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President Donald Trump asked Attorney General Jeff Sessions to reverse his decision to recuse himself from the investigation into Russian efforts to influence the 2016 election, according to a report in The New York Times .
The meeting is under investigation by special counsel Robert Mueller 's team, which is seeking to find out whether Trump has made attempts to obstruct the probe, the Times said. It's also an indication that Mueller's obstruction probe into Trump is more extensive than previously thought.
The recusal kept Sessions from overseeing the special counsel's investigation into possible Russian involvement with the Trump campaign, ceding responsibility to Deputy Attorney General Rod Rosenstein .
show chapters The Trump-Russia ties hiding in plain sight 1:33 PM ET Thu, 24 May 2018 | 07:56 At a meeting at Trump's Mar-a-Lago resort in March 2017, the president berated Sessions for recusing himself and asked him to change his mind, saying he needed a loyalist overseeing the investigation, the Times reported. Sessions refused, the article said.
A representative for the attorney general did not immediately respond to CNBC's request for comment. The special counsel's office declined to comment, and the White House referred inquiries to the president's outside counsel.
Later Wednesday morning, Trump tweeted that he wished he had picked another person to be attorney general.
TRUMP TWEET WISH
Rudy Giuliani, one of Trump's attorneys in the Russia probe, told CNBC that Trump still seems frustrated over Sessions for the recusal "because he believes he should not have in the first place."
Ever since Sessions recused himself from the Russia investigation, Trump has attacked sessions both in public and in private. The president has frequently taken to Twitter to slam Sessions.
Donald Trump tweet
Donald Trump tweet
The Times, citing a source, also reported that Trump, in July, had told his chief of staff, Reince Priebus , to convince Sessions to resign. Priebus then informed the attorney general's chief of staff, who told Priebus that the president himself would have to ask Sessions to quit, which did not end up happening, the report said.
Priebus was out as chief of staff by the end of July, replaced by John Kelly. The Times reported that Mueller's team wants to ask Trump about his discussions with Priebus regarding Sessions.
Read the full report in The New York Times.
CNBC's Brian Schwartz contributed to this article. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/trump-reportedly-asked-sessions-to-reverse-his-recusal-from-russia-probe.html |
Trump still looking at June 12 summit with Kim 2:41pm BST - 01:38
U.S. President Donald Trump said on Saturday he was still looking at a June 12 summit with North Korean leader Kim Jong Un in Singapore, adding that talks were progressing very well. Rough Cut (no reporter narration).
U.S. President Donald Trump said on Saturday he was still looking at a June 12 summit with North Korean leader Kim Jong Un in Singapore, adding that talks were progressing very well. Rough Cut (no reporter narration). //reut.rs/2INfqai | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/27/trump-still-looking-at-june-12-summit-wi?videoId=430829216 |
May 22 (Reuters) - North American Nickel Inc:
* NORTH AMERICAN NICKEL APPOINTS NEW CHIEF FINANCIAL OFFICER
* HAS APPOINTED SARAH-WENJIA ZHU AS CHIEF FINANCIAL OFFICER OF COMPANY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-north-american-nickel-appoints-sar/brief-north-american-nickel-appoints-sarah-wenjia-zhu-as-cfo-idUSASC0A35V |
SHENZHEN, China, May 08, 2018 (GLOBE NEWSWIRE) -- Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq:XNET), a leading cloud-based acceleration technology company in China, announced today that it plans to release its unaudited financial results for the first on May 15, 2018 before the U.S. market opens.
The earnings press release will be available on the Company's investor relations page at http://ir.xunlei.com .
Conference Call
Xunlei's management will host a conference call at 8:00 a.m. U.S. Eastern Time on May 15, 2018 (8:00 p.m. Beijing/Hong Kong Time), to discuss the Company's quarterly results and recent business developments.
To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time:
China: 400-120-0654 Hong Kong: 852 3018 6776 United States: 1-855-500-8701 International: 65 6713-5440 Passcode: 1749718 The Company will also broadcast a live audio webcast of the conference call. The webcast will be available at http://ir.xunlei.com
Following the earnings conference call, an archived version of the call will be accessible 4 hours after the call’s completion by dialing:
China: 400-602-2065 Hong Kong: 800-963-117 United States: 1-855-452-5696 International: 61-2-9003-4211 Replay Passcode: 1749718 Replay End Date: 23-May-18 About Xunlei
Xunlei Limited (“Xunlei”) is a leading cloud-based acceleration technology company in China. Xunlei operates a powerful internet platform in China based on cloud computing to provide users with quick and easy access to digital media content through its core products and services, Xunlei Accelerator and cloud acceleration subscription services. Xunlei is increasingly extending into mobile devices in part through potentially pre-installed acceleration products in mobile phones. Benefitting from the large user base accumulated by Xunlei Accelerator, Xunlei has further developed various value-added services to meet a fuller spectrum of its users’ digital media content access and consumption needs.
CONTACT: IR Contact:
Xunlei Limited
Email: [email protected]
Tel: +86 755 8633 8443
Website: http://ir.xunlei.com
Source:Xunlei Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-xunlei-limited-schedules-2018-unaudited-first-quarter-earnings-release-on-may-15-2018.html |
(Adds details on upgrades)
ABIDJAN, May 22 (Reuters) - Switzerland’s Barry Callebaut plans to boost the annual grinding capacity of its facilities in Ivory Coast to 230,000 tonnes from 170,000 tonnes by 2022, CEO Antoine de Saint-Affrique said on state-owned broadcaster RTI.
The company plans to invest around 30 billion CFA francs ($53 million) in the upgrades from next year, he said during a ceremony over the weekend.
Barry Callebaut will double capacity at the Abidjan facility of its local unit Société Africaine de Cacao (SACO) from 50,000 tonnes to 100,000 tonnes. It will upgrade its factory in the port city of San Pedro for an additional 10,000 tonnes of installed capacity, taking it up to 130,000 tonnes.
The Swiss company is Ivory Coast’s biggest cocoa processor, accounting for around 27 percent of total installed capacity.
Ivory Coast, the world’s top cocoa producer, wants to process domestically 50 percent of its cocoa bean production by 2020 and is granting tax benefits and exemptions to grinders who increase their capacities. ($1 = 571.3900 CFA francs) (Reporting by Ange Aboa Editing by Joe Bavier and Louise Heavens/Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/cocoa-ivorycoast-barry-callebaut/update-1-barry-callebaut-to-boost-ivory-coast-cocoa-grinding-capacity-idUSL5N1ST436 |
By Polina Marinova 9:26 AM EDT VALUATIONS TO THE MOON
Good morning, Term Sheet readers.
JOINING THE UNICORN CLUB: ThoughtSpot, a Palo Alto, Calif.-based startup that helps companies sift their corporate data, has received $145 million in new funding. Investors include Sapphire Ventures, Lightspeed Ventures, Khosla Ventures, General Catalyst, and the Australian Government Future Fund.
My colleague Jonathan Vanian has the exclusive details :
CEO Ajeet Singh declined to disclose the company’s private valuation, but he said it is now worth over $1 billion. That would put ThoughtSpot among an elite group of so-called unicorn startups that are worth $1 billion or more.
In total, the company has raised $306 million since its founding in 2012. It will use the fresh capital to hire more staff in North America, Europe, and the Asia-Pacific region. Singh said this should be the company’s last private round as it prepares for a possible IPO in the next few years. Read more at Fortune.
SKY HIGH: In the latest PitchBook VC valuations report , venture capital valuations continue to skyrocket across all stages. Here are some takeaways:
• The most significant valuation increase was at the late stage , where the median pre-money valuation as of the first quarter of 2018 went up to $75 million, which is a 19% increase from 2017. A big reason for this? Heaps of dry powder.
• The shift toward funding more mature companies was especially present in the angel & seed stage in Q1. At those stages, the median age for companies receiving financing pushed to three years, which is twice as old as a decade ago. The reason? Lots of alternative funding options such as accelerators, equity or product crowdfunding, and a greater ability to bootstrap.
• The median time between venture rounds remains extended, sitting at 1.4 years for angel & seed and early-stage rounds, an increase from a long-term average of 1.2 years. For late-stage, it sits at about 1.8 years compared to an average of 1.5 years.
• It doesn’t seem that VC valuation increases are driven by an increase in investor protections. For instance, the percentage of deals with cumulative dividends — as well as those with participation rights — has fallen steadily over the past decade.
It’s a pretty in-depth report. Read it in full here.
Advertisement THE LATEST FROM FORTUNE...
• The 13 Best Warren Buffett Quote: s from the Berkshire Hathaway Meeting (by Jen Wieczner)
• Comcast is still trying to buy Fox (by Hallie Detrick)
• Twitter May Be Testing an Encrypted Direct Messaging Feature (by Natasha Bach)
• Why Warren Buffett Loves Apple Stock (by Jen Wieczner)
…AND ELSEWHERE
Takeda Pharmaceutical to buy Shire in $62 billion deal . Snap’s CFO is out . New York Attorney General Eric Schneiderman is out . Alibaba buys Rocket Internet’s Daraz to expand its e-commerce empire into South Asia. The parent company of the NYSE has been working on a Bitcoin online trading platform .
VENTURE DEALS
• BorderX Lab , a Sunnyvale, Calif.-based cross-border e-commerce company, raised $20 million in Series B funding. Kleiner Perkins led the round, and was joined by investors including Hillhouse Capital Group, CBC (China Broadband Capital), Welight Capital and iFly Venture Capital.
• Miovision , a Canada-based provider of smart traffic intersection technology, raised $15 million in funding. Investors include MacKinnon, Bennett & Co., McRock Capital, BDC Capital and HarbourVest Partners .
• Peltarion , a Sweden-based deep learning artificial intelligence company, raised €11 million ($13 million) in funding. Investors include FAM and EQT Ventures.
• Red Points, a Spain-based IP Protection SaaS company, raised $12 million in funding. Investors include Eight Roads Ventures, Mangrove and Northzone .
• mPulse Mobile , an Encino, Calif.-based healthcare industry-focused provider of mobile solutions, raised $11 million in Series B funding. SJF Ventures led the round, and was joined by investors including HLM Venture Partners, EchoHealth Ventures, OCA Ventures and Bonfire Ventures.
• Divvy , a Lehi, Utah-based provider of expense management solutions, raised $10.5 million in funding. Pelion Ventures led the round.
• Squelch Inc , a Redwood City, Calif.-based provider of real-time customer experience optimization for customer support and customer success teams, raised $8 million in Series A funding. Investors include Shasta Ventures and Correlation Ventures.
• Purple Carrot , a Needham, Mass.-based plant-based meal startup, raised $4 million in funding from Fresh Del Monte Produce.
• Notable , a San Mateo, Calif.-based provider of voice-powered health care, raised $3 million in seed funding. Greylock Partners led the round, and was joined by investors including Maverick Ventures and 8VC.
• Spacemesh , a fair blockmesh operating system, raised $3 million in seed funding. Investors include BRM Group, iAngels, Alignment and Bancor.
• Yobe , AI-powered signal processing provider, raised $1.8 million in seed funding. Investors include Clique Capital Partners.
• Rapchat , a Columbus, Ohio-based mobile app dedicated to rap enthusiasts, raised $1.6 million in seed financing. Investors include Rev1 Ventures, Base Ventures, M25 Group, TechNexus, OTAF and 500 Startups.
• Cobo Wallet , a China-based managed wallet product, raised funding of an undisclosed amount. Investors include Linear Venture, FreeS Fund and IMO Ventures.
Advertisement PRIVATE EQUITY DEALS
• ThreeSixty Group Inc , which is backed by AEA Investors LP , acquired Vornado Air LLC , an Andover, Kansas-based provider of home comfort products. Financial terms weren’t disclosed.
• Be Relax , an operator of airport spas in Europe, the U.S., the Middle East and Asia, raised up to 20 million euros ($24 million) in funding. The investor was Activa Capital.
• Periscope Equity LLC invested in Integrated Behavioral Health, Inc , a provider of comprehensive behavioral health and employee engagement products. Financial terms weren’t disclosed.
Advertisement OTHER DEALS
• Del Frisco’s Restaurant Group, Inc. (NASDAQ:DFRG) agreed to acquire Barteca Restaurant Group , a Norwalk, Conn.-based operator of a chain of restaurants, for $325 million in cash.
Advertisement IPOs
• Xiaomi Corporation , the Chinese phone giant, is said to be targetting a valuation of between $70 billion to $80 billion, the WSJ reports citing sources. That comes below a previously estimated range of between $80 billion to $100 billion . The firm posted revenue of 114.6 billion RMB ($18 billion) and loss of 43.9 billion RMB ($6.9 billion) in 2017. Apoletto Investments and Morningside China TMT back the firm. CLSA, Goldman Sachs, and Morgan Stanley are underwriters in the deal. Read more .
• SpringerNature , which publishes Nature and Scientific American magazines, is targeting an IPO that will value the firm lower than expected, at 3.2 billion ($3.8 billion). The firm previously asked J.P. Morgan and Morgan Stanley to work on a 2018 IPO in Frankfurt. Read more .
• iZettle , a Stockholm-based payments platform, announced plans to IPO on the Nasdaq in Sweden. The firm plans to raise 2 billion Swedish kronor ($227 million) for a valuation of about SEK 10 billion ($1.1 billion). Read more .
• Bioceres , a Rosario, Argentina GMO firm, is said to be delaying its U.S. IPO, according to Bloomberg amid market volatility. The firm previously said it plans to raise $130 million in an initial public offering of 11.8 million shares priced between $10 to $12 a piece. Jefferies, Piper Jaffray, SunTrust Robinson Humphrey, and Banco Santander are joint bookrunners in the deal. It plans to list on the NYSE as “BIOX.” Read more .
• Autolus Therapeutics , a London-based cell therapy treatment maker, filed for a $100 million IPO. The firm has yet to post a revenue . Syncona (40.6%), Woodford (26.4%), and Arix Biosciences Holdings (9.1%) back the firm. Goldman Sachs and Jefferies are underwriters in the deal. The firm plans to list on the Nasdaq as “AUTL.” Terms have yet to be announced. Read more .
• U.S. Xpress Enterprises , a Chattanooga, Tenn.-based trucking firm, filed for an IPO of $100 million. The firm posted revenue of $1.6 billion in 2017 . BofA Merrill Lynch, Morgan Stanley, J.P. Morgan, and Wells Fargo Securities are underwriters in the deal. The firm plans to list on the NYSE as “USX.” Terms have yet to be announced. Read more .
• Beymen Magazacilik and DeFacto Perakende Ticaret , two turkish retail firms, cancelled their IPOs as the Turkish lira falls. Read more .
Advertisement EXITS
• Astorg will acquire IGM Resins , a Netherlands-based manufacturer and innovator of ultraviolet curable materials, from Arsenal Capital Partners . Financial terms weren’t disclosed.
Advertisement PEOPLE
• Z Capital appointed Bonnie Wang as a managing director and head of corporate development. Previously, Wang was at J.P. Morgan.
• Jeneration Capital Management appointed Jason Tan as a partner and chief investment officer. Previously, Tan was at Tiger Global Management.
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Polina Marinova produces Term Sheet, and Lucinda Shen compiles the IPO news. Send deal announcements to Polina here and IPO news to Lucinda here . | ashraq/financial-news-articles | http://fortune.com/2018/05/08/term-sheet-tuesday-may-8/ |
May 10, 2018 / 2:43 AM / Updated 13 minutes ago Australia's AMP braces for shareholder revolt at frosty AGM Paulina Duran , Byron Kaye 4 Min Read
SYDNEY (Reuters) - Top Australian wealth manager AMP Ltd ( AMP.AX ) told angry shareholders on Thursday it understood their concerns and expected some to vote against its remuneration plans after a public inquiry revealed serious board-level misconduct. FILE PHOTO: The logo of Australia's biggest wealth manager, AMP Ltd, adorns their head office building in Sydney, Australia February 9, 2017. REUTERS/David Gray/File Photo
AMP also said it would defend two class-action lawsuits on behalf of shareholders for losses in the wake of allegations it deliberately charged fees for no service, doctored an independent report and lied to regulators.
The firm’s share price has slumped more than a fifth, wiping A$4 billion ($3 billion) of its market value, since February when an independent inquiry into the financial sector exposed serious flaws in its governance, accountability and culture.
“We recognise that many of our shareholders have voted against the remuneration report in response to the wider business issues,” Interim Executive Chairman Mike Wilkins told the annual general meeting in Melbourne.
“We understand your frustration and have heard you.”
Wilkins said he expected shareholders to vote the remuneration report down. Under Australian law, two consecutive ballots against the report can trigger a board spill.
The former director stepped up after the firm’s CEO and chairman quit last month over the scandal.
Two other directors stepped down earlier this week after apparently losing the support of key investors for their re-election at the meeting, and a third is facing stiff opposition at the vote due later Thursday.
AMP shares were down 1 percent in morning trading, while the broader market was up 0.4 percent. LAWSUITS
The lawsuits were filed by global law firm Quinn Emanuel Urquhart & Sullivan and Melbourne-based Phi Finney McDonald on behalf of some shareholders.
Quinn Emanuel said it alleges that “amongst other things, AMP breached its continuous disclosure obligations and made misleading statements, causing shareholders significant loss”.
Australian litigation financier IMF Bentham also has said it would fund another class action against AMP.
AMP, whose name has been synonymous with financial planning in Australia for decades, said in a statement ahead of its annual general meeting it would “vigorously defend” the proceedings”.
The firm said costs were expected to mount as it worked to resolve the issues identified by the inquiry, which has shocked Australia with near-daily revelations of wrongdoing by the country’s major financial institutions.
AMP reported subdued cash flows at its Australian wealth management business for the three months to end-March, with net outflow of A$200 million ($149.2 million), flat over previous year.
Total assets under management for the business at the end of the first quarter were A$128.3 billion, 2 percent lower than the last quarter, the company said, citing negative investment markets during the period.
Wilkins said AMP expected a review of the fees it paid financial planners would “lead to further customer remediation costs and associated expenses”.
“Not surprisingly, we did see some increase in customer call centre enquiries and withdrawal requests, although this has eased back in recent days,” he said.
($1 = 1.3387 Australian dollars) Reporting by Byron Kaye and Paulina Duran in SYDNEY, Rushil Dutta in BENGALURU; editing by Stephen Coates | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-australia-banks-inquiry-amp/australias-amp-braces-for-shareholder-revolt-at-frosty-agm-idUKKBN1IB096 |
CNBC.com Source: CNBC John O'Rourke (right) CEO of Riot Blockchain after a shareholders meeting in Oklahoma City on May 9, 2018.
Riot Blockchain , the cryptocurrency company whose stock skyrocketed after changing its name revealed that the Securities and Exchange Commission subpoena it received on April 9 was "pursuant to a formal order of investigation," according to a new filing. Riot released its first-quarter earnings on Thursday after filing on Tuesday that they would be delayed. "The Company has received and responded to comments from the staff of the SEC regarding certain developments and the Company's ongoing development of a blockchain/cryptocurrency business model. These inquires include the proper asset classification, applicability of the Investment Company Act [of] 1940, to the Company's business and affairs and accounting treatment of its cryptocurrency," according to the quarterly report. Riot "intends to fully cooperate with the SEC request," according to its annual report, filed in April.
A call Friday to John O'Rourke, Riot's CEO, was not immediately returned. "I cannot comment on the subpoena," said O'Rourke after a shareholder meeting earlier this month. "We don't know the nature of the investigation and that's all my attorney advised me to comment on." The SEC declined to comment. Riot's stock closed up nearly 12 percent Thursday for unknown reasons. The shares then fell in extended trading Thursday after the results were released and were down more than 7 percent midafternoon Friday. The earnings report shows a company in the red. Riot brought in less than $1 million in revenue during the first quarter while posting a loss. Most of that revenue came from cryptocurrency mining, which was still being fully set up last quarter. The company had $5.3 million in cash at the end of the first quarter, down from $41.7 million in December. Riot has $4.3 million worth of cryptocurrency. "The Company expects to continue to incur losses from operations for the near-term and these losses could be significant," the report said. Over that last quarter, Riot spent $18.9 million on purchasing property and equipment and used $5.6 million for operating activities. "The Company expects the need to raise additional capital to expand our operations and pursue our growth strategies," Riot said. It expects to be able to meet its cash needs for at least one year, according to the filing. A CNBC investigation in February found a number of red flags in the company's SEC filings that might make investors leery: annual meetings that are postponed at the last minute, insider selling soon after the name change, dilutive issuances on favorable terms to large investors, SEC filings that are often Byzantine and evidence that a major shareholder was getting out while everyone else was getting in. O'Rourke accused CNBC of publishing "a negative one-sided piece."
"We have made significant inroads in building a diversified portfolio of investments and to begin securing digital assets," O'Rourke said in a letter to shareholders the day the investigation aired. As bitcoin hit record highs in late December, Riot was making news on a daily basis. The company's stock shot from $8 a share to more than $40, as investors wanted to cash in on the craze of all things crypto. But Riot had not been in the cryptobusiness for long. Until October, its name was Bioptix, and it was known for having a veterinary products patent and developing new ways to test for disease. Riot warned it "may never become profitable," in its latest annual report. "Even if we achieve profitability in the future, we may not be able to sustain profitability in subsequent periods," the report said. Scott Zamost Senior Investigative Producer for CNBC Michelle Caruso-Cabrera CNBC Chief International Correspondent and "Power Lunch" Co-Anchor | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/riot-blockchains-sec-subpoena-part-of-formal-investigation.html |
May 30, 2018 / 2:39 PM / Updated 2 minutes ago Russian journalist Babchenko turns up alive after reported murder Reuters Staff 1 Min Read
KIEV (Reuters) - A Russian dissident journalist who was reported murdered in Kiev dramatically reappeared alive and well on Wednesday in the middle of a briefing about the killing by the Ukrainian state security service. Russian journalist Arkady Babchenko (C), who was reported murdered in the Ukrainian capital on May 29, Ukrainian Prosecutor General Yuriy Lutsenko (R) and head of the state security service (SBU) Vasily Gritsak attend a news briefing in Kiev, Ukraine May 30, 2018. REUTERS/Valentyn Ogirenko
The head of the security service said it had received information about a Russian plot to kill Kremlin critic Arkady Babchenko and managed to prevent it.
Babchenko thanked the Ukrainian security service for saving his life. Reporting by Pavel Polityuk; writing by Matthias Williams; editing by John Stonestreet | ashraq/financial-news-articles | https://www.reuters.com/article/us-ukraine-russia-journalist-alive/russian-journalist-babchenko-turns-up-alive-after-reported-murder-idUSKCN1IV1WX |
BEIJING, May 29, 2018 (GLOBE NEWSWIRE) -- iKang Healthcare Group, Inc. (“iKang” or the “Company”) (Nasdaq:KANG), a major provider in China’s fast growing private preventive healthcare services market, today announced that it has entered into an amendment (the “Amendment”) to its previously announced Agreement and Plan of Merger dated as of March 26, 2018, by and among IK Healthcare Investment Limited, IK Healthcare Merger Limited and the Company (the “Merger Agreement” and, as amended by the Amendment, the “Amended Merger Agreement”).
