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North Korea could release American prisoners 4:01pm IST - 02:22
The White House said on Thursday it would welcome the release of three Americans imprisoned in North Korea as a goodwill gesture before a planned summit between U.S. President Donald Trump and North Korean leader Kim Jong Un, but that it could not confirm reports that they are about to be freed. ▲ Hide Transcript ▶ View Transcript
The White House said on Thursday it would welcome the release of three Americans imprisoned in North Korea as a goodwill gesture before a planned summit between U.S. President Donald Trump and North Korean leader Kim Jong Un, but that it could not confirm reports that they are about to be freed. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KvqW7b | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/03/north-korea-could-release-american-priso?videoId=423619657 |
9 Hours Ago | 03:56
Amazon founder Jeff Bezos ' personal ownership of The Washington Post makes him a "lightning rod" for attacks by President Donald Trump , internet analyst Michael Graham told CNBC on Thursday.
"It's probably not the greatest thing for Amazon shareholders" for Bezos to own the paper, said Graham, who covers Amazon at financial firm Canaccord Genuity. "It definitely makes Mr. Bezos a lightning rod for what's going on politically."
The Washington Post and Amazon have been frequent punching bags for Trump, with the president blasting them last month in a barrage of tweets, including accusing the paper of being Amazon's "chief lobbyist," and saying Amazon is taking advantage of U.S. taxpayers. I am right about Amazon costing the United States Post Office massive amounts of money for being their Delivery Boy. Amazon should pay these costs (plus) and not have them bourne by the American Taxpayer. Many billions of dollars. P.O. leaders don't have a clue (or do they?)!
"The president is trying to fight back with every means available" against what he considers unfair treatment by the media, Graham said in a "Squawk Box" interview. "They're partially political. I think they're partially, sort of, well-placed in terms of trying to make sure Amazon is paying their fair share of taxes."
The Post-Trump distractions are not major issues in terms of Bezos' greater vision for Amazon as a leader in e-commerce and cloud computing through Amazon Web Services, said Graham, who has a buy rating on Amazon. He upped his price target last month to $1,800 per share based on, what he wrote in a note to clients, "a sum-of-the-parts analysis on 2019 estimates."
Amazon has surged nearly 40 percent year to date, closing Wednesday around $1,625. A move to $1,800 would represent a 10 percent increase and a market value approaching $900 billion.
AWS is "for now" subsidizing Amazon's retail business, said Graham. "AWS is clearly helping the stock, which is helping the company operate."
Graham was reacting to comments on Wednesday from former Walmart U.S. chief Bill Simon who slammed Amazon for using cloud and ad revenues to support what he called meager retail profits.
Amazon is doing something similar to Walmart but also "losing money at it," Simon said. "They're gaining traction and profitability by other business activities that have nothing to do with retail."
Graham said Amazon is running its retail business at breakeven. "They're doing that on purpose because the whole name of the game is 'let's ramp up the delivery capabilities as fast as possible.'" He added, "International [retail] is losing money. The U.S. is making a little money."
However, Graham said there's nothing sinister going on. "I think they would be running the e-commerce business the same way regardless if they had AWS or not."
The 54-year-old Bezos, the richest person in the world with a net worth of $134 billion, started Amazon 24 years ago with the idea of creating an online bookstore. In addition to owning The Washington Post, Bezos also started the Blue Origin commercial space company. WATCH: Ex-Walmart US CEO slams Amazon for using cloud and ad profits to support retail show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/analyst-owning-washington-post-makes-bezos-target-of-trump.html |
May 23, 2018 / 9:13 AM / Updated 33 minutes ago French unemployment edges up, dampening Macron's hopes Sudip Kar-Gupta 3 Min Read
PARIS (Reuters) - French unemployment rose slightly in the first three months of the year, confounding economists’ expectations for a decline and suggesting President Emmanuel Macron’s policies to boost jobs and growth are struggling to find traction. FILE PHOTO: French President Emmanuel Macron talks with Whirlpool employees during a visit at the company's factory in Amiens, France, October 3, 2017. REUTERS/Philippe Wojazer/File Photo
Data from the national statistics office INSEE showed the ILO jobless rate rose to 9.2 percent in the first quarter, up from 9.0 percent in the last quarter of 2017. Economists polled by Reuters had forecast a rate of 8.8 percent. FRUNR=ECI
While disappointing for a government that has banked on bringing high unemployment down via faster growth and tweaks to employment law, analysts suggest France may now be hampered by a wider loss of momentum across the euro zone.
“The first quarter data showed a slowdown in France but actually the country’s loss of inertia wasn’t a one-off, it was across Europe generally,” said Lorne Baring, chief investment officer at B Capital SA.
“The question now is whether the second quarter brings France, and Europe as well, back towards the improving trend or if it confirms a slowdown is under way.”
At the end of last year, in the months after Macron’s election victory, France looked to be in a strong position, with growth picking up and business and consumer confidence at or near highs.
But first quarter growth of 0.3 percent came in below expectations and manufacturing surveys and other indicators have since pointed to a slowdown in momentum. “DISRUPTIVE FACTORS”
A survey of French purchasing managers on Wednesday showed business activity slowed more than expected in May, although the month was affected by a high number of holidays. FILE PHOTO: People walk on the esplanade of La Defense, in the financial and business district, west of Paris, France, October 6, 2017. REUTERS/Charles Platiau/File Photo
IHS Markit said its composite PMI, which covers the services and manufacturing sectors, fell to 54.5 points from 56.9 in April, hitting its lowest level since January 2017.
“There have been short-term disruptive factors,” said IHS Markit chief economist Chris Williamson, adding that companies remained upbeat about prospects for now. “So we remain positive about the outlook.”
Part of the problem for the euro zone is a raft of political uncertainty, both at home and abroad.
While Germany continues to grow, weaker global trade and the looming prospect of a tariff battle with the United States have hit output. The rate of growth halved in the first quarter of the year.
Italy, the euro zone’s third largest economy, has still not appointed a prime minister since elections in March, and the candidate proposed by the populist coalition seeking to take office is an entirely unknown quantity.
Yields on Italian debt have climbed — reflecting the higher risk of holding Italian assets — on the back of the political instability and the euroscepticism of both the anti-establishment 5-Star Movement and the far-right League.
For a graphic: reut.rs/2A41e7P
For more details from INSEE: here Writing by Sudip Kar-Gupta and Luke Baker; Editing by Sherry Jacob-Phillips and Andrew Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/us-france-economy-unemployment/french-unemployment-edges-up-dampening-macrons-hopes-idUKKCN1IO13U |
May 19, 2018 / 6:56 PM / Updated an hour ago Cuba in mourning after worst plane crash in nearly 30 years Nelson Acosta , Sarah Marsh 3 Min Read
HAVANA (Reuters) - Flags flew at half-mast in Cuba on Saturday marking the start of two days of national mourning while authorities worked to identify the corpses of more than 100 people who died in the crash of a Boeing 737 shortly after takeoff from Havana.
Distressed relatives of victims of Friday’s crash, most of whom are Cuban, cried and hugged one another outside the morgue, where they gave information on their loved ones to authorities to help the process of identification.
Three women survived the crash, the worst in Cuba in nearly 30 years, but they were in a critical condition, suffering burns and other trauma, the director of the hospital in Havana where they were being treated said on Saturday.
The nearly 40-year old plane had been carrying 105 passengers plus crew members on a midday domestic flight to Holguin in eastern Cuba, Cuban state-run media said. Two Argentine citizens and an unspecified number of Mexicans were among the dead, the Argentine and Mexican governments said.
Cuban investigators were working around the clock at the site of the crash, an agricultural area some 20 km (12 miles) south of Havana, sifting through the burned wreckage for evidence, Cuban officials said.
“This is a very unexpected death, she didn’t deserve it, my grandmother was a strong person,” said Cuban 18-year old student Katherine Lucia Martinez, bursting into tears and clinging to her father.
Her 60-year old grandmother was among the dead, and she was waiting with other relatives of the deceased at a Havana hotel for an update from the authorities.
President Miguel Diaz-Canel on Saturday visited the morgue where the victims are being identified. The crash is the first big test of his presidency after taking over office from Raul Castro just last month.
On Friday he also visited the site of the crash. Relatives of victims of the Boeing 737 plane that crashed after taking off from Havana's main airport yesterday, arrive to a hotel in Havana, Cuba, May 19, 2018. REUTERS/Alexandre Meneghini
Cuban specialists have recovered one of the plane’s black boxes in “good conditions,” the transport minister Adel Yzquierdo told Cuban state TV on Saturday.
Some locals said they saw the plane on fire before it hit the ground.
“The plane was on fire, it flipped and then nosedived,” said Marino Perez Alvaredo, a farmer.
The Mexican transport department said on its website, “During take-off (the plane) apparently suffered a problem and dived to the ground.”
The Boeing 737-201 aircraft was built in 1979 and leased by Cuban airline Cubana from a small Mexican company called Damojh, according to the Mexican government.
Damojh in Mexico said it did not immediately have any more information. Cubana declined to comment.
Mexico said it would send a team of investigators from its Directorate General of Civil Aeronautics on Saturday. Most aircraft accidents take months to investigate. Slideshow (6 Images)
The crash was the worst since a Soviet-made Ilyushin-62M passenger plane crashed near Havana in 1989 killing all 126 people on board. Reporting by Sarah Marsh; Editing by Chris Reese | ashraq/financial-news-articles | https://www.reuters.com/article/us-cuba-crash/cuba-in-mourning-after-worst-plane-crash-in-nearly-30-years-idUSKCN1IK0RF |
(Reuters) - Gabrielle Hamilton, who runs Prune, a small American bistro in New York, and numerous other female chefs collected top honors on Monday from the James Beard Foundation, the biggest awards for the U.S. restaurant industry.
The theme of this year’s ceremony was “Rise” to reflect the social and environmental issues that chefs and other restaurant professionals support, including the #MeToo social media movement.
Known by its Twitter hashtag, #MeToo has highlighted sexual misconduct in business, sports, entertainment and politics while demanding greater respect for and representation of women.
Accusations of harassment or assault by female restaurant workers have forced several celebrity chefs, including Mario Batali and John Besh, to separate from the businesses they founded.
Attendees and participants at this year’s event held in Chicago wore pins stating what the Beard Foundation stands for, such as “equality” and “integrity.”
Hamilton, who also wrote a best-selling memoir, opened Prune in the East Village in 1999. It has earned a loyal customer base, while critics have praised her comfort dishes inspired by European and American influences.
Hamilton is only the sixth woman to win the top honor since the foundation established awards for chefs, restaurants and food writers in 1990.
The tide may be turning, however, as a woman has now received this annual award three times in five years.
“It’s the greatest party. I love this work,” Hamilton said during her acceptance speech.
Highlands Bar & Grill in Birmingham, Alabama was named as top U.S. restaurant where its pastry chef Dolester Miles collected the award for best in her field. Highlands, opened by Frank Stitt in 1982, features his vision of U.S. Southern cuisine paired with classic techniques learned in France.
Seattle’s JuneBaby, which racked up accolades for its classic Southern cuisine, was named as the top new restaurant in the country.
Female chefs won four of the 10 regional chef awards overall.
Dominique Crenn, the only U.S. female chef with two Michelin stars at Atelier Crenn in San Francisco, won best chef of the West. Nina Compton was named top chef in the South; Karen Akunowicz best chef in Northeast and Missy Robbins top chef in New York City.
Recognition of women was represented in other culinary disciplines as well.
Belinda Leong and Michel Suas were named outstanding bakers. The foundation also awarded Caroline Styne of The Lucques Group in Los Angeles as top U.S. restaurateur, while Camille Cogswell of Zahav in Philadelphia was named “rising star chef.”
Reporting by Richard Leong, editing by G Crosse
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-food-awards-jamesbeard/female-chefs-get-big-serving-of-u-s-top-food-awards-idUSKBN1I909N |
CALGARY, Alberta, May 09, 2018 (GLOBE NEWSWIRE) -- Freehold Royalties Ltd. (Freehold) (TSX:FRU) announced today that all nominees listed in its notice of meeting and information circular dated March 23, 2018, were elected as directors of Freehold at its Annual Meeting of Shareholders held today in Calgary.
The results of the votes are as follows:
Nominee Votes For Votes Withheld Number % Number % Gary R. Bugeaud 79,412,768 97.51 % 2,025,114 2.49 % Peter T. Harrison 81,357,134 99.90 % 80,748 0.10 % J. Douglas Kay 79,013,535 97.02 % 2,424,347 2.98 % Arthur N. Korpach 77,912,487 95.67 % 3,525,395 4.33 % Susan M. MacKenzie 79,064,269 97.09 % 2,373,613 2.91 % Thomas J. Mullane 81,355,112 99.90 % 82,770 0.10 % Marvin F. Romanow 81,351,637 99.89 % 86,245 0.11 % Aidan M. Walsh 81,351,112 99.89 % 86,770 0.11 % KPMG LLP was appointed as the auditors of Freehold with 97.67% of the proxies received in favour of their appointment.
Freehold’s primary focus is on acquiring and managing oil and gas royalties. The majority of production comes from royalty interests (mineral title and gross overriding royalties). Freehold’s common shares trade on the Toronto Stock Exchange in Canada under the symbol FRU.
For further information, contact:
Freehold Royalties Ltd.
Matt Donohue
Manager, Investor Relations and Capital Markets
t. 403.221.0833
f. 403.221.0888
tf. 1.888.257.1873
e. [email protected]
w. www.freeholdroyalties.com
Source: Freehold Royalties Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-freehold-royalties-ltd-shareholders-approve-resolutions-at-annual-meeting.html |
Taiwan's Foxconn , the world's largest contract electronics maker and supplier to Apple , posted a 14.5 percent fall in first-quarter net profit on Monday, lagging estimates despite a strong quarter for the U.S. iPhone maker.
Net profit for the first three months of 2018 for the company known formally as Hon Hai Precision Industry reached $24.08 billion ($809 million), it said in a filing to the Taiwan stock exchange.
That was down 14.5 percent from $28.168 billion a year earlier, according to Reuters' calculations. The first-quarter result was also lower than an average estimate of $28.71 billion from nine analysts, Thomson Reuters data showed.
In May, Apple reported resilient iPhone sales in the face of waning global demand, with quarterly results that topped Wall Street forecasts. Foxconn assembles electronic devices including iPhones for Apple, which is a major customer.
Foxconn CEO Terry Gou, however, has been moving towards reducing the company's dependence on Apple by diversifying. In 2016 it acquired control of Japanese electronics and display panels maker Sharp Corp.
And in March, a unit of Foxconn announced it is buying Belkin International, a California-based maker of consumer electronics in a deal worth $866 million. Another unit, which makes cloud computing service equipment and industrial robots, filed on Monday for an IPO in Shanghai to raise capital for 5G-related projects and other uses. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/apple-supplier-foxconn-posts-14-point-5-percent-drop-in-first-quarter-profit.html |
May 4 (Reuters) - Dorel Industries Inc:
* Q1 REVENUE $642.3 MILLION VERSUS $646.7 MILLION * QTRLY RESULTS REFLECT US$12.5 MILLION IMPAIRMENT LOSS ON TRADE ACCOUNTS RECEIVABLE FROM TOYS”R”US LIQUIDATION
* DOREL INDUSTRIES - CONFIDENT THAT MUCH OF LOST TOYS”R”US SALES WILL BE RECOVERED COMMENCING IN H2
* DOREL INDUSTRIES SAYS “TOYS”R”US LIQUIDATION IN U.S. MAY CAUSE A MARKET DISRUPTION IN SHORT-TERM, BUT WE BELIEVE THIS SITUATION WILL STABILIZE”
* SAYS Q1 “WAS MORE DIFFICULT THAN ORIGINALLY EXPECTED AT DOREL JUVENILE AND DOREL SPORTS”
* DOREL SPORTS’ Q2 EARNINGS MAY BE REDUCED BY RESIDUAL IMPACT OF TOYS”R”US INSOLVENCY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dorel-industries-reports-q1-adjust/brief-dorel-industries-reports-q1-adjusted-earnings-per-share-of-0-17-idUSASC09ZX3 |
Retail Report Autonomous car ride-sharing service to launch in Texas Drive.ai, a computer software company, will launch an autonomous car ride-sharing service this summer in Texas despite increased scrutiny over driverless cars. "We think we're solving a real transportation problem here," says CEO Sameep Tandon. The pilot program will roll out in Frisco, Texas, outside of Dallas, in July, but Tandon says the service will expand over time. 22 Hours Ago | 03:20
Drive.ai, a California -based computer software company, will launch an autonomous car ride-hailing service in Texas.
The pilot program begins in July, amid increased scrutiny over the safety of driverless cars. But Sameep Tandon, the company's co-founder and CEO, said the fleet of cars has been tested and they are safe. He said the vehicles' bright orange color will help them avoid accidents.
"By making our cars orange, we're really able to set the expectation [that] this is a self-driving car," Tandon told CNBC's Phil LeBeau on " Power Lunch " Monday.
"When you see a school bus, you have a slightly different behavior when you drive around it," he said.
Tandon, who holds a doctorate in computer science from Stanford University and was a research assistant there for deep learning on autonomous driving, said other safety precautions include multiple sensors, cameras, radar and lidar on all vehicles. The automobiles have also been tested by way of simulator systems and in geo-fenced locations, or places that use software with GPS to test the service.
The pilot program will roll out in Frisco, Texas , a city outside of Dallas , with Nissan NV cargo vans, but Tandon said the service will expand over time.
The service will change the way people "micro-transit," that is, those five- to seven-minute trips, Tandon said.
"It's a little bit too hot and you don't want to take a car ride," he said. "Or, you're a little bit feeling guilty that you don't want to take your car there."
"We think we're solving a real transportation problem here," Tandon said.
Still, public concerns over autonomous vehicles have heightened since an Uber vehicle in self-driving mode struck and killed a pedestrian in Arizona in March.
On Monday, Uber released a statement saying the accident was likely caused by "false positives," or computer software that programs autonomous vehicles to ignore random objects on the road, such as floating plastic bags. The software, the company said, is an issue for all autonomous vehicles, not just Uber. show chapters 2:05 PM ET Mon, 7 May 2018 | 01:22
Mass adoption of driverless cars may not come anytime soon, Tandon said. But his company, he said, is moving one step closer.
"The cool part about this entire AI approach is that as this system gets more data and experience, it's going to continue and learn and get better," Tandon said. Kellie Ell News Associate for CNBC Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/autonomous-car-ride-sharing-service-to-launch-in-texas.html |
May 27, 2018 / 12:57 PM / Updated 7 hours ago MIDEAST STOCKS-Oil price dip pressures Saudi index Reuters Staff
* Oil price fall hurts Saudi stocks amid valuation concerns
* Weak property stocks hits Dubai shares
* First Abu Dhabi Bank declines after last week’s gains
By Saeed Azhar
DUBAI, May 27 (Reuters) - Saudi stocks slid below a key barrier on Sunday, hurt by the latest drop in oil prices and concerns over valuations of blue-chip companies, while property and banking shares slipped in Dubai and Abu Dhabi after big gains last week.
The Saudi index dropped 0.8 percent to 7,972 points, below the psychological barrer of 8,000 points. Oil refiner Petro Rabigh fell 1.1 percent and property company Dar Al Arkan slid by 3.3 percent.
“It appears the market is reacting negatively to the decline in international oil prices,” said Muhammad Faisal Potrik, head of research at Riyad Capital.
He said that volumes and turnover are likely to remain low and could drop further during the remaining days of the Muslim fasting month of Ramadan.
Oil prices fell more than $2 a barrel on Friday as Saudi Arabia and Russia discussed easing production cuts that have helped to push crude prices to their highest since 2014.
The weakness in Saudi stocks come as concerns grew among analysts about valuations of top companies after a strong run on foreign fund flows this year, buoyed by hopes that index compiler MSCI will upgrade Riyadh to emerging market status in June.
The Saudi market is up nearly 11 percent this year, the best performer in the Gulf region.
The Saudi market is trading at an aggregate price-to-earnings multiple of 18.5 times against a 10-year median of 16.6, Al Mal Capital, a Dubai-based financial advisory and investment management firm, said in a research report.
“From this perspective, the Saudi equity market can hardly be seen as a bargain, especially when considering the low visibility on earnings growth,” the report said.
But Riyad’s Potrik said there could be some bullish trend in the run-up to MSCI announcement, which would takes place immediately after holidays for the Eid festival in mid-June.
The Dubai index dropped 0.8 percent, with shares in Emaar Properties down nearly 1.4 percent at 5.1 dirhams ($1.40). The stock had risen to an intraday high of 5.42 dirhams on May 21 after a decision by the United Arab Emirates to grant residency visas of up to 10 years to investors and specialists. But it has since lost most of those gains amid investor cautioun over the outlook for Dubai’s property market. The Abu Dhabi index was hit by a reversal in First Abu Dhabi Bank shares, halting a short rally in banking stocks that had been fueled by Emirates NBD’s deal to buy Turkey’s Denizbank from state-owned Russian lender Sberbank . First Abu Dhabi Bank was down 2.8 percent and Emirates NBD fell by 1.4 percent. Abu Dhabi National Energy Co registered a 4.7 percent decline. Qatar’s index dropped 0.6 percent as investors booked profit in Qatar National Bank, which fell by 1.5 percent.
QNB is up 25 percent this year, helped by strong earnings and its move to increase its foeign ownership ceiling to 49 percent from 25 percent to boost its weighting on global indexes. SAUDI ARABIA
* The index was down 0.8 at 7,972 points points. DUBAI
* The index fell 0.8 percent to 2,932 points. ABU DHABI
* The index fell 1.4 percent to 4,537 points. QATAR
* The index dropped 0.6 percent to 8,993 points. KUWAIT
* The index was flat at 4,684 points. BAHRAIN
* The index was flat at 1,263 points. OMAN
* The index was flat at 4,567 points. EGYPT
* The index was flat at 16,648 points. $1 = 3.6728 UAE dirham $1 = 3.75 Saudi riyals Reporting by Saeed Azhar Editing by David Goodman | ashraq/financial-news-articles | https://www.reuters.com/article/mideast-stocks/mideast-stocks-oil-price-dip-pressures-saudi-index-idUSL3N1SY09R |
LONDON (Reuters) - A key market gauge of long-term inflation expectations in the euro zone rose to its highest level in 2-1/2 months on Monday, resuming a recent upward march.
FILE PHOTO: European Union flags flutter outside the European Central Bank (ECB) headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo The five-year, five-year breakeven forward rate — a measure closely tracked by the European Central Bank — rose to 1.7192 percent EUIL5YF5Y=R, up from a low of 1.67 percent in April.
The rise in inflation expectations coincided with a selloff in bonds markets after the ECB’s Francois Villeroy de Galhau said the central bank could give fresh guidance on the timing of its first rate hike as the end of its bond stimulus approaches.
Reporting by Dhara Ranasinghe
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-bonds-inflation/long-term-market-gauge-of-euro-zone-inflation-at-2-1-2-month-high-idUSKCN1IF16C |
LOS ANGELES (Reuters) - Sports fans on Monday shrugged off a U.S. Supreme Court ruling that could open the door to legalize sports betting, saying it would likely have little impact on baseball, basketball and football games already subject to off-the-books gambling.
A police officer speaks with tourists before a decision was released allowing the legalization of sports betting at the Supreme Court in Washington, U.S., May 14, 2018. REUTERS/Joshua Roberts The nation’s top court struck down a 1992 law that widely outlawed gambling on college and professional sports, calling it unconstitutional and likely touching off a rush by gaming businesses and states to cash in on an expected multibillion-dollar industry.
“I don’t bet sports, but I think people will do what they always do. If they want to gamble, they’re going to find a way to gamble,” Kevin Getler, 56, said as he arrived at the Red Rock Casino Resort on Monday afternoon for a Las Vegas Knights playoff hockey watch party.
The fans gathered at the Red Rock to see the Knights, who are in their inaugural National Hockey League season, take on the Winnipeg Jets, saw the legalization of sports betting as having little impact on the Las Vegas tourism or gaming economies.
“It’s not going to hurt nothing. As far as gambling goes, this thing has been going on for years. You’re never going to hurt this town. We’ve got so much to offer,” said Edward Millard, a native of Philadelphia who has lived in Las Vegas for two decades.
In Houston, basketball fans arriving at the Toyota Center to see the Rockets take on the Golden State Warriors in the Western Conference Finals said they would consider betting on games for the first time if it were legal.
“There is certainly the potential for harm to the integrity of the games but that risk already exists in a wholly unregulated shadow economy that exploits gamblers with usurious interest rates and robs them of any vehicle to seek redress if they are ripped off,” said Charles Adams, a 46-year-old lawyer and former judge.
“Most importantly, the current situation is a significant funding resource for organized crime. That ends with legalization,” Adams said.
SAY IT AIN’T SO Experts, however, cautioned that illegal gambling was unlikely to disappear just because sports fans could make legal wagers and that professional sports leagues would likely take a cautious approach.
George Belch, a San Diego State University marketing professor and co-founder of the school’s Sports Management MBA program, said that on one hand the major sports leagues would welcome the television viewers that gambling could attract in a time of declining ratings, but would be leery about damaging the integrity of their sports.
Baseball suffered one of its biggest scandals when eight members of the Chicago White Sox, including star outfielder “Shoeless” Joe Jackson, were accused of throwing the 1919 World Series in exchange for money from a gambling syndicate.
And former Cincinnati Reds star-turned manager Pete Rose was banned from Baseball Hall of Fame over accusations that he bet on games.
“Our most important priority is protecting the integrity of our games. We will continue to support legislation that creates air-tight coordination and partnerships between the state, the casino operators and the governing bodies in sports toward that goal,” Major League Baseball said in a written statement.
The National Football League expressed similar sentiments, calling on Congress to enact a “regulatory framework” for sports betting.
In Chicago, fans who gathered in neighborhood bars to watch the e Cubs take on the Atlanta Braves, said they saw no harm in making legal what was an already widespread practice.
At the Lucky Door bar and grill on the grounds of Wrigley Field, Brent Benedict, a restaurant worker from Lombard, Illinois was celebrating his 42nd birthday with a friend.
Looking at a television with the baseball game in progress, Benedict said: “If the Cubs are down 2 runs in the bottom of the 7th and they put up 50 to 1 odds, I’d bet $50.”
Additional reporting by Bob Chiarito in Chicago, John L. Smith in Las Vegas and, Amanda Orr in Houston; Writing by Dan Whitcomb; Editing by Michael Perry
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-court-gambling-fans/sports-fans-wager-supreme-court-ruling-wont-ruin-their-fun-idUSKCN1IG08U |
The Donald Trump-Kim Jong Un summit appears to be back on, and that’s due in large part to the persistence of South Korean President Moon Jae-in. After President Trump called off the meeting last Thursday, Mr. Moon rushed to meet Kim at the demilitarized zone and secure what he said was another commitment from Kim to “complete denuclearization of the Korean Peninsula.” Preparations for the June 12 summit have resumed, and now Seoul says the South Korean leader might join the meeting in Singapore.
Yet Mr. Moon gave the same... | ashraq/financial-news-articles | https://www.wsj.com/articles/moon-over-singapore-1527539937 |
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KATHMANDU (Reuters) - Australian Steve Plain became the fastest climber to scale the highest peaks in seven continents, taking 117 days for a feat popularly called the “Seven Summits”, after he scaled Mount Everest early on Monday, his expedition company in Nepal said.
Plain, 36, from Albury, Australia, reached the 8,850-metre (29,035-foot) peak of the world’s tallest mountain after climbing more than seven hours from the final camp, at the 8,000 m (26,246-foot) South Col, to claim the record.
“He has set the record of climbing Seven Summits in the shortest time of 117 days,” said Ishwari Paudel, an official of the Himalayan Guides hiking company that handled logistics for the climber. Few details of the climb were available.
A Polish climber held the previous record of 126 days to complete the Seven Summits.
Apart from Everest, the six highest peaks are Denali (North America), Elbrus (Europe), Vinson (Antarctica), Aconcagua (South America), Kilimanjaro (Africa) and Papua New Guinea’s Carstensz Pyramid (Australasia/Oceania).
More than 340 foreigners, each paying $11,000 (8,110 pounds) for a climbing permit, and their sherpa guides, are at the Everest base camp or other high camps in Nepal.
The peak, first scaled by New Zealander Sir Edmund Hillary and Sherpa Tenzing Norgay in 1953, can also be climbed from Tibet, where about 180 climbers are waiting to ascend.
Reporting by Gopal Sharma; Editing by Sanjeev Miglani and Clarence Fernandez
| ashraq/financial-news-articles | https://www.reuters.com/article/us-nepal-everest/australian-climbs-everest-sets-fastest-seven-summit-record-hiking-official-idUSKCN1IF0NZ |
By David Meyer 6:47 AM EDT
President Donald Trump may be exposing himself to hacking or surveillance due to his use of an iPhone that he doesn’t swap out regularly, according to a new report.
Politico reported Monday that Trump uses at least two iPhones. One is just for making calls, and is regularly swapped out, although unlike the super-secure phone used by President Barack Obama , it has a microphone and camera.
The mic and camera might enable surveillance, but it’s the second phone that may be a particular issue. This is the one Trump uses to tweet: it apparently has nothing on it but Twitter and a few news sites.
According to the Politico piece, Trump has rebuffed his aides’ attempts to have him swap out the Twitter phone on a monthly basis, as protocol demands, because doing so would be “too inconvenient.” He has apparently gone as much as five months without changing the device.
