total direct costs of transportation and services, which includes charter hire, voyage and vessel operating expenses. Net revenue is included because it is used by management and certain investors to measure performance by comparison to other logistic service providers. Net revenue is not an item recognized by the generally accepted accounting principles in the United States of America, or U.S. GAAP, and should not be considered as an alternative to net income, operating income, or any other indicator of a company's operating performance required by U.S. GAAP. Pangaea's definition of net revenue used here may not be comparable to an operating measure used by other companies.
Adjusted EBITDA and adjusted EPS. Adjusted EBITDA represents income or loss from operations before depreciation, amortization and, when applicable, loss on sale and leaseback of vessel, loss on impairment of vessels and certain non-recurring charges. Earnings per share represents net income divided by the weighted average number of common shares outstanding. Adjusted earnings per share represents net income attributable to Pangaea Logistics Solutions Ltd. plus, when applicable, loss on sale and leaseback of vessel, loss on impairment of vessel and certain non-recurring charges, divided by the weighted average number of shares of common stock.
There are limitations related to the use of net revenue versus income from operations, adjusted EBITDA versus income from operations, and adjusted EPS versus EPS calculated in accordance with GAAP. In particular, Pangaea's definition of adjusted EBITDA used here are not comparable to EBITDA.
The table set forth above provides a reconciliation of the non-GAAP financial measures presented to the most directly comparable financial measures prepared in accordance with GAAP.
About Pangaea Logistics Solutions Ltd.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) provides logistics services to a broad base of industrial customers who require the transportation of a wide variety of dry bulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. The Company addresses the transportation needs of its customers with a comprehensive set of services and activities, including cargo loading, cargo discharge, vessel chartering, and voyage planning. Learn more at www.pangaeals.com .
Investor Relations Contacts
Thomas Rozycki
Prosek Partners
212-279-3115
[email protected]
Kathleen Bentley
Prosek Partners
646-503-5179
[email protected]
Forward-Looking Statements
Certain statements in this press release are " " within the meaning of the Private Securities Litigation Act of 1995. These are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to those described in the The Company disclaims any obligation to publicly update or revise these statements whether as a result of new information, future events or otherwise, except as required by law. Such risks and uncertainties include, without limitation, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors, as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov .
View original content with multimedia: http://www.prnewswire.com/news-releases/pangaea-logistics-solutions-ltd-reports-financial-results-for-the-quarter-ended-march-31-2018-300646661.html
SOURCE Pangaea Logistics Solutions Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-pangaea-logistics-solutions-ltd-reports-financial-results-for-the-quarter-ended-march-31-2018.html |
Published: May 7, 2018 8:32 p.m. ET Share
Trump’s legal team has undergone a makeover over the past two months, with Rudy Giuliani now assuming the dominant public role Reuters Trump lawyer Rudy Giuliani has said, “every day we swing a little different” on whether to advise President Donald Trump to talk to special counsel Robert Mueller.
By Peter Nicholas
Lawyers advising President Donald Trump in the Russia investigation hope to decide whether he should testify by May 17, the one-year anniversary of the appointment of special counsel Robert Mueller, Trump attorney Rudy Giuliani said Monday.
Trump’s legal team has long been divided on whether he should agree to a sit-down interview with Mueller, a decision that exposes him to legal perils but also could hasten the end of an investigation that has shadowed his presidency.
In an interview, Giuliani said, “every day we swing a little different” on whether to advise Trump to talk to Mueller, though he suggested that recent developments in the probe have made him more leery.
The president’s initial position was “what do I have to lose? I’m telling the truth,” Giuliani said. But Trump has also promised to weigh his lawyers’ advice.
In a tweet on Monday, Trump made clear his displeasure with the prosecutors running the Russia probe, describing them as “13 Angry Democrats.” He went on to suggest he might raise an issue with the courts about “unrevealed conflicts of interest” inside the Mueller team. The 13 Angry Democrats in charge of the Russian Witch Hunt are starting to find out that there is a Court System in place that actually protects people from injustice...and just wait ‘till the Courts get to see your unrevealed Conflicts of Interest! — Donald J. Trump (@realDonaldTrump) May 7, 2018
Mueller is investigating whether the Trump campaign colluded with Russia during the 2016 presidential race. He is also examining whether Trump obstructed justice in firing FBI Director James Comey a year ago. Trump has denied any collusion or obstruction, while Russia has denied interfering in the election. | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-lawyers-aim-to-decide-by-may-17-whether-president-testifies-in-mueller-probe/ |
LONDON (Reuters) - Warehouse operator H&M Metal Warehousing has agreed to pay $100,000 to settle disciplinary proceedings with the London Metal Exchange relating to alleged breaches of its warehousing policy, the LME said in a statement on Wednesday.
H&M has admitted no breaches of policy as part of the settlement, the statement said.
The LME alleged that between March and June last year, warehouses operated by H&M in Taiwan failed to deliver out copper cathodes in line with their obligations.
Reporting by Jan Harvey, editing by David Evans
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Advertise with Us Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-lme-settlement/hm-metal-warehousing-agrees-100000-settlement-with-london-metal-exchange-lme-idUSKCN1IV21O |
May 23 (Reuters) - Factbox on the Mexico national team ahead of the 2018 World Cup:
FIFA ranking: 15 (till June 7)
Previous tournaments:
Mexico have fallen at the last-16 stage in each of the last six World Cups — a record of extraordinary consistency but also a source of deep frustration for a soccer-mad country. Their latest painful exit was a 2-1 defeat by the Netherlands in 2014, after the award of a controversial late penalty.
Coach:
Juan Carlos Osorio, age 56. He had previously coached club sides in the United States, Mexico and his native Colombia, but his appointment in 2015 raised eyebrows because of his lack of experience at international level. Under Osorio, Mexico have 30 wins, eight draws and seven defeats from 45 matches but he has been criticised for his constant experimentation, deploying no fewer than 66 players. He was disciplined by FIFA for insulting match officials at a game against Portugal in the Confederations Cup last year.
Key players:
Guillermo Ochoa: The goalkeeper was Mexico’s standout player at the last World Cup, with two man-of-the-match awards. He shut out hosts Brazil in a draw that put Mexico through to the knockout stage, then repeatedly frustrated the Netherlands before being beaten twice in the closing minutes. His experience and agility will be key assets in a Mexican team that is brimming with attacking talent but could be stretched in defence.
Hirving Lozano: The pacy winger has been a revelation at PSV Eindhoven this season, with 17 goals from 29 appearances in the Dutch top flight. A skilful dribbler and set-piece specialist, he scored twice in an entertaining 3-3 draw away to Belgium last November.
Javier Hernandez: ‘Chicharito’ is Mexico’s record international scorer, with 49 goals, but only three of those came in his two previous appearances at the World Cup finals.
The former Manchester United, Real Madrid and Bayer Leverkusen striker has endured a difficult season on returning to the English Premier League with West Ham United, but at 29 the hugely popular Hernandez is still one of Mexico’s most influential players.
Form guide:
Mexico have three wins, two losses and a draw from their last six games — defeats against Honduras and Croatia, wins over Poland, Bosnia and Iceland, and a draw against Belgium.
How they qualified:
Mexico finished the CONCACAF eliminator in first place with 21 points: six wins, three draws and one defeat. Their only loss in the final qualifying stage came in the last round against Honduras, when they were already assured of top spot.
Prospects:
Mexico are drawn in Group F with Sweden, South Korea and defending champions Germany, whom they play in their opening game in Moscow on June 17. With the Germans expected to top the group, Mexico are likely to face a tough path even if they advance to the knockout stage, where they risk coming up against Brazil in the last 16. (Reporting by Mark Trevelyan and Carlos Pacheco Editing by Toby Davis)
| ashraq/financial-news-articles | https://www.reuters.com/article/soccer-worldcup-mex-factbox/factbox-soccer-mexico-world-cup-factbox-idUSL8N1SB2UW |
May 9, 2018 / 4:44 PM / Updated an hour ago Porterfield credits former players for Ireland's test debut Reuters Staff 2 Min Read
(Reuters) - Ireland captain William Porterfield hailed the contributions made by the team’s former players as they prepare to make their test debut against Pakistan in Malahide on Friday. FILE PHOTO: Britain Cricket - England v Ireland - Second One Day International - Lord's - 7/5/17 Ireland's William Porterfield in action Action Images via Reuters / Paul Childs Livepic
Ireland will become the first team to debut in the longest format of the game since Bangladesh in 2000, after being awarded full member status last June along with Afghanistan.
“It is a massive occasion for everyone involved in Irish cricket,” Porterfield told reporters.
“For the 11 lads who will take the pitch, it will be a fantastic occasion for them and their families but we have to also remember everything that has gone before in Irish cricket in terms of getting us to this stage, over the years.
“You’ve got a lot of past players – some of them are here with us, some aren’t, but we have to remember and recognise what they have done to get us to this stage.”
Ed Joyce, who could become one of the sport’s oldest test debutants at 39, said the chance of taking the field in test whites was still a “pinch me moment” for him.
“I’m in the 14. Hopefully I make the final XI. It’ll be an incredible feeling,” he told BBC.
“I played my first game a long time ago, 20 years ago, so to get to this point, where we’re on the verge of our first Test, is a great feeling, I can’t wait.”
Pakistan captain Sarfraz Ahmed backed Ireland to take their experience from limited-overs matches and thrive in the test format.
“It is a privilege to be a part of this historic Test match and all of us are really looking forward to it,” the 30-year-old said.
“Ireland players feature prominently in the ICC ODI (one-day internationals) and T20I (Twenty20 internationals) player rankings, and I am confident that in due course they will also make their mark in the Test rankings.” Reporting by Hardik Vyas in Bengaluru; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-test-irl-pak-porterfield/porterfield-credits-former-players-for-irelands-test-debut-idUKKBN1IA2SS |
EMI deal makes Sony world's biggest music publisher 9:54am EDT - 01:01
Sony has become the world's biggest music publisher after signing a deal to gain control of publishing giant EMI.
Sony has become the world's biggest music publisher after signing a deal to gain control of publishing giant EMI. //reut.rs/2GCJzDb | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/22/emi-deal-makes-sony-worlds-biggest-music?videoId=429325486 |
BEIRUT (Reuters) - Syria “strongly condemns” U.S. President Donald Trump’s decision to withdraw from the Iran nuclear agreement, saying it will increase tensions in the world, state media reported on Tuesday citing the Foreign Ministry.
Syria is a close ally of Iran, which has helped President Bashar al-Assad in his war against rebels trying to unseat him.
Reporting By Angus McDowall; Editing by Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-syria/syria-strongly-condemns-u-s-withdrawal-from-iran-nuclear-deal-idUSKBN1I931F |
The wildly ambitious media startup, Civil , just got a little more ambitious. On Wednesday, the New York-based blockchain company announced Civil Studios, which aspires to fund a range of big projects—from documentaries to podcasts to news investigations—as part of its plan to redefine the business of journalism.
If this seems like a lot to get your head around, that’s because it is. Civil’s blockchain-meets-media venture, which received $5 million in funding last fall, is not easy to explain but we’ll try. The best description of Civil comes from my former Fortune colleague Mathew Ingram, who sums it up like this:
Civil, founded by Matthew Iles last year, is building what it hopes will be an open marketplace for journalists, scheduled to launch in the spring of 2018. The building blocks of the project are blockchains and a bespoke cryptocurrency, a system of “tokens” that will both fund the development of the platform and compensate writers and editors.
What Civil wants to build is a combination of a publishing tool or platform like Medium—where anyone can post content and reach a broader audience—and a crowdfunding system like Patreon or Kickstarter. But all in a place that has been designed specifically to support independent journalism.
The idea is to build a new type of media economy, which relies on Ethereum-based tokens (an off-shoot of bitcoin) to fund worthy reporting. If it works, the result will be a decentralized editorial model where important stories of all sorts can be funded. Another advantage is the stories will be hard to wipe off the Internet, as often happens when a media firm goes bankrupt, because the article are hosted on an immutable blockchain.
Journalism, On the Blockchain So where does the new “fit” into all of this? Here is how Civil describes it:
Civil Studios [is] an independent, for-profit company that will share a lot of qualities with many of the venture-builder firms that have proliferated so successfully on the conventional web.
Civil Studios’ mission is to study and accelerate the potential for blockchain technology to reinvent journalism. With initial funding from the Civil Media Company to be announced this summer, Civil Studios’ central activity will be to fund and pilot ambitious works of journalism for the Civil platform that will test its limits across journalistic disciplines, formats, and business models.
In an interview with Fortune , Civil explains that the studio is intended to help build out an eco-system of media projects on the blockchain. In the same way a tech company might subsidize apps to attract people to an app store, Civil wants to build a library of compelling content.
“We’re pursuing a “Netflix original” strategy. We can wait for people to fund something big or we can establish a fund and do it ourselves,” says Tom McGeveran , a former executive from Politico and now at Old Town Media, a team of media veterans advising Civil.
In a blog post describing the studio project, McGeveran also says he expects the first blockchain-journalism project to win an Emmy, a Peabody, or a Pulitzer will be a Civil portfolio businesses.
A Token Sale The prospect of a thriving studio system of journalism, one that is free from clickbait and tyrannical media bosses, is tantalizing. But Civil has a long way to go if it’s going to pull this off.
One big obstacle right now centers around the tokens that are supposed to power the whole project. Once it’s fully up and running, the tokens will be used for everything from paying journalists to serving as voting ballots to decide which projects merit funding.
Right now, however, no one (including would-be readers) can get their hands on the Civil tokens because the company hasn’t conducted a public sale—known in the blockchain world as an “Initial Coin Offering” (aka ICO)—to distribute them. Once that occurs, the tokens are expected to fund Civil projects and also to trade in the open market where they could increase in value.
A possible snag right now is that the Securities and Exchange Commission has put the kibosh on ICOs of all sorts following a wave of speculative mania and blatant fraud involving tokens. Even if the primary purpose of the Civil tokens is to fund journalism, the possibility for speculation means they could be considered as securities, which would mean an expensive regulatory morass for Civil.
McGeveran, however, is confident the token sale would go forward one way or another. He also points out that seven Civil newsrooms are already up and running (they include alt-weekly site Popula and news site Block Club Chicago) and that more are on the way.
While the company appears to have momentum, pulling this all off will also require training readers and journalists, who are often technophobic, to navigate the world of tokens and blockchains. For now, Civil remains confident this can be done, in part because readers will also be able to use conventional payment methods such as credit cards.
“We’ll have a lot more to say about our funding, strategies, and investment philosophy in the coming weeks,” McGeveran says. “Journalists of all kinds from documentarians to podcasters to straight-up news and investigative reporters who want to do something genuinely new to the front of the line, please!”
This story was updated at 10:20am to clarify that readers will be able to pay with credit cards as well as tokens. | ashraq/financial-news-articles | http://fortune.com/2018/05/02/blockchain-venture-media-civil/ |
May 4, 2018 / 5:20 PM / in 4 hours English County Championship Division One Scoreboard Reuters Staff 2 Scoreboard at stumps on the first day of between Lancashire and Somerset on Friday at Manchester, England Somerset are 321 for 5 Somerset 1st innings Marcus Trescothick c Dane Vilas b Liam Livingstone 100 Matthew Renshaw c Jordan Clark b Tom Bailey 21 George Bartlett c Liam Livingstone b Joe Mennie 110 James Hildreth c Jordan Clark b Joe Mennie 5 Tom Abell Not Out 48 Steve Davies c Dane Vilas b Jordan Clark 15 Extras 7b 5lb 10nb 0pen 0w 22 Total (96.0 overs) 321-5 Fall of Wickets : 1-65 Renshaw, 2-199 Trescothick, 3-215 Hildreth, 4-294 Bartlett, 5-321 Davies To Bat : Gregory, Overton, Leach, Groenewald, van Meekeren Bowling Ov Md Rn Wk Econ Ex James Anderson 19 5 70 0 3.68 Tom Bailey 21 3 83 1 3.95 3nb Joe Mennie 20 4 59 2 2.95 1nb Jordan Clark 11 0 34 1 3.09 Matthew Parkinson 21 5 51 0 2.43 1nb Liam Livingstone 4 1 12 1 3.00 Umpire Nicholas Cook Umpire Benjamin Debenham Home Scorer Chris Rimmer Away Scorer Gerry Stickley | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-england-scoreboard/english-county-championship-division-one-scoreboard-idINMTZXEE547S5ND0 |
May 22, 2018 / 8:29 PM / Updated 20 minutes ago Talks between North and South Korea likely in June - South Korean official Reuters Staff 1 Min Read
WASHINGTON (Reuters) - High-level talks between North and South Korea will likely resume after June 25 following completion of joint U.S.-South Korea military drills, a South Korean government spokesman said on Tuesday.
Yoon Young-chan, a spokesman for the South Korean presidency, was speaking to reporters in Washington following a White House meeting between U.S. President Donald Trump and South Korean President Moon Jae-in.
North Korea last week canceled at the last minute a meeting with senior South Korean officials in protest over joint exercises between Seoul and Washington and also threatened to scrap an unprecedented summit between Trump and North Korean leader Kim Jong Un. Reporting By David Brunnstrom and Matt Spetalnick; Editing by Chris Reese | ashraq/financial-news-articles | https://in.reuters.com/article/northkorea-usa-southkorea-talks-newsloop/talks-between-north-and-south-korea-likely-in-june-south-korean-official-idINKCN1IN2V0 |
Regal Beloit Corp:
* ORATION DECLARES QUARTERLY DIVIDEND INCREASE OF 8% * SETS QUARTERLY DIVIDEND OF $0.28PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-regal-beloit-corporation-declares/brief-regal-beloit-corporation-declares-quarterly-dividend-increase-of-8-idUSASC09YC0 |
While the U.S.' tempestuous trade relationship with China has dominated the news, the world's largest economy is also harboring a disagreement with the landlocked African country of Rwanda over an unusual commodity — second-hand clothes.
The U.S.' 60-day notice period for Rwanda to reduce its tariff on imported used clothing — or face the consequences — expired on Monday. Details on what will happen next to an industry which creates tens of thousands of jobs in both countries are hazy.
In July 2016, the east African countries of Rwanda, Kenya, Tanzania and Uganda hiked tariffs on imported second-hand garments, citing fears that cheap clothes from abroad were threatening their domestic manufacturing industries. Rwanda reportedly increased duties by 20 cents to $2.50 per kilogram.
Discussion among the east African countries of banning imports completely by 2019 has been on the cards as far back as 2015.
But in March last year, the matter was alerted to the Office of the United States Trade Representative by the Secondary Materials and Recycled Textiles Association, a U.S.-based group representing companies that gather and sell on the U.S.' old clothes. It maintained that 40,000 U.S. jobs would be negatively impacted, as well as tens of thousands of jobs in the east African countries themselves, should an embargo be put in place.
Kenya, Tanzania and Uganda have since backed away from the tax hikes following a U.S. threat to limit the benefits from their membership of the African Growth and Opportunity Act (AGOA) — the U.S.' main trade legislation for Africa which permits duty-free U.S. imports on 6,500 goods.
"Rwanda is not making sufficient progress toward the elimination of barriers to U.S. trade and investment, and therefore is out of compliance with eligibility requirements" of the act, said a statement on the U.S. Trade Representative website.
The U.S. used clothing business is worth nearly $1 billion, according to Reuters. AGOA means that goods from international brands that are manufactured in Africa can be exported to the U.S. duty free. Since the law was implemented in 2000, African exports to the U.S. almost quadrupled to over $1 billion, Reuters reported.
But Rwanda has refused to back down from the fight. Despite membership of the U.S. act, we "have to do other things, we have to grow and establish our industries," Rwandan President Paul Kagame is reported to have said in June 2017.
Ordinary Rwandans have voiced concerns about expensive clothing hurting the poor as a consequence of increased import duties.
In 2017, Rwanda's trade deficit with the U.S. was $22.4 million, according to AGOA.info , an online information resource about the act.
Both the U.S. Trade Representative and Rwandan government bodies were not immediately available for comment when contacted by CNBC.
Rwanda's economy is expected to grow 7.2 percent this year, well above the emerging market average of 4.9 percent, according to the International Monetary Fund . The country is ranked as the second easiest place to do business in Africa by the World Bank . It hopes that its clothing industry can create 25,000 jobs by 2020, Reuters reported.
The Washington Post via Getty Images A shop at Nyamirambo Market in Rwanda's capital Kigali displays used clothing from around the world on May 10, 2018. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/us-and-rwanda-trade-dispute-over-second-hand-clothes.html |
Bayer cuts full-year earnings guidance on strong euro 9:04am EDT - 01:28
Bayer says the pressure from a stronger euro on overseas revenues would translate into a decline in earnings this year, as it prepares to close its $62.5 billion takeover of U.S. seeds maker Monsanto next quarter. Sonia Legg reports.
