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May 19, 2018 / 7:38 AM / Updated 10 hours ago Deutsche Boerse to include tech stocks in MDAX and SDAX in index shakeup Reuters Staff 1 Min Read
FRANKFURT (Reuters) - Deutsche Boerse, the German stock exchange operator, is planning a major shakeup of the composition of three key indexes later this year that affects technology stocks. FILE PHOTO: The German share prize index (DAX) board and the trading room of Frankfurt's stock exchange (Boerse Frankfurt) are photographed with a circular fisheye lens during afternoon trading session in Frankfurt, Germany, February 23, 2016. REUTERS/Kai Pfaffenbach/File Photo
Technology shares will now be included in the midcap index MDAX and the smallcap index SDAX, Deutsche Boerse said. Previously, medium and small technology stocks were only included in the TecDAX index.
Also, bluechip technology stocks in the benchmark DAX index will also be included in the TecDAX index.
The change, which was announced late on Friday and is effective Sept. 24, also increases the number of companies in the MDAX to 60 from 50 and in the SDAX to 70 from 50. Reporting by Tom Sims, Editing by William Maclean | ashraq/financial-news-articles | https://www.reuters.com/article/us-deutsche-boerse-index/deutsche-boerse-to-include-tech-stocks-in-mdax-and-sdax-in-index-shakeup-idUSKCN1IK07G |
Mobile and video growth continues to surge in Q1 of 2018 outpacing overall industry growth
LOS ANGELES--(BUSINESS WIRE)-- OpenX, the world’s leading independent advertising technology provider, shared deeper insights into the rapid growth of its mobile and video business today and announced it has appointed a trio of industry veterans in product development and management to support the company’s thriving mobile and video business units. Sophia Chung joined as vice president of product to spearhead mobile app development initiatives, with an emphasis in rewarded video, and Roy Firestone and Treven Ho have joined as senior director of product and senior product manager, respectively, to advance the company’s video strategy globally.
The mobile and video business continued to see rapid growth at OpenX in both volume and revenue in Q1 of 2018. As more premium publishers and app developers refine their partnerships to fewer, more trusted mobile exchanges that have invested in industry leading quality initiatives, OpenX’s mobile inventory more than doubled year-over-year in Q1 with video inventory surging nearly 300%. OpenX also announced that mobile comprised a majority of all revenue for the business in the month of April, further highlighting the success of the company’s mobile-first investments.
“OpenX entered 2018 as a mobile-first company in inventory, connecting the world’s most respected brands with more than 2,000 of the most popular mobile apps used today. In April, we succeeded in becoming mobile first in revenue as more publishers and app developers turned to the OpenX mobile exchange to help their businesses grow. With these new hires, and the dozens more we’ll make through the year, we will continue developing the technology and products that grow our leadership in mobile and expand our reach into the new and emerging sectors, like OTT, CTV, AR and VR, shaping the future of advertising,” said John Gentry, president at OpenX.
“I’ve watched OpenX evolve over the years to meet the growing demand for sophisticated, high-quality advertising solutions that have been built specifically for a mobile world,” said Sophia Chung, vice president, product at OpenX. “The number one priority on every app developer’s advertising agenda is to ensure they work with trusted partners that deliver high-quality experiences for their users. I’ve seen firsthand how mobile advertising can move the needle for brands, publishers and app developers alike and given OpenX’s long-standing commitment to putting quality first, I’m thrilled to join the company at such an exciting time for the future of mobile product development.”
Prior to OpenX, Chung specialized in rewarded video products at AdColony and guided the design of hyperlocal mobile display ad products at YP.com . In total, she brings a decade of mobile ad tech experience to OpenX. Chung’s addition to OpenX will amplify the company’s efforts to bring rich media and premium video on mobile platforms, driving growth in supply/demand integrations.
Roy Firestone joins OpenX as product leader for video bringing deep experience in premium video ad products. Roy’s track record of innovating digital ad formats stretches back more than twenty years and includes extensive work for Nickelodeon/Viacom which ultimately led to his development of a patented interactive virtual video ad unit. Roy spearheaded a successful premium video program that allowed publishers to bring their ideas to market at scale for Los Angeles start-up Panache and served as senior director of product at Engage BDR where he grew the company’s mobile and desktop video business 400% in under a year.
The company also announced that Treven Ho would be joining Firestone on the OpenX video product team from her previous leadership role at streaming giant Hulu. At Hulu, Ho successfully directed the ad product team to create and launch new interactive video ads designed to deliver engaging user experiences and increase ad spend across all platforms. Prior to Hulu, Treven’s ad tech experience started at Yahoo, where she managed a range of ad monetization products in search and display.
"Video ad formats are evolving and emerging at a rapid speed and OpenX has positioned itself to be a clear leader in this field, especially with the company’s focus on quality,” said Firestone. “I’m looking forward to helping the company continue to drive innovation and capitalize on the huge opportunity in programmatic video.”
About OpenX
OpenX powers highly relevant advertising at global scale, delivering quality and value to brands, publishers and consumers across every type of connected screen and ad format. The company’s leading technology aggregates, curates and values consumer interest in real time on one of the world’s largest and highest quality ad exchanges to ensure marketers reach exactly the audience they want. OpenX serves more than 30,000 of the world’s most recognized brands, more than 1,200 websites and more than 2,000 premium mobile apps.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005572/en/
OpenX Corporate Communications
Tiffany Collins, 212-933-9080 x3034
[email protected]
Source: OpenX | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-openx-expands-mobile-and-video-product-leadership-team-welcomes-senior-hires-from-viacom-hulu-and-adcolony.html |
FCC says net neutrality rules will end in June Published 4 Hours Ago Getty Images Federal Communication Commission Chairman Ajit Pai
The Federal Communications Commission said in a notice Thursday that 2015 landmark U.S. open internet rules will cease around June 10.
The FCC in December repealed the Obama era "net neutrality" rules, which will allow internet providers to block or slow websites as long as they disclose the practice. The FCC said the new rules take effect 30 days from Friday, which is around June 10.
A group of states and others have filed suit to try to block the new rules from taking effect. The revised rules were a win for providers like AT&T and Comcast , but are opposed by internet firms like Facebook and Alphabet .
( Disclosure: Comcast is parent of NBCUniversal and CNBC. ) Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/fcc-says-net-neutrality-rules-will-end-in-june.html |
May 16 (Reuters) - INNO-GENE SA:
* SAID ON TUESDAY THAT ITS Q1 NET LOSS WAS 0.1 MILLION ZLOTYS VERSUS LOSS OF 0.4 MILLION ZLOTYS YEAR AGO
* Q1 REVENUE WAS 0.6 MILLION ZLOTYS VERSUS 0.8 MILLION ZLOTYS YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SN2SD |
May 11, 2018 / 4:24 AM / Updated 38 minutes ago Glencore temporarily barred from Platts' Singapore fuel oil pricing process - sources Reuters Staff 3 Min Read
SINGAPORE (Reuters) - Glencore ( GLEN.L ) was temporarily barred from the S&P Global Platts ( SPGI.N ) price assessment process for fuel oil cargoes starting at the end of April, according to five sources with knowledge of the matter. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo
However, by Thursday, the company had returned to the so-called market-on-close (MOC) price assessment process for the Singapore fuel oil market, known by traders as the “window”, according to trade data collected by Reuters. The window activity is a primary contributor to setting prices for fuel oil in the region.
Glencore in late April was placed under what Platts calls “editorial review” but is known to market participants as “being boxed” and means a company is not allowed to participate in the MOC. In the MOC, traders place bids, offers and trades that are monitored by Platts in order to calculate a daily price assessment.
Three of the sources said Glencore’s exclusion from the window was likely caused by the delayed delivery of an unknown number of fuel oil cargoes it sold during the MOC for April delivery.
One of those three sources and another one of the five sources also said that Glencore sold cargoes that did not meet quality specifications outlined by Platts and that also contributed to the company being barred.
Glencore spokesman Charles Watenphul responded “No comment.” to an email request from Reuters for a statement on the matter.
S&P Global Platts said in a statement it “does not comment on any participation reviews that may or may not occur, nor the activities of any individual company that participate in our assessment processes.”
Glencore is one of the world’s largest energy and commodity traders and being barred from the MOC would have left it unable to give inputs on setting the price for fuel oil in the region.
Glencore, typically an active participant in the Singapore fuel oil price assessment process, had last appeared during the MOC on April 23 when it offered to sell multiple 380-centistoke fuel oil cargoes, trade data collected by Reuters showed.
In April, Glencore was the largest supplier of fuel oil cargoes in the Singapore fuel oil MOC process by volume having sold 340,000 tonnes of the fuel to multiple buyers. A typical cargo sold through the MOC is 20,000 tonnes.
While such exclusions not uncommon and tend to be brief, the sources said delivery disruptions could have ripple effects for the buyers or end-consumers of those cargoes including increased logistical costs and risks of non-performance for cargoes that have been sold on to third parties. Reporting by Roslan Khasawneh; Editing by Christian Schmollinger | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-singapore-fueloil-platts/glencore-temporarily-barred-from-platts-singapore-fuel-oil-pricing-process-sources-idUKKBN1IC0AW |
SAN FRANCISCO, May 16, 2018 /PRNewswire/ -- Atomist, the software delivery automation company, today announced Gene Kim has become an advisor to the company bringing a wealth of experience and knowledge about how teams deliver software.
Kim, a leader in the DevOps movement, is a multi-award winning CTO, researcher, and author. He was the founder of Tripwire and served as CTO for thirteen years. His books include The Phoenix Project , The DevOps Handbook , Beyond the Phoenix Project , and Accelerate . He is passionate about how DevOps can enable technology organizations to transform from "good to great."
"We know from our research that automation is a critical enabler for high performance, both for developer and infrastructure concerns," Kim said. "I'm excited about the vision that Rod and the Atomist team are working to achieve, elevating the notion of what is possible through software APIs, liberating us from YAML files and bash scripts. Their notion of a software delivery machine promises to increase developer and team productivity, better enable using global patterns and expertise, as well as improve operational and security objectives."
"Gene's deep understanding of the daily experience of developers and operators brings a wealth of insight to Atomist," said Atomist founder and CEO Rod Johnson. "Gene Kim is a true leader in our industry. He has played a key role in defining the DevOps movement and helping organizations embrace modern approaches to developing software. Gene shares our vision of transforming software delivery and we're thrilled to have him onboard as an advisor."
About Atomist
Atomist is how teams deliver software. Founded in 2015, Atomist is headquartered in San Francisco and backed by Accel and Matrix Partners. For more information, visit atomist.com or @atomist.
View original content with multimedia: http://www.prnewswire.com/news-releases/devops-luminary-gene-kim-joins-atomist-as-an-advisor-300649820.html
SOURCE Atomist | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-devops-luminary-gene-kim-joins-atomist-as-an-advisor.html |
Updated 12 minutes ago Wilshire Funds Management's head of alternatives leaving firm Svea Herbst-Bayliss 2 Min Read
BOSTON (Reuters) - Nicolas Amato, who heads the alternative investment activities at Wilshire Funds Management, is leaving the firm, a person familiar with the move said.
Wilshire Associates, based in Santa Monica, California, hired Amato three years ago as a managing director and head of Alternative Portfolio Management at Wilshire Funds Management.
Amato has managed alternative investment portfolios and led the group’s alternatives research team, which focuses on hedge funds, liquid alternatives and risk premia strategies.
His last day at Wilshire is Monday. Wilshire declined to comment.
While hedge funds have delivered lackluster returns and investor confidence has ebbed for a number of years, industry analysts say the asset class may find new favor now that market volatility has returned and investors are eager for firms like Wilshire to help them create portfolios and research managers.
Amato joined Wilshire after a decade at Dorchester Capital, an alternative investment firm where he was a partner and managed portfolios of hedge funds and oversaw research and risk management groups.
Last week Andrew Jarrous, a vice president for hedge fund manager research who covered global macro and relative value strategies and reported to Amato, also left Wilshire.
Jarrous is joining HighMark Capital Management, the investment management arm of Union Bank. He will reunite with former colleagues Razmig Der-Tavitian and James St. Aubin who left the Wilshire alternative investment team in 2015. Jarrous did not respond to messages seeking comment.
Wilshire Associates was founded by Dennis Tito in 1972 and ranks among the industry’s best known consulting and investment firms. It developed the Wilshire 5000 Total Market Index, which is widely viewed as a benchmark for U.S. stocks performance. Reporting by Svea Herbst-Bayliss; Editing by Leslie Adler | ashraq/financial-news-articles | https://www.reuters.com/article/us-hedgefunds-wilshire-amato/wilshire-funds-managements-head-of-alternatives-leaving-firm-idUSKBN1I82CH |
ROME (Reuters) - Italy’s anti-establishment 5-Star Movement and the far-right League on Monday proposed Giuseppe Conte, a little-known law professor, as prime minister to lead their big-spending coalition government.
5-Star Movement leader Di Maio shakes hands with Giuseppe Conte, who would be Minister for Simplification of Public Administration with the Parliament in any 5-Star government, during the presentation of the would-be cabinet team, ahead of election in Rome, Italy, March 1, 2018. REUTERS/Remo Casilli/Files But instead of immediately endorsing their choice, President Sergio Mattarella played for time, seeking further consultations over the appointment of a political novice to head a mooted administration that has alarmed markets and the European Union.
The leaders of 5-Star and the League, who have drawn up a coalition pact aimed at ending months of deadlock after inconclusive elections on March 4, put forward Conte’s name at separate meetings with Mattarella.
“I am very proud of this choice. Giuseppe Conte will carry forward our government contract,” 5-Star leader Luigi Di Maio said after leaving the presidential palace.
The joint programme calls for billions of euros in tax cuts, additional spending on welfare for the poor, a roll-back of pension reforms and a revision of key EU rules, including those regulating immigration and monetary union.
Financial markets have been spooked by the proposals; Italy’s borrowing costs surged again on Monday, while its stock market touched six-week lows on fears of instability in the euro zone’s third largest economy.
“Let us get to work first and then criticise us. You have every right to do so, but let us start first,” Di Maio told reporters after seeing Mattarella.
The president could have ended the deadlock by immediately calling in Conte and offering him a mandate. Instead, his office said he would hold a fresh round of talks with the heads of the upper and lower houses of parliament on Tuesday.
A source in his office said he needed time for reflection, adding that the president had stressed to the League and 5-Star the important role a prime minister plays leading a government.
COMPROMISE Conte, who teaches at Florence University, has no political experience but is close to 5-Star, and was one of the people put forward by the party as a possible minister before the election, when he vowed to simplify Italy’s labyrinthine bureaucracy.
That was the first time Conte, 54, had appeared in the public spotlight, though he is on the board of numerous academic and judicial bodies and had participated in conferences on justice matters organised by 5-Star.
He played no obvious role in drawing up the coalition pact.
Both the League and 5-Star have vociferously denounced previous suggestions that the next prime minister might be a technocrat, saying that the premier needed to be a politician who had won legitimacy from the ballot-box.
However, Di Maio and League leader Matteo Salvini each refused to let the other become prime minister, not wanting to appear the junior partner in any deal. After failing to find a political alternative, they settled for a compromise solution.
If Mattarella decides to give his blessing to Conte, the parties could put a cabinet together rapidly and hold confidence votes in parliament later this week.
One of the first tasks ministers would face would be to try to calm investor concerns that they might explode Italy’s already huge debt pile — worth more than 130 percent of annual economic output — and contravene European Union budget rules.
Ratings agencies have already signalled their concern.
Fitch said on Monday that having a 5-Star/League government would increase Italy’s fiscal risks, after DBRS issued a similar warning last week.
While markets fret, ordinary Italians appear to want the tie-up. Some 60 percent are in favour of a 5-Star/League coalition government, a Demos & Pi poll published on Sunday indicated, while more than 80 percent of 5-Star and League voters back it, the poll said.
( Graphic of seats in parliament tmsnrt.rs/2wAaJL2 )
Italian President Sergio Mattarella leaves after speaking to the media during the second day of consultations at the Quirinal Palace in Rome, Italy, April 5, 2018. REUTERS/Alessandro Bianchi/Files Additional reporting by Crispian Balmer and Gavin Jones; Editing by Kevin Liffey
| ashraq/financial-news-articles | https://in.reuters.com/article/italy-politics/italys-5-star-league-seek-presidents-backing-on-pm-idINKCN1IM11I |
IRVINE, Calif., May 17, 2018 /PRNewswire/ -- Laboratory for Advanced Medicine (LAM) , a clinical-stage medical technology company focused on developing innovative technologies for the early diagnosis and intervention of cancers, today announced that the Company has appointed Richard Brand as its Chief Financial Officer, effective immediately. Mr. Brand has more than 30 years of financial experience, including extensive expertise with life sciences and biotech companies.
"As LAM recently launched our groundbreaking new IvyGene test for the early diagnosis and detection of cancers, now is the perfect time for Richard to join our team and lead our financing activities," said Dr. Shu Li, LAM's Chairman. "Richard is the right fit for LAM given his deep investor experience, strong operational skills, product launch knowledge and deep relationships across the capital markets. We look forward to working with him as LAM enters a pivotal stage in its history and evolution."
Mr. Brand joins LAM from BeyondSpring, where he served as Chief Financial Officer during the period in which it listed on Nasdaq and became one of the best-performing biotech IPOs of 2017. He also assisted in the company's commercialization efforts and was responsible for securing new institutional investors, equity research coverage and investment banking relationships. Prior to BeyondSpring, he served as Acting CFO at KenCast, where he raised the company's first external capital. Over the years, Mr. Brand has also served in a variety of other roles with increasing importance at Prospect Capital, Robertson Stephens, Deutsche Bank and Merrill Lynch.
"LAM is in the advanced stage of developing molecular tests to detect cancers early from a blood draw, which can contribute significantly to current patient management—especially since the 10-year survival rate is 90 percent for people whose cancers are detected in stage one, but only 5 percent when detected in stage four," added Brand. "LAM's CLIA laboratories are in commercial service with the Company's DNA methylation test. The Company also continues to prepare its clinical trial for U.S. FDA Premarket Approval, with the potential to sell test kits to other companies to be used at other clinical labs. As LAM is a leader in the detection of DNA methylation profiles associated with cancers, I welcome the opportunity to become a part of this important effort and help to drive results as a member of the senior leadership. I hope to be a key asset to the Company's strategic and financial initiatives in 2018 and beyond."
Mr. Brand holds a Bachelor of Arts in both economics and English from the University of Iowa and a Master of Business Administration in finance from the University of Chicago.
About Laboratory for Advanced Medicine
LAM is a clinical-stage medical technology company focused on developing innovative, non-invasive, nontoxic technologies for the early diagnosis and intervention of cancers, possibly years before current technology can detect. LAM is dedicated to building and growing world-class technologies from the laboratory to the clinic. LAM operates scientifically, ethically and efficiently to bring these technologies into the mainstream.
LAM is headquartered in the United States with offices in California, Texas and Indiana. LAM is a multi-national business with collaborations in both the U.S. and China, including leading scientists, physicians, research institutions and business leaders. LAM strives to combine the experiences of these innovators and achievers to provide the most effective and safest diagnostic technologies to everyone.
LAM has CLIA-registered and CAP-accredited laboratories, third-party laboratories and cGMP facilities all working toward the endeavor of bringing these first-class technologies into the medical community.
View original content: http://www.prnewswire.com/news-releases/laboratory-for-advanced-medicine-appoints-richard-brand-as-chief-financial-officer-300650155.html
SOURCE Laboratory for Advanced Medicine | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-laboratory-for-advanced-medicine-appoints-richard-brand-as-chief-financial-officer.html |
May 2, 2018 / 2:58 PM / Updated 21 minutes ago EMERGING MARKETS-Brazil's Bovespa falls almost 1.5 pct; major stocks weigh Reuters Staff 4 Min Read SAO PAULO, May 2 (Reuters) - Brazil's benchmark Bovespa index fell almost 1.5 percent in morning trade on Wednesday, its biggest intraday drop since-mid April, pressured by steep losses among heavily weighted stocks during an otherwise quiet day across Latin American markets. Traders consulted by Reuters in Sao Paulo and Rio de Janeiro said they were keeping an eye on Brazil-listed companies that have American Depository Shares. Tuesday was a holiday in Brazil, but ADSs kept trading in New York, where Brazilian companies posted significant losses for disparate reasons. Among the biggest decliners, rental car company Localiza Rent a Car SA tumbled 3.5 percent and state-run oil firm Petroleo Brasileiro SA slid 1.4 percent. Elsewhere, shares in Itaú Unibanco Holding SA and Itau Investimentos Itau SA both dropped more than 3 percent, accounting for around a third of the Bovespa's drop. Itaú Unibanco's reported first-quarter results Tuesday night, saying it relied more on lower loan-loss expenses than on loan growth to slightly beat analysts' average earnings estimate. Heavily weighted stock exchange operator B3 SA and Raia Drogasil SA, Brazil's largest listed retailer of over-the-counter drugs, also dropped dramatically after client notes from BTG Pactual and JP Morgan. Raia Drogasil SA shares slumped 5 percent after the note from JP Morgan analysts said the company was "likely to be pressured by stepped-up competition with improved execution." As of the early afternoon, the Bovespa had fallen 1.46 percent, much more than other equities markets in the region. Mexico's IPC index had dropped 0.5 percent while Chile's IPSA fell a modest 0.17 percent. Key Latin American stock indexes and currencies at 1431 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1152.42 -0.69 0.17 MSCI LatAm 2913.02 -2.01 5.11 Brazil Bovespa 84861.85 -1.46 11.07 Mexico IPC 48114.94 -0.5 -2.51 Chile IPSA 5701.38 -0.17 2.46 Chile IGPA 28663.19 -0.13 2.44 Argentina MerVal 30212.93 0.69 0.49 Colombia IGBC 12438.94 0.2 9.40 Venezuela IBC 22454.08 1.07 1677.64 Currencies daily % YTD % change change Latest Brazil real 3.5421 -0.99 -6.46 Mexico peso 19.0800 -0.68 3.24 Chile peso 618 -0.84 -0.54 Colombia peso 2831.1 -1.08 5.33 Peru sol 3.263 -0.34 -0.80 Argentina peso 20.8700 -1.58 -10.88 (interbank) Argentina peso 20.85 0.14 -7.77 (parallel) (Reporting by Paula Arend Laier and Gram Slattery; Editing by David Gregorio) | ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets-latam/emerging-markets-brazils-bovespa-falls-almost-1-5-pct-major-stocks-weigh-idUSL1N1S90RN |
SALT LAKE CITY (AP) — A Utah driver turned on the semi-autonomous functions of her Tesla vehicle and then didn't touch the steering wheel again for 80 seconds before slamming into a firetruck stopped at a red light last week, a summary of data from the car released Wednesday showed.
The National Highway Traffic Safety Administration has sent its special crash investigations team to the state, the agency said as details about the Friday evening crash became public Wednesday.
According to South Jordan police's summary of technician findings, the 28-year-old driver had repeatedly enabled and disabled the Autopilot features of her Tesla Model S throughout the course of her drive. She took her hands off the wheel more than a dozen times, twice for more than a minute each.
The driver re-enabled Autopilot 1 minute and 22 seconds before the crash, let go of the wheel 2 seconds later and then didn't touch the wheel again before hitting the truck at 60 mph (97 kph). She had previously told police that she had engaged the system and was looking at her phone to compare route maps when the accident occurred.
The driver, who suffered a broken foot in the accident, has not been identified. She was issued a traffic infraction for failing to keep proper lookout.
The driver of the firetruck was checked for whiplash injuries but did not go to the hospital.
In a statement Wednesday, Tesla said that drivers are repeatedly warned to keep their hands on the wheel and maintain control of their vehicle at all times.
"Tesla has always been clear that Autopilot doesn't make the car impervious to all accidents," the statement said. South Jordan police reiterated that drivers of semi-autonomous vehicles must remain alert and in control of the vehicle at all times.
Tesla's Autopilot relies on a system of radar, cameras with 360-degree visibility and sensors to detect nearby objects and perform basic functions such as parking and steering.
The features include emergency braking, which Tesla advertises as being able to "detect objects and automatically apply brakes to help avoid or lessen impact." Tesla says the system is not designed to avoid a collision and warns drivers not to rely on it entirely.
It's unclear if that system activated before the Utah crash. According to the summary released by police, the driver pressed on the brake herself "fractions of a second prior to the crash" and the vehicle had not slowed down from the speed she had set for cruise control.
The Utah accident is the latest incident involving an autonomous or semi-autonomous vehicle that has prompted scrutiny from federal regulators.
The NHTSA and the National Transportation Safety Board are investigating a March crash involving a Tesla Model X in California where the driver was killed. The Autopilot system was engaged in that crash.
Also in March, an Arizona pedestrian was killed by a self-driving Uber car with a backup driver behind the wheel.
The NTSB said it has not opened an investigation into the Utah crash. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/the-associated-press-car-data-utah-tesla-driver-had-hands-off-wheel-before-crash.html |
May 15, 2018 / 10:07 PM / Updated an hour ago Japan's first quarter GDP growth seen slowing sharply in setback for 'Abenomics' Tetsushi Kajimoto 4 Min Read
TOKYO (Reuters) - Japan’s economy likely slowed to a crawl, or possibly even contracted slightly at the start of this year, which would break the longest run of growth seen for decades and thwart Prime Minister Shinzo Abe’s reflationary ‘Abenomics’ polices. Japan's Prime Minister Shinzo Abe attends a joint news conference with Chinese Premier Li Keqiang in Tokyo, Japan May 9, 2018. Kiyoshi Ota/Pool via Reuters
Many economists expect the world’s third largest economy will return to growth in the current quarter, while blaming temporary factors such as bad weather and a slowdown in global electronic products demand for the first-quarter slump.
But potential fallout from Sino-U.S. trade frictions and global protectionism cloud the outlook for Japan’s export-reliant economy in the coming quarters, they say.
“The economy maintains momentum towards recovery but exports are slowing as global growth seems to have peaked in the fourth quarter,” said Ryutaro Kono, chief economist at BNP Paribas Securities.
“Manufacturers are piling up inventories of goods and the United States is leaning towards protectionism, so Japan’s economy may struggle to accelerate in the second quarter onwards.”
Policymakers worry that next year’s planned sales tax hike could hurt fragile domestic demand as sluggish wages keep a lid on consumer spending, despite the record profits earned by Japanese corporations.
A sharp slowdown could also add to the headaches of a premier grappling with domestic issues such as suspected favoritism, declining support, and opposition pressure for his finance minister to resign.
A slowdown could also call the Bank of Japan’s rosy economic outlook into question, especially after the central bank last month ditched a firm timeframe for meeting its elusive 2 percent inflation goal after more than five years of monetary stimulus.
All this could mean that the government will keep the fiscal spigot wide open and maintain pressure on the central bank to prolong its massive monetary stimulus, some economists say.
Cabinet Office data due on Wednesday is expected to show Japan’s economy contracted at an annualized rate of 0.2 percent in January-March from the previous quarter, slowing sharply from 1.6 percent annual growth seen in October-December 2017.
A contraction would mark the first decline in gross domestic product (GDP) in nine quarters, ending the longest run of growth since a 12-quarter streak from April-June 1986 to January-March 1989 during Japan’s economic bubble.
A 0.2 percent contraction would translate into a flat quarter-on-quarter reading, a Reuters poll of 18 economists found.
Private consumption, which makes up about 60 percent of the economy, probably stood flat after a 0.5 percent gain in the fourth quarter.
The quarter was hit by bad weather that drove up fresh vegetable prices and dampened consumer spending.
External demand - or exports minus imports - likely made no contribution to first-quarter GDP as exports slowed from the rapid growth seen in the second half of 2017, led by strong exports of electronics and electrical sectors products related to smartphones.
Capital expenditure likely rose 0.4 percent, versus a 1 percent gain in the previous quarter, led by demand for factory automation and labor-saving technologies as companies tried to cope with a labor shortage. Reporting by Tetsushi Kajimoto; Editing by Eric Meijer | ashraq/financial-news-articles | https://uk.reuters.com/article/us-japan-economy-gdp/japans-first-quarter-gdp-growth-seen-slowing-sharply-in-setback-for-abenomics-idUKKCN1IG3DC |
May 16, 2018 / 4:48 PM / Updated 16 minutes ago Political risk hits Milan bourse, weak euro backs European shares Danilo Masoni , Helen Reid 4 Min Read
MILAN/LONDON (Reuters) - Italy’s two anti-system parties’ progress to form a coalition and free up billions of euros for tax cuts and welfare scared off investors and hit the Milan bourse on Wednesday while a weak euro provided support to the broader European market. FILE PHOTO: People look at Milan's stock exchange building in downtown Milan March 18, 2013. REUTERS/Alessandro Garofalo
The pan-European STOXX 600 index rose 0.2 percent, hovering around its highest level since early February but Italy's FTSE MIB .FTMIB fell 2.3 percent, its worst fall since the election took place in early March.
Italian banks .FTIT8300, which are seen as a proxy for political risk in the country due to notably to their government bond holdings, fell 3.68 percent as borrowing costs jumped.