A West Wing official told the publication that regular swaps are not needed “because of the security controls of the Twitter phone and the Twitter account,” adding: “Due to inherent capabilities and advancement in technologies, these devices are more secure than any Obama-era devices.”
Almost every national security official polled by Politico said phones remain vulnerable to hacking and surveillance. “It’s baffling that Trump isn’t taking baseline cybersecurity measures at a time when he is trying to negotiate his way out of a trade war with China, a country that is known for using cyber tactics to gain the upper hand in business negotiations,” said Samm Sacks of the Center for Strategic and International Studies.
Trump reluctantly surrendered his Android phone upon assuming office, due to the security concerns of those around him.
But how secure is the iPhone? It is certainly the case that forensics companies such as Israel’s Cellebrite claim the ability to hack into Apple’s devices due to knowledge of hidden bugs in them, but that hacking requires physical access to the phone in question.
There is no publicly known way to remotely hack into an iPhone. However, that doesn’t mean it’s impossible—and if anyone does know how to do it, it would probably be the Russian or Chinese intelligence services. And if they can get into it, there may be a lot to learn about the U.S. president’s whereabouts and—if he uses Twitter’s direct messaging feature—his communications.
If nothing else, imagine the chaos that could be achieved by having Trump’s Twitter account broadcast belligerent, embarrassing messages that undermine U.S. laws and policy. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/22/donald-trump-twitter-phone-security/ |
May 27, 2018 / 7:46 AM / Updated 11 hours ago Qualcomm to meet China regulators in push to clear $44 billion NXP deal: sources Matthew Miller 4 Min Read
BEIJING (Reuters) - Qualcomm Inc ( QCOM.O ) is expecting to meet this week in Beijing with China’s antitrust regulators in a final push to secure clearance for its proposed $44 billion acquisition of NXP Semiconductors NV ( NXPI.O ), three sources told Reuters. FILE PHOTO: A sign on the Qualcomm campus is seen in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake/File Photo
The acquisition has been caught in the crosshairs of rising U.S.-China trade tensions, with sources saying an approval would depend on the progress of broader bilateral talks. The deal has got a nod from eight of the nine required global regulators, with Chinese clearance the only one pending.
Qualcomm is likely to meet Chinese regulators before U.S. Commerce Secretary Wilbur Ross arrives in China on Saturday, the sources briefed on Qualcomm’s discussions said.
A Qualcomm team and officials from the State Administration for Market Regulation (SAMR) met in Beijing on Friday and had “productive” talks, the sources said.
The San Diego-based firm is now “cautiously optimistic” the deal will go forward, one of the sources said, amid recent indications of a thaw in U.S.-China trade tensions that has seen both sides propose tens of billions of dollars in tariffs.
On Friday, the Trump administration said it had reached a deal that would put ZTE Corp ( 000063.SZ )( 0763.HK ) back in business after the Chinese telecommunications company pays a $1.3 billion fine and makes management changes. FILE PHOTO: A man works on a tent for NXP Semiconductors in preparation for the 2015 International Consumer Electronics Show (CES) at Las Vegas Convention Center in Las Vegas, Nevada, U.S. January 4, 2015. REUTERS/Steve Marcus/File Photo
Resolving the ZTE sales ban has been of chief importance to China’s leadership. The firm was banned in April from buying U.S. technology components for seven years after breaking an agreement it reached for violating U.S. sanctions against Iran and North Korea.
“It feels as though it’s getting close to the end,” said the source quoted above.
Qualcomm did not immediately reply to an email from Reuters seeking comment on Sunday, while calls to NXP went unanswered outside regular business hours. NEW SUBMISSION
Qualcomm is now preparing a new submission to SAMR aimed at providing final guarantees and assurances, the sources said.
China’s market regulator did not immediately respond to a faxed request for comment outside of business hours.
While there are no explicit ties between ZTE’s problems, Sino-U.S. trade tensions and Qualcomm-NXP merger clearance, there are “perceived linkages” and the timing of current discussions is “not coincidental”, two of the sources said.
“The degree to which the two sides are moving to resolve trade tensions clearly has an impact,” one source said.
Qualcomm in recent weeks has moved to restart discussions that have stalled since the end of last year.
The company in April was forced to refile its China anti-trust application to clear the NXP deal, after talks reached a dead end.
Cristiano Amon, Qualcomm’s president, was in China last week, attending a big data industry expo in the southwest province of Guizhou.
Earlier this month, China’s anti-trust regulator approved Qualcomm’s investment with a unit of state-owned Datang Telecom Technology Co. to design, package and test smartphone chipsets, one year after the joint venture was announced. Reporting By Matthew Miller; Additional reporting by Michael Martina and Elias Glenn; Editing by Himani Sarkar | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-qualcomm-nxp/qualcomm-to-meet-china-regulators-in-push-to-clear-44-billion-nxp-deal-sources-idUSKCN1IS04X |
May 1 (Reuters) - Apple Inc:
* QUARTERLY EARNINGS PER SHARE $2.73 * QUARTERLY REVENUE $61.14 BILLION VERSUS $52.90 BILLION LAST YEAR
* Apple Inc Q2 EARNINGS PER SHARE VIEW $2.67, REVENUE VIEW $60.82 BILLION — THOMSON REUTERS I/B/E/S
* INTERNATIONAL SALES ACCOUNTED FOR 65 PERCENT OF THE QUARTER’S REVENUE
* SEES Q3 GROSS MARGIN BETWEEN 38 PERCENT AND 38.5 PERCENT * Apple Inc Q3 REVENUE VIEW $51.47 BILLION — THOMSON REUTERS I/B/E/S
* SEES Q3 OPERATING EXPENSES BETWEEN $7.7 BILLION AND $7.8 BILLION
* SEES Q3 TAX RATE OF ABOUT 14.5 PERCENT * SAYS NEW $100 BILLION SHARE REPURCHASE AUTHORIZATION ANNOUNCED, DIVIDEND RAISED BY 16 PERCENT
* APPLE’S TIM COOK SAYS GREW REVENUE IN ALL GEOGRAPHIC SEGMENTS IN QUARTER, WITH OVER 20 PERCENT GROWTH IN GREATER CHINA AND JAPAN
* APPLE- WITH GREATER FLEXIBILITY CO NOW HAS FROM ACCESS TO GLOBAL CASH, CAN MORE EFFICIENTLY INVEST IN U.S. OPERATIONS, WORK TOWARD MORE “OPTIMAL CAPITAL STRUCTURE”
* SAYS TO COMPLETE EXECUTION OF PREVIOUS $210 BILLION SHARE REPURCHASE AUTHORIZATION DURING Q3
* SAYS COMPANY EXPECTS TO CONTINUE TO NET-SHARE-SETTLE VESTING RESTRICTED STOCK UNITS
* QUARTERLY IPHONE SALES 52.2 MILLION UNITS VERSUS 50.8 MILLION UNITS LAST YEAR
* QUARTERLY SERVICES REVENUE $9.19 BILLION VERSUS $7.04 BILLION LAST YEAR
* QUARTERLY GREATER CHINA REVENUE $13.02 BILLION VERSUS $10.73 BILLION LAST YEAR
* QUARTERLY IPAD SALES 9.1 MILLION UNITS VERSUS 8.9 MILLION UNITS LAST YEAR
* QUARTERLY MAC SALES 4.1 MILLION UNITS VERSUS 4.2 MILLION UNITS LAST YEAR
* QUARTERLY MAC REVENUE $5.85 BILLION VERSUS $5.84 BILLION LAST YEAR
* QUARTERLY OTHER PRODUCTS REVENUE $3.95 BILLION VERSUS $2.87 BILLION LAST YEAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-apple-inc-reports-quarterly-earnin/brief-apple-inc-reports-quarterly-earnings-per-share-of-2-73-idUSB8N1HP02I |
May 14, 2018 / 12:15 PM / Updated 7 minutes ago Hong Kong gears up for another $10 billion IPO with planed China Tower flotation Jennifer Hughes , Julie Zhu 1 Min Read
HONG KONG (Reuters) - China Tower, the world’s biggest operator of mobile phone towers, has applied to list its shares in Hong Kong in what could become the city’s second $10 billion offering this year.
The company, formed in 2014 with the merging of the towers operations of China’s three state-backed telecoms providers, filed its application for an initial public offering (IPO) on Monday.
The application comes a little more than a week after Chinese smartphone maker Xiaomi filed for an IPO that could also raise as much as $10 billion.
It would be the first time the city has hosted two mega-flotations since 2010, when insurer AIA and Agricultural Bank of China raised $20 billion and $22 billion respectively, Thomson Reuters data shows.
China Tower is expected to seek a valuation of up to $40 billion, according to sources with knowledge of the plans. Reporting by Jennifer Hughes and Julie Zhu in Hong Kong and Fiona Lau of IFR; Editing by David Goodman | ashraq/financial-news-articles | https://in.reuters.com/article/china-tower-ipo/hong-kong-gears-up-for-another-10-billion-ipo-with-planed-china-tower-flotation-idINKCN1IF1J0 |
May 11, 2018 / 6:34 AM / Updated 7 hours ago Plastics mines? Europe struggles as pollution piles up Environment Correspondent Alister Doyle 8 Min Read
OSLO (Reuters) - Europe has sent just over half the plastic waste it used to ship to China to other parts of Asia since Beijing’s environmental crackdown closed the world’s biggest recycling market in January. The knotty problem is what to do with the rest.
Some of the surplus is piled up in places from building sites to ports, officials say, waiting for new markets to open up. Recycling closer to home is held back by the fact that the plastic is often dirty and unsorted, the same reasons China turned it away.
Countries led by Malaysia and Vietnam and India imported far more of Europe’s plastic waste in early 2018 than before, European Union data show, but unless they or others take more, the only options will be to either bury or burn it.
In an overcrowded continent where landfills are much more restricted than elsewhere, burning is the obvious option to help generate electricity or heat from hundreds of thousands of tonnes of surplus waste.
But more radical ideas, such as putting oil derived plastic back underground to “mine” back when recycling becomes more sophisticated, are being aired as Europe tries to work out what to do.
European waste policies “need to become much more nuanced, because some landfill might actually be quite good,” professor Ian Boyd, chief scientific adviser for the British government’s department of environment, food and rural affairs, told Reuters.
“I’m putting out a challenge to the current system,” he said, referring to the fact that waste policies in Europe either ban or limit landfill but do little to restrict what has been dubbed “skyfill” - the release of pollutants into the air.
WASTE-TO-POWER
Europe has favored the construction of power plants that burn waste for electricity or heat because land is scarce and landfills produce toxins and greenhouse gases such as methane as organic waste - from food to nappies - rots.
Waste-to-power plants produce greenhouse gas emissions too, but in most of Europe they are exempt from carbon taxes that stand at about 14 euros a tonne in an industrial market.
Boyd said buried plastic could become a valuable resource only if the penalties for emitting greenhouse gases, both in making plastics and burning them, were far higher than today.
Globally, plastics accounted for 390 million tonnes of carbon dioxide emissions in 2012, ranging from production to incineration and equivalent to the emissions by a nation such as Turkey, according to the Ellen MacArthur Foundation, a think-tank that specialises in recycling.
The plastics industry takes issue with such assessments, saying they ignore the vast contribution of plastic in reducing other emissions by for example preserving food and reducing the weight of transport.
The Confederation of European Waste-to-Energy Plants (CEWEP), a group of some 400 plants using 90 million tonnes of municipal waste to provide heat and electricity for millions of people, said burying and then mining back plastic was a fantasy.
“Digging waste into landfills and then waiting until a magic technology pops up in the future is not a responsible option,” CEWEP managing director Ellen Stengler said, adding that the idea was a minority view she heard “here and there” in Europe.
Just cleaning plastic waste before burial would be hugely expensive, plastic would degrade underground and there would be risks such as fire, she said.
The latest major U.N. assessment of climate change, in 2014, also floated the idea that cities might sort and bury waste such as metals, paper and plastics to create “a material reservoir that can be mined” sometime in future.
(Graphic: EU plastics waste exports - tmsnrt.rs/2I9C4Zh ) NEW MARKETS
Plastic pollution is surging and could, according to UN Environment, exceed the weight of fish in the oceans by 2050.
China, which used to process half the world’s exports of plastic waste, has insisted on higher standards of cleanliness and sorting to prevent waste that cannot be recycled being burned, which, in its case, often means in open pits.
For Europe, the restrictions have so far acted as an effective ban, according to official data reviewed by Reuters which showed exports to China crashing by 96 percent in the first two months of the year.
Nations led by Malaysia, Vietnam, Turkey, India and Indonesia took on around 60 percent of the waste, but the surplus means Europe’s market for low-grade waste has collapsed.
A tonne of plastic waste for export, with up to 20 percent impurities such as paper labels, could be sold for between 25 and 40 pounds a tonne in April 2017, according to British recycling group letsrecycle.com.
Last month, by contrast, you had to pay between 40 and 60 pounds to get someone to take it away.
Despite this, Patawari Borad of the Bureau of International Recycling in Brussels said recycling within Europe had not increased dramatically. “One can only guess that this unsorted material is going for either energy or incineration.”
Waste-to-energy body CEWEP said it saw no sign extra plastic was being burned. Incinerators would notice a higher share of plastics, Stengler said, because, tonne for tonne, they produce a lot of energy.
Proponents of the idea of burying plastic include Keith Freegard, a director of Axion Polymers in England, one of Europe’s leading recyclers of waste from cars and electronics.
“All those tonnes of carbon-rich waste material that were going into the landfill are now being released into the sky. Why are we allowing this free access to ‘skyfill’?” said Freegard, who is vice chair of the British Plastic Federation’s Recycling Group.
“We should separate and store plastic in a well-controlled landfill as a future mine,” he told Reuters.
To produce a megawatt hour of electricity, he said a waste-to-energy plant would need to burn 345 kg of plastic, emitting 880 kg of carbon dioxide. By contrast, a gas-fired power plant would generate the same amount of energy by burning 132 kg of natural gas, emitting just 360 kg of carbon dioxide.
Stengler and nations that favor waste-to-energy plants say such accounting is misleading and that waste-to-energy helps replace fossil fuels, a key goal of the 2015 Paris climate agreement to limit heat waves, floods, droughts and rising seas.
Swedish government estimates, for instance, show that three tonnes of municipal waste contain as much energy as a tonne of oil.
World production of plastics has increased about twentyfold since the 1960s and is expected to double again over the next 20 years, according to the European Commission.
Erik Solheim, head of U.N. Environment in Nairobi, said the global focus for plastic policies should be to cut use, especially products such as microplastics used in some cosmetics or drinking straws that he said were unnecessary.
“The best of all is to avoid the plastics we don’t need,” he said. Burying waste and mining it sounds “a difficult option”.
Of 27.1 million tonnes of plastic waste collected in Europe in 2016, 41.6 percent went to energy generation, 31.1 percent to recycling including in China, and 27.3 percent to landfills, according to Plastics Europe. It was the first time that recycling rates exceeded landfills, it said.
By contrast in the more spacious United States, 75 percent of 33 million tonnes of collected plastics was landfilled in 2014, according to the Environmental Protection Agency. Fifteen percent was burnt and 9.5 percent recycled, it said.
And worldwide, a report by U.N. scientists in 2014 estimated that only about 20 percent of municipal solid waste is recycled, about 13.5 percent used to generate energy and the rest dumped. FILE PHOTO: Plastic and glass waste lies on the ground during the Tamborrada on the Day of San Sebastian, in which people dressed as Napoleonic-era soldiers and cooks perform in a twenty-four-hour drum and wine barrel playing session, interspersed with eating and drinking, in the Basque coastal town of San Sebastian, Spain, January 20, 2018. REUTERS/Vincent West/File Photo Reporting by Alister Doyle; editing by Philippa Fletcher | ashraq/financial-news-articles | https://www.reuters.com/article/us-environment-plastics-insight/plastics-mines-europe-struggles-as-pollution-piles-up-idUSKBN1IC0FY |
May 3, 2018 / 10:47 AM / a few seconds ago HSBC has 20-plus deals in pipeline in Saudi Arabia -exec
RIYADH (Reuters) - HSBC ( HSBA.L ) has more than 20 investment banking deals in the pipeline in Saudi Arabia and 2018-19 will be a year of delivery and execution of deals, the head of investment banking advisory at HSBC Saudi Arabia said on Thursday. FILE PHOTO: The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo
“At HSBC by ourselves we have more than 20 deals in the pipeline and others are equally having a good share,” Faris AlGhannam said at a business conference. “I think 2018-19 will be actual delivery. We and others will see a lot of M&A.” Reporting By Tom Arnold and Marwa Rashad; Editing by Saeed Azhar | ashraq/financial-news-articles | https://uk.reuters.com/article/us-hsbc-saudi-m-a/hsbc-has-20-plus-deals-in-pipeline-in-saudi-arabia-exec-idUKKBN1I414X |
Shareholders in Norway's largest company, Statoil , will approve on Tuesday the board's proposal to drop "oil" from its name as it seeks to diversify its business and attract young talent concerned about fossil fuels' impact on climate change.
From Wednesday, the majority state-owned company will change its 46-year-old name to Equinor and trade on the Oslo Exchange under the new ticker EQNR.
The Norwegian government, which has a 67 percent stake in the firm, has said it will back the move.
The oil and gas company said the name change was a natural step after it decided last year to become a "broad energy" firm, investing up to 15-20 percent of annual capital expenditure in "new energy solutions" by 2030, mostly in offshore wind.
"The key reason for a company to change its name is when it wants to widen the scope of its activity or direction. Another reason would be because it is in trouble, and it has a reputational problem," Allyson Stewart-Allen, a London-based international branding expert and the CEO of International Marketing Partners, told Reuters.
"I don't believe that's the case with Statoil."
While the company's profits are growing again, its hydrocarbon business has come under increased scrutiny after the Paris climate deal in 2016.
"A name with 'oil' as a component would increasingly be a disadvantage. None of our competitors has that. It served us really well for 50 years, I don't think it will be the best name for the next 50 years," Eldar Saetre, Statoil's chief executive, told Reuters.
The new name was meant to arouse curiosity among young people so they see the other aspects of Statoil, including renewable energy, he added.
Technology students became less interested in working for oil firms after oil prices crashed in 2014 and renewable energy gained in prominence.
Statoil ranked 15th in an annual survey of the Nordic country's most attractive employers conducted by karrierestart.no, a Norwegian careers website, and Norwegian firm Evidente, published on May 3. In 2013, it ranked first.
There are signs, however, that the name change could help it climb the ranks.
"Students who answered the survey after (news of) the name change found Statoil to be between 5 percent and 10 percent more attractive as an employer,"
Arne Kvalsvik at Evidente said. "It's likely that Statoil's name change will have a positive impact on its reputation going forward."
Statoil said it remained the first choice among technology students, citing another survey by Swedish firm Universum.
Truls Gulowsen, head of Greenpeace Norway, said the name change would not be sufficient to improve Statoil's image as long as the firm was exploring in vulnerable areas, such as the Arctic or the Great Australian Bight. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/statoil-to-become-equinor-dropping-oil-to-attract-young-talent.html |
KUALA LUMPUR (Reuters) - A Malaysian opposition leader is being investigated for alleged defamatory remarks about the Election Commission and police, state news agency Bernama reported on Saturday.
Rafizi Ramli is the second opposition leader to be investigated under a law passed in April that criminalizes “fake news”.
On Wednesday, police said they were investigating Mahathir Mohamad, the opposition’s prime minister candidate, over claims his plane was sabotaged in the run up to next week’s election.
The May 9 election pits Prime Minister Najib Razak against 92-year-old former premier Mahathir.
Rafizi is under investigation over his remarks on social media about the filing of nomination papers for the election at a district in Negeri Sembilan state, Bernama reported, citing the state’s police chief Noor Azam Jamaludin.
Rafizi said an opposition candidate was not allowed to file his nomination papers.
He did not immediately respond to a Reuters request for comment.
Najib’s government passed a law in April that criminalizes “fake news”, making it one of the first countries to do so. Critics have said the law is aimed at curbing dissent and free speech ahead of the election.
On Monday, a Danish citizen was convicted for inaccurate criticism of police on social media, the first person to be prosecuted under the new law.
Rafizi, a senior leader with the People’s Justice Party (PKR), was sentenced to jail in February for revealing confidential bank details in a 2012 graft scandal.
Reporting by A. Ananthalakshmi; Editing by Janet Lawrence
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-election-fakenews/malaysian-opposition-leader-investigated-under-fake-news-law-idUSKBN1I60AX |
NEW YORK, May 15 (Reuters) - The yield on the U.S. 10-year Treasury note surged on Tuesday morning to its highest level since July 2011 following a data release showing retail sales increased moderately in April.
The benchmark government yield reached a high of 3.058 percent, blowing through the key psychological level of 3 percent it hit in late April for the first time in four years. The range of 3.03-3.04 percent is also seen by analysts as a key technical level.
The Commerce Department said on Tuesday that retail sales rose 0.3 percent last month, as rising gasoline prices weighed on discretionary spending, but consumer spending appeared on track to accelerate after slowing sharply in the first quarter.
Retail sales offer insight into the growth of U.S. inflation, which drives up Treasury yields as expectations of interest rate hikes rise. (Reporting by Kate Duguid Editing by Chizu Nomiyama)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-benchmark-yield-hits-7-year-high-after-bump-in-april-retail-sales-idUSL2N1SM0MA |
May 30, 2018 / 7:28 AM / Updated 11 hours ago Wallaby Hodge shrugs off limited preparations for Ireland series Ian Ransom 3 Min Read
MELBOURNE (Reuters) - Wallabies back Reece Hodge has shrugged off the team’s limited preparations before taking on Six Nations champions Ireland, saying the players had become accustomed to gelling in a hurry. Rugby Union - Autumn Internationals - Wales vs Australia - Principality Stadium, Cardiff, Britain - November 11, 2017 Australia's Reece Hodge scores from a penalty Action Images via Reuters/Paul Childs
Michael Cheika’s squad will have less than a week together to prepare for the June 9 opener in Brisbane after the players break up from Super Rugby following this weekend’s round.
The world champion All Blacks, by contrast, have already had two three-day camps in the last two weeks to warm up for their three-match series against France.
“I think it’s something that everyone’s used to around the test set-up previously,” utility back Hodge told reporters in Melbourne on Wednesday.
“You try to have those meetings and little camps and stuff like that to gel the team together before the June series but it’s a matter of us putting our allegiances aside to our provincial teams and then getting into the test team.
“I think everyone’s pretty experienced at doing that and hopefully the team can gel well before the first test.”
The long-kicking Hodge is set to add to his 23 caps in the three-match series, and sees threats in every corner of Joe Schmidt’s strong tour squad, who are seeking Ireland’s first test win in Australia since 1979.
“They’ve had some great success for their backline throughout the Six Nations and there’s really young, exciting guys in that backline such as Garry Ringrose,” Hodge added.
“Obviously, (Jacob) Stockdale won the Six Nations player of the tournament and then there are guys like (flyhalf Johnny) Sexton who is all class.
“They have threats right across the backline and a really strong forward pack.
“It’s going to be a massive test — they’re probably the form team in the world at the moment so I’m looking forward to it.”
Australia scrumhalf Will Genia has missed a month of Super Rugby with a knee injury, putting some doubt on his availability for the series, but Hodge said his Melbourne Rebels team mate had a chance to play against the Auckland Blues on Saturday.
“Hopefully he can get out on the field and get some confidence and match fitness before the (Ireland) series.” Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-aus-irl-hodge/wallaby-hodge-shrugs-off-limited-preparations-for-ireland-series-idUKKCN1IV0PY |
DUBAI, May 22 (Reuters) - Here are some factors that may affect Middle East stock markets on Tuesday. Reuters has not verified the press reports and does not vouch for their accuracy.
INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Dollar holds near 4-month highs, oil near multi-year top
* MIDEAST STOCKS-Property stocks lift Dubai after UAE long-term visa move
* Oil prices edge up on Venezuela, Iran supply worries
* PRECIOUS-Gold prices steady on weaker dollar
* Middle East Crude-Shell to receive another 3 Upper Zakum cargoes
* U.S. toughens stance on Iran, lists sweeping demands
* Syria’s army captures last insurgent area near Damascus
* Turkish lira sell-off deepens, investors eye central bank
* Algeria cancels plan to offer farmland to foreign investors-official
EGYPT * Egypt to hold 2 international bid rounds for oil, gas exploration -statement
SAUDI ARABIA * Saudi air defences destroy ballistic missile fired from Yemen
* TABLE-Saudi Arabia Q1 earnings estimates (1)
* TABLE-Saudi Arabia Q1 earnings estimates (2)
UNITED ARAB EMIRATES * MEDIA-Colony and Cerberus vie to buy Abraaj buyout arm - FT
* Dubai Aerospace signs $480 million loan deal
* Nasdaq Dubai bourse says to launch future contracts on Saudi firms in 2018
* TABLE-Abu Dhabi Q1 earnings estimates
* TABLE-Dubai Q1 earnings estimates
QATAR * Moody’s downgrades the Commercial Bank of Qatar: maintains negative outlook
* British court dismisses charges against Barclays over 2008 Qatar deal
* Vodafone Qatar Agrees 911 Mln Riyals Credit Facility With Barwa Bank
* TABLE-Qatar Q1 earnings estimates
KUWAIT * Kuwait Finance House sets up $3 bln sukuk programme
* Ruanne, Cunniff & Goldfarb, RWC in talks to buy Meezan bank’s stake-sources
* TABLE-Kuwait Q1 earnings estimates
BAHRAIN * TABLE-Bahrain Q1 earnings estimates
OMAN * TABLE-Oman Q1 earnings estimates (Reporting By Dubai newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/mideast-factors/mideast-factors-to-watch-may-22-idUSL5N1ST08K |
SCOTTSDALE, Ariz., May 2, 2018 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC) today reported first quarter total revenue of $752 million and home closings gross margin, inclusive of capitalized interest, of 18.8 percent leading to diluted earnings per share of $0.41.
First Quarter 2018 Highlights:
Sales per outlet were 2.8 Net sales orders were 2,443 Home closings were 1,547 Total revenue was $752 million Home closings gross margin, inclusive of capitalized interest, was 18.8 percent Net income was $47 million with diluted earnings per share of $0.41
"I'm proud of our strong first quarter performance and delighted that we exceeded our expectations in several operating metrics including sales, home closings gross margin and earnings per share," said Sheryl Palmer, Chairman and CEO of Taylor Morrison. "We closed the quarter with a sales pace of 2.8—our best pace since the first half of 2013—representing a 40 percent two-year growth rate. We recognized these strong paces across our portfolio touching each market, consumer segment and price point. The momentum continued into April which had a sales pace of 2.9."
For the first quarter, net sales orders were 2,443 with an average community count of 288. The Company ended the quarter with 4,392 units in backlog, a year-over-year increase of 12 percent, with a sales value of more than $2.1 billion.
"Our performance in the quarter drove $0.41 of EPS, a home closings gross margin of 18.8 percent and an EBT margin of 7.9 percent, both improving 80 basis points from this quarter last year," said Palmer. "I'm pleased to see this accretion in margin rate which is due in part to mix and attributable to the strengthening of our operational efficiencies and cost savings practices."
"For the quarter, closings totaled 1,547, three less than our stated guidance," added Palmer. "Although we over delivered on our expectations in Q4 despite the hurricanes, we underestimated the length of time it would take our impacted markets to recover the lost time on our construction starts. With local access to the trades tightening and the shift in focus to rebuilding efforts, our ability to close and deliver homes to our 100 percent standard of completion was affected. We are not changing our guidance for the year, as this is purely a first-half timing issue."
"Our earnings before income taxes were $59 million, or 7.9 percent of revenue, and income taxes totaled about $12 million for the quarter, representing an effective rate of 19.8 percent," said Dave Cone, Executive Vice President and Chief Financial Officer. "This is significantly lower than the first quarter of 2017 due in large part to tax reform. In addition, our Q1 tax rate came in more favorable due to legislation passed this February which extended energy tax credits retroactively through the end of 2017. The energy credits resulted in a one-time benefit of $3.8 million in the first quarter."
Homebuilding inventories were $3.1 billion at the end of the quarter, including 5,053 homes in inventory, compared to 4,396 homes in inventory at the end of the prior year quarter. Homes in inventory at the end of the quarter consisted of 3,132 sold units, 384 model homes and 1,537 inventory units, of which 201 were finished.
The Company finished the quarter with $288 million in cash and a net homebuilding debt to capitalization ratio of 33.1 percent. As of March 31, 2018, Taylor Morrison owned or controlled approximately 37,000 lots, representing 4.7 years of supply, and is focused on securing land for 2020 and beyond.
Quarterly Financial Comparison
($ thousands)
Q1 2018
Q1 2017
Q1 2018 vs. Q1 2017
Total Revenue
$752,333
$769,090
(2.2)
%
Home Closings Revenue
$732,959
$751,485
(2.5)
%
Home Closings Gross Margin
$138,053
$135,190
2.1
%
18.8
%
18.0
%
80 bps increase
SG&A
% of Home Closings Revenue
$87,016
$88,745
(1.9)
%
11.9
%
11.8
%
10 bps increase
Second Quarter and Full Year 2018 Business Outlook
Second Quarter 2018:
Average active community count is expected to be between 295 to 300 Home closings are expected to be between 1,800 to 1,900 Home closings margin, inclusive of capitalized interest is expected to be approximately 18 percent
Full Year 2018:
Average active community count is expected to be flat compared to 2017 Monthly absorption pace is expected to be between 2.4 to 2.5 per outlet on average Home closings are expected to be between 8,400 to 8,800 Home closings gross margin, inclusive of capitalized interest, is expected to be accretive to 2017 and be in the mid to high 18 percent range SG&A as a percentage of homebuilding revenue is expected to be in the low 10 percent range Income from unconsolidated joint ventures is expected to be between $8 million to $10 million Land and development spend is expected to be approximately $1.1 billion Effective tax rate is expected to be between 24 and 26 percent Diluted share count is expected to be about 114 million
Earnings Webcast
A public webcast to discuss the first quarter 2018 earnings will be held later today at 8:30 a.m. Eastern time. The participant dial-in is 1 (855) 470-8731 and the passcode is 7285909. More information can be found on the Company's investor relations website at investors.taylormorrison.com . A webcast replay will also be available on the site later today and will be available for one year from the date of the original earnings call.
