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By Jonathan Vanian 2:38 PM EDT
Facebook is now streaming a few Major League Baseball games and concerts in 360 degrees that people can watch with virtual reality headsets like the Oculus Rift.
The social networking giant debuted on Wednesday its Oculus Venues feature intended to popularize virtual reality and make the technology more appealing to non-video gamers.
Besides the baseball games and concerts, Oculus Venues will also stream other live events including stand-up comedy, professional soccer games, and screenings of older movies from Lionsgate, like Apocalypse Now, Reservoir Dogs , and National Lampoon’s Van Wilder .
To watch the live programming, people will need to download the Oculus Venues app to their Oculus Go portable VR headset or the Samsung Gear VR headset , powered by the company’s Gear VR software.
Some of the companies working with Facebook (fb) to produce and stream the 360-degree videos are live music production group AEG Presents and the VR production studio NextVR .
Most of the programming will air in the evenings around 7 p.m. PT and 8 p.m. PT, except for the MLB games, which will broadcast during the afternoons. In March, Facebook said it signed a deal with the MLB to stream 25 broadcast games via its Facebook Watch video streaming service.
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Facebook said that later this summer, it will air unspecified programming from Showtime in 360 degrees via the Oculus Venue service, as well as content from the NBA League Pass, the NBA’s streaming service. | ashraq/financial-news-articles | http://fortune.com/2018/05/30/facebook-live-streaming-baseball-games-vr/ |
Santa Fe school shooter's family express shock over teen's rampage The family of Dmitrios Pagourtzis says what happened "seems incompatible with the boy we love" Ten people have died after a shooting at a Houston-area high school on Friday Local authorities have one suspect in custody and have detained another individual deemed a person of interest Published 20 Hours Ago The Associated Press
The family of the 17-year-old student who opened fire on his Texas high school, killing 10 people and wounding 13 others, says what happened "seems incompatible with the boy we love."
Dmitrios Pagourtzis family said in a statement Saturday, "We are as shocked and confused as anyone else by these events that occurred" while offering prayers and condolences to the victims.
The family said it remained "mostly in the dark about the specifics of yesterday's tragedy" but "what we have learned from media reports seems incompatible with the boy we love." It added, "We share the public's hunger for answers as to why this happened, and will await the outcome of the investigation before speaking about these events."
Pagourtzis is being held on capital murder charges. Investigators say he admitted "shooting multiple people."
Meanwhile, authorities have released the names of the 10 people who were killed in the mass shooting at a Texas high school.
The Galveston County medical examiner's office and sheriff's office issued a statement Saturday listing those killed as: Glenda Perkins; Cynthia Tisdale; Kimberly Vaughan; Shana Fisher; Angelique Ramirez; Christian Riley Garcia; Jared Black; Sabika Sheikh; Christopher Jake Stone; and Aaron Kyle McLeod.
Perkins and Tisdale were teachers. The others were students at Santa Fe High School. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/19/santa-fe-school-shooters-family-express-shock-over-teens-rampage.html |
BEIJING (Reuters) - China’s producer inflation picked up for the first time in seven months in April, bolstered by surging commodities prices and suggesting its industrial demand remains resilient even as trade tensions ratchet up with the United States.
FILE PHOTO: A customer pushes a shopping cart at Sun Art Retail Group's Auchan hypermarket store in Beijing, China, November 9, 2015. REUTERS/Kim Kyung-Hoon/File Photo But consumer inflation eased from the previous month as food prices rose at a slower pace, official data showed on Thursday.
Analysts and investors are closely watching inflation gauges in China for signs of a long-expected economic slowdown that would weigh on industrial profit growth and investment and possibly tip a shift in central bank policy.
But the country’s commodity futures markets are notoriously speculative, making it difficult to tell if producer price swings are pointing to a real change in underlying demand.
The producer price index (PPI) rose 3.4 percent in April from a year ago, accelerating from a 17-month low of 3.1 percent in March, the National Bureau of Statistics (NBS) said on Thursday. On a month-on-month basis, it declined 0.2 percent.
Analysts polled by Reuters had expected producer inflation would rebound to 3.5 percent as steel mills stocked up on raw materials such as iron ore and coking coal to meet a seasonal surge in construction. Oil prices have also been on the rise.
Sharper factory-gate price rises could bolster profits for industrial firms, which saw earnings growth slow to the weakest pace in over a year in March.
CONSUMER INFLATION EASES The consumer price index (CPI) rose 1.8 percent from a year earlier, just below expectations and slowing from March’s 2.1 percent. On a month-on-month basis, it dipped 0.2 percent.
The core consumer price index, which strips out volatile food and energy prices, rose 2.0 percent in April, unchanged from March.
The food price index rose 0.7 percent on-year, after rising 2.1 percent in March, as distortions from the long Lunar New Year holiday receded. Non-food prices rose 2.1 percent, the same pace as the previous month.
Pork prices in April declined 16.1 percent on-year, most likely due to a glut in the market.
“The decline in pork prices in April dragged the headline number lower by 0.4 percentages points,” said David Qu, a Shanghai-based economist at ANZ. “But I don’t think the softness in pork prices is sustainable. We will most likely see a rebound sometime in the second half this year.”
TRADE WAR A RISK TO INFLATION While neither Washington nor Beijing has set a hard timeframe for the imposition of tit-for-tat tariffs, there are worries that the threat of disruptions and higher costs could start to add upward pressure on inflation in China that would be felt from factory floors to farms.
Pork prices, for example, which have a large weighting in the consumer inflation basket, could soar if feed costs continue to rise. China imposed a hefty duty on imports of U.S. sorghum last month and has threatened high tariffs on U.S. soybeans.
But analysts still expect broader price pressures will moderate this year as higher borrowing costs and a cooling property market lead to a softening in economic activity.
China has set an inflation goal of 3 percent for 2018, the same target as last year. Most market watchers expect full-year CPI to be in the low- to mid-2 percent range, picking up from 2017 but still well within the central bank’s comfort zone.
Mild inflationary pressures had been expected to give Chinese policymakers plenty of room to continue their crackdown on riskier lending this year, which has been pushing up companies’ financing costs.
But China’s central bank last month cut reserve requirement ratios (RRR) for most banks, sparking fears that economic momentum may already be starting to slow.
That has prompted speculation that China is considering shifting monetary policy from a slightly tighter bias to a somewhat looser stance, as the threat of a trade war with the United States adds to the risks facing the world’s second-largest economy in coming months.
“Today’s inflation data point to easing price pressures, consistent with our view that inflation is already past its peak for the current economic cycle,” Julian Evans-Pritchard, senior China Economist at Capital Economics, wrote in a note after the data.
“Softening price pressures should give the People’s Bank ample room to loosen monetary policy later this year in response to cooling economic activity.”
Despite a stronger-than-expected first quarter, economists polled by Reuters still expect China’s economic growth to cool to 6.5 percent this year from 6.9 percent in 2017.
Reporting by Lusha Zhang, Stella Qiu and Kevin Yao; Editing by Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-economy-inflation/china-april-consumer-inflation-slows-to-1-8-percent-year-on-year-ppi-up-3-4-percent-idUSKBN1IB05F |
May 1 (Reuters) - United Parcel Service Inc:
* UPS - ANNOUNCED CHRIS CASSIDY AS VP OF GLOBAL HEALTHCARE LOGISTICS STRATEGY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ups-names-chris-cassidy-as-vp-of-g/brief-ups-names-chris-cassidy-as-vp-of-global-healthcare-logistics-strategy-idUSFWN1S809F |
President Donald Trump is mixing three issues that should not be mixed: trade, foreign policy and enforcement, said Max Baucus , former U.S. ambassador to China.
And that could be a "real danger," Baucus told CNBC.
U.S. and Chinese officials met this week in Washington to talk about trade. During those meetings, an agreement between the two countries including possible tariff reductions started to take shape, a senior administration official told CNBC on Friday.
"The problem is he may give in on trade in order to get [North Korean dictator] Kim [Jong Un] ," Baucus said on " Closing Bell ."
The summit between Kim and Trump is set to take place in Singapore, but it's unclear if it will occur. Kim has threatened to pull out and on Wednesday Trump said "we'll have to see" if the summit is still on.
On Thursday, Trump said the North Korean leader was possibly being influenced by Beijing.
"It's very dangerous because we don't know what's in Kim Jong Un's mind. We don't know what's in [Chinese President] Xi Jinping 's mind. We don't know what's in Trump's mind," said Baucus, a Democratic former senator from Montana.
"We can't trust Kim. It's also a bit hard to trust Xi Jinping. So I wouldn't give up a lot of stuff now hoping we can get Kim to go to Singapore and get a deal," he added.
Baucus also slammed Trump's push to get Chinese company ZTE back into business in the U.S. Last month, the Trump administration barred U.S. companies from selling to ZTE for seven years. The ban was in response to the company's shipping of American goods to Iran and North Korea in violation of sanctions. ZTE has said the ban was unacceptable and threatened its survival.
While top administration officials tried to separate Trump's comments from the trade talks, Trump muddled that message earlier this week. He said on Twitter that his reversal only relates to a "larger trade deal" his administration seeks with Beijing.
Baucus said that while the trade issues with China are legitimate, ZTE should be prosecuted for violating the law.
The White House didn't immediately respond to a request for comment.
— CNBC's Jacob Pramuk and Reuters contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/trump-may-give-in-on-china-trade-to-get-kim-john-un-former-ambassador.html |
May 14, 2018 / 5:48 PM / Updated 25 minutes ago Twins' Morrison: Ohtani 'probably the best player in the world' Reuters Staff 2 Min Read
Minnesota first baseman Logan Morrison was one of the few players to get to Los Angeles Angels rookie Shohei Ohtani on Sunday, but that didn’t stop him from heaping some eye-popping praise on the Japanese star. May 13, 2018; Anaheim, CA, USA; Los Angeles Angels starting pitcher Shohei Ohtani (17) throws a pitch to a Minnesota Twins batter during the first inning at Angel Stadium of Anaheim. Mandatory Credit: Orlando Ramirez-USA TODAY Sports
“He was really good,” Morrison said after the game, according to MLB.com Angels beat writer Maria I. Guardado. “He’s only 23 years old and is going to get better. I think he’s doing something that nobody has probably ever done and it might be a long time before you see it again. There’s another guy (Mike Trout) in that clubhouse who is a really good player, but to me, with what he does on the mound and with the bat, he’s probably the best player in the world.”
Ohtani threw a season-high 103 pitches Sunday, striking out 11 and surrendering just one run on three hits in 6 1/3 innings. He received a no-decision in Los Angeles’ 2-1 walk-off win. May 13, 2018; Anaheim, CA, USA; Minnesota Twins first baseman Logan Morrison (99) runs to first base on a single during the fifth inning against the Los Angeles Angels at Angel Stadium of Anaheim. Mandatory Credit: Orlando Ramirez-USA TODAY Sports
Morrison reached base all three times he faced the right-hander, picking up a pair of singles and later drawing a one-out walk in the seventh that chased Ohtani from the game.
Ohtani has set MLB abuzz this season, garnering comparisons to Babe Ruth with his prowess as a two-way player. He is 3-1 with a 3.58 ERA in six starts on the mound, and is batting .348 with five home runs and 16 RBIs at the plate.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-laa-ohtani-morrison/twins-morrison-ohtani-probably-the-best-player-in-the-world-idUSKCN1IF2JA |
* Net profit down to 86.5 mln euros from 95.1 mln
* Regulatory charges at 36.7 mln
* Aims to finance consumer loans, housing, cars
* Still sees robust M&A pipeline (Adds CEO Quote: s, analyst, share, detail)
VIENNA, May 24 (Reuters) - BAWAG Group aims to reach its medium-term growth targets thanks to more takeovers in the German speaking world and new retail partnerships that will strengthen its consumer business, the Austrian bank said on Thursday.
The lender, backed by U.S. financial investor Cerberus , on Tuesday reported a 9 percent drop in its first-quarter profit, mainly because it took 85 percent of the regulatory charges it expects for the year as a whole.
BAWAG, the former trade union bank, has been focusing on bolt-on takeovers in the German speaking region to drive growth for some time.
It agreed six acquisitions over the past two years, and the pipeline for further deals is “pretty robust”, Chief Executive Officer Anas Abuzaakouk told Reuters.
To further boost BAWAG’s lending business, it will seek new partnerships in the retail sector, the CEO said.
Last week, he agreed to cooperate with electronics chain MediaMarktSaturn Austria from next January and he said he hopes more deals will follow. In particular, BAWAG wants to grow with housing loans and auto financing.
“Retail partnerships will increase our customer base and allow us to grow in the lending market,” Abuzaakouk said.
The bank posted a first-quarter profit of 86.5 million euros ($101 million) on revenues of 282 million euros, an increase of 15 percent, which fell short of Morgan Stanley expectations.
BAWAG shares fell 3.2 percent, while the European sector index traded flat.
Operating expenses in the quarter increased 21 percent to 130 million euros. Net fee and commission income was up 49.6 percent to 74.5 million euros from the previous year’s period.
BAWAG bought Austrian credit card issuer PayLife and German Suedwestbank and agreed to take over German building society bank Deutscher Ring Bausparkasse last year.
It is also part of a consortium which agreed to buy Germany’s HSH Nordbank, once the world’s largest ship financier, earlier this year.
The lender still aims to increase its full-year pre-tax profit by more than 5 percent and confirmed its medium-term targets. ($1 = 0.8532 euros) (Reporting by Kirsti Knolle Editing by Keith Weir)
| ashraq/financial-news-articles | https://www.reuters.com/article/bawag-grp-results/update-1-regulatory-charges-weigh-on-bawag-q1-profit-idUSL5N1SV0XL |
LONDON, May 9 (Reuters) - British baker Greggs warned on Wednesday that underlying profit for 2018 was likely to fall short of expectations and be at a similar level to 2017, held back by uncertainty over consumer demand.
Greggs, which is transforming itself from a conventional bakery business into a broader takeaway food retailer, said like-for-like sales at company-managed shops rose 1.3 percent in the first 18 weeks of the year - a slowdown from growth of 3.2 percent in the first eight weeks.
The group said trading in March and April was impacted by weaker market conditions but improved in May. (Reporting by James Davey; editing by Jason Neely)
| ashraq/financial-news-articles | https://www.reuters.com/article/greggs-outlook/uk-baker-greggs-warns-on-full-year-profit-idUSFWN1SF1GB |
May 1 (Reuters) - Regeneron Pharmaceuticals and Sanofi will cut the net price of their expensive cholesterol drug for Express Scripts customers in exchange for greater patient access, with some savings to be shared with consumers, the companies said on Tuesday.
The drug, Praluent, dramatically lowers bad LDL cholesterol and reduces the risk of heart attacks and death in high-risk heart patients.
But sales of Praluent and a rival Amgen drug, with list prices of more than $14,000 a year before discounts, have been severely constrained by onerous roadblocks to patient access by insurers. They routinely reject about 70 percent of prescriptions written, the companies have said.
“I expect this to substantially increase the sales,” Regeneron Chief Executive Leonard Schleifer said of the Express Scripts deal.
Regeneron and Sanofi said in March they would be willing to lower Praluent’s price in exchange for easier patient access. They said pricing could be tied to an independent review by the Institute for Clinical and Economic Review (ICER), which put an appropriate Praluent price for highest risk patients at $4,500 to $8,000 a year.
The Praluent net price will be at the “low end” of the ICER range including double-digit rebates, said Express Scripts Chief Medical Officer Steve Miller. Rebates are still needed to reward plans for choosing the drug, he added.
The arrangement makes Praluent exclusive on the Express Scripts’ national formulary for the drug class known as PCSK9 inhibitors, meaning customers of the largest U.S. pharmacy benefit manager (PBM) will mostly not have access to Amgen’s Repatha.
Beginning July 1, doctors can submit just one form attesting that a patient with heart disease meets criteria for PCSK9 therapy, such as inability to sufficiently lower LDL with cheap statins, like Pfizer’s Lipitor.
“This ... addresses head-on the frustrations caused by complex pre-authorization requirements that hamstring physicians and put an important medicine out of reach from patients,” Michelle Carnahan, head of Sanofi’s North America cardiovascular business, said in a statement.
Starting next year, Express Scripts will pass along a portion of Praluent rebates it receives from the drugmakers to people in eligible health benefit plans, lowering out-of-pocket costs.
“This is a significant (price) reduction that the patients will also feel, not just the insurance companies or the employers,” Schleifer said.
He said talks were taking place with other insurers and PBMs about similar arrangements.
“I hope that this will spread like wildfire through the entire payer system,” Schleifer said.
Reporting by Bill Berkrot in New York and Deena Beasley in Los Angeles; editing by Diane Craft
| ashraq/financial-news-articles | https://www.reuters.com/article/regeneron-pharms-sanofi-fr-cholesterol/regeneron-sanofi-to-cut-price-of-heart-drug-in-express-scripts-deal-idUSL1N1S41MM |
LOS ANGELES, May 02, 2018 (GLOBE NEWSWIRE) -- Today, Cadiz Inc. (NASDAQ:CDZI) (“Cadiz”, the “Company”) and Water Asset Management LLC (“WAM”) announced an agreement to add two new members to its Board of Directors designated by WAM, the Company’s largest equity shareholder. WAM has extensive investment experience in the water sector and is actively managing water related activities across the western United States and internationally.
“We’ve been a long-time believer in the Cadiz Water Project and its promise to provide cost-effective water supply, storage and conveyance for the benefit of Southern California” said Disque Deane Jr., a WAM founder. “Until now, there hasn’t been a private sector entity with the mission or ability to provide a complementary alternative to public agency water wholesalers and Cadiz presents a very real opportunity to do just that, in an environmentally responsible manner. We strongly believe an enhanced Board will further the timely and successful execution of this strategy.”
“WAM is a valued Cadiz shareholder and we have appreciated the input it has consistently provided to the Board during development of the Cadiz Water Project,” said Geoff Grant, Lead Director of Cadiz. “We look forward to the contributions of their two designees and are grateful for their expertise at this important time for the Company.”
The Cadiz Board of Directors will expand from nine to 11 members in order to accommodate the addition of the WAM designees. The two WAM designees are expected to be named within the next 30 days and will immediately join the Board. All 11 members of the Board will be subject to shareholder approval at the 2018 Annual Meeting of Shareholders later this year. The two WAM designees will meet all SEC requirements for independent directors and at least one WAM designee will be assigned to serve on each of the Board Committees.
About WAM
Water Asset Management ("WAM") seeks to be a recognized leader in managing global water investments that solve water quality and availability issues Water Asset Management's investment team is comprised of experienced water industry professionals focused exclusively on identifying investable trends in the global water sector. The team has successfully deployed capital in both public and private equity investments in the following sectors: regulated utilities, water resources, infrastructure, treatment and test/measurement. Each member of the WAM team is committed to all aspects of the investment process and incentivized in the long-term success of its investment funds.
About Cadiz
Founded in 1983, Cadiz Inc. is a publicly-held renewable resources company that owns 70 square miles of property with significant water resources in Southern California. The Company maintains an organic agricultural development in the Cadiz Valley of eastern San Bernardino County, California and is partnering with public water agencies to implement the Cadiz Water Project, which over two phases will create a new water supply for approximately 400,000 people and make available up to 1 million acre-feet of new groundwater storage capacity for the region. Cadiz abides by a wide-ranging “Green Compact” focused on environmental conservation and sustainable practices to manage its land, water and agricultural resources. For more information, please visit www.cadizinc.com
Contact :
Courtney Degener
[email protected]
FORWARD LOOKING STATEMENT: This release contains forward-looking statements that are subject to significant risks and uncertainties, including statements related to the future operating and financial performance of the Company and the financing activities of the Company. Although the Company believes that the expectations reflected in our forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Factors that could cause actual results or events to differ materially from those reflected in the Company’s forward-looking statements include the Company’s ability to maximize value for Cadiz land and water resources, the Company’s ability to obtain new financing as needed, the receipt of additional permits for the water project and other factors and considerations detailed in the Company’s Securities and Exchange Commission filings.
Source:Cadiz, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-cadiz-inc-board-of-directors-to-add-representatives-from-water-asset-management.html |
DALLAS, May 03, 2018 (GLOBE NEWSWIRE) -- Wingstop Inc. (NASDAQ:WING) today announced fiscal first quarter financial results for the period ended March 31, 2018.
Highlights for the Fiscal First Quarter 2018 compared to the Fiscal First Quarter 2017*:
System-wide sales increased 20.4% to $313.0 million System-wide restaurant count increased 12.2% to 1,157 global locations Domestic same store sales increased 9.5% Total revenue increased 11.9% to $37.4 million Net income of $6.2 million, or $0.21 per diluted share, comparable to $6.3 million, or $0.21 per diluted share Adjusted EBITDA**, a non-GAAP measure, increased 31.0% to $12.5 million Adjusted net income**, a non-GAAP measure, increased 16.4% to $7.3 million, or $0.25 per diluted share
* In the first quarter of 2018, the Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), which changed the timing of recognition of initial franchise fees, development fees, territory fees for our international business and renewal and transfer fees, as well as the reporting of advertising fund contributions and related expenditures. See the “Adoption of New Accounting Guidance” section below for additional information. Amounts presented for the thirteen weeks ended April 1, 2017 have been adjusted to reflect the adoption of ASU 2014-09.
** Adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share are non-GAAP measures. Reconciliations of adjusted EBITDA and adjusted net income to the most directly comparable financial measures presented in accordance with GAAP, are set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures.”
Chairman and Chief Executive Officer Charlie Morrison stated, “Our strong start in 2018 is another example of the strength of our model and the outstanding performance of our franchisees and team members. This strong start gives us confidence in our ability to deliver 2018 results that are above our long term targets. The strong top line momentum in the first quarter of 2018 led to adjusted EBITDA growth of 31.0% and adjusted net income growth of 16.4%.”
Morrison continued, “We remain focused on executing against our four growth strategies: building awareness of the Wingstop brand; innovating across our technological platforms; optimizing delivery in our three test markets as we build a foundation for a national delivery rollout; and developing Wingstop internationally. These efforts are proving successful in strengthening our ‘category of one’ brand and helping position Wingstop to become a top 10 global restaurant brand.”
Key Operating Metrics for the Fiscal First Quarter 2018 Compared to the Fiscal First Quarter 2017
Thirteen Weeks Ended March 31, 2018 April 1, 2017 Number of system-wide restaurants open at end of period 1,157 1,031 Number of domestic franchise restaurants open at end of period 1,021 927 Number of international franchise restaurants open at end of period 112 83 System-wide sales (in thousands) $ 312,981 $ 259,925 System-wide domestic same store sales growth 9.5 % (1.1 )% Net income (in thousands) $ 6,168 $ 6,257 Adjusted EBITDA (in thousands) $ 12,492 $ 9,535 Fiscal First Quarter 2018 Financial Results
Total revenue for the fiscal first quarter 2018 increased 11.9% to $37.4 million from $33.4 million in the fiscal first quarter last year.
Royalty revenue, franchise fees and other increased $0.2 million to $17.8 million from $17.6 million in the fiscal first quarter last year. Royalty revenue increased $2.7 million due to 123 net franchise restaurant openings since April 1, 2017 and domestic same store sales growth of 9.5%. This increase was partially offset by a decrease in other revenue of $2.5 million, primarily due to a one-time payment received in conjunction with a vendor agreement executed during the thirteen weeks ended April 1, 2017.
Advertising fees and related income increased $1.3 million to $8.6 million from $7.3 million in the fiscal first quarter last year. Advertising fees increased primarily due to the increase in system-wide sales during the thirteen weeks ended March 31, 2018, versus the prior year fiscal first quarter.
Company-owned restaurant sales increased $2.5 million to $11.0 million from $8.5 million in the fiscal first quarter last year. The increase was the result of the acquisition of two restaurants from a franchisee in July 2017 and the acquisition of one restaurant from a franchisee in February 2018, resulting in combined sales of $1.3 million in the current fiscal first quarter, and company-owned domestic same store sales growth of 12.5%, which was driven equally by an increase in transactions and an increase in average transaction size.
Cost of sales increased to $7.4 million from $6.6 million in the fiscal first quarter last year. As a percentage of company-owned restaurant sales, cost of sales decreased 1,000 basis points to 67.2% from 77.2%. The decrease was driven primarily by an 11.3% decrease in the cost of bone-in chicken wings as compared to the prior year period, as well as our ability to leverage costs as a result of the 12.5% increase in company-owned restaurant same store sales.
Advertising expenses decreased to $8.6 million from $9.3 million in the fiscal first quarter last year. Under the new accounting guidance, advertising expenses are recognized at the same time the related revenue is recognized, which does not necessarily correlate to actual timing of the advertising spend. In the prior year period, we received a one-time payment from a vendor, which was used to fund the launch of national advertising, and resulted in a corresponding increase in advertising expense of approximately $1.9 million for the thirteen weeks ended April 1, 2017.
Selling, general & administrative expenses (SG&A) increased 31.4% to $10.8 million compared to $8.2 million in the fiscal first quarter last year. The increase in SG&A expense is primarily due to nonrecurring costs of $1.5 million related to the refinancing of our credit agreement and subsequent special dividend payout, which occurred in the fiscal first quarter 2018. The remaining increase is primarily due to an increase in payroll and benefit expenses related to planned headcount additions, as compared to the prior year period.
Net income was $6.2 million, or $0.21 per diluted share, which is comparable to net income of $6.3 million, or $0.21 per diluted share, in the fiscal first quarter last year.
Adjusted net income increased to $7.3 million, or $0.25 per diluted share, compared to $0.21 per diluted share, in the prior year’s first quarter, an increase of 19%. A reconciliation between net income and adjusted net income is included in the schedules accompanying this release.
Adoption of New Accounting Guidance
The Company adopted ASU 2014-09 in the first quarter of 2018, using the full retrospective transition method, which resulted in adjusting each prior reporting period presented and a recording a cumulative effect adjustment as of the first day of 2016. The adoption changed the timing of recognition of initial franchise fees, development fees, territory fees for our international business and renewal and transfer fees, as well as the reporting of advertising fund contributions and related expenditures. Additional information regarding the Company's adoption of the new revenue recognition guidance and the impact to historical financial results is contained in Exhibit 99.2 to the Company's filing on Form 8-K, filed with the Commission on February 22, 2018.
Restaurant Development
As of March 31, 2018, there were 1,157 Wingstop restaurants system-wide. This included 1,045 restaurants in the United States, of which 1,021 were franchised restaurants and 24 were company-owned. Our international presence consisted of 112 franchised restaurants across eight countries. During the fiscal first quarter 2018, there were 24 net system-wide Wingstop restaurants opened, including 6 international franchised locations.
Quarterly Dividend
In recognition of the Company’s strong cash flow generation, confidence in the business, and commitment to returning value to stockholders, our Board of Directors has authorized and declared a quarterly dividend of $0.07 per share of common stock, totaling approximately $2.1 million. This dividend will be paid on June 18, 2018 to shareholders of record as of June 4, 2018.
Financial Outlook
For the fiscal year ending December 29, 2018, the Company is reiterating previous guidance, which is consistent with its long-term targets:
10%+ system-wide unit growth Low single digit domestic same store sales growth Adjusted EBITDA growth of 13% - 15% Effective tax rate of approximately 23% Stock-based compensation expense of approximately $3 million Fully diluted Adjusted earnings per share of approximately $0.75, which reflects 29.6 million diluted shares outstanding. This estimate is comparable to fully diluted Adjusted earnings per share of $0.69 for fiscal year 2017, which has been restated to reflect the new revenue recognition standards. Fiscal year 2017 included a benefit of $0.08 to Adjusted earnings per share associated with the new accounting rules for excess tax benefits for stock options exercised. No excess tax benefits from stock option exercises have been contemplated in our 2018 guidance.
Fiscal Year Ended December 29, 2018 Diluted earnings per share $ 0.71 Adjustments: Transaction costs (a) 0.05 Tax impact of adjustments (b) (0.01 ) Adjusted diluted earnings per share $ 0.75 (a) Represents costs and expenses related to the refinancing of our credit agreement (b) Tax impact of adjustment calculated at a 23% effective tax rate The following definitions apply to these terms as used in this release:
Same store sales reflects the change in year-over-year sales for the comparable restaurant base. We define the comparable restaurant base to include those restaurants open for at least 52 full weeks. This measure highlights the performance of existing restaurants, while excluding the impact of new restaurant openings and closures.
System-wide sales represents net sales for all of our company-owned and franchised restaurants, as reported by franchisees.
Adjusted EBITDA is defined as net income before interest expense, net, income tax expense, and depreciation and amortization (EBITDA) further adjusted for transaction costs, gains and losses on the disposal of assets, and stock-based compensation expense. We caution investors that amounts presented in accordance with our definitions of EBITDA and Adjusted EBITDA may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate EBITDA and Adjusted EBITDA in the same manner.
Adjusted net income is defined as net income plus transactions costs minus related adjustments to income tax expense.
Adjusted earnings per diluted share is defined as adjusted net income divided by weighted average diluted share count.
Conference Call and Webcast
Chairman and Chief Executive Officer, Charlie Morrison, and Chief Financial Officer, Michael Skipworth, will host a conference call today to discuss the fiscal first quarter and fiscal year 2018 financial results at 4:30 PM Eastern Time.
The conference call can be accessed live by dialing 201-689-8562. A replay will be available two hours after the call and can be accessed by dialing 412-317-6671; the passcode is 13678644. The replay will be available through Thursday, May 10, 2018.
