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May 3, 2018 / 6:54 PM / Updated 16 minutes ago Cosby, Polanski expelled from Academy of Motion Pictures Reuters Staff 2 Min Read
LOS ANGELES (Reuters) - Television’s Bill Cosby and Oscar-winning director Roman Polanski were expelled from the Academy of Motion Picture Arts and Sciences, the Academy Awards presenters said in a statement on Thursday, the latest action by the group as Hollywood grapples with allegations of misconduct in the industry. Bill Cosby reacts while being notified a verdict is in at the Montgomery County Courthouse in his sexual assault retrial, in Norristown, Pennsylvania, April 26, 2018. Mark Makela/Pool via Reuters
Cosby and Polanski are the first known members expelled for violating a code of conduct that the Academy adopted in December following accusations of sexual harassment or assault within the entertainment industry.
Cosby, 80, who was known as “America’s Dad” for his fatherly role on the popular 1980s TV comedy “The Cosby Show,” was convicted last week of drugging and sexually assaulting Andrea Constand in 2004. He faces up to 30 years in prison.
Polanski, 84, who won the best director Oscar in 2003 for World War Two drama “The Pianist,” in 1977 admitted to having unlawful sex with a 13-year-old girl in Los Angeles.
The French-Polish director lives in France and fled the United States following his guilty plea for fear his deal with prosecutors would be overruled and he would get a lengthy prison term. Polanski’s case is still ongoing.
Representatives of Cosby and Polanski did not immediately respond to requests seeking comment.
Four academy members are now known to have been expelled by the academy. Once powerful producer Harvey Weinstein was expelled in October after several women accused him of decades-long sexual misconduct, sparking the #MeToo social movement.
Weinstein, 66, has denied having non-consensual sex with anyone.
Actor Carmine Caridi was expelled in 2004 for distributing copies of films that are sent to academy members. Reporting by Eric Kelsey; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://in.reuters.com/article/people-cosby-oscars/bill-cosby-roman-polanski-expelled-from-film-academy-statement-idINKBN1I42EK |
Meditation suit could ease your path to enlightenment 9:25pm IST - 02:00
The path to inner peace could get a bit easier thanks to a high-tech suit that combines wearable technology with the ancient practice of meditation. Matthew Stock reports. ▲ Hide Transcript ▶ View Transcript
The path to inner peace could get a bit easier thanks to a high-tech suit that combines wearable technology with the ancient practice of meditation. Matthew Stock 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/2wYDRMa | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/21/meditation-suit-could-ease-your-path-to?videoId=429072439 |
May 28, 2018 / 2:06 PM / Updated 2 hours ago World Rankings Reuters Staff 2 Min Read May 28 (OPTA) - The World Rankings on May 27 Rnk Prv Total 1. (1) Justin Thomas (US) 454.79 2. (2) Dustin Johnson (US) 391.43 3. (5) Justin Rose (England) 369.05 4. (4) Jon Rahm (Spain) 379.82 5. (3) Jordan Spieth (US) 386.69 6. (8) Rory McIlroy (Northern Ireland) 288.86 7. (6) Rickie Fowler (US) 322.50 8. (7) Jason Day (Australia) 268.75 9. (11) Brooks Koepka (US) 245.45 10. (9) Hideki Matsuyama (Japan) 274.64 11. (12) Tommy Fleetwood (England) 276.05 12. (10) Paul Casey (England) 249.33 13. (13) Patrick Reed (US) 270.69 14. (15) Sergio Garcia (Spain) 219.88 15. (14) Henrik Stenson (Sweden) 211.94 16. (16) Marc Leishman (Australia) 254.88 17. (19) Alex Noren (Sweden) 246.67 18. (17) Bubba Watson (US) 205.13 19. (18) Phil Mickelson (US) 207.02 20. (32) Francesco Molinari (Italy) 214.13 21. (20) Webb Simpson (US) 217.39 22. (21) Tyrrell Hatton (England) 209.76 23. (22) Matt Kuchar (US) 201.72 24. (23) Xander Schauffele (US) 198.65 25. (24) Rafa Cabrera Bello (Spain) 197.04 | ashraq/financial-news-articles | https://in.reuters.com/article/golf-world-rankings/world-rankings-idINMTZXEE5SFZ6HKM |
May 10 (Reuters) - Crew Energy Inc:
* CREW ENERGY INC. ANNOUNCES FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS
* CREW ENERGY INC - QTRLY ADJUSTED FUNDS FLOW PER SHARE $0.17
* CREW ENERGY INC - QTRLY NET INCOME PER SHARE $0.03
* CREW ENERGY INC - QTRLY AVERAGE PRODUCTION OF 25,939 BOE PER DAY, 12% HIGHER THAN Q1 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-crew-energy-inc-reports-qtrly-adju/brief-crew-energy-inc-reports-qtrly-adjusted-funds-flow-per-share-0-17-idUSASC0A1MY |
May 9, 2018 / 12:59 PM / Updated 35 minutes ago Top diplomat returning from North Korea with three U.S. detainees - Trump Reuters Staff 2 Min Read
WASHINGTON (Reuters) - U.S. President Donald Trump said on Wednesday that three Americans detained by North Korea have been released and are on their way home with Secretary of State Mike Pompeo. A U.S. government handout photo released by White House Press Secretary Sarah Huckabee Sanders shows U.S. Central Intelligence (CIA) Director Mike Pompeo meeting with North Korean leader Kim Jong Un in Pyongyang, North Korea in a photo that Sanders said was taken over Easter weekend 2018. U.S. Government via REUTERS
“I am pleased to inform you that Secretary of State Mike Pompeo is in the air and on his way back from North Korea with the 3 wonderful gentlemen that everyone is looking so forward to meeting. They seem to be in good health,” Trump wrote in a post on Twitter. Related Coverage
Trump said he will greet Pompeo and the Americans when they land at Andrews Air Force Base outside Washington at 2 a.m. EDT (0600 GMT) Thursday morning. “Very exciting!” he wrote on Twitter. Slideshow (2 Images)
The fate of Korean-Americans Kim Hak-song, Tony Kim and Kim Dong-chul had been among a number of delicate issues in the run-up to the first-ever meeting of U.S. and North Korean leaders.
Trump sent Pompeo to Pyongyang to accompany the men home following U.S. calls for Kim to free them as a gesture of goodwill and sincerity before the U.S.-North Korea meeting, which is expected to take place in late May or early June. Reporting by Makini Brice, Susan Heavey, Doina Chiacu; Editing by Jeffrey Benkoe | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-usa-prisoners/top-diplomat-returning-from-north-korea-with-3-u-s-detainees-trump-idUKKBN1IA1YD |
* Russia has been withholding supply with OPEC since 2017
* OPEC, non-OPEC producers to meet in June to discuss production
* Russia says supply restrictions could be eased "softly"
SINGAPORE, May 25 (Reuters) - Oil prices eased on Friday as Russia hinted it may gradually increase output after withholding supplies since 2017 together with producer cartel OPEC.
Brent crude futures were at $78.78 per barrel at 0024 GMT, down 1 cent from their last close, but more than 2 percent below the $80.50 November 2014 high they reached on May 17. Brent broke through $80 for the first time in a few years earlier in May.
U.S. West Texas Intermediate (WTI) crude futures were at $70.69 a barrel, down 2 cents from their last settlement.
"Oil prices are now starting to drift a little," said Greg McKenna, chief market strategist at futures brokerage AxiTrader, adding that this was due to OPEC's and Russia's "moves toward an increase in production at the June meeting."
The Middle East dominated Organization of the Petroleum Exporting Countries (OPEC) as well as a group of non-OPEC producers led by Russia started withholding output in 2017 to tighten the market and prop up prices.
But Russia, in particular, has been floating a potential end to the production cuts, with energy minister Alexander Novak saying on Thursday that restrictions on oil production could be eased "softly" if OPEC and non-OPEC countries see the oil market balancing in June.
"The Russians have always struck me as production cut tourists keen to get off the boat and crank up production as soon as inventories were stabilized and prices once again elevated ... That possibility is top of the mind for traders and as a result oil prices are slipping," McKenna said. (Reporting by Henning Gloystein Editing by Joseph Radford) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/reuters-america-oil-prices-ease-after-russia-says-it-may-gradually-raise-output.html |
May 9, 2018 / 11:55 AM / Updated 8 minutes ago Fox to buy seven TV stations from Sinclair for about $910 mln Reuters Staff 1 Min Read
May 9 (Reuters) - Twenty-First Century Fox Inc said on Wednesday it agreed to buy seven television stations from Sinclair Broadcast Group Inc for about $910 million.
The company said the deal would grow Fox Television Stations’ coverage to nearly half of all U.S. households, and its market presence to 19 of the top 20, including the addition of key markets that align with Fox’s sports rights.
The channels being acquired will allow Fox to gain access to important U.S. National Football League markets, including Seattle and Denver.
The sales are to allow Sinclair to gain the regulatory approval it needs to seal its purchase of Tribune Media . (Reporting by Arjun Panchadar in Bengaluru; Editing by Shailesh Kuber) | ashraq/financial-news-articles | https://www.reuters.com/article/tribune-media-ma-sinclair-ma/fox-to-buy-seven-tv-stations-from-sinclair-for-about-910-mln-idUSL3N1SG4R2 |
May 3, 2018 / 10:29 PM / in 17 hours Congressional chaplain can stay in job: House Speaker Reuters Staff 2 Min Read
WASHINGTON (Reuters) - U.S. House of Representatives Speaker Paul Ryan said late on Thursday that the chamber’s chaplain will remain in his position, after he unexpectedly asked Reverend Patrick Conroy to resign two weeks ago, outraging some lawmakers and the Jesuit priest himself.
Conroy released a letter earlier on Thursday rescinding his abrupt resignation which Ryan, a Catholic and the top Republican in the House, said he had accepted. Conroy’s last day had been scheduled for May 24.
“My original decision was made in what I believed to be the best interest of this institution,” Ryan said in a statement. “To be clear, that decision was based on my duty to ensure that the House has the kind of pastoral services that it deserves. It is my job as speaker to do what is best for this body, and I know that this body is not well served by a protracted fight over such an important post.”
It is unusual for House chaplains to be dismissed, and Democrats said the ouster was tied to a prayer Conroy led during debate over the tax overhaul Republicans passed at the end of last year without any support from the minority party. Ryan and fellow Republicans, however, said the lawmakers needed better pastoral care.
In his statement, Ryan said he would meet with Conroy next week. Slideshow (2 Images) | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-congress-chaplain/congressional-chaplain-can-stay-in-job-house-speaker-idUSKBN1I42T4 |
May 10 (Reuters) -
* JPMORGAN APPLIES TO LAUNCH JOINT-VENTURE BROKERAGE IN CHINA - WSJ
* J.P. MORGAN BROKING (HONG KONG) LTD, A UNIT OF JPM, HAS APPLIED TO SEEK A 51 PERCENT STAKE IN A JOINT-VENTURE BROKERAGE IN CHINA - WSJ Source text: on.wsj.com/2KQif7C Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jpmorgan-applies-to-launch-joint-v/brief-jpmorgan-applies-to-launch-joint-venture-brokerage-in-china-wsj-idUSFWN1SH1GV |
* CEO faces grilling over Cambridge Analytica scandal
* Days before tough EU data protection rules take effect
* Zuckerberg to meet France's Macron on Wednesday (Recasts with apology from pre-released remarks)
BRUSSELS, May 22 (Reuters) - Facebook boss Mark Zuckerberg arrived to meet European Union lawmakers on Tuesday ready to apologise for a massive data leak, in his latest attempt to draw a line under a scandal that has rocked the world's biggest social media network.
Zuckerberg agreed to meet leaders of the European Parliament to answer questions about how political consultancy Cambridge Analytica improperly got hold of the personal data of 87 million Facebook users, including up to 2.7 million in the EU.
According to pre-released remarks, Zuckerberg will say it has become clear "over the last couple of years that we haven't done enough to prevent the tools we've built from being used for harm as well."
"Whether it's fake news, foreign interference in elections or developers misusing peoples information, we didnt take a broad enough view of our responsibilities. That was a mistake, and Im sorry."
His comments echo an apology last month to U.S. lawmakers, but questions remain over how Facebook let the leak happen and whether it is doing enough to prevent a recurrence.
Zuckerberg's appearance in Brussels comes three days before tough new EU rules on data protection take effect. Companies will be subject to fines of up to 4 percent of global turnover for breaching them.
Zuckerberg will stress Facebook's commitment to Europe, where it expects to employ 10,000 people by the end of the year.
"I believe deeply in what we're doing. And when we address these challenges, I know we'll look back and view helping people connect and giving more people a voice as a positive force here in Europe and around the world," he will say.
Since the Cambridge Analytica scandal, Facebook has suspended 200 apps from its platforms as it investigates third-party apps that have access to large quantities of user data.
Cambridge Analytica and its British parent, SCL Elections Ltd, have declared bankruptcy and closed down.
But some European officials want a tougher line on big technology firms. Tommaso Valletti, chief economist at the European Commission's competition unit, said earlier on Tuesday Facebook and other technology giants could face more regulatory scrutiny because of their market power.
Facebook's compliance with the new EU data rules will be closely watched, as will its efforts to tackle the spread of fake news ahead of European Parliamentary elections next year.
After plunging when the data leak scandal broke in March, Facebook shares have recovered, helped by stronger-than-expected quarterly results.
Zuckerberg will go on to meet French President Emmanuel Macron on Wednesday but has so far declined to appear in front of British lawmakers.
(Reporting by Julia Fioretti, Editing by Larry King and Mark Potter) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/reuters-america-update-2-facebooks-zuckerberg-to-apologise-to-eu-lawmakers-over-data-leak.html |
BUENOS AIRES (Reuters) - While many Argentines fret about how a plunging peso may wreak havoc on the economy, some of the country’s biggest export-focused companies stand to win big from a weaker currency, according to a review of earnings calls, regulatory filings and recent public comments.
A more than 25 percent rout in the peso against the dollar ARS=RASL this year has spurred deep concerns over Argentina's finances, driving President Mauricio Macri to negotiate a lifeline with the International Monetary Fund last week.
But a currency at all-time lows has also provided relief to exporters who have complained about the so-called ‘exchange rate delay,’ or a peso they believe was artificially strong, since Macri took office in December 2015.
“I care a lot about exports - I have a new factory, I need to export,” Cristiano Rattazzi, chief executive of Fiat Chrysler Argentina, said in a television interview before meeting with Macri and other businessmen on Friday. He added that 26 pesos per dollar - or another 4 percent below the all-time low hit by the currency on Monday - would be a fair exchange rate.
After Macri let the peso float early in his term, portfolio investment flowed in and Argentines repatriated funds stashed abroad due to high interest rates on public debt and optimism about market-friendly reforms. That kept the peso strong despite inflation of around 40 percent in 2016 and 25 percent in 2017.
The strong currency was a problem for companies like Buenos Aires-based IT services company Globant SA GLOB.LU, whose Chief Executive Martin Migoya also attended the Friday meeting at Macri’s residence.
The company has 37 percent of its workforce in Argentina and pays in pesos at wages that rise with inflation. But it earns most of its revenue in foreign currency from clients in the United States and elsewhere in Latin America.
Globant said in an April filing that a stronger dollar “could result in favorable variations in our operating margins.”
For conglomerate Corporacion America, whose billionaire owner Eduardo Eurnekian attended the meeting, the devaluation could come as a relief for its airport unit ( CAAP.N ), which recently debuted on the New York Stock Exchange.
“Any depreciation in the value of the Argentine peso against the U.S. dollar may increase our cash flows,” the company wrote in an April 27 filing, noting that air tickets in the region are denominated in U.S. dollars.
Though not primarily an exporter, state-owned oil company YPF SA ( YPFD.BA ) also told investors on a conference call last week that the devaluation would help bring down costs and lower the debt burden.
In a Monday report, ratings agency Moody’s said YPF and companies like Telecom Argentina ( TEC2.BA ) and cement producer Holcim ( HARG.BA ) were exposed to the depreciation due to large foreign currency debt. But Moody’s also said the companies keep much of their cash in foreign currencies, giving them “natural hedges.”
RETAILERS, MANUFACTURERS PRESSURED To be sure, the financial turmoil of recent weeks holds risks for large swaths of Argentina’s economy. A weaker peso makes it more difficult for the central government and provinces to meet foreign currency debt obligations, and the central bank has warned that it could lead to more inflation.
That would come as the country’s retailers and manufacturers who produce goods for the domestic market are already struggling with consumer price hikes and growing competition from imports, as Macri has opened trade.
Last month, supermarket chain Carrefour ( CARR.PA ) said it would offer voluntary buyouts to workers in Argentina to stem three years of losses, while more than 60,000 jobs in the industrial sector have been lost since Macri took office.
The Treasury Ministry’s announcement last week that it would reduce infrastructure spending by 30 billion pesos was likely to hit the booming construction sector and the cement and steel producers that supply it.
Higher interest rates after the central bank hiked the policy rate to 40 percent were likely to reduce credit demand and hurt banks such as Banco Hipotecario ( BHI.BA ), Banco Macro ( BMA.BA ) and Grupo Financiero Galicia ( GFG.BA ), according to a Monday report by Exotix Capital.
Yet companies more focused on exports have long said they were hurt by a strong peso, which contributed to the country’s $8.5 billion trade deficit last year.
Eduardo Buzzi, former head of a farmers’ group in the world’s top exporter of soymeal and soyoil, said the weaker exchange rate would benefit the country’s key agriculture sector.
“Farmers have always done better at a higher exchange rate,” Buzzi said in a weekend interview with local radio.
Reporting by Luc Cohen; Editing by Christian Plumb and Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-argentina-economy-exports/reeling-peso-to-boost-some-argentine-companies-despite-debt-woes-idUSKCN1IF31Q |
(Reuters) - The United States women’s national team will host World Cup contenders Australia, Brazil and Japan in a four-team tournament later this year, U.S. Soccer announced on Wednesday.
The July 26-Aug. 2 Tournament of Nations, which was launched last year and won by Australia, will include three doubleheader events at venues in Kansas City, Kansas, East Hartford, Connecticut and Bridgeview, Illinois.
The United States will cap the first day of competition when they face Japan in Kansas City for a rematch of the 2015 World Cup final won by the Americans.
That match will follow the opener between Australia and Brazil, who are currently ranked sixth and eighth in the world, respectively.
The tournament winner will be based on total points, with the first tiebreaker being overall goal difference.
Australia, Brazil and Japan have already qualified for the 2019 Women’s World Cup in France while the U.S. will play for their berth when they host the 2018 CONCACAF Women’s Championship in October.
Reporting by Frank Pingue in Toronto; Editing by Christian Radnedge
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-usa-women/soccer-u-s-to-host-four-team-womens-tournament-idUSKCN1IH297 |
May 7 (Reuters) - Glory Land Company Ltd:
* APRIL CONTRACTED SALES RMB1,207 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-glory-land-company-posts-april-con/brief-glory-land-company-posts-april-contracted-sales-of-rmb1207-mln-idUSFWN1SE0F5 |
US trade deficit request 'not realistic': Think tank 3 Hours Ago Wei Jianguo, executive deputy director of Beijing-based CCIEE and former vice minister of commerce of China, weighs in on U.S.-China trade ties ahead of a second round of bilateral talks. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/chinas-middle-class-is-getting-bigger-and-bigger-former-vice-commerce-minister.html |
ROME, May 2 (Reuters) - Italian President Sergio Mattarella has ruled out the possibility of early elections in June, preferring instead to have a new government in place to pass the 2019 budget, a presidential palace source said on Wednesday.
On Monday, the leader of the anti-establishment 5-Star Movement called for fresh elections next month, saying efforts to form a coalition government after the March inconclusive vote had failed. (Reporting by Massimilliano Di Giorgio, writing by Philip Pullella)
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics-election/italy-president-rules-out-june-elections-wants-new-govt-for-2019-budget-palace-source-idUSL8N1S924U |
Novartis Novartis Put Money In Michael Cohen’s Cookie Jar. Did It Get Any Cookies In Return? Michael Cohen, U.S. President Donald Trump's personal attorney, walks to the Loews Regency hotel on Park Ave on April 13, 2018 in New York City. Yana Paskova—Getty Images By Sy Mukherjee 4:12 PM EDT
For all the heady talk of Big-I “Innovation” propelling the pharmaceutical industry, we are often reminded that more mundane, and sometimes unseemly, forces are really driving the train. From engaging in rampant price gouging to blocking generic drug competition to fueling the epidemic of opioid addiction , drug makers and distributors have often used behind-the-scenes machinations and the greased levers of market, regulatory, and political power to pad their profits. PhRMA, the big-money trade group for the largest pharmaceutical companies, spent $25.4 million last year , $5 million more than it spent in 2016, on lobbying efforts. (The site, OpenSecrets.org, brought to you by the nonpartisan Center for Responsive Politics, provides a list of the bills PhRMA’s K Street emissaries actually tried to influence in 2017. It’s all-encompassing.) Still, as much as many of us shake our heads at such cloakroom-and-dagger plotting, we’ve grown to expect that it happens.
It saddens me immensely to say it, but we’re used to it.
What we’re not used to are the actions that were reported yesterday—by Michael Avenatti, the now-ubiquitous attorney for Stephanie Clifford, also known as the former porn star Stormy Daniels, who is embroiled in a lawsuit with President Trump. (Well, I’ll just quote the Times here : “Ms. Clifford…was paid $130,000 by Mr. Cohen to keep quiet about claims that she had an affair with Mr. Trump after meeting him in 2006. She sued last month to get out of the nondisclosure agreement she signed in October 2016, claiming it is void because Mr. Trump had never signed it.”)
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The story that broke yesterday is that Essential Consultants—the apparent shell corporation that attorney Cohen apparently used to silence Ms. Clifford—also received some substantial inflows of cash. Some of that lucre reportedly came from a company with ties to a Russian oligarch—and some from major blue chip companies, including AT&T and Novartis. John Carroll at Endpoints News has a cogent summary and analysis here .
Novartis now acknowledges that it paid Cohen’s consulting firm a total of $1.2 million (rather than the $400,000 that was reported yesterday by Avenatti), as part of a one-year agreement that the Swiss drug giant entered into in February 2017, just after Trump was sworn in. It’s not clear what sort of service Cohen—who, to the best of anyone’s knowledge, had zero experience or expertise in the pharmaceutical trade—offered in return for all this cash. But it’s hard not to jump to the most straightforward conclusion: Cohen’s one and seemingly only “asset” to offer Novartis was the President’s receptive ear.
A source close to the company tells me that, “with the recent change in administration, Novartis believed that Michael Cohen could advise the company as to how the Trump administration might approach certain U.S. healthcare Act. The agreement was for a term of one year, and paid Essential Consultants $100,000 per month.”
The pressing need for this advice, says the source, was that the Democrats were suddenly out of power and the Republicans were suddenly in power, but it wasn’t clear if Mr. Trump thought (or would act) like a traditional Republican or heaven knows what—so the Swiss drug company was searching for some “clarity.”
In March 2017, Novartis had its first meeting with Cohen under this agreement, the source says. “But following this initial meeting, Novartis determined that Cohen and Essential Consultants would be unable to provide the services that Novartis had anticipated related to U.S. healthcare policy matters and the decision was taken not to engage further. As the contract unfortunately could only be terminated for cause, payments continued to be made until the contract expired by its own terms in February 2018.”
The source also makes the point that the engagement predated the new CEO, Vas Narasimhan, who “was in no way involved with this agreement.” Contrary to recent media reports, says the insider, “this agreement was also in no way related to the to the group dinner Dr. Narasimhan had at the World Economic Forum in Davos with President Trump and 15 Europe based industry leaders.”
As for the Special Counsel’s office, “Novartis was contacted in November 2017 regarding the company’s agreement with Essential Consultants. Novartis cooperated fully with the Special Counsel’s office and provided all the information requested. Novartis considers this matter closed as to itself and is not aware of any outstanding questions regarding the agreement.”
Which brings us back to the question of how much unseemliness is the business of normal these days. If Novartis’s interest in reaching out to Trump via Michael Cohen was merely “pay for way”—that is, to find out where pharma-related policy in the new administration might be headed, as my source says, that’s one thing. If it was “pay to sway”—spending money outside of traditional lobbying efforts to directly influence policy at the highest level of government, that’s worse. And if it was “pay to play”—securing the promise of some policy or regulatory change in exchange for this investment in Michael Cohen’s firm—that’s even more distressing.
In any case, there’s no way we’ve heard the last of this. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/09/novartis-michael-cohen-payment/ |
(Adds details, Quote: on UEFA disciplinary case)
MILAN, May 17 (Reuters) - Italy’s talismanic goalkeeper Gianluigi Buffon, considered by many to be the greatest-ever in his position, will play his last match for Juventus after 17 years at the club when they host Verona in Serie A on Saturday.
Yet the 40-year-old, who has won nine Serie A titles with Juventus including the last seven in a row, stopped short of announcing his retirement from the sport in a news conference on Thursday.
The 2006 World Cup winner, close to tears at times, said that until two weeks ago he had been set to end his playing career, but changed his mind after receiving “very interesting” proposals.
“Saturday will be my last game for Juventus. I think it’s the best way to end this wonderful adventure,” said Buffon, who has kept 300 clean sheets in his 655 appearances for the Turin side in all competitions.
“For now, I only know that Saturday I will play a game. Until a few days ago it was certain that I would stop playing. Now there are some very interesting proposals,” he said.
Buffon, who made his professional debut for Parma in 1995 before joining Juve in 2001, had planned to end his career at the 2018 World Cup, which would have been his sixth, but Italy astonishingly failed to qualify for the first time since 1958.
The keeper has remained remarkably loyal to the Turin side, refusing to leave them even after they were relegated to Serie B in 2006 over the Calciopoli match-fixing scandal, which also saw them stripped of a further two Serie A titles.
Buffon, who set a fashion trend during his career by becoming one of the first goalkeepers to wear short-sleeved shirts, said he would not consider playing for a lower league team.
“I am certainly not someone who thinks it is right to end my career in the third or fourth level division. I am a competitive animal and I wouldn’t be able to live or feel at ease in that situation,” he said.
Juventus won a league and cup double this season, their fourth in a row, but also suffered a bitter Champions League quarter-final exit against Real Madrid, who won with a stoppage-time penalty.
Buffon was sent off for protesting the decision and then launched a furious tirade against referee Michael Oliver and said that UEFA were right to open a disciplinary case against him.
“I stepped over the line and I am extremely disappointed. If I had seen him (the referee) two days later, I would have embraced him and asked for forgiveness.”
That defeat ensured Buffon would not leave Juve with a Champions League winners’ medal, the only major title he has never won in his career.
“It has been a season with some shocking and unexpected lows but also incredible highs and, yet again, we gave an incredible response,” he said.
Writing by Brian Homewood in Bern; Editing by Kevin Liffey and Toby Davis
| ashraq/financial-news-articles | https://www.reuters.com/article/soccer-italy-juv-buffon/update-1-soccer-italys-buffon-to-play-last-game-for-juventus-on-saturday-idUSL3N1SO3QG |
PARIS, May 15 (Reuters) - Gas and power utility Engie said strong growth in French renewable power production and retail sales boosted its first-quarter core earnings by three percent, in line with expectations.
First-quarter revenue rose 1.2 percent to 17.5 billion euros ($20.9 billion), while core earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 3.0 percent to 3.2 billion euros.
Engie’s current operating income also rose 3.1 percent to 2.2 billion euros.
A Thomson Reuters poll of seven analysts had forecast EBITDA of 3.13 billion euros and current operating income of 2.15 billion euros.
On an organic basis, excluding items such as the impact of foreign exchange movements, core earnings were up by 6.0 percent. Engie said the weakness of the Brazilian real currency and the dollar against the euro had a negative impact on its results.