About Taylor Morrison
Taylor Morrison Home Corporation (NYSE: TMHC) is a leading national homebuilder and developer that has been recognized as the 2016, 2017 and 2018 America's Most Trusted® Home Builder by Lifestory Research. Based in Scottsdale, Arizona we operate under two well-established brands, Taylor Morrison and Darling Homes. We serve a wide array of consumer groups from coast to coast, including first-time, move-up, luxury, and 55 plus buyers. In Texas, Darling Homes builds communities with a focus on individuality and custom detail while delivering on the Taylor Morrison standard of excellence.
For more information about Taylor Morrison and Darling Homes please visit www.taylormorrison.com or www.darlinghomes.com .
Forward-Looking Statements
This earnings summary includes " ." These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "may," "can," "could," "might," "will" and similar expressions identify , including statements related to expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.
Such risks, uncertainties and other factors include, among other things: changes in general and local economic conditions (including as a result of recent extreme weather conditions); slowdowns or severe downturns in the housing market; homebuyers' ability to obtain suitable financing; increases in interest rates, taxes or government fees; impacts from the recently enacted tax reform legislation; shortages in, disruptions of and cost of labor; competition in our industry; any increase in unemployment or underemployment; inflation or deflation; the seasonality of our business; our ability to obtain additional performance, payment and completion surety bonds and letters of credit; higher cancellation rates; significant home warranty and construction defect claims; our reliance on subcontractors; failure to manage land acquisitions, inventory and development and construction processes; availability of land and lots; decreases in the market value of our land inventory; new or changes in government regulations and legal challenges; our compliance with environmental laws; our ability to sell mortgages we originate and claims on loans sold to third parties; governmental regulation applicable to our mortgage operations and title services business; the loss of any of our important commercial relationships; our ability to use deferred tax assets; raw materials and building supply shortages and price fluctuations; our concentration of significant operations in certain geographic areas; risks associated with our unconsolidated joint venture arrangements; information technology failures and data security breaches; costs to engage in and the success of future growth or expansion of our operations or acquisitions or disposals of businesses; costs associated with our defined benefit and defined contribution pension schemes; damages associated with any major health and safety incident; our ownership, leasing or occupation of land and the use of hazardous materials; material losses in excess of insurance limits; existing or future litigation, arbitration or other claims; negative publicity or poor relations with the residents of our communities; failure to recruit, retain and develop highly skilled, competent people; utility and resource shortages or rate fluctuations; constriction of the capital markets; risks related to our debt and the agreements governing such debt; our ability to access the capital markets; and risks related to our structure and organization. In addition, other such risks and uncertainties may be found in our most recent annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) as such factors may be updated from time to time in our periodic filings with the SEC. We undertake no duty to update any forward-looking statement, whether as a result of new information, future events or changes in our expectations, except as required by applicable law.
CONTACT: Investor Relations
Taylor Morrison Home Corporation
(480) 734-2060
[email protected]
Taylor Morrison Home Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts, unaudited)
Three Months Ended
March 31,
2018
2017
Home closings revenue, net
$
732,959
$
751,485
Land closings revenue
5,168
3,356
Financial services revenue
14,206
14,249
Total revenues
752,333
769,090
Cost of home closings
594,906
616,295
Cost of land closings
4,281
2,400
Financial services expenses
10,044
8,702
Total cost of revenues
609,231
627,397
Gross margin
143,102
141,693
Sales, commissions and other marketing costs
53,698
55,617
General and administrative expenses
33,318
33,128
Equity in income of unconsolidated entities
(3,246)
(1,085)
Interest income, net
(343)
(90)
Other expense/(income), net
437
(351)
Income before income taxes
59,238
54,474
Income tax provision
11,706
18,873
Net income before allocation to non-controlling interests
47,532
35,601
Net (income)/loss attributable to non-controlling interests - joint ventures
(129)
9
Net income before non-controlling interests - Principal Equityholders
47,403
35,610
Net income attributable to non-controlling interests - Principal Equityholders
(2,470)
(24,134)
Net income available to Taylor Morrison Home Corporation
$
44,933
$
11,476
Earnings per common share
Basic
$
0.42
$
0.30
Diluted
$
0.41
$
0.30
Weighted average number of shares of common stock:
Basic
107,195
38,554
Diluted
114,767
120,478
Taylor Morrison Home Corporation
Condensed Consolidated Balance Sheets
(In thousands)
March 31,
2018
December 31,
2017
(Unaudited)
Assets
Cash and cash equivalents
$
287,970
$
573,925
Restricted cash
1,318
1,578
Total cash, cash equivalents, and restricted cash
289,288
575,503
Owned inventory
3,064,520
2,956,709
Real estate not owned under option agreements
2,010
2,527
Total real estate inventory
3,066,530
2,959,236
Land deposits
61,961
49,768
Mortgage loans held for sale
93,019
187,038
Hedging assets
2,453
1,584
Prepaid expenses and other assets, net
56,971
72,334
Other receivables, net
91,830
94,488
Investments in unconsolidated entities
196,695
192,364
Deferred tax assets, net
118,032
118,138
Property and equipment, net
39,044
7,112
Intangible assets, net
1,866
2,130
Goodwill
66,198
66,198
Total assets
$
4,083,887
$
4,325,893
Liabilities
Accounts payable
$
142,789
$
140,165
Accrued expenses and other liabilities
154,533
201,540
Income taxes payable
14,057
4,525
Customer deposits
169,823
132,529
Senior notes, net
1,240,362
1,239,787
Loans payable and other borrowings
123,161
139,453
Revolving credit facility borrowings
—
—
Mortgage warehouse borrowings
41,522
118,822
Liabilities attributable to real estate not owned under option agreements
2,010
2,527
Total liabilities
$
1,888,257
$
1,979,348
Stockholders' Equity
Total stockholders' equity
2,195,630
2,346,545
Total liabilities and stockholders' equity
$
4,083,887
$
4,325,893
Homes Closed:
Three Months Ended March 31,
2018
2017
(Dollars in thousands)
Homes
Value
Homes
Value
East
700
$
284,436
682
$
263,101
Central
434
213,465
424
203,465
West
413
235,058
524
284,919
Total
1,547
$
732,959
1,630
$
751,485
Net Sales Orders:
Three Months Ended March 31,
2018
2017
(Dollars in thousands)
Homes
Value
Homes
Value
East
1,000
$
416,802
1,050
$
412,043
Central
755
373,506
628
289,055
West
688
426,636
747
430,527
Total
2,443
$
1,216,944
2,425
$
1,131,625
Sales Order Backlog:
As of March 31,
2018
2017
(Dollars in thousands)
Homes
Value
Homes
Value
East
1,813
$
781,273
1,589
$
676,054
Central
1,372
675,944
1,162
589,305
West
1,207
728,056
1,176
660,024
Total
4,392
$
2,185,273
3,927
$
1,925,383
Average Active Selling Communities:
Three Months Ended
March 31,
2018
2017
East
124
125
Central
115
116
West
49
57
Total
288
298
Average Selling Price of Homes Closed:
Three Months Ended
March 31,
(Dollars in thousands)
2018
2017
East
$
406
$
386
Central
492
480
West
569
544
Total
$
474
$
461
Reconciliation of Non-GAAP Financial Measures
The following tables set forth reconciliations of: (i) EBITDA and adjusted EBITDA to net income before allocation to non-controlling interests and (ii) net homebuilding debt to total capitalization ratio.
Adjusted EBITDA is a non-GAAP financial measure that measures performance by adjusting net income to exclude interest amortized to cost of sales and interest income, net, income taxes, depreciation and amortization, non-cash compensation expense and loss on extinguishment of debt, if any. Net homebuilding debt to capitalization is a non-GAAP financial measure we calculate by dividing (i) total debt, less unamortized debt issuance costs and mortgage warehouse borrowings, net of unrestricted cash and cash equivalents, by (ii) total capitalization (the sum of net homebuilding debt and total stockholders' equity).
Management uses these non-GAAP financial measures to evaluate our performance on a consolidated basis, as well as the performance of our regions, and to set targets for performance-based compensation. We also use the ratio of net homebuilding debt to total capitalization as an indicator of overall leverage and to evaluate our performance against other companies in the homebuilding industry. In the future, we may include additional adjustments in the above described non-GAAP financial measures to the extent we deem them appropriate and useful to management and investors.
We believe adjusted EBITDA provides useful information to investors regarding our results of operations because it allows investors to evaluate our performance without the effects of various items we do not believe are characteristic of our ongoing operations or performance and because it assists both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted EBITDA also provides an indicator of general economic performance that is not affected by fluctuations in interest rates or effective tax rates, levels of depreciation or amortization, or non-recurring items. Because we use the ratio of net homebuilding debt to total capitalization to evaluate our performance against other companies in the homebuilding industry, we believe this measure is also relevant and useful to investors for that reason.
These non-GAAP financial measures and should be considered in addition to, rather than as a substitute for, the comparable U.S. GAAP financial measures of our operating performance or liquidity. Although other companies in the homebuilding industry may report similar information, their definitions may differ. We urge investors to understand the methods used by other companies to calculate similarly-titled non-GAAP financial measures before comparing their measures to ours.
Adjusted EBITDA Reconciliation
Three Months Ended March 31,
(Dollars in thousands)
2018
2017
Net income before allocation to non-controlling interests
$
47,532
$
35,601
Interest income, net
(343)
(90)
Amortization of capitalized interest
14,848
20,297
Income tax provision
11,706
18,873
Depreciation and amortization
1,033
1,071
EBITDA
$
74,776
$
75,752
Non-cash compensation expense
3,543
3,012
Adjusted EBITDA
$
78,319
$
78,764
Net Homebuilding Debt to Capitalization Ratio Reconciliation
(Dollars in thousands)
As of
March 31, 2018
Total debt
$
1,405,045
Unamortized debt issuance costs
9,638
Less mortgage warehouse borrowings
41,522
Total homebuilding debt
$
1,373,161
Less cash and cash equivalents
287,970
Net homebuilding debt
$
1,085,191
Total equity
2,195,630
Total capitalization
$
3,280,821
Net homebuilding debt to capitalization ratio
33.1
%
View original content with multimedia: http://www.prnewswire.com/news-releases/taylor-morrison-reports-first-quarter-sales-pace-of-2-8-and-earnings-per-share-of-0-41--300640643.html
SOURCE Taylor Morrison | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-taylor-morrison-reports-first-quarter-sales-pace-of-2-point-8-and-earnings-per-share-of-0-point-41.html |
5:39 AM EDT
The 132-year wait is over.
Monday marks the launch of the first alcoholic Coca-Cola product in company history, but only a small group of people will be able to buy it. The lemon-flavored fizzy drink will be available with 3%, 5%, and 7% alcohol, but only to consumers on the Japanese island of Kyushu .
The drink, called Lemon-Do, joins a raft of competitors selling similar alcoholic sodas in the Japanese market, locally called Chu-Hi, which typically combine a grain-based alcohol with flavored carbonated water. The canned drinks offer a cheaper alternative to beer and more choice in flavor and alcohol content, ranging from less than 3% alcohol to 8%.
But this launch doesn’t mean Coca-Cola (ko) is going to offer alcoholic drinks more widely. The company hasn’t even made plans to launch the product throughout Japan, let alone offer booze to the rest of the world. In fact, the Japanese market is one of Coca-Cola’s most experimental. On average, the company tests 100 products each year on the country’s shelves, few of which ever leave its borders.
Apart from a brief flirtation with the wine market in the 1970s, Coca-Cola has never been in the intoxicating liquids business—that is, if you don’t count the cocaine it used to use in its early recipes. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/28/coca-cola-first-alcoholic-drink-japan/ |
April 30 (Reuters) - Kotak Mahindra Bank Ltd CEO Uday Kotak says:
* SEES PROVISIONING COSTS TRENDING DOWN * CONTINUE TO LOOK FOR INORGANIC OPPORTUNITIES Further company coverage: (Reporting By Devidutta Tripathy)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-kotak-mahindra-bank-ceo-say/brief-indias-kotak-mahindra-bank-ceo-says-expects-20-pct-plus-loan-growth-in-2018-19-idUSI8N1RJ009 |
Financial Highlights
Q1 revenue up 6.2%; up 3.5% in constant currency Q1 operating earnings down 26%, down 36% on an adjusted basis Q1 earnings per share of $0.74 compared to $0.31, or $0.32 compared to $0.35 on an adjusted basis
TROY, Mich., May 10, 2018 (GLOBE NEWSWIRE) -- Kelly Services (Nasdaq:KELYA) (Nasdaq:KELYB), a global leader in providing workforce solutions, today announced results for the first quarter of 2018.
George S. Corona, President and Chief Executive Officer, announced revenue for the first quarter of 2018 totaled $1.4 billion, a 6.2% increase, or 3.5% in constant currency, compared to the corresponding quarter of 2017.
Earnings from operations for the first quarter of 2018 totaled $12.0 million, compared to the $16.4 million reported for the first quarter of 2017. Included in earnings from operations in the first quarter of 2017 are restructuring charges of $2.4 million. Excluding the restructuring charges, adjusted 2017 earnings from operations were $18.8 million.
Diluted earnings per share in the first quarter of 2018 were $0.74 compared to $0.31 per share in the first quarter of 2017. Included in earnings per share in the first quarter of 2018 is the favorable impact of $0.42 due to the after-tax gain on our investment in Persol Holdings common stock. Effective in 2018, changes in the fair value of our investment in Persol Holdings common stock will be reflected as gains or losses on our Consolidated Statement of Earnings below earnings from operations. Included in earnings per share in the first quarter of 2017 is the unfavorable impact of $0.04 related to restructuring charges. The impacts of these adjustments are more fully described in the included reconciliation of non-GAAP measures.
Notwithstanding a tightening labor market across all categories, Corona expressed confidence in Kelly’s direction, stating: “In the first quarter we saw top-line growth, robust growth in fees, and upward momentum in Outcome-Based Services. As our growth in the first quarter was at a slower pace, we are closely monitoring market dynamics to ensure our expenses are in line with our expected revenue and GP growth. We will continue to focus on our strengths, make strategic investments in technology to connect with talent and customers like never before and pursue our strategy with urgency.”
Kelly also reported that on May 9, its board of directors declared a dividend of $0.075 per share. The dividend is payable June 6, 2018 to shareholders of record as of the close of business on May 22, 2018.
In conjunction with its first quarter earnings release, Kelly Services has published a financial presentation on the Investor Relations page of our public website and will host a conference call at 9:00 a.m. (ET) on May 10 to review the results and answer questions. The call may be accessed in one of the following ways:
Via the Internet:
Kellyservices.com
Via the Telephone: U.S. 1 800 288-9626 International 1 651 291-5254 The pass code is Kelly Services This release contains statements that are forward looking in nature and, accordingly, are subject to risks and uncertainties. These factors include, but are not limited to, competitive market pressures including pricing and technology introductions and disruptions, changing market and economic conditions, our ability to achieve our business strategy, the risk of damage to our brand, the risk our intellectual property assets could be infringed upon or compromised, our ability to successfully develop new service offerings, our exposure to risks associated with services outside traditional staffing, including business process outsourcing, our increasing dependency on third parties for the execution of critical functions, the risks associated with past and future acquisitions, exposure to risks associated with investments in equity affiliates including PersolKelly Asia Pacific, material changes in demand from or loss of large corporate customers as well as changes in their buying practices, risks particular to doing business with government or government contractors, risks associated with conducting business in foreign countries, including foreign currency fluctuations, risks associated with violations of anti-corruption, trade protection and other laws and regulations, availability of qualified full-time employees, availability of temporary workers with appropriate skills required by customers, liabilities for employment-related claims and losses, including class action lawsuits and collective actions, risks arising from failure to preserve the privacy of information entrusted to us or to meet our obligations under global privacy laws, the risk of cyber attacks or other breaches of network or information technology security, our ability to sustain critical business applications through our key data centers, our ability to effectively implement and manage our information technology projects, our ability to maintain adequate financial and management processes and controls, risk of potential impairment charges triggered by adverse industry developments or operational circumstances, unexpected changes in claim trends on workers’ compensation, unemployment, disability and medical benefit plans, the impact of changes in laws and regulations (including federal, state and international tax laws), competition law risks, the risk of additional tax or unclaimed property liabilities in excess of our estimates, our ability to maintain specified financial covenants in our bank facilities to continue to access credit markets, and other risks, uncertainties and factors discussed in this release and in the Company’s filings with the Securities and Exchange Commission. Actual results may differ materially from any forward looking statements contained herein, and we have no intention to update these statements.
About Kelly Services ®
As a global leader in providing workforce solutions, Kelly Services, Inc. (Nasdaq: KELYA, KELYB) and its subsidiaries, offer a comprehensive array of outsourcing and consulting services as well as world-class staffing on a temporary, temporary-to-hire, and direct-hire basis. Kelly® directly employs nearly 500,000 people around the world in addition to having a role in connecting thousands more with work through its global network of talent suppliers and partners. Revenue in 2017 was $5.4 billion. Visit kellyservices.com and connect with us on Facebook , LinkedIn , and Twitter .
KLYA-FIN
ANALYST & MEDIA CONTACT:
James Polehna
(248) 244-4586
[email protected]
KELLY SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS FOR THE 13 WEEKS ENDED APRIL 1, 2018 AND APRIL 2, 2017 (UNAUDITED) (In millions of dollars except per share data) % CC % 2018 2017 Change Change Change Revenue from services $ 1,369.9 $ 1,289.7 $ 80.2 6.2 % 3.5 % Cost of services 1,131.7 1,058.1 73.6 7.0 Gross profit 238.2 231.6 6.6 2.9 0.5 Selling, general and administrative expenses 226.2 215.2 11.0 5.1 2.9 Earnings from operations 12.0 16.4 (4.4 ) (26.4 ) Gain on investment in Persol Holdings 23.7 — 23.7 100.0 Other expense, net (1.7 ) (1.6 ) (0.1 ) (4.1 ) Earnings before taxes and equity in net earnings (loss) of affiliate 34.0 14.8 19.2 131.1 Income tax expense 6.4 2.7 3.7 137.0 Net earnings before equity in net earnings (loss) of affiliate 27.6 12.1 15.5 129.8 Equity in net earnings (loss) of affiliate 1.5 0.1 1.4 NM Net earnings $ 29.1 $ 12.2 $ 16.9 139.0 % Basic earnings per share $ 0.74 $ 0.31 $ 0.43 138.7 % Diluted earnings per share $ 0.74 $ 0.31 $ 0.43 138.7 % STATISTICS: Permanent placement income (included in revenue from services) $ 16.6 $ 13.5 $ 3.1 23.2 % 17.0 % Gross profit rate 17.4 % 18.0 % (0.6 ) pts. Conversion rate 5.0 7.1 (2.1 ) % Return: Earnings from operations 0.9 1.3 (0.4 ) Net earnings 2.1 0.9 1.2 Effective income tax rate 18.8 % 18.4 % 0.4 pts. Average number of shares outstanding (millions): Basic 38.6 38.3 Diluted 38.9 38.7
KELLY SERVICES, INC. AND SUBSIDIARIES RESULTS OF OPERATIONS BY SEGMENT (UNAUDITED) (In millions of dollars) First Quarter % CC % 2018 2017 Change Change AMERICAS STAFFING Revenue from services $ 604.3 $ 573.1 5.4 % 5.0 % Gross profit 108.0 105.3 2.6 2.3 SG&A expenses excluding restructuring charges 91.9 83.7 9.9 9.4 Restructuring charges — 0.4 (100.0 ) (100.0 ) Total SG&A expenses 91.9 84.1 9.4 9.0 Earnings from operations 16.1 21.2 (24.2 ) Earnings from operations excluding restructuring charges 16.1 21.6 (25.5 ) Gross profit rate 17.9 % 18.4 % (0.5 ) pts. Conversion rate 14.9 20.1 (5.2 ) Conversion rate excluding restructuring charges 14.9 20.5 (5.6 ) Return on sales 2.7 3.7 (1.0 ) Return on sales excluding restructuring charges 2.7 3.8 (1.1 ) GLOBAL TALENT SOLUTIONS Revenue from services $ 485.8 $ 487.3 (0.3 )% (0.8 )% Gross profit 91.8 90.5 1.5 0.4 SG&A expenses excluding restructuring charges 75.8 73.2 3.5 2.1 Restructuring charges — 2.0 (100.0 ) (100.0 ) Total SG&A expenses 75.8 75.2 0.8 (0.6 ) Earnings from operations 16.0 15.3 5.0 Earnings from operations excluding restructuring charges 16.0 17.3 (7.1 ) Gross profit rate 18.9 % 18.6 % 0.3 pts. Conversion rate 17.5 16.9 0.6 Conversion rate excluding restructuring charges 17.5 19.1 (1.6 ) Return on sales 3.3 3.1 0.2 Return on sales excluding restructuring charges 3.3 3.5 (0.2 ) INTERNATIONAL STAFFING Revenue from services $ 284.7 $ 233.6 21.9 % 8.9 % Gross profit 39.1 36.4 7.3 (4.1 ) Total SG&A expenses 34.1 31.2 9.3 (1.4 ) Earnings from operations 5.0 5.2 (4.9 ) Gross profit rate 13.7 % 15.6 % (1.9 ) pts. Conversion rate 12.7 14.4 (1.7 ) Return on sales 1.7 2.2 (0.5 )
KELLY SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In millions of dollars) April 1, 2018 Dec. 31, 2017 April 2, 2017 Current Assets Cash and equivalents $ 36.6 $ 32.5 $ 46.0 Trade accounts receivable, less allowances of $14.3, $12.9 and $11.9, respectively 1,290.7 1,286.7 1,164.6 Prepaid expenses and other current assets 70.4 65.1 59.0 Total current assets 1,397.7 1,384.3 1,269.6 Noncurrent Assets Property and equipment, net 84.3 86.1 79.0 Deferred taxes 187.8 183.4 183.5 Goodwill 107.3 107.1 88.4 Investment in Persol Holdings 265.2 228.1 169.6 Investment in equity affiliate 118.9 117.4 114.9 Other assets 275.4 271.8 230.1 Total noncurrent assets 1,038.9 993.9 865.5 Total Assets $ 2,436.6 $ 2,378.2 $ 2,135.1 Current Liabilities Short-term borrowings $ 33.4 $ 10.2 $ — Accounts payable and accrued liabilities 529.9 537.7 471.9 Accrued payroll and related taxes 283.1 287.4 276.5 Accrued insurance 25.3 25.7 22.3 Income and other taxes 62.5 65.2 54.7 Total current liabilities 934.2 926.2 825.4 Noncurrent Liabilities Accrued insurance 49.1 49.9 43.3 Accrued retirement benefits 178.7 178.1 164.3 Other long-term liabilities 83.3 72.5 52.4 Total noncurrent liabilities 311.1 300.5 260.0 Stockholders' Equity Common stock 40.1 40.1 40.1 Treasury stock (27.9 ) (35.2 ) (38.1 ) Paid-in capital 21.1 32.2 31.5 Earnings invested in the business 1,153.2 983.6 932.9 Accumulated other comprehensive income 4.8 130.8 83.3 Total stockholders' equity 1,191.3 1,151.5 1,049.7 Total Liabilities and Stockholders' Equity $ 2,436.6 $ 2,378.2 $ 2,135.1 STATISTICS: Working Capital $ 463.5 $ 458.1 $ 444.2 Current Ratio 1.5 1.5 1.5 Debt-to-capital % 2.7 % 0.9 % — % Global Days Sales Outstanding 57 55 55 Year-to-Date Free Cash Flow $ (8.7 ) $ 46.2 $ 21.8
KELLY SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE 13 WEEKS ENDED APRIL 1, 2018 AND APRIL 2, 2017 (UNAUDITED) (In millions of dollars) 2018 2017 Cash flows from operating activities: Net earnings $ 29.1 $ 12.2 Noncash adjustments: Depreciation and amortization 6.3 5.3 Provision for bad debts 1.7 1.5 Stock-based compensation 2.5 4.4 Gain on investment in Persol Holdings (23.7 ) — Other, net (1.4 ) (0.2 ) Changes in operating (18.6 ) 1.4 Net cash (used in) from operating activities (4.1 ) 24.6 Cash flows from investing activities: Capital expenditures (4.6 ) (2.8 ) Other investing activities (0.3 ) — Net cash used in investing activities (4.9 ) (2.8 ) Cash flows from financing activities: Net change in short-term borrowings 23.2 — Dividend payments (2.9 ) (2.9 ) Payments of tax withholding for stock awards (6.2 ) (0.5 ) Other financing activities — (0.1 ) Net cash from (used in) financing activities 14.1 (3.5 ) Effect of exchange rates on cash, cash equivalents and restricted cash (0.9 ) (2.0 ) Net change in cash, cash equivalents and restricted cash 4.2 16.3 Cash, cash equivalents and restricted cash at beginning of period 36.9 34.3 Cash, cash equivalents and restricted cash at end of period $ 41.1 $ 50.6
KELLY SERVICES, INC. AND SUBSIDIARIES REVENUE FROM SERVICES (UNAUDITED) (In millions of dollars) First Quarter (Americas, International and GTS) % CC % 2018 2017 Change Change Americas United States $ 974.7 $ 955.6 2.0 % 2.0 % Canada 33.6 34.1 (1.4 ) (5.9 ) Mexico 30.4 23.8 27.6 18.2 Puerto Rico 19.8 17.7 12.2 12.2 Brazil 9.5 13.3 (29.1 ) (28.1 ) Total Americas 1,068.0 1,044.5 2.3 1.9 EMEA France 71.9 60.8 18.4 2.6 Portugal 51.1 36.3 40.7 22.0 Switzerland 49.7 48.3 2.9 (2.8 ) United Kingdom 29.0 20.2 43.8 28.0 Russia 26.1 22.8 14.6 11.4 Italy 20.5 13.7 49.7 29.7 Germany 16.4 13.2 24.8 8.2 Ireland 11.3 7.7 45.5 26.2 Norway 8.4 7.6 9.5 1.8 Other 12.4 10.4 19.6 3.7 Total EMEA 296.8 241.0 23.2 10.0 Total APAC 5.1 4.2 19.9 14.7 Total Kelly Services, Inc. $ 1,369.9 $ 1,289.7 6.2 % 3.5 %
KELLY SERVICES, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES FOR THE 13 WEEKS ENDED APRIL 1, 2018 AND APRIL 2, 2017 (UNAUDITED) (In millions of dollars except per share data) First Quarter 2018 2017 Earnings from operations $ 12.0 $ 16.4 Restructuring charges (Note 1) — 2.4 Adjusted earnings from operations $ 12.0 $ 18.8 First Quarter 2018 2017 Net earnings $ 29.1 $ 12.2 Gain on investment in Persol Holdings, net of taxes (Note 2) (16.4 ) — Restructuring charges, net of taxes (Note 1) — 1.7 Adjusted net earnings $ 12.7 $ 13.9 First Quarter 2018 2017 Per Share Net earnings $ 0.74 $ 0.31 Gain on investment in Persol Holdings, net of taxes (Note 2) (0.42 ) — Restructuring charges, net of taxes (Note 1) — 0.04 Adjusted net earnings $ 0.32 $ 0.35 Note: Earnings per share amounts for each quarter are required to be computed independently and may not equal the amounts computed for the total year.
KELLY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
(UNAUDITED)
Management believes that the non-GAAP (Generally Accepted Accounting Principles) information excluding the 2017 restructuring charges and 2018 gain on investment in Persol Holdings is useful to understand the Company's fiscal 2018 financial performance and increases comparability. Specifically, Management believes that removing the impact of these items allows for a more meaningful comparison of current period operating performance with the operating results of prior periods. These non-GAAP measures may have limitations as analytical tools because they exclude items which can have a material impact on cash flow and earnings per share. As a result, Management considers these measures, along with reported results, when it reviews and evaluates the Company's financial performance. Management believes that these measures provide greater transparency to investors and provide insight into how Management is evaluating the Company's financial performance. Non-GAAP measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
(1) Restructuring charges in 2017 represent costs related primarily to optimizing our GTS service delivery models to deliver expected cost savings.
(2) Gain on investment in Persol Holdings in 2018 represents the change in fair value of the investment during the period presented.
Source:Kelly Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-kelly-servicesa-reports-first-quarter-2018-earnings.html |
ST. JOHN’S, Newfoundland and Labrador, April 30, 2018 (GLOBE NEWSWIRE) -- Barry Perry, President and Chief Executive Officer, Fortis Inc. (“Fortis” or the “Corporation”) (TSX:FTS) (NYSE:FTS) today announced the appointment of Jocelyn Perry as Executive Vice President, Chief Financial Officer at Fortis effective June 1, 2018. Karl Smith, current Executive Vice President, Chief Financial Officer, will retire May 31, 2018 after more than 30 years with Fortis.