Italy already has a debt pile worth more than 130 percent of annual output and the parties’ pledge to introduce a flat tax rate of 15 percent, new welfare payments and scrap an unpopular pension reform are likely to street the country’s finances.
The fall of the Milan bourse comes after months of outperformance against its European peers despite the fact that the far-right League and the anti-establishment 5-Star Movement emerged as clear winners from the election.
“I often think that political risk is over-priced into the market, but this time it hadn’t really been priced in at all,” said Chris Hiorns, manager of the Amity European fund at EdenTree.
“You have to question why the Italian market was doing quite so well when the political situation seemed so tenuous,” said Hiorns, adding that Italian stocks might suffer further and government bond yields rise even more.
One exception on the Italian market was Saipem ( SPMI.MI ), which soared 12.2 percent to the top of the STOXX after it was upgraded by Bernstein to “outperform”, reflecting growing optimism in the recovery of the embattled Italian oil services firm.
The recent surge in crude oil prices has helped the oil and gas sector rise 13 percent so far this year, leading sectoral gainers in Europe.
A weaker euro provided support for dollar-earning European companies as the dollar extended its rally against a basket of currencies on Wednesday and touch a five-month high.
Miners and the broader basic materials sector .SXPP benefited from the trend and closed 2.79 percent higher.
Among the other top gainers on the STOXX was Homeserve ( HSV.L ) which surged to 9.3 percent after UBS upped its recommendation for the stock to “buy”.
Micro Focus ( MCRO.L ), which rose 6.1 percent after Britain’s leading software company said a new $40 million licensing deal would help bolster its first-half revenue.
Paddy Power Betfair ( PPB.I ) rose 6.7 percent after the bookmaker said it was in discussions regarding a potential combination of its U.S. business and fantasy sports company Fanduel to target the prospective U.S. sports betting market.
Elsewhere, Elior ( ELIOR.PA ), however, fell 13.9 percent following a profit warning. Reporting by Danilo Masoni, Helen Reid and Julien Ponthus; Editing by Catherine Evans and Alison Williams | ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-stocks/political-risk-hits-milan-bourse-weak-euro-backs-european-shares-idUSKCN1IH2CQ |
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- PennyMac Mortgage Investment Trust (NYSE: PMT) announced today that its Board of Trustees has declared cash dividends for the second quarter of 2018 on its 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series A Preferred Shares”) (NYSE: PMT PrA) and its 8.00% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series B Preferred Shares”) (NYSE: PMT PrB).
In accordance with the terms for each preferred series, the dividend information is as follows:
Series
Ticker
Annual
Dividend Rate
Dividend Per Share
Record Date
Payment Date
A PMT PrA 8.125% $0.507813 June 1, 2018 June 15, 2018 B PMT PrB 8.000% $0.5 June 1, 2018 June 15, 2018 About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. PennyMac Mortgage Investment Trust trades on the New York Stock Exchange under the symbol “PMT.” PMT is externally managed by PNMAC Capital Management, LLC, a controlled subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). Additional information about PennyMac Mortgage Investment Trust is available at www.PennyMac-REIT.com .
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: changes in our investment objectives or investment or operational strategies, including any new lines of business or new products and services that may subject us to additional risks; volatility in our industry, the debt or equity markets, the general economy or the real estate finance and real estate markets specifically; events or circumstances which undermine confidence in the financial markets or otherwise have a broad impact on financial markets; changes in general business, economic, market, employment and political conditions, or in consumer confidence and spending habits from those expected; declines in real estate or significant changes in U.S. housing prices or activity in the U.S. housing market; the availability of, and level of competition for, attractive risk-adjusted investment opportunities in mortgage loans and mortgage-related assets that satisfy our investment objectives; the inherent difficulty in winning bids to acquire mortgage loans, and our success in doing so; the concentration of credit risks to which we are exposed; the degree and nature of our competition; the availability, terms and deployment of short-term and long-term capital; the adequacy of our cash reserves and working capital; our ability to maintain the desired relationship between our financing and the interest rates and maturities of our assets; the timing and amount of cash flows, if any, from our investments; unanticipated increases or volatility in financing and other costs, including a rise in interest rates; the performance, financial condition and liquidity of borrowers; incomplete or inaccurate information or documentation provided by customers or counterparties, or adverse changes in the financial condition of our customers and counterparties; changes in the number of investor repurchases or indemnifications and our ability to obtain indemnification or demand repurchase from our correspondent sellers; increased rates of delinquency, default and/or decreased recovery rates on our investments; increased prepayments of the mortgages and other loans underlying our mortgage-backed securities or relating to our mortgage servicing rights, excess servicing spread and other investments; our exposure to market risk and declines in credit quality and credit spreads; the degree to which our hedging strategies may or may not protect us from interest rate volatility; the effect of the accuracy of or changes in the estimates we make about uncertainties, contingencies and asset and liability valuations when measuring and reporting upon our financial condition and results of operations; changes in regulations or the occurrence of other events that impact the business, operation or prospects of government sponsored enterprises; changes in government support of homeownership; changes in governmental regulations, accounting treatment, tax rates and similar matters; our ability to mitigate cybersecurity risks and cyber incidents; our exposure to risks of loss with real estate investments resulting from adverse weather conditions and man-made or natural disasters; our ability to satisfy complex rules in order to qualify as a REIT for U.S. federal income tax purposes; our ability to make distributions to our shareholders in the future; and our organizational structure and certain requirements in our charter documents. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005926/en/
PennyMac Mortgage Investment Trust
Media
Stephen Hagey
(805) 530-5817
or
Investors
Christopher Oltmann
(818) 224-7028
Source: PennyMac Mortgage Investment Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-pennymac-mortgage-investment-trust-declares-second-quarter-2018-dividends-for-its-preferred-shares.html |
May 16, 2018 / 3:26 PM / Updated 37 minutes ago France’s Macron to hold 'tough talks' with Facebook's Zuckerberg Reuters Staff 2 Min Read
PARIS (Reuters) - French President Emmanuel Macron will hold “frank” talks with Facebook Inc Chief Executive Mark Zuckerberg on tax and data privacy in a week’s time when he welcomes the bosses of leading tech firms to Paris in a drive to lure more investment. FILE PHOTO: Facebook CEO Mark Zuckerberg listens while testifying before a joint Senate Judiciary and Commerce Committees hearing regarding the company’s use and protection of user data, on Capitol Hill in Washington, U.S., April 10, 2018. Picture taken April 10, 2018. REUTERS/Leah Millis/File Photo
The French leader’s office said he would meet Zuckerberg and more than a dozen technology chief executives during a Tech for Good summit at which he will pitch France Inc but also push his case for an EU tax on digital turnover and call for a tougher battle against fake news.
Also expected at the Elysee Palace event are IBM’s Virginia Rometty, Intel Corp’s Brian Krzanich and Microsoft Corp’s Satya Nadella.
Macron, 40, paints himself as a champion of France’s plugged-in youth and wants to transform France into a “startup nation”, but he is also spearheading efforts in Europe to have digital tax companies pay more tax at source.
The summit comes at a time Facebook is under pressure in the United States and in Europe over data privacy after it emerged that tens of millions of users’ personal data harvested from the website by political consultancy Cambridge Analytica. FILE PHOTO: French President Emmanuel Macron holds a keynote speech in front of students of the university of Aachen after being awarded with the Charlemagne Prize in Aachen, Germany, May 10, 2018. REUTERS/Thilo Schmuelgen
“There will be tough discussions,” one official in Macron’s office said.
Macron will hold a one-on-one meeting with Zuckerberg, during which all subjects will be raised in “very frank” discussions, the president’s office said.
In April, Zuckerberg fielded questions over two days from U.S. lawmakers over how it handles private data, refusing to make any promises to support new legislation or change how the social network does business.
Lawmakers in Europe are demanding answers too and the European Parliament has requested Zuckerberg appear before the assembly more than once. Reporting by Jean-Baptiste Vey; Writing by Ingrid Melander; Editing by Richard Lough | ashraq/financial-news-articles | https://www.reuters.com/article/us-facebook-privacy-france/frances-macron-to-hold-tough-talks-with-facebooks-zuckerberg-idUSKCN1IH24O |
FORT LAUDERDALE, Fla. (AP) — The Latest on a federal investigation into a Florida crash and fire involving a Tesla Model S electric car that killed two teens (all times local):
6:30 p.m.
The National Transportation Safety Board has dispatched a team of investigators to the Florida site of a crash and fire involving a Tesla Model S electric car in which two teenagers died.
The agency says four investigators should arrive Wednesday evening in Fort Lauderdale to look into the emergency response to the post-crash fire involving the car's battery. The NTSB says it does not expect Tesla's Autopilot system to be part of the probe.
It's the second time in the past two months that the agency has investigated a Tesla fire. A probe is under way into a fire in a Tesla Model X SUV that crashed near Mountain View, California, on March 23.
In the Florida crash on Tuesday evening, police say two 18-year-old men died when they were trapped in the fire. Another teenager was injured. The NTSB says the car was traveling at a high speed when it hit a wall.
7:42 a.m.
Police say a car with three teenagers inside has crashed into a wall in Florida and two of them were killed.
Fort Lauderdale Police spokeswoman Tracy Figone tells WPLG-TV the two 18-year-old men were trapped inside the Telsa Model S and died when it became engulfed in flames Tuesday evening.
Figone says the other teenager had been thrown from the car. He was taken to a hospital and his condition wasn't immediately disclosed.
One witness says the Tesla was being driven fast and spun out of control. He says he tried to help but the fire was too intense to get the teenagers out of the car.
Information from: WPLG-TV, http://www.local10.com/index.html | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/the-associated-press-the-latest-feds-probe-fatal-tesla-crash-and-fire.html |
Kudlow says 'not at detailed point' on China negotiations 2:44pm EDT - 01:15
President Donald Trump's top economic advisor, Larry Kudlow, tells CBS News' Face the Nation program they've made 'a lot of progress' in U.S.-China trade talks, but 'there's a lot of numbers being thrown around' and 'we're not at that detailed point.' Rough Cut (no reporter narration).
President Donald Trump's top economic advisor, Larry Kudlow, tells CBS News' Face the Nation program they've made 'a lot of progress' in U.S.-China trade talks, but 'there's a lot of numbers being thrown around' and 'we're not at that detailed point.' Rough Cut (no reporter narration). //reut.rs/2LcHeCh | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/20/kudlow-says-not-at-detailed-point-on-chi?videoId=428775705 |
BERLIN (AP) — Like most everyone else with a taste for fairytales, Germans love the spectacle of a royal wedding. But since the country's last emperor, Wilhelm II, was forced to abdicate in 1918, Germans haven't had a monarchy of their own to fuss over and so have adopted Britain's royals as surrogates.
It should come as no surprise then that German tabloids, television stations and social media have buzzed with the latest details of Prince Harry's fast-approaching marriage to American actress Meghan Markle — from the wedding guest list and the bridal dress to the loaded family dynamics and the lemon elderflower cake.
Three German TV stations — ZDF, RTL and n-tv — plan to broadcast and livestream the event. Dozens of German correspondents are accredited to be on the ground in England for Saturday's wedding, and networks have enlisted "royal household experts" to help explain the intricacies of the ceremony to viewers at home.
Some 79 international broadcasters, including outlets from the United States, Australia, New Zealand and Japan, are planning to report on Markle and Harry's wedding. More than 5,000 U.K. and foreign media and support staff have credentials to cover the action in Windsor, a town 35 kilometers (22 miles) west of London that is home to St. George's Chapel and Windsor Castle, where the ceremony and reception are taking place.
Americans in particular — some 46 U.S. broadcast affiliates will cover the wedding — are obsessing because the bride is one of their own. The E! TV entertainment network plans to devote five hours of air time to the wedding that matches a California girl with a British prince.
But fans in Los Angeles, Markle's hometown, will have to be up early to watch the service — which begins at noon in England and 4 a.m. in the Pacific Daylight Time zone. Plenty of other action in Windsor — including the arrival of celebrity guests, the first glimpse of the bride in her dress and other pre-ceremony hoopla — will take place hours earlier.
As for Germany, public Television ZDF did not want to speculate on how many viewers may tune in. When Harry's brother, Prince William, married Kate Middleton in 2011, 3.1 million Germans watched the nuptials live. When Harry and William's parents, Prince Charles and Lady Diana Spencer, tied the knot in 1981, some 9.3 million Germans were glued to their TVs.
Several restaurants and coffee shops in Berlin are offering specials along with public viewings of Saturday's royal wedding. At the German capital's famous Bristol Hotel, guests will be able to sip tea and munch on British biscuits as the couple makes their marriage vows. Nearby, the Berliner Kaffeeroesterei cafe plans to serve wedding cake with raspberries and tea for 24.95 euros ($29.40) while the celebration is being screened in the cafe's library room.
Elfriede Regner, a 73-year-old retiree from Berlin, said she watched both Charles and William's weddings and will spend Saturday in front of the TV as well.
"There's no way in the world I'm going to miss this wedding," Regner said as she walked past the city's main train station with an umbrella in hand despite the sunny weather.
"Just like a real Brit," she joked.
This story corrects the distance from London to Windsor.
For complete AP royal wedding coverage, visit https://apnews.com/tag/Royalweddings | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/the-associated-press-wedding-of-prince-and-actress-brings-outsized-media-interest.html |
(Adds details on company outlook, CEO Quote: )
May 14 (Reuters) - Australia’s biggest telecom company Telstra Corp reaffirmed its full-year 2018 guidance on Monday and said “challenging trading conditions” were expected to continue into 2019.
Ongoing pressure on mobile and fixed ARPUs (average revenue per user) and the accelerating impact of the National Broadband Network would continue into FY19, the company said.
EBITDA (earnings before interest, tax, depreciation and amortisation) was expected to be at the bottom end of the range and free cashflow would be at the top end to moderately above, it said in a statement.
Capital expenditure for the full-year 2018 would be at the middle to upper end of the company’s guidance. There would be incremental restructuring costs of A$300 million ($226.4 million), at the top of the guidance.
The National Broadband Network was essentially a re-nationalisation of the fixed-access last mile of infrastructure from Telstra, CEO Andrew Penn said.
This had made Telstra a reseller of broadband services with the other operators.
“In the last 12 months alone we have moved from three big players in mobile and fixed to a situation today where we face a 4th network operator entrant in mobile, an increasing number of mobile virtual-network operators and more than 170 resellers of fixed,” Penn said in a statement.
The National Broadband Network is usurping Telstra’s status as the country’s monopoly telecoms wholesaler, and will replace Telstra’s copper lines with fibre-optic by about 2021. ($1 = 1.3249 Australian dollars) (Reporting by Nicole Pinto in Bengaluru; Editing by Stephen Coates)
| ashraq/financial-news-articles | https://www.reuters.com/article/telstra-corp-outlook/update-1-australias-telstra-reaffirms-outlook-challenging-trading-conditions-to-continue-idUSL3N1SK0XX |
(Reuters) - Walmart Inc has agreed to pay $16 billion for a roughly 77 percent stake in Indian online shopping site Flipkart, the U.S. retailer’s biggest foreign investment ever as it battles rival Amazon.com Inc in one of the world’s biggest emerging markets.
FILE PHOTO: The Walmart logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 1, 2018. REUTERS/Brendan McDermid/File Photo The remainder of the business will be held by some of Flipkart’s existing shareholders, including Flipkart co-founder Binny Bansal, China’s Tencent Holdings Ltd, Tiger Global Management LLC and Microsoft Corp, the company said in a statement on Wednesday.
The investment was more than the $10-12 billion given by sources close to the deal in the past week.
FILE PHOTO: The logo of India's e-commerce firm Flipkart is seen on the company's office in Bengaluru, India April 12, 2018. REUTERS/Abhishek N. Chinnappa/File Photo Walmart said it expected the deal to knock about 25-30 cents off its earnings in fiscal 2019, assuming the deal closes at the end of the second quarter.
It also said that the deal included $2 billion of funding from new equity in Flipkart, which could be sold to additional investors in the future, diluting the U.S. company’s overall stake.
Reporting by Siddharth Cavale in Bengaluru; editing by Patrick Graham
| ashraq/financial-news-articles | https://www.reuters.com/article/us-flipkart-m-a-walmart-official/walmart-buys-controlling-stake-in-indias-flipkart-for-16-billion-idUSKBN1IA1HJ |
By Aaron Pressman and Adam Lashinsky 9:03 AM EDT
This is the web version of Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here .
No less an authority than Wikipedia attributes the origin of the proverb “the enemy of my enemy is my friend” to Sanskrit, an ancient Hindu language. How appropriate, then, that the saying’s latest proof point is the battle unfolding among global tech players in India.
India is a massive market with relatively puny e-commerce volume and therefore a must-have opportunity for the world’s biggest retailers. Amazon already is pumping $5 billion into its hoped-for Indian marketplace. And Walmart is said to be finalizing a $15-billion controlling investment in e-commerce startup Flipkart there.
So far this all makes sense. Walmart got schooled in North America by Amazon. Neither company has covered itself in glory in the tough-to-win China market. Competing in India is an existential must for Walmart, the retailer that disrupted Kmart and Sears and doesn’t want to end up as the 21st century version of those dinosaurs.
But wait, there’s more. Alphabet , parent of search-results publisher (see what I did there ?), Google is said to be investing alongside Walmart. That makes perfect sense if you consider the battle between Google and Amazon. Each competes to fulfill shopper needs, Google through search ads and Amazon through its own retail platform. Each has thrived but wants more share of future transactions. Enter Walmart on the side of Google. The two already announced a limited partnership last year and now are showing they’ll continue to partner against their common foe.
There’s even more here. Walmart does business in China with JD.com, which is closely allied with Tencent, the gaming and messaging company that is an arch-foe of Alibaba, the e-commerce goliath. Guess who’s already an investor in Flipkart? Yes, Tencent, which is challenging Alibaba’s once-dominant position in payments with its own offering associated with WeChat, which Tencent owns. For its part, Alibaba is an investor in Indian payments company Paytm.
It’s a tangled web these enemies have woven. Competition in fast-growing markets like India is the only thing that will untangle it.
***
The New York Times has published an outstanding profile of European competition boss Margrethe Vestager. If you want to understand how Brussels thinks about Silicon Valley, read this. (Revealing nugget: When Vestager’s term ends she might not get another because the leader of her own country, who belongs to an opposing party, may not re-appoint her.)
***
If you followed me over to Data Sheet last week I hope you enjoyed my switcheroo with Alan Murray. We’re back to normal this week. Adam Lashinsky @adamlashinsky NEWSWORTHY
My broker is E.F. Hutton and E.F. Hutton says . After revealing his great confidence in Apple, legendary investor and Berkshire Hathaway CEO Warren Buffett on Saturday conceded that he’d made a mistake by failing to invest in Amazon and Google in the past. “We’ve looked at it,” he said at his company’s annual meeting. “I made the mistake in not being able to come to a conclusion where I really felt that at the present prices that the prospects were far better than the prices indicated.” Bitcoin? Let’s just say he’s not a fan . Buffett also got into a tiff with Tesla CEO Elon Musk that ended with Musk tweeting he was going to start a candy company to compete with Berkshire Hathaway’s See’s Candies. “I am super serious,” Musk said in a follow-up tweet.
Too cute by a half. Speaking of trolling by or against Elon Musk , a few analysts on other quarterly earnings calls decided to mock the Tesla CEO’s tirade against analysts on his call. “Hi, Jayshree. I’ll ask a question and you’ll yell at me like the Tesla call and I’m going to be famous after that,” Merrill Lynch’s Tal Liani joked speaking to Arista Networks CEO Jayshree Ullal.
Who’s laughing now, monkey boy ? It started as almost a joke, but apparently Facebook is seriously considering offering a paid, ad-free version of its social network service, Bloomberg reported. The plans are not “solid” and may not go forward, however, the news service added. Facebook declined to comment.
He said, they said. An investor is suing Ripple Labs , a top digital currency startup that is focused on international money transfers. Plaintiff Ryan Coffey says Ripple raised capital through an initial coin offering that constituted an illegal sale of unregistered securities. Ripple said it had not seen the lawsuit yet, but that its XRP tokens “should not be classified as a security.”
Digging in the dirts. On Saturday, NASA successfully launched its InSight lander , which is scheduled to arrive on Mars in November. Among other missions, the InSight lander—short for Interior Exploration using Seismic Investigations, Geodesy, and Heat Transport—will dig 16 feet down into the Martian soil to study the planet’s temperature history.
Sneak peek. Two major developers conferences start this week. Google’s I/O will reveal details of the next version of Android, a likely overhaul of Google News and improvements to Google’s Wear OS for smartwatches, The Verge reports . At Microsoft’s Build conference, expect to hear about new features for Windows 10 and how users will be able to synchronize their browsing history in the Edge app across different operating systems, Engadget says.
You’ve been a lovely, lovely witness. The trial challenging AT&T ‘s acquisition of Time Warner wrapped up last week and Judge Richard Leon said he was aiming to release his decision on June 12. Tea leaf readers think the verdict is more likely to go AT&T’s way.
Failure of imagination . Smart luggage startup Bluesmart , one of the first companies to incorporate phone charging capability into suitcases, is closing up shop . Apparently, Bluesmart couldn’t meet new airline requirements to make its large built-in lithium batteries removable. Advertisement FOOD FOR THOUGHT
It may not yet be on par with great cinema or the most beautiful operas, but the smartphone-born media format known as “stories” should be taken more seriously, argues Ian Bogost in a piece in The Atlantic. Bogost details the history and influence of the short video snippets made to be watched holding a phone vertically. Snapchat may have created the format, which was later copied by Facebook’s Instagram and WhatsApp, but who invented what isn’t the point, Bogost writes:
Stories is not a technology, nor is it a feature. It is a media format, or even a genre, in the way that a magazine or a murder mystery or a 30-minute television program is. This is also why it’s a little silly to worry about who “copied” Stories from whom, since the whole point of formats and genres is to develop independent of single tools of creation and dissemination. The different styles of Story illustrate the form’s broad uses. On Snapchat, Stories are more informal, making use of the face-filters and geotags common to that platform. On Instagram, filters and Boomerangs and neon text and the like are more frequently used, as that platform’s heavily composed manner warrants.
And that’s also why “Story” is such a terrible name for this format. Contemporary culture’s obsession with storytelling runs so deep, everything has become framed as storytelling, even when it’s clearly not. Most Stories are not storytelling. They are sequenced, which is one of the definitions of narration: an account of events. But sequence is not sufficient to create narrative, and many Stories feel like random collections of unrelated materials. Most of the ones I see on Facebook and Instagram are one- or two-image sequences, hardly enough to play out a day-in-the-life, let alone a moment, anymore. IN CASE YOU MISSED IT | ashraq/financial-news-articles | http://fortune.com/2018/05/07/data-sheet-india-walmart-flipkart-amazon/ |
May 2 (Reuters) - Semtech Corp:
* SEMTECH ANNOUNCES ACQUISITION OF IC INTERCONNECT * SEMTECH CORP - ACQUIRED ICI ASSETS FOR A CASH PURCHASE PRICE OF APPROXIMATELY $7 MILLION AND ASSUMED CERTAIN OBLIGATIONS GOING FORWARD
* SEMTECH CORP - FUNDED PURCHASE PRICE USING ITS CURRENT CASH ASSETS
* SEMTECH CORP - DOES NOT EXPECT DEAL TO HAVE ANY MATERIAL IMPACT TO ITS EARNINGS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-semtech-corp-announces-acquisition/brief-semtech-corp-announces-acquisition-of-ic-interconnect-idUSASC09Z7S |
April 30 (Reuters) - Winto Group (Holdings) Ltd:
* EXPECTED THAT GROUP WILL RECORD A LOSS OF NOT LESS THAN HK$5 MILLION FOR PERIOD ENDED 31 MARCH 2018
* EXPECTED RESULT DUE TO DECREASE IN REVENUE FROM CONTINUING OPERATIONS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-winto-group-expects-loss-of-not-le/brief-winto-group-expects-loss-of-not-less-than-hk5-mln-for-q1-idUSFWN1S70XZ |
Uber exec: London a very important, strategic market for us 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/uber-exec-london-a-very-important-strategic-market-for-us.html |
Quarterly Survey Finds Confidence of Small Business Owners Continues to Climb, Despite Trade Concerns
ENGLEWOOD CLIFFS, N.J. and SAN MATEO, CA, May 1, 2018 — CNBC, First in Business Worldwide, and SurveyMonkey, the world's leading People Powered Data platform, today announced the results of their quarterly CNBC/SurveyMonkey Small Business Survey. Each quarter, CNBC and SurveyMonkey poll over 2,000 small business owners aiming to measure the vitality of the American economy as well as the view from Main Street on jobs, taxes and other hot topics. In addition to measuring small business confidence nationwide, the large sample size gives CNBC the power to uncover trends by geographic region and among specific small business cohorts.
Key findings from the Q2 CNBC/SurveyMonkey Small Business Survey include:
53% percent of small business owners surveyed say overall business conditions are good, up from 47% in the first quarter of 2018 and 38% in the second quarter of 2017. This marks the first time since CNBC and SurveyMonkey began polling small businesses a year ago that a majority say business conditions are good. 28% of small business owners expected changes in trade policy to have a negative effect on their business, up from 17% in the first quarter of 2018. Recent troubles at Facebook, including public outcry over its use of personal data and the threat of government regulation, have not significantly impacted small business owners' use of the platform: One quarter of small business owners say they have advertised on Facebook in the past few months. Among this group, 45% plan to keep spending about the same amount on Facebook advertising in the coming months, while 28% plan to spend more and 25% plan to spend less. Among those who have advertised on Facebook recently, 44% believe social media regulation would "make no difference" in their ads' effectiveness, while 34% believe it would make their ads less effective and 19% believe it would make their ads more effective. Overall, a plurality of small business owners (44%) say Amazon is bad for small businesses in general, and 11% say they directly compete with Amazon for customers. 5% of small business owner respondents have an Amazon storefront. Only 43% of those who use Amazon Storefront say Amazon helps drive customers to their business and 37% of those with an Amazon Storefront say Amazon is bad for small businesses. CNBC Small Business Reporter Kate Rogers will reveal the results of the CNBC/SurveyMonkey Small Business Survey today, Tuesday, May 1st throughout CNBC's Business Day programming. For more information on the survey including the full results and methodology and in-depth articles, go to: https://www.cnbc.com/cnbc-survey-monkey-small-business-survey/ .
"This survey marks a full year since we launched the Small Business Confidence Index, giving us our first look at year-on-year confidence among small business owners," says Jon Cohen, chief research officer at SurveyMonkey. "With five consecutive quarters of data we've seen relative stability in the index itself, but also clear evidence of improvements in assessments of the current business climate and a surge in confidence around revenue and hiring. At the same time, growing concerns over trade policy threaten to upset the upward trajectory."
SurveyMonkey created a unique Small Business Confidence Index (SBCI), which is a 100 point score based on responses to eight key questions. The index is calculated on a scale from 0–100 and is based on the responses to eight key questions. A zero indicates no confidence, and a score of 100 indicates perfect confidence. The second quarter of 2018's SBCI has dipped from an overall value of 62 to 61, indicating that small business owners are markedly more optimistic than pessimistic about the direction their business will go in the next 12 months. This quarter's decline is attributed to a sharp increase in the number of small business owners who expect trade policy to have a negative impact on their businesses in the next year. However, this is a difference within the margin of error for quarter-to-quarter change.
The CNBC/SurveyMonkey Small Business Survey was conducted using SurveyMonkey 's online platform from April 11 – April 17 among a national sample of 2,048 self-identified small business owners ages 18 and up. Respondents for this survey were selected from the nearly three million people who take surveys on the SurveyMonkey platform each day. The modeled error estimate for this survey is plus or minus 3.5 percentage points.
Data for this quarter have been weighted to be representative of small business owners nationally, according to business characteristics from the Small Business Administration's 2013 Statistics of U.S. Businesses and owner characteristics from the Census Bureau's 2012 Survey of Business Owners .
*CNBC/Survey Monkey additionally surveyed 10,941 individuals who do not own small businesses. Data for questions asked of the general population have been weighted for age, race, sex, education, and geography using the Census Bureau's American Community Survey to reflect the demographic composition of the United States age 18 and over.
For more information contact:
CNBC
Jennifer Dauble
201-735-4721
[email protected]
SurveyMonkey
Irina Efremova
415-860-9844
[email protected]
About CNBC:
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, and CNBC World, CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to more than 409 million homes worldwide, including more than 91 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.
CNBC Digital delivers more than 50 million multi-platform unique visitors each month. CNBC.com provides real-time financial market news and information to CNBC's investor audience. CNBC Make It is a digital destination focused on making you smarter about how you earn, save and spend your money by zeroing in on careers, leadership, entrepreneurship and personal finance.
CNBC has a vast portfolio of digital products across a variety of platforms including: CNBC.com; CNBC PRO, the premium, integrated desktop/mobile service that provides live access to CNBC programming, exclusive video content and global market data and analysis; a suite of CNBC mobile products including the CNBC Apps for iOS, Android and Windows devices; and additional products such as the CNBC App for the Apple Watch and Apple TV.
Members of the media can receive more information about CNBC and its programming on the NBCUniversal Media Village Web site at http://www.nbcumv.com/programming/cnbc .