Bayer says the pressure from a stronger euro on overseas revenues would translate into a decline in earnings this year, as it prepares to close its $62.5 billion takeover of U.S. seeds maker Monsanto next quarter. Sonia Legg reports. //reut.rs/2KwBX8k | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/03/bayer-cuts-full-year-earnings-guidance-o?videoId=423511050 |
Taxes The year of Mueller: 12 months in, here’s what we’ve learned One year ago, Robert Mueller was appointed as special counsel to take over the investigation into possible coordination between Russia and Donald Trump's 2016 presidential campaign. Here's a look at the last year and what may lie ahead. Published 6 Hours Ago Getty Images Robert Mueller
It was one year ago Thursday when Robert Mueller , the former FBI director, was appointed as special counsel to take over the Justice Department's investigation into possible coordination between Russia and Donald Trump's 2016 presidential campaign.
The 12 months since have yielded a flurry of criminal indictments and guilty pleas, tense court appearances, angry tweets from the president and speculation over what the ever-taciturn Mueller already knows and what he'll investigate next.
Hundreds of pages of court filings, and public statements from witnesses, have to an extent pulled back the curtain on an extraordinarily secretive investigation. But much remains hidden from view.
A look at the last year and what may lie ahead: What is Mueller investigating?
There's no doubt Mueller's investigation is far-reaching, but at its core, prosecutors have remained focused on two central questions:
Did the Trump campaign collude with the Kremlin to tip the 2016 presidential election in the Republican candidate's favor?
And has President Trump tried to obstruct the investigation since taking office through actions including firing FBI Director James Comey and badgering Attorney General Jeff Sessions over his recusal from the Russia probe? Who has been questioned so far?
A veritable who's who of current and former White House officials, as well as foreign businessmen and top campaign and transition staffers.
Trump's son-in-law, Jared Kushner , was questioned last fall about former White House national security adviser Michael Flynn . Trump's White House counsel, Don McGahn, has been in to see Mueller's team, as have former chief of staff Reince Priebus , former communications director Hope Hicks, former chief strategist Steve Bannon , California real estate developer and longtime Trump friend Tom Barrack — and dozens of other witnesses.
In a reflection of the wide-angle nature of the investigation, and its ongoing examination of foreign influence on the Trump administration, a grand jury in Washington has heard from a Lebanese-American businessman who joined a 2016 meeting at Trump Tower involving top Trump aides and the crown prince of Abu Dhabi .
A Russian American lobbyist who attended a June 2016 meeting at which Trump's eldest son expected to receive damaging information about his father's opponent, Hillary Clinton , also has provided testimony. Who has been charged?
A total of 19 people and three Russian companies have either been indicted or pleaded guilty to criminal charges.
Among those charged are Trump campaign chairman Paul Manafort , who is awaiting trial in Virginia and the District of Columbia, and Flynn, who pleaded guilty in December to lying to the FBI and has been cooperating with Mueller's investigation. Other cooperators include deputy campaign chairman Rick Gates and former campaign foreign policy adviser George Papadopoulos.
A Dutch lawyer who lied to the FBI is serving a 30-day prison sentence, and a California man who unwittingly sold bank accounts to Russians has also pleaded guilty.
The single largest criminal case involves 13 Russians and three Russian companies, accused of conspiring together to fund a hidden but effective social media campaign to exploit American divisions on race and other hot-button topics as well as favor Trump over Clinton. What have we learned so far?
The criminal cases so far have not resolved the core question of Trump-Russia collusion, but they have revealed a determination by Russians to put Trump in office, and they've exposed the sometimes-shadowy foreign entanglements maintained by Trump aides before, during and after the campaign. They've also underscored how Trump associates were aware of Russian outreach efforts during the campaign and how at least one believed Russia to be in possession of compromising information on Clinton.
An indictment against Manafort and Gates, for instance, accused them of working as foreign agents for Ukrainian interests and funneling millions of dollars from the work into offshore accounts used to fund lavish lifestyles.
Charging documents in Papadopoulos's case make clear that during the presidential campaign he was told by a professor who claimed powerful connections to the Kremlin that Russia had dirt on Clinton in the form of thousands of emails.
And Flynn's guilty plea revealed how, contrary to public assertions from the White House, the incoming national security adviser did indeed discuss sanctions with the then-Russian ambassador, Sergey Kislyak, during the transition period. What's yet to come?
The biggest unresolved question is whether Trump will sit for an interview with Mueller — and what will happen if he does not.
Trump at times has expressed a desire to be questioned by the special counsel team, though his mood toward the investigators soured considerably following an April 9 raid targeting his personal lawyer, Michael Cohen — an offshoot investigation in New York City that poses its own legal peril for the president.
Mueller has dozens of questions he'd like to put before the president, largely focused on obstruction but also on the underpinning issue of possible campaign collusion.
The legal team initially said it hoped to make a decision on an interview by May 17, the one-year mark, but lawyer Rudy Giuliani told The Associated Press last week that they likely won't decide until after the planned summit with North Korean leader Kim Jong Un next month.
If Trump does say yes, look for his legal team to try to aggressively narrow the scope of questioning and limit the time of any sit-down. If he says no, Mueller may take the extraordinary step of seeking a grand jury subpoena to force his testimony, though such a move could prolong the investigation by many months and may end with a fight before the U.S. Supreme Court. What happens if Mueller finds wrongdoing by the president?
The end game is unclear.
Mueller will be expected to report his findings to Deputy Attorney General Rod Rosenstein , the Justice Department official who appointed him.
A report of his conclusions may then be passed onto Congress, but it's not clear when or how much of Mueller's work will be revealed to the public.
Depending on the outcome, it is possible Congress could use the findings to start impeachment proceedings — especially if Democrats take control in the midterm elections.
Justice Department legal opinions from 1973 and 2000 have suggested that a sitting president is immune from indictment and that criminal charges would undermine the ability of the commander in chief to do the job. Mueller would presumably be bound by that conclusion. What has Mueller said about all of this?
Absolutely nothing.
Mueller, never known at the FBI as especially gregarious or verbose, has not spoken publicly about his work since his appointment, nor is he likely to.
The only speaking his attorneys have done has been in court and through detailed charging documents.
It's unclear how much longer the investigation will last, but it's more likely than not that Mueller and his team have a sense of where they're taking it.
Comey, who succeeded Mueller as FBI director and whose firing led to his appointment as special counsel, has said investigators who spend a year digging into something are "incompetent" if they don't know where their case is heading. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/the-year-of-mueller-12-months-in-heres-what-weve-learned.html |
May 30, 2018 / 8:24 PM / Updated 13 hours ago Soggy Shoal Creek opens for practise ahead of U.S. Women's Open Andrew Both 3 Min Read
SHOAL CREEK, Ala. (Reuters) - Shoal Creek finally re-opened for practise rounds on Wednesday afternoon as players scrambled to get in last-minute preparations for what looms as a waterlogged U.S. Women’s Open.
The course was closed late on Monday afternoon and remained off-limits on Tuesday as it was drenched by more than four inches of rain from sub-tropical storm Alberto.
More rain Tuesday night and Wednesday morning - an additional 1.62 inches - kept the course closed until 1 PM local time (1800 GMT), when players were allowed to begin practise rounds.
The U.S. Golf Association (USGA), which runs the championship, says it is still intending to conduct the event without preferred lies, otherwise known as lift, clean and place.
“It remains our intention to play 72 holes and to play the ball as it lies,” said USGA senior managing director John Bodenhamer, who expressed confidence play would begin on time on Thursday morning, assuming it remains dry overnight.
Some players will tee off without the benefit of even one full practise round, something that did not seem to bother American Danielle Kang.
She received a verbal instruction manual on how to play the course in a telephone conversation with PGA Tour player Trey Mullinax, an Alabama native.
“He walked me through the whole golf course, from one to 18. I feel like I’ve played it,” said Kang, who won her first major last year at the Women’s PGA Championship.
“He’s helped me out on what pins to attack and what to be conservative on,” Kang said. “And also which parts of the course to be avoided at all costs.”
Whether preferred lies should be allowed has been a hot topic among players the past two days.
Cristie Kerr, the 2007 champion, said that it would be a “joke” if players were not given the chance to clean mud from their balls.
Australian Karrie Webb was a little more diplomatic.
“I will say that it will be the softest U.S. Open I’ve ever played,” said the 2000 and 2001 champion.
“I’m mentally preparing that we might play it down (no preferred lies).”
Eight-times PGA Tour winner Brad Faxon weighed in on the side of preferred lies, pointing out that the tradition of playing the ball as it lies at major championships was broken in the final round at the 2016 PGA Championship at Baltusrol.
“I wouldn’t have a problem at all (with preferred lies),” Faxon, here as a television analyst for Fox Sports, told Reuters.
“It’s something the USGA has never done and they don’t want to start now.
“If they play one or two rounds with the ball up, I don’t think that takes away (from the stature of the championship).
“We just did some stuff out on the golf course and there seems to be casual water every step you take.
“I don’t know how you can play a fair golf tournament, because I know mud affects the players’ shots. If it’s consistently muddy, it’s a big issue.” Reporting by Andrew Both, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-golf-women-uschamp/soggy-shoal-creek-opens-for-practise-ahead-of-u-s-womens-open-idUKKCN1IV2PK |
LOS ANGELES (Reuters) - U.S. companies with more cash on their balance sheets thanks to tax reform are coming under greater scrutiny from activist investors, a top Goldman Sachs Group Inc ( GS.N ) investment banker said this week.
John Waldron, co-head of the Investment Banking Division, Goldman Sachs, speaks at the Milken Institute 21st Global Conference in Beverly Hills, California, U.S., May 1, 2018. REUTERS/Mike Blake Some 73 campaigns by U.S. and European activist shareholders were launched in the first quarter of 2018 against the boards of companies with market capitalization exceeding $500 million, the highest quarter on record, according to data from Lazard Ltd ( LAZ.N ).
John Waldron, the co-head of Goldman Sachs investment bank division, said at the annual Milken Institute Global Conference that U.S. tax reform was a driver behind the rise in such campaigns.
“There’s excess cash for most companies laying on the balance sheet and shareholders are going to press for answers of what they are going to do with it,” Waldron told the Milken Conference in Los Angeles.
Sweeping tax reform was U.S. President Donald Trump’s first major legislative triumph since he took office in January 2017. Among the changes were a lowering of the headline corporate income tax rate from 35 percent to 21 percent and the introduction of a one-time mandatory cash repatriation tax.
Waldron, whose bank advises companies on how to defend themselves against activist investors, said that a big question on his clients’ minds is whether shareholders are going to give companies the time they need to decide how to deploy cash.
“Is pressure going to mount to come out with a capital allocation plan that’s fairly defined? How much is going into the business, how much is going to return capital to shareholders and how much will go to M&A?,” Waldron said.
Share buybacks have been a popular tool among companies to return money to impatient investors. For example, Apple Inc ( AAPL.O ) earlier this week promised shareholders $100 billion in additional stock buybacks, the starkest example yet of how companies are using the mountain of overseas cash suddenly freed up by the tax overhaul.
Other companies announcing plans to return cash to shareholders recently include Facebook Inc ( FB.O ), AbbVie Inc ( ABBV.N ) and Broadcom Inc ( AVGO.O ).
Activist shareholders are paying attention. TCI Fund Asset Management said in March that Altaba Inc ( AABA.O ), a company with a market capitalization of $57 billion that used to be a part of Yahoo Inc and holds large stakes in Alibaba Group Holdings ( BABA.N ) and Yahoo Japan Corp ( 4689.T ), should take advantage of U.S. tax cuts and liquidate its assets.
“We’re seeing more (activist shareholder) campaigns this year than in the past three years,” Waldron said. The proliferation of activist campaigns is like “throwing gasoline on the fire,” boosting mergers and acquisitions, Waldron added.
(This story has been refiled to fix cash repatriation tax reference in paragraph five.)
Reporting by Liana B. Baker in Los Angeles; Editing by Cynthia Osterman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-milken-conference-waldron/goldmans-waldron-says-u-s-tax-reform-boosts-shareholder-activism-idUSKBN1I331Z |
May 18, 2018 / 6:26 PM / Updated 38 minutes ago Vanessa Paradis revels in gay porn director role in Cannes slasher Johnny Cotton 2 Min Read
CANNES, France (Reuters) - Vanessa Paradis has come a long way from “Joe Le Taxi”. The French actress, who shot to fame as a teenage pop singer, stars as a director of hardcore gay porn films in a movie that screened at the Cannes Film Festival this week. 71st Cannes Film Festival - photocall for the film "Knife + Heart" (Un couteau dans le coeur) in competition - Cannes, France May 18, 2018. Cast member Vanessa Paradis. REUTERS/Regis Duvignau
“Knife + Heart” (“Un Couteau Dans Le Coeur”) is set in the seedy world of low-grade porn production in 1970s France, where Paradis’ character Anne is intrigued, and then terrorized, by a serial killer who is gruesomely murdering some of her actors.
Critics compared the movie to the works of “Dressed to Kill” director Brian De Palma, with Hollywood Reporter calling it a “deliciously campy slasher flick”. Screen Daily said it was a “film drunk on its own trashy, lurid aesthetic”.
“The set(-up) is controversial, but the movie talks about love, deeply about love,” Paradis told Reuters in an interview.
“It’s super-romantic, it’s very shy actually.”
The 45-year-old said she had no hesitation in taking the role.
“I didn’t think: ‘What are people going to think?’ I was so moved by the script and felt: ‘Oh my God, I get to have this role, I get to play in a Yann Gonzalez movie, this story, this character.”
Director and co-writer Gonzalez said: “I think this film is like a carnival. It’s like a fun house, it’s full of surprises,”
“Knife + Heart” is competing for the Palme d’Or, which will be awarded on Saturday. 71st Cannes Film Festival - conference for the film "Knife + Heart" (Un couteau dans le coeur) in competition - Cannes, France May 18, 2018. Cast member Vanessa Paradis. REUTERS/Jean-Paul Pelissier/File Photo Writing by Robin Pomeroy; editing by Andrew Roche | ashraq/financial-news-articles | https://in.reuters.com/article/us-filmfestival-cannes-knife-and-heart/vanessa-paradis-revels-in-gay-porn-director-role-in-cannes-slasher-idINKCN1IJ2HG |
Here's how you can take better photos with your smartphone Share 1 Hour Ago | 03:05
You don't need an expensive digital camera to take great photos — the smartphone in your pocket is better than you think.
There's a lot that goes into taking photos besides the camera. Here are a few things to keep in mind when shooting that will dramatically improve your results.
Time of day
Quality of light is everything. If you are shooting outdoors, the best time to take photos is during the two magic hours, just after sunrise and before sunset, when the lighting is softer and not as harsh. Magic hour is the best time to take photos outdoors.
Shoot out of direct sunlight
If you are taking photos during the middle of the day, avoid focusing on people in direct sunlight. Try and find a shaded spot where the lighting will be more uniform. An overcast day is also a good time to shoot outdoors as the cloud cover diffuses the light.
Capture as much light information as you can
The sensors on smartphone cameras have limited dynamic range, or ability to capture information from the brightest part of a photo to the darkest. To ensure you're capturing as much light information as possible, set your exposure (by tapping on your screen) to the brightest part, which is usually the sky.
Even if it produces a dark image, you can generally recover it using mobile editing software like Lightroom or Afterlight. Expose to the brightest parts of your image to retain as much information as possible.
Composition
In photography, the rule of thirds is a guideline that helps with framing interesting compositions. Most smartphones have a grid feature you can enable that will help you align points of interests in your photos. Use the grid overlay to help frame shots.
When you're taking pictures of people, frame them so that you're cutting them off mid-shin or mid-thigh. Headroom is also an important thing to consider. Try not to leave too much or too little empty space above your subject.
Try shooting at different angles to change the feeling of a photo. When shooting landscapes, try to capture something in the foreground to emphasize depth. Capture foreground elements to emphasize depth in your landscape shots.
Third-party camera apps
If your native camera app doesn't give you a lot of control, consider downloading a third-party app. Camera+ is my favorite alternative to the stock camera. This will allow you to experiment with ISO, shutter, aperture and other parameters, giving you more freedom in how you capture your shots. Camera+ is a very popular alternative to the stock camera app.
Portrait mode
High-end smartphones like the iPhone X, Google's Pixel and Samsung's Galaxy S9 have a portrait mode that adds depth of field, emulating the look of a DSLR. To produce the the best results possible, use it when you have plenty of light and depth behind your subject. Portrait mode can capture impressive images under the right conditions.
Selfies
The front-facing camera is not as powerful as the one on the back. Whenever possible, default to the rear camera, and instead of taking that selfie, ask someone for an assist.
Lens accessories
A good way to get more creative with your photos is to use lenses, which are similar to what you would use on higher-end cameras, but cheaper and more portable. A fisheye lens give you an extremely wide field of view. The distortion can help you take some creative shots. The distortion of a fisheye lens can enable some creative shots.
A wide-angle lens broadens the field of view of your camera, allowing you to take more dramatic landscape shots, or even better photos indoors or in confined spaces. Wide angle lenses can help open up a shot indoors.
A telephoto lens is great for photographing things in the distance, but is also great at taking portrait shots up close. Telephoto lenses can take great portrait shots.
A macro lens lets you take extremely close-up shots. Like a fisheye lens, this is helpful for more artistic photos. Macro lenses let you shoot extreme close-ups. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/06/heres-how-you-can-take-better-photos-with-your-smartphone.html |
'Significant global risks' remain for Australia: Shadow assistant treasurer 9:10 PM ET Tue, 8 May 2018 Andrew Leigh, Australia's shadow assistant treasurer, says the country's budget may not be putting in place sufficient "supports" against both global and domestic risks. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/significant-global-risks-remain-for-australia-shadow-assistant-treasurer.html |
May 13, 2018 / 6:31 PM / in an hour Conoco has seized Venezuela PDVSA products from Isla refinery: Curacao Sailu Urribarri 3 U.S. oil major ConocoPhillips ( COP.N ) has seized products belonging to Venezuelan state oil company PDVSA [PDVSA.UL] from the Isla refinery it runs on Curacao, an island official told Reuters on Sunday. A general view shows the Isla refinery in Willemstad on the island of Curacao, April 22, 2018. REUTERS/Andres Martinez Casares
Conoco has won court orders allowing it to seize PDVSA assets on Caribbean islands, including Curacao, in efforts to collect on a $2 billion arbitral award linked to the 2007 nationalization of Conoco assets under late leader Hugo Chavez.
“PDVSA products from the installations of the Isla refinery have been confiscated. We don’t have any way to get them,” said Steven Martina, Curacao’s minister for economic development, who did not provide the amount or value of the seized products. Slideshow (3 Images)
Conoco and PDVSA did not immediately respond to requests for comment.
Martina added that Curacao was planning to meet with PDVSA and Conoco this week to discuss the dispute that has led Conoco to seize Venezuelan assets in the Caribbean, wreaking havoc on PDVSA’s export chain.
The dispute has also caused worry on Curacao, a constituent country within the kingdom of the Netherlands with a vibrant tourism industry and deep-water ports used by the oil industry. The island is heavily dependent on the refinery, which provides as much as 10 percent of Curacao’s gross domestic product and is a big source of employment on the island just off Venezuela.
“There is no need to be alarmed, fuel and services are guaranteed,” Curacao’s Prime Minister Eugene Rhuggenaath said in a news conference on Sunday. He added that lawyers are also contacting Conoco to “reach a deal and negotiate.”
PDVSA is preparing to shut a Caribbean refinery that is running out of crude amid threats by Conoco to seize cargoes sent to resupply the facility, two sources with knowledge of the situation told Reuters on Friday.
But Martina said the 335,000 barrel-per-day Isla refinery was still operating, albeit at low levels, thanks to Curacao’s reserves.