“On behalf of our Board of Directors and colleagues at Fortis, I want to thank Karl for more than three decades of dedication to Fortis,” said Barry Perry. “Karl has been a fantastic CFO with his guidance and advice contributing immensely to our Corporation’s strong financial and operational performance. At various points in his career he ran our Newfoundland and Alberta utilities. More recently he returned to Newfoundland from Alberta to take a second turn as Chief Financial Officer where he led our financial team and strategies in the capital markets. We wish Karl all the best on his retirement.”
Jocelyn Perry has an extensive career in the utility business, having worked at Newfoundland Power for the past 13 years in a variety of capacities, including Chief Financial Officer, Chief Operating Officer and for the past year as President and Chief Executive Officer. Jocelyn is a prior Director of Finance at Fortis in the early 2000s, and previously served in other financial capacities in the private sector.
Jocelyn, a Fellow Chartered Professional Accountant (2018), completed a Bachelor of Commerce (Honours) at Memorial University and received her Chartered Accountant Designation in the early 1990s. She has considerable community and professional board and volunteer experience in Newfoundland and Labrador, including the Healthcare Foundation, C-CORE and the Public Service Pension Plan Corporation.
“We welcome Jocelyn in her new role as Executive Vice President, Chief Financial Officer for Fortis,” said Barry Perry. “Jocelyn’s intuition and judgment have served the Corporation well for close to two decades. I’m confident that she will provide strong leadership of the finance function as we focus on our growth strategy, shareholder returns and customer satisfaction.”
Mr. Perry also congratulated Peter Alteen on his appointment as Interim President and Chief Executive Officer of Newfoundland Power effective June 1, 2018.
About Fortis
Fortis is a leader in the North American regulated electric and gas utility industry with 2017 revenue of C$8.3 billion and total assets of approximately C$48 billion. The Corporation’s 8,500 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.
Fortis shares are listed on the TSX and NYSE and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com , www.sedar.com , or www.sec.gov .
For more information please contact:
Investor Enquiries
Ms. Stephanie Amaimo
Vice President, Investor Relations
Fortis Inc.
709.737.2900
[email protected] Media Enquiries
Ms. Karen McCarthy
Director, Communications & Corporate Affairs
Fortis Inc.
709.737.5323
[email protected]
Source: Fortis | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-fortis-inc-appoints-new-executive-vice-president-chief-financial-officer.html |
Apple is an 'amazing' company, says Bill Gates 22 Hours Ago Berkshire Hathaway CEO Warren Buffett, Vice Chairman Charlie Munger and Microsoft Co-Founder Bill Gates speak to CNBC's Becky Quick about Apple. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/munger-i-wish-we-owned-more-apple.html |
May 7 (Reuters) - IT services firm Cognizant Technology Solutions Corp’s revenue rose about 10 percent in the first quarter, benefiting from higher spending by clients in the healthcare and financial industries.
The company said on Monday its net income fell to $520 million or 88 cents per share in the three months ended March 31, from $557 million or 92 cents per share, a year earlier.
Revenue rose to $3.91 billion from $3.55 billion. (Reporting by Arjun Panchadar in Bengaluru; Editing by Sai Sachin Ravikumar)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/cognizant-tech-results/cognizants-first-quarter-revenue-rises-10-percent-idUSL3N1SE3H7 |
(Repeats item issued earlier. The opinions expressed here are those of the author, a columnist for Reuters.)
By Clyde Russell
SINGAPORE, May 22 (Reuters) - The seaborne iron ore market appears to be in something of a sweet spot currently, with largely steady demand and prices that have been flatlining for the past couple of months.
Of course, another way of saying that a market is enjoying relatively stable and good times is that it’s boring, but in iron ore there is plenty of action bubbling beneath the seemingly calm exterior.
It’s not so much that iron ore prices or volumes are expected to shift dramatically in the coming months, it’s more that structural changes in the world’s biggest importer, China, are re-shaping how the industry works.
China imported 353.4 million tonnes of iron ore in the first four months of 2018, a mere 0.2 percent more than the same period last year, according to customs data.
Prices have largely reflected this tepid demand growth and the fact that additions to supply have been modest.
The price of benchmark ore with 62 percent iron content at China’s Qingdao port MT-IO-QIN62=ARG, as assessed by Argus Media, stood at $65.05 a tonne on Monday, largely unchanged since last March.
It’s down 12 percent since the end of last year, but is still within the broad $60-$80 range that has persisted since the middle of last year.
The big iron ore story of last year is still present, namely the widening of the premium for high grade ore and deepening discount for lower quality ore.
Ore with 65 percent iron ended at $84.10 a tonne on Monday, down 4 percent from the end of last year, while 58 percent ore finished at $53.05, down 9.4 percent since the end of 2017.
The discount from benchmark 62 percent ore to the 58 percent grade has averaged 35 percent over the past year, according to data from consultants Wood Mackenzie.
This is a massive increase in the spread, which more usually was around 5 to 10 percent until it started widening from mid-2016 onwards.
STEEL PROFITS This dynamic follows structural changes in the vast Chinese steel sector, including the closure of older, inefficient furnaces, the consolidation of steel makers and policy-driven moves to reduce air pollution.
The main market impact they had was to boost the profitability of steel mills. None of these trends are likely to reverse, or even slow, in coming years.
Wood Mackenzie research director for iron ore, Paul Gray, told a media briefing in Singapore on Tuesday that the margin on steel rebar for mills in China is currently as high as 1,000 yuan ($157) a tonne.
This isn’t a level Wood Mackenzie, or indeed most analysts, expect is sustainable over the longer term, with Gray expecting it to drop to around 200 yuan a tonne in coming years.
Assuming this forecast is on the money, the interesting question then becomes what happens to the premium for high-grade ore and the discount for lower quality?
The switch to high-grade ore was driven by Chinese steel mills enjoying extraordinary profits and seeking ways to maximise output. They can produce more steel by using high-grade iron ore than lower quality ore.
But as profit margins contract for steel mills, the economics are likely to switch, with higher-grade ores losing out to medium and lower grade material as input costs trump the need to maximise output.
Wood Mackenzie expects the discount for lower grade ore to narrow as the steel profit margin shrinks, but not to the levels seen previously. Rather it will be some 10 percentage points wider.
Even this expectation is premised on Chinese steel mills placing economics above all other considerations when working out how to deal with lower steel margins, something that they may not be able to do.
Much will depend on how the authorities in Beijing and steel-producing provinces develop policies to reduce emissions, and the signs are that these will get stricter over time.
This may well force steel mills to continue to use higher grade ore, even if it would be cheaper to switch to lower quality.
This in turn has implications for iron ore miners, especially producers of lower quality grades, such as Australia’s Fortescue Metals Group.
Fortescue, the third-biggest producer in the world’s top iron ore exporter, enjoys low production costs and can still be profitable at low prices for its ore. It may have to consider longer-term plans to diversify away from China, or improve the quality of its product.
The miner is already selling more iron ore to India, but these flows are small compared to its overall production.
Other producers of lower-grade ore may find themselves uncompetitive, including some smaller Australian miners, those in Iran and Chinese domestic producers.
Conversely, Brazil, the top producer of higher grade ores, stands to benefit, as does South Africa, another producer of higher grade ore and the third-biggest exporter to China.
Overall, the picture of steady seaborne volumes and prices stuck in a range may continue for the rest of 2018, but within the market significant changes are afoot. (Editing by Richard Pullin)
| ashraq/financial-news-articles | https://www.reuters.com/article/column-russell-ironore-china/column-iron-ore-market-dynamics-are-shifting-beneath-calm-facade-russell-idUSL3N1ST2AP |
Wells Fargo shares sink on report that employees altered customer documents 4 Hours Ago Wells Fargo employees improperly altered or added information on documents related to corporate customers, WSJ reported on Thursday. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/wells-fargo-shares-sink-on-report-that-employees-altered-customer-documents.html |
Stars pose on red carpet at Billboard Awards 7:51pm IST - 01:21
Music stars show off their styles on the red carpet ahead of the Billboard Awards. Red carpet (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Music stars show off their styles on the red carpet ahead of the Billboard Awards. Red carpet (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KHFXCp | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/21/stars-pose-on-red-carpet-at-billboard-aw?videoId=429042766 |
May 10 (Reuters) - Artesian Resources Corp:
* ARTESIAN RESOURCES CORP - ON MAY 7, 2018, UNIT OF CO ENTERED INTO AN INTEREST RATE LOCK AGREEMENT WITH COBANK, ACB - SEC FILING
* ARTESIAN RESOURCES CORP - COMPANY IS SEEKING TO FINANCE A $12 MILLION PRINCIPAL AMOUNT FIRST MORTGAGE BOND
* ARTESIAN RESOURCES CORP - AGREEMENT ALLOWS FOR A MATURITY PERIOD OF 20 YEARS AND A FIXED INTEREST RATE OF 5.12% PER ANNUM FOR THE BOND
* ARTESIAN RESOURCES-CO AGREES TO PAY TO COBANK, ON DEMAND, BROKEN FUNDING CHARGE IF CO DOES NOT BORROW ENTIRE $12 MILLION ON OR BEFORE SETTLEMENT DATE Source text - bit.ly/2I70J1l Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-artesian-resources-corp-says-on-ma/brief-artesian-resources-corp-says-on-may-7-unit-of-co-entered-into-interest-rate-lock-agreement-with-cobank-acb-idUSFWN1SH1MU |
May 10, 2018 / 8:28 AM / in 14 minutes Shares slide at British retailer Superdry on lower growth forecasts Reuters Staff 2 Min Read
LONDON (Reuters) - Shares in Superdry ( SDRY.L ) tumbled 11 percent on Thursday after the fashion retailer said it expected 2018 full-year gross margins to decline and it gave a weaker than expected revenue forecast for 2019. FILE PHOTO: People leave a Superdry store in central London, Britain July 9, 2015. REUTERS/Paul Hackett - RTX1JR9T/File Photo
The company, whose trademark jackets, hooded tops and jogging bottoms are popular with young people, has come under pressure this year as its stores generated lower revenue and a spell of bad weather in March hit trading.
Larger British clothing retailer Next ( NXT.L ) enjoyed a share bounce on Thursday thanks to an upgrade to its profit forecast after warmer weather in April led to better than expected quarterly sales.
For its part, Superdry said profit before taxation for the year to April 28, 2018 would be in the range of 96.5 million pounds to 97.5 million pounds, up 11.5 percent at the midpoint from last year.
It said gross margins were anticipated to have fallen year-on-year by around 200 basis points, due in part to a push to cut prices to lower the amount of inventory being held.
Group revenue for 2018 was up 16 percent but for the 2019 financial year it said it was targeting “high single-digit statutory revenue growth” as it manages “ongoing challenging conditions in stores”.
Analysts at RBC said the margin guidance was disappointing while the 2019 revenue guidance also represented a cut to the consensus.
“While the consumer environment remains challenging, we are confident that Superdry’s reputation for quality, design detail and strong value for money, underpinned by our continued investment in the business, leaves us well placed,” Chief Executive Euan Sutherland said.
“We remain focused on the growth opportunities ahead and confident in the quality of sustainable earnings growth we can deliver over the long-term.”
Recent British consumer data, surveys and company updates have been downbeat, adding to concerns of slow growth and distress in the retail sector. Reporting by Ana de Liz; Editing by Keith Weir | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-superdry-outlook/shares-slide-at-british-retailer-superdry-on-lower-growth-forecasts-idUKKBN1IB0YN |
Throughout the Week, CNBC Spotlights the 50 Companies that Collectively Have the Potential to Upend Multibillion-Dollar Industries
ENGLEWOOD CLIFFS, N.J., May 22, 2018 −CNBC, First in Business Worldwide, today announced the sixth annual CNBC Disruptor 50 , a ranked list of the most ambitious and innovative companies representing breakthrough ideas from all over the world. This year saw a record number of nominations across every sector of the economy with 981 companies vying for a spot on the CNBC Disruptor 50 list.
CNBC revealed the list across the network's platforms and is featuring special coverage throughout Business Day programming and on CNBC Digital this week. CNBC's Julia Boorstin will lead the network's on-air coverage reporting live from multiple locations around Silicon Valley. Additionally, CNBC will have unprecedented access to the number one Disruptor, SpaceX. CNBC's Morgan Brennan will get an exclusive look inside the aerospace company and speak with President and Chief Operating Officer, Gwynne Shotwell, which will air today, Tuesday, May 22nd, throughout CNBC's Business Day programming.
CNBC.com's special report, CNBC.com/Disruptors , features in-depth profiles of the 50 companies, an explanation of how CNBC chose and ranked the companies on the list and a robust line-up of stories exploring how today's business decision makers and investors can capitalize on disruptive technology trends. CNBC will also track each company's progress throughout the coming year when many of the companies on the list are expected to celebrate initial public offerings.
This year's Disruptor 50 companies have the potential to upend multibillion-dollar industries. Combined, they have raised more than $78 billion in venture capital at an implied valuation of more than $350 billion, according to PitchBook. And, 32 of this year's Disruptor 50 companies have valuations of $1 billion or more. The companies that made the final cut share a common goal of developing revolutionary new technology into lucrative business models to create the next generation of great public companies.
Following are the top ten 2018 CNBC Disruptor 50 companies:
1. SpaceX
2. Uber
3. Airbnb
4. Didi Chuxing
5. Lyft
6. Grab
7. 23andMe
8. Udacity
9. Rent the Runway
10. Coinbase
For more information regarding the CNBC Disruptor 50, including the full list, interviews, in-depth analysis and original digital video, visit CNBC.com/Disruptors .
Follow @CNBCDisruptors on Twitter, and join the conversation using hashtag #Disruptor50.
The CNBC Disruptor 50 was selected by CNBC and CNBC.com editorial staff using a proprietary blend of quantitative and qualitative information submitted by the 981 nominated companies. Disruptor 50 data partners PitchBook and IBISWorld provided additional quantitative input. CNBC's Disruptor 50 Advisory Council, a group of 52 leading thinkers in the field of innovation and entrepreneurship, weighted the quantitative criteria and provided additional analysis of qualitative information.
About CNBC:
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, and CNBC World, CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to more than 409 million homes worldwide, including more than 91 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.
CNBC Digital delivers more than 52 million multi-platform unique visitors each month. CNBC.com provides real-time financial market news and information to CNBC's investor audience. CNBC Make It is a digital destination focused on making you smarter about how you earn, save and spend your money by zeroing in on careers, leadership, entrepreneurship and personal finance.
CNBC has a vast portfolio of digital products across a variety of platforms including: CNBC.com; CNBC PRO, the premium, integrated desktop/mobile service that provides live access to CNBC programming, exclusive video content and global market data and analysis; a suite of CNBC mobile products including the CNBC Apps for iOS, Android and Windows devices; and additional products such as the CNBC App for the Apple Watch and Apple TV.
Members of the media can receive more information about CNBC and its programming on the NBCUniversal Media Village Web site at http://www.nbcumv.com/programming/cnbc .
For more information about NBCUniversal, please visit http://www.NBCUniversal.com . | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/cnbc-unveils-sixth-annual-cnbc-disruptor-50.html |
PARIS, May 14 (Reuters) - Louis Dreyfus:
* New Board members are Marwan Shakarchi and Victor Balli
* Marwan Shakarchi is Chairman of the Board and Chief Executive Officer of MKS (Switzerland) S.A. and of PAMP S.A.
* Victor Balli is a member of the Boards of Directors of Givaudan S.A., CEVA Logistics AG, KWS SAAT SE, and the Swiss Federal Audit Oversight Authority (FAOA)
* Jörg Wolle, who served on the Supervisory Board since 2014, retired from the Board in February 2018
* Louis Dreyfuss supervisory board now consists of Margarita Louis-Dreyfus (Non-Executive Chairperson), Jean-René Angeloglou, Michel Demaré, Mehdi El Glaoui and Andreas Jacobs, in addition to the new members announced today
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-louis-dreyfus-appoints-marwan-shak/brief-louis-dreyfus-appoints-marwan-shakarchi-and-victor-balli-to-board-idUSFWN1SL0ER |
EAGLE, Idaho, May 01, 2018 (GLOBE NEWSWIRE) -- PetIQ, Inc. (“PetIQ” or the “Company”) (Nasdaq:PETQ), a leading pet medication and wellness company, today announced it will report results for the first quarter ended March 31, 2018 on Tuesday, May 15, 2018 after the market close.
The Company will host a conference call with members of the executive management team to discuss these results with additional comments and details. The conference call is scheduled to begin at 4:30 p.m. ET on Tuesday, May 15, 2018. To participate on the live call listeners in North America may dial 877-451-6152 and international listeners may dial 201-389-0879.
In addition, the call will be broadcast live over the Internet hosted at the “Investors” section of the Company's website at www.PetIQ.com and will be archived online. A telephonic playback will be available from 7:30 p.m. ET, May 15, 2018, through June 5, 2018. North American listeners may dial 844-512-2921 and international listeners may dial 412-317-6671 the passcode is 13679610.
About PetIQ
PetIQ is a leading, rapidly growing pet health and wellness company. Through over 40,000 points of distribution across retail and e-commerce channels, PetIQ and VIP Petcare, a wholly-owned subsidiary, have a mission to make pet lives better by educating pet parents on the importance of offering regular, convenient access and affordable choices for pet preventive and wellness veterinary products and services. PetIQ believes that pets are an important part of the family and deserve the best products and care we can give them. For more information, visit www.PetIQ.com .
Contacts:
Investor Relations Contact:
ICR
Katie Turner
646-277-1228
[email protected]
Media Relations Contact:
ICR
Cory Ziskind
646-277-1232
[email protected]
Source:PetIQ, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-petiq-inc-to-report-first-quarter-2018-results-on-tuesday-may-15th.html |
May 21 (Reuters) - Electrocore:
* ELECTROCORE LLC FILES FOR IPO OF UP TO $74.8 MILLION – SEC FILING
* ELECTROCORE SAYS IT INTENDS TO APPLY TO HAVE ITS COMMON STOCK LISTED ON NASDAQ GLOBAL SELECT MARKET UNDER THE SYMBOL “ECOR”
* ELECTROCORE SAYS PIPER JAFFRAY, EVERCORE ISI, JMP SECURITIES ARE AMONG UNDERWRITERS TO IPO
* PROPOSED IPO PRICE IS AN ESTIMATE SOLELY FOR CALCULATING SEC REGISTRATION FEE
* PRIOR TO CLOSING OF OFFERING, ELECTROCORE LLC INTENDS TO CONVERT INTO A DELAWARE CORP, CHANGE ITS NAME TO ELECTROCORE INC Source text: ( bit.ly/2s2N5Bx )
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-electrocore-files-for-ipo-of-up-to/brief-electrocore-files-for-ipo-of-up-to-74-8-mln-idUSEMN3IAEU4 |
Rising interest rates have made this investment attractive again Yields on money market funds are inching toward 2 percent. Nearly a decade ago, the Reserve Primary Fund's share price fell below $1, "breaking the buck" amid the throes of the financial crisis. Advisors: Safety and liquidity — not competitive returns — are the goal of money market funds. CNBC.com
Retirees, rejoice: Rising interest rates are providing a much-needed boost to money market fund yields.
Five years ago, yields on Vanguard's Prime Money Market Fund (VMRXX) were in the neighborhood of 0.06 percent. Today, the yield on this $12.7 billion fund is 1.84 percent. show chapters 10:54 AM ET Thu, 17 May 2018 | 04:23
Meanwhile, one-year certificates of deposit through online banks are touting rates as high as 2.25 percent.
Money market funds are mutual funds that invest in U.S. Treasury bills and commercial paper. They aim to maintain a net asset value of about $1 per share.
You can thank the Federal Reserve's recent move to increase interest rates: The Fed has increased overnight interest rates six times since 2015. Additional rate hikes this year are likely.
That also means conditions are just right for conservative investors who are hoping to squeeze some more yield out of their "safe money."
"They're becoming a lot more attractive now that yields exist in them," said James A. Cox, a financial advisor at Harris Financial Group in Chesterfield, Virginia.
"If rates continue to rise, money market funds will be a compelling story, where you can get close to 2 percent on cash," he said. Overcoming trauma Joshua Hodge Photography | E+ | Getty Images
Sept. 16, 2008, was a flashpoint in the financial crisis for many safety-conscious investors. That was the day that the Reserve Primary Fund "broke the buck," meaning its net asset value fell below $1 per share.
Retail investors who were already spooked by tumbling markets sought to bail from the fund and wound up getting back about 97 cents on the dollar.
Investors turned away from money market funds after the crisis, and low interest rates deterred them from pouring cash back into these supposed safe havens.
For instance, at the end of 2010, money market funds had an annual negative net flow of $359 billion, according to research firm Morningstar.
Net flows were back in positive territory at the end of 2017, at $110.3 billion.
New rules went into effect in 2016, permitting retail and government money market funds to maintain a stable $1 NAV, but requiring institutional funds to have "floating" NAVs like other mutual funds.
The new regulations also allowed fund managers to assess redemption fees or even temporarily suspend redemptions in order to prevent investors from yanking out cash en masse.
"The money market fund turmoil caused all kinds of havoc," said Cox. "It's not impossible for it to happen again, but the risk is significantly reduced." Chasing yield Ariel Skelley | Getty Images Understanding alts and their risks may require more homework than most investors are willing to take on.
Amid low interest rates, investors have turned to short-term bond funds for yields that will beat money markets, but advisors warn against placing money you might need immediately in those investments.
"People buy Treasurys and short-term bonds for better returns but, as we've seen in the first quarter, those can go down," said Benjamin Brandt, founder of Capital City Wealth Management in Bismarck, North Dakota.
As a category, total returns on short-term bond funds were down 0.15 percent year to date through May 25, according to Morningstar .
"Money market funds are more like insurance than they are an investment," Brandt said. "You have ready access to cash that's worth a dollar a share, give or take a bit.
"Its job isn't the return," he added.
Now is a good time for investors, particularly those close to retirement, to take stock of what's in the fixed income portion of their portfolios. Avoid unreasonable risk with your "safe" money.
"Understand the purpose of what you own and why you own it," Brandt said.
More from Personal Finance | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/rising-interest-rates-have-made-this-investment-attractive-again.html |
May 31, 2018 / 9:26 AM / Updated 30 minutes ago FTSE head and shoulders ahead of European stocks in May Kit Rees , Helen Reid 4 Min Read
LONDON (Reuters) - Britain’s top share index ended May as the month’s best-performing major European index, shrugging off worries over a political crisis in Italy as commodities-related stocks rallied. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo
The blue chip FTSE 100 .FTSE index ended the day down 0.2 percent at 7,678.2 points, while mid-caps .FTMC rose 0.1 percent. A fall in financial stocks weighed on the market on the day as Deutsche Bank shares tumbled.
UK stocks were caught up earlier this week in a broader market sell-off as a political crisis deepened in Italy, which has had trouble forming a government since inconclusive elections in March.
The impact on the FTSE has however been limited. The index ended May up 2.2 percent while euro zone stocks .STOXXE fell 2.5 percent over the course of the month. The FTSE 100 and its mid-cap counterpart the FTSE 250 both reached record highs earlier in May.
“A lot of it is due to the fact that (the FTSE) ... is detached from Europe in many ways. Essentially, it’s about the make-up of what the bulk of those large caps on the FTSE do,” Ken Odeluga, market analyst at City Index, said.
Odeluga pointed to the FTSE’s large weighting in energy stocks, which have benefited from a higher oil price, as well as miners.
More broadly, investor sentiment on British stocks has become more optimistic in recent weeks.
Investor confidence in UK assets has grown over the past quarter, with the number of investors looking to decrease their holdings falling to a record low of just 14 percent, State Street’s “Brexometer” survey showed.
“UK equities are well positioned for a late cycle backdrop, given the combination of higher quality and commodities exposure,” said Bank of America Merrill Lynch analysts, adding that valuations and low positioning made it attractive.
On the day, materials stocks gave the biggest boost to the FTSE. Shares in miners Anglo American ( AAL.L ), Randgold Resources ( RRS.L ), BHP Billiton ( BLT.L ) and Evraz ( EVRE.L ) rose 1.2 to 5.8 percent as metals prices were boosted by positive manufacturing data from China, the world’s top metals consumer.
Chemicals group Johnson Matthey ( JMAT.L ) rose 3.4 percent after it declared a 7 percent increase in its final dividend.
Irish building materials group CRH ( CRH.L ) gained 3.2 percent after the firm said it would streamline certain European and American businesses by combining them to try to boost profit margins.
While the FTSE 250 ended the day in positive territory, some sharp single-stock moves marred the picture.
Shares in rail and bus operator FirstGroup ( FGP.L ) sank 19 percent after the company replaced its chief executive, following what its chairman called a disappointing year, and said it was putting its Greyhound bus business in the United States under review.
Retailer Card Factory ( CARDC.L ) saw its shares drop 9.2 percent after weak demand on the British high street hit its quarterly sales.
Marks & Spencer ( MKS.L ) and National Grid ( NG.L ) brought up the rear on the FTSE after the two stocks traded ex-dividend.
M&S was also in focus after avoiding demotion from the FTSE 100 in a quarterly reshuffle of the index that saw online supermarket Ocado ( OCDO.L ) promoted to the UK’s index of biggest companies.
The index rejig, which is based on a company’s market capitalisation, demonstrates the growing dominance of disruptive firms with strong online positions over the traditional high street retailers struggling to keep up in a digital age. Reporting by Kit Rees and Helen Reid; Editing by Mark Potter and Hugh Lawson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-stocks/ftse-leads-major-european-indexes-in-may-idUKKCN1IW11G |
SAN RAMON, Calif.--(BUSINESS WIRE)-- Five9, Inc. (NASDAQ: FIVN) today announced the pricing of $225 million aggregate principal amount of 0.125% convertible senior notes due 2023 (the “notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Act”). The size of the offering was increased from the previously announced $200 million aggregate principal amount of notes. Five9 also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $33.75 million aggregate principal amount of the notes.
The sale of the notes to the initial purchasers is expected to settle on May 8, 2018, subject to customary closing conditions, and is expected to result in approximately $218.1 million in net proceeds to Five9 after deducting the initial purchasers’ discount and estimated offering expenses payable by Five9 (assuming no exercise of the initial purchasers’ option).
The notes will be senior, unsecured obligations of Five9 and interest will be payable semi-annually in arrears on May 1 and November 1 of each year, beginning on November 1, 2018. The notes will mature on May 1, 2023, unless earlier converted, redeemed or repurchased. Five9 may not redeem the notes prior to May 5, 2021; on or after May 5, 2021, Five9 may redeem the notes, at its option and subject to certain conditions, as detailed below.
Five9 expects to use approximately $27.3 million of the net proceeds of the offering of the notes to pay the cost of the capped call transactions described below. The remainder of the net proceeds from the offering will be used to repay outstanding borrowings under Five9’s senior secured credit facility, which currently has an outstanding balance of $32.6 million, and for general corporate purposes.
The initial conversion rate for the notes is 24.4978 shares of common stock per $1,000 principal amount of notes (which is equivalent to an initial conversion price of approximately $40.82 per share). Prior to the close of business on the business day immediately preceding November 1, 2022, the notes will be convertible at the option of the noteholders only upon the satisfaction of specified conditions and during certain periods. Thereafter until the close of business on the second scheduled trading day immediately preceding the maturity date, the notes will be convertible at the option of the noteholders at any time regardless of these conditions. Conversions of the notes will be settled in cash, shares of Five9’s common stock or a combination thereof, at Five9’s election. The initial conversion price represents a premium of approximately 30% to the $31.40 per share closing price of Five9’s common stock on the Nasdaq Global Market on May 3, 2018.
Five9 may redeem all or any portion of the notes, at its option, on or after May 5, 2021, at a redemption price equal to 100% of the principal amount thereof, plus any accrued and unpaid interest if the last reported sale price of Five9’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending not more than two trading days immediately preceding the date on which Five9 provides written notice of redemption.
Holders of notes may require Five9 to repurchase their notes upon the occurrence of certain events that constitute a fundamental change under the indenture governing the notes at a purchase price equal to 100% of the principal amount thereof, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In connection with certain corporate events or if Five9 issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their notes in connection with such corporate event or during the relevant redemption period.
In connection with the pricing of the notes, Five9 entered into capped call transactions with one or more of the initial purchasers or other financial institutions and/or their affiliates (the “hedge counterparties”). The capped call transactions are expected generally to reduce potential dilution to Five9’s common stock upon any conversion of the notes and/or offset any cash payments Five9 is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price. The cap price of the capped call transactions will initially be $62.80 per share, which represents a premium of 100% over the last reported sale price of Five9’s common stock of $31.40 per share on May 3, 2018, and is subject to certain adjustments under the terms of the capped call transactions. If the initial purchasers exercise their option to purchase additional notes, Five9 expects to enter into additional capped call transactions with the hedge counterparties.
Five9 expects that, in connection with establishing their initial hedges of the capped call transactions, the hedge counterparties or their respective affiliates will purchase shares of Five9’s common stock and/or enter into various derivative transactions with respect to Five9’s common stock concurrently with, or shortly after, the pricing of the notes. These activities could increase (or reduce the size of any decrease in) the market price of Five9’s common stock or the notes at that time.
In addition, Five9 expects that the hedge counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivative transactions with respect to Five9’s common stock and/or by purchasing or selling shares of Five9’s common stock or other securities of Five9 in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during any observation period relating to a conversion of the notes). This activity could also cause or avoid an increase or a decrease in the market price of Five9’s common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of the notes, could affect the number of shares and value of the consideration that noteholders will receive upon conversion of the notes.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful. The notes and the shares of common stock issuable upon conversion of the notes, if any, will not be registered under the Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Act and applicable state laws.