For more information about NBCUniversal, please visit http://www.NBCUniversal.com .
About SurveyMonkey:
Founded in 1999 and based in San Mateo, California, SurveyMonkey is the world's leading People Powered Data platform enabling curious individuals and companies – including 100% of the Fortune 500 – to have conversations at scale with the people who matter most. Whether it's a trend in the market, opinions of customers, or voices of employees, SurveyMonkey turns them into actionable data. As a pioneer of the industry, SurveyMonkey is a trusted platform for people to express their true feelings and opinions so organizations can uncover the "why" behind the data. SurveyMonkey's 750+ employees throughout North America, Europe, and Asia Pacific are dedicated to powering the curious. For more information about SurveyMonkey, please visit: surveymonkey.com . | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/cnbc-and-surveymonkey-release-latest-quarterly-small-business-survey.html |
May 3, 2018 / 1:57 AM / Updated 20 minutes ago Xerox reports 42.5 percent drop in first quarter profit Reuters Staff 2 Min Read
(Reuters) - Xerox Corp ( XRX.N ), battling shareholder disapproval over its $6.1 billion deal with Fujifilm Holdings ( 4901.T ), on Wednesday reported a 42.5 percent drop in quarterly profit partly due to a charge linked to its venture with the Japanese firm. The logo of Xerox company is seen on a building in Minsk, Belarus, March 21, 2016. REUTERS/Vasily Fedosenko/File Photo
Xerox said on Tuesday its chief executive officer and most of its board will step down to settle a suit by activist shareholders Carl Icahn and Darwin Deason, paving the way for new management to reconsider the contentious deal with Fujifilm.
The company said it did not provide guidance for 2018 due to the pending director appointment, nomination and settlement agreement with Icahn and Deason, among others.
Xerox also said it would not hold an earnings call with analysts.
Fujifilm and Xerox struck a $6.1 billion deal in January to combine the U.S. company into their existing joint venture, Fuji Xerox, to gain scale and cut costs as demand for office printing equipment declines.
Net income attributable to Xerox fell to $23 million, or 8 cents per share, in the quarter ended March 31, from $40 million, or 14 cents per share, a year earlier.
Quarterly earnings from continuing operations was down from last year primarily due to lower equity income, including the Xerox share of a Fuji Xerox restructuring charge, the company said in a statement.
Total revenue was nearly flat at $2.44 billion.
(This version of the story corrects prior year figure in paragraph six to $40 million, or 14 cents per share) Reporting by Ismail Shakil by Darren Schuettler | ashraq/financial-news-articles | https://uk.reuters.com/article/us-xerox-results/xerox-reports-42-5-percent-drop-in-first-quarter-profit-idUKKBN1I4042 |
British gaming firm enlists army of players to create Worlds Adrift 12:32pm IST - 01:41
British game maker Bossa Studios releases Worlds Adrift, an ambitious adventure game designed that has taken three years and the up-front involvement of 50,000 gamers to create. Stuart McDill was at the launch. ▲ Hide Transcript ▶ View Transcript
British game maker Bossa Studios releases Worlds Adrift, an ambitious adventure game designed that has taken three years and the up-front involvement of 50,000 gamers to create. Stuart McDill was at the launch. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rXRy8H | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/british-gaming-firm-enlists-army-of-play?videoId=427802695 |
BERLIN (Reuters) - Chancellor Angela Merkel praised French President Emmanuel Macron on Saturday for giving fresh impetus to the European project, lauding his “elan” despite differences between France and Germany over trade policy.
German Chancellor Angela Merkel and French President Emmanuel Macron are on their way to a news conference at the building site of the Humboldt Forum in Berlin, Germany, April 19, 2018. Kay Nietfeld/Pool via Reuters Germany is pushing the idea of an agreement to lower tariffs across a broad spectrum of products, but France insists there must first be a permanent and unconditional exemption for the EU from U.S. steel and aluminum tariffs.
In her weekly podcast, Merkel said Franco-German cooperation worked “very well”, adding that Macron was a worthy winner of the Charlemagne Prize for service to European unification - an award he is due to receive on Thursday.
“Since taking office, he has, with much elan, with much hope, provided Europe with important impetus,” she said.
Despite her warm words, Macron has won only lukewarm support from Germany for his proposals to reform the euro zone.
On the trade issue, EU ministers must soon resolve their differences to give Trade Commissioner Cecilia Malmstrom a clear mandate for negotiations with the United States ahead of a June 1 deadline for U.S. President Donald Trump to impose the duties.
Writing by Paul Carrel; Editing by Toby Chopra
| ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-france-europe/amid-trade-tensions-merkel-commends-macrons-elan-idUSKBN1I60CW |
MIDVALE, Utah, May 24, 2018 (GLOBE NEWSWIRE) -- Sportsman's Warehouse Holdings, Inc. ("Sportsman's" or the “Company”) (Nasdaq:SPWH) today announced financial results for the thirteen weeks ended May 5, 2018.
Jon Barker, Chief Executive Officer, stated, “We are excited with the start to the fiscal year as our top and bottom line results for the first quarter came in at the high end of our expectations. Our topline was driven by strong new store performance and comp growth of 3.4%, which, when combined with consistent gross margins and disciplined cost control, resulted in bottom line performance at the high end of our outlook. We continued to make progress against each of our strategic initiatives including our comprehensive omni-channel strategy, which includes growth of brick and mortar as well as ecommerce, customer acquisition & engagement and merchandising assortment. We look forward to building on this progress throughout fiscal 2018 and strengthening our competitive positioning.”
Mr. Barker added, “We are also very pleased to announce today the amendment and restatement of our credit agreement. We increased our borrowing capacity to $250 million under our revolving credit facility and added a new $40 million term loan. We used proceeds from our revolving credit facility and new term loan to repay our prior term loan, which we expect to reduce our interest expense by approximately $4.5 million on an annualized basis, as we focus on managing our capital structure through continued collaboration with our lenders.”
For the thirteen weeks ended May 5, 2018:
Net sales increased by 14.8% to $180.1 million from $156.9 million in the first quarter of fiscal year 2017. Same store sales increased by 3.4% from the comparable prior year period.
Loss from operations was $3.7 million compared to $3.8 million in the first quarter of fiscal year 2017. Adjusted loss from operations, which excludes charges incurred in conjunction with the retirement of the Company’s former CEO, was $1.0 million, compared to adjusted loss from operations, which excludes professional and other fees incurred in connection with evaluation of a strategic acquisition, of $2.0 million for the first quarter of fiscal year 2017 (see “GAAP and Non-GAAP Measures”).
The Company opened two new stores in the first quarter of fiscal 2018 and ended the quarter with 89 stores in 22 states, or square footage growth of 8.9% from the end of the first quarter of fiscal year 2017.
Interest expense increased to $3.6 million from $3.2 million in the first quarter of fiscal year 2017.
Net loss was $5.8 million compared to net loss of $4.5 million in the first quarter of fiscal year 2017. Adjusted net loss, which excludes charges incurred in conjunction with the retirement of the Company’s former CEO, was $3.6 million compared to adjusted net loss, which excludes professional and other fees incurred in connection with evaluation of a strategic acquisition, of $3.4 million for the first quarter of fiscal year 2017 (see “GAAP and Non-GAAP Measures”).
Diluted loss per share was $(0.14) compared to $(0.11) in the first quarter of fiscal year 2017. Adjusted diluted loss per share was $(0.08) compared to $(0.08) in the first quarter of fiscal year 2017 (see “GAAP and Non-GAAP Measures”).
Adjusted EBITDA was $4.8 million compared to $4.2 million in the first quarter of fiscal year 2017 (see "GAAP and Non-GAAP Measures").
Second Quarter and Fiscal Year 2018 Outlook:
For the second quarter of fiscal year 2018, net sales are expected to be in the range of $199.0 million to $206.0 million based on a same store sales increase in the range of (2.0)% to 2.0% compared to the corresponding period of fiscal year 2017. Adjusted net income is expected to be in the range of $5.9 million to $7.1 million with adjusted diluted earnings per share of $0.14 to $0.17 on a weighted average of approximately 43.0 million estimated common shares outstanding.
For fiscal year 2018, net sales are expected to be in the range of $837.0 million to $860.0 million based on same store sales in the range of (1.0%) to 2.0% compared to fiscal year 2017. Adjusted net income is expected to be in the range of $23.8 million to $27.6 million with adjusted earnings per diluted share of $0.55 to $0.64 on a weighted average of approximately 43.0 million estimated common shares outstanding, when adjusted for the one-time expense incurred in connection with the announcement of the retirement of the Company’s former Chief Executive Officer, John Schaefer, in the first quarter of fiscal 2018 (see “GAAP and Non-GAAP Measures”).
Conference Call Information:
A conference call to discuss first quarter and fiscal 2018 financial results is scheduled for today, May 24, 2018, at 8:30 AM Eastern Time. The conference call will be webcast and may be accessed via the Investor Relations section of the Company’s website at www.sportsmanswarehouse.com .
Non-GAAP Information
This press release includes the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission (the “SEC”): adjusted income from operations, adjusted net income, adjusted diluted earnings per share and adjusted EBITDA. We defined adjusted income from operations and adjusted net income as income from operations and net income, respectively, in each case, plus professional and other fees incurred in connection with the evaluation of a strategic acquisition, charges incurred in conjunction with the retirement of the Company’s former CEO, and the impact of the Tax Cuts and Jobs Act and prior year tax credits, as applicable. Adjusted diluted earnings per share is diluted earnings per share excluding the impact of professional and other fees incurred in connection with the evaluation of a strategic acquisition, charges incurred in conjunction with the retirement of the Company’s former CEO and the impact of the Tax Cuts and Jobs Act prior year tax credits. We define Adjusted EBITDA as net income plus interest expense, income tax expense, depreciation and amortization, stock-based compensation expense, and other gains, losses and expenses that we do not believe are indicative of our ongoing expenses. The Company has reconciled these non-GAAP financial measures with the most directly comparable GAAP financial measures under “GAAP and Non-GAAP Measures” in this release. The Company believes that these non-GAAP financial measures not only provide its management with comparable financial data for internal financial analysis but also provide meaningful supplemental information to investors. Specifically, these non-GAAP financial measures allow investors to better understand the performance of the Company’s business and facilitate a more meaningful comparison of its diluted income per share and actual results on a period-over-period basis. The Company has provided this information as a means to evaluate the results of its ongoing operations. Other companies in the Company’s industry may calculate these items differently than the Company does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this release include, but are not limited to, statements regarding our strategic initiatives and our outlook for the second quarter and full fiscal year 2018. Investors can identify these statements by the fact that they use words such as "continue", "expect", "may", “opportunity”, "plan", "future", “ahead” and similar terms and phrases. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Actual results may differ materially from these expectations due to risks relating to the Company’s retail-based business model, general economic conditions and consumer spending, the Company’s concentration of stores in the Western United States, competition in the outdoor activities and sporting goods market, changes in consumer demands, the Company’s expansion into new markets and planned growth, current and future government regulations, risks related to the Company’s continued retention of its key management, the Company’s distribution center, quality or safety concerns about the Company’s merchandise, events that may affect the Company’s vendors, trade restrictions, and other factors that are set forth in the Company's filings with the SEC, including under the caption “Risk Factors” in the Company’s Form 10-K for the fiscal year ended February 3, 2018 which was filed with the SEC on March 29, 2018 and the Company’s other public filings made with the SEC and available at www.sec.gov . If one or more of these risks or uncertainties materialize, or if any of the Company’s assumptions prove incorrect, the Company’s actual results may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made by the Company in this release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
About Sportsman's Warehouse Holdings, Inc.
Sportsman's Warehouse is a high-growth outdoor sporting goods retailer focused on meeting the everyday needs of the seasoned outdoor veteran, the first-time participant and every enthusiast in between. Our mission is to provide a one-stop shopping experience that equips our customers with the right quality, brand name hunting, shooting, fishing and camping gear to maximize their enjoyment of the outdoors.
For press releases and certain additional information about the Company, visit the Investor Relations section of the Company's website at www.sportsmanswarehouse.com .
Investor Contact:
ICR, Inc.
Rachel Schacter
(203) 682-8200
[email protected]
SPORTSMAN’S WAREHOUSE HOLDINGS, INC. Consolidated Statements of Income (Unaudited) (in thousands, except share and per share data) For the Thirteen Weeks Ended May 5, 2018 % of net
sales April 29, 2017 % of net
sales Net sales $ 180,059 100.0 % $ 156,898 100.0 % Cost of goods sold 124,493 69.1 % 108,283 69.0 % Gross profit 55,566 30.9 % 48,615 31.0 % Operating expenses: Selling, general and administrative expenses 59,216 32.9 % 52,382 33.4 % Loss from operations (3,650 ) (2.0 %) (3,767 ) (2.4 %) Interest expense (3,557 ) (2.0 %) (3,150 ) (2.0 %) Loss before income tax benefit (7,207 ) (4.0 %) (6,917 ) (4.4 %) Income tax benefit 1,379 0.8 % 2,410 1.5 % Net loss $ (5,828 ) (3.2 %) $ (4,507 ) (2.9 %) Earnings per share Basic $ (0.14 ) $ (0.11 ) Diluted $ (0.14 ) $ (0.11 ) Weighted average shares outstanding Basic 42,727 42,277 Diluted 42,727 42,277
SPORTSMAN’S WAREHOUSE HOLDINGS, INC. Consolidated Balance Sheets (Unaudited) (in thousands) Assets May 5, 2018 February 3, 2018 Current assets: Cash and cash equivalents $ 2,379 $ 1,769 Accounts receivable, net 382 319 Merchandise inventories 306,201 270,594 Prepaid expenses and other 9,183 8,073 Total current assets 318,145 280,755 Property and equipment, net 94,809 94,035 Deferred income taxes 3,474 4,595 Definite lived intangible assets, net - 276 Total assets $ 416,428 $ 379,661 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 64,012 $ 36,788 Accrued expenses 58,089 50,602 Income taxes payable 967 2,586 Revolving line of credit 66,866 59,992 Current portion of long-term debt, net of discount and debt issuance costs 968 990 Current portion of deferred rent 4,703 4,593 Total current liabilities 195,605 155,551 Long-term liabilities: Long-term debt, net of discount, debt issuance costs, and current portion 132,142 132,349 Deferred rent credit, net of current portion 41,204 41,963 Total long-term liabilities 173,346 174,312 Total liabilities 368,951 329,863 Stockholders’ equity: Common stock 428 426 Additional paid-in capital 83,068 82,197 Accumulated deficit (36,019 ) (32,825 ) Total stockholders’ equity 47,477 49,798 Total liabilities and stockholders' equity $ 416,428 $ 379,661
SPORTSMAN’S WAREHOUSE HOLDINGS, INC. Consolidated Statements of Cash Flows (Unaudited) (in thousands) May 5, 2018 April 29, 2017 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (5,828 ) $ (4,507 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 4,387 3,490 Amortization of discount on debt and deferred financing fees 192 173 Amortization of Intangible 276 452 Change in deferred rent (649 ) 624 Deferred taxes 237 885 Stock based compensation 1,572 650 Change in assets and liabilities: Accounts receivable, net (63 ) 29 Merchandise inventory (35,607 ) (42,019 ) Prepaid expenses and other (78 ) (4,221 ) Accounts payable 27,501 42,049 Accrued expenses 630 (3,115 ) Income taxes (1,619 ) (3,342 ) Net cash used in operating activities (9,049 ) (8,852 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (4,474 ) (13,204 ) Net cash used in investing activities (4,474 ) (13,204 ) CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowings on line of credit 6,874 17,094 Increase in book overdraft 8,358 6,359 Payment of withholdings on restricted stock units (699 ) (639 ) Principal payments on long-term debt (400 ) (400 ) Net cash provided by financing activities 14,133 22,414 Net change in cash and cash equivalents 610 358 Cash and cash equivalents at beginning of year 1,769 1,911 Cash and cash equivalents at end of period $ 2,379 $ 2,269
SPORTSMAN’S WAREHOUSE HOLDINGS, INC. GAAP and Non-GAAP Measures (Unaudited) (in thousands, except per share data) Reconciliation of GAAP income (loss) from operations to adjusted income (loss) from operations: For the Thirteen Weeks Ended May 5, 2018 April 29, 2017 Loss from operations $ (3,650 ) $ (3,767 ) Professional fees (1) - 1,744 CEO Retirement (2) 2,647 - Adjusted loss from operations $ (1,003 ) $ (2,023 ) Reconciliation of GAAP net income (loss) and GAAP diluted weighted average shares outstanding to adjusted net income (loss) and adjusted weighted average shares outstanding: Numerator: Net loss $ (5,828 ) $ (4,507 ) Professional fees (1) - 1,744 CEO Retirement (2) 2,647 - Less tax benefit (399 ) (677 ) Adjusted net loss $ (3,580 ) $ (3,440 ) Denominator: Diluted weighted average shares outstanding 42,727 42,277 Reconciliation of loss per share: Dilutive loss per share $ (0.14 ) $ (0.11 ) Impact of adjustments to numerator and denominator 0.06 0.03 Adjusted diluted loss per share $ (0.08 ) $ (0.08 ) Reconciliation of net income (loss) to adjusted EBITDA: Net loss $ (5,828 ) $ (4,507 ) Interest expense 3,557 3,150 Income tax benefit (1,379 ) (2,410 ) Depreciation and amortization 4,663 3,942 Stock-based compensation expense (3) 435 650 Pre-opening expenses (4) 716 1,629 Professional fees (1) - 1,744 CEO Retirement (2) 2,647 - Adjusted EBITDA $ 4,811 $ 4,198 (1) Professional and other fees incurred in connection with the evaluation of a strategic acquisition. (2) Expenses incurred in conjunction with the retirement of our former CEO during Q1 2018. (3) Stock-based compensation expense represents non-cash expenses related to equity instruments granted to employees under our 2013 Performance Incentive Plan and employee stock purchase plan (4) Pre-opening expenses include expenses incurred in the preparation and opening of a new store location, such as payroll, travel and supplies, but do not include the cost of the initial inventory or capital expenditures required to open a location.
SPORTSMAN’S WAREHOUSE HOLDINGS, INC. GAAP and Non-GAAP Measures (Unaudited) (in thousands, except per share data) Reconciliation of second quarter and 2018 full year guidance: Estimated Q2 '18 Estimated FY '18 Low High Low High Numerator: Net income $ 4,400 $ 5,650 $ 20,100 $ 23,900 CEO Retirement(1) - - 2,248 2,248 Deferred Finance Cost Write-off(2) 1,479 1,479 1,479 1,479 Adjusted net income $ 5,879 $ 7,129 $ 23,827 $ 27,627 Denominator: Diluted weighted average shares outstanding 43,000 43,000 43,000 43,000 Reconciliation of earnings per share: Diluted earnings per share $ 0.14 $ 0.17 $ 0.47 $ 0.56 Impact of adjustments to numerator and denominator - - 0.09 0.09 Adjusted diluted earnings per share $ 0.14 $ 0.17 $ 0.55 $ 0.64 (1 ) Expenses incurred in conjunction with the retirement of our former CEO during Q1 2018, net of tax (2 ) Write-off of deferred financing fees associated with the amendment and restatement of our revolving line of credit and payoff of our term loan, net of tax
Source:Sportsman's Warehouse Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-sportsmans-warehouse-holdings-inc-announces-first-quarter-2018-financial-results.html |
COLUMBIA, Md., May 30, 2018 /PRNewswire/ -- Tenable®, Inc. , the Cyber Exposure company, today announced that it has appointed Jerry Kennelly to its Board of Directors. Kennelly recently retired as CEO from Riverbed®, a company he co-founded in 2002, shaping it from a startup to a billion-dollar revenue company with 30,000 customers, including every single company in the Forbes Global 100.
"Jerry ranks among the most respected executives in the tech sector. His insistence on engineering excellence and customer centricity helped to make Riverbed synonymous with WAN optimization and turned the company into a force of nature," said Amit Yoran, chairman and CEO, Tenable. "We are thrilled to welcome Jerry to Tenable and look forward to leveraging his expertise. Together we will continue to pioneer the emerging discipline of Cyber Exposure and chart our next phase of global growth."
Kennelly led Riverbed through 16 years of accelerating growth, including the company's successful initial public offering (IPO) in 2006. During this same period, the company's Steelhead™ offering became the world's number one solution for optimizing and accelerating the delivery of any application across wide area networks (WAN). Today, Kennelly is the chairman and CEO of Scandic Capital, LLC, a private equity firm that invests in technology companies, commercial real estate, and varied investment categories.
"Digital transformation and the emergence of the cloud as the de facto computing platform of the modern enterprise mean one thing -- it is vital that we think about cyber security holistically, from cloud to IoT," said Kennelly. "Tenable is on a path to completely disrupt cybersecurity with its Cyber Exposure platform and vision, not to mention the team's singular focus on innovation. I am delighted to join the Tenable leadership team and look forward to our collaboration."
About Tenable
Tenable®, Inc. is the Cyber Exposure company. Over 24,000 organizations around the globe rely on Tenable to understand and reduce cyber risk. As the creator of Nessus®, Tenable extended its expertise in vulnerabilities to deliver Tenable.io®, the world's first platform to see and secure any digital asset on any computing platform. Tenable customers include more than 50 percent of the Fortune 500, more than 20 percent of the Global 2000 and large government agencies. Learn more at tenable.com .
Contact Information:
Cayla Baker
[email protected]
(443) 539-6476
View original content with multimedia: http://www.prnewswire.com/news-releases/tenable-appoints-jerry-kennelly-co-founder-and-former-ceo-of-riverbed-to-board-of-directors-300656224.html
SOURCE Tenable, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-tenable-appoints-jerry-kennelly-co-founder-and-former-ceo-of-riverbed-to-board-of-directors.html |
MONTRÉAL--(BUSINESS WIRE)-- Intema Solutions Inc. (TSX-V:ITM) (the “ Company” ) announces that the filing of its audited financial statements for the fiscal year ended December 31, 2017, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the “ Annual Financial Filings” ) will be available on Monday, May 21 at the very latest.
As detailed in the press release dated April 5, 2018, the Company was unable to start the audit process in a timely manner due to the temporary absence of its Chief Financial Officer for reasons of force majeure. These difficulties delayed the start of the process of auditing the 2017 financial statements by several weeks.
The Company hereby announces that its auditors are currently in the process of finishing the preparation of the annual audited financial statements. The Company’s management is in regular contact with its auditors and it expects the statements to be available on Monday, May 21 at the very latest.
There have been no other changes otherwise required to be disclosed pursuant to items (a) to (d) of Section 10 of National Policy 12-203.
About Intema Solutions Inc.:
Intema’s mission is to integrate technologies to marketing. The company develops technologies for marketing and services related to predictive marketing, relationship marketing, database marketing and Blockchain applications. Since its inception, INTEMA has dedicated its efforts to deliver key solutions to the marketing industry. For more information, please visit our corporate website at intema.com and our product websites eflyermaker.com and matcheranalytics.com .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined on policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Such statements include those with respect to the date on which the audit of the Company’s 2017 financial statements will begin, the time that audit will take to complete, and the date that the Annual Filings will be filed. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) the Company will succeed in retaining new auditors within a reasonable timeframe, (ii) the Company’s new auditors will begin their work forthwith, (iii) the audit of the Company’s 2017 financial statements will not take longer than has been customary, (iv) the auditors will be in a position to issue an auditor’s report without reservations upon the completion of their audit, and (v) the Company will be in a position to file the Annual Filings shortly after the audit is complete. Factors that could cause actual results to differ materially from expectations include (i) the inability of the Company to successfully retain new auditors for whatever reason, (ii) the inability of those auditors to begin or complete their audit in a reasonable timeframe, (iii) the inability of the auditors to issue an unqualified auditor’s report upon the completion of their audit and (iv) the Company’s inability to file the Annual Filings for whatever reason after the audit has been completed. These factors and others are more fully discussed in the Company’s filings with Canadian securities regulatory authorities available at www.sedar.com . Actual results may vary from the forward-looking information.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516006395/en/
INTEMA:
Roger Plourde, +1-514-861-1881
President, Director and Chief Executive Officer
[email protected]
Source: Intema Solutions Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-intema-solutions-inc-provides-an-update-on-the-delay-in-filing-of-fiscal-2017-annual-audited-financial-statements.html |
MOSCOW (Reuters) - Rosneft ( ROSN.MM ), Russia’s top oil producer and one of the biggest globally, plans to reveal share buyback details in June, CFO Pavel Fyodorov said in a conference call on Monday.
FILE PHOTO: The logo of Russia's oil producer Rosneft is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Picture taken June 1, 2017. REUTERS/Sergei Karpukhin/File Photo The company had announced a series of measures on May 1 to improve shareholder returns, such as a $2 billion share buyback and plans to cut total debt and trading liabilities by a minimum of 500 billion rubles ($8 billion).
Reporting by Olesya Astakhova; Writing by Katya Golubkova; Editing by David Goodman
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-rosneft-buyback/russias-rosneft-plans-to-announce-share-buyback-details-in-june-idUSKCN1IF1TW |
May 9, 2018 / 12:22 PM / Updated 7 minutes ago BRIEF-David Christian To Retire From Dominion Energy Reuters Staff
May 9 (Reuters) - Dominion Energy Inc:
* DAVID CHRISTIAN TO RETIRE FROM DOMINION ENERGY Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-david-christian-to-retire-from-dom/brief-david-christian-to-retire-from-dominion-energy-idUSFWN1SG16T |
World stocks higher, Trump tweets thaw trade tensions 7:38am EDT - 01:47
Prospects of a thaw in U.S.-China trade tensions supported global stocks on Monday, but in Malaysia, investors punish shares associated with supporters of ousted prime minister Najib Razak after last week's shock election result. As Ciara Lee reports, AirAsia was down by as much as 10 per cent.
Prospects of a thaw in U.S.-China trade tensions supported global stocks on Monday, but in Malaysia, investors punish shares associated with supporters of ousted prime minister Najib Razak after last week's shock election result. As Ciara Lee reports, AirAsia was down by as much as 10 per cent. //reut.rs/2GeJ0Pv | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/world-stocks-higher-trump-tweets-thaw-tr?videoId=426814161 |
I took AP calculus in high school, graduated from Georgia Tech, taught high-school math and finally settled in as an analyst at a major airline. I couldn’t agree more with James Markarian questioning whether calculus is the best fit for most American students (“Who Needs Calculus? Not High-Schoolers,” op-ed, May 15).
Calculus, for me, was as Mr. Markarian says, “an attempt to show off skills” I would “never use,” and that it would increase my “chances of [college] admission.” In the professional realm, where Microsoft Excel... | ashraq/financial-news-articles | https://www.wsj.com/articles/calculus-helps-more-than-future-engineers-1526840046 |
WASHINGTON (Reuters) - The Transportation Security Administration (TSA) wants foreign airports to tighten screening of U.S.-bound passengers’ carry-on electronics and adopt U.S. domestic security procedures instituted last year, according to officials and a memo to foreign airports.
Amid growing concerns about the possibility of hidden explosives, TSA began stricter scrutiny of electronic devices by U.S. travelers last summer.
In July 2017, TSA began requiring domestic air travelers to remove all electronics larger than mobile phones including tablets, e-readers and video game consoles from carry-on baggage for screening. The new memo said the agency wants foreign airports now to adopt those procedures.
Foreign airports are also being asked to adopt TSA policy, instituted in mid-2017, that passengers may be required to remove food, powders and other materials “that can clutter bags and obstruct clear images on the X-ray machine,” the memo said.
“The United States is seeking to collaborate with foreign governments to declutter carry-on bags and strengthen security effectiveness at your central checkpoints,” the TSA said in the memo to foreign airports, government agencies and other entities that was read to Reuters.
U.S. officials said the security enhancements were not the result of new threats.
The memo is aimed at addressing screening of passengers from 280 airports in 105 countries flying to the United States. In total, about 325,000 airline passengers fly to the United States daily on 2,100 flights.
TSA spokesman Matthew Leas said Thursday the agency would not disclose “timelines or methods, but as always, we’ll work closely with our international partners on this to ensure last points of departure airports align with our domestic procedures as a part of our efforts to raise the global aviation security baseline.”
Senator Bill Nelson, a Democrat, praised the changes. “Any flight coming from overseas should go through the same level of security as flights here in the United States. And if some countries are falling behind on that effort, they need to step it up,” Nelson said.
In June 2017, the United States announced new requirements on foreign flights to end its restrictions on carry-on electronic devices on planes coming from 10 airports in eight countries in the Middle East and North Africa.
U.S. authorities in June 2017 also ordered increased security around aircraft, in passenger areas and other places where travelers can be cleared by U.S. officials before they depart as well as additional use of explosive trace detection testing.
Reporting by David Shepardson; Editing by Cynthia Osterman
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-airport-security/u-s-asks-foreign-airports-to-strengthen-passenger-electronics-screening-idUSKBN1I42UY |
May 15, 2018 / 10:55 AM / Updated 18 minutes ago Houthis say fire rocket at southern Saudi military base Reuters Staff 1 Min Read
RIYADH (Reuters) - Yemen’s armed Houthi movement fired a rocket at the King Faisal military base in the southern Saudi Arabian city of Jizan on Tuesday, the group’s al-Masirah TV said on Twitter.