The conference call will also be webcast live and later archived on the investor relations section of Wingstop’s corporate website at ir.wingstop.com under the ‘News & Events’ section.
About Wingstop
Founded in 1994 and headquartered in Dallas, Texas, Wingstop Inc. (NASDAQ:WING) operates and franchises more than 1,000 restaurants across the United States, Mexico, Singapore, the Philippines, Indonesia, the United Arab Emirates, Malaysia, Saudi Arabia, and Colombia. The Wing Experts’ menu features classic and boneless wings with 11 bold, distinctive flavors including Original Hot, Cajun, Atomic, Mild, Teriyaki, Lemon Pepper, Hawaiian, Garlic Parmesan, Hickory Smoked BBQ, Louisiana Rub, and Mango Habanero. Wingstop’s wings are always cooked to order, hand-sauced and tossed and served with a variety of house-made sides including fresh-cut, seasoned fries. Having grown its domestic same store sales for 14 consecutive years, the Company has been ranked #3 on the “Top 100 Fastest Growing Restaurant Chains” by Nation’s Restaurant News (2016), #7 on the “Top 40 Fast Casual Chains” by Restaurant Business (2016), and was named “Best Franchise Deal in North America” by QSR magazine (2014). Wingstop was ranked #88 on Fortune ’s 100 Best Medium Workplaces list in October 2016. For more information visit www.wingstop.com or www.wingstopfranchise.com . Follow us on facebook.com/Wingstop and Twitter @Wingstop.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use non-GAAP financial measures including those indicated above. By providing non-GAAP financial measures, together with a reconciliation to the most comparable GAAP measure, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. These measures are not intended to be considered in isolation or as substitutes for, or superior to, financial measures prepared and presented in accordance with GAAP. The non-GAAP measures used in this press release may be different from the measures used by other companies. A reconciliation of each measure to the most directly comparable GAAP measure is available in this news release. In addition, the Current Report on Form 8-K furnished to the SEC concurrent with the issuance of this press release includes a more detailed description of each of these non-GAAP financial measures, together with a discussion of the usefulness and purpose of such measures.
Forward-looking Information
Certain statements contained in this news release, as well as other information provided from time to time by Wingstop Inc. or its employees, may contain that involve risks and uncertainties that could cause actual results to differ materially from those in the . You can identify by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “guidance,” “anticipate,” “estimate,” “expect,” “forecast,” “project,” “plan,” “intend,” “believe,” “confident,” “may,” “should,” “can have,” “likely,” “future” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Examples of in this news release include our fiscal year 2018 outlook for new restaurant openings, domestic same store sales growth, SG&A expenses, net income, EBTIDA, adjusted EBITDA, adjusted net income, adjusted earnings per diluted share and our diluted share count, as well as our anticipated potential domestic restaurant expansion opportunity, positioning to make progress towards domestic restaurant potential and progress toward our goal of becoming a top 10 global restaurant brand.
Any such are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. Although we believe any are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results and cause them to differ materially from those anticipated in any . Please refer to the risk factors discussed in our Form 10-K for the year ended December 30, 2017, which can be found at the SEC’s website www.sec.gov . The discussion of these risks is specifically incorporated by reference into this news release.
Any forward-looking statement made by Wingstop Inc. in this press release speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Media Contact
Brian Bell
972-707-3956
[email protected]
Investor Contact
Raphael Gross
203-682-8253
[email protected]
WINGSTOP INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(amounts in thousands, except share and per share data) March 31,
2018 December 30,
2017 (Unaudited) (As adjusted)* Assets Current assets Cash and cash equivalents $ 3,848 $ 4,063 Accounts receivable, net 3,860 4,567 Prepaid expenses and other current assets 2,699 4,334 Advertising fund assets, restricted 4,437 2,944 Total current assets 14,844 15,908 Property and equipment, net 5,768 5,826 Goodwill 47,888 46,557 Trademarks 32,700 32,700 Customer relationships, net 15,233 15,567 Other non-current assets 4,249 3,278 Total assets $ 120,682 $ 119,836 Liabilities and stockholders' deficit Current liabilities Accounts payable $ 2,214 $ 1,752 Other current liabilities 8,590 10,929 Current portion of debt 5,000 3,500 Advertising fund liabilities 4,437 2,944 Total current liabilities 20,241 19,125 Long-term debt, net 217,788 129,841 Deferred revenues, net of current 21,104 21,226 Deferred income tax liabilities, net 5,958 5,920 Other non-current liabilities 2,101 2,142 Total liabilities 267,192 178,254 Commitments and contingencies Stockholders' deficit Common stock, $0.01 par value; 100,000,000 shares authorized; 29,155,823 and 29,092,669 shares issued and outstanding as of March 31, 2018 and December 30, 2017, respectively 292 291 Additional paid-in-capital 45 262 Accumulated deficit (146,847 ) (58,971 ) Total stockholders' deficit (146,510 ) (58,418 ) Total liabilities and stockholders' deficit $ 120,682 $ 119,836 * Adjusted to reflect the adoption of ASU 2014-09.
WINGSTOP INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
(amounts in thousands, except per share data) Thirteen Weeks Ended March 31,
2018 April 1,
2017 (As adjusted)* Revenue: Royalty revenue, franchise fees and other $ 17,781 $ 17,596 Advertising fees and related income 8,605 7,268 Company-owned restaurant sales 11,003 8,546 Total revenue 37,389 33,410 Costs and expenses: Cost of sales (1) 7,397 6,600 Advertising expenses 8,643 9,283 Selling, general and administrative 10,833 8,247 Depreciation and amortization 950 755 Total costs and expenses 27,823 24,885 Operating income 9,566 8,525 Interest expense, net 1,736 1,299 Income before income tax expense 7,830 7,226 Income tax expense 1,662 969 Net income $ 6,168 $ 6,257 Earnings per share Basic $ 0.21 $ 0.22 Diluted $ 0.21 $ 0.21 Weighted average shares outstanding Basic 29,116 28,895 Diluted 29,503 29,336 Dividends per share $ 3.24 $ — (1) Cost of sales excludes depreciation and amortization, which are presented separately, and includes advertising expenses incurred at company-owned restaurants. * Adjusted to reflect the adoption of ASU 2014-09.
WINGSTOP INC. AND SUBSIDIARIES
Unaudited Supplemental Information
Cost of Sales Margin Analysis
(amounts in thousands) Thirteen Weeks Ended March 31,
2018 As a % of
company-
owned
restaurant
sales April 1, 2017 As a % of
company-
owned
restaurant
sales Cost of sales: Food, beverage and packaging costs $ 3,684 33.5 % $ 3,354 39.2 % Labor costs 2,385 21.7 % 2,116 24.8 % Other restaurant operating expenses 1,606 14.6 % 1,338 15.7 % Vendor rebates (278 ) (2.5 )% (208 ) (2.4 )% Total cost of sales $ 7,397 67.2 % $ 6,600 77.2 %
WINGSTOP INC. AND SUBSIDIARIES
Unaudited Supplemental Information
Restaurant Count Thirteen Weeks Ended March 31,
2018 April 1,
2017 Domestic Franchised Activity: Beginning of period 1,004 901 Openings 22 28 Closures (4 ) (2 ) Acquired by Company (1 ) — Restaurants end of period 1,021 927 Domestic Company-Owned Activity: Beginning of period 23 21 Openings — — Closures — — Acquired from franchisees 1 — Restaurants end of period 24 21 Total Domestic Restaurants 1,045 948 International Franchised Activity: Beginning of period 106 76 Openings 6 7 Closures — — Restaurants end of period 112 83 Total System-wide Restaurants 1,157 1,031
WINGSTOP INC. AND SUBSIDIARIES
Non-GAAP Financial Measures - EBITDA and Adjusted EBITDA
(Unaudited)
(amounts in thousands) Thirteen Weeks Ended March 31,
2018 April 1,
2017 (As Adjusted)* Net income $ 6,168 $ 6,257 Interest expense, net 1,736 1,299 Income tax expense 1,662 969 Depreciation and amortization 950 755 EBITDA $ 10,516 $ 9,280 Additional adjustments: Transaction costs (a) 1,462 — Stock-based compensation expense (b) 514 255 Adjusted EBITDA $ 12,492 $ 9,535 (a) Represents costs and expenses related to the refinancing of our credit agreement and payment of a special dividend; all transaction costs are included in SG&A.
(b) Includes non-cash, stock-based compensation.
* Adjusted to reflect the adoption of ASU 2014-09
WINGSTOP INC. AND SUBSIDIARIES
Non-GAAP Financial Measures - Adjusted Net Income and Adjusted EPS
(Unaudited)
(amounts in thousands, except per share data) Thirteen Weeks Ended March 31,
2018 April 1,
2017 (As Adjusted)* Numerator: Net income $ 6,168 $ 6,257 Adjustments Transaction costs (a) 1,462 — Tax effect of adjustments (b) (349 ) — Adjusted net income $ 7,281 $ 6,257 Denominator: Weighted-average shares outstanding - diluted 29,503 29,336 Adjusted earnings per diluted share $ 0.25 $ 0.21 (a) Represents costs and expenses related to the refinancing of our credit agreement; all transaction costs are included in SG&A.
(b) Represents the tax effect of the aforementioned adjustments to reflect corporate income taxes at an assumed effective tax rate of 23.9% for the periods ended March 31, 2018, which includes provisions for U.S. federal income taxes, and assumes the respective statutory rates for applicable state and local jurisdictions.
* Adjusted to reflect the adoption of ASU 2014-09
Source:Wingstop Restaurants, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-wingstop-inc-reports-fiscal-first-quarter-2018-financial-results.html |
New peanut allergy test is safer, more accurate 6:45pm IST - 01:43
A new method of testing for peanut allergies in children appears to be far more efficient and with fewer risks than the blood and oral tests that have been used for decades. Matthew Larotonda reports. ▲ Hide Transcript ▶ View Transcript
A new method of testing for peanut allergies in children appears to be far more efficient and with fewer risks than the blood and oral tests that have been used for decades. Matthew Larotonda reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KwyZkk | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/03/new-peanut-allergy-test-is-safer-more-ac?videoId=423512169 |
May 1, 2018 / 4:44 AM / Updated 15 minutes ago Oil falls on firmer dollar but Iran sanction fears limit losses Jessica Resnick-Ault 3 Min Read
NEW YORK (Reuters) - Oil prices slid more than 1 percent on Tuesday high, but worries that U.S. President Donald Trump will pull out of the Iran nuclear deal underpinned the market. Fuel pumps are seen at a Texaco petrol station in London, Britain, July 26, 2017. REUTERS/Hannah McKay/Files
The U.S. dollar surged into positive territory for 2018 and broke past key levels against several currencies as a divergence between growth and the interest rate outlook versus other countries spurred investors to chase the currency higher.
A strong dollar makes greenback-denominated oil more expensive to holders of other currencies.
“The strength of the dollar is where the pressure is coming from,” said Gene McGillian, vice president at Tradition Energy.
The risk of the U.S. pulling out of the Iran nuclear deal, resulting in sanctions on the producing nation, has already largely been priced in, underpinning the market, he said.
Brent crude for July delivery was trading $1.11 lower at $73.60 by 12:31 p.m. EDT (1631 GMT). The June contract expired on Monday, settling up 53 cents at $75.17.
U.S. West Texas Intermediate crude for June delivery was 87 cents down at $67.70 a barrel, after settling 47 cents higher on Monday.
Oil prices rose on Monday as Israeli Prime Minister Benjamin Netanyahu presented what he called evidence of a secret Iranian nuclear weapons programme. Tehran has denied ever seeking nuclear weapons.
But analysts said the lack of a smoking gun took some of the heat out of oil prices.
Olivier Jakob of PetroMatrix said the announcement “did not bring anything new to the table,” and the market therefore shed some of the previous day’s gains.
“It shows how much the market has already priced in the expectation that Trump will not extend the waivers,” he said.
Trump has given Britain, France and Germany a May 12 deadline to fix what he views as the flaws of the 2015 nuclear deal, or he will reimpose sanctions.
Still, crude prices were within striking distance of a more than three-year high hit in late April, and analysts said the market is sensitive to any developments on Iranian sanctions.
Growing U.S. crude production and stockpiles have weighed on the market. Ahead of weekly data, crude stockpiles were forecast building last week while refined product inventories were seen declining, a preliminary Reuters poll showed on Monday.
Industry group American Petroleum Institute (API) releases its data at 4:30 p.m. EDT (2030 GMT) on Tuesday, and the official government report is due at 10:30 a.m. EDT on Wednesday. Additional reporting by Osamu Tsukimori in Tokyo and Libby George in London; Editing by Marguerita Choy and Louise Heavens | ashraq/financial-news-articles | https://in.reuters.com/article/global-oil/oil-extends-gains-buoyed-by-iran-sanction-worries-idINKBN1I22SP |
BRUSSELS, April 30 (Reuters) - Greece wants to keep a primary budget surplus — the balance before debt servicing — at 3.5 percent of gross domestic product until 2022, a presentation showed, signalling Athens expects the most generous of euro zone debt relief options.
The presentation, seen by Reuters, is the Greek growth strategy delivered by Finance Minister Euclid Tsakalotos at a meeting of euro zone finance ministers in Sofia last Friday.
Reporting By Jan Strupczewski; Editing by Angus MacSwan
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-greece-growth-plan/greece-aims-to-keep-primary-surplus-at-3-5-pct-gdp-until-2022-idUSL8N1S76JG |
Twitter alert! Reset passwords please Thursday, May 03, 2018 - 01:07
Twitter saying Thursday it found a bug that unmasked encrypted passwords in its internal log. And it's suggesting its 330 million users reset those passwords. Jane Lee reports.
Twitter saying Thursday it found a bug that unmasked encrypted passwords in its internal log. And it's suggesting its 330 million users reset those passwords. Jane Lee reports. //reut.rs/2KAMcZu | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/03/twitter-alert-reset-passwords-please?videoId=423627229 |
May 22 (Reuters) - Profits fell at Britain’s biggest pet shop group Pets at Home Group Plc in the year ending March 29, the company said on Tuesday, citing a squeeze on its margins.
The company, which also offers veterinary care and grooming services for pets, said profit before tax for the year fell to 84.5 million pounds from 96.4 million pounds a year earlier, a fall of 12.3 percent.
Revenue rose by 7.8 percent to 898.9 million pounds from 834.2 million pounds a year earlier. (Reporting by Sangameswaran S in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/pets-at-home-grp-results/pets-at-home-full-year-profit-falls-12-percent-idUSL3N1SP3OA |
Farm Bill fails in the house 1 Hour Ago CNBC's Eamon Javers reports on why the Farm Bill failed in the house and the latest developments in trade negotiations with China. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/farm-bill-fails-in-the-house.html |
REDMOND, Wash., May 02, 2018 (GLOBE NEWSWIRE) -- MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display and sensing technology, today announced that it will report results for its first quarter 2018 after the market closes on Wednesday, May 9, 2018. Following the issuance of the company’s financial results press release, interested parties can listen to the company's conference call which will start at 5:00 p.m. ET/2:00 p.m. Pacific Time by accessing the Investor Relations’ section of MicroVision’s web site on the Investor Events Calendar page or dialing 1-877-883-0383 (for U.S. participants) or 1-412-902-6506 (for international participants) ten minutes prior to the start of the call using pass code number 9474035. A replay webcast of the call will also be available from the Investor Relations’ section of MicroVision’s web site on the Investor Events Calendar page .
About MicroVision
MicroVision is the creator of PicoP ® display technology, and ultra-miniature laser projection and sensing solutions. MicroVision’s patented technology is a single platform that can enable projected displays, image capture and interaction for a wide array of future-ready products in this rapidly evolving, always-on world. Extensive research has led MicroVision to become an independently recognized leader in the development of intellectual property. MicroVision’s IP portfolio has been recognized by the Patent Board as a top 50 IP portfolio among global industrial companies and has been included in the Ocean Tomo 300 Patent Index. The company is based in Redmond, Washington.
For more information, visit the company’s website at www.microvision.com , on Facebook at www.facebook.com/microvisioninc or follow MicroVision on Twitter at @MicroVision .
MicroVision and PicoP are trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
Forward-Looking Statements
Certain statements contained in this release, including those relating to future product and product applications are that involve risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's include the following: our ability to raise additional capital when needed; products incorporating our PicoP display technology may not achieve market acceptance, commercial partners may not perform under agreements as anticipated, we may be unsuccessful in identifying parties interested in paying any amounts or amounts we deem desirable for the purchase or license of IP assets, our or our customers failure to perform under open purchase orders; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; and other risk factors identified from time to time in the company's SEC reports, including the company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any , whether as a result of new information, future events, changes in circumstances or any other reason.
Investor Relations Contacts:
Ted Moreau
Darrow Associates, Inc.
608.298.7369
[email protected]
or
David H. Allen
Darrow Associates, Inc.
408.427.4463
[email protected]
Source:Microvision, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-microvision-to-announce-first-quarter-2018-results-on-may-9.html |
May 14, 2018 / 11:14 AM / Updated an hour ago Small blast wounds one in jittery Afghan capital Reuters Staff 1 Min Read
KABUL (Reuters) - An explosion went off in a residential neighbourhood of the Afghan capital, Kabul, on Monday, setting nerves on edge in a city hit by a wave of violence in recent months, but only one person was injured, officials said.
The blast was caused by an explosive placed near a park in the Macrorayan, a area of central Kabul, said police spokesman Basir Mujahid.
A health ministry official said one person was wounded.
A series of attacks has killed and wounded hundreds of civilians in Afghanistan this year and put heavy pressure on the Western-backed government of President Ashraf Ghani.
Last week, gunmen mounted coordinated attacks in Kabul and battled security forces for hours in the main commercial area after setting off three large explosions. Reporting by Qadir Sediqi, Abdul Aziz Ibrahimi; Editing by Robert Birsel | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-afghanistan-blast/blast-reported-in-afghan-capital-kabul-police-idUKKCN1IF1E1 |
May 3 (Reuters) - SAGE Therapeutics Inc:
* SAGE THERAPEUTICS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES UPDATE ON PIPELINE AND PROGRESS TOWARD LAUNCH READINESS
* QUARTERLY LOSS PER SHARE $1.68 * SAGE THERAPEUTICS - ANTICIPATES EXISTING CASH, CASH EQUIVALENTS, MARKETABLE SECURITIES TO FUND OPERATING EXPENSES, CAPEX REQUIREMENTS INTO 2020
* EXPECTS THAT OPERATING EXPENSES WILL INCREASE YEAR OVER YEAR IN 2018
* Q1 EARNINGS PER SHARE VIEW $-1.84 — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sage-therapeutics-reports-quarterl/brief-sage-therapeutics-reports-quarterly-loss-per-share-of-1-68-idUSASC09ZEK |
Old, not ill: scientist opts for Swiss suicide 4:59pm BST - 01:18
A 104-year-old Australian scientist has ended his own life by assisted suicide in Switzerland. The scientist was not terminally ill, but said he suffered from deteriorating health.
A 104-year-old Australian scientist has ended his own life by assisted suicide in Switzerland. The scientist was not terminally ill, but said he suffered from deteriorating health. //reut.rs/2G0Hdh7 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/10/old-not-ill-scientist-opts-for-swiss-sui?videoId=425608933 |
HOUSTON, May 14, 2018 /PRNewswire/ -- Select Energy Services, Inc. (NYSE: WTTR) ("Select" or "the Company"), a leading provider of total water management and chemical solutions to the North American unconventional oil and gas industry, today announced the appointment of Nicholas ("Nick") L. Swyka as Senior Vice President and Chief Financial Officer, succeeding Gary Gillette, who has been named Senior Vice President and Chief Administrative Officer, effective May 15, 2018. The Company also announced the promotion of Chris George to Vice President, Investor Relations and Treasurer.
Since 2015, Mr. Swyka has served as Director of Investor Relations and Corporate Development at Nabors Industries. Prior to Nabors, he served as Director of Corporate Planning at Pacific Drilling from 2011 until 2015. Prior to that, he worked as a consultant with McKinsey & Company from 2008 to 2011, specializing in high-level strategic and operational challenges and opportunities in the energy industry. Swyka received his B.S. in International Political Economy from the Georgetown University School of Foreign Service and an M.B.A. from the University of Texas at Austin. Prior to pursuing his M.B.A., he worked on Capitol Hill with the United States House of Representatives.
Holli Ladhani, President and CEO, stated, "We are very pleased to welcome Nick to the Select Energy management team. I am confident that his strong financial expertise and extensive involvement in the oilfield services industry, as well as his experience working with capital markets, will be a valuable asset to the Company. I am also pleased to have Gary take on the new role of Chief Administrative Officer where his outstanding organizational skills and substantial technology and operational background will help Select become more efficient as we continue to execute on our future growth objectives."
About Select Energy Services, Inc.
Select is a leading provider of total water management and chemical solutions to the North American unconventional oil and gas industry. Select provides for the sourcing and transfer of water, both by permanent pipeline and temporary hose, prior to its use in the drilling and completion activities associated with hydraulic fracturing, as well as complementary water-related services that support oil and gas well completion and production activities, including containment, monitoring, treatment and recycling, flowback, hauling, and disposal. Select, under its Rockwater Energy Solutions brand, develops and manufactures a full suite of specialty chemicals used in the well completion process and production chemicals used to enhance performance over the producing life of a well. Select currently provides services to exploration and production companies and oilfield service companies operating in all the major shale and producing basins in the United States and Western Canada. For more information, please visit Select's website, http://www.selectenergyservices.com .
Cautionary Statement Regarding
All statements in this communication other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. We have attempted to identify any forward-looking statements by using words such as "expect," "will," "estimate" and other similar expressions. Although we believe that the expectations reflected, and the assumptions or bases underlying our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Factors that could materially impact such forward-looking statements include, but are not limited to, the factors discussed or referenced in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2017 and in any subsequently filed quarterly reports on Form 10-Q or current reports on Form 8-K. Investors should not place undue reliance on our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.
WTTR-PR
Contacts:
Select Energy Services
Chris George – VP, Investor Relations & Treasurer
(713) 296-1073
[email protected]
Dennard Lascar Investor Relations
Ken Dennard / Lisa Elliott
713-529-6600
[email protected]
View original content: http://www.prnewswire.com/news-releases/select-energy-services-announces-executive-addition-300647994.html
SOURCE Select Energy Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-select-energy-services-announces-executive-addition.html |
May 10, 2018 / 6:23 AM / in 7 minutes BRIEF-ICL Reports Q1 Adjusted Shr Of $0.08 Reuters Staff
May 10 (Reuters) - Israel Chemicals Ltd: * QTRLY EARNINGS PER SHARE $0.08
* QTRLY OPERATING INCOME OF $985 MILLION COMPARED TO $116 MILLION IN Q1 2017
* QTRLY ADJUSTED OPERATING INCOME OF $151 MILLION, A 30% INCREASE FROM $116 MILLION IN Q1 2017
* QTRLY ADJUSTED EARNINGS PER SHARE $0.08 (ADDS DROPPED WORD ‘ADJUSTED’) Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-icl-reports-q1-adjusted-shr-of-008/brief-icl-reports-q1-adjusted-shr-of-0-08-idUSASC0A1AC |
By Kate Duguid NEW YORK, May 8 (Reuters) - U.S. government bond yields across maturities drifted higher on Tuesday, as uncertainty about the fate of the Iran nuclear deal and Italian elections spurred a moderate sell-off. Treasury yields followed the dollar up. The dollar extended its earlier gains versus a basket of currencies to a fresh 2018 high on Tuesday as pessimism about the United States remaining in the Iran deal spurred safe-haven demand for the greenback. "What the market is pricing at this point - though not pricing fully - is a scrapping of the (Iran) deal but without a plan B in place," said Bruno Braizinha, interest rates strategist Societe Generale in New York. U.S. President Donald Trump is expected to announce later on Tuesday that he is pulling out the deal, European officials said, after they struggled to persuade him that the accord has halted Iran's nuclear ambitions. A rise in Italian bond yields also drove the moderate increase in their American counterparts on Tuesday. "A bit of the risk-off sentiment is driven by the widening we've seen in peripheral Europe, particularly in Italy," Braizinha said. Italian government bond yield rose sharply on Tuesday, lifting southern European peers, as the possibility of an early Italian election increased with the country's largest anti-establishment parties polling strongly. This raises the likelihood of an unprecedented immediate return to the polls, even as early as July. The 10-year Treasury yield was last at 2.980 percent, above Monday's close at 2.950 percent. The 30-year yield was last at 3.141 percent, above its last close at 3.120 percent. The two-year note's yield was last at 2.514 percent, up from 2.497 at the end of Monday's session. The Treasury Department will kick off this week's auctions of $73 billion in U.S. debt with the sale of $31 billion in three-year notes on Tuesday. This represents an increase in issuance of $1 billion from April, and of $7 billion from February. The Treasury on May 2 announced the increased supply of debt to offset the impact of the Federal Reserve's reduction in its bond buying. The new debt supply will also be used to fund the $1.5 trillion the Republican-backed tax cut will add to the federal deficit. May 8 Tuesday 10:27AM New York / 1427 GMT Price US T BONDS JUN8 143-5/32 -0-13/32 10YR TNotes JUN8 119-120/256 -0-56/25 6 Price Current Net Yield % Change (bps) Three-month bills 1.85 1.8846 0.050 Six-month bills 2.0125 2.0615 0.030 Two-year note 99-188/256 2.5135 0.016 Three-year note 99-60/256 2.6476 0.017 Five-year note 99-182/256 2.8126 0.029 Seven-year note 99-168/256 2.9298 0.030 10-year note 98-24/256 2.976 0.026 30-year bond 97-88/256 3.1378 0.018 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 26.00 -0.75 spread U.S. 3-year dollar swap 22.00 -0.50 spread U.S. 5-year dollar swap 12.25 -0.75 spread U.S. 10-year dollar swap 3.50 -0.25 spread U.S. 30-year dollar swap -10.50 0.50 spread (Reporting by Kate Duguid; Editing by Will Dunham)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-yields-drift-higher-on-political-uncertainty-over-iran-italy-idUSL1N1SF0XM |
May 1, 2018 / 8:32 PM / Updated 6 minutes ago UPDATE 1-Snack maker Mondelez results beat on strong demand in Europe Reuters Staff 2 Min Read
(Adds details, estimates)
May 1 (Reuters) - Mondelez International Inc topped Wall Street estimates for first-quarter profit and sales, helped by strong demand for Oreo cookies and belVita biscuits in European and emerging markets.
The snack maker’s shares, which have fallen over 9 percent this year, rose 2.6 percent to $40 in after-market trading on Tuesday.
Sales in Europe, the company’s biggest revenue generating segment, rose 14.4 percent, while emerging markets that include Latin America and Asia saw a 7.6 percent rise in sales.
Net sales from the company’s brands such as Cadbury Dairy Milk, Milka chocolate and Oreo cookies, rose 8.2 percent to $5.14 billion.
The company’s net revenue rose 5.5 percent to $6.77 billion, beating the analyst average estimate of $6.65 billion, according to Thomson Reuters I/B/E/S.
Net income attributable to the company rose to $938 million, or 62 cents per share, in the quarter ended March 31, from $630 million, or 41 cents per share, a year earlier.
Excluding items, Mondelez earned 62 cents a share, topping the analyst average estimate of 61 cents, according to Thomson Reuters I/B/E/S. (Reporting by Vibhuti Sharma in Bengaluru; Editing by Sriraj Kalluvila and Arun Koyyur) | ashraq/financial-news-articles | https://www.reuters.com/article/mondelez-international-inc-results/update-1-snack-maker-mondelez-results-beat-on-strong-demand-in-europe-idUSL3N1S83R2 |
Middleby Corp:
* THE MIDDLEBY CORPORATION TO ACQUIRE TAYLOR COMPANY * MIDDLEBY CORP - DEAL FOR $1.0 BILLION
* MIDDLEBY CORP - EXPECTED TO BE EPS ACCRETIVE WITHIN FIRST YEAR OF ACQUISITION
* MIDDLEBY CORP - WILL FINANCE ALL-CASH ACQUISITION UNDER ITS EXISTING REVOLVING CREDIT FACILITY
* MIDDLEBY CORP - TARGETED SYNERGIES FROM DEAL IN EXCESS OF $15 MILLION
* MIDDLEBY CORP - TO ACQUIRE TAYLOR COMPANY FROM UTC CLIMATE, CONTROLS & SECURITY, A UNIT OF UNITED TECHNOLOGIES
* MIDDLEBY CORP - TRANSACTION HAS BEEN STRUCTURED TO PROVIDE MIDDLEBY WITH A TAX STEP-UP WITH A NET PRESENT VALUE OF ABOUT $150 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-the-middleby-corporation-to-acquir/brief-the-middleby-corporation-to-acquire-taylor-company-idUSASC0A2YR |
May 9 (Reuters) - MDC Partners Inc:
* MDC PARTNERS. REPORTS RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2018
* Q1 REVENUE $327 MILLION VERSUS I/B/E/S VIEW $352.7 MILLION
* QTRLY LOSS PER SHARE $0.56 * EXPECT 1-3% GROWTH IN ORGANIC REVENUE IN 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mdc-partners-reports-qtrly-loss-pe/brief-mdc-partners-reports-qtrly-loss-per-share-0-56-idUSASC0A129 |
NAPLES, Fla., May 11, 2018 (GLOBE NEWSWIRE) -- FTE Networks, Inc. (NYSE American:FTNW) ("FTE" or the "Company"), a leading provider of innovative technology-oriented solutions for smart platforms, network infrastructure and intelligent buildings, today announced that it will report its financial results for the three-month period ended March 31, 2018 on Monday, May 21, 2018.