Pursuant to the Amendment, Boyu Capital Fund III, L.P. will join the affiliates of Yunfeng Capital and Alibaba Group Holding Limited as a sponsor and provide equity financing for the transactions contemplated by the Amended Merger Agreement (the “Transactions”).
The Company also amended its currently effective shareholder rights plan to render it inapplicable to the Amended Merger Agreement and the Transactions.
Additional Information about the Merger
The Company will furnish to the SEC a report on Form 6-K which will include as an exhibit thereto the Amendment. The Company previously furnished to the SEC a report on Form 6-K regarding the transactions contemplated by the Merger Agreement, which included as an exhibit thereto the Merger Agreement. All parties desiring details regarding the Transactions, including the merger, are urged to review these documents, which will be available at the SEC’s website ( http://www.sec.gov ).
In connection with the proposed Transactions, including the merger, the Company will prepare and mail a proxy statement that will include a copy of the Merger Agreement and the Amendment to its shareholders. In addition, certain participants in the proposed Transactions will prepare and mail to the Company’s shareholders a Schedule 13E-3 transaction statement that will include the Company’s proxy statement. These documents will be filed with or furnished to the SEC. INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE MATERIALS AND OTHER MATERIALS FILED WITH OR FURNISHED TO THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE PROPOSED TRANSACTIONS, INCLUDING THE MERGER, AND RELATED MATTERS. In addition to receiving the proxy statement and Schedule 13E-3 transaction statement by mail, shareholders also will be able to obtain these documents, as well as other filings containing information about the Company, the proposed Transactions, including the merger, and related matters, without charge, from the SEC’s website ( http://www.sec.gov ) or at the SEC’s public reference room at 100 F Street, NE, Room 1580, Washington, D.C. 20549.
The Company and certain of its directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be “participants” in the solicitation of proxies from its shareholders with respect to the proposed Transactions, including the merger. Information regarding the persons or entities who may be considered “participants” in the solicitation of proxies will be set forth in the proxy statement and Schedule 13E-3 transaction statement relating to the proposed Transactions, including the merger, when it is filed with the SEC. Additional information regarding the interests of such potential participants will be included in the proxy statement and Schedule 13E-3 transaction statement and the other relevant documents filed with the SEC when they become available.
This announcement is neither a solicitation of proxy, an offer to purchase nor a solicitation of an offer to sell any securities and it is not a substitute for any proxy statement or other materials that may be filed with or furnished to the SEC should the proposed merger proceed.
About iKang Healthcare Group, Inc.
iKang Healthcare Group, Inc. is one of the largest providers in China’s fast-growing private preventive healthcare space through its nationwide healthcare services network.
iKang’s nationwide integrated network of multi-brand self-owned medical centers and third-party facilities, provides comprehensive and high-quality preventive healthcare solutions across China, including medical examination, disease screening, dental service and other value-added services. iKang’s customer base primarily comprises corporate clients, who contract with iKang to deliver medical examination services to their employees and clients, and receive these services at pre-agreed rates. iKang also directly markets its services to individual customers. In the fiscal year ended March 31, 2017 and fiscal first nine months ended December 31, 2017, iKang served a total of 5.58 million and 5.64 million customer visits, respectively.
As of May 29, 2018, iKang has a nationwide network of 111 self-owned operating medical centers, covering 33 of China’s most affluent cities: Beijing, Shanghai, Guangzhou, Shenzhen, Chongqing, Tianjin, Nanjing, Suzhou, Hangzhou, Chengdu, Fuzhou, Jiangyin, Changzhou, Wuhan, Changsha, Yantai, Yinchuan, Weihai, Weifang, Shenyang, Xi’an, Wuhu, Guiyang, Ningbo, Foshan, Jinan, Bijie, Qingdao, Wuxi, Kaili, Mianyang and Zhenjiang, as well as Hong Kong. iKang has also extended its coverage to over 200 cities by contracting with over 400 third-party facilities, which include selected independent medical examination centers and hospitals across all of China’s provinces, creating a nationwide network that allows iKang to serve its customers in markets where it does not operate its own medical centers.
Forward-looking Statements
This press release contains forward-looking statements. These statements, including management Quote: s and business outlook, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal” and similar statements. iKang may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These forward-looking statements include, but are not limited to, statements about: how the Company’s shareholders will vote at the meeting of shareholders; whether competing offers will be made; the expected timing of the completion of the merger; whether various closing conditions for the transaction will be satisfied or waived; iKang’s goals and strategies; its future business development, financial condition and results of operations; its ability to retain and grow its customer base and network of medical centers; the growth of, and trends in, the markets for its services in China; the demand for and market acceptance of its brand and services; competition in its industry in China; relevant government policies and regulations relating to the corporate structure, business and industry; fluctuations in general economic and business conditions in China. Further information regarding these and other risks is included in iKang’s filing with the Securities and Exchange Commission. iKang undertakes no duty to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
IR Contact:
iKang Healthcare Group, Inc.
Christy Xie
Director of Investor Relations
Tel: +86 10 5320 8599
Email: [email protected]
Website: www.ikanggroup.com
FleishmanHillard
Email: [email protected]
Source:iKang Healthcare Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-ikang-enters-into-amendment-to-merger-agreement-for-going-private-transaction.html |
(Reuters) - Insurer Beazley BEZG.L has partnered with three companies to build a blockchain-based registry that will manage insurance for crisis situations such as mass shootings, the companies told Reuters.
FILE PHOTO: The Lloyd's of London building in the City of London. REUTERS/Simon Dawson The registry will use blockchain to speed a response to mass casualties and their financial aftermath by allowing policyholders and insurers to catalogue coverage and share real-time information about threats and claims through one source, the companies said.
The registry is created with Risk Cooperative, a Washington, D.C.-based speciality insurance broker that develops Lloyd’s of London-backed programs, and Amsterdam-based Bitfury Group, a blockchain technology firm, and it is nearing completion, said Risk Cooperative Chief Executive Officer Dante Disparte in an interview.
A fourth company, Emercoin, is providing blockchain infrastructure for the registry.
Blockchain, a digital ledger of transactions, is the technology underpinning the first digital currency, bitcoin. But it can also be harnessed to track, record and transfer assets across all industries.
The registry is an early example of using blockchain for insurance. Many insurance industry leaders envision “smart” policies of all types will be stored in blockchain and automatically track premiums, pay claims and keep records.
Many companies still manually record on spreadsheets their annual policies and coverage limits, a practice that can heighten the risk of human error.
Violent events that spur mass casualties, such as an Oct. 1 mass shooting in Las Vegas that killed 58 people at a country music festival and injured hundreds more, can involve numerous insurance policy holders and thousands of claims.
Policy exclusions or having too little coverage can leave communities and victims unable to cover expenses, but those gaps are easier to spot through a permanent blockchain ledger, Disparte said.
The partner companies are next planning to develop so-called “smart” policies for violent acts, to be permanently stored in the registry. They will be programmed to automatically kick in when a mass casualty occurs, eliminating claims paperwork for policyholders and trimming months from the settlement process, they said.
Service providers, such as security experts and counsellors, would be automatically be dispatched when an event is under way.
The companies plan to store other types of existing policies for customers who buy mass casualty coverage, Disparte said. The registry will also eliminate time-consuming audits by underwriters because transactions will be recorded in one place.
Reporting by Suzanne Barlyn; Editing by Cynthia Osterman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-insurance-blockchain/insurer-beazley-to-launch-blockchain-registry-with-bitfury-lloyds-broker-idUSKBN1I23K6 |
HAMILTON, Bermuda & NEW YORK--(BUSINESS WIRE)-- The Bank of N.T. Butterfield & Son Limited (“Butterfield”) (NYSE: NTB) (BSX: NTB.BH) today announced the pricing of a registered offering of $75 million aggregate principal amount of Butterfield’s 5.25% Fixed to Floating Rate Subordinated Notes due 2028.
Butterfield intends to use the net proceeds from this offering to repay a portion of its outstanding indebtedness and for other general corporate purposes.
The offering is expected to close on or about 24 May 2018, subject to the satisfaction of customary closing conditions.
Sandler O’Neill & Partners and Wells Fargo Securities are acting as the joint book-running managers.
This offering is being made only by means of a prospectus and related prospectus supplement. Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained from Sandler O’Neill & Partners, L.P., 1251 Avenue of the Americas, New York, NY 10020, or by telephone at (866) 805 4128, or from Wells Fargo Securities, LLC, 608 2nd Avenue South, Minneapolis, MN 55402, Attention: WFS Customer Service, by telephone at 1-800-645-3751, or by email at [email protected] . Electronic copies of these documents are also available on the website of the US Securities and Exchange Commission (the “SEC”), www.sec.gov .
A registration statement relating to these securities has been filed with, and declared effective by, the SEC. This News Release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This News Release contains forward-looking statements, including with respect to the registered offering. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intend," "plan," and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by Butterfield in this News Release speaks only as of the date hereof. New risks and uncertainties come up from time to time, and it is impossible for Butterfield to predict these events or how they may affect it. Butterfield does not intend to update any forward-looking statements after the date hereof, except as required by law.
About Butterfield
Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing services to clients from Bermuda, the Cayman Islands and Guernsey, where our principal banking operations are located, and The Bahamas, Switzerland, Singapore and the United Kingdom, where we offer specialized financial services. Banking services comprise deposit, cash management and lending solutions for individual, business and institutional clients. Wealth management services are composed of trust, private banking, and asset management. In Bermuda, the Cayman Islands and Guernsey, we offer both banking and wealth management. In The Bahamas, Singapore and Switzerland, we offer wealth management. In the UK, we offer residential property lending. Butterfield is publicly traded on the New York Stock Exchange and the Bermuda Stock Exchange.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521006100/en/
The Bank of N.T. Butterfield & Son Limited
Investor Relations Contact
Noah Fields, 441-299-3816
Vice President, Investor Relations
[email protected]
Fax: 441-295-1220
or
Media Relations Contact
Mark Johnson, 441-299-1624
Vice President, Group Head of Communications
[email protected]
Cellular: 441-524-1025
Fax: 441-295-3878
Source: The Bank of N.T. Butterfield & Son Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-butterfield-announces-pricing-of-registered-offering-of-75000000-5-point-25-percent-fixed-to-floating-rate-subordinated.html |
(Repeats to attach article to alert, no changes in text)
May 18 (Reuters) - Nokia Oyj:
* CEO RAJEEV SURI BUYS 575,309 SHARES IN NOKIA * SAYS TRANSACTION WAS DONE IN ACCORDANCE WITH CO-INVESTMENT ARRANGEMENT RELATING TO NOKIA’S 2018 PERFORMANCE SHARE PLAN AS ANNOUNCED IN CONNECTION WITH COMPANY’S INTERIM REPORT FOR Q1 2018. Source text for Eikon: Further company coverage: (Reporting by Gwladys Fouche)
| ashraq/financial-news-articles | https://www.reuters.com/article/rpt-brief-nokia-ceo-rajeev-suri-buys-som/rpt-brief-nokia-ceo-rajeev-suri-buys-some-575000-shares-idUSFWN1SP0H4 |
May 16 (Reuters) - Soleno Therapeutics Inc:
* SOLENO THERAPEUTICS PROVIDES CORPORATE UPDATE AND REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.17 FROM CONTINUING OPERATIONS * Q1 LOSS PER SHARE $0.19 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-soleno-therapeutics-q1-loss-per-sh/brief-soleno-therapeutics-q1-loss-per-share-0-19-idUSASC0A2L1 |
WASHINGTON (Reuters) - President Donald Trump is preparing to impose new sanctions on Iran, perhaps as early as next week, to ensure it does not develop nuclear weapons, the White House said on Wednesday, a day after Trump announced the United States was withdrawing from the 2015 Iran nuclear deal.
U.S. White House Press Secretary Sarah Huckabee Sanders holds the daily briefing at the White House in Washington, U.S. May 9, 2018. REUTERS/Jonathan Ernst “We are 100 percent committed to making sure that Iran does not have nuclear weapons,” White House spokeswoman Sarah Sanders told a news briefing.
“We’re going to continue to put maximum pressure, enormous sanctions on them. All of the sanctions that were in place before the deal are back in place and we are preparing to add additional sanctions that may come as early as next week,” Sanders said.
Reporting by Jeff Mason; Writing by David Alexander; Editing by Mohammad Zargham
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-usa-sanctions/u-s-preparing-to-impose-new-sanctions-on-iran-white-house-idUSKBN1IA37T |
BEIRUT (Reuters) - U.S. President Donald Trump will announce on Tuesday whether he will withdraw from the Iran nuclear deal. Tehran signed the Joint Comprehensive Plan of Action, with China, France, Germany, Russia, Britain and the United States in 2015.
Iran agreed to curbs on its nuclear program in exchange for the lifting of some sanctions. But the withdrawal of the United States would probably sink the deal. If that happens, Iran could retaliate by undermining the interests of Washington and its allies in the Middle East.
Here are some possible scenarios:
IRAQ When Islamic State seized much of Iraq in 2014, Iran was quick to support Baghdad. Iran has since helped arm and train thousands of Shi’ite fighters in Iraq. These Popular Mobilization Forces (PMF) are also a significant political force.
If the deal falls through, Iran could encourage PMF factions who want the U.S. to leave Iraq to step up rhetorical, and maybe military, attacks against American forces.
These could be rocket, mortar and roadside bomb attacks not directly linked to a specific Shi’ite militia, which would allow Iran to deny it had changed its position of avoiding direct conflict with U.S. forces in Iraq.
SYRIA Iran and paramilitary allies such as Lebanon’s Hezbollah have been involved in Syria’s war since 2012. Iran has armed and trained thousands of Shi’ite paramilitary fighters to shore up the government. Israel says Iran has recruited at least 80,000 Shi’ite fighters.
Iran’s presence in Syria has brought Tehran into direct conflict with Israel for the first time, with a series of high-profile clashes in recent months. Israeli officials say they will never let Tehran or Hezbollah establish a permanent military presence in neighboring Syria.
If the nuclear deal falls through, Iran will have little incentive to stop its Shi’ite militia allies in Syria from carrying out attacks against Israel.
Iran and the forces it controls in Syria could also cause trouble for about 2,000 U.S. troops deployed in northern and eastern Syria to support Kurdish-led fighters.
A top adviser to Iran’s Supreme Leader said in April he hoped Syria and its allies would drive U.S. troops out of eastern Syria.
LEBANON In 2006, Hezbollah fought Israel to a standstill in a 34-day border war. According to Israeli and U.S. officials, Iran is now helping Hezbollah build factories to manufacture precision-guided missiles or refit longer-range missiles with precision guidance systems.
Israeli forces have repeatedly attacked Hezbollah in Syria where the group is leading many of Iran’s Shi’ite militia allies. The rhetoric between Israel and Iran has ramped up in recent weeks. Though Hezbollah and Israel say they are not interested in conflict, the tensions could easily spill over into another Lebanon war.
Hezbollah said last year that any war waged by Israel against Syria and Lebanon could draw thousands of fighters from countries including Iran and Iraq, indicating that Shi’ite militias could come to Lebanon to help Hezbollah.
Hezbollah and its political allies won just over half the seats in Lebanon’s parliamentary election, unofficial results showed on Monday. For the moment, the group is working with its political opponents, notably Prime Minister Saad al-Hariri, who is backed by Western governments.
But if the nuclear deal falls through, Iran could pressure Hezbollah to isolate its opponents, a development experts believe could destabilize Lebanon.
“Hezbollah literally controls Lebanese politics,” said Hilal Khashan, a professor of political studies at the American University of Beirut. “If they do that, it would be sheer harassment.”
YEMEN Iran has never acknowledged direct military involvement in Yemen. But U.S. and Saudi officials say it is supplying rebel Houthi fighters with missiles and other arms. The Houthis have fired missiles at Riyadh and Saudi oil facilities, saying they are retaliating against air raids on Yemen.
Iran and Saudi Arabia are locked in a regional power struggle. Supporters of the Iran nuclear deal say it has prevented the conflict from descending into open warfare. If the deal falls through, Iran could increase support for the Houthis, possibly provoking a military response from Saudi Arabia and Gulf allies such as the United Arab Emirates.
“I’m not ruling out Iranian support to the Houthis,” said Khashan
TREATY Iran also has options directly related to its nuclear program. Iranian officials have said that one option they are examining is to withdraw completely from the Non-Proliferation Treaty (NPT), an agreement designed to stop the spread of nuclear weapons. Supreme Leader Ayatollah Ali Khamenei says the country is not interested in developing nuclear weapons. But if Iran withdraws from the NPT, it will set off alarm bells globally.
“This would of course be a disastrous course for the Islamic Republic, as it will find itself isolated,” said Ali Alfoneh, a senior fellow at the Atlantic Council.
Even if Iran does not withdraw from the NPT, it has indicated that it will probably ramp up enrichment of uranium, strictly limited under the deal to help allay fears it could be used to produce atomic bomb material. Under the current deal, Iran’s enrichment levels must remain around 3.6 percent. Iran stopped producing 20 percent enriched uranium and gave up the majority of its stockpile as part of the 2015 agreement.
Uranium refined to 20 percent fissile purity is beyond the 5 percent normally required to fuel civilian nuclear power plants, although short of highly enriched, or 80 to 90 percent, purity needed for a nuclear bomb.
Last week, the head of Iran’s Atomic Energy Organization, Ali Akbar Salehi, said Iran was able to enrich uranium to a higher level than it could before the deal.
Iran’s actions may be influenced by the extent to which the other signatories to the deal respond to U.S. withdrawal, according to analysts.
That will depend on: the extent to which France, Germany and Britain insist that their companies can continue to do business with Iran under what is an international agreement ratified unanimously by the U.N. Security Council; the level of diplomatic support for Iran from Russia, its partner in Syria; and how much China wishes to bind Iran into its Belt and Road foreign trade and investment initiative.
There will be a test of wills if the Trump administration restores sanctions and threatens violators with being shut out of the U.S. banking system. Of the other signatories, only China, the biggest buyer of Iranian oil, is able to brush this off.
Reporting by Babak Dehghanpisheh; Editing by Samia Nakhoul, Giles Elgood and Peter Cooney
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-scenarios/what-could-iran-do-if-trump-pulls-out-of-nuclear-deal-idUSKBN1I903G |
May 1, 2018 / 1:26 PM / Updated 7 minutes ago BRIEF-Trian Fund Management Says Partner Matthew Peltz Joined Board Of Pentair Reuters Staff 1 Min Read
May 1 (Reuters) - Trian Fund Management:
* TRIAN FUND MANAGEMENT SAYS UPON COMPLETION OF SEPARATION OF NVENT FROM PENTAIR, MATTHEW PELTZ, PARTNER AT TRIAN, JOINED BOARD OF PENTAIR - SEC FILING Source: ( bit.ly/2ril7S3 ) Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-trian-fund-management-says-partner/brief-trian-fund-management-says-partner-matthew-peltz-joined-board-of-pentair-idUSFWN1S809G |
May 7, 2018 / 7:56 PM / Updated 26 minutes ago Turkey's Erdogan to visit Bosnia ahead of June election Reuters Staff 2 Min Read
SARAJEVO (Reuters) - Turkish President Tayyip Erdogan will speak ahead of elections on June 24 to political supporters in the Bosnian capital, Turkey’s ambassador to Bosnia said on Monday. FILE PHOTO: Turkish President Tayyip Erdogan makes a speech during a ceremony in Istanbul, Turkey May 4, 2018. REUTERS/Murad Sezer/File Photo
Some media in Turkey reported in recent weeks that Erdogan will hold a rally in Sarajevo ahead of the elections.
Some Western countries have banned Turkish politicians from campaigning on their soil. Erdogan has said his party would hold the first election rally in a European country and last weekend said it would be in Sarajevo.
Ambassador Haldun Koc told local Fena news agency that Erdogan would come in a working visit first planned for June but then moved to May 20 because of the early election.
“We see this visit as a working visit that should be focussed on topics such as economy, trade, investment and further cooperation between the two countries,” Koc told Fena.
Erdogan called snap parliamentary and presidential elections so Turkey can switch quickly to an executive presidency narrowly approved by referendum last year.
Ahead of that vote, countries including the Netherlands and Germany, both of which have significant Turkish communities, prevented Turkish officials from campaigning there citing security concerns.
Austria and Germany said last month they would ban foreign politicians from campaigning in their respective countries.
Koc said Erdogan will attend the convention of the Union of European-Turkish Democrats (UETD), the non-government organisation which invited Turkish officials to speak ahead of the referendum last year but was prevented by authorities there.
The event will be held in a reconstructed Olympic hall that can hold up to 20,000 people, the UETD said on its website. Bosnian officials said on Monday they were not aware of Erdogan’s visit. Reporting by Daria Sito-Sucic; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-turkey-election-bosnia/turkeys-erdogan-to-visit-bosnia-ahead-of-june-election-idUKKBN1I82A8 |
LONDON, May 2 (Reuters) - British software company Sage said it was getting to grips with the sales execution problems that hampered its first-half performance and it was “very confident” of meeting its revised targets.
The company, whose software is used by millions of small businesses worldwide, downgraded its full-year organic revenue growth forecast last month to about 7 percent from about 8 percent, hitting its shares by as much as 20 percent.
“There was some inconsistency in sales execution, but it was very isolated and the issues are being tackled,” chief financial officer Steve Hare said in an interview.
“It was parts of northern Europe - the UK - West Africa and the Middle East.
“That is all reflected in the plan for the second half and we are very confident about achieving our guidance of around 7 percent revenue growth for the year.”
Sage reported 6.3 percent organic revenue growth for the six-months to end-March, and an organic operating margin of 24.5 percent, which analysts said were in-line with its revised guidance.
The company’s shares were trading 1 percent higher at 642 pence at 1051 GMT.
Analysts at Citi said execution across most large regions was solid, and “swift corrective” action had been taken to fix the isolated issues.
Reporting by Paul Sandle. Editing by Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/sage-group-outlook/software-group-sage-tackles-sales-issues-confident-of-targets-idUSL8N1S93L6 |
BUENOS AIRES (Reuters) - Argentina and Britain are analyzing five South American airlines’ proposals for new flights between the Falkland Islands and Argentina, Argentina’s Foreign Minister Jorge Faurie said on Tuesday.
Britain's Foreign Secretary Boris Johnson and Argentina's Foreign Minister Jorge Faurie shake hands during a news conference in Buenos Aires, Argentina, May 22, 2018. REUTERS/Marcos Brindicci Two of the carriers are based in Chile, two in Brazil and one in Uruguay, Faurie said in a joint news conference with British Foreign Secretary Boris Johnson, without naming them.
LATAM Airlines operates the only flight to the Falkland Islands from South America, once a week from Chile. Once a month the flight stops in Rio Gallegos, Argentina. The new flights would originate outside Argentina, with a stopover in the country.
A decision on the new flights will be made in coming months, Faurie said.
Slideshow (7 Images) “I certainly intend to be among the first passengers,” Johnson said.
Argentina and Britain have been seeking better ties in recent years despite competing sovereignty claims to the British-held islands 500 kilometers off Argentina’s coast. Johnson’s visit for a G20 meeting was the first by a British foreign secretary to Argentina in 22 years.