There were no immediate reports of damage or casualties and no confirmation from Saudi authorities.
The Houthis, an Iran-allied group that holds much of Yemen including the capital Sanaa, have fired a series of missiles into the kingdom in recent months, part of a three-year-old conflict in Yemen widely seen as a proxy battle between Saudi Arabia and Iran. Reporting By Stephen Kalin; Editing by Andrew Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/us-yemen-security/houthis-say-fire-rocket-at-southern-saudi-military-base-idUSKCN1IG1GZ |
Josh Brolin: "Deadpool 2" is quite an anomaly Tuesday, May 15, 2018 - 01:24
The cast says the sequel of the hit R-rated action comedy is both loving and adventurous. Rough Cut (no reporter narration)
The cast says the sequel of the hit R-rated action comedy is both loving and adventurous. Rough Cut (no reporter narration) //reut.rs/2L3bEHd | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/15/josh-brolin-deadpool-2-is-quite-an-anoma?videoId=427227699 |
May 4, 2018 / 12:08 AM / Updated 17 minutes ago Samsung Elec shares make solid opening after stock split Joyce Lee 2 Min Read
SEOUL (Reuters) - Shares in Samsung Electronics Co Ltd ( 005930.KS ) opened at 53,000 won each on Friday after a 50:1 stock split which makes it easier for retail investors to buy into the South Korean technology giant. The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018. REUTERS/Kim Hong-Ji
The price was flat compared to the basis price of 53,000 won per share, which Korea Exchange said was calculated by dividing the shares’ last pre-split closing price by 50.
The benchmark KOSPI .KS11 was down 0.3 percent as of 0018 GMT (8.18 p.m. ET).
Shares in the global leader in semiconductors, televisions and smartphones traded at 2.65 million won ($2,467.48) each prior to the split, putting them out of reach of retail investors.
Once known as “emperor stock” for its high price, South Korean media renamed the shares the “people’s stock” after the split.
Analysts said Samsung’s recent efforts to boost shareholder returns would encourage retail investors to take a larger portion of the company’s market capitalization than they had been able to previously.
Samsung had 70 trillion won ($65 billion) in net cash at the end of March and is giving out yearly dividends of 9.6 trillion won as part of a three-year shareholder return policy for 2018-2020.
By dispersing shares among a greater number of investors, the split also could help owner family members and affiliate companies, the controlling shareholders, fend off attempts by other shareholders to have a greater say over the company’s affairs, analysts said.
“In the case of Samsung Electronics, whose affiliates control about a 20 percent stake, and only 15 percent stakes have voting rights, the stock split is meaningful,” said Lee Seung-woo, analyst at Eugene Investment & Securities.
Samsung Electronics accounted for around 20 percent of the main KOSPI .KS11 index's market capitalization as of early Friday. Reporting by Joyce Lee; Editing by Stephen Coates | ashraq/financial-news-articles | https://uk.reuters.com/article/us-samsung-elec-stocks/samsung-elec-shares-open-at-53000-won-each-after-501-stock-split-idUKKBN1I500B |
May 23 (Reuters) - CCC SA:
* SAID ON TUESDAY THAT ITS UNIT NG2 SUISSE GMBH (PURCHASER) SIGNED CONDITIONAL SALES CONTRACT WITH KAVO-HOLDING AG AND PHIRAM HOLDING AG (SELLERS BASED IN SWITZERLAND) OF TOTAL VALUE OF CHF 10 MILLION
* NG2 SUISSE TO BUY MAJORITY STAKE OF 70% OF KARL VOEGELE AG (VOEGELE) AND ASSIGNMENT OF LOAN RECEIVABLES GRANTED TO VOEGELE BY SHAREHOLDER
* TRANSACTION IS PLANNED TO FINALIZE TILL THE END OF H1 2018 BUT NOT LATER THAN ON SEPT. 30, 3018
* PURCHASER WAS ALSO GRANTED OPTION TO BUY REMAINING 30% STAKE OF VOEGELE
* AT 2017-END VOEGELE HAD NETWORK OF 219 STORES UNDER BRANDS VOEGELE AND BINGO
* VOEGELE FY 2017 REVENUE WAS CHF 172 MLN WITH FY 2017 NEGATIVE EBITDA OF CHF 5.9 MLN
* VOEGELE UNDERGOES RESTRUCTURING PROCEDURES AND SEES FY 2019 EBITDA AT CHF 0.7 MLN
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SU0KC |
CAMBRIDGE, Mass., May 04, 2018 (GLOBE NEWSWIRE) -- Genocea Biosciences, Inc. ( NASDAQ:GNCA), a biopharmaceutical company developing neoantigen cancer vaccines, today announced that it will host a conference call and live audio webcast on Thursday, May 10, 2018 at 9:00 a.m. ET to discuss financial results for the first quarter of 2018. Genocea management will also provide an update on the Company's recent progress and upcoming milestones.
Interested participants may access the conference call by dialing (844) 826-0619 (domestic) or (315) 625-6883 (international) and refer to conference ID number 3866939. To join the live webcast, please visit the investor relations section of the Genocea website at http://ir.genocea.com .
A webcast replay will be available on the Genocea website beginning approximately two hours after the event, and will be archived for 30 days.
About Genocea Biosciences, Inc.
Genocea's mission is to help conquer cancer by designing and delivering targeted vaccines and immunotherapies. While traditional immunotherapy discovery methods have largely used predictive methods to propose T cell targets, or antigens, Genocea has developed ATLAS™, its proprietary technology platform, to identify clinically relevant antigens of T cells based on actual human immune responses. Genocea is using ATLAS in immuno-oncology applications to develop neoantigen cancer vaccines, while also exploring partnership opportunities for general cancer vaccines and a vaccine targeting cancers caused by Epstein-Barr Virus. Genocea expects to begin clinical development of its first neoantigen cancer vaccine, GEN-009, in 2018. For more information, please visit www.genocea.com .
Contact:
Jennifer LaVin
617-715-6687
[email protected]
Source:Genocea Biosciences, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-genocea-to-host-first-quarter-2018-financial-results-conference-call-webcast-on-may-10-2018-at-9-a-m-et.html |
May 14, 2018 / 5:45 AM / Updated 9 hours ago Golf: Simpson wins Players Championship by four strokes Andrew Both 3 Min Read
PONTE VEDRA, Fla. (Reuters) - Webb Simpson heard the roars echoing across TPC Sawgrass as Tiger Woods made a charge but in the end he had a large enough cushion to clinch a comfortable four-stroke victory at the Players Championship on Sunday. May 13, 2018; Ponte Vedra Beach, FL, USA; Webb Simpson celebrates winning The Players Championship golf tournament at TPC Sawgrass - Stadium Course. Mandatory Credit: Peter Casey-USA TODAY Sports
The 2012 U.S. Open champion was never seriously challenged after starting the day with a seven-shot lead, though Woods briefly got within four strokes after making six birdies in the first 12 holes.
“There’s so much noise in front of us with Tiger,” said Simpson. “His roars are definitely a different sound than everybody else’s but I knew he started 10 or 11 shots back, so he would have to do something really special.”
Woods would stall later in the round, dropping three shots.
Simpson did not hit the high notes of his previous three rounds, but he was able to enjoy his victory march down the 18th fairway and even a double-bogey took nothing away from the quality of his performance.
He carded a 73 to finish at 18-under 270 for his fifth victory on the PGA Tour and first since late 2013.
South African Charl Schwartzel (67) and Americans Xander Schauffele (67) and Jimmy Walker (67) tied for second on 14-under.
Woods shot 69 after a double-bogey at the island-green 17th and ended equal 11th on 11-under.
Simpson was not expected to blow a lead bigger than anyone had ever blown in the final round of a PGA Tour event but he said it was not as easy as it looked.
“Over four years without a win, I never doubted myself but at the same time that’s a long time,” he said.
“(Today) was harder than I thought. You don’t feel relaxed until that ball finds land on 17. So once that happened, internally I was celebrating.”
Simpson dedicated the victory to his parents — his late father Sam who died last November, and his mother Debbie back home in Raleigh, North Carolina.
“My dad got me started in the game,” Simpson said.
“He kept me in other sports but he could tell that I was better in golf.
“I also felt unconditional love from my mum no matter how I played.” May 13, 2018; Ponte Vedra Beach, FL, USA; Webb Simpson plays his shot from the 15th tee during the final round of The Players Championship golf tournament at TPC Sawgrass - Stadium Course. Mandatory Credit: Peter Casey-USA TODAY Sports Reporting by Andrew Both; Editing by Ian Ransom/Peter Rutherford | ashraq/financial-news-articles | https://in.reuters.com/article/golf-players/golf-simpson-wins-players-championship-by-four-strokes-idINKCN1IF0FG |
Johan Camargo hit the first pitch he saw for a solo home run with one out in the ninth to give the Atlanta Braves a 7-6 walkoff win against the New York Mets on Tuesday at SunTrust Park.
It was the second last-inning victory for the Braves in the series and their 45th final at-bat win since Brian Snitker became manager in 2016.
Camargo’s third homer of the season came against Gerson Bautista (0-1).
The winning pitcher was Dan Winkler (2-0), who pitched around a single and hit batsman to work a scoreless ninth.
The Braves have won two of the first three games of the series and improved to 7-2 against the Mets this season.
New York starter Steven Matz opened the game with three scoreless innings. He gave up one hit and two walks before turning it over to the bullpen when he left with discomfort in the middle finger of his pitching hand. X-rays were negative, the Mets announced.
Atlanta’s Anibal Sanchez made his return from the disabled list and went four innings. He allowed four runs on five hits, two of them home runs, and two walks. Matt Wisler kept the game close by working four innings and allowing two runs.
The Mets got on the board with a run in the first inning when Jose Bautista doubled home Brandon Nimmo.
New York went ahead 3-0 in the third on Asdrubal Cabrera’s two-run homer and made it 4-0 when Adrian Gonzalez hit his sixth homer, a solo shot, in the fourth.
The Braves cut the lead in half in the fourth. Charlie Culberson singled home a run and eventually came around to score on a passed ball.
New York added a run in the fifth on Cabrera’s second homer of the night, his 10th, and another run in the sixth on Nimmo’s RBI double for a 6-2 lead.
The Braves scored once in the seventh on a run-scoring double by Nick Markakis. Atlanta tied the game with three runs in the eighth, getting one on Preston Tucker’s bases-loaded groundout and two on Ender Inciarte’s triple.
Atlanta’s Freddie Freeman extended his hitting streak to 11 games with a single in the seventh.
The first pitch was delayed by an hour to wait out the bad weather that moved through the Atlanta area. It was the second straight night the game had been delayed by rain.
—Field Level Media
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U.S. committed to peace between Israel and the Palestinians: Trump 8:04pm IST - 01:22
U.S. President Donald Trump says he remains committed to peace between Israel and the Palestinians during a recorded message at the opening of the U.S. embassy in Jerusalem. Rough cut
U.S. President Donald Trump says he remains committed to peace between Israel and the Palestinians during a recorded message at the opening of the U.S. embassy in Jerusalem. Rough cut //reut.rs/2L2hN6y | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/14/us-committed-to-peace-between-israel-and?videoId=426852674 |
The economy is pretty solid despite geopolitcal risk: Strategist 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/the-economy-is-pretty-solid-despite-geopolitcal-risk-strategist.html |
CNBC.com Gregory Urquiaga | UC Davis Dairy cow inside research barn at University of California at Davis, where they are studying ways to reduce methane emissions from gassy cows.
California is pushing for a reduction in greenhouse-gases generated from cows, and adding seaweed to the cattle's feed shows promise in reducing potent methane emissions by more than 30 percent, researchers said this week.
Based on preliminary results, the seaweed could help dairy operations cut the level of methane emissions to meet California new standards. The state's livestock sector — mostly the dairy sector — is responsible for an estimated 55 percent of methane emissions in the state , according to a report from the California Air Resources Board.
Methane is created in cattle production when cows pass gas, belch and defecate. While methane can be short-lived as a climate pollutant, it is considered at least 25 times more potent as a heat-trapping gas than carbon dioxide
"From the cows, half of the methane emissions is from the belching of the animal and the other half is from the manure," said Ermias Kebreab, one of the researchers behind cows consuming seaweed and an animal-science professor at the University of California-Davis. "You can use additives such as seaweed to try to reduce the methane that's belched out of the animal."
Kebreab and his team are demonstrating the seaweed project this week and plan to publish preliminary findings in late June and begin further tests with additional cattle later this summer.
According to Kebreab, the project is supported by several non-profits, including Elm Innovations, an organization out of Stanford University. Another contributor is the 11th Hour Project — a program of the Schmidt Family Foundation, a private foundation created by former Google CEO Eric Schmidt.
"This is really the first trial on dairy cattle that's been done ever in the world," Kebreab said. "From what I've seen so far, it seems to work quite well. But there's a lot of stuff we need to do before this can be a viable solution." A significant cut in gas, and the milk still flows
Based on preliminary findings, Kebreab said a touch of seaweed added to the cattle's diet appears to reduce dairy cow's gassiness by "well over 30 percent."
Kebreab said the methane emissions could be lowered even more by increasing the seaweed concentration used from about 1 percent to 2 percent of the cow's diet.
The researcher said cows usually consume about 50 pounds of feed per day, and the seaweed mixture represents only around half a pound of the animal's diet. There's been no drop in milk yields on the cows using the seaweed additive. Gregory Urquiaga | UC Davis Ermias Kebreab, University of California at Davis animal science professor, who is studying ways to reduce methane emissions from gassy cows.
"You're not changing the main diet of the animal," he said. "It's just a matter of mixing the additive to their diet and providing the seaweed." New standards to meet
The use of seaweed could help California dairy farmers as they face new standards to cut methane emissions.
In 2016, California set targets for cutting methane emissions as part of an effort to reduce statewide emissions of short-lived climate pollutants across industries, including the dairy sector. The goal is to cut the level of methane emissions 40 percent below 2013 levels by 2030, and the state believes 75 percent of that reduction should come from the dairy sector.
Dairy farmers fought against the tougher rules and argued at the time it would increase costs of doing business. The legislation was signed into law at a time when more dairy farmers were exiting the business or moving to other states.
"There are environmental costs of operating here and extremely high land costs and feeds need to be brought in," said Ray Souza, a longtime dairy farmer in Turlock, California, who left the business in 2016 and now rents his dairy facility. "It just makes it more difficult for California to compete with the Midwest today."
California is the leading dairy state and home to a herd of about 1.8 million milk cows, and it accounts for nearly 20 percent of the nation's milk production. The state also has more than 5 million beef cattle.
"California is a huge producer of dairy, and so when you just add up all the methane emissions that you have there and the amount of production that's happening, you can see how it can be a really significant contributor to those overall climate pollutants.," said Marcia DeLonge, a senior scientist in the Food and Environment Program at the Union of Concerned Scientists, a Washington-based advocacy and research group.
The state had 1,390 licensed dairies last year, down 30 dairies from the year-ago period. It has lost 173 dairies since 2012, according to the California Department of Food and Agriculture.
Some of the dairy operations that left California have located in states such as South Dakota, Iowa, Idaho and Nebraska. Those states do not have the stringent air and water quality rules found in California, including the requirement to cut greenhouse gas levels from livestock manure.
"California has a specific mandate to reduce methane emissions," Kebreab said. "So if we prove this works and becomes cost effective, then you could probably just use this additive to meet that mandate. You don't have to do anything else." Other ways to cut livestock methane
Another way the state is fighting global warming is encouraging the use of so-called dairy digesters , which essentially trap methane gas as it forms and channel it into use as fuel source. The state set up a polluter fee fund from its cap-and-trade program that provided financial aid for dairy operators to buy the technology that can trap the methane gas and produce electricity.
A single adult dairy cow can release 70 to 120 kilograms of methane emissions each year. That's equivalent to the carbon footprint of a car driving about 7,800 miles.
"People are interested in finding solutions with livestock since we produce so much and they have a big footprint," DeLonge said. "So any small change that you can make can make a really big difference in the climate impact that we see in these areas."
However, using the seaweed unleashes an active ingredient that blocks microbes living in the cow's stomach from creating methane. The microbes help the animal break down grass and other plant food through fermentation. Gregory Urquiaga | UC Davis Close-up of seaweed feed mixture used in University of California at Davis research that seeks to reduce greenhouse gas emissions from dairy cows.
A garlic extract fed to cows also has been researched as a way to alter methane-producing microbes in cattle. There's also been more focus recently on cow genetics as a way to reduce methane emissions.
Meantime, a dozen cows are part of the seaweed research at UC-Davis and separated into three groups: two groups fed various doses of the dried seaweed and one group given a regular diet free of the additive. Researchers are using an open-air contraption to measure the methane in the cow's breath as they eat.
Researchers also plan to check to see whether the taste of milk is different using the seaweed additive.
The cost of the seaweed is considered high at the moment because it needs to be harvested and transported, although Kebreab said the idea is to grow it commercially. He said there's been some interest in growing it in waters off Southern California.
"Up to now there hasn't been any market for it so there was no reason to grow this," he said. "If we prove that this actually works, and works as intended and there's no harmful effects to the animal, then there will be demand for it and therefore there will be more research and work that would try to bring the cost down." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/scientists-hope-feeding-cows-seaweed-cuts-greenhouse-gases.html |
NEW YORK, May 15, 2018 /PRNewswire/ -- Video technology company Mirriad today announced the expansion of its global team with the additions of Tim Jones, Head of Global Head of Research and Insights, and Neha Warrier, who has been named VP of Sales in India. Jones and Warrier both possess a firm understanding of the current video advertising ecosystem as well as shifting viewer consumption habits across the world's leading broadcast networks.
Jones brings extensive research and insight experience from both the publisher/technology side as well as advertising agencies. Most recently he served as Head of International Research and Consumer Insight for AOL, positioning the company as a leader in understanding a diversity of audiences across digital platforms and products including TechCrunch, Skype and MSN. Prior to AOL, he spent five years at Microsoft driving key research and programmatic advertising strategies in Europe. Jones is also a former Chairman of the Research Committee for IAB Europe, where he helped shape the organization's industry leading research and intelligence on how to deliver ROI for brands. He brings a comprehensive grasp of international advertising practices and unique insights to enhance Mirriad's customer engagement and in-video consumer experience.
Warrier has rich and diverse experience working with some of the most established media companies in the world including NBC, Sony, and most recently with Discovery Networks, where she was responsible for building several of Discovery's portfolio brands. She is brought on to build a strong revenue pipeline and drive strategic alliances with premium content makers across linear and digital platforms in the region.
Says Mirriad CEO Mark Popkiewicz, "We're delighted to add the caliber and breadth of experience that Tim and Neha bring to the team. Both of these individuals have long and impressive track records in advertising, measurement and media, and will be instrumental in nurturing our core product offerings and global relationships."
Recently, Mirriad unveiled a new 10-second in-video ad unit designed to provide advertisers with quality brand exposure within mainstream entertainment content. At a time when audiences are tuning out of traditional video advertising but consuming more video content than ever, Mirriad's In-Video Advertising solution offers streaming platforms the ability to monetize while meeting key industry requirements for safety, verification, viewability and value.
Says Tim Jones, "This in-video advertising platform is a natural solution to a problem that's plaguing the industry; ad fatigue. I'm looking forward to bringing my knowledge and data-driven insights to help drive success for Mirriad's customers."
Says Neha Warrier, "I have over a decade of experience working with some of the most established and reputable brands in Indian media. Mirriad offers one of the most unique bespoke solutions I've seen, both for broadcast networks who want to reduce ad load, and for advertisers and brands who are trying to reach their target audiences more effectively. I'm delighted to be joining during this exciting time of growth."
More information about Mirriad can be found at Mirriad.com
ABOUT MIRRIAD
Mirriad is a video technology company delivering in-video advertising by naturally blending brand advertising into popular entertainment content.
Mirriad creates advertising opportunities within existing video content across multiple shows. Advertisers can reach target audiences in a contextually relevant way without interrupting the viewing experience. The new ad format can be used alone or combined with other media and is aligned with existing media trading.
Mirriad is headquartered in London, with offices in the leading advertising markets in the world: New York, Mumbai, Shanghai and São Paulo.
View original content: http://www.prnewswire.com/news-releases/mirriad-expands-global-executive-team-with-strategic-new-hires-300648089.html
SOURCE Mirriad | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-mirriad-expands-global-executive-team-with-strategic-new-hires.html |
May 8, 2018 / 5:23 PM / Updated 22 minutes ago Golf-Spieth decides patience will be a virtue at TPC Sawgrass Andrew Both 3 Min Read
PONTE VEDRA BEACH, Florida, May 8 (Reuters) - Jordan Spieth vowed on Tuesday to take a more patient approach at the Players Championship in a bid to end a run of three consecutive missed cuts at the TPC Sawgrass Stadium course.
After contending for victory in his first start here in 2014 - eventually finishing equal fourth - Spieth has failed dismally on a course where patience is often a virtue.
Usually a quick learner, the 24-year-old Texan has decided a less forceful approach, which has worked so well for him at Augusta National, is also worth trying here some 280 miles (450 km) south of the U.S. Masters venue.
“I haven’t approached it like I approach the major championship calibre golf course and this course and this championship are major calibre,” Spieth said ahead of Thursday’s first round.
“And therefore I need to go in with a different game plan and mindset and stick to it when I’m on the golf course.”
He said he would take his medicine after a bad drive instead of trying for a spectacular birdie on a course that has enough subtle and not-so-subtle humps and hollows to make even the world’s best players look silly at times.
“The patience side I seemed to display at Augusta is, ‘OK, I’m out of position, what’s the plan to make my par and move on?’” Spieth said.
“Out here the last couple of years I just haven’t had that patience.
“I love the course (but) this is not a place to go out and try and force birdies. That’s where I’ve gone the last few years that has got me into trouble.”
Spieth has won three majors — the 2015 Masters and U.S. Open plus last year’s British Open.
He held the world number one ranking for 26 weeks and is now fourth. Spieth has not troubled the trophy engraver since his victory at Royal Birkdale last July.
The American will play the first two rounds here with fellow 20-something major champions Rory McIlroy and Justin Thomas.
The large galleries are likely to amp up the atmosphere, but Spieth knows he needs to remain calm.
“I’ve kind of struggled a little this year with kind of rushing my thoughts,” he said.
“If I give myself a little bit of time and leeway, that’s been the best route in the past, so I’m trying to do that now.” (Reporting by Andrew Both; Editing by Ken Ferris) | ashraq/financial-news-articles | https://in.reuters.com/article/golf-players-spieth/golf-spieth-decides-patience-will-be-a-virtue-at-tpc-sawgrass-idINL1N1SF18S |
MILWAUKEE, May 4, 2018 /PRNewswire/ -- Mortgage Guaranty Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment Corporation (NYSE: MTG), announced today that the company has hired Greg Korn as Sales Manager – New England.
Mr. Korn brings to MGIC a vast and diverse mortgage banking background with expertise in business development, sales management, risk management and compliance. In his new role, Mr. Korn will assume business development responsibility and oversight for accounts in Massachusetts, New Hampshire and Maine. He will also be responsible for managing the business development team for New England. Mr. Korn has a combined 24 years of experience in the mortgage banking industry and holds a Bachelor's of Science degree in Finance and Economics, Minor in Management, from Thomas College in Waterville, Maine.
"Greg brings significant and varied experience to his new role at MGIC," said Jay Hughes, Executive Vice President of Sales and Business Development. "His tenure as a mortgage professional and his service as a board member of the Massachusetts Mortgage Bankers Association are an ideal foundation for the position. He is very well connected to the New England mortgage community and is widely respected due to his hard work and numerous industry speaking engagements. I am delighted to welcome Greg to the company."
About MGIC (NYSE:MTG)
MGIC ( www.mgic.com ), the principal subsidiary of MGIC Investment Corporation (NYSE: MTG), serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality. At March 31, 2018, MGIC had $197.5 billion of primary insurance in force covering approximately one million mortgages.
From time to time MGIC Investment Corporation releases important information via postings on its corporate website, including corrections of previous disclosures, without making any other disclosure and intends to continue to do so in the future. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information can be found at http://mtg.mgic.com/ under Investor Information.
View original content: http://www.prnewswire.com/news-releases/mgic-hires-greg-korn-sales-manager----new-england-300642593.html
SOURCE Mortgage Guaranty Insurance Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-mgic-hires-greg-korn-sales-manager--new-england.html |
Arabic-speaking robot could replace teachers, says researcher 01:13
A researcher at a Saudi university has designed an Arabic-speaking robot, and believes the robots could replace faculty members in the future. Stuart McDill reports.
A researcher at a Saudi university has designed an Arabic-speaking robot, and believes the robots could replace faculty members in the future. Stuart McDill reports. //reut.rs/2IZ6xup | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/30/arabic-speaking-robot-could-replace-teac?videoId=431651402 |
11:15 AM EDT
UPS will soon have the cutest logistics truck on the road.
The company on Wednesday announced a partnership UK-based technology company Arrival to develop what it calls a “pilot fleet” of 35 electric trucks. The electric UPS trucks have zero tailpipe emissions and a range of 150 miles on a single charge. They’ll also come with Advanced Driver Assistance Systems (ADAS) that, UPS says, will ultimately identify and address driver fatigue to improve safety on the roads.
But perhaps the most important feature in the electric trucks is their design. Gone are the days of boxy, ugly UPS trucks. The new electric UPS trucks are still in the familiar UPS brown color and have the company’s logo on the side, but have soft curves all around. The trucks have a flat front and big, tinted windows that could improve the driver’s ability to see traffic and obstacles on the road. And, as I said earlier, the new UPS trucks are downright cute.
Get Data Sheet , Fortune’s technology newsletter
In a statement on Wednesday, UPS said that using electric vehicles and other green technologies is a priority for the company as it looks ahead. UPS currently has more than 9,000 vehicles on roads around the world and moving to electric vehicles could dramatically reduce its carbon footprint.
To be clear, these wouldn’t be the first electric vehicles in the UPS fleet. The company currently has more than 300 electric vehicles in Europe and the U.S., as well as 700 hybrids.
UPS said in its statement that Arrival has been working with the company since 2016 to develop vehicle prototypes. The company credited Arrival with being the first European car manufacturer to build a truck to its spec.
The UPS-Arrival pilot program will kick off with 35 electric delivery vehicles cruising streets across London and Paris. UPS hopes to have the first trucks on the road by the end of this year. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/09/ups-electric-trucks/ |
NEW DELHI, May 4 (Reuters) - Finance Minister Arun Jaitley said on Friday that five state ministers would consider ways to subsidise sugarcane growers suffering from weak prices, including possibly making consumers pay a surcharge in addition to the Goods and Services Tax (GST).
Expectations of a bumper sugarcane crop this year have led to falling prices and caused financial losses for sugar mills, which are seeking federal and state government support to cover what they owe farmers.
India is the second largest sugar producer after Brazil, and Prime Minister Narendra Modi is keen to placate the country’s 50 million cane growers, who have an influential political lobby.
Karnataka, a southern state that is among the largest cane growers, holds state elections next week, while a national election is due by early next year.
Earlier this week Modi government decided to offer a subsidy of 55 rupees per tonne to sugarcane farmers and it is now considering ways to raise funds through an additional levy on retail sugar prices.
India had abolished a surcharge on sugar, or cess, after the introduction of the nationwide GST last year, but the federal government has proposed reintroducing it in response to requests by some states.
Speaking to reporters after meeting state and federal finance ministry officials attending a GST council, Jaitley said five ministers were expected to deliver other recommendations in the next two weeks, including “the imposition of a cess or temporarily increasing the tax.”
Wholesale sugar prices fell by more than 10 percent in March from a year ago.
Industry officials last month said the amount owed by sugar mills to farmers could leap to a record 250 billion rupees ($3.8 billion) in the 2017/18 season.
Analysts said a proposed additional levy of 2-5 percent would undermine the goal of the GST, which had been hailed as a landmark reform that would create for the first time a single market for India’s 29 states.
Atul Gupta, a senior director at Deloitte India, said that reintroducing a surcharge would send a wrong signal, and urged the council to focus on steps to reduce evasion of GST in order to raise funds. (Reporting by Manoj Kumar)
| ashraq/financial-news-articles | https://www.reuters.com/article/india-tax/india-considers-surcharge-on-sugar-to-subsidise-farmers-idUSL3N1SB2HF |
Royal Bank of Scotland said on Wednesday its chief financial officer has resigned from his role and that it will start looking for a successor immediately.
The effective date of departure for Ewen Stevenson, who is also resigning as executive director, will be confirmed in due course. Stevenson resigned to take up an opportunity elsewhere, the bank said.