The Company will also be hosting a conference call with the investment community the same day at 4:15 p.m. Eastern Time featuring remarks by Michael Palleschi, Chief Executive Officer, and David Lethem, Chief Financial Officer.
The dial-in information for the conference call is as follows:
Date: Monday, May 21, 2018 Time: 4:15 p.m. EDT U.S. Toll-Free dial-in number: 1-877-407-9716 International dial-in number: 1-201-493-6779 The conference call will also be available via live audio webcast, which can be accessed through the events section of the Investor Relations section of the Company’s website at https://ir.ftenet.com/news-events or at http://public.viavid.com/index.php?id=129742 . Please allow extra time prior to the call to visit the site and download any necessary software to listen to the live broadcast.
For interested individuals unable to join the conference call, a replay of the call will be available through June 4, 2018, at 1-844-512-2921 (U.S. Toll Free) or 1-412-317-6671 (International). Participants must use the following code to access the replay of the call: 13679893.
About FTE Networks, Inc.
FTE Networks, Inc. ("FTNW") is a leading provider of innovation technology. We enable adaptive and efficient smart network connectivity platforms, infrastructure and buildings. FTE provides end-to-end design, build, and support solutions for state-of-the-art networks, data centers, residential and commercial properties. We create transformative smart platforms and buildings. FTE's services are predicated on smart design and consistent standards that reduce deployment costs and accelerate delivery of leading edge projects and services. The Company works with Fortune 100/500 companies, including some of the world's leading Telecommunications and IT Services Providers as well as REITs and Media Providers.
For more information, please contact:
Investor Contact:
Ted Haberfield
MZ Group North America
President
Phone: 760-755-2716
Email: [email protected]
Web: www.mzgroup.us
Source:FTE Networks, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-fte-networks-to-report-first-quarter-2018-financial-results-on-may-21-2018.html |
May 31, 2018 / 10:33 AM / Updated 2 hours ago Soccer: CAS won't fight Peru's Guerrero appeal against ban Reuters Staff 2 Min Read
ZURICH (Reuters) - The Court of Arbitration for Sport (CAS) will not contest the appeal and urgent request for a stay filed with a Swiss court by banned Peruvian forward Paolo Guerrero as he fights to play in the World Cup, the tribunal said on Thursday. Peruvian soccer player Paolo Guerrero arrives in Lima, Peru May 15, 2018. REUTERS/Guadalupe Pardo
“The CAS will not object to the request for a stay,” it said in a statement.
Switzerland highest court still has to rule on Peru captain and top scorer Guerrero’s request to overturn a drugs-related ban that is set to keep him out of his country’s first World Cup appearance in 36 years.
Typically, it overturns CAS rulings only on procedural grounds.
Guerrero had just completed a six-month ban from FIFA after testing positive for a byproduct of cocaine consumption when CAS extended the suspension, ruling him out of the World Cup.
Guerrero denies having used cocaine.
World players’ union FIFPro and the captains of Peru’s World Cup group rivals in Russia next month have appealed to soccer’s world governing body FIFA to lift the ban. Both FIFA and CAS are based in Switzerland.
Guerrero has said that benzoylecgonine, a metabolite of cocaine, was found in his system because of an herbal infusion he drank that was contaminated with coca leaf, an ingredient in cocaine which is also widely used as a non-narcotic traditional remedy in South America.
Guerrero, 34, unsuccessfully sought amnesty from FIFA President Gianni Infantino during a visit to Switzerland this week. Reporting by Michael Shields, editing by Ed Osmond | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-peru-guerrero/soccer-cas-wont-fight-perus-guerrero-appeal-against-ban-idUSKCN1IW1AZ |
Two black men arrested for sitting at a Philadelphia Starbucks without ordering anything have settled with the city for a symbolic $1 each and a promise from officials to set up a $200,000 program for young entrepreneurs.
The men's lawyer and Mayor Jim Kenney outlined the agreement to The Associated Press.
The arrest of Rashon Nelson and Donte Robinson on April 12 touched off a furor around the U.S. over racial profiling.
They were led away in handcuffs after the manager called the police, saying the men refused to buy anything or leave. After spending hours in jail, they were released and no charges were filed.
The men said they were waiting for a business meeting about a potential real estate deal.
Starbucks CEO Kevin Johnson came to Philadelphia to personally apologize. He also announced Starbucks stores would close May 29 for training on bias.
| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/black-men-arrested-at-starbucks-settle-for-1-each.html |
May 1 (Reuters) - Gilead Sciences Inc:
* GILEAD SCIENCES ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* QTRLY DILUTED EPS OF $1.17 PER SHARE * QTRLY NON-GAAP DILUTED EPS OF $1.48 PER SHARE
* REITERATES FULL YEAR 2018 GUIDANCE * QTRLY TOTAL REVENUES $5,088 MILLION VERSUS $6,505 MILLION REPORTED LAST YEAR
* QTRLY HARVONI SALES $348 MILLION VERSUS $1,371 MILLION * Q1 EARNINGS PER SHARE VIEW $1.67, REVENUE VIEW $5.40 BILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $6.47, REVENUE VIEW $21.29 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gilead-sciences-reports-q1-eps-117/brief-gilead-sciences-reports-q1-eps-1-17-idUSFWN1S80KY |
LONDON, May 17 (Reuters) - British holiday company Thomas Cook said it was on track to deliver results in line with forecasts for the year after customers took more holidays to Egypt and long-haul destinations, improving its first-half performance.
In its weaker winter season, Thomas Cook posted an underlying loss from operations of 169 million pounds ($229.13 million) for the six months ended March 31, a 5 percent improvement on last year. ($1 = 0.7376 pounds) (Reporting by Sarah Young, Editing by Paul Sandle)
| ashraq/financial-news-articles | https://www.reuters.com/article/thomas-cook-grp-results/thomas-cook-says-on-track-to-meet-annual-forecasts-idUSASO0004XO |
Record Revenues of $85.4 million 31% Decrease in Operating Expenses Upwardly Revised Annual Revenue Guidance of $108 million to $118 million
SAN JOSE, Calif.--(BUSINESS WIRE)-- Immersion Corporation (NASDAQ: IMMR), the leading developer and licensor of touch feedback technology, today reported financial results for the first 2018.
Effective January 1, 2018, the company adopted a new revenue recognition standard (“ASC 606”), which impacted the company’s recognition of revenue from certain of its fixed-fee and per-unit license agreements. The company adopted ASC 606 using the modified retrospective method, which means that the total amount of revenue reported for first quarter 2017 has not been revised in the current financial statements. In the interest of comparability during the transition year to ASC 606, the company has provided revenue, net income and earnings per share information for the first quarter of 2018 in accordance with both ASC 606 and revenue recognition rules in effect prior to the adoption of ASC 606 (“ASC 605”).
First Quarter 2018 Financial Highlights
Total revenues for the first quarter of 2018 were a record $85.4 million. Royalty and license revenues for the first quarter of 2018 were $85.3 million.
Net income for the first quarter of 2018 was $69.9 million, or $2.29 per diluted share.
Non-GAAP net income for the first quarter of 2018 was $71.5 million, or $2.34 per diluted share. (See attached table for a reconciliation of GAAP to non-GAAP financial measures.)
As of March 31, 2018, Immersion’s cash, cash equivalents and short-term investments were $139.0 million, compared to $46.5 million as of December 31, 2017.
Management Commentary and Business Outlook
“We are very pleased with the progress Immersion has made over the past six months,” said Carl Schlachte, interim CEO and Chairman of the Board. “While we still have work to do, the company’s restructuring and renewed focus on our underlying fundamentals is showing strong early returns. We remain confident in Immersion’s continued ability to monetize our technology across the trends we see happening in the haptic ecosystem today.”
“With the revenue treatment of certain of our fixed license fee agreements in the first quarter under ASC 606, the success in licensing new customers in the automotive market and the strength of our pipeline as we see it today, we now expect revenue in 2018 to be between $108 million and $118 million. We anticipate Non-GAAP net income of $59 million to $67 million. Our guidance remains independent of possible litigation outcomes,” concluded Mr. Schlachte.
Recent Business Highlights
Entered into a settlement and license agreement with Apple Inc. for certain Immersion patents. Signed a multi-year license agreement with Robert Bosch Car Multimedia GmbH, a subsidiary of Robert Bosch GmbH, providing Bosch with access to Immersion’s patented haptic technology for use in its automotive solutions. Signed a license agreement with Panasonic Corp. providing Panasonic with access to Immersion’s patented haptic technology for use in its automotive solutions.
Conference Call and Audio Webcast Information
Immersion will host a conference call with company management on Thursday, May 10, 2018 at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) to discuss financial results for the first 2018. To participate on the live call, analysts and investors should dial 800-239-9838 (conference ID: 8259518) at least ten minutes prior to the start of the call. A live and archived webcast of the conference call will also be available for 90 days within the investor relations section of Immersion’s corporate Web site at www.immersion.com .
About Immersion
Immersion Corporation (NASDAQ:IMMR) is the leading innovator of touch feedback technology, also known as haptics. The company provides technology solutions for creating immersive and realistic experiences that enhance digital interactions by engaging users’ sense of touch. With more than 2,900 issued or pending patents, Immersion's technology has been adopted in more than 3 billion digital devices, and provides haptics in mobile, automotive, advertising, gaming, medical and consumer electronics products. Immersion is headquartered in San Jose, California with offices worldwide. Learn more at www.immersion.com .
Use of Non-GAAP Financial Measures
Immersion reports all financial information required in accordance with generally accepted accounting principles (GAAP), but it believes that evaluating its ongoing operating results may be difficult to understand if limited to reviewing only GAAP financial measures. Immersion discloses this non-GAAP information, such as Non-GAAP net loss and Non-GAAP net loss per share, because it is useful in understanding the company’s performance as it more closely reflects its cash tax rate and excludes certain non-cash expenses and other special charges, such as deferred tax assets valuation allowance and restructuring costs, that many investors feel may obscure the company’s true operating performance. Likewise, management uses these non-GAAP financial measures to manage and assess the profitability of its business. Investors are encouraged to review the related GAAP financial measures.
Forward-looking Statements
This press release contains “forward-looking statements” that involve risks and uncertainties as well as assumptions that, if they never materialize or prove incorrect, could cause the results of Immersion Corporation and its consolidated subsidiaries to differ materially from those expressed or implied by such forward-looking statements.
All statements, other than the statements of historical fact, are statements that may be deemed forward-looking statements, including, but not limited to, our expectation that revenues for 2018 will be in the range of $108 million to $118 million and non-GAAP net income for 2018 ranging from $59 million to $67 million and statements regarding litigation outcomes.
Immersion’s actual results might differ materially from those stated or implied by such forward-looking statements due to risks and uncertainties associated with Immersion’s business, which include, but are not limited to, potential and actual claims and proceedings, including litigation involving Immersion’s intellectual property; the impact of litigation developments on existing and potential customers; delay in or failure to achieve commercial demand for Immersion’s or its licensees’ products; the impact of new accounting standards that will affect key items such as revenue recognition and sales commissions; unexpected difficulties in monetizing the patent portfolio; the commercial success of applications or devices into which Immersion’s technology is licensed; the continued popularity of mobile games and wearables; potentially lengthy sales cycles and design processes; unanticipated difficulties and challenges encountered in development efforts; unexpected costs; the fact that certain target markets are still relatively nascent; risks associated with doing business internationally; litigation costs in any current or future litigation; failure to retain key personnel; ability to retain personnel; competition; the inherently uncertain nature of litigation which makes future outcomes and timing difficult to predict; the impact of global economic conditions and foreign currency exchange rates and other factors. Many of these risks and uncertainties are beyond the control of Immersion.
For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in Immersion’s Annual Report on Form 10-K for 2017, which is on file with the U.S. Securities and Exchange Commission. The forward-looking statements in this press release reflect Immersion’s beliefs and predictions as of the date of this release. Immersion disclaims any obligation to update these forward-looking statements as a result of financial, business, or any other developments occurring after the date of this release.
Immersion, the Immersion logo and TouchSense are trademarks or registered trademarks of Immersion Corporation in the United States and other countries. All other trademarks are the property of their respective owners.
The use of the word “partner” or “partnership” in this press release does not mean a legal partner or legal partnership.
(IMMR - C)
Immersion Corporation Condensed Consolidated Balance Sheets (In thousands) March 31, 2018 December 31, 2017 (Unaudited) (1) ASSETS Cash and cash equivalents $ 119,128 $ 24,622 Short-term investments 19,842 21,916 Accounts and other receivables 2,667 806 Prepaid expenses and other current assets 5,616 736 Total current assets 147,253 48,080 Property and equipment, net 2,903 3,150 Deferred income tax assets 371 401 Other assets 4,808 344 TOTAL ASSETS $ 155,335 $ 51,975 LIABILITIES Accounts payable $ 4,256 $ 6,647 Accrued compensation 2,552 4,133 Other current liabilities 3,296 3,896 Deferred revenue 4,920 4,424 Total current liabilities 15,024 19,100 Long-term deferred revenue 33,665 22,303 Other long-term liabilities 1,374 915 TOTAL LIABILITIES 50,063 42,318 STOCKHOLDERS’ EQUITY 105,272 9,657 TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY $ 155,335 $ 51,975 (1) Derived from Immersion’s annual audited consolidated financial statements. Immersion Corporation Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) Three Months Ended March, 31 2018 2017 Revenues: Royalty and license $ 85,335 $ 9,006 Development, services, and other 81 218 Total revenues 85,416 9,224 Costs and expenses: Cost of revenues 35 43 Sales and marketing 1,220 3,305 Research and development 2,820 3,196 General and administrative 11,236 15,532 Total costs and expenses 15,311 22,076 Operating income (loss) 70,105 (12,852 ) Interest and other income 231 139 Income (loss) before provision for income taxes 70,336 (12,713 ) Provision for income taxes (453 ) (152 ) Net income (loss) $ 69,883 $ (12,865 ) Basic net income (loss) per share $ 2.35 $ (0.44 ) Shares used in calculating basic net income (loss) per share 29,700 29,024 Diluted net income (loss) per share $ 2.29 $ (0.44 ) Shares used in calculating diluted net income (loss) per share 30,566 29,024 Immersion Corporation Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2018 2017 As Reported
(ASC 606)
Adjustments* ASC 605* As Reported
(ASC 605)
Revenues: Fixed fee license revenue $ 75,756 $ (72,341 ) $ 3,415 $ 2,510 Per-unit royalty revenue 9,579 (4,351 ) 5,228 6,496 Total royalty and license revenue 85,335 (76,692 ) 8,643 9,006 Development, services, and other revenue 81 - 81 218 Total revenues $ 85,416 $ (76,692 ) $ 8,724 $ 9,224 Operating expenses 15,311 - 15,311 22,076 Operating income (loss) 70,105 (76,692 ) (6,587 ) (12,852 ) Interest and other income 231 - 231 139 Income (loss) before provision for income taxes 70,336 (76,692 ) (6,356 ) (12,713 ) Income tax provision (453 ) - (453 ) (152 ) Net income (loss) $ 69,883 $ (76,692 ) $ (6,809 ) $ (12,865 ) Basic net income (loss) per share $ 2.35 $ (2.58 ) $ (0.23 ) $ (0.44 ) Diluted net income (loss) per share $ 2.29 $ (2.51 ) $ (0.22 ) $ (0.44 ) *The Company is presenting the ASC 606 results together with the adjustments made to reconcile the ASC 606 presentation to the results that would have been applicable under ASC 605. The ASC 605 information should be considered in addition to, not as a substitute for, nor superior to or in isolation from, the financial information prepared in accordance with ASC 606.
Immersion Corporation Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (Loss)
(In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2018 2017 GAAP net income (loss) $ 69,883 $ (12,865 ) Add: Provision for income taxes 453 152 Less: Non-GAAP provision for income taxes (90 ) (39 ) Add: Stock-based compensation 1,222 1,557 Non-GAAP net income (loss)
$ 71,468 $ (11,195 ) Non-GAAP net income (loss) per share
$ 2.34 $ (0.39 ) Shares used in calculating Non-GAAP net income (loss) per share
30,566 29,024 Immersion Corporation Revenue by Line of Business (Unaudited) Three Months Ended March 31, 2018 2017 Mobility 90 % 32 % Gaming 2 % 47 % Automotive 8 % 12 % Medical 0 % 9 % Immersion Corporation Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (In thousand) (Unaudited) Three Months Ended March 31, 2018 2017 GAAP operating expenses $ 15,276 $ 22,033 Adjustments to non-GAAP operating expenses: Stock-based compensation expense - R&D (256 ) (336 ) Stock-based compensation expense - S&M 67 (210 ) Stock-based compensation expense - G&A (1,033 ) (1,011 ) Depreciation and amortization expense (227 ) (232 ) Non-GAAP operating expense $ 13,827 $ 20,244
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006219/en/
Investor Contact:
The Blueshirt Group
Jennifer Jarman, +1 415-217-5866
[email protected]
Source: Immersion Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-immersion-corporation-reports-results-for-first-quarter-2018.html |
LONDON, May 13 (Reuters) - British Prime Minister Theresa May said on Sunday she could be trusted to deliver Brexit, but that it could not be done without compromises on all sides — a possible warning to cabinet ministers who are deeply split over future customs arrangements.
The divisions inside her government over the customs issue were laid bare on Tuesday when Foreign Minister Boris Johnson said proposals for a customs partnership with the European Union after Britain leaves the bloc were “crazy”.
May’s decision to leave the EU’s customs union, which sets tariffs for goods imported into the bloc, has become one of the main flashpoints in the Brexit debate, pitting companies and pro-EU campaigners against a group of eurosceptic lawmakers.
The issue has all but stalled Brexit discussions in Brussels and politics in Britain, where pro-Brexit lawmakers have lined up to denounce what is said to be May’s preferred plan.
The “customs partnership” would see Britain essentially collect tariffs on behalf of the EU in order to keep trade with the bloc flowing freely.
The Sunday Telegraph said at least a dozen of the 28 ministers in May’s cabinet were planning to block her proposal.
But May wrote in the Sunday Times: “You can trust me to deliver.”
An alternative proposal, called “maximum facilitation”, which relies on future technology to ensure trade continues easily after Brexit, is also being considered by members of her cabinet.
The EU has dismissed both proposals.
May said she had put forward different options, but she stressed Britain would leave the EU’s customs union so the country could establish its own independent trade policy.
“Of course, the details are incredibly complex and, as in any negotiation, there will be compromises,” she said.
But she said she was setting out a path to deliver the Brexit people had voted for.
“I will need your help and support to get there,” she said in the Sunday Times article. “And in return, my pledge to you is simple: I will not let you down.”
Environment Minister Michael Gove, a prominent “Leave” supporter in the 2016 referendum campaign, said neither proposal was absolutely perfect.
“The new customs partnership has flaws and they need to be tested,” he told the BBC’s Andrew Marr Show on Sunday, adding that ministers were scrutinising both options.
Labour’s Brexit spokesman Keir Starmer said the government was in a “farcical situation”.
“Nearly two years after the referendum the cabinet is fighting over two customs options, neither of which frankly are workable, neither of which are acceptable to the EU, and if either of which were put to the vote in parliament, they probably wouldn’t carry a majority,” he said on the same programme.
Reporting by Paul Sandle Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-eu/trust-me-on-brexit-uk-pm-may-says-as-ministers-squabble-idUSL5N1SK0GX |
May 10, 2018 / 9:20 AM / Updated 2 hours ago Congo confirms first death in latest Ebola outbreak Patient Ligodi 3 Min Read
KINSHASA (Reuters) - The Democratic Republic of Congo announced on Thursday the first confirmed death in a new outbreak of Ebola virus and said 11 other people were now confirmed to be infected, including three medical staff. FILE PHOTO: A health worker sprays a colleague with disinfectant during a training session for Congolese health workers to deal with Ebola virus in Kinshasa October 21, 2014. REUTERS/Media Coulibaly/File Photo
At least 17 people have died since inhabitants of a village in the country’s northwest began showing symptoms resembling Ebola in December, according to the World Health Organization. However, those cases were not confirmed through testing.
This is the ninth time Ebola has been recorded in the Democratic Republic of Congo since the disease made its first known appearance - near the vast central African country’s northern Ebola river - in the 1970s.
“One of the defining features of this epidemic is the fact that three health professionals have been affected,” Health Minister Oly Ilunga said in a statement. “This situation worries us and requires an immediate and energetic response.”
Most of the cases so far have been recorded around the village of Ikoko Impenge, near the northwestern town of Bikoro.
“After contact, the nurses began showing signs ... We have isolated them,” Serge Ngaleto, the director of Bikoro’s main hospital, told Reuters by phone.
Congo’s long experience of Ebola and its remote geography mean outbreaks are often localized and relatively easy to isolate. Related Coverage Northwest Congo hospital has four new suspected Ebola cases
But Ikoko Impenge and Bikoro are situated not far from the banks of the Congo River, a major artery for trade and transport upstream from the capital Kinshasa. The Congo Republic is just on the other side of the river.
A spokesman for the director of epidemiology in Congo Republic said government experts would meet on Thursday to discuss measures to prevent it crossing the border.
Nigeria’s immigration service said on Thursday it had increased screening tests at airports and other entry points as a precautionary measure. Similar measures helped it contain the virus during the West African epidemic that began in 2013.
Officials in Guinea and Gambia both said they had heightened screening measures along their borders to prevent the spread.
Democratic Republic of Congo’s health ministry said it had dispatched a team of 12 experts to the northwest to try to trace new contacts of the disease, identify the epicenter and all affected villages and provide resources.
Ebola is most feared for the internal and external bleeding it can cause in its victims owing to damage done to blood vessels. Additional reporting by Fiston Mahamba and Amedee Mwarabu in Congo, Pap Saine in Gambia and Saliou Samb in Guinea; Writing by Tim Cocks and Edward McAllister; Editing by Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-ebola-congo/first-suspected-deaths-in-congo-ebola-outbreak-came-in-january-who-idUKKBN1IB13D |
May 16 (Reuters) - Genuine Parts Co:
* GENUINE PARTS COMPANY COMMENTS ON DEFINITIVE MERGER AGREEMENT WITH ESSENDANT FOLLOWING STAPLES’ CONDITIONAL, NON-BINDING PROPOSAL TO ACQUIRE ESSENDANT
* GENUINE PARTS - “DO NOT BELIEVE STAPLES’ CONDITIONAL, NON-BINDING PROPOSAL TO ACQUIRE ESSENDANT FOR $11.50 PER SHARE IN CASH TO BE A SUPERIOR PROPOSAL” Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-genuine-parts-comments-on-merger-a/brief-genuine-parts-comments-on-merger-agreement-with-essendant-following-staples-proposal-idUSASC0A2PU |
May 30, 2018 / 6:07 AM / Updated 13 hours ago Flooding in wake of storm Alberto kills four in Cuba Reuters Staff 3 Min Read
HAVANA (Reuters) - Flooding in central Cuba caused by torrential rainfall in the wake of the subtropical storm Alberto has killed four people and prompted the evacuation of tens of thousands, Cuban state-run media said late on Tuesday. FILE PHOTO: A view of a partially flooded farm as Subtropical Storm Alberto passes by the west coast of Cuba, in Bahia Honda, Cuba, May 26, 2018. REUTERS/Alexandre Meneghini
After rain dumped more than 4 inches (10 cm) of water in 24 hours, flood waters swept away a bridge and damaged roads and other infrastructure, leaving many communities cut off and nearly 60,000 people without electricity, the media reported.
Authorities had to close down part of the national highway after a nearby river burst it banks when they opened the floodgates of the Palmarito reservoir because it had exceeded its maximum capacity.
Interior Minister Julio Cesar Gandarilla said in a government meeting with provincial authorities headed by new President Miguel Diaz-Canel that four people had died in the flooding.
Seventy-seven year old Cuban Quintiliano Simó Ortega died when trying to cross a flooded river by horseback in Trinidad on the south central coast to get to his farm, the Cuban News Agency reported.
This is the second crisis Diaz-Canel has faced since being selected six weeks ago to replace Raul Castro as Cuba’s president. The floods come 11 days after a plane crashed shortly after takeoff from Havana, killing 112.
On each occasion, he has appeared publicly at the forefront of the crisis management, striking a contrast that many Cubans have welcomed to Castro who operated behind the scenes.
Diaz-Canel was cited by state media as saying that authorities should focus on re-establishing basic services such as electricity and transportation when the weather started to improve.
Alberto, the first storm of the 2018 Atlantic hurricane season, which only officially starts on June 1, already weakened into a subtropical depression on Tuesday after making landfall in the south of the United States, according to the U.S. National Hurricane Center (NHC).
U.S. forecasters said last week they expected the 2018 Atlantic hurricane season to be near-normal to above-normal in number and intensity of storms.
Last year, Hurricane Irma killed at least 10 people during a devastating three-day rampage along the length of Cuba. Reporting by Sarah Marsh; Editing by Sam Holmes | ashraq/financial-news-articles | https://www.reuters.com/article/us-storm-alberto-cuba/flooding-in-wake-of-storm-alberto-kills-four-in-cuba-idUSKCN1IV0H2 |
May 10 (Reuters) - Pfenex Inc:
* PFENEX REPORTS FIRST QUARTER 2018 RESULTS AND PROVIDES BUSINESS UPDATE
* Q1 REVENUE VIEW $7 MILLION — THOMSON REUTERS I/B/E/S * QTRLY LOSS PER SHARE $0.47 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pfenex-reports-q1-loss-per-share-0/brief-pfenex-reports-q1-loss-per-share-0-47-idUSASC0A1JO |
PRETORIA, May 24 (Reuters) - Below are comments from South African Reserve Bank (SARB) Governor Lesetja Kganyago on Thursday as he announced the central bank’s latest decision on its benchmark repo rate.
INFLATION “The headline inflation forecast is more or less unchanged since the previous meeting of the MPC, despite the upward adjustments to the international oil price and the weaker starting point for the trade weighted exchange rate.
“There is a degree of uncertainty regarding the likely impact of the VAT increase and sugar tax.
“Nominal wage growth trends remain more or less unchanged, and upward pressure on inflation from this source is therefore expected to persist.
“The MPC noted the relative stability of the inflation forecast.
“The MPC assesses the risks to the inflation forecast to have moved to the upside. This change is mainly due to global developments.”
GROWTH “The domestic growth outlook remains challenging, although growth is still expected to outperform recent year outcome. Consumption expenditure by households is expected to be the main driver of growth going forward.
“The growth forecast has improved moderately, mainly for 2019, but remains too low to make serious inroads into the unemployment rate.
“The domestic economic growth outlook has improved moderately amid rising business and consumer confidence, despite a disappointing first-quarter performance in a number of key sectors.”
RAND “In the near term the rand is expected to remain volatile. The resurgent U.S. dollar and higher U.S. long-bond yields have led to sharper lower capital flows to emerging markets ... coupled with persistently rising international oil prices, have contributed to the reversal of some of the recent rand strength, titling the balance of risks to the domestic inflation outlook to the upside.” (Reporting by Mfuneko Toyana and Alexander Winning Editing by James Macharia)
| ashraq/financial-news-articles | https://www.reuters.com/article/safrica-rates-highlights/highlights-south-african-central-bank-comments-on-rate-decision-idUSL5N1ST43H |
People in Pennsylvania might be confused about their new polling places after a massive new redrawing of the state's electoral map. All but a handful of voters are now casting ballots in completely different districts.
That confusion, however, may offer Democrats a chance to take control of a handful of Republican seats.
Thanks to a landmark, court-ordered redistricting that redrew the state's congressional map in March, many of Pennsylvania's House races this year have been upended by an unusual number of open seats due to resignations and retirements.
Seven of the state's 18 incumbent members are no longer competing for their seats – and are no longer raising money for re-election bids. That has created a scramble for campaign cash among a large field of challengers.
The big money race in Pennsylvania will be run in the 17th District, thanks to the presence of two well-funded incumbents who landed in the same district
Democrat Conor Lamb, who defeated Rick Saccone in a special election last month, pulled in $6.6 million – much of it from donors a across the country looking to secure a win for Democrats – and has more than $1.7 million left for the general campaign.
His GOP rival, Keith Rothfus, who currently represents the old 12th District, enters the general campaign with about $1.6 million.
Here's how the rest of the most competitive Pennsylvania districts are shaping up after Tuesday primary results
1st District Democrat Scott Wallace easily overcame a challenge from two party rivals for the nomination in Pennsylvania's 1st District. The newly drawn district overlaps much of the old Pennsylvania 8th, which is represented by GOP incumbent Brian Fitzpatrick, who won his party's nomination Tuesday night.
But Wallace spent heavily going into the primary, leaving him with about a quarter of the cash on hand as the two candidates enter the general election.
5th District The new 5th District, which overlaps much of the old 7th, became an open race when 7th District GOP incumbent Patrick Meehan resigned last month amid allegations of sexual misconduct.
The race drew a crowded field of Democratic challengers, led by Mary Gay Scanlon, who defeated her two rivals Tuesday night after raising more cash than them. She enters the general election with a slightly bigger campaign fund than her GOP rival, Pearl Kim, who ran unopposed in the primary.