Engie also confirmed its 2018 earnings guidance for 2.45-2.65 billion euros of net recurring income, core earnings of 9.3-9.7 billion euros and a cash dividend of 0.75 euros per share.
$1 = 0.8390 euros Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/engie-results/utility-engies-q1-earnings-rise-3-pct-idUSL5N1SM1B8 |
May 29, 2018 / 5:21 PM / Updated 20 minutes ago Bayer says EU approves BASF as buyer of antitrust divestments Reuters Staff 1 Min Read
FRANKFURT, May 29 (Reuters) - Bayer said on Tuesday said the European Commission had approved BASF as a suitable buyer of the businesses Bayer will divest to win regulatory approval for the planned acquisition of Monsanto.
The EU commission, which is Europe’s antitrust regulator, ruled in March that the assets Bayer agreed to shed are sufficient to approve the Monsanto deal, but it had yet to give a final nod on whether BASF would sufficiently stoke competition as new owner.
Bayer is close to wrapping up the Monsanto deal following months of delays. Earlier on Tuesday it won conditional U.S. antitrust approval for the $62.5 billion transaction. Reporting by Ludwig Burger Editing by Mark Heinrich | ashraq/financial-news-articles | https://www.reuters.com/article/monsanto-ma-bayer-basf/bayer-says-eu-approves-basf-as-buyer-of-antitrust-divestments-idUSL5N1T065O |
May 16, 2018 / 3:21 PM / Updated 8 minutes ago Goldman aims to preserve pre-IPO culture, even as partnership dwindles Henry Engler 4 Min Read
WASHINGTON, May 15 (Reuters) - Goldman Sachs Group Inc has launched a global training initiative to safeguard the tight-knit culture it developed as a private partnership, even as the bank marks its 19th year as a publicly traded company.
Bank leaders, including Chief Executive Officer Lloyd Blankfein and his deputy, Chief Operating Officer David Solomon, have been anchoring 2-1/2-hour sessions with managers across the globe since September, focused on improving culture and employee conduct, executives involved with the effort told Thomson Reuters Regulatory Intelligence.
Since the 2007-2009 financial crisis, regulators have put a strong emphasis on improving corporate culture and employee behavior in a bid to reduce risk across the system.
Some 2,500 employees are expected to participate in the mandatory exercise known internally as the “Chairman’s Forum” by the time it concludes later this year, the executives said.
The sessions recreate everyday workplace scenarios to encourage senior staff to think about how they should behave when faced with tough decisions and conflict, including with respect to client transactions.
Stephen Scherr, CEO of Goldman Sachs Bank USA, which houses the bank’s consumer and corporate lending businesses, has led two of the gatherings so far. Instilling uniform cultural values has gotten more difficult as Goldman has grown from the private firm with 5,000 employees Scherr joined in 1993 to the global banking institution with 30,000 employees that it is today, he said.
“When I look back over 25 years, I don’t think the themes that are being covered in these more organized sessions are frankly very different than those that were pervasive early on,” said Scherr. “What has changed is that at a purely practical level we’re a much bigger organization.”
Goldman Sachs listed on the New York Stock Exchange in May 1999. The bank has maintained its partnership program, but partners now represent less than 2 percent of total staff.
Goldman took a hard look at its culture following the financial crisis, when its image was tainted by claims it misled investors over profitable mortgage trades and a former employee who wrote a book accusing bank executives of calling clients “muppets.” ( reut.rs/TKAIjb )
Following that review, an internal committee released a report in 2013 reiterating a set of core business principles established by former CEO John Whitehead that focused on integrity, trust and putting clients first. ( reut.rs/122nCbB )
The training sessions build on that effort, especially as Blankfein enters his 13th year as CEO and prepares to eventually hand the reins over to Solomon.
Goldman executives said they are trying to make the training sessions relevant to real situations managers encounter. Sessions begin with video case studies that lead to interactive group discussions.
Blankfein makes an appearance at the start of each session by video, telling managers to foster a culture in which employees see it their “individual responsibility to raise issues that they are worried about.” (Reporting by Henry Engler of Thomson Reuters Regulatory Intelligence. An earlier version of this article first appeared in Regulatory Intelligence. Editing by Michelle Price and Meredith Mazzilli) | ashraq/financial-news-articles | https://www.reuters.com/article/goldman-sachs-culture/goldman-aims-to-preserve-pre-ipo-culture-even-as-partnership-dwindles-idUSL3N1SM69T |
May 1 (Reuters) - Jacob Jacobson agreed to resign as Xerox Corp’s chief executive as part of a settlement of a lawsuit brought by the company’s shareholders that raised questions over Xerox’s agreed deal with Japan’s Fujifilm Holdings Corp, a New York court filing showed on Tuesday.
The proposal, which still needs court approval, also says Jacobson will step down from Xerox’s board, along with six other directors including Chairman Robert Keegan.
The lawsuit had alleged that Jacobson pursued a deal with Fujifilm, even after Xerox’s board advised him to halt negotiations. The company had denied the assertion.
Fujifilm and Xerox struck a $6.1 billion deal in January to combine the U.S. company into their existing joint venture, Fuji Xerox, to gain scale and cut costs as demand for office printing equipment declines.
Xerox could not immediately be reached for comment.
Reporting by Ismail Shakil in Bengaluru and Liana Baker in New York; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/xerox-ma-fujifilm-ceo/xerox-ceo-jacobson-agrees-to-step-down-in-settlement-of-shareholder-lawsuit-court-filing-idUSL3N1S90HT |
SAN DIEGO, May 3, 2018 /PRNewswire/ -- MabVax Therapeutics Holdings, Inc. (Nasdaq: MBVX), a clinical-stage biotechnology company focused on the development of antibody-based products to address unmet medical needs in the treatment of cancer, today announced it has entered into securities purchase agreements with accredited investors pursuant to which the Company has agreed to sell $860,000 worth of shares of the Company's newly designated 0% Series N Convertible Preferred Stock (the "Series N Preferred Stock"). Transaction costs are estimated to be $10,000. The initial conversion price for the Series N Preferred Stock is $1.10 per share of common stock. The offering is expected to close on or before May 7, 2018.
In connection with this offering, the Company offered incentive shares to prior investors who participated in the Company's private offering in February 2018 as an incentive for the prior investors to make a minimum investment in this offering equal to 40% of their investment in February 2018. Assuming the prior investors invest at least 40% of their prior investment in this offering, they shall be entitled to receive their pro rata share of up to 10,988.88 shares of a new 0% Series O Convertible Preferred Stock (the "Series O Preferred Stock"), initially convertible into 1,098,888 shares of common stock.
Neither the Series N Preferred Stock nor the Series O Preferred Stock will be separately listed on any securities exchange or other trading market. The shares of Series N Preferred Stock and Series O Preferred Stock were offered and are being sold to certain accredited investors in a private placement. No bank was used for this transaction.
"The incremental funds from this financing are intended to provide additional operating capital while we continue to work toward closing potential strategic transactions with companies interested in certain products in our development pipeline," stated President and CEO David Hansen. "These funds together with payments we expect to receive from these potential transactions should help us to sustain our spending on key programs in our development pipeline for the remainder of the year."
MabVax intends to use the net proceeds of the offering to fund continuing clinical development of its HuMab 5B1 antibody designated MVT-5873 in combination with gemcitabine and nab-paclitaxal in first line therapy for the treatment of patients newly diagnosed with pancreatic cancer. The Company has treated two cohorts of patients for a total of six patients to date in this study; and these funds will enable the Company to continue enrolling up to approximately 10 additional patients with the objective of confirming early observations. The additional funding will also support the continued clinical development of the Company's radioimmunotherapy product designated as MVT-1075 for the treatment of locally advanced or metastatic pancreatic cancer patients. MabVax initiated the phase I study of MVT-1075 in June 2017 and is in the process of treating additional patients to continue to assess the safety and potential efficacy of this treatment. Funds will also be used for general corporate purposes.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About MabVax:
MabVax Therapeutics Holdings, Inc. is a clinical-stage biotechnology company with a fully human antibody discovery platform focused on the rapid translation into clinical development of products to address unmet medical needs in the treatment of cancer. Our antibody MVT-5873, is a fully human IgG1 monoclonal antibody (mAb) that targets sialyl Lewis A (sLea), an epitope on CA19-9, and is currently in Phase 1 clinical trials as a therapeutic agent for patients with pancreatic cancer and other CA19-9 positive tumors. CA19-9 is expressed in over 90% of pancreatic cancers and in other diseases including small cell lung and GI cancers. CA19-9 plays an important role in tumor adhesion and metastasis, and is a marker of an aggressive cancer phenotype. CA19-9 serum levels are considered a valuable adjunct in the diagnosis, prognosis and treatment monitoring of pancreatic cancer. With our collaborators including Memorial Sloan Kettering Cancer Center, Sarah Cannon Research Institute, Honor Health and Imaging Endpoints, we have treated over 56 patients with either our therapeutic antibody designated as MVT-5873 or our PET imaging diagnostic product designated as MVT-2163 in Phase 1 clinical studies, and demonstrated early safety and specificity for the target. Patient dosing is continuing in Phase 1 clinical studies of MVT-5873 in combination with nab-paclitaxel and gemcitabine to patients newly diagnosed with CA19-9 positive pancreatic cancer, and for the Company's radioimmunotherapy product MVT-1075. Our human antibody targeting Tn and sTn is in preclinical development. For additional information, please visit the Company's website, www.mabvax.com .
Forward Looking Statements:
This press release on announcing the private placement contains "forward-looking statements" regarding matters that are not historical facts, including statements relating to the financing and use of proceeds, the Company's MVT-5873, MVT-2163 and MVT-1075 clinical development programs, and the Company's human antibody targeting Tn and sTn in preclinical development. We have no assurance that all the product development pipeline will be fully developed by the Company. Further, we have no assurance that potential strategic transactions will be completed in a timely manner, if at all. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the Securities and Exchange Commission, or SEC, including the factors described in the section entitled "Risk Factors" in its annual report on Form 10-K for the fiscal year ended December 31, 2017, as amended and supplemented from time to time and the Company's Quarterly Reports on Form 10-Q and other filings submitted by the Company to the SEC, copies of which may be obtained from the SEC's website at www.sec.gov . The parties do not undertake any obligation to update forward-looking statements contained in this press release.
MabVax Investor Contact:
Email: [email protected]
Phone: 833-208-6789
Media Contact:
Russo Partners LLC
Phone: 212-845-4272
Email: [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/mabvax-therapeutics-holdings-inc-announces-private-placement-offering-300642152.html
SOURCE MabVax Therapeutics Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-mabvax-therapeutics-holdings-inc-announces-private-placement-offering.html |
Kroger Co. is buying Home Chef, the largest private meal-kit company in the U.S. by sales, its second deal in as many weeks aimed at bolstering the supermarket chain’s online business.
The deal—$200 million initially and up to $700 million if Home Chef hits performance targets—comes about a week after the Cincinnati-based grocer took a roughly $250 million stake in British online grocery operator Ocado Group PLC. The companies are poised to open a series of automated warehouses for grocery delivery in the U.S.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/kroger-buys-meal-kit-company-home-chef-in-latest-online-acquisition-1527106553 |
May 8 (Reuters) - Loxo Oncology Inc:
* LOXO ONCOLOGY REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* LOXO ONCOLOGY - AS OF MARCH 31, 2018, CO HAD AGGREGATE CASH, CASH EQUIVALENTS AND INVESTMENTS OF $735.6 MILLION, COMPARED TO $626.2 MILLION AS OF DEC 31, 2017
* LOXO ONCOLOGY INC - QTRLY LOSS PER SHARE $0.12
* LOXO ONCOLOGY INC - QTRLY ADJUSTED LOSS PER SHARE $1.22 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-loxo-oncology-reports-qtrly-loss-p/brief-loxo-oncology-reports-qtrly-loss-per-share-of-0-12-idUSASC0A0DE |
BEIJING, May 18 (Reuters) - China on Friday issued new guidelines on the managing of shares of publicly listed companies held by state-owned entities, according to a notice on the Ministry of Finance’s website.
The new rules are meant to standardise how state shareholdings of listed companies change hands, to protect the rights of all investors and to prevent losses of state assets, it said.
The notice, co-signed by the finance ministry, the state-owned assets regulator and the securities regulator, said the rules will help avoid shocks to the stock market from changes in state holdings of listed companies. (Reporting by Beijing Monitoring Desk; Editing by Richard Borsuk)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-regulator/china-issues-new-guidelines-on-state-holdings-in-listed-firms-idUSB9N1SI00I |
DUBAI, May 3 (Reuters) - State-owned Egyptian Electricity Holding Company (EEHC) is raising a syndicated loan of up to around $700 million with Credit Suisse and HSBC leading the deal, banking sources said.
The new loan, guaranteed by the finance ministry, has a five-year maturity and is being syndicated to international and Gulf banks, the sources said.
The debt facility is one of a few debt transactions currently in the market, a sign of banks’ increased interest in Egypt, where business conditions are slowly improving under a three-year IMF loan programme tied to fiscal and economic reforms.
“There is a lot of appetite for Egypt currently and there are a few deals in the market or in the pipeline,” said Zain Zaidi, director for loans and acquisition finance for the Middle East, Egypt and Pakistan at Citigroup. He added however that given the current country ratings, the perceived risk remains higher than in other Middle East markets.
Other deals include a club loan of around $600 million for National Bank of Egypt, sources told Reuters earlier this week. .
In the market, there is also a $450 million refinancing loan for Egyptian Fertilizers Company, a subsidiary of Netherlands-listed OCI N.V.., a company led by Egyptian billionaire Nassef Sawiris, sources said.
EEHC, which did not respond to a request for comment on its new fundraising exercise, has borrowed extensively in the past.
In 2015 it raised a $521 million loan provided by a group of Egyptian banks and National Bank of Abu Dhabi – now First Abu Dhabi Bank.
The following year, the Egyptian utility borrowed 3.5 billion euros through a debt facility backed by export credit agencies for the construction of three gas-fired power plants. For those projects, worth 6 billion euros, it also raised a $1.2 billion loan with local banks. (Reporting by Davide Barbuscia; Editing by Adrian Croft)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/egyptian-electricity-loan/egyptian-electricity-holding-to-raise-700-mln-loan-with-hsbc-and-credit-suisse-sources-idUSL8N1SA3GP |
-IMVEXXY’s applicator-free self-administration was developed with the woman in mind-
-TherapeuticsMD will host a conference call at 8:00 AM EDT today-
BOCA RATON, Fla.--(BUSINESS WIRE)-- TherapeuticsMD, Inc. (NASDAQ: TXMD), an innovative women’s healthcare company, today announced that the United States Food and Drug Administration (FDA) has approved IMVEXXY (estradiol vaginal inserts) for the treatment of moderate-to-severe dyspareunia (vaginal pain associated with sexual activity), a symptom of vulvar and vaginal atrophy (VVA), due to menopause. IMVEXXY is the only product in its therapeutic class to offer a 4 mcg and 10 mcg dose, the 4 mcg representing the lowest approved dose of vaginal estradiol available.
“IMVEXXY is a bio-identical vaginal estrogen product that offers a fraction of the estrogen contained in the average doses of many existing products currently on the market,” said Brian Bernick, MD, Chief Clinical Officer of TherapeuticsMD. “IMVEXXY is the only product specifically designed to be applicator-free. It dissolves completely without mess or additional clean-up, and can be used anytime of day. It allows women the freedom to immediately return to their normal daily activities. Studies showed that, in patients who used IMVEXXY, systemic absorption of estradiol remained within postmenopausal range.”
“We are excited to bring IMVEXXY to market as TherapeuticsMD’s first FDA-approved drug as we strive to be the premier Women’s Health Company,” said Robert Finizio, Chief Executive Officer of TherapeuticsMD. “IMVEXXY reflects our long-standing corporate mission and commitment to health solutions that women want, based on the concepts of medical need, efficacy, safety, simplicity, and affordability. IMVEXXY will be offered at a price in parity with other products that have been on the market for 10 to 30 years. By ensuring patients can access IMVEXXY at an affordable price, TherapeuticsMD is doing the right thing for women.”
About Dyspareunia and Vulvar and Vaginal Atrophy (VVA)
VVA is a component of genitourinary syndrome of menopause (GSM), which may include, but is not limited to, genital symptoms of dryness, burning and irritation, sexual symptoms such as decreased lubrication, discomfort, and pain, and urinary symptoms such as urgency, dysuria, and recurrent urinary tract infections. 1 VVA is a chronic, progressive condition that leads to distressing symptoms and can progressively worsen if not treated. 2
VVA is a condition that develops when the body makes less estrogen due to menopause. Without sufficient estrogen, the vaginal tissue becomes thin, dry, and less elastic. The vaginal canal can also narrow and shorten. Insufficient estrogen can also decrease vaginal fluids, change the acid balance of the vagina, and weaken pelvic floor muscles. All these factors can lead to dyspareunia. 2
VVA affects an estimated 32 million postmenopausal women in the US. Only about seven percent (2.3 million) of these women receive prescription treatment. 3 Nearly 1 out of 2 women will experience pain during intercourse due to VVA at some point during their lives. 3
“Studies have shown that many women are not seeking treatment for VVA and 81% are unaware that VVA is a treatable medical condition and part of a constellation of symptoms associated with loss of estrogens," said Dr. Sheryl Kingsberg, President, North American Menopause Society. "I am delighted that our patients will now have a convenient treatment option with IMVEXXY and hope that the excitement generated by this new option will encourage women to talk to their healthcare provider and get relief from their pain and discomfort due to VVA.”
IMVEXXY For the Treatment of Moderate to Severe Dyspareunia Due to Menopause
Imvexxy’s mechanism of action is the re-estrogenization of the tissue in and around the vagina. IMVEXXY’s distinctive formulation ensures that it dissolves completely without mess, so patients can use it any time of day by placing the softgel capsule in the lower part of the vagina to treat the vulva and vagina. IMVEXXY is administered daily for two weeks followed by only twice a week dosing. Nine out of 10 patients who participated in a clinical trial reported that IMVEXXY was “easy to use.” 4
The FDA approval of IMVEXXY is based on the results of a Phase 3, randomized, double-blind, placebo-controlled study that evaluated the safety and efficacy of IMVEXXY (4 mcg and 10 mcg) compared to placebo from baseline to week 12. The study showed that IMVEXXY provided relief of moderate to severe dyspareunia due to menopause as early as week 2 for both doses. 5 Statistically significant changes in vaginal cytology and pH were also observed. 5 A substudy of the REJOICE trial evaluated the pharmacokinetics of IMVEXXY 4 mcg, 10 mcg, and placebo. With both the 4 mcg and 10 mcg doses, the mean concentration of estradiol and estrone remained within average postmenopausal range. 6 The results were published in the journal Menopause: The Journal of The North American Menopause Society. 5,6
The most common adverse reaction with IMVEXXY (incidence ≥3 percent) and greater than placebo was headache. There were no clinically significant differences in AEs observed between treatment and placebo groups. 5 Important safety information for IMVEXXY, including the boxed warning for endometrial cancer, cardiovascular disorders, breast cancer, and probable dementia, is provided below. The full prescribing information may be viewed by visiting www.imvexxy.com .
TherapeuticsMD anticipates that IMVEXXY will be available for commercial distribution in July.
As part of the FDA’s approval, TherapeuticsMD has committed to conduct a post-approval observational study.
Conference Call Information
TherapeuticsMD will host a conference call today to discuss the IMVEXXY approval. Details for the call are:
Date: Wednesday, May 30, 2018 Time: 8:00 AM EDT Telephone Access (US): (866) 665-9531 Telephone Access (International): (724) 987-6977 Access Code for All Callers: 4757309 Additionally, a live webcast can be accessed on the company’s website, www.therapeuticsmd.com , on the Home Page or under the “Investors & Media” section. A digital recording of the conference call will be available for replay beginning two hours after the call's completion and for at least 30 days with the dial-in (855) 859-2056 or international (404) 537-3406 and Conference ID: 4757309.
IMPORTANT SAFETY INFORMATION
WARNING: ENDOMETRIAL CANCER, CARDIOVASCULAR DISORDERS, BREAST CANCER and PROBABLE DEMENTIA
See full prescribing information for complete boxed warning.
Estrogen-Alone Therapy
• There is an increased risk of endometrial cancer in a woman with a uterus who uses unopposed estrogens
• Estrogen-alone therapy should not be used for the prevention of cardiovascular disease or dementia
• The Women’s Health Initiative (WHI) estrogen-alone substudy reported increased risks of stroke and deep vein thrombosis (DVT)
• The WHI Memory Study (WHIMS) estrogen-alone ancillary study of WHI reported an increased risk of probable dementia in postmenopausal women 65 years of age and older
Estrogen Plus Progestin Therapy
• Estrogen plus progestin therapy should not be used for the prevention of cardiovascular disease or dementia
• The WHI estrogen plus progestin substudy reported increased risks of stroke, DVT, pulmonary embolism (PE) and myocardial infarction (MI)
• The WHI estrogen plus progestin substudy reported increased risks of invasive breast cancer
• The WHIMS estrogen plus progestin ancillary study of WHI reported an increased risk of probable dementia in postmenopausal women 65 years of age and older
CONTRAINDICATIONS
IMVEXXY™ is contraindicated in women with any of the following conditions: undiagnosed abnormal genital bleeding; known, suspected, or history of breast cancer; known or suspected estrogen-dependent neoplasia; active DVT, PE, or history of these conditions; active arterial thromboembolic disease or a history of these conditions; known anaphylactic reaction or angioedema to IMVEXXY; known liver impairment or disease; known protein C, protein S, or antithrombin deficiency, or other known thrombophilic disorders.
WARNINGS AND PRECAUTIONS
IMVEXXY is intended only for vaginal administration. Systemic absorption may occur with the use of IMVEXXY. The use of estrogen-alone and estrogen plus progestin therapy has been reported to result in an increase in abnormal mammograms requiring further evaluation. The WHI estrogen plus progestin substudy reported a statistically non-significant increased risk of ovarian cancer. A meta-analysis of 17 prospective and 35 retrospective epidemiology studies found that women who used hormonal therapy for menopausal symptoms had an increased risk for ovarian cancer. The exact duration of hormone therapy use associated with an increased risk of ovarian cancer, however, is unknown. Other warnings include: gallbladder disease; severe hypercalcemia, loss of vision, severe hypertriglyceridemia or cholestatic jaundice. Estrogen therapy may cause an exacerbation of asthma, diabetes mellitus, epilepsy, migraine, porphyria, systemic lupus erythematosus, and hepatic hemangiomas and should be used with caution in women with these conditions. Women on thyroid replacement therapy should have their thyroid function monitored.
ADVERSE REACTIONS
The most common adverse reaction with IMVEXXY (incidence ≥ 3 percent) and greater than placebo was headache.
Please note that this information is not comprehensive. Please visit www.imvexxy.com for the Full Prescribing Information, including the Boxed Warning.
About TherapeuticsMD, Inc.
TherapeuticsMD, Inc. is an innovative healthcare company focused on developing and commercializing products exclusively for women. With its SYMBODA™ technology, TherapeuticsMD is developing advanced hormone therapy pharmaceutical products to enable delivery of bio-identical hormones through a variety of dosage forms and administration routes. The company has recently received FDA approval for TX-004HR, branded as IMVEXXY™ (estradiol vaginal inserts), for the treatment of moderate to severe dyspareunia, a symptom of vulvar and vaginal atrophy, due to menopause. The company’s late stage clinical pipeline includes TX-001HR for treatment of moderate-to-severe vasomotor symptoms (VMS) due to menopause. The company also manufactures and distributes branded and generic prescription prenatal vitamins as well as over-the-counter prenatal vitamins under the vitaMedMD® and BocaGreenMD® brands.
Forward-Looking Statements
This press release by TherapeuticsMD, Inc. may contain forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to TherapeuticsMD’s objectives, plans and strategies as well as statements, other than historical facts, that address activities, events or developments that the company intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and the company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of the company’s control. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the sections titled “Risk Factors” in the company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as reports on Form 8-K, and include the following: whether the FDA will approve the NDA for the company’s TX-001HR product candidate and whether such approval will occur by the PDUFA target action date; the company’s ability to maintain or increase sales of its products; the company’s ability to develop and commercialize its hormone therapy drug candidates and obtain additional financing necessary therefor; whether the company be able to comply with the covenants and conditions under its term loan agreement; the length, cost and uncertain results of the company’s clinical trials; the potential of adverse side effects or other safety risks that could preclude the approval of the company’s hormone therapy drug candidates; the company’s reliance on third parties to conduct its clinical trials, research and development and manufacturing; the availability of reimbursement from government authorities and health insurance companies for the company’s products; the impact of product liability lawsuits; the influence of extensive and costly government regulation; the volatility of the trading price of the company’s common stock and the concentration of power in its stock ownership. PDF copies of the company’s historical press releases and financial tables can be viewed and downloaded at its website: www.therapeuticsmd.com/pressreleases.aspx .
References:
1. Portman DJ, Gass ML; Vulvovaginal Atrophy Terminology Consensus Conference Panel. Genitourinary syndrome of menopause: new terminology for vulvovaginal atrophy from the International Society for the Study of Women’s Sexual Health and the North American Menopause Society. Menopause. 2014;21(10):1063-1068.
2. The North American Menopause Society. Management of symptomatic vulvovaginal atrophy: 2013 position statement of The North American Menopause Society. Menopause. 2013;20(9):888–902.
3. Wysocki S, Kingsberg S, Krychman M. Management of vaginal atrophy: implications from the REVIVE survey. Clin Med Insights Reprod Health. 2014;8:23-30.
4. Kingsberg SA, Kroll R, Goldstein I, et al. Patient acceptability and satisfaction with a low-dose solubilized vaginal estradiol softgel capsule, TX-004HR. Menopause. 2017;24:894-899.
5. Constantine GD, Simon JA, Pickar JH, et al. The REJOICE trial: a phase 3 randomized, controlled trial evaluating the safety and efficacy of a novel vaginal estradiol soft-gel capsule for symptomatic vulvar and vaginal atrophy. Menopause. 2017;24:409-416.
6. Archer DF, Constantine GD, Simon J, et al.TX-004HR Vaginal Estradiol Has Negligible to Very Low Systemic Absorption of Estradiol. Menopause 2017;24:510-516.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005441/en/
Investor Contact:
TherapeuticsMD, Inc.
Nichol Ochsner, 561-961-1900, ext. 2088
Vice President Investor Relations
[email protected]
or
Media Contact:
Zeno Group
Heidi Lorman, 646-239-1237
Senior Vice President, Health
[email protected]
Source: TherapeuticsMD, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-therapeuticsmd-announces-fda-approval-of-tx-004hr-imvexxy-estradiol-vaginal-inserts-the-lowest-dose-vaginal-estrogen-product.html |
RUFUS, Ore., May 08, 2018 (GLOBE NEWSWIRE) -- Auscrete Corporation (OTC PINK:ASCK) founder and CEO John Sprovieri, along with Otto Paulette, who has been employed with Auscrete in previous years as a production coordinator in a “key-man role,” have acquired the materials to begin the construction of the Company’s site construction office. The office will play an integral role as a temporary HQ as the flagship facility is being built. It will also be home to the engineers as the facility is being constructed.
Once completion of the revenue production facility is complete and the operations are re-located within the new buildings, the site construction office will look to be renovated into an efficiency studio apartment. This on-site apartment will be able to accommodate visitors, that travel to discuss potential building developments with ASCK . Initially the structure will be from wood, with external ASCK concrete panels to be added upon completion of the initial production process.
The aforementioned “key-man role” of Otto Paulette entails more of day to day physical duties, than the recently hired Mike Young, who joined the ASCK team as VP of Internal Operations on April the 24 th.