"The Board and I are sorry to learn that Ewen has decided to move elsewhere. He will go with our thanks for a job well done and our good wishes," Chairman Howard Davies said in a statement. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/rbs-announces-that-cfo-ewen-stevenson-has-resigned-from-his-role.html |
May 8, 2018 / 1:25 PM / in 8 minutes BRIEF-Nevsun Board Rejects Euro Sun-Led Non-Binding Unsolicited Proposal Citing Inadequate Value And Problematic Structure Reuters Staff
May 8 (Reuters) - Nevsun Resources Ltd:
* NEVSUN BOARD REJECTS EURO SUN-LED NON-BINDING UNSOLICITED PROPOSAL, CITING INADEQUATE VALUE AND PROBLEMATIC STRUCTURE
* NEVSUN RESOURCES LTD - DIRECTORS UNANIMOUSLY REJECTED NON-BINDING UNSOLICITED PROPOSAL LED BY EURO SUN MINING & INCLUDING LUNDIN MINING CORP
* NEVSUN RESOURCES - NEVSUN DIRECTORS IS UNANIMOUS IN BELIEF THAT NON-BINDING UNSOLICITED PROPOSAL “FAILS TO REFLECT STRATEGIC VALUE OF OUR ASSET BASE” Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-nevsun-board-rejects-euro-sun-led/brief-nevsun-board-rejects-euro-sun-led-non-binding-unsolicited-proposal-citing-inadequate-value-and-problematic-structure-idUSASC0A0IP |
VANCOUVER, British Columbia, May 17, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : Avidian Gold Corp. TSX-Venture Symbol / Symbole à la Bourse de croissance TSX : AVG Reason / Motif : At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle Halt Time (ET) / Heure de la suspension (HE) 8:00 AM ET / 8 h 00 (HE) IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--avg.html |
May 8, 2018 / 10:41 AM / a few seconds ago Standard Life Aberdeen challenges Lloyds Banking Group over axed mandate Reuters Staff 3 Min Read
LONDON (Reuters) - Standard Life Aberdeen (SLA) ( SLA.L ) has launched a contract dispute process against Lloyds Banking Group ( LLOY.L ) over the lender’s decision to cancel a 109 billion pound ($147 billion) asset management contract. FILE PHOTO: A sign is seen outside a branch of Lloyds Bank in central London October 28, 2014. REUTERS/Andrew Winning/File Photo
Britain’s biggest mortgage lender and parent of pensions provider Scottish Widows, told SLA on Feb. 14 that it intended to cancel the mandate at the end of a 12-month notice period, citing competition concerns following the 11 billion pounds merger of Aberdeen Asset Management and Standard Life.
At the time, Lloyds said the combined entity had become a “material competitor” to its wealth and insurance units, and it had started a process to find a new manager for the assets, which mainly comprise of lower margin passive equity and fixed income securities.
SLA said on Tuesday it did not agree that it posed a competition threat to its largest client, and the bank therefore had no right to terminate the asset management agreements.
It said the two sides were “engaging with each other within the framework of the dispute resolution process” envisaged in the contract, without elaborating.
In response, Lloyds said it was “surprised” by SLA’s move and confident in its legal right to terminate the agreement.
“We note and are disappointed by the comments made by Standard Life Aberdeen, particularly in the light of our position as a major customer,” Lloyds said in a statement, adding the contract to manage the assets would have ended “in any event” in March 2022.
“Standard Life Aberdeen is a clear and material competitor of Scottish Widows and Lloyds Banking Group in the UK and to suggest otherwise is not credible.”
Shares in the asset manager were trading 0.2 percent down at 361.4 pence by 0956 GMT, while Lloyds stock was up 0.4 percent.
The annual revenue associated with the asset management contracts represents around 130 million pounds or 4.4 percent of SLA’s full year 2017 pro forma revenue.
SLA said it would provide a further update in due course.
Clients have pulled billions of pounds in assets in the nine months since the union forged one of Europe’s biggest asset managers. The Lloyds mandate represents around 17 percent of SLA’s remaining 646 billion pounds under management.
($1 = 0.7359 pounds) | ashraq/financial-news-articles | https://www.reuters.com/article/us-standard-lloyds/standard-life-aberdeen-challenges-lloyds-banking-group-over-axed-mandate-idUSKBN1I916N |
Forager teaches urbanites the secrets of sourcing food in the wild 1:23am BST - 01:50
Hayden Stebbins takes students into the woods to teach them the basics of foraging, a trend that is on the rise in urban centers across the United States. Elly Park reports.
Hayden Stebbins takes students into the woods to teach them the basics of foraging, a trend that is on the rise in urban centers across the United States. Elly Park reports. //reut.rs/2wSVQUg | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/18/forager-teaches-urbanites-the-secrets-of?videoId=427911408 |
Reblog Co. expects to lay off several thousand workers temporarily at a Michigan factory that assembles its top-selling F-150 pickup truck after a fire last week damaged the premises of a parts supplier, people familiar with the matter said. The blaze, which occurred Wednesday at a Michigan plant operated by Meridian Lightweight Technologies, has already disrupted production of Ford’s pickup trucks at a factory in Missouri. | ashraq/financial-news-articles | https://www.wsj.com/articles/ford-expected-to-temporarily-lay-off-thousands-of-workers-at-michigan-plant-1525815455?mod=yahoo_hs&yptr=yahoo |
BARCELONA (Reuters) - Sebastian Vettel defended Ferrari’s Spanish Grand Prix strategy on Sunday after a second pitstop dropped the Formula One title challenger to fourth place and 17 points adrift of Mercedes rival Lewis Hamilton.
Formula One F1 - Spanish Grand Prix - Circuit de Barcelona-Catalunya, Barcelona, Spain - May 13, 2018 Ferrari’s Sebastian Vettel in action during the race REUTERS/Albert Gea The German, winner of the season’s first two races, had been second before coming in for a fresh set of tires while Hamilton won with one stop from pole position.
“We couldn’t make the tires last, so for us it was clear we come in again. I think it was the right thing to do,” said Vettel.
“We were going through the tires too quick and therefore we were not able to stay out for another 23 laps. Even in the end , with the fresher set I wasn’t able to attack until the end,” he added.
Vettel had pitted when the virtual safety car was deployed to slow the field, something that had played in his favor at previous races.
Instead, both Mercedes’ Valtteri Bottas and Red Bull’s Max Verstappen were able to get ahead, with Vettel also losing time with an error.
“Obviously, you have to slow down, the tires are getting cold and it’s my mistake. I came into the box maybe a bit hot — well, cold with the tires — and overshot the position,” he explained.
“And then the guys (mechanics) have to reshuffle and I think that cost us a bit of time. We had some traffic in the pitlane as well.”
The race was the third in a row that Vettel, stuck on 49 career wins, had finished off the podium. Two weekends ago in Azerbaijan, the four-time champion was also fourth and in China before that eighth.
Pirelli had reduced the tread depths of the tires used at the smoother but grippier Circuit de Catalunya to reduce the risk of overheating but had said the change would not be noticeable in performance terms or stint length.
Ferrari clearly had more problems than Mercedes making them last, however, but Vettel was not making excuses.
“One, we were not quick enough. If we are not able to see that then we are more than blind,” said the German.
“Second, I think we struggled a little bit over the course of the weekend with the tires. They changed, but they changed for everyone.
“Third, I think it was a poor weekend in terms of reliability. Kimi (Raikkonen) had an issue with the engine yesterday, had to change the engine today and obviously retired in the race.”
Reporting by Alan Baldwin, editing by Ian Chadband
| ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-f1-spain-vettel/motor-racing-vettel-defends-ferraris-spanish-strategy-idUSKCN1IE11U |
May 7 (Reuters) - Guosen Securities Co Ltd:
* SAYS APRIL NET PROFIT AT 184.9 MILLION YUAN, JAN-APR NET PROFIT AT 954.4 MILLION YUAN ($149.99 million) Source text in Chinese: bit.ly/2rpYXOB ($1 = 6.3631 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-guosen-securities-april-net-profit/brief-guosen-securities-april-net-profit-at-184-9-million-yuan-idUSH9N1SA00L |
Acquisition will expand Cvent's industry leading portfolio of mobile event technologies to enhance the attendee experience, generate meaningful sponsorship opportunities, and drive increased event ROI.
TYSONS CORNER, Va.--(BUSINESS WIRE)-- Cvent, Inc., a market leader in meetings, events, and hospitality technology, today announced its intent to acquire QuickMobile, a pioneer of mobile event apps, based in Vancouver, British Columbia. The acquisition of QuickMobile, with its 100 employees, will broaden and deepen Cvent’s already world-class mobile event app and onsite solution capabilities and help the company extend its reach in the marketplace through QuickMobile’s extensive partner network. The acquisition is expected to close before the end of May 2018.
Mobile event apps are an integral part of the live event experience, facilitating – and capturing – engagement that leads to higher event ROI. By acquiring QuickMobile, Cvent is deepening its commitment to the critically important attendee onsite experience and further broadening its market-leading capabilities.
QuickMobile and Cvent will support the mobile app needs of events of all sizes – including the most complex events hosted by the largest brands in the world.
Together, the combined entity:
Serves more than 25,500 customers, including 80% of the Fortune 100 Has delivered 16.7 million app downloads Is committed to driving innovation in mobile event apps and event technology with nearly 1,100 research and development resources Offers over 950 product support professionals to ensure customer success
“Cvent and QuickMobile are innovators in the mobile event apps space and share a passion for enhancing our customers’ live events through mobile apps that deliver engaging experiences,” said David Smith, CEO of QuickMobile. “We couldn’t envision a better fit for QuickMobile than joining the team at Cvent, a market leader with global reach and scale. We have a shared commitment to develop employees, drive innovation, and deliver exceptional value for our customers.”
“We are extremely excited to add QuickMobile to the Cvent family,” said Reggie Aggarwal, founder and CEO of Cvent. “QuickMobile’s track record of innovation, strong customer relationships, and winning culture fit perfectly with Cvent. We will be laser-focused on continuing to deliver value for QuickMobile customers and look forward to adding the best of QuickMobile’s capabilities and expertise to the Cvent Event Cloud platform. We are also thrilled to welcome the talented QuickMobile team to our 3,000+ Cventers worldwide. Together, we will execute on the mission of delivering cutting-edge mobile event applications that transform live events.”
Tweet this : #BreakingNews: @Cvent to acquire @QuickMobile to broaden its leadership in the Mobile Event Apps space.
About Cvent
Cvent, Inc. is a leading cloud-based enterprise event management company with more than 25,000 customers, 300,000 users, and 3,000 employees worldwide. Cvent offers software solutions to event planners for online event registration, venue selection, event management, mobile apps for events, email marketing, and web surveys. Cvent provides hoteliers with an integrated platform, enabling properties to increase group business demand through targeted advertising and improve conversion through proprietary demand management and business intelligence solutions. Cvent solutions optimize the entire event management value chain and have enabled clients around the world to manage hundreds of thousands of meetings and events. For more information, please visit Cvent.com , or connect with us on Facebook , Twitter or LinkedIn .
About QuickMobile
Designed for today's mobile-savvy attendee, QuickMobile’s mobile app and analytics platform creates meaningful and lasting experiences. QuickMobile helps its customers deliver personalized, productive and fully-integrated events and meetings–across the enterprise and beyond–that captivate and engage attendees. QuickMobile has helped thousands of high-performance organizations around the world transform their meetings and events. QuickMobile’s head office is located in Vancouver, Canada.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006218/en/
Cvent, Inc.
Erica Stoltenberg, 703-226-3500 x43229
[email protected]
Source: Cvent, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-cvent-to-acquire-quickmobile-to-broaden-its-mobile-event-app-capabilities.html |
May 8, 2018 / 11:17 AM / Updated 23 minutes ago Zimbabwe parliament delays Mugabe's questioning on diamond revenue Reuters Staff 2 Min Read
HARARE (Reuters) - Former President Robert Mugabe will not appear before Zimbabwe’s parliament as scheduled on Wednesday to answer questions on diamond mining operations, a legislator said. FILE PHOTO: President Robert Mugabe addressed supporters of his ruling ZANU party at a rally in Chinhoyi, Zimbabwe, July 29, 2017. REUTERS/Philimon Bulawayo/File Photo
Temba Mliswa, who leads the parliamentary committee on mines, said the clerk of parliament hadn’t written to Mugabe to invite him to appear.
“It has been delayed but that resolution still stands,” Mliswa said. “He will have to appear before the committee whether he likes it or not.”
The committee had ordered the 94-year-old Mugabe to face legislators over his previous pronouncements that the state had been deprived of at least $15 billion (11.10 billion pound) in diamond revenue by mining companies.
Mugabe said in March 2016 the country was robbed of the revenue by diamond companies, including joint ventures between Chinese companies and the army, police and intelligence services, whose operations were shielded from public scrutiny.
Specifically, he said Zimbabwe lost $15 billion from the Marange gem fields, more than 400 kilometres (250 miles) east of the capital. He later expelled the companies and replaced them with a state-owned diamond company.
Mliswa said a new date for Mugabe to testify would be set. The questioning on Wednesday would have been Mugabe’s first public appearance since the army deposed him last November in a de facto coup. Reporting by MacDonald Dzirutwe, editing by James Macharia, Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-zimbabwe-mugabe/zimbabwe-parliament-delays-mugabes-questioning-on-diamond-revenue-idUKKBN1I91BE |
By Clay Chandler 11:01 AM EDT
Last week in this space I pondered the possibility that, for political reasons, Donald Trump and Xi Jinping might prefer a protracted standoff over trade to a negotiated settlement. In the wake of Chinese economic adviser Liu He’s visit to Washington this week it appears that I was wrong. Both sides now seem eager to do a deal .
On Monday, Trump stunned Republicans and Democrats alike by announcing via Twitter that he had ordered the U.S. Commerce Department to reverse a ban on sales of U.S. products to Chinese telecommunications company ZTE. On Thursday, it emerged that his ZTE U-turn was part of a broader accord in which the U.S. would withdraw its threat to slap tariffs on $150 billion of Chinese imports in exchange for promise that China would forego pending tariffs on U.S. sorghum exports and dramatically ramp up purchases of American products. It has been widely reported in the U.S. press that Beijing will commit to reducing China’s current $372 billion trade surplus with the United States by $200 billion over the next two years, mainly by increasing Chinese purchases of American soy beans, natural gas and commercial aircraft.
It’s hard to know what to make of such a “grand bargain.” The reported terms of the deal are difficult to justify on economic or national security grounds. Even allies were baffled by Trump’s claim that he was reversing the ZTE deal for fear that too many Chinese jobs would be lost; wasn’t the whole point of his trade war to protect American jobs? His about-face has offered a reprieve to a company that blatantly flouted U.S. import sanctions against Iran, even as Trump was tearing up an existing U.S. treaty with Iran on the grounds that it wasn’t tough enough.
The real puzzler is Trump’s offer to abandon tariffs in exchange for a Chinese promise to reduce the bilateral trade deficit. It remains unclear what, exactly, Beijing has proposed. U.S. accounts notwithstanding, reports in China’s state-owned media deny Beijing has committed to reducing the deficit by a specific dollar figure. Economists and trade experts, meanwhile, warn almost unanimously that reducing the deficit by $200 billion within two years is an impossible task .
For one thing, the U.S. economy is functioning at almost full capacity , so it’s unclear where American companies will find the workers, factories and equipment to answer increased demand from China. For another, the trade math doesn’t add up. Even under the most optimistic assumptions, increased U.S. farm exports to China won’t reduce the deficit by anywhere close to $100 billion. Boeing might be able to increase the overall number of aircraft it produces over the next two years by a handful of planes, but not enough to slash the deficit by hundreds of billions of dollars. The company might shift to Chinese airlines some of the aircrafts it is producing for customers in Europe, but that would affect only the bilateral trade balance with China while leaving America’s global deficit unchanged.
The Chinese would happily increase their consumption of U.S. semiconductors and other high-tech products. But U.S. legislators in recent years have sought to restrict such sales rather than encourage them. Similarly, China would love to be able to purchase American-made military hardware, but the U.S. has banned arms sales to China since leaders of the Communist Party ordered Peoples Liberation Army forces to open fire on democracy advocates in Tiananmen Square in 1989.
The deal makes more sense if seen through the prism of Trump’s parallel parlay with North Korean dictator Kim Jung-un, who this week called an abrupt halt to preparations for a summit with Trump in Singapore to finalize arrangements for dismantling North Korea’s nuclear missile program. As Trump himself observed this week, Kim threatened to back out of the summit immediately following a May 8 meeting with Xi Jinping. Trump has speculated publicly that Xi might be “influencing” Kim. So has Trump concluded that the only way he can close a deal with Kim is to back off on Xi ? Is he betting that China’s pledge to reduce the deficit gives him enough of a fig leaf to declare his China policy a success in the 2020 presidential campaign, and that the vagueness and implausibility of that promise won’t matter if he signs an historic accord with North Korea?
It’s far easier to understand why a deal focused solely on adjusting the U.S.-China trade balance would appeal to Xi. The Chinese leader will simply order state-owned firms to shift purchases of soy beans, gas, and other products to the U.S. at the expense of other trade partners. If all the U.S. cares about is reducing the deficit, Beijing will remain free to protect home-grown firms, pressure foreign companies to surrender cutting -edge technology as the price of entry into China’s market, and lavish state subsidies on domestic players in high-priority sectors like semi-conductors, industrial robots and artificial intelligence.
The perverse outcome of Trump’s insistence that the Chinese government do whatever it takes to reduce the trade imbalance would be an even larger role for the state in China’s economy. The terms of the U.S.-China trade deal, at least as they have been reported thus far, will only perpetuate the political institutions and structures that created that imbalance in the first place. As an anonymous source quoted in Politico put it, this isn’t the art of the deal, it’s the art of the bad deal . Clay Chandler @claychandler Politics and Policy
No hawkers. During a visit to Beijing two weeks ago, China hawk and trade advisor Peter Navarro exchanged “ sharp words ” with US Treasury Secretary Steven Mnuchin, signalling a disagreement over how to handle trade negotiations. On Wednesday, Navarro’s name appeared to be absent from a list of diplomats due to be involved in this week’s trade talks. However, on Thursday a White House official reported that Navarro would be involved after all. Bloomberg
As easy as ZTE. On Wednesday, FBI Director Christopher Wray told a Senate panel that the agency is “ deeply concerned ” about a company like ZTE gaining influence in the US telecommunications market. On Thursday, in a further blow to Trump’s sudden goodwill towards the tech firm, a bipartisan House committee voted unanimously to uphold the sanctions currently placed on ZTE. “This amendment would prevent the commerce department from renegotiation of the sanctions is just enacted last month,” said republican Dutch Ruppersberger. The Hill
Korea path. China foreign minister Wang Yi counselled America to remain calm in its response to North Korea’s threat to call off the Kim-Trump meeting next month. Trump did exhibit a “ que sera, sera” mind-set during a press conference this week when he said, “We may have the meeting; we may not have the meeting…We’ll see what happens”. However, later the president speculated that China might have been behind the North’s sudden change in heart. “President Xi could be influencing Kim Jong-un,” he said. Rea l Clear Politics
Just not on my turf. Despite trying to silence activism that emerged last month around the alleged sexual assault cases against a former Beijing University professor, the Chinese government has now expressed “deep concern” over similar allegations of sexual abuse of Chinese students that have emerged around former University of Southern California gynecologist George Tyndall. LA Times Advertisement Technology and Innovation
Bye to Baidu. Baidu chairman Qi Lu has stepped down from all active management roles in the internet search giant, less than two years after the star hire from Microsoft was tasked to reshape almost every aspect of its business. Lu, who was spearheading Baidu’s AI efforts as he did at Microsoft, left for family reasons and because he was unable to continue working in China full-time, the company said. He remains vice chairman. Bloomberg
Safety straps. Ride-hailing service Didi Chuxing has announced a slate of new safety measures, a week after the alleged rape and murder of a 21-year-old female passenger by one of its drivers led to a public chastising from China’s Ministry of Transport. The additions include suspending night-time rides on its ride-sharing Hitch platform, building in an emergency call function and tracking its drivers through facial recognition software. The latter has been widely criticised as the flaw that allowed the unregistered driver to go undetected. Sixth Tone
Facebook’s China profits. Though Facebook is still banned in China, almost 10% of the firm’s global ad revenue comes from the country, according to a new research report. Chinese advertisers will spend an estimated $5 billion in Facebook ad revenue over the course of 2018, if not more. This makes China the second-largest country for Facebook ad revenue after the US. Quartz
See you in court, again. Beijing-based Bytedance Tech, the company behind popular news aggregator Jinri Toutiao and video platform Douyin, has issued separate lawsuits against Baidu and Tencent on the same day. Toutiao has accused Baidu of unauthorised streaming of its proprietary talk show, while Douyin is suing Tencent for defamation , after Tencent CEO Pony Ma and Bytedance founder Zhang Yiming publicly bickered over a WeChat article berating the Douyin app for being harmful to children and their safety. TechNode
Celestial empire. China launched its first privately-made rocket on Thursday. The “Chongqing Liangjiang Star” rocket was developed by Beijing-based OneSpace Technology, which was founded in 2015. “This is the first rocket developed and built entirely with homegrown technology,” founder and CEO Shu Chang claimed. Although OneSpace is privately-held, it has entered partnerships with state-owned firms, such as Chongqing Liangjiang Aviation Industry Investment Group. The two inked a deal to co-build an R&D centre last year. CNN
Just for the hack of it . Def Con,an event that has been described as the Olympics of Hacking, held its first event inside China last weekend. Despite the government warning local hackers against participating in international hacking contests, there were over 1,300 attendees at the conference in Beijing. The event was brought to China in partnership with Baidu’s internet security arm. Financial Times In Case You Missed It | ashraq/financial-news-articles | http://fortune.com/2018/05/19/trumps-bizarre-trade-deal-with-china/ |
FRANKFURT (Reuters) - BASF SE ( BASFn.DE ) and Solenis have agreed to combine their paper and water chemicals businesses, BASF said on Thursday.
Flags of the German chemical company BASF are pictured in Monheim, Germany April 20, 2012. REUTERS/Ina Fassbender/File Photo The combined business, which had pro-forma sales of 2.4 billion euros ($2.88 billion), will be 49 percent owned by BASF, while funds managed by private equity firm Clayton, Dubilier & Rice will hold the rest, it said.
No financial details of the transaction were disclosed.
BASF has embarked on an organizational revamp. It has agreed to spend billions on agricultural seed assets from peer Bayer ( BAYGn.DE ). BASF is also planning to merge its oil and gas division with rival DEA and float it on the stock exchange.
But Martin Brudermueller, who will take over as CEO has thrown his weight behind the chemical group’s strategy of keeping divergent businesses folded into one company, at a time when its major rivals such as DowDuPont ( DWDP.N ) are breaking themselves up.
($1 = 0.8339 euros)
Reporting by Maria Sheahan; Editing by Arno Schuetze
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-basf-solenis/basf-solenis-to-combine-paper-and-water-chemicals-businesses-idUSKBN1I41EQ |
Netanyahu does "chicken dance" with Eurovision winner 8:32am EDT - 00:52
Israel Prime Minister Benjamin Netanyahu couldn't resist doing the ''chicken dance'' with Eurovision song contest winner Netta Barzilai when she visited the leader and his wife, Sara. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Israel Prime Minister Benjamin Netanyahu couldn't resist doing the "chicken dance" with Eurovision song contest winner Netta Barzilai when she visited the leader and his wife, Sara. 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/2InGJrk | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/17/netanyahu-does-chicken-dance-with-eurovi?videoId=427739266 |
By Sarah Gray 4:02 PM EDT
The number of electric cars on the road is predicted to expand to 125 million worldwide by 2030, due to supportive policies and cost reduction. This is according to a new report from the International Energy Agency that was released on Wednesday .
The 125 million figure follows the IEA’s New Policies Scenario, which takes into account “both the policies and measures that governments around the world have already put in place, and the likely effects of announced policies, including the Nationally Determined Contributions made for the Paris Agreement,” according to the IAE. An even more ambitious plan, the IEA’s EV30@30 Scenario, which applies policies aimed at making electric cars 30% of the market share by 2030, would mean up to 220 million electric cars on the road by 2030.
In 2017, the number of electric cars hovered just above the 3 million mark, which compared to 2016 is a 54% increase. For the IEA’s purposes electric vehicles (EVs) include these four categories: battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles, and fuel-cell electric vehicles.
In addition to cars other electric vehicles saw growth “electric buses rose to 370,000 from 345,000 in 2016, and electric two-wheelers reached 250 million,” the IEA reports . Electric vehicle infrastructure also expanded: There were roughly 3 million private charging stations world-wide and 430,000 public chargers.
The adoption of electric vehicles hinges on several factors. The most important of which is government policies, including “public procurement programmes, financial incentives reducing the cost of purchase of EVs, tightened fuel-economy standards and regulations on the emission of local pollutants, low- and zero-emission vehicle mandates,” the IEA reports.
Cost and performance of lithium-ion batteries are also a factor in the expanded use of electric vehicles, and innovation is both expected by IEA and needed due to potential supply issues with core components like lithium and cobalt. Cobalt is currently mainly produced in the Democratic Republic of Congo, and 90% is refined in China. “Even accounting for ongoing developments in battery chemistry, cobalt demand for EVs is expected to be between 10 and 25 times higher than current levels by 2030,” according to the IEA.
Currently China is seeing most growth in electric vehicle adoption, accounting for half of the electric cars sold in 2017, while the U.S. saw the second largest number of electric cars sold. However, in terms of market share, Norway is the leader: 39% of new vehicles sold were electric. And the IEA shows that the majority of electric adoption is concentrated in just a few countries.
A number of countries — France, India, the U.K., Norway — have set their sights on ending the sale of gas or diesel powered cars in favor of electric vehicles in the next two to three decades to help reach reduced emissions goals.
In the United States, a recent survey from AAA found that 20% of Americans want their next car to be electric . SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/31/electric-vehicles-international-energy-agency/ |
MADRID—The restive Catalonia region has a new leader but Spain’s prime minister has maintained direct rule, prolonging the tense relationship between Catalan separatists and the central government.
Catalonia’s regional assembly last week electedJoaquim “Quim” Torra, a hardline separatist, as leader of the prosperous region. The designation of his government was expected to pave the way for Spanish Prime Minister Mariano Rajoy to bring to an end nearly seven months of direct rule in Catalonia, imposed to quell last autumn’s... | ashraq/financial-news-articles | https://www.wsj.com/articles/spain-maintains-direct-rule-over-catalonia-due-to-provocative-regional-government-1526911958 |
May 29, 2018 / 5:56 AM / Updated 28 minutes ago KWS seeks to buy Bayer's vegetable business, countering BASF Ludwig Burger , Patricia Weiss 3 Min Read
FRANKFURT (Reuters) - German seed seller KWS Saat ( KWSG.DE ) has made a rival offer for Bayer’s ( BAYGn.DE ) vegetable seed business, a unit Bayer had agreed to sell to BASF ( BASFn.DE ) as part of its planned merger with Monsanto ( MON.N ). FILE PHOTO: The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal, Germany February 24, 2014. REUTERS/Ina Fassbender//File Photo
KWS on Tuesday said its non-binding proposal was first made to Bayer on Jan. 26, but not disclosed to investors at the time.
Frustration over Bayer’s rejection despite a “highly attractive price” led KWS to break cover on the bid, in the hope that antitrust regulators will regard it more favourably, KWS Chief Executive Hagen Duenbostel told Reuters.
Having turned down the KWS bid, Bayer continued to negotiate the sale of the vegetable assets - known under the Nunhems brand - with BASF, which was already due to buy other Bayer assets worth 5.9 billion euros (5.1 billion pounds).
“Somebody has to move. We’ve waited so long, we decided to make a move now to get the ball rolling,” said Duenbostel.
KWS let itself “be guided” by a multiple of close to 17 times earnings before interest, taxes, depreciation and amortisation (EBITDA) for the proposed price, which Duenbostel said was what Bayer agreed to pay for all of Monsanto. He declined to give more detailed terms.
Sales of more than 400 million euros at the vegetable unit and an EBITDA margin of about 20 percent would translate to a bid value of roughly 1.4 billion euros.
BASF last month agreed to pay up to 1.7 billion euros for a bundle of assets comprising Bayer’s vegetable seeds business, seed treatments and digital farming activities.
That would come on top of 5.9 billion euros worth of Bayer assets including soy, cotton and canola seed and herbicide businesses that BASF agreed to buy in October.
While BASF has already secured EU antitrust approval for the October transaction, the go-ahead for BASF to also snap up the vegetable business is still outstanding, a Bayer spokesman said. He declined to comment further.
BASF said it had an agreed deal with Bayer and declined to comment on KWS’s move.
Shares in KWS Saat fell 4.3 percent at 0844 GMT on concern the deal would be too big a financial burden for a buyer with a market value of about 2 billion euros. “Isn’t it a little too big for KWS?” a Frankfurt-based trader said.
Bayer’s bid to buy seed and chemical company Monsanto is on track to win U.S. antitrust approval by the end of May, unless there is a last-minute complication, two people familiar with the matter said in late April. Additional reporting by Christoph Steitz; Editing by Edward Taylor and Alexandra Hudson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-monsanto-m-a-bayer-kws/kws-makes-non-binding-offer-for-bayers-vegetable-seed-business-idUKKCN1IU0G5 |
TROY, Mich., May 22, 2018 /PRNewswire/ -- North American Bancard Holdings, LLC (NAB), a multi-faceted and award-winning payment solutions provider, today announced the appointment of Matt Hoskins as executive vice president of Sales and Distribution. Hoskins will report directly to Kirk Haggarty, chief financial officer of NAB.