6th District Democrat Chrissy Houlahan was uncontested against Republican Greg McCauley after incumbent Republican Ryan Costello announced in March that he was not seeking re-election. That leaves the Democrats with a strong fundraising edge in this district, which is being targeted by the Democratic Congressional Campaign Committee.
7th District Democrats also have an opening in the new 7th District, which takes in much of the old 15th District, where incumbent Republican Charlie Dent announced last fall that he would retire effective last week. In the GOP primary, Marty Nothstein held a slight edge over Dean Browning, while Democrat Susan Wild won the Democratic nomination.
So far, Democrats have outraised Republicans in this race overall. This district is also on the Democrats' target list.
8th District Both parties are targeting the new 8th District, which now includes much of the old 17th District, where incumbent Democrat Matthew Cartwright has held the seat since 2013. Cartwright won Tuesday nomination to run in the new 8th unopposed. He'll face Republican John Chrin, who has raised a comparable pile of campaign cash for the general election.
14th District Though this district has been considered safe for Republicans, Saccone's defeat leaves his party at something of a funding disadvantage as the general election kicks off. Saccone had spent most of the nearly $2 million he raised from GOP donors to fund his primary campaign.
His successful GOP rival, Guy Reschenthaler, now faces Democratic nominee Bibiana Boerio. Both candidates have less than $50,000 in cash on hand as the general race begins. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/pennsylvania-new-house-map-sets-off-scramble-for-campaign-cash.html |
* CEO faced grilling over Cambridge Analytica scandal
* Lawmakers complain, face criticism over format
* Days before tough EU data protection rules take effect
* Zuckerberg to meet France's Macron on Wednesday (Recasts, adds details and reactions)
BRUSSELS, May 22 (Reuters) - Facebook CEO Mark Zuckerberg sailed through a grilling from EU lawmakers about the social network's data policies as lengthy questions left the 34-year-old American little time to answer.
Betraying little emotion, Zuckerberg apologised to leaders of the European Parliament in Brussels for a massive data leak, in his latest attempt to draw a line under the damaging scandal.
However, he avoided answering numerous specific questions, notably around opt-outs from targeted advertising, the sharing of data between Facebook and its messaging service WhatsApp, as well as Facebook's collection of data on non-users.
He spoke for over half an hour in total, mostly repeating assurances and descriptions of Facebook plans that he detailed to U.S. lawmakers during 10 hours of hearings in Washington last month. Though some questions were sharp, there was no chance for the Europeans to follow up if they felt the answers fell short.
Investment analysts heard little new and Facebook's share price showed no reaction to the event, holding at the level to which it has recovered after taking a hit on the scandal.
"I asked you six 'yes or no' questions; I got not a single answer," said Philippe Lamberts of the Greens, one of 12 party leaders and lead legislators whose questions to Zuckerberg took up nearly half of a hearing - broadcast live after complaints about an original plan for a closed-door meeting.
Zuckerberg had agreed to meet the lawmakers to answer questions about how political consultancy Cambridge Analytica improperly got hold of the personal data of 87 million Facebook users, including up to 2.7 million in the EU.
"SORRY" AND SOUVENIRS
He used an initial 10-minute address to apologise. "That was a mistake and I am sorry for it," he said. Not enough was done to prevent the breach, he added, promising the company was now better prepared and was working on further improvements.
The dozen MEPs then asked their questions, ranging from the German conservative leader asking Zuckerberg why his giant firm should not be broken up as a monopoly to complaints from Brexit campaigner Nigel Farage, an ally of French nationalist Marine Le Pen, that Facebook was now biased against right-wing parties.
That left barely 10 more minutes of the allotted time for replies -- though Zuckerberg spoke for a further quarter hour before the Italian speaker of the legislature, President Antonio Tajani, brought a somewhat disorderly halt to proceedings.
Over shouted complaints and repeated questions, the Facebook CEO and his adviser promised follow-up written answers; at least one lawmaker, Swedish liberal Cecilia Wikstrom, also found time to pose for a souvenir photo with the youthful tech supremo, who uncharacteristically wore a dark suit and tie for the occasion.
British Conservative Syed Kamall complained the hearing was a "get-out-of-jail-free card" for Zuckerberg and said Facebook's reluctance to detail some of its workings left regulators trying to "cure a disease without knowing what the illness is".
The MEPs also faced criticism. Dominique Deckmyn of Belgian paper De Standaard tweeted: "First, they used up all their time speaking to make themselves look good, then complained loudly that Zuckerberg had no time left to answer."
In his opening remarks, Zuckerberg said it had "become clear over the last couple of years that we haven't done enough to prevent the tools we've built from being used for harm as well."
"Whether it's fake news, foreign interference in elections or developers misusing peoples information, we didnt take a broad enough view of our responsibilities."
ECHO OF WASHINGTON
His comments echoed an apology last month to U.S. lawmakers. But questions remain over how Facebook let the leak happen and whether it is doing enough to prevent a recurrence.
Zuckerberg's appearance in Brussels came three days before tough new EU rules on data protection take effect. Companies will be subject to fines of up to 4 percent of global turnover for breaching them.
Zuckerberg said Facebook expected to be compliant with the EU rules, called the General Data Protection Regulation, when they come into force on Friday, stressing a commitment to Europe where Facebook will employ 10,000 people by the end of the year.
He avoided giving details about how non-Facebook users could stop the company from collecting their data, abruptly changing the subject to the company's relationship with third-party apps.
Last month, Facebook said it had no plans to build a tool to allow non-users to find out what the company knows about them, something that U.S. lawmakers had asked about.
Since the Cambridge Analytica scandal, Facebook has suspended 200 apps from its platforms as it investigates third-party apps that have access to large quantities of user data. Zuckerberg said he expected more apps to be penalised.
Cambridge Analytica and its British parent, SCL Elections Ltd, have declared bankruptcy and closed down.
Zuckerberg said investments in security would significantly impact Facebook's profitability, but "keeping people safe will always be more important than maximising our profits".
Some European officials want a tougher line on big technology firms, however.
Facebook's compliance with the new EU data rules will be closely watched, as will its efforts to tackle the spread of fake news ahead of European Parliament elections next year.
"Some sort of regulation is important and inevitable," Zuckerberg said, but he echoed calls in the United States that innovation should not be stifled.
Zuckerberg will go on to meet French President Emmanuel Macron on Wednesday but has so far declined to appear in front of British lawmakers.
(Additional reporting by David Ingram, Robert-Jan Bartunek, Gabriela Baczynska, Robin Emmott and Alastair Macdonald Editing by Mark Potter, David Stamp and Alastair Macdonald) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/reuters-america-update-8-facebook-face-off-eu-gets-little-news-from-zuckerberg.html |
May 25 (Reuters) - Telecommunications major Spark New Zealand said on Friday it expects its core earnings for fiscal year 2018 to dip, because the implementation costs for a simplification programme are being recorded earlier than expected.
Spark said in a statement that core earnings for the year are expected at between NZ$971 million ($672.90 million) to NZ$991 million ($686.76 million) from an earlier guidance of NZ$996 million to NZ$1.02 billion.
It recorded NZ$996 million in core earnings in fiscal 2017.
The firm on Friday said it is accelerating its “Quantum performance improvement programme”, an initiative aimed at making it the industry’s lowest cost operator. It said it will record certain costs in fiscal 2018, instead of the following year due to a quicker pace of implementation of the programme.
It expects fiscal 2018 adjusted core earnings to be between NZ$1.03 billion and NZ$1.04 billion and reaffirmed its anticipated total fiscal 2018 dividend of 25 New Zealand cents. ($1 = 1.4430 New Zealand dollars) (Reporting by Aaron Saldanha in Bengaluru Editing by Matthew Mpoke Bigg)
| ashraq/financial-news-articles | https://www.reuters.com/article/spark-nz-outlook/spark-new-zealand-cuts-fy18-core-earnings-guidance-idUSL3N1SV69E |
WASHINGTON--(BUSINESS WIRE)-- Laurel Strategies, Inc., the global business advisory and strategic communications firm for CEOs and leaders, announced today that Adam Chassin, the former Head of Business for Uber in Europe and former Head of Strategic Business Development at Amazon is joining the company as a Senior Advisor. Chassin will bring his broad expertise in technology, disruption, and deal making to Laurel Strategies and the firm’s clients.
“Adam is one of the most insightful and innovative people I know,” said Alan H. Fleischmann, CEO of Laurel Strategies. “At Laurel Strategies, we value thinkers and doers, and Adam brings both to the table. He’ll be an enormous asset to our firm and to our clients, both within and outside of the technology sector.”
“Laurel Strategies’ unique focus on counseling great leaders to run world-class companies and organizations is incredibly exciting,” said Chassin. “I have been watching the explosive growth of Laurel Strategies for some time and it is exciting to be a part of its next stage of development. In this era that the firm calls the ‘Age of the CEO Statesman,’ it’s never been more important to look around corners and devise strategies that help executives prepare and prosper from the unexpected.”
Based in Amsterdam, Adam has spent more than 15 years in senior executive roles at leading technology companies in both the US and Europe. As the Head of Business for Uber in Europe, Adam was responsible for all partnerships and investments that supported Uber's growth in Europe's major markets. Prior to Uber, Adam was the Head of Strategic Business Development at Amazon where he worked across the entire portfolio of Amazon’s businesses to develop new market entry strategies, structure strategic partnerships to accelerate the growth of various Amazon businesses, as well as incubate new businesses. Adam has also held senior business positions at Yahoo in Silicon Valley and prior to that was a transactional attorney at AOL. Adam began his career as an investment banker at Merrill Lynch and then as an M&A lawyer on Wall Street with the firm Skadden, Arps. He graduated magna cum laude with highest honors from Harvard University and has a J.D. from the University of Virginia.
About Laurel Strategies, Inc.
Laurel Strategies is a global business advisory and strategic communications firm for leaders, CEOs, and their C-suite. Laurel improves strategy development and execution, leverages media relationships, designs and delivers strategic communications plans, advises on geopolitical dynamics, mitigates risk, manages crises, protects reputations, serves as executive CEO coaches, supports investment deals, and increases the impact of philanthropy. For more information on Laurel Strategies, please visit: laurelstrategies.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005725/en/
Laurel Strategies Inc.
Dafna Tapiero, +1-202-776-7776
[email protected]
Source: Laurel Strategies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-senior-technology-executive-adamachassinajoins-laurel-strategies-as-a-senior-advisor.html |
WYOMISSING, Pa., May 07, 2018 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (the “Company” or “GLPI”) (NASDAQ:GLPI) today announced that its operating partnership, GLP Capital, L.P. (the “Operating Partnership”), and GLP Financing II, Inc., a wholly owned subsidiary of the Operating Partnership (“Capital Corp.” and, together with the Operating Partnership, the “Issuers”), have commenced an offering to sell $1,000,000,000 aggregate principal amount of senior notes (the “Notes”) in a public offering. The Notes will be offered in two tranches, the first of which will be due 2025 and the second of which will be due 2028. The Notes will be senior unsecured obligations of the Issuers, guaranteed by the Company.
The Issuers intend to use (i) approximately $485.0 million of the net proceeds from the offering of Notes to prepay and extinguish the outstanding borrowings under the term loan A facility under their existing senior unsecured credit facility (the “Existing Credit Facility”), excluding any accrued and unpaid interest thereon and to repay a portion of the outstanding borrowings under the term loan A-1 facility under the Existing Credit Facility and (ii) approximately $504.4 million of the net proceeds from the offering and $56.4 million in borrowings under a new revolving credit facility to be entered into pursuant to an amendment to the Existing Credit Facility contemporaneously with the closing of the Notes offering (as amended, the “New Credit Facility”) to finance a cash tender offer (the “Tender Offer”) to purchase any and all of the $550 million aggregate principal amount of the Issuers’ outstanding 4.375% Senior Notes due November 1, 2018 (the “2018 Notes”) and a related consent solicitation in respect of the indenture governing the 2018 Notes, and to pay fees and expenses incurred in connection with amending the Existing Credit Facility. To the extent that not all holders of the 2018 Notes participate in the Tender Offer and there are any remaining net proceeds from the offering of Notes, the Issuers will use such remaining net proceeds for general corporate purposes or to pay down borrowings under the New Credit Facility.
Wells Fargo Securities, LLC, Citizens Capital Markets, Inc., BofA Merrill Lynch, Fifth Third Securities, Inc., SunTrust Robinson Humphrey, Inc., J.P. Morgan Securities LLC, Credit Agricole Securities (USA) Inc. and Barclays Capital Inc. are serving as joint book-running managers for the offering. The offering will be made under an effective shelf registration statement of the Company, the Operating Partnership and Capital Corp. previously filed with the Securities and Exchange Commission (“SEC”). When available, a copy of the preliminary prospectus supplement, final prospectus supplement and prospectus relating to the offering may be obtained from Wells Fargo Securities, LLC at 608 2nd Ave S, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer Service, or by calling (800) 645-3751, Opt 5 or by email at [email protected] ; or by visiting the EDGAR database on the SEC’s web site at www.sec.gov .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer or sale will be made only by means of the prospectus supplement and prospectus forming part of the effective registration statement relating to these securities.
About Gaming and Leisure Properties
GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators. GLPI also intends to diversify its portfolio over time, including by acquiring properties outside the gaming industry to lease to third parties. GLPI elected to be taxed as a real estate investment trust (“REIT”) for United States federal income tax purposes commencing with the 2014 taxable year and is the first gaming-focused REIT in North America.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding the proposed public offering. Forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward-looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease those properties on favorable terms; the ability to receive, or delays in obtaining, the regulatory approvals required to own and/or operate its properties, or other delays or impediments to completing GLPI’s planned acquisitions or projects; GLPI's ability to maintain its status as a REIT; GLPI’s ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI, including through GLPI's existing ATM program; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2017, as amended from time to time, and GLPI’s Quarterly Report on Form 10-Q for the three months ended March 31, 2018, in each case, as filed with the SEC. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur.
Contact
Investor Relations — Gaming and Leisure Properties, Inc.
Hayes Croushore
T: 610-378-8396
Email: [email protected]
Source:Gaming and Leisure Properties, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-gaming-and-leisure-properties-announces-public-offering-of-1000000000-of-senior-notes.html |
U.S. REITs have been underperformers for the past two years—but as merger activity increases, some investors are giving them a look.
The FTSE Nareit All Equity REITs index produced a total return of 3.71% in March, compared with a 2.5% decline for the S&P 500 index over the same period. In April, the REIT index’s total return of 0.52% outperformed the S&P 500’s 0.4%.
Still,... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/long-suffering-reits-might-be-turning-a-corner-at-last-1526389201 |
May 8, 2018 / 5:22 PM / a few seconds ago Exclusive: U.S. to reveal winners of drone program that has attracted top companies Jeffrey Dastin , David Shepardson 4 Min Read
(Reuters) - Major technology and aerospace companies including Amazon.com Inc ( AMZN.O ), Intel Corp ( INTC.O ), Qualcomm Inc ( QCOM.O ), Raytheon Co ( RTN.N ) and Airbus SE ( AIR.PA ) 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. FILE PHOTO: Intel CEO Brian Krzanich talks about the new Yuneec Typhoon H drone, which he said was the first consumer drone equipped with Intel's RealSense sense and avoid technology, during his keynote address at the Consumer Electronics Show in Las Vegas, U.S., January 5, 2016. REUTERS/Rick Wilking/File Photo
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 ( AAPL.O ), Boeing Co ( BA.N ) and Ford Motor Co ( F.N ) 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. FILE PHOTO: An Amazon Prime Air Flying Drone is displayed during the 'Drones: Is the Sky the Limit?' exhibition at the Intrepid Sea, Air & Space Museum in New York City, U.S., May 9, 2017. REUTERS/Brendan McDermid/File Photo
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 Administration’s unmanned aircraft systems integration office, told a Senate panel on Tuesday that many of the other projects “could go forward under the FAA’s 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://in.reuters.com/article/us-usa-drones-companies/exclusive-u-s-to-reveal-winners-of-drone-program-that-has-attracted-top-companies-idINKBN1I92HV |
May 10 (Reuters) - Oaktree Capital Group LLC:
* OAKTREE CAPITAL GROUP, LLC ANNOUNCES PRICING OF PUBLIC OFFERING OF SERIES A PREFERRED UNITS
* PRICING OF $180 MILLION OFFERING OF 7.2 MILLION OF ITS 6.625% SERIES A PREFERRED UNITS AT $25.00 PER UNIT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-oaktree-capital-group-announces-pr/brief-oaktree-capital-group-announces-pricing-of-public-offering-of-series-a-preferred-units-idUSASC0A1Q4 |
May 29, 2018 / 6:02 PM / Updated 4 minutes ago Portugal parliament rejects legal euthanasia in divisive vote Andrei Khalip 3 Min Read
LISBON (Reuters) - Portugal’s parliament rejected on Tuesday a bill that would have legalised voluntary euthanasia for terminal patients in the Catholic-majority country by a narrow margin, but it secured enough support to ensure continued debate on the issue. Deputies applaud after a voting on legalizing euthanasia at the parliament in Lisbon, Portugal May 29, 2018. REUTERS/Rafael Marchante
Drafted by the ruling Socialists, the bill garnered 110 votes in the 230-seat parliament but was stymied by 115 opponents, with 4 abstentions, after a heated debate and a vote that required each lawmaker to declare his or her stance.
Earlier, a few hundred people of all ages - mostly from religious groups and Catholic schools - protested in front of the parliament building, chanting “Yes to life, no to euthanasia!” and carrying placards, “We demand palliative care for ALL” and, “Euthanasia is a recipe for elder abuse”.
The Portuguese Doctors’ Association opposed the change, saying it violated key principles of the medical profession. A screen shows the results after a voting on legalizing euthanasia at the parliament in Lisbon, Portugal May 29, 2018. REUTERS/Rafael Marchante
Proponents of the bill, which was inspired by a 2016 petition signed by over 8,000 people and promoted by groups defending the right to a “death with dignity” for those seriously ill, said the fight had only just begun.
“The issue is now firmly on the political agenda, it is now in detailed debate in society,” said Catarina Martins, leader of the Left Bloc - a key government ally in parliament, which had its own version of a legalisation proposal. Slideshow (9 Images)
“It is no longer a problem that each family with a suffering loved one has to face on its own, it now becomes a problem for all of us to find answers to...The state cannot continue to close its eyes to the suffering,” she said.
Another of the government’s hard left allies, the Communists, voted against the legislation, joining the conservative CDS-PP on the other end of the political spectrum. Several lawmakers from the main opposition Social Democrats supported the bill, but that was not enough to get it passed.
The Socialist bill envisaged legalisation for medically-assisted death based on an informed request by patients suffering profoundly from a serious, incurable illness with no expected improvement in sight, in a terminal state, or suffering from widely incapacitating lesion.
On a national level, only a few countries in the world have legalised euthanasia - which usually means a doctor administering lethal doses of drugs to patients willing to die - or medically-assisted suicide where patients take the final action themselves.
Laws in Belgium, the Netherlands, Colombia and Luxemburg allow euthanasia. In Switzerland, Germany, Japan and Canada, doctor-assisted suicide is legal.
Portugal, which spent a large part of the 20th century until the 1974 Carnation revolution ruled by an ultra-conservative fascist regime, has since made strides in liberal reforms upholding human rights.
It legalised abortions in 2007 and then allowed same-sex marriage in 2010, becoming only the eighth country in the world at the time to allow same-sex marriage nationwide. Reporting by Andrei Khalip; Editing by Axel Bugge and Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-portugal-euthanasia/portugal-parliament-rejects-euthanasia-legalisation-idUKKCN1IU2DR |
May 4 (Reuters) - Sygnity SA:
* PIOTR WIERZBICKI RESIGNS AS CO MANAGEMENT BOARD MEMBER * PIOTR WIERZBICKI WAS RESPONSIBLE FOR CO FINANCIAL AFFAIRS Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-piotr-wierzbicki-steps-down-as-syg/brief-piotr-wierzbicki-steps-down-as-sygnity-management-board-member-idUSFWN1SB18P |
BERLIN (Reuters) - Germany is ready to help its firms continue doing business in Iran, its economy minister said on Friday, as the U.S. envoy to Berlin called into question the morality of such transactions.
German Economic Minister Peter Altmaier leaves after delivering a statement regarding the Trump Administration's steel and aluminium tariffs, outside of the White House in Washington, U.S., March 19, 2018. REUTERS/Leah Millis Tuesday’s U.S. withdrawal from the 2015 nuclear accord and planned reimposition of sanctions against Iran came with the threat of penalties against any foreign firms involved in business there.
Germany - along with France and Britain - has said it remains committed to the nuclear deal, and Economy Minister Peter Altmaier said his government had no immediate reason to change its Hermes export guarantee scheme for Iran either.
“We are ready to talk to all the companies concerned about what we can do to minimize the negative consequences,” he told Deutschlandfunk radio.
“That means, it is concretely about damage limitation” and included offering legal advice, he said.
Around 120 German firms have operations with their own staff in Iran, including Siemens ( SIEGn.DE ), and some 10,000 German companies trade with Iran.
Last year, exports of German goods to Iran rose by around 400 million euros to some 3 billion euros ($3.57 billion) - only just over 0.2 percent of all German exports but more than Britain and France.
Altmaier said Germany wanted to avoid “a spiral of escalation” in trade relations with the United States.
‘BUSINESS WITH THE MULLAHS’ But the U.S. ambassador in Berlin, Richard Grenell, said firms should question the morality of doing business with Iran, where the economy was largely controlled by a religious order.
“Every country is sovereign and can decide for itself on sanctions. But Germany, France and Britain, the ‘EU3’, say themselves that Iran poses a threat. Do they want to do business with a threat?” Grenell told Bild newspaper.
“If so then all companies chiefs who want this should stand up and say: ‘we want to do business with the mullahs’.”
Altmaier said Germany had no legal means of protecting German companies that do business in the United States, but wanted to avoid negative fallout for those active in Iran.
Of European tensions with the United States over the Iran issue, Altmaier said: “It is rather like the trade conflict with regard to the announced tariffs for steel and aluminum... We must avoid entering into a spiral of escalation.”
German Chancellor Angela Merkel told Iran’s President Hassan Rouhani in a telephone call on Thursday that she supported maintaining the nuclear accord as long as Tehran upheld its side of the deal. French President Emmanuel Macron told Rouhani the same a day earlier.
Germany, France and Britain want talks to be held in a broader format on Iran’s ballistic missile program and its regional military activities, including in Syria and Yemen.
French exports to Iran doubled to 1.5 billion euros last year, driven by the export of jets and aircraft parts, as well as automobile parts, according to customs data.
Britain exported 167 million pounds ($225 million) worth of goods and 95 million pounds of services to Iran in 2016.
Additional reporting by Rene Wagner; Editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-germany/germany-says-no-reason-to-change-export-guarantees-for-iran-trade-idUSKBN1IC0ES |
May 2, 2018 / 9:41 PM / Updated 16 hours ago Cricket-Australia to fight for 'respect', says new coach Langer Reuters Staff 4 Min Read
MELBOURNE (Reuters) - Newly appointed Australia coach Justin Langer will charge his players with winning back the “respect” of the cricket world after a ball-tampering scandal left the team’s reputation in ruins. Justin Langer speaks to the media in Melbourne, Australia, May 3, 2018. AAP/Luis Ascui/via REUTERS
Long touted as head coach-in-waiting, Langer was named as Darren Lehmann’s replacement on Thursday, his predecessor having resigned in the wake of the Cape Town scandal even though he was cleared of wrongdoing.
A gritty opening batsman who played in some of Australia’s greatest-ever teams, Langer takes over a depleted side, with disgraced former captain Steve Smith and his deputy David Warner serving year-long bans in the fall-out from South Africa.
“For me, I think one of the things that’s really important is we keep looking to earn respect,” the 47-year-old told reporters in Melbourne on Thursday.
“To me, respect’s worth more than all the gold in the world.
“It’s not just about how we play our cricket, it’s about being good citizens and good Australians,” he said.
Perth-born Langer scored more than 7,500 runs in 105 tests, including 23 centuries, before retiring with a slew of greats at the end of the 2006/07 Ashes series. Related Coverage Factbox - Australia coach Justin Langer
He has had success coaching Western Australia state since 2012, guiding Perth Scorchers to three domestic Twenty20 titles in the ‘Big Bash’, making them the most successful franchise in the tournament’s short history.
Appointed coach of Australia’s test, one-day and T20 teams for the next four years, Langer’s first on-field assignment will be on tour against England next month for an ODI series.
One of his jobs will be to participate in a players’ review aimed at improving team culture and conduct, which former players and media pundits have long criticised as boorish and out of step with public expectations. UNCOMPROMISING TEAMS
Like his predecessor Lehmann, Langer carved out a career in some of Australia’s most successful and uncompromising teams in the 1990s and early 2000s, led by captains that championed “hard, aggressive cricket” and never apologised for the use of targeted sledging to throw opponents off their games. FILE PHOTO: Cricket - Australia Nets - Adelaide Oval, Adelaide, Australia - 1/12/10 Australia's Justin Langer in action during a nets session Mandatory Credit: Action Images / Jason O'Brien Livepic
He felt Australia’s players would need to “modify their behaviour a bit”, but said the nation expected their teams to play tough as well as fair.
“The public will be disappointed if we don’t play good, hard, competitive cricket,” said Langer, dressed in a dark suit and tie alongside Cricket Australia boss James Sutherland.
“How people view us, that’s really none of our business.
“We know in this world everyone’s got an opinion. If we go about our behaviours on and off the field really well, those outcomes will look after themselves.”
Along with Smith and Warner, young opening batsman Cameron Bancroft was banned for nine months, having been caught on camera with a piece of sandpaper while out in the field during the third test in Cape Town.
Langer said he was stunned that “cricket tragics” Smith and Bancroft had been involved in the ball-tampering, but they and Warner would all be welcomed back into the side if they met “standards” once their bans were served.
A father to four daughters, he also described himself as a “hippy”, as well as a mentor, to the amusement of reporters. He is also a man who meditates and spends at least one month a year growing a beard and walking around in bare feet during his down-time.
Rebuilding trust in Australia’s dressing room, as well as the cricket world, will be crucial, Langer said.
“We’ll have to work on that,” he said. “I would say, without being in it (at South Africa), camaraderie wasn’t as right as it needed to be.
“I’ve said for years if you’ve got that camaraderie, then it’s like that glue that keeps everything together, particularly when you’re under pressure,” he said. Reporting by Ian Ransom in Melbourne; Editing by Ed Osmond and Paul Tait | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-australia-langer/langer-named-australia-coach-idUKKBN1I3305 |
Bracing for a big explosion in Hawaii's Kilauea 1:20am BST - 02:00
Lava flowing from giant rips in the earth on the flank of Hawaii’s Kilauea volcano threatened highways on Monday, raising the possibility that officials will order thousands more residents to evacuate.
Lava flowing from giant rips in the earth on the flank of Hawaii’s Kilauea volcano threatened highways on Monday, raising the possibility that officials will order thousands more residents to evacuate. //reut.rs/2rIYkiq | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/15/bracing-for-a-big-explosion-in-hawaiis-k?videoId=426968029 |
NETANYA, Israel, May 23, 2018 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (NASDAQ:RADA) announced today its financial results for the quarter ended March 31, 2018.
Management Comments
Dov Sella, RADA's Chief Executive Officer commented , “We are pleased with the results of the first quarter, showing a very strong 29% growth in revenues over the first quarter of last year, with an improved level of gross margins. Looking ahead, we expect to maintain our growth momentum into the second quarter, with revenues of approximately $6.5 million, compared to $5.3 million in the second quarter of 2017, up approximately 22% over last year.”
Continued Mr. Sella, “We recently opened a new subsidiary in the United States and we have already received initial new orders from some US customers. Our pipeline is deep and strong, with significant revenue potential over the coming years. We are targeting active protection systems (APS) for the US Army and others, Mobile Short-Range Air Defense (M-SHORAD) for the US army and US Marine Corps, as well as SHORAD and C-UAV/Drones globally. These are all operational solutions with significant potential for incorporating our tactical radars which work On-The-Move (OTM). As we move through 2018, I am confident that our continuous and long-term investments in software-defined, multi-mission tactical radars for the maneuver force will reap rewards in the quarters and years to come. Beyond the growth engines, we are also pleased with the stability of our digital video recorders business, where we are developing our next-generation solutions to various aircraft manufacturers globally.”
2018 First Quarter Summary
Revenues totaled $6.0 million in the first quarter of 2018, up 29% compared to revenues of $4.7 million in the first quarter of 2017.
Gross Profit totaled $2.2 million in the first quarter of 2018 (gross margin of 36.2%) up 31% compared to gross profit of $1.7 million (gross margin of 35.7%) in the first quarter of 2017.
Operating expenses totaled $2.0 million in the first quarter of 2018 (32.8% of revenues) compared with $1.3 million (28.2% of revenues) in the first quarter of 2017. The primary factor in the increase was higher R&D expenses, which amounted to 10% of revenues compared with 4% in the first quarter of last year. On an absolute basis, marketing and sales as well as G&A expenses also increased. Sales and marketing expenses increased to 11% of revenues from 9% in the same quarter last year, while G&A expenses decreased to 12% of revenues from 15% in the same quarter of last year.
Operating income totaled $0.2 million in the first quarter of 2018 compared to operating income of $0.3 million in the first quarter of 2017.