GRAPHIC - A list of PDVSA's key Caribbean assets: tmsnrt.rs/2wnEQVS Reporting by Sailu Urribarri; Writing by Alexandra Ulmer; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-conocophillips-pdvsa/conoco-has-seized-venezuela-pdvsa-products-from-isla-refinery-curacao-idUSKCN1IE0Y8 |
May 29, 2018 / 1:38 PM / Updated 8 minutes ago English Domestic One-Day Competition Scoreboard Reuters Staff 1 Min Read May 29 (OPTA) - Scoreboard at close of play of between Surrey and Sussex on Tuesday at London, England Match abandoned without a ball bowled Umpire Richard Illingworth Umpire Jeremy Lloyds Home Scorer Philip Makepeace Away Scorer Mike Charman | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idINMTZXEE5THSERP1 |
May 1 (Reuters) - AUB Group Ltd:
* CONFIDENT THAT FY18 PERFORMANCE WILL BE AT TOP END OF CURRENT GUIDANCE RANGE OF 5-10% GROWTH IN ADJUSTED NPAT OVER FY17 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aub-group-sees-fy18-performance-at/brief-aub-group-sees-fy18-performance-at-top-end-of-range-of-5-10-growth-in-adjusted-npat-idUSFWN1S71H4 |
Here's How to Watch Warren Buffett's 2018 Berkshire Hathaway Shareholder Meeting Warren Buffett, chairman of Berkshire Hathaway, will answer a Q&A session at the 2018 annual meeting. Bloomberg via Getty Images By Lucinda Shen May 4, 2018
It’s one of the most highly anticipated investing events every year: the annual Berkshire Hathaway shareholder’s meeting, watched closely not only for nuggets of wisdom from the world’s third-wealthiest person, Warren Buffett, but also for hints about the future of one of the nation’s largest companies.
Berkshire Hathaway, a holding company that includes everything from huge insurance companies to a a boutique candy-maker, along with a huge portfolio of other companies’ stocks, is currently the 6th biggest company in the world by market capitalization. The savvy of its aging leadership has long been tied to the firm’s success. But in recent months, Buffett, now 87, has revealed more concrete clues about a succession plan—naming Gregory E. Abel, the head of Berkshire’s non-insurance businesses, and Ajit Jain, leader of insurance operations, to Berkshire’s board.
While the meeting’s location is in Omaha, the investing and insurance giant is opening up parts of the convention to the public via live stream. When is the meeting, and where do I watch?
Yahoo! Finance will live stream the meeting on Saturday, May 5 starting at 9:45 a.m. ET (8:45 a.m. CT/6:45 a.m. PT) on its website .
The event that most viewers tap into, however, is the question and answer session, which starts at 10:15 a.m. (9:15 a.m. CT/7:15 a.m. PT). That Q&A with Buffett and Berkshire vice chairman Charlie Munger will be moderated by a panel including Fortune veteran Carol Loomis. It will end around 3:30 p.m. (2:30 p.m. CT/12:30 p.m. PT).
The answers, to questions chosen by the journalist moderators, are expected to be candid. “Neither Charlie nor I will get so much as a clue about the questions to be asked,” Buffett wrote in the annual visitor’s guide. “We know the journalists will pick some tough ones and that’s the way we like it.” Who else watches the live stream?
Last year, some 3.1 million viewers watched the stream, up 72% from a year earlier . Meanwhile, replays of shorter cuts of the meeting garnered about 17.1 million views, Buffett’s annual letter relayed. What won’t I see?
Quite a bit. While the Q&A session is live-streamed, the annual Berkshire meeting is a three-day affair that formally starts Friday, with a “shareholder shopping day.” In 2017, about 12,000 attended.
The event includes a spread of booths, including many selling specially branded products for the event from Berkshire-backed companies, such as See’s Candies, Fruit of the Loom, packaged-food giant Kraft Heinz , GEICO, and Dairy Queen. Berkshire has also set up an on-site shipping service for those who don’t want to travel home with their new products.
As Buffett noted in his 2017 shareholder letter, the products will be for sale. “Your Chairman discourages freebies,” he wrote.
The event will also be dotted with cocktail receptions and feature a 5K run and networking events. When is the next meeting?
The company says the 2019 annual meeting is scheduled for Saturday, May 4. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/04/watch-warren-buffett-berkshire-hathaway-annual-meeting/ |
SAN FRANCISCO, May 14, 2018 (GLOBE NEWSWIRE) -- Performance Horizon , the leading provider of partner marketing software for global brands, has more than doubled its revenue in the United States in the past several months, the company announced today. To support its rapid growth, Performance Horizon has hired 9 additional people to work for the company in the US.
New U.S. hires include:
Holly Brim as Marketing Manager Meghan Doherty as Client Services Executive Blake Martin, Geo Googins, Tom Nguyen, Sean Riddle, and James Straggas as Sales Directors Miriam Tremelling as Director of Marketing Strategy and Operations Irem Urhan as Business Development Manager
“I am thrilled with our growth in the U.S. market from both existing accounts and new client assignments,” said Performance Horizon CEO Mal Cowley. “Our recent hires in client service, sales, marketing, and operations roles reflect our commitment to delivering best-in-class service and value to U.S. brands and publishers.”
Today the company also announced it has hired 18 people for its Newcastle headquarters and London UK offices. These announcements follow Performance Horizon’s previously announced growth in Australia and the Netherlands.
About Performance Horizon
Performance Horizon helps the world's leading brands build powerful business partnerships that drive extraordinary business growth. The Performance Horizon Partner Management Platform (PMP) is an end-to-end, SaaS-based solution for forming, managing, analyzing, and predicting the future results of partner marketing programs using artificial intelligence. Hundreds of the world’s largest brands leverage our real-time technology to drive and manage more than $6B in sales across 214 countries and territories worldwide. To learn more about Performance Horizon and partner marketing, visit performancehorizon.com .
Media Contact:
Diane Anderson, WIT Strategy for Performance Horizon
415.254.9086
[email protected]
Source: Performance Horizon | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-performance-horizon-hires-9-in-the-united-states-to-support-100-percent-year-over-year-growth.html |
May 2, 2018 / 5:33 PM / Updated 12 minutes ago BRIEF-Accord Financial Q1 Adjusted Earnings Per Share C$0.17 Reuters Staff
May 2 (Reuters) - Accord Financial Corp:
* ACCORD ANNOUNCES RECORD FUNDS EMPLOYED, RECORD QUARTERLY REVENUE AND FIRST QUARTER 2018 RESULTS * Q1 EARNINGS PER SHARE C$0.15
* Q1 REVENUE ROSE 54 PERCENT TO C$10.03 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-accord-financial-q1-adjusted-earni/brief-accord-financial-q1-adjusted-earnings-per-share-c0-17-idUSASC09Z27 |
Online poll authorizes cannabis flag in Estonia 2:35pm BST - 01:22
A local government in Estonia has narrowly approved using a flag with an image of a cannabis leaf as its symbol after a online poll overwhelmingly voted for it..
A local government in Estonia has narrowly approved using a flag with an image of a cannabis leaf as its symbol after a online poll overwhelmingly voted for it.. //reut.rs/2rMF2bJ | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/online-poll-authorizes-cannabis-flag-in?videoId=427428079 |
May 13, 2018 / 1:57 AM / Updated 33 minutes ago Rugby-Crusaders prop Moody cited as Australia rages over Beale hit Ian Ransom 2 Min Read
MELBOURNE, May 13 (Reuters) - Canterbury Crusaders prop Joe Moody has been cited for striking Kurtley Beale during Saturday’s home win over the New South Wales Waratahs but the decision has been dismissed as ‘too little, too late’ by enraged Australian rugby fans.
In an off-the-ball incident, the All Blacks loosehead raised his elbow into Beale’s jaw late in the first half, flattening the Wallabies’ inside centre, before collecting a pass and scoring the Crusaders’ first try.
Local referee Ben O’Keeffe and an all-New Zealand roster of officials allowed the incident to go unpunished and the try stood.
It proved to be a decisive moment as the Crusaders, who had been trailing 29-0 before the incident, ran over three tries in the following minutes before halftime and eventually overhauled the Waratahs 31-29.
The citing commissioner had found the incident “had met the Red Card threshold for foul play,” governing body SANZAAR said in a statement on Sunday.
The Crusaders victory extended New Zealand’s winning streak over Australian Super Rugby sides to 39 straight matches.
Moody was slammed in Australian media for the “cheap shot” on Beale and the citation did little to ease the indignation.
“The Crusaders won 31-29, but they know they didn’t deserve the chocolates,” a blogger on Australian sports website The Roar wrote.
“And Ben O’Keeffe doesn’t deserve another game of rugby.”
Waratahs’ New Zealand-born coach Daryl Gibson, a former Crusader, said after the game that O’Keefe had missed the incident but declined to blame the oversight for the loss.
“It’s an elbow to the head, so I’m sure the powers to be will look at that,” he said. Editing by Peter Rutherford | ashraq/financial-news-articles | https://uk.reuters.com/article/rugby-union-super-crusaders-moody/rugby-crusaders-prop-moody-cited-as-australia-rages-over-beale-hit-idUKL3N1SK031 |
May 23, 2018 / 12:57 PM / Updated 38 minutes ago UPDATE 1-Malaysia's 1MDB unable to repay debts; finance ministry picks PwC for audit Reuters Staff 3 Min Read
(Adds details, quote from minister’s statement; paragraphs 5-12)
KUALA LUMPUR, May 23 (Reuters) - Malaysia’s newly appointed finance minister has asked for PricewaterhouseCoopers (PwC) to be appointed as auditors for scandal-hit state fund 1Malaysia Development Berhad (1MDB), he said on Wednesday.
1MDB is the subject of money laundering investigations in at least six countries, including the United States, Switzerland and Singapore.
Lim Guan Eng made the announcement in a statement issued after a meeting with some 1MDB directors and the fund’s president, Arul Kanda.
“The directors of 1MDB confirmed that 1MDB was ‘insolvent’ and was unable to repay its debts,” Lim said, adding that he had asked the ministry’s legal advisers to review Arul’s position at 1MDB.
Lim said Arul was uncertain about the value of investments totalling 9.8 billion ringgit, and didn’t even know whether they exist at all.
These were $940 million worth of investment “units” previously held with BSI Bank, Singapore, and $1.56 billion worth of overseas investment funds belonging to 1MDB Global Investments Limited.
Lim said it was “unbelievable” that Arul was clueless about the investments, adding that Arul had claimed he was on “garden leave” until the end of his contract in June.
Arul did not answer telephone calls or respond to messages from Reuters to seek comment.
“I have instructed that the Ministry of Finance take steps to appoint PwC to conduct a special position audit and review of 1MDB so that Malaysians would know the true financial state of affairs in 1MDB,” Lim said in the statement.
“We would then be able to determine the cost of the shenanigans to the tax-payers.”
The United States filed forfeiture complaints in 2016 and 2017 seeking to recover more than $1.7 billion in assets traceable to funds allegedly misappropriated from 1MDB.
The complaints alleged more than $4.5 billion was diverted from 1MDB and laundered through a web of shell companies and bank accounts located in the United States and elsewhere. (Reporting by Joseph Sipalan; Writing by Praveen Menon; Editing by Simon Cameron-Moore and Clarence Fernandez) | ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-politics-1mdb/update-1-malaysias-1mdb-unable-to-repay-debts-finance-ministry-picks-pwc-for-audit-idUSL3N1SU4FL |
(Reuters) - Factbox on the Uruguay national team ahead of the 2018 World Cup:
FIFA ranking: 17 (till June 7)
Previous tournaments:
Uruguay have played in 12 World Cups and have won the tournament twice, as hosts in the inaugural edition in 1930 and again in 1950 in Brazil. After failing to qualify for the 2006 event in Germany, they sprang a surprise by reaching the semi-finals in South Africa four years later. Uruguay reached the round of 16 in Brazil in 2014, where they were beaten by fellow South Americans Colombia.
Coach: Oscar Tabarez
Tabarez, 71, took charge of Uruguay for a second spell in 2006 and the coach, fondly known as ‘El Maestro’, will lead the national team into their third consecutive World Cup since they failed to qualify in the year of his appointment. Tabarez, whose previous stint with Uruguay was between 1988-90, guided the team to a record 15th Copa America title in 2011 and fourth place in the 2010 World Cup. A coach who has excelled in building teams with a mixture of youth and experience, Tabarez introduced many young players who played key roles during Uruguay’s qualifying campaign. The veteran coach has in the past preferred a system that hinges on sturdy defending and counter-punching although he has shown flexibility in his approach more recently.
Key players:
Luis Suarez: The mercurial striker will hope for a controversy-free event after he was handed a lengthy ban from soccer for biting Italy’s Giorgio Chiellini during a group-stage encounter in Brazil four years ago. The 31-year-old has worked on his discipline since moving to Spanish side Barcelona in 2014 and continues to plunder goals at the club level. Suarez netted five times in Uruguay’s qualifying campaign and stamped his authority as the national team’s all-time leading scorer with his 50th goal during the China Cup tournament earlier this year.
Edinson Cavani: The powerful forward was the top scorer for Uruguay during their World Cup qualifying campaign with 10 goals and finished ahead of players such as Argentina’s Lionel Messi, who had seven, and Brazil’s Neymar, who had six. The Paris St Germain striker will attempt to improve his World Cup scoring record in Russia, with the 31-year-old having found the net just twice in 10 games at the main tournament.
Diego Godin: With more than 100 appearances for the national team, the Atletico Madrid defender offers valuable experience at the heart of Uruguay’s defense. The 32-year-old has shown that he can be equally effective when required at the other end of the pitch, scoring three goals early on in qualifying.
Form guide:
After reaching the World Cup finals with relative ease, Uruguay were held to a goalless draw by Poland and were beaten 2-1 by Austria in forgettable international friendlies at the end of last year. However, they beat the Czech Republic 2-0 in their China Cup opener before edging past Wales 1-0 to lift the title in March.
How they qualified:
After progressing to the World Cup via playoffs in their previous two attempts, Uruguay sealed an automatic berth this year after they finished second in South American qualifying, behind Brazil and ahead of Argentina. Tabarez’s side won nine of their 18 games and scored 32 goals in the process, bettered only by five-times world champions Brazil, who had 41 goals.
Prospects:
Uruguay have never failed to get out of the group stages under Tabarez and the former champions will consider themselves firm favorites to advance from Group A, which also features hosts Russia, Egypt and Saudi Arabia. However, Uruguay could face a tough test in the round of 16 with Spain or Portugal their likely opponents.
Compiled by Shrivathsa Sridhar; Editing by John O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-ury-factbox/soccer-uruguay-world-cup-factbox-idUSKCN1IM1NH |
May 7, 2018 / 6:25 PM / in 16 minutes ECB's Smets says stimulus likely to be phased out over summer: WSJ Reuters Staff 2 Min Read
(Reuters) - European Central Bank governing council member Jan Smets said the bank is likely to phase out its bond-buying program over the summer, possibly announcing a decision after its July 26 policy meeting, the Wall Street Journal reported on Monday. FILE PHOTO: European Union flags flutter outside the European Central Bank (ECB) headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo
The Belgian official said that investors might be right to push back their forecasts for when the ECB would increase interest rates for the first time since the financial crisis, according to the Journal on.wsj.com/2wqXI6K.
“The latest data remain pretty consistent with the story of the economic expansion continuing at a robust pace,” Smets said to the newspaper.
Smets, who is a part of the ECB’s rate-setting committee, suggested the bank soon will be ready to phase out its monthly 30 billion euros ($35.78 billion) of bond purchases and shift the focus of its communications toward possible interest-rate increases, WSJ added.
By buying trillions of euros worth of public and private bonds over the past three years, the ECB has kept borrowing costs low, hoping to stimulate borrowing and spending, all with the aim of boosting inflation.
Sources have told Reuters ECB policymakers were keen not to upset investor expectations that its stimulus program would end this year and its policy rate would rise for the first time since 2011 towards the middle of next year. Reporting by Ismail Shakil in Bengaluru, editing by Larry King | ashraq/financial-news-articles | https://www.reuters.com/article/us-ecb-policy-smets/ecbs-smets-says-stimulus-likely-to-be-phased-out-over-summer-wsj-idUSKBN1I823B |
U.S. stocks slumped Tuesday as investors weighed global trade negotiations, central bank moves and the latest round of corporate earnings results.
The Dow Jones Industrial Average fell 314 points, or 1.3%, to 23849. The S&P 500 dropped 0.7%, and the technology-heavy Nasdaq Composite slipped 0.2%.
The major indexes eked out small gains... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/asia-pacific-stocks-are-mixed-japan-is-lower-1525140129 |
Scientists look to songbirds to solve human speech disorders 1:56pm EDT - 02:28
The Rockefeller University scientists look at the brain circuits in songbirds which they say, show similarities to humans. The discovery may help individuals with speech disorders. Roselle Chen reports. ▲ Hide Transcript ▶ View Transcript
The Rockefeller University scientists look at the brain circuits in songbirds which they say, show similarities to humans. The discovery may help individuals with speech disorders. Roselle Chen 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/2KIBoZ3 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/07/scientists-look-to-songbirds-to-solve-hu?videoId=424736534 |
TORONTO, May 30, 2018 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”) (TSX Venture:RX) released today a summary of its financial results for the three months ended March 31, 2018. Key highlights include:
First quarter (Q1) 2018 Net Revenues of $4,447,147 increased by 16% versus Q1 2017 Q1 2018 Canadian Pharmaceutical Net Revenues of $3,765,638 increased by 12% versus Q1 2017 and International Pharmaceutical Net Revenues of $565,841 increased by 90% versus Q1 2017 Q1 2018 EBITDA 1 of $1,477,767 increased by 24% versus Q1 2017 Q1 2018 Net Income After Tax (NIAT) of $1,143,130 increased by 27% versus Q1 2017 Q1 2018 NIAT percentage to Net Revenues of 26% compares to 24% in Q1 2017 Q1 2018 Fully Diluted EPS of $0.08 was $0.02 higher than Q1 2017 Fully Diluted EPS of $0.06 Fully Diluted EPS for the Trailing Twelve Months ended March 31, 2018 was $0.38 as compared to $0.29 for the Trailing Twelve Months ended March 31, 2017 As at March 31, 2018, the Company had cash, cash equivalents, and short term investments totalling $19,639,606 as compared to $19,338,435 as at December 31, 2017 – a 2% increase Total Shareholders’ Equity increased by 6% from $22,212,927 at December 31, 2017 to $23,436,253 at March 31, 2018 Return on Equity for the Trailing Twelve Months ended March 31, 2018 was 26% as compared to 28% for the Trailing Twelve Months ended March 31, 2017
“Q1 2018 was BioSyent’s 31 st consecutive profitable quarter,” remarked René Goehrum, President and CEO of BioSyent. “Overall, we had a solid start to the year in our Canadian and International pharmaceutical businesses and maintained a healthy net profit margin of 26%. While we are pleased with the sales growth in our International pharmaceutical business, we have come to expect some quarterly variability in this business. We are also pleased that subsequent to Q1 2018, four additional Canadian hospital sites have recently adopted and ordered our Cysview ® product for blue-light cystoscopy.”
The CEO’s presentation on the Q1 2018 Results is available at the following link: www.biosyent.com/q1-18/ .
The Company’s Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion and Analysis for the three months ended March 31, 2018 and 2017 will be posted on www.sedar.com on May 30, 2018.
The Interim Unaudited Condensed Consolidated Financial Statements are available at http://resource.globenewswire.com/Resource/Download/db6ef13a-24ab-43d0-b2b1-7f6f2654a99e .
The Management's Discussion and Analysis is available at http://resource.globenewswire.com/Resource/Download/877fee71-5dc2-4511-8677-59b824d29d8c .
The Company is also pleased to announce the election of Mr. Joseph Arcuri, CPA, CA, to its Board of Directors on May 29, 2018. Mr. Arcuri was elected to the Board by shareholders at the Company’s recent Annual General Meeting to fill a vacancy left by Mr. Paul Montador who retired and did not seek re-election to the Board of Directors. Mr. Arcuri was appointed to the Audit Committee of BioSyent’s Board of Directors where he will serve as its Chair.
Mr. Arcuri is an accomplished senior executive with extensive financial expertise. Mr. Arcuri presently serves as Executive Vice President, Operations and Finance, Content Group, at St. Joseph Communications, a marketing communications firm. Mr. Arcuri previously served as Chief Operating and Chief Financial Officer at TableRock Media Ltd., a streaming service company. In 2012, Mr. Arcuri was Chief Financial Officer of GlassBOX Television Inc., a television service provider. Between 2007 and 2011, Mr. Arcuri was President of AOL Canada Inc., an internet service provider and previously led Bell Canada’s managed services group. Mr. Arcuri started his professional career with PricewaterhouseCoopers within its assurance group and later transferred to its valuation, and mergers and acquisitions service team.
“On behalf of the Board of Directors, I want to express our gratitude to Mr. Paul Montador for his service on the Board since 2011 and his contribution to the success of BioSyent,” commented René Goehrum. “I am pleased to welcome Mr. Joseph Arcuri to our Board of Directors. He brings extensive experience and financial knowledge which will serve the Company well in Mr. Arcuri’s role as Audit Committee Chair.”