Mike’s responsibility in that position will reduce the workload of our CEO considerably as the company moves forward with its construction of the company HQ and Flagship Manufacturing Facility.
Mike’s duties are to assist in the acquisition of goods and services and report directly to the CEO and the Board on the ongoing progression of events going forward. He will also oversee ASCK’s financial operations and auditing obligations which will facilitate regulatory reporting to the SEC, among other necessary company duties.
ASCK Founder and CEO, John Sprovieri said, “Mike’s role will greatly enhance the future of ASCK and assist with completion of activities in the most timely and efficient manner as we move forward to revenue producing operations.”
CEO, John Sprovieri was Quote: d as saying “the launch of the new facility could not be more exciting and timely,” as he was referenced an article at CNBC, the article states that “Housing confidence hits record high as home prices skyrocket.” 1
On Monday April 9 th the Auscrete Blog went live, at AuscreteBlog.com . The main purpose of the blog is to provide shareholders and potential investors alike the information and updates regarding the launch of the flagship facility in Goldendale WA. Initially, the blog will be a static blog, with the goal in the near future of becoming an inter-active blog, and linked to Instagram, Facebook and Twitter accounts. ASCK is excited to announce that during the first month of being live the blog, has been averaging 38 unique visitors per day, including weekends, and doing so before the marketing campaign for the blog even begins.
Being in contact with HQ and several of the board members, company spokesman Lee Odom said, “The Board of Directors and HQ have never been as excited and optimistic about the future as they are right now. And no one has more invested in the future of ASCK then them, so I feel it’s a fairly accurate barometer to read. And by the recent conversations I that I have had. I feel the future of ASCK looks to be very rewarding both in the near-term and especially for longer-term value investors, and those usually do better than speculators most of the time.”
To stay current with development and growth of ASCK be sure and follow the newly launched blog at AusreteBlog.com .
1 https://www.cnbc.com/2018/05/07/housing-confidence-hits-record-high-as-home-prices-skyrocket.html
Media Contact:
Holly Marie
Executive Producer
Uptick Newswire, LLC
Direct Line: 602-821-1143
[email protected]
www.upticknewswire.com
Source:Auscrete Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-auscrete-corporation-asck-begins-building-site-construction-office.html |
U.S. unemployment has fallen to 3.9% for the first time since 2000, shortly before the economy overheated. WSJ's Ken Brown explains what that tells us about today’s economic cycle and whether its sustainable. Photo: Associated Press | ashraq/financial-news-articles | http://www.wsj.com/video/what-39-unemployment-tells-us-about-today-economy/D68F3C56-9109-437C-962F-A9638D64CC62.html |
Saint Petersburg, FL, May 21, 2018 (GLOBE NEWSWIRE) --
NuvusGro Corp. (OTC PINK: NUVG), a provider of advanced Controlled Environment Agriculture (CEA) with sophisticated automation and analytical tools for the cultivators of legal industrial hemp and marijuana, announces today that NuvusGro has been contracted by Infrax Systems (IFXY) to develop and manufacture Mobile Mining Unit (MoMu) utilizing its Grow.Droid Enterprise Technology to mine Bitcoin, Ether, BCH, and Altcoins. Grow.Droid technology has been used to develope and manufacture sophisticated container based grow systems.
MoMu is a mobile container-based computer mining operation that can be easily transported from site to site. Just plug into power, connect to the internet via satellite and start mining cryptos. A complete self-contained unit ready to house and operate 128 to 164 GPUs or Asics. This is the Nuvus Mobile Mining Unit (MoMu).
The Nuvus Mobile Mining Unit is constructed from a 20-foot shipping container and comes attached to a sturdy trailer base which can be towed via most pickup trucks and larger SUVs. This self-contained unit has everything needed to start mining operations, just add preferred mining computers and equipment.
The Nuvus Mobile Mining Unit is not just a pretty box. It comes with advanced features such as programmed controlled sequential startup and shutdown, active security and remote monitoring. Dual self-locking satellite systems provide reliable internet connection anywhere a signal can be located. Our custom designed flow-thru environmental system and open-air racks will make sure all is cool and running at maximum efficiency. MoMus will have the intake ability of 1 MW of power.
About NuvusGro
NuvusGro, a Nevada Corporation and Subsidiary of Nuvus Corp., provides Advanced Controlled Environment Agriculture (CEA), Precise Cognitive Automation, Sophisticated Analytics, Artificial Intelligence (AI) Grow Systems, Modular Grow facilities, Power & Energy Services, Consulting Services and Financing for the cultivators and Medium to Large Scale Growing Facilities.
About Nuvus Corp
Nuvus Corp provides strong leadership and guidance to a collection of companies addressing the cannabis, hemp and mainstream agricultural industry. Our organizational structure allows us to keep tremendous focus on the extraordinary opportunities in this ever-expanding industry.
To request further information about Nuvus, please email us at [email protected] , log onto our website at http://www.nuvusgro.com or visit us at our Facebook page https://www.facebook.com/nuvuscorp or on Twitter @nuvuscorp.
About Infrax Systems (BlockCapital Corp)
BlockCapital Corp ($IFXY) invests in crypto assets, provides blockchain technology consulting, ICO process consulting services, Crypto mining infrastructure consulting & tokenization of assets.
Forward-Looking Statements
This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets. This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
CONTACT INFORMATION Media Contact NuvusGro Corp. Http://www.nuvuscorp.com Http://www.nuvusgro.com [email protected] (727) 474-1810 Twitter - @nuvuscorp Facebook - nuvuscorp
Source: Nuvus Gro | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-nuvusgro-nuvg-introduces-the-nuvus-mobile-mining-unit-momu-utilizing-its-grow-droid-enterprise-technology-a-momu-to-mine.html |
May 23, 2018 / 10:08 AM / Updated 2 hours ago Head of USA Gymnastics apologises to sex abuse victims Ian Simpson 3 Min Read
WASHINGTON (Reuters) - The top executive of USA Gymnastics apologised during a congressional hearing on Wednesday to hundreds of female athletes who were sexually abused by longtime team doctor Larry Nassar and declared that “those days are over.”
Kerry Perry, chief executive of USA Gymnastics since December, said she was “appalled and sickened” by Nassar’s sexual abuse of athletes while he was a USA Gymnastics volunteer.
“First, I want to apologise to all who were were harmed by the horrific acts of Larry Nassar,” she said during the hearing of the House of Representatives Energy and Commerce subcommittee looking into whether U.S. Olympic sports have done enough to protect athletes from sexual abuse.
“Let there be no mistake, those days are over,” said Perry. She was joined by the top executives from the U.S. Olympic Committee and the national governing bodies of swimming, taekwondo and volleyball. Also testifying was the head of the independent Center for SafeSport, set up last year to prevent abuse.
Nassar, a doctor at Michigan State University, was sentenced this year to decades in prison after pleading guilty to criminal sexual conduct. Michigan State University last week agreed to pay $500 million (374.45 million pounds) to 332 women who were sexually abused by him. The scandal led to the resignation of the USA Gymnastics board as well as the head of the USOC, who said he was stepping down for medical reasons.
From January through April, USA Gymnastics had received about 275 reports of sexual abuse, and it sent about 75 of them to the Center for SafeSport for investigation, Perry said.
Poor record-keeping had slowed USA Gymnastics’ own probe into accusations against Nassar and others, she said, without further explanation. USOC acting chief Susanne Lyons, USA Gymnastics CEO Kerry Perry, Tim Hinchey, President and CEO of USA Swimming, Steve McNally, Executive Director, USA Taekwondo and Shellie Pfohl, CEO, U.S. Center for SafeSport prepare to testify at a House Energy and Commerce Committee hearing on Olympic athletes and sexual abuse on Capitol Hill in Washington, U.S., May 23, 2018. REUTERS/Jonathan Ernst ‘HERCULEAN EFFORT’
Representative Gregg Harper, the oversight subcommittee’s chairman, said that it was unclear if the USOC had followed its own procedures in investigating allegations of sexual abuse.
“One case of sexual abuse is one case too many, and it will take a Herculean effort to regain the trust of respective athletes and their families,” said Harper, a Republican.
Acting USOC Chief Executive Susanne Lyons, who took the post in February, said the committee had rebuilt USA Gymnastics and doubled its spending on the Center for SafeSport.
The USOC is also carrying out surveys of athletes and trying to give them a bigger voice, and will publish the results of an ongoing outside investigation into Nassar’s abuse and why it continued so long, Lyons said.
Shellie Pfohl, SafeSport’s president, said the centre had received about 800 reports of sexual abuse since it opened in March 2017, with an average 63 days needed to finish a case.
SafeSport has an annual budget of about $4.6 million but its roughly dozen staff or contract workers are not enough to keep up with the 20 to 30 reports it receives each week, Pfohl said. Slideshow (3 Images)
The U.S. Senate and Department of Education are also conducting probes into sex abuse in sports. Reporting by Ian Simpson; Editing by Scott Malone and Frances Kerry | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-gymnastics-usa-congress/u-s-congress-panel-to-grill-olympic-officials-on-preventing-sex-abuse-idUKKCN1IO19J |
LONDON, May 2 (Reuters) - British satellite firm Inmarsat said its first-quarter revenue rose 5 percent, building on the momentum achieved last year in its maritime and aviation services.
The company, which kept its full-year outlook unchanged, reported core earnings of $174.9 million, down 4.5 percent, in part reflecting less government work in the quarter, on revenue of $345.4 million.
Reporting by Paul Sandle; editing by Kate Holton
| ashraq/financial-news-articles | https://www.reuters.com/article/inmarsat-outlook/inmarsat-q1-revenue-rises-5-pct-guidance-unchanged-idUSFWN1S80RM |
Arthur J Gallagher & Co:
* ARTHUR J. GALLAGHER & CO. ACQUIRES A.J. AMER AGENCY, INC.
* ARTHUR J GALLAGHER & CO - TERMS OF TRANSACTION WERE NOT DISCLOSED.
* ARTHUR J GALLAGHER & CO - TERMS OF TRANSACTION WERE NOT DISCLOSED.
* ARTHUR J GALLAGHER & CO - ANNOUNCED ACQUISITION OF AKRON, OHIO-BASED A.J. AMER AGENCY, INC Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-arthur-j-gallagher-co-acquires-aj/brief-arthur-j-gallagher-co-acquires-a-j-amer-agency-inc-idUSASC0A114 |
May 29, 2018 / 7:09 AM / Updated 25 minutes ago South Africa's rand eases against dollar Reuters Staff 1 Min Read
JOHANNESBURG, May 29 (Reuters) - South Africa’s rand weakened on Tuesday morning against a stronger dollar and amid ebbing investor enthusiasm for emerging market assets.
* At 0638 the rand was 0.64 percent down at 12.5425 against the dollar after closing at 12.4250 on Monday.
* Bonds fell, with the yield on the benchmark government bond due in 2026 up 4.5 basis point to 8.485.
* The Johannesburg Stock Exchange opened lower with the Top-40 index down 0.5 percent shortly after the opening bell. (Reporting by Patricia Aruo Editing by Ed Cropley) | ashraq/financial-news-articles | https://www.reuters.com/article/safrica-markets/south-africas-rand-eases-against-dollar-idUSL5N1T019E |
Storm Alberto threatens U.S. Gulf Coast 9:40am EDT - 00:59 Thu, Nov 23, 2017 - (2:18) Follow Reuters: Reuters News Agency | Brand Attribution Guidelines | Advertise with Us | Careers
Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/27/storm-alberto-threatens-us-gulf-coast?videoId=430850380 |
Pictures | Fri May 11, 2018 | 11:30am EDT Photos of the week
A man who illegally crossed the Mexico-U.S. border evades a U.S. Border Patrol agent near McAllen, Texas. REUTERS/Loren Elliott Reuters / Tuesday, May 08, 2018 A man who illegally crossed the Mexico-U.S. border evades a U.S. Border Patrol agent near McAllen, Texas. REUTERS/Loren Elliott Close 1 / 20
Manchester City's Oleksandr Zinchenko reacts as the Premier League trophy falls as players and staff celebrate winning the title, in Manchester. Action Images via Reuters/Carl Recine Reuters / Monday, May 07, 2018 Manchester City's Oleksandr Zinchenko reacts as the Premier League trophy falls as players and staff celebrate winning the title, in Manchester. Action Images via Reuters/Carl Recine Close 2 / 20
Lava advances along a street near a fissure in Leilani Estates, on Kilauea Volcano's lower East Rift Zone, Hawaii. USGS/via REUTERS Reuters / Sunday, May 06, 2018 Lava advances along a street near a fissure in Leilani Estates, on Kilauea Volcano's lower East Rift Zone, Hawaii. USGS/via REUTERS Close 3 / 20
People ride on a swing carousel as part of the traditional celebration of Saint George's Day in Strumica, eastern Macedonia. REUTERS/Ognen Teofilovski Reuters / Sunday, May 06, 2018 People ride on a swing carousel as part of the traditional celebration of Saint George's Day in Strumica, eastern Macedonia. REUTERS/Ognen Teofilovski Close 4 / 20
Rihanna arrives at the Metropolitan Museum of Art Costume Institute Gala (Met Gala) to celebrate the opening of "Heavenly Bodies: Fashion and the Catholic Imagination" in the Manhattan. REUTERS/Eduardo Munoz Reuters / Tuesday, May 08, 2018 Rihanna arrives at the Metropolitan Museum of Art Costume Institute Gala (Met Gala) to celebrate the opening of "Heavenly Bodies: Fashion and the Catholic Imagination" in the Manhattan. REUTERS/Eduardo Munoz Close 5 / 20
The three Americans formerly held prisoner in North Korea gesture next to U.S.President Donald Trump and Secretary of State Mike Pompeo, upon their arrival at Joint Base Andrews, Maryland. REUTERS/Jim Bourg Reuters / Thursday, May 10, 2018 The three Americans formerly held prisoner in North Korea gesture next to U.S.President Donald Trump and Secretary of State Mike Pompeo, upon their arrival at Joint Base Andrews, Maryland. REUTERS/Jim Bourg Close 6 / 20
An Indian police officer fires a tear gas shell towards demonstrators, during a protest against the recent killings in Kashmir, in Srinagar. REUTERS/Danish Ismail Reuters / Tuesday, May 08, 2018 An Indian police officer fires a tear gas shell towards demonstrators, during a protest against the recent killings in Kashmir, in Srinagar. REUTERS/Danish Ismail Close 7 / 20
Fireworks explode over the statue Motherland Calls, a World War Two memorial located on the top of Mamayev Kurgan hill, during a light and laser show dedicated to the 73rd anniversary of the victory over Nazi Germany in World War Two, in Volgograd,... more Reuters / Wednesday, May 09, 2018 Fireworks explode over the statue Motherland Calls, a World War Two memorial located on the top of Mamayev Kurgan hill, during a light and laser show dedicated to the 73rd anniversary of the victory over Nazi Germany in World War Two, in Volgograd, Russia. REUTERS/Tatyana Makeyeva Close 8 / 20
Ngo Chien Thuat, a traditional health worker, bends a metal pole by pressing it into his eye as he performs during a showcase of the traditional Thien Mon Dao kung fu at Du Xa Thuong village in Vietnam. REUTERS/Kham Reuters / Tuesday, May 08, 2018 Ngo Chien Thuat, a traditional health worker, bends a metal pole by pressing it into his eye as he performs during a showcase of the traditional Thien Mon Dao kung fu at Du Xa Thuong village in Vietnam. REUTERS/Kham Close 9 / 20
A woman who identified herself as Pretana Morgan, the mother of shooting victim, named by local media as Rhyhiem Ainsworth Barton, is comforted as she visits the scene where her son died on Saturday, in London. REUTERS/Peter Nicholls Reuters / Sunday, May 06, 2018 A woman who identified herself as Pretana Morgan, the mother of shooting victim, named by local media as Rhyhiem Ainsworth Barton, is comforted as she visits the scene where her son died on Saturday, in London. REUTERS/Peter Nicholls Close
A woman hangs clothes to dry in Raqqa, Syria. REUTERS/Aboud Hamam Reuters / Wednesday, May 09, 2018 A woman hangs clothes to dry in Raqqa, Syria. REUTERS/Aboud Hamam Close 11 / 20
Syrian refugees who crossed the Evros river, the natural border between Greece and Turkey, board a police truck transferring them to a first reception centre, near the village of Nea Vyssa, Greece. REUTERS/Alkis Konstantinidis Reuters / Thursday, May 03, 2018 Syrian refugees who crossed the Evros river, the natural border between Greece and Turkey, board a police truck transferring them to a first reception centre, near the village of Nea Vyssa, Greece. REUTERS/Alkis Konstantinidis Close 12 / 20
Christian Kaufman, 9, walks past an American flag while carrying a airsoft gun in a holster during an open carry firearm rally on the sidelines of the annual National Rifle Association (NRA) meeting in Dallas, Texas. REUTERS/Adrees Latif Reuters / Sunday, May 06, 2018 Christian Kaufman, 9, walks past an American flag while carrying a airsoft gun in a holster during an open carry firearm rally on the sidelines of the annual National Rifle Association (NRA) meeting in Dallas, Texas. REUTERS/Adrees Latif Close 13 / 20
David Goodall, 104, reacts during a news conference a day before he intends to take his own life in assisted suicide, in Basel, Switzerland. REUTERS/Stefan Wermuth Reuters / Wednesday, May 09, 2018 David Goodall, 104, reacts during a news conference a day before he intends to take his own life in assisted suicide, in Basel, Switzerland. REUTERS/Stefan Wermuth Close 14 / 20
Missile fire is seen from Damascus, Syria. Israel said it attacked nearly all of Iran�s military infrastructure in Syria on Thursday after Iranian forces fired rockets at Israeli-held territory for the first time in the most extensive military... more Reuters / Wednesday, May 09, 2018 Missile fire is seen from Damascus, Syria. Israel said it attacked nearly all of Iran�s military infrastructure in Syria on Thursday after Iranian forces fired rockets at Israeli-held territory for the first time in the most extensive military exchange ever between the two adversaries. REUTERS/Omar Sanadiki Close 15 / 20
Balinese artists dressed in decorative costumes take part in the Maritime Festival at Pandawa Beach on the resort island of Bali, Indonesia. REUTERS/Johannes P. Christo Reuters / Thursday, May 10, 2018 Balinese artists dressed in decorative costumes take part in the Maritime Festival at Pandawa Beach on the resort island of Bali, Indonesia. REUTERS/Johannes P. Christo Close 16 / 20
A child walks in his house, which was partly destroyed by flooding water after a dam burst, in Solio town near Nakuru, Kenya. REUTERS/Thomas Mukoya Reuters / Thursday, May 10, 2018 A child walks in his house, which was partly destroyed by flooding water after a dam burst, in Solio town near Nakuru, Kenya. REUTERS/Thomas Mukoya Close 17 / 20
U.S. Navy sailors perform checks on an F/A-18 fighter jet as another F/A-18 prepares to land on the USS Harry S. Truman aircraft carrier in the eastern Mediterranean Sea. REUTERS/Alkis Konstantinidis Reuters / Monday, May 07, 2018 U.S. Navy sailors perform checks on an F/A-18 fighter jet as another F/A-18 prepares to land on the USS Harry S. Truman aircraft carrier in the eastern Mediterranean Sea. REUTERS/Alkis Konstantinidis Close 18 / 20
With the U.S. Capitol in the background, Kellye Sims flips her hair up as she basks in the sun, at the National Mall, during a record-setting heat wave in Washington, D.C. REUTERS/Kevin Lamarque Reuters / Thursday, May 03, 2018 With the U.S. Capitol in the background, Kellye Sims flips her hair up as she basks in the sun, at the National Mall, during a record-setting heat wave in Washington, D.C. REUTERS/Kevin Lamarque Close 19 / 20
Chinese Premier Li Keqiang attends a welcome ceremony with Japan's Prime Minister Shinzo Abe before their bilateral meeting at Akasaka Palace state guest house in Tokyo, Japan. REUTERS/Toru Hanai Reuters / Wednesday, May 09, 2018 Chinese Premier Li Keqiang attends a welcome ceremony with Japan's Prime Minister Shinzo Abe before their bilateral meeting at Akasaka Palace state guest house in Tokyo, Japan. REUTERS/Toru Hanai Close | ashraq/financial-news-articles | https://www.reuters.com/news/picture/photos-of-the-week-idUSRTS1QZ0A |
Sen. Warner: ZTE poses national security threat 2 Hours Ago Sen. Mark Warner (D-Va.) discusses the Trump administration's position on Chinese tech company ZTE and the trade negotiations between the U.S. and China. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/sen-warner-zte-poses-national-security-threat.html |
Netflix is revamping its library with its own original movies. The streaming giant is on track to release 86 original movies this year, far more than every other top studio competitor.
Netflix’s closest rival in terms of film releases for 2018, Universal Studios, is coming out with less than half of what Netflix has planned at 39 releases, according to Reuters . Sony and Lionsgate follow and are on track to release 26 films, and fellow streaming service Amazon Studios has 10 to 12 films slated to be released this year. Netflix is also outpacing itself after it released a record 61 original films last year.
It’s a big budget undertaking with Netflix putting $8 billion behind programming for 2018, though that figure includes films, television shows and content licensed from other studios.
Netflix told Reuters the move is based on serving a global audience, and at least 17 of those new films will be in languages other than English. The uptick in releases also comes after Walt Disney Co. said it would stop providing new films to Netflix’s United States customers beginning in 2019 in favor of its own streaming service.
It seems to be paying off for Netflix, as the company tells Reuters it saw an average of 9 million viewers for its 33 films released so far in 2018. And the company’s stock has also been soaring to record highs. | ashraq/financial-news-articles | http://fortune.com/2018/05/16/netflix-original-movies-2018/ |
7 Hours Ago | 01:51
Hiring continued at a solid pace in April, with private companies adding 204,000 positions even amid signs of a tightening jobs market, according to a report Wednesday from ADP and Moody's Analytics.
The number was essentially in line with expectations of economists surveyed by Reuters who had forecast 200,000. The total did indicate a slight deceleration from March, which posted a downward revised 228,000 from an initially reported 241,000.
Job growth was broad-based, with gains coming not only from a number of service-based sectors but also goods-producing areas including construction, which added 27,000 positions.
April also represented the ADP/Moody report's sixth-straight month of private payroll growth above 200,000.
"Despite rising trade tensions, more volatile financial markets, and poor weather, businesses are adding a robust more than 200,000 jobs per month," Moody's chief economist Mark Zandi said in a statement. "At this pace, unemployment will soon be in the threes, which is rarefied and risky territory, as the economy threatens to overheat."
The national jobless rate currently sits at 4.1 percent and near what economists consider full employment. However, payrolls continue to increase a strong pace.
A jobless rate in below 4 percent would represent "awfully risky" territory, Zandi told CNBC's " Squawk Box ." Economists worry that more downward pressure on the jobless rate will result in rapid wage growth that will lead to inflation.
"It's going to be tough to navigate and land the plane when you're in the 3s," Zandi said, though he added that the continued pace of job gains above 200,000 a month is "fantastic growth."
Economists sometimes use the ADP number as a guide for their estimate of the government's official nonfarm payrolls count, due Friday. Expectations currently are for an increase in that report of about 195,000. The two counts can differ sharply, however, as ADP's March estimate was well above the Bureau of Labor Statistics' 103,000 tally.
According to ADP/Moody's, services-related industries created 160,000 jobs while goods producers added 44,000.
"The labor market continues to maintain a steady pace of strong job growth with little sign of a slowdown," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "However, as the labor pool tightens it will become increasingly difficult for employers to find skilled talent."
Leading sectors included professional and business services (58,000), education and health (39,000) and leisure and hospitality (36,000). Manufacturing contributed 10,000 while natural resources and mining added another 7,000.
From a business size standpoint, the contribution was evenly distributed, with companies employing 50 to 499 workers adding 88,000, small firms hiring 62,000 and large companies growing by 54,000.
Franchises posted the only decline for the month, losing 10,600 positions. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/adp-private-payrolls-april-2018.html |
Net Sales Increased 3.7 % to $ 58.6 Million
April 201 8 Comparable Sales In creased 1.7 %
LYNNWOOD, Wash., May 09, 2018 (GLOBE NEWSWIRE) -- Zumiez Inc. (NASDAQ:ZUMZ) a leading specialty retailer of apparel, footwear, equipment and accessories for young men and women, today announced, that total net sales for the four-week period ended May 5, 2018 increased 3.7% to $58.6 million, compared to $56.5 million for the four-week period ended April 29, 2017. The Company's comparable sales increased 1.7% for the four-week period ended May 5, 2018 compared to a comparable sales increase of 7.8% for the four-week period ended April 29, 2017.
Based on higher than anticipated sales, we now expect our first quarter 2018 operating profit margin to be between negative 1.3% and negative 1.5% of sales, compared to our previous guidance range of negative 1.7% to negative 2.6%. In addition, we believe that earnings per share will be at the high end of our previously disclosed range or slightly better due to the timing and location of income and the associated tax expense.
To hear the Zumiez prerecorded April sales message, please dial (201) 689-8483 or (877) 523-5612, followed by the passcode # 986439 (ZUMIEZ).
About Zumiez Inc.
Zumiez is a leading specialty retailer of apparel, footwear, accessories and hardgoods for young men and women who want to express their individuality through the fashion, music, art and culture of action sports, streetwear, and other unique lifestyles. As of May 5, 2018, we operated 700 stores, including 608 in the United States, 50 in Canada, 35 in Europe and 7 in Australia. We operate under the names Zumiez, Blue Tomato and Fast Times. Additionally, we operate ecommerce web sites at zumiez.com , blue-tomato.com and fasttimes.com .au
Safe Harbor Statement
Certain statements in this press release and oral statements relating thereto made from time to time by representatives of the Company may constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, predictions and guidance relating to the Company's future financial performance, brand and product category diversity, ability to adjust product mix, integration of acquired businesses, growing customer demand for our products and new store openings. In some cases, you can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. These forward-looking statements are based on management's current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation, those described in the Company’s annual report on Form 10-K for the fiscal year ended February 3, 2018 as filed with the Securities and Exchange Commission and available at www.sec.gov . You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Company Contact:
Darin White
Director of Finance &
Investor Relations
Zumiez Inc.
(425) 551-1500, ext. 1337
Investor Contact:
ICR
Brendon Frey
(203) 682-8200
Source:Zumiez Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-zumiez-inc-reports-april-2018-sales-results.html |
MADRID (Reuters) - Catalonia’s parliament is to vote to approve a new leader of the region on Saturday, in the fifth attempt to form a government since the last administration was fired by Madrid nearly seven months ago for declaring independence.
Catalonia's former leader Carles Puigdemont meets his party's leadership in Berlin, Germany, April 18, 2018. REUTERS/Hannibal Hanschke Former leader Carles Puigdemont, now living in Germany, put forward little-known Catalan member of parliament Quim Torra as the new candidate in a televised address published on social networks late on Thursday.
The speaker of the Catalan parliament Roger Torrent said in a statement on Friday he had proposed Torra as candidate to be regional president after consulting with political parties, and the parliament would vote on the appointment on Saturday.
The separatist movement in the wealthy northeastern region has failed to form a government despite winning most seats in a December election called by Spanish Prime Minister Mariano Rajoy after Puigdemont’s secession attempt.
Time is running out to form a new administration, as the parliament must vote in a leader before May 22 or fresh elections must be called. A new election is likely to return similar results to the last, a poll showed on Friday.
All four previous candidates proposed by the pro-independence movement were blocked by the courts because they are either living abroad or being held in custody for their role in a referendum and subsequent declaration of independence.
One of the blocked candidates was Puigdemont himself, who is in Berlin waiting for a German court to rule on whether to extradite him to Spain on a charge of misuse of public funds.