Net income attributable to RADA’s shareholders in the first quarter of 2018 was $0.2 million, or $0.01 per share, compared to net income of $0.4 million, or $0.02 per share, in the first quarter of 2017.
In terms of liquidity and capital resources , as of March 31, 2018, the Company had cash and cash equivalents, of $13.4 million or $0.41 per share, compared with $12.4 million or $0.40 per share as of December 31, 2017. As of March 31, 2018, the Company did not have any financial liabilities. Cash flow from operations for the quarter was a positive $0.4 million.
Investor Conference Call
The Company will host a conference call later today, starting at 10:00 am ET (5pm Israel time). Dov Sella, Chief Executive Officer and Avi Israel, Chief Financial Officer, will host the call and will be available to answer questions after presenting the results.
Dial in numbers are: US 1-888-281-1167; UK 0800-917-9141; Israel 03-918-0685 and International +972-3-918-0685.
For those unable to participate, the teleconference will be available for replay on RADA’s website at http://www.rada.com beginning 48 hours after the call.
About RADA Electronic Industries Ltd.
RADA Electronic Industries Ltd. is an Israel-based defense electronics company. The Company specializes in the development, production, and sales of tactical land radar for force and border protection, and avionics systems (including inertial navigation systems) for fighters and UAVs.
Note: Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risk uncertainties and other factors include, but are not limited to, changes in general economic conditions, risks in product and technology developments, market acceptance of new products and continuing product demand, level of competition and other factors described in the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission.
Company Contact:
Avi Israel - CFO
RADA Electronic Industries Ltd.
Tel: +972-9-8921111
[email protected]
Investor Relations Contact:
Ehud Helft/Gavriel Frohwein
GK Investor & Public Relations
Tel: +1 646 688 3559
[email protected]
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except share and per share data
ASSETS March 31,
2018 December 31,
2017 Unaudited CURRENT ASSETS: Cash and cash equivalents $ 13,415 $ 12,417 Restricted cash 322 322 Trade receivables (net of allowance for doubtful accounts of $14 at March 31, 2018
and December 31, 2017) 6,095 7,286 Costs and estimated earnings in excess of billings on uncompleted contracts 1,126 995 Other receivables and prepaid expenses 459 330 Inventories 7,782 7,910 Current assets related to discontinued operations 2,333 2,468 Total current assets 31,532 31,728 LONG-TERM ASSETS: Long-term receivables and other deposits 71 68 Property, plant and equipment, net 3,820 3,915 Long-term assets related to discontinued operations 356 319 Total long term assets 4,247 4,302 Total assets $ 35,779 $ 36,030 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 1,758 $ 2,904 Other accounts payable and accrued expenses 2,678 2,814 Advances from customers, net - 41 Current liabilities related to discontinued operations 369 328 Total current liabilities 4,805 6,087 LONG-TERM LIABILITIES: Accrued severance pay and other long-term liabilities 786 758 Total long-term liabilities 786 758 RADA SHAREHOLDERS' EQUITY Share capital - Ordinary shares of NIS 0.03 par value - Authorized: 37,500,000 shares at March 31,
2018 and December 31, 2017; Issued and outstanding: 32,882,914 at March 31,
2018 and 31,392,040 at December 31, 2017. 348 335 Additional paid-in capital 105,842 104,923 Accumulated other comprehensive income 286 392 Accumulated deficit (76,904 ) (77,124 ) Total RADA shareholders’ equity 29,572 28,526 Non-controlling interest 616 659 Total equity 30,188 29,185 Total liabilities and equity $ 35,779 $ 36,030
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except share and per share data
Three months ended
March 31, Year ended
December 31, 2018 2017 2017 Unaudited Revenues $ 6,020 $ 4,675 $ 26,182 Cost of revenues 3,841 3,006 17,919 Gross profit 2,179 1,669 8,263 Operating expenses: Research and development 592 198 1,575 Marketing and selling 634 436 2,137 General and administrative 748 686 2,568 Total operating expenses 1,974 1,320 6,280 Operating income 205 349 1,983 Amortization of shareholders' convertible loans discount and beneficial conversion feature - 10 103 Other financial expenses (income), net (8 ) (39 ) 53 Net income from continuing operations 213 378 1,827 Net income (loss) from discontinued operations (9 ) 12 515 Net income $ 204 $ 390 $ 2,342 Net income (loss) attributable to non-controlling interest (16 ) 2 103 Net income attributable to RADA Electronic Industries' shareholders $ 220 $ 388 $ 2,239 Basic net income from continuing operations per Ordinary share $ 0.01 $ 0.02 $ 0.07 Diluted net income from continuing operations per Ordinary share $ 0.01 $ 0.02 $ 0.06 Basic and diluted net income from discontinued operations per Ordinary share $ 0.00 $ 0.00 $ 0.02 Basic net income per Ordinary share $ 0.01 $ 0.02 $ 0.09 Diluted net income per Ordinary share $ 0.01 $ 0.02 $ 0.08 Weighted average number of Ordinary shares used for computing basic net income per share 32,604,550 21,666,124 24,956,915 Weighted average number of Ordinary shares used for computing diluted net income per share 33,202,955 24,641,207 28,126,509
Source:RADA Electronic Industries Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-rada-electronic-industries-announces-q1-2018-results-strong-revenue-growth-of-29-percent-year-over-year.html |
NASA NASA Successfully Tested a Tiny Nuclear Reactor to Unlock Space Exploration NASA announced Wednesday, May 2, 2018, that it successfully tested a tiny nuclear reactor that could provide the power needed for space exploration. Courtesy of NASA By Kirsten Korosec 8:30 PM EDT
Exploring space beyond the orbiting International Space Station will require immense amounts of energy to help keep astronauts alive and well.
ON Wednesday, NASA said it made a major step forward in solving that complicated problem. The space agency and the Department of Energy’s National Nuclear Security Administration have successfully tested a new nuclear reactor power system that provides enough energy for a long-duration crewed mission to the Moon, Mars, and elsewhere in space.
Traveling to Mars isn’t a distant goal. Private companies like Elon Musk’s SpaceX are working on reusable rockets to help reduce the cost of space travel and ultimately make it easier to explore and to send people to live on other planets.
The demonstration, called the Kilopower Reactor Using Stirling Technology (KRUSTY) experiment, was conducted at the NNSA’s Nevada National Security Site from November 2017 through March.
“Safe, efficient and plentiful energy will be the key to future robotic and human exploration,” Jim Reuter, NASA’s acting associate administrator for the Space Technology Mission Directorate, said in a statement. “I expect the Kilopower project to be an essential part of lunar and Mars power architectures as they evolve.”
The purpose of the test in Nevada was to show that the system could create electricity with fission power and that it’s stable and safe no matter what environment it encounters. Researchers put the system in a variety of stress tests, including simulations of what would happen if an engine in a spacecraft failed or power had to be shut off for awhile.
Here’s how it works:
KRUSTY is a small, lightweight reactor that produces power through nuclear fission, a controlled chain reaction that releases energy by splitting uranium-235. NASA says KRUSTY can provide up to 10 kilowatts of electrical power, enough to run several average households for at least 10 years. NASA expects that four of these units could provide enough power for a space outpost.
The power system is ideal for the Moon, where power generation from sunlight is difficult because lunar nights are equivalent to 14 days on Earth, according to Marc Gibson, the lead Kilopower engineer.
“Kilopower gives us the ability to do much higher power missions, and to explore the shadowed craters of the Moon,” said Gibson. “When we start sending astronauts for long stays on the Moon and to other planets, that’s going to require a new class of power that we’ve never needed before.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/03/nasa-nuclear-reactor-space/ |
May 30, 2018 / 3:08 PM / Updated 8 minutes ago New Cuba leader pays 'solidarity' visit to Venezuela Reuters Staff 2 Min Read
CARACAS (Reuters) - Cuba’s President Miguel Diaz-Canel arrived in Venezuela for his first foreign visit as head of state on Wednesday in a show of solidarity for counterpart Nicolas Maduro who is under fire in the West after a controversial re-election.
“We bring a message of fraternity and solidarity ... for the people and Bolivarian government of Venezuela, for President Nicolas Maduro,” Diaz-Canel said on arrival, congratulating Maduro for his “resounding success” at the May 20 vote.
The United States, the European Union and major Latin American nations condemned Maduro’s re-election as not meeting democratic standards. For example, two of his rivals were barred from standing and the election board is run by loyalists.
But China and Russia have warned against meddling in the socialist-run nation, and fellow leftist governments in the region from Cuba to Bolivia have offered warm support.
Maduro was the first foreign leader to meet with Diaz-Canel last month after he succeeded Raul Castro to become president of the communist-run island.
Venezuela, which holds the world’s largest oil reserves, exchanges crude for Cuban medical and other technical services, though deliveries have dropped over the past few years during an economic implosion in the OPEC member of 30 million people.
Diaz-Canel flew to Venezuela with his wife Liz Cuesta as first lady, in a break with custom during the nearly 60 years that the Castro brothers Fidel and Raul led Cuba. They generally travelled without their wives.
His visit came as Cuban authorities faced the chaos of flooding in the wake of subtropical storm Alberto that has killed four people and prompted the evacuation of tens of thousands.. Reporting by Nelson Acosta in Havana, Caracas newsroom; Writing by Andrew Cawthorne; Editing by Luc Cohen and Susan Thomas | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-venezuela-cuba/new-cuba-leader-pays-solidarity-visit-to-venezuela-idUKKCN1IV201 |
BATON ROUGE, La., May 07, 2018 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ:AMED) today reported its financial results for the three month period ended March 31, 2018.
Three Month Periods Ended March 31, 2018 and 2017
Net service revenue increased $34.6 million to $399.3 million compared to $364.7 million in 2017 (1) .
Net income attributable to Amedisys, Inc. of $27.2 million compared to $15.1 million in 2017.
Net income attributable to Amedisys, Inc. per diluted share of $0.79 compared to $0.44 in 2017.
Adjusted Quarterly Results*
Adjusted EBITDA of $41.7 million compared to $32.0 million in 2017.
Adjusted net income attributable to Amedisys, Inc. of $27.3 million compared to $16.0 million in 2017.
Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.79 compared to $0.47 in 2017.
* See pages 8 and 9 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.
(1) Subsequent to our adoption of Accounting Standards Updates 2014-09 and 2015-14 on January 1, 2018, using the full retrospective method, all amounts previously classified as provision for doubtful accounts are now classified as implicit price concessions in determining the transaction price of our net service revenue.
Paul B. Kusserow, President and Chief Executive Officer stated, “I am proud of our first quarter results as once again we have made great progress in all four key areas of our strategy. Total home health admissions and volumes are moving in the right direction as our business development staffing strategy takes hold. Continued strong performance from our hospice segment, personal care growth and disciplined cost controls have helped to deliver significant increases in revenue, EBITDA and earnings per share as compared to the first quarter of 2017. We have once again improved our position as an industry leader in quality, having increased our STARs score for the twelfth straight quarter. Our continued focus on our employees can be seen in our stabilized turnover rates and the investment we have made in operational efficiency has resulted in increased productivity from our clinical staff. We will continue to focus on organic growth in all three of lines of business throughout the remainder of 2018 and have a balance sheet that provides flexibility to execute upon a range of capital allocation priorities. A special thanks to all of our nearly 18,000 employees that helped to deliver such an impressive quarter.”
2018 Guidance
Net service revenue is anticipated to be in the range of $1.60 billion to $1.64 billion.
Adjusted EBITDA is anticipated to be in the range of $158 million to $163 million.
Adjusted diluted earnings per share is anticipated to be in the range of $2.97 to $3.08 based on an estimated 34.85 million shares outstanding.
This guidance excludes the effects of any future acquisitions, if any are made.
We urge caution in considering the current trends and 2018 guidance disclosed in this press release. The home health and hospice industry is highly competitive and subject to intensive regulations, and trends and guidance are subject to numerous factors, risks, and uncertainties, some of which are referenced in the cautionary language below and others that are described more fully in our reports filed with the Securities and Exchange Commission (“SEC”) including our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC’s internet website, http://www.sec.gov , and our internet website, http://www.amedisys.com .
Earnings Call and Webcast Information
Amedisys will host a conference call on Tuesday, May 8, 2018, at 11:00 a.m. ET to discuss its first quarter results. To participate on the conference call, please call before 11:00 a.m. ET to either (877) 524-8416 (Toll-Free) or (412) 902-1028 (Toll). A replay of the conference call will be available through June 8, 2018 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13679111.
A live webcast of the call will be accessible through our website on our Investor Relations section at the following web address: http://investors.amedisys.com .
Non-GAAP Financial Measures
This press release includes reconciliations of the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”) to non-GAAP financial measures. The non-GAAP financial measures as defined under SEC rules are as follows: (1) adjusted EBITDA, defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, excluding certain items; (2) adjusted net income attributable to Amedisys, Inc., defined as net income attributable to Amedisys, Inc. excluding certain items; and (3) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income attributable to Amedisys, Inc. common stockholders per diluted share excluding certain items. Management believes that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, are useful gauges of our current performance and are also included in internal management reporting. These non-GAAP financial measures should be considered in addition to, and not more meaningful than or as an alternative to the GAAP financial measures presented in this earnings release and the company’s financial statements. Non-GAAP measures as presented herein may not be comparable to similarly titled measures reported by other companies since not all companies calculate these non-GAAP measures consistently.
Additional information
Amedisys, Inc. (the “Company”) is a leading healthcare at home Company delivering personalized home health, hospice and personal care. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based personal care; recovery and rehabilitation after an operation or injury; care focused on empowering them to manage a chronic disease; or hospice care at the end of life. We partner with 3,000 hospitals and 59,000 physicians nationwide have chosen Amedisys as a partner in post-acute care. Founded in 1982, headquartered in Baton Rouge, LA with an executive office in Nashville, TN, Amedisys is a publicly held company. With 17,900 employees, in 420 care centers in 34 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 369,000 patients and clients in need every year. For more information about the Company, please visit: www.amedisys.com .
We use our website as a channel of distribution for important company information. Important information, including press releases, investor presentations and financial information regarding our company, is routinely posted on and accessible on the Investor Relations subpage of our website, which is accessible by clicking on the tab labeled “Investors” on our website home page. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations subpage of our website.
Forward-Looking Statements
When included in this press release, words like “believes,” “belief,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “would,” “should” and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to those described therein. These risks and uncertainties include, but are not limited to the following: changes in Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, changes in or our failure to comply with existing federal and state laws or regulations or the inability to comply with new government regulations on a timely basis, competition in the healthcare industry, our ability to integrate our personal care segment into our business efficiently, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to attract and retain qualified personnel, changes in payments and covered services by federal and state governments, future cost containment initiatives undertaken by third-party payors, our access to financing, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, our ability to integrate, manage and keep our information systems secure, our ability to comply with requirements stipulated in our corporate integrity agreement and changes in law or developments with respect to any litigation relating to the Company, including various other matters, many of which are beyond our control.
Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking and we do not intend to release publicly any updates or changes in our expectations concerning the forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based, except as required by law.
Contact: Investor Contact: Media Contact: Amedisys, Inc. Amedisys, Inc. David Castille Kendra Kimmons Managing Director, Treasury/Finance Vice President, Marketing & Communications (855) 259-2046 (225) 299-3720 [email protected] [email protected]
AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited) For the Three Month Period Ended March 31, 2018 2017 Net service revenue $ 399,262 $ 364,661 Cost of service, excluding depreciation and amortization 238,309 216,329 General and administrative expenses: Salaries and benefits 75,631 74,459 Non-cash compensation 4,044 3,874 Other 41,680 40,417 Depreciation and amortization 3,593 4,417 Operating expenses 363,257 339,496 Operating income 36,005 25,165 Other income (expense): Interest income 120 19 Interest expense (1,703 ) (1,068 ) Equity in earnings (loss) from equity method investments 1,860 (106 ) Miscellaneous, net 601 1,112 Total other income (expense), net 878 (43 ) Income before income taxes 36,883 25,122 Income tax expense (9,563 ) (9,923 ) Net income 27,320 15,199 Net income attributable to noncontrolling interests (161 ) (69 ) Net income attributable to Amedisys, Inc. $ 27,159 $ 15,130 Basic earnings per common share: Net income attributable to Amedisys, Inc. common stockholders $ 0.80 $ 0.45 Weighted average shares outstanding 33,971 33,443 Diluted earnings per common share: Net income attributable to Amedisys, Inc. common stockholders $ 0.79 $ 0.44 Weighted average shares outstanding 34,592 34,073
AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(Amounts in thousands, except share data) March 31, 2018
December 31, 2017 (Unaudited)
ASSETS Current assets: Cash and cash equivalents $ 120,005 $ 86,363 Patient accounts receivable, net 192,936 201,196 Prepaid expenses 12,430 7,329 Other current assets 18,148 16,268 Total current assets 343,519 311,156 Property and equipment, net of accumulated depreciation of $130,877 and $146,814 28,213 31,122 Goodwill 322,199 319,949 Intangible assets, net of accumulated amortization of $31,288 and $30,610 45,382 46,061 Deferred income taxes 53,119 56,064 Other assets, net 49,856 49,130 Total assets $ 842,288 $ 813,482 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 22,966 $ 25,384 Payroll and employee benefits 88,585 89,936 Accrued expenses 88,842 89,104 Current portion of long-term obligations 10,417 10,638 Total current liabilities 210,810 215,062 Long-term obligations, less current portion 75,782 78,203 Other long-term obligations 6,138 3,791 Total liabilities 292,730 297,056 Equity: Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued or outstanding — — Common stock, $0.001 par value, 60,000,000 shares authorized; 35,861,469 and 35,747,134 shares issued; and 34,056,627 and 33,964,767 shares outstanding 35 35 Additional paid-in capital 575,926 568,780 Treasury stock at cost, 1,804,842 and 1,782,367 shares of common stock (55,019 ) (53,713 ) Accumulated other comprehensive income 15 15 Retained earnings 27,363 204 Total Amedisys, Inc. stockholders’ equity 548,320 515,321 Noncontrolling interests 1,238 1,105 Total equity 549,558 516,426 Total liabilities and equity $ 842,288 $ 813,482
AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING, NET
(Amounts in thousands, except statistical information)
(Unaudited) For the Three Month Period Ended March 31, 2018 2017 Cash Flows from Operating Activities: Net income $ 27,320 $ 15,199 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,593 4,417 Non-cash compensation 4,044 3,874 401(k) employer match 2,567 2,227 Loss (gain) on disposal of property and equipment 563 (16 ) Deferred income taxes 2,945 9,445 Equity in (earnings) loss from equity method investments (1,860 ) 106 Amortization of deferred debt issuance costs 178 185 Return on equity investment 625 150 Changes in operating assets and liabilities, net of impact of acquisitions: Patient accounts receivable 8,260 (6,152 ) Other current assets (6,982 ) (3,403 ) Other assets 46 (990 ) Accounts payable (1,523 ) 93 Accrued expenses (1,807 ) 1,386 Other long-term obligations 2,348 576 Net cash provided by operating activities 40,317 27,097 Cash Flows from Investing Activities: Proceeds from sale of deferred compensation plan assets 462 565 Proceeds from the sale of property and equipment 5 — Purchase of investment — (256 ) Purchases of property and equipment (1,462 ) (4,385 ) Acquisitions of businesses, net of cash acquired (2,250 ) (4,099 ) Net cash used in investing activities (3,245 ) (8,175 ) Cash Flows from Financing Activities: Proceeds from issuance of stock upon exercise of stock options and warrants 125 653 Proceeds from issuance of stock to employee stock purchase plan 597 612 Shares withheld upon stock vesting (1,305 ) (758 ) Non-controlling interest distribution (28 ) (42 ) Principal payments of long-term obligations (2,819 ) (1,250 ) Net cash used in financing activities (3,430 ) (785 ) Net increase in cash and cash equivalents 33,642 18,137 Cash and cash equivalents at beginning of period 86,363 30,197 Cash and cash equivalents at end of period $ 120,005 $ 48,334 Supplemental Disclosures of Cash Flow Information: Cash paid for interest $ 1,065 $ 706 Cash paid for income taxes, net of refunds received $ 2,813 $ 284 Days revenue outstanding, net (1) 41.4 40.5 (1) Our calculation of days revenue outstanding, net at March 31, 2018 and 2017 is derived by dividing our ending net patient accounts receivable by our average daily net patient revenue for the three month period ended March 31, 2018 and 2017, respectively.
AMEDISYS, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in millions, except statistical information)
(Unaudited) Segment Information - Home Health For the Three Month Period Ended March 31, 2018 2017 Financial Information (in millions) : Medicare $ 205.0 $ 198.7 Non-Medicare 79.1 68.9 Net service revenue 284.1 267.6 Cost of service 174.4 163.0 Gross margin 109.7 104.6 Other operating expenses 68.8 68.9 Operating income $ 40.9 $ 35.7 Same Store Growth (1): Medicare revenue 5 % (3 %) Non-Medicare revenue 14 % 11 % Total admissions 4 % 2 % Total volume (2) 7 % 1 % Total Episodic admissions (3) 3 % 3 % Total Episodic volume (4) 6 % 2 % Key Statistical Data - Total (5): Medicare: Admissions 49,455 49,628 Recertifications 27,236 25,043 Total volume 76,691 74,671 Completed episodes 72,836 71,864 Visits 1,314,126 1,263,098 Average revenue per completed episode (6) $ 2,792 $ 2,782 Visits per completed episode (7) 17.2 16.9 Non-Medicare: Admissions 29,889 27,333 Recertifications 12,432 10,224 Total volume 42,321 37,557 Visits 660,933 555,548 Total (5): Visiting Clinician Cost per Visit $ 80.34 $ 81.08 Clinical Manager Cost per Visit $ 7.99 $ 8.53 Total Cost per Visit $ 88.33 $ 89.61 Visits 1,975,059 1,818,646 (1) Same store information represents the percent increase (decrease) in our Medicare, Non-Medicare, Total and Episodic revenue, admissions or volume for the period as a percent of the Medicare, Non-Medicare, Total and Episodic, admissions or volume of the prior period.
(2) Total volume includes all admissions and recertifications.
(3) Total Episodic admissions include admissions for Medicare and Non-Medicare payors that bill on a 60-day episode of care basis.
(4) Total Episodic volume includes admissions and recertifications for Medicare and Non-Medicare payors that bill on a 60-day episode of care basis.
(5) Total includes acquisitions.
(6) Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care.
(7) Medicare visits per completed episode are the home health Medicare visits on completed episodes divided by the home health Medicare episodes completed during the period.
Segment Information - Hospice For the Three Month Period Ended March 31, 2018 2017 Financial Information (in millions): Medicare $ 91.8 $ 80.7 Non-Medicare 5.5 2.9 Net service revenue 97.3 83.6 Cost of service 50.1 42.9 Gross margin 47.2 40.7 Other operating expenses 20.2 18.3 Operating income $ 27.0 $ 22.4 Same Store Growth (1): Medicare revenue 12 % 17 % Non-Medicare revenue 84 % (23 %) Hospice admissions 5 % 20 % Average daily census 12 % 16 % Key Statistical Data - Total (2): Hospice admissions 6,933 6,505 Average daily census 7,214 6,365 Revenue per day, net $ 149.80 $ 145.99 Cost of service per day $ 77.17 $ 75.03 Average discharge length of stay 97 92 (1) Same store information represents the percent increase (decrease) in our Medicare and Non-Medicare revenue, Hospice admissions or average daily census for the period as a percent of the Medicare and Non-Medicare revenue, Hospice admissions or average daily census of the prior period.
(2) Total includes acquisitions.
Segment Information - Personal Care For the Three Month Period Ended March 31, 2018 2017 Financial Information (in millions): Medicare $ — $ — Non-Medicare 17.9 13.5 Net service revenue 17.9 13.5 Cost of service 13.8 10.4 Gross margin 4.1 3.1 Other operating expenses 3.3 3.3 Operating income (loss) $ 0.8 $ (0.2 ) Key Statistical Data: Billable hours 749,953 588,216 Clients served 12,536 8,543 Shifts 348,166 265,117 Revenue per hour 23.85 22.97 Revenue per shift 51.36 50.95 Hours per shift 2.2 2.2
Segment Information - Corporate For the Three Month Period Ended March 31, 2018 2017 Financial Information (in millions): Other operating expenses $ 30.2 $ 29.5 Depreciation and amortization 2.5 3.2 Total operating expenses $ 32.7 $ 32.7
AMEDISYS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES
(Amounts in thousands)
(Unaudited) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”): For the Three Month Period Ended March 31, 2018 2017 Net income attributable to Amedisys, Inc $ 27,159 $ 15,130 Add: Income tax expense 9,563 9,923 Interest expense, net 1,583 1,049 Depreciation and amortization 3,593 4,417 Certain items (1) 188 1,466 Interest component of certain items (1) (383 ) — Adjusted EBITDA (2) (5) $ 41,703 $ 31,985
Adjusted Net Income Attributable to Amedisys, Inc. Reconciliation: For the Three Month Period Ended March 31, 2018 2017 Net income attributable to Amedisys, Inc. $ 27,159 $ 15,130 Add: Certain items (1) 139 887 Adjusted net income attributable to Amedisys, Inc. (3) (5) $ 27,298 $ 16,017
Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share: For the Three Month Period Ended March 31, 2018 2017 Net income attributable to Amedisys, Inc. common stockholders per diluted share $ 0.79 $ 0.44 Add: Certain items (1) — 0.03 Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (4) (5) $ 0.79 $ 0.47 (1) The following details the certain items for the three month periods ended March 31, 2018 and 2017:
Certain Items: For the Three Month Period
Ended March 31, 2018
For the Three Month Period
Ended March 31, 2017 (Income) Expense
(Income) Expense Certain Items Impacting Operating Expenses: Acquisition costs $ 435 $ 682 Legal fees - non-routine 562 123 Data center relocation — 714 Certain Items Impacting Total Other Income (Expense): Legal settlements — (674 ) Miscellaneous, other (income) expense, net (809 ) 621 Total $ 188 $ 1,466 Net of tax $ 139 $ 887 Diluted EPS $ — $ 0.03 (2) Adjusted EBITDA is defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, excluding certain items as described in footnote 1.
(3) Adjusted net income attributable to Amedisys, Inc. is defined as net income attributable to Amedisys, Inc. calculated in accordance with GAAP excluding certain items as described in footnote 1.
(4) Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income per share calculated in accordance with GAAP excluding the earnings per share effect of certain items as described in footnote 1.
(5) Adjusted EBITDA, adjusted net income attributable to Amedisys, Inc. and adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share should not be considered as an alternative to, or more meaningful than, income before income taxes or other measure calculated in accordance with GAAP. These calculations may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate these non-GAAP financial measures in the same manner.
Source:Amedisys, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-amedisys-reports-first-quarter-2018-financial-results-and-reaffirms-2018-guidance.html |
TAMPA, Fla., May 22, 2018 (GLOBE NEWSWIRE) -- ConnectWise , a software company that connects technology teams to the solutions, services and resources necessary for success, announced today that Brad Schow has been appointed vice president of consulting. In this newly developed position, Schow will lead a team that is expanding the company’s current product-focused consulting service into an end-to-end offering designed to help technology teams, businesses and leadership reach growth goals.
Brad Schow, who has been appointed vice president of consulting at ConnectWise, will expand the company’s consulting service into an end-to-end offering to help technology teams, businesses and leadership reach growth goals.
Arnie Bellini , CEO, ConnectWise, said the decision to transform the company’s current offering into one that provides its worldwide partners with comprehensive end-to-end consulting was a natural next step after ConnectWise’s acquisition in January of HTG , a worldwide consulting, coaching and peer group organization.
“ConnectWise has been providing consulting services for many years, but the primary focus has been on product planning and product best practices,” Bellini said. “Brad’s phenomenal record with HTG Peer Groups and his deep industry experience as a business coach will allow us to amplify how we support and encourage all our partners, no matter where they are in their business journey.”
Schow has served as a peer coach and business consultant at HTG for more than five years. Before joining HTG, he spent 20 years growing a solutions and managed service provider business. He said his path of technician, service leader, operations leader, president and partner has given him a unique perspective that allows him to relate to a broad spectrum of business challenges.
“Investing in people, thinking ahead, building teams and helping others find success has been extremely gratifying to me professionally and personally,” Schow said. “Needless to say, I’m looking forward to the opportunity to leverage the great consulting resources ConnectWise already has in place and help the company grow its ability to give its partners across the globe the opportunity to take advantage of and thrive in a rapidly changing ecosystem.”
He said that in addition to expanding ConnectWise’s individualized remote and onsite consulting, plans are in place to expand educational content available via the company’s online university. “Some partners, especially smaller ones and those just starting out, may not have the ability to invest in traditional one-to-one consulting services. Building online content that can be consumed as needed gives every ConnectWise partner the information needed to build a better business,” Schow said.
Visit the ConnectWise website for more information about the company’s online business building resources , ConnectWise University and consulting services .
Follow ConnectWise
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ConnectWise Blog
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About ConnectWise
ConnectWise is a software company that connects technology teams to the solutions, services and resources necessary for success. Our award-winning business management platform automates the full lifecycle of technology service delivery, from sales and service to project tracking and back-office functions, for more than 22,000 partners in more than 70 countries. We believe in an open ecosystem, the power of choice and providing a single pane of glass view. With more than 35 years of experience, ConnectWise software solutions deliver the support companies want at each step of their business journey. For more information, visit www.ConnectWise.com .