Forward-Looking Statements
This news release contains certain forward-looking statements, including statements regarding our proposed offering of the notes and the use of proceeds from the notes offering, that are based on our current expectations and involve numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate. Risks that may cause these forward-looking statements to be inaccurate include, among others: (i) whether we will be able to consummate the offering, (ii) the satisfaction of customary closing conditions with respect to the offering of the notes, (iii) prevailing market conditions, (iv) the anticipated use of net proceeds of the offering of the notes which could change as a result of market conditions or for other reasons, (v) whether the capped call transactions will become effective, (vi) the impact of general economic, industry or political conditions in the United States or internationally; and (vii) the other risks detailed from time-to-time under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission filings and reports, including, but not limited to, our most recent quarterly report on Form 10-Q. Such forward-looking statements speak only as of the date hereof and readers should not unduly rely on such statements. We undertake no obligation to update the information contained in this press release, including in any forward-looking statements.
About Five9
Five9 is a leading provider of cloud contact center software for the digital enterprise, bringing the power of cloud innovation to customers and facilitating more than three billion customer interactions annually. Five9 provides end-to-end solutions with omnichannel routing, analytics, WFO, and AI to increase agent productivity and deliver tangible business results. The Five9 platform is reliable, secure, compliant, and scalable; designed to create exceptional personalized customer experiences.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006840/en/
Investor Relations Contacts:
Five9, Inc.
Barry Zwarenstein, 925-201-2000 ext. 5959
Chief Financial Officer
[email protected]
or
The Blueshirt Group for Five9, Inc.
Lisa Laukkanen, 415-217-4967
[email protected]
Source: Five9, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-five9-inc-announces-pricing-of-225-million-convertible-notes-offering.html |
BOGOTA (Thomson Reuters Foundation) - Colombian lawmakers asked the Americas’ top human rights commission to call on their government to protect 445 at-risk activists on Wednesday, as murders rise despite a peace accord.
Three lawmakers filed the petition before the Washington-based Inter-American Commission on Human Rights (IACHR), which can require governments to protect activists in the firing line, for example, with bodyguards and bullet-proof vests.
“An early warning issued by the Ombudsman’s Office in February this year shows how high levels of impunity persist without significant progress in identifying the ... intellectual perpetrators,” said Ivan Cepeda, one of the lawmakers.
His Wednesday statement referred to growing concerns about soaring violence against activists by Colombia’s human rights watchdog who also raised the alarm, saying that killings were going on unabated across the country.
Colombia and the Revolutionary Armed Forces of Colombia (FARC) signed a peace accord in late 2016, ending a half a century of civil war.
But 222 human rights leaders, including land and environmental activists, have since been gunned down in Colombia, Cepeda said. Two community leaders were killed this week, according to local media reports.
The government has said it is stepping up efforts to punish those responsible and is sending more state prosecutors to Colombia’s south and Pacific regions - former FARC rebel strongholds - to investigate killings.
The IACHR, which monitors human rights across the Americas, and is part of the Organization of American States, has granted dozens of precautionary measures in recent years, including to at-risk activists in Colombia.
Activists have been particularly at risk in regions that were vacated by rebel fighters following the peace accord, leaving a power vacuum that crime gangs have sought to fill, the United Nations (U.N.) human rights office in Colombia has said.
Local groups say community leaders who speak out against abuses and land rights campaigners are targeted by organized crime groups who believe they threaten their economic interests.
The petition also asked the IACHR to appoint experts to monitor the dangers faced by activists and that crimes are investigated properly.
The U.N. in March reiterated its concern about the dangers activists face, as 121 human rights defenders were killed in Colombia last year and hundreds more attacked, the majority in areas formerly held by FARC rebels.
Colombian authorities have handed down at least 15 convictions since 2015, including five last year, for crimes against rights defenders.
Reporting by Anastasia Moloney @anastasiabogota, Editing by Katy Migiro. 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
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-colombia-rights-murders/colombia-lawmakers-ask-americas-rights-body-to-protect-hundreds-of-at-risk-activists-idUSKBN1I42GE |
Three Morrison & Foerster associates in California hit the firm with a $100 million gender bias lawsuit on Monday accusing the firm of systematically discriminating against pregnant women and mothers in pay and promotions.
The unnamed plaintiffs, represented by Sanford Heisler Sharp, alleged in their lawsuit filed in San Francisco federal court that the firm, sometimes known as MoFo, relegates female attorneys who become pregnant, have children and take maternity leave to the “mommy track,” denying them opportunities for advancement and higher pay.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2KmsDUp
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-employment-discrimination/morrison-foerster-hit-with-100-mln-gender-and-pregnancy-bias-lawsuit-idUSL1N1S8024 |
May 10 (Reuters) - Sprott Resource Holdings Inc:
* Q1 LOSS PER SHARE $0.01 * QTRLY REVENUE $6 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sprott-resource-holdings-reports-q/brief-sprott-resource-holdings-reports-q1-loss-per-share-of-0-01-idUSASC0A1CK |
May 30, 2018 / 9:55 PM / Updated 19 hours ago Film producer Weinstein indicted for rape: New York prosecutor Reuters Staff 3 Min Read
NEW YORK (Reuters) - Movie producer Harvey Weinstein was indicted on Wednesday on charges of rape and a criminal sexual act, Manhattan District Attorney Cyrus Vance said, the first case to emerge from a slew of sexual misconduct allegations against him. Film producer Harvey Weinstein arrives at Manhattan Criminal Court in New York, U.S., May 25, 2018. REUTERS/Shannon Stapleton
“This indictment brings the defendant another step closer to accountability for the crimes of violence with which he is now charged,” Vance said in a statement on the charges against the disgraced 66-year-old co-founder of the Miramax film studio and the Weinstein Co.
The grand jury indictment follows his arrest and court appearance last Friday on charges related to two among about 70 women who have accused him of sexual misconduct, all of which Weinstein has denied.
Vance’s statement said Weinstein was charged with rape in the first and third degrees and a criminal sexual act in the first degree.
Ben Brafman, the head of Weinstein’s legal team, said his client would plead not guilty and defend himself against the charges.
If convicted on the most serious charges, Weinstein could face between five and 25 years in prison.
Earlier on Wednesday, Weinstein declined to testify before the grand jury after a judge denied a request by his lawyers to postpone the appearance. Brafman had argued Weinstein was denied access to information about the case and lacked preparation time.
“Mr. Weinstein intends to enter a plea of not guilty and vigorously defend against these unsupported allegations that he strongly denies,” Brafman said in a statement after the indictment.
“We will soon formally move to dismiss the indictment and if this case actually proceeds to trial, we expect Mr. Weinstein to be acquitted.”
The grand jury indictment spares the prosecution the step of having to go before a judge to demonstrate there is enough evidence to bring Weinstein to trial.
The indictment follows a months-long investigation with the New York Police Department. Police have not identified the two women, but said the crimes took place in 2004 and 2013.
Weinstein remains out on $1 million cash bail ordered by a judge last Friday. Weinstein surrendered his U.S. passport and agreed to wear a monitoring device that tracks his location, confining him to the states of New York and Connecticut.
Some of the allegations date back decades. Weinstein has denied ever having nonconsensual sex.
The accusations, first reported last year by the New York Times and the New Yorker, gave rise to the #MeToo movement, in which hundreds of women have publicly accused powerful men in business, government and entertainment of sexual misconduct.
Actresses who have publicly accused Weinstein of sexual misconduct include Uma Thurman, Ashley Judd, Rose McGowan and Salma Hayek. Reporting by Jonathan Stempel in New York; Writing by Eric Kelsey in Los Angeles; editing by Bill Tarrant and Grant McCool | ashraq/financial-news-articles | https://in.reuters.com/article/people-harvey-weinstein/film-producer-harvey-weinstein-indicted-for-rape-manhattan-prosecutor-idINKCN1IV2VG |
BERLIN (Reuters) - Germany has reached agreement with the European Commission in a dispute over levies for power plants operated by companies, including BASF, which provide electricity for their own use, Economy Minister Peter Altmaier said on Tuesday.
Under the agreement, new power plants with a capacity of less than 1 megawatt and more than 10 megawatts would pay 40 percent of the renewable energy surcharge, he said.
Other new plants would pay 40 percent of the surcharge as long as they run for less than 3,500 hours per year and they would pay the whole surcharge if they run for more than 7,000 hours.
Germany had wanted to make such power plants built after 2014 pay just 40 percent of the renewable energy surcharge but that hit resistance from the Commission.
Reporting by Markus Wacket; Writing by Madeline Chambers
| ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-eu-power/germany-says-agreed-with-brussels-on-power-plant-levies-idUSKBN1I91LS |
Hawaiian volcano threatens another major eruption 7:23pm BST - 01:50
New fissures opened on Hawaii's Kilauea volcano, spewing lava as the U.S. Geological Survey warned more outbreaks are likely.
New fissures opened on Hawaii's Kilauea volcano, spewing lava as the U.S. Geological Survey warned more outbreaks are likely. //reut.rs/2KV79OG | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/13/hawaiian-volcano-threatens-another-major?videoId=426596373 |
BRUSSELS—The European Union unveiled an upbeat economic outlook for the eurozone Thursday, but warned of rising risks from President Donald Trump’s protectionist trade policies and of the U.S. economy overheating.
As the currency union enjoys its strongest growth in a decade after years of crisis, the EU’s potential trade war with the U.S. over steel and aluminum tariffs is weighing on what some officials and analysts have called the “euroboom.”
... | ashraq/financial-news-articles | https://www.wsj.com/articles/surprise-fall-in-eurozone-inflation-poses-challenge-for-central-bankers-1525339480 |
BEIJING (Reuters) - China’s Premier Li Keqiang said on Wednesday that concerned parties should seize the opportunity to promote denuclearization of the Korean Peninsula, the official Xinhua news agency said.
Chinese Premier Li Keqiang attends at their trilateral summit with Japan's Prime Minister Shinzo Abe and South Korea's President Moon Jae-in (not in picture) at Akasaka Palace state guest house in Tokyo, Japan May 9, 2018. REUTERS/Kim Kyung-Hoon/Pool Xinhua said Li made the remarks during a trilateral meeting in Tokyo with Japanese Prime Minister Shinzo Abe and South Korean President Moon Jae-in.
Reporting by Beijing Monitoring Desk; Editing by Darren Schuettler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-china-li/china-premier-says-parties-should-seize-chance-to-denuclearize-korean-peninsula-xinhua-idUSKBN1IA09G |
May 11 (Reuters) - Indian non-banking finance firm Indostar Capital Finance Ltd’s initial public offering (IPO) of shares to raise 18.44 billion rupees ($274.01 million) was subscribed more than six times, according to the latest data on Friday, the last day of the sale.
Investors bid for about 151.9 million shares, or 6.73 times the 22.6 million shares on offer, data as of 1230 GMT showed here .
Indostar Capital was selling new shares to raise 7 billion rupees, while its shareholders were selling 20 million shares.
Anchor investors have already subscribed to 5.53 billion rupees worth of shares as part of the sale.
JM Financial, Kotak Mahindra Capital, Morgan Stanley India Co, Motilal Oswal Investment Advisors Ltd and Nomura Financial Advisory and Securities (India) are managing the IPO.
$1 = 67.2975 Indian rupees Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Sunil Nair
| ashraq/financial-news-articles | https://www.reuters.com/article/indostar-capital-ipo/indias-indostar-capital-finances-274-mln-ipo-subscribed-over-6-times-idUSL3N1SI3LF |
May 2 (Reuters) - Hillenbrand Inc:
* Q2 GAAP LOSS PER SHARE $0.34 * QUARTER-END ORDER BACKLOG OF $753 MILLION GREW 35% OVER PRIOR YEAR
* FY2018 EARNINGS PER SHARE VIEW $2.37 — THOMSON REUTERS I/B/E/S
* Q2 EARNINGS PER SHARE VIEW $0.64 — THOMSON REUTERS I/B/E/S
* QTRLY EPS REFLECTS NON-CASH CHARGES OF $63 MILLION, OR $0.98 PER SHARE, FOR GOODWILL AND TRADE NAME IMPAIRMENTS
* Q2 REVENUE VIEW $434.8 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hillenbrand-q2-revenue-rose-14-per/brief-hillenbrand-q2-revenue-rose-14-percent-to-452-million-idUSASC09Z83 |
May 25, 2018 / 11:03 AM / Updated 2 hours ago Swimming - Swimmer bids to become first to cross Pacific, raising awareness of plastic pollution Jack Tarrant 4 Min Read
YOKOHAMA, Japan (Reuters) - When Ben Lecomte stepped onto land for the first time after swimming across the Atlantic Ocean in 1998, he told himself ‘never again’.
Yet, 20 years on, Lecomte is attempting an even more daunting challenge as he looks to become the first person to swim across the Pacific Ocean, covering 9,100 kilometres.
On Tuesday, Lecomte and his nine-person support team will set out from Tokyo on an epic expedition expected to last more than six months and see the Frenchman arrive in San Francisco.
“I knew it was something that was part of me and my identity,” Lecomte told Reuters as his team undertook the final preparations to the support yacht in Yokohama’s Bayside Marina on Friday.
“The way I look at it is as a way to express myself.
“It didn’t happen very soon after the Atlantic (swim) because I got married, I had children, so I put that aside. But I knew I was going to come back to that project eventually.”
The 50-year-old’s plan is to swim for eight hours a day, as well as consume over 8,000 calories, as he undertakes an extraordinary journey that is part-adventure and part-scientific experiment.
Much of Lecomte's backing comes from scientific publisher Seeker.com www.seeker.com , who will be providing daily updates on his progress as well as promoting research on the data collected by the support team.
More than 27 different scientific organizations, some medical and some oceanographic, will be benefiting from the data gathered during the expedition.
Much of the research will focus on plastic pollution in the Pacific Ocean, specifically the build-up of ‘plastic smog’ containing billions of pieces of microplastic.
There is increasing concern among scientists about the effect of pervasive plastic pollution on marine ecosystems.
In particular, they are worried about microplastic particles, bits measuring no more than two-tenths of an inch (5 mm), which come from large plastic trash that has fragmented into smaller pieces or microbeads in products like facial soap, body wash and toothpaste.
For Lecomte, raising awareness of these issues is more important than setting any record.
“I remember my father and he was the one who taught me how to swim in the Atlantic. I remember times when we would go on the beach and walk and never see any plastic. Now, everywhere I go, on the beach I see plastic everywhere,” said Lecomte.
“If we are all aware of it then after it is much easier to take action and to change our behaviour because the solution is in our hands. We know what we have to do.” MENTAL BATTLE
The Frenchman, whose Atlantic crossing was never ratified by Guinness World Records because it cannot be fully verified that he resumed his swims in the exact point he stopped them the day before, believes the mental battle will be tougher than the physical endurance.
“It is mind over matter,” said Lecomte, who is also an architectural consultant based in Austin, Texas when not in the water.
“To do the physical aspect of it, sure it is difficult and all that but what is much more difficult is to be in that very hostile environment, to do that days in and days out, to push you and to push your limits, then the mind has to be super strong.”
To overcome this, Lecomte will make a strict plan for what he will think about for eight hours in the water each day.
“The worst thing that can happen is not knowing what you are going to do with your mind and going to the wrong place,” he said.
As well as mental challenges, Lecomte will have to endure turbulent and unpredictable weather, potentially freezing cold water, as well as sharks and jellyfish.
However, right now, Lecomte just wants to get started.
“I am a little bit like a tiger in a cage, ready to go.” Reporting by Jack Tarrant; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-swimming-japan-pacific/swimming-swimmer-bids-to-become-first-to-cross-pacific-raising-awareness-of-plastic-pollution-idUKKCN1IQ1E7 |
May 30, 2018 / 3:28 PM / Updated 20 minutes ago GLOBAL MARKETS-Stocks rebound as Italian risk fades slightly Reuters Staff
* World stocks rebound after Italy-driven selloff
* Italian bonds, stocks bounce on hope vote may be averted
* Euro off 10-month lows vs dollar; bounces vs yen, franc (Updates to U.S. morning trading)
By Trevor Hunnicutt
NEW YORK, May 30 (Reuters) - Hopes that Italy might avoid a potentially damaging general election lifted European markets on Wednesday, bringing Italian bond yields off multi-year highs and dampening some of the recent buying interest for German and U.S. government bonds.
World stocks gained 0.38 percent, and European shares made tentative gains after falling almost 4 percent in the past five days. Wall Street opened higher.
The Dow Jones Industrial Average rose 199.21 points, or 0.82 percent, to 24,560.66, the S&P 500 gained 25.37 points, or 0.94 percent, to 2,715.23 and the Nasdaq Composite added 60.50 points, or 0.82 percent, to 7,457.09.
The recovery was partly driven by news that Italy’s two anti-establishment parties were renewing efforts to form a government, rather than force the country to the polls for the second time this year.
Another positive was a smooth auction of Italian debt that raised 5.57 billion euros, easing concerns about Rome’s ability to finance itself.
“(The auction) clearly indicates that investors still have faith in the Italian economy, if not the government,” said Seema Shah, global investment strategist at Principal Global Investors. But she warned that political uncertainty would remain elevated.
Japan’s biggest private life insurance firm, Nippon Life, which holds some 4.8 trillion yen ($44 billion) worth of euro zone bonds, said it had no plans for now to buy or sell its Italian debt holdings.
Milan-listed equities snapped a five-day losing streak and bounced almost 2 percent while short-dated Italian bond yields - a sensitive gauge of political risk - fell more than half a percent from half-decade highs.
They had suffered their worst day in nearly 26 years on Tuesday. Ten-year Italian yields slipped 0.18 percentage points.
The risk for investors is that eurosceptic political parties are further boosted, with any election viewed as a de facto referendum on Italy’s euro membership. The events have evoked memories of the 2011-2012 euro debt crisis, with potentially huge implications for the single currency.
The risks had sent investors scurrying for safer German and U.S. government bonds as well as currencies such as the yen and Swiss franc, at the expense of the euro.
That safe-haven trend receded on Wednesday, with the euro bouncing nearly one percent versus the dollar and recouping all its Tuesday losses, which had taken it down to 10-month lows . It also rose against the Swiss franc and yen respectively.
“The political problems in Italy heighten the risk of a systematic problem within the euro zone and within the euro zone financial system, but that is still a risk rather than a probability,” said Laith Khalaf, senior analyst at Hargreaves Lansdown.
The improved mood encouraged investors to sell U.S. and German bonds, reversing some of the 0.15-0.20 percentage point yield rises seen on Tuesday. Benchmark 10-year notes last fell 19/32 in price to yield 2.835 percent, from 2.768 percent late on Tuesday. The German bund benchmark last fell 19/32 in price to yield 0.337 percent.
Most investors remain cautious though, with Goldman Sachs cutting its forecast for the euro’s exchange rate against the dollar due to Italian political developments. It said it now expected the euro to trade at $1.25 in 12 months’ time versus its previous $1.30 prediction.
With brewing trade conflicts, world growth is another concern. The Organisation for Economic Cooperation and Development warned in its latest report that a trade war was threatening the growth outlook.
That is likely to weigh especially hard on the developing world - emerging equities were down more than one percent to 5-1/2 month lows while Shanghai shares dropped 1.4 percent.
Emerging markets are also suffering from the dollar’s surge since mid-April, with Indonesia raising interest rates for the second time in two weeks to support the rupiah currency.
“Italian politics mask the underlying growing risks of a U.S.-China trade war,” ING Bank analysts told clients. Reporting by Trevor Hunnicutt Additional reporting by Sujata Rao in London, Tomo Uetake and Hideyuki Sano in Tokyo and Swati Pandey in Sydney Editing by Nick Zieminski | ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-stocks-rebound-as-italian-risk-fades-slightly-idUSL5N1T15YP |
May 24, 2018 / 8:54 AM / Updated 2 hours ago Investor Elliott's stake raises pressure on Thyssenkrupp CEO Christoph Steitz , Victoria Bryan 3 Min Read
FRANKFURT/BERLIN (Reuters) - Activist hedge fund Elliott said on Thursday it would step up pressure on Thyssenkrupp’s ( TKAG.DE ) leadership to revive the German industrial conglomerate’s fortunes, confirming it had taken a stake of less than 3 percent. FILE PHOTO: The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company's annual news conference in Essen, Germany, November 24, 2016. REUTERS/Wolfgang Rattay/File Photo
The stake increases the influence of interventionist investors on the group, which already counts Sweden’s Cevian as its second-largest shareholder. Cevian has called for a broad strategic review of the sprawling elevators-to-submarines group.
“Elliott believes Thyssenkrupp has significant scope for operational improvement which would benefit all stakeholders,” Elliott said in a brief statement, adding it would soon seek to start a constructive dialogue with the group’s boards.
Those talks will reveal Elliott’s desire for far-reaching changes at the conglomerate, whose shares have fallen more than a fifth since CEO Heinrich Hiesinger took the job in 2011. The STOXX Europe 600 Industrial Goods & Services Index .SXNP has risen more than two thirds over the same period.
Investors have become more vocal in criticizing management for being too slow in selling a legacy steel business into a joint venture with Tata Steel ( TISC.NS ), a move aimed at revealing the value of Thyssenkrupp’s higher-tech businesses.
Elliott did not disclose the exact size of its stake, only saying that, as of Thursday, it did not exceed any thresholds forcing it to reveal it. Under German capital market rules, the first such threshold is 3 percent.
The move puts Hiesinger under pressure to launch a more radical overhaul, which some shareholders have suggested might be difficult to deliver under the existing management, or break up the firm, an idea he has resisted in the past with the backing of Supervisory Board Chairman Ulrich Lehner.
The chief executive is due to outline refinements to his existing strategy in a few weeks.
Thyssenkrupp declined to comment.
Shares in Thyssenkrupp traded 1.6 percent higher at 0849 GMT. They had posted their biggest single-day gain in almost a decade earlier this week when news about Elliott’s stake first emerged.
The investment is also in line with a pickup in the U.S. hedge fund’s activity in Europe this year, with sources saying Elliott sees a chance in a region where activist funds are usually less present.
A day earlier, Elliott, led by Paul Singer, raised its stake in German energy group Uniper ( UN01.DE ) to 8.03 percent, ahead of a shareholder meeting where it is trying to appoint a special auditor to investigate management. Additional reporting by Tom Kaeckenhoff; Editing by Caroline Copley and Edmund Blair | ashraq/financial-news-articles | https://www.reuters.com/article/us-thyssenkrupp-elliott/investor-elliotts-stake-raises-pressure-on-thyssenkrupp-ceo-idUSKCN1IP18B |
Becoming a millionaire isn't the challenge it once was . In fact, you may already be on track to reach seven figures by age 67 .
But what if you want to speed up the process and reach that milestone in the next 10 years? It could be possible, if you're willing to work for it — and put away more each month than many Americans have in a financial account, total .
Using CNN Money's millionaire calculator , CNBC Make It found how much you'd have to save each month to become a millionaire by 2028.
Assuming that you're starting with no savings and earning a six percent annual rate of return, you'd have to invest $6,000 a month to become a millionaire by July 2028.
If you already have $10,000 saved up, it won't make much difference. You'll still need to put away $6,000 a month, but you'll reach millionaire status by May of that year.
Even a full $50,000 in savings doesn't change things too much: You'd still have to put away $5,500 per month until June 2028 to become a millionaire.
Try out the calculator yourself here.
These differences speak to the power of compound interest , the process by which any interest earned accrues interest on itself, and a little money invested now can amount to a lot of money later. Letting your money compound for 10 years won't create the same returns as letting it sit for 30 or 40.
show chapters Self-made millionaires agree: This book can make you rich 7:59 AM ET Thu, 8 March 2018 | 01:03 Of course, saving hundreds or thousands a month is an ambitious goal. Even $6,000 a year is more than most Americans can manage . But getting into the habit of saving any amount will be great for you in the long run.
Here are a few simple, low-stress ways to start investing:
Sign up for your employer's 401(k) plan and take full advantage of any company match, which essentially gives you free money Contribute to a Roth IRA or traditional IRA, an individual retirement account that offers tax breaks Use micro-investing apps such as Acorns , which help you begin by investing small amounts of what it calls your "spare change." The app rounds up your purchases to the nearest dollar and automatically puts your coins to work Try other apps that aim to make investing simple Consider automated investing services known as robo-advisors that can help you out no matter how much you have in the bank Research low-cost index funds , which Warren Buffett recommends This is an updated version of a previously published article .
Don't miss:
Warren Buffett and Bill Gates agree this is one of the best books out right now Here's how much money you need to save each month to become a millionaire in 20 years Here's why Warren Buffett says that he and Charlie Munger are successful Like this story? Like CNBC Make It on Facebook !
show chapters Personal finance expert David Bach's formula for becoming a millionaire 10:53 AM ET Wed, 24 Jan 2018 | 01:00 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/how-much-you-need-to-save-each-month-to-be-a-millionaire-in-10-years.html |
ATLANTA, Veritiv Corporation (NYSE: VRTV), a North American leader in business-to-business distribution solutions, today announced financial results for the first quarter ended March 31, 2018.
"We are off to a good start in 2018," said Mary Laschinger, Chairman and CEO of Veritiv Corporation. "Looking ahead, we expect growth in Packaging and Facility Solutions to offset the secular challenges being experienced in our Print and Publishing segments, keeping us on target for our 2018 commitments."
For the three months ended March 31, 2018, compared to the three months ended March 31, 2017:
Net sales were $2.1 billion, an increase of 5.3% from the prior year. Net sales increased 4.9% from the prior year, excluding the positive effect of foreign currency (0.4%) in the first quarter of 2018. Net loss was $(15.8) million, compared to net loss of $(2.2) million in the prior year. Net integration, acquisition and restructuring charges were $20.2 million in the first quarter of 2018 and $10.5 million in the prior year. Basic and diluted loss per share were $(1.00) compared to $(0.14) in the prior year. Adjusted EBITDA was $29.7 million, a decrease of 0.3% from the prior year. Adjusted EBITDA as a percentage of net sales was 1.4%, a decrease of 10 basis points from the prior year.
"We recently completed our third multi-state operating system conversion, and it has been, like the others, a smooth transition. Overall, our operating system conversions remain on track to be substantially complete by the end of 2018," said Stephen Smith, Senior Vice President and Chief Financial Officer of Veritiv Corporation.
Veritiv Corporation will host a live conference call and webcast today, May 8, 2018, at 10 a.m. (ET) to discuss its first quarter financial results. To participate, callers within the U.S. and Canada can dial (833) 241-7249, and international callers can dial (647) 689-4213, both using conference ID number 1598511. Interested parties can also listen online at ir.veritivcorp.com . A replay of the call and webcast will be available online for a limited period of time at ir.veritivcorp.com shortly after the live webcast is completed.
Important information regarding U.S. generally accepted accounting principles ("U.S. GAAP") and related reconciliations of non-GAAP financial measures to the most comparable U.S. GAAP measures can be found in the schedules to this press release, which should be thoroughly reviewed.
About Veritiv
Veritiv Corporation (NYSE: VRTV), headquartered in Atlanta and a Fortune 500® company, is a leading North American business-to-business distributor of packaging, facility solutions, print and publishing products and services; and also a provider of logistics and supply chain management solutions. Serving customers in a wide range of industries, the Company has approximately 170 operating distribution centers throughout the U.S., Canada and Mexico, and employs approximately 8,900 team members that help shape the success of its customers. For more information about Veritiv and its business segments visit www.veritivcorp.com .
Safe Harbor Provision
Certain statements contained in this press release regarding Veritiv Corporation's (the "Company") future operating results, performance, business plans, prospects, guidance and any other statements not constituting historical fact are "forward-looking statements" subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Where possible, the words "believe," "expect," "anticipate," "continue," "intend," "should," "will," "would," "planned," "estimated," "potential," "goal," "outlook," "may," "predicts," "could," or the negative of such terms, or other comparable expressions, as they relate to the Company or its business, have been used to identify such forward-looking statements. All forward-looking statements reflect only the Company's current beliefs and assumptions with respect to future operating results, performance, business plans, prospects, guidance and other matters, and are based on information currently available to the Company. Accordingly, the statements are subject to significant risks, uncertainties and contingencies, which could cause the Company's actual operating results, performance, business plans, prospects or guidance to differ materially from those expressed in, or implied by, these statements.