"Matt brings top-tier enterprise sales, business development and leadership to further bolster the NAB executive team," said Haggarty. "NAB is redefining our position in the payments landscape by focusing on technology and our distribution channels. We are confident in Matt's ability to oversee our strategic partnerships and further deliver on the evolving needs of the market."
"I'm pleased to welcome Matt to North American Bancard's leadership team as we continue to advance our services and solutions," said Marc Gardner, president and CEO of NAB. "In today's world, technology and innovation are paramount, and businesses must incorporate these elements into their customer experience to remain relevant. Matt has an unmatched passion for customer success, and I'm confident he will help us fill market gaps as we build our dynamic portfolio of solutions."
Previously, Hoskins founded Payment Processing Technologies, LLC (PPT) in 2004 and as CEO is responsible for the growth of the business to more than 50,000 acquired merchant locations. A payments industry veteran, Hoskins' expertise spans sales, technology, product and operations. Over the years, he has developed lasting customer relationships by helping merchants adapt and succeed in the ever-changing business landscape.
"I couldn't be more excited to join NAB," said Hoskins. "I have had the privilege to work with this leadership team, specifically Marc Gardner, and I echo his passion and vision for strategic growth. Being part of an organization that is perfectly positioned at the intersection of the payments and technological landscapes allows us to support our partners and customers to digitally transform the way they do business. Our solutions will strengthen their competitive advantage, optimize operational efficiencies and improve the overall customer experience."
About North American Bancard Holdings
Founded in 1992, North American Bancard Holdings (NAB) is an innovative payment technology company that's reimagining the payment experience for the evolving merchant economy. With its own secure, international processing platform, NAB provides end-to-end transaction solutions, eliminating the need for multiple vendor relationships by combining the functionality of an ISP, merchant acquirer, gateway, front-end, and back-end processor. NAB's diversified product solutions enable all globally preferred payment methods in mobile, online, and in-store environments. As North America's sixth largest non-bank acquirer, NAB serves more than 350,000 businesses and processes more than $50 billion in electronic payments annually. For more information, visit www.nabancard.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/north-american-bancard-names-matt-hoskins-evp-of-sales-and-distribution-300652689.html
SOURCE North American Bancard | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-north-american-bancard-names-matt-hoskins-evp-of-sales-and-distribution.html |
May 15 (Reuters) - Milestone Scientific Inc:
* MILESTONE SCIENTIFIC PROVIDES BUSINESS UPDATE FOR THE FIRST QUARTER OF 2018
* Q1 LOSS PER SHARE $0.06 * QTRLY REVENUES WERE APPROXIMATELY $1.8 MILLION VERSUS ABOUT $3.7 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-milestone-scientific-q1-loss-per-s/brief-milestone-scientific-q1-loss-per-share-0-06-idUSASC0A2GG |
May 18 (Reuters) - Baidu Inc:
* QI LU TO TRANSITION INTO NEW ROLE AT BAIDU, BAIDU PROMOTES HAIFENG WANG TO SENIOR VICE PRESIDENT
* QI LU WILL NO LONGER SERVE AS CHIEF OPERATING OFFICER OF COMPANY STARTING IN JULY 2018
* HAIFENG WANG HAS BEEN PROMOTED TO SENIOR VICE PRESIDENT AND GENERAL MANAGER OF BAIDU’S AI GROUP
* QI LU WILL CONTINUE TO SERVE AS VICE CHAIRMAN OF BOARD OF DIRECTORS Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-qi-lu-to-transition-into-new-role/brief-qi-lu-to-transition-into-new-role-at-baidu-baidu-promotes-haifeng-wang-to-senior-vice-president-idUSASC0A2WB |
May 27, 2018 / 5:39 PM / Updated 44 minutes ago Flustered Champion Ostapenko falls at first French Open hurdle Ossian Shine 3 Min Read
PARIS (Reuters) - A flustered Jelena Ostapenko became only the sixth female Grand Slam champion to fall at the first hurdle of her title defence on Sunday when she lost to Kateryna Kozlova at the French Open. Tennis - French Open - Roland Garros, Paris, France - May 27, 2018 Latvia's Jelena Ostapenko reacts after losing her first round match against Ukraine's Kateryna Kozlova REUTERS/Pascal Rossignol
Never at ease on the Roland Garros main show court, the world number five slumped to a 7-5 6-3 defeat to a Ukrainian opponent who had won both the pair’s previous meetings.
Not since Anastasia Myskina went down in the opening round of the 2005 tournament has the French Open lost its women’s champion so early, and the 20-year-old slipped off court, her head bowed, ruing what she called a “terrible day”.
By losing, Ostapenko joins a ignominious group including, as well as Myskina, Steffi Graf, Jennifer Capriati, Svetlana Kuznetsova and Angelique Kerber who all lost as Grand Slam champions on the first run of their defences.
Kozlova, competing with a large, weeping blister on her heel which caused her to take a medical break at the end of the first set, was well worth the victory, playing with power and composure, in contrast to the flustered champion.
“Obviously, it feels great... I didn’t expect anything from the match. I just went to enjoy every moment on the court because, before, I was not sure if I will be able to play in [the] French Open,” Kozlova said, citing a knee injury which had sidelined her. Tennis - French Open - Roland Garros, Paris, France - May 27, 2018 Ukraine's Kateryna Kozlova shakes hands with Latvia's Jelena Ostapenko after winning their first round match REUTERS/Pascal Rossignol
“So I was just happy to be on court, back on court, and compete. So it was very important for me. And, in the end, the result comes up and it’s just amazing.”
Amazing for Kozlova, dismal for Ostapenko, whose eyes searched the coach’s box at every opportunity.
Last year, she had lit up Paris by lifting the title with an exciting, powerful style and smiling, jaunty demeanour.
Where in 2017 she made a habit of coming back from the dead to win seemingly lost matches, this year she showed little grit. Slideshow (3 Images)
She seemed unable to find any answers to the questions Kozlova was posing, and checked out early with barely a whimper.
“It was terrible day,” she told reporters afterwards, her pink cap pulled low over her eyes.
“Honestly today began not in a nice way and I knew something like that could happen, so I tried to stay positive. But...
“I just woke up here and my mood was not amazing. [A] few things go wrong and you are pissed off, but you try to stay positive. Then you lose a match, and it is no longer possible to be positive.”
Ostapenko said she might have had a better chance had she been scheduled on Monday or Tuesday but that it had simply not been her day on Sunday.
“When I went on court today I had this unbelievable pressure, and felt I was not myself on court.”
“I will just try to forget this as soon as I can.”
It might appear lower-ranked players are becoming something of an Achilles’ heel to the Latvian - already this year she had lost to two players outside the world’s top 50. Kozlova, ranked 66, makes it an unhappy hat-trick for the 20-year-old. Editing by Pritha Sarkar and Neil Robinson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-ostapenko/champion-ostapenko-dumped-in-round-one-of-french-open-idUKKCN1IS0NH |
May 18, 2018 / 6:42 PM / Updated 9 minutes ago UPDATE 1-Trump urged U.S. Postal Service to double package rates for Amazon -Washington Post Reuters Staff 2 Min Read
(Adds Amazon and U.S. Postal Service declining to comment, background)
WASHINGTON, May 18 (Reuters) - President Donald Trump has personally pushed the postmaster general to double the rates the U.S. Postal Service charges Amazon.com and other companies to ship packages, the Washington Post three unnamed sources.
Postmaster General Megan Brennan resisted Trump’s suggestion in private conversations in 2017 and 2018, telling him that package delivery rates are set by contract and reviewed by an independent commission, the sources said, according to the newspaper.
She also told Trump, using a set of slides that showed other companies besides Amazon that partner for deliveries, that the arrangements have helped the financially challenged Postal Service, the Post said, citing the sources.
Trump has repeatedly said without evidence that deliveries for Amazon were costing the service money.
The White House did not immediately respond to a request for comment. Amazon and the Postal Service declined to comment.
Trump has criticized both Amazon and Jeff Bezos, the founder and chief executive officer of the online retailer. Bezos also privately owns The Washington Post, which has published stories that have angered the president.
Trump has repeatedly said without evidence that deliveries for Amazon were costing the service money. Last month, he ordered the creation of a task force to study the Postal Service and its financial difficulties.
Big increases in its parcel delivery rates could cost Amazon and other businesses billions, leading to higher prices for consumers. Reporting by Eric Walsh; Editing by Tim Ahmann and Nick Zieminski | ashraq/financial-news-articles | https://www.reuters.com/article/amazoncom-trump/update-1-trump-urged-u-s-postal-service-to-double-package-rates-for-amazon-washington-post-idUSL2N1SP1AZ |
LONDON (Reuters) - Goldman Sachs said on Thursday that any systemic spillovers from Italian political risks into peripheral Europe could push the euro down against the dollar by “around five big figures.”
An employee counts euro banknote in a bank in Cairo, Egypt March 10, 2016. REUTERS/Amr Abdallah Dalsh The prospect of a coalition government between the anti-establishment 5-Star Movement and far-right League, bent on big spending plans that would put Italy on a collision course with the European Union, have rattled markets in the past week.
“Should this become a more systemic event...we estimate that EUR/USD could fall by around 5 big figures,” the U.S. bank said in a note published on Thursday.
However, it said as long as Italian risk remains confined to the country, the euro is unlikely to suffer from any additional political risks.
Goldman said the current level of Italian bond yields trades close to two standard deviations above its fair value with a political premium of around 40-50 basis points.
It said it does not see Italy bond-yield spreads widening to levels that would create systemic ripple effects across euro zone and that fair value for the Italy/German 10-year bond yield spread is around 120 basis points. That spread was 186 bps on Thursday.
Reporting by Sujata Rao and Saikat Chatterjee; Editing by Dhara Ranasinghe
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-italy-markets-goldman/any-systemic-risk-from-italy-could-push-euro-down-5-big-figures-goldman-idUSKCN1IP21C |
LAVAL, Quebec, May 16, 2018 (GLOBE NEWSWIRE) -- Neptune Technologies & Bioressources Inc. (“Neptune” or the “Company”) (NASDAQ:NEPT) (TSX:NEPT), announces that it will be holding a conference call on June 5, 2018 at 5:00 PM (EST) to discuss its fourth quarter and fiscal year-end results ended March 31, 2018.
The fourth quarter results press release will be issued on the same day at 4:00 PM (EST), after market close.
Conference Call Details: Date: Tuesday, June 5, 2018 Time: 5:00 PM Eastern Standard Time Call: 1 (877) 223-4471 (within Canada and the U.S.)
1 (647) 788-4922 (outside Canada and the U.S.) Webcast: A live audio webcast and presentation of the results can be accessed at:
http://neptunecorp.com/en/investors/events-presentations/ A replay of the call will be available for replay two hours after the call's completion, until July 5, 2018. The telephone numbers to access the replay of the call are 1 (416) 621‑4642 or 1 (800) 585-8367 (toll-free), Conference ID 2993468. The archive of the webcast, along with its accompanying presentation, will also be made available immediately in the Investors section of Neptune’s website under Investor Events and Presentations.
About Neptune Technologies & Bioressources Inc.
Neptune is a wellness products company, with more than 50 years of combined experience in the industry. The Company formulates and provides turnkey solutions available in various unique delivery forms, offers specialty ingredients such as MaxSimil®, a patented ingredient that may enhance the absorption of lipid-based nutraceuticals, and a variety of other marine and seed oils. Neptune also sells premium krill oil directly to consumers through web sales at www.oceano3.com . Leveraging our scientific, technological and innovative expertise, Neptune is working to develop unique extractions and formulations in high potential growth segments such as medical and wellness cannabinoid-based products.
The Company's head office is located in Laval, Quebec.
For more information, please contact:
Contact information Neptune Wellness Solutions Investor Relations Contact (Canada) Investor Relations Contact (U.S.) Mario Paradis Pierre Boucher Jody Burfening VP & CFO, Neptune
1.450.687.2262 x236 MaisonBrison
1.514.731.0000 LHA
1.212.838.3777 [email protected] [email protected] [email protected]
Source:Neptune Technologies & Bioresources Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-neptune-to-hold-conference-call-to-discuss-fourth-quarteraand-fiscal-year-end-results-ended-march-31-2018.html |
May 3, 2018 / 12:04 PM / Updated 2 hours ago South Africa miners reach 5 billion rand silicosis settlement with mining companies Ed Stoddard , Patricia Aruo 4 Min Read
JOHANNESBURG (Reuters) - South African gold producers agreed a 5 billion rand (294.39 million pounds) class action settlement on Thursday with law firms representing thousands of miners who contracted the fatal lung diseases silicosis and tuberculosis, officials said on Thursday. FILE PHOTO: Former gold miner Senzele Silewise, 81, diagnosed with silicosis, talks to paralegals in Bizana in South Africa's impoverished Eastern Cape province March 7, 2012. REUTERS/Mike Hutchings/File Photo
The most far-reaching class action settlement ever reached in South Africa follows a long legal battle by miners to win compensation for illnesses they say they contracted over decades because of negligence in health and safety.
The six companies involved had already set aside the settlement amount in provisions in previous financial statements and it should not affect future earnings, unless the number of claimants who come forward exceed the current provisions.
Estimates for the number of potential claimants range from tens of thousands to hundreds of thousands. Three smaller gold producers are not party to the settlement and the class action against them will continue.
The class action suit was launched six years ago on behalf of miners suffering from silicosis, an incurable disease caused by inhaling silica dust from gold-bearing rocks.
It causes shortness of breath, a persistent cough and chest pains, and also makes people highly susceptible to tuberculosis.
Almost all the claimants are black miners from South Africa and neighbouring countries such as Lesotho, whom critics say were not provided with adequate protection during and after apartheid rule ended in 1994. FILE PHOTO: Former gold miner Dabula Mnyaka scans a notice board before a registration meeting in Bizana in South Africa's impoverished Eastern Cape province March 7, 2012. REUTERS/Mike Hutchings/File Photo
The settlement is broken into three parts and a trust will have 12 years to track down the claimants and distribute the funds - no easy task as many are in remote rural areas and may do not have proper medical and other records.
Out of the 5 billion rand, 845 million rand will be used to cover the administration expenses of the trust over the 12 years and 370 million rand will be paid to the law firms.
The remainder is for compensation and the final total will depend on the number of claims that are processed.
“If there are more claimants the actuaries have estimated, then that five billion number could increase. If there are less then it will decrease,” Graham Briggs, who chaired the Occupational Lung Disease Working Group, a unit put together by the six companies, told a news conference.
In addition to the anticipated settlement payout, there is also close to 4 billion rand in a compensation fund which companies have been contributing to for years. FILE PHOTO: Former gold miner Thulani Bitsha, 39, who contracted silicosis while working underground, stands in the doorway to his home near Bizana in South Africa's impoverished Eastern Cape province, March 7, 2012. REUTERS/Mike Hutchings/File Photo
The companies involved are Harmony Gold, Gold Fields, African Rainbow Minerals, Sibanye-Stillwater, AngloGold Ashanti and Anglo American South Africa. The latter no longer has gold assets but historically was a bullion producer. SAME BALL PARK
“Our numbers differ slightly from the industry, we think there are more claimants and that the numbers will be higher than what they anticipate. While we differ slightly with the industry we think it’s all in the same ball park,” said Richard Spoor, one of the lawyers representing the mine workers.
It is the first class-action settlement in South Africa involving so many companies and claimants.
“The settlement is the product of commercial negotiation and compromise, but we believe this is a beneficial settlement,” said Carina du Toit, a lawyer with the Legal Resources Centre, one of the law groups representing the workers.
Abrahams Kiewitz Inc and Richard Spoor Attorneys and two other companies also represented the mine workers.
The parties said the compromise settlement was preferable for all concerned rather than a lengthy and expensive litigation process, and would enable the claimants to receive compensation and relief for their conditions more quickly.
The settlement still needs approval by the Johannesburg High Court before being implemented.
In recent years the gold mining industry has taken precautions to prevent its workers from contracting silicosis, including the use of masks and other measures. Editing by James Macharia and Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-safrica-mining-silicosis/south-africa-gold-producers-gold-miners-reach-silicosis-settlement-idUKKBN1I41D9 |
LONDON (Reuters) - Britain’s foreign spy agency will allow the children of immigrants to join the organization for the first time and will launch its first ever TV advert.
A still frame is seen from a new television recruitment advert released by Britain's Foreign Intelligence Service to be screened nationwide on terrestrial television, supplied on May 24, 2018. MOD/Handout via REUTERS Alex Younger, the chief of MI6 known as “C”, is scrapping a rule that new recruits must have two British-born parents and they will now only need to be British born.
The service is on a recruitment drive aimed at women with children and black and minority ethnic candidates to bolster the service’s diversity.
“I want this opportunity to dispel the myths that still too often see potential candidates rule themselves out,” Younger told reporters. “My message remains simple: there is no ‘standard’ Ml6 officer: if you have what it takes, then apply to join us.”
Slideshow (3 Images) The change comes as MI6, whose greatest fictional agent is James Bond, launches the first TV advert in its 109-year history on Thursday evening. The advert shows a mother and her young child watching a shark in an aquarium.
“We are intelligence officers but we don’t do what you think. It is not keeping your cool in the shark tank, it is picking up the silent cues that matter,” the voice over in the advert says.
It ends: “MI6 - secretly we are just like you.”
Reporting By Andrew MacAskill; editing by Michael Holden
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-security-advert/uk-spy-agency-mi6-will-recruit-children-of-immigrants-for-first-time-idUSKCN1IP2S4 |
May 7 (Reuters) - WARBA BANK:
* CONFIRMS SUBMISSION OF NON-BINDING PURCHASE OFFER FOR SIGNIFICANT STAKE IN GLOBAL INVESTMENT HOUSE Source:( bit.ly/2rpdutR )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-warba-bank-offers-to-buy-stake-in/brief-warba-bank-offers-to-buy-stake-in-global-investment-house-idUSFWN1SD05F |
COLUMBUS, Ohio, May 8, 2018 /PRNewswire/ -- Proven IT Finance , the leading IT Financial Management (ITFM) consulting and services company, announced today its strategic formation of an Alliances and Channels group to drive improved client outcomes through better alignment and higher-level partnerships between Proven IT Finance, its software partners and complimentary consultancy partners. This focus will result in more integrated, comprehensive delivery and execution of ITFM and technology business management (TBM) services, from both the consulting and the operational / implementation services perspectives. Ben Perkins has been named Vice President, Channels and Alliances.
"Our clients are at the core of every strategic decision we make. Over and over, we hear appreciation from them of our software-agnostic approach which allows us to make tailored recommendations to each client around how to prove out the true value of IT investments using the lens of IT Finance / Technology Business Management. Our goal with this new focus is to broaden those alliances so that we can ensure the 'best fit' service and consulting offerings, regardless of software investment options, functional scope or geographic region," said Ben.
Current alliances include those with industry-leading ITFM / TBM software vendors Apptio / Digital Fuel, ServiceNow, and Nicus Software and with consultancy partner Rego Consulting, which focuses on Product Portfolio Management (PPM) excellence. Ben said, "Our goal is to grow our reach both functionally and regionally, as we see synergies between ourselves and potential partners that offer significant, long-term benefits to our client base."
"We recognize and embrace the unique needs of each client – whether they be a corporate enterprise or a public organization – and work collaboratively with them to identify areas of improvement in their ITFM or TBM practices," said William Miller, Founding Partner of Proven IT Finance. "Our Blueprint for Success provides the framework for assessing strengths and weaknesses, and once any gaps have been identified -- whether they relate to cost models, processes, skill sets, or tools – we can lay out a proven methodology for maturing our clients' ITFM practices."
To follow on many speaking engagements and sponsorships at premier North American conferences this spring, including ServiceNow Knowledge18, ITFM Week, Rego University and the IT Financial Management Association's spring and summer conferences, the company is also announcing a new webinar series around strategic and tactical considerations of ITFM and TBM practices, as well as around the intersection of ITFM and PPM.
About Proven IT Finance
Proven IT Finance is an IT Financial Management consulting and services firm that enables clients to assess and communicate the value of IT and to optimize those investments. Recognized by Gartner in its Market Guide for IT Financial Management (September, 2017), Proven IT Finance provides strategic consulting, Value Insights ITFM-as-a-service , implementation and operational services in IT Financial Management and Technology Business Management for large corporate, governmental, and education organizations that strive to tell the compelling IT Value Story. Proven IT Finance has worked with a variety of organizations including Exxon Mobil, PayPal, Bristol Myers Squibb and Land o'Lakes. Visit www.provenitfinance.com for more information.
Media Contact: Sarah Boyd, 512-619-4883, [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/proven-it-finance-expanding-alliances-to-fuel-further-growth-300643580.html
SOURCE Proven IT Finance | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-proven-it-finance-expanding-alliances-to-fuel-further-growth.html |
May 17, 2018 / 10:46 AM / Updated 21 minutes ago Rare tornado leaves trail of destruction in western Germany Reuters Staff 1 Min Read
BERLIN (Reuters) - A rare tornado hit a populated area in western Germany, leaving a trail of destruction in the area west of Duesseldorf and injuring at least two people, officials said on Thursday. A caravan sits in a garden after a tornado last night hit the area of Boisheim, west of Duesseldorf, Germany, May 17, 2018. REUTERS/Thilo Schmuelgen
Several houses were severely damaged while dozens of trees fell on cars, forcing police to cordon off roads to the town of Boisheim, a district spokesman said.
A motorist was seriously injured and a firefighter suffered an electric shock, the spokesman added. Police also said one person was seriously injured.
The tornado on Wednesday hit several towns. Reporting by Michael Nienaber; #Editing by Alison Williams | ashraq/financial-news-articles | https://in.reuters.com/article/us-germany-tornado/rare-tornado-leaves-trail-of-destruction-in-western-germany-idINKCN1II1DE |
May 2 (Reuters) - Parpublica Participacoes Publicas SGPS SA :
* REPORTED ON TUESDAY FY REVENUE DOWN AT 932.9 MILLION EUROS VERSUS 988.6 MILLION EUROS YEAR AGO
* FY NET PROFIT UP AT 157.4 MILLION EUROS VERSUS 153.4 MILLION EUROS YEAR AGO
Source text: bit.ly/2HGjt7M
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S90OJ |
COPENHAGEN, May 15 (Reuters) - Danish jewellery maker Pandora on Tuesday posted first-quarter profit below expectations and said it had experienced a slowdown on the Chinese market.
The company posted first-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) of 1.67 billion Danish crowns, below the 1.75 billion estimated by analysts polled by Reuters.
“Growth in China experienced a slowdown in the quarter and actions are being taken to revert the development,” it said. (Reporting by Stine Jacobsen; Editing by Jacob Gronholt-Pedersen)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/pandora-results/jewellery-maker-pandora-q1-lags-forecast-flags-chinese-slowdown-idUSL5N1SL4RH |
LINCOLNSHIRE, Ill.--(BUSINESS WIRE)-- Zebra Technologies Corporation (NASDAQ: ZBRA), the market leader in rugged mobile computers, barcode scanners and barcode printers enhanced with software and services to enable real-time enterprise visibility, announced that today it has completed additional actions to restructure its debt, which reduce interest costs while maximizing financial flexibility.
The company amended its Term Loan B facility maturing Oct. 2021. The facility size has been decreased to $825 million, from $1.125 billion, and the interest rate has been reduced by 25 basis points to LIBOR + 1.75%, from LIBOR + 2.00%.
The company also amended its senior secured credit facility maturing July 2021, currently priced at LIBOR + 1.75%. This facility includes its $670 million Term Loan A, and an $800 million revolving credit facility (increased today from $500 million), on which $537 million is currently drawn. Under the terms of the amended agreement, the interest rate spread over LIBOR will be reduced by an additional 12.5 basis points upon certification of attainment of a certain debt leverage threshold, which is expected to result in the lower rate spread pricing before the end of 2018.
These restructuring actions are expected to result in annualized interest expense savings of approximately $4-5 million. In the second quarter of 2018, the company expects to incur approximately $3 million of transaction fees and $5-6 million of accelerated amortization of debt issuance and discount costs.
These actions follow the previously announced comprehensive restructuring of the company’s debt during the second half of 2017, which drove more than $45 million of annualized interest savings.
Forward-Looking Statements
This press release contains forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, the statements regarding the company’s outlook and plans regarding debt restructuring and reduction. Actual results may differ from those expressed or implied in the company’s forward-looking statements. These statements represent estimates only as of the date they were made. Zebra undertakes no obligation, other than as may be required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this release.
These forward-looking statements are based on current expectations, forecasts and assumptions and are subject to the risks and uncertainties inherent in Zebra’s industry, market conditions, general domestic and international economic conditions, and other factors. These factors include customer acceptance of Zebra’s hardware and software products and competitors’ product offerings, and the potential effects of technological changes. The continued uncertainty over future global economic conditions, the availability of credit and capital markets volatility may each have adverse effects on Zebra, its suppliers and its customers. In addition, a disruption in our ability to obtain products from vendors as a result of supply chain constraints, natural disasters or other circumstances could restrict sales and negatively affect customer relationships. Profits and profitability will be affected by Zebra’s ability to control manufacturing and operating costs. Because of its debt, interest rates and financial market conditions will also have an impact on results. Foreign exchange rates will have an effect on financial results because of the large percentage of our international sales. The outcome of litigation in which Zebra may be involved is another factor. The success of integrating acquisitions could also affect profitability, reported results and the company’s competitive position in it industry. These and other factors could have an adverse effect on Zebra’s sales, gross profit margins and results of operations and increase the volatility of our financial results. When used in this release and documents referenced, the words “plan,” “anticipate,” “believe,” “outlook,” and “expect” and similar expressions, as they relate to the company or its management, are intended to identify such forward-looking statements, but are not the exclusive means of identifying these statements. Descriptions of the risks, uncertainties and other factors that could affect the company’s future operations and results can be found in Zebra’s filings with the Securities and Exchange Commission. In particular, please refer to the company’s latest filings of its Forms 10-K and 10-Q.
About Zebra
With the unparalleled operational visibility Zebra (NASDAQ: ZBRA) provides, enterprises become as smart and connected as the world we live in. Real-time information – gleaned from visionary solutions including hardware, software and services – gives organizations the competitive edge they need to simplify operations, know more about their businesses and customers, and empower their mobile workers to succeed in today’s data-centric world. For more information, visit www.zebra.com or sign up for our news alerts . Follow us on LinkedIn , Twitter and Facebook .
©2017 ZIH Corp. All rights reserved. Zebra and the stylized Zebra head are trademarks of ZIH Corp., registered in many jurisdictions worldwide. All other trademarks are the property of their respective owners.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531005965/en/
Zebra
Investors:
Michael Steele, CFA, IRC
Vice President, Investor Relations
Phone: + 1 847 793 6707
[email protected]
or
Media:
Therese Van Ryne
Director, Global Public Relations
Phone: + 1 847 370 2317
[email protected]
Source: Zebra Technologies Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-zebra-technologies-announces-debt-restructuring-actions.html |
U.S. 10-YEAR TREASURY YIELD HOVERS NEAR 7-YEAR HIGH BEFORE U.S. JOBLESS CLAIMS, PHILLY FED BUSINESS DATA; 10-YEAR YIELD LAST AT 3.108 PCT - REUTERS DATA | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/reuters-america-u-s-10-year-treasury-yield-hovers-near-7-year-high-before-u-s-jobless-claims-philly-fed-business-data-10-year-yield-last.html |
“Star Wars” has come down to earth.
“Solo: A Star Wars Story” opened to an estimated $103 million in the U.S. and Canada over the long Memorial Day weekend, substantially less than any other movie in the franchise since Walt Disney Co. relaunched it in 2015.
Its soft start raises important questions about the health of one of Disney’s most... | ashraq/financial-news-articles | https://www.wsj.com/articles/solo-newest-star-wars-installment-off-to-a-slow-start-1527534820 |
Looking at the state of Harvey Weinstein's assets 2 Hours Ago CNBC's Robert Frank reports on how Harvey Weinstein's personal wealth is being affected by the felony charges he is facing in New York. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/looking-at-the-state-of-harvey-weinsteins-assets.html |
May 2, 2018 / 8:44 AM / Updated 22 minutes ago UK court rejects union bid to overturn Deliveroo worker rights decision Reuters Staff 2 Min Read
LONDON, May 1 (Reuters) - The High Court rejected an application by a British trade union to review a decision not to allow it to represent food courier Deliveroo’s riders in a part of London as it pushes for workers’ rights in the gig economy.
The Independent Workers Union of Great Britain (IWGB) had sought to represent riders in Camden, hoping to secure for them rights such as the minimum wage, an increasingly thorny issue in Britain where more people are working without fixed contracts.
Britain’s Central Arbitration Committee rejected the move in November and the IWGB had gone to the High Court to seek a judicial review.
Deliveroo’s Managing Director for the UK and Ireland Dan Warne welcomed the verdict.
“This decision is a victory for riders who have overwhelmingly told us the flexibility to choose when they work, and where they want, that comes with self employment is their number one reason for riding with Deliveroo,” he said.