Press Contacts
Elizabeth Bassler, ConnectWise
[email protected]
Diane Rose for ConnectWise
[email protected]
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f3a6a773-d95d-4dda-811d-633bf8ee268d
Source:ConnectWise, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-connectwise-names-brad-schow-as-vice-president-of-consulting.html |
The Midday Rundown: May 31, 2018 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/the-midday-rundown-may-31-2018.html |
May 22, 2018 Drawing the Future of Shopping With Michael Rubin The Kynetic CEO and 76ers co-owner says if stores are going to survive they should differentiate By Wall Street Journal staff May 22, 2018 11:00 am Goodbye, brick and mortar? The Kynetic CEO and 76ers co-owner Michael Rubin predicts the future of retail will mean far fewer stores, and that we’ll rely heavily on our smartphones. Drawing the Future Visualizing the future is hard. So we've asked leading innovators and entrepreneurs to draw their visions of what's to come in business, technology and more. Up Next in Drawing the Future Ep.1 Drawing the Future of Work With Slack’s CEO Ep.2 Drawing the Future of Health and Beauty With Bobbi Brown Ep.3 | ashraq/financial-news-articles | http://www.wsj.com/video/series/drawing-the-future/drawing-the-future-of-shopping-with-michael-rubin/A796FF73-B6B6-4F17-8F4B-1C8E671F7660?mod=rss |
CARACAS (Reuters) - Venezuela’s President Nicolas Maduro said on Wednesday he intended to defeat the “oligarchs” responsible for the country’s crisis and that he would win the “economic war” they are waging against the once-wealthy country should he be re-elected next week.
FILE PHOTO: Venezuela's President Nicolas Maduro speaks during his meeting with Palestinian President Mahmoud Abbas at the Miraflores Palace in Caracas, Venezuela May 7, 2018. REUTERS/Carlos Garcia Rawlins The unpopular president, who is seeking a second term in office despite an economic and social explosion in the OPEC country, blamed “criminal mafias” for hyperinflation and recession at a campaign rally.
Despite millions suffering food and medicine shortages, Maduro is expected to win in next week’s vote due to widespread abstention.
“If you hand me victory on May 20, I swear I will end the economic war,” said Maduro in front of hundreds of people who attended a Socialist Party event in the center of the country.
“You’ll get your comeuppance in a week’s time,” he said pointedly to critics.
He accused the business community of raising prices in recent days in order to create more discontent among voters.
The county’s opposition National Assembly puts annual inflation at more than 13,000 percent in the year to April. Critics blame strict price and currency controls for the mess.
Maduro threatened stronger measures, while government officials visited pharmacies and supermarkets in Caracas to sanction vendors for selling at high prices.
Last week, the government took over the country’s largest private bank and arrested 11 top executives, as part of an operation that seeks to curb black market foreign exchange trades.
The primary opposition parties are boycotting the election, calling it a sham.
U.S. Vice President echoed their words earlier this week and called on the Organization of American States to suspend Venezuela’s membership.
Reporting by Deisy BuitragoWriting by Corina Pons and Girish Gupta; Editing by Richard Chang
| ashraq/financial-news-articles | https://www.reuters.com/article/us-venezuela-election/venezuelas-maduro-says-will-win-in-economic-war-post-election-idUSKBN1IA3KM |
May 8, 2018 / 9:41 AM / a minute ago Myanmar refugees hope for peace and stability, head home from Thailand - U.N Reuters Staff 3 Min Read
BANGKOK (Reuters) - Ninety-three refugees from Myanmar who have been living in camps in Thailand have gone home, the second such return since 2016, the UN refugee agency on Tuesday, raising hopes for the eventual closure of some of Asia’s oldest refugee camps.
About 100,000 refugees from Myanmar, most of them ethnic minority Karen people, have been living in nine camps in Thailand along the Myanmar border, many since the Myanmar army began sustained offensives against Karen guerillas in the early 1980s.
The Myanmar government and the autonomy-seeking guerrillas have agreed to peace, raising hopes that the refugees will go home, although occasional skirmishes in eastern Myanmar have been reported in recent months.
The refugees left on Monday from five camps then split into two groups and crossed into Myanmar’s Karen and Kayah states, the U.N. refugee agency said in a statement.
“They were received by Myanmar authorities and assisted at two reception centres,” the UNHCR said.
“Refugees in Thailand have been expressing interest in returning home and have begun making plans for their future beyond the camps in Thailand in the hope that peace and stability will prevail in their places of origin in south-eastern Myanmar.”
The first voluntary repatriation, of 68 Myanmar refugees from the camps took place began in 2016. At the time, the UNHCR called it a “milestone”.
Myanmar’s new government led by Aung San Suu Kyi has made ending long-running insurgencies by various ethnic minority guerrilla groups a priority, though its efforts have been mixed.
Attacks last year on the security forces by a new guerrilla faction drawn from the Rohingya Muslim minority in western Myanmar triggered a sweeping Myanmar government offensive and the exodus to Bangladesh of some 700,000 Rohingya civilians, according to U.N. estimates.
The UNHCR said on Tuesday the situation in Myanmar’s western Rakhine State was “not yet conducive for the return of Rohingya refugees”.
Heavy fighting has erupted intermittently in Kachin State in northern Myanmar in recent years, including over the past few weeks. A 17-year ceasefire between Kachin guerrillas and the government collapsed in 2011.
There are also occasional clashes between guerrillas and government forces in Shan State in the northeast. Reporting by Amy Sawitta Lefevre; Editing by Robert Birsel | ashraq/financial-news-articles | https://www.reuters.com/article/us-thailand-refugees/myanmar-refugees-hope-for-peace-and-stability-head-home-from-thailand-u-n-idUSKBN1I9109 |
SAN FRANCISCO, May 7, 2018 /PRNewswire/ -- ORIC Pharmaceuticals, a clinical-stage oncology company focused on discovery and development of novel therapies against treatment-resistant cancers, announced today the appointment of Jacob Chacko, MD, as Chief Executive Officer. Rich Heyman, PhD, who has been serving as the interim CEO, will become Chairman of the ORIC Board of Directors. The current Chairman, Peter Svennilson, will remain on the board.
"Rich has been a key part of the ORIC story, and has ably led the company, including recently raising a new round of funding and advancing the pipeline, said Peter Svennilson, member of the board and outgoing Chairman. "The board is pleased that he will continue to guide the Company as a strategic partner for Jacob and the executive team."
"We are thrilled to welcome Jacob as the new CEO of ORIC," said Rich Heyman, incoming Chairman. "The board determined that Jacob's broad experience in the healthcare industry, combined with his strategic expertise and previous success at Ignyta and TPG Capital, ideally position him to be a great partner to the board and management as we work to bring better therapies to patients with cancer."
"I am honored by the opportunity the board has extended to me, and am looking forward to working with the board and management to lead ORIC in its next phase of growth," said Jacob Chacko. "I have been impressed by the ongoing engagement of ORIC's successful founders and the clinical expertise and scientific rigor of the team. I look forward to progressing our lead candidate, ORIC-101, and the other pipeline assets as we address the significant clinical challenge of therapy resistance."
Dr. Chacko was most recently CFO of Ignyta, a NASDAQ-listed precision oncology company acquired by Roche in February 2018. At Ignyta, he had a broad operational role and helped raise over $500 million in capital. During his tenure, the company grew from fewer than 20 employees and a $50 million enterprise value to 125 employees and a $1.7 billion enterprise value at the time of acquisition. Prior to Ignyta, Dr. Chacko was an investor at TPG Capital, where he helped lead teams that completed acquisitions having an aggregate value of over $10 billion. He has served on the board of directors of RentPath and EnvisionRx and was a board observer to Par Pharmaceutical, IMS Health and Quintiles Transnational. He previously served on the board of the Packard Children's Health Alliance at the Lucile Packard Children's Hospital Stanford.
Dr. Chacko concurrently received his M.D. from UCLA and his M.B.A. from Harvard Business School. Prior to that, he was a consultant serving healthcare clients at McKinsey & Company and received a M.Sc. from Oxford University as a Marshall Scholar. He currently serves on the board of directors of Bonti and AROG Pharmaceuticals and chairs the Western Regional Selection Committee for the Marshall Scholarship.
About ORIC Pharmaceuticals
ORIC Pharmaceuticals is a privately held oncology company focused on making cancer treatments more effective by addressing mechanisms of resistance. ORIC was founded by Drs. Charles Sawyers MD and Scott Lowe PhD, who have strong records of discovering innovative treatments and targets in cancer. The company has assembled strong leadership and scientific teams and a board with extensive experience in drug development and financing. ORIC is funded by leading biotechnology investors, including The Column Group , Topspin Partners , OrbiMed Advisors , EcoR1 Capital , Fidelity Management & Research Company, Trinitas Capital, Foresite Capital , Taiho Ventures, Memorial Sloan Kettering, Kravis Investment Partners and NS Investment. ORIC is headquartered in South San Francisco, California.
For more information, please contact:
Krys Corbett
650-388-5622
[email protected]
http://oricpharma.com/
View original content: http://www.prnewswire.com/news-releases/oric-has-appointed-jacob-chacko-md-as-chief-executive-officer-300643257.html
SOURCE ORIC Pharma | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-oric-has-appointed-jacob-chacko-md-as-chief-executive-officer.html |
BRADENTON, Fla.--(BUSINESS WIRE)-- SUNZ Holdings announced that it has acquired Risk Management America, LLC (“RMA”), an innovative risk management organization focused on improving workplace safety through health and safety consulting and asset protection services.
RMA was founded in 2017 specializing in industry-specific risk consulting led by a quality assurance team averaging 20+ years of risk consulting experience. “The acquisition broadens the scope of our risk management infrastructure to help us reduce ultimate claim costs for our large deductible workers’ compensation insurance clients, training and education for our policyholders and their underlying employer clients has always been an essential part of what we do at SUNZ Holdings,” said Steven F. Herrig, SUNZ Insurance Chief Executive Officer.
“RMA is proud to join the SUNZ Holdings family. The acquisition gives us the resources to transform the risk engineering marketplace and support the growing contribution we make to the underwriting results of our insurance carrier clients. We look forward to demonstrating the value of our services to SUNZ Holdings policyholders, who bear the vast majority of their workers’ compensation loss exposure are continuously looking for ways to drive down claim costs. Workplace safety is a significant part of the equation,” said Armand Fernandez, RMA President.
ABOUT RISK MANAGEMENT AMERICA, LLC
RMA ( www.riskmanagementamerica.com ) is a risk consulting organization inspired to create safer work forces while protecting property and its contents. RMA consults with clients to promote wellness, work force safety, fleet safety, and marine services, as well as the sustainability of property and equipment.
ABOUT SUNZ HOLDINGS LLC
SUNZ Insurance ( www.sunzinsurance.com ), provides large deductible workers’ compensation insurance and insurance services to professional employer organizations, staffing companies and large employers. We design and administer custom workers’ compensation insurance programs, and we provide loss control, claims administration, cost containment and subrogation services – all designed to minimize claim costs paid by our large deductible clients.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006011/en/
SUNZ Holdings, LLC
Meghan Rowe, 941-306-3077
[email protected]
www.sunzinsurance.com
Source: SUNZ Holdings, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-sunz-holdings-llc-acquires-risk-consulting-company.html |
May 22, 2018 / 7:16 AM / Updated 36 minutes ago Thai PM reiterates no vote until "early 2019", as protesters gather Reuters Staff 1 Min Read
BANGKOK (Reuters) - Thai Prime Minister Prayuth Chan-ocha reiterated on Tuesday that a general election will take place in “early 2019 and no sooner” as hundreds of protesters gathered in Bangkok to demand that a vote be held in November. FILE PHOTO: Thailand's Prime Minister Prayuth Chan-ocha gestures during a news conference after a weekly cabinet meeting at Government House in Bangkok, Thailand, January 9, 2018. Picture taken January 9, 2018. REUTERS/Athit Perawongmetha/FIle Photo
Protesters hoping to march to the prime minister’s offices, Government House, set off from Thammasat University early in the day but were blocked by rows of police in black uniforms.
The rare protest is also marking four years since Prayuth, then army chief, overthrew an elected government in a May 22, 2014, coup.
The military government initially promised to hold a general election in 2015 but has pushed back the date several times. Reporting by Pracha Hariraksapitak; Writing by Amy Sawitta Lefevre; Editing by Robert Birsel | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-thailand-politics/thai-pm-reiterates-no-vote-until-early-2019-as-protesters-gather-idUKKCN1IN0PQ |
Transgender model breaking taboos in Lebanon 5:16pm BST - 03:17
In Lebanon Transgender model Sasha is on a mission to challenge the stigma and taboo of being transgender in the Middle East through her modelling, drag shows and social media.
In Lebanon Transgender model Sasha is on a mission to challenge the stigma and taboo of being transgender in the Middle East through her modelling, drag shows and social media. //reut.rs/2G6HOhr | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/11/transgender-model-breaking-taboos-in-leb?videoId=425940735 |
RV market hot, getting hotter 1 Hour Ago REV Group CEO Tim Sullivan discusses the growth of the recreational vehicle market in the US and what's behind all the demand. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/rv-market-hot-getting-hotter.html |
May 25, 2018 / 3:57 AM / Updated an hour ago Taiwan air force scrambles as Chinese bombers fly round island Reuters Staff 3 Min Read
TAIPEI (Reuters) - Taiwan’s air force scrambled aircraft on Friday as Chinese bombers flew around the self-ruled island, just a few hours after Taiwan vowed not to be cowed having lost another diplomatic ally amid growing Chinese pressure.
Taiwan is China’s most sensitive territorial issue and a potential dangerous military flashpoint. China claims the island as its sacred territory and has vowed not to allow any attempts at what it views as Taiwan separatism.
Tension between democratic Taiwan and its big neighbour has increased in recent months, with China suspicious the administration of President Tsai Ing-wen wants to push for the island’s formal independence.
Tsai, who took offer in 2016, says she wants to maintain the status quo, but will protect Taiwan’s security and not be bullied by Beijing.
In the latest flight by Chinese aircraft around Taiwan, two H-6 bombers passed through the Bashi Channel which separates Taiwan from the Philippines in the early hours of Friday and then rounded Taiwan via Japan’s Miyako Strait, to Taiwan’s northeast, the island’s defence ministry said.
Taiwan aircraft accompanied and monitored the Chinese bombers throughout, the ministry said, describing the Chinese aircraft as being on a long-range training mission.
The people of Taiwan should not be alarmed as the air force was well able to monitor the Chinese aircraft as they approach and during their missions and can ensure Taiwan’s security, the ministry added.
There was no immediate word from China. It has said these missions, which have become increasingly frequent, are to send a warning to Taiwan not to engage in separatist activity.
On Thursday, Taiwan lost its second diplomatic ally in less than a month when Burkina Faso said it had cut ties with the island, following intense Chinese pressure on African countries to break with what it regards as a wayward province.
Tsai said Taiwan would not engage in “dollar diplomacy” and denounced Beijing’s methods, saying Taiwan and its partners in the international community would not cower to China’s pressure.
Taiwan has only one diplomatic ally left in Africa – the tiny kingdom of Swaziland - and formal relations with just 18 countries worldwide, many of them poor countries in Central America and the Pacific like Belize and Nauru. Reporting by Jess Macy Yu; Writing by Ben Blanchard; Editing by Robert Birsel | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-taiwan-china/taiwan-air-force-scrambles-as-chinese-bombers-fly-round-island-idUKKCN1IQ0D4 |
The Trump administration's plan to lower drug prices didn't appear as damaging as some had feared — at least the ones they're pushing now. The bigger threats could come later.
President Donald Trump unveiled his blueprint to lower drug prices, called "American Patients First," in a highly anticipated speech on Friday. However, his actions weren't as biting as his words suggested.
The proposal included few immediate actions the administration would take but none that would bring any massive reforms. Wall Street welcomed the letdown, relieving health-care stocks of the pressure they had been feeling.
However, the clouds haven't cleared yet, Evercore analysts Ross Muken and Michael Newshel said in a note to clients following Trump's speech.
show chapters You should know the cost of a drug or procedure before it's done: Cassidy 23 Hours Ago | 04:37 They pointed to future possibilities listed in the proposal that could hurt pharmacy benefit managers, or PBMs, which negotiate discounts with manufacturers. They included restricting the use of these rebates, revisiting whether statutes that currently allow the practice and considering fiduciary status for the firms. This designation would require companies to work on behalf of patients' best interest.
"At this point it's still a threat, and now the question is whether the administration follows through or not on actions that could pose bigger risks to the drug channel," Muken and Newshel said.
In his speech, Trump railed against middlemen for becoming "very, very rich," saying they "won't be so rich anymore" and the administration is "very much eliminating them."
In a press briefing following the speech, Health and Human Services Secretary Alex Azar said the administration is calling into question the entire system of rebates as the method of negotiating discounts in the pharmacy channel.
"Because right now, every incentive is for the drug company to have a very high list price and to negotiate list price down, often in a very nontransparent way," Azar said.
The Pharmaceutical Care Management Association, which represents the PBM industry, said getting rid of rebates would leave patients and payers "at the mercy of drug manufacturer pricing strategies."
"PBMs have long encouraged manufacturers to offer payers alternative ways to reduce net costs," the group said in a statement. "Simply put, the easiest way to lower costs would be for drug companies to lower their prices."
WATCH: How the drug plan will affect health insurers show chapters How Trump’s drug price plan will affect health insurers 4:07 PM ET Fri, 11 May 2018 | 02:51 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/president-trumps-plan-to-lower-drug-prices-could-hurt-more-later.html |
WOBURN, Mass.--(BUSINESS WIRE)-- Ethos Veterinary Health (Ethos), a leading independent veterinary health company, just finalized its third acquisition since December 2017, expanding its presence across the U.S. Integrative Pet Care in Chicago, Veterinary Emergency + Referral Center of Hawaii , in Honolulu, and Atlantic Street Veterinary Hospital Pet Emergency Center in Roseville, Calif., have recently joined Ethos.
Ethos has significantly expanded its scope and now operates 17 veterinary specialty hospitals, which includes a team of more than 360 clinicians, and a suite of complementary services. These include Ethos Diagnostic Science , a San Diego-based reference lab with new locations in Boston and Denver; Ethos Veterinary Compounding, a compounding pharmacy; and VetBloom , an innovative online learning platform.
With its unique approach of integrating clinical medicine with science and education, and focus on vision, values and culture, Ethos is a great option for veterinary practice owners who are looking to join a larger organization or for a retirement option. A contributing factor to Ethos’ momentum is the increase in practice owners seeking out Ethos. “It was very important for us to be part of a growing organization that respects the veterinarian and the practice,” said Will Coleman, DVM, Associate Medical Director and one of the former owners of Veterinary Emergency + Referral Center of Hawaii. “Ethos was the right partner for us.”
Ethos is currently an active buyer and interested parties can contact Brian Cassell at [email protected] for more information.
About Ethos Veterinary Health
Ethos is a veterinary health company with 17 hospitals across the U.S. providing advanced medical care for pets. Our approach includes a focus on transformative science, continuous learning and growth for team members, and collaboration. For more information, visit ethosvet.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006257/en/
Ethos Veterinary Health
Nadja Torling, 720-722-3418
[email protected]
Source: Ethos Veterinary Health | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-ethos-continues-to-show-strong-growth-in-q1-2018.html |
May 11, 2018 / 6:35 AM / Updated 11 minutes ago Interserve says being investigated by FCA
(Reuters) - Interserve Plc ( IRV.L ) is under investigation by Britain’s Financial Conduct Authority (FCA) over its handling of inside information and its market disclosures regarding its exit from the energy-from-waste business, the company announced on Friday.
Interserve announced its exit from the energy-from-waste business in August 2016 after noting cost overruns and delays in a Glasgow contract.
FCA will be investigating the company’s market disclosures in relation to the exit during the period from July 15, 2016, to Feb 20, 2017, Interserve said, adding that it will fully co-operate with the investigation. Reporting by Arathy S Nair in Bengaluru; editing by Jason Neely | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-interserve-inquiry/interserve-says-being-investigated-by-fca-idUKKBN1IC0IK |
May 15 (Reuters) - CPI Aerostructures Inc:
* CPI AEROSTRUCTURES ANNOUNCES 2018 FIRST QUARTER FINANCIAL RESULTS
* Q1 EARNINGS PER SHARE $0.14 * Q1 REVENUE $18.2 MILLION VERSUS I/B/E/S VIEW $18.5 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.10 — THOMSON REUTERS I/B/E/S
* AT QUARTER-END, TOTAL BACKLOG AT $373.3 MILLION WITH MULTI-YEAR DEFENSE CONTRACTS COMPRISING 78%
* QTRLY REVENUE DECLINED YOY ATTRIBUTABLE TO LOWER REVENUE FROM F-16 WING COMPONENTS & E-2D OUTER WING PANEL KITS
* CPI AEROSTRUCTURES - DECREASE IN F-16 PROGRAM REVENUE IS TIMING ISSUE & EXPECT REVENUE FROM PROGRAM TO GROW IN FISCAL 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-cpi-aerostructures-announces-q1-ea/brief-cpi-aerostructures-announces-q1-earnings-per-share-0-14-idUSASC0A279 |
May 11, 2018 / 3:12 PM / in 2 minutes Monte dei Paschi profit points to better times for Italy's banks Valentina Za 5 Min Read
MILAN (Reuters) - A return to profit for troubled Italian bank Monte dei Paschi di Siena ( BMPS.MI ) added impetus to signs of a tentative recovery among the country’s battered lenders on Friday.
Italian banks have been laid low by a recession that pushed soured loans up to nearly one fifth of total lending, forcing them to write down debt for 138 billion euros ($165 billion)in the past five years — wiping out profits and capital in the process.
But an economic recovery has brought default rates among Italian companies back down to pre-crisis levels, easing the pressure on banks.
Monte dei Paschi reported better than expected first-quarter net profit of 188 million euros on reduced loan losses and cost cutting on Friday, sending its shares 15 percent higher.
“The surprise element in the earnings - which made you think we’re at a turning point - was the lower-than-expected loan losses,” said Pietropaolo Rinaldi, a fund manager at Anthilia Capital Partners in Milan.
“This was true for nearly all of the banks, from Monte dei Paschi to UniCredit and also mid-tier players such as BPER, the only exception was Banco BPM.”
“If the level of loan losses seen in this quarter is confirmed going forward I think we can safely say the worst is behind us,” he added. DIFFERENT JOURNEY
Unable to raise cash from investors to fund a clean-up, Monte dei Paschi last year turned to the state for help and is now 68 percent owned by the government following an 8 billion euro rescue which also hit its bondholders.
The Tuscan bank has been for years the biggest threat to Italy’s financial stability and lingering concerns about its future had pushed its shares down 40 percent since they returned to trade in Milan in late October following a 10-month hiatus.
“We’re confident we’re back on track ... the first quarter is the first step of a journey which for all of us from now on is a different journey,” CEO Marco Morelli said.
Carige ( CRGI.MI ), a smaller rival which managed with difficulty to raise capital at the end of last year to stave off being wound down, also swung to a first-quarter net profit on Friday. The entrance of Monte dei Paschi bank headquarters is seen in downtown Siena, Italy, October 27, 2017. Picture taken October 27, 2017. REUTERS/Stefano Rellandini
Earlier this week, heavyweights Intesa Sanpaolo ( ISP.MI ) and UniCredit ( CRDI.MI ) both topped forecasts with their best first quarter results in a decade, fuelling share gains.
“Another striking element ... has been the ability to cut costs to counter weak revenues amid low interest rates. And on the background you have decent capital levels and falling bad loans - still high in some cases but rapidly falling bad loans,” Rinaldi said.
RE-RATING
With the exception of Intesa, Italian banks trade below their book value as investors feared they may need to raise capital to shed soured debts.
The discount versus European peers however has been narrowing as sales of bad debts have finally gained steam after stalling for years as banks were reluctant to sell at a loss.
Italy’s banking index .FTIT8300 has gained 13 percent so far this year against a near 3 percent drop in the wider European sector .SX7P.
Yielding to regulatory demands, all major Italian banks raised their bad loan reduction targets at the end of last year, stepping up writedowns under a favorable phase-in regime linked to a new accounting rule kicking in this year.
“Italian banks continued to re-rate ... despite ongoing political uncertainties and the lack of a government,” Credit Suisse analysts said.
“The market is giving credibility to the more ambitious non-performing loan disposal plans.”
Monte dei Paschi on Thursday completed a jumbo 24 billion euro bad loan securitization sale. CEO Morelli said on Friday the bank would look to lower its soured loans to around 10 percent of total lending by 2021, improving on a previous 13 percent target.
After shedding 75 billion euros in soured debts from a post-recession peak of 360 billion euros, Italian banks in aggregate still held problematic loans equivalent to 15 percent of total lending in December — three times the European average.
(Adds dropped word to quote in paragraph 10) Editing by Keith Weir | ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-banks-italy-monte-dei-paschi/monte-dei-paschi-profit-points-to-better-times-for-italys-banks-idUSKBN1IC1UT |
LONDON (Reuters) - Emerging currencies are suffering their sixth straight week of losses against the resurgent dollar but options markets appear to indicate there is going to be no relief for some of them in the short-term.
A man checks currency exchange rates at a currency exchange office in Istanbul, Turkey April 11, 2018. REUTERS/Murad Sezer Turkey and Argentina are squarely at the center of the rout, with the latter now seeking assistance from the International Monetary Fund. Turkish President Tayyip Erdogan on Wednesday convened an emergency meeting with economic advisors to discuss the battered lira.
Investors picking through the debris are trying to predict where emerging currencies will be heading next. Below are three charts showing the possible pressure points:
1/ TURN UP THE VOL One-month implied volatility, a gauge of expected swings in a currency, has crept up across many key emerging currencies. Worst hit is Turkey TRY1MO= where “vol” has surged above 15 — beyond levels hit during the May 2013 sell-off that has come to be known as the taper tantrum.
This effectively predicts a swing of some 15 percent in the lira, which is undermined by a large current account deficit, high inflation and overly loose monetary policy.
“The nicest period for emerging markets FX is behind us,” said Andreas Koenig, head of global FX for Amundi Asset Management.
“We see the Goldilocks situation going away and it is a good reason for higher volatility, and higher volatility is always in a bit of a risk-off environment.”
Implied vol has also risen on other vulnerable emerging currencies such as South Africa’s rand ZAR1MO=, while Indonesia’s IDR1MO= implied volatility is at its highest in more than a year.
On most other emerging currencies, however, vol remains lower than during February’s equity shakeout. Some analysts attributed this to a belief among investors that the dollar’s rally could soon run out of steam.
“Other than Turkey, if you look at implied vols in other EMs it’s fairly relaxed. To me it indicates people are skeptical about the potential for much more dollar appreciation,” said Peter Kinsella, a strategist at the Commonwealth Bank of Australia.
Select EM currencies implied volatility: reut.rs/2wqFkuv
Indonesian rupiah banknotes are counted at a money changer in Jakarta, Indonesia, May 9, 2018. REUTERS/Willy Kurniawan 2/ UP UP AND AWAY FOR DOLLAR SHORTS? Emerging currencies indexes .JPMELMIPUSD .MIEM CUS scaled peak after peak for much of the first quarter but since mid-April the direction of travel has been south.
The main reason is investors taking off bets on a weaker dollar. These “short” positions had built up to a record high by end-March, according to the U.S. Commodity Futures Trading Commission (CFTC) and are now being unwound.
“A first negative feedback loop has kicked in,” Holger Schmieding at Berenberg wrote in a note to clients.
“As investors shy away from some risks, the more vulnerable emerging markets are feeling the pinch from higher U.S. interest rates and a stronger U.S. dollar.”
Dollar shorts vs EM longs: reut.rs/2ItqUOY
3/ REVERSE GEAR CFTC data shows short-dollar bets still remain sizeable, and are likely to be unwound further. As a result, the bias is still for dollar strength against emerging currencies, options show.
One-month risk reversals, a gauge of demand for options on a currency rising or falling against the dollar, are up sharply for both Turkey’s lira and Indonesia’s rupiah over the past 10 days TRY1MRR= IDR1MRR=.
They remain off February levels, however, and reversals on other currencies such as Brazil’s real and the Russian rouble have barely budged.
Amundi’s Koenig sees no evidence yet of a huge exodus from emerging equities or debt, but said investors’ first move usually is to hedge currency exposure. That would lead to a greater bias for dollar buying.
“After collecting EM assets and risks for years, investors are starting to reduce those risks. I would say it has further to go,” Koenig added.
Risk reversals: reut.rs/2rvtPx9
Reporting and graphics by Sujata Rao and Karin Strohecker, Additional reporting by Tommy Wilkes, Writing by Karin Strohecker, Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-emerging-currency/no-relief-yet-for-emerging-currencies-against-dollar-idUSKBN1IB1WA |
U.S. lauds Israel's 'restraint' in Gaza clashes 4:26am IST - 02:20
A day after Israeli forces killed as many as sixty Palestinians in Gaza, America's envoy to the United Nations praised Israel's actions as Britain and France called for restraint.