Factors that could cause actual results to differ materially from current expectations include risks and other factors described under "Risk Factors" in our Annual Report on Form 10-K and elsewhere in the Company's publicly available reports filed with the Securities and Exchange Commission ("SEC"), which contain a discussion of various factors that may affect the Company's business or financial results. Such risks and other factors, which in some instances are beyond the Company's control, include: the industry-wide decline in demand for paper and related products; increased competition from existing and non-traditional sources; adverse developments in general business and economic conditions as well as conditions in the global capital and credit markets; foreign currency fluctuations; our ability to attract, train and retain highly qualified employees; the effects of work stoppages, union negotiations and labor disputes; the loss of any of our significant customers; changes in business conditions in our international operations; procurement and other risks in obtaining packaging, paper and facility products from our suppliers for resale to our customers; changes in prices for raw materials; fuel cost increases; inclement weather, anti-terrorism measures and other disruptions to the transportation network; our dependence on a variety of IT and telecommunications systems and the Internet; our reliance on third-party vendors for various services; cyber-security risks; costs to comply with laws, rules and regulations, including environmental, health and safety laws, and to satisfy any liability or obligation imposed under such laws; regulatory changes and judicial rulings impacting our business; adverse results from litigation, governmental investigations or audits, or tax-related proceedings or audits; our inability to renew existing leases on acceptable terms, negotiate rent decreases or concessions and identify affordable real estate; our ability to adequately protect our material intellectual property and other proprietary rights, or to defend successfully against intellectual property infringement claims by third parties; our pension and health care costs and participation in multi-employer pension, health and welfare plans; increasing interest rates; our ability to generate sufficient cash to service our debt; our ability to comply with the covenants contained in our debt agreements; our ability to refinance or restructure our debt on reasonable terms and conditions as might be necessary from time to time; changes in accounting standards and methodologies; our ability to realize the full benefit of the anticipated synergies, cost savings and growth opportunities from the merger transaction and our ability to integrate the xpedx business with the Unisource business; the possibility of incurring expenditures in excess of those currently budgeted in connection with the integration; and other events of which we are presently unaware or that we currently deem immaterial that may result in unexpected adverse operating results. The Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet service providers. This press release is being furnished to the SEC through a Form 8-K. The Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2018 to be filed with the SEC may contain updates to the information included in this release.
Financial Statements
VERITIV CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data, unaudited)
Three Months Ended
March 31,
2018
2017
Net sales
$
2,101.0
$
1,994.6
Cost of products sold (exclusive of depreciation and
amortization shown separately below)
1,729.5
1,629.3
Distribution expenses
133.1
126.2
Selling and administrative expenses
222.7
212.3
Depreciation and amortization
14.4
13.1
Integration and acquisition expenses
8.3
6.4
Restructuring charges, net
11.9
4.1
Operating (loss) income
(18.9)
3.2
Interest expense, net
9.3
6.4
Other (income) expense, net
(10.5)
0.4
Loss before income taxes
(17.7)
(3.6)
Income tax benefit
(1.9)
(1.4)
Net loss
$
(15.8)
$
(2.2)
Loss per share:
Basic and diluted
$
(1.00)
$
(0.14)
Weighted average shares outstanding:
Basic and diluted
15.76
15.69
VERITIV CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions, except par value, unaudited)
March 31, 2018
December 31, 2017
Assets
Current assets:
Cash
$
70.8
$
80.3
Accounts receivable, less allowances of $47.6 and $44.0, respectively
1,165.5
1,174.3
Related party receivable
3.8
3.3
Inventories
711.1
722.7
Other current assets
141.9
133.5
Total current assets
2,093.1
2,114.1
Property and equipment (net of depreciation and amortization of $325.3
and $314.6, respectively)
354.2
340.2
Goodwill
99.6
99.6
Other intangibles, net
62.2
64.1
Deferred income tax assets
61.8
59.6
Other non-current assets
30.0
30.8
Total assets
$
2,700.9
$
2,708.4
Liabilities and shareholders' equity
Current liabilities:
Accounts payable
$
659.4
$
680.1
Related party payable
7.6
8.5
Accrued payroll and benefits
49.7
73.5
Other accrued liabilities
135.8
134.6
Current maturities of long-term debt
5.5
2.9
Financing obligations, current portion (including obligations to related
party of $3.4 and $7.1, respectively)
4.0
7.8
Total current liabilities
862.0
907.4
Long-term debt, net of current maturities
974.9
908.3
Financing obligations, less current portion (including obligations to related
party of $149.3 and $155.2, respectively)
174.9
181.6
Defined benefit pension obligations
22.8
24.4
Other non-current liabilities
128.6
137.0
Total liabilities
2,163.2
2,158.7
Commitments and contingencies
Shareholders' equity:
Preferred stock, $0.01 par value, 10.0 million shares authorized, none
issued
—
—
Common stock, $0.01 par value, 100.0 million shares authorized; shares
issued - 16.1 million at March 31, 2018 and 16.0 million at December
31, 2017; shares outstanding - 15.8 million at March 31, 2018 and
15.7 million at December 31, 2017
0.2
0.2
Additional paid-in capital
594.0
590.2
Accumulated (deficit) earnings
(8.6)
6.4
Accumulated other comprehensive loss
(34.3)
(33.5)
Treasury stock at cost - 0.3 million shares at March 31, 2018 and December 31, 2017
(13.6)
(13.6)
Total shareholders' equity
537.7
549.7
Total liabilities and shareholders' equity
$
2,700.9
$
2,708.4
VERITIV CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions, unaudited)
Three Months Ended March 31,
2018
2017
Operating activities
Net loss
$
(15.8)
$
(2.2)
Depreciation and amortization
14.4
13.1
Amortization of deferred financing fees
0.7
0.6
Net (gains) losses on dispositions of property and equipment
(0.1)
0.5
Long-lived asset impairment charges
—
0.7
Provision for allowance for doubtful accounts
3.6
0.6
Deferred income tax (benefit)
(2.5)
(2.1)
Stock-based compensation
5.6
3.7
Other non-cash items, net
(8.5)
(0.3)
Changes in operating assets and liabilities
Accounts receivable and related party receivable
4.3
11.8
Inventories
10.3
(15.6)
Other current assets
(9.3)
(0.9)
Accounts payable and related party payable
(11.3)
(25.9)
Accrued payroll and benefits
(23.8)
(16.9)
Other accrued liabilities
12.9
(5.5)
Other
(2.2)
(2.4)
Net cash used for operating activities
(21.7)
(40.8)
Investing activities
Property and equipment additions
(9.6)
(11.4)
Proceeds from asset sales
0.0
2.0
Net cash used for investing activities
(9.6)
(9.4)
Financing activities
Change in book overdrafts
(10.0)
(24.2)
Borrowings of long-term debt
1,295.6
1,200.9
Repayments of long-term debt
(1,246.8)
(1,131.3)
Payments under equipment capital lease obligations
(1.6)
(0.7)
Payments under financing obligations (including obligations
to related party of $3.8 and $3.6 respectively)
(4.0)
(3.6)
Payments under Tax Receivable Agreement
(9.9)
(8.5)
Other
(2.0)
—
Net cash provided by financing activities
21.3
32.6
Effect of exchange rate changes on cash
0.5
0.4
Net change in cash
(9.5)
(17.2)
Cash at beginning of period
80.3
69.6
Cash at end of period
$
70.8
$
52.4
Supplemental cash flow information
Cash paid for income taxes, net of refunds
$
1.0
$
1.3
Cash paid for interest
8.4
5.6
Non-cash investing and financing activities
Non-cash additions to property and equipment
$
23.5
$
6.8
Non-GAAP Measures
We supplement our financial information prepared in accordance with U.S. GAAP with certain non-GAAP measures including Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, restructuring charges, net, integration and acquisition expenses and other similar charges including any severance costs, costs associated with warehouse and office openings or closings, consolidation, and relocation and other business optimization expenses, stock-based compensation expense, changes in the LIFO reserve, non-restructuring asset impairment charges, non-restructuring severance charges, non-restructuring pension charges, net, fair value adjustments related to contingent liabilities assumed in mergers and acquisitions and certain other adjustments) because we believe investors commonly use Adjusted EBITDA as a key financial metric for valuing companies. In addition, the credit agreement governing our asset-based lending facility permits us to exclude the foregoing and other charges in calculating "Consolidated EBITDA", as defined in the facility. We approximate foreign currency effects by applying the foreign currency exchange rate for the prior period to the local currency results for the current period.
Adjusted EBITDA is not an alternative measure of financial performance under GAAP. Non-GAAP measures do not have definitions under GAAP and may be defined differently by, and not be comparable to, similarly titled measures used by other companies. As a result, we consider and evaluate non-GAAP measures in connection with a review of the most directly comparable measure calculated in accordance with GAAP. We caution investors not to place undue reliance on such non-GAAP measures and to consider them with the most directly comparable GAAP measures. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analyzing our results as reported under GAAP. Please see the following tables for reconciliations of non-GAAP measures to the most comparable GAAP measures.
Table I
VERITIV CORPORATION
RECONCILIATION OF NON-GAAP MEASURES
NET LOSS TO ADJUSTED EBITDA; ADJUSTED EBITDA MARGIN
(in millions, unaudited)
Three Months Ended
March 31,
2018
2017
Net loss
$
(15.8)
$
(2.2)
Interest expense, net
9.3
6.4
Income tax benefit
(1.9)
(1.4)
Depreciation and amortization
14.4
13.1
EBITDA
6.0
15.9
Restructuring charges, net
11.9
4.1
Stock-based compensation
5.6
3.7
LIFO reserve increase (decrease)
5.7
(2.5)
Non-restructuring asset impairment charges
—
0.7
Non-restructuring severance charges
1.3
0.5
Non-restructuring pension charges, net
(0.7)
—
Integration and acquisition expenses
8.3
6.4
Fair value adjustment on Tax Receivable Agreement
contingent liability
(0.2)
0.9
Fair value adjustment on contingent consideration
liability
(8.3)
—
Other
0.1
0.1
Adjusted EBITDA
$
29.7
$
29.8
Net sales
$
2,101.0
$
1,994.6
Adjusted EBITDA as a % of net sales
1.4
%
1.5
%
with multimedia: releases/veritiv-announces-first-quarter-2018-financial-results-300644128.html
SOURCE Veritiv Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-veritiv-announces-first-quarter-2018-financial-results.html |
May 21, 2018 / 5:01 PM / Updated 16 minutes ago Barack and Michelle Obama to produce content for Netflix Reuters Staff 2 Min Read
LOS ANGELES (Reuters) - Former U.S. President Barack Obama and wife Michelle Obama have entered into a multi-year agreement with Netflix Inc to produce films and series, the online streaming company said on Monday. Former U.S. President Barack Obama and former first lady Michelle Obama react to the crowd during an unveiling ceremony for their portraits at the Smithsonian's National Portrait Gallery in Washington, U.S., February 12, 2018. REUTERS/Jim Bourg/Files
Under the name Higher Ground Productions, the Obamas have the options to produce scripted and unscripted series, documentaries and feature films, Netflix said in a statement.
The deal suggests a wider post-White House public role for the Obamas than is typical.
The agreement with Netflix, which boasts some 125 million subscribers worldwide, will give the Obamas a voice outside of the traditional public speaking, books and charity work that recent ex-presidents have relied on.
“One of the simple joys of our time in public service was getting to meet so many fascinating people from all walks of life and to help them share their experiences with a wider audience,” Barack Obama said in a statement.
“That’s why Michelle and I are so excited to partner with Netflix - we hope to cultivate and curate the talented, inspiring, creative voices who are able to promote greater empathy and understanding between peoples, and help them share their stories with the entire world,” he added in the statement. Reporting by Eric Kelsey; Additional reporting by Mekhla Raina in Bengaluru; Editing by Bill Trott | ashraq/financial-news-articles | https://in.reuters.com/article/netflix-obama/barack-and-michelle-obama-to-produce-content-for-netflix-idINKCN1IM1XR |
May 24, 2018 / 2:29 PM / Updated 4 minutes ago Yerevan calling? UK's Johnson discusses Russia with hoax caller Alistair Smout 3 Min Read
LONDON (Reuters) - Britain’s Foreign Secretary Boris Johnson talked international relations and rude poetry with a hoax caller who pretended to be the Armenian prime minister in a new gaffe by one of Britain’s most prominent politicians. Boris Johnson speaks on the phone in central London, Britain, July 1, 2015. REUTERS/Paul Hackett
In the 18-minute call, Johnson discussed relations with Russia, the Iran nuclear deal and the Syrian war, according to audio of the call uploaded on YouTube and shared on the Twitter pages of Russian pranksters Vovan and Lexus.
Britain’s foreign office confirmed that Johnson had been hoaxed and said the perpetrator was “childish”, while a spokeswoman for Prime Minister Theresa May said an investigation was under way “to make sure this doesn’t happen again”.
“This shouldn’t have happened,” the spokeswoman said.
The caller, impersonating Armenia’s new Prime Minister Nikol Pashinyan, said he was going to meet Russian President Vladimir Putin, and asked Johnson’s advice for dealing with him.
“I hope he will not poison me with Novichok,” the prankster joked, referring to a nerve agent used in the March attack on ex-spy Sergei Skripal and his daughter, for which Britain has blamed Russia. Johnson can be heard chuckling on the other end of the line.
Later in the call, Johnson said he would like to come to Armenia to find out more about “Armenia’s Novichok experiences”, and they also talk about sanctions against Russia and high-profile individuals.
“You throw a stone in Kensington and you’ll hit an oligarch,” Johnson said, in reference to the central London district favored by Russian tycoons. “Some of them are close to Putin and some of them aren’t.”
Vovan and Lexus are known in Russia for targeting celebrities and politicians with their audacious stunts, and in 2015 they prank-called British singer Elton John. Related Coverage Investigation launched into hoax call to UK's Johnson: PM May's spokeswoman
Johnson too is no stranger to controversy. In the run-up to Britain’s 2016 referendum on EU membership, the prominent Brexiteer compared the goals of the European Union to those of Adolf Hitler and Napoleon, causing consternation in European capitals.
Also in 2016, Johnson wrote a controversial poem about Turkish President Tayyip Erdogan, involving wild oats and a goat, which the prankster complimented him on.
But despite his penchant for colorful rhetoric, Johnson stuck closely to official British policy throughout the call and eventually stopped replying altogether.
“The Foreign Secretary realized it was a hoax and ended the call. We checked it out and knew immediately it was a prank call,” the Foreign Office said in a statement.
“These childish actions show the lack of seriousness of the caller and those behind him.”
The perpetrators of the stunt admitted they had underestimated Johnson.
“We were surprised that he turned out to be a smart diplomat, an intellectual,” Lexus was quoted as saying in Russia’s Komsomolskaya Pravda newspaper.
“This is probably the first time we have spoken with someone who is not an idiot.” Additional reporting by Elizabeth Piper and Andrew MacAskill in London and Gabrielle Tetrault-Farber in Moscow; Editing by Stephen Addison | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-politics-johnson/yerevan-calling-uks-johnson-discusses-russia-with-hoax-caller-in-latest-gaffe-idUSKCN1IP2EN |
MBANDAKA, Democratic Republic of Congo, May 23 (Reuters) - T wo of three Ebola patients who escaped quarantine in the Congo river port city of Mbandaka have died, the head of medical charity Medecins Sans Frontieres’ (MSF) mission in the city said on Wednesday.
The third patient was found alive and is currently under observation by MSF and the World Health Organization, Henri Gray said.
Reporting by Patient Ligodi Writing by Joe Bavier Editing by Edward McAllister
| ashraq/financial-news-articles | https://www.reuters.com/article/health-ebola-congo/three-ebola-patients-escape-quarantine-in-congo-two-later-die-msf-idUSL5N1SU2UO |
ZURICH (Reuters) - Swiss prosecutors said on Tuesday they were investigating two officials from Saudi energy group PetroSaudi International as part of a wider inquiry into the suspected theft of assets from Malaysia’s 1MDB state fund.
PetroSaudi said on Tuesday it was not itself the subject of any criminal investigations, denied any wrongdoing linked to its joint venture with the Malaysian fund, and said none of its officials had been involved in misappropriating any funds.
The news of the Swiss investigations marked an escalation in international inquiries into the suspected thefts, piling pressure on Malaysia’s government in the build-up to May 9 national elections.
1MDB is at the center of money-laundering probes in at least six countries, including Switzerland, the United States and Singapore. A total of $4.5 billion was misappropriated by high-level officials of the fund and their associates, according to civil lawsuits filed by the U.S. Department of Justice.
The Swiss Attorney General’s office said on Tuesday it had launched investigations into two officials from PetroSaudi - which ran an energy joint venture with 1MDB from 2009 to 2012.
The investigations, first launched in November 2017, were linked to “suspicions of criminal mismanagement, fraud, bribery of foreign public officials, aggravated money laundering and misconduct in public office,” the Attorney General’s office said.
“One of the two suspects is also suspected of document forgery,” it added, without identifying either suspect. It said it had kept the inquiries under wraps to avoid jeopardizing the investigation.
LOOMING ELECTIONS Malaysian Prime Minister Najib Razak, who set up 1Malaysia Development Berhad (1MDB) in 2009 and served as chairman of its advisory board, has denied any wrongdoing. He is seeking re-election on May 9.
PetroSaudi’s solicitors Carter-Ruck said the company was aware of an inquiry by Swiss authorities related to 1MDB, and was ready to cooperate fully.
“PetroSaudi denies any wrongdoing in connection with its Joint Venture with 1MDB and it rejects any claims that it, or any of its officials, are involved in the misappropriation of funds from 1MDB,” the law firm said in an email.
The fund issued a statement calling for “all parties to refrain from politicizing any alleged investigation by the Swiss authorities on non-Malaysian nationals, and, during this sensitive general election period, desist from trying to create links to 1MDB for political gain.”
“We wish to state in the strongest possible terms that 1MDB is not the subject of any criminal investigation either in Malaysia or internationally,” it added in a statement.
Swiss prosecutors are also reviewing a criminal complaint filed against two former colleagues and an alleged accomplice by Xavier Justo, a former director of PetroSaudi International Ltd and a key figure in the 1MDB affair.
Justo has told Reuters he was trying to clear his name after being jailed in Thailand for blackmailing his former employer over its ties to scandal-hit 1MDB.
It was documents that Justo leaked after he left PetroSaudi in 2011 that triggered the international investigations.
Reporting by Michael Shields in Zurich, additional reporting by Praveen Menon in Kuala Lumpur, Alexander Cornwell and Rania El-Gamal in Dubai; Editing by Andrew Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-scandal-1mdb-swiss/swiss-investigate-two-petrosaudi-officials-in-1mdb-inquiry-idUSKBN1I234Y |
Bravo / Contributor | Getty Images Bravo's "Real Housewives of Atlanta"
Nearly 42 million Americans will kick off summer travel this Memorial Day weekend (with more millennials expected to travel this year ) — and we know the destinations they're looking at.
WalletHub used 40 metrics that include "travel costs and hassles," "local costs" and "attractions" to evaluate the top destinations this summer. CNBC Make It compared its top five cities with Marriott U.S. Travel Trends Report, which collected data from 1 million Marriott.com searches and bookings, as well as a digital survey with 2,000 people to determine travel preferences for summer weekend getaways .
Three cities overlapped in both reports. Choose Chicago
Chicago
One of the cheapest destinations for Memorial Day weekend, Chicago is a perennial favorite for summer vacationers, when the beaches are open, Wrigley Field is busy with Cubs and White Sox fans, rooftop bars are back in business and outdoor festivals like Lollapalooza are happening.
There are also dozens of street, art and beer festivals that happen only in the summer months, like Andersonville Midsommarfest.
Chicago broke a record of 55.2 million annual visitors in 2017. Getty Images
Orlando
About 20 million people visit Walt Disney World every year but some people are visiting Orlando without checking out the theme park. A record 68 million travelers visited the city last year , according to tourism and convention board Visit Orlando.
The city is home to museums, like Orlando Museum of Art, a busy nightlife scene and Broadway shows, and it's a gateway to nature parks and beaches about an hour away, like Daytona Beach. It's also one of the best places in America people are moving to, according to US News & World Report.
Orlando is also WalletHub's No. 1 city in America to get married, due to wedding-friendly factors like being a convenient destination and affordability. Steve Kelley | Getty Images The city of Atlanta, the capital of Georgia
Atlanta
"Hot-lanta" has major attractions like the Georgia Aquarium and The World of Coca-Cola museum, and summers are busy with festivals, like Atlanta Summer Beer Fest. Television shows have put a spotlight on Atlanta, like Bravo's "Real Housewives of Atlanta" and AMC's "The Walking Dead," which are filmed there, as well as Hollywood films, like "The Hunger Games." There are even movie tours .
Not only will people vacation in Atlanta this summer, they are moving in. According to Penske Truck Rental, Atlanta ranked as the top city in the U.S. to which people are moving to for the eighth consecutive year, and summer is the best time to move.
Chicago, Orlando and Atlanta also all made Priceline's list for most popular travel destinations for Memorial Day weekend 2018.
New York City and Seattle were the two other spots in Marriott's top five most searched cities for summer travel. Washington, D.C. and Austin rounded out WalletHub's list. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/these-are-the-hottest-us-cities-for-summer-vacations.html |
MUMBAI (Reuters) - India’s Larsen & Toubro ( LART.NS ) has agreed to sell its electrical and automation business for 140 billion rupees ($2.1 billion) to Schneider Electric SE ( SCHN.PA ), partnering with Temasek, in the biggest M&A deal announced in the Indian market this year.
A sign of Larsen and Toubro (L&T) is placed on a road divider in Mumbai, India May 25, 2016. REUTERS/Shailesh Andrade/File Photo Schneider Electric will combine the business it is buying with its low voltage and industrial automation products business in India, it said.
Schneider will own 65 percent in the combined business, while Singapore state investor Temasek [TEM.UL] will have a 35 percent stake.
The cash deal is part of L&T’s plan to sell its non-core business at a time when India’s biggest engineering group has seen slower growth in orders amid a prolonged economic downturn.
The sale matches L&T’s “stated intent of unlocking value within the existing business portfolio,” Chief Executive, S.N. Subrahmanyan, said in a statement.
The deal includes all segments of its electrical and automation business except marine switchgear and servowatch systems, L&T said.
The electrical and automation (E&A) business, which has factories in India as well as in Saudi Arabia, the United Arab Emirates, Kuwait, Malaysia, Indonesia and the United Kingdom, had net revenue of 50.38 billion rupees, or about 4.5 percent of L&T’s consolidated revenue, for the year to March 2017.
“This is a good deal for them,” said A.K. Prabhakar, head of research at IDBI Capital, referring to the valuation. “L&T has a clear vision of divesting businesses with low margins.”
DEAL FINANCING Goldman Sachs last week forecast a “bright” outlook for L&T saying it expected the company’s near-term earnings growth to be robust with stable order inflows and pick up in execution.
The company’s effort to deleverage its balance sheet and improve its returns over the medium term through a combination of operational improvement and non-core asset sales will be instrumental in re-rating the stock, Goldman analysts wrote in a note dated April 23.
Of the 140 billion rupees deal price, Schneider will contribute 34.25 billion rupees in cash, while Temasek will give 50.75 billion rupees. The joint venture will also take on debt of 55 billion rupees to fund the deal, Schneider said, adding it expected significant revenue and cost synergies.
After the deal, which L&T said is expected to close in 18 months, India will become Schneider’s third-biggest country in terms of revenue, at par with France.
Bank of America Merrill Lynch and Citigroup advised Schneider on the L&T deal, according to two sources with direct knowledge.
L&T’s in-house M&A team worked on the deal with Indian investment bank Arpwood Capital advising it, a company spokesman said.
L&T shares closed 1.7 percent higher on Monday. Indian markets were closed on Tuesday for a holiday.
($1 = 66.5000 Indian rupees)
Reporting by Devidutta Tripathy and Tanvi Mehta; Editing by Amrutha Gayathri, Alexandra Hudson and Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/us-l-t-divestment-schneider/indias-lt-to-sell-electrical-automation-business-for-2-1-billion-idUSKBN1I23BM |
MOSCOW, May 22 (Reuters) - Igor Shuvalov, former first deputy prime minister, has been selected to become the new head of the Russian state development bank VEB, three sources familiar with the decision told Reuters.
Shuvalov is set to replace Sergei Gorkov, who has been in charge of VEB since Feb 2016.
It was not immediately clear why Gorkov was apparently being replaced. Sources said they did not know whether the document on Shuvalov’s appointment has been already signed.
Spokespeople for Shuvalov and VEB declined to comment.
Kremlin spokesman Dmitry Peskov, asked about the issue during a daily conference call with reporters, said: “We never discuss staffing issues and won’t do so this time either.” (Reporting by Tatiana Voronova, Polina Nikolskaya and Darya Korsunskaya Writing by Katya Golubkova; Editing by Kevin Liffey)
| ashraq/financial-news-articles | https://www.reuters.com/article/russia-veb-shuvalov/russias-shuvalov-selected-to-head-state-development-bank-veb-sources-idUSR4N1NL071 |
US stocks set for a slightly lower open as Treasury yields climb 2 Hours Ago U.S. stock index futures futures pointed to slightly lower open Thursday morning, as investors monitor rising bond yields and new earnings. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/us-stocks-set-for-a-slightly-lower-open-as-treasury-yields-climb.html |
Hamas "responsible" for deaths in Gaza: WH 12:47am IST - 01:03
The White House is blaming Hamas, the Palestinian Islamic group, for the deadly violence that erupted in Gaza around the opening of the U.S. embassy in Jerusalem on Monday. Rough Cut (no reporter narration).
The White House is blaming Hamas, the Palestinian Islamic group, for the deadly violence that erupted in Gaza around the opening of the U.S. embassy in Jerusalem on Monday. Rough Cut (no reporter narration). //reut.rs/2GgBjIN | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/14/hamas-responsible-for-deaths-in-gaza-wh?videoId=426911113 |
May 28, 2018 / 1:59 AM / Updated 9 hours ago FEATURE-Motor racing-IndyCar racing to catch up on diversity Steve Keating 4 Min Read
INDIANAPOLIS, May 27 (Reuters) - A quick glance at the starting grid for Sunday’s Indianapolis 500 might give the impression that IndyCar has got the message, that diversity is the future, but on closer inspection the absence of African-American drivers shows it still has a long road ahead.
There were plenty of Latin American drivers sprinkled through Sunday’s 33-car field, including Brazilian Helio Castroneves, who was bidding for a record-equalling fourth win.
Japan’s Takuma Sato, the defending 500 champion, waved the flag for Asia while Danica Patrick was the women’s standard bearer in the final race of her career. There has been at least one woman start in every Indy 500 since 2000 and in 2010, 2011 and 2013 there were four.
However, the only African-American drivers to have appeared on the grid in 102 runnings of “The Greatest Spectacle in Racing” spread over more than a century of racing at the famed Brickyard were Willy T. Ribbs in 1991 and George Mack in 2002.
Ribbs was back at Indianapolis on Saturday for the premier of ‘Uppity’, a biographical movie about his life and his struggles to compete at motorsports highest levels.
“The sport has got to want diversity first of all,” Ribbs told Reuters. “Whether it is IndyCar or NASCAR if you want diversity in your sport you will get it and if you don’t want it you won’t have it.
“When I came in I don’t know if many people were ready for Willy T. Ribbs.
“Some people had a difficult time with that.”
Tennis has the Williams sisters, golf Tiger Woods and Formula One Lewis Hamilton, who have all, with varying degrees of success, opened up their respective sports to minorities.
Data collected from an IndyCar survey found there are 69 million self-declared IndyCar fans worldwide, of which the vast majority (79 percent) are Caucasian and male (66 percent).
While an estimated crowd of 300,000 poured into the Speedway for Sunday’s race only a small percentage appeared to be minorities.
IndyCar said it was developing programs like the ‘Road to Indy’ ladder system to specifically advance the careers of drivers to help further diversity within the sport.
“All are welcome at our events, we are also committed to fostering a diverse and inclusive environment within the sport,” IndyCar chief marketing officer CJ O’Donnell told Reuters.
“Consideration has already been given to defining means of expanding the effectiveness of this program to better reach the African-American community.
“The release of the film “Uppity,” featuring Willy T. Ribbs, provides a platform for further outreach to the African-American community.”
Ribbs said that while it was IndyCar’s job to grow a fan base, sponsors must share the responsibility and had done a poor job, lacking the courage to reach out to new markets.
“The sponsors of this sport, the people who underwrite this sport, if you want the sport to survive you better get diversified because the other sports are,” said Ribbs.
Ribbs’ issue was never a lack of talent but rather a shortage of sponsorship, coupled with what some viewed as an abrasive personality.
As a young man he went to Europe to develop his craft, racing in Formula Ford and eventually graduating to the Indy car feeder series Formula Atlantic.
In 1986 he became the first African-American to test a Formula One car.
He would race in NASCAR and IndyCar but it was sportscars where he eventually found sponsorship and success, winning 17 races.
Ribbs’ dream of racing in the Indy 500 might never have become reality without the financial support of comedian Bill Cosby.
“When I raced for Dan Gurney and Toyota I won but once I got to that glass ceiling if it wasn’t for Bill Cosby’s money I would have never made it in the Indy 500.
“This was the biggest career achievement. Even with all the wins and records I had in other championships being in the Indy 500 was like being in the Super Bowl.” (Editing by Peter Rutherford) | ashraq/financial-news-articles | https://uk.reuters.com/article/motor-indy-indy500-diversity/feature-motor-racing-indycar-racing-to-catch-up-on-diversity-idUKL3N1SX08E |
May 28, 2018 / 11:26 AM / in 13 minutes Indian trader group objects to Walmart-Flipkart deal Reuters Staff 2 Min Read
MUMBAI (Reuters) - An Indian trader body has raised objections to Walmart Inc’s ( WMT.N ) $16 billion acquisition of e-commerce firm Flipkart, though lawyers and sources said the complaint to the country’s antitrust regulator is unlikely to threaten the deal. FILE PHOTO: The logo of India's e-commerce firm Flipkart is seen on the company's office in Bengaluru, India April 12, 2018. REUTERS/Abhishek N. Chinnappa/File Photo
The Confederation of All India Traders (CAIT) filed an objection to the U.S. retail giant’s buyout of roughly 77 percent of Bengaluru-based Flipkart, the body said on Monday, adding that the deal would create unfair competition and result in predatory pricing.
However, multiple sources close to the deal said that CAIT’s filing with the Competition Commission of India (CCI) did not pose a challenge to the acquisition.