During Britain’s two-month war to reclaim the Falklands in 1982, 255 British troops and about 650 Argentine soldiers were killed. The majority of the Argentines who perished were on a Navy ship that sank.
The two nations also reached a deal to allow forensic scientists to identify the remains of unknown Argentine soldiers buried in the Darwin Cemetery, leading to an unprecedented trip by Argentine relatives in March.
Reporting by Maximiliano Rizzi; Writing by Caroline Stauffer; Editing by Richard Chang
| ashraq/financial-news-articles | https://www.reuters.com/article/us-argentina-britain/argentina-weighs-five-airlines-plans-for-new-falklands-flights-minister-idUSKCN1IN2QV |
RIGA (Reuters) - A corporate lawyer who worked on managing the winding-down of insolvent companies was shot dead in the Latvian capital early on Wednesday in what police said appeared to be a killing linked to organized crime.
Latvian police officers gather near a car at the crime scene where insolvency administrator Martins Bunkus was murdered in Riga, Latvia May 30, 2018. REUTERS/Ints Kalnins Police said Martins Bunkus was shot by two men as he drove through the surburbs of Riga in early morning. His attackers escaped in a van which was later found abandoned and burnt out.
“We think that it was a carefully planned murder ... connected with the victim’s professional work. We think we are dealing here with organized crime,” Andrejs Grisins, a police official, told journalists. Bunkus had reported death threats to police in 2016, he added.
The killing casts a cloud over efforts by the former Soviet-ruled European Union state of 2 million people to fight corruption.
Latvian police expert inspect a car at the crime scene where insolvency administrator Martins Bunkus was murdered in Riga, Latvia May 30, 2018. REUTERS/Ints Kalnins The governor of its central bank is being investigated by police for bribery and Latvia’s third-largest bank, ABLV, recently closed after it was accused by the United States of money laundering. Both the governor and bank deny wrongdoing.
Bunkus worked on the winding down of Trasta Komercbanka, a bank that lost its license in 2016 after it broke anti-money laundering and terror-financing rules, said one person with knowledge of the matter.
There is no suggestion his involvement with this process was connected with his murder.
Writing By John O'Donnell; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-latvia-crime/lawyer-shot-dead-in-latvia-police-see-hand-of-organized-crime-idUSKCN1IV20B |
May 15 (Reuters) - Rupert Resources Ltd:
* RUPERT RESOURCES ANNOUNCES CLOSING OF THE ACQUISITION OF NORTHERN ASPECT RESOURCES LTD Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-rupert-resources-announces-closing/brief-rupert-resources-announces-closing-of-northern-aspect-resources-acquisition-idUSASC0A29N |
April 30 (Reuters) - Cytori Therapeutics Inc:
* CYTORI PROVIDES UPDATE ON U.S. MANUFACTURING AND EU APPROVAL PLANS FOR ATI-0918, LIPOSOMAL DOXORUBICIN
* CYTORI THERAPEUTICS - INTENDS TO FIRST SEEK EUROPEAN APPROVAL FOR ITS DRUG, APPLIED FOR, GOT EMA APPROVAL TO FILE FOR CENTRALIZED EU APPROVAL Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cytori-provides-update-on-us-manuf/brief-cytori-provides-update-on-u-s-manufacturing-and-eu-approval-plans-for-ati-0918-liposomal-doxorubicin-idUSASC09Y76 |
May 31, 2018 / 1:38 PM / Updated 21 minutes ago CANADA STOCKS-TSX slips at open as financials weigh Reuters Staff 1 Min Read
May 31(Reuters) - Canada’s main stock index opened lower on Thursday, weighed down by losses in financial stocks.
* At 9:30 a.m. ET (1330 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 65.47 points, or 0.41 percent, at 15,983.19. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur) | ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks-open/canada-stocks-tsx-slips-at-open-as-financials-weigh-idUSL3N1T253Q |
VANCOUVER (Reuters) - Canada’s stock market outage on Friday was caused by hardware failure in a communication management component, according an email reviewed by Reuters.
TMX Group said the “appliance has redundancy built in but when hardware failure occurred redundant communication management module failed to take over primary role,” the email sent to clients showed.
TMX did not offer an immediate comment to Reuters’ request for comment on the email.
Canadian stock market resumed trading on Monday after Friday’s outage.
(This version of the story adds dropped word “failure” in first paragraph)
Reporting by Julie Gordon in Vancover; Writing by Denny Thomas; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-canada-stocks-tmx-grp-hardware/tmx-says-fridays-outage-caused-by-hardware-failure-email-to-clients-idUSKBN1I11EQ |
May 3 (Reuters) - CNX Resources Corp:
* CNX REPORTS FIRST QUARTER RESULTS; RECORD QUARTERLY PRODUCTION OF 129.5 BCFE; TOTAL PRODUCTION COSTS FALL TO $2.10 PER MCFE; REPURCHASES $200 MILLION OF COMMON STOCK SINCE OCTOBER 2017
* Q1 EARNINGS PER SHARE $2.35 * Q1 EARNINGS PER SHARE VIEW $0.14 — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cnx-resources-q1-eps-235/brief-cnx-resources-q1-eps-2-35-idUSASC09ZFC |
Thanks to Rudy Giuliani’s report that special prosecutor Robert Mueller told him he couldn’t legally indict President Trump, we are again confronted with a question of constitutional law for which there is no settled answer: Can a sitting president be indicted for criminal activity? There is no precedent for such an indictment, but there is much debate among scholars and lawyers about whether it would be legal to do so.
Justice Department policy and two internal memos—one dating back to Watergate and the other from the Clinton era—suggest that the answer is no. This view is contested by various scholars, and most recently Sen. Richard Blumenthal (D-Conn.), who believes a president could be indicted and the trial postponed until after the president leaves office. Who is right?
Let’s start with the common ground. All agree that impeachment—which, if successful, turns a sitting president into an indictable ex-president—resolves the issue. But impeachment is highly unlikely in current circumstances, given that it requires a 2/3 vote in the Senate to convict. It is unimaginable that Republicans, who have tightly yoked their party to Trump, will be willing to impeach, and so the question of whether a sitting president can be indicted remains live.
Another point of agreement is that functional concerns matter. The president has a day job, and there is some risk that extensive involvement in court proceedings would interfere with his ability to carry out his constitutional functions. This was one of the arguments put forward in 1997 by then-president Bill Clinton in seeking the dismissal or postponement of the lawsuit brought by Paula Jones, in which she claimed he sexually harassed her when Clinton was governor of Arkansas. The Supreme Court’s 1997 decision in Clinton v. Jones rejected the argument for immunity or postponement, and decided that a sitting president could be sued civilly. The Court, however, did not resolve the question of whether he could be subject to criminal prosecution. The case held that the distraction involved in a civil suit was not so great as to impinge on the president’s carrying out his constitutional duty—an argument that turned out to be spectacularly wrong: It was the fallout from the civil suit that led to Clinton’s impeachment.
There is delicious irony in Trump relying on Clinton-era precedents to argue for immunity from process, but some of the language in Jones v. Clinton is not very helpful to Trump. The Court emphasized that the president “is subject to the same laws that apply to all citizens, that no case had been found in which an official was granted immunity from suit for his unofficial acts, and that the rationale for official immunity is inapposite where only personal, private conduct by a President is at issue.” Trump himself has been subjected to dozens of civil lawsuits since taking office. If he engaged in criminal behavior before taking office—involving campaign finance, or conspiracy to commit a crime, for instance—the logic of the opinion is that he would be subject to the same laws as the rest of us.
There is, however, the question of who could indict a president. Normally, the Department of Justice policies bind special prosecutors, and so Mueller would be unable to indict, absent a waiver from his superiors , in this case Rod Rosenstein. The independent counsel who prosecuted Clinton, Kenneth Starr, obtained a memo arguing that the independent prosecutor could indict a sitting president, but that special prosecutors could not because they are under presidential authority at the Department of Justice.
There is another group of prosecutors, however, who are not subject to Department of Justice policy: those in the states. There is nothing in the constitutional text that immunizes the president from state prosecutions. Nor, as the Jones case makes clear, is there immunity for unofficial acts of the president. If armed with evidence of violations of state law, the president would be “subject to the same laws that apply to all citizens.”
Here’s where the special prosecutor comes in. Even if he does not believe he can indict the president without approval from the Department of Justice, there is the possibility that the special prosecutor could legally release information that would lead to a state prosecution of the president. The Watergate prosecutor, Leon Jaworski, decided to name Richard Nixon as an unindicted co-conspirator for the Watergate break-in, rather than prosecuting directly. This led to impeachment proceedings and Nixon’s resignation, followed by a full pardon by Gerald Ford. Since conspiracies involve all of their participants in the crimes of any one of them, a federal prosecution of one of Trump’s associates for, say, wire fraud might lead to evidence that could be used against him in state court. Stay tuned for the next episode.
Tom Ginsburg is Leo Spitz Professor of International Law at the University of Chicago Law School and co-author with Aziz Huq of the forthcoming How to Save a Constitutional Democracy (The University of Chicago Press). | ashraq/financial-news-articles | http://fortune.com/2018/05/22/mueller-trump-indictment-russia-investigation/ |
* AXA Equitable IPO priced below target range
* AXA says IPO in line with XL Group financing plan
* Jefferies analysts say extra financing needed
* AXA Equitable stock below IPO price, AXA flat (Adds Jefferies note, link to Breakingviews column)
NEW YORK/PARIS, May 10 (Reuters) - AXA's listing of its U.S. division raised less than targeted, but the French group said the proceeds were enough to ensure it can pursue a $15.3 billion acquisition of XL Group.
Europe's second-biggest insurer by market capitalisation behind Allianz said it had raised $2.75 billion on Wednesday through the initial public offering (IPO) of AXA Equitable Holdings Inc at $20 per share, below a target range of $24-$27, as well as a $750 million convertible bond.
"The transaction is perfectly in line with the financing plan of the acquisition of the XL Group," AXA spokesman Emmanuel Touzeau said on Twitter on Thursday.
Jefferies analysts, however, said in a note that the IPO pricing pointed to a financing gap and any shortfall could mean having to issue more debt.
"With 3.4 billion euros still required to cover the XL purchase, AXA will need to find an alternative source of funding for 300-600 million on our calculations," Jefferies said.
AXA Equitable shares opened at $19.75 and remained below the IPO price in late morning trading, while AXA stock closed up 0.13 percent at 22.37 euros.
Although it fell short of AXA's earlier expectations, the IPO is still the biggest in the United States so far in 2018 based on the proceeds raised, Thomson Reuters data showed. The listing values the U.S. entity at $11.22 billion.
The AXA Equitable flotation and the XL purchase are a test for Chief Executive Thomas Buberl, who after almost two years at AXA's helm is striving to make his mark.
Faced with tighter regulation and low investment returns, AXA is seeking growth in areas such as property and casualty insurance for businesses, capital-light savings products, health insurance, as well as in Asia.
The acquisition of commercial insurer and reinsurer XL Group would see property and casualty insurance (P&C) rising to half of AXA's earnings, from 39 percent now.
Investors appear unimpressed with the XL deal, announced in March. AXA's stock is down 9 percent in 2018, underperforming the European insurance index, which is up 3.3 percent, and reflecting a view among analysts that it is paying a high price for XL and that its debt ratio is set to become stretched.
TOUGH MARKET
AXA Equitable was not the first U.S. insurance IPO this year to price below its target range, after Goosehead Insurance Inc did the same in April.
Investors have previously voiced concerns about the exposure of U.S. insurers to the long-term care (LTC) industry, pays out for end-of-life medical care, such as when a person needs assistance bathing or feeding themselves.
AXA Equitable offers such protection to clients through a rider on life insurance products. It is one of America's oldest life insurers, with roots going back to 1859 in New York. AXA acquired the business in 1992.
AXA launched the IPO in a tough market that has seen some players withdraw their offerings amid lackluster demand. Shares in life insurance peers such as Prudential Financial, MetLife, and Lincoln Financial have been under pressure following weak earnings results.
Morgan Stanley, JP Morgan Barclays and Citigroup are the main investment banks involved in the IPO. (1 euro = $1.1934)
(Reporting by Joshua Franklin in New York and Maya Nikolaeva in Paris Additional reporting by David French in New York and Kanishka Singh in Bengaluru Editing Richard Lough and Alexander Smith) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/reuters-america-update-4-axas-u-s-float-falls-short-but-says-xl-financing-on-track.html |
May 4, 2018 / 2:37 PM / in 3 minutes Trump says date, place set for North Korea summit Steve Holland , Roberta Rampton 3 Min Read
WASHINGTON (Reuters) - President Donald Trump on Friday said the date and location have been set for a meeting with North Korean leader Kim Jong Un, building suspense for the unprecedented talks and hinting at progress in freeing three Americans held in North Korea.
The White House has said the first meeting between sitting U.S. and North Korean leaders could take place in the coming weeks. Trump is expected to push for North Korea to give up its nuclear weapons.
The demilitarized zone, or DMZ, between North and South Korea and Singapore are among the top choices being considered for the summit. Trump this week expressed a preference for the DMZ but also said Singapore was possible.
The Peace House at the DMZ was the venue for a meeting last month between Kim and South Korean President Moon Jae-in.
Trump’s national security adviser, John Bolton, was to discuss the summit with his South Korean counterpart, Chung Eui-yong, at the White House on Friday, officials said.
Trump, a former reality TV star who likes to build suspense about upcoming presidential news, did not give a date or location for the talks and White House officials did not immediately provide further clarity. Related Coverage U.N. agency to consider North Korea request on new air routes to South
The U.S. government is looking into reports that three Americans arrested in recent years in North Korea had recently been relocated from a labour camp to a hotel near Pyongyang, as expectations grow that they will be released before the summit.
White House spokeswoman Sarah Sanders said on Thursday that if North Korea were to free the three Americans, “We certainly would see this as a sign of good will” ahead of the Trump-Kim summit.
Trump, speaking to reporters outside the White House, suggested activity was under way involving the captives.
“We’re having very substantive talks with North Korea and a lot of things have already happened with respect to the (U.S.) hostages. I think you’re going to see very good things,” Trump told reporters. FILE PHOTO: U.S. President Donald Trump delivers his speech at the National Assembly hall in Seoul, South Korea, Wednesday, Nov. 8, 2017. REUTERS/Lee Jin-man/Pool/File Photo
Trump also told reporters on Friday that he was not considering reducing the U.S. military’s presence in South Korea as part of the negotiations.
“Troops are not on the table,” he said before a flight to Dallas, Texas, where he will address the National Rifle Association. But he also said he would eventually like to bring them home. Reporting by Lisa Lambert, Makini Brice, Roberta Rampton, Steve Holland and Jeff Mason; Editing by Bernadette Baum and Alistair Bell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-missiles-meeting/trump-says-date-place-set-for-north-korea-meeting-idUKKBN1I51RQ |
NFL owners weigh in on anthem decision 1 Hour Ago CNBC's Eric Chemi reports on how NFL owners feel about the league's decision on kneeling protests during the national anthem. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/nfl-owners-weigh-in-on-anthem-decision.html |
GE shares tank after CEO gives outlook 58 Mins Ago CNBC's Leslie Picker discusses GE stock dropping after General Electric's CEO John Flannery addressed the company's challenges when discussing GE's outlook. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/general-electric-ceo-outlook-ge.html |
(Reuters) - High-end handbag maker Tapestry Inc ( TPR.N ) reported lower third-quarter margins and a steeper-than-expected decline in same-store sales at its newly-absorbed Kate Spade business, sending its shares down as much as 14 percent.
Handbags are pictured through a window of a Coach store in Pasadena, California, January 26, 2015. REUTERS/Mario Anzuoni (UNITED STATES - Tags: BUSINESS) - GM1EB1R12UA01 Tapestry bought smaller rival Kate Spade last year in the hope of luring more millennial customers to complement its luxury Coach handbag business, which it had been struggling to reposition without losing sales.
Under that strategy the company pulled inventory from department stores and cut back on flash discounted online sales, worried that it had harmed the image of Coach and the prices the company received for the bags.
The numbers for its fiscal third-quarter ended March 31, however, suggest the same strategy so far has hurt Kate Spade sales, with consumers unwilling to pay full price for the bags.
Kate Spade same-store sales fell 9 percent, a much bigger drop than the 7.24 percent analysts had projected, according to Thomson Reuters I/B/E/S.
“We do think (Kate Spade) has great products, it’s just that it needs to be fixed,” Jane Hali & Associates Research analyst Jessica Ramirez said.
Speaking after results, Chief Executive Victor Luis said the “purposeful reduction” of promotions had hit sales at the brand and that the overall strategy would reduce full-year sales at Kate Spade by $100 million.
The handbag and accessories maker also said it had faced production delays and weak sales of older styles at Stuart Weitzman, its high-end footwear brand, which it expected to continue through the critical fall/winter season.
Sales of Coach handbags and accessories, however, were a bright spot in the quarter - rising nearly 6 percent on the back of a 3 percent rise in global same-store sales. Demand was especially strong in North America, its biggest market, Luis said.
Net income overall at the company rose to $140.3 million, or 48 cents per share, in the quarter, from $122.2 million, or 43 cents per share, a year earlier.
Excluding one-time items, the fashion house reported a profit of 54 cents, beating estimates by 4 cents, according to Thomson Reuters I/B/E/S. Net sales rose by a third to $1.32 billion, also beating estimates.
The New York-based company’s shares were down 11 percent at $48 an hour into trading in New York and were among the top losers on the New York Stock Exchange.
Reporting by Nivedita Balu and Jaslein Mahil in Bengaluru; Editing by Saumyadeb Chakrabarty
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tapestry-results/coach-handbag-maker-tapestrys-sales-rise-33-percent-idUSKBN1I23EP |
May 21, 2018 / 12:34 PM / Updated 12 minutes ago Ukraine likely to need fresh IMF support in coming years - IIF Reuters Staff 3 Min Read
LONDON (Reuters) - Ukraine is likely to need a new IMF bailout programme in the coming years to plug an up to $5.5 billion-a-year (4.1 billion pounds-a-year) hole in its finances, the Institute of International Finance has warned.
Ukraine is hoping to get a long-delayed $1.9 billion tranche from its current IMF package in the next three to six months, but new analysis from the Washington-based IIF on Monday laid out the country’s precarious longer-term picture.
Real exports are now roughly half the level they were in 2008, economic growth is a better but not stellar 2.5 - 3 percent a year and its energy import bill is rising in tandem with global oil and gas prices.
It’s the country’s external finances that pose the biggest risk though, the IIF said. For Kiev to remain “comfortable” next year, bond market lenders will have to ‘rollover’ — re-lend — 100 percent of their loans to the country.
However, if that ‘rollover’ rate stayed at last year’s 85 percent level the government would face a $3 billion funding gap and one of $5.5 billion if rate dropped down to 75 percent.
“Unless capital inflows pick up substantially, Ukraine will likely need fresh IMF support in coming years,” to meet its needs, the IIF analysis said.
“The cumulative financing gap for 2019-21 could reach $16.5 billion, or 90 percent of international reserves in a low rollover rate scenario.”
Ukraine’s current IMF programme is due to finish next year. The country has so far received $8.4 billion of what was originally supposed to be $17.5 billion of aid.
Its overall amount of short-term debt has fallen and its reserves have more than doubled during the programme, but both are projected to reverse these moves as it comes to an end.
Between now and 2021 it has $20 billion of IMF and other ‘official sector’ debt payments due. The government’s revenues will also be squeezed, the IIF said, as new gas pipes allow Russia to pump its gas around Ukraine rather than through it, meaning it will no longer have to pay transit fees. Reporting by Marc Jones, Editing by William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-ukraine-imf-iif/ukraine-likely-to-need-fresh-imf-support-in-coming-years-iif-idUKKCN1IM18B |
MOSCOW (Reuters) - Armenia’s acting prime minister, Karen Karapetyan, on Wednesday called for the country’s political forces to get round the negotiating table to resolve a crisis which has led to weeks of protests and the resignation of the previous prime minister.
“We all recognize the need for civilized, practical and fast decisions to resolve the political crisis, however hard that may seem,” Karapetyan said in a statement.
Reporting by Hasmik Mkrtchyan; Writing by Polina Ivanova; Editing by Christian Lowe
| ashraq/financial-news-articles | https://www.reuters.com/article/us-armenia-politics-protests-primeminist/armenian-interim-pm-says-negotiations-needed-to-end-crisis-idUSKBN1I31CO |
May 17, 2018 / 12:50 AM / Updated 4 minutes ago Oil nears $80 after hitting highest since November 2014 Ron Bousso 4 Min Read
LONDON (Reuters) - Oil prices hit their highest level since November 2014 on Thursday, with Brent crude creeping closer to $80 per barrel as supplies tighten and tensions with Iran simmer. FILE PHOTO:A man fills his car with fuel at an Esso service station at Heathrow airport, London January 30, 2016. REUTERS/Paul Hackett
Brent crude futures LCOc1 rose 32 cents to $79.60 per barrel at 0846 GMT.
U.S. West Texas Intermediate (WTI) crude futures were up 29 cents at $71.78 a barrel. That was not far off Tuesday’s $71.92 a barrel - also a level not seen since November 2014.
The prospects of a sharp drop in Iranian oil exports in the coming months due to renewed U.S. sanctions following President Donald Trump’s decision to withdraw from an international nuclear deal with Tehran has lifted oil prices in recent weeks.
France’s Total on Wednesday warned it might abandon a multi-billion-dollar gas project in Iran if it could not secure a waiver from U.S. sanctions, casting further doubt on European-led efforts to salvage the nuclear deal.
“The geo-political noise and escalation fears are here to stay,” said Norbert Rücker, Head of Macro & Commodity Research, at Swiss bank Julius Baer. “Supply concerns are top of mind after the United States left the Iran nuclear deal.”
Global inventories of crude oil and refined products dropped sharply in recent months due to robust demand and production cuts by the world’s top producing countries.
Oil stocks were expected to drop further as peak summer driving season nears, offsetting increases in U.S. shale output, said analysts at Bernstein.
“While the sharp rise in U.S. production and rig count has raised questions on the sustainability of inventory draws through 2018, we believe that inventories will continue to draw as we enter the summer driving season in 2018,” they said.
Several banks have in recent days raised their oil price forecasts, citing tighter supplies and strong demand. EVERYTHING BULLISH?
But high oil prices could hit consumption, the International Energy Agency warned on Wednesday, lowering its global oil demand growth forecast for 2018 to 1.4 million from 1.5 million barrels per day (bpd). [EIA/S]
Asia’s demand is at record highs and with rising prices its crude could cost $1 trillion this year, about twice what it paid during the market lull of 2015/2016.
The IEA said global oil demand would average 99.2 million bpd in 2018, although U.S. bank Goldman Sachs said consumption would cross 100 million bpd “this summer”.
Leading production increases is the United States, where crude output C-OUT-T-EIA has soared by 27 percent in the last two years, to a record 10.72 million bpd, putting the United States within reach of top producer Russia’s 11 million bpd.
Goldman Sachs, though, said even with a slowdown in demand and soaring U.S. output, global oil markets would remain tight.