A day after Israeli forces killed as many as sixty Palestinians in Gaza, America's envoy to the United Nations praised Israel's actions as Britain and France called for restraint. //reut.rs/2L2Ah6N | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/15/us-lauds-israels-restraint-in-gaza-clash?videoId=427235966 |
COPENHAGEN, Denmark, May 16, 2018 (GLOBE NEWSWIRE) -- Ascendis Pharma A/S (Nasdaq:ASND), a biopharmaceutical company that utilizes its innovative TransCon technology to address significant unmet medical needs, today announced that the company will hold a conference call and live webcast on Wednesday, May 30, 2018 at 4:30 p.m. Eastern Time (ET) to review its first quarter 2018 financial results and provide a business update.
Conference Call Details
Date Wednesday, May 30, 2018 Time 4:30 p.m. ET/1:30 p.m. PT Dial In (U.S.) (844) 290-3904 Dial In (International) (574) 990-1036 Access Code 7192599 A live webcast of the conference call will be available on the Investors and News section of the Ascendis Pharma website at www.ascendispharma.com . A webcast replay will be available on this website shortly after conclusion of the event for 30 days.
About Ascendis Pharma A/S
Ascendis Pharma is applying its innovative prodrug technology to build a leading, fully integrated rare disease company focused on making a meaningful difference in patients’ lives. The company utilizes its TransCon technology with clinically validated parent drugs to create new therapies with potential for best-in-class efficacy, safety and/or convenience.
Ascendis Pharma has a wholly-owned pipeline of three rare disease endocrinology product candidates in clinical development. These include once-weekly TransCon Growth Hormone, which is being evaluated in a phase 3 program for children with growth hormone deficiency (GHD), TransCon PTH, a long-acting prodrug of parathyroid hormone for hypoparathyroidism currently in phase 1, and TransCon CNP, a long-acting prodrug of C-type natriuretic peptide, which is also in phase 1 development for achondroplasia and other FGFR-related skeletal disorders.
Additionally, Ascendis Pharma has multi-product collaborations with Sanofi in diabetes and Genentech in the field of ophthalmology.
For more information, please visit www.ascendispharma.com .
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our future operations, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating (i) our ability to apply our prodrug technology to build a leading, fully integrated rare disease company, (ii) the potential for TransCon PTH to be a replacement therapy for hypoparathyroidism, (iii) our expectations regarding our ability to create therapies with potential for best-in-class efficacy, safety and/or convenience and (iv) our product pipeline. We may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that we make, including the following: unforeseen safety or efficacy results in our TransCon Growth Hormone, TransCon PTH and TransCon CNP or other development programs; unforeseen expenses related to the development of TransCon Growth Hormone, TransCon PTH and TransCon CNP or other development programs, general and administrative expenses, other research and development expenses and our business generally; delays in the development of TransCon Growth Hormone, TransCon PTH and TransCon CNP or other development programs related to manufacturing, regulatory requirements, speed of patient recruitment or other unforeseen delays; dependence on third party manufacturers to supply study drug for planned clinical studies; and our ability to obtain additional funding, if needed, to support our business activities. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, see our current and future reports filed with, or submitted to, the U.S. Securities and Exchange Commission (SEC), including our Annual Report on Form 20-F for the year ended December 31, 2017, which we filed with the SEC on March 28, 2018. Forward-looking statements do not reflect the potential impact of any future in-licensing, collaborations, acquisitions, mergers, dispositions, joint ventures, or investments we may enter into or make. We do not assume any obligation to update any forward-looking statements, except as required by law.
Internal contact: Scott T. Smith Chief Financial Officer (650) 352-8389 [email protected] Media contact: Ami Knoefler Head of Global Communications (650) 739-9952 [email protected] Investor contact: Patti Bank Westwicke Partners (415) 513-1284 [email protected]
Source:Ascendis Pharma A/S | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-ascendis-pharma-as-announces-first-quarter-2018-financial-results-and-business-update-conference-call-on-may-30.html |
May 11, 2018 / 4:51 AM / Updated 10 hours ago Cricket - Breathless Pant steps up to challenge Dhoni with IPL ton Reuters Staff 3 Min Read
NEW DELHI (Reuters) - If Rishabh Pant is tired of living in Mahendra Singh Dhoni’s shadow, the 20-year-old left-hander did a good job of venting any frustration with a blistering century in the Indian Premier League (IPL) at Feroz Shah Kotla on Thursday.
Chief selector MSK Prasad has often said the wicketkeeper-batsman remains very much on India’s limited-overs radar, while Pant knows his sporadic international appearances depend less on his performances and more on Dhoni’s fitness and availability.
Two days after being dropped from India’s Twenty20 squad for their tour of Ireland and England in order to accommodate a returning Dhoni, Pant displayed his six-hitting prowess with a blistering unbeaten 63-ball 128, albeit in a losing cause.
The nine-wicket loss to Sunrisers Hyderabad ensured his Delhi Daredevils became the first team to be knocked out of this year’s IPL, while their opponents progressed to the playoffs.
Pant left the field with his head held high, however, having destroyed arguably the tournament’s best bowling attack to register the highest Twenty20 score by an Indian player.
“Really special innings from Rishabh,” former India opener Virender Sehwag, a prominent hard-hitting batsman of his time, gushed on Twitter.
“Those were not bad balls from Bhuvi (Bhuvneshwar Kumar) in the last over barring the last full toss, but Rishabh Pant is really special and I hope he is nurtured well.”
Pant was savage on the IPL’s best death bowler, plundering 43 runs off 11 Kumar deliveries, including a one-handed six in the final over of the innings.
Hyderabad’s Afghan spinner Rashid Khan, who many have found nearly unplayable, bled 27 off 13 against Pant, who has played four Twenty20 Internationals for India.
“One-handed sixes and hitting even good balls out of the park,” former test player Mohammad Kaif tweeted.
“This was as good an innings you will ever see in a T20 match against the best bowling lineup in the IPL, absolutely clean striking. Take a bow, Rishabh Pant.”
Pant, who was involved in two run-outs, hit seven sixes and 15 boundaries in his scintillating knock but was naturally dejected at his team’s failure to reach the playoffs.
“After the run outs, I took the responsibility and tried to do better for me and my team. I don’t know if it’s my best knock but till now it’s one of my best,” he said. Reporting by Amlan Chakraborty in New Delhi; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-t20-ipl-pant/cricket-breathless-pant-steps-up-to-challenge-dhoni-with-ipl-ton-idUKKBN1IC0C2 |
May 8, 2018 / 1:45 AM / Updated 15 minutes ago More heads roll at Australia's AMP as shareholders demand renewal Byron Kaye , Paulina Duran 4 Min Read
SYDNEY (Reuters) - Three directors quit top Australian wealth manager AMP Ltd ( AMP.AX ) ahead of Thursday’s annual general meeting, as big investors signaled their displeasure with the embattled firm’s response to allegations of criminal misconduct. FILE PHOTO: The logo of AMP Ltd, Australia's biggest retail wealth manager, adorns their head office located in central Sydney, Australia, May 5, 2017. REUTERS/David Gray/File Photo
The resignations follow the exits of AMP’s chairman, CEO and in-house lawyer in the wake of damaging revelations at a government-ordered inquiry that the once-venerable firm had lied to regulators and allegedly doctored an independent report.
Major shareholders rejected AMP’s calls to back directors who are up for re-election at the meeting, demanding renewal instead of continuity and signaling more upheaval for companies that have been named and shamed by the banking sector inquiry.
“Our shareholders are demanding board accountability and need to know that meaningful change is underway,” said Interim Executive Chairman Mike Wilkins, a director who stepped up after former CEO Craig Meller quit last month over the scandal.
Three months into the Royal Commission inquiry into financial industry misconduct, AMP has been accused of charging thousands of customers for financial advice it never gave then doctoring a supposedly independent report to the regulator about it. The commission has said it may recommend criminal charges.
None of Australia’s Big Four banks - Westpac Banking Corp ( WBC.AX ), National Australia Bank ( NAB.AX ), Commonwealth Bank of Australia ( CBA.AX ) and Australia and New Zealand Banking Group Ltd ( ANZ.AX ) - have emerged unscathed from the year-long inquiry so far, with all promising to transform how they conduct themselves and rebuild consumer trust.
But AMP has suffered the worst reputational damage. While it denies criminal conduct, shareholders have revolted, wiping A$4 billion from the company’s market capitalization in a month and vowing to vote out three directors - Vanessa Wallace, Holly Kramer and Andrew Harmos - on Thursday.
Having stood by the directors, AMP caved into the pressure on Tuesday and said Wallace and Kramer would leave along with longest-serving director Patty Akopiantz. It said Harmos would stay on despite investor calls for his head as well. SHAREHOLDERS SAY ENOUGH
Australian companies receive proxy, or absentee, votes two days before their AGM, and proxy advisers have recommended shareholders vote against the three directors up for re-election - including Harmos.
CGI Glass Lewis, a proxy adviser which had urged clients to vote against all three, said in a client note that “none of our recommendations have changed” after the resignations.
Bill Watson, CEO of First Super, an AMP shareholder, said the organization would vote against Harmos’s re-election in the interests of board renewal.
Australian Shareholders Association monitor Ian Graves also said Harmos should “review his position”.
Louise Davidson, CEO of the Australian Council of Superannuation Investors (ACSI), which holds AMP shares, said the exit of four women from senior roles at the firm raised concerns for gender diversity as the board rebuilds.
“We strongly encourage AMP to make sure they don’t end up with no women on their board as a result of this development,” she said.
“There is no shortage of appropriately skilled, experienced and talented women for directorships in Australia.” Reporting by Byron Kaye and Paulina Duran in SYDNEY, Rushil Dutta in BENGALURU; Editing by Stephen Coates | ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-banks-inquiry-amp/australias-embattled-amp-loses-three-directors-as-inquiry-takes-toll-idUSKBN1I904D |
Sec. Zinke: No one does it better than American energy 2 Hours Ago U.S. Secretary of the Interior Ryan Zinke speaks with CNBC's Brian Sullivan about the outlook for energy infrastructure and regulations in the U.S. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/sec-zinke-no-one-does-it-better-than-american-energy.html |
Commentary Dow drops nearly 400 points after Morgan Stanley, JP Morgan lead bank stock tumble The Dow Jones industrial average fell more than 500 points at its lows as Goldman Sachs and J.P. Morgan Chase led the index lower. The euro fell below $1.16 — its lowest level this year against the greenback — as Italian debt rates continued to rise. The Stoxx Europe 600 fell 1.4 percent, weighed down by a 2.5 percent drop in Italy's FTSE MIB. 11 Mins Ago | 02:41
U.S. stocks sank Tuesday amid political turmoil in Italy that sent the euro tumbling and ongoing difficult trade talks with China. Bank stocks led the decline.
The Dow Jones industrial average fell 391.64 points — or 1.58 percent — to finish at 24,361.45 amid losses in Goldman Sachs, Boeing, and J.P. Morgan Chase. At its lows, the index lost more than 500 points, or 2 percent.
The S&P 500 fell 1.16 percent to close at 2,689.86, while the Nasdaq composite fell 0.5 percent to finish at 7,396.59.
Tuesday's losses marked the third straight trading session of negative numbers for the Dow and S&P 500, both of which suffered their worst day on a percentage basis since April 24.
Stocks extended their losses throughout the day as European exchanges closed and the euro fell further against the dollar.
Concerns about a global credit blight and anemic interest rates appeared to weigh on U.S. financial stocks Tuesday, sending shares of the nation's largest banks tumbling. Goldman Sachs, J.P. Morgan, Citigroup, Morgan Stanley and Bank of America all lost more than 3 percent.
The Financial Select Sector SPDR (XLF) exchange-traded fund fell 3.45 percent, below its 200-day moving average.
Banking investors could be nervous that a decline in global credit could lead to collateral damage to holders of international bonds, though widespread strengthening in global government debt Tuesday also dampened the banking outlook.
"The more recent bout of political turmoil spanning across a number of member countries coupled with a clear loss of economic momentum in the region has investors questioning the sustainability of the recovery and the future of the bloc," Lindsey Piegza, chief economist at Stifel Nicolaus, wrote in an email to CNBC.
The Cboe Volatility Index (VIX) — a measure of market anxiety — rose to highs above 18. U.S. stock markets were closed Monday for Memorial Day.
The risk-off attitude fueled demand for safer asset classes, including U.S. Treasurys. The rate on the U.S. 10-year note fell to 2.77 percent Tuesday, down from highs above 3.1 percent in recent weeks.
The Stoxx Europe 600 fell 1.4 percent, weighed down by a 2.6 percent drop in Italy's FTSE MIB and a 2.5 percent decline in Spain's IBEX 35. In Asia, stocks finished the session in the red , as the euro zone's political turmoil depressed markets worldwide. The Euro Stoxx Banks index fell 4.4 percent, on pace for its worst day since August 2, 2016.
The euro fell below $1.16 — its lowest level this year against the greenback — as Italian debt rates continued to rise. The Dollar Index , which pits the greenback against a basket of currencies, was up 0.68 percent Tuesday at 94.83.
Exacerbating banking sector woes was J.P. Morgan Co-president Daniel Pinto, who revealed Tuesday that trading revenue in the second quarter will probably be flat from a year ago.
"Overall, markets revenue as we see it today will be flat year on year," Co-president Daniel Pinto said Tuesday during a conference in New York. "The core activities will be up let's say mid single digits. Then we have a series of one-offs that overall take that back down to flat."
Morgan Stanley, meanwhile, clinched its worst day since June 2016, down 5.75 percent. The slide in the company's stock occurred after an executive cited more challenging business conditions in the second quarter for its wealth management division.
Over the weekend, Italy's prime minister appointed former International Monetary Fund official Carlo Cottarelli as interim prime minister to form a new cabinet and restore political order within the country.
The euro zone's third-largest economy has been struggling to establish a stable government since inconclusive elections in March, with anti-establishment forces abandoning their effort to form a ruling coalition over the weekend. Michael Nagle | Bloomberg | Getty Images Traders work on the floor of the New York Stock Exchange.
"In Italy, in the short-run, the status quo prevails, [but] if elections strengthen the hand of populist parties on the left or the right, there's danger of a more radical response," said David Kelly, chief global strategist at JPMorgan Funds. That could be "fiscally dangerous, given how much debt Italy already has."
The latest developments have spurred previously dormant fears concerning the stability of the eurozone and default risk concerning Italy's €2.3 trillion ($2.68 trillion) in debt. The 10-year Italian bond yield jumped above 3.38 percent early Tuesday, its highest level since March 2014 and more than 2.5 percentage points above the German 10-year bond rate. Yields move inversely to prices.
"I think default risk, however, is still extremely low," Kelly added. "Italy could not possibly default on their debt without an entire collapse of their economy. They would really be defaulting on their own citizens and I don't think it's likely to happen."
European worries extended to Spain, where the country's parliament is set to vote whether to oust Prime Minister Mariano Rajoy and his center-right party this Friday.
Industrials and materials stocks also sold off Tuesday on fears of slowing global growth due to the Italy crisis. Aircraft manufacturer Boeing and agricultural science developer DowDuPont both moved lower, while the price of oil continued to fall amid reports of increasing output.
U.S. West Texas Intermediate crude futures fell as much as 3 percent on Tuesday, posting a fifth straight day of losses after hitting a 3.5-year high last week. The contract ended the session down $1.15, or 1.7 percent, at $66.73 a barrel. Concerns that Saudi Arabia and Russia could boost output have exerted downward pressures on oil prices over the past week.
President Donald Trump's administration also said on Tuesday that it will continue to take action on trade with China, just days after the two countries announced a tentative solution to their dispute.
The White House said in a statement that the United States will release a list of some $50 billion worth of Chinese goods that will be subject to a 25 percent tariff. The United States will also continue to pursue litigation against China at the World Trade Organization .
—CNBC's Jacob Pramuk and Gina Francolla contributed to this report. Alexandra Gibbs Make It Reporter Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/us-stock-futures-dow-data-earnings-geopolitics-and-international-markets-on-the-agenda.html |
WASHINGTON (Reuters) - The U.S. Senate voted 52 to 47 to advance a bill that would reverse the Federal Communications Commission decision in December to repeal landmark 2015 net neutrality rules.
The margin was larger than expected with three Republicans voting with 47 Democrats and two independents. Many politicians are convinced the issue will help motivate younger people to vote in the 2018 congressional elections. A final vote by the Senate was expected later on Wednesday.
The measure still faces an uphill battle. It is not clear if the U.S. House of Representatives will vote at all on the measure, while the White House has said it opposed repealing the December FCC order.
The FCC repealed rules set under Democratic President Barack Obama that barred internet service providers from blocking or slowing access to content or charging consumers more for certain content.
Last week, the FCC said the net neutrality rules would expire on June 11 and that the new regulations approved in December, handing providers broad new power over how consumers can access the internet, would take effect.
The 2015 rules were intended to ensure a free and open internet, give consumers equal access to Web content and bar broadband service providers from favoring their own material or others’.
The new rules require internet providers to tell consumers whether they will block or slow content or offer paid “fast lanes.”
The revised rules were a win for internet service providers, whose practices faced significant government oversight and FCC investigations under the 2015 order. But the new rules are opposed by internet firms like Facebook Inc and Alphabet Inc.
Comcast Corp, Verizon Communications Inc and AT&T Inc have pledged to not block or discriminate against legal content after the net neutrality rules expire. A group of 22 states led by New York and others have sued the FCC over the repeal.
Reporting by David Shepardson; editing by Chizu Nomiyama and Jonathan Oatis
| ashraq/financial-news-articles | https://in.reuters.com/article/us-usa-internet/u-s-net-neutrality-bill-gets-enough-senate-votes-to-advance-idINKCN1IH2DS |
A declining dollar boosted gold and other metals for the second straight session Friday, but the yellow metal erased its slight early gains as worries about higher interest rates continued to hinder its momentum.
Front-month gold for May delivery declined 0.1% to $1,319.00 a troy ounce on the Comex division of the New York Mercantile Exchange. Prices have stayed between about $1,305 and $1,360 this year, moving within that range based on swings in the U.S. currency, worries about higher interest rates and safe-haven demand.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/gold-inches-higher-with-dollar-weaker-1526049995 |
May 16, 2018 / 9:24 AM / Updated 5 minutes ago Prince William's children get starring roles at brother's wedding Reuters Staff 2 Min Read
LONDON (Reuters) - Britain’s Prince Harry and his U.S. fiancee Meghan Markle have chosen George and Charlotte, the children of the royal’s elder brother Prince William, to be among the bridesmaids and page boys for their wedding, his office said on Wednesday. FILE PHOTO: Britain's Prince William arrives at the Lindo Wing of St Mary's Hospital with his children Prince George and Princess Charlotte after his wife Catherine, the Duchess of Cambridge, gave birth to a son, in London, April 23, 2018. REUTERS/Henry Nicholls/File Photo
Also selected for the much-anticipated event at Windsor Castle on Saturday are the couple’s goddaughters and godson, and the children of one of her best friends.
Harry’s office said last week that all the bridesmaids would be children and that Markle had decided not to have a maid of honor because she could not choose between her friends.
Princess Charlotte, 3, will be joined as a bridesmaid by Florence van Cutsem, 3, and Zalie Warren, 2, Harry’s goddaughters; Remi and Rylan Litt, 6 and 7, who are Markle’s goddaughters; and Ivy Mulroney, the 4-year-old daughter of her friend Jessica Mulroney.
Mulroney’s sons Brian and John Mulroney, both 7, will also join Prince George as a page boy along with Harry’s godson Jasper Dyer, 6.
While George, 4, and Charlotte will have roles in the ceremony at St George’s Chapel at Windsor, their younger brother Prince Louis, who was born last month, will not be attending, Kensington Palace has confirmed.
George and Charlotte also acted as page boy and flower girl at last year’s wedding of Pippa Middleton, sister of his mother Kate, to financier James Matthews.
Bridesmaid Florence van Cutsem also provides a link to William and Kate’s own wedding. Van Cutsem’s cousin Grace, William’s goddaughter, was a bridesmaid at their ceremony in 2011. Reporting by Michael Holden; editing by Guy Faulconbridge | ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-royals-bridesmaids/prince-williams-children-get-starring-roles-at-brothers-wedding-idINKCN1IH11F |
LONDON (Reuters) - Convention would have it that to succeed on the grueling clay courts of Roland Garros requires playing a stack of matches and having miles in your legs.
FILE PHOTO: Britain Tennis - Wimbledon - All England Lawn Tennis & Croquet Club, Wimbledon, England - 9/7/16 USA's Serena Williams in action against Germany's Angelique Kerber during the womens singles final REUTERS/Toby Melville Picture Supplied by Action Images/File Photo But then Serena Williams has never been one to take too much notice of convention.
The 23-times grand slam singles champion will be back at Roland Garros having missed last year’s event as she prepared to have her first child, Alexis Olympia, who was born in September.
Following a tumultuous birth, when she needed emergency surgery after suffering a blood clot, just being back on the court is a remarkable achievement.
When she returned to the Tour in March, playing in Indian Wells and Miami, she looked short of fitness and form, going out in the third round and first round respectively.
Her coach, Patrick Mouratoglou, admits she returned too soon but the pair have been working hard together ever since.
At 36, Williams is chasing the record of 24 grand slam title wins, held by Australia’s Margaret Court, and if she lines up at Roland Garros, she will be fitter, fresh and dangerous.
FILE PHOTO: Britain Tennis - Wimbledon - All England Lawn Tennis & Croquet Club, Wimbledon, England - 9/7/16 USA's Serena Williams celebrates winning her womens singles final match against Germany's Angelique Kerber with the trophy REUTERS/Toby Melville Picture Supplied by Action Images/File Photo “Serena will play the French Open to win it,” Mouratoglou told the WTA website recently.
“Can she do it? Serena can achieve anything — after being her coach for six years, I’m even more sure of that statement.”
It was the arrival of Mouratoglou as Williams’ coach in 2012 that sparked the most successful period of her career.
Having been knocked out of the French Open in the first round, Williams turned to the Frenchman to revive her fortunes; they have won 10 grand slam titles together since.
With organizers sticking strictly to the world rankings, Williams, currently ranked 453, will be unseeded in Paris, which means she could face any of the highest-ranked players in the first or second round.
But even with her lack of match practice, if anyone can hit the ground running it is Williams, the winner there in 2002, 2013 and 2015.
FILE PHOTO: Tennis - French Open Womens Singles Semifinal match - Roland Garros - Serena Williams of the U.S. vs Kiki Bertens of the Netherlands - Paris, France - 03/06/16 Williams reutrns the ball. REUTERS/Gonzalo Fuentes Picture Supplied by Action Images/File Photo “I hear when she was down in Palm Beach she was training very hard with her physical trainer (Mackie Shilstone),” seven-times French Open champion Chris Evert, an analyst for broadcaster ESPN, told Reuters.
“At the end of the day she knows how to play tennis. It’s more about fitness, getting the cardio up, the first step.
“We know she will have the fire, the fight and the heart and the drive but you don’t know about seven matches in a row to keep that level up. That’s what it’s going to take.”
Jim Courier, who twice won the title at Roland Garros, also believes Serena can defy logic.
“One can never count Serena out if she’s in a draw,” the American, who will be part of ITV’s French Open coverage, said.
“She lacks match play and will be vulnerable in the early rounds as she seeks form and confidence. If she does reach the second week she will be hard to stop.”
Last weekend, Williams was a guest at the Royal wedding of Prince Harry and Meghan Markle.
But she was quickly back on court at Roland Garros the following day, smashing groundstrokes with Mouratoglou.
“She obviously comes back to win and the wait has been long, so she will probably start Roland Garros with a mix of stress because she will want to do well and excitement because playing those events is the reason why she made such huge efforts to come back,” he said.
No one will want to see their name alongside that of the 23-times grand slam champion in Thursday’s draw.
Additional reporting by Martyn Herman; Editing Toby Davis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-women-serena/returning-serena-williams-ready-to-deny-paris-convention-idUSKCN1IO0UX |
BRUSSELS (Reuters) - Euro zone economic growth slowed as expected at the start of 2018, although economists said temporary factors were partly behind the weakness and that the economy should continue to expand strongly this year.
The stand of German car manufacturer Audi is reflected in the ceiling during a media preview day at the Frankfurt Motor Show (IAA) September 11, 2013. REUTERS/Kai Pfaffenbach/File Photo Gross domestic product across the 19 countries sharing the euro currency expanded by 0.4 percent in the first quarter compared to the last quarter of 2017 and by 2.5 percent year on year, EU statistics agency Eurostat said on Wednesday.
Eurostat’s preliminary flash estimate was in line with economists’ forecasts, but well below the 0.7 percent quarterly rises seen in the previous three quarters.
The growth rate pushed the euro zone behind the United States, but still ahead of Britain, which registered its weakest growth since 2012.
Economic sentiment data slipped in March but remained broadly unchanged in April, leading analysts to forecast that the euro zone economy will ease back to still-healthy growth levels of about 2 percent year-on-year in the coming quarters.
But it was seen as unlikely to match the 2.5 percent expansion seen in 2017.
“Temporary factors, including unseasonably cold weather, striking workers, short-term bottlenecks and even an outbreak of the flu, appear to have weighed on GDP growth in Q1,” economists at Capital Economics said in a note to clients.
“Given the high level of consumer confidence, we suspect that consumption growth will pick up in Q2 and help to push quarterly GDP growth back to around 0.5 or 0.6 percent.”
Confidence took a dip in part over concerns about a trade war with the United States, which could still be sparked if Washington imposes tariffs on steel and aluminium imports from the European Union. A decision on this is due by June 1.
In a separate statement, Eurostat said unemployment in the euro zone was stable in March at 8.5 percent.
Reporting by Robert-Jan Bartunek; Editing by Philip Blenkinsop and Catherine Evans
| ashraq/financial-news-articles | https://in.reuters.com/article/eurozone-economy-gdp/euro-zone-economic-growth-slows-in-first-quarter-as-expected-idINKBN1I310T |
Cramer Remix: Don’t let this buying opportunity pass again 12 Hours Ago Jim Cramer reveals why FMC Corp.’s recent dip is a prime time to buy the stock. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/cramer-remix-dont-let-this-buying-opportunity-pass-again.html |
CHARLOTTE, Mich., May 15, 2018 /PRNewswire/ -- Spartan Motors, Inc. (NASDAQ: SPAR) ("Spartan" or the "Company"), a global leader in specialty chassis and vehicle design, manufacturing and assembly, today announced a series of actions to enhance the depth and bench strength of its senior leadership team, while creating a more streamlined reporting structure.
Tom Ninneman has been promoted to Chief Operating Officer of Spartan Motors. Ninneman most recently served as Spartan's President of Fleet Vehicles & Services (FVS) for the past year and previously served as the Chief Operating Officer of Smeal Fire Apparatus Co., which was acquired in 2017. Ninneman brings over 25 years of business and leadership experience, including 10 years in custom vehicle manufacturing across the fire and emergency response, specialty vehicle, and military markets. The presidents of Fleet Vehicles & Services, Emergency Response (ER), and Specialty Chassis & Vehicles (SCV) business segments will report to Ninneman.
"We saw a need to bring greater operational expertise, structure and responsiveness to our senior management team to better prepare us to meet our 2020 goals and the actions we announced today are meant to accomplish that. We are convinced that Tom brings the exact skill set and experience we need to lead our operations, and are proud to name him our Chief Operating Officer," said Daryl Adams, President and Chief Executive Officer. "Tom's strong leadership in FVS over the past year, combined with his prior experience at Smeal and Oshkosh, makes him the ideal person to head up operational leadership across our organization, bringing increased agility to our senior leadership team. With the addition of a COO, we will also see enhanced alignment on operational improvements across the business while allowing our entire team to sharpen their strategic focus for the long term."
The Company also announced that Chad Heminover has been named President, Fleet Vehicles & Services (FVS), which includes the Utilimaster® and Spartan Upfit Services go-to-market brands. Heminover most recently served as Vice President of Operations and Business Development of FVS and was previously the Business Unit President for Taylor Corporation, one of the largest print and communications services providers, where he implemented a number of business turnarounds, which resulted in enhanced efficiency and significant improvement in profitability. Over his extensive career, Heminover managed major supplier and customer relationships, as well as mergers and acquisitions, new product development and the implementation of programs to enhance employee development and retention.
"Chad is the right person to lead our FVS segment, as he brings an energetic and innovative approach to developing long-term strategic vision while managing the operational details of the day-to-day business," added Adams. "As we look to enhance the speed of delivery on our 2020 goals, we believe it's important to empower the next generation of leadership to build on the foundation we've set over the past two years. Our ultimate focus remains on profitable growth for Spartan, and we must continue to foster the dynamic leaders, like Chad, who will ultimately drive that growth."
As a final component of the senior management transition, Spartan announced that John Slawson, President of Spartan Emergency Response, has resigned his position to pursue other interests. Tom Ninneman, Chief Operating Officer, will serve as the interim President of the ER business unit as the Company completes its search for a replacement.
"We thank John for his support in returning the Emergency Response segment to profitability in 2017, and we wish him well in his future endeavors," added Adams. "Tom Ninneman brings a wealth of emergency response experience, having previously served as COO of Smeal, and he has my confidence in successfully leading these concurrent roles until we name a permanent replacement for ER President."
Adams concluded, "We are pleased with these appointments, which illustrate the bench strength of our management team and adds to our confidence in our ability to achieve our 2020 goals."