“It’s very unlikely the CCI will look into this complaint as both Flipkart and Walmart are not competing in India in relation to any products or services,” said a lawyer with knowledge of the deal.
A source with direct knowledge of the deal said the CAIT complaint was “not a matter of concern”.
Walmart’s bid is at aimed at competing with arch rival Amazon.com Inc ( AMZN.O ) in a major growth market and prompted protests from Indian trade and nationalist groups that say small traders will suffer.
Amazon’s presence in India means that a Walmart-Flipkart alliance would not be a threat to competition, a CCI official said. However, the deal could be politically sensitive because it might affect small and medium-sized traders, added the official, who declined to be named because he is not authorized to speak to the media.
M. M. Sharma, head of competition law and policy at law firm Vaish Associates, said: “Blocking (of the deal) is highly unlikely, but the CCI will keep checks and balances so that competition in the market is maintained.” Reporting by Sankalp Phartiyal, Aditya Kalra and Abhirup Roy; Editing by David Goodman | ashraq/financial-news-articles | https://www.reuters.com/article/us-flipkart-m-a-walmart-competition/indian-traders-group-files-objection-to-walmart-flipkart-deal-idUSKCN1IT10B |
May 25, 2018 / 1:09 PM / Updated 25 minutes ago Merkel calls for Germany and China to regear relations for digital era
SHENZHEN (Reuters) - Berlin and Beijing must revamp their relationship to adapt to digital changes, said Angela Merkel, who has made the issue a top priority of her fourth term as German Chancellor. German Chancellor Angela Merkel visits iCarbonX, a start up company focusing on combining genomics with other health factors to create a digitalized form of life, in Shenzhen, China May 25, 2018. REUTERS/Bobby Yip
Germany lags behind other industrialised countries and Merkel said during a visit to China she hoped the two countries would sign a memorandum of understanding in the coming months for the automobile sector, specifically on autonomous driving.
That, she said on Friday, should provide German companies with more opportunities and security in this new technology.
“Both sides must tread new paths,” she said during a trip to the southern city of Shenzhen, where she was visited a Chinese start-up and a Siemens factory.
“Cooperation needs to be put on a completely new footing due to digitalisation,” Merkel said. German Chancellor Angela Merkel checks a magnetic resonance imaging machine as she visits Siemens Healthineers in Shenzhen, China May 25, 2018. REUTERS/Bobby Yip Reporting by Andreas Rinke; Writing by Michelle Martin; Editing by Alexander Smith | ashraq/financial-news-articles | https://in.reuters.com/article/china-germany/merkel-calls-for-germany-and-china-to-regear-relations-for-digital-era-idINKCN1IQ1SN |
May 8, 2018 / 10:42 AM / Updated 17 minutes ago Rugby-Townsend names six uncapped players for Scotland tour Reuters Staff 3 Min Read
May 8 (Reuters) - Scotland coach Gregory Townsend has picked six uncapped players in a 33-man squad for the tour to Canada, U.S. and Argentina next month, Scottish Rugby said on Tuesday.
Edinburgh Rugby’s Lewis Carmichael is one of the potential debutants alongside club team mate Jamie Ritchie and Harlequins centre James Lang was included for the first time.
Glasgow Warriors trio Matt Fagerson, George Horne and Adam Hastings also earned their first opportunities with the national team as Townsend gave a number of regulars an extended break.
“There are twin goals for this tour - the first is to build on the work we’ve done so far this season and finish with improved performances,” Townsend said in a statement.
“We also have the Rugby World Cup in our thoughts, as this will be our last tour before we leave for Japan next year.
“Touring and staying together for four weeks and experiencing different environments will be very informative - seeing how players get on with each other, how much they improve and how they rise to each challenge we face on tour.”
Stuart McInally was named captain in the absence of John Barclay and Greig Laidlaw, who have both been rested for the tour.
Unavailable through injury were Luke Crosbie, John Hardie, Huw Jones, Willem Nel and Hamish Watson.
Scotland play Canada in Edmonton on June 9. A week later, they face the U.S. in Houston before wrapping up the tour against Argentina in Resistencia on June 22.
Full squad
Forwards: Simon Berghan, Jamie Bhatti, Magnus Bradbury, Fraser Brown, Lewis Carmichael, Allan Dell, David Denton, Matt Fagerson, Zander Fagerson, Grant Gilchrist, Richie Gray, Luke Hamilton, Murray McCallum, Stuart McInally, Jamie Ritchie, Tim Swinson, George Turner, Ben Toolis
Backs: Nick Grigg, Chris Harris, Adam Hastings, Sam Hidalgo-Clyne, Alex Dunbar, Stuart Hogg, George Horne, Pete Horne, Ruaridh Jackson, Lee Jones, Blair Kinghorn, James Lang, Byron McGuigan, Ali Price, Duncan Taylor (Reporting by Hardik Vyas in Bengaluru, editing by Ed Osmond) | ashraq/financial-news-articles | https://uk.reuters.com/article/rugby-union-scotland-squad/rugby-townsend-names-six-uncapped-players-for-scotland-tour-idUKL8N1SF3V1 |
* Venezuela vote increases concern about its oil supply
* OPEC cuts, looming U.S. sanctions on Iran also support
* U.S. crude oil inventories seen lower for third week (Updates prices)
LONDON, May 22 (Reuters) - Oil rose to around $80 a barrel on Tuesday, supported by concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply.
Crude is trading at the highest since late 2014, underpinned by a supply-cutting deal among the Organization of the Petroleum Exporting Countries plus Russia and other non-members, and strong global demand.
Brent crude, the global benchmark, rose 76 cents to $79.98 a barrel by 1401 GMT. Last week, it topped $80 for the first time since November 2014.
U.S. crude was up 4 cents at $72.28, having earlier traded at $72.72, its highest since November 2014.
"The solid global economy, selected supply disruptions and the upbeat market mood in particular in oil frame a positive environment," said Norbert Ruecker, head of commodities and macro research at Julius Baer.
The U.S. government imposed new sanctions on Venezuela following Sunday's re-election of President Nicolas Maduro, a move that analysts say could further curb the country's oil output, already at its lowest in decades.
"We can expect continued falling Venezuelan production," said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo.
Concern about a potential drop in Iranian oil exports following Washington's exit from a nuclear deal with Tehran and the threat of U.S. sanctions is also supporting prices. On Monday, the United States hardened its approach to Iran.
Venezuela and Iran are members of OPEC, which with its allies has curbed production since January 2017 to get rid of a supply glut that in mid-2014 led to a price collapse.
Due in part to the involuntary drop in Venezuela's output, OPEC is over-delivering on the agreement. Saudi Arabia and other major OPEC producers could in theory add more supply, but have yet to do so.
The OPEC-led supply curbs have largely cleared an inventory surplus in industrialised countries based on the deal's original goals, and stocks continue to decline.
U.S. crude stockpiles are forecast to have declined by 2.8 million barrels last week, a third straight weekly fall. The American Petroleum Institute's inventory report for the period is due at 2030 GMT.
Limiting the upward pressure on prices is rising supply in the United States, where shale production is forecast to hit a record high in June. (Additional reporting by Jessica Jaganathan; Editing by Jane Merriman and Adrian Croft) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/reuters-america-update-6-oil-rises-back-to-80-as-supply-concerns-mount.html |
May 24 (Reuters) -
For other diaries, please see:
Top Economic Events
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Today in Washington
- This Diary is filed daily. ** Indicates new events - THURSDAY, MAY 24 ** BRUSSELS - Britain Finance Minister Philip Hammond speaks at conference in Brussels – 1500 GMT. BRUSSELS - The European Business Summit’s annual 2-day conference at Egmont Palace in Brussels (Final Day).
BANGKOK - Bank of Thailand Governor Veerathai Santiprabhob speaks at a seminar on fintech and law enforcement – 0230 GMT.
VILNIUS - Lithuanian central bank governor Vitas Vasiliauskas will hold a presser on domestic issues – 0800 GMT.
DALLAS - Federal Reserve Bank of Richmond President Thomas Barkin gives introductory remarks before the Federal Reserve Banks of Dallas and Atlanta “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” conference - 0000 GMT. LONDON – Bank of England Governor Mark Carney gives a Welcome Address & Introductory Remarks at the Bank of England Markets Forum 2018 – 0800 GMT.
BRUSSELS - Speech by ECB chief economist Peter Praet at 2018 IIF Spring Meeting organized by the Institute of International Finance in Brussels, Belgium – 0830 GMT. BRUSSELS - Lunchtime keynote speech by ECB chief economist Peter Praet at the European Business Summit in Brussels, Belgium – 1030 GMT. BRUSSELS - Participation by the ECB President Mario Draghi and ECB executive board member Benoit Coeure in Eurogroup meeting in Brussels, Belgium. FRANKFURT - ECB publishes minutes of April policy meeting – 1130 GMT. MAEBASHI, Japan - Bank of Japan board member Makoto Sakurai speaks in Maebashi, eastern Japan. LONDON - William Dudley, President of the Federal Reserve Bank of New York: speaker and panelist at Markets Forum 2018 – 0815 GMT. LONDON - The Bank of England will be hosting Markets Forum 2018 in central London. LONDON - Bank of England Governor Mark Carney gives a speech at the annual dinner of London’s Society of Professional Economists – 1700 GMT. DALLAS - Federal Reserve Banks of Dallas and Atlanta hold a two-day conference on “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy”. Participants include Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans, Federal Reserve Bank of Philadelphia President Patrick Harker and Federal Reserve Bank of Dallas President Robert Kaplan (to May 25). DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic and his Dallas counterpart, Robert Kaplan, give opening remarks at the conference - 1435 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan moderates “Session I: The Disruption Challenge Facing Business” of the conference - 1500 GMT
DALLAS - Federal Reserve Bank of Philadelphia President Patrick Harker participates in “Session III: Broader Labor Market Implications of Technology-Enabled Disruption” of the conference - 1800 GMT.
DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives introductory remarks before the conference - 0000 GMT.
FRIDAY, MAY 25 STOCKHOLM - Bundesbank president Jens Weidmann speaks in Stockholm – 1920 GMT. STOCKHOLM – Bank of England Governor Mark Carney: Panelist at the Riksbank Anniversary Conference – 1215 GMT. PARIS - Bank of France Governor Francois Villeroy to speak about Paris as a financial centre – 0700 GMT. STOCKHOLM - Federal Reserve Chairman Jerome Powell participates in panel “Financial Stability and Central Bank Transparency” before the Sveriges Riksbank Conference: “350 Years of Central Banking - The Past, The Present and The Future” - 1320 GMT. STOCKHOLM - Participation by ECB executive board member Benoit Coeure in a high-level panel at Sveriges Riksbank’s 350th anniversary celebration in Stockholm, Sweden – 1340 GMT. STOCKHOLM – Central Bank Governor Mark Carney from the Bank of England, Finland’s central bank manager Erkki Liikanen and central bank governor Jerome Powell from the Federal Reserve System participate in the Riksbank’s 350th conference – 0615 GMT. DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans and Federal Reserve Bank of Dallas President Robert Kaplan participate in “Session VIII: Policymaker Panel” before the Federal Reserve Banks of Dallas and Atlanta “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” conference - 1545 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives closing remarks before the Federal Reserve Banks of Dallas and Atlanta “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” conference - 1830 GMT TUESDAY, MAY 29 OREBRO, Sweden – Riksbank Deputy Governor Henry Ohlsson talks about current economic-policy challenges at Orebro University – 0900 GMT. FRANKFURT - ECB board member Sabine Lautenschlager speaks about monetary policy in Frankfurt – 1530 GMT. WELLINGTON - Reserve Bank of New Zealand publishes Financial Stability Report - 2100 GMT.
FRANKFURT - The European Central Bank releases monthly data on lending and money supply – 0800 GMT. TOKYO - Federal Reserve Bank of St. Louis President James Bullard gives presentation on the U.S. economy and monetary policy before the Japan Center for International Finance Global Finance Seminar- 0440 GMT. FRANKFURT - Frankfurt Finance Summit 2018.
WEDNESDAY, MAY 30 SOLOTHURN, Switzerland - Speech by Swiss National Bank Chairman Thomas Jordan, “Innovation and Entrepreneurship: Success Factors in a Changing Economic World”, Award Ceremony De Vigier Foundation – 1445 GMT. TOKYO - Remarks by Bank of Japan Governor Haruhiko Kuroda at the 2018 BOJ-IMES Conference – 0000 GMT. LONDON – Bank of England Macro-finance workshop 2018 (to May 31).
WASHINGTON, D.C. - U.S. Federal Reserve issues its Beige Book on economic condition - 1800 GMT. OTTAWA - Bank of Canada key policy interest rate announcement and monetary policy report – 1400 GMT. THURSDAY, MAY 31 LONDON - The Bank of England and CEPR are holding a conference on Competition and Regulation in Financial Markets.
QUEBEC CITY, Canada - Speech by Sylvain Leduc, Bank of Canada Deputy Governor about Economic Progress Report – 1635 GMT.
WHISTLER, Canada - G7 finance and development ministers, as well as central bank governors will meet on the theme of “investing in growth that works for everyone” (to June 2). TUESDAY, JUNE 5
** BRATISLAVA – Czech Republic, Austrian and Switzerland Central Bank governors speak at a conference in Slovakia – 0730 GMT. FRANKFURT - ECB President Mario Draghi and Jean-Claude Trichet meet for talks on 20th ECB anniversary. THURSDAY, JUNE 7
OTTAWA - Bank of Canada Governor Stephen Poloz and Bank of Canada Senior Deputy Governor Carolyn Wilkins will hold a press conference to discuss the contents of the Financial System Review – 1530 GMT.
MONDAY, JUNE 11 STOCKHOLM - Riksbank executive board meeting – 1100 GMT.
TUESDAY, JUNE 12 WASHINGTON, D.C. - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates (to June 13). WEDNESDAY, JUNE 13 REYKJAVIK - Bank of Iceland releases monetary policy statements.
WASHINGTON D.C. - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) announces decision on interest rate, followed by statement – 1800 GMT. THURSDAY, JUNE 14 TOKYO - Bank of Japan holds Monetary Policy Meeting (to June 15).
FRANKFURT - ECB Governing Council meeting, followed by interest rate announcement (external meeting).
FRANKFURT - ECB President Mario Draghi holds a press conference, after the interest rate meeting (external meeting) – 1230 GMT.
FRIDAY, JUNE 15 FORT WORTH, Texas - Federal Reserve Bank of Dallas President Robert Kaplan speaks before a business leaders luncheon hosted by the Fort Worth Chamber of Commerce - 1700 GMT.
TOKYO - Bank of Japan holds Monetary Policy Meeting.
MONDAY, JUNE 18 NEW YORK - John Williams begins tenure as president of the Federal Reserve Bank of New York. TORONTO, Canada – Speech by Bank of Canada Deputy Governor Lynn Patterson at Investment Industry Association of Canada and Institute of International Finance – 1700 GMT. STOCKHOLM - Riksbank general council meeting – 1100 GMT.
TUESDAY, JUNE 19 BRATISLAVA - Slovakia Central Bank Governor Jozef Makuch holds a news conference.
HELSINKI - Bank of Finland governor and European Central Bank governing council member Erkki Liikanen is due to hold a press conference in Finland. TOKYO - Bank of Japan releases Minutes of Monetary Policy Meeting held on Apr 26 and 27 – 2350.
WEDNESDAY, JUNE 20 LISBON - Panel participation by Philip Lowe, RBA Governor, at the Forum on Central Banking, hosted by the ECB, Portugal. THURSDAY, JUNE 21
BERN - Swiss National Bank Financial Stability Report 2018 – 0430 GMT. BERN - Swiss National Bank (SNB) Monetary policy assessment with news conference – 0730 GMT. OSLO - Norway Central Bank holds Announcement of the Executive Board’s interest rate decision and publication of Monetary Policy followed by press conference – 0800 GMT.
LONDON - Bank of England announces rate decision and publishes the minutes of the meeting, after the rate decision – 1100 GMT.
SUNDAY, JUNE 24 TOKYO - Bank of Japan to release summary of opinions from board members at its June. 14-15 policy meeting – 2350 GMT.
TUESDAY, JUNE 26 STOCKHOLM - Riksbank executive board meeting – 0700 GMT.
WEDNESDAY, JUNE 27 VICTORIA, Canada – Speech by Bank of Canada Governor Stephen Poloz at Greater Victoria Chamber of Commerce – 1915 GMT. LONDON – Bank of England Financial Stability Report June 2018 – 0930 GMT. FRANKFURT - The European Central Bank releases monthly data on lending and money supply – 0800 GMT.
FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled.
THURSDAY, JUNE 28 FRANKFURT - General Council meeting of the ECB in Frankfurt. WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR). MONDAY, JULY 2
** STOCKHOLM - Riksbank holds monetary policy meeting 3 – 0700 GMT. TUESDAY, JULY 3 ** STOCKHOLM - Swedish Central Bank announces interest rate decision. Monetary policy report will be published - 0730 GMT. THURSDAY, JULY 5 ** WASHINGTON D.C. - Federal Open Market Committee will release the minutes from its June 12-13 policy meeting. WEDNESDAY, JULY 11 ** OTTAWA - Bank of Canada key policy interest rate announcement and monetary policy report – 1400 GMT. ** FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled. TUESDAY, JULY 17 ** STOCKHOLM - Swedish Central Bank minutes from the monetary policy will be published – 0730 GMT. THURSDAY, JULY 26 ** FRANKFURT - ECB Governing Council meeting, followed by interest rate announcement. ** FRANKFURT - ECB President Mario Draghi holds a press conference, after the interest rate meeting. MONDAY, JULY 30 ** TOKYO - Bank of Japan holds monetary policy meeting (to July 31). TUESDAY, JULY 31 ** WASHINGTON D.C. - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates.
NOTE: The inclusion of items in this diary does not necessarily mean that Reuters will file a story based on the event. For technical issues, please contact Thomson Reuters Customer Support (TRCS) here
| ashraq/financial-news-articles | https://www.reuters.com/article/diary-top-econ/diary-top-economic-events-to-july-31-idUSL3N1SU59M |
(Reuters) - As many as 10 people may have died, a majority of them students, in the latest U.S. high school shooting, according to the Texas sheriff for the county where a gunman opened fire in Santa Fe High School on Friday.
The suspected shooter, now in custody, was a student at the school, said Harris County Sheriff Ed Gonzalez, adding the campus is still considered an active crime scene.
“There are multiple fatalities. It could be anywhere between eight to 10,” he told a press briefing.
Reporting by Lisa Lambert and Doina Chiacu; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-texas-shooting-sheriff/as-many-as-10-people-may-have-died-in-texas-school-shooting-sheriff-idUSKCN1IJ25U |
TEL-AVIV, Israel and RALEIGH, N.C., May 01, 2018 (GLOBE NEWSWIRE) -- RedHill Biopharma Ltd. (NASDAQ:RDHL) (Tel-Aviv Stock Exchange:RDHL) (“RedHill” or the “Company”), a specialty biopharmaceutical company primarily focused on late clinical-stage development and commercialization of proprietary drugs for gastrointestinal diseases, today announced that it will report its first quarter 2018 financial results on Tuesday, May 8, 2018.
The Company will host a conference call on Tuesday, May 8, 2018 at 8:30 am EDT to review the financial results and business highlights.
To participate in the conference call, please dial one of the following numbers 15 minutes prior to the start of the call: United States: +1-800-289-0438; International: +1-929-477-0353; and Israel: +972-3-376-1315. The access code for the call is: 6285484.
The conference call will be broadcasted live and will be available for replay on the Company's website, http://ir.redhillbio.com/events , for 30 days. Please access the Company's website at least 15 minutes ahead of the conference call to register, download and install any necessary audio software.
About RedHill Biopharma Ltd.:
RedHill Biopharma Ltd. (NASDAQ:RDHL) (Tel-Aviv Stock Exchange:RDHL) is a specialty biopharmaceutical company, primarily focused on the development and commercialization of late clinical-stage, proprietary drugs for the treatment of gastrointestinal diseases. RedHill commercializes and promotes three gastrointestinal products in the U.S.: Donnatal ® - a prescription oral adjunctive drug used in the treatment of IBS and acute enterocolitis; Esomeprazole Strontium Delayed-Release Capsules 49.3 mg - a prescription proton pump inhibitor indicated for adults for the treatment of gastroesophageal reflux disease (GERD) and other gastrointestinal conditions; and EnteraGam ® - a medical food intended for the dietary management, under medical supervision, of chronic diarrhea and loose stools. RedHill’s key clinical-stage development programs include: (i) TALICIA ® (RHB -105) for the treatment of Helicobacter pylori infection with an ongoing confirmatory Phase III study and positive results from a first Phase III study; (ii) RHB-104 with an ongoing first Phase III study for Crohn's disease and a planned pivotal Phase III study for nontuberculous mycobacteria (NTM) infections; (iii) BEKINDA ® (RHB-102) with positive results from a Phase III study for acute gastroenteritis and gastritis and positive results from a Phase II study for IBS-D; (iv) YELIVA ® (ABC294640), a first-in-class SK2 selective inhibitor, targeting multiple oncology, inflammatory and gastrointestinal indications, with an ongoing Phase IIa study for cholangiocarcinoma; (v) RHB-106, an encapsulated bowel preparation licensed to Salix Pharmaceuticals, Ltd. and (vi) RHB-107 (formerly MESUPRON), a Phase II-stage first-in-class, serine protease inhibitor, targeting cancer and inflammatory gastrointestinal diseases. More information about the Company is available at: www.redhillbio.com .
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) the initiation, timing, progress and results of the Company’s research, manufacturing, preclinical studies, clinical trials, and other therapeutic candidate development efforts; (ii) the Company’s ability to advance its therapeutic candidates into clinical trials or to successfully complete its preclinical studies or clinical trials; (iii) the extent and number of additional studies that the Company may be required to conduct and the Company’s receipt of regulatory approvals for its therapeutic candidates, and the timing of other regulatory filings, approvals and feedback; (iv) the manufacturing, clinical development, commercialization, and market acceptance of the Company’s therapeutic candidates; (v) the Company’s ability to successfully promote Donnatal ® and Esomeprazole Strontium Delayed-Release Capsules 49.3 mg and commercialize EnteraGam ® ; (vi) the Company’s ability to establish and maintain corporate collaborations; (vii) the Company's ability to acquire products approved for marketing in the U.S. that achieve commercial success and build its own marketing and commercialization capabilities; (viii) the interpretation of the properties and characteristics of the Company’s therapeutic candidates and the results obtained with its therapeutic candidates in research, preclinical studies or clinical trials; (ix) the implementation of the Company’s business model, strategic plans for its business and therapeutic candidates; (x) the scope of protection the Company is able to establish and maintain for intellectual property rights covering its therapeutic candidates and its ability to operate its business without infringing the intellectual property rights of others; (xi) parties from whom the Company licenses its intellectual property defaulting in their obligations to the Company; (xii) estimates of the Company’s expenses, future revenues, capital requirements and needs for additional financing; (xiii) the effect of patients suffering adverse experiences using investigative drugs under the Company's Expanded Access Program; and (xiv) competition from other companies and technologies within the Company’s industry. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 20-F filed with the SEC on February 22, 2018. All forward-looking statements included in this press release are made only as of the date of this press release. The Company assumes no obligation to update any written or oral forward-looking statement, whether as a result of new information, future events or otherwise, unless required by law.
Company contact: Adi Frish Senior VP Business Development & Licensing RedHill Biopharma +972-54-6543-112 [email protected]
Source:RedHill Biopharma Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-redhill-biopharma-to-host-first-quarter-2018-financial-results-conference-call-on-may-8-2018.html |
May 10, 2018 / 2:54 PM / in 6 minutes CANADA STOCKS-TSX climbs on gold miners, Enbridge Inc Reuters Staff 3 Min Read
TORONTO, May 10 (Reuters) - Canada’s main index climbed higher on Thursday, as gold miners gained along higher with prices for the precious metal, and Enbridge Inc was boosted by strong results.
* At 9:47 a.m. ET (1347 GMT), the Toronto Stock Exchange’s S&P/TSX Composite Index rose 22.45 points, or 0.14 percent, to 15,933.26.
* Shares of Enbridge Inc, up 2.5 pct, were the biggest boost to the main index. Canada’s largest pipeline operator posted first-quarter profit that topped analysts’ forecasts.
* The materials group, gained 0.09 percent, as gold prices strengthened as the dollar edged away from 2018 highs after weaker than forecast U.S. inflation data and simmering tensions between the United States and Iran.
* Six of Canada’s 10 main index sectors were on positive grounds.
* Retailer Canadian Tire Corp, down 11 percent, said it would buy Norway-based sportswear and work-wear brand Helly Hansen for C$985 million ($771.2 million), including debt.
* On the earnings front, Telus Corp’s quarterly profit came in slightly below analysts’ estimates as it spent heavily to add wireless subscribers amid stiff competition. Canadian telecom provider’s shares were down 1.2 percent.
* Canadian auto parts maker Magna International Inc raised its full-year sales and profit forecasts, sending its shares up 2 percent.
* TMX Group Ltd posted first-quarter earnings on Wednesday that beat Wall Street estimates, sending shares of Canada’s biggest stock exchange operator up 5.4 percent.
* The TSX posted 10 new 52-week highs and one new low. Across all Canadian issues there were 16 new 52-week highs and three new lows.
* The largest percentage gainer on the TSX was Great Canadian Gaming Corp, which rose 26.1 percent, after the company reported on Wednesday a 62 pct rise in first-quarter revenue.
* Open Text Corp on Wednesday reported third-quarter results that missed analysts’ expectations, sending its shares down 9.3 percent, making it the largest decliner.
* Among the most active Canadian stocks by volume were Enbridge and Manulife Financial.
* Also among the most heavily traded stocks was Athabasca Oil Co, down 4.7 percent to $1.82, after the company reported quarterly results on Wednesday.
* Volume on the TSX index was 21.96 million shares. Total volume on Thursday was 34.30 million shares. (Reporting by Amy Caren Daniel in Bengaluru; Editing by Bernard Orr) | ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks/canada-stocks-tsx-climbs-on-gold-miners-enbridge-inc-idUSL3N1SH5SR |
May 17 (Reuters) - Weight Watchers International Inc :
* ARTAL LUXEMBOURG S.A. REPORTS 31.4 PERCENT STAKE IN WEIGHT WATCHERS INTERNATIONAL AS OF MAY 10 - SEC FILING Source text: ( bit.ly/2ItOfNl ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-artal-luxembourg-reports-314-pct-s/brief-artal-luxembourg-reports-31-4-pct-stake-in-weight-watchers-international-as-of-may-10-sec-filing-idUSFWN1SO10I |
May 22, 2018 / 7:59 PM / in 8 minutes Republicans, no Democrats, to attend meeting on FBI campaign surveillance: White House Reuters Staff 1 Min Read
WASHINGTON (Reuters) - Two Republican lawmakers, and no Democrats, are expected attend a meeting that has been scheduled for Thursday to allow them to review classified information relating to claims the FBI used an informant to gather information on Trump’s presidential campaign, the White House said on Tuesday. House Intelligence Committee Chairman Devin Nunes (R-CA) speaks at the Conservative Political Action Conference (CPAC) at National Harbor, Maryland, U.S., February 24, 2018. REUTERS/Joshua Roberts
House of Representatives Intelligence Committee Chairman Devin Nunes and House Oversight Committee Chairman Trey Gowdy, both Republicans, are expected to attend, White House spokeswoman Sarah Sanders told a regular news briefing. FBI Director Christopher Wray, Director of National Intelligence Dan Coates and Acting Principal Associate Deputy Attorney General Ed O’Callaghan are also expected to attend, she said. Reporting by Jeff Mason; Writing by Eric Walsh; Editing by Tim Ahmann | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-russia-meeting/republicans-no-democrats-to-attend-meeting-on-fbi-campaign-surveillance-white-house-idUSKCN1IN2SH |
May 17 (Reuters) - Bonanza Creek Energy Inc:
* THE MANGROVE PARTNERS MASTER FUND REPORTS A 5.8 PERCENT STAKE IN BONANZA CREEK ENERGY AS OF MAY 16 - SEC FILING
* THE MANGROVE PARTNERS MASTER FUND - PREVIOUSLY REPORTED AN 8.9 PERCENT STAKE IN BONANZA CREEK ENERGY AS OF NOV 27, 2017 - SEC FILING Source text: ( bit.ly/2IPegtK ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-the-mangrove-partners-master-fund/brief-the-mangrove-partners-master-fund-reports-a-5-8-pct-stake-in-bonanza-creek-energy-as-of-may-16-sec-filing-idUSFWN1SO0YS |
Published: May 21, 2018 8:21 a.m. ET Share
Allegations emerge that the Mexican charter airline had previously been warned about safety violations Reuters A firefighter works in the wreckage of a Boeing 737 plane that crashed in the agricultural area of Boyeros, near Havana, Cuba, on Friday.
By Santiago Perez Anthony Harrup
U.S. and Mexican aviation experts are joining an investigation of the crash of a Boeing 737 charter flight outside Havana that killed more than 100 people, Cuban authorities said, as allegations emerged that the airline had previously been warned about safety violations.
Cuban authorities have identified the remains of 20 of the 110 victims of Friday’s crash while a team of local and foreign investigators focused on the possible causes of the disaster and the operations of the Mexican company that owned the plane, which crashed shortly after takeoff on a flight to the eastern Cuban city of Holguín.
The only survivors of Friday’s crash, three women passengers, are in critical condition at the Calixto García Hospital in central Havana, while the remains of the first identified victims were being delivered to relatives in Holguín, authorities said.