Torra, a pro-independence activist with little previous political experience who has published books on the history of Catalonia, must win an absolute majority in Saturday’s vote to be elected leader.
If he does not get this backing, a simple majority in a second vote 48 hours later, on Monday, will be sufficient under Spanish electoral law.
Editing by Andrew Roche
| ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-catalonia-politics/catalan-parliament-to-vote-on-new-leader-on-saturday-idUSKBN1IC1K4 |
May 14 (Reuters) - Alloy.Ai:
* ALLOY.AI RAISES $12 MILLION IN SERIES A FUNDING LED BY MENLO VENTURES
* SAYS ROUND BRINGS ALLOY’S TOTAL VENTURE FUNDING TO $15.3 MILLION Source text for Eikon:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-alloyai-raises-12-mln-in-series-a/brief-alloy-ai-raises-12-mln-in-series-a-funding-idUSASC0A203 |
AURORA, Ill., May 09, 2018 (GLOBE NEWSWIRE) -- Westell Technologies, Inc. (NASDAQ:WSTL), a leading provider of high-performance wireless infrastructure solutions, today announced that its Board of Directors has chosen Alfred S. (Stephen) John as the Company’s new President and CEO, effective May 21, 2018. Stephen succeeds interim President and CEO Kirk Brannock, who will retain the role of Chairman of the Board of Directors.
Stephen has more than twenty-five years of experience in executive leadership, new business development, and sales management. He comes to Westell from Rise Broadband, a provider of fixed wireless services, where he served as Executive Vice President of Technology and Operations, responsible for strategic technology and product development. Prior to that, Stephen was Senior Vice President and Chief Revenue Officer at UNSi Inc., a business Internet provider, where he was responsible for developing and executing an M&A strategy that doubled revenue while significantly improving profitability. Stephen also served as President and CEO of Cheetah Technologies and American Broadband, and was previously in senior management roles at Charter Business Networks and Charter Communications.
“We are delighted to have Stephen as our CEO. Following an extensive review of candidates, it was clear that Stephen’s successful track record and relationships within the industry and service-provider community make him an ideal choice to lead Westell as we work to expand and profitably grow the business,” said Brannock.
“It’s a time of tremendous opportunity in the industry, and I am excited to be taking on this new role,” said John. “With Westell’s strong brand and reputation for high-quality solutions, great customer relationships, and solid financial position and operating leverage in the business model, we expect to drive increased shareholder value.”
Click here to be added to the Westell email alert list for Company news releases and SEC filings.
About Westell Technologies
Westell is a leading provider of high-performance wireless infrastructure solutions focused on innovation and differentiation at the edge of communication networks where end users connect. The Company's portfolio of products and solutions enables service providers and network operators to improve performance and reduce operating expenses. With millions of products successfully deployed worldwide, Westell is a trusted partner for transforming networks into high-quality reliable systems. For more information, please visit westell.com .
Twitter - Company: @Westell_Tech
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995
Certain statements contained herein that are not historical facts or that contain the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “may,” “will,” “plan,” “should,” or derivatives thereof and other words of similar meaning are forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, product demand and market acceptance risks, customer spending patterns, need for financing and capital, economic weakness in the United States (“U.S.”) economy and telecommunications market, the effect of international economic conditions and trade, legal, social and economic risks (such as import, licensing and trade restrictions), the impact of competitive products or technologies, competitive pricing pressures, customer product selection decisions, product cost increases, component supply shortages, new product development, excess and obsolete inventory, commercialization and technological delays or difficulties (including delays or difficulties in developing, producing, testing and selling new products and technologies), the ability to successfully consolidate and rationalize operations, the ability to successfully identify, acquire and integrate acquisitions, the effect of the Company's accounting policies, retention of key personnel and other risks more fully described in the Company's SEC filings, including the Form 10-K for the fiscal year ended March 31, 2017, under Item 1A - Risk Factors. The Company undertakes no obligation to publicly update these forward-looking statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, or otherwise.
Westell Contact
Tom Minichiello
Senior Vice President, Chief Financial Officer, Treasurer, and Secretary
Westell Technologies
630-375-4740
[email protected]
Source:Westell Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-alfred-s-stephen-john-to-join-westell-technologies-as-president-and-ceo.html |
LONGUEUIL, Quebec, May 01, 2018 (GLOBE NEWSWIRE) -- Stornoway Diamond Corporation (TSX:SWY) (the “Corporation” or “Stornoway”) will host its Annual General Meeting of shareholders on May 15, 2018 at 4:00 pm EDT at Hotel Le Crystal, 1100 Rue de la Montagne, Montreal. Following the business portion of the meeting, Matt Manson, President and CEO and Patrick Godin, COO, will provide an update on Stornoway’s business operations and outlook. A live webcast of this presentation will be available at www.stornowaydiamonds.com .
Concurrent with the Annual Meeting, Stornoway expects to release its First Quarter 2018 results after market close on May 15, 2018 and will host a conference call for analysts and investors on May 16, 2018 at 11:00 a.m. EDT. A webcast of the conference call will also be available. The details for the call and the webcast are:
Toll Free: (844) 215-3287
International: (209) 905-5939
Conference ID: 2285655
https://edge.media-server.com/m6/p/i7fbboap
Replays of the Annual Meeting webcast and the first quarter earnings conference call will be made available on the company’s website.
About the Renard Diamond Mine
The Renard Diamond Mine is Quebec’s first producing diamond mine and Canada’s sixth. It is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Québec. Construction on the project commenced on July 10, 2014, and commercial production was declared on January 1, 2017. Average annual diamond production is forecast at 1.8 million carats per annum over the first 10 years of mining. Readers are referred to the technical report dated January 11, 2016, in respect of the September 2015 Mineral Resource estimate, and the technical report dated March 30, 2016, in respect of the March 2016 Updated Mine Plan and Mineral Reserve Estimate for further details and assumptions relating to the project.
About Stornoway Diamond Corporation
Stornoway is a leading Canadian diamond exploration and production company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. A growth oriented company, Stornoway owns a 100% interest in the world-class Renard Mine, Québec’s first diamond mine.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
/s/ “Matt Manson”
Matt Manson
President and Chief Executive Officer
For more information, please contact Matt Manson (President and CEO) at 416-304-1026 x2101
or Orin Baranowsky (CFO) at 416-304-1026 x2103 or Jodi Hackett (Manager, Communications) at 416-304-1026 x2104
or toll free at 1-877-331-2232
Pour plus d’information, veuillez contacter M. Ghislain Poirier, Vice-président Affaires publiques de Stornoway au 418-254-6550 , [email protected]
** Website: www.stornowaydiamonds.com Email: [email protected] **
Forward-Looking Statements
This document contains forward-looking information (as defined in National Instrument 51‑102 – Continuous Disclosure Obligations) and forward-looking statements within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “ forward-looking information ” or “ forward-looking statements ”). These forward-looking statements are made as of the date of this document and, the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.
These forward-looking statements relate to future events or future performance and include, among others, statements with respect to Stornoway’s objectives for the ensuing year, our medium and long-term goals, and strategies to achieve those objectives and goals, as well as statements with respect to our management’s beliefs, plans, objectives, expectations, estimates, intentions and future outlook and anticipated events or results. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking statements reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the amount of Mineral Reserves, Mineral Resources and exploration targets; (ii) the estimated amount of future production over any period; (iii) net present value and internal rates of return of the mining operation; (iv) expectations and targets relating to recovered grade, size distribution and quality of diamonds, carat production during any period, average ore recovery, internal dilution, mining dilution and other mining parameters set out in the 2016 Technical Report as well as levels of diamond breakage; (v) expectations, targets and forecasts relating to gross revenues, operating cash flows and other revenue metrics set out in the 2016 Technical Report, growth in diamond sales, cost of goods sold, cash cost of production, gross margins estimates, planned and projected diamond sales, mix of diamonds sold, and capital expenditures, liquidity and working capital requirements; (vi) mine and resource expansion potential, expected mine life, and estimated incremental ore recovery, revenue and other mining parameters from potential additional mine life extension; (vii) expected time frames for completion of permitting and regulatory approvals related to ongoing construction activities at the Renard Diamond Mine; (viii) the expected time frames for the completion of the open pit and underground mine at the Renard Diamond Mine; (ix) the expected financial obligations or costs incurred by Stornoway in connection with the ongoing development of the Renard Diamond Mine; (x) mining, development, production, processing and exploration rates, progress and plans, as compared to schedule and budget, and planned optimization, expansion opportunities, timing thereof and anticipated benefits therefrom; (xi) future exploration plans and potential upside from targets identified for further exploration; (xii) expectations concerning outlook and trends in the diamond industry, rough diamond production, rough diamond market demand and supply, and future market prices for rough diamonds and the potential impact of the foregoing on various Renard financial metrics and diamond production; (xiii) the economic benefits of using liquefied natural gas rather than diesel for power generation; (xiv) sources of and anticipated financing requirements; (xv) the ability to meet Subject Diamonds Interest delivery obligations under the Purchase and Sale Agreement; (xvi) the foreign exchange rate between the US dollar and the Canadian dollar; and (xvii) the anticipated benefits from recently approved plant modification measures and the anticipated timeframe and expected capital cost thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are made based upon certain assumptions by Stornoway or its consultants and other important factors that, if untrue, could cause the actual results, performances or achievements of Stornoway to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Stornoway will operate in the future, including the recovered grade, size distribution and quality of diamonds, average ore recovery, internal dilution, and levels of diamond breakage, the price of diamonds, anticipated costs and Stornoway’s ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments, and the foreign exchange rate between the US and Canadian dollars. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Certain important assumptions by Stornoway or its consultants in making forward-looking statements include, but are not limited to: (i) the accuracy of our estimates regarding capital and estimated workforce requirements; (ii) estimates of net present value and internal rates of return; (iii) recovered grade, size distribution and quality of diamonds, average ore recovery, the number of carats produced during any period, internal dilution, mining dilution and other mining parameters set out in the 2016 Technical Report as well as levels of diamond breakage; (iv) the expected mix of diamonds sold, and successful mitigation of ongoing issues of diamond breakage in the Renard Diamond Mine process plant and realization of the anticipated benefits from plant modification measures within the anticipated timeframe and expected capital cost; (v) the stabilization of the Indian currency market and full recovery of prices; (vi) receipt of regulatory approvals on acceptable terms within commonly experienced time frames and absence of adverse regulatory developments; (vii) anticipated timelines for the development of an open pit and underground mine at the Renard Diamond Mine; (viii) anticipated geological formations; (ix) continued market acceptance of the Renard diamond production, conservative forecasting of future market prices for rough diamonds and impact of the foregoing on various Renard financial metrics and diamond production; (x) the timeline, progress and costs of future exploration, development, production and mining activities, plans, commitments and objectives; (xi) the availability of existing credit facilities and any required future financing on favorable terms and the satisfaction of all covenants and conditions precedent relating to future funding commitments; (xii) the ability to meet Subject Diamonds Interest delivery obligations under the Purchase and Sale Agreement; (xiii) Stornoway’s interpretation of the geological drill data collected and its potential impact on stated Mineral Resources and mine life; (xiv) the continued strength of the US dollar against the Canadian dollar and absence of significant variability in interest rates; (xv) improvement of long-term diamond industry fundamentals and absence of material deterioration in general business and economic conditions; and absence of significant variability in interest rates; (xvi) increasing carat recoveries with progressively increasing grade in LOM plan; (xvii) estimated incremental ore recovery, revenue and other mining parameters from potential additional mine life extension with minimal capital expenditures; (xviii) availability of skilled employees and maintenance of key relationships with financing partners, local communities and other stakeholders; (xix) long-term positive demand trends and rough diamond demand meaningfully exceeding supply; (xx) high depletion rates from existing diamond mines; (xxi) global rough diamond production remaining stable; (xxii) modest capital requirements post-2018 with significant resource expansion available at marginal cost; (xxiii) substantial resource upside within scope of mine plan; (xxiv) opportunities for high grade ore acceleration and processing expansion and realization of anticipated benefits therefrom; (xxv) significant potential upside from targets identified for further exploration; and (xxvi) limited cash income taxes payable over the medium term.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward- looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur, including the assumption in many forward-looking statements that other forward-looking statements will be correct, but specifically include, without limitation: (i) risks relating to variations in the grade, size distribution and quality of diamonds, kimberlite lithologies and country rock content within the material identified as Mineral Resources from that predicted; (ii) variations in rates of recovery and levels of diamond breakage; (iii) the uncertainty as to whether further exploration of exploration targets will result in the targets being delineated as Mineral Resources; (iv) risks associated with our dependence on the Renard Diamond Mine and the limited operating history thereof; (v) unfavorable developments in general economic conditions and in world diamond markets; (vi) variations in diamond valuations and fluctuations in diamond prices from those assumed; (vii) insufficient demand and market acceptance of our diamonds; (viii) risks associated with the production and increased consumer demand for synthetic gem-quality diamonds; (ix) risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar and variability in interest rates; (x) inaccuracy of our estimates regarding future financing and capital requirements and expenditures, significant additional future capital needs and unavailability of additional financing and capital, on reasonable terms, or at all; (xi) uncertainties related to forecasts, costs and timing of the Corporation’s future development plans, exploration, processing, production and mining activities; (xii) increases in the costs of proposed capital, operating and sustainable capital expenditures; (xiii) increases in financing costs or adverse changes to the terms of available financing, if any; (xiv) tax rates or royalties being greater than assumed; (xv) uncertainty of mine life extension potential and results of exploration in areas of potential expansion of resources; (xvi) changes in development or mining plans due to changes in other factors or exploration results; (xvii) risks relating to the receipt of regulatory approvals or the implementation of the existing Impact and Benefits Agreement with aboriginal communities; (xviii) the failure to secure and maintain skilled employees and maintain key relationships with financing partners, local communities and other stakeholders; (xix) risks associated with ongoing issues of diamond breakage in the Renard Diamond Mine process plant and the failure to realize the anticipated benefits from plant modification measures within the anticipated timeframe and expected capital cost, or at all; (xx) the negative market effects of recent Indian demonetization and continued impact on pricing and demand; (xxi) the effects of competition in the markets in which Stornoway operates; (xxii) operational and infrastructure risks; (xxiii) execution risk relating to the development of an operating mine at the Renard Diamond Mine; (xxiv) the Corporation being unable to meet its Subject Diamonds Interest delivery obligations under the Purchase and Sale Agreement; (xxv) future sales or issuances of Common Shares lowering the Common Share price and diluting the interest of existing shareholders; (xxvi) the risk of failure of information systems; (xxvii) the risk that our insurance does not cover all potential risks; (xxviii) the risks associated with our substantial indebtedness and the failure to meet our debt service obligations; and (xxix) the additional risk factors described herein and in Stornoway’s annual and interim MD&A, its other disclosure documents and Stornoway’s anticipation of and success in managing the foregoing risks. Stornoway cautions that the foregoing list of factors that may affect future results is not exhaustive and new, unforeseeable risks may arise from time to time.
Source: Stornoway Diamond Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-stornoway-announces-agm-and-first-quarter-earnings-release-date.html |
May 10 (Reuters) - Cascades Inc:
* CASCADES ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2018; STRONG CONTAINERBOARD FUNDAMENTALS DRIVING POSITIVE OUTLOOK FOR REMAINDER OF YEAR
* Q1 EARNINGS PER SHARE C$0.65 * Q1 SALES C$1.098 BILLION VERSUS I/B/E/S VIEW C$1.12 BILLION
* Q1 EARNINGS PER SHARE VIEW C$0.21 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cascades-reports-q1-adjusted-earni/brief-cascades-reports-q1-adjusted-earnings-per-share-of-c0-13-idUSASC0A1AS |
The Afternoon Rundown: May 25, 2018 57 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/the-afternoon-rundown-may-25-2018.html |
Commodities tomorrow: Bearish inventory number pressures crude 10 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/commodities-tomorrow-bearish-inventory-number-pressures-crude.html |
May 22 (Reuters) - James Hardie Industries PLC, the world’s top fiber cement building materials maker, said on Tuesday that net profit in the full-year fell 47.2 percent, hurt by higher asbestos claim settlement costs.
Net profit for the year ended March 31 came in at $146.1 million, compared with $276.5 million a year ago. That fell short of the $278.31 million mean estimate of ten analysts polled by Thomson Reuters I/B/E/S.
The firm declared a second half ordinary dividend of 30 U.S. cents per security.
Reporting by Aaron Saldanha in Bengaluru Editing by Chris Reese
| ashraq/financial-news-articles | https://www.reuters.com/article/james-hardie-results/australias-james-hardie-fy-profit-slumps-on-asbestos-claim-settlements-idUSL3N1SS5F7 |
May 16 (Reuters) - Innovate Biopharmaceuticals Inc:
* Q1 LOSS PER SHARE $0.76 * AT MARCH 31, 2018, CO HELD $13.0 MILLION IN CASH AND CASH EQUIVALENTS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-innovate-biopharmaceuticals-report/brief-innovate-biopharmaceuticals-reports-q1-loss-per-share-of-0-76-idUSASC0A2MG |
UNITED NATIONS (Thomson Reuters Foundation) - Two-thirds of people in the world will be living in cities by 2050, and the boom will be concentrated in three countries - India, China and Nigeria, according to United Nations estimates released on Wednesday.
The world’s rural population will peak in a few years then decline by 2050, according to the report on urbanization by the Population Division of the U.N. Department of Economic and Social Affairs (UN DESA).
The findings of urbanization advancing so dramatically due to population growth and to migration can help cities design policies and practices to prepare for the influx, said John Wilmoth, director of the Population Division.
“When urban growth is rapid, insuring access to housing, water, sanitation, electricity, public transport, education and health care for all is especially challenging,” Wilmoth said at a U.N. news conference.
“Managing urban growth to insure that it is sustainable has become one of the most important development challenges of the current century,” he said.
Tokyo with 37 million people is the world’s largest city but it is due to be overtaken by Delhi around 2028, the report said.
At about the same time, India is expected to surpass China as the country with the world’s largest total population.
As of today, 55 percent of the world population lives in urban areas, increasing to 68 percent by 2050, the report said.
By 2050, India, China and Nigeria will account for more than a third of the projected growth in the world’s urban population, it said.
Overall, urbanization can be seen as positive, Wilmoth said.
“The increasing concentration of people in cities provides a way of more economically providing services,” he said. “We find that urban populations have better access to health care and education.”
The concentration of population also may help minimize humans’ environmental impact on the planet, he said.
“However, the challenge is that in many countries it’s taking place so rapidly ... and large slum areas have developed that are not maybe achieving the goals of sustainable development the way that we would like.”
Among other findings, the report said in 1990 there were just ten megacities with populations of 10 million or more.
As of 2018, there are 33 megacities and by 2030, 43 megacities are projected, mostly in developing countries.
UN DESA’s Population Division said it has been issuing reports on urbanization since 1988.
Reporting by Ellen Wulfhorst, Editing by xx Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-population-cities/worlds-urban-growth-will-surge-most-in-india-china-and-nigeria-un-idUSKCN1IH2RO |
May 16, 2018 / 6:55 AM / Updated 44 minutes ago Alawwal and SABB to merge to create Saudi Arabia's third largest bank Tom Arnold , Hadeel Al Sayegh 2 Min Read
DUBAI, May 16 (Reuters) - Saudi British Bank (SABB) and Alawwal Bank have agreed on a merger, Alawwal Bank said on Wednesday, in a deal that would create Saudi Arabia’s third-biggest bank with assets of around $77 billion.
The merger is the first major banking tie-up in almost 20 years as the kingdom embarks upon a plan to transform the economy and cut its dependence on oil revenues.
The boards of the two banks had reached a non-binding agreement on the share exchange ratio, subject to several conditions, Alawwal Bank said in the statement to the Saudi Arabian bourse.
SABB, which is 40 percent owned by HSBC Holdings, and Alawwal said in April last year they had agreed to start talks on the merger.
Alawwal is 40 percent owned by Royal Bank of Scotland .
“A binding agreement is yet to be entered into between Alawwal bank and SABB,” Alawwal Bank said. “Any binding agreement to proceed with the merger will be subject to a number of conditions, including SAMA [central bank], other regulatory authorities, and the shareholders’ approval.” $1 = 3.7498 riyals Additional reporting by Saeed Azhar in Dubai and Marwa Rashad in Riyadh; Editing by Ghaida Ghantous and Louise Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/alawwal-bank-ma-sabb/alawwal-and-sabb-to-merge-to-create-saudi-arabias-third-largest-bank-idUSL5N1SN0V1 |
TORONTO, May 03, 2018 (GLOBE NEWSWIRE) -- Dr. Francis Dubé (“Dubé”) together with a group of concerned shareholders (the "Concerned Shareholders"), in their capacities as shareholders of Zenyatta Ventures Ltd. ("Zenyatta" or the "Corporation") announced today their continued disappointment with the Board’s use of the Corporation’s scarce financial resources by sending a letter to the Board of Directors of Zenyatta warning it against taking further actions that may destroy value and further entrench the Board.
Full text of the letter the Concerned Shareholders delivered to the Board:
May 3, 2018
Board of Directors
ZENYATTA VENTURES LTD.
1224 Amber Drive
Thunder Bay ON P7B 6M5
Attention: Keith Morrison, Executive Chairman
Dear Mr. Morrison:
On March 21, 2018 the Corporation called a special meeting of shareholders for May 11, 2018 (the “Special Meeting”) following a request from a group of concerned shareholders (the "Concerned Shareholders") of Zenyatta Ventures. The sole purpose of the Special Meeting is to replace certain incumbent directors with independent shareholder representatives.
The Corporation issued today a press release announcing the appointment of Mr. Paul Gardner as Chief Executive Officer and sole employee of Zenyatta’s wholly owned subsidiary, ZEN-tech Materials Limited (“ZEN-tech”). Mr. Gardner has no prior experience or relevant expertise in the resources or nanomaterial industries.
The Corporation previously issued a press release on April 17, 2018, announcing changes in executives roles with your appointment as Executive Chairman and the transition of Mr. Aubrey Eveleigh from President and CEO to President with a $900,000 severance payment over time and a new employment agreement for the same base salary of $225,000 that he was receiving as Chief Executive Officer.
Between now and the Special Meeting we strongly urge the Board and management not to engage in any activities, or take any action, that have the potential to further devalue our Corporation or be oppressive to its shareholders.
We insist the Board does not:
Delay the Special Meeting
Add new members to the Board or management prior to the Special Meeting
Burden either Zenyatta or ZEN-tech with additional financial leverage
Issue additional equity or engage in any other capital market transaction
Approve any non-maintenance capital expenditures
The Concerned Shareholders are committed to improving value for all Zenyatta shareholders. We believe there is significant value in the business if capital allocation, expense management and execution issues are corrected. We believe an immediate reconstitution of the Board is required to ensure all future decisions place the interests of all shareholders and other stakeholders of Zenyatta first and foremost.
Sincerely,
Concerned Shareholders of Zenyatta
The ZEN forward Plan
The concerned shareholders encourage shareholders to vote using only the YELLOW proxy.
The Concerned Shareholders would like to thank all of the investors across Canada who support our vision to bring change to the Board and management of Zenyatta. For this change to happen, we need your votes. If you have not received the YELLOW proxy , we ask you to call your broker and ask for your “Opposed Control Number”. You should be getting a different number for each of your accounts. You then need to go to Proxyvote.com and follow the prompts. Every vote is important so please exercise your right to vote for change!
The Concerned Shareholders previously announced that they are proposing to elect Mr. Brian Bosse, Dubé, and Mr. Eric Wallman (the " Nominees ") as directors of the Corporation, and are proposing to remove Mr. Aubrey Eveleigh, Mr. Barry Allan, Mr. Sean Whiteford, and Mr. Keith Morrison as directors of the Corporation. Each of the Nominees would serve as directors until the next annual meeting of shareholders of the Corporation, or until his successor is duly elected or appointed.
TO VOTE FOR CHANGE: DELIVER YOUR YELLOW PROXY TO SHORECREST GROUP PRIOR TO 5:00 P.M. (EDT) ON TUESDAY, MAY 8, 2018. Shareholders are urged to follow the instructions found on the YELLOW proxy or voting instruction form to ensure votes are received in a timely manner.
Shareholders are encouraged to read the letter to Shareholders and the Circular filed on SEDAR (at www.sedar.com ) under Zenyatta’s profile, or visit the Concerned Shareholders' website at www.zenforward.ca .
Shareholder Questions
Shareholders who have questions or require assistance with voting may contact Shorecrest Group at:
Shorecrest Group Ltd.
Toll free in North America: 1-888-637-5789
Banks and Brokers and collect calls: 1-647-931-7454
Fax: 1-647-931-7349
Email: [email protected]
Disclaimers
The Concerned Shareholders have not sought or obtained consent from any third party to the use herein of previously published information. Any such information should not be viewed as indicating the support of such third party for the views expressed herein.
The head office of Zenyatta Ventures Ltd. is 1224 Amber Drive, Thunder Bay, ON P7B 6M5. A copy of this press release, as well as the Circular and the letter to Shareholders, may be obtained on Zenyatta’s SEDAR profile at www.sedar.com .
Except where otherwise stated herein, the statements contained in this press release are not made by or on behalf of the management of the Corporation but are made by or on behalf of the Concerned Shareholders. Information concerning the business of the Concerned Shareholders to be considered at the Meeting, including information relating to the Nominees, is contained in the Circular.
Except for the historical information contained herein, the matters addressed in these materials are forward-looking statements that involve certain risks and uncertainties. You should be aware that actual results could differ materially from those contained in the forward-looking statements. The Concerned Shareholders do not assume any obligation to update the forward-looking information, other than as required by applicable corporate or securities laws.
SOURCE: Concerned Shareholders of Zenyatta Ventures Ltd.
For further information, please visit www.zenforward.ca or contact:
Christine Carson, email: [email protected] Francis Dubé, email: [email protected] Eric Wallman, email: [email protected]
Source: Concerned Shareholders of Zenyatta Ventures Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-concerned-shareholders-of-zenyatta-ventures-ltd-send-letter-to-board-warn-against-taking-further-entrenchment-steps-and.html |
Maduro win a ‘last straw’ for many Venezuelans 4:56pm BST - 01:26
The re-election of President Nicolas Maduro spurs more Venezuelans to leave their country, adding to the growing emigration crisis.
The re-election of President Nicolas Maduro spurs more Venezuelans to leave their country, adding to the growing emigration crisis. //reut.rs/2GH8RA1 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/22/maduro-win-a-last-straw-for-many-venezue?videoId=429347339 |
May 21, 2018 / 6:35 PM / Updated 2 hours ago Adding chiropractic to back pain care may reduce disability Lisa Rapaport 5 Min Read
(Reuters Health) - Adding chiropractic care to standard medical care for low back pain may help reduce discomfort and disability, a U.S. study suggests.
Researchers studied 750 active-duty U.S. military service members being treated for lower back pain. All of them received usual care like physical therapy and drugs to ease pain and inflammation. In addition, half of them received chiropractic care that could include spinal manipulation, rehabilitation exercises and treatment with cold or heat.
After six weeks, patients receiving chiropractic care reported larger reductions in low back pain and less related disability than people who didn’t get these treatments, the study found.
“Spinal manipulation (often referred to Hias chiropractic adjustment) may help heal tissues in your body that form as a result of injury, decreasing pain and improving your body’s ability to move correctly,” said lead study author Dr. Christine Goertz, who did the research while affiliated with the Palmer College of Chiropractic in Davenport, Iowa.
“It is also possible that manipulation impacts the way that your body perceives pain through either the brain or the spinal cord and/or decreases pain from muscle strain, inflammation and/or spasm in the muscles next to your spine,” Goertz said by email.