“U.S. shale cannot solve the current oil supply problems,” it said, arguing that U.S. oil would not be sufficient to offset production losses from Iran, Venezuela and Angola.
Goldman also said the tight market left “room for OPEC to exit (its production cuts) without significant price impact.” Additional reporting by Henning Gloystein in Singapore; editing by Tom Hogue and Jason Neely | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-global-oil/oil-markets-firm-as-brent-edges-ever-closer-to-80-per-barrel-on-tight-market-idUKKCN1II03O |
May 2, 2018 / 5:29 PM / Updated 16 minutes ago BRIEF-Land O'lakes Reports Qtrly Net Sales Of $3.9 Bln Vs $3.7 Bln Reuters Staff
May 2 (Reuters) - Land O’Lakes Inc:
* LAND O’LAKES INC REPORTS RESULTS FOR FIRST QUARTER 2018 * Q1 SALES $3.9 BILLION
* REPORTED QUARTERLY NET SALES OF $3.9 BILLION VERSUS $3.7 BILLION
* QTRLY NET EARNINGS OF $115.7 MILLION VERSUS $109.9 MILLION
* Q1 EARNINGS BENEFITED FROM STRONG PERFORMANCE IN ANIMAL NUTRITION DRIVEN BY HIGHER VITAMIN MARKETS DUE TO INDUSTRY SUPPLY DISRUPTION
* LOWER EARNINGS IN CROP INPUTS IN QUARTER WERE DRIVEN BY PRODUCT MIX, COMPETITIVE PRICING DISCOUNTS Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-land-olakes-reports-qtrly-net-sale/brief-land-olakes-reports-qtrly-net-sales-of-3-9-bln-vs-3-7-bln-idUSASC09Z19 |
May 24 (Reuters) - Federal Home Loan Mortgage Corp :
* FREDDIE MAC PRICES $1.1 BILLION MULTIFAMILY K-DEAL, K-F46
* FREDDIE MAC - APPROXIMATELY $1.1 BILLION IN K CERTIFICATES (K-F46 CERTIFICATES) ARE EXPECTED TO SETTLE ON OR ABOUT MAY 31, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-freddie-mac-prices-11-billion-mult/brief-freddie-mac-prices-1-1-billion-multifamily-k-deal-k-f46-idUSFWN1SV0PX |
$80 oil is a reasonable target, says energy expert 11:36 AM ET Tue, 29 May 2018 Jerry Bailey, Petroteq Energy president and former Exxon Arabian Gulf president, discusses the moves in oil prices and what he sees going forward. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/80-oil-is-a-reasonable-target-says-energy-expert.html |
May 9 (Reuters) - International Frontier Resources Corp :
* IFR JOINT VENTURE ENTERS LARGEST ONSHORE BID ROUND 3.2 OF HISTORIC MEXICO ENERGY REFORM
* INTERNATIONAL FRONTIER RESOURCES - LICENSES FOR EXPLORATION & PRODUCTION WILL LAST 30 YEARS, CAN BE EXTENDED FOR 2 ADDITIONAL TERMS OF 5 YEARS EACH Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ifr-joint-venture-enters-largest-o/brief-ifr-joint-venture-enters-largest-onshore-bid-round-3-idUSFWN1SG0TB |
ABU DHABI (Thomson Reuters Foundation) - When people picture the United Arab Emirates, what likely comes to mind are desert sands, skyscrapers and a blue sea under a shimmering sun. Agriculture does not.
There are good reasons for this: the federation of seven emirates is hampered by high temperatures, a lack of arable land, salty soil and steep production costs. And that is without accounting for the occasional voracious locust swarm.
So it is hardly surprising that the UAE imports nearly 90 percent of its food needs, according to the Abu Dhabi Global Environmental Data Initiative, a data research organization.
This reliance on the global food trade brings opportunity, said Saudi Arabian entrepreneur Omar Al Jundi, who has built the Middle East’s first commercial vertical farm in Dubai.
Badia Farm - the word means ‘oasis’ in Arabic - grows greens like radish, kale, mustard, basil and arugula in a controlled, indoors environment using hydroponic technology and LED lights.
“As a region that has struggled to grow crops due to largely hostile desert landscapes, our farm offers a viable solution to farming that produces harvests 365 days of the year,” he said.
“The produce will not only be cheaper than imported goods, but fresher too, as the farms will be producing all year round.”
The farm, which began production late last year, is on an 800-square-meter plot of land in one of Dubai’s main industrial areas, and produces two hundred boxes of green vegetables a day.
Though this pales in comparison to the world’s largest vertical farm - which operates on 6,500 square meters of a former steel factory in New Jersey in the United States - it marks a big step for alternative farming in this region.
Vertical farming is taking off elsewhere too: Europe’s first commercial farm opened near Amsterdam last year, and Shanghai will next year start a 250-acre agricultural district with skyscrapers dedicated to growing fruit and vegetables.
Vertical farming brings some important benefits, said Al Jundi: because produce is grown in a controlled environment there is no need for pesticides or chemicals. And they use much less water - 90 percent less than open-field farming.
Growing food locally for the firm’s 30 UAE clients - mainly restaurants and hotels - means a smaller carbon footprint, and saves on transport costs.
“It makes no sense to order produce that arrives in boxes in the back of a ship from as far tens of thousands of miles away when it can be grown at home,” he said.
FOOD SECURITY Even though the UAE imports most of its food, the emirates are food secure, according to the United Nations Food and Agriculture Organization (FAO).
However, its food security is not without risk, said Hina Kamal, a research analyst at the UAE University’s College of Food & Agriculture, as it is reliant on vulnerabilities in supplier countries and on the international food trade market.
Another concern is climate change, which is likely to increase food prices in the years ahead, said Majid Sultan Al Qassimi of the UAE’s ministry of climate change and environment.
Although the UAE has strategic reserves in place to protect it from short-term disruptions, he said, “ensuring global food security will be challenging in the future due to impacts of climate change”.
Part of the solution, he said, is to boost domestic production through sustainable means; another is “to diversify imports and investments to ensure that the country is food secure in the long-run”.
Other solutions include setting up storage facilities abroad and acquiring farmland in Africa, Europe and Asia. Emirates NBD, a large regional bank, says UAE investors were part of at least 28 deals in the past 50 years covering about 1 million hectares of farmland globally.
The emirates’ drive to secure land abroad to assure its food supply is not risk-free, Kamal said, and could be undone by political conditions in those countries or by climate change.
“It is possible that some of (the countries) will be highly affected by climate change - both through more extreme weather events and reduced productivity over time.”
Droughts or food shortages could, for example, see host governments impose export bans, she said, which is why boosting productivity at home is the lowest-risk way to ensure food security in the decades to come. It is also more sustainable.
FUTURE-PROOFING
The UAE will need to improve its agricultural productivity in the coming decades to meet demand, said Qassimi, and to do so in the face of rising global temperatures that are expected to worsen extreme weather events.
“All of this has a direct impact on agricultural production, affecting both food producers and those who depend on them. The UAE is no exception,” he said.
Nor, for that matter, is the Gulf region, noted a report last year from the Emirates Wildlife Society and World Wildlife Fund (EWS-WWF), which evaluated the likely effects of climate change on food security.
The UAE is a major regional hub for the re-export of food commodities, it pointed out, and the consequences of climate change, including hotter weather, could affect those facilities.
Any resultant food price spikes would hurt the poorest the most, and that could drive a long-term need for food subsidies.
There are other factors too, not least water. The UAE’s agricultural sector accounts for just 1 percent of its economy, the EWS-WWF report noted, yet uses about one-third of its water - vastly disproportionate to its GDP contribution, said Fanack Water, a research group.
Given that water is more expensive than electricity in the UAE - and given that regular farmers benefit from subsidies for water - Al Jundi of Badia Farm said ending such breaks would make vertical farming a cheaper solution.
“The money spent on powering vertical farms is relatively much lower than of the cost of water used in open fields.”
That said, Badia does use plenty of electricity: from pumping water to powering the artificial lighting and computers that monitor temperatures. But looking ahead, said Al Jundi, it is working with the government on a shift to renewable energy.
The impact one vertical farm can have, though, is limited, and will be felt only on the margins: it will not change the UAE’s reliance on countries such as Brazil, India, Iran and South Africa for cereals, sugar and food oils, for example.
But what it represents - a better way of growing produce in a region that is facing significant challenges from climate change - is important, Al Jundi said.
“This technology will be a major contributor to agriculture sustainability, food diversity and security as it enhances crop production and lowers their cost,” he said.
Reporting by Rabiya Jaffery, Editing by Robert Carmichael. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, climate change, resilience, women's rights, trafficking and property rights. Visit news.trust.org/climate
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-emirates-food-innovation/growing-up-why-the-uaes-first-vertical-farm-could-be-a-regional-gamechanger-idUSKBN1IB2CX |
Baidu on Friday said its operating chief, former Microsoft executive Qi Lu, will be stepping down in July, less than two years into his tenure there. Baidu stock was down more than 9 percent after the announcement.
The move is a loss for one of China's leading tech companies, which are racing like American technology companies to enhance services with artificial intelligence.
Baidu hired Lu to take on day-to-day operations on behalf of CEO Robin Li in January 2017. Immediately prior to that, he was an executive vice president at Microsoft, where he was in charge of Office applications. Earlier in his career he worked at IBM and Yahoo. Office is now a key part of Microsoft's growing Commercial Cloud .
"We have seen many positive changes at Baidu since Qi joined last year. I'm especially impressed by Qi's integrity, dedication to work and sharp insights into technologies and businesses," Li said in a statement on the news.
Lu said in the statement that he can no longer work full-time in China for "personal and family reasons" and will spend more time in the U.S. He will retain his role as vice president of Baidu's board and will focus on research and development, although he won't be working full-time for Baidu.
"I'm honored to have participated in Baidu's transition into an AI-first company," Lu said. Microsoft and Google, among others, have also sought to reshape themselves around AI.
Lu, who has more than 40 U.S. patents , left Microsoft in 2016 for health reasons following a bicycle accident .
show chapters Robin Li: Innovation now more important than ever 10:45 PM ET Sun, 4 Sept 2016 | 03:49 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/qi-lu-steps-down-as-baidu-coo-previously-exec-at-microsoft.html |
May 10 (Reuters) - DASAN Zhone Solutions Inc:
* DASAN ZHONE SOLUTIONS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 GAAP EARNINGS PER SHARE $0.01 * Q1 REVENUE ROSE 14.2 PERCENT TO $59.5 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dasan-zhone-solutions-reports-q1-e/brief-dasan-zhone-solutions-reports-q1-earnings-per-share-0-01-idUSASC0A1M2 |
May 1, 2018 / 7:46 AM / Updated an hour ago BP, oil prices keep FTSE afloat Reuters Staff 2 Min Read
(For a live blog on European stocks, type LIVE/ in an Eikon news window)
LONDON, May 1 (Reuters) - A rise in energy stocks led by BP , boosted by strong first-quarter results, kept Britain’s FTSE afloat on Tuesday while most European bourses were closed for Labour Day.
At 0737 GMT, the blue-chip index was up 0.18 percent to 7,523.35 points with BP adding the most points with a 1.5 percent rise after reporting a 71 percent jump in profit in the first quarter.
Worries that U.S. President Donald Trump may pull out of the Iran nuclear deal kept oil prices high, but overall sentiment benefited from his decision to postpone the imposition of steel and aluminium tariffs on Canada, the European Union and Mexico.
Food delivery group Just Eat enjoyed the strongest rise, up 4.7 percent after reporting revenues for the first-quarter.
Liberum analysts said that given the “very strong” trading update, Just Eat’s annual sales would probably be higher than expected.
“The implication is that their revenue guidance looks far too conservative,” they wrote.
The publication of Britain’s Manufacturing PMI for April at 0830 GMT will be very closely watched after Friday’s disappointing GDP data made investors fear a sharp slowdown in growth could be on its way.
The British government’s recent setbacks are also weighing on the pound, a typical tailwind for shares in dollar earnings British companies, after Britain’s upper house voted to give parliament powers to block or delay a final deal on departure from the European Union.
On other markets, Danish brewer Carlsberg was up 0.2 percent after reporting a 5 percent fall in sales in the first quarter, weighed by a negative currency impact and lower volumes in its key Russian market. (Julien Ponthus, Editing by Helen Reid) | ashraq/financial-news-articles | https://www.reuters.com/article/europe-stocks/bp-oil-prices-keep-ftse-afloat-idUSL8N1S80U7 |
May 18, 2018 / 7:11 PM / Updated 10 hours ago U.S. FCC investigating website flaw that exposed mobile phone locations David Shepardson 4 Min Read
WASHINGTON (Reuters) - The U.S. Federal Communications Commission said on Friday it was referring reports that a website flaw could have allowed the location of mobile phone customers to be tracked to its enforcement bureau to investigate. FILE PHOTO: The Federal Communications Commission (FCC) logo is seen before the FCC Net Neutrality hearing in Washington, U.S., February 26, 2015. REUTERS/Yuri Gripas/File Photo
A security researcher said earlier this week that data from LocationSmart, a California-based tech firm, could have been used to track AT&T Inc ( T.N ), Verizon Communications Inc ( VZ.N ), Sprint Corp ( S.N ) and T-Mobile US ( TMUS.O ) mobile consumers within a few hundred yards of their location and without their consent.
Senator Ron Wyden, an Oregon Democrat, on Friday had urged the FCC to investigate, saying on Twitter that a “hacker could have used this site to know when you were in your house so they would know when to rob it. A predator could have tracked your child’s cell phone to know when they were alone.”
He later praised the FCC decision to investigate, as first reported by Reuters.
“I urge the FCC expand the scope of this investigation, and to more broadly probe the practise of third parties buying real-time location data on Americans,” Wyden said.
Robert Xiao, a researcher at Carnegie Mellon University, said a flaw in a demo tool from LocationSmart could have been used to track anyone.
LocationSmart spokeswoman Brenda Schafer said on Friday the vulnerability “has been resolved and the demo has been disabled.”
Prior to Xiao’s efforts, which included locating up to two dozen users, Schafer said the company believes no one else exploited the vulnerability.
The company is committed to “continuous improvement of its information privacy and security measures,” she said.
Last week, the New York Times reported that the former sheriff of Mississippi County, Missouri, used Securus Technologies [CASHAL.UL] to track mobile phones - including those of other police officers - without court orders, citing charges filed against him.
Several published reports said Securus is getting its data through an intermediary of LocationSmart.
Verizon spokesman Rich Young said Friday the company has “taken steps to ensure that Securus can no longer access location information about Verizon Wireless customers.” He added the company has “initiated a review of this entire issue.”
AT&T spokesman Mike Balmoris said the company does not “permit sharing of location information without customer consent or a demand from law enforcement. If we learn that a vendor does not adhere to our policy we will take appropriate action.”
Sprint said it is conducting an internal review of the issue. T-Mobile US did not immediately comment.
Securus said later on Friday that access to location-based services “data has been disabled for the time being,” out of an abundance of caution and in light of ongoing discussions with partners.
The company also said it has “no direct business relationship with LocationSmart,” adding it is ready to work with law enforcement and vendors to reinstate the service as soon as possible.
Last week Wyden said that Securus, a major provider of correctional facility telephone services, was purchasing real-time location information from carriers and providing information “via a self-service web portal for nothing more than the legal equivalent of a pinky promise.”
Wyden wrote all four of the U.S. major mobile carriers, saying the practise “exposes millions of Americans to potential abuse and unchecked surveillance by the government.” Reporting by David Shepardson; editing by Chizu Nomiyama and G Crosse | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-mobile-privacy/fcc-investigating-reports-website-flaw-exposed-mobile-phone-locations-idUKKCN1IJ2FK |
Former Tivo CEO on CBS lawsuit against National Amusements 2 Hours Ago Tom Rogers, former Tivo CEO, discusses CBS' loss of their lawsuit for a temporary restraining order against Shari Redstone and National Amusements over a plan to control shareholder voting rules. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/former-tivo-ceo-on-cbs-lawsuit-against-national-amusements.html |
May 1 (Reuters) - Moody’s
* MOODY’S SAYS U.S. TECH COMPANIES’ RATINGS, OUTLOOKS UNCHANGED AS TAX REFORM LEADS TO HIGHER SHAREHOLDER RETURNS
* MOODY’S SAYS EXPECT SIGNIFICANTLY LOWER DEBT ISSUANCE FROM LARGE, CASH-RICH TECHNOLOGY FIRMS AS RESULT OF RECENT U.S. TAX CHANGES
* MOODY’S SAYS DOESN’T EXPECT ACQUISITION ACTIVITY IN U.S. TECHNOLOGY SECTOR TO CHANGE AS A RESULT OF TAX POLICY CHANGES
* MOODY’S SAYS U.S. TECH COS PLANS TO INCREASE SHAREHOLDER RETURNS AFTER PASSAGE OF TAX REFORM HAVEN’T SO FAR AFFECTED CREDIT RATINGS/ RATING OUTLOOKS Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-moodys-says-us-tech-companies-rati/brief-moodys-says-u-s-tech-companies-ratings-unchanged-as-tax-reform-leads-to-higher-shareholder-returns-idUSFWN1S71BP |
May 17, 2018 / 7:43 PM / in 22 minutes MOVES-MUFG names Lindenberg as head of investment banking for Americas Reuters Staff 1 Min Read
May 17 (Reuters) - Mitsubishi UFJ Financial Group Inc said on Thursday Jon Lindenberg has been promoted to head of investment banking for the Americas.
Lindenberg, previously deputy head of investment banking and head of structured finance, succeeds Fumitaka Nakahama. (Reporting by Parikshit Mishra) | ashraq/financial-news-articles | https://www.reuters.com/article/mufg-moves-lindenberg/moves-mufg-names-lindenbergas-head-of-investment-banking-for-americas-idUSL3N1SO5AC |
May 3 (Reuters) - BreadTalk Group Ltd:
* Q1 REVENUE S$148.5 MILLION VERSUS S$147.7 MILLION * Q1 NET PROFIT S$1.2 MILLION VERSUS S$10.8 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-breadtalk-group-posts-q1-net-profi/brief-breadtalk-group-posts-q1-net-profit-of-s1-2-mln-idUSFWN1SA0KP |
OSLO, May 4 (Reuters) - Norway’s $1 trillion sovereign wealth fund, the world’s largest, continues to seek high returns regardless of its other objectives, its chief executive told an annual hearing in parliament on Friday.
“We manage the financial wealth of future generations in a controlled, efficient, responsible and transparent manner. But we will never lose sight of the fact that the objective is a high return,” CEO Yngve Slyngstad said. (Reporting by Terje Solsvik, editing by Camilla Knudsen)
| ashraq/financial-news-articles | https://www.reuters.com/article/norway-swf/norways-1-trillion-fund-says-high-return-is-key-objective-idUSO9N1R3010 |
May 7(Reuters) - Hubei Century Network Technology Co Ltd
* Says it plans to set up a wholly owned network technology unit in Wuhan, with registered capital of 100 million yuan
Source text in Chinese: goo.gl/bDrQCy
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hubei-century-network-technology-t/brief-hubei-century-network-technology-to-set-up-network-technology-unit-in-wuhan-idUSL3N1SE1DI |
NEW ORLEANS, May 11, 2018 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 2, 2018 to file lead plaintiff applications in a securities against LendingClub Corporation (NYSE: LC), if they purchased the Company's securities between February 28, 2015 and April 25, 2018, inclusive (the "Class Period"). This action is pending in the United States District Court for the Northern District of California.
What You May Do
If you purchased securities of LendingClub and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ( [email protected] ), or visit https://www.ksfcounsel.com/cases/nyse-lc/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by July 2, 2018 .
About the Lawsuit
LendingClub and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On April 25, 2018, the Federal Trade Commission filed a complaint against the Company based on multiple charges of wrongdoing including falsely promising loans to consumers with no hidden fees and subsequently applying "hundreds or even thousands of dollars in hidden up-front fees from the loans"; misleading consumers as to the approval status of their loan applications; and improperly withdrawing funds from consumer accounts.
On this news, the price of LendingClub's shares plummeted $0.49 per share, or over 15%, to close at $2.77 per share on April 25, 2018.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com .
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
206 Covington St.
Madisonville, LA 70447
View original content with multimedia: http://www.prnewswire.com/news-releases/lendingclub-shareholder-alert-by-former-louisiana-attorney-general-kahn-swick--foti-llc-reminds-investors-with-losses-in-excess-of-100-000-of-lead-plaintiff-deadline-in-class-action-lawsuit-against-lendingclub-corporation---lc-300647218.html
SOURCE Kahn Swick & Foti, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-lendingclub-shareholder-alert-by-former-louisiana-attorney-general-kahn-swick-foti-llc-reminds-investors-with-losses-in-excess.html |
Facebook Inc. said Tuesday that Jan Koum will be leaving its board, a day after the WhatsApp co-founder said he was leaving as chief executive of the messaging service.
Mr. Koum gave no reason for leaving WhatsApp in a Facebook post Monday. The move follows the departure last year of fellow WhatsApp co-founder Brian Acton, who has since been publicly critical of the social-media giant.
Mr.... RELATED VIDEO WhatsApp Founders Make Case for Commercial Messaging WhatsApp Founders Jan Koum and Brian Acton make the case for their company to begin handling business communication. They spoke to WSJ’s Jason Dean at the 2016 WSJDLive conference in Laguna Beach, Calif. (Originally published Oct. 25, 2016) | ashraq/financial-news-articles | https://www.wsj.com/articles/whatsapp-co-founder-to-leave-facebooks-board-1525181985 |
SYDNEY (Reuters) - AMP Ltd ( AMP.AX ) could see A$35 billion in investor outflows due to the hit to its reputation from board-level misconduct, analysts at Macquarie Group Ltd ( MQA.AX ) said on Friday, sending shares in the Australian wealth manager to a seven-year low.
FILE PHOTO: The logo of Australia's biggest wealth manager, AMP Ltd, adorns their head office building in Sydney, Australia February 9, 2017. REUTERS/David Gray/File Photo Macquarie analysts forecast the net outflows from wealth management over the next four years, equivalent to about 27 percent of assets under management, after an independent inquiry found the firm had engaged in deceptive conduct.
The broker downgraded the stock rating to “neutral” from “outperform” and lowered its price target to A$4.30 from A$5.65.
AMP shares were down 6.8 percent in morning trading to A$3.69 ($2.78), their lowest level since 2011, while the broader market was trading slightly higher.
“We were previously forecasting ongoing margin compression, given AMP’s higher than peer starting point on fees,” Macquarie analysts wrote in a report to clients. “However, we’ve accelerated our margin erosion in earlier years, as fee pressure will likely intensify.”
An AMP spokeswoman did not immediately respond to an email seeking comment.
The Sydney-based fund manager faced an investor revolt at its annual meeting on Thursday, amid allegations it charged fees for no service, doctored an independent report and lied to regulators.
Interim Executive Chairman Mike Wilkins, appointed after predecessor Craig Meller resigned in April in response to the scandal, told the meeting some customers were closing their accounts and there had been an increase in “withdrawal requests”.
AMP earlier reported A$200 million in outflows at its core wealth management business during the three months to the end of March, but said assets under management at its funds management and banking units had increased.