The Boeing 737-200 crashed in a field and burst into flames shortly after taking off from the Havana airport on Friday. Cuba’s transport minister, Adel Yzquierdo, said 110 of the 113 passengers and crew were killed. Authorities said five children were among the victims identified over the weekend, and that identification of the dead could take days.
Cuban officials said that following a request from U.S. authorities, a team from Boeing Co. BA, +2.06% would be permitted to join the investigation. Boeing has said a technical team stood ready to assist at the direction of U.S. and Cuban authorities. | ashraq/financial-news-articles | https://www.wsj.com/articles/cuban-authorities-identify-15-victims-of-fridays-deadly-plane-crash/ |
PURCHASE, N.Y.--(BUSINESS WIRE)-- Mastercard Incorporated (NYSE: MA) today announced its financial results for its first quarter of 2018 through an earnings release available on the company’s Investor Relations website at www.mastercard.com/investor . The earnings release will be furnished with the Securities and Exchange Commission (SEC) on a Form 8-K and available here .
At 9:00 a.m. ET today, the company will host a conference call to discuss these financial results. The dial-in information for this call is 833-236-5755 (within the U.S.) and 647-689-4183 (outside the U.S.). A replay of the call will be available for 30 days and can be accessed by dialing 800-585-8367 (within the U.S.) and 416-621-4642 (outside the U.S.), using passcode 5073027.
This call and all related materials can also be accessed through the Mastercard Investor Relations website at http://investor.mastercard.com/investor-relations/events-and-presentations/default.aspx .
About Mastercard Incorporated
Mastercard (NYSE: MA), www.mastercard.com , is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews , join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005791/en/
Investor Relations:
Warren Kneeshaw or Gina Accordino, 914-249-4565
[email protected]
or
Media Relations:
Seth Eisen, 914-249-3153
[email protected]
Source: Mastercard Investor Relations | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-mastercard-incorporated-first-quarter-2018-financial-results-available-on-companyas-website.html |
US stocks seek to end May on winning note 3 Hours Ago U.S. stock futures were higher Thursday morning after the Dow jumped more than 300 points in the previous session, CNBC's Leslie Picker reports. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/us-stocks-seek-to-end-may-on-winning-note.html |
May 16 (Reuters) - Murmanskiy Tralovyi Flot:
* REPORTED ON TUESDAY Q1 NET PROFIT UNDER RAS OF RUB 542.8 MILLION VERSUS RUB 610.2 MILLION YEAR AGO
* Q1 REVENUE UNDER RAS OF RUB 2.49 BILLION VERSUS RUB 2.63 BILLION YEAR AGO
Source text - bit.ly/2L5srJO
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SN0SV |
(Adds Malaysian shares, currency performance, updates levels throughout)
* MSCI ex-Japan near 2 month highs, Chinese shares jump
* Trump says to help ZTE “get back into business, fast”
* Malaysian Ringgit hits 4-month lows after election outcome
By Swati Pandey
SYDNEY, May 14 (Reuters) - Asian shares shot up to near two-month highs on Monday on signs the United States and China were toning down their trade war rhetoric, while Malaysian Ringgit hit a four-month trough in the first onshore trade since a shock election result last week.
Veteran Mahathir Mohamad came out of political retirement to lead the opposition Pakatan Harapan (Alliance of Hope) to a stunning victory over a ruling party he had once led, defeating prime minister Najib Razak, a former protege he had accused of corruption.
Some investors were concerned that populist promises such as repealing an unpopular goods and services tax and restoring a petrol subsidy could undermine the country’s economic prospects.
In response, the Malaysian Ringgit fell to a four-month low of 3.982 per dollar at open, while the benchmark share index dropped as much as 2.7 percent at open before bouncing into positive territory.
MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.4 percent, to near two-month highs.
Japan’s Nikkei tacked on 0.1 percent while China’s blue-chip CSI300 rallied 0.9 percent. Hong Kong’s Hang Seng index climbed 1.2 percent.
Investors cheered as U.S. President Donald Trump pledged to help Chinese telecom company ZTE Corp to “get back into business, fast”, news that JPMorgan analysts said was “a significant positive.”
ZTE suspended its main operations earlier this month following a U.S. ban forbidding American companies from supplying to it after the Chinese firm was found to have violated U.S. export restrictions by illegally shipping U.S. goods to Iran.
But Trump held out a helping hand on Sunday as he tweeted that he and Chinese President Xi Jinping are working together on a solution for ZTE.
Separately, U.S. officials are preparing for talks in Washington with China’s top trade official Liu He to resolve an escalating trade dispute.
“The fact Trump is now...working to find a resolution for ZTE marks the latest sign of thawing in Beijing-Washington relations,” JPMorgan said in a note.
“This suggests that Trump might see the chance for real progress on trade talks, and is softening the U.S. position on an issue important to China,” it added.
“Trump also needs China to remain on side ahead of his meeting with North Korea’s Kim and this also suggests that until the 12 June meeting the signalling from the U.S. on trade will be more positive.”
North Korean leader Kim Jong Un has scheduled the dismantlement of the country’s nuclear bomb test site for next week, ahead of his June 12 meeting with Trump in Singapore.
The United States has said it will lift sanctions on Pyongyang if North Korea agrees to completely dismantle its nuclear weapons program.
Strong corporate earnings in the current reporting season along with expectations the U.S. Federal Reserve will hike rates at a slower pace have also bolstered market sentiment in recent sessions.
On Wall Street, the Dow ended Friday 0.4 percent higher. The S&P 500 added 0.2 percent, while the Nasdaq was barely changed.
OIL AND IRAN While tensions in the Korean peninsula have eased, U.S. plans to reintroduce sanctions against Iran have stoked anxiety in the Middle East.
Iran pumps about 4 percent of the world’s oil, and the latest development has sent oil prices near multi-year highs.
On Monday, U.S. crude dipped 13 cents to $70.56 a barrel and Brent was off 20 cents at $76.92 as a relentless rise in U.S. drilling activity pointed to increased output.
The United States threatened on Sunday to impose sanctions on European companies that do business with Iran, as the remaining participants in the Iran nuclear accord stiffened their resolve to keep that agreement operational.
In currencies, the dollar dipped 0.1 percent to 92.41 against a basket of major currencies and was set for its fourth straight day of losses.
Against the Japanese yen, it ticked down to 109.25 per dollar, remaining largely in a holding pattern since late last month.
The euro inched 0.16 percent up to $1.1961 following two consecutive sessions of gains as Italy’s anti-establishment parties looked likely to form the next government.
Last week, the Bank of England held rates steady and New Zealand’s central bank said the official cash rate will remain at historic lows of 1.75 percent for “some time.”
That leaves the Fed as the only major central bank in the world committed to rate increases although recent data showing moderate inflation reading has cast doubt over the pace of any hikes.
Spot gold was up 0.2 percent at $1,320.06 an ounce, after eking out a small weekly gain last week.
Editing by Simon Cameron-Moore
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-asian-stocks-up-on-u-s-china-thaw-malaysian-shares-bounce-ringgit-falls-idUSL3N1SL14W |
May 15 (Reuters) - PPDAI Group Inc:
* Q1 REVENUE ROSE 37.1 PERCENT TO RMB 916.8 MILLION * EXPECTS TOTAL LOAN VOLUME FOR FISCAL YEAR 2018 TO BE IN RANGE OF RMB70 BILLION TO RMB80 BILLION
* CUMULATIVE REGISTERED USERS REACHED 71.4 MILLION AS OF MARCH 31, 2018
* CUMULATIVE NUMBER OF BORROWERS REACHED 11.3 MILLION AS OF MARCH 31, 2018 Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ppdai-group-inc-reports-q1-revenue/brief-ppdai-group-inc-reports-q1-revenue-rose-37-1-percent-to-rmb-916-8-million-idUSASC0A271 |
Industry veteran Dr. Peter Farrell named as Chairman of the Board, Dr. Pad Chivukula reinstated as CSO and COO
SAN DIEGO, Arcturus Therapeutics Ltd. (NASDAQ:ARCT), a leading RNA medicines company, today announced that Dr. Peter Farrell has been named as Chairman of the Board of Directors of the Company. Joseph E. Payne has been reinstated as President and CEO and Dr. Pad Chivukula has been reinstated as Chief Scientific Officer and Chief Operating Officer.
“I am extremely pleased to resume my role as President and CEO of Arcturus,” stated Joseph Payne. “With the litigation behind us, the team is 100% committed to developing our pipeline of novel RNA therapeutics, to strengthening and advancing all of our pharmaceutical partnerships and to creating value for our shareholders.”
“I am delighted to be named Chairman of Arcturus,” said Dr. Peter Farrell, “I believe that the proprietary chemistry and drug delivery platforms developed by Arcturus set it apart from its peers and provide significant competitive advantages. I look forward to working with the team over the coming years to build a world class RNA medicines company.”
About Dr. Peter Farrell
Dr. Peter Farrell is the founder, former long-term CEO and current Chairman of ResMed (NYSE:RMD). Under Dr. Farrell’s management, ResMed earned substantial recognition as a leader in its industry and one of the best run and fastest growing companies in America. Dr. Farrell serves on the board of trustees of The Scripps Research Institute in La Jolla and is Chairman of the Boston-based POC NMR diagnostic company, WaveGuide. He was inducted as 1998 San Diego Entrepreneur of the Year for Health Sciences, 2001. Australian Entrepreneur of the Year and 2005 US National Entrepreneur of the Year for Health Sciences. He served as Vice Chairman of the Sleep Medicine Executive Council at Harvard Medical School, from 2000 to 2010 and then as Chairman from 2010 until 2013. He serves on various academic advisory boards including UCSD's Jacobs School of Engineering, where he was named the 2012 Gordon Fellow, UCSD's Rady Business School and the MIT Dean of Engineering's Advisory Council. Dr. Farrell holds a B.E. with honors in chemical engineering from the University of Sydney, an SM in chemical engineering from MIT, and a PhD in bioengineering from the University of Washington, Seattle.
About Arcturus Therapeutics Ltd.
Founded in 2013 and based in San Diego, Arcturus Therapeutics Ltd. (NASDAQ:ARCT) is an RNA medicines company with enabling technologies – UNA Oligomer chemistry and LUNAR® lipid-mediated delivery. Arcturus' diverse pipeline of RNA therapeutics includes programs pursuing rare diseases, Hepatitis B, non-alcoholic steatohepatitis (NASH), cystic fibrosis, and vaccines. Arcturus’ versatile RNA therapeutics platforms can be applied toward multiple types of RNA medicines including small interfering RNA, messenger RNA, replicon RNA, antisense RNA, microRNA and gene editing therapeutics. Arcturus owns LUNAR lipid-mediated delivery and Unlocked Nucleomonomer Agent (UNA) technology including UNA Oligomers, which are covered by its extensive patent portfolio (120 patents and patent applications, issued in the U.S., Europe, Japan, China and other countries). Arcturus’ proprietary UNA technology can be used to target individual genes in the human genome, as well as viral genes, and other species for therapeutic purposes. Arcturus’ commitment to the development of novel RNA therapeutics has led to partnerships with Janssen Pharmaceuticals, Inc., part of the Janssen Pharmaceutical Companies of Johnson & Johnson, Ultragenyx Pharmaceutical, Inc., Takeda Pharmaceutical Company Limited, Synthetic Genomics Inc., CureVac AG and Cystic Fibrosis Foundation Therapeutics Inc. For more information, visit www.ArcturusRx.com , the content of which is not incorporated herein by reference.
Forward-Looking Statements
This press release may contain “forward-looking statements” that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact, included in this press release regarding strategy, future operations, collaborations, future financial position, prospects, plans and objectives of management are forward-looking statements. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Arcturus’ (formerly Alcobra Ltd.’s) Annual Report on Form 20-F for the fiscal year ended December 31, 2017, filed with the SEC on May 14, 2018 and in subsequent filings with, or submissions to, the SEC. Except as otherwise required by law, Arcturus disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.
Arcturus Media Contact
Arcturus Therapeutics
(858) 900-2660
[email protected]
Arcturus Investor Contact
Michael Wood
LifeSci Advisors LLC
(646) 597-6979
[email protected]
Source:Arcturus Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/globe-newswire-arcturus-announces-management-appointments-company-founder-joseph-e-payne-reinstated-as-president-and-ceo.html |
May 27, 2018 / 1:38 PM / Updated 31 minutes ago Tennis-France's Cornet defeats Errani to make French Open second round Reuters Staff 1 Min Read
PARIS, May 27 (Reuters) - France’s Alize Cornet recovered from a set down to defeat Italian Sara Errani 2-6 6-2 6-3 in a show of powerful baseline hitting on Sunday to progress to the second round of the French Open.
Cornet struggled to find her forehand range in the first set, at one point venting her frustration at a ball boy and drawing boos from the crowd, before she began to dictate the match from the back of the court with her powerful backhand. Reporting by Richard Lough Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-cornet/tennis-frances-cornet-defeats-errani-to-make-french-open-second-round-idUKL3N1SY0D1 |
May 10 (Reuters) - Sir Royalty Income Fund:
* SIR ROYALTY INCOME FUND REPORTS 2018 FIRST QUARTER RESULTS
* SIR ROYALTY INCOME FUND - QTRLY NET EARNINGS FOR FUND WERE $1.4 MILLION, OR $0.17 PER FUND UNIT
* SIR ROYALTY INCOME FUND - QTRLY POOLED REVENUE INCREASED TO $68.8 MILLION, UP 6.7% FROM $64.5 MILLION IN Q1 2017
* SIR ROYALTY INCOME FUND - QTRLY OVERALL SAME STORE SALES GROWTH OF 3.3% Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sir-royalty-income-fund-reports-qt/brief-sir-royalty-income-fund-reports-qtrly-overall-same-store-sales-growth-of-3-3-pct-idUSASC0A1O9 |
Joshua Roberts | Reuters Sen. Mark Warner (D-VA)
An influential Senate Democrat warned on Friday that attempts to expose an FBI source during an active investigation was "potentially illegal," amid reports that a secret informant has fed the bureau information relevant to the ongoing probe of Russia's electoral interference.
With questions still being raised about what Trump campaign officials knew about Russian meddling in the 2016 election, news reports this week suggested that a confidential source has provided the FBI with intelligence on the matter.
Earlier this week, President Donald Trump reacted to the suggestion of potential FBI spying as being "bigger than Watergate." Meanwhile, The Washington Post reported this week that allies close to the president were working to expose the source .
However, Virginia Senator Mark Warne r, the top Democrat on the Senate Intelligence Committee, said in a series of posts on Twitter Friday that attempting to unmask a confidential source was "irresponsible" and "potentially illegal"— potentially opening up a new front between Trump and those he views as political antagonists.
"Publicly outing a source risks not only their life, but the lives of every American, because when sources are burned it makes it that much harder for every part of the intelligence community to gather intelligence on those who wish to do us harm," Warner posted on Twitter, as he linked to The Post's article. WARNER TWEET
"Anyone who is entrusted with our nation's highest secrets should act with the gravity and seriousness of purpose that knowledge deserves," Warner added.
Trump and the FBI have been locked in an unprecedented public battle. The president and his allies have long complained about a "deep state" agenda of government officials actively working to undermine his presidency.
In an interview with The Post this week, former New York City Mayor Rudolph Giuliani — Trump's personal lawyer — accused law enforcement officials of "covering" for actions committed by the Obama administration.
Giuliani added that an informant could make Special Counsel Robert Mueller's investigation "completely illegitimate." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/virginia-senator-mark-warner-warns-against-outing-fbi-sources.html |
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May 8 (Reuters) - Major technology and aerospace companies including Amazon.com Inc, Intel Corp, Qualcomm Inc, Raytheon Co and Airbus SE are vying to take part in a new slate of drone tests the United States is set to announce on Wednesday, people familiar with the matter told Reuters.
The wide interest in the U.S. initiative, launched by President Donald Trump last year, underscores the desire of a broad range of companies to have a say in how the fledgling industry is regulated and ultimately win authority to operate drones for everything from package delivery to crop inspection.
The pilot program will allow a much larger range of tests than are generally permitted by federal aviation regulators, including flying drones at night, over people and beyond an operator's line of sight.
The U.S. Transportation Department is set to announce 10 winning state, local or tribal governments to host the experiments out of 149 applicants. Secretary Elaine Chao will make the winners public on Wednesday. The governments in turn have partnered with companies who will play a role in the tests.
At least 200 companies applied as partners in the program, a U.S. official said.
Companies including Apple Inc, Boeing Co and Ford Motor Co have also expressed interest in the program, the sources said, though it was unclear whether they all had joined applications and what they would be testing.
Qualcomm confirmed it is on at least three applications, and Intel said it hopes to participate in the program. The other companies did not immediately answer requests for comment.
Changes to U.S. policy that result from the tests are not expected for some time. Package delivery, which can be particularly complex, might not take place until later on during the program.
Earl Lawrence, who directs the U.S. Federal Aviation Administrations unmanned aircraft systems integration office, told a Senate panel on Tuesday that many of the other projects "could go forward under the FAAs existing rules, including with waivers where appropriate."
He said after "the 10 selections for the pilot program are announced, the FAA will be reaching out to other applicants, as well as interested state and local authorities, to provide additional information on how to operationalize their proposed projects."
The FAA is also working on proposed regulations to ensure the safety of drones and their integration into U.S. airspace.
The initiative is significant for the United States, which has lagged other countries in drone operations for fear of air crashes. That had pushed companies like Amazon to experiment overseas.
In the United Kingdom, the world's largest online retailer already sends some packages by drone. It completed its first such mission in late 2016, taking 13 minutes from click to delivery. (Reporting by Jeffrey Dastin in San Francisco and David Shepardson in Washington; Additional reporting by Stephen Nellis and Paul Lienert; editing by Chris Sanders and David Gregorio) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/reuters-america-exclusive-u-s-to-reveal-winners-of-drone-program-that-has-attracted-top-companies.html |
May 21 (Reuters) - Shares of Indostar Capital Finance Ltd rose as much as 6.08 percent on their trading debut on Monday after the non-banking finance firm’s initial public offering raised 18.44 billion rupees ($270.65 million).
The stock was trading at 596.4 rupees, as of 0434 GMT, compared with the IPO issue price of 572 rupees.
The IPO was subscribed more than six times on the last day of sale earlier in the month.
$1 = 68.1325 Indian rupees Reporting By Arnab Paul in Bengaluru, Editing by Sherry Jacob-Phillips
| ashraq/financial-news-articles | https://www.reuters.com/article/indostar-capital-listing/indias-indostar-capital-finance-rises-6-1-pct-on-market-debut-idUSL3N1SS23G |
May 7 (Reuters) - Ceragon Networks Ltd:
* CERAGON NETWORKS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 REVENUES WERE $83.3 MILLION, UP 9.5% FROM Q1 OF 2017, AND DOWN 3.9% FROM Q4 OF 2017
* QTRLY EARNINGS PER SHARE $0.03 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ceragon-networks-reports-qtrly-ear/brief-ceragon-networks-reports-qtrly-earnings-per-share-of-0-03-idUSASC0A011 |
May 30, 2018 / 6:44 PM / Updated 27 minutes ago Iran seeks OPEC support against U.S. sanctions - letter Rania El Gamal 4 Min Read
DUBAI (Reuters) - Iran has asked OPEC to support it against new U.S. sanctions and signalled it is not yet in agreement with Saudi Arabia’s views on the possible need to increase global oil supplies, creating potential problems for OPEC at its meeting next month. FILE PHOTO: A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005. REUTERS/Raheb Homavandi//File Photo
Iran, the arch-rival of Saudi Arabia, has a history of being difficult at OPEC meetings including in 2015 when the country refused to sign up to OPEC policies, saying it needed to raise output due to the easing of sanctions following Tehran’s accord with major world powers.
U.S. President Donald Trump earlier this month pulled out of that nuclear deal with Iran and announced the “highest level” of sanctions against the OPEC member. Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries after Saudi Arabia and Iraq.
“I would like to ... seek OPEC’s support in accordance with Article 2 of the OPEC Statute, which emphasises safeguarding the interests of member countries individually and collectively,” Iranian Oil Minister Bijan Zanganeh said in a letter seen by Reuters.
Zanganeh also suggested in the letter that Iran was not in agreement with some OPEC ministers’ recent comments on the oil market. He said some OPEC ministers “have implicitly or unwittingly spoken for the organisation, expressing views that might be perceived as the official position of the OPEC.”
The energy ministers of Saudi Arabia and Russia said last week they were prepared to ease output cuts to calm consumer worries about supply.
Raising output would bring an end to about 18 months of strict supply curbs amid concerns that oil price have risen too far. Oil price have hit their highest since late 2014, rising above $80.50 a barrel this month, but have since eased.[O/R]
Since the original sanctions were lifted, Iran has struggled to raise production above 4 million barrels per day due to a lack of new projects and the caution of Western investors. FILE PHOTO: People walk past the logo of the Organization of the Petroleum Exporting Countries (OPEC) in front of its headquarters in Vienna, Austria September 21, 2017. REUTERS/Leonhard Foeger/File Photo
So if OPEC decides to increase supplies, Iran is likely to benefit less than Saudi Arabia because it would struggle to raise output while it would also be hit by lower oil prices.
Zanganeh’s letter was addressed to the United Arab Emirates Energy Minister Suhail al-Mazrouei, who holds OPEC presidency in 2018.
Zanganeh also said that if the latest U.S. sanctions threat was resolved “Iran reserves the right to return to its oil market share in the shortest possible time and resumes its normal production-level and will not accept any limitations in this regard.”
Zanganeh asked Mazrouei to include a separate agenda item for the June OPEC meeting entitled “OPEC Ministerial Conference support to the Member Countries that are under illegal, unilateral and extraterritorial sanctions.”
In a separate letter, Mazrouei replied that there were two options available to discuss this issue.
The first is for the OPEC governors to review the request and include it for discussion in OPEC’s meeting later this year, which could be held in November, according to the letter seen by Reuters.
The second option is to include it in the June meeting under “any other business” as a “Request from the Islamic Republic of Iran”, Mazrouei said, suggesting it will not be on the main agenda for the ministers.
OPEC governors meet next in October. Reporting by Rania El Gamal, Writing by Dmitry Zhdannikov; Editing by Jane Merriman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-oil-opec-iran/iran-seeks-opec-support-against-u-s-sanctions-letter-idUKKCN1IV2HL |
LONDON, May 23 (Reuters) - PwC, administrator for collapsed British broker Beaufort Securities, said on Wednesday it had revised its estimate for the administration costs to 55 million pounds ($73.41 million) over two years from 100 million pounds over four years.
Beaufort was declared insolvent in March after the U.S. Department of Justice named it as one of 10 defendants charged over its alleged role in a more than $50 million stock fraud and a laundering scheme involving a work by Pablo Picasso.
Creditors of Beaufort, including several mining firms, had said they could not see any justification for PwC’s earlier cost estimate. ($1 = 0.7492 pounds) (Reporting by Carolyn Cohn and Barbara Lewis)
| ashraq/financial-news-articles | https://www.reuters.com/article/mining-investment-beaufort-costs/pwc-cuts-administration-costs-for-insolvent-uk-broker-beaufort-idUSL5N1SU60J |
India , bolstered by recent peace signals from North Korea , is moving to strengthen ties with the reclusive regime.
Indian Minister of State for External Affairs VK Singh arrived in Pyongyang with a delegation of officials on Tuesday for a two-day stay, meeting with a host of senior officials such as Foreign Minister Ri Yong Ho and Culture Minister Pak Chun Nam.
It was the first high-level visit by an Indian minister to the rogue state in nearly two decades.
KCNA | Reuters North Korean leader Kim Jong Un reacts with scientists and technicians of the DPRK Academy of Defence Science after the test-launch of the intercontinental ballistic missile Hwasong-14 in this undated photo released by North Korea's Korean Central News Agency (KCNA) in Pyongyang July, 5, 2017. "Now that the environment around North Korea is changing, India may feel like it's an opportune moment to reach out, perhaps in potential anticipation of the country opening up," said Harsh Pant, distinguished fellow and head of strategic studies at New Delhi-based think tank Observer Research Foundation.
Despite some hiccups in international efforts to restrict North Korea's nuclear weapons — Kim Jong Un's administration on Wednesday threatened to withdraw from a June 12 meeting with President Donald Trump — tensions on the Korean Peninsula have greatly subsided from last year's regular missile launches.
And now that the White House is reaching out to Kim — Secretary of State Mike Pompeo over the weekend mentioned the potential for private investment in the underdeveloped state — New Delhi likely wants to follow suit.
"The visit may have been spurred by the recent developments in U.S.-North Korea relations," said Amit Cowshish, a former advisor at the Indian Ministry of Defense and current partner with law firm Dua Associates.
But that isn't to say India is looking to inject itself into nuclear negotiations.
Rather, "the purpose of the visit seems to be to explore the possibility of resetting mutual relations in the context of India's Act East policy," Cowshish stated, referring to Prime Minister Narendra Modi's foreign policy initiative of warming up to Asian neighbors.
show chapters Messages from North Korea's state media have two audiences: Expert 17 Hours Ago | 01:08 New Delhi may see this visit as a means to position itself out front should North Korea stabilize and join the international community, said Pant.
Resuming an old relationship Before Modi suspended the bulk of bilateral trade with North Korea in 2017 amid international sanctions on the isolated nation, the two enjoyed friendly diplomatic, commercial and economic ties for decades.
"There were even reports in late 2016 and early 2017 that India was the third largest trade partner of North Korea, although these figures did not consider the substantial illicit or undeclared commerce involving China and Russia ," said Dhruva Jaishankar, foreign policy fellow at Brookings India.
India also maintains an embassy in Pyongyang, resisting pressure from Washington last year to sever all links with Kim's government.
For Asia's third-largest economy, North Korea is inextricably linked to security and terror concerns around rival Pakistan , Pant explained.
Islamabad has long provided Pyongyang with nuclear technology under the network of Abdul Qadeer Khan, the father of Pakistan's nuclear program who has admitted to sharing designs with countries such as Libya , Iran and North Korea. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/indian-minister-of-state-for-external-affairs-vk-singh-in-north-korea.html |
(Reuters) - Russia striker Fyodor Smolov has undergone a dramatic career turnaround from laughing stock to national icon and his under-performing nation will look to him to fire them out of World Cup Group A and avoid an embarrassing early exit as hosts.
Football Soccer - Russia Training - FIFA Confederations Cup Russia 2017 - Spartak Stadium, Moscow, Russia - June 20, 2017 Russia's Fyodor Smolov during training REUTERS/Maxim Shemetov Smolov looked like he would never fulfill his early promise after a measly return of five league goals in his first seven years as a professional and he hit a low when he was relegated with Anzhi Makhachkala in 2014.
The heavily-tattooed player was left out of the 2014 World Cup squad by Fabio Capello and was criticized for having a celebrity lifestyle due to his relationship with television presenter Victoria Lopyreva.
He got his mojo back in a stint on the edge of Siberia at Ural, becoming a hero for helping to save the club from relegation. His exploits earned him a move to Krasnodar, where he developed into a clinical and prolific striker.
Smolov became the Russian Premier League’s top scorer in 2015-16 with 20 goals and took the accolade again the following year with 18. He managed 14 goals this season, one fewer than Spartak Moscow’s Quincy Promes.
The powerful forward has scored six goals in his last 11 games for the national team including two in a heartening 3-3 comeback draw against Spain in November and one in a 3-1 defeat by France in March.
As well as his goals, fans admire the 28-year-old Smolov’s passion for the national team, which was on display as he cried on the pitch following the hosts’ exit from the Confederations Cup after they lost to Mexico.
Russia have not made it out of a World Cup group stage since the collapse of the Soviet Union but they have a chance if Smolov can replicate his club form this June, when he will be hoping to turning last year’s despair into joy.
Reporting by Richard Martin, editing by Ed Osmond
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-rus-star/russia-pin-goal-hopes-on-comeback-kid-smolov-idUSKCN1IM1GF |
Prepare for another big oil rally this summer: RBC's Helima Croft 1 Hour Ago Oil is taking a dive this week, but RBC's Helima Croft sees new multi-year highs this summer. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/prepare-for-another-big-oil-rally-this-summer-rbcs-helima-croft.html |
Polaris Industries is moving into the boating market with the acquisition of Boat Holdings, a company Polaris CEO and Chairman Scott Wine referred to as a "great business."
"They've managed their capital so well that even in a downturn this thing returns very strong financials for us," Wine told CNBC on " Power Lunch " on Wednesday.
Boat Holdings, the largest manufacturer of pontoon boats in the U.S., generated approximately $560 million in sales last year.
Polaris Industries — a Medina, Minnesota-based manufacturer of snowmobiles, off-road vehicles and motorcycles with a market cap of about $7 billion — agreed to acquire Boat Holdings in an $805 million all-cash deal . The deal is expected to close in the third quarter of 2018.
Wine said one of the things that attracted Polaris to Boat Holdings was that the company doesn't "perform quite as cyclical as the boat or RV industry."
"Boat Holdings expands Polaris' footprint in the recreational outdoors market, commanding more of consumers' discretionary spending," Wine said in a statement.
Strong consumer sentiment , increased traffic in dealerships and tax cuts that benefited consumers are all signs of future growth for the company, Wine told CNBC.
Shares of Polaris Industries declined Wednesday after the announcement, but are up more than 30 percent year to date.
Correction: Polaris Industries is based in Medina, Minnesota. An earlier version misstated its location. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/polaris-industries-ceo-calls-new-acquisition-boat-holdings-a-great-business.html |
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