The Company also wishes to announce that its Board of Directors has passed a resolution to grant a total of 3,120 stock options to a director of BioSyent. The option grant is made under the Company’s Incentive Stock Option Plan (“the Plan”) approved by shareholders on May 29, 2018. Each option entitles the optionee to purchase one common share of the Company at an exercise price of $9.94. These options are excerciseable for a period of ten years from the date of grant.
For a direct market Quote: for the TSX Venture Exchange and other Company financial information please visit www.tmxmoney.com .
About BioSyent Inc.
Listed on the TSX Venture Exchange under the trading symbol “RX”, BioSyent is a profitable growth-oriented specialty pharmaceutical company focused on in-licensing or acquiring innovative pharmaceutical and other healthcare products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients. BioSyent supports the healthcare professionals that treat these patients by marketing its products through its community, hospital and international business units.
As of the date of this press release, the Company has 14,509,095 common shares issued and outstanding.
BioSyent Inc. Interim Unaudited Condensed Consolidated Statements of Comprehensive Income In Canadian Dollars Q1 2018 Q1 2017 % Change Net Revenues 4,447,147 3,821,262 16 % Cost Of Goods Sold 1,030,894 789,030 31 % Gross Profit 3,416,253 3,032,232 13 % Operating Expenses and Finance Income 1,922,554 1,849,805 4 % Net Income Before Tax 1,493,699 1,182,427 26 % Tax (including Deferred Tax) 350,569 280,871 25 % Net Income After Tax 1,143,130 901,556 27 % Net Income After Tax % to Net Revenues 26 % 24 % EBITDA 1,477,767 1,191,324 24 % EBITDA % to Net Revenues 33 % 31 % EBITDA – is a Non-IFRS Financial Measure. The term EBITDA does not have any standardized meaning under International Financial Reporting Standards (IFRS) and therefore may not be comparable to similar measures presented by other companies. The Company defines EBITDA as earnings before interest income or expense, income taxes, depreciation and amortization.
BioSyent Inc. Interim Unaudited Condensed Consolidated Statements of Financial Position AS AT March 31, 2018 December 31, 2017 % Change ASSETS Trade and other receivables $ 2,200,887 $ 2,236,695 -2 % Inventory 1,193,960 908,825 31 % Prepaid expenses and deposits 469,916 147,326 219 % Income tax recoverable - 71,924 -100 % Cash, cash equivalents and short-term investments 19,639,606 19,338,435 2 % Current Assets 23,504,369 22,703,205 4 % Equipment 288,382 290,926 -1 % Intangible assets 1,686,323 1,670,210 1 % Loans receivable 394,825 393,860 1 % Deferred tax asset 53,464 46,647 15 % TOTAL NON CURRENT ASSETS 2,422,994 2,401,643 1 % TOTAL ASSETS $ 25,927,363 $ 25,104,848 3 % LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities $ 2,206,345 $ 2,615,594 -16 % Deferred tax liability 284,765 276,327 3 % Long term debt - - 0 % Total Equity 23,436,253 22,212,927 6 % TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 25,927,363 $ 25,104,848 3 % For further information please contact:
Mr. René C. Goehrum
President and CEO
BioSyent Inc.
Tel: (905) 206-0013
E-Mail: [email protected]
Web: www.biosyent.com
This press release may contain information or statements that are forward-looking. The contents herein represent our judgment, as at the release date, and are subject to risks and uncertainties that may cause actual results or outcomes to be materially different from the forward-looking information or statements. Potential risks may include, but are not limited to, those associated with clinical trials, product development, future revenue, operations, profitability and obtaining regulatory approvals.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Source:BioSyent Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-biosyent-releases-results-for-q1-2018.html |
* Trump says U.S. team in N.Korea to prepare for proposed summit * Specs cut net long position in COMEX gold to 10-month low (Adds details, updates prices) By Swati Verma BENGALURU, May 28 (Reuters) - Gold prices fell for a second straight session on Monday as political tensions eased after revived hopes of a U.S.-North Korea summit. Spot gold declined 0.4 percent to $1,296.20 per ounce at 0700 GMT, while U.S. gold futures for June delivery fell 0.6 percent to $1,295.60 per ounce. "It looks like there is some chance of a meeting between the U.S. and North Korea leaders, that would lower the geopolitical risks and lessen the appeal of gold," said John Sharma, an economist with National Australia Bank, adding that a strong dollar was also pressuring prices. The dollar index , which measures the greenback against a basket of six major currencies, stood at 93.961, not far from 94.298 hit on Friday, its highest since Nov. 14. Trump on Thursday called off a planned summit with North Un, which lifted gold above $1,300 an ounce level. The yellow metal gained about 0.7 percent last week, in its biggest weekly gain since the week ended April 13. However, Trump on Sunday said that a U.S. team had arrived in North Korea to prepare for the summit between him and Kim Jong Un. "Risk sentiment has opened in a much friendly place this morning as a relief rally has ensued with the Trump-Kim summit back on, while the EU is in the midst of a relief rally after Paolo Savona was not endorsed for finance minister in Italy," said Stephen Innes, APAC trading head at OANDA. Efforts to form a coalition government in Italy collapsed on Sunday after its president rejected a eurosceptic pick for the key economy ministry, triggering a possible constitutional crisis and opening the prospect of fresh elections. Meanwhile, holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.42 percent to 848.50 tonnes on Friday. Speculators trimmed their net long position in COMEX gold by 3,800 contracts to 27,527 contracts in the week to May 22, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. This was the smallest position since July 2017. Silver speculators cut net short position by 15,620 contracts to 432 contracts, according to the data. This was the smallest position since February 2014. Spot silver was down 0.1 percent at $16.47 per ounce. Platinum gained 0.8 percent to $903.70 per ounce, while palladium was up 0.2 percent at $981.50. Trading volumes are expected to be low as the New York and London markets are closed on Monday for public holidays. (Reporting by Swati Verma in Bengaluru Editing by Joseph Radford and Subhranshu Sahu)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-precious/precious-gold-dips-on-revived-hopes-of-u-s-n-korea-summit-idUSL3N1SZ1RN |
Sales increased 12 percent over prior year’s second quarter to $554 million Operating profit increased 22 percent over prior year’s second quarter to $127 million and is inclusive of $4 million of incremental intangible asset amortization expense over prior year related to acquisitions Second quarter EBITDA increased 28 percent over prior year’s second quarter to $157 million GAAP diluted EPS increased 40 percent over prior year’s second quarter to $1.55; adjusted diluted EPS of $1.56 increased 16 percent over prior year’s second quarter Third quarter 2018 guidance: sales expected to be in the range of up 1 percent to down 3 percent over prior year; GAAP diluted EPS in the range of $1.47 to $1.63; EBITDA in the range of $155 to $168 million
WESTLAKE, Ohio--(BUSINESS WIRE)-- Nordson Corporation (Nasdaq: NDSN) today reported results for the second quarter of fiscal year 2018. For the quarter ended April 30, 2018, sales were $554 million, a 12 percent increase over the prior year’s second quarter. This change in sales included a decrease of approximately 1 percent in organic volume, growth related to the first year effect of acquisitions of approximately 7 percent, and an increase related to the favorable effects of currency translation as compared to the prior year’s second quarter of 5 percent. Reported operating profit was $127 million, net income was $91 million, and GAAP diluted earnings were $1.55 per share. Prior year second quarter sales, operating profit, net income and GAAP diluted earnings per share were $496 million, $104 million, $65 million and $1.11, respectively. A reconciliation of GAAP diluted earnings per share to adjusted diluted earnings per share and calculations for EBITDA, adjusted EBITDA, free cash flow before dividends, and adjusted free cash flow before dividends are included in the attached financial exhibits.
“These results highlight the strategic fit of our recent acquisitions, along with the resilient performance of our base business, particularly against very challenging prior year comparisons where total company organic sales growth was 9 percent in the second quarter,” said Michael F. Hilton, Nordson President and Chief Executive Officer. “Our global team helped to deliver record second quarter sales, operating profit, diluted earnings per share, and EBITDA. Adjusted EBITDA margin improved about 100 basis points, as compared to the prior year’s second quarter adjusted EBITDA margin, to 29 percent of sales,” Hilton added.
The current quarter’s results include incremental intangible asset amortization expense of $4 million over the prior year second quarter, or $0.05 per diluted share, and charges of approximately $2 million, or $0.03 per diluted share, for short-term purchase accounting related to the step-up in value of acquired inventory and $1 million, or $0.01 per diluted share, of non-recurring restructuring charges. Additionally, a discrete tax benefit of approximately $2 million, or $0.04 per diluted share, was recognized in the quarter for excess tax benefits related to share-based payment transactions which are credited to income tax expense.
Second Quarter Segment Results
Adhesive Dispensing Systems sales increased 5 percent compared to the prior year’s second quarter, inclusive of a decrease of 2 percent in organic volume and a 7 percent increase related to the favorable effects of currency translation as compared to the prior year. Reported operating margin in the segment was 29 percent, or 30 percent on an adjusted basis to exclude non-recurring restructuring charges of $1 million related to a previously announced U.S. facility consolidation.
Advanced Technology Systems sales increased 19 percent compared to the prior year’s second quarter, including a 1 percent decrease in organic volume, a 17 percent increase related to the first year effect of acquisitions, and a 3 percent increase related to the favorable effects of currency translation as compared to the prior year. The second quarter’s acquisitive growth includes a partial month of the fiscal 2017 acquisition of InterSelect GmbH, two months of the fiscal 2017 acquisition of Vention Medical, and the fiscal 2018 acquisition of Sonoscan. Reported operating margin in the segment was 23 percent in the quarter, or 26 percent on an adjusted basis to exclude $4 million of incremental intangible asset amortization expense and $2 million of short-term purchase accounting charges related to the step-up in value of acquired inventory from the Sonoscan acquisition.
Industrial Coating Systems sales increased approximately 9 percent compared to the prior year’s second quarter, including approximately 4 percent organic growth and approximately 4 percent increase due to the favorable effects of currency translation as compared to the prior year. Reported operating margin in the segment was 18 percent.
Detailed results by operating segment and geography are included in the attached financial exhibits.
“Sales growth for the quarter is reflective of a very strong prior year. I am pleased with our team’s operating performance, where each segment delivered strong operating margins, driving record total company second quarter operating profit,” said Hilton.
Backlog
Backlog for the quarter ended April 30, 2018 was approximately $460 million, an increase of 11 percent compared to the same period a year ago, inclusive of 10 percent organic growth and 1 percent growth due to acquisitions. Backlog amounts are calculated at April 30, 2018 exchange rates and include acquisitions that closed prior to the end of the second quarter of fiscal 2018.
Outlook
For the third quarter of fiscal 2018, sales are expected to be in the range of up 1 percent to down 3 percent compared to the third quarter a year ago. This outlook includes a range for organic volume to be down 2 to 6 percent, 1 percent growth from the first year effect of acquisitions, and a positive currency effect of 2 percent based on the current exchange rate environment as compared to the prior year. At the midpoint of this outlook, operating margin is expected to be approximately 23 percent. GAAP diluted earnings per share are expected to be in the range of $1.47 to $1.63, with an estimated effective tax rate of approximately 25 percent. At the midpoint of the guidance, EBITDA and EBITDA margin are expected to be $161 million and 28 percent, respectively.
“As with our recently completed quarter, we are up against very challenging comparisons to an exceptionally strong prior year third quarter, where total company organic sales growth was 11 percent,” said Hilton. “Our global team remains committed to delivering the best technology solutions while employing continuous improvement initiatives to drive bottom line results, and we expect to generate total company organic sales growth in the low single-digits on a full year basis for fiscal 2018.”
Nordson management will provide additional commentary on these results and outlook during a conference call Tuesday, May 22, 2018 at 8:30 a.m. eastern time which can be accessed at www.nordson.com/investors . For persons unable to listen to the live broadcast, a replay will be available for 14 days after the event. Information about Nordson’s investor relations and shareholder services is available from Lara Mahoney, Vice President, Investor Relations & Corporate Communications at (440) 414-5639 or [email protected] .
Except for historical information and comparisons contained herein, statements included in this release may constitute “forward-looking statements,” as defined by the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors, as discussed in the company’s filing with the Securities and Exchange Commission .
Nordson Corporation engineers, manufactures and markets differentiated products and systems used for the precision dispensing of adhesives , coatings , sealants, biomaterials, polymers, plastics and other materials, fluid management , test and inspection , UV curing and plasma surface treatment , all supported by application expertise and direct global sales and service. Nordson serves a wide variety of consumer non-durable, durable and technology end markets including packaging, nonwovens, electronics, medical, appliances, energy, transportation, construction, and general product assembly and finishing. Founded in 1954 and headquartered in Westlake, Ohio, the company has operations and support offices in more than 35 countries. Visit Nordson on the web at http://www.nordson.com , @Nordson_Corp , or www.facebook.com/nordson .
NORDSON CORPORATION
FINANCIAL HIGHLIGHTS
(Dollars in thousands except for per-share amounts)
SECOND QUARTER PERIOD
Period Ending April 30, 2018
(Unaudited)
CONSOLIDATED STATEMENT OF INCOME
Second Quarter Year-to-Date 2018 2017 2018 2017 Net sales $ 553,706 $ 496,137 $ 1,104,130 $ 903,607 Cost of sales 246,878 220,625 496,299 402,957 Selling & administrative expenses 180,123 171,981 363,403 321,201 Operating profit 126,705 103,531 244,428 179,449 Interest expense - net (11,908 ) (7,635 ) (22,936 ) (13,003 ) Other income (expense) - net 3,322 (1,323 ) 145 (1,480 ) Income before income taxes 118,119 94,573 221,637 164,966 Income taxes 26,884 30,050 25,847 50,455 Net Income $ 91,235 $ 64,523 $ 195,790 $ 114,511 Return on sales 16 % 13 % 18 % 13 % Return on average shareholders' equity 27 % 28 % 31 % 25 % Average common shares outstanding (000's) 57,989 57,545 57,870 57,445 Average common shares and common share equivalents (000's)
58,945 58,232 58,908 58,126 Per share: Basic earnings $ 1.57 $ 1.12 $ 3.38 $ 1.99 Diluted earnings $ 1.55 $ 1.11 $ 3.32 $ 1.97 Dividends paid $ .30 $ .27 $ .60 $ .54 Total dividends $ 17,376 $ 15,524 $ 34,697 $ 30,999
CONSOLIDATED BALANCE SHEET
April 30 October 31 2018 2017 Cash and marketable securities $ 155,946 $ 90,383 Receivables 512,389 505,087 Inventories 284,363 264,266 Other current assets 31,323 28,636 Total current assets 984,021 888,372 Property, plant & equipment - net 359,489 346,411 Other assets 2,195,706 2,179,756 $ 3,539,216 $ 3,414,539 Notes payable and debt due within one year $ 226,587 $ 326,587 Accounts payable and accrued liabilities 308,074 321,159 Total current liabilities 534,661 647,746 Long-term debt 1,312,459 1,256,397 Other liabilities 329,186 354,903 Total shareholders' equity 1,362,910 1,155,493 $ 3,539,216 $ 3,414,539
Other information: Employees 7,548 Common shares outstanding (000's) 58,092
NORDSON CORPORATION
FINANCIAL HIGHLIGHTS
(Dollars in thousands)
SECOND QUARTER PERIOD Period Ending April 30, 2018 (Unaudited) Second Quarter % Growth over 2017 Year-to-Date % Growth over 2017 SALES BY BUSINESS SEGMENT
2018 2017 Volume Currency Total 2018 2017 Volume Currency Total Adhesive dispensing systems $ 238,775 $ 226,943 -1.7 % 6.9 % 5.2 % $ 459,639 $ 434,780 -0.6 % 6.3 % 5.7 % Advanced technology systems 250,839 210,142 16.2 % 3.2 % 19.4 % 522,540 355,502 43.7 % 3.3 % 47.0 % Industrial coating systems 64,092 59,052 4.3 % 4.2 % 8.5 % 121,951 113,325 3.8 % 3.8 % 7.6 % Total sales by business segment $ 553,706 $ 496,137 6.6 % 5.0 % 11.6 % $ 1,104,130 $ 903,607 17.4 % 4.8 % 22.2 % Second Quarter Year-to-Date OPERATING PROFIT BY BUSINESS SEGMENT
2018 2017 2018 2017 Adhesive dispensing systems $ 69,514 $ 65,719 $ 122,829 $ 118,775 Advanced technology systems 58,306 54,306 125,574 80,669 Industrial coating systems 11,572 10,252 21,732 17,337 Corporate (12,687 ) (26,746 ) (25,707 ) (37,332 ) Total operating profit by business segment $ 126,705 $ 103,531 $ 244,428 $ 179,449 Second Quarter % Growth over 2017 Year-to-Date % Growth over 2017 SALES BY GEOGRAPHIC REGION
2018 2017 Volume Currency Total 2018 2017 Volume Currency Total United States $ 178,821 $ 156,095 14.6 % - 14.6 % $ 344,652 $ 281,616 22.4 % - 22.4 % Americas 38,959 36,326 6.5 % 0.8 % 7.3 % 73,238 66,368 8.7 % 1.7 % 10.4 % Europe 154,736 128,468 7.0 % 13.4 % 20.4 % 296,674 247,627 7.4 % 12.4 % 19.8 % Japan 33,030 30,855 2.3 % 4.7 % 7.0 % 98,899 55,032 76.5 % 3.2 % 79.7 % Asia Pacific 148,160 144,393 -1.3 % 3.9 % 2.6 % 290,667 252,964 10.9 % 4.0 % 14.9 % Total Sales by Geographic Region $ 553,706 $ 496,137 6.6 % 5.0 % 11.6 % $ 1,104,130 $ 903,607 17.4 % 4.8 % 22.2 % Second Quarter Year-to-Date FREE CASH FLOW BEFORE DIVIDENDS
2018 2017 2018 2017 Net income $ 91,235 $ 64,523 $ 195,790 $ 114,511 Depreciation and amortization 27,431 20,915 53,716 39,412 Other non-cash charges 4,690 5,926 (33,203 ) 11,633 Changes in operating assets and liabilities (20,323 ) (28,243 ) (3,992 ) (21,284 ) Net cash provided by operating activities 103,033 63,121 212,311 144,272 Additions to property, plant and equipment (16,368 ) (16,950 ) (33,049 ) (27,029 ) Proceeds from the sale of property, plant and equipment 167 98 235 3,598 Free cash flow before dividends $ 86,832 $ 46,269 $ 179,497 $ 120,841 Adjustments: Acquisition costs and adjustments, net of tax (1)
1,832 10,986 2,620 11,093 Free cash flow before dividends, adjusted $ 88,664 $ 57,255 $ 182,117 $ 131,934 (1) Represents costs and adjustments associated with our 2018 and 2017 acquisitions, including accounting adjustments to inventory that were charged to cost of sales when the inventory was sold; and transaction-related costs comprising of acquisition fees, legal, financial and tax due diligence expenses, and valuation costs that are required to be expensed as incurred.
NORDSON CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands except for per-share amounts)
SECOND QUARTER PERIOD
Period Ending April 30, 2018
(Unaudited)
EBITDA Second Quarter Year-to-Date 2018 2017 2018 2017 Net income $ 91,235 $ 64,523 $ 195,790 $ 114,511 Adjustments: Depreciation and amortization expense 27,431 20,915 53,716 39,412 Interest expense, net 11,908 7,635 22,936 13,003 Income taxes 26,884 30,050 25,847 50,455 EBITDA $ 157,458 $ 123,123 $ 298,289 $ 217,381 Adjustments: Acquisition costs and adjustments (1)
2,431 15,480 3,484 15,646 EBITDA As Adjusted $ 159,889 $ 138,603 $ 301,773 $ 233,027 EBITDA per diluted share $ 2.67 $ 2.11 $ 5.06 $ 3.74 EBITDA As Adjusted per diluted share $ 2.71 $ 2.38 $ 5.12 $ 4.01 (1) Represents costs and adjustments associated with our 2018 and 2017 acquisitions, including accounting adjustments to inventory that were charged to cost of sales when the inventory was sold; and transaction-related costs comprising of acquisition fees, legal, financial and tax due diligence expenses, and valuation costs that are required to be expensed as incurred.
EBITDA and EBITDA per diluted share are non-GAAP financial measures used by management to evaluate the Company's ongoing operations. EBITDA is defined as earnings before interest, taxes, depreciation and amortization and EBITDA As Adjusted is defined as EBITDA plus certain acquisition costs and adjustments. EBITDA per diluted share is defined as EBITDA divided by the Company's diluted weighted average shares outstanding. EBITDA As Adjusted per diluted share is defined as EBITDA As Adjusted divided by the Company's diluted weighted average shares outstanding.