Lower back pain is a leading cause of disability and doctor visits for adults worldwide. It often goes away within a few weeks. But when it persists, lower back pain might be treated with spinal manipulation, medications like painkillers or muscle relaxers, heat, exercise or physical therapy.
It’s estimated that one in five U.S. adults have lower back pain. Direct costs of treatment and indirect costs like lost productivity exceeded $234 billion in 2010, researchers note in JAMA Network Open.
Amid a worsening opioid addiction crisis in the U.S., doctors are increasingly looking for less addictive medications and alternative treatments for lower back pain, they add.
Chiropractic care in the study included spinal manipulation to help restore proper alignment in the lower back and surrounding areas.
Participants assigned to chiropractic care received an average of two to five treatments, depending on their treatment facility.
After six weeks, people who received chiropractic care reported average levels of pain intensity that were about 1.1 points lower on a pain scale of 1 to 10 than individuals who didn’t have the chiropractic treatments. This difference persisted, but was less pronounced, after 12 weeks.
Of 43 instances of side effects reported by people receiving chiropractic care, most cases were described as joint or muscle stiffness. Some people reported these side effects when they weren’t getting chiropractic care, and in this group three people had drug side effects and four had side effects from epidural injections.
One limitation of the study is that back pain is difficult to diagnose and confirm, and outcomes of treatment reported by patients are hard to verify, the authors note. It’s also possible that results from predominantly male and young service members might not reflect what would happen in the broader population of people with back pain.
Even so, the results add to evidence suggesting that offering chiropractic care in addition to other back pain treatments can improve outcomes, said Daniel Cherkin of the Kaiser Permanente Washington Health Research Institute in Seattle.
Chiropractic care, like other forms of alternative treatments such as massage, acupuncture and yoga, has been found to reduce pain and improve function for people with low back pain, Cherkin, author of an accompanying editorial, said by email.
“All of these treatments have lower risks of harms than medications, injections and surgery,” Cherkin said. “Because it has not been possible to predict which patients will benefit most from a specific treatment, trying several of these alternative treatments to find one that works is a sensible strategy.”
SOURCE: bit.ly/2wNTTse and bit.ly/2k8PEOE JAMA Network Open, online May 18, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-backache-chiropractic/adding-chiropractic-to-back-pain-care-may-reduce-disability-idUKKCN1IM23L |
(Reuters) - Criticism mounted over Tesla Inc ( TSLA.O ) board’s move to renominate three directors, including CEO Elon Musk’s brother Kimbal Musk, with proxy adviser Glass Lewis & Co on Tuesday opposing their re-election and seeking appointment of an independent chairman.
Glass Lewis & Co said Tesla shareholders should vote against lead independent director Antonio Gracias, Kimbal Musk and James Murdoch, chief executive of Twenty-First Century Fox Inc ( FOXA.O ).
Glass Lewis said separating the chairman and CEO roles of Elon Musk would better serve the company.
“It is more and more difficult to oversee the company’s business and senior management, especially to minimize any potential conflicts that may result from combining the positions of CEO and chair,” the proxy firm said in a report.
Last week, activist investor CtW Investment Group urged Tesla shareholders to vote against the re-election of Gracias, Murdoch and Kimball Musk.
Tesla did not respond to a request for comment outside regular business hours.
Reporting by Kanishka Singh and Ishita Chigilli Palli in Bengaluru; Editing by Gopakumar Warrier
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-tesla-glass-lewis/proxy-adviser-glass-lewis-opposes-tesla-board-renominations-idUSKCN1IH075 |
Major automakers are telling the Trump administration they want to reach an agreement with California to avoid a legal battle over fuel efficiency standards, and support continued increases in mileage standards through 2025.
"We support standards that increase year over year that also are consistent with marketplace realities," Mitch Bainwol, chief executive of the Alliance of Automobile Manufacturers, a trade group representing major automakers, will tell a U.S. House of Representatives panel on Tuesday, according to written testimony released on Monday.
The Trump administration is weighing how to revise fuel economy standards through at least the 2025 model year, and one option is to propose freezing the standards through 2026, effectively allowing automakers to delay investments in technology to cut greenhouse gas emissions from burning petroleum.
The National Highway Traffic Safety Administration has not formally submitted its joint proposal with the Environmental Protection Agency to the White House Office of Management and Budget for review. Even so, last week, California and 16 other states sued to challenge the Trump administrations decision to revise U.S. vehicle rules.
Auto industry executives have held meetings with the Trump administration for months and have urged the administration to try to reach a deal with California even as they support slowing the pace of reduction in carbon dioxide emissions that the Obama administration rules outlined.
One automaker official said part of the message to President Donald Trump at a meeting on Friday will be to consider California like a foreign trade deal that needs to be renegotiated. Automakers want to urge him to get automakers a better deal as opposed to potentially years of litigation between major states and federal regulators.
On Friday, Trump is set to meet with the chief executives of General Motors , Ford Motor , Fiat Chrysler Automobiles and the top U.S. executives of at least five other major automakers, including Toyota Motor , Volkswagen and Daimler , to talk about revisions to the vehicle rules. Senior EPA and Transportation Department officials will also attend.
Environmental groups are eager to keep the rules in place, saying they will save consumers billions in fuel costs. A coalition of groups plans to stage a protest outside Ford's headquarters in Michigan.
The Obama administrations rules, negotiated with automakers in 2011, were aimed at doubling average fleetwide fuel efficiency to about 50 miles (80 km) per gallon by 2025.
Heidi King, the Trump administration's nominee to head NHTSA, which oversees Corporate Average Fuel Economy (CAFE) rules, is set to have a confirmation hearing on May 16 before the Senate Commerce Committee. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/major-automakers-urge-trump-not-to-freeze-fuel-economy-targets.html |
May 19, 2018 / 2:49 AM / Updated 11 hours ago Trump suggests FBI may have infiltrated his campaign John Walcott 4 Min Read
WASHINGTON (Reuters) - Trump on Friday escalated his attacks on the Justice Department, suggesting that the FBI may have planted or recruited an informant in his 2016 presidential campaign. Trump gestures as he delivers remarks during the Prison Reform Summit at the White House in Washington, U.S., May 18, 2018. REUTERS/Kevin Lamarque
Trump stopped short of accusing the FBI of spying on his campaign, instead citing unnamed reports that at least one FBI representative was “implanted” for political purposes into his campaign.
“If true - all time biggest political scandal!” Trump said in a tweet.
Former New York Mayor Rudolph Giuliani, now one of Trump’s personal attorneys, almost immediately undercut Trump’s speculation about an informant. “I don’t know for sure, nor does the president, if there really was one,” he told CNN.
“For a long time we’ve been told there was some kind of infiltration,” Giuliani said. “At one time, the president thought it was a wiretap.”
Neither Trump nor Giuliani provided any evidence of government infiltration into Trump’s presidential campaign.
With Special Counsel Robert Mueller investigating possible collusion between Trump’s election campaign team and Russia, Trump and some of his allies have alleged that elements inside the Justice Department are seeking to undermine his administration.
Trump has denied any collusion with Russia and repeatedly called Mueller’s investigation a “witch hunt.” Russia has denied meddling in the U.S. presidential election.
Glenn Simpson, who heads a consulting firm in Washington and hired former British spy Christopher Steele to investigate Trump’s dealings with Russia prior to the campaign, testified last August to the Senate Judiciary Committee that some of what he collected was “human source intelligence.”
Simpson, however, did not tell the committee anything that could substantiate suggestions that U.S. authorities might have inserted an informant into the Trump campaign.
The FBI declined to comment on Friday.
CNN reported that U.S. officials said, “The confidential intelligence source was not planted inside the campaign to provide information to investigators.”
The New York Times, citing people familiar with the matter, reported that the FBI sent an informant to talk to two Trump campaign advisers, Carter Page and George Papadopoulos, after the agency received evidence that the two men had suspicious contacts linked to Russia during the campaign.
It said the informant was an American academic who teaches in Britain.
Papadopoulos pleaded guilty last fall to lying to FBI agents about his contacts with Russia.
The FBI did not immediately respond to a request for comment about The New York Times report. Page and Papadopoulos did not immediately respond to requests for comment.
Some Republicans are demanding classified documents related to the alleged informant. The Justice Department has refused to provide them.
The top Democrat on the Senate Intelligence Committee, Mark Warner, warned members of Congress against publicly outing FBI sources.
“It would be at best irresponsible, and at worst potentially illegal, for members of Congress to use their positions to learn the identity of an FBI source for the purpose of undermining the ongoing investigation into Russian interference in our election,” Warner said in a statement.
FBI Director Christopher Wray, a Trump appointee, on Wednesday cited the need to protect people who cooperate with law enforcement or intelligence officials.Trump’s allies also charge that Mueller has exceeded the bounds of his authority by investigating the financial dealings of former Trump campaign manager Paul Manafort.
Mueller so far remains undeterred by attempts to discredit the investigation or distract attention from it, according to one source familiar with the probe.
His office has negotiated a plea agreement with Manafort’s former son-in-law, Jeffrey Yohai, that requires him to cooperate with other probes, Reuters reported on Thursday. Reporting by Sarah Lynch and John Walcott; Editing by Bill Berkrot and Leslie Adler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-russia/trump-suggests-fbi-may-have-infiltrated-his-campaign-idUKKCN1IK03B |
By Fortune Editors 3:40 PM EDT
Watch episode five of our weekly news show, The Breakdown , for a quick dive into some of the week’s most compelling topics by reporters and editors from Fortune, Time , Money, and Sports Illustrated . In this week’s edition, Fortune examines the business of the royal wedding, Time looks at the volcano eruptions in Hawaii, Money shares what you need to know about universal basic income, and Sports Illustrated discusses the Real Madrid and Liverpool soccer showdown on Saturday. The show stars Neha Joy and streams weekly on Wednesdays at 4 p.m. Eastern. | ashraq/financial-news-articles | http://fortune.com/2018/05/23/the-breakdown-episode-5/ |
May 17 (Reuters) - Escalade Inc:
* ESCALADE SELLS EQUITY STAKE IN STIGA SPORTS GROUP AB * ESCALADE INC - IT HAS SOLD IT’S 50% EQUITY SHARE OF STIGA SPORTS GROUP AB, HEADQUARTERED IN SWEDEN
* ESCALADE INC - ESCALADE SPORTS ENTERED INTO A LONG-TERM LICENSING AGREEMENT FOR STIGA BRAND Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-escalade-sells-equity-stake-in-sti/brief-escalade-sells-equity-stake-in-stiga-sports-group-ab-idUSFWN1SO0RN |
Apple CEO Tim Cook said that Apple Music has more than 50 million users.
The Apple (aapl) executive made his comments this week in an interview with Bloomberg Television and said that the 50 million number includes users with paid subscriptions and free trials.
In April, Variety reported that Apple Music had 40 million paid subscribers in 115 countries, with 8 million people signed up for free trials of the company’s online music streaming service.
Apple has been heavily promoting Apple Music as it continues to push hard into augmenting its core iPhone and Mac computer business with different software services. The company’s “services business,” which includes Apple Music and the App Store, grew 31% year-over-year to $9.1 billion during the company’s latest quarter .
Meanwhile, Apple faces competition from rivals like Spotify. Spotify (spot) said in early May that it has 75 million paid subscribers out of a total of 170 million monthly active users. Apple does not have a free version of its music service like Spotify.
Get Data Sheet , Fortune’s technology newsletter.
Other companies investing in online music streaming services include Amazon (amzn) , Google (goog) , and the French firm Deezer. | ashraq/financial-news-articles | http://fortune.com/2018/05/16/apple-music-tim-cook-users/ |
May 18, 2018 / 4:38 PM / Updated an hour ago Tipped for Cannes glory, Beirut slum actors play their real lives Robin Pomeroy , Hanna Rantala 3 Min Read
CANNES, France (Reuters) - The actors in a film tipped for prizes at Cannes were not only amateurs plucked from the streets, they were also living lives as precarious as those of their characters, with one thrown in jail during the shoot and another deported afterwards. 71st Cannes Film Festival - photocall for the film "Capernaum" (Capharnaum) in competition - Cannes, France May 18, 2018. Director Nadine Labaki, cast member Zain Al Rafeea and guests. REUTERS/Stephane Mahe
“Capharnaum”, a realist drama set in the slums of Beirut, follows the life of Zain, a 12-year-old boy trying in vain to prevent his younger sister being married off as she comes into puberty.
The film starts and ends with a courtroom scene in which he is suing his parents, who have countless children and another on the way, for giving birth to him - the only plot contrivance in a film that otherwise sticks to facts witnessed by the director and lived by many of the cast.
Daily Telegraph critic Robbie Collin called it “a social-realist blockbuster – fired by furious compassion and teeming with sorrow, yet strewn with diamond-shards of beauty, wit and hope” that he predicted would win the Palme d’Or, to be awarded at the end of the Cannes Film Festival on Saturday.
Nadine Labaki, one of three women directors among the 21 in competition for the prize, said she filmed 520 hours of footage over six months as her novice actors, many of them young children, improvised - to achieve the intense realism. ACTING’S “EASY”
The protagonist is played by Zain Al Rafea, whose family fled the Syrian war and who, like his character, has been working from a young age rather than going to school. 71st Cannes Film Festival - conference for the film "Capernaum" (Capharnaum) in competition - Cannes, France May 18, 2018. Director Nadine Labaki and cast member Zain Al Rafeea. REUTERS/Jean-Paul Pelissier
“It’s easy,” the 13-year-old told a news conference when asked about acting. “She asks me sometimes to be sad, sometimes to be happy - that’s it.”
Things were far harder for his co-star, Yordanos Shiferaw, a refugee from Eritrea who plays Rahil, an illegal immigrant who takes Zain under her wing but then disappears, leaving him with her year-old baby. We later learn she has been arrested and locked in an overcrowded jail cell.
“After the arrest scene, I was arrested for real,” she told reporters, tears streaming down her face. “I lived exactly the same thing.” After two weeks the movie producers managed to get her released and she returned to complete filming.
The baby boy, whom Zain pulls around town on a pram he has improvised from a large cooking pot atop a stolen skateboard, is also a real-life refugee.
Born in Beirut to parents from Africa, Boluwatife Treasure Bankole, the infant actor, actually a girl, was deported in March to Kenya with her mother. Her father was sent back to his home in Nigeria, the other side of Africa.
“Capharnaum”, a word that Webster’s Dictionary defines as “a confused jumble”, is a film about these people, and, as Labaki said, “the absurd importance of this paper (identity documents) that we need to prove we exist.” Writing by Robin Pomeroy; editing by Andrew Roche | ashraq/financial-news-articles | https://uk.reuters.com/article/us-filmfestival-cannes-capharnaum/tipped-for-cannes-glory-beirut-slum-actors-play-their-real-lives-idUKKCN1IJ28O |
NEW YORK/WASHINGTON, May 4 (Reuters) - Federal investigators were assigned last year to monitor Southwest Airlines’ maintenance operations, the Federal Aviation Administration said on Friday, after whistleblower complaints of mistreatment of mechanics raised safety concerns.
The agency found no rule violations, it said, and the assignment of additional inspectors was standard practice to preclude any deterioration in maintenance.
The FAA issued a statement on the incident as investigations continue on last month’s midair engine fan blade blowout on a Southwest plane that killed a passenger. The two incidents are unrelated.
The FAA, which oversees U.S. civil aviation, investigated Southwest in 2017 after employee reports that airline management had discouraged maintenance workers from reporting mechanical issues.
The investigation at the time found that some management practices were being used to “influence a relaxing of standards, to look the other way, or to gain a degree of approval through a leniency of standards.” The agency said the additional scrutiny ended at an unspecified date.
In response to inquiries regarding the matter on Friday, the FAA said: “The Federal Aviation Administration investigated the whistleblower complaints against Southwest Airlines and found no violations of Federal Aviation Regulations.
“However, investigators raised concerns that the strained relationship between the company and mechanics might potentially affect safety. As a precaution, the FAA assigned additional inspectors to monitor the company’s maintenance operations. This is standard protocol during contentious labor negotiations and other situations that warrant increased scrutiny.”
Southwest and its mechanics had been locked in acrimonious contract negotiations for the last five years. In April, they reached an agreement in principle toward formalizing a five-year deal.
Southwest did not immediately respond to a request for comment.
“The culture of safety in airlines has really deteriorated,” said Bret Oestreich, national director of the Aircraft Mechanics Fraternal Association. “The airlines are more concerned about the stockholders and the on-time performance over safety.”
Reporting by Alana Wise and David Shepardson; Editing by Dan Grebler
| ashraq/financial-news-articles | https://www.reuters.com/article/southwest-faa/glare-on-southwest-highlights-tense-relationship-between-management-mechanics-idUSL1N1SB1SS |
NEW YORK, WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (NASDAQ: WHF) today announced its financial results for the quarter ended March 31, 2018.
First Quarter 2018 Summary Highlights
New investments of $54.1 million Net investment income of $8.6 million First quarter net investment income of $0.418 per share First quarter distribution of $0.355 per share
Stuart Aronson, WhiteHorse Finance's Chief Executive Officer commented, "Our strong first quarter results were driven by our successful pursuit of high-yielding senior-secured direct originations. This transaction activity validates our rigorous and dynamic approach to sourcing, which facilitates business development in less competitive areas of the lower mid-market at leverage levels consistent with our historical averages. Our focus on companies with limited cyclicality, high free cash flow conversion, and no binary outcome risk is a meaningful differentiator that has created value for our shareholders."
Portfolio and Investment Activity
As of March 31, 2018, the fair value of WhiteHorse Finance's investment portfolio was $467.7 million, compared with $440.7 million as of December 31, 2017. The portfolio at March 31, 2018 consisted of 48 positions across 34 companies with an average investment size of $9.7 million and a weighted average effective yield of 12.0%. The majority of the portfolio was comprised of senior secured loans, and these loans were substantially all variable-rate investments (primarily indexed to LIBOR), which should continue to position the portfolio well for a rising interest rate environment.
During the three months ended March 31, 2018, WhiteHorse Finance made investments in four new portfolio companies totaling $54.1 million. Gross proceeds from sales and repayments totaled $33.0 million for the quarter primarily driven by full repayment on three positions. In addition, WhiteHorse Finance refinanced two of its existing positions. The first, Clarus Commerce, LLC, was a net increase of $10.9 million (after taking into account refinancing proceeds of $6.0 million). The second was to Fluent, LLC which reduced the Company's position by $13.2 million (after taking into account refinancing proceeds of $25.7 million). The Company remained highly selective in deploying new investments.
Results of Operations
For the three months ended March 31, 2018, net investment income was $8.6 million, compared with $6.5 million for the same period in the prior year, representing an increase of approximately 32.3%. The increase in net investment income was primarily attributable to an increase in fee income resulting from non-recurring prepayment and amendment fees as compared to the same period in the prior year.
For the three months ended March 31, 2018, WhiteHorse Finance reported net realized and unrealized gains on investments of $5.3 million. This compares with realized and unrealized gains on investments of $3.1 million for the three months ended March 31, 2017. The increase in net realized and unrealized gains on investments was primarily attributable to favorable fair value adjustments on an aggregate basis.
WhiteHorse Finance reported a net increase in net assets of $13.9 million for the three months ended March 31, 2018, which compares with a net increase of $9.6 million for the three months ended March 31, 2017.
WhiteHorse Finance's net asset value was $293.5 million, or $14.30 per share, as of March 31, 2018, as compared with $287.0 million, or $13.98 per share, reported as of December 31, 2017.
Liquidity and Capital Resources
As of March 31, 2018, WhiteHorse Finance had cash and cash equivalents of $18.6 million, as compared with $38.9 million as of December 31, 2017, inclusive of restricted cash. As of March 31, 2018, the Company had $45.0 million of undrawn capacity under its revolving credit facility.
Distributions
On March 12, 2018, the Company declared a distribution of $0.355 per share for the quarter ended March 31, 2018, consistent for the twenty-second consecutive quarter since the Company's IPO. The distribution was paid on April 2, 2018 to stockholders of record as of March 26, 2018.
Distributions are paid from taxable earnings and may include a return of capital and/or capital gains. The specific tax characteristics of the distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year and in the Company's periodic reports filed with the Securities and Exchange Commission.
Conference Call
WhiteHorse Finance will host a conference call to discuss its first quarter at 10:00 am ET on Tuesday, May 8, 2018. To access the teleconference, please dial 706-758-9224 (domestic and international) approximately 10 minutes before the teleconference's scheduled start time and reference ID #4386858. Investors may also access the call on the investor relations portion of the Company's website at www.whitehorsefinance.com .
If you are unable to access the live teleconference, a replay will be available beginning approximately two hours after the call's completion through May 15, 2018. The teleconference replay can be accessed by dialing 404-537-3406 (domestic and international) and entering ID #4386858. A webcast replay will also be available on the investor relations portion of the Company's website at www.whitehorsefinance.com .
About WhiteHorse Finance, Inc.
WhiteHorse Finance is a business development company that originates and invests in loans to privately held, lower middle market companies across a broad range of industries. The Company's investment activities are managed by H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital, LLC, ("H.I.G. Capital"). H.I.G. Capital is a leading global alternative asset manager with $25 billion of capital under management (1) across a number of funds focused on the small and mid-cap markets. For more information about H.I.G. Capital, please visit http://www.higcapital.com. For more information about the Company, please visit http://www.whitehorsefinance.com .
Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
(1) Based on total capital commitments managed by H.I.G. Capital and affiliates.
WhiteHorse Finance, Inc.
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share data)
March 31, 2018
December 31, 2017
(Unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments
$
423,309
$
404,434
Non-controlled affiliate company investments
44,433
36,246
Total investments, at fair value (amortized cost $470,309 and
$448,522, respectively)
467,742
440,680
Cash and cash equivalents
11,992
35,219
Restricted cash and cash equivalents
6,580
3,717
Interest receivable
5,030
4,947
Receivables from investments sold
463
783
Prepaid expenses and other receivables
838
185
Total assets
$
492,645
$
485,531
Liabilities
Debt
$
182,317
$
182,122
Distributions payable
7,289
7,289
Management fees payable
7,736
7,848
Accounts payable and accrued expenses
1,064
701
Interest payable
562
527
Advances received from unfunded credit facilities
161
92
Total liabilities
199,129
198,579
Commitments and contingencies
Net assets
Common stock, 20,531,948 shares issued and outstanding, par value
$0.001 per share and 100,000,000 authorized
20
20
Paid-in capital in excess of par
302,292
302,292
Accumulated overdistributed net investment income
(5,495)
(6,784)
Accumulated net realized losses on investments
(734)
(734)
Accumulated net unrealized depreciation on investments
(2,567)
(7,842)
Total net assets
293,516
286,952
Total liabilities and total net assets
$
492,645
$
485,531
Number of shares outstanding
20,531,948
20,531,948
Net asset value per share
$
14.30
$
13.98
WhiteHorse Finance, Inc.
Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share data)
Three months ended March 31,
2018
2017
Investment income
From non-controlled/non-affiliate company investments
Interest income
$
13,763
$
12,018
Fee income
2,192
767
From non-controlled affiliate company investments
Dividend income
650
790
Total investment income
16,605
13,575
Expenses
Interest expense
2,565
2,444
Base management fees
2,445
2,262
Performance-based incentive fees
2,144
1,631
Administrative service fees
175
134
General and administrative expenses
698
582
Total expenses
8,027
7,053
Net investment income
8,578
6,522
Realized and unrealized gains (losses) on investments
Net realized gains
Non-controlled/non-affiliate company investments
-
23
Net realized gains
-
23
Net change in unrealized appreciation (depreciation)
Non-controlled/non-affiliate company investments
(2,911)
3,227
Non-controlled affiliate company investments
8,186
(143)
Net change in unrealized appreciation
5,275
3,084
Net realized and unrealized gains on investments
5,275
3,107
Net increase in net assets resulting from operations
$
13,853
$
9,629
Per Common Share Data
Basic and diluted earnings per common share
$
0.68
$
0.53
Dividends and distributions declared per common share
$
0.36
$
0.36
Basic and diluted weighted average common shares outstanding
20,531,948
18,303,890
WhiteHorse Finance, Inc.
Consolidated Schedule of Investments (Unaudited)
March 31, 2018
(in thousands)
Investment Type (1)
Spread
Above
Index (2)
Interest
Rate (3)
Maturity
Date
Principal/
Share
Amount
Amortized
Cost
Fair
Value (10)
Fair Value
As A
Percentage
of Net
Assets
North America
Debt Investments
Advertising
Fluent, LLC
First Lien Secured Term Loan
L+ 7.00%
8.87%
03/27/23
12,500
$
12,500
$
12,500
4.26
%
(0.50% Floor)
Outcome Health
First Lien Secured Term Loan
L+ 9.50%
11.44%
12/22/21
11,298
10,457
9,716
3.31
(1.00% Floor)
(3.00% PIK)
23,798
22,957
22,216
7.57
Application Software
Intermedia Holdings, Inc.
Second Lien Secured Term Loan
L+ 9.50%
11.27%
02/03/25
18,000
17,691
17,892
6.10
(1.00% Floor)
Automotive Retail
Team Car Care Holdings, LLC
First Lien Secured Term Loan (4)
L+ 8.00%
9.89%
02/23/23
18,453
18,045
18,078
6.16
(1.00% Floor)
First Lien Secured Revolving Loan (4)(7)
L+ 7.00%
11.75%
02/23/23
-
-
3
-
(1.00% Floor)
18,453
18,045
18,081
6.16
Broadcasting
Multicultural Radio Broadcasting, Inc.
First Lien Secured Term Loan
L+ 8.00%
9.89%
12/28/22
19,920
19,542
19,580
6.67
(1.00% Floor)
Rural Media Group, Inc.
First Lien Secured Term Loan
L+ 6.75%
9.63%
12/29/22
7,133
6,998
7,008
2.39
(1.00% Floor)
First Lien Secured Delayed Draw Loan (7)
L+ 6.75%
9.63%
12/29/22
-
-
4
-
(1.00% Floor)
27,053
26,540
26,592
9.06
Data Processing & Outsourced Services
FPT Operating Company, LLC/
TLabs Operating Company, LLC
First Lien Secured Term Loan
L+ 8.25%
9.91%
12/23/21
23,156
22,848
22,925
7.81
(1.00% Floor)
Department Stores
Mills Fleet Farm Group, LLC
Second Lien Secured Term Loan
L+ 9.75%
11.63%
02/26/23
7,146
7,043
7,146
2.43
(1.00% Floor)
Diversified Support Services
Account Control Technology Holdings, Inc.
First Lien Secured Term Loan (4)
L+ 8.50%
10.27%
04/28/22
11,576
11,303
11,381
3.88
(1.00% Floor)
ImageOne Industries, LLC
First Lien Secured Term Loan
L+ 7.50%
9.39%
01/11/23
7,607
7,461
7,493
2.55
(1.00% Floor)
First Lien Secured Revolving Loan (7)
L+ 6.50%
11.25%
01/11/23
-
-
8
-
(1.00% Floor)
Sitel Worldwide Corporation
Second Lien Secured Term Loan
L+ 9.50%
11.25%
09/18/22
8,670
8,559
8,757
2.98
(1.00% Floor)
27,853
27,323
27,639
9.41
WhiteHorse Finance, Inc.
Consolidated Schedule of Investments (Unaudited) - (continued)
March 31, 2018
(in thousands)
Investment Type (1)
Spread
Above
Index (2)
Interest
Rate (3)
Maturity
Date
Principal/
Share
Amount
Amortized
Cost
Fair
Value (10)
Fair Value
As A
Percentage
of Net
Assets
Environmental & Facilities Services
Montrose Environmental Group, Inc.