S&P Global warned last week that AMP’s credit worthiness could be downgraded if the scandal impacted its core wealth management business or raised the risk of fines and legal action.
Reporting by Paulina Duran; Editing by Stephen Coates
| ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-banks-inquiry-amp/australias-amp-at-risk-of-hemorrhaging-wealth-clients-macquarie-idUSKBN1IC08R |
Reno, Nev., May 01, 2018 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation reports the retirement of Dr. Roger Steininger from his day-to-day role as Chief Geoscience Officer.
Remaining as a director, Dr. Steininger, one of the founding partners and a great contributor to NuLegacy’s growth is retiring from day to day activity with the company. At 76 years, Roger has had a long and illustrious career in the mining and exploration business, having contributed to the discovery of numerous metal deposits, including the Avocado and Iceberg gold deposits of NuLegacy Gold, the nearby 20+ million ounce Pipeline gold deposit of Barrick Gold, the 2 million ounce Long Valley gold deposit as well as several molybdenum, copper and tungsten deposits
Dr. Steininger leaves NuLegacy well-staffed with one of the best Carlin-style exploration teams in Nevada, having helped, amongst other recruitments, in the enrollment of Mr. Ed Cope, recently retired VP of North American exploration for Barrick Gold as a NuLegacy Director. Mr. Cope in turn was instrumental in the recruitment of former Barrick personnel Ms. Denise Dowell (as NUG’s Geotechnical Modelling Administrator), William Mounts (Drilling Supervisor) and most recently Mr. Charles Weakly, one of Barrick Gold’s top geologists and ‘gold finders’ as NuLegacy’s District Geologist. Mr. Weakley, together with NuLegacy’s Chief Geologist Derick Unger, are taking over responsibility for drill targeting.
“On behalf of all of us I want to thank Roger for his genuine partnership in building NuLegacy”, said Albert Matter, NuLegacy’s Chairman, “during the process of which he has taught us all a great deal about these highly coveted and elusive elephant-sized Carlin-style gold deposits, while becoming a dear friend. We look forward to his continued sound input as a director”.
Dr. Steininger is both a member of the Dean’s Council and Chair of the Geoscience Advisory Council of the Warner College of Natural Resources, Colorado State University. With an encyclopedic knowledge of the history of mining in the state of Nevada, Dr. Steininger intends to devote a good deal of his time to writing some of that history for posterity, as well as traveling with his wife of 51 years LuAnne, and spending more time with his family, all who live in Reno.
About NuLegacy Gold Corporation : NuLegacy is a Nevada exploration company focused on discovering additional Carlin-style gold deposits on its premier district scale 98 sq. km (38 sq. mile) Red Hill Project in the prolific Cortez gold trend of Nevada.
To date NuLegacy has discovered the Iceberg Carlin-style gold deposits and has identified several more highly prospective exploration targets that are being drilled this year.
NuLegacy’s Red Hill Project is located on trend and adjacent i to the three multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick Gold’s largest, lowest cost and politically safest gold mines ii .
i The similarity and proximity of these deposits in the Cortez Trend is not necessarily indicative of the gold mineralization in NuLegacy’s Red Hill Project.
ii As extracted from Barrick’s Q4-2013 and Q1-2014 reports. As reported by Barrick, the Goldrush resource contains 8,557,000 indicated ounces of gold within 25.78 million tonnes grading ~10.57 g/t and 1,650,000 inferred ounces within 5.6 million tonnes grading ~9.0 g/t.
On Behalf Of NuLegacy Gold Corporation
James E Anderson, Chief Executive Officer
For further information, please phone 604-639-3640 or contact James Anderson (CEO) at [email protected] , Albert Matter (Chairman) at [email protected] or Roger Steininger, (CGO) at [email protected] , or Frank Lagiglia (ICM) at [email protected] or visit www.nulegacygold.com .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. There are no known resources or reserves on the Red Hill Project and the proposed exploration programs are exploratory searches for commercial bodies of ore. In addition, t he presence of gold deposits on properties adjacent or near the Red Hill Project is not necessarily indicative of the gold mineralization on the Red Hill Project. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com including our annual management’s discussion and analysis dated July 25, 2017 for the year ended March 31, 2017. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.
Source: NuLegacy Gold Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-dr-roger-steininger-to-retire-as-chief-geoscience-officer.html |
IRVINE, CA, May 04, 2018 (GLOBE NEWSWIRE) -- Signature Devices, Inc. (OTC PINK: SDVI) today announced that its revenues increased to around $75k in Q1 2018, which is a 50% increase in revenues vs Q4 of 2017. The company also announced that it reached near break even for the quarter in net revenue.
Innovo Technology’s second year as a public company is off to a great start without even going into full production of its flagship Morpheus Pro product line or the full launch of the innovative Knoton.
The company spent 2017 focusing on further developing the award-winning Morpheus products that generated a net positive income in Q3 2017, while hitting $140k total revenue in 2017. The company has already generated 50% of total revenue of 2017 in Q1 of 2018 and has lots of big plans for the rest of the year. “Innovo Technologies is a start-up in every sense and because we are public, our value isn’t nearly where it should be. Private companies in our space see valuations 20-30 times where we are currently. However, we are uniquely positioned for explosive growth once we secure the necessary resources for the planned expansion” said Inas Azzam, CEO of Signature Devices.
Most recently, Innovo announced the launch of a kickstarter campaign focused on its most innovative product to date, the Knoton; a highly customizable IoT device focused on school safety, personal security and blockchain-based secure transactions.
The full report will be filed on 5/15/2018 and will be available at https://www.otcmarkets.com/stock/SDVI/disclosure
You can also follow the company on Twitter for small updates and announcements, https://twitter.com/SignatureDevice
About Innovo Technology, Inc.
Based in Irvine, California, Innovo Technology combines the best of the technologies underpinning the popular Morpheus media server, Tazerwear's AI Software, Truck IT's beacon platform with Knoton's hardware, infrastructure and software. The result is a company that blends custom software and powerful hardware IoT-interconnected devices. Learn more by visiting: http://innovotech.io/about/
About Signature Devices, Inc.
Based in Sheridan, Wyoming, Signature Devices, Inc. ( www.signaturedevices.com ) (OTC PINK: SDVI) is a holding company with subsidiaries that develop Internet of Things (IOT) products through its subsidiary Innovo Technologies, Inc., and publishes diverse media products including video games and mobile applications through its subsidiary Graffiti Entertainment, Inc.
Forward-Looking Statements:
The information in this press release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.
Signature Devices, Inc. Investors Relations [email protected] 650-654-4800 ext 111 http://www.signaturedevices.com
Source:Signature Devices, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-signature-devices-inc-announces-50-percent-revenue-increase-for-q1-2018.html |
NEW YORK, May 1, 2018 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Live Nation Entertainment, Inc. ("Live Nation" or the "Company") (NYSE: LYV) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Live Nation securities between February 23, 2017 through March 30, 2018, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/lyv .
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Live Nation failed to abide by the terms of an antitrust consent decree with the Department of Justice (the "Consent Decree"); (2) Live Nation lacked adequate internal controls to prevent a violation of the Consent Decree; and (3) as a result of the foregoing, Live Nation's financial statements and defendants' statements about Live Nation's business, operations, and prospects, were materially false and misleading at all relevant times.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/lyv or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Live Nation you have until June 18, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/shareholder-alert---bronstein-gewirtz--grossman-llc-notifies-investors-of-class-action-against-live-nation-entertainment-inc-lyv--lead-plaintiff-deadline--june-18-2018-300640550.html
SOURCE Bronstein, Gewirtz & Grossman, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-shareholder-alert--bronstein-gewirtz-grossman-llc-notifies-investors-of-class-action-against-live-nation-entertainment-inc-lyv.html |
× × China is reportedly close to removing tariffs on agricultural products in exchange for relief for ZTE 13 Hours Ago China may remove tariffs on U.S. agricultural products, including soybeans, according to reports from Reuters and Dow Jones. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/china-may-remove-tariffs-on-u-s-agricultural-products.html |
SAN FRANCISCO (Reuters) - Delivering what may be one of the U.S. central bank’s most detailed critiques of cryptocurrencies to date, Federal Reserve Governor Lael Brainard on Tuesday said digital coins pose “serious” challenges, and she all but dismissed the possibility that the Fed could enter the market.
Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., March 1, 2017. REUTERS/Brian Snyder “There is no compelling demonstrated need for a Fed-issued digital currency,” Brainard said in remarks prepared for delivery to a Fed conference in San Francisco that had not previously been publicized. “Although central bank digital currencies may be able to overcome some of the particular vulnerabilities that cryptocurrencies face, they too have significant challenges related to cybersecurity, money laundering, and the retail financial system.”
Entrepreneurs have created hundreds of new digital options beyond bitcoin that have so far largely escaped any concerted crackdown by regulators. Interest in the tokens is so widespread that San Francisco Fed President John Williams at a public appearance last month expressed surprise at not being asked about it, although eventually he was.
St. Louis Fed President James Bullard on Monday even made an appearance at a conference on digital currencies, where he gave his own critique.
Brainard’s objections to currencies like bitcoin ran along lines that by now have become familiar but are noteworthy for their length and detail, and because they reveal the extent to which Fed officials are monitoring and doing research in the field.
Bitcoin, Brainard said on Tuesday, is so volatile that its use as money is limited; the anonymity that is part of the design of digital currencies mean they can be easily used in money laundering; and the technology that governs them is not overseen by any higher authority, opening consumers to theft and mistakes that they can do little about.
“Cryptocurrencies are strikingly innovative but also pose challenges associated with speculative dynamics, investor and consumer protections, and money-laundering risks,” she said.
Brainard tempered her criticism with a few remarks about the potential of the underlying technology to smooth payments and the possibility that digital coins could have limited application for bank-to-bank transactions, and some payments in financial markets.
But while digital currencies are problematic, she said, they are currently so small a part of the overall financial system that they pose little stability risk.
Overall, her remarks did not suggest the Fed believes digital currencies are ripe for consumer adoption.
“In addition to losses, individual investors should be careful to understand the potential for other risks,” Brainard said.
Reporting by Ann Saphir; Editing by Leslie Adler
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-fed-brainard/feds-brainard-sees-no-compelling-case-for-fed-digital-currency-idUSKCN1IG3G8 |
May 1, 2018 / 1:23 AM / Updated 10 hours ago WTA International, Rabat Women's Singles Results Reuters Staff 1 Min Read May 1 (OPTA) - Results from the WTA International, Rabat Women's Singles matches on Monday .. 1st Round .. Johanna Larsson (SWE) beat Rebecca Peterson (SWE) 2-6 6-3 6-1 Sara Errani (ITA) beat 6-Zarina Diyas (KAZ) 6-4 6-4 Jana Fett (CRO) beat Sachia Vickery (USA) 6-2 3-6 6-3 Kirsten Flipkens (BEL) beat 3-Petra Martic (CRO) 3-6 6-2 6-4 Sara Sorribes Tormo (ESP) beat Yulia Putintseva (KAZ) 7-6(4) 6-0 | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-wta-results-womens-singles/wta-international-rabat-womens-singles-results-idUKMTZXEE510ZPJ7Q |
HOUSTON, May 17, 2018 /PRNewswire/ -- Nobilis Health Corp. (NYSE American: HLTH) (NEO: HLTH) ("Nobilis" or the "Company") today announced it is expanding the Company's offerings to include telemedicine services. The virtual engagement of future Nobilis patients will ease geographical limitations and definitely expand Nobilis' patient reach across the country.
"Nobilis is a company built on concierge service for our patients and revolutionary technology, so embracing telemedicine is a natural part of our company's progression," said Dr. Neil Badlani, Nobilis' Chief Medical Officer, and member of the Board of Directors. "Our physicians are excited about the opportunity to increase patient engagement through telemedicine, to provide further education on our entire spectrum of minimally invasive procedures. Regardless of physical location, Nobilis physicians will be able to create a personal and productive dialogue with patients, including walking patients through their MRI results using virtual models and illustrations to break down any complexities and answer any questions the patient may have- just as though it was being done in person."
"Healthcare is becoming an increasingly consumer driven industry. With greater access to information, more abundant choices and a greater financial burden, patients are more actively involved in choosing their physicians, hospitals and health care services than ever before. And like every other industry, technology is bringing healthcare closer to patients. Telemedicine has the potential to bring patients face-to-face with their physician in the comfort and convenience of their own home," continued Dr. Badlani.
The company's Telemedicine services will be offered in conjunction with Nobilis' branded marketing campaigns, initially, with plans to expand the application throughout the system over time, and where appropriate.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of Canadian and United States securities laws, including the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts and may be identified by the use of words such as "may," "believe," "will," "expect," "project," "estimate," "anticipate," "plan" or "continue." These forward-looking statements are based on current plans and expectations and are subject to a number of risks, uncertainties and other factors which could significantly affect current plans and expectations and our future financial condition and results. These factors, which could cause actual results, performance and achievements to differ materially from those anticipated, include, but are not limited to our ability to successfully maintain effective internal controls over financial reporting; our ability to implement our business strategy, manage the growth in our business, and integrate acquired businesses; the risk of litigation and investigations, and liability claims for damages and other expenses not covered by insurance; the risk that payments from third-party payers, including government healthcare programs, may decrease or not increase as costs increase; adverse developments affecting the medical practices of our physician limited partners; our ability to maintain favorable relations with our physician limited partners; our ability to grow revenues by increasing case and procedure volume while maintaining profitability at the Nobilis Facilities; failure to timely or accurately bill for services; our ability to compete for physician partners, patients and strategic relationships; the risk of changes in patient volume and patient mix; the risk that laws and regulations that regulate payments for medical services made by government healthcare programs could cause our revenues to decrease; the risk that contracts are canceled or not renewed or that we are not able to enter into additional contracts under terms that are acceptable to us; and the risk of potential decreases in our reimbursement rates. The foregoing are significant factors we think could cause our actual results to differ materially from expected results. However, there could be additional factors besides those listed herein that also could affect us in an adverse manner.
We have not undertaken any obligation to publicly update or revise any forward-looking statements. All of our forward-looking statements speak only as of the date of the document in which they are made or, if a date is specified, as of such date. Subject to any mandatory requirements of applicable law, we disclaim any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any changes in events, conditions, circumstances or information on which the forward-looking statement is based. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing factors and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed on March 12, 2018, as updated by other filings with the Securities and Exchange Commission.
Contact Information:
Joel Lehr
Assistant Vice President, Corporate Communications
[email protected]
346-207-6342
View original content with multimedia: http://www.prnewswire.com/news-releases/nobilis-health-set-to-add-telemedicine-to-list-of-offerings-300650594.html
SOURCE Nobilis Health Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-nobilis-health-set-to-add-telemedicine-to-list-of-offerings.html |
May 4, 2018 / 6:17 PM / in an hour Stormy Daniels payment did not violate campaign laws: Reuters Staff 1 President Donald Trump’s attorney Rudy Giuliani said on Friday a $130,000 payment another Trump lawyer made to silence adult-film star Stormy Daniels before the 2016 election did not violate campaign laws, saying it would have been made even if Trump were not running. FILE PHOTO: Adult-film actress Stephanie Clifford, also known as Stormy Daniels, arrives at ABC studios to appear on The View talk show in New York City, New York, U.S. April 17, 2018. REUTERS/Mike Segar
“The payment president’s family,” Giuliani said in a statement. “It not.” Reporting by Timothy Ahmann; Editing by David Alexander | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-russia-giuliani/stormy-daniels-payment-did-not-violate-campaign-laws-trump-lawyer-giuliani-idUSKBN1I52BH |
May 14, 2018 / 12:26 AM / Updated an hour ago Australia's Healthscope gets $3.3 billion Brookfield approach, sparking bid war hopes Byron Kaye 4 Min Read
SYDNEY (Reuters) - Canadian investment firm Brookfield Asset Management ( BAMa.TO ) made a $3.3 billion approach for Australian hospital group Healthscope ( HSO.AX ), trumping a local buyout proposal and sending shares of the target up to a two-year high on Monday. FILE PHOTO: A sign for a Heathscope hospital is seen in central Melbourne July 16, 2010. REUTERS/Mick Tsikas/File Photo
The approach, disclosed by Healthscope in a statement, sets the scene for a takeover battle for the No. 2 Australian private hospital operator which has seen its shares slide due to high debt and a shift back to public health services after a scandal in the private sector.
New Australian private equity player BGH Capital, led by former executives of TPG Capital Management [TPG.UL] and Macquarie Group Ltd ( MQG.AX ), made an approach worth $3.1 billion on April 26. Pension fund AustralianSuper is partnering BGH in that proposal.
Healthscope shares rose 4.9 percent in a flat overall market by midsession. The stock was trading at A$2.59, its highest since April 2016, and higher than Brookfield’s A$2.50 indicative bid, a sign investors expect a bidding war.
“The entry of Brookfield adds to bidding tension and (I) expect the BGH-AustralianSuper consortium will most likely increase its offer bid,” said Chris Kallos, a healthcare analyst at Morningstar.
Healthscope said in the statement its board would assess both proposals. It added that Brookfield’s proposal came with a condition that effectively prevents AustralianSuper from voting against its offer if the target accepted it. AustralianSuper has a 14.5 percent stake in Healthscope.
BGH and AustralianSuper said they disapprove of Brookfield’s proposal, adding they would not be swayed by the Canadian firm’s special condition.
“All members of the consortium will reject, vote against or not accept any proposal for the acquisition of Healthscope shares that may be put forward by any other party,” they said in a joint statement.
“The BGH–AustralianSuper Consortium is not supportive of the proposal from Brookfield and is not interested in rolling over into it,” the statement added.
The deal would continue Brookfield’s rapid growth in the world’s twelfth-largest economy. If Brookfield buys Healthscope, it would be the biggest takeover of an Australian company by a Canadian party since a consortium including Brookfield paid A$9 billion for rail and ports giant Asciano in 2016.
Brookfield declined to comment.
Last week, Canadian landlord NorthWest Healthcare Properties REIT ( NWH_u.TO ) said it paid $312 million for a 10 percent stake in Healthscope. Northwest also declined to comment on Monday.
Healthscope was a high-profile listing in 2014, with its shares rising steadily amid hopes that it would benefit from the country’s ageing population and a heavily state-subsidized health system.
But investors started selling the stock in 2016 after media reports accused private health insurers, which fund patients for companies like Healthscope, of withholding payouts to policyholders, prompting more patients to opt for the public system.
Healthscope, which had embarked on building a new hospital in Sydney’s north, issued two profit warnings, and when BGH lobbed its takeover proposal last month Healthscope shares were trading below their IPO price.
Brookfield is being represented by Bank of America Merrill Lynch for the potential transaction, according to Healthscope, while Healthscope has hired UBS.
($1 = 1.3236 Australian dollars) | ashraq/financial-news-articles | https://www.reuters.com/article/us-healthscope-ltd-m-a-brookfield-asset/australias-healthscope-gets-3-3-billion-bid-from-brookfield-idUSKCN1IF00S |
May 8, 2018 / 12:20 PM / Updated 18 minutes ago BRIEF-Crispr Therapeutics Reports Q1 Loss Per Share $0.62 Reuters Staff
May 8 (Reuters) - CRISPR Therapeutics AG:
* CRISPR THERAPEUTICS PROVIDES BUSINESS UPDATE AND REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* CRISPR THERAPEUTICS AG - ON TRACK TO BEGIN CTX001 CLINICAL STUDY IN HEMOGLOBINOPATHIES IN 2018
* CRISPR THERAPEUTICS AG - ON TRACK TO FILE IND IN 2018 FOR CTX101, ALLOGENEIC CRISPR-BASED CAR-T TARGETED TOWARD CD19+ MALIGNANCIES
* CRISPR THERAPEUTICS AG - TOTAL COLLABORATION REVENUES WERE $1.4 MILLION FOR Q1 OF 2018 COMPARED TO $2.7 MILLION FOR Q1 OF 2017
* CRISPR THERAPEUTICS AG - QTRLY LOSS PER SHARE $0.62
* CRISPR THERAPEUTICS AG - HAS $341.8 MILLION IN CASH AS OF MARCH 31, 2018 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-crispr-therapeutics-reports-q1-los/brief-crispr-therapeutics-reports-q1-loss-per-share-0-62-idUSASC0A0GK |
As markets swung lower, then higher on Thursday amid geopolitical worries , CNBC's Jim Cramer vetted a new thesis about what could be next in the U.S.-China trade clash .
"The new thesis I'm hearing is that the president's woes are making the Chinese more intransigent," the "Mad Money" host explained. "They're beginning to take a longer view that Trump's in real trouble and they can take more pain than we can and wait out the president."
"In other words, the Mueller investigation weakens the Trump hand, and it could actually hurt the global economy if it results in a prolonged trade war," he continued.
President Donald Trump , whose personal lawyer Michael Cohen is at the center of a scandal involving adult film actress Stormy Daniels , revealed on Monday that he knew of a $130,000 payment Cohen made to Daniels ahead of the 2016 election.
The president's comments came after Rudy Giuliani , the former mayor of New York and one of Trump's lawyers in special counsel Robert Mueller's Russia probe , told Fox News on Wednesday that then-candidate Trump repaid Cohen after Cohen paid Daniels.
Cramer argued that this nonstop, multifaceted newsflow could weaken Trump's position in dealing with China. China's lawmakers could simply choose to wait until the president's various issues are resolved — or until his four-year term is over.
"This narrative has become so ingrained that we have come to expect every stock to go down as it's repeated," Cramer said. "We'd like to think that the stocks of companies that have little to do with trade, or at least anything domestic, ... would somehow be immune, but if they're in the S&P 500 , they go down."
Big hedge fund managers and individual investors alike have flocked to index funds like the S&P 500 in recent months, causing stocks to trade in tandem as the three Ts — Trump, tariffs and trade — fuel the market's concerns, Cramer explained.
But the broad-based declines have brought some courageous buyers out of the woodwork, too, the "Mad Money" host said.
"Periodically we get bargain-hunters [who come in] and basically say, 'Enough is already enough. It can't possibly be this bad,'" Cramer said. "Look, they might be right. Maybe there will be no negative headlines about Trump tomorrow — hey, crazier things have happened."
Better yet, if Trump's National Economic Advisor and former CNBC host Larry Kudlow is optimistic about his meetings in China this week, the bargain-hunters could really luck out, Cramer said.
"Or perhaps [tomorrow] will just be another lousy Friday like all the rest of them as people worry about what'll happen this weekend with China," he said. "If you have one takeaway from today, it should be that there comes a point where everyone is collectively too negative for that very moment, and that's when you have to take the other side of the trade."
WATCH: Cramer on 3 troubling Ts: Trump, tariffs and trade show chapters Cramer on trade: China could wait out Trump's presidency to make a trade deal, and that's bad for stocks 20 Hours Ago | 11:27 Questions for Cramer?
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Questions, comments, suggestions for the "Mad Money" website? [email protected] | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/cramer-china-could-wait-out-trumps-presidency-thats-bad-for-stocks.html |
* Says “good progress” on cost efficiency program
* Says net consumer customer account losses slowed materially
* Shares rise as much as 1.7 pct (Adds details, shares, background)
May 14 (Reuters) - British Gas owner Centrica stuck to its financial targets for the year, citing higher energy demand after a cold end to winter and a slowdown in consumer account losses.