Second Quarter Year-to-Date 2018 2017 2018 2017 Diluted EPS as reported (U.S. GAAP) $ 1.55 $ 1.11 $ 3.32 $ 1.97 Short-term inventory purchase accounting adjustments 0.03 0.03 0.04 0.03 Acquisition costs - 0.16 - 0.16 Severance and restructuring 0.01 0.01 0.03 0.01 U.S. Tax Reform discrete item - - (0.37 ) - Other discrete tax items (0.04 ) 0.04 (0.12 ) 0.04 Diluted EPS as adjusted (Non-GAAP) $ 1.56 $ 1.35 $ 2.90 $ 2.21 Adjusted EPS is not a measurement of financial performance under GAAP, and should not be considered as an alternative to EPS determined in accordance with GAAP. Management believes that EPS as adjusted to exclude the items in the table above assist in understanding the results of Nordson Corporation. Our calculations of non-GAAP measures may not be comparable to the calculations of similarly titled measures reported by other companies. Amounts may not add due to rounding.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521006015/en/
Nordson Corporation
Lara Mahoney, 440-414-5639
Vice President,
Investor Relations & Corporate Communications
[email protected]
Source: Nordson Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-nordson-corporation-reports-record-second-quarter-sales-operating-profit-diluted-earnings-per-share-and-ebitda.html |
MIAMI, May 3, 2018 /PRNewswire/ -- Humantelligence , the leading AI-driven recruiting and culture analytics company, today announced the appointment of two new board members, Datalaab CEO Rahul Sachdev and Auxis CEO Raul Vega. The new board members have a track record of technology innovation and successful business transformation that will help Humantelligence continue to build market leadership within HR technology for culture analytics and recruiting.
Rahul Sachdev brings 20+ years of executive experience in technology with strong product and marketing experience in enterprise software and consumer internet industries. Rahul is co-founder & CEO of Datalaab, a Silicon Valley based intelligent B2B marketing platform company. Previously he was President & CEO of Get Satisfaction (Sprinklr) and held leadership positions at LinkedIn, Siebel Systems, Intelliden (IBM) and Accenture. Rahul holds an MBA from the University of Chicago, and a BS in Electrical & Electronic Engineering from Loughborough University.
With 20+ years of experience as an executive consultant for Fortune 1000 organizations, Raul Vega brings expertise with executive teams developing strategies and operating platforms for growth and profitability. Raul is the co-founder and CEO of Auxis, a professional services firm that has been recognized as one of the Top 100 Outsourcing Providers in the world. Prior to Auxis, Vega started his career with Price Waterhouse and PepsiCo International, leading a highly successful, multi-year Latin America business transformation program. Raul graduated from the University of Florida with a BS and MS degree in Accounting.
"We are delighted to have such inspirational leaders who disrupt the status quo, join our board. They will make a significant impact in achieving our vision of delivering at scale the most advanced talent analytics platform to impact corporate culture, turnover, and engagement," said Juan Luis Betancourt, CEO of Humantelligence.
"I am honored to serve on the Board," said Rahul Sachdev. "Humantelligence is transforming the HR software industry through AI and data analytics to help companies hire for best cultural fit. I'm excited to help Humantelligence drive significant change in the HR space and to contribute to the company's growth strategy."
"Culture is a critical component for organizations to get right if they are going to achieve and maintain peak performance. Their technology provides a significant opportunity to impact overall corporate performance by enabling companies with a science-based approach to select, engage and retain talent," said Raul Vega.
About Humantelligence
Humantelligence is the leading cloud-based recruiting and culture analytics solution that leverages break-through artificial intelligence and talent analytics to measure team culture and to help companies recruit for culture fit and predictive success. With Humantelligence companies can streamline the recruiting process, significantly improve employee engagement, and reduce turnover. Humantelligence is headquartered in Miami, FL, with offices around the world and tens of thousands of users. To learn more about Humantelligence visit www.humantelligence.com , follow us on Facebook , Twitter and LinkedIn .
View original content with multimedia: http://www.prnewswire.com/news-releases/humantelligence-adds-two-new-board-members-300641904.html
SOURCE Humantelligence | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-humantelligence-adds-two-new-board-members.html |
DAKAR (Thomson Reuters Foundation) - Young boys who were forced to beg on the streets for Islamic teachers have turned their suffering into art, as they join more than 1,000 artists showing their work at Africa’s biggest and oldest biennale art exhibition in Senegal this month.
A teenager poses in front of his photograph at the "Look at me" exhibition, Dakar, Senegal, May 11, 2018. Thomson Reuters Foundation/Nellie Peyton Some 50,000 child beggars known as talibe live in religious schools called daaras in the West African nation, according to rights groups, who say some were trafficked from neighboring countries and many are beaten and abused.
“Being in the daara was like being in prison,” read one caption for an image of a sorrowful eye peering through a row of fingers. “My friend’s hands represent the feeling of being locked up.”
All of the photographs in the “Look at me” exhibition - which is part of the Dakar Biennale, known as Dak’Art, founded in the 1990s - were taken by and of street children living in a nearby shelter run by Samusocial, a charity.
Most children who come through the shelter are former talibe, while others escaped forced labor or family disputes, said Samusocial, which provides medical care and shelter while attempting to reunite them with their families.
Photographs by street children displayed at the "Look at me" exhibition, Dakar, Senegal, May 11, 2018. Thomson Reuters Foundation/Nellie Peyton “For me, the color red is like pain,” said another caption, describing a photograph of a boy, known as D.D., wrapped in a colored cloth.
“I put it in the background because it’s in the past.”
In plastic sandals and bright T-shirts, the boys walked down the street together to visit the exhibition. They gazed wide-eyed at the photos printed larger than they are.
Slideshow (2 Images) “I am happy,” said D.D., 16, who worked in a sewing shop for several years where he was regularly beaten. “I didn’t expect to see this,” he said of his photograph.
Samusocial often uses art and music to help the children build confidence and open up, said director of operations Isabelle Diouf.
“These children need beautiful things. It takes them out of the realities of the street a little and makes them want to move forward,” she told the Thomson Reuters Foundation.
Spanish photographer Javier Acebal, who worked with the children on the exhibit, said he hopes it will change viewers’ perceptions of beggars.
“When you’re walking down the street you think you know about these children, but in fact you know nothing,” he said.
“They say they want to be like normal kids. I hope people start to think about that.”
Reporting by Nellie Peyton, Editing by Katy Migiro. Please credit Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, and climate change. Visit www.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-senegal-art-children/senegals-street-children-turn-trauma-into-art-in-africas-biggest-exhibition-idUSKCN1IG222 |
2 Hours Ago | 04:08
A cryptocurrency project backed by billionaire Stanley Druckenmiller and Federal Reserve chair runner-up Kevin Warsh is looking to rid the market of one massive problem: volatility.
Bitcoin has a fixed supply, so, when demand for it rises, bitcoin's price goes up, and the opposite is true when demand drops. The cryptocurrency project, called Basis, aims to keep a stable value around $1 by increasing and shrinking supply, the company's founder told CNBC Friday.
"It does it in a way that's actually analogous to how central banks grow and shrink the money supply to also maintain price stability," Nader Al-Naji, Basis co-founder and CEO told CNBC's Power Lunch . "What we're trying to do is make cryptocurrency useful."
Bitcoin prices fluctuated dramatically in the past 12 months, and have fallen by roughly 50 percent since their high near $20,000 in December, according to CoinDesk. That volatility has made it impossible to do things like pay salaries in bitcoin, said Al-Naji.
"If the price goes down, you're going to miss rent because that one bitcoin isn't worth very much," he said. "If it goes up your employer is also going to be upset because he feels you're being paid too much."
Al-Naji quit his job as an engineer at Google last year to found Basis with fellow Princeton graduates Lawrence Dio and Josh Chen.
Bain Capital Ventures led the $133 million private placement, which was the firm's first purchase of cryptocurrency tokens. Other investors in Basis included Alphabet's GV venture capital arm and Andreessen Horowitz.
Druckenmiller and Warsh have both bashed bitcoin for recent volatility. Adam Jeffery | CNBC Nader Al-Naji, CEO of Basis
Druckenmiller told CNBC in December that bitcoin cannot be a medium of exchange "because you can't do transactions, particularly retail transactions, with this kind of volatility," adding that he didn't own any of the cryptocurrency.
Warsh said in a March Wall Street Journal opinion piece that cryptocurrency "price volatility significantly diminishes its usefulness as a reliable unit of account or an effective means of payment."
"But a new generation of cryptocurrencies is on the horizon, some of which might possess more of the attributes of money, better satisfying bitcoin's founding purpose," Warsh wrote.
In countries like the U.S., where citizens have access to a relatively stable currency, Basis might not have as much of an appeal versus the dollar. Al-Naj saw more potential disruption in emerging markets.
"In developing countries, the most stable currency they have access to is actually devaluing at a rate of 5 percent or more," Al-Naj said. "We're targeting emerging markets, I think that's really going to be the killer." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/crytpto-start-up-looks-to-solve-bitcoins-volatility-problem.html |
DALLAS--(BUSINESS WIRE)-- Matador Resources Company (NYSE: MTDR) ("Matador" or the "Company") today reported financial and operating results for the first quarter of 2018. A short slide presentation summarizing the highlights of Matador's first quarter 2018 earnings release is also included on the Company's website at www.matadorresources.com on the Presentations & Webcasts page under the Investors tab.
First Quarter 2018 Financial and Operational Highlights
Q1 2018 average daily oil equivalent production increased 4% sequentially to a record quarterly high of 45,300 BOE per day (58% oil) as compared to Q4 2017. Average daily oil production increased 7% sequentially to 26,500 barrels per day and average daily natural gas production decreased 1% sequentially to 112.9 million cubic feet of natural gas per day as compared to Q4 2017. Q1 2018 Delaware Basin average daily oil equivalent production increased 7% sequentially to a record quarterly high of 37,200 BOE per day (63% oil) as compared to Q4 2017. Delaware Basin average daily oil production increased 11% to 23,400 barrels per day and Delaware Basin average daily natural gas production remained essentially flat at 82.8 million cubic feet per day as compared to Q4 2017. Q1 2018 net income (GAAP basis) was $59.9 million, or $0.55 per diluted common share. Q1 2018 adjusted net income (a non-GAAP financial measure) was $39.1 million, or $0.36 per diluted common share. Q1 2018 adjusted earnings before interest expense, income taxes, depletion, and certain other items ("Adjusted EBITDA," a non-GAAP financial measure) were $117.3 million. The Leo Thorsness 13-24S-33E AR #211H (Leo Thorsness #211H) well, Matador's first Wolfcamp A-Lower completion in its Antelope Ridge asset area, flowed 2,906 BOE per day (72% oil), consisting of 2,087 barrels of oil per day and 4.9 million cubic feet of natural gas per day, during a 24-hour initial potential test. The Leo Thorsness #211H well had the highest 24-hour initial potential test rate of any well Matador has drilled to date in the Delaware Basin.
Note: All references to net income, adjusted net income and Adjusted EBITDA reported throughout this earnings release are those values attributable to Matador Resources Company shareholders after giving effect to any net income, net loss or Adjusted EBITDA, respectively, attributable to third-party non-controlling interests, including in Matador's midstream affiliate, San Mateo Midstream, LLC ("San Mateo" or the "Joint Venture"). For a definition of adjusted net income, adjusted earnings per diluted common share and Adjusted EBITDA and reconciliations of such non-GAAP financial metrics to their comparable GAAP metrics, please see "Supplemental Non-GAAP Financial Measures" below.
Management Comments
Joseph Wm. Foran, Matador's Chairman and CEO, commented, "The first quarter of 2018 was another strong quarter for Matador marked by steadily improving financial and operational execution and by the 15 th consecutive quarter in which Matador has met or exceeded consensus estimates. We continue to be pleased with the consistently strong well results our asset teams are achieving throughout our acreage position in the Delaware Basin and are especially excited by the initial results from our first three wells in the Antelope Ridge asset area, which confirm our previous expectations that Antelope Ridge would soon become another key operating area for Matador in the northern Delaware Basin.
"Our midstream team, San Mateo, completed the planned expansion of the Black River Processing Plant on time and on budget and entered into a strategic relationship with Plains for oil gathering, both of which should deliver significant value to San Mateo customers, including Matador. With the completion of the Black River Processing Plant expansion, the strategic relationship with Plains and San Mateo's increasing salt water disposal capacity, San Mateo has begun to attract business from producers with operations in Eddy County, New Mexico and Loving County, Texas. Further, our operational, marketing and midstream teams have worked together to ensure takeaway at favorable rates for our oil, natural gas and NGLs throughout our various asset areas. We believe our first quarter results confirm Matador's commitment to delivering consistent results while staying nimble and opportunistic in our ongoing efforts to increase shareholder value."
Sequential and year-over-year quarterly comparisons of selected financial and operating items are shown in the following table:
Three Months Ended March 31, 2018 December 31, 2017 March 31, 2017 Net Production Volumes: (1) Oil (MBbl) (2) 2,382 2,269 1,649 Natural gas (Bcf) (3) 10.2 10.5 7.9 Total oil equivalent (MBOE) (4) 4,075 4,022 2,970 Average Daily Production Volumes: (1) Oil (Bbl/d) 26,465 24,665 18,323 Natural gas (MMcf/d) (5) 112.9 114.3 88.1 Total oil equivalent (BOE/d) (6) 45,273 43,718 32,999 Average Sales Prices: Oil, without realized derivatives (per Bbl) $ 62.20 $ 53.66 $ 50.72 Oil, with realized derivatives (per Bbl) $ 60.40 $ 52.30 $ 49.73 Natural gas, without realized derivatives (per Mcf) $ 3.33 $ 4.12 $ 3.94 Natural gas, with realized derivatives (per Mcf) $ 3.33 $ 4.12 $ 3.86 Revenues (millions): Oil and natural gas revenues $ 182.0 $ 165.1 $ 114.8 Third-party midstream services revenues $ 3.1 $ 3.3 $ 1.6 Realized loss on derivatives $ (4.3 ) $ (3.1 ) $ (2.2 ) Operating Expenses (per BOE): Production taxes, transportation and processing $ 4.37 $ 4.46 $ 3.98 Lease operating $ 5.44 $ 4.68 $ 5.31 Plant and other midstream services operating $ 1.04 $ 1.16 $ 0.79 Depletion, $ 13.59 $ 13.53 $ 11.45 General and administrative (7) $ 4.40 $ 4.06 $ 5.50 Total (8) $ 28.84 $ 27.89 $ 27.03 Net income (millions) (9) $ 59.9 $ 38.3 $ 44.0 Earnings per common share (diluted) (9) $ 0.55 $ 0.35 $ 0.44 Adjusted net income (millions) (9)(10) $ 39.1 $ 27.2 $ 17.4 Adjusted earnings per common share (diluted) (9)(11) $ 0.36 $ 0.25 $ 0.17 Adjusted EBITDA (millions) (9)(12) $ 117.3 $ 108.6 $ 70.0 (1) Production volumes reported in two streams: oil and natural gas, including both dry and liquids-rich natural gas.
(2) One thousand barrels of oil.
(3) One billion cubic feet of natural gas.
(4) One thousand barrels of oil equivalent, estimated using a conversion ratio of one barrel of oil per six thousand cubic feet of natural gas.
(5) Millions of cubic feet of natural gas per day.
(6) Barrels of oil equivalent per day, estimated using a conversion ratio of one barrel of oil per six thousand cubic feet of natural gas.
(7) Includes approximately $1.03, $1.04 and $1.40 per BOE of non-cash, stock-based compensation expense in the first quarter of 2018, the fourth quarter of 2017 and the first quarter of 2017, respectively.
(8) Total does not include the impact of full-cost ceiling impairment charges or immaterial accretion expenses.
(9) Attributable to Matador Resources Company shareholders.
(10) Adjusted net income is a non-GAAP financial measure. For a definition of adjusted net income and a reconciliation of adjusted net income (non-GAAP) to net income (loss) (GAAP), please see "Supplemental Non-GAAP Financial Measures."
(11) Adjusted earnings per diluted common share is a non-GAAP financial measure. For a definition of adjusted earnings per diluted common share and a reconciliation of adjusted earnings (loss) per diluted common share (non-GAAP) to earnings per diluted common share (GAAP), please see "Supplemental Non-GAAP Financial Measures."
(12) Adjusted EBITDA is a non-GAAP financial measure. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA (non-GAAP) to net income (GAAP) and net cash provided by operating activities (GAAP), please see "Supplemental Non-GAAP Financial Measures."
Significant Well Results
The following table highlights the 24-hour initial potential ("IP") test results from certain of Matador's operated wells completed and turned to sales in the Delaware Basin during the first quarter of 2018.
Completion
24-hr IP
Oil Asset Area/Well Name Interval (BOE/d) (%) Comments Antelope Ridge, Lea County, NM Florence State 23-23S-34E AR #202H Wolfcamp A-XY 1,947 81% First operated well drilled in Antelope Ridge Marlan Downey 9-23S-35E AR #111H First Bone Spring 1,491 82% First test of First Bone Spring in Antelope Ridge Leo Thorsness 13-24S-33E AR #211H Wolfcamp A-Lower 2,906 72% Matador’s best 24-hr IP in the Delaware Basin Rustler Breaks, Eddy County, NM Garrett 32-24S-29E RB Com #201H Wolfcamp A-XY 1,454 70% The three Garrett wells were drilled and completed from a single pad in three stacked intervals of the Wolfcamp formation. Garrett 32-24S-29E RB Com #215H Wolfcamp A-Lower 1,480 73% Garrett 32-24S-29E RB Com #221H Wolfcamp B-Blair 2,240 45% Jackson Trust, Loving County, TX Totum 18-TTT-C24 NL #212H Wolfcamp A-Lower 1,775 75% Confirms Wolfcamp A-Lower potential Ranger, Lea County, NM Airstrip 31-18-35 RN State Com #133H Third Bone Spring 1,008 92% On pump; strong Third Bone Spring test Twin Lakes Asset Area, Lea County, New Mexico
Cimarex Energy Co. reported that its State LF 32 5 #2H well, a Wolfcamp D completion, tested 977 BOE per day (84% oil) on pump, consisting of 821 barrels of oil per day and 0.9 million cubic feet of natural gas per day, from a completed lateral length of approximately 6,300 feet. Matador has a 25% working interest in this well. Matador is encouraged by the results of this latest Wolfcamp D test in its exploratory Twin Lakes asset area and looks forward to spudding and operating its upcoming Wolfcamp D test in the western portion of its Twin Lakes acreage during the second quarter of 2018.
Midstream and Marketing Highlights
In late March 2018, San Mateo completed on time and on budget the expansion of its Black River cryogenic natural gas processing plant in Eddy County, New Mexico (the "Black River Processing Plant"), adding an incremental designed inlet capacity of 200 million cubic feet of natural gas per day and bringing the total designed inlet capacity of the Black River Processing Plant to 260 million cubic feet of natural gas per day. The expanded Black River Processing Plant supports Matador's exploration and development activities in the Delaware Basin and, with the expanded capacity, San Mateo can now offer natural gas processing services to other producers as well. In March 2018, San Mateo completed a natural gas liquids ("NGL") pipeline connection at the tailgate of the Black River Processing Plant to the NGL pipeline owned by EPIC Y Grade Pipeline, LP. The NGL connection ensures Matador and other San Mateo customers firm NGL takeaway out of the Delaware Basin. As compared to trucking the NGLs out of the area, this NGL connection should also allow Matador and other San Mateo customers to achieve increased NGL recoveries and improved pricing realizations through lower transportation and fractionation costs, among other benefits. On January 22, 2018, San Mateo and Matador announced a strategic relationship between a subsidiary of San Mateo and a subsidiary of Plains All American Pipeline, L.P. (NYSE: PAA) ("Plains") to gather and transport crude oil for Matador and additional customers in Eddy County, New Mexico. Subsidiaries of San Mateo and Plains have agreed to work together through a joint tariff arrangement and related transactions to offer producers located within a joint development area of approximately 400,000 acres in Eddy County, New Mexico crude oil transportation services from the wellhead to Midland, Texas with access to other end markets. Please see San Mateo's and Matador's January 22, 2018 press releases for additional details regarding this strategic relationship. During the first quarter and early in the second quarter of 2018, Matador entered into agreements with third-party natural gas transmission companies, including most recently with El Paso Natural Gas Company, L.L.C., to secure firm takeaway capacity for all of its anticipated natural gas volumes in both the Wolf and Rustler Breaks asset areas.