Second Lien Secured Term Loan
L+ 9.50%
11.27%
09/30/20
8,500
$
8,359
$
8,350
2.84
%
(1.00% Floor)
Food Retail
AG Kings Holdings, Inc.
First Lien Secured Term Loan
L+ 9.95%
12.25%
08/10/21
13,510
13,117
13,105
4.46
(1.00% Floor)
Crews of California, Inc.
First Lien Secured Term Loan
L+ 11.00%
12.78%
11/20/19
16,681
16,576
16,513
5.63
(1.00% Floor)
(1.00% PIK)
First Lien Secured Revolving Loan
L+ 11.00%
12.78%
11/20/19
5,132
5,090
5,080
1.73
(1.00% Floor)
(1.00% PIK)
First Lien Secured Delayed Draw Loan
L+ 11.00%
12.78%
11/20/19
4,834
4,796
4,785
1.63
(1.00% Floor)
(1.00% PIK)
40,157
39,579
39,483
13.45
Health Care Facilities
Grupo HIMA San Pablo, Inc.
First Lien Secured Term Loan
L+ 9.00%
10.50%
01/31/18
14,250
14,250
11,129
3.79
(1.50% Floor)
Second Lien Secured Term Loan (8)
N/A
15.75%
07/31/18
1,028
1,025
119
0.04
(2.00% PIK)
15,278
15,275
11,248
3.83
Internet Retail
Clarus Commerce, LLC
First Lien Secured Term Loan
L+ 8.62%
10.51%
03/09/23
17,100
16,899
16,895
5.76
(1.00% Floor)
Internet Software & Services
London Trust Media Incorporated
First Lien Secured Term Loan
L+ 8.00%
9.77%
02/01/23
11,500
11,334
11,344
3.86
(1.00% Floor)
StackPath, LLC & Highwinds Capital, Inc.
Second Lien Secured Term Loan
L+ 9.50%
11.29%
02/02/24
18,000
17,624
17,640
6.01
(1.00% Floor)
29,500
28,958
28,984
9.87
Investment Banking & Brokerage
JVMC Holdings Corp. (f/k/a RJO Holdings Corp)
First Lien First Out Secured Term Loan
L+ 8.02%
9.90%
05/05/22
12,994
12,754
12,994
4.43
(1.00% Floor)
First Lien Last Out Secured Term Loan
L+ 12.00%
13.88%
05/05/22
4,813
4,724
4,813
1.64
(1.00% Floor)
17,807
17,478
17,807
6.07
IT Consulting & Other Services
AST-Applications Software Technology LLC
First Lien Secured Term Loan
L+ 9.00%
10.89%
01/10/23
4,171
4,092
4,004
1.36
(1.00% Floor)
(2.00% PIK)
WhiteHorse Finance, Inc.
Consolidated Schedule of Investments (Unaudited) - (continued)
March 31, 2018
(in thousands)
Investment Type (1)
Spread
Above
Index (2)
Interest
Rate (3)
Maturity
Date
Principal/
Share
Amount
Amortized
Cost
Fair
Value (10)
Fair Value
As A
Percentage
of Net
Assets
Leisure Facilities
Planet Fit Indy 10 LLC
First Lien Incremental Term Loan
L+ 7.25%
9.55%
03/07/22
1,930
$
1,912
$
1,911
0.65
%
(1.00% Floor)
First Lien Initial Delayed Draw Loan (7)
L+ 7.25%
9.23%
03/07/22
2,658
2,633
2,629
0.90
(1.00% Floor)
First Lien Initial Term Loan
L+ 7.25%
9.28%
03/07/22
131
131
130
0.04
(1.00% Floor)
4,719
4,676
4,670
1.59
Oil & Gas Exploration & Production
Caelus Energy Alaska O3, LLC
Second Lien Secured Term Loan
L+ 7.50%
9.68%
04/15/20
13,000
12,937
11,631
3.96
(1.25% Floor)
Other Diversified Financial Services
Sigue Corporation (4)
Second Lien Secured Term Loan
L+ 11.50%
13.81%
12/27/18
25,000
24,926
23,125
7.88
(1.00% Floor)
The Pay-O-Matic Corp.
First Lien Secured Term Loan
L+ 13.00%
14.69%
04/02/18
11,829
11,829
11,889
4.05
(1.00% Floor)
36,829
36,755
35,014
11.93
Research & Consulting Services
Nelson Worldwide, LLC
First Lien Secured Term Loan
L+ 8.00%
9.70%
01/09/23
17,710
17,287
17,312
5.90
(1.00% Floor)
First Lien Secured Revolving Loan (7)
L+ 8.00%
9.70%
01/09/23
1,234
1,205
1,208
0.41
(1.00% Floor)
18,944
18,492
18,520
6.31
Security & Alarm Services
SecurAmerica, LLC
First Lien Secured Term Loan
L+ 9.50%
11.48%
11/17/22
11,320
11,058
11,114
3.79
(1.00% Floor)
Specialized Consumer Services
Pre-Paid Legal Services, Inc.
Second Lien Secured Term Loan
L+ 9.00%
10.88%
07/01/20
19,000
18,921
18,999
6.47
(1.25% Floor)
WhiteHorse Finance, Inc.
Consolidated Schedule of Investments (Unaudited) - (continued)
March 31, 2018
(in thousands)
Investment Type (1)
Spread
Above
Index (2)
Interest
Rate (3)
Maturity
Date
Principal/
Share
Amount
Amortized
Cost
Fair
Value (10)
Fair Value
As A
Percentage
of Net
Assets
Specialized Finance
Golden Pear Funding III, LLC (5)
Second Lien Secured Term Loan
L+ 11.25%
13.02%
06/25/20
25,000
$
24,869
$
24,500
8.35
%
(1.00% Floor)
Second Lien Secured Revolving Loan
L+ 11.25%
13.02%
06/25/20
5,000
4,974
4,900
1.67
(1.00% Floor)
Oasis Legal Finance, LLC (5)
Second Lien Secured Term Loan
L+ 10.75%
12.41%
03/09/22
20,000
19,714
20,000
6.81
(1.00% Floor)
50,000
49,557
49,400
16.83
Trucking
Sunteck / TTS Holdings, LLC
Second Lien Secured Term Loan
L+ 9.00%
11.12%
06/15/22
3,500
3,453
3,500
1.19
(1.00% Floor)
Total Debt Investments
435,284
428,936
422,110
143.79
Equity Investments
Advertising
Cogint, Inc. (f/k/a IDI, Inc.) (4)(9)
N/A
N/A
12/08/25
187
560
467
0.16
Food Retail
Crews of California, Inc. Warrants (4)
N/A
N/A
12/31/24
-
-
6
0.00
Nicholas & Associates, LLC Warrants (4)
N/A
N/A
12/31/24
3
-
131
0.04
Pinnacle Management Group, LLC Warrants (4)
N/A
N/A
12/31/24
3
-
131
0.04
RC3 Enterprises, LLC Warrants (4)
N/A
N/A
12/31/24
3
-
131
0.04
9
-
399
0.12
Internet Software & Services
Red Violet, Inc. (4)(9)
N/A
N/A
N/A
25
-
152
0.05
Other Diversified Financial Services
Aretec Group, Inc. (4)(5)(6)
N/A
N/A
N/A
536
20,693
25,141
8.57
RCS Creditor Trust Class B Units (4)(6)
N/A
N/A
N/A
143
-
543
0.18
679
20,693
25,684
8.75
Specialized Finance
NMFC Senior Loan Program I LLC Units (4)(5)(6)
N/A
N/A
06/13/20
20,000
20,120
18,750
6.39
Trucking
Fox Rent A Car, Inc. Warrants (4)
N/A
N/A
N/A
-
-
180
0.06
Total Equity Investments
20,900
41,373
45,632
15.53
Total Investments
456,184
$
470,309
$
467,742
159.32
%
(1) Except as otherwise noted, all investments are non-controlled/non-affiliate investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"), and provide collateral for the Company's credit facility.
(2) The investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate ("LIBOR" or "L"), which resets monthly, quarterly or semiannually, or the U.S. Prime Rate as published by the Wall Street Journal ("Prime" or "P"). The one, three and six-month LIBOR were 1.9%, 2.0% and 2.3%, respectively, as of March 31, 2018. The Prime was 4.8% as of March 31, 2018.
(3) The interest rate is the "all-in-rate" including the current index and spread, the fixed rate, and the payment-in-kind ("PIK") interest rate, as the case may be.
(4) The investment or a portion of the investment does not provide collateral for the Company's credit facility.
(5) Not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of total assets. Qualifying assets represented 81% of total assets as of the date of the consolidated schedule of investments.
(6) Investment is a non-controlled/affiliate investment as defined by the 1940 Act.
(7) The investment has an unfunded commitment in addition to any amounts presented in the consolidated schedule of investments as of March 31, 2018.
(8) The investment is on non-accrual status.
(9) The fair value of the investment was determined using observable inputs.
(10) Except as otherwise noted, the fair value of each investment was determined using significant unobservable inputs.
: releases/whitehorse-finance-inc-announces-first-quarter-2018-earnings-results-300644139.html
SOURCE WhiteHorse Finance, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-whitehorse-finance-inc-announces-first-quarter-2018-earnings-results.html |
May 1 (Reuters) - Cheniere Energy Partners LP Holdings LLC :
* ZIMMER PARTNERS - TO SELL 12 MILLION COMMON SHARES OF CHENIERE ENERGY PARTNERS LP HOLDINGS IN EXCHANGE FOR SHARES OF COMMON STOCK OF CHENIERE ENERGY INC
* ZIMMER PARTNERS -TO SELL SHARES OF CHENIERE ENERGY PARTNERS HOLDINGS LP HOLDINGS AT RATIO OF 1 COMMON SHARE FOR ABOUT 0.48 SHARES OF CHENIERE ENERGY INC COMMON STOCK Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zimmer-partners-to-sell-shares-of/brief-zimmer-partners-to-sell-shares-of-cheniere-energy-partners-idUSFWN1S80NL |
6 COMMENTS Two men were fatally shot over the Memorial Day weekend—a period marking the unofficial start of summer and the increased violence that often comes with it, the New York Police Department reported.
As of Monday afternoon, one man was gunned down in front of a South Bronx housing project and another was killed in a neighborhood of small homes in the Ozone Park section of Queens, police said.
Though the crime rate has been falling for years in New York City and is lower than most other large U.S. cities, homicides typically surge on Memorial Day and Labor Day weekends, which bookend the summer season.
A Wall Street Journal analysis of individual homicide-complaint data in New York City shows that between 2011 and 2017 there have been 37% more homicides on Memorial Day weekend than other four-day weekend periods.
For Labor Day, there were 78% more homicides than on other ordinary four-day weekends. Last year, though, incidents were down sharply on Labor Day weekend after police provided enhanced security at the annual J’Ouvert celebration in Brooklyn on Labor Day.
The parade celebrates the emancipation of slaves on the Caribbean Island of Trinidad, and there had been a history of crime near the festival.
Last year there were three homicides from Saturday to Monday of Labor Day weekend, down from eight in 2016, and the lowest in years.
It is too soon to say what the 2018 holiday crime statistics will show. Rain and cool weather this week might keep activity low, the NYPD said.
At around midnight on Friday, Cheyenne Carter, a man in his early 20s was standing in front of a red brick tower in the Patterson Houses public-housing development in the Bronx’s Mott Haven neighborhood when a volley of shots rang out, police said. He was hit in the head and body, and pronounced dead at a hospital. Two men ran off, including one in a gray sweatshirt, police said.
On Monday morning, a 27-year-old man was shot in the neck and killed on a tree-lined block of 104th Street, the NYPD said. A few blocks away, another man crashed a car into a parked vehicle, and was found with a gunshot wound to his hand. A third man suffered a gunshot wound to his back, police said. The NYPD is investigating a connection between the men.
The weekend’s victims also include a woman standing outside a nightclub in Brooklyn on Friday who was shot in the abdomen and in the rear from the occupants of a passing vehicle.
Police said she is expected to survive. The occupants of the vehicle were later arrested, they added.
Write to Josh Barbanel at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/two-killed-in-new-york-city-during-memorial-day-weekend-1527549566 |
May 12, 2018 / 1:03 AM / Updated 5 hours ago Malaysia's Mahathir bars former PM from leaving the country Rozanna Latiff , Tom Westbrook 5 Min Read
KUALA LUMPUR (Reuters) - Malaysian Prime Minister Mahathir Mohamad barred his predecessor, Najib Razak, from going overseas on Saturday, saying there was enough evidence to investigate his links to a multi-billion-dollar scandal.
Immigration authorities issued a travel ban on Najib and his wife Rosmah Mansor just minutes after the ousted prime minister said they were leaving on a weeklong trip overseas to rest after his thumping electoral defeat.
“It is true that I prevented Najib from leaving the country,” Mahathir said at a news conference, adding that doing so had averted extradition problems later.
“There is sufficient evidence that an investigation into certain things ... done by the former prime minister has to be done and, if necessary, the rule of law will apply,” he said.
During a day of fast-moving events, Mahathir also named his first few cabinet ministers, including Lim Guan Eng, a former banker and qualified chartered accountant, as finance minister. Lim is the chief minister of Penang state, but is largely unknown in international financial circles.
It is also only the second time since Malaysia became independent six decades ago that the post has gone to a member of the ethnic Chinese minority.
Mahathir also named a defence minister and a home or interior minister, but said other appointments would be made later. Mahathir and Deputy Prime Minister Wan Azizah Wan Ismail, the wife of his jailed ally Anwar Ibrahim, make up the rest of the cabinet.
Zeti Akhthar Aziz, who was internationally lauded during a 16-year stint as central bank governor, and billionaire tycoon Robert Kuok were among those named to a special team that will advise the government on economic and financial matters for the next 100 days.
Mahathir has been prime minister of the Muslim Malay-majority nation earlier, for 22 years, governing in a tough, pugnacious style. Related Coverage
He said the attorney general, who had cleared Najib of wrongdoing in the graft scandal at state fund 1Malaysia Development Berhad (1MDB), had been sacked.
The attorney general, Apandi Ali, declined to comment.
As Najib came under increased pressure, the world seemed to be opening up for Anwar, who, from jail and a hospital bed, combined with Mahathir to hand out the defeat to the administration alliance.
Mahathir has said the king has indicated to him that a royal pardon for Anwar would be announced soon.
Anwar’s daughter Nurul Izzah told Reuters her father was likely to be freed on Tuesday.
Late on Saturday, Mahathir met Anwar in his hospital room, where he is recovering from a shoulder operation. There was no word on what was discussed in the first meeting between the two since their alliance won the election. Malaysia's newly elected Prime Minister Mahathir Mohamad attends a news conference in Menara Yayasan Selangor, Pataling Jaya, Malaysia May 12, 2018. REUTERS/Stringer NO HOLIDAY
After the ban on his travel was announced, Najib said in a Twitter message that he would respect the decision and would remain in the country.
Questions about his whereabouts were answered when he appeared at a meeting of his United Malays National Organisation (UMNO) to announce that he was stepping down as the party’s president and as chairman of the Barisan Nasional, the alliance dominated by UMNO that has ruled Malaysia for six decades.
Earlier, dozens of people - mostly journalists - gathered at an airport near Kuala Lumpur from where Najib and his wife were reported to be leaving for the Indonesian capital, Jakarta, and tried to look into cars entering the complex.
“I’m here to catch the thief,” said a man in the crowd, as riot police stood on guard. There was no sign that Najib or Rosmah had come to the airport.
Reports had widely circulated on social media and local media that the couple were named on the flight manifest of a private jet scheduled to depart for Jakarta at 10:00 a.m. (0200 GMT).
But police later said there was no flight due to leave the Sultan Abdul Aziz Shah Airport with Najib or his wife.
Najib lost the election at least partly because of popular disgust over the 1MDB scandal.
News broke in 2015 that about $700 million allegedly stolen from 1MDB had made its way into his personal bank accounts.
He denied any wrongdoing, even as U.S. authorities alleged that over $4.5 billion was stolen from the fund in a fraud orchestrated by a financier known to be close to Najib and his family. Slideshow (8 Images)
U.S. Attorney-General Jeff Sessions called the 1MDB scandal “kleptocracy at its worst” and the fund is the subject of money-laundering investigations in at least six countries, including Switzerland, Singapore and the United States.
Filings by the U.S. Justice Department in a civil lawsuit indicated nearly $30 million of the money stolen was used to buy jewellery for Rosmah, including a rare 22-carat pink diamond set in a necklace. Writing by Raju Gopalakrishnan; Additional reporting by A.Ananthalakshmi, Praveen Menon and Joseph Sipalan; Editing by John Chalmers | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-politics/malaysias-ousted-pm-says-to-take-a-break-amid-reports-of-flight-idUKKBN1ID00N |
Trump chief of staff John Kelly says in an NPR interview he has never seriously considered leaving and wishes he had been a part of the White House staff from the beginning of the administration.
"I wish I had been here from Day 1," Kelly told NPR in an interview that aired Friday. "That first six months was pretty chaotic and there were people, some people, hired that maybe shouldn't have."
Kelly, who had been secretary of Homeland Security, became White House chief of staff in July after the departure of Reince Priebus.
Kelly's comments contradict reports that he may resign, especially after a heated Oval Office discussion with President Donald Trump in March. The retired general vowed to quit before Department of Homeland Security Secretary Kirstjen Nielsen "talked him off a ledge," according to an Axios report in early April.
One former administration official told the AP that Kelly privately called Trump "an idiot" last year, which Kelly denied as "total BS."
Kelly told NPR on Thursday he has "a close relationship" with Trump, noting that he spends about eight hours a day with the president.
"My view is to speak truth to power. I always give my opinion on everything. He always listens," Kelly said.
Listen to the full interview from NPR here . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/gen-john-kelly-i-wish-i-had-been-in-the-white-house-from-day-1.html |
May 10, 2018 / 1:03 PM / in 11 minutes BRIEF-ENGlobal Reports Q1 Loss Per Share Of $0.04 Reuters Staff
May 10 (Reuters) - ENGlobal Corp: * Q1 REVENUE ROSE 5.7 PERCENT TO $13.2 MILLION
* REVENUE INCREASED $0.7 MILLION TO $13.2 MILLION, OR A 5.7% INCREASE, FROM $12.5 MILLION FOR THREE MONTHS ENDED MARCH 31 Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-englobal-reports-q1-loss-per-share/brief-englobal-reports-q1-loss-per-share-of-0-04-idUSASC0A1GW |
Apple boosts quarterly dividend by 16% to 73 cents 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/apple-boosts-quarterly-dividend-by-16-percent-to-73-cents.html |
May 28, 2018 / 7:25 PM / Updated an hour ago Nicaragua protests erode pillars of support for Ortega Delphine Schrank 8 Min Read
MANAGUA (Reuters) - A thuggish response to weeks of protests has eroded carefully constructed pillars of support in the Church, military and business world for Nicaraguan President Daniel Ortega, emboldening calls for the ouster of the former Marxist guerrilla who has dominated politics for decades. A demonstrator takes part in a protest march against Nicaraguan President Daniel Ortega's government in Managua, Nicaragua May 26, 2018. REUTERS/Oswaldo Rivas
More than a month after changes to the Central American nation’s social security system triggered student-led protests, indignation at a brutal crackdown in which at least 77 people have been killed and over 800 wounded has morphed into a daily challenge to Ortega’s rule.
Protesters demand he step down, while regional diplomatic body the Organization of American States said last week he should hold early elections. He has as yet shown no sign of heeding that call, which could end one of the longest standing leftist governments in Latin America, a staunch ally for socialist Venezuela.
It will be not easy for the loose alliance of students, farmers, politicians and academics to dislodge Ortega, 72, who was re-elected in 2016 with nearly three-quarter of the votes after limiting opposition participation.
But the Sandinista leader, whose office acknowledged a request for comment on this story but provided no immediate response, looks more isolated and fragile than at any other time in his current 11-year tenure as president.
Support from the Catholic Church and the private sector is wavering. There is visible discomfort in the military, a solidly Sandinista organization constructed by Ortega’s brother from the original rebel army that overthrew a U.S.-backed dictator in the 1970s.
Even though the government back-pedalled on the social security measures after five days, pent-up discontent exploded.
“This is a civic revolution, unprecedented in my country,” said Violeta Granera, a sociologist who ran as an opposition vice presidential candidate against Ortega in 2016.
The protests, she said, were nothing less than “a national demand for a total change in the economic, political and social system.”
The latest sign of fracturing came on Wednesday, when after just four days of talks, Nicaragua’s Episcopal Council of Catholic bishops suspended a “national dialogue” that had widely been seen as a chance for Ortega to take the wind out of the protests by making small concessions.
The Church had fallen behind its former adversary when he embraced Christianity before his 2007 return to office as a more moderate figure who avoided hostilities with Washington and business leaders.
Yet, in a pointed assessment, Silvio Jose Baez, an auxiliary archbishop of Managua, said the government had failed to embrace the dialogue’s agenda of “democratization of the country.”
On Monday, a smaller group of government, private sector and church representatives restarted talks behind closed doors.
Students and government authorities agreed in the first days of talks to a truce that quickly fell apart when groups of youths attacked protesters entrenched at the Agrarian University of Nicaragua, badly wounding at least two people.
Dr. Carlos Tunnermann Bernheim, an education minister during Ortega’s first term as president in the 1980s and now a vocal critic participating in the talks, called the violence “a grave violation” of terms agreed in the talks.
Every day since, flag-bearing Nicaraguans have poured through cities and towns. Thousands took to the streets again on Saturday.
At night, protesters hunker behind barricades of brick pulled up from the streets or walls of chairs and desks on university campuses, bracing with homemade mortars for clashes with pro-Ortega gangs whom witnesses and rights groups blame for many of the casualties. PARALYSIS
Daily highway blockades have snarled transportation across the country, as students and farmers erect makeshift barricades to damage the economy and wear down the government. The government estimates the turmoil has cost the economy some $250 million.
Despite the losses, many in the private sector are openly backing protesters and demanding change, turning against Ortega after an uneasy alliance in recent years that has undergirded strong economic growth.
In its most explicit move yet, the Superior Council of Private Enterprise in Nicaragua, which represents the private sector, called Sunday on businesses to “join the clamour of mothers, grandmothers and wives who demand justice for the murder of their loved ones” in a march on Wednesday.
“Nobody expected this violence to be the way it was and we all find it disgusting,” said Mario Arana, a former central bank chief and analyst of the private sector.
Arana said that as it dawned on business leaders that police were shooting to maim or kill, with rubber bullets aimed directly at eyes, chests, and heads, or even with live ammunition, “then things began to change for everybody.”
Arana’s version of events chimes with the investigations of two local rights groups and a report from the Inter-American Commission on Human Rights, which last Monday denounced grave violations of human rights characterized by the excessive force used by state security forces and armed third-parties during the protests.
Following the accusations that the initial police response was indiscriminate and disproportionate, agitators in civilian clothing are now behind much of the violence against protesters, observers say.
Ortega has publicly lamented the violence, saying that not only opponents, but also Sandinista supporters, bystanders and police have been killed.
Ortega has consolidated his rule by neutralizing and co-opting credible opposition and stalling the development of independent institutions. His wife, Rosario Murrillo, is vice president and widely seen as a power behind the throne.
But the mass mobilization has allowed politicians such as Granera to forge new alliances between civic and political groups, including her own Broad Front for Democracy, she and others said.
Building an effective anti-government coalition could prove difficult, however, said Eduardo Enriquez, editor of La Prensa newspaper, one of a handful of independent media outlets.
“The longer we don’t see results, people are going to start getting tired and disappointed,” he said. “And they have the force, the brute force. So we don’t want to lose the momentum.” ARMY RELUCTANCE
Another base of Ortega’s support is the army. But in recent days it has signalled its refusal to appear in the streets.
Privately to business leaders and then in a statement through a spokesman, senior commanders called for dialogue and said they would not repress the population.
Former officers in mid-May held a meeting in the town of Masaya, southeast of Managua, a former seat of the insurrection in the 1970s against then-strongman Anastasio Somoza and site of some of the most brutal clashes of recent weeks.
They spoke to a raucous gathering of protesters, beside a group painting a sidewalk tribute to the recently fallen, and a few feet from a makeshift hospital tent where volunteers treated wounded protesters who they, along with rights group and witnesses, said were denied access to government hospitals.
“All of us fought the overthrow of the dictatorship of Somoza. Then we participated in the defence of the revolution against the Contras,” said Carlo Breles, a former Sandinista commander. “Now we initiating a third struggle, against the dictatorship of Ortega-Murillo.” Editing by Frank Jack Daniel, Frances Kerry and Tom Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-nicaragua-protests-analysis/nicaragua-protests-erode-pillars-of-support-for-ortega-idUKKCN1IT1XV |
Kiss frontman Gene Simmons on pot, touring and the Middle East 55 Mins Ago Gene Simmons, Kiss founding member, sits down with the "Squawk Box" crew for a wide-ranging interview on his business investments, the upcoming Kiss tour and his take on unrest in the Middle East. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/kiss-frontman-gene-simmons-on-pot-touring-and-the-middle-east.html |
May 25, 2018 / 4:36 AM / Updated 13 hours ago Australian anti-trust watchdog loses appeal against Pfizer over Lipitor sales Reuters Staff 2 Min Read
MELBOURNE (Reuters) - An Australian court dismissed an appeal by the nation’s anti-trust watchdog in a case against Pfizer Inc in which the regulator alleged the company had used its market power to limit competition for its cholesterol-lowering drug Lipitor. FILE PHOTO: The Pfizer logo is seen at their world headquarters in New York April 28, 2014. REUTERS/Andrew Kelly/File Photo
The Australian Competition and Consumer Commission (ACCC) said on Friday it was considering the judgment and remained committed to pursuing cases involving “misuse of market power”.
“The ACCC brought this appeal because it was concerned that Pfizer’s use of its market position as supplier of the top selling branded atorvastatin immediately before generic products were able to enter the market harmed the competitive process and therefore consumers,” Chairman Rod Sims said in a statement.
The drug Lipitor generated annual sales of more than A$700 million ($530 million) for Pfizer in Australia before the company’s patent expired there in May 2012, the Commission said when it launched the case against Pfizer in 2014.
The Commission had alleged that Pfizer had offered big discounts and rebates on Lipitor to pharmacies that bought up large quantities of the drug and agreed to limit re-supply of competing generic atorvastatin products.
The full Federal Court upheld a 2015 decision which found the regulator had failed to show that the sales strategy was specifically designed to deter other generic manufacturers from supplying their own atorvastatin to pharmacies.
Pfizer welcomed the decision on Friday.
“We have always maintained that our behavior was appropriate and reflected the high ethical standards, integrity and compliance that are central to our culture,” Pfizer said in an emailed statement. Reporting by Sonali Paul; Editing by Himani Sarkar | ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-pfizer/australian-anti-trust-watchdog-loses-appeal-against-pfizer-over-lipitor-sales-idUSKCN1IQ0EE |
WESTLAKE VILLAGE, Calif. (AP) _ LTC Properties Inc. (LTC) on Wednesday reported a key measure of profitability in its first quarter. The results missed Wall Street expectations.
The Westlake Village, California-based real estate investment trust said it had funds from operations of $29.8 million, or 75 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 76 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $20.3 million, or 51 cents per share.
The real estate investment trust posted revenue of $41.8 million in the period.
The company's shares have fallen 12 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $38.14, a fall of 17 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on LTC at https://www.zacks.com/ap/LTC | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/the-associated-press-ltc-1q-earnings-snapshot.html |
Macy’s was brimming with optimism when it reported results for the end of 2017: It had seen positive sales growth for the first time in three years. Yet, with the shares up 18% so far this year, skepticism abounded. Analysts at Morgan Stanley and Deutsche Bank put out bleak notes warning of declining sales and “limited upside.”