IWGB General Secretary Jason Moyer-Lee told Reuters the union would be renewing its application.
“We vehemently disagree with the judge’s reasoning,” he said. (Reporting by Costas Pitas; Editing by Alistair Smout) | ashraq/financial-news-articles | https://www.reuters.com/article/britain-deliveroo/uk-court-rejects-union-bid-to-overturn-deliveroo-worker-rights-decision-idUSL8N1S840C |
May 3, 2018 / 12:13 PM / Updated 3 minutes ago Cereal maker Kellogg tops estimates as health brands drive gains Reuters Staff 2 Min Read
(Reuters) - Kellogg Co ( K.N ) topped Wall Street forecasts for first-quarter sales and profit on Thursday as the maker of Corn Flakes and Fruit Loops cereal earned more from its health-focused snack brands. Kellogg's products of U.S. Kellogg Company are offered at a supermarket of Swiss retail group Coop in Zumikon, Switzerland December 13, 2016. REUTERS/Arnd Wiegmann
Shares of Battle Creek, Michigan-based Kellogg rose 4.1 percent to $59.00 in premarket trading on Thursday after the results.
To better serve consumers who are ditching sugary foods including popular breakfast cereals, Kellogg has been acquiring companies that make healthier foods, such as protein bar maker RXBAR and Brazilian snack group Parati.
Items made by RXBAR and Parati helped Kellogg’s sales rise 4.7 percent to $3.40 billion in the three months ended March 31.
Analysts on average had estimated sales of $3.30 billion, according to Thomson Reuters I/B/E/S.
Kellogg said bit.ly/2jnkSRU net income rose to $444 million or $1.27 per share in the first quarter of 2018, from $266 million or 75 cents per share a year earlier.
Excluding one-time items, Kellogg earned $1.23 per share, ahead of analysts’ expectations of $1.08. Reporting by Richa Naidu and Nivedita Balu in Bengaluru; Editing by Sai Sachin Ravikumar | ashraq/financial-news-articles | https://uk.reuters.com/article/us-kellogg-results/cereal-maker-kelloggs-sales-rise-5-percent-top-estimates-idUKKBN1I41E9 |
AUSTIN, Texas--(BUSINESS WIRE)-- USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or the “Partnership”) announced today its financial and operating results for the first quarter 2018. A net loss of $15.4 million was recognized for the first quarter of 2018, compared to net income of $4.5 million for the fourth quarter of 2017 and $1.6 million for the first quarter of 2017. In the first quarter of 2018, the net loss was primarily due to non-recurring transaction expenses related to the CDM Acquisition. Net cash provided by operating activities was $36.4 million for the first quarter of 2018, compared to $39.3 million for the fourth quarter of 2017 and $18.3 million for the first quarter of 2017.
Adjusted EBITDA was $44.1 million for the first quarter of 2018, compared to $42.1 million for the fourth quarter of 2017 and $36.0 million for the first quarter of 2017. Distributable Cash Flow was $33.7 million for the first quarter of 2018, compared to $33.2 million for the fourth quarter of 2017 and $27.2 million for the first quarter of 2017.
“The first quarter got off to a great start for USA Compression, with continued encouraging fundamentals in the compression services industry leading to an increase in service revenues of approximately 6%, and an increase in active horsepower of 61,000, or about 4% over the fourth quarter,” commented Eric D. Long, USA Compression’s President and Chief Executive Officer. “Our Distributable Cash Flow Coverage Ratio continues to improve and was 1.03x for the quarter. We continue to see high utilization of our deployed fleet of approximately 95%; furthermore, the lead times for large horsepower equipment, currently about 12 months, are expected to remain long for the foreseeable future. This tightness in the compression marketplace has put upward pressure on service rates across all of our categories of equipment, and we have also taken the opportunity to term-up some of the month-to-month contracts in selected regions.”
“Our customers are ramping up activity levels meaningfully, which is driving increasing demand for our largest horsepower assets. For the balance of 2018, we have commitments to take delivery of approximately 150,000 horsepower, including orders from CDM Resource Management. We recently committed to an additional 50,000 horsepower for delivery in the first half of 2019. Consistent with our business model strategy these commitments consist of very large horsepower units. A significant portion of the 2018 deliveries are already under contract with our customers, and we expect our first tranche of 2019 units to go quickly,” he added.
“In the midst of this strong market for our compression services, in January, we announced a transformative transaction with the Energy Transfer family that resulted in USA Compression acquiring CDM Resource Management, Energy Transfer’s compression business, for consideration of approximately $1.7 billion, and Energy Transfer acquiring our general partner. At closing in early April, this transaction brought together two like-minded service providers with high quality assets, and provides USA Compression expansion into regions in which we were historically underrepresented. We expect the combined business, which will continue to focus on large horsepower serving infrastructure applications, to benefit from the positive trends in our industry. Integration of the two businesses is underway and is progressing better than expected.”
Average revenue generating horsepower was 1,662,896 for the first quarter of 2018, compared to 1,602,365 for the fourth quarter of 2017 and 1,406,206 for the first quarter of 2017. Average revenue per revenue generating horsepower per month was $15.60 for the first quarter of 2018, compared to $15.21 for the fourth quarter of 2017 and $14.98 for the first quarter of 2017.
Revenues were $77.7 million for the first quarter of 2018, compared to $75.4 million for the fourth quarter of 2017 and $66.0 million for the first quarter of 2017. Gross operating margin was $52.2 million for the first quarter of 2018, compared to $50.3 million for the fourth quarter of 2017 and $43.5 million for the first quarter of 2017. Gross operating margin as a percentage of total revenues was 67.1% for the first quarter of 2018, compared to 66.8% for the fourth quarter of 2017 and 65.9% for the first quarter of 2017. We recognized an operating loss of $6.1 million for the first quarter of 2018, compared to operating income of $11.5 million for the fourth quarter of 2017 and $7.4 million for the first quarter of 2017. In the first quarter of 2018, the operating loss was primarily due to non-recurring transaction expenses related to the CDM Acquisition.
Expansion capital expenditures were $50.4 million, maintenance capital expenditures were $2.0 million and cash interest expense, net was $8.5 million for the first quarter of 2018.
On April 19, 2018, the Partnership announced a cash distribution of $0.525 per unit on its common units. This first quarter distribution corresponds to an annualized distribution rate of $2.10 per unit. The distribution will be paid on May 11, 2018 to unitholders of record as of the close of business on May 1, 2018. For the first quarter of 2018, the Partnership’s Distributable Cash Flow Coverage Ratio was 1.03x and Cash Coverage Ratio was 1.03x.
Operational and Financial Data
Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Operational Data
Fleet Horsepower (at period end) 1,847,416 1,799,781 1,739,379 Revenue Generating Horsepower (at period end) 1,686,170 1,624,377 1,427,634 Average Revenue Generating Horsepower 1,662,896 1,602,365 1,406,206 Revenue Generating Compression Units (at period end) 2,843 2,830 2,612 Horsepower Utilization (at period end) (1) 94.7 % 94.8 % 89.9 % Average Horsepower Utilization (for the period) (1) 94.9 % 94.7 % 88.2 % Financial Data ($ in thousands, except per horsepower data)
Revenue $ 77,739 $ 75,385 $ 66,032 Average Revenue Per Revenue Generating Horsepower Per Month (2) $ 15.60 $ 15.21 $ 14.98 Net income (loss) $ (15,370 ) $ 4,546 $ 1,552 Operating income (loss) $ (6,087 ) $ 11,527 $ 7,368 Net cash provided by operating activities $ 36,394 $ 39,343 $ 18,286 Gross Operating Margin (3) $ 52,196 $ 50,340 $ 43,510 Gross Operating Margin Percentage 67.1 % 66.8 % 65.9 % Adjusted EBITDA (3) $ 44,069 $ 42,111 $ 36,003 Adjusted EBITDA Percentage 56.7 % 55.9 % 54.5 % Distributable Cash Flow (3) $ 33,725 $ 33,223 $ 27,223
(1) Horsepower utilization is calculated as (i) the sum of (a) revenue generating horsepower; (b) horsepower in the Partnership’s fleet that is under contract but is not yet generating revenue; and (c) horsepower not yet in the Partnership’s fleet that is under contract, not yet generating revenue and is subject to a purchase order, divided by (ii) total available horsepower less idle horsepower that is under repair. Horsepower utilization based on revenue generating horsepower and fleet horsepower at each applicable period end was 91.3%, 90.3% and 82.1% for the quarters ended March 31, 2018, December 31, 2017 and March 31, 2017, respectively. Average horsepower utilization based on revenue generating horsepower and fleet horsepower was 91.4%, 90.0% and 80.9% for the quarters ended March 31, 2018, December 31, 2017 and March 31, 2017, respectively. (2) Calculated as the average of the result of dividing the contractual monthly rate for all units at the end of each month in the period by the sum of the revenue generating horsepower at the end of each month in the period. (3) Gross operating margin, Adjusted EBITDA and Distributable Cash Flow are all non-U.S. generally accepted accounting principles (“Non-GAAP”) financial measures. For the definition of each measure, see “Non-GAAP Financial Measures” below. Liquidity and Long-Term Debt
As of March 31, 2018, the Partnership was in compliance with all covenants under its $1.1 billion revolving credit facility. As of March 31, 2018, the outstanding balance under the revolving credit facility was $819.1 million. On April 2, 2018, in connection with the closing of the CDM Resource Management transaction, the Partnership increased the size of its revolving credit facility from $1.1 billion to $1.6 billion, as well as reset the tenor for another 5 years and reset the leverage covenant levels.
As of March 31, 2018, the outstanding aggregate principal amount of 6.875% senior notes was $725.0 million.
Full-Year 2018 Outlook
USA Compression is updating its full-year 2018 guidance to incorporate the expected results of CDM Resource Management after closing on April 2, 2018:
Net loss range of $50.0 million to $30.0 million; A forward-looking estimate of net cash provided by operating activities is not provided because the items necessary to estimate net cash provided by operating activities, in particular the change in operating assets and liabilities, are not accessible or estimable at this time. The Partnership does not anticipate the changes in operating assets and liabilities to be material, but changes in accounts receivable, accounts payable, accrued liabilities and deferred revenue could be significant, such that the amount of net cash provided by operating activities would vary substantially from the amount of projected Adjusted EBITDA and Distributable Cash Flow; Adjusted EBITDA range of $310.0 million to $330.0 million; and Distributable Cash Flow range of $170.0 million to $190.0 million.
Conference Call
The Partnership will host a conference call today beginning at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss first quarter 2018 performance. The call will be broadcast live over the Internet. Investors may participate either by phone or audio webcast.
By Phone: Dial 888-394-8218 inside the U.S. and Canada at least 10 minutes before the call and ask for the USA Compression Partners Earnings Call. Investors outside the U.S. and Canada should dial 323-701-0225. The conference ID for both is 6059010. A replay of the call will be available through May 20, 2018. Callers inside the U.S. and Canada may access the replay by dialing 888-203-1112. Investors outside the U.S. and Canada should dial 719-457-0820. The conference ID for both is 6059010. By Webcast: Connect to the webcast via the “Events” page of USA Compression’s Investor Relations website at http://investors.usacompression.com . Please log in at least 10 minutes in advance to register and download any necessary software. A replay will be available shortly after the call. About USA Compression Partners, LP
USA Compression Partners, LP is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of compression services in terms of total compression fleet horsepower. The Partnership partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas and crude oil. The Partnership focuses on providing compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. On April 2, 2018, the Partnership closed its previously announced transactions with the Energy Transfer family, including, among other things, the Partnership’s purchase of Energy Transfer’s compression business and Energy Transfer’s purchase of 100% of the limited liability company interests in the Partnership’s general partner. More information is available at usacompression.com .
Non-GAAP Financial Measures
This news release includes the non-GAAP financial measures of Adjusted EBITDA, gross operating margin, Distributable Cash Flow, Distributable Cash Flow Coverage Ratio and Cash Coverage Ratio.
Management views Adjusted EBITDA as one of its primary management tools, and the Partnership tracks this item on a monthly basis both as an absolute amount and as a percentage of revenue compared to the prior month, year-to-date, prior year and budget. The Partnership defines EBITDA as net income (loss) before net interest expense, depreciation and amortization expense, and income tax expense. The Partnership defines Adjusted EBITDA as EBITDA plus impairment of compression equipment, impairment of goodwill, interest income on capital lease, unit-based compensation expense, severance charges, certain transaction fees, loss (gain) on disposition of assets and other. Adjusted EBITDA is used as a supplemental financial measure by management and external users of its financial statements, such as investors and commercial banks, to assess:
the financial performance of the Partnership’s assets without regard to the impact of financing methods, capital structure or historical cost basis of the Partnership’s assets; the viability of capital expenditure projects and the overall rates of return on alternative investment opportunities; the ability of the Partnership’s assets to generate cash sufficient to make debt payments and to make distributions; and the Partnership’s operating performance as compared to those of other companies in its industry without regard to the impact of financing methods and capital structure.
Management believes that Adjusted EBITDA provides useful information to investors because, when viewed with U.S. generally accepted accounting principles (“GAAP”) results and the accompanying reconciliations, it provides a more complete understanding of the Partnership’s performance than GAAP results alone. Management also believes that external users of its financial statements benefit from having access to the same financial measures that management uses in evaluating the results of the Partnership’s business.
Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss), operating income (loss), cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP as measures of operating performance and liquidity. Moreover, Adjusted EBITDA as presented may not be comparable to similarly titled measures of other companies.
Gross operating margin is defined as revenue less cost of operations, exclusive of depreciation and amortization expense. Management believes that gross operating margin is useful as a supplemental measure of the Partnership’s operating profitability. Gross operating margin is impacted primarily by the pricing trends for service operations and cost of operations, including labor rates for service technicians, volume and per unit costs for lubricant oils, quantity and pricing of routine preventative maintenance on compression units and property tax rates on compression units. Gross operating margin should not be considered an alternative to, or more meaningful than, operating income (loss), its most directly comparable GAAP financial measure, or any other measure of financial performance presented in accordance with GAAP. Moreover, gross operating margin as presented may not be comparable to similarly titled measures of other companies. Because the Partnership capitalizes assets, depreciation and amortization of equipment is a necessary element of its costs. To compensate for the limitations of gross operating margin as a measure of the Partnership’s performance, management believes that it is important to consider operating income (loss) determined under GAAP, as well as gross operating margin, to evaluate the Partnership’s operating profitability. A reconciliation of gross operating margin to operating income (loss) is provided in this news release.
Distributable Cash Flow is defined as net income (loss) plus non-cash interest expense, non-cash income tax expense, depreciation and amortization expense, unit-based compensation expense, impairment of compression equipment, impairment of goodwill, certain transaction fees, severance charges, loss (gain) on disposition of assets, proceeds from insurance recovery and other, less maintenance capital expenditures.
Distributable Cash Flow should not be considered as an alternative to, or more meaningful than, net income (loss), operating income (loss), cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance and liquidity. Moreover, our Distributable Cash Flow as presented may not be comparable to similarly titled measures of other companies.
Management believes Distributable Cash Flow is an important measure of operating performance because such measure allows management, investors and others to compare basic cash flows the Partnership generates (prior to any retained cash reserves established by the Partnership’s general partner and the effect of the DRIP) to the cash distributions the Partnership expects to pay its unitholders.
Distributable Cash Flow Coverage Ratio, a non-GAAP measure, is defined as Distributable Cash Flow less cash distributions to be paid to the Partnership’s general partner and incentive distribution rights (“IDRs”) in respect of such period, divided by distributions declared to limited partner unitholders in respect of such period. Cash Coverage Ratio is defined as Distributable Cash Flow less cash distributions to be paid to the Partnership’s general partner and IDRs in respect of such period, divided by cash distributions expected to be paid to limited partner unitholders in respect of such period, after taking into account the non-cash impact of the DRIP. Management believes Distributable Cash Flow Coverage Ratio and Cash Coverage Ratio are important measures of operating performance because they allow management, investors and others to gauge the Partnership’s ability to pay cash distributions to limited partner unitholders using the cash flows the Partnership generates. The Partnership’s Distributable Cash Flow Coverage Ratio and Cash Coverage Ratio as presented may not be comparable to similarly titled measures of other companies.
This news release also contains a forward-looking estimate of Adjusted EBITDA and Distributable Cash Flow projected to be generated by the Partnership in its 2018 fiscal year. A forward-looking estimate of net cash provided by operating activities and reconciliations of the forward-looking estimates of Adjusted EBITDA and Distributable Cash Flow to net cash provided by operating activities are not provided because the items necessary to estimate net cash provided by operating activities, in particular the change in operating assets and liabilities, are not accessible or estimable at this time. The Partnership does not anticipate the changes in operating assets and liabilities to be material, but changes in accounts receivable, accounts payable, accrued liabilities and deferred revenue could be significant, such that the amount of net cash provided by operating activities would vary substantially from the amount of projected Adjusted EBITDA and Distributable Cash Flow.
See “Reconciliation of Non-GAAP Financial Measures” for Adjusted EBITDA reconciled to net income (loss) and net cash provided by operating activities, and net income (loss) and net cash provided by operating activities reconciled to Distributable Cash Flow, Distributable Cash Flow Coverage Ratio and Cash Coverage Ratio.
Forward-Looking Statements
Some of the information in this news release may contain forward-looking statements. These statements can be identified by the use of forward-looking terminology including “may,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “continue,” or other similar words, and include the Partnership’s expectation of future performance contained herein, including as described under “Full-Year 2018 Outlook.” These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other “forward-looking” information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by known risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors noted below and other cautionary statements in this news release. The risk factors and other factors noted throughout this news release could cause actual results to differ materially from those contained in any forward-looking statement. Known material factors that could cause the Partnership’s actual results to differ materially from the results contemplated by such forward-looking statements are described in Part I, Item 1A (“Risk Factors”) of the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, which was filed with the Securities and Exchange Commission on February 13, 2018, and include:
changes in general economic conditions and changes in economic conditions of the crude oil and natural gas industry specifically; competitive conditions in the industry; changes in the long-term supply of and demand for crude oil and natural gas; our ability to realize the anticipated benefits of acquisitions and to integrate acquired assets with our existing fleet, including the CDM Acquisition; actions taken by the Partnership’s customers, competitors and fourth-party operators; the deterioration of the financial condition of our customers; changes in the availability and cost of capital; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond the Partnership’s control; the effects of existing and future laws and governmental regulations; the effects of future litigation; and other factors discussed in the Partnership’s filings with the Securities and Exchange Commission.
All forward-looking statements speak only as of the date of this news release and are expressly qualified in their entirety by the foregoing cautionary statements. Unless legally required, the Partnership undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Unpredictable or unknown factors not discussed herein also could have material adverse effects on forward-looking statements.
USA COMPRESSION PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per unit amounts — Unaudited)
Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Revenues: Contract operations $ 76,716 $ 72,151 $ 60,432 Parts and service 1,023 3,234 5,600 Total revenues 77,739 75,385 66,032 Cost of operations, exclusive of depreciation and amortization 25,543 25,045 22,522 Gross operating margin 52,196 50,340 43,510 Other operating and administrative costs and expenses: Selling, general and administrative 33,495 13,840 11,123 Depreciation and amortization 25,112 25,110 24,151 Gain on disposition of assets (324 ) (300 ) (244 ) Impairment of compression equipment — 163 1,112 Total other operating and administrative costs and expenses 58,283 38,813 36,142 Operating income (loss) (6,087 ) 11,527 7,368 Other income (expense): Interest expense, net (9,219 ) (6,896 ) (5,674 ) Other 6 5 7 Total other expense (9,213 ) (6,891 ) (5,667 ) Net income (loss) before income tax expense (15,300 ) 4,636 1,701 Income tax expense 70 90 149 Net income (loss) $ (15,370 ) $ 4,546 $ 1,552 Net income (loss) allocated to: General partner's interest in net income (loss) $ (773 ) $ 397 $ 353 Limited partners' interest in net income (loss) $ (14,597 ) $ 4,149 $ 1,199 Weighted average common units outstanding: Basic 62,264 62,117 60,877 Diluted 62,264 62,526 61,154 Basic and diluted net income (loss) per common unit $ (0.23 ) $ 0.07 $ 0.02 Distributions declared per limited partner unit in respective periods $ 0.525 $ 0.525 $ 0.525 USA COMPRESSION PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands — Unaudited)
Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Net cash provided by operating activities $ 36,394 $ 39,343 $ 18,286 Net cash used in investing activities $ (34,681 ) $ (40,147 ) $ (15,590 ) Net cash provided by (used in) financing activities $ 708,746 $ (72 ) $ (2,754 ) USA COMPRESSION PARTNERS, LP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
ADJUSTED EBITDA TO NET INCOME (LOSS) AND NET CASH PROVIDED BY OPERATING ACTIVITIES
(In thousands — Unaudited)
The following table reconciles Adjusted EBITDA to net income (loss) and net cash provided by operating activities, its most directly comparable GAAP financial measures, for each of the periods presented:
Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Net income (loss) $ (15,370 ) $ 4,546 $ 1,552 Interest expense, net 9,219 6,896 5,674 Depreciation and amortization 25,112 25,110 24,151 Income tax expense 70 90 149 EBITDA $ 19,031 $ 36,642 $ 31,526 Impairment of compression equipment — 163 1,112 Interest income on capital lease 351 372 431 Unit-based compensation expense (1) 2,239 3,548 2,945 Transaction expenses for acquisitions (2) 21,731 1,406 — Severance charges 1,041 22 62 Other — 258 171 Gain on disposition of assets (324 ) (300 ) (244 ) Adjusted EBITDA $ 44,069 $ 42,111 $ 36,003 Interest expense, net (9,219 ) (6,896 ) (5,674 ) Income tax expense (70 ) (90 ) (149 ) Interest income on capital lease (351 ) (372 ) (431 ) Non-cash interest expense 704 545 547 Transaction expenses for acquisitions (21,731 ) (1,406 ) — Severance charges (1,041 ) (22 ) (62 ) Other — (258 ) (171 ) Changes in operating assets and liabilities 24,033 5,731 (11,777 ) Net cash provided by operating activities $ 36,394 $ 39,343 $ 18,286
(1) For the quarters ended March 31, 2018, December 31, 2017 and March 31, 2017, unit-based compensation expense included $0.8 million, $0.5 million, and $0.8 million, respectively, of cash payments related to quarterly payments of distribution equivalent rights on outstanding phantom unit awards and $0.3 million, $0 and $0.4 million, respectively, related to the cash portion of any settlement of phantom unit awards upon vesting. The remainder of the unit-based compensation expense for each period presented in 2018 and 2017 was related to non-cash adjustments to the unit-based compensation liability. (2) Represents certain transaction expenses related to potential and completed acquisitions. The Partnership believes it is useful to investors to exclude these fees. USA COMPRESSION PARTNERS, LP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
DISTRIBUTABLE CASH FLOW TO NET INCOME (LOSS) AND NET CASH PROVIDED BY OPERATING ACTIVITIES
(Dollars in thousands — Unaudited)
The following table reconciles Distributable Cash Flow to net income (loss) and net cash provided by operating activities, its most directly comparable GAAP financial measures, for each of the periods presented:
Three Months Ended March 31, December 31, March 31, 2018 2017 2017 Net income (loss) $ (15,370 ) $ 4,546 $ 1,552 Plus: Non-cash interest expense 704 545 547 Plus: Non-cash income tax expense 20 90 109 Plus: Depreciation and amortization 25,112 25,110 24,151 Plus: Unit-based compensation expense (1) 2,239 3,548 2,945 Plus: Impairment of compression equipment — 163 1,112 Plus: Transaction expenses for acquisitions (2) 21,731 1,406 — Plus: Severance charges 1,041 22 62 Plus: Proceeds from insurance recovery and other 613 258 171 Less: Gain on disposition of assets (324 ) (300 ) (244 ) Less: Maintenance capital expenditures (3) (2,041 ) (2,165 ) (3,182 ) Distributable Cash Flow $ 33,725 $ 33,223 $ 27,223 Plus: Maintenance capital expenditures 2,041 2,165 3,182 Plus: Changes in operating assets and liabilities 24,033 5,731 (11,777 ) Less: Transaction expenses for acquisitions (21,731 ) (1,406 ) — Less: Severance charges (1,041 ) (22 ) (62 ) Less: Other (633 ) (348 ) (280 ) Net cash provided by operating activities $ 36,394 $ 39,343 $ 18,286 Distributable Cash Flow $ 33,725 $ 33,223 $ 27,223 Less: Cash distributions to general partner and IDRs (4) — 754 749 Distributable Cash Flow attributable to limited partner interest $ 33,725 $ 32,469 $ 26,474 Distributions for Distributable Cash Flow Coverage Ratio (5) $ 32,783 $ 32,652 $ 32,119 Distributions reinvested in the DRIP (6) $ 175 $ 304 $ 6,635 Distributions for Cash Coverage Ratio (7) $ 32,608 $ 32,348 $ 25,484 Distributable Cash Flow Coverage Ratio (8) 1.03 0.99 0.82 Cash Coverage Ratio (9) 1.03 1.00 1.04 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-usa-compression-partners-lp-reports-first-quarter-2018-results-updates-2018-outlook.html |
ATHENS (Reuters) - Greece’s biggest gas company DEPA said on Wednesday it had agreed to sell its holding in a local gas supplier to Italy’s Eni ( ENI.MI ) for 57 million euros ($67 million).
Under the agreement, state-controlled DEPA will sell its 51 percent stake in Thessaloniki-Thessaly Gas. Eni already holds a 49 percent stake in that company.
Under a bailout-sanctioned scheme to unbundle gas supply from distribution and boost competition in the industry, Greece needs to eliminate potential conflicts of interest between DEPA and domestic gas suppliers.
DEPA will stay in the broader Athens region but will pull out of the rest of Greece.
DEPA is also in talks to buy out Shell’s ( RDSa.L ) 49 percent stake in another gas supplier, Attiki Gas Supply Company, and a gas distributor in Athens and become the sole stakeholder in the two companies, sources close to the matter told Reuters.
One of the sources said the deal could be worth about 150 million euros.
DEPA, 65 percent owned by the Greek state, imports gas mainly from Russia and supplies power producers, big industries and households across Greece.
It has teamed up with foreign firms on the construction of gas interconnectors with Bulgaria and Italy.
Reporting by Angeliki Koutantou; Editing by Karolina Tagaris and Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-greece-depa-eni/greeces-depa-to-sell-stake-in-gas-supplier-to-eni-idUSKCN1IH20H |
May 1 (Reuters) - CEVA Logistics AG Bookrunner:
* CEVA LOGISTICS IPO: BOOKRUNNER SAYS PRICE GUIDANCE IS CHF 27.50 TO CHF 35.00 PER SHARE
* CEVA LOGISTICS IPO: BOOKRUNNER SAYS BOOKS ARE OVERSUBSCRIBED WITHIN THIS RANGE, MAJORITY OF INTEREST OFF THE BOTTOM ; BOOKS CLOSE 2 MAY AT 3PM CET Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ceva-logistics-ipo-price-guidance/brief-ceva-logistics-ipo-price-guidance-is-chf-27-50-to-chf-35-00-per-share-bookrunner-idUSFWN1S71IC |
AMSTERDAM, May 30 (Reuters) - Dutch marine contractor Van Oord said on Wednesday it had won a 500 million euros ($579 million) contract to build a 640 megawatt (MW) offshore wind farm in Taiwan.
Van Oord will design, manufacture and install the eighty foundations for the wind farm, to be constructed eight kilometres (5 miles) off the coast of Yunlin prefecture.
Installation will begin in 2020, Van Oord said, with a capacity of 350 MW connected to the Taiwan power grid that year and the remaining part in 2021.
The project is part of the Taiwanese government’s plans to install offshore wind farms with a total capacity of 5,500 MW by 2025, in a push to phase out nuclear energy.
The Yunlin project is the first wind contract for Van Oord outside Europe. The company has worked on dredging and other offshore projects in Taiwan, where it created 250 hectares (617.8 acres) of new land in the port of Kaohsiung last year.
$1 = 0.8631 euros Reporting by Bart Meijer; Editing by Mark Potter
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/taiwan-windfarm-van-oord/dutch-offshore-builder-van-oord-wins-taiwanese-wind-contract-idUSL5N1T128A |
Nothing ends a Washington career like being branded an unacceptable national-security risk. That’s why officials adjudicating personnel-security cases must act in a mature, objective and nonpartisan fashion. But when it comes to vetting Trump appointees, they often aren’t. Instead, security clearances are being weaponized against the White House by hostile career bureaucrats, thwarting the president’s agenda by holding up or blocking appointees.
Consider the case of Adam Lovinger. Mr. Lovinger is a highly regarded and politically... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-deep-state-weaponizes-vetting-of-trump-appointees-1525215143 |
The "Rolls-Royce of SUVs" cruises in to the market 9:32pm IST - 01:54
Rolls-Royce is launching its first ever SUV. The Cullinan is described as a contemporary and functional design to compete in what the luxury carmaker calls ''an increasingly bland SUV market.'' But, as Ciara Lee reports, it’s high price tag might put some customers off.