The company, which stepped up plans for job cuts and cost savings in February after posting a 17 percent fall in 2017 operating profit, also said there had been “good progress” on the delivery of the next phase of cost efficiency.
Shares of the FTSE 100 company rose as much as 1.7 percent in morning trading and were up 0.5 percent by 0910 GMT.
Centrica, which has been refocusing on core customer-facing energy and services business, said that net consumer customer account losses slowed materially despite strong competition.
The company’s UK home energy supply accounts fell by 110,000 this year, much lower than the 261,000 fall a year ago.
British Gas has said it will raise the price of its most widely used standard tariff for customers getting electricity and gas by an average of 5.5 percent from May 29.
Other major suppliers among the “Big Six” who dominate the British energy market have followed suit, prompting criticism from politicians and consumer groups.
Britain said in October it would apply a temporary price cap to all standard variable tariffs (SVT) in the energy market — the basic and most common form of billing — to try to drive down prices.
Centrica said it assumes a temporary cap will be in place by the end of 2018, adding that it continues to believe that price controls are not good for customers.
Centrica said it expects customers on SVT to fall to around 3 million by the end of 2018 from the current 3.8 million. It had about 4.3 million SVT customers at the end of 2017.
The company has been encouraging customers to actively choose one of its fixed-term tariffs instead of the standard variable tariff ahead of the cap.
Morgan Stanley said the proposed tariff cap is the biggest near term risk for Centrica and the brokerage expects legislation to be passed by parliament in the coming months. (Reporting by Arathy S Nair in Bengaluru Editing by Keith Weir)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/centrica-tradingstatement/update-1-british-gas-owner-centrica-affirms-2018-targets-as-cold-weather-props-up-demand-idUSL3N1SL2RN |
DUBAI (Reuters) - Saudi Arabia’s Cabinet on Tuesday approved a measure criminalizing sexual harassment, the state news agency SPA reported, weeks before a decades-old ban on women driving is set to expire.
Saudi Arabia's Crown Prince Mohammed bin Salman attends a press conference with French President Emmanuel Macron (not pictured) at the Elysee Palace in Paris, France, April 10, 2018. Yoan Valat/Pool via Reuters The legislation, which awaits an expected royal decree to become law, is the latest in a series of reforms that Crown Prince Mohammed bin Salman has initiated in a bid to modernize the deeply conservative Muslim kingdom.
Prince Mohammed is also trying to diversify the Arab world’s largest economy away from oil exports and open up Saudis’ cloistered lifestyles by easing strict social rules and promoting entertainment.
The anti-harassment measure, which was approved on Monday by the Shura Council advisory body, introduces a jail sentence of up to five years and a 300,000 riyals ($80,000) fine.
“(The legislation) aims at combating the crime of harassment, preventing it, applying punishment against perpetrators and protecting the victims in order to safeguard the individual’s privacy, dignity and personal freedom which are guaranteed by Islamic law and regulations,” a statement from the Shura Council said.
Last year’s decision to end the ban on women driving cars, set to take effect on June 24, has been hailed as proof of a progressive trend in the kingdom.
But earlier this month, authorities arrested nearly a dozen women’s rights campaigners who had previously agitated for the right to drive and an end to the kingdom’s male guardianship system.
The United Nations called on the Saudi government on Tuesday to provide information about the detained activists, disclose their locations and ensure their rights.
Reporting by Aziz El Yaakoubi and Stephen Kalin; Editing by Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/us-saudi-reform-harassment/saudi-cabinet-approves-measure-criminalizing-sexual-harassment-idUSKCN1IU2UL |
Hawaii residents evacuated as volcano erupts 6:31am EDT - 01:14
The Kilauea Volcano on Hawaii’s Big Island came to life on Thursday, belching ash into the sky and spewing fountains of lava in a residential area where people were ordered to leave their homes, officials said. Kilauea Volcano on Hawaii’s Big Island came to life on Thursday, belching ash into the sky and spewing fountains of lava in a residential area where people were ordered to leave their homes, officials said. //reut.rs/2KvphOZ | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/04/hawaii-residents-evacuated-as-volcano-er?videoId=423767620 |
May 8 (Reuters) - Synthetic Biologics Inc:
* SYNTHETIC BIOLOGICS REPORTS FIRST QUARTER 2018 OPERATIONAL HIGHLIGHTS AND FINANCIAL RESULTS
* SYNTHETIC BIOLOGICS INC - QTRLY LOSS PER SHARE $0.02 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-synthetic-biologics-reports-qtrly/brief-synthetic-biologics-reports-qtrly-loss-per-share-0-02-idUSASC0A0O8 |
German growth halved in the first quarter of the year due to weaker trade and less state spending, data showed on Tuesday, though analysts said they saw it as a temporary blip.
Europe's biggest economy grew by 0.3 percent in the first three months, the slowest rate since the third quarter of 2016, preliminary data from the Federal Statistics Office showed.
This compared with 0.4 percent predicted in a Reuters forecast of analysts and followed an expansion rate of 0.6 percent in the final three months of last year.
Still, it marked the 15th consecutive quarter of expansion, the longest period of uninterrupted growth since German reunification.
"Is it a pause or a fundamental shift? For us the answer is clear: It's just a blip," DekaBank analyst Andreas Scheuerle said. He pointed to continued strong foreign demand and vibrant domestic activity due to record employment and rising wages.
"However, this should not hide the fact that risks to the economic outlook have risen not least due to the neo-protectionist aspirations and sanctions policy of the U.S. government," Scheuerle added.
show chapters Trump: Want to deepen economic ties to Germany 2:35 PM ET Fri, 27 April 2018 | 02:12 The statistics office said positive contributions in the first quarter came mainly from domestic demand while trade was weak.
"Investment rose sharply, with significantly more investment in construction, but also in equipment," the office said. Household spending rose slightly while state consumption fell.
On the year, the German economy grew by a calendar-adjusted 2.3 percent in the first quarter, the data showed. This was just short of the consensus forecast of 2.4 percent.
The office also confirmed full-year GDP growth of 2.2 percent in 2017 which translated into a calendar-adjusted rate of 2.5 percent. This was the strongest pace since 2011.
The DIHK Chambers of Commerce and Industry also blamed the slowdown in the first quarter on a flu epidemic, an unusually high number of strikes and an above-average number of holidays.
show chapters As goes Germany, so goes Europe, says former German ambassador 8:30 AM ET Fri, 27 April 2018 | 03:15 "The start of the year is a disappointment, but not yet the beginning of the end of the upswing," DIHK managing director Martin Wansleben said. The government has also said it expects the economy to bounce back in the second quarter due to full order books and high employment. Berlin forecasts 2.3 percent growth this year.
"The upswing has cooled down a bit, but it's still intact," Ifo President Clemens Fuest said. "We expect stronger growth rates in the months ahead."
Jennifer McKeown from Capital Economics said the economy will get a boost from increased public spending on child benefits and pensions in the coming quarters while growth among major export partners would also pick up again.
"In all, we still see German GDP rising by 2.5 percent this year as a whole and the renewed strength of the euro zone's largest economy will encourage the ECB to signal this summer that asset purchases will not last into 2019," she added.
The release of the preliminary data does not include a detailed breakdown but only a qualitative assessment. The office will release more detailed GDP results on 24 May. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/german-first-quarter-growth-halves-on-weak-trade.html |
--1Q18 Total Sales Up 13.7% YoY and Non-GAAP Adjusted Net Income Up 2.1% YoY in RMB terms, or
Total Sales Up 23.0% YoY to $112.5 Million and Net Income Up 5.3% YoY to $31.6 Million in USD terms--
BEIJING, May 4, 2018 /PRNewswire/ -- China Biologic Products Holdings, Inc. (NASDAQ: CBPO, "China Biologic" or the "Company"), a leading fully integrated plasma-based biopharmaceutical company in China, today announced its unaudited financial results for the first quarter of 2018.
First Quarter 2018 Financial Highlights
Total sales in the first quarter of 2018 increased by 13.7% in RMB terms and 23.0% in USD terms to $112.5 million from $91.5 million in the same quarter of 2017. Gross profit increased by 33.1% to $78.8 million from $59.2 million in the same quarter of 2017. Gross margin increased to 70.0% from 64.8% in the same quarter of 2017. Income from operations increased by 0.5% to $39.0 million from $38.8 million in the same quarter of 2017. Operating margin decreased to 34.7% from 42.4% in the same quarter of 2017. Net income attributable to the Company increased by 5.3% to $31.6 million from $30.0 million in the same quarter of 2017. Fully d iluted earnings per share decreased to $0.92 compared to $1.06 in the same quarter of 2017. Non-GAAP adjusted net income attributable to the Company increased by 2.1% in RMB terms and 10.4% in USD terms to $41.3 million from $37.4 million in the same quarter of 2017. Non-GAAP adjusted earnings per share decreased to $1.21 from $1.32 in the same quarter of 2017. Certain income statement and balance sheet items impacted by the TianXinFu acquisition are presented for comparison purposes.
Mr. David (Xiaoying) Gao, Chairman and Chief Executive Officer of China Biologic, commented, "We began 2018 with a challenging first quarter of 2018 was worse than we anticipated due to the ongoing impact of government reform measures on China's healthcare market. The trend of many regional hospitals reducing purchases on certain high-unit-price plasma products at the end of 2017 to comply with the strict policy of capping the revenue from drug sales to 30% of the total revenue of a hospital continued in the first quarter of 2018, which resulted in a high double digit sales revenue decline in our direct sales channel. Our prices in the distribution channel also face increased pressure with more intensified competition among all major plasma products. To offset the deceleration of volume growth associated with ongoing healthcare reform, we continued to enhance marketing and promotional activities to pursue new sales channels and strategic partners, including new distributors and retail pharmacy chains which together achieved 20% year over year growth. The revenue contribution from placenta polypeptide continued to grow approximately 45% in RMB terms in the first quarter, reflecting an increased proportion of higher-invoiced shipments due to the wider implementation of the two-invoice policy. While the TianXinFu business demonstrated softer performance as anticipated in the first quarter of 2018, we expect the business will experience greater levels of growth in the remaining quarters of the year."
"Despite our first quarter challenges, we achieved notable operational progress in our business. We began full operations at the new Shandong facility in late February, received the long-awaited operating permit at the Daming plasma collection station in early March and commenced commercial plasma collection immediately thereafter, and construction of our Feicheng branch plasma collection facility remains on track for completion by the middle of this year. In addition, the construction of our new Wenchang station in Hainan Province remains on track, and the station is expected to obtain the operating permit to begin commercial operations before the end of this year."
"We remain focused on solidifying our leading market position by broadening our sales channels, exploring new growth opportunities to offset the impact of ongoing healthcare reform, and further investing in medical marketing with our internal sales force as well as utilizing TianXinFu's team to support our newly launched products. In addition, we remain committed to managing public tenders in local markets to secure optimized pricing and increasing our profitability by accelerating the commercial launch time of our various pipeline products. Despite the challenges we are facing, we remain optimistic about the long-term development of China's plasma industry," concluded Mr. Gao.
First Quarter 2018 Financial Performance
Total sales in the first quarter of 2018 increased by 13.7% in RMB terms, or 23.0% in USD terms due to favorable exchange rate benefit, to $112.5 million from $91.5 million in the same quarter of 2017, primarily attributable to $11.4 million contribution from TianXinFu, accounting for approximately 10.1% of total sales for the quarter. Excluding TianXinFu, total sales in the first quarter of 2018 increased by 2.2% in RMB terms, as a combined result of an increase in the sales of placenta polypeptide products and certain immunoglobulin products, which was partly offset by the decrease in the sales of human albumin and IVIG products.
During the first quarter of 2018, human albumin and IVIG products remained the Company's two largest sales contributors. As a percentage of total sales, sales from human albumin and IVIG products were 30.1% and 28.3%, respectively, in the first quarter of 2018. Excluding the contribution from TianXinFu, human albumin and IVIG products were 33.4% and 31.4% of total sales, respectively, which was a decrease from 40.3% and 34.8% respectively in the first quarter of 2017, mainly reflecting the combined effects of decreased sales volume and sales prices year-over-year.
The sales volume of human albumin and IVIG products decreased by 12.0% and 6.2%, respectively, for the first quarter of 2018 compared to the same quarter of 2017, reflecting the decreased purchase volumes at various hospitals due to government healthcare reform measures.
The average price for human albumin and IVIG products decreased by 3.7% and 1.3%, respectively, in RMB terms in the first quarter of 2018 compared to the same quarter of 2017, mainly due to further price discounts to certain distributors, which reflected intensified market competition for major plasma products. In USD terms, the average price for human albumin and IVIG products increased by 4.2% and 6.7% year-over-year, respectively.
Revenue from human hyper-immunoglobulin products increased by 56.4% in the first quarter of 2018 compared to the same quarter of 2017, reaching 11.5% of total sales, mainly due to the increase in sales volume of human rabies immunoglobulin products.
Revenue from coagulation factor products, including human coagulation factor VIII, human prothrombin complex concentrate and newly launched human fibrinogen products, increased by 48.2% in the first quarter of 2018 compared to the same quarter of 2017, representing 5.7% of total sales. The growth mainly came from the human fibrinogen products launched by the Company from the beginning of 2018, as well as an increase in sales volume of human prothrombin complex concentrate products, reflective of the Company's ongoing medical marketing activities.
Revenue from placenta polypeptide products increased by 45.2% in RMB terms, or 57.1% in USD terms, in the first quarter of 2018 compared to the same quarter of 2017, reaching 14.3% of total sales, supported by higher unit selling prices due to wider implementation of the two-invoice policy, partially offset by lower sales volume due to the government's control on medical insurance spending.
Cost of sales increased by 4.3% to $33.7 million in the first quarter of 2018 compared to the same quarter of 2017. As a percentage of total sales, cost of sales decreased to 30.0% from 35.2% in the same quarter of 2017. The decrease in cost of sales as a percentage of total sales mainly reflected a higher gross margin of TianXinFu. Excluding TianXinFu, cost of sales was 32.2% of total sales, also lower than the first quarter of 2017, mainly due to the higher sales price of placenta polypeptide product.
Gross profit increased by 33.1% to $78.8 million in the first quarter of 2018 from $59.2 million in the same quarter of 2017. Gross margin was 70.0% and 64.8% in the first quarters of 2018 and 2017, respectively.
Total operating expenses in the first quarter of 2018 was $39.8 million, compared to $20.4 million in the same quarter of 2017. As a percentage of total sales, total operating expenses increased to 35.4% in the first quarter of 2018 from 22.4% in the same quarter of 2017. Excluding TianXinFu, total operating expenses increased by $14.3 million, or 70.1%, to $34.7 million in the first quarter of 2018. This increase mainly consisted of an increase of $13.1 million in selling expenses.
Selling expenses in the first quarter of 2018 was $20.7 million, compared to $3.8 million in the same quarter of 2017. More than half of the increase was related to the sales of placenta polypeptide products, with the remainder related to the sales of plasma products and TianXinFu's sales of its dura mater products. For placenta polypeptide products and certain hyper-immune products, as certain previous multiple layers of distribution channels were disqualified due to the two-invoice regulation, the Company implemented new sales strategies including using an internal sales force or engaging third party contract service organizations to promote its placenta polypeptide products. For other plasma products, in order to solidify its competitiveness within distribution channel customers, the Company incurred additional promotion and marketing costs. TianXinFu's selling expenses included a $2.0 million amortization expense for the intangible asset of customer relationships associated with the Company's acquisition of TianXinFu. Excluding this intangible asset amortization expense, selling expenses accounted for 16.7% of total sales of the Company in the first quarter of 2018 compared to 4.2% in the same quarter of 2017.
General and administrative expenses in the first quarter of 2018 was $17.4 million, compared to $15.2 million in the same quarter of 2017. As a percentage of total sales, general and administrative expenses were 15.5% and 16.7% in the first quarter of 2018 and the same quarter of 2017, respectively. The increase in general and administrative expenses was mainly due to a $0.9 million increase of share-based compensation expenses. Excluding the impact of share-based compensation expenses, non-GAAP general and administrative expenses would have been 7.4% and 7.9% of total sales in the first quarter of 2018 and the same quarter of 2017, respectively.
Research and development expenses in the first quarter of 2018 was $1.7 million, compared to $1.4 million in the same quarter of 2017. As a percentage of total sales, research and development expenses remained stable at 1.5% in the first quarter of 2018 compared to the same quarter of 2017.
Income from operations for the first quarter of 2018 increased by 0.5% to $39.0 million from $38.8 million in the same period of 2017. Operating margin decreased to 34.7% in the first quarter of 2018 from 42.4% in the same quarter of 2017.
Income tax expense was $6.7 million for the first quarter of 2018 compared to $7.0 million in the same period of 2017. The effective income tax rate was 15.1% and 16.8% for the first quarter of 2018 and 2017, respectively. The decrease of the effective income tax was mainly due to excess tax benefits from stock-based compensation as a deduction from income tax expense in the first quarter of 2018.
Net income attributable to the Company increased by 5.3% to $31.6 million in the first quarter of 2018 from $30.0 million in the same quarter of 2017. Net margin decreased to 28.1% in the first quarter of 2018 from 32.8% in the same quarter of 2017. Diluted net earnings per share decreased to $0.92 in the first quarter of 2018 compared to $1.06 in the same quarter of 2017.
Non-GAAP adjusted net income attributable to the Company increased by 2.1% in RMB terms, or 10.4% in USD terms, to $41.3 million in the first quarter of 2018 from $37.4 million in the same quarter of 2017. Non-GAAP net margin decreased to 36.7% in the first quarter of 2018 from 40.9% in the same quarter of 2017. Non-GAAP adjusted net income per diluted share decreased to $1.21 in the first quarter of 2018 from $1.32 in the same quarter of 2017. Excluding TianXinFu, Non-GAAP adjusted net income attributable to the Company decreased by 12.1% in RMB terms, or 4.8% in USD terms in the first quarter of 2018 compared to the same quarter of 2017.
Non-GAAP adjusted net income and diluted earnings per share for the first quarter of 2018 exclude $8.3 million in non-cash employee share-based compensation expenses and $1.5 million in intangible assets amortization expense related to the acquisition of TianXinFu.
As of March 31, 2018, the Company had $118.2 million in cash and cash equivalents , primarily consisting of cash on hand and demand deposits, $106.6 million in time deposits and $141.9 million in financial instruments .
Net cash provided by operating activities for the first quarter of 2018 was $23.3 million, including a $4.5 million contribution from TianXinFu, compared to $13.0 million for the same quarter of 2017. Excluding TianXinFu, the $5.8 million increase in net cash provided by operating activities was a combined result of 1) the benefit from an increase of other payables and accrued liabilities, an increase of advance from customers, and a slowdown of increase in account receivable, and 2) the negative impact from a decrease in net income, a decrease in accounts payable, an increase in prepayments and deferred expenses as well as inventory compared to the first quarter of 2017.
Excluding TianXinFu, the other payables and accrued liabilities increased by $8.5 million in the first quarter of 2018, compared to a decrease of $5.4 million in the first quarter of 2017. The increase mainly reflected more marketing activities carried out by third party contract service organizations that the Company engaged to promote placenta polypeptide and certain plasma products in complying with the two-invoice policy.
Excluding TianXinFu, accounts receivable increased by $15.5 million during the first quarter of 2018 compared to $17.6 million in the same quarter of 2017. The accounts receivable turnover days for plasma products increased to 84 days during the first quarter of 2018 from 46 days in the same quarter of 2017, reflecting longer credit terms to hospitals as a result of the nationwide implementation of healthcare reform measures and intensified competition in the distribution channel.
Excluding TianXinFu, inventories increased by $10.6 million in the first quarter of 2018 compared to $9.1 million in the same quarter of 2017. This increase was a result of an increase in raw materials due to downwardly adjusted plasma throughput, reflecting weaker market demand due to a more aggressive-than-expected implementation of certain government healthcare reform policies.
Net cash used in investing activities for the first quarter of 2018 was $135.5 million compared to $9.1 million for the same quarter of 2017. Net cash used in investing activities in the first quarter of 2018 mainly consisted of $264.7 million payment for purchase of time deposits and financial instruments, $11.3 million for the acquisition of property, plant and equipment, intangible assets, and land use rights, which was partly offset by $97.7 million cash received upon acquisition of TianXinFu and the maturity of $42.8 million time deposits and financial instruments. In the same quarter of 2017, the Company paid $9.1 million for the acquisition of property, plant and equipment and land use rights for Shandong Taibang and Guizhou Taibang.
Net cash provided by financing activities for the first quarter of 2018 was $0.3 million compared to $8.8 million for the same quarter of 2017. Net cash provided by financing activities in the first quarter of 2018 represented proceeds of $0.3 million from stock options exercised. The net cash provided by financing activities in the first quarter of 2017 mainly consisted of an $8.7 million short-term loan.
Financial Outlook Update for 2018
For the full year of 2018, the Company previously published a guidance of total sales growth of 18% to 20% in RMB terms and non-GAAP adjusted net income growth of 16% to 18% in RMB terms over 2017 financial results. Excluding TianXinFu, sales for 2018 are expected to grow 6% to 8% in RMB terms, and non-GAAP adjusted net income is expected to grow 3% to 4% in RMB terms over 2017 financial results. The 2018 non-GAAP adjusted net income projection excludes non-cash employee share-based compensation expenses and non-cash intangible assets amortization expense associated with the TianXinFu acquisition.
However, given the worse-than-expected first quarter results due to ongoing impact of regulatory changes, the Company expects that it will be challenging to meet its previously published full year guidance. The Company is actively evaluating the evolving regulatory environment and competition dynamics and may lower its full year guidance should there be no significant improvement in the business operating conditions for the remainder of the year.
Conference Call
The Company will host a conference call at 7:30 am Eastern Time on May 7, 2018, which is 7:30 pm Beijing Time on May 7, 2018, to discuss its first quarter 2018 results and answer questions from investors. Listeners may access the call by dialing:
US:
1 888 346 8982
International:
1 412 902 4272
Hong Kong:
800 905 945
China:
400 120 1203
A telephone replay will be available one hour after the conclusion of the conference all through May 14, 2018. The dial-in details are:
US:
1 877 344 7529
International:
1 412 317 0088
Passcode:
10119614
A live and archived webcast of the conference call will be available through the Company's investor relations website at http://chinabiologic.investorroom.com .
About China Biologic Products Holdings, Inc.
China Biologic Products Holdings, Inc. (NASDAQ: CBPO) is a leading fully integrated plasma-based biopharmaceutical company in China. The Company's products are used as critical therapies during medical emergencies and for the prevention and treatment of life-threatening diseases and immune-deficiency related diseases. China Biologic is headquartered in Beijing and manufactures over 20 different dosage forms of plasma products through its indirect majority-owned subsidiary, Shandong Taibang Biological Products Co., Ltd. and its wholly owned subsidiary, Guizhou Taibang Biological Products Co., Ltd. The Company also has an equity investment in Xi'an Huitian Blood Products Co., Ltd. The Company sells its products to hospitals, distributors and other healthcare facilities in China. For additional information, please see the Company's website www.chinabiologic.com .