Macy’s has done it again, though, reporting first-quarter earnings that smashed expectations. It posted earnings per share of 48 cents compared with a consensus estimate of 37 compiled by FactSet and... | ashraq/financial-news-articles | https://www.wsj.com/articles/macys-a-miracle-on-34th-street-1526483970 |
(Adds financial and political context, plan to extend maturities of short-term Lebac securities, bylines)
By Hugh Bronstein and Walter Bianchi
BUENOS AIRES, May 22 (Reuters) - Argentina’s central bank held its key interest rate steady at 40 percent on Tuesday, confirming its hawkish stance on inflation by saying tight monetary policy was needed to keep the weakened peso from putting further upward pressure on consumer prices.
The local currency has swooned 15.5 percent so far in May to 24.5 per U.S. dollar. The reference rate “must be kept at high levels to contain the transfer to prices of the depreciation of the peso,” a statement issued by the central bank said.
It said it stood by its 15-percent 2018 inflation target, a goal seen by private economists as unrealistic considering that 12-month inflation through April was at 25.5 percent.
A rally in the U.S. dollar last month focused the market’s attention on Argentina’s increasing dollar-denominated debt load and weak fundamentals, including high inflation and a high fiscal deficit. The country became a scapegoat for investors looking to cut their emerging market exposure.
The peso plunged, prompting the central bank to sell reserves and hike interest rates to 40 percent on May 4. Days later the government requested an “exceptional access standby arrangement” from the IMF.
Seeking an IMF deal is politically risky for President Mauricio Macri. Many Argentines blame the IMF for the country’s 2001 financial meltdown, punctuated by a sovereign bond default and steep currency devaluation, which tossed millions of middle-class Argentines into poverty.
Left-leaning activists have taken to the streets to protest the IMF negotiations taking place in Washington. Macri has also gone out knocking on doors to try to convince average Argentines that his policies will attract the investment needed to establish sustainable economic growth.
The central bank has indicated it would intervene in the spot market if the peso were to weaken to 25 per dollar, a level it has not hit in days.
Argentina has a “dirty float” that allows the market to set the value of the peso while allowing the central bank to sell dollars to prop up the local currency at times of exchange rate volatility.
The bank may extend maturities of some of its short-term Lebac securities in a bid to even out debt payments, a spokesman for the central bank told Reuters.
This improvement to Argentina’s debt profile would come after Macri sent an olive branch to the bond market this month by cutting Argentina’s 2018 deficit goal to 2.7 percent of gross domestic product from 3.2 percent. (Editing by Susan Thomas; Editing by Sandra Maler)
| ashraq/financial-news-articles | https://www.reuters.com/article/argentina-rates/update-1-argentine-central-bank-holds-key-rate-unchanged-at-40-pct-idUSL2N1ST1XY |
2018 Disruptor 50 diversity 1 Hour Ago Julia Boorstin reveals this year's Disruptor 50 list and the number of women who lead these companies. 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/2018-disruptor-50-diversity.html |
May 15 (Reuters) - ARTIFEX MUNDI SA:
* SAID ON MONDAY THAT IT HAS SOLD RIGHTS TO ITS TWO GAMES - NIGHTMARES FROM THE DEEP®: A HIDDEN OBJECT ADVENTURE AND KATE MALONE: HIDDEN OBJECT DETECTIVE TO G5 ENTERTAINMENT AB
* FOR THE GAMES THE COMPANY WILL GET USD 600,000 WHICH WILL BE PAID IN FOUR INSTALLMENTS AND UP TO USD 500,000 AS VARIABLE PART OF REMUNERATION DEPENDING ON FUTURE PROFITS FROM SOLD GAMES
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SM3U8 |
May 4, 2018 / 8:41 AM / Updated 17 minutes ago China to limit banks' risk exposure to large, single clients Reuters Staff 1 Min Read
BEIJING, May 4 (Reuters) - China’s banking and insurance regulator issued rules on Friday to help limit banks’ exposure to large, single clients, as part of a widening clampdown on risks in the financial system.
Commercial banks’ outstanding loans to a single client cannot exceed 10 percent of their net capital, according to a document posted on the regulator’s website.
The new rules will take effect from July 1, it added. (Reporting by Beijing Monitoring Desk; Editing by Kim Coghill) | ashraq/financial-news-articles | https://www.reuters.com/article/china-economy-banking/china-to-limit-banks-risk-exposure-to-large-single-clients-idUSS6N1RF053 |
May 14, 2018 / 11:50 PM / Updated 16 minutes ago Proxy advisor Glass Lewis urges vote against Hyundai Mobis spin-off merger plan Reuters Staff 1 Min Read
SEOUL (Reuters) - Proxy advisor Glass Lewis has recommended shareholders reject Hyundai Mobis Co Ltd’s ( 012330.KS ) proposed spin-off merger plan, citing “questionable business logic” and “inadequate valuation”, according to the advisor’s report seen by Reuters.
In March, Hyundai Mobis, a parts affiliate of Hyundai Motor Co ( 005380.KS ), announced its plan to spin off its domestic module and after-service parts businesses and merge them with logistics affiliate Hyundai Glovis Co Ltd ( 086280.KS ), a plan which will be put to a shareholder vote on May 29. Reporting by Liana Baker in NEW YORK, Hyunjoo Jin in Seoul | ashraq/financial-news-articles | https://uk.reuters.com/article/us-hyundai-mobis-m-a/proxy-advisor-glass-lewis-urges-vote-against-hyundai-mobis-spin-off-merger-plan-idUKKCN1IF357 |
May 20, 2018 / 5:52 PM / Updated 3 minutes ago Trump to ask Justice Department to look into campaign surveillance claims Doina Chiacu 4 Min Read
WASHINGTON (Reuters) - U.S. President Donald Trump demanded on Twitter on Sunday that the Justice Department look into whether his 2016 presidential campaign was infiltrated or surveilled by the agency or the FBI under the Obama administration.
Trump’s simmering anger over Special Counsel Robert Mueller’s year-old Russia probe appeared to spill over into a series of well-worn recriminations in several tweets, including that the investigation was politically motivated and had its roots in the administration of his Democratic predecessor, Barack Obama.
Trump’s lawyer, Rudy Giuliani, was quoted by the New York Times later on Sunday as saying that Mueller had said the investigation would wrap up by Sept. 1.
Federal investigators are looking into whether Russia tried to sway the election and if it worked with the Trump campaign to do so. Trump has denied any collusion and repeatedly dismissed the investigation as a “witch hunt.”
“I hereby demand, and will do so officially tomorrow, that the Department of Justice look into whether or not the FBI/DOJ infiltrated or surveilled the Trump Campaign for Political Purposes - and if any such demands or requests were made by people within the Obama Administration!” Trump wrote on Twitter.
Trump had escalated his attacks on the Justice Department on Friday, suggesting that the FBI may have planted or recruited an informant in his 2016 presidential campaign. He cited unidentified reports that at least one FBI representative was “implanted” for political purposes into his campaign.
Neither Trump nor Giuliani, a former New York mayor, provided any evidence of government infiltration into Trump’s presidential campaign. Giuliani acknowledged in a CNN interview on Friday that neither he nor the president really knew if such action took place.
In September, the Justice Department said it had no evidence to support another of Trump’s unsubstantiated assertions: that Obama had ordered a wiretap of Trump Tower during the 2016 presidential campaign.
It was not clear what kind of response Trump was seeking from the Justice Department this time, since investigations are kept secret and designed to be insulated from political influence and White House meddling. The department did not have an immediate response to Trump’s tweet.
U.S. Representative Adam Schiff, the top Democrat on the House of Representatives Intelligence Committee, called Trump’s suspicion of an embedded spy “nonsense.”“His ‘demand’ DOJ investigate something they know to be untrue is an abuse of power, and an effort to distract from his growing legal problems,” Schiff said on Twitter.
In his earlier tweets on Sunday, Trump reprised his attacks on Hillary Clinton, his Democratic challenger in 2016, and maintained that the Democrats were not submitted to the same scrutiny by the FBI.
Trump also implied that the special counsel investigation of whether foreign governments tried to influence the presidential campaign was designed to hurt Republicans in the November congressional elections.
“Now that the Witch Hunt has given up on Russia and is looking at the rest of the World, they should easily be able to take it into the Mid-Term Elections where they can put some hurt on the Republican Party,” he wrote.
Trump, who has long complained the Russia probe has overstepped its bounds, referred to reports that his eldest son, Donald Trump Jr., met in August 2016 with an envoy representing the crown princes of United Arab Emirates and Saudi Arabia.
The New York Times reported on Saturday the meetings were an indication that other countries besides Russia may have offered help to Trump’s presidential campaign. It said Mueller’s investigators had questioned witnesses in Washington, New York, Atlanta, Tel Aviv and elsewhere about possible foreign help to the campaign. FILE PHOTO: U.S. President Donald Trump gestures as he delivers remarks during the Prison Reform Summit at the White House in Washington, DC, U.S., May 18, 2018. REUTERS/Kevin Lamarque/File Photo Reporting by Doina Chiacu; Editing by Sandra Maler and Peter Cooney | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-russia/trump-says-he-will-ask-justice-department-to-look-into-campaign-surveillance-idUSKCN1IL0PQ |
'MeToo' reshapes the Cannes film festival 2:10pm EDT - 02:08
The 71st edition of the international Cannes Film Festival is underway. In the wake of the 'MeToo' a sexual harassment hotline has been set up, but the jury says the movement will not sway who wins the prestigious Palme d'Or award.
The 71st edition of the international Cannes Film Festival is underway. In the wake of the 'MeToo' a sexual harassment hotline has been set up, but the jury says the movement will not sway who wins the prestigious Palme d'Or award. //reut.rs/2KMAsmv | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/08/metoo-reshapes-the-cannes-film-festival?videoId=425029009 |
Even when a seller and buyer agree on a price for a home, the deal can collapse if the property appraises for less than that price.
For example, let's say a seller lists his house for $325,000, the buyer offers $275,000, but they settle on $300,000. A week before closing, the appraisal comes in at $265,000. That's the maximum price for which the lender is willing to offer a mortgage .
Who's going to make up the $35,000 difference?
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In this case, the seller has already come down on the price and doesn't want to lower it again. And the buyer may not have enough cash to cover the shortfall, or does not want to pay more for the house than its appraised value.
As a result, the deal falls through.
What causes a low appraisal Short appraisals are common in declining housing markets because the lack of recent comparable home sales in the area, or "comps," make it hard for appraisers to determine the current market value of a property.
When home sales slow down, good comps "age" quickly. Add foreclosures and short sales to the mix and appraisals can run all over the map.
The Home Valuation Code of Conduct, or HVCC, which went into effect in May 2009, compounded the problem. The HVCC prohibits Fannie Mae and Freddie Mac lenders from having direct contact with appraisers.
As a result, most lenders work through appraisal management companies, or AMCs, whose pool of residential appraisers includes those with limited training or little familiarity with the geographic area being appraised.
Know how to protect yourself You can protect yourself from low appraisals. Here are some suggestions for buyers and sellers.
If you're a buyer:
Tell your lender to find an appraiser who comes from your county, or perhaps a neighboring county. After all, you're paying for the appraisal. Ask that the appraiser have a residential appraiser certification and a professional designation. Examples include the Appraisal Institute's senior residential appraiser, or SRA, or member of the Appraisal Institute, or MAI, designations. Meet the appraiser when he inspects the home, and share your knowledge of recent short sales and foreclosures that could skew the comps. You can speak with your appraiser; the prohibition applies only to your lender. If you're a seller:
Get an appraisal before you list a home. Search for a qualified appraiser in your area on the Appraisal Institute site. Use the appraisal to set a realistic listing price for your home. Give a copy of your prelisting appraisal to the buyer's appraiser. Question a low appraisal. There's always a chance the appraiser or a supervisor will take into account new or overlooked information. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/real-estate-how-to-avoid-a-low-home-appraisal.html |
LAGOS (Reuters) - Nigerian energy firm Forte Oil ( FO.LG ) said it plans to sell its upstream services and power businesses in Nigeria and divest from Ghana to focus on its core fuel distribution operation at home.
The move comes as a surprise about-turn for a company whose Chief Executive Akin Akinfemiwa told investors in Lagos in August that he wanted to aggressively pursue M&A opportunities along the energy value chain and acquire marginal oilfields to boost its upstream business.
The company, majority owned by billionaire Femi Otedola, had also been in talks with a major refinery to form a strategic partnership for local refining of petroleum products.
Forte Oil’s share price plunged 49 percent last year after the company struggled to get hard currency to import products. It now has a total market value of 57.3 billion naira ($188 mln) but gave no indication on Wednesday of how much the businesses for sale might fetch.
It said interest costs attributable to the businesses to be sold stood at 2.2 billion naira as of December. It now plans to seek shareholder approval for the sale on May 23 and appoint advisers, it said in a notice to investors.
Forte Oil did not give a reason for the change in direction but said the downstream sector in Nigeria had gone through changes in recent years and was expected to evolve further.
It added that the industry has operated under a tightly regulated fixed margin but could be deregulated especially given its impact on the Nigerian currency and import bill.
The government increased petrol prices by 67 percent to 145 naira in 2016 to cut subsidies paid for fuel imports after a plunge in oil prices hit state revenues, caused dollar shortages and halted infrastructure projects with firms laying off tens of thousands of workers.
However, the hike did not prevent gasoline shortages which have plagued Nigeria for much of last year and this year.
Nigeria’s existing and ageing refineries have a daily domestic refining capacity of 6 million liters, while the daily consumption stands at 35 million liters, so the country has to import the bulk of what it consumes.
Forte Oil has two storage depots, five aviation fuel depots and a lubricant blending plant. It also has 100 trucks for distribution of products across its more than 500 retail outlets which would require a lot of capital to expand.
Its 57-percent owned power unit, Amperion Power Distribution Company, has a lot of receivables due from the state-backed offtaker and its upstream unit has contributed less than 7 percent to group earnings over the past three years.
The unit in Ghana has declared losses over the last three years and has uncollectible trade debts due to tough economic conditions and a currency devaluation in the cocoa-rich country.
Forte Oil said proceeds from the divestment would be used to expand its downstream fuel distribution business and to invest in storage infrastructure.
“The changing landscape also suggests backward integration would be essential to remain competitive within the sector, particularly in the face of impending deregulation,” it said in the notice.
Forte’s pretax profit nearly doubled in 2017 to 10.63 billion naira, though sales fell by 15 percent to 129.4 billion naira, the company said in March.
Shares in Forte closed flat on Wednesday at 44 naira, and have risen 4 percent this year.
($1 = 305.20 naira)
Reporting by Chijioke Ohuocha; Editing by Adrian Croft and Susan Fenton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-nigeria-forte-oil-restructuring/forte-oil-to-sell-assets-in-nigeria-and-ghana-idUSKBN1I32DC |
May 3 (Reuters) - KWG Property Holding Ltd:
* APRIL PRE-SALES VALUE RMB5,260 MILLION, UP 82.0% Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-kwg-property-holding-posts-april-p/brief-kwg-property-holding-posts-april-pre-sales-value-of-rmb5260-mln-idUSL8N1SA0EV |
May 6 (Reuters) - SALAM INTERNATIONAL TRANSPORT AND TRADING COMPANY PSC:
* Q1 NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS 242,974 DINARS VERSUS 29,236 DINARS YEAR AGO
* Q1 REVENUE 1.2 MILLION DINARS VERSUS 1 MILLION DINARS YEAR AGO Source:( bit.ly/2KEANaX ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jordans-salam-international-transp/brief-jordans-salam-international-transport-and-trading-q1-profit-rises-idUSFWN1SD035 |
May 10, 2018 / 4:04 PM / Updated 18 minutes ago Malaysia's Mahathir says he will steady ringgit, get back missing 1MDB funds Reuters Staff 1 Min Read
KUALA LUMPUR, May 10 (Reuters) - Malaysian Prime Minister Mahathir Mohamad said on Thursday that he will try to make the ringgit currency as steady as possible, and return billions of dollars lost in a graft scandal at state fund 1Malaysia Development Berhad (1MDB).
“We believe that we can get most of the 1MDB money back ... we have to increase the confidence of investors in the administration,” he said at a press conference after being sworn in as the seventh prime minister of Malaysia.
He added that some of Malaysia’s debt was “too big” and needed to be renegotiated.
Mahathir said the new government would abolish “oppressive and unfair” laws and study the new anti-Fake News law and the national security council act. (Reporting by Liz Lee and Rozanna Latiff; Editing by Kevin Liffey) | ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-election-economy/malaysias-mahathir-says-he-will-steady-ringgit-get-back-missing-1mdb-funds-idUSL3N1SH60W |
(Reuters) - Facebook Inc ( FB.O ) will add features around dating and building long-term relationships on its social platform, Chief Executive Officer Mark Zuckerberg said on Tuesday at the company’s developers conference.
Facebook CEO Mark Zuckerberg speaks at Facebook Inc's annual F8 developers conference in San Jose, California, U.S. May 1, 2018. REUTERS/Stephen Lam Shares of Match Group Inc ( MTCH.O ), the owner of popular dating app Tinder, plunged 18 percent after the news.
IAC ( IAC.O ), Match Group’s parent company, dropped about 12 percent.
Reporting by Munsif Vengattil in Bengaluru; Editing by Sai Sachin Ravikumar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-facebook-f8conference-dating/facebook-to-unveil-dating-feature-idUSKBN1I244M |
Next generation competes in National Economics Challenge 1 Hour Ago CNBC's Steve Liesman talks to Jennifer Jung, Mount Hebron High School, and Jingwen Zhang, Wuhan Foreign Language School, about the high school economics competition. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/next-generation-competes-in-national-economics-challenge.html |
BAGHDAD (Reuters) - Iraq holds its first parliamentary election on Saturday since defeating Islamic State, but few people expect its new leaders to deliver the stability and economic prosperity that have long been promised.
FILE PHOTO: Campaign posters of local candidates are seen ahead of the parliamentary election in Baghdad, Iraq May 3, 2018. Picture taken May 3, 2018. REUTERS/Thaier Al-Sudani The oil producer has been struggling to find a formula for stability since a U.S.-led invasion toppled dictator Saddam Hussein in 2003, and politics has brought only disappointment to most Iraqis.
The three main ethnic and religious groups — the majority Shi’ite Arabs and the Sunni Arabs and Kurds — have been at odds for decades, and the sectarian divisions remain as deep as ever.
Iraqis seem to have little faith that a new parliament will be any more able to tackle their country’s numerous challenges.
Much of the northern city of Mosul was reduced to rubble in fighting to oust Islamic State, and it will require billions of dollars to rebuild. The economy is stagnant. Sectarian tensions, which erupted into 2006-2007, are still a major security threat. And Iraq’s two main backers, Washington and Tehran, are at loggerheads.
“I will participate but I will mark an ‘X’ on my ballot. There is no security, no jobs, no services. Candidates are just looking to line up their pockets, not to help people,” said Jamal Mowasawi, a 61-year-old butcher.
Incumbent prime minister Haider al-Abadi is considered by analysts to be marginally ahead, but victory is far from certain.
Once seen as ineffective, he improved his standing with the victory against Islamic State, which had occupied a third of Iraq.
But he lacks charisma and has failed to improve the economy. He also cannot rely solely on votes from his community as the Shi’ite voter base is unusually split this year. Instead, he is looking to draw support from other groups.
Even if Abadi’s Victory Alliance list wins the most seats, he still has to navigate the long-winded and complicated backroom negotiations required to form a coalition government.
His two main challengers, also Shi’ites, are his predecessor Nuri al-Maliki and Iranian-backed Shi’ite militia commander Hadi al-Amiri.
Amiri spent more than two decades fighting Saddam from exile in Iran. The 63-year-old leads the Badr Organisation, which was the backbone of the volunteer forces that fought Islamic State.
He hopes to capitalize on his battlefield successes. Victory for Amiri would be a win for Iran, which is locked in proxy wars for influence across the Middle East.
DISILLUSIONED WITH POLITICIANS But many Iraqis are disillusioned with war heroes and politicians who have failed to restore state institutions and provide badly needed health and education services.
Critics say Maliki’s sectarian policies created an atmosphere that enabled Islamic State to gain sympathy among some Sunnis as it swept across Iraq in 2014.
Maliki was sidelined soon afterward, after eight years in office, but now feels ready to make a political comeback.
In contrast to Abadi, with his cross-sectarian message, Maliki is again posing as Iraq’s Shi’ite champion, and is proposing to do away with the unofficial power-sharing model in which all the main parties have cabinet representatives.
Maliki, who pushed for U.S. troop withdrawals, and Amiri, who speaks fluent Farsi and spent years in exile in Iran during the Saddam era, are both seen as much closer to Tehran than Abadi.
“It’s the same faces and same programs. Abadi is the best of the worst; at least under his rule we had the liberation (from Islamic State),” said 50-year-old fishmonger Hazem al-Hassan.
After the fall of Saddam, Iraqis put decades of brutal repression and costly military adventures behind them. But the U.S. occupation was followed by an insurgency and an al Qaeda campaign of bombings that triggered civil war. Then Islamic State imposed a reign of terror across vast areas.
Ever since Saddam fell, ending decades of dominance by the Sunni minority, senior government positions have been unofficially split between Iraq’s main groupings.
The post of prime minister has been reserved for a Shi’ite, the speaker is a Sunni, and the ceremonial presidency has gone to a Kurd - all three chosen by parliament.
More than 7,000 candidates in 18 provinces, or governorates, are running this year for 329 parliamentary seats.
The constitution sets a 90-day deadline for a government to be formed after the election results are formally announced, and the horse-trading can be protracted.
“There is no trust between the people and the governing class,” said Hussein Fadel, a 42-year-old supermarket cashier. “All sides are terrible. I will not vote.”
Reporting by Michael Georgy and Ahmed Aboulenein; Editing by Kevin Liffey
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-iraq-election/iraqis-expect-little-of-first-poll-since-defeat-of-islamic-state-idUSKBN1IC2LF |
Investors are upping the ante on big oil companies over climate change, demanding they take more concrete action to help curb global warming.
The issue is set to come into focus at Royal Dutch Shell PLC’s annual meeting Tuesday where investors with nearly $8 trillion under management will call on the company to go beyond already ambitious plans to curb emissions, according to a copy of the statement seen by The Wall Street Journal.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/climate-pressure-on-shell-is-warning-to-oil-industry-1526916287 |
May 28, 2018 / 3:55 Tennis-Mercury rises on Lenglen and Mladenovic melts down Julien Pretot 2 Kristina Mladenovic’s crawl back to her best level stopped in abrupt fashion on Monday as she suffered a remarkable meltdown in a 7-6(10) 6-2 defeat by a resurgent Andrea Petkovic in the first round of the French Open.
The Frenchwoman, who had slipped down the rankings after 15 consecutive defeats between the end of July and mid-January, seemed on her way up again thanks to some recent landmark wins.
It appeared that a year after reaching the quarter-finals, she could make light work of German Petkovic, a former semi-finalist at Roland Garros. However, two consecutive double faults as she had three set points in the opening set’s tiebreak threw her off balance.
Mladenovic, who recently beat former French Open finalist Sam Stosur, never recovered and allowed world number 107 Petkovic to claim only her third victory on the main tour this year — also her fifth in as many encounters between the two.
Mladenovic started confidently on the Suzanne Lenglen court, where last year she beat then defending champion Garbine Muguruza to reach the last eight, opening up a 2-0 lead.
But Petkovic broke back and forced a tiebreak, in which the Frenchwoman, seeded 29th, went 6-3 ahead.
The mercury rose in the stadium with the crowd chanting ‘Kiki, Kiki!’ to support a player who set their hearts on fire last year.
Mladenovic, however, collapsed, serving two consecutive double faults on set points and eventually losing the tiebreak 12-10 as she netted a forehand.
Petkovic suffered late jitters as she served a double fault on match point, but on her fourth attempt, Mladenovic returned long.
Petkovic next faces Sweden’s Johanna Larsson or American Bethanie Mattek-Sands. (Reporting by Julien Pretot; Editing by Christian Radnedge) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-mladenovic/tennis-mercury-rises-on-lenglen-and-mladenovic-melts-down-idUKL5N1SZ3TO |
May 17, 2018 / 2:03 PM / in 28 minutes Inquiry into Lloyds' handling of HBOS fraud slips to late 2019 -source Reuters Staff
* Probe looks at what Lloyds knew and when about fraud
* Review now likely to conclude in late 2019 -source
* More than 500,000 documents provided by Lloyds
By Lawrence White and Emma Rumney
LONDON, May 17 (Reuters) - A review of Lloyds Banking Group’s handling of one of Britain’s worst banking frauds is unlikely to be completed until late 2019 due to the volume of documents involved, a source with knowledge of the inquiry said.
The investigation by a former high court judge was launched last year to assess whether Lloyds properly investigated and reported the fraud at HBOS, which it bought in January 2009.
The review by Linda Dobbs is one of the last high-profile probes into the conduct of Britain’s biggest banks after the 2008 financial crisis, and is eagerly awaited by victims of a fraud which has seen six people jailed for a combined 47 years.
HBOS was once Britain’s biggest mortgage lender, and was rescued in a state-engineered takeover by Lloyds, which has apologised to victims of the fraud and set up a 100 million pound ($135 million) compensation scheme.
“The Group is determined to get to the bottom of what went on, and a thorough investigation is being conducted,” Lloyds said in an emailed statement on Thursday.
Those jailed last February were former HBOS bankers Lynden Scourfield and Mark Dobson, consultant David Mills and his wife Alison, and their associates Michael Bancroft and Tony Cartwright.
The fraud involved Scourfield referring struggling businesses which were HBOS clients to Mills’ consultancy, in return for bribes which the judge at their trial said included designer watches, sex with prostitutes and foreign holidays. PAPERWORK
Dobbs and lawyer Peter Carter have hired 5 more lawyers to handle the paperwork disclosed by Lloyds, which has risen from an initial estimate of 50,000 documents to around 500,000, the source told Reuters.
The pair had been hoping to finish the review by the end of this year.
The work involves sifting through the documents to build a picture of what Lloyds’ senior executives knew about the fraud, what they did about it and when.
Lawmakers have in recent weeks increased scrutiny of Lloyds’ conduct in the years following the crisis, after the leak of an internal report, adding to gathering political concerns over the treatment of small and vulnerable business customers by banks including HBOS.
The Turnbull report, which was cited in Parliament by lawmakers, alleges that senior HBOS bankers tried to cover up the fraud and has prompted questions over who within Lloyds had seen it, given the bank said it knew nothing of the fraud until the criminal case last year.
The source familiar with the Dobbs review said the Turnbull report was one of the hundreds of thousands of documents received, and that efforts were now being made to establish in what context it was written, who was made aware of it and what was done about it.
The Financial Conduct Authority said in April last year it is conducting its own review into the discovery and reporting of the HBOS fraud, focused on the period before its acquisition by Lloyds, whereas the Dobbs review centres on the time afterwards.
Britain’s National Crime Agency has also widened a review into the fraud at HBOS to look into allegations that fell outside of the initial criminal investigation. ($1 = 0.7399 pounds) (Editing by Alexander Smith) | ashraq/financial-news-articles | https://www.reuters.com/article/lloyds-investigation/inquiry-into-lloyds-handling-of-hbos-fraud-slips-to-late-2019-source-idUSL3N1SO3OK |
1 COMMENTS FedEx CIO Rob Carter, middle, and FedEx CEO Frederick Smith, right, talk with Don Tapscott at the Consensus 2018 conference in New York City, May 15, 2018. Photo: Steven Norton / The Wall Street Journal
NEW YORK – FedEx Corp. is investing in blockchain technology to provide greater visibility and efficiency in its freight business as it explores how distributed ledger technology can impact the logistics and supply chain sector.