About Spartan Motors
Spartan Motors, Inc. is a leading designer, engineer, manufacturer and marketer of a broad range of specialty vehicles, specialty chassis, vehicle bodies and parts for the fleet and delivery, recreational vehicle (RV), emergency response, defense forces and contract assembly (light/medium duty truck) markets. The Company's brand names — Spartan Motors, Spartan Specialty Vehicles, Spartan Emergency Response, Spartan Parts and Accessories, Smeal and its family of brands, including Ladder Tower™ and UST®; and Utilimaster®, a Spartan Motors Company — are known for quality, durability, performance, customer service and first-to-market innovation. The Company employs approximately 2,300 associates, and operates facilities in Michigan, Indiana, Pennsylvania, Missouri, Wisconsin, Nebraska, South Dakota; Saltillo, Mexico; and Lima, Peru. Spartan reported sales of $707 million in 2017. Visit Spartan Motors at www.spartanmotors.com .
This release contains several that are not historical facts, including statements concerning our business, strategic position, financial projections, financial strength, future plans, objectives, and the performance of our products and operations. These statements can be identified by words such as "believe," "expect," "intend," "potential," "future," "may," "will," "should," and similar expressions regarding future expectations. These involve various known and unknown risks, uncertainties, and assumptions that are difficult to predict with regard to timing, extent, and likelihood. Therefore, actual performance and results may materially differ from what may be expressed or forecasted in such . Factors that could contribute to these differences include operational and other complications that may arise affecting the implementation of our plans and business objectives; continued pressures caused by economic conditions and the pace and extent of the economic recovery; challenges that may arise in connection with the integration of new businesses or assets we acquire or the disposition of assets; restructuring of our operations, and/or our expansion into new geographic markets; issues unique to government contracting, such as competitive bidding processes, qualification requirements, and delays or changes in funding; disruptions within our dealer network; changes in our relationships with major customers, suppliers, or other business partners, including Isuzu; changes in the demand or supply of products within our markets or raw materials needed to manufacture those products; and changes in laws and regulations affecting our business. Other factors that could affect outcomes are set forth in our Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission (SEC), which are available at www.sec.gov or our website. All in this release are qualified by this paragraph. Investors should not place undue reliance on as a prediction of actual results. We undertake no obligation to publicly update or revise any in this release, whether as a result of new information, future events, or otherwise.
View original content: http://www.prnewswire.com/news-releases/spartan-motors-announces-senior-leadership-appointments-300648124.html
SOURCE Spartan Motors, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-spartan-motors-announces-senior-leadership-appointments.html |
PITTSBURGH--(BUSINESS WIRE)-- PPG (NYSE:PPG) today announced the appointment of Daniel G. Korte as global vice president-elect, aerospace products, effective May 7. In this role, Korte will succeed Barry N. Gillespie, current vice president, PPG aerospace products, who has announced his intent to retire, effective Aug. 1, 2018.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180507005902/en/
PPG announced the appointment of Daniel G. Korte (pictured) as global vice president-elect, aerospace products, effective May 7. (Photo: Business Wire)
Korte joins PPG from LMI Aerospace, Inc., where he was chief executive officer and a member of the company’s board of directors. Prior to LMI, he progressed through various roles at Boeing, including program manager, F/A-18E; vice president, supplier management and procurement; and vice president and general manager, global strike systems. He also served as president, defense business at Rolls-Royce.
“Dan’s leadership and experience in the aerospace industry will be invaluable in his role at PPG,” said Michael H. McGarry, PPG chairman and CEO. “We thank Barry for his many contributions. Barry joined PPG in 2007 and has since driven a culture of continuous improvement. He integrated the Deft and Cuming Microwave acquisitions, and was singularly instrumental in the formation of Sealants Europe. Barry’s passion for operational excellence has been instrumental in building and growing a solid aerospace business for PPG.”
PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and materials that our customers have trusted for more than 130 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $14.8 billion in 2017. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com .
We protect and beautify the world is a trademark and the PPG Logo is a registered trademark of PPG Industries Ohio, Inc.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005902/en/
PPG Media Contact:
Mark Silvey, +1-412-434-3046
Corporate Communications
[email protected]
or
PPG Investor Contact:
John Bruno, +1-412-434-3466
Investor Relations
[email protected]
investor.ppg.com
Source: PPG | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-ppg-announces-leadership-changes-in-aerospace-products-business.html |
President Trump, it seems, knows the price of everything and the value of nothing. Earlier this year he claimed that the U.S. gets “practically nothing” from the $1.2 billion it spends annually to keep 28,500 troops in South Korea. He forgets, or perhaps he never knew, that the U.S. waged an expensive and bloody struggle to restore the status quo ante after Kim Il Sung’s invasion of the south. American troops in South Korea have maintained peace and stability ever since—65 years and counting. Compared with the costs of war, it’s a bargain.
Mr.... | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-needs-to-learn-how-to-trust-1525817411 |
OIL PRICES FALL IN POST-SETTLEMENT TRADE AFTER API DATA SHOWS BUILD IN U.S. CRUDE STOCKS | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/reuters-america-oil-prices-fall-in-post-settlement-trade-after-api-data-shows-build-in-u-s-crude-stocks.html |
White House senior adviser Jared Kushner will say on Monday at the opening ceremony for the U.S. Embassy in Jerusalem that it is possible for both sides in the Israeli-Palestinian conflict to gain more than they give in any peace deal.
Kushner, the U.S. envoy to the Middle East and President Donald Trump's son-in-law, was to speak amid tensions over Trump's decision to move the embassy to Jerusalem from Tel Aviv.
The Trump administration has nearly completed a long-awaited Israeli-Palestinian peace plan but is still undecided on how and when to roll it out, given Palestinian anger at Trump's embassy move.
"We believe, it is possible for both sides to gain more than they give so that all people can live in peace safe from danger, free from fear, and able to pursue their dreams," Kushner will say, according to speech excerpts seen by Reuters.
"Jerusalem must remain a city that brings people of all faiths together," he will say.
The Palestinians, who want their own future state with its capital in East Jerusalem, have been outraged by Trump's shift from previous administrations' preference for keeping the U.S. Embassy in Tel Aviv pending progress in peace efforts.
As the United States prepared to open its embassy, Israeli forces killed at least 28 Palestinians along the Gaza border, health officials said, as demonstrators streamed to the frontier. Some 900 Palestinians were wounded, about 450 of them by live bullets, the officials said.
Most countries say Jerusalem's status should be determined in a final peace settlement, and say moving their embassies now would prejudge any such deal.
Kushner will defend the embassy move in his remarks.
"While presidents before him have backed down from their pledge to move the American Embassy once they were in office, this president delivered. Because when President Trump makes a promise, he keeps it," Kushner will say.
He will also address the challenge from Iran a week after Trump withdrew the United States from the 2015 I ran nuclear deal despite pressure from European allies to stick with the agreement.
"Iran's aggression threatens the many peace-loving citizens throughout the region and the world. From Israel to Jordan to Egypt to Saudi Arabia and beyond, many leaders are fighting to modernize their countries and create better lives for their people," Kushner will say.
"In confronting common threats, and in pursuit of common interests, previously unimaginable opportunities and alliances are starting to emerge," he will say. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/peace-deal-to-benefit-both-sides-in-mideast-conflict-says-white-house-senior-advisor-kushner.html |
Iconic guitar-maker Gibson files for bankruptcy 00:55
Gibson, the maker of guitars played by the likes of B.B. King and Elvis Presley, filed for Chapter 11 bankruptcy protection on Tuesday with a plan to reorganize its musical instrument business under the new ownership of its lenders. Jonah Green reports.
Gibson, the maker of guitars played by the likes of B.B. King and Elvis Presley, filed for Chapter 11 bankruptcy protection on Tuesday with a plan to reorganize its musical instrument business under the new ownership of its lenders. Jonah Green reports. //reut.rs/2rhn80r | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/02/iconic-guitar-maker-gibson-files-for-ban?videoId=423252555 |
Two die, at least 18 injured in train accident in Italy 5:02am EDT - 00:45
Emergency services attended the scene of a train crash in northern Italy which killed two people and injured 18 more. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Emergency services attended the scene of a train crash in northern Italy which killed two people and injured 18 more. Rough cut (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/2IKa9QR | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/24/two-die-at-least-18-injured-in-train-acc?videoId=429833535 |
Goldman Sachs agreed on Tuesday to pay $110 million to resolve allegations by two U.S. regulators that its foreign exchange traders shared information about investment positions.
Half the $110 million fine will be paid to the Federal Reserve and the rest will go to the New York Department of Financial Services.
"The firm failed to detect and address its traders' use of electronic chatrooms to communicate with competitors about trading positions," the Fed said in a statement.
Goldman Sachs said it was pleased it had resolved the Fed's and the NYDFS' "respective reviews and appreciate their recognition that we have already taken significant steps to enhance our policies and procedures."
Regulators examined investments going back to 2008 and involved traders' use of chatrooms as they took positions in the currency market through 2013.
As part of the settlement, Goldman agreed to hire a third-party to monitor future trades and meet new compliance standards. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/goldman-sachs-agrees-to-pay-55-million-to-settle-forex-claims-by-fed.html |
NEW YORK--(BUSINESS WIRE)-- The ONE Group Hospitality, Inc. (“The ONE Group”) (Nasdaq:STKS) today announced that it will host a conference call to discuss first quarter 2018 financial results on Tuesday, May 15, 2018 at 5:00 PM Eastern Time. Hosting the call will be Emanuel (“Manny”) Hilario, President and Chief Executive Officer, and Linda Siluk, Interim Chief Financial Officer. A press release containing the first quarter 2018 financial results will be issued after market close Tuesday, May 15, 2018.
The conference call can be accessed live over the phone by dialing 877-407-3982 or for international callers by dialing 201-493-6780. A replay will be available after the call and can be accessed by dialing 844-512-2921 or for international callers by dialing 412-317-6671; the passcode is 13679179. The replay will be available until May 29, 2018.
About The ONE Group
The ONE Group (NASDAQ:STKS) is a global hospitality company that develops and operates upscale, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos and other high-end venues both nationally and internationally. The ONE Group’s primary restaurant brand is STK, a modern twist on the American steakhouse concept with locations in major metropolitan cities throughout the U.S., Canada, Europe and Middle East. ONE Hospitality, The ONE Group’s food and beverage hospitality services business, provides the development, management and operations for premier restaurants and turn-key food and beverage services within high-end hotels and casinos. Additional information about The ONE Group can be found at www.togrp.com .
//www.businesswire.com/news/home/20180514005630/en/
Investor:
ICR
Michelle Michalski, 646-277-1224
Source: The ONE Group Hospitality, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-the-one-group-hospitality-inc-to-host-2018-first-quarter-earnings-conference-call-at-500-pm-et-on-may-15-2018.html |
GAZA (Reuters) - On the eve of the Muslim holy month of Ramadan, many Gazans on Wednesday were worried about how they will put food on the table.
With dozens of Palestinian protesters killed in recent weeks during a border face-off between demonstrators and Israeli troops, and with 80 percent of Gaza’s 2 million population dependent on aid, the mood is bleak.
“It is sad and depressing. In every home there is an injured person, in every home there is a martyr. All the mothers are sad, there is no nice Ramadan atmosphere at all,” said Sabreen al-Turk.
Nohaa Shomar, a mother living in the Beach refugee camp, said she cannot afford meat and feeds her family of nine with only rice and grains.
It is usually a time of celebration, but many business owners are barely staying afloat and say that no-one is buying their goods.
“The situation is really difficult, whether Ramadan is here or not, there are economic difficulties,” said merchant Fayez al-Bitar. “How are we supposed to afford food?”
Editing by Stephen Farrell
| ashraq/financial-news-articles | https://www.reuters.com/article/us-religion-ramadan-palestinians/gaza-palestinians-fear-a-bleak-ramadan-lies-ahead-amid-poverty-and-killings-idUSKCN1IH2OY |
PLANO, Texas, April 30, 2018 /PRNewswire/ -- BG Staffing, Inc. (NYSE American: BGSF), a rapidly growing national provider of professional temporary staffing services, today reported record financial results for its first quarter ended April 1, 2018.
Quarter One 2018 Results
2018
2017
Change
% Change
(amounts in thousands, except per-share amounts)
Revenues
$
66,855
$
56,844
$
10,011
17.6
%
Gross profit
$
17,310
$
13,671
$
3,639
26.6
%
Gross profit percentage
25.9
%
24.1
%
1.8
%
7.5
%
Net income
$
2,466
$
1,302
$
1,164
89.4
%
Net income per diluted share
$
0.27
$
0.15
$
0.12
80.0
%
Weighted average diluted shares
9,087
8,924
163
1.8
%
Adjusted EBITDA (1)
$
5,399
$
4,143
$
1,256
30.3
%
Adjusted EBITDA percentage (2)
8.1
%
7.3
%
0.8
%
11.0
%
L. Allen Baker, Jr., President and CEO, stated, "I'm very pleased with our 1 st quarter 2018 financial results - they are a reflection of BG Staffing's unique value proposition, the solid performance from our recent acquisitions, and our disciplined approach to cost control. We met or exceeded our goals in every significant category. I want to thank our team and customers."
Conference Call
The Participant Dial-In Number for the conference call is 1-631-891-4304. Participants should dial in to the call at least five minutes before 8:00am PT (11:00am ET) on May 11, 2018. The call can also be accessed "live" online at http://public.viavid.com/index.php?id=129254 . A replay of the recorded call will be available for 90 days on the Company's website ( http://bgstaffing.investorroom.com/ ). You can also listen to a replay of the call by dialing 1-844-512-2921 (international participants dial 1-412-317-6671) starting May 11, 2018, at 2:00pm ET through May 18, 2018 at 11:59 pm ET. Please use PIN Number 10004620.
About BG Staffing, Inc.
Headquartered in Plano, Texas, BG Staffing provides staffing services to a variety of industries through its various divisions. BG Staffing is primarily a professional temporary staffing platform that has integrated several regional and national brands achieving scalable growth. The Company was ranked as the 60 th largest U.S. staffing company in 2017 and was named the 71 st fastest growing staffing company in the country in 2016 by Staffing Industry Analysts. The Company's disciplined acquisition philosophy, which builds value through both financial growth and the retention of unique and dedicated talent within BG Staffing's portfolio of companies, has resulted in a seasoned management team with strong tenure and the ability to offer exceptional service to candidates and customers while building value for investors. For more information on the Company and its services, please visit its website at www.bgstaffing.com .
(1)
Non-GAAP financial measure. See reconciliation at end for details.
(2)
Adjusted EBITDA as a percentage of revenue.
Forward-Looking Statements
The forward-looking statements in this press release are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including those listed in Item 1A of the Company's Annual Report on Form 10-K and in the Company's other filings and reports with the Securities and Exchange Commission. All of the risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this press release, the words "believes," "plans," "expects," "will," "intends," and "anticipates" and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
CONTACT:
Terri MacInnis, VP of Investor Relations
Bibicoff + MacInnis, Inc.
818.379.8500 [email protected]
BG Staffing, Inc.
Non-GAAP Financial Measures
The financial results of BG Staffing, Inc. are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the U.S. Securities and Exchange Commission. To help the readers understand the Company's financial performance, the Company supplements its GAAP financial results with Adjusted EBITDA.
A non-GAAP financial measure is a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows of a company. Adjusted EBITDA is not measurement of financial performance under GAAP and should not be considered as an alternative to net income, operating income, or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities or a measure of our liquidity. We believe that Adjusted EBITDA is a useful performance measure and is used by us to facilitate a comparison of our operating performance on a consistent basis from period-to-period and to provide for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone. In addition, the financial covenants in our credit agreement are based on Adjusted EBITDA as defined in the credit agreement.
We define "Adjusted EBITDA" as earnings before interest expense, income taxes, depreciation and amortization expense, non-cash items, and certain items that management does not consider in assessing our on-going operating performance.
Reconciliation of Net Income to Adjusted EBITDA
Thirteen Weeks Ended
April 1,
2018
March 26,
2017
(dollars in thousands)
Net income
$
2,466
$
1,302
Interest expense, net
871
559
Income tax expense
699
833
Depreciation and amortization
1,296
1,371
Share-based compensation
67
78
Adjusted EBITDA
$
5,399
$
4,143
View original content with multimedia: http://www.prnewswire.com/news-releases/bg-staffing-inc-announces-record-q1-2018-financial-results-300639257.html
SOURCE BG Staffing, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/pr-newswire-bg-staffing-inc-announces-record-q1-2018-financial-results.html |
WOODLAND, Calif. (Reuters) - Dan Vincent is in a bind.
A forklift passes cans at Pacific Coast Producers' distribution center in Lodi, California, U.S., April 27, 2018. REUTERS/Noah Berger The president of Pacific Coast Producers (PCP) plans to use around 700 million tin-coated steel cans this year for tomatoes, peaches and pears from 168 growers here in California.
His cooperative then sells the canned fruits and vegetables to grocers ranging from Walmart Inc to Kroger Co, as well as food services companies such as Sysco Corp and a host of restaurant chains.
Since President Donald Trump announced sweeping tariffs on steel and aluminum to help the domestic steel industry on March 20, PCP’s steel costs have jumped 9 percent as the market prices in the tariffs before they even take effect.
Vincent now expects his steel bill for the year to rise $18 million to $20 million, forcing him to choose between taking a potential 75 percent cut to his company’s profits, or pushing the added costs to his retail customers and eventually to consumers - many of whom are lower-income Americans “who can least afford it,” Vincent told Reuters.
“Look, we all want to protect U.S. steelworkers,” Vincent said while touring a tomato farm in Woodland, California. “But we don’t want to be an unintended consequence of this.”
Meant to protect U.S. jobs and even out trade imbalances, the Trump administration’s tariffs on steel and aluminum are having a ripple effect throughout the U.S. economy, from cars to aircraft to oilfield pipes. Cans have a special significance in the debate over the pros and cons of the policy.
U.S. Commerce Secretary Wilbur Ross, during a March 2 appearance on CNBC, held up a Campbell Soup Co can and said it only contained 2.6 cents worth of steel in it, equating to less than a one cent added cost per can.
“Who in the world is going to be too bothered by six tenths of a cent?” Ross said.
A Commerce Department spokesman said the figures Ross used were based on the cost of tin plate steel and calculated for a 10.75 ounce (0.3kg) can, adding steel is “only one component of the cost.”
Canning industry executives, however, say the cost of America’s most common 15 ounce (0.43kg) can is actually around 17 cents, and will rise 4 cents thanks to tariffs.
Even a 10-ounce can costs food processors up to 14 cents, and should cost 3 cents more with tariffs.
Cans line a table at Pacific Coast Producers tomato cannery in Woodland, California, U.S., April 27, 2018. REUTERS/Noah Berger Those pennies add up. If the cost of all 24 billion cans Americans use annually went up 3 cents, it would generate an additional $720 million in costs someone in the supply chain must eat, industry executives said.
“Our members have razor-thin margins,” said Nickolas George, president of the Midwest Food Products Association, which represents Seneca Food Corp and Del Monte Pacific Ltd, which both can fruit and vegetables, among others. “Lower profits for them mean less innovation, less investment, less expansion into new markets and less hiring.”
HIT TO THE POCKETBOOK For consumers, a spike in prices in the grocery aisle puts poorer Americans at risk, U.S. government statistics show, because they spend more of their budget on food than those in higher income brackets.
For a graphic, click tmsnrt.rs/2I2OcYy
The canning industry has made economic fairness part of its public argument for canceling the tariffs. According to 2012 research commissioned by the Can Manufacturers Institute, Americans on food stamps and other food assistance programs consumed 7.1 cans of fruit and vegetables every week, compared with the national weekly average of 5.5 cans.
Retailers and companies like PCP work to keep the cost of canned fruit and vegetables under 99 cents, which is what Vincent calls the “magic number,” a psychological threshold over which poorer U.S. consumers in particular have historically walked away.
“I’m afraid the tariffs are going to push us over that 99 cent threshold,” Vincent said.
A key question is whether Walmart will let producers pass on higher costs, as the retail giant is renowned for pushing back against price hikes, said Edward Jones analyst Brittany Weissman.
Walmart referred Reuters to the Retail Industry Leaders Association trade group. Hun Quach, the group’s vice president for international trade, said with tariffs “the bottom line is there is no other place for through costs to go than to consumers.”
Slideshow (14 Images) Rivals for PCP in China and Europe, meanwhile, are seen getting a boost from steel tariffs. Canned fruit and vegetables imported into the United States will not be subject to tariffs because they are classified as finished goods, so foreign competitors are under no pressure to raise prices.
PUTTING INVESTMENT ON HOLD The farmers in PCP’s cooperative grow fruits and vegetables in the rich, sandy-loam soil of California’s Central Valley, east of San Francisco.
One of those farmers is Frank Muller, chairman of the cooperative’s board and a second-generation tomato farmer.
On the thousands of acres he farms, workers carefully drop young tomato plants into perfectly-formed holes, irrigated by underground strips to save water. New seeds and more precise planting techniques have helped Muller more than double the yield of his fields during the past three decades to 55 tons of tomatoes per acre.
But at the same time, his costs have exploded. In just one example, he now pays $2,600 per 100,000 seeds up from $20 three decades ago.
Muller had planned a new steel equipment storage building on his farm, but that investment is on hold, he said, due to uncertainty about the cost.
“The tariffs hit me at both ends,” Muller said. “It means higher input costs and it will hurt our end markets.”
Richard Elliot is another of PCP’s farmers worried by tariffs. A fifth-generation pear grower, he said a broader trade war would hurt his exports to Canada and South America. But Elliot is more concerned steel tariffs will harm PCP, which he relies on to buy and can a significant portion of his crop.
“We can’t be in business unless PCP is doing well,” he said.
PCP has expanded over the years, investing in a fruit import business to can exotic fruit and a cherry-growing operation in Oregon. When a rival closed its Modesto, California, peach-canning plant earlier this year citing rising costs and “import competition from China and Europe,” PCP took over that business.
The 700 million cans PCP needs for this year’s growing season will add close to $20 million in unplanned additional cost. The company had expected profit for this year of $24 million, but those extra steel costs could cut PCP’s profits by up to $18 million, Vincent said.
To cut costs, PCP will process the extra fruit without adding to its labor force.
“There’s a lot of money we could have made that will go into steel,” PCP’s Vincent said.
Reporting By Nick Carey; editing by Joe White and Edward Tobin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-tariffs-cans/how-trumps-steel-tariffs-kick-the-can-business-idUSKBN1IB0HL |
(Reuters) - Islamic banks and insurers are focusing on profitability and new financial products as the industry shifts away from years of containing the adverse impact of low oil prices, an industry body said on Wednesday.
A view shows the construction of the King Abdullah Financial District, north of Riyadh, Saudi Arabia April 11, 2016. REUTERS/Faisal Al Nasser/File Photo - S1BETDBZTPAB The findings from surveys by the Bahrain-based General Council for Islamic Banks and Financial Institutions (CIBAFI) show a strong focus on fintech and digital transformation with more than 70 percent of the 103 managers surveyed viewing these as highly or extremely important in strategic decisions.
Islamic banks are launching technology departments and forming joint ventures with fintech firms, with nearly 45 percent of respondents planning to increase or launch digital branches in coming years.
“The Islamic financial industry, which has seen little change since 1975, is suddenly undergoing enormous shifts that can be challenging for Islamic finance institutions to mitigate,” CIBAFI said.
Islamic commercial banks are estimated to hold more than $1.3 trillion in assets globally, a sector considered systemically important in countries including Saudi Arabia, Qatar and Malaysia.
Technology-related risks have been steadily increasing and are now the biggest perceived risks, the survey showed.
This means Islamic banks must ramp up product innovation efforts over the next few years and tackle how new technologies adhere to Islamic finance principles, CIBAFI said.
This will see an influx of start-ups in the crowdfunding and payment space and drive legacy banks to transform operations, said one survey respondent from Bahrain.
“Crowdfunding, P2P and payments platforms will be a major focus in the medium term.”
Technologies that interface with customers were seen as the most important, with over a quarter of respondents indicating current or imminent use of automated financial advice tools such a robo-advisers.
TAKAFUL CIBAFI also released its maiden survey of Islamic insurance (takaful) firms, covering 55 institutions from 24 countries.
The survey showed a mixed view on technology, suggesting concerns were focused on operational efficiency rather than innovation, CIBAFI said.
Market-related risks and a lack of growth opportunities were cited as major perceived risks, with distribution channels and new commercial lines as the main business drivers.
Respondents also cited difficulties in finding suitable investments in Islamic bonds and sharia-compliant equities, with allocations substantially influenced by regulatory requirements.
In response, several takaful firms indicated an intention to increase investments in areas such as real estate, primarily to seek higher yields.
Editing by Jacqueline Wong
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-islamic-finance-strategy/after-downturn-islamic-finance-eyes-profits-fintech-survey-idUSKBN1I30KV |
Japan’s SoftBank plans to invest $2.25 billion into GM’s self-driving car unit Cruise to help bring fleets of autonomous vehicles to market faster. Softbank’s investment, made from its Vision Fund, will give the company (sftby) a 19.6% stake in Cruise, which has been operating as a separate unit from GM.
GM (gm) said Thursday it will also invest $1.1 billion into GM’s Cruise upon closing of the transaction.
The GM and SoftBank Vision Fund investments are expected to provide the capital needed to commercialize a fleet of self-driving ride-hailing service vehicles beginning in 2019.
“We were blown away by the ability of the Cruise team to iterate quickly, to work through the integrated approach, which we believe is crucial to the success of this business, Michael Ronen, managing partner of SoftBank Investment Advisers said during a conference call with reporters Thursday. Cruise’s speed and approach to safety paired with GM’s ability to produce volumes of self-driving vehicles at scale helped clinch the deal, Ronen noted.
We are excited to announce that the Softbank Vision Fund will invest $2.25 billion in GM @Cruise . Read more about the investment here: https://t.co/AXbcJkMRLt pic.twitter.com/vBft6SQTxt
— General Motors (@GM) May 31, 2018
The Softbank investment in Cruise will be made in two parts. The first tranche of $900 million will be made at the closing of the transaction. Once Cruise’s autonomous vehicles are ready for commercial deployment, Softbank will complete the second investment of $1.35 billion.
Softbank and GM Cruise have agreed to a 7-year term before either party can seek liquidity outside of the partnership. “That’s a good benchmark to what we believe should be a runway for this technology to get to, at least, close to maturity,” Ronen said, adding there will be plenty of growth between now and the end of term.
The Softbank Vision Fund has has become a dominant force in the venture community with aggressive and large investments in some of the most prominent startups in the world. Its investments include a variety of ride-hailing companies such as Uber, China’s Didi Chuxing, Grab, Ola, and 99.
“GM has made significant progress toward realizing the dream of completely automated driving to dramatically reduce fatalities, emissions, and congestion,” Ronen said in a statement released prior to the conference call. “The GM Cruise approach of a fully integrated hardware and software stack gives it a unique competitive advantage. We are very impressed by the advances made by the Cruise and GM teams, and are thrilled to help them lead a historic transformation of the automobile industry.”
GM acquired Cruise in 2016 and has been testing self-driving cars in San Francisco as well as a suburb of Phoenix. GM announced in November during its investor day plans to introduce an autonomous ride-sharing service to several big cities in 2019.
In January, GM filed a petition asking the federal government permission to deploy self-driving Chevy Bolts that have no steering wheel, pedals, or other manual controls in preparation to launch its robo ride-sharing service. | ashraq/financial-news-articles | http://fortune.com/2018/05/31/softbank-gm-cruise/ |
ALPHARETTA, Ga.--(BUSINESS WIRE)-- Dune Medical Devices has appointed Alan Bond as Chief Financial Officer. Bond is a veteran financial executive with an extensive record of developing and implementing strategy, and driving revenue and profitability in the medical device industry. Bond joins the Dune Atlanta office after years with McKesson and Given Imaging.
“Alan has experience in both large and small organizations during times where the companies were undergoing significant strategic changes and acquisitions,” says Lori Chmura, CEO of Dune Medical. “His experience in driving organizational performance will add significantly to Dune Medical’s capability to manage new growth, and we are pleased to add him to our distinguished team.”
Dune Medical Devices’ proprietary tissue characterization technology utilizing Radiofrequency (RF) Spectroscopy, is a ground-breaking solution to identifying microscopic residual cancer at the surface of the tissue to give surgeons another tool to help identify all the cancerous tissue in the operating room. Dune’s first medical device, the MarginProbe System, achieved FDA approval in 2013 for use in breast cancer lumpectomy procedures. Numerous peer reviewed publications have demonstrated a 50 - 79% reduction in re-excision with the use of MarginProbe.
“Breast conservation surgery is a first line surgical modality for most women facing a breast cancer diagnosis and MarginProbe improves the effectiveness and outcome of the surgery,” says Bond. “I look forward to playing an important role in optimizing Dune’s organizational performance and bringing a strategic focus as we expand our revolutionary technology platform to the diagnosis, surgery and therapy of other cancers.”
About Dune Medical Devices
Imagine not having to wonder, did we get it all?
At Dune Medical Devices, we believe in reducing the anxiety that waiting for pathology results places on a patient and their families. Our solutions, which are developed on a first-of-its kind RF Spectroscopy platform can differentiate cancerous from healthy tissue based on electromagnetic properties, making it possible for patients and physicians to answer the question, “did we get it all?”
http://www.dunemedical.com/
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005271/en/
Write2Market for Dune Medical Devices
Paul Snyder, +1-404-414-4240
Vice President, Healthcare
[email protected]
Source: Dune Medical Devices | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-dune-medical-sets-the-stage-for-growth-naming-alan-bond-chief-financial-officer.html |
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