Acreage Acquisitions
From January 1 through April 30, 2018, Matador acquired approximately 3,500 net leasehold and mineral acres in and around its existing acreage positions in the Delaware Basin.
Borrowing Base Increase
On March 5, 2018, Matador's lenders completed their review of the Company's oil and natural gas reserves at December 31, 2017, and as a result, the borrowing base under the Company's revolving credit facility was increased to $725 million. Matador elected to keep the lenders' borrowing commitment at $400 million and the maximum facility amount remained at $500 million.
Corporate Credit Upgrade
On March 20, 2018, Moody's Investors Service ("Moody's") upgraded Matador's Corporate Family Rating to B1 from B2 and its senior unsecured notes to B2 from B3. In increasing the Company's credit rating, Moody's noted Matador's (i) growing production and reserves, large and repeatable drilling inventory and growth potential, particularly in the Delaware Basin, (ii) fiscal discipline through commodity price cycles and (iii) management's track record.
Operations Update
Drilling and Completion Activities
During the first quarter of 2018, Matador continued to focus on the exploration, delineation and development of the Company's Delaware Basin acreage position in Loving County, Texas and Lea and Eddy Counties, New Mexico. Matador began 2018 operating six drilling rigs in the Delaware Basin and continued to operate six drilling rigs throughout the first quarter and as of May 2, 2018. Matador currently expects to continue operating six drilling rigs in the Delaware Basin throughout 2018, including three rigs in the Rustler Breaks asset area, one rig in the Wolf and Jackson Trust asset areas, one rig in the Arrowhead, Ranger and Twin Lakes asset areas and one rig in the Antelope Ridge asset area. Depending on commodity prices, costs, opportunities in new asset areas like Antelope Ridge, liquidity and other factors, Matador may consider adding a seventh rig towards the end of the year.
One of the three rigs operating in the Rustler Breaks asset area is also expected to drill at least two salt water disposal wells in the area for San Mateo during 2018. As a result, the Company expects this rig will spend only approximately three-quarters of the year drilling oil and natural gas wells. Matador anticipates that it will begin drilling these two salt water disposal wells during the second quarter of 2018.
Production Results
Average daily oil equivalent production increased 4% sequentially from 43,700 BOE per day (56% oil) in the fourth quarter of 2017 to 45,300 BOE per day (58% oil) in the first quarter of 2018, a record quarterly high for Matador.
Average daily oil production increased 7% sequentially from 24,700 barrels per day in the fourth quarter of 2017 to 26,500 barrels per day in the first quarter of 2018, also a record quarterly high, and well above the Company's expectations that oil production would remain essentially flat between the two quarters. The better-than-expected oil production was attributable, in part, to strong initial well results from all three wells completed and turned to sales in the Antelope Ridge asset area, as well as to the excellent well results achieved from the three-well Garrett pad in the Rustler Breaks asset area. In addition, a key acreage trade and other land-related improvements increased Matador's working interests and, therefore, its share of production in several wells in the Rustler Breaks and Wolf asset areas.
Average daily natural gas production decreased 1% sequentially from 114.3 million cubic feet per day in the fourth quarter of 2017 to 112.9 million cubic feet per day in the first quarter of 2018, better than the Company's expectations for a 3 to 5% decline between the two quarters. The small decline in natural gas production in the first quarter of 2018 was primarily attributable to fewer Wolfcamp B-Blair completions in the Rustler Breaks asset area in the first quarter as compared to previous quarters, as well as to the continued decline in natural gas production from the Haynesville shale.
Realized Commodity Prices
Matador's weighted average realized oil price, excluding derivatives, increased 16% sequentially from $53.66 per barrel in the fourth quarter of 2017 to $62.20 per barrel in the first quarter of 2018. Average oil price differentials improved from ($1.65) per barrel in the fourth quarter of 2017 to ($0.66) per barrel in the first quarter of 2018.
Matador's weighted average realized natural gas price, excluding derivatives, decreased 19% sequentially from $4.12 per thousand cubic feet in the fourth quarter of 2017 to $3.33 per thousand cubic feet in the first quarter of 2018. Matador realized an NGL-related uplift of $0.48 per thousand cubic feet above the average NYMEX Henry Hub natural gas price in the first quarter of 2018, as compared to $1.20 per thousand cubic feet in the fourth quarter of 2017. Matador is a two-stream reporter, and the revenues associated with its NGLs are included in the weighted average realized natural gas price.
Operating Expenses
On a unit-of-production basis, production taxes, transportation and processing expenses decreased 2% sequentially from $4.46 per BOE in the fourth quarter of 2017 to $4.37 per BOE in the first quarter of 2018, despite higher production taxes attributable to the 10% sequential increase in oil and natural gas revenues. General and administrative expenses per BOE increased 8% sequentially from $4.06 per BOE (which was a post-IPO low for general and administrative expenses on a unit-of-production basis) to $4.40 per BOE, on target with the Company's expectations. Lease operating expenses per BOE increased 16% from $4.68 per BOE in the fourth quarter of 2017 to $5.44 per BOE in the first quarter of 2018; however, compared to the first quarter of 2017, lease operating expenses per BOE increased by only 2%. Lease operating expenses are typically higher in the first quarter of each year, and the Company expects lease operating expenses in subsequent quarters to return to the $4.50 to $5.00 per BOE range achieved last year during all but the first quarter. Depletion, expenses per BOE remained essentially flat sequentially at $13.59 per BOE in the first quarter of 2018, as compared to $13.53 per BOE in the fourth quarter of 2017.
Wells Completed and Turned to Sales
During the first quarter of 2018, Matador completed and turned to sales a total of 32 gross (16.2 net) wells in its various operating areas, including 31 gross (15.2 net) horizontal wells and one gross (1.0 net) vertical well deepening. The 31 gross (15.2 net) horizontal wells included 16 gross (13.4 net) operated wells and 15 gross (1.8 net) non-operated wells. Essentially all of the Company's operated and non-operated drilling and completions activity in the first quarter of 2018 was undertaken in the Delaware Basin, as summarized in the table below.
Operated Non-Operated Total Gross Operated Asset/Operating Area Gross Net Gross Net Gross Net Well Completion Intervals Rustler Breaks 9 7.8 7 1.3 16 9.1 4-WC A-XY, 2-WC A-Lower, 2-WC B-Blair, 1-Morrow (vertical)
Arrowhead 1 0.7 - - 1 0.7 1-2BS Ranger 2 1.9 2 0.1 4 2.0 1-2BS, 1-3BS Wolf/Jackson Trust 2 1.0 - - 2 1.0 1-WC A-XY, 1-WC A-Lower Twin Lakes - - 1 0.2 1 0.2 Antelope Ridge 3 3.0 2 0.1 5 3.1 1-WC A-XY, 1-WC A-Lower, 1-1BS Delaware Basin 17 14.4 12 1.7 29 16.1 Seven separate intervals tested in Q1 2018 Eagle Ford Shale - - - - - - No Eagle Ford activity in Q1 2018 Haynesville Shale - - 3 0.1 3 0.1 Total 17 14.4 15 1.8 32 16.2 Note: WC = Wolfcamp; BS = Bone Spring. For example, 1-2BS indicates one Second Bone Spring completion and 4-WC A-XY indicates four Wolfcamp A-XY completions in the first quarter of 2018.
Delaware Basin Acreage Acquisitions
From January 1 through April 30, 2018, Matador acquired approximately 3,500 net leasehold and mineral acres, mostly in and around its existing acreage in the Delaware Basin. Matador has incurred capital expenditures of approximately $30 million since January 1, 2018 to acquire these leasehold and mineral interests.
Matador continues to improve and block up its acreage position in its various asset areas throughout the Delaware Basin. As a result of these efforts, during the first quarter of 2018, Matador closed a key acreage trade and concluded other land-related improvements to its operating position that resulted in significant increases to both the working and net revenue interests in a number of recently drilled wells in both its Rustler Breaks and Wolf asset areas, including almost doubling its interests (to approximately a 97% working interest) in the three recently drilled and better-than-expected Garrett wells in the Rustler Breaks asset area. Matador believes that these improvements to the Company's working and net revenue interests not only enhance Matador's operating position in the existing producing units, but should also lead to multiple, high-value locations for future drilling in and around these recently drilled wells. Matador incurred approximately $14.5 million in additional drilling and completion expenditures in the first quarter of 2018 directly attributable to the increased working interests resulting from these land-related efforts.
Capital Expenditures
During the first quarter of 2018, Matador's capital expenditures for drilling, completing and equipping operated and non-operated wells totaled approximately $170.5 million, of which $14.5 million was directly attributable to the increased working interests in several recently drilled wells as a result of the acreage trade and other land-related efforts noted above under "Delaware Basin Acreage Acquisitions." The remaining $156.0 million in capital expenditures for drilling, completing and equipping wells compared to Matador's estimates of approximately $130.0 million for the first quarter of 2018.
Other than the capital expenditures attributable to the positive land efforts previously noted, the majority of the capital expenditures above Matador's first quarter estimates was attributable to the timing of operations, including the following:
(1) One more operated well was completed and turned to sales than originally estimated in the first quarter of 2018, and completion operations for three operated wells that were scheduled to be concluded in the second quarter of 2018 were substantially completed by the end of the first quarter as a result of completion operations proceeding ahead of schedule. Although some of these costs were already included in the Company's first quarter 2018 estimates, incremental costs associated with these operations in the first quarter were approximately $8.0 million;
(2) Operations on the two additional salt water disposal wells scheduled to be drilled for San Mateo in the Rustler Breaks asset area in 2018, and accounted for in the Company's estimated 2018 midstream capital expenditures, were deferred and did not begin during the first quarter of 2018 as originally planned, and, as a result, the rig Matador expected to drill the salt water disposal wells continued drilling oil and natural gas wells. Incremental costs associated with these additional drilling operations in the first quarter were approximately $3.5 million; and
(3) An additional five gross (0.7 net) non-operated wells were completed and turned to sales in the first quarter of 2018 as compared to the Company's expectations as a result of operations on those wells being concluded faster than the Company had projected. Incremental costs associated with this additional non-operated activity in the first quarter were approximately $4.5 million.
The remaining $10.0 million in capital expenditures associated with drilling, completing and equipping wells in the first quarter of 2018 was primarily attributable to additional start-up costs associated with Matador's first three wells drilled in the Antelope Ridge asset area and longer-than-anticipated post-stimulation flowback operations on those three Antelope Ridge wells and for several newly completed wells in Matador's other asset areas during the first quarter of 2018. The Company anticipates future well costs in the Antelope Ridge area will improve as it continues to drill and complete additional wells in this asset area. The Company also expects that the extended post-stimulation flowback operations necessary on several wells in the first quarter will not be required for newly completed wells in subsequent quarters.
During the first quarter of 2018, Matador's capital expenditures for midstream activities totaled approximately $23.3 million, representing 51% of San Mateo's capital expenditures of $45.7 million. Midstream capital expenditures of $23.3 million compared to Matador's estimate of $28.0 million for the first quarter of 2018.
At March 31, 2018, the Company had approximately $52.8 million in cash and restricted cash, no borrowings outstanding under its credit facility and approximately $2.1 million in outstanding letters of credit. Matador's net debt to Adjusted EBITDA ratio was approximately 1.4x at March 31, 2018 and was unchanged from December 31, 2017.
Hedging Positions
As of May 2, 2018, Matador had approximately 55% of its anticipated oil production and approximately 40% of its anticipated natural gas production hedged for the remainder of 2018 based on the midpoint of its 2018 production guidance. In addition, Matador had various Midland-Cushing oil basis swaps in place for approximately 3.5 million barrels of oil, or approximately 55% of its anticipated Delaware Basin oil production, for the remainder of 2018.
The following is a summary of the Company's open derivative financial instruments for the remainder of 2018 as of May 2, 2018.
Weighted Average
Price Floor
($/Bbl or $/MMBtu)
Weighted Average
Price Ceiling
($/Bbl or $/MMBtu)
Volume Hedged
(Bbl or MMBtu)
2-Way Costless Collars Oil (WTI) $ 44.27 $ 60.29 1,920,000 Oil (LLS) $ 45.00 $ 63.05 480,000 Natural Gas $ 2.58 $ 3.67 11,200,000 Weighted Average
Price Floor
($/Bbl)
Weighted Average
Price (Short Call)
($/Bbl)
Weighted Average
Price (Long Call)
($/Bbl)
Volume Hedged
(Bbl)
3-Way Costless Collars Oil (WTI) $ 50.08 $ 63.50 $ 66.68 1,280,000 Weighted Average Price
($/Bbl)
Volume Hedged
(Bbl)
Oil Basis Swaps Midland-Cushing Oil Basis Differential ($1.02 ) 3,480,000 The following is a summary of the Company's open derivative financial instruments for 2019 as of May 2, 2018.
Weighted Average
Price Floor
($/Bbl)
Weighted Average
Price Ceiling
($/Bbl)
Volume Hedged
(Bbl)
2-Way Costless Collars Oil (WTI) $ 50.00 $ 64.75 2,400,000 Second Quarter 2018 Production Estimates
Matador estimates that both its average daily oil production and its average daily natural gas production will increase approximately 3 to 4% in the second quarter as compared to the first quarter of 2018, with average daily oil production of approximately 27,500 barrels per day and average daily natural gas production of approximately 117.0 million cubic feet per day at the midpoint of the estimated range.
Conference Call Information
The Company will host a live conference call on Thursday, May 3, 2018, at 9:00 a.m. Central Time to review its first quarter 2018 financial and operational results. To access the conference call, domestic participants should dial (855) 875-8781 and international participants should dial (720) 634-2925. The conference ID and passcode is 3484877. The conference call will also be available through the Company's website at www.matadorresources.com on the Presentations & Webcasts page under the Investors tab. The replay for the event will be available on the Company's website at www.matadorresources.com on the Presentations & Webcasts page under the Investors tab through May 31, 2018.
About Matador Resources Company
Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana and East Texas. Additionally, Matador conducts midstream operations, primarily through its midstream joint venture, San Mateo Midstream, LLC, in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and salt water gathering services and salt water disposal services to third parties.
For more information, visit Matador Resources Company at www.matadorresources.com .
Forward-Looking Statements
This press release includes " " 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. "Forward-looking statements" are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, often address expected future business and financial performance, and often contain words such as "could," "believe," "would," "anticipate," "intend," "estimate," "expect," "may," "should," "continue," "plan," "predict," "potential," "project," "hypothetical," "forecasted" and similar expressions that are intended to identify , although not all contain such identifying words. Such include, but are not limited to, statements about guidance, projected or forecasted financial and operating results, results in certain basins, objectives, project timing, expectations and intentions and other statements that are not historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such may not prove to be accurate. These involve certain risks and uncertainties, including, but not limited to, the following risks related to financial and operational performance: general economic conditions; the Company's ability to execute its business plan, including whether its drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; its ability to replace reserves and efficiently develop current reserves; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids; delays and other difficulties related to regulatory and governmental approvals and restrictions; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions; availability of sufficient capital to execute its business plan, including from future cash flows, increases in its borrowing base and otherwise; weather and environmental conditions; the operating results of the Company's midstream joint venture's expansion of the Black River cryogenic processing plant; the timing and operating results of the buildout by the Company's midstream joint venture of oil, natural gas and water gathering and transportation systems and the drilling of any additional salt water disposal wells; and other important factors which could cause actual results to differ materially from those anticipated or implied in the For further discussions of risks and uncertainties, you should refer to Matador's filings with the Securities and Exchange Commission ("SEC"), including the "Risk Factors" section of Matador's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Matador undertakes no obligation to update these to reflect events or circumstances occurring after the date of this press release, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these , which speak only as of the date of this press release. All are qualified in their entirety by this cautionary statement.
Matador Resources Company and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED (In thousands, except par value and share data) March 31,
2018 December 31,
2017 ASSETS Current assets Cash $ 27,030 $ 96,505 Restricted cash 25,753 5,977 Accounts receivable Oil and natural gas revenues 68,655 65,962 Joint interest billings 62,294 67,225 Other 7,002 8,031 Derivative instruments 480 1,190 Lease and well equipment inventory 8,803 5,993 Prepaid expenses and other assets 6,961 6,287 Total current assets 206,978 257,170 Property and equipment, at cost Oil and natural gas properties, full-cost method Evaluated 3,187,112 3,004,770 Unproved and unevaluated 644,460 637,396 Midstream and other property and equipment 327,338 281,096 Less accumulated depletion, (2,097,176 ) (2,041,806 ) Net property and equipment 2,061,734 1,881,456 Other assets 6,993 7,064 Total assets $ 2,275,705 $ 2,145,690 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable $ 31,104 $ 11,757 Accrued liabilities 191,233 174,348 Royalties payable 62,985 61,358 Amounts due to affiliates 3,248 10,302 Derivative instruments 4,891 16,429 Advances from joint interest owners 8,852 2,789 Amounts due to joint ventures 3,373 4,873 Other current liabilities 806 750 Total current liabilities 306,492 282,606 Long-term liabilities Senior unsecured notes payable 574,118 574,073 Asset retirement obligations 25,682 25,080 Derivative instruments 412 — Other long-term liabilities 6,235 6,385 Total long-term liabilities 606,447 605,538 Shareholders’ equity Common stock - $0.01 par value, 160,000,000 shares authorized; 109,346,765 and 108,513,597 shares issued; and 109,261,912 and 108,510,160 shares outstanding, respectively 1,094 1,085 Additional paid-in capital 1,684,188 1,666,024 Accumulated deficit (450,590 ) (510,484 ) Treasury stock, at cost, 84,853 and 3,437 shares, respectively (2,446 ) (69 ) Total Matador Resources Company shareholders’ equity 1,232,246 1,156,556 Non-controlling interest in subsidiaries 130,520 100,990 Total shareholders’ equity 1,362,766 1,257,546 Total liabilities and shareholders’ equity $ 2,275,705 $ 2,145,690 Matador Resources Company and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED (In thousands, except per share data) Three Months Ended
March 31, 2018 2017 Revenues Oil and natural gas revenues $ 181,954 $ 114,847 Third-party midstream services revenues 3,068 1,555 Realized loss on derivatives (4,258 ) (2,219 ) Unrealized gain on derivatives 10,416 20,631 Total revenues 191,180 134,814 Expenses Production taxes, transportation and processing 17,791 11,807 Lease operating 22,148 15,758 Plant and other midstream services operating 4,220 2,341 Depletion, 55,369 33,992 Accretion of asset retirement obligations 364 300 General and administrative 17,926 16,338 Total expenses 117,818 80,536 Operating income 73,362 54,278 Other income (expense) Net gain on asset sales and inventory impairment — 7 Interest expense (8,491 ) (8,455 ) Other income 53 70 Total other expense (8,438 ) (8,378 ) Net income 64,924 45,900 Net income attributable to non-controlling interest in subsidiaries (5,030 ) (1,916 ) Net income attributable to Matador Resources Company shareholders $ 59,894 $ 43,984 Earnings per common share Basic $ 0.55 $ 0.44 Diluted $ 0.55 $ 0.44 Weighted average common shares outstanding Basic 108,913 99,799 Diluted 109,412 100,298 Matador Resources Company and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED (In thousands) Three Months Ended
March 31, 2018 2017 Operating activities Net income $ 64,924 $ 45,900 Adjustments to reconcile net income to net cash provided by operating activities Unrealized gain on derivatives (10,416 ) (20,631 ) Depletion, 55,369 33,992 Accretion of asset retirement obligations 364 300 Stock-based compensation expense 4,179 4,166 Amortization of debt issuance cost 365 44 Net gain on asset sales and inventory impairment — (7 ) Changes in operating assets and liabilities Accounts receivable 3,268 (16,777 ) Lease and well equipment inventory (3,806 ) 147 Prepaid expenses (674 ) (2,251 ) Other assets (249 ) 39 Accounts payable, accrued liabilities and other current liabilities 15,184 8,256 Royalties payable 1,627 6,984 Advances from joint interest owners 6,063 1,255 Other long-term liabilities (49 ) (108 ) Net cash provided by operating activities 136,149 61,309 Investing activities Oil and natural gas properties capital expenditures (183,422 ) (204,457 ) Expenditures for midstream and other property and equipment (37,332 ) (20,867 ) Proceeds from sale of assets — 350 Net cash used in investing activities (220,754 ) (224,974 ) Financing activities Proceeds from stock options exercised 164 1,981 Contributions related to formation of Joint Venture 14,700 171,500 Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries 29,400 4,900 Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries (4,900 ) — Taxes paid related to net share settlement of stock-based compensation (4,458 ) (1,896 ) Purchase of non-controlling interest of less-than-wholly-owned subsidiary — (2,653 ) Net cash provided by financing activities 34,906 173,832 (Decrease) increase in cash and restricted cash (49,699 ) 10,167 Cash and restricted cash at beginning of period 102,482 214,142 Cash and restricted cash at end of period $ 52,783 $ 224,309 Supplemental Non-GAAP Financial Measures
Adjusted EBITDA
This press release includes the non-GAAP financial measure of Adjusted EBITDA. Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Company's consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. "GAAP" means Generally Accepted Accounting Principles in the United States of America. The Company believes Adjusted EBITDA helps it evaluate its operating performance and compare its results of operations from period to period without regard to its financing methods or capital structure. The Company defines Adjusted EBITDA as earnings before interest expense, income taxes, depletion, , accretion of asset retirement obligations, property impairments, unrealized derivative gains and losses, certain other non-cash items and non-cash stock-based compensation expense, and net gain or loss on asset sales and inventory impairment. Adjusted EBITDA is not a measure of net income (loss) or net cash provided by operating activities as determined by GAAP.
Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss) or net cash provided by operating activities as determined in accordance with GAAP or as an indicator of the Company's operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components of understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure. Adjusted EBITDA may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA in the same manner. The following table presents the calculation of Adjusted EBITDA and the reconciliation of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net cash provided by operating activities, respectively, that are of a historical nature.
Three Months Ended (In thousands) March 31, 2018 December 31, 2017 March 31, 2017 Unaudited Adjusted EBITDA Reconciliation to Net Income: Net income attributable to Matador Resources Company shareholders $ 59,894 $ 38,335 $ 43,984 Net income attributable to non-controlling interest in subsidiaries 5,030 4,106 1,916 Net income 64,924 42,441 45,900 Interest expense 8,491 8,336 8,455 Total income tax benefit — (8,157 ) — Depletion, 55,369 54,436 33,992 Accretion of asset retirement obligations 364 353 300 Unrealized (gain) loss on derivatives (10,416 ) 11,734 (20,631 ) Stock-based compensation expense 4,179 4,166 4,166 Net gain on asset sales and inventory impairment — — (7 ) Consolidated Adjusted EBITDA 122,911 113,309 72,175 Adjusted EBITDA attributable to non-controlling interest in subsidiaries (5,657 ) (4,690 ) (2,216 ) Adjusted EBITDA attributable to Matador Resources Company shareholders $ 117,254 $ 108,619 $ 69,959 Three Months Ended (In thousands) March 31, 2018 December 31, 2017 March 31, 2017 Unaudited Adjusted EBITDA Reconciliation to Net Cash Provided by Operating Activities: Net cash provided by operating activities $ 136,149 $ 76,609 $ 61,309 Net change in operating assets and liabilities (21,364) 36,886 2,455 Interest expense, net of non-cash portion 8,126 7,971 8,411 Current income tax benefit — (8,157) — Adjusted EBITDA attributable to non-controlling interest in subsidiaries (5,657) (4,690) (2,216) Adjusted EBITDA attributable to Matador Resources Company shareholders $ 117,254 $ 108,619 $ 69,959 Adjusted Net Income and Adjusted Earnings Per Diluted Common Share
This press release includes the non-GAAP financial measures of adjusted net income and adjusted earnings per diluted common share. These non-GAAP items are measured as net income attributable to Matador Resources Company shareholders, adjusted for dollar and per share impact of certain items, including unrealized gains or losses on derivatives, the impact of full cost-ceiling impairment charges, if any, and non-recurring transaction costs for certain acquisitions or other non-recurring expense items, along with the related tax effect for all periods. This non-GAAP financial information is provided as additional information for investors and is not in accordance with, or an alternative to, GAAP financial measures. Additionally, these non-GAAP financial measures may be different than similar measures used by other companies. The Company believes the presentation of adjusted net income and adjusted earnings per diluted common share provides useful information to investors, as it provides them an additional relevant comparison of the Company's performance across periods and to the performance of the Company's peers. In addition, these non-GAAP financial measures reflect adjustments for items of income and expense that are often excluded by industry analysts and other users of the Company's financial statements in evaluating the Company's performance. The table below reconciles adjusted net income and adjusted earnings per diluted common share to their most directly comparable GAAP measure of net income attributable to Matador Resources Company shareholders.
Three Months Ended March 31, 2018 December 31, 2017 March 31, 2017 (In thousands, except per share data) Unaudited Adjusted Net Income and Adjusted Earnings Per Share Reconciliation to Net Income: Net income attributable to Matador Resources Company shareholders $ 59,894 $ 38,335 $ 43,984 Total income tax benefit — (8,157 ) — Income attributable to Matador Resources Company shareholders before taxes 59,894 30,178 43,984 Less non-recurring and unrealized charges to income before taxes: Unrealized (gain) loss on derivatives (10,416 ) 11,734 (20,631 ) Net gain on asset sales and inventory impairment — — (7 ) Non-recurring transaction costs associated with the formation of San Mateo — — 3,458 Adjusted income attributable to Matador Resources Company shareholders before taxes 49,478 41,912 26,804 Income tax provision (1) 10,390 14,669 9,381 Adjusted net income attributable to Matador Resources Company shareholders (non-GAAP) $ 39,088 $ 27,243 $ 17,423 outstanding, including participating securities - basic 108,913 107,693 99,799 Dilutive effect of options and restricted stock units 499 492 499 Weighted average common shares outstanding - diluted 109,412 108,185 100,298 Adjusted earnings per share attributable to Matador Resources Company shareholders (non-GAAP) Basic $ 0.36 $ 0.25 $ 0.17 Diluted $ 0.36 $ 0.25 $ 0.17 (1) Estimated using federal statutory tax rate in effect for the period.
//www.businesswire.com/news/home/20180502006675/en/
Matador Resources Company
Mac Schmitz, 972-371-5225
Capital Markets Coordinator
[email protected]
Source: Matador Resources Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-matador-resources-company-reports-first-quarter-2018-results-and-provides-operational-update.html |
NEW YORK, May 7 (Reuters) - Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he characterizes as “rat poison squared”, thrive on the hope they’ll find someone else who will pay more for it.
Likening bitcoin demand to tulip mania in 17th century Holland, Buffett, chairman and CEO of Berkshire Hathaway Inc , said the mystique behind the cryptocurrency has produced a surge in its price.
“It does create a rising price, creates more buyers... If you don’t understand it, you get much more excited,” Buffett said on CNBC television. (Reporting By Jennifer Ablan and Jonathan Stempel Editing by Hugh Lawson)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/berkshire-buffett-cnbc/brief-warren-buffett-discusses-bitcoin-wells-fargo-idUSL1N1SE06K |
May 7 (Reuters) - HFF Inc:
* HFF ANNOUNCES $144M FINANCING OF FOUR-BUILDING CLASS A OFFICE CAMPUS IN ORANGE COUNTY, CALIFORNIA | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hff-announces-144-mln-financing-of/brief-hff-announces-144-mln-financing-of-four-building-class-a-office-campus-in-orange-county-california-idUSASC0A00G |
One of billionaire Richard Branson personal life mantra's is George Addair's famous saying, "Everything you've ever wanted is on the other side of fear."
Recently, after watching HBO's documentary " The Defiant Ones ," Branson says he was inspired to "make an addition to George's wise advice."
The documentary chronicles the music industry successes of Dr. Dre and Jimmy Iovine, and Branson says he was most fascinated by the duo's approach to fear.
Jason LaVeris / Getty Images Dr. Dre and Jimmy Iovine "It is down to perseverance, seeing obstacles as opportunities, and embracing fear as a fuel for change," he writes in a recent blog post . "One Quote: from Jimmy stood out for me: 'Make fear a tailwind instead of a headwind.'"
Branson says the Quote: emphasizes that you should "let fear give you the momentum to move forward – not hold you back."
He writes that he admires how Dr. Dre and Iovine recovered from different business setbacks and did not allow a fear of failure to prevent them from reaching their goals. Instead, he says, they kept grinding and eventually developed the idea for Beats headphones, which they sold to Apple for $3 billion in 2014.
Their journey, he writes, is proof that "you should never let fear hold you back from achieving your full potential," but rather you should "harness it and channel it into passion."
The 67-year-old Virgin founder says the idea of embracing fear is ultimately what allowed Iovine to take a risk and go from producing songs for Bruce Springsteen, to partnering with rapper Dr. Dre.
"It's amazing," Branson writes, "how often surprising partnerships can yield the most exciting results."
Bestselling management author and CNBC contributor Suzy Welch agrees that "The Defiant Ones" can teach any professional a lot about what it takes to be successful.
"It doesn't matter if you're a music fan or not," she tells CNBC Make It . "Trust me, it's the best four hours you can spend on your career today."
Welch says that Dr. Dre and Iovine's story can teach you how to achieve "what so many people dream of when they dream of their careers: huge impact."
Like this story? Like CNBC Make It on Facebook
Don't miss:
This series is 'the best 4 hours you can spend on your career today'
Richard Branson says the key to success isn't a university degree
Richard Branson's daughter says this habit of her dad's will make anyone more successful
show chapters The best four hours you can spend on your career right now 2:04 PM ET Wed, 30 Aug 2017 | 02:16 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/what-richard-branson-learned-about-fear-from-dr-dre-and-jimmy-iovine.html |
May 3, 2018 / 5:28 AM / Updated 11 hours ago Roche wins reprieve as Novartis biosimilar delayed in U.S. Ben Hirschler , Michael Shields 3 Min Read
LONDON/ZURICH (Reuters) - Roche has won a reprieve from an expected wave of cheaper versions of its biotech cancer drugs as U.S. regulators knocked back a biosimilar form of rituximab from Swiss rival Novartis. The logo of Swiss drugmaker Roche is seen at its headquarters in Basel, Switzerland February 1, 2018. REUTERS/Arnd Wiegmann
Novartis’s Sandoz unit said its copy of Roche blockbuster Rituxan — used to treat blood cancers and certain immunological diseases — had received a so-called complete response letter from the U.S. Food and Drug Administration (FDA).
The FDA issues such letters when it is not ready to approve a product.
The news follows a similar setback for another biosimilar copy of Rituxan from Celltrion and its partner Teva. Together, the two delays win Roche extra breathing space in the crucial U.S. market.
Roche shares rose nearly 2 percent by 0840 GMT while Novartis stock was little changed.
Deutsche Bank analyst Tim Race said Rituxan could now remain free from biosimilar competitors in the United States this year, with erosion threatening only from 2019.
Rituxan generates about $4 billion of U.S. sales for Roche.
Race said he had been expecting a sales loss to biosimilars of about $150 million in 2018 and Roche earnings would be around 0.5 percent higher if this was removed.
For 2019 Race assumes a $1 billion fall in U.S. Rituxan sales versus 2017, so if biosimilars enter from mid-2019 there could be an earnings uplift of about 2 percent.
Sandoz said it was evaluating the FDA letter and it stood behind the “robust” evidence included in the regulatory submission for its biosimilar.
“While disappointed, Sandoz remains committed to further discussions with the FDA to bring this important medicine to U.S. patients as soon as possible,” it said.
The problems facing Rituxan biosimilars in the United States are in sharp contrast to the situation in Europe, where copies of the drug from both Celltrion and Novartis are already available and uptake of the cut-price medicine is hurting Roche.
Rituxan sales plunged by 44 percent in Europe in the first quarter of 2018.
The tussles in the biosimilars market are a growing focus for investors, with soaring valuations for some pioneers in the field, such as South Korea’s Celltrion, and worries about the long-term sales threat to makers of original drugs, such as Roche and AbbVie.
Overall, U.S. regulators have lagged behind Europe in approving biosimilars, while a complex system of rebates offered to insurers by original-brand drugmakers has also created barriers to use.
Biological drugs such as Rituxan are complex molecules made inside living cells, which means that rivals seeking to make copies when patents expire can only ever produce medicines that are similar to the original rather than identical.
($1 = 0.9966 Swiss francs) FILE PHOTO: Swiss drugmaker Novartis' logo is seen at the company's plant in the northern Swiss town of Stein, Switzerland October 23, 2017. REUTERS/Arnd Wiegmann/File Photo Editing by David Goodman | ashraq/financial-news-articles | https://in.reuters.com/article/us-novartis-sandoz/novartis-biosimilar-cancer-drug-hits-u-s-regulatory-bump-idINKBN1I40D9 |
May 2, 2018 / 11:06 AM / Updated 39 minutes ago Commentary: Rising oil prices put demand destruction back on the agenda John Kemp 8 Min Read
LONDON (Reuters) - Rising oil prices over the last two years have put the issue of demand destruction back on the agenda, as producers, traders and analysts try to estimate how consumers will respond. A general view of the oil refinery in Mongstad, Norway April 1, 2018. REUTERS/Gwladys Fouche
Demand destruction always becomes a topic of discussion during this stage of the price cycle, and the current discussion resembles previous episodes of high and rising prices in 2005-2008 and 2011-2014.
Brent prices have surged by $47 per barrel (170 percent) from their low point in early 2016 and are now trading close to $75 per barrel.
Over the same period, weighted-average U.S. gasoline pump prices have risen by almost $1.13 per gallon (61 percent) and now stand just a few cents below $3 per gallon.
Crude and gasoline prices are still of $115 per barrel and $3.80 per gallon where they stood just before oil prices started slumping at the end of June 2014.
But crude and fuels are no longer particularly cheap and most traders and oil exporting nations expect prices to increase further over the next year.
In real terms, oil prices are close to the average level for the whole of the last cycle from late 1998 through early 2016.
As the price-cycle matures and prices move towards their next peak, the focus on consumer responses is set to intensify.
In an early sign of political sensitivity in consuming countries, U.S. President Donald Trump blamed OPEC for rising oil prices via a message on his Twitter account on April 20.
“Oil prices are artificially Very High! No good and will not be accepted”, the president wrote with his customary directness.
In contrast, OPEC officials have indicated they see no adverse impact on oil consumption as a result of price increases so far.
“I have not seen any impact on demand with current prices. We have seen prices significantly higher in the past – twice as much as where we are today,” Saudi Arabia’s oil minister told reporters in Jeddah.
“Reduced energy intensity and higher productivity globally of energy input levels leads me to think that there is capacity to absorb higher prices,” the minister said on April 20. PRICE THRESHOLD?
This part of the cycle is normally characterised by a game of ‘guess the threshold at which rising prices start to destroy oil demand’.
In recent weeks, some analysts have suggested demand destruction will begin if and when prices rise above $80 per barrel while others put the threshold as high as $100.
Others express the same idea by suggesting $3 per gallon or even $4 is the psychologically important limit for U.S. motorists.
But identifying a specific price threshold is probably the wrong way to think about the issue of prices and consumption.
In reality, there is a continuum of consumer responses to price - ranging from demand stimulation to demand destruction.
The lower prices fall and the longer they are expected to stay there, the more consumption tends to be stimulated.
The higher prices rise and the longer they are predicted to stay up, the more consumption tends to be destroyed.
The response of consumption to prices is continuous but highly non-linear.
The response also takes time to materialise, as consumers slowly adjust their behaviour and buy new equipment, and it takes even longer to appear in the official consumption statistics due to reporting delays.
Adding to the complexity, oil consumption is also responsive to other factors, including economic growth and incomes; car ownership and vehicle fleet growth; average miles travelled and average miles per gallon.
Some of these factors are themselves more or less related to oil prices, at different timescales, which makes the analysis even more complicated.
For example, oil prices have an impact on choices about fuel economy when new vehicles are purchased.
As a result it is notoriously difficult to estimate the price-elasticity of oil demand and economists have generated widely varying estimates.
But the bottom line is that oil consumption does respond to price changes and the response is not geared to any particular threshold. DEMAND RESTRAINT
The relationship between prices and oil consumption is evident in the global statistics, at least for the high-income countries in the OECD, though it is not so clear for low and middle-income countries outside the OECD.
Oil consumption in non-OECD countries has increased every year since 1970, with the single exception of 1993.
(For a chartbook, click here: tmsnrt.rs/2I6tESb )
In these countries, rising consumption has been driven by fast economic growth, rising household incomes and increasing vehicle ownership, which has dominated and masked any price effects.
By contrast, in the OECD, growth in incomes and vehicle ownership has been more moderate and the impact of prices on consumption is readily apparent.
OECD oil consumption fell in 1973-74, 1980-83, 2006-2009, 2011-2012 and 2014, all periods associated with high real oil prices.
Conversely, OECD consumption rose very rapidly between 1970 and 1973 and again between 1986 and 1999, when real prices were relatively low.
There are some nuances, including the elimination of oil from heating and power generation during the 1970s and 1980s, and the complicated interaction between the oil shocks and recessions.
But the basic relationship between prices and consumption for the OECD is clear.
Oil prices have not usually risen high enough to reduce total global demand because non-OECD consumption has continued growing.
But high prices tend to temper demand growth through their impact on OECD consumption.
The same basic relationship can be traced between U.S. gasoline prices, traffic volumes and gasoline consumption, punctuated by the occasional recession.
The decline in gasoline prices contributed to a notable acceleration in U.S. gasoline consumption growth in 2015-2016 compared with the preceding years.
But gasoline consumption was flat in 2017 and is expected to grow by just 30,000 barrels per day in 2018, according to the U.S. Energy Information Administration (“Short-Term Energy Outlook”, EIA, April 2018).
REAR-VIEW MIRROR
The escalation of oil prices since the start of 2016 has probably started to restrain consumption growth (compared with a baseline in which prices had remained at $30 per barrel).
So far, the demand restraint from increasing prices has been offset by synchronised global growth, especially in the middle-income countries that account for a rising share of oil use.
If prices continue to increase, however, there will come a point at which consumption growth starts to slow in a much more pronounced fashion.
Unfortunately, experience suggests the extent of the demand deceleration will only become apparent after it is already well underway.
And the slowdown in consumption growth will continue even once prices stop rising, given the long lags in the system.
Between 2011 and 2014, when oil prices averaged over $100 per barrel, declining consumption in the OECD and slowing consumption growth in the non-OECD created the conditions for the last oil slump.
If oil prices continue to increase, as most hedge fund managers and oil-exporting nations expect, the same scenario could play out again between 2019 and 2021.
John Kemp is a Reuters market analyst. The views expressed are his own.
Related columns: | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-oil-prices-kemp/commentary-rising-oil-prices-put-demand-destruction-back-on-the-agenda-idUKKBN1I31DN |
Uber is ready to add a third city to its flying taxi pilot program. But this time, it’s looking to go international.
The ride-hailing company announced during its two-day Elevate Summit that it’s taking applications until Jul. 1 from international cities that want to become an uberAIR launch city. The company has already announced plans to launch its flying taxi service in Dallas and Los Angeles.
Uber plans to launch flying taxi demonstrations in 2020 and commercial trips by 2023. Uber’s flying cars, or more accurately vertical take-off and landing (VTOL or eVTOL if electric) aircrafts, are at the center of this system. Uber first announced its flying car plans in 2016 when it released a white paper describing its vision of the future.
These VTOL vehicles (pronounced vee-tol), would theoretically help passengers leapfrog snarling traffic and speed up transportation between suburbs and cities.
In Uber’s view, the ideal international city has more than 2 million people and a density of 2,000 people per square mile. There should also be a large airport nearby that takes people more than one hour to get to and from the city center due to distance and other constraints like traffic.
The city should also be what Uber describes as polycentric, basically pockets of dense areas of development spread around a larger metro area. Picture Los Angeles. It’s these kinds of metro areas where people face traffic congestion and would pay for a flying taxi to shuttle them above the jammed highways and streets below.
Other criteria:
Stable weather environment. So, a major city with extreme cold or heat, probably won’t qualify. The involvement of at least one large local real estate partner and a city government willing to provide streamlined building permitting, as well as zoning processes for Uber’s “Skyports,” the designated drop off and pickup points for its flying taxis. A robust electrical grid to support the electrified VTOLs. Uber emphasized that it’s not looking for tax breaks or local incentives. | ashraq/financial-news-articles | http://fortune.com/2018/05/10/uber-flying-cars-international-city/ |
Political uncertainty returned to Italy, as investors dumped Italian bonds and bank stocks on Wednesday, worried that a new antiestablishment government has increased chances of the country exiting the euro.