“We’re quite confident that (blockchain) has big, big implications in supply chain, transportation and logistics,” FedEx Chief Executive Frederick Smith said Monday at the Consensus 2018 conference. “In the area where FedEx makes its living, this could be a big deal.”
Cross-border transactions, for example, often involve inconsistent data among the parties involved in a transaction. It can also be a hotbed for fraud as groups look to ship illicit items or avoid paying taxes on the transaction. “What blockchain has the potential to do, for the first time ever, is to make that information available to all of the parties,” Mr. Smith said.
FedEx is working to develop technology that would allow it to monitor shipments beyond its own tracking systems. While FedEx keeps detailed records of custody using its own databases and internal systems, a distributed ledger shared across the industry would allow the company to track freight even when it moves to parts of the supply chain it doesn’t own, such as rail lines.
“This is such a game changer for us because it extends those boundaries outside of our four walls,” Chief Information Officer Rob Carter said.
Perhaps best known as the technology underpinning cryptocurrencies like bitcoin, blockchain seems poised to play a larger role in supply chain management . Firms such as Walmart Inc. are using blockchain to manage data for mangoes, berries and a few dozen other products, CIO Journal reported.
A blockchain ledger allows participants to add blocks of information after each party runs algorithms to evaluate a proposed transaction. If the parties agree that the transaction looks valid — identifying information matches the blockchain’s history and follows the rules created by the participants — then it will be approved, time-stamped and added to the chain. The data, encrypted and unchangeable, is always up-to-date on all participants’ systems.
At FedEx, the underlying technology has been built on Ethereum and Hyperledger blockchain platforms. Mr. Carter said the company aims to be agnostic when deciding which ledger technologies to use.
The technology is working, and industry partners are working to create standards around how it will be used, he said. FedEx is a member of the Blockchain in Transport Alliance, a consortium of firms brought together to develop blockchain standards for the freight industry. Mr. Carter said the alliance is scheduled to meet next week, and that he “wouldn’t be surprised if there was an announcement” about a pilot project with large retailers.
Craig Fuller, managing director for BiTA, said the alliance has “a number of big announcements” planned for next week.
Beyond the freight business, Mr. Carter sees potential for the technology to improve the customs process and provide more transparency and reliability for shipments of items across the aerospace, pharmaceutical, automotive and health care industries. FedEx has a “couple dozen” people working on blockchain projects, he said.
“The consequences of investing in this aren’t very high,” Mr. Carter said. “The consequences of not investing are extremely high.”
Corporate spending on blockchain software is expected to reach $2.1 billion this year, up from $945 million in 2017, according to researcher International Data Corp.
Write to [email protected]
Share this: BLOCKCHAIN ETHEREUM FEDEX HYPERLEDGER ROB CARTER SUPPLY CHAINS Previous The Morning Download: Bank of America Explores Ethics of AI | ashraq/financial-news-articles | https://blogs.wsj.com/cio/2018/05/14/fedex-cio-says-blockchain-a-game-changer-for-supply-chain-visibility/ |
May 3 (Reuters) - Installed Building Products Inc:
* INSTALLED BUILDING PRODUCTS REPORTS RECORD RESULTS FOR FIRST QUARTER 2018
* Q1 EARNINGS PER SHARE $0.20 * Q1 REVENUE $301.7 MILLION VERSUS I/B/E/S VIEW $297.8 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.45 — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-installed-building-products-report/brief-installed-building-products-reports-q1-earnings-per-share-0-20-idUSASC09ZFY |
Iconic guitar-maker Gibson files for bankruptcy 3:10pm EDT - 00:55
Gibson, the maker of guitars played by the likes of B.B. King and Elvis Presley, filed for Chapter 11 bankruptcy protection on Tuesday with a plan to reorganize its musical instrument business under the new ownership of its lenders.
Gibson, the maker of guitars played by the likes of B.B. King and Elvis Presley, filed for Chapter 11 bankruptcy protection on Tuesday with a plan to reorganize its musical instrument business under the new ownership of its lenders. //reut.rs/2FxYE8r | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/01/iconic-guitar-maker-gibson-files-for-ban?videoId=423004724 |
HAMILTON, Bermuda, May 1, 2018 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today reported first quarter 2018 operating revenue of $734 million, compared to operating revenue of $708 million in the prior quarter. Net income from continuing operations attributable to Nabors for the quarter was a loss of $144 million, or $0.46 per share, compared to a loss of $116 million, or $0.40 per share, in the fourth quarter of 2017. Results for the first quarter included transaction charges of $7.4 million, or $0.02 per share and a sequential increase in non-cash tax expense of $46 million, or $0.15 per share.
Anthony Petrello, Nabors Chairman and CEO, commented, "Our first quarter results showed continued improvement, primarily attributable to the outstanding performance of our US Drilling segment. Canada Drilling also contributed meaningfully with the higher activity of the winter drilling season. Our Drilling Solutions segment continued to achieve solid growth and remains on track to meet its annualized fourth quarter 2018 adjusted EBITDA objective of $100 million. Internationally, our results declined slightly with lower average margins partially offset by four additional rigs working. Rig Technologies came in well short of our expectations, principally due to delayed completion and shipment into April of numerous third-party legacy Tesco capital equipment orders. The related logistics and manufacturing issues are resolved at our Tesco Calgary facility and we do not expect them to recur in the second quarter. We anticipate further improvements in all of our non-seasonal segments in the coming quarters."
Consolidated and Segment Results
Adjusted operating income for the Company was a loss of $45 million during the quarter, as compared to a loss of $52 million in the fourth quarter of 2017. Quarterly consolidated adjusted EBITDA represented an increase at $168 million, compared to $163 million in the fourth quarter. During the first quarter, the Company averaged 228 rigs operating at an average gross margin of $11,470 per rig day. This compares to 211 rigs at $10,963 per rig day in the fourth quarter of 2017.
The U.S. Drilling segment posted a 36% sequential increase in adjusted EBITDA, which equaled $73.1 million for the quarter. This was driven by an increase of 6 rigs working and a 27% increase in average gross margin per rig day. Virtually all of this increase in gross margin was attributable to the performance of the US lower 48 operation, which achieved an increase of approximately $2,000 per rig day. The majority of this increase in lower 48 margins was attributable to reduced costs. An increase in average dayrates also contributed meaningfully to the margin improvement. In addition, on April 1, our MODS-400 deepwater platform rig commenced full operating rate on the Bigfoot deepwater offshore in the U.S. Gulf of Mexico. This together with a recent contract award for an existing offshore platform rig and prospects for more should significantly boost near-term results.
International Drilling adjusted EBITDA decreased sequentially by $4.9 million to $124 million. This decrease arose from the net effects of a quarterly increase in rig activity that was more than offset by lower average margins. Average rig margins per day decreased by $594 largely attributable to a significant amount of previously announced long-term contract renewals at rates closer to market. The quarterly average rig count increased by four to 94.6, representing the first significant increase in five quarters. This appears to mark the beginning of a significant ramp up in activity over the course of the year. Rig activity has been expanding with eight additional rigs scheduled to start before year-end and a number of proposals submitted or in process. The market for higher spec international rigs is tightening and we expect rates for these rigs to increase as the year progresses.
Canada Drilling operations posted a seasonal high in adjusted EBITDA of $9.3 million amounting to a 120% sequential increase. The quarter's results also represented an increase of nearly 50% over the seasonally high first quarter of the prior year. The sequential improvement was attributable to higher rig activity, while the year-over-year growth arose from an increase in average per rig day margins on a flat rig count. The Company expects a similar degree of improvement in adjusted EBITDA for the full year 2018.
In Drilling Solutions, adjusted EBITDA of $14.7 million represented a 17% quarterly increase. The results reflected higher activity across nearly all of the segment's product lines during the quarter, as well as increased contribution from Tesco's casing running services. The segment again increased its penetration on both Nabors and third party rigs. During the quarter, it also achieved two significant milestones that bolster the Company's expectations for the future. Specifically, it conducted the first commercial operations for two key customers with its Navigator ™ and Rockit ® Pilot software, which facilitates directional drilling automation. Additionally, Drilling Solutions worked with Canrig on the first successful field test of the rotary steerable system on a customer well. This segment remains on track to achieve its annualized fourth-quarter 2018 goal of $100 million in adjusted EBITDA.
In the Rig Technologies segment, first quarter adjusted EBITDA was a loss of $8.7 million, down by $4.4 million compared to the fourth quarter. This shortfall was principally attributable to manufacturing issues, which induced delays in completing and shipping several capital equipment items - primarily six top drives - from the Calgary facility. Most of these delayed units were completed and shipped in the first month of the second quarter. The company expects the traditional capital equipment portion of the segment to return to positive adjusted EBITDA in the second quarter. Meanwhile, both the robotics and rotary steerable developmental product lines achieved significant milestones during the quarter. The robotics group received a contract for engineering work in advance of what it expects will be its first commercial order for a complete offshore rig floor automation system. The award is from a large North Sea operator and encompasses the planning required to retrofit an offshore platform in mid-2019. The rotary steerable group successfully conducted its first field test on a customer's well in South Texas for a large US E&P operator. We believe commercialization of both product lines remains on track for late 2018.
William Restrepo, Nabors Chief Financial Officer, stated, "In general, our results continued the trends of the fourth quarter with strong overall drilling results, particularly in North America, and continued growth in NDS. Our International rig count is picking up fast, although pricing still lags. Finally, sluggish shipments of drilling equipment provided a temporary headwind.
"Net debt increased by $200 million in the first quarter, which was $100 million more than anticipated due to cash outlays that should not recur in the second quarter. Among these were an increase of working capital associated with the initiation of SANAD operations, transaction costs and slower collections related to the Tesco acquisition, the customary first quarter spike in payroll expense, and fees associated with our bond issuance. The timing of our semiannual major interest payments also weighed on the first quarter's cash flow. We expect to generate positive cash flow in the second quarter exclusive of any proceeds from the potential sale of the first tranche of our Middle East jackups. Further, we expect the increasing growth in consolidated adjusted EBITDA, along with other positive developments will lead to positive cash flow for the full year 2018."
Mr. Petrello concluded, "This quarter represents the first full quarter of operations by SANAD, our land drilling joint venture in Saudi Arabia. I would like to express how pleased our entire organization is with the efficiency of the integration and most importantly, the level of cooperation from our partner, Saudi Aramco.
"Regarding the other facets of our operations, I am particularly pleased with the substantial progress achieved in improving the profitability of our US lower 48 operations. Our expectation of continued progress, in combination with the increasingly favorable outlook for all of our other segments, reinforces our confidence in achieving our vision 2020 goals of reducing our leverage and restoring returns on capital. The near-term presents some challenges. But absent a sharp contraction in oil prices, I believe as the year progresses we could experience each of our operations growing concurrently, a rather rare occurrence during my time at Nabors."
About Nabors
Nabors Industries (NYSE: NBR) owns and operates one of the world's largest land-based drilling rig fleets and is a provider of offshore platform rigs in the United States and numerous international markets. Nabors also provides directional drilling services, performance tools, and innovative technologies for its own rig fleet and those of third parties. Leveraging our advanced drilling automation capabilities, Nabors highly skilled workforce continues to set new standards for operational excellence and transform our industry.
Forward-looking Statements
The information included in this press release includes forward-looking statements the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to a number of risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result, of these factors, Nabors' actual results may indicated or implied by such forward-looking statements. The forward-looking statements contained in this press release reflect management's estimates and beliefs as of the date of this press release. Nabors does not undertake to update these forward-looking statements.
Non-GAAP Disclaimer
This press release presents certain "non-GAAP" financial measures. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Adjusted EBITDA is computed by subtracting the sum of direct costs, general and administrative expenses and research and engineering expenses from operating revenues. Adjusted operating income (loss) is computed similarly, but also subtracts depreciation and amortization expenses from operating revenues. Net debt is computed by subtracting the sum of cash and short-term investments from total debt. Each of these non-GAAP measures has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted EBITDA and adjusted operating income (loss) exclude certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA, adjusted operating income (loss), and net debt, because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance. Securities analysts and investors also use these measures as some of the metrics on which they analyze the Company's performance. Other companies in this industry may compute these measures differently. A reconciliation of adjusted EBITDA and adjusted operating income (loss) to income (loss) from continuing operations before income taxes and net debt to total debt, which are their nearest comparable GAAP financial measures, are included in the tables at the end of this press release.
Media Contact : Dennis A. Smith, Vice President of Corporate Development & Investor Relations, +1 281-775-8038. To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via e-mail at [email protected]
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
Three Months Ended
March 31,
December 31,
(In thousands, except per share amounts)
2018
2017
2017
Revenues and other income:
Operating revenues
$ 734,194
$ 562,550
$ 708,277
Earnings (losses) from unconsolidated affiliates
2
2
1
Investment income (loss)
465
721
986
Total revenues and other income
734,661
563,273
709,264
Costs and other deductions:
Direct costs
475,403
387,644
471,641
General and administrative expenses
74,571
63,409
59,070
Research and engineering
15,806
11,757
15,009
Depreciation and amortization
213,448
203,672
214,106
Interest expense
61,386
56,518
57,076
Other, net
14,089
13,510
30,243
Total costs and other deductions
854,703
736,510
847,145
Income (loss) from continuing operations before income taxes
(120,042)
(173,237)
(137,881)
Income tax expense (benefit)
23,545
(25,609)
(23,156)
Income (loss) from continuing operations, net of tax
(143,587)
(147,628)
(114,725)
Income (loss) from discontinued operations, net of tax
(75)
(439)
(442)
Net income (loss)
(143,662)
(148,067)
(115,167)
Less: Net (income) loss attributable to noncontrolling interest
(539)
(917)
(1,177)
Net income (loss) attributable to Nabors
$(144,201)
$(148,984)
$ (116,344)
Amounts attributable to Nabors:
Net income (loss) from continuing operations
$(144,126)
$(148,545)
$ (115,902)
Net income (loss) from discontinued operations
(75)
(439)
(442)
Net income (loss) attributable to Nabors
$(144,201)
$(148,984)
$ (116,344)
Earnings (losses) per share:
Basic from continuing operations
$ (0.46)
$ (0.52)
$ (0.40)
Basic from discontinued operations
-
-
-
Total Basic
$ (0.46)
$ (0.52)
$ (0.40)
Diluted from continuing operations
$ (0.46)
$ (0.52)
$ (0.40)
Diluted from discontinued operations
-
-
-
Total Diluted
$ (0.46)
$ (0.52)
$ (0.40)
Weighted-average number of common shares outstanding:
Basic
308,788
277,781
286,603
Diluted
308,788
277,781
286,603
Adjusted EBITDA
$ 168,414
$ 99,740
$ 162,557
Adjusted operating income (loss)
$ (45,034)
$(103,932)
$ (51,549)
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31,
December 31,
(In thousands)
2018
2017
(Unaudited)
ASSETS
Current assets:
Cash and short-term investments
$ 393,587
$ 365,366
Accounts receivable, net
733,541
698,477
Assets held for sale
36,404
37,052
Other current assets
330,841
346,441
Total current assets
1,494,373
1,447,336
Property, plant and equipment, net
5,969,063
6,109,565
Goodwill
172,982
173,226
Other long-term assets
663,412
671,857
Total assets
$ 8,299,830
$ 8,401,984
LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt
$ 375
$ 181
Other current liabilities
766,453
919,295
Total current liabilities
766,828
919,476
Long-term debt
4,256,160
4,027,766
Other long-term liabilities
333,438
311,971
Total liabilities
5,356,426
5,259,213
Redeemable noncontrolling interest in subsidiary
206,396
203,998
Equity:
Shareholders' equity
2,709,608
2,911,816
Noncontrolling interest
27,400
26,957
Total equity
2,737,008
2,938,773
Total liabilities and equity
$ 8,299,830
$ 8,401,984
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
SEGMENT REPORTING
(Unaudited)
The following tables set forth certain information with respect to our reportable segments and rig activity:
Three Months Ended
March 31,
December 31,
(In thousands, except rig activity)
2018
2017
2017
Operating revenues:
U.S. Drilling
$ 241,002
$ 161,934
$ 233,198
Canada Drilling
31,887
27,808
19,927
International Drilling
368,845
338,223
381,393
Drilling Solutions
62,648
27,365
44,001
Rig Technologies (1)
64,669
44,076
79,249
Other reconciling items (2)
(34,857)
(36,856)
(49,491)
Total operating revenues
$ 734,194
$ 562,550
$ 708,277
Adjusted EBITDA: (3)
U.S. Drilling
$ 73,067
$ 26,629
$ 53,618
Canada Drilling
9,299
6,335
4,253
International Drilling
123,990
108,656
128,902
Drilling Solutions
14,728
2,946
12,596
Rig Technologies (1)
(8,684)
(5,053)
(4,292)
Other reconciling items (4)
(43,986)
(39,773)
(32,520)
Total adjusted EBITDA
$ 168,414
$ 99,740
$ 162,557
Adjusted operating income (loss): (5)
U.S. Drilling
$ (19,746)
$ (63,182)
$ (41,080)
Canada Drilling
(592)
(4,011)
(5,743)
International Drilling
24,536
11,974
27,964
Drilling Solutions
8,721
(978)
8,080
Rig Technologies (1)
(12,976)
(8,131)
(7,258)
Other reconciling items (4)
(44,977)
(39,604)
(33,512)
Total adjusted operating income (loss)
$ (45,034)
$(103,932)
$ (51,549)
Rig activity:
Average Rigs Working: (6)
U.S. Drilling
111.8
88.8
106.3
Canada Drilling
21.1
22.0
13.8
International Drilling
94.6
89.8
90.7
Total average rigs working
227.5
200.6
210.8
(1)
Includes our oilfield equipment manufacturing, automated systems, and downhole tools.
(2)
Represents the elimination of inter-segment transactions.
(3)
Adjusted EBITDA is computed by subtracting the sum of direct costs, general and administrative expenses and research and engineering expenses from operating revenues. Adjusted EBITDA is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted EBITDA excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance. Securities analysts and investors use this measure as one of the metrics on which they analyze the Company's performance. Other companies in this industry may compute these measures differently. A reconciliation of this non-GAAP measure to income (loss) from continuing operations before income taxes, which is the most closely comparable GAAP measure, is provided in the table set forth immediately following the heading "Reconciliation of Non-GAAP Financial Measures to Income (loss) from Continuing Operations before Income Taxes".
(4)
Represents the elimination of inter-segment transactions and unallocated corporate expenses.
(5)
Adjusted operating income (loss) is computed by subtracting the sum of direct costs, general and administrative expenses, research and engineering expenses and depreciation and amortization from operating revenues. Adjusted operating income (loss) is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted operating income (loss) excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance. Securities analysts and investors use this measure as one of the metrics on which they analyze the Company's performance. Other companies in this industry may compute these measures differently. A reconciliation of this non-GAAP measure to income (loss) from continuing operations before income taxes, which is the most closely comparable GAAP measure, is provided in the table set forth immediately following the heading "Reconciliation of Non-GAAP Financial Measures to Income (loss) from Continuing Operations before Income Taxes".
(6)
Represents a measure of the average number of rigs operating during a given period. For example, one rig operating 45 days during a quarter represents approximately 0.5 average rigs working for the quarter. On an annual period, one rig operating 182.5 days represents approximately 0.5 average rigs working for the year.
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(Unaudited)
Three Months Ended
March 31,
December 31,
(In thousands)
2018
2017
2017
Adjusted EBITDA
$ 168,414
$ 99,740
$ 162,557
Depreciation and amortization
(213,448)
(203,672)
(214,106)
Adjusted operating income (loss)
(45,034)
(103,932)
(51,549)
Earnings (losses) from unconsolidated affiliates
2
2
1
Investment income (loss)
465
721
986
Interest expense
(61,386)
(56,518)
(57,076)
Other, net
(14,089)
(13,510)
(30,243)
Income (loss) from continuing operations before income taxes
$(120,042)
$(173,237)
$ (137,881)
NABORS INDUSTRIES LTD. AND SUBSIDIARIES
RECONCILIATION OF NET DEBT TO TOTAL DEBT
March 31,
December 31,
(In thousands)
2018
2017
(Unaudited)
Current portion of debt
$ 375
$ 181
Long-term debt
4,256,160
4,027,766
Total Debt
4,256,535
4,027,947
Less: Cash and short-term investments
393,587
365,366
Net Debt
$ 3,862,948
$ 3,662,581
View original content: http://www.prnewswire.com/news-releases/nabors-announces-first-quarter-results-300640670.html
SOURCE Nabors Industries Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-nabors-announces-first-quarter-results.html |
Trump: Mexico will pay for the border wall 8:37am BST - 01:49
Donald Trump renews an old campaign promise to make Mexico pay for a border wall at a Nashville rally on Tuesday. ▲ Hide Transcript ▶ View Transcript
Donald Trump renews an old campaign promise to make Mexico pay for a border wall at a Nashville rally on Tuesday. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2H44uiz | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/30/trump-mexico-will-pay-for-the-border-wal?videoId=431598544 |
By Carson Kessler May 24, 2018
Hope Cheston was only 14 when an armed security guard at an apartment complex in Jonesboro, Ga raped her in 2012.
She told the Atlanta Journal Constitution that she feared her case would simply be “swept under the rug.”
But on Tuesday, nearly six years after Cheston’s assault, jurors in Clayton County, Ga. awarded her $1 billion in compensatory damages in a civil lawsuit against Crime Prevention Agency, the security company that employed her rapist. “12 strangers felt like what I went through was worth $1 billion.” Rape survivor, Hope Cheston, shares what the victory means to her. #11alive #thelatefeed pic.twitter.com/yItvzIGlcm
— Natisha Lance (@NatishaLance) May 23, 2018
Three lawyers told The New York Times they believed the award was the largest verdict for damages in a rape case in U.S. history.
“A jury, from now on, will know there is no ceiling on the damages that rape causes to a woman,” her lawyer, L. Chris Stewart, said. “They literally thought a billion dollars was the value of a 14-year-old being raped in public.”
Cheston’s mother, Renatta Cheston-Thorton, filed the civil lawsuit in 2015 on behalf of her daughter. She accused the security company of negligence in their training and performance, as well as failure to keep a 14-year-old safe.
The guard, identified as Brandon Lamar Zachary, began serving a 20-year sentence for statutory rape in 2016, according to online prison records.
Verdicts in the millions, or even hundreds of millions, are not uncommon, Jeff Dion, director of the National Crime Victim Bar Association, said in an email to The Associated Press. But he believes this historic verdict was clearly meant to “ send a message .”
While it’s likely the security company will appeal the verdict and a judge will likely lower the awarded amount, the settlement is a symbolic win for sexual assault victims everywhere, even if it is just temporary.
“My verdict basically shows if you stick with it and do what you need to do to get your justice, there’ll be a brighter end,” Cheston, now 20, told The New York Times . SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/24/georgia-womans-1-billion-settlement-may-be-the-largest-u-s-sexual-assault-verdict-ever/ |
Travel delays have the ability to derail even the most perfectly planned vacation, and a new study reveals the best and worst airports for on-time summer flights.
Financial website MagnifyMoney analyzed airport arrival data from the Department of Transportation for the 50 busiest U.S. airports between 2008 and 2017.
It found that, despite blizzards and worrisome weather, slightly over half (52 percent) of airports have more summer than winter travel delays. Huge hubs with more summer delays include airports in New York, Texas and Florida.
And one month is especially treacherous: 76 percent of the airports analyzed had the most summer delays in June. (Using 2017 flight data , Expedia found that June is also a more expensive summer month for airfare, with the average ticket costing roughly $100 more than in August, the cheapest summer month for airfare.)
The MagnifyMoney study also revealed that delays are increasingly common, with 54 percent of airports logging worse summer arrival rates in 2017 than in 2016.
So, how does your local airport stack up?
Newark Liberty International airport in Newark, New Jersey, is the worst airport for on-time summer travel, with only 67 percent of those arrivals clocking in on time, based on a 10-year average from 2008 to 2017. New York City's LaGuardia Airport comes in second, followed by San Francisco International Airport.
As for best on-time arrival rates, Honolulu, Hawaii, claimed the top spot, with 86.7 percent of airport arrivals being on-time in the summer, based on a 10-year average between 2008 and 2017. Salt Lake City, Utah, ranks second and Orange County, California, rounds out the top three.
The top 10 worst airports for on-time summer travel, according to MagnifyMoney:
1. Newark, New Jersey: Newark Liberty International Airport (67 percent on-time)
2. New York , New York: LaGuardia Airport (68 percent on-time)
3. San Francisco, California: San Francisco International Airport (69.2 percent on-time)
4. New York, New York: John F. Kennedy International Airport (70.5 percent on-time)
5. Boston, Massachusetts: Logan International Airport (72.5 percent on-time)
6. Chicago, Illinois: O'Hare International Airport (73.3 percent on-time)
7. Miami, Florida: Miami International Airport (74.4 percent on-time)
8. Washington, D.C.: Ronald Reagan Washington National Airport (74.4 percent on-time)
9. Raleigh/Durham, North Carolina: Raleigh-Durham International Airport (74.6 percent on-time)
10. Philadelphia, Pennsylvania: Philadelphia International Airport (74.6 percent on-time)
The top 10 best airports for on-time summer travel, according to MagnifyMoney:
1. Honolulu, Hawaii: Daniel K. Inouye International Airport (86.7 percent on-time)
2. Salt Lake City, Utah: Salt Lake City International Airport (86 percent on-time)
3. Orange County, California: John Wayne Airport (82.3 percent on-time)
4. Phoenix, Arizona: Phoenix Sky Harbor International Airport (81.9 percent on-time)
5. Seattle, Washington: Seattle-Tacoma International Airport (81.5 percent on-time)
6. Portland, Oregon: Portland International Airport (81.4 percent on-time)
7. Minneapolis, Minnesota: Minneapolis-Saint Paul International Airport (81.1 percent on-time)
8. San Jose, California: Norman Y. Mineta San Jose International Airport (80.5 percent on-time)
9. Detroit, Michigan: Detroit Metropolitan Wayne County Airport (80.3 percent on-time)
10. Las Vegas, Nevada: McCarran International Airport (79.6 percent on-time)
Don't miss: 5 of the biggest travel booking mistakes people make—and how to avoid them
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show chapters 5 of the best travel rewards credit cards for young people 10:39 AM ET Thu, 10 May 2018 | 01:48 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/best-and-worst-airports-for-on-time-summer-travel.html |
WELLESLEY, Mass., May 24, 2018 /PRNewswire/ -- Wellesley Bancorp, Inc. (Nasdaq Capital Market: WEBK) (the "Company"), the holding company for Wellesley Bank today announced that on May 23, 2018 its Board of Directors approved a quarterly cash dividend to its stockholders of $0.055, an increase over the prior quarter's dividend, to be paid on June 20, 2018 to stockholders of record as of the close of business on June 6, 2018.
About Wellesley Bancorp
Wellesley Bank and its wholly-owned wealth management company, Wellesley Investment Partners, LLC, are subsidiaries of Wellesley Bancorp, Inc.
Wellesley Bank provides personal, customized, premier banking services to successful people, families, businesses and Non-profit organizations. The bank has six full-service banking offices in Wellesley, Newton and Boston. Wellesley Investment Partners, a subsidiary of Wellesley Bank, provides wealth management services to individuals and families, private foundations and endowments. Wellesley Bank has been serving the Greater Boston Area for over 105 years.
Forward Looking Statements
This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.
View original content with multimedia: http://www.prnewswire.com/news-releases/wellesley-bancorp-inc-announces-increased-quarterly-cash-dividend-300654411.html
SOURCE Wellesley Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-wellesley-bancorp-inc-announces-increased-quarterly-cash-dividend.html |
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