Rolls-Royce is launching its first ever SUV. The Cullinan is described as a contemporary and functional design to compete in what the luxury carmaker calls "an increasingly bland SUV market." But, as Ciara Lee reports, it’s high price tag might put some customers off. //reut.rs/2KQoVTe | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/10/the-rolls-royce-of-suvs-cruises-in-to-th?videoId=425615391 |
ATLANTA, May 25, 2018 /PRNewswire/ -- Haig Partners LLC is pleased to have represented Ken Page and Scott Smith, principals of Automotive Associates of Atlanta, ("AAA") in the sale of two of their six Atlanta dealerships to Asbury Automotive Group (NYSE: ABG), and Jim Ellis Automotive Group. Asbury has acquired Toyota of Union City and Jim Ellis Automotive has acquired Cobb County Kia.
AAA's Owner and Operator Scott Smith stated, "We have been very proud to represent Kia and Toyota in the Kennesaw and Union City communities. These transactions have allowed me to refinance and fund my acquisition of the remaining Atlanta locations from my long-time partner and good friend Kenny ("Page"). Haig Partners was able show us the value of approaching multiple targeted buyers to generate the value required to make this dream come true." Kenny Page says, "Haig Partners found us great partners that will provide our employees with new opportunities and will represent the local markets well. Both Scott and I believe the team at Haig Partners was highly instrumental in managing the negotiation process and bringing the transactions to a conclusion. I am very happy for Scott in his new endeavor and look back on our years as partners with great fondness." Page Automotive Group and Automotive Associates of Atlanta will maintain ownership of dealerships in Florida, Maryland and Georgia.
"We are excited to bring Toyota of Union City into our Nalley platform in metro Atlanta. We will be able to take advantage of Nalley's strong market presence, its leadership, and great people in the stores that really generate great returns. And we have a high-performing store in Nalley Honda just across the street," says David Hult, CEO of Asbury Automotive Group.
Nate Klebacha and Kevin Nill of Haig Partners LLC were the financial advisors to Ken Page & Scott Smith. Stephen Dietrich of Holland and Knight served as legal counsel for the Cobb County Kia transaction and Robert Bass of Bass Sox Mercer, LLC. served as legal counsel for the Toyota of Union City transaction.
"Scott and Kenny asked us to help simplify their Atlanta operations and we presented them with multiple solutions. Ultimately their choice to sell the Toyota and Kia locations was based upon what was best for their employees and the markets they served. We would like to congratulate Jim Ellis and Asbury for acquiring dealerships in the robust Atlanta market," said Nate Klebacha. Added Kevin Nill, "Unlike many situations where a buyer acquires all of the dealerships, this opportunity made more sense to identify and execute transactions with separate buyers. While adding complexity, it generated the funds necessary for Scott to acquire the group's Atlanta Nissan dealerships."
The team at Haig Partners has been involved in the purchase or sale of 14 Atlanta area dealerships and over 280 dealerships during their careers.
About Asbury. Asbury Automotive, Inc. is a Fortune 500 company and one of the largest automotive retailers in the United States with 81 stores representing 29 brands in 9 states.
About Ellis. Jim Ellis Automotive Group is an Atlanta based dealership group with 14 stores representing 13 different franchises.
About Haig Partners. Haig Partners LLC is the leading advisory firm to owners of higher value dealerships and dealership groups. Since 1996, the principals at Haig Partners have completed 180 dealership transactions totaling over $3.8 billion, more than any other team in the industry. They also publish the widely followed Haig Report that tracks trends in the auto industry and how they impact dealership valuations. The latest Haig Report is available here. Alan Haig is a frequent speaker at leading industry events. For more information, visit www.haigpartners.com .
Nate Klebacha
(917) 288-5414
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/haig-partners-advises-automotive-associates-of-atlanta-on-sale-to-asbury-automotive-and-jim-ellis-automotive-group-300655204.html
SOURCE Haig Partners | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/pr-newswire-haig-partners-advises-automotive-associates-of-atlanta-on-sale-to-asbury-automotive-and-jim-ellis-automotive-group.html |
RACINE, Wis., May 10, 2018 /PRNewswire/ -- Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, announced today that it will host a conference call and webcast to discuss its fourth quarter and full fiscal year financial results for the period ended March 31, 2018, on Thursday, May 24, 2018 at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). Results are scheduled to be released after the market closes on Wednesday, May 23, 2018.
During the call, Modine President and Chief Executive Officer, Thomas A. Burke, and Vice President, Finance and Chief Financial Officer, Michael B. Lucareli, will review the company's fourth quarter and full year fiscal 2018 financial results.
To access the live webcast, including presentation slides, please log on through the investor relations section of Modine's website at http://www.modine.com at least 10 minutes prior to the start of the event. A replay of the slides and the audio will be available on or after May 24, 2018 on the investor relations section of Modine's website at http://www.modine.com . An audio only replay will be available through midnight on May 25, 2018 by dialing 855-859-2056 (international replay 404-537-3406) and entering the Conference ID# 4190979. A transcript of the call will be posted to the company's website after May 25, 2018.
About Modine
Modine, with fiscal 2017 revenues of $1.5 billion, specializes in thermal management systems and components, bringing highly engineered heating and cooling components, original equipment products, and systems to diversified global markets through its three complementary business units: Vehicular Thermal Solutions (VTS); Commercial & Industrial Solutions (CIS); and Building HVAC Systems (BHVAC). Modine is a global company headquartered in Racine, Wisconsin (USA), with operations in North America, South America, Europe, Asia and Africa. For more information about Modine, visit www.modine.com.
Contact: Kathleen T. Powers 262-636-1687 [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/modine-to-host-fourth-quarter-fiscal-2018-earnings-conference-call-on-may-24-2018-300642951.html
SOURCE Modine Manufacturing Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-modine-to-host-fourth-quarter-fiscal-2018-earnings-conference-call-on-may-24-2018.html |
PARIS (Reuters) - Third-seed Marin Cilic defeated the unseeded Australian James Duckworth in straight sets in rainy conditions on Tuesday to progress through to the second round of the French Open.
Tennis - French Open - Roland Garros, Paris, France - May 29, 2018 Croatia's Marin Cilic celebrates during his first round match against Australia's James Duckworth REUTERS/Christian Hartmann “It’s not often we play in the rain, so it was a bit different... the balls were a little bit heavier, a little bit different, but that’s the special thing about the French Open,” Cilic told the Philippe Chatrier court after his win.
The French Open is the only Grand Slam not to have a roofed court.
Tennis - French Open - Roland Garros, Paris, France - May 29, 2018 Croatia's Marin Cilic in action during his first round match against Australia's James Duckworth REUTERS/Christian Hartmann Cilic, who reached his third major final in Melbourne this year, was pushed to seven games in the second and third sets, winning 6-3 7-5 7-6(4). Duckworth is ranked 1072 in the world.
The Croatian would become only the 11th man in the Open era to reach the final of all four Grand Slams if he progresses through to the last two of this year’s Coupe des Mousquetaires.
Reporting by Richard Lough; Editing by Christian Radnedge
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-cilic/cilic-sees-off-australias-duckworth-at-wet-french-open-idUSKCN1IU1KK |
DENVER--(BUSINESS WIRE)-- Today, the Board of Trustees (the “Board”) for the Clough Global Equity Fund (the “Fund”) has declared a monthly cash distribution of $0.1220 per common share. This distribution is a continuation of the “discount management plan” (see press release dated July 10, 2017 for more information) which includes a 10% per annum managed distribution program. The following dates apply to the distribution declared:
Ex-Date: May 18, 2018
Record Date: May 21, 2018
Payable Date: May 31, 2018
A portion of the distribution may be treated as paid from sources other than net income, including but not limited to short-term capital gain, long-term capital gain and return of capital. The final determination of the source of all distributions, including the percentage of qualified dividend income, will be made after year-end.
The Clough Global Equity Fund
The Fund is a closed-end fund utilizing Clough Capital’s research-driven, thematic process, with an investment objective of providing a high level of total return. Having a global, flexible mandate, the Fund will invest at least 80% in equity and equity-related securities in both U.S. and non-U.S. markets, and the remainder in fixed income securities, including corporate and sovereign debt, in both U.S. and non-U.S. markets . The Fund’s portfolio managers are Chuck Clough and Rob Zdunczyk. As of April 30 th , 2018 the Fund had approximately $265.6 million in total assets. More information, including the Fund’s dividend reinvestment plan, can be found at www.cloughglobal.com or call 877-256-8445.
Clough Capital Partners L.P.
Clough Capital is a Boston-based investment advisory firm which manages approximately $2.1 billion in assets: $901 million in hedge fund and institutional accounts; $108.3 million in open-end mutual funds; and $1.1 billion in three closed-end funds (as of March 31, 2018) – Clough Global Dividend and Income Fund (GLV), Clough Global Equity Fund (GLQ), and Clough Global Opportunities Fund (GLO).
An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain an annual report or semi-annual report which contains this and other information visit www.cloughglobal.com or call 877-256-8445. Read the prospectus carefully before investing.
The Clough Global Equity Fund is a closed-end fund and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value.
Forward-looking statements are based on information that is available on the date hereof, and neither the fund manager nor any other person affiliated with the fund manager has any duty to update any forward-looking statements. Important factors that could affect actual results to differ from these statements include, among other factors, material, negative changes to the asset class and the actual composition of the portfolio.
ALPS Portfolio Solutions Distributor, Inc, FINRA Member Firm.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180511005037/en/
Clough Capital Partners L.P.
Ned Burke, ALPS, +1 303-623-2577
[email protected]
or
Clough Global Equity Fund (NYSE MKT: GLQ)
Fund Services Group, 877-256-8445
Source: Clough Global Equity Fund | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-clough-global-equity-fund-declares-a-monthly-cash-distribution-of-0-point-1220-per-share.html |
HOUSTON, May 7, 2018 /PRNewswire/ -- Oasis Midstream Partners LP (NYSE: OMP) (the "Partnership" or "OMP") today announced financial results and cash distribution for the quarter ended March 31, 2018 and provided an operational update.
Recent Highlights:
Declared the quarterly cash distribution for the first quarter of 2018 of $0.3925 per unit, a 4.7% increase over the fourth quarter of 2017, in line with forecasted 20% annualized increase in cash distributions. Net income was $31.5 million for the three months ended March 31, 2018 and net cash from operating activities was $74.8 million for the three months ended March 31, 2018. Adjusted EBITDA was $38.2 million for the three months ended March 31, 2018 and net Adjusted EBITDA to the Partnership was $13.7 million for the three months ended March 31, 2018. See "Non-GAAP Financial Measures" below. Distributable Cash Flow was $11.9 million for the three months ended March 31, 2018, resulting in distribution coverage of 1.11x, which was greater than guidance for the first quarter of 1.10x. See "Non-GAAP Financial Measures" below.
"Oasis Midstream Partners started the year off strong, continuing to grow volumes in our respective DevCos, which allows for our continued support of strong coverage and keeps us on track to meet our targeted 20% annual distribution per unit growth," said Taylor Reid, Chief Executive Officer of OMP. "OMP continues to grow volumes above and beyond our initial forecast, which will allow for higher distributable cash flow and higher distribution coverage over time. We have made significant progress on our new 200 MMscfpd gas plant in Wild Basin, which remains on time and on budget, and are looking at growing throughput volumes via higher Oasis Petroleum volumes and volumes from third parties. As wells get bigger and more rigs are returning to work, there is a lot of activity in the core of the Williston Basin, and OMP is uniquely positioned to capitalize on that opportunity. We are beginning to see incremental third party opportunities across all three of our DevCos, giving us further comfort in our projected distribution growth. We continue to expect fourth quarter 2018 coverage to exceed 1.2x and now expect the first quarter of 2019 coverage to exceed 1.3x."
Other Key Developments:
Realized improved natural gas processing volumes in Bighorn DevCo totaling 98.0 million standard cubic feet per day ("MMscfpd") during the three months ended March 31, 2018, an increase of 40% from the fourth quarter of 2017. Increased natural gas volumes in Bobcat DevCo to 140.4 MMscfpd during the three months ended March 31, 2018, a 29% increase from the fourth quarter of 2017, reflecting the early realization of improved growth opportunities identified during the fourth quarter of 2017 due to increased gas volumes in Wild Basin. Spent $35.4 million on Gas Plant II in Bighorn DevCo, with the project approximately 65% complete and on schedule to begin operations in late 2018. Spent $17.1 million on additional gathering system infrastructure in Bobcat DevCo to capitalize on additional growth opportunities identified due to increased natural gas volumes and incremental oil and water in Wild Basin in the first quarter of 2018. OMP anticipates natural gas volumes for Bobcat DevCo to grow to 137 - 142 MMscfpd in 2018 and for natural gas volumes to exceed 200 MMscfpd by mid 2019. Increased volumes in spite of a challenging North Dakota winter. OMP had higher operating expenses related to difficult winter conditions. In addition, OMP incurred incremental operating expenses related to equipment and facility upgrades during the three months ended March 31, 2018 to mitigate the impact of abnormally difficult conditions experienced both this year and potentially in the future.
Operational and Financial Update
Select operational and financial statistics are in the following table:
March 31, 2018
OMP Ownership
Gross
Net
Bighorn DevCo
(In millions)
Operating income
100
%
$
5.0
$
5.0
Depreciation and amortization
100
%
2.5
2.5
Total CapEx
100
%
42.2
42.2
Bobcat DevCo
Operating income
10
%
$
16.9
$
1.7
Depreciation and amortization
10
%
2.1
0.2
Total CapEx
10
%
27.8
2.8
Beartooth DevCo
Operating income
40
%
$
10.6
$
4.2
Depreciation and amortization
40
%
1.7
0.7
Total CapEx
40
%
11.2
4.5
Total OMP
DevCo operating income
$
32.5
$
10.9
Public company expenses
0.7
0.7
OMP operating income
31.8
10.2
Depreciation and amortization
6.3
3.4
Equity-based compensation expense
0.1
0.1
Total CapEx
81.2
49.5
Maintenance CapEx
2.3
0.8
Growth CapEx
78.9
48.7
Metric
1Q18 Actual
2Q18 Guidance
FY18 Guidance
Bighorn DevCo
Crude oil service volumes
Mbopd
41.5
40 - 42
40 - 42
Natural gas service volumes
MMscfpd
98.0
98 - 103
100 - 107
Bobcat DevCo
Crude oil service volumes
Mbopd
36.3
33 - 36
34 - 36
Natural gas service volumes
MMscfpd
140.4
135 - 140
137 - 142
Water service volumes
Mbowpd
43.0
43 - 47
46 - 50
Beartooth DevCo
Water service volumes
Mbowpd
108.4
107 - 112
107 - 112
Liquidity
As of March 31, 2018, OMP had cash and cash equivalents of $4.0 million and $117.0 million of borrowings outstanding under its revolving credit facility with an unused borrowing capacity of $83.0 million.
Quarterly Distribution
On February 26, 2018, the Partnership paid the initial quarterly cash distribution to its unitholders of $0.0245 per unit related to the six days ended September 30, 2017 and $0.3750 per unit related to the three months ended December 31, 2017. The third quarter distribution was prorated from the closing of the Partnership's initial public offering on September 25, 2017. Both distributions equate to the minimum quarterly distribution of $0.3750 per unit on a full-quarter basis.
On May 7, 2018, the Board of Directors of OMP GP LLC, the general partner of the Partnership, declared the quarterly cash distribution of $0.3925 per unit for the first quarter of 2018. The first quarter distribution reflects a 4.7% increase over the fourth quarter of 2017, or 20% annualized. The distribution will be payable on May 29, 2018 to unitholders of record as of May 17, 2018.
Qualified Notice
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Conference Call Information
Investors, analysts and other interested parties are invited to listen to the webcast and call:
Date:
Tuesday, May 8, 2018
Time:
11:30 a.m. Central Time
Live Webcast:
https://www.webcaster4.com/Webcast/Page/1777/25388
OR:
Dial-in:
888-317-6003
Intl. Dial in:
412-317-6061
Conference ID:
6444678
Website:
www.oasismidstream.com
A recording of the conference call will be available beginning at 1:30 p.m. Central Time on the day of the call and will be available until Tuesday, May 15, 2018 by dialing:
Replay dial-in:
877-344-7529
Intl. replay:
412-317-0088
Replay code:
10119292
The conference call will also be available for replay for approximately 30 days at www.oasismidstream.com .
Contact:
Oasis Midstream Partners LP
Richard Robuck, (281) 404-9602
CFO & SVP Finance
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Partnership, including the Partnership's capital expenditure levels and other guidance included in this press release. These statements are based on certain assumptions made by the Partnership based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include, but are not limited to, the Partnership's ability to integrate acquisitions into its existing business, changes in oil and natural gas prices, weather and environmental conditions, the timing of planned capital expenditures, availability of acquisitions, uncertainties in the estimates of proved reserves and forecasted production results of the Partnership's customers, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as the Partnership's ability to access them, the proximity to and capacity of transportation facilities, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Partnership's business and other important factors. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Partnership's actual results and plans could differ materially from those expressed in any forward-looking statements.
Any forward-looking statement speaks only as of the date on which such statement is made and the Partnership undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
About Oasis Midstream Partners LP
Oasis Midstream Partners LP is a growth-oriented, fee-based master limited partnership formed by its sponsor, Oasis Petroleum Inc. to own, develop, operate and acquire a diversified portfolio of midstream assets in North America that are integral to the oil and natural gas operations of Oasis Petroleum Inc. and are strategically positioned to capture volumes from other producers. For more information, please visit the Partnership's website at www.oasismidstream.com .
OASIS MIDSTREAM PARTNERS LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
March 31, 2018
December 31, 2017
(In thousands)
ASSETS
Current assets
Cash and cash equivalents
$
4,048
$
883
Accounts receivable
920
834
Accounts receivable from Oasis Petroleum
57,144
85,818
Prepaid expenses
747
778
Total current assets
62,859
88,313
Property, plant and equipment
743,578
653,928
Less: accumulated depreciation and amortization
(40,696)
(34,348)
Total property, plant and equipment, net
702,882
619,580
Other assets
1,899
2,013
Total assets
$
767,640
$
709,906
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$
593
$
—
Accounts payable to Oasis Petroleum
15,533
11,638
Accrued liabilities
67,239
58,818
Accrued interest payable
73
114
Total current liabilities
83,438
70,570
Long-term debt
117,000
78,000
Asset retirement obligations
1,332
1,316
Total liabilities
201,770
149,886
Commitments and contingencies
Partners' Equity
Limited Partner
Common units (13,774 units outstanding at March 31, 2018)
166,943
167,401
Subordinated units (13,750 units outstanding at March 31, 2018)
78,657
79,173
General Partner
—
—
Total partners' equity
245,600
246,574
Non-controlling interests
320,270
313,446
Total equity
565,870
560,020
Total liabilities and equity
$
767,640
$
709,906
OASIS MIDSTREAM PARTNERS LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended March 31,
2018
2017
(In thousands, except per unit data)
Revenues
Midstream services for Oasis Petroleum
$
60,853
$
37,367
Midstream services for third parties
568
273
Total revenues
61,421
37,640
Operating expenses
Direct operating
17,116
9,023
Depreciation and amortization
6,364
3,458
General and administrative
6,150
4,396
Total operating expenses
29,630
16,877
Operating income
31,791
20,763
Other income (expense)
Interest expense, net of capitalized interest
(262)
(1,217)
Other income (expense)
—
(2)
Total other income (expense)
(262)
(1,219)
Income before income taxes
31,529
19,544
Income tax expense
—
(7,295)
Net income
31,529
$
12,249
Less: Net income attributable to non-controlling interests
21,575
Net income attributable to Oasis Midstream Partners LP
$
9,954
Earnings per limited partner unit — Basic and Diluted
Common units
$
0.36
Subordinated units
0.36
Weighted average number of limited partner units outstanding — Basic
Common units
13,750
Subordinated units
13,750
Weighted average number of limited partner units outstanding — Diluted
Common units
13,754
Subordinated units
13,750
Non-GAAP Financial Measures
Cash Interest
Cash Interest is a supplemental non-GAAP financial measure that is used by management and external users of the Partnership's financial statements, such as industry analysts, investors, lenders and rating agencies. We define Cash Interest as interest expense plus capitalized interest less amortization of deferred financing costs included in interest expense. Cash Interest is not a measure of interest expense as determined by United States generally accepted accounting principles, or GAAP. Management believes that the presentation of Cash Interest provides useful additional information to investors and analysts for assessing the interest charges incurred on our debt, excluding non-cash amortization, and our ability to maintain compliance with our debt covenants.
The following table presents a reconciliation of the GAAP financial measure of interest expense, net of capitalized interest, to the non-GAAP financial measure of Cash Interest for the periods presented:
Three Months Ended March 31,
2018
2017
(In thousands)
Interest expense, net of capitalized interest
$
262
$
1,531
Capitalized interest
835
289
Amortization of deferred financing costs
(116)
—
Cash Interest
$
981
$
1,820
Adjusted EBITDA
Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Partnership's financial statements, such as industry analysts, investors, lenders and rating agencies. We define Adjusted EBITDA as earnings before interest expense (net of capitalized interest), income taxes, depreciation, amortization, equity-based compensation expenses and other similar non-cash adjustments. Adjusted EBITDA should not be considered an alternative to net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Management believes that the presentation of Adjusted EBITDA provides information useful to investors and analysts for assessing our results of operations, financial performance and our ability to generate cash from our business operations without regard to our financing methods or capital structure, coupled with our ability to maintain compliance with our debt covenants. The GAAP measures most directly comparable to Adjusted EBITDA are net income and net cash provided by operating activities, respectively.
Distributable Cash Flow ("DCF")
DCF is a supplemental non-GAAP financial measure that is used by management and external users of the Partnership's financial statements, such as industry analysts, investors, lenders and rating agencies. We define DCF as Adjusted EBITDA attributable to the Partnership less Cash Interest and maintenance capital expenditures attributable to the Partnership. Maintenance capital expenditures are cash expenditures (including expenditures for the construction or development of new capital assets or the replacement, improvement or expansion of existing capital assets) made to maintain, over the long term, system operating capacity, operating income or revenue. DCF should not be considered an alternative to net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Management believes that the presentation of DCF provides information useful to investors and analysts for assessing our results of operations, financial performance and our ability to generate cash from our business operations without regard to our financing methods or capital structure, coupled with our ability to make distributions to our unitholders. The GAAP measures most directly comparable to DCF are net income and net cash provided by operating activities, respectively.
The following table presents reconciliations of the GAAP financial measures of net income and net cash provided by operating activities to the non-GAAP financial measure of Adjusted EBITDA and DCF for the periods presented:
Three Months Ended March 31,
2018
2017
(In thousands)
Net income
$
31,529
$
12,249
Income tax expense
—
7,295
Depreciation and amortization
6,364
3,458
Equity-based compensation expense
63
348
Interest expense, net of capitalized interest
262
1,217
Adjusted EBITDA
38,218
$
24,567
Less: Adjusted EBITDA attributable to non-controlling interests
24,496
Adjusted EBITDA attributable to Oasis Midstream Partners LP
13,722
Cash Interest attributable to Oasis Midstream Partners LP
981
Maintenance capital expenditures
796
Distributable Cash Flow attributable to Oasis Midstream Partners LP
$
11,945
Net cash provided by operating activities
$
74,751
$
20,379
Current tax expense
—
5,358
Interest expense, net of capitalized interest
262
1,217
Changes in working capital
(36,681)
(2,387)
Other non-cash adjustments
(114)
—
Adjusted EBITDA
38,218
$
24,567
Less: Adjusted EBITDA attributable to non-controlling interests
24,496
Adjusted EBITDA attributable to Oasis Midstream Partners LP
13,722
Cash Interest attributable to Oasis Midstream Partners LP
981
Maintenance capital expenditures
796
Distributable Cash Flow attributable to Oasis Midstream Partners LP
$
11,945
View original content: http://www.prnewswire.com/news-releases/oasis-midstream-partners-lp-announces-quarter-ended-march-31-2018-earnings-and-distribution-300644040.html
SOURCE Oasis Midstream Partners LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-oasis-midstream-partners-lp-announces-quarter-ended-march-31-2018-earnings-and-distribution.html |
May 16, 2018 / 11:55 AM / Updated 21 minutes ago For Big Oil, reserve size matters less than ever Ron Bousso 6 Min Read
LONDON (Reuters) - A decade ago, the news that the world’s top oil and gas companies had less than 12 years of production left in their reserves might have caused a panicked sell-off in their shares. FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. REUTERS/Ernest Scheyder/File Photo
But as consumers try to move away from fossil fuels to cleaner and cheaper energy sources, investors and executives say reserve size is no longer the gold standard for measuring the value and health of a company.
The cost of developing existing reserves and the amount of carbon those reserves produce has now become more important, they say. This is leading to a profound shift in company strategies.
“The quality of reserves and the commercial viability of reserves has eclipsed the quantity of reserves by far in recent years,” said Adi Karev, Global Leader for Oil and Gas at EY.
Graphic: Oil Majors reserves life - sector: reut.rs/2rFQjvb
The sector is emerging from one of its longest and deepest downturns after an oil price slump that started in 2014.
The largest publicly-traded oil companies — Exxon Mobil, Royal Dutch Shell, Chevron, ConocoPhillips, France’s Total, BP, Equinor (formerly Statoil) and Italy’s Eni — have adapted. They saved money by cutting jobs and increasing technology spending and now make more money with oil at $60 a barrel than they did at $100.
But they also cut spending on exploration for new resources and development of new fields. This led to a decline in reserves.
An analysis by Reuters and Guinness Asset Management of the annual reports of those eight companies shows that the size of their oil and gas reserves, when added together, fell to 91 billion barrels in 2017. That was the lowest since the same amount in 2005.
The reserves of Exxon Mobil, the largest company, shrank by 16 percent since the slump began in 2014. Shell’s reserves fell 6.5 percent since then despite the $54 billion acquisition of BG Group in 2016.
BP and Chevron’s oil and gas reserves increased by a small 5 percent since 2014. Eni was the only one to significantly boost its reserves by over 20 percent thanks to the discovery of the giant Zohr gas field off the coast of Egypt.
The cumulative reserve life - the number of years a company can sustain its current production levels with existing reserves - of the eight companies fell to 11.7 years in 2017. That was the lowest level in at least 20 years although that drop is also the result of a sharp increase in production. Reuters does have access to data going back beyond 1998.
Exxon’s reserves life shrank from 17 years in 2014 to 15 in 2017. Eni’s from 10.6 to 10.1 years despite its discoveries. Shell slipped from 12 to 9 years over the period.
“There is clear deterioration (in reserves) and this will be a problem in time,” according to Jonathan Waghorn, manager of the energy fund at Guinness Asset Management.
But for now, “10-12 year’s reserve life should be fine, so it is not a materially important component between the Majors.”
Graphic: Oil Majors' reserves life - reut.rs/2rxoqFz “THE BEST BARRELS”
With electric vehicles on the ascent and a peak for fuel demand on the horizon, the focus on the reserves is shifting to the quality of the reserves rather than the quantity
“Some reserves are more efficient than others,” Eldar Saetre, chief executive officer of Norwegian oil giant Equinor told Reuters.
“At some point we see a shrinking oil and gas industry, when that will be I do not know, but then it is really important that the best barrels come in and that will be increasingly a competitive factor.”
Some companies are already changing strategies to adapt to the new focus.
Oil prices are not expected to rise sharply in the long-term and governments are seeking to reduce pollution and greenhouse gas emissions. This means firms are adjusting by setting ceilings for the cost of projects, often below $35 a barrel. Oil reached a $80 a barrel this month, the highest since late 2014.
Crude oil and natural gas have different grades and the cost of pumping them can vary hugely. Saudi Arabia’s oil is easier and therefore cheaper to extract than Angola’s complex deepwater wells.
Canada’s oil sands have become less attractive due to their high cost of extraction and high carbon intensity. Exxon wrote down a large part of its Canadian oil reserves in 2017. Its largest rival, Shell, has sold most of its Canadian assets in recent years.
North American shale which has emerged over the past decade can be developed relatively quickly and at low cost, in contrast to multi-billion dollar deepwater projects that take years to develop.
The Permian basin in Texas, the heartland of the shale oil boom in recent years, saw production costs drop sharply to as low as $30 a barrel.
Exxon and U.S. rival Chevron have both acquired large acreage in the Permian in recent years. Shell is also expanding in U.S. shale.
The Gulf of Mexico also has low extraction costs because it has large reservoirs of oil and some infrastructure is already located there such as services companies and onshore bases.
Statoil and Total have bought exploration acreage in the U.S. Gulf of Mexico in recent months.
Brazil’s pre-salt reserves also have low costs as there are huge reservoirs and also some existing infrastructure. All eight companies are there and several have recently sharply increased their production in the basin.
“We are now getting to the point that the focus on efficiencies and producing reserves at a low level is what investors expect,” Karev said. Additional reporting by Shadia Nasralla in London and Stephen Jewkes in Milan; Editing by Anna Willard | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-oilmajors-reserves/for-big-oil-reserve-size-matters-less-than-ever-idUKKCN1IH1I4 |
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