Italian markets had been calm for months, even as a political pairing that investors once considered a worst-case scenario edged toward becoming the new government. On Sunday, the populist 5 Star Movement and anti-immigration League party reached a broad agreement for that new government.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/investors-dump-italian-bonds-and-bank-stocks-on-euro-worries-1526490878 |
There is a case for being concerned—though only modestly—about the U.S. trade deficit. The principal villain in this story is not China, Europe or Mexico, but the U.S. itself. Getting that narrative wrong, however, is leading Washington toward policies to reduce the trade deficit that will be somewhere between irrelevant and counterproductive. Simultaneously, the U.S. is pursuing domestic policies that will boost the trade deficit even further.
The U.S. trade deficit has been stable for nearly a decade at about 3% of gross... | ashraq/financial-news-articles | https://www.wsj.com/articles/worry-about-the-trade-deficita-bit-1525215114 |
LANCASTER, Pa.--(BUSINESS WIRE)-- Fulton Financial Corporation (NASDAQ: FULT) today announced that the Office of the Comptroller of the Currency (OCC) has approved the Corporation’s application to merge two of its subsidiary banks – FNB Bank, N.A., based in Danville, PA, and Swineford National Bank, based in Middleburg, PA – into its largest banking subsidiary, Fulton Bank, N.A. The consolidation of the three bank charters is expected to be completed in the fourth quarter of 2018. Customers of the banks should see minimal, if any, changes, other than the bank name, as a result of the merger.
As discussed in previous communications, it is Fulton Financial Corporation’s goal to eventually merge all of its subsidiary banks into Fulton Bank, N.A. so that it will operate one banking subsidiary in its five-state, mid-Atlantic footprint. The OCC’s approval of the merger of these three subsidiary banks is the first step toward accomplishing this goal.
Safe Harbor Statement
This news release may contain forward-looking statements with respect to the Corporation’s financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," “projects,” the negative of these terms and other comparable terminology. These forward looking statements may include projections of, or guidance on, the Corporation’s future financial performance, expected levels of future expenses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation’s business or financial results.
Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, they are based on current beliefs, expectations and assumptions regarding the future of the Corporation’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements related to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation’s control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2017, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, which have been filed with the Securities and Exchange Commission and which are available in the Investor Relations section of the Corporation's website ( www.fult.com ) and on the Securities and Exchange Commission's website ( www.sec.gov ).
Additional information about Fulton Financial Corporation is available at www.fult.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522006351/en/
Fulton Financial Corporation
Laura J. Wakeley, 717-291-2616
Source: Fulton Financial Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-bank-regulator-approves-merger-of-three-fulton-financial-corporation-subsidiary-banks.html |
(Repeats Thursday’s story with no changes to text)
* Lira fell some 20 percent so far this year
* Central bank hiked top rate after Yildirim intervention
* Erdogan an enemy of interest rates
By Orhan Coskun
ANKARA, May 25 (Reuters) - It took days of preparation by Turkey’s top economic ministers and intervention by the prime minister to convince President Tayyip Erdogan of the need for a sharp increase in interest rates, three people familiar with the matter said.
As a selloff in the lira spiralled toward a full-blown crisis on Wednesday, the central bank announced an emergency increase of its top rate by a 3 percentage points, to 16.5 percent, a move designed to put a floor under Turkey’s currency.
The decision was the outcome of rounds of talks that started in earnest three days earlier, when Deputy Prime Minister Mehmet Simsek and Finance Minister Naci Agbal convened an emergency meeting with Central Bank Governor Murat Cetinkaya to address the crisis, the sources said, declining to be identified because of the sensitivity of the information.
That the central bank was unable to move immediately, and that its move ultimately required the intervention of Prime Minister Binali Yildirim two days later, points to tension over monetary policy at the top of Turkey’s government.
A self-described “enemy of interest rates” Erdogan has, with elections just a month away, repeatedly called for lower borrowing costs to fuel credit growth and spending. International investors want to see higher rates to rein in double-digit inflation and have dumped the lira on concerns about Erdogan’s influence over monetary policy.
“Was it a late decision? Yes. The currency would not have to trade at these levels if this hike was carried out earlier,” said one senior official from Erdogan’s ruling AK Party.
The ministers believed that it was not just the currency at stake - even though the lira had fallen by about a fifth this year - but the need to prevent “permanent damage” to the economy, one of the sources said.
They agreed on the need for rate increase to calm the lira, and then conveyed that message to Yildirim, at a separate meeting later on Monday, the sources said.
Representatives for Agbal and Simsek could not immediately be reached for comment. No one was immediately available to comment at the central bank, the prime minister’s office or the presidency.
‘NOT SO KEEN’ More talks followed on Tuesday, where additional potential steps to arrest the lira decline was discussed.
Yildirim ultimately broached the topic of a rate hike with Erdogan on Wednesday at their weekly meeting - a full two days after hearing from the ministers about the need for the increase. By then the lira was falling fast, tumbling more than 5 percent at one point.
“The need for a rate hike was clearly conveyed,” said one of the sources. “Other bureaucrats also took part in the meeting. We know Erdogan was not so keen on this idea.”
A former transport minister and an Erdogan loyalist, Yildirim’s ties to the president date back to the 1990s, when he ran a ferry company in Istanbul, where Erdogan was mayor.
He will no longer be prime minister after June, as that position will disappear under a new executive presidency. Instead, he is running for parliament.
Much of the lira’s selloff was sparked by Erdogan’s own comments last week that he expected to assert more monetary policy control after the June 24 parliamentary and presidential elections.
The most popular, but also divisive, politician in modern Turkish history, Erdogan has overseen strong economic growth in his 15 years in power but, more recently, also a deepening social crackdown.
The rate hike, announced late on Wednesday, was something of a victory for Simsek, a former Wall Street banker seen as one of the most investor-friendly faces in the cabinet.
Simsek said on Twitter that it was “high time” that Turkey restored monetary policy credibility, comments that initially helped the lira strengthen.
“His tweets were the clearest messages recently. Simsek’s statement also boosted the impact of the central bank’s decisions,” said the AKP official.
The boost from the central bank move has proved short-lived, with the lira giving up a big slice of the gains on Thursday, as investors bet that more rate hikes will be needed.
Since then, the lira has continued to weaken as investors bet that the 3 percentage point increase will not be enough to tame inflation, and that the central bank will hike again at its next scheduled policy meeting on June 7.
“There can be another attack on the lira before (then)...,” said the AKP official. “We must be ready for this.” (Additional reporting by Ece Toksabay; Writing by David Dolan and Dominic Evans; editing by John Stonestreet)
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-economy-primeminister/rpt-as-lira-tumbled-turkeys-prime-minister-won-erdogan-over-for-rate-hike-idUSL5N1SW0US |
DUBAI (Reuters) - The United Arab Emirates cabinet approved steps on Sunday that would allow for 100 percent ownership of UAE-based businesses by foreign investors by year-end, the state news agency WAM said.
People watch the sunset in Dubai, United Arab Emirates December 21,2017. REUTERS/Ahmed Jadallah/Files The decision is part of a wider change to the system that would grant residency visas of up to 10 years to investors and specialists in scientific, technical, medical and research fields, the agency said.
The cabinet meeting was chaired by Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai. He directed the economy minister to implement the resolution and submit a study following up its impact in the third quarter of this year, WAM said.
At present, foreigners generally cannot own more than 49 percent of any UAE firm unless it is incorporated in a special “free zone”.
Reporting By Hadeel al Sayegh; Writing By Maha El Dahan; Editing by Catherine Evans
| ashraq/financial-news-articles | https://in.reuters.com/article/emirates-investment/uae-to-allow-100-percent-foreign-ownership-of-businesses-by-year-end-idINKCN1IL0QK |
MILAN, April 30 (Reuters) - Activist fund Elliott reiterated on Monday it supported Telecom Italia’s (TIM) chief executive Amos Genish and said there was no alternative to the business plan presented by him, just days before a board seats showdown at the Italian phone group.
Elliott has built a stake of 9 percent in the former state phone monopoly to try to shake up the way top shareholder Vivendi - which owns 24 percent - runs it.
The two investors have been trading blows for the past eight weeks, with Elliott accusing Vivendi of serving only its own interests and the French media group saying the fund was looking only for short-term financial gains.
On Sunday, Genish told the Sunday Telegraph his position at Italy’s biggest phone group would be “untenable” if activist fund Elliott managed to win the majority of board seats at a shareholder vote on Friday, saying the Vivendi slate “is clearly the only slate to support our long-term industrial plan”. (Reporting by Agnieszka Flak; editing by Francesca Landini)
| ashraq/financial-news-articles | https://www.reuters.com/article/telecomitalia-elliott/elliott-says-supports-telecom-italia-ceo-his-business-plan-idUSI6N1RO01W |
May 11 (Reuters) - Univar Inc:
* UNIVAR EXPANDS AGREEMENT WITH BASF TO INCLUDE CARE CHEMICALS
* UNIVAR INC - EXPANSION OF DEAL WITH BASF TO INCLUDE CARE CHEMICALS BUSINESS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-univar-expands-agreement-with-basf/brief-univar-expands-agreement-with-basf-to-include-care-chemicals-idUSFWN1SI0MX |
J.C. Penney (jcp) CEO Marvin Ellison has abruptly resigned to take the reins of Lowe’s (low) , plunging the troubled department store chain into a new crisis.
Ellison, who had been a senior executive at Lowe’s competitor The Home Depot (hd) until he became president of Penney in 2014, will start at Lowe’s on July 2 the company said on Tuesday. As for Penney, it said it has created an “Office of the CEO” to lead the company while it searches for a new chief executive.
His departure sent Penney’s shares plunging 8% in premarket trading to all-time lows as the move reignited concerns about Penney’s ability to have more consistent growth. Last week, Penney reported first-quarter comparable sales growth of only 0.2% and incredulously blamed weather for much of the shortfall. Wall Street was not convinced by the excuse, all the more since rivals Macy’s (m) and Kohl’s (kss) reported far better results for the period.
During his time as Penney CEO, Ellison managed to improve Penney’s balance sheet by reducing its significant debt load and by modernizing its e-commerce somewhat. But many initiatives, notably new apparel lines fell flat and Penney had trouble planning inventory needs, prompting it for instance last year to sell much merchandise at clearance prices and decimating gross margins. The brightest spot at Penney continues to be the Sephora beauty shops, an initiative that predated Ellison’s arrival by eight years.
Ellison, who was groomed by former Penney CEO Mike Ullman before taking the reins himself in 2015, borrowed heavily from his playbook from Home Depot, bringing back the sale of appliances to Penney two years ago after 33 years. But that move hardly reignited Penney’s business. Penney’s apparel business languished, and there was churn in the c-suite more recently, with the head of tech and the chief merchant. Ellison also oversaw the closing of 140 stores and several rounds of layoffs.
To be fair, Ellison had the unenviable task of trying to rebuild Penney in the wake of the catastrophic effort to remake the chain as a hipper retailer under Ron Johnson six years ago. Penney, which operates in many declining malls, never came close to that level of revenue again despite the potential to win some market share from the ongoing sales implosion at mall neighbor Sears.
“This is arguably the most challenging and competitive retail market that we have seen in over 50 years,” Ellison told analysts last week on the Penney earnings call.
At Home Depot, Ellison was in charge of U.S. stores and had been seen as a leading contender to become CEO to replace Frank Blake, but Craig Menear ultimately got the job in 2014. Lowe’s should be an easier fix for Ellison. While it has underperformed Home Depot for years under former CEO Robert Niblock, it is at least growing consistently and is not crippled by debt. Lowe’s also named Rick Dreiling, the executive who oversaw Dollar General’s massive growth, as chairman.
As for Penney, it will be a tough battle to find a CEO willing to take on a retailer facing such tough odds. In 2013, at the moment of its deepest crisis, Penney resorted to bringing back Ullman, who had been CEO earlier, to replace his replacement. | ashraq/financial-news-articles | http://fortune.com/2018/05/22/jcpenney-ceo-marvin-ellison-lowes/ |
Daniel Loeb 's activist hedge fund Third Point is in talks with investment banks about launching a "blank check" company that would raise money in an initial public offering to pursue an acquisition, according to people familiar with the matter.
The new investment vehicle, referred to on Wall Street as a special purpose acquisition company (SPAC), would be the first of its kind to be raised by an activist hedge fund such as Third Point, which acquires stakes in public companies to pressure them to pursue changes or seek board representation.
A SPAC uses proceeds from its IPO, together with borrowed funds, to acquire companies that are usually privately held. Investors in the IPO do not know in advance which company a SPAC will buy, although many outline in advance the sectors they want to be active in. It is not clear what kind of companies Third Point's SPAC would target.
Third Point is in talks with investment banks about arranging the SPAC's IPO later this year, which could raise hundreds of millions of dollars, the sources said, asking not to be identified because the deliberations are confidential.
New York-based Third Point declined to comment.
show chapters Dan Loeb's Third Point files 13F 7:35 PM ET Thu, 9 Nov 2017 | 00:55 The SPAC is an attempt by Third Point to diversify its revenue stream, as returns from its flagship hedge fund, which has returned 15.6 percent on average over its lifespan, have flattened this year amid jitters in the stock market.
Founded by Loeb in 1995, Third Point has close to $18 billion in assets under management. Its investments have included Netflix Inc, Nestle SA, Sony Corp and Yahoo Inc.
Before sponsoring its own SPAC, Third Point invested in Nomad Foods, a SPAC launched by consumer industry veterans Martin Franklin and Noam Gottesman in 2014. William Ackman's activist hedge fund Pershing Square Capital Management also invested in Nomad Foods.
Typically, SPACs allow investors to redeem their common stock at the IPO price if they disagree with a proposed acquisition. This has traditionally put off long-term institutional investors but made them popular with hedge funds, willing to take a bet on what a SPAC's deal could be.
To address this, some SPACs now seek to launch with the backing of cornerstone investors who have committed not to redeem their money if they disapprove of a proposed acquisition, giving the SPAC more financing certainty to be able to go after the companies it wants. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/hedge-fund-third-point-reportedly-seeks-to-launch-blank-check-company.html |
May 17 (Reuters) - Global Partners LP:
* GLOBAL PARTNERS TO ACQUIRE RETAIL FUEL AND JIFFY MART CONVENIENCE STORE ASSETS IN VERMONT AND NEW HAMPSHIRE FROM CHAMPLAIN OIL COMPANY
* GLOBAL PARTNERS LP - EXPECT DEAL TO BE ACCRETIVE WITHIN FIRST FULL YEAR OF OPERATIONS
* GLOBAL PARTNERS LP - DEAL INCLUDES FUEL SUPPLY AGREEMENTS FOR ABOUT 70 GAS STATIONS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-global-partners-to-buy-retail-fuel/brief-global-partners-to-buy-retail-fuel-and-convenience-store-assets-of-champlain-oil-idUSASC0A2S9 |
May 21 (Reuters) - 2U Inc:
* MARK CHERNIS JOINS 2U, INC. AS CHIEF OPERATING OFFICER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mark-chernis-joins-2u-inc-as-coo/brief-mark-chernis-joins-2u-inc-as-coo-idUSASC0A33O |
ROME (Reuters) - Two polls show that between 60-72 percent of Italians want the country to remain part of the euro while 23-24 percent would choose to drop the common currency.
The euro sign in front of the former headquarters of the European Central Bank (ECB) is reflected in a puddle during heavy rain in Frankfurt, Germany, November 20, 2017. REUTERS/Kai Pfaffenbach/File Photo The polls were taken by the Euromedia and Piepoli organizations for state television Rai’s “Porta a Porta” program broadcast on Wednesday night.
The euro has become part of the political debate ahead of snap elections expected for later this year or early in 2019.
The Piepoli poll showed that 72 percent wanted to stay, 23 percent wanted to leave, and five percent were undecided.
The Euromedia poll showed that 60 percent wanted to stay, 24 percent wanted to leave, and 16 percent were undecided.
Reporting By Giselda Vagnoni
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-euro-poll/polls-show-most-italians-want-to-stay-in-euro-idUSKCN1IW0MT |
Treasury yields higher despite rising rates 2 Hours Ago CNBC's Seema Mody discusses the bond market with Anthony Grisanti of GRZ Energy and Jeff Kilburg of KKM Financial. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/treasury-yields-higher-despite-rising-rates.html |
Facebook announced on May 8 that it would take it upon itself to monitor the Republic of Ireland’s May 25 referendum on abortion by banning all ads on the topic from foreign groups. The announcement read, in part: “We are an open platform for people to express ideas and views on both sides of a debate. Our goal is simple: to help ensure a free, fair and transparent vote on this important issue.”
The announcement featured plenty of incongruities. Facebook claimed that helping “protect the integrity of elections and referendums... | ashraq/financial-news-articles | https://www.wsj.com/articles/facebook-tips-the-scales-in-irelands-abortion-referendum-1527029141 |
Autonomous vehicles, in particular self-driving cars, have been generating a great deal of buzz in the market over the past few years. The technology has many potential benefits for individuals, the environment and the economy.
Recently however, as a consequence of tragic accidents caused by cars in self-driving mode , an irrational discussion is surfacing.
Some are calling for driverless cars to require driver monitoring systems. These systems would ensure that drivers of d riverless cars – a contradiction in terms – are alert and have their eyes on the road at all times, even when a vehicle is in self-driving mode.
Driver monitoring systems may be necessary during self-driving vehicle testing and can benefit driver operated vehicles on the road today but, the requirement for production ready autonomous vehicles to be equipped with the systems is a different ask and one that I disagree with.
"The AV START Act would be a good place to begin with the ultimate goal being to have a globally harmonized policy." Arguably, the most important benefit of self-driving vehicles is safety. Globally over a million people are killed each year in vehicle accidents and fifty million more are injured, with almost all of the accidents attributable to human error.
Self-driving vehicles are poised to significantly reduce the number of road accidents and deaths by eliminating human drivers and therefore human error. This translates to positive GDP growth; if the number of road deaths in China were halved, for example, it is estimated that they would see a 15 percent increase in their GDP .
Driver monitoring systems cannot be the safety solution for autonomous vehicles. If vehicles in self-driving mode are made to require driver intervention for accident prevention, it defeats the core purpose of the technology and puts the safety problem back on the table.
As well it could make the driver liable for any accidents, even those that occur when the vehicle is in self-driving mode.
The fatal accidents that have occurred in self-driving cars should instead serve as a wake-up call to the fact that, despite the hype and haste of the market to make autonomous vehicles available for sale, we have more work to do to make the technology safe.
Equally important, considerable effort must be put in by the private and public sectors in defining safety regulations and policies.
If self-driving vehicles continue to be developed and allowed on the road without safety standards being put in place by the federal government there are real risks. Safety must be the number one priority for autonomous vehicles.
Meeting standards Governments across different countries have been asked by a number of industry players, including trade groups and consumer groups, to develop regulations that define what 'safe' and 'secure' means for a driverless vehicle. The AV START Act would be a good place to begin with the ultimate goal being to have a globally harmonized policy.
The AV START Act, introduced by Senators John Thune and Gary Peters in September 2017, calls for the federal government to develop performance standards for autonomous vehicles.
Requirements of the proposed framework include having vehicles meet standards of hardware and software system safety – for instance how a vehicle communicates with infrastructure such as traffic signals and pavement markings – and supply chain cybersecurity measures with mechanisms to alert passengers of vulnerabilities.
Federal government regulations and safety standards are key to delivering the much needed focus on safety and bringing the envisioned benefits of autonomous vehicles to fruition. Without them the technology is in danger of being made available before it is ready.
Importantly, the safety buck does not stop once the car has been built. Sophisticated tools and infrastructure are a must have to monitor a vehicles security position in-field. In today's increasingly connected world the cybersecurity landscape is changing constantly, making it important to scan a vehicle's software for vulnerabilities on an ongoing basis even after it has left the manufacturer.
Additionally, driver monitoring poses privacy concerns. The systems cannot only assess and log if you are doing something other than looking at the road, they can also evaluate how tired you are and determine your mood and emotions through constant visual and vocal assessment. The possibilities this would present to players, such as hackers and insurance firms, will do little to benefit you.
As the future is brought to reality, your security and safety must be put at the forefront.
Commentary by John Chen, executive chairman and CEO of BlackBerry . BlackBerry is currently developing software for next-generation driverless cars and has partnered with companies such as Bosch, Denso, Nvidia and China's Baidu to work on automotive software . Follow him on Twitter @ JohnChen .
For more insight from CNBC contributors, follow @CNBCopinion on Twitter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/self-driving-cars-need-global-safety-solution-blackberry-ceo-john-chen.html |
Ron Baron: We’re going to make 20 times our money on Tesla 14 Hours Ago Billionaire investor Ron Baron, the CEO Of Baron Capital, discusses his bullish outlook on Tesla and Elon Musk. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/ron-baron-were-going-to-make-20-times-our-money-on-tesla.html |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.