Non-GAAP Disclosure
This news release contains non-GAAP financial measures that exclude non-cash compensation expenses related to options and restricted shares granted to employees and directors under the Company's 2008 Equity Incentive Plan, and amortization of acquired intangible assets. To supplement the Company's unaudited consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP financial information excluding the impact of these items in this release. The Company's management believes that its presentation of non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. A reconciliation of the adjustments to GAAP results appears in the table accompanying this news release. This additional non-GAAP information is not meant to be considered in isolation or as a substitute for GAAP financials. The non-GAAP financial information that the Company provides also may differ from the non-GAAP information provided by other companies.
In addition, as the Company evaluates certain key items of its financial results on a local currency basis (i.e., in RMB) in addition to the reporting currency (i.e., in USD), this news release contains local currency information that eliminates the impact of fluctuations in foreign currency exchange rates. The Company believes that, given its operations primarily based in China, providing local currency information on such key items enhances the understanding of its financial results and evaluation of performance in comparison to prior periods. Changes in local currency percentages are calculated by comparing financial results denominated in RMB from period to period.
Safe Harbor Statement
This news release may contain certain " " relating to the business of China Biologic Products Holdings, Inc. and its subsidiaries. All statements, other than statements of historical fact included herein, are " ." These are often identified by the use of forward-looking terminology such as "intend," "believe," "expect," "are expected to," "will," or similar expressions, and involve known and unknown risks and uncertainties. Among other things, the Company's plans regarding the construction and operation of plasma collection stations, the commercial launch of pipeline products and the integration with TianXinFu, as well as the management's quotations and forecast of the Company's financial performance in this news release contain . Although the Company believes that the expectations reflected in these are reasonable, they involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect.
Investors should not place undue reliance on these , which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these as a result of a variety of factors, including, without limitation, quality of purchased source plasma, potential delay or failure to complete construction of new collection facilities, potential inability to pass government inspection and certification process for existing and new facilities, potential inability to achieve the designed collection capacities at the new collection facilities, potential inability to achieve the expected operating and financial performance, potential inability to find alternative sources of plasma, potential inability to increase production at permitted sites, potential inability to mitigate the financial consequences of a temporarily reduced raw plasma supply through cost cutting or other efficiencies, and potential additional regulatory restrictions on its operations and those additional risks and uncertainties discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov ). All attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these .
Contact:
China Biologic Products Holdings, Inc.
Mr. Ming Yin
Senior Vice President
Phone: +86-10-6598-3099
Email: [email protected]
ICR Inc.
Mr. Bill Zima
Phone: +86-10-6583-7511 or +1-646-405-5191
E-mail: [email protected]
(Financial statements on the following pages)
CHINA BIOLOGIC PRODUCTS HOLDINGS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2018
December 31, 2017
USD
USD
ASSETS
Current Assets
Cash and cash equivalents
118,205,213
219,336,848
Time deposits
106,550,100
22,895,200
Financial instruments
141,883,453
-
Accounts receivable, net of allowance for doubtful accounts
96,279,290
77,267,275
Loan receivable - current
47,709,000
45,912,000
Inventories
231,526,133
209,570,835
Prepayments and other current assets, net of allowance for doubtful accounts
23,824,618
18,139,453
Total Current Assets
765,977,807
593,121,611
Property, plant and equipment, net
192,320,783
166,812,749
Intangible assets,net
62,050,423
536,338
Land use rights, net
30,040,442
24,853,163
Equity method investment
16,568,483
14,903,908
Goodwill
329,364,009
-
Other non-current assets
10,165,068
8,829,648
Total Assets
1,406,487,015
809,057,417
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable
5,898,781
7,548,909
Income tax payable
17,302,336
14,258,544
Other payables and accrued expenses
94,374,626
75,827,864
Total Current Liabilities
117,575,743
97,635,317
Deferred income
3,480,372
3,476,877
Non-current income tax payable
37,067,138
37,067,138
Other liabilities
16,580,741
6,553,088
Total Liabilities
174,703,994
144,732,420
Shareholders' Equity
Ordinary share:
par value $0.0001;
100,000,000 shares authorized;
35,457,718 and 29,866,545 shares issued at March 31, 2018 and December 31, 2017, respectively;
33,203,014 and 27,611,841 shares outstanding at March 31, 2018 and December 31, 2017, respectively
3,546
2,987
Additional paid-in capital
584,467,652
140,230,395
Treasury share: 2,254,704 shares at March 31, 2018 and December31, 2017, respectively, at cost
(56,425,094)
(56,425,094)
Retained earnings
538,011,513
506,426,436
Accumulated other comprehensive income
36,357,739
7,957,304
Total equity attributable to China Biologic Products Holdings, Inc.
1,102,415,356
598,192,028
Noncontrolling interest
129,367,665
66,132,969
Total Shareholders' Equity
1,231,783,021
664,324,997
Commitments and contingencies
-
-
Total Liabilities and Shareholders' Equity
1,406,487,015
809,057,417
CHINA BIOLOGIC PRODUCTS HOLDINGS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended
March 31, 2018
March 31, 2017
USD
USD
Sales:
112,464,890
91,453,112
Human Albumin
33,795,961
36,858,291
Human Immunoglobulin for Intravenous Injection
31,785,221
31,752,986
Other Immunoglobulin products
13,019,557
8,293,667
Placenta Polypeptide
16,094,645
10,246,969
Artificial Dura Mater
9,943,983
-
Others
7,825,523
4,301,199
Cost of sales
33,691,683
32,215,473
Gross profit
78,773,207
59,237,639
Operating expenses
Selling expenses
20,695,215
3,807,552
General and administrative expenses
17,387,075
15,256,766
Research and development expenses
1,716,954
1,357,363
Income from operations
38,973,963
38,815,958
Other income (expenses)
Equity in income of an equity method investee
1,068,045
911,743
Interest expense
(67,564)
(62,510)
Interest income
3,003,929
1,623,839
Fair value changes of financial instruments
1,285,063
-
Total other income, net
5,289,473
2,473,072
Income before income tax expense
44,263,436
41,289,030
Income tax expense
6,707,455
6,950,539
Net income
37,555,981
34,338,491
Less: Net income attributable to noncontrolling interest
5,970,904
4,346,642
Net income attributable to China Biologic Products Holdings, Inc.
31,585,077
29,991,849
Earnings per share of ordinary share:
Basic
0.93
1.07
Diluted
0.92
1.06
Weighted average shares used in computation:
Basic
33,150,695
27,183,733
Diluted
33,338,470
27,465,414
Net income
37,555,981
34,338,491
Other comprehensive income:
Foreign currency translation adjustment, net of nil income taxes
31,793,225
2,720,968
Comprehensive income
69,349,206
37,059,459
Less: Comprehensive income attributable to noncontrolling interest
9,363,694
4,650,562
Comprehensive income attributable to China Biologic Products Holdings, Inc.
59,985,512
32,408,897
CHINA BIOLOGIC PRODUCTS HOLDINGS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended
March 31,
March 31,
2018
2017
USD
USD
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
37,555,981
34,338,491
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
2,325,609
3,052,133
Amortization
2,404,758
428,028
Loss on sale of property, plant and equipment
44,142
63,425
Fair value changes of financial instruments
(1,285,063)
-
Allowance (reversal) for doubtful accounts - accounts receivable, net
-
(10,168)
Deferred tax expense (benefit)
(846,255)
266,804
Share-based compensation
9,009,234
8,072,065
Equity in income of an equity method investee
(1,068,045)
(911,743)
Change in operating assets and liabilities:
Accounts receivable
(15,505,930)
(17,570,606)
Inventories
(10,766,490)
(9,130,101)
Prepayments and other current assets
(4,582,769)
(2,281,491)
Accounts payable
(1,942,878)
378,931
Income tax payable
1,504,625
1,869,988
Other payables and accrued expenses
6,618,643
(5,411,627)
Deferred income
(130,974)
(121,102)
Net cash provided by operating activities
23,334,588
13,033,027
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash acquired from acquisition of Tianxinfu
97,702,278
-
Purchase of time deposit
(84,828,600)
-
Maturity of time deposit
3,000,000
-
Purchase of financial instruments
(179,855,473)
-
Maturity of financial instruments
39,772,069
-
Payment for property, plant and equipment
(11,048,396)
(8,936,981)
Payment for intangible assets and land use rights
(255,664)
(151,326)
Proceeds from sale of property, plant and equipment
10,722
3,626
Net cash used in investing activities
(135,503,064)
(9,084,681)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from stock option exercised
339,411
98,500
Proceeds from short-term bank loans
-
8,715,000
Net cash provided by financing activities
339,411
8,813,500
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH
10,697,430
829,989
NET INCREASE IN CASH AND CASH EQUIVALENTS
(101,131,635)
13,591,835
Cash and cash equivalents at beginning of period
219,336,848
183,765,533
Cash and cash equivalents at end of period
118,205,213
197,357,368
Supplemental cash flow information
Cash paid for income taxes
6,352,407
4,969,712
Noncash investing and financing activities:
Acquisition of property, plant and equipment included in payables
5,389,336
1,863,464
Issuance of ordinary shares in connection with the Tianxinfu acquisition
434,889,170
-
CHINA BIOLOGIC PRODUCTS HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
For the Three Months Ended
March 31,
March 31,
2018
2017
USD
USD
Adjusted Net Income Attributable to the Company - Non GAAP
41,314,679
37,430,088
Diluted EPS - Non GAAP
1.21
1.32
Non-cash employee stock compensation
(8,262,637)
(7,438,239)
Amortization of acquired intangible assets
(1,466,965)
-
Net Income Attributable to the Company
31,585,077
29,991,849
Weighted average number of shares used in computation of Non GAAP diluted EPS
33,338,470
27,465,414
View original content: http://www.prnewswire.com/news-releases/china-biologic-reports-financial-results-for-the-first-quarter-of-2018-300642792.html
SOURCE China Biologic Products Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-china-biologic-reports-financial-results-for-the-first-quarter-of-2018.html |
May 18, 2018 / 9:00 AM / Updated 12 minutes ago Greek PM to brief opposition parties over Macedonia name dispute Reuters Staff 3 Min Read
ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras wants to brief the country’s president and opposition leaders over the progress achieved with Skopje in negotiations to settle a decades-old dispute over Macedonia’s name, a government official said on Friday. FILE PHOTO: Greek Prime Minister Alexis Tsipras gives a news conference at the EU-Western Balkans Summit in Sofia, Bulgaria, May 17, 2018. REUTERS/Stoyan Nenov
Tsipras and his Macedonian counterpart Zoran Zaev, who discussed the issue during an EU-Western Balkans summit this week, said that significant progress had been achieved but more deliberations were needed.
Athens cautioned it was early to talk of a deal.
“The prime minister intends to brief the president and the opposition parties on Saturday and Sunday,” the official said.
The name of Macedonia has been a source of contention between the two countries for decades, frustrating the tiny but strategically placed Balkan state’s hopes of joining the European Union, where Greece has veto rights, and NATO.
Greece wants Macedonia to adopt a compound name which will be used internationally and domestically and to remove references in its constitution which Athens says are “irredentist”, or implying potential territorial claims. Greece’s northern region is named Macedonia.
“A constitutional revision is a necessary condition for the country’s integration in the EU and NATO,” the official said.
Tsipras discussed the issue with the head of the conservative New Democracy party, the country’s main opposition, Kyriakos Mitsotakis later on Friday. He was expected to speak to Socialist leader Fofi Gennimata on Saturday morning.
New Democracy said in a press release that Tsipras and Zaev were discussing the name ‘Ilinden Macedonia’, a proposal which it called “unacceptable”. The suggested name, it said, confirmed and strengthened any ‘irredentist’ claims by Skopje.
Tsipras told parliament that nothing was final.
“Any proposals submitted on the table (of the negotiation) either by the (UN) envoy or from our neighbors, are void of content if the Greek government’s conditions are not fulfilled,” he said, without disclosing any further details.
Macedonia declared independence from ex-Yugoslavia in 1991 but almost immediately found itself at loggerheads with Greece. Zaev and Tsipras agreed last year to renew efforts to settle the row, a sensitive issue in both countries that has led to protests. Reporting by Renee Maltezou and Lefteris Papadimas; Editing by Catherine Evans | ashraq/financial-news-articles | https://www.reuters.com/article/us-greece-macedonia-name/greek-pm-to-brief-opposition-parties-over-macedonia-name-dispute-idUSKCN1IJ0W4 |
May 10, 2018 / 3:49 PM / in 12 minutes Portugal bank deposits over 50,000 euros to be flagged to taxman Reuters Staff 2 Min Read
LISBON, May 10 (Reuters) - The Portuguese government issued a decree on Thursday giving tax authorities automatic access to bank account balances in excess of 50,000 euros ($59,455) as part of a drive against tax evasion and money laundering.
The decree was first approved by the cabinet in 2016, but vetoed by President Marcelo Rebelo de Souza at the time. On Wednesday, the president said his only concern then was about a difficult situation in the banking sector, which such a measure could have exacerbated.
Portuguese banks have since improved their solvency and most returned to profits.
“The conditions are in place from the financial and legal point of view to make this step... crucial to combat tax fraud and evasion as well as money laundering,” Finance Minister Mario Centeno told a news briefing.
Until now, Portuguese tax authorities needed a judge’s permission to receive information about bank account balances of Portuguese citizens. Such data about accounts held by foreigners is already shared with fiscal authorities in their respective countries under various international treaties.
Since the start of its economic and debt crisis in 2010, Portugal has taken various measures to combat tax evasion and the shadow economy, the latter estimated to have accounted for about one-fifth of the gross domestic product.
The Accounts Tribunal estimates that such measures brought in around 500 million euros to state coffers in 2016. $1 = 0.8410 euros Reporting By Sergio Goncalves and Andrei Khalip | ashraq/financial-news-articles | https://www.reuters.com/article/portugal-tax-banks/portugal-bank-deposits-over-50000-euros-to-be-flagged-to-taxman-idUSL8N1SH6IZ |
PARIS (Reuters) - The threat of U.S. sanctions on European companies trading with Iran and tariffs on aluminum and steel exports are a test of European sovereignty and will require a firm response, an adviser to French President Emmanuel Macron said on Monday.
The United States threatened on Sunday to impose sanctions on European companies that do business with Iran, as the remaining participants in the Iran nuclear accord stiffened their resolve to keep that agreement operational.
“It’s an important test of sovereignty,” the French presidential adviser told reporters in a briefing on Monday. “There must really be a software update on these issues of European assertiveness.”
The adviser said French and EU officials were working on different technical and legal issues to preserve existing business ties and financial channels with Iran, and to shield their companies from sanctions.
An update of the 1996 EU legislation against US sanctions, called a blocking statute, was being considered, he said, adding that French and German companies in particular were above all asking for visibility on the subject.
Macron will use the opportunity of an informal EU summit in Sofia, Bulgaria, on Wednesday and Thursday to reaffirm a firm stance on the issue with his EU counterparts.
“There is no sign of division among Europeans,” the adviser said. “Everything indicates that the European position will be firm and united,” he added.
Asked about the possibility of negotiating a new free-trade agreement with the U.S. to avoid the imposition of tariffs on EU aluminum and steel exports, the adviser said President Donald Trump should waive tariffs beyond the current June 1 deadline before any talks can start.
“All Europeans are very clear that, before considering any option of this nature, Americans must offer a permanent and unconditional exemption” to Europe, the official said.
“There is very strong U.S. pressure on this, which requires a firm European response, that’s what the president will say,” he added.
“We can’t negotiate under pressure, with a gun to our head.”
Reporting by Michel Rose; Editing by Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-usa-france/iran-sanctions-trade-are-tests-of-european-sovereignty-macrons-office-idUSKCN1IF2H9 |
VORONEZH, Russia (Thomson Reuters Foundation) - Parma ham. Champagne. Stilton cheese. Scotch Whiskey. What do they all have in common?
Consumers globally pay a premium for the taste of these products that are legally protected under a “geographical indications” (GI) label, meaning only products from that region meeting set production and quality criteria can use the name.
But can cabbage from Serbia, pepper from Cameroon, or figs and peaches from Turkey find similar success? Experts think so, and joined forces this week to push for more small-scale farmers to benefit from prestigious local labeling.
“The potential (for GI) in this part of Europe is huge,” said Jakub Jasinski, an assistant professor at the Polish Academy of Sciences’ Institute of Rural Development, at a three-day regional food conference in southwest Russia.
Jasinski cited the success of rogal swietomarcinski, a croissant from Poznan, Poland, coated with icing and sprinkled with chopped nuts, that won protection a decade ago.
Production has more than doubled since, Jasinski said.
“(GI) is an instrument to develop local communities and help small producers,” Jasinski, who has studied the systems in eight European countries, told the Thomson Reuters Foundation.
Emilie Vandecandelaere from the conference organizer, the United Nations Food and Agriculture Organization (FAO), agreed, calling it “a strategic tool” to benefit small-scale farmers.
Vandecandelaere was involved in a recent study of nine products with GI labels, including Morocco’s Taliouine saffron and Serbia’s Futog cabbage, that found the labeling boosted prices by up to 50 percent.
Nearly 1,400 products, excluding spirits, are registered for the GI tag on the European Commission’s database with FAO data showing trade in these products amounts to $50 billion a year.
They range from traditional Welsh Cider and meat from grass-fed horned lamb of Gotland in Sweden to jasmine rice grown only in Thailand’s northeast.
REPUTATION & ACCESS Osman Ozkan produces black figs with dark purple skin and red flesh in Turkey’s northwest Bursa region where about 1,700 small-scale fig growers are looking to benefit from a GI label.
“We would like to protect our product’s reputation, make it easier to access market, gain premium price ... and prevent misleading use of ‘Bursa Black Fig’ name,” said Ozkan, who is president of the Black Fig Producers Union in Bursa.
The FAO and the European Bank for Reconstruction and Development (EBRD) are working with Turkish authorities to help black fig and peach farmers from Bursa receive GI labels.
Emmanuel Nzenowo from Penja Pepper producers’ association in Cameroon cautioned that while the certification is rewarding, the process can be long and hard.
In Cameroon it took over five years to register the aromatic white peppercorns but Penja Pepper became one of the first African commodities to get such a label in 2013.
Farmers are still facing challenges, from diseases to improving traceability of the product, but the “personal and collective impacts are visible”, he said in an email, adding the money had let people buy houses and send children to school.
Vandecandelaere acknowledged it was hard for small-scale farmers to navigate the registration process and requirements which was why the FAO was providing technical support for this.
Jasinski said getting the label alone may not lead to success as producers needed the involvement of ministries and institutions working on rural development as well as consumers.
“Consumers have to know why they should pay more for products with GI ... that it’s something special, that there’s a story behind this product,” he said.
Reporting by Thin Lei Win, Editing by Belinda Goldsmith. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-agriculture-names/can-serbian-cabbage-and-turkish-figs-win-the-same-kudos-as-champagne-and-stilton-idUSKCN1IJ237 |
0 COMMENTS When Jamie Roser joined Berkshire Hathaway Specialty Insurance in August 2013 as its first full-time IT employee, he had a luxury unknown to most tech executives in the insurance industry: no legacy infrastructure.
Created earlier that year by Warren Buffett, the insurer ran most of its business on Microsoft Word and Excel, as well as email, Mr. Roser said. A consulting firm had set up a website.
James Roser, Berkshire Hathaway Specialty Insurance's chief information officer Photo: Berkshire Hathaway Specialty Insurance
Given the opportunity to start fresh, he decided partnerships, not a massive build out, could deliver better value. “I didn’t want to go hire infrastructure people, hire people to build a data center,” said Mr. Roser, who came from insurance firm Markel Corporation, where he was IT head of global insurance, global reinsurance and associated infrastructure.
Mr. Roser, BHSI’s chief information officer, chose Duck Creek Technologies, a provider of property-casualty insurance software, to handle the firm’s underwriting and claims business. SunGard, now part of Fidelity National Information Services Inc., provided general ledger and accounts payable technology.
The emergence of cloud computing services influenced his decision to work with partners. Rather than making upgrades to a home-grown IT architecture, cloud-based technologies allowed BHSI to more quickly make changes as systems and business needs evolved.
Mr. Roser takes a cloud-first approach, but some applications still run on-premise. Catastrophe modeling tools run in-house partly because vendors weren’t ready for a shift to cloud, Mr. Roser said. BHSI also built an on-premise customer relationship management tool that it hosts in-house.
As BHSI expanded, Mr. Roser committed to using a single underwriting and claims platform globally, a decision he says is rare in the insurance industry. Many insurers set up separate systems in individual markets to handle the specific needs of each area.
“The challenge we’ve had is how to deliver a single global claims platform,” Mr. Roser said. BHSI has worked closely with Duck Creek to adapt the platform to each market’s needs.
One early test: time zones. In the original version of the platform, a claim booked by an employee in Australia would go through servers in the United States and receive a time stamp from the US. So while a claim may have been booked on Tuesday morning in Australia, the time stamp would say Monday afternoon. Getting that fixed “was huge to the business from an audit perspective,” Mr. Roser said.
BHSI now is working to automate and streamline much of the claims process. Connecting its policy administration system to more of its insurance products, for example, has helped reduce the time it takes to set up a claim from 30 minutes to five.
This year, BHSI rolled out an enterprise data warehousethat aggregates insurance policy and claims data, and is beginning to expand analytics capabilities across the firm. Over the next three months, Mr. Roser says he plans to set up meetings with business segment leaders to teach them about the new tools and think about how to answer specific questions, such as the profitability of products or specific coverages.
Write to [email protected]
Share this: ANALYTICS BERKSHIRE HATHAWAY INSURANCE JAMIE ROSER Previous The Morning Download: Microsoft Azure Cloud Wins Intelligence Agency Deal | ashraq/financial-news-articles | https://blogs.wsj.com/cio/2018/05/21/no-legacy-tech-no-problem-for-berkshire-hathaway-specialty-insurance/ |
The following factors could affect Italian markets on Friday.
Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).
For a complete list of diary events in Italy please click on .
POLITICS The anti-establishment 5-Star Movement and far-right League said on Thursday they had made “significant steps” towards forming a government, as Italy looked to end nine weeks of political deadlock.
Florence, annual event on “The State of the Union” ends (0700 GMT); expected attendees include European Parliament President Antonio Tajani, European Commission President Jean Claude Juncker, Terna Chairwoman Catia Bastioli, EU Commissioner for Energy Maros Sefcovic, Greek President Prokopios Pavlopoulos, EU Commissioner for Regional Policies Corina Cretu, EU foreign affairs chief Federica Mogherini, ECB Governor Mario Draghi, EU Commission representative Marco Buti, ESM-European Stability Mechanism Chief Economist Rolf Strauch, IFM european Department Director Paul Thomsen.
DEBT Italian government bond yields rose to seven-week highs on Thursday on growing expectations that anti-establishment parties will take power in the euro zone’s third largest economy.
Treasury sells 2.25-2.75 billion euros 0.05 percent BTP bonds due April 15, 2021; 2.0-2.5 billion euros 1.45 percent BTP bonds due May 15, 2025; 1.0-1.5 billion euros 2.45 percent BTP bonds due Sept. 1, 2033. Subscriptions close at 0900 GMT.
Treasury gives minimum percentage coupon new 8-year ‘BTP Italia’ bond.
BANCA MONTE DEI PASCHI DI SIENA Releases Q1 results (before borse opening), followed by conference call (0800 GMT).
The bank said on Thursday it had completed the securitisation for the sale of a bad loan portfolio with a gross book value of around 24.1 billion euros ($28.7 billion), obtaining investment-grade ratings on the senior tranche.
PRYSMIAN The company reported first-quarter adjusted core earnings of 153 million euros, compared with 159 million in an analyst consensus provided by the company.
The cable maker sees net debt after General Cable acquisition, including capital increase, at between 2-2.1 billion euros, its CFO said.
Organic revenue growth recorded in the first quarter is seen sustainable for all of this year, Prysmian’s CEO said.
BRUNELLO CUCINELLI The Italian luxury group plans to increase the proportion of earnings it pays out as dividends to 50 percent by 2020, its Chief Executive and Chairman Brunello Cucinelli said on Thursday.
ENI Eni has recouped all outstanding payments that Iran owed the Italian oil company for past investments and has no plans for any new projects, Chief Executive Claudio Descalzi told shareholders at its annual meeting on Thursday.
Eni’s only remaining activity in Iran is the monthly purchase of 2 million barrels of oil as part of a contract that expires at the end of the year, Descalzi said, adding that any new sanctions would take six months to kick in. He added that supply could be sourced from elsewhere.
A2A A2A CEO Valerio Camerano said the company had presented a non-binding offer for Terra Firma’s solar assets in Italy and expects a shortlist to be chosen within the next two weeks.
CREDITO EMILIANO The company reported a first-quarter net profit of 54.6 million euros, up from 49 million a year ago.
MEDIOBANCA Releases Q3 results, followed by conference call (0645 GMT).
CATTOLICA ASSICURAZIONI Releases Q1 results (0530 GMT), followed by conference call (0730 GMT).
SOL Annual general meeting (0800 GMT) and board meeting on Q1 results.
UBI BANCA Releases Q1 results, followed by conference call (1300 GMT).
UNIPOL and UNIPOLSAI
Release Q1 results (before bourse opening), followed by conference calls (1000 GMT).
UNIPOLSAI Trade ex-dividend of 0.145 euro per share.
ICCREA BANCA News conference with Chairman Giulio Magagni and Director General Leonardo Rubattu on creation of ICCREA Cooperative Banking Group in Rome (1200 GMT).
Annual general meetings: FINCANTIERI (0800 GMT), GIGLIO GROUP (0900 GMT), GIORGIO FEDON (0900 GMT).
Board meetings on Q1 results: ATLANTIA, BANCA CARIGE followed by conference call (1200 GMT), BANCA INTERMOBILIARE, BANCA POPOLARE DI SONDRIO, BANCA SISTEMA followed by conference call, FIERA MILANO followed by conference call (1400 GMT), GRUPPO MUTUIONLINE, MOLMED, POLIGRAFICA SAN FAUSTINO , TERNIENERGIA.
Conference calls on Q1 results: INWIT (1200 GMT), ISAGRO (0830 GMT).
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| ashraq/financial-news-articles | https://www.reuters.com/article/italy-factors-may-11/italy-factors-to-watch-on-may-11-idUSL8N1SE2BW |
May 2 (Reuters) - ARC Resources Ltd:
* REPORTS FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS
* Q1 PRODUCTION AVERAGED 131,016 BOE PER DAY * ARC EXPECTS 2018 ANNUAL AVERAGE PRODUCTION TO BE IN RANGE OF 130,000 BOE TO 134,000 BOE PER DAY
* ARC’S 2018 CAPITAL PROGRAM OF $690 MILLION * ARC RESOURCES - DUE TO EPROGRESS MADE ON CONSTRUCTION OF SUNRISE PHASE II, SEES INITIAL 60 MMCF PER DAY OF PROCESSING CAPACITY IN PLACE BY END OF Q4 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-arc-resources-reports-q1-ffo-per-s/brief-arc-resources-reports-q1-ffo-per-share-of-c0-57-idUSASC09ZA8 |
May 1, 2018 / 6:46 AM / Updated an hour ago Australian shares rise as financials outperform; NZ flat Reuters Staff
* Aussie shares firm on financials
* Australian financial index rises 1.4 percent on relief rally (Updates to close)
May 1 (Reuters) - Australian shares closed at a more than two-month high on Tuesday, supported by financials and real estate stocks.
The S&P/ASX 200 index firmed 0.5 percent or 32.5 points to 6015.2 at the close of trade. The benchmark added 0.5 percent on Monday.
Banks led the race, with the Australian financial index posting its biggest one-day gain in nearly eight-months.
Commonwealth Bank of Australia rose 1.9 percent. The gains came even as the country’s banking regulator slugged the lender with an extra A$1 billion ($753 million) capital requirement as it released a scathing report into how the bank’s “complacent” governance allowed money-laundering to flourish.
Christopher Conway, head of research and trading at Australian Stock Report, said that the banks were experiencing a relief rally as the capital-boost order imposed on CBA wasn’t as bad expected.
Australia and New Zealand Banking Group Ltd surged 2.4 percent, its biggest percentage gain in more than nine-months. The lender reported a 4 percent rise in its half-year cash earnings from continued operations, helped by a sharp fall in bad debt charges and expenses declining marginally.
BlueScope Steel Ltd, the country’s sole steel producer, traded 0.4 percent higher, while the wider metals and mining index gained 0.5 percent.
Bluescope said on Tuesday it was pleased with White House’s permanant exemptions for Australian steel and aluminium producers.
Real estate added to the gains, with Dexus climbing 2.2 percent to its highest in almost 15 weeks.
Across the Tasman sea, New Zealand’s benchmark S&P/NZX 50 index edged down 0.1 percent or 7.61 points to finish the session at 8,435.97.
Materials accounted for most of the losses, with the country’s biggest builder Fletcher Building Ltd falling 1.7 percent, after casino operator SkyCity Entertainment Group said the construction of a convention centre being built by Fletcher faced new delays.
Shares of Skycity closed down 0.3 percent. Reporting by Aditya Soni in Bengaluru Editing by Shri Navaratnam | ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-close/australian-shares-rise-as-financials-outperform-nz-flat-idUSL3N1S81EM |
May 4 (Reuters) - SPAREBANK 1 SMN:
* RECORDED A NET PROFIT OF NOK 466 MILLION IN Q1 * LOSSES ARE DOWN BY ALMOST HALF TO NOK 48M COMPARED WITH SAME QUARTER LAST YEAR
* Q1 NET INTEREST INCOME ROSE BY NOK 35M TO NOK 568M COMPARED YOY
* Q1 LOAN LOSSES NOK 48 MILLION VERSUS NOK 89 MILLION YEAR AGO
* BANK’S TARGET CET1 RATIO OF 15.0 PER CENT STANDS FIRM Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sparebank-1-smn-q1-net-interest-in/brief-sparebank-1-smn-q1-net-interest-income-at-nok-568-mln-idUSFWN1SA1FC |
WASHINGTON, May 16 (Reuters) - The U.S. National Highway Traffic Safety Administration (NHTSA) has sent a team to investigate the crash of a Tesla Inc vehicle that the driver said occurred while the vehicle was in autopilot mode.
This is the third Tesla crash that may have been linked to autopilot since January that NHTSA is investigating
“The agency has launched its special crash investigations team to gather information on the South Jordan, Utah, crash,” the agency said on Wednesday. “NHTSA will take appropriate action based on its review.”
The driver of a Tesla Model S sedan was traveling at 60 miles (97 km) per hour when it smashed into a fire truck stopped at a red light about 20 miles south of Salt Lake City, Utah, on Friday night, according to police. The driver said she was using autopilot at the time of the crash. (Reporting by David Shepardson Editing by Susan Thomas)
| ashraq/financial-news-articles | https://www.reuters.com/article/tesla-crash/u-s-safety-agency-sends-team-to-investigate-tesla-crash-idUSL2N1SN21P |
BUENOS AIRES, Argentina, May 8, 2018 /PRNewswire/ -- IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP; ByMA: IRCP), the leading commercial real estate company in Argentina, announces today its results for the third quarter of FY 2018 ended March 31, 2018.
HIGHLIGHTS
Net income for 9M18 reached ARS 12,188.8 million compared to ARS 2,454.2 million in 9M17 mainly explained by higher results from changes in the fair value of investment properties due the impact of the Argentine tax reform and the effects of the exchange rate on them.
The Company's Adjusted EBITDA for 9M18 reached ARS 2,268.5 million, 17.6% higher than the same period of 2017. Adjusted EBITDA of Malls' and Office segment reached ARS 2,040.0 million and ARS 275.1 million, increasing by 19.0% and 19.6% respectively.
The Company's NOI for 9M18 reached ARS 2,581.0 million, 20.7% higher than the same period of 2017 and adjusted FFO reached ARS 1,525.0 million, increasing by 39.0% compared to 9M17.
Our shopping centers' sales grew by 24% in 9M18 vs. 9M17 and occupancy reached 98.6%.
In March 2018, we acquired a plot of land of 78,000 sqm in La Plata district for USD 7.5 million to develop a mixed-use real estate project.
Financial Highlights
(In millions of Argentine Pesos)
IIIQ18
Ended March 31, 2018
Income Statement
03/31/2018
03/31/2017
Revenues from sales, leases and services
3,080.9
2,494.0
Consolidated Gross Profit
2,749.7
2,246.6
Consolidated Profit from Operations
12,710.4
3,796.7
Profit / (Loss) For the Period
12,188.8
2,454.2
Attributable to:
IRSA CP's Shareholders
11,841.0
2,358.5
Non-Controlling interest
347.8
95.6
EPS (Basic)
93.97
18.71
EPS (Diluted)
93.97
18.71
Balance Sheet
03/31/2018
06/30/2017
Current Assets
8,464.1
4,515.3
Non Current Assets
49,733.3
37,906.2
Total Assets
58,237.5
42,421.5
Current Liabilities
1,824.8
1,800.7
Non Current Liabilities
20,263.6
17,604.6
Total Liabilities
21,871.8
19,405.3
Non-Controlling Interest
1,234.8
871.2
Shareholders' Equity
34,540.9
23,016.2
IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP, ByMA: IRCP) is the leading commercial real estate company of Argentina. It is the largest owner and manager of shopping malls and one of the largest office buildings' operators in terms of gross leasable area and number of rental properties. Additionally, IRCP owns a unique landbank for future commercial developments in Argentina.
A longer version of this press release with detailed information is available on the web site: http://www.irsacp.com.ar .
IRSA Propiedades Comerciales S.A. cordially invites you to participate in the IIIQ 2018 Results Conference Call on Wednesday, May 9, 2018 at 09:00 a.m. US EST.
If you would like to participate, please call:
1-844-308-3343 (toll free) or
1-412-717-9602 (international)
Conference ID # IRSA CP
To access the webcast, click on the link below:
http://webcastlite.mziq.com/cover.html?webcastId=9e36bfc6-d130-45a3-be80-94d57764122a
Investor Relations Department
+5411-4323-7449
[email protected]
www.irsacp.com.ar
Follow us on Twitter @irsacpir
View original content: http://www.prnewswire.com/news-releases/irsa-propiedades-comerciales-sa-announces-results-for-the-third-quarter-of-fy-2018-ended-march-31-2018-300644768.html
SOURCE IRSA Propiedades Comerciales S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-irsa-propiedades-comerciales-s-a-announces-results-for-the-third-quarter-of-fy-2018-ended-march-31-2018.html |
May 1 (Reuters) - GrubHub Inc:
* GRUBHUB QTRLY EARNINGS PER SHARE $0.34; QTRLY NON-GAAP EARNINGS PER SHARE $0.52; QTRLY REVENUE $232.6 MILLION, UP 49 PERCENT
* GRUBHUB QTRLY ACTIVE DINERS WERE 15.1 MILLION, UP 72 PERCENT
* GRUBHUB Q1 EARNINGS PER SHARE VIEW $0.38, REVENUE VIEW $229.3 MILLION — THOMSON REUTERS I/B/E/S
* GRUBHUB SEES Q2 REVENUE $228 MILLION - $236 MILLION; SEES Q2 ADJUSTED EBITDA $59 MILLION - $65 MILLION
* GRUBHUB SEES 2018 REVENUE $930 MILLION - $965 MILLION; SEES 2018 ADJUSTED EBITDA $242 MILLION - $262 MILLION
* GRUBHUB Q2 REVENUE VIEW $229.9 MILLION — THOMSON REUTERS I/B/E/S
* GRUBHUB FY2018 REVENUE VIEW $952.0 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-grubhub-reports-qtrly-earnings-per/brief-grubhub-reports-qtrly-earnings-per-share-of-0-34-idUSB8N1MM03I |
Iraq's election outcome set to challenge Iran 56
Nationalist Shi'ite Cleric Moqtada al Sadr took a surprise lead in Iraq's elections by tapping into public resentment with Iran and what some voters say is a corrupt political elite it supports.
Nationalist Shi'ite Cleric Moqtada al Sadr took a surprise lead in Iraq's elections by tapping into public resentment with Iran and what some voters say is a corrupt political elite it supports. //reut.rs/2Gi5NKB | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/15/iraqs-election-outcome-set-to-challenge?videoId=427153405 |
May 4 (Reuters) - SOUTH AFRICA’S FEDUSA:
* HAS CALLED ON STEINHOFF ACTING CHIEF EXECUTIVE OFFICER DANIE VAN DER MERWE TO RESIGN WITH IMMEDIATE EFFECT
* CALLS FOR STEINHOFF’S ACTING CEO RESIGNATION AFTER CO SAYS HE PAID BACK R26.4 MILLION LOAN BORROWED FROM INVESTEC BANK USING CO SHARES AS COLLATERAL Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-south-africas-fedusa-says-called-o/brief-south-africas-fedusa-says-called-on-steinhoff-acting-ceo-danie-van-der-merwe-to-resign-idUSFWN1SB14Y |
Total revenue and Adjusted EBITDA up 5% and 7% year-over-year, respectively
Operating Cash Flow up 23% vs. prior year; Free Cash Flow before special items of $187 million
Continued momentum driven by improvements in customer retention, subscriber acquisition cost
efficiency, and commercial expansion
FIRST QUARTER 2018 HIGHLIGHTS (1)
Total revenue of $1,116 million, up 5% Adjusted EBITDA of $620 million, up 7% Adjusted Net Income (2) of $249 million, up 26% Adjusted Net Income per share of $0.34, up 10% Operating cash flow of $505 million, up 23% Free cash flow before special items of $187 million, up 7% Trailing twelve-month gross customer revenue attrition of 13.6%, an improvement of 90 bps Paid first quarterly cash dividend of $0.035 per share; declared second dividend today Formally agreed to July redemption of $750 million of Koch Preferred Securities
BOCA RATON, Fla., May 09, 2018 (GLOBE NEWSWIRE) -- ADT Inc. (NYSE:ADT) today reported the results for its first quarter of 2018.
“We continue to build momentum and are off to a strong start in our first quarter operating as a public company,” said Tim Whall, ADT’s Chief Executive Officer. “This quarter we continued to deliver strong year-over-year growth in revenue, EBITDA, and cash flow. Operationally, we continued to execute on our commitment to enhance our customer service capabilities and implement operational improvements. As a result, we lowered attrition to a new all-time low of 13.6% and improved revenue payback. I am pleased with our first quarter results and our management team is excited to continue executing our strategy to drive free cash flow growth and create long-term shareholder value.”
FIRST QUARTER 2018 RESULTS
The Company reported total revenue of $1,116 million, a net loss of $157 million, and Adjusted EBITDA of $620 million for the first quarter of 2018.
Total revenue was $1,116 million, up 5% year-over-year. Monitoring and related services revenue (“M&S revenue”), which comprised $1,017 million of total revenue, was up 2% over the same period last year. The growth in M&S revenue was attributable to an increase in monthly recurring revenue, largely driven by higher average prices combined with improvements in gross customer revenue attrition. In addition to M&S revenue, total revenue was up by an additional $38 million from last year, primarily driven by commercial revenues as a result of the successful execution of our commercial growth strategy.
Adjusted EBITDA in the first quarter was $620 million, up 7%, or $43 million from the same period last year. First quarter Adjusted EBITDA growth was a result of higher M&S revenue, which flows through at higher margin rates, combined with lower expensed SAC, and lower G&A expenses. The results include a net benefit of approximately $15 million, primarily attributable to a legal settlement.
Adjusted Net Income (2) , which is a measurement of operating performance and is defined as Adjusted EBITDA less cash net interest expense, cash taxes, and net capitalized SAC, was $249 million versus $197 million last year, an increase of $52 million. The improvement in Adjusted Net Income is due to year-over-year growth in Adjusted EBITDA of $43 million and lower cash interest. On a per share basis, Adjusted Net Income was $0.34, an increase of 10% from the same period last year.
The Company reported a net loss of $157 million, compared to prior year’s loss of $141 million. Excluding special items, GAAP diluted earnings per share was $(0.03) versus $(0.08) in the prior year.
Trailing twelve-month gross customer revenue attrition reached an all-time low in the quarter, ending at 13.6%, an improvement of 90 basis points year-over-year. The reduction is due to the Company’s focus on adding new high-quality customers and enhancing customer service levels in its field offices and call centers.
Trailing twelve-month customer revenue payback improved to 2.5 years from 2.6 years in the first quarter of 2017. The improvement was the result of more efficient sales and marketing spend as the Company identified opportunities to lower the cost per sale combined with reductions in net installation cost largely driven by variance performance management throughout its field offices.
Operating cash flow in the quarter was $505 million, up from $412 million in the same period last year, and free cash flow before special items grew to $187 million from $175 million. The year-over-year improvement in free cash flow before special items was driven by growth in Adjusted EBITDA and lower interest, slightly offset by the quarterly timing of working capital and other.
STRATEGIC HIGHLIGHTS
ADT Go: Extending 24/7 Protection Beyond the Home - The Company announced the launch of ADT Go during this year’s Consumer Electronics Show in Las Vegas, Nevada. ADT Go is an innovative and easy-to-use mobile app that transforms families’ smart phones into mobile personal security devices, giving users peace of mind in knowing loved ones are safe regardless of where life takes them. The application was created in partnership with trusted locator and communication tool Life360 and offers 24/7 emergency response from ADT’s live monitoring agents, backed by Life360’s proprietary location technology.
Expansion of Commercial Capabilities - The Company continued to further strengthen its footprint in the Commercial security market as it closed the acquisitions of Aronson Security Group (“Aronson”) and Acme Security Systems (“Acme”). Headquartered in Renton, Washington, Aronson employs nearly 170 employees and has been in business over 55 years. Acme Security Systems was among the largest privately held security system integrators in the Bay Area, and is focused on electronic systems, access control, and video networks. Acme was founded in 1974 and is headquartered in San Francisco, California. The addition of two leading, strategic commercial security businesses to the ADT platform is an exciting step in ADT’s strategy to further drive commercial growth and expansion.
Awards & Recognition - The Company was recognized for its progress in its Commercial and Multi-Site channels and was presented with both the “Installer of the Year” and “Integrated Installation of the Year” awards during the security industry’s annual SAMMY awards ceremony. Now in its 23rd year, the SAMMY Awards were created to recognize and honor best-in-class installing security dealers and integrators for their marketing, business, installation and overall excellence.
“We continue to execute our strategy and make progress toward achieving our long-term goals. Expanding our Commercial and Multi-Site capabilities is a key part of our strategy, and I am proud of the progress we have made so far,” said Whall.
CAPITAL STRUCTURE HIGHLIGHTS
Quarterly Dividend - On May 9, 2018, the Company’s board of directors declared a cash dividend of $0.035 per share to common stockholders of record as of June 25, 2018. This dividend will be paid on July 10, 2018.
Redemption of Prime Notes - On February 21, 2018, the Company redeemed $594 million aggregate principal amount of the Prime Notes using a portion of the net proceeds received from the IPO, and incurred a loss on extinguishment of debt of $62 million related to the payment of the call premium and the write-off of a portion of the unamortized debt issuance costs.
Capital Structure - The ratio of the Company’s net debt to trailing twelve-month Adjusted EBITDA implied net leverage of 4.0x as of March 31, 2018. Cash and cash equivalents as of March 31, 2018 totaled $258 million. Additionally, the Company has set aside $750 million of restricted cash for the redemption of the principal balance of the Koch Preferred Securities. The Company will redeem the Preferred Securities in July of 2018.
(1) All variances are year-over-year unless otherwise noted. Adjusted EBITDA, Free Cash Flow before special items, Adjusted Net Income, net income or loss before special items, diluted earnings per share before special items, and net leverage ratio are non-GAAP measures. Refer to the “Non-GAAP Measures” section for the definitions of these terms and reconciliations to the most comparable GAAP measures.
(2) Adjusted Net Income was referred to as Cash Net Income in the prior quarter. There has been no change in the calculation of the measure.
Media Inquiries: Investor Relations: Jason Shockley Jason Smith - ADT tel : 561.322.7235 Sloan Bohlen - Solebury Communications [email protected] tel: 817.928.1646 [email protected] Conference Call
Management will discuss the Company’s first quarter results during a conference call and webcast today beginning at 8:30 a.m. (ET). The conference call can be accessed as follows:
By dialing 1-877-407-3982 (domestic) or 1-201-493-6780 (international) and requesting the ADT First Quarter 2018 Earnings Conference Call Live webcast accessed through ADT’s website at investor.adt.com.
An audio replay of the conference call will be available from approximately 11:30 a.m. ET on May 9, 2018 until 11:59 p.m. ET on May 23, 2018, and can be accessed by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international), and providing the passcode 13678971, or by accessing ADT’s website at investor.adt.com . A slide presentation highlighting the Company’s results will also be available on the Investor Relations section of the Company’s website.
From time to time, the Company may use its website as a channel of distribution of material Company information. Financial and other material information regarding our Company is routinely posted on and accessible at http://investors.adt.com .
About ADT Inc.
ADT is a leading provider of security and automation solutions for homes and businesses in the United States and Canada, people on-the-go and their networks. Making security more accessible than ever before, and backed by 24/7 customer support, ADT is committed to providing superior customer service with a focus on speed and quality of responsiveness, helping customers feel safer and empowered. ADT is headquartered in Boca Raton, Florida and employs approximately 17,500 people in the United States and Canada.
NON-GAAP MEASURES
To provide investors with additional information in connection with our results as determined by generally accepted accounting principles in the United States (“GAAP”), we also disclose the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow, Adjusted Net Income, diluted earnings per share (“EPS”) before special items, and leverage ratio. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for net income, operating income, or any other operating performance measure calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies.
We believe that the presentation of Adjusted EBITDA is appropriate to provide additional information to investors about certain non-cash items and about unusual items that we do not expect to continue at the same level in the future, as well as other items. Further, we believe Adjusted EBITDA provides a meaningful measure of operating profitability because we use it for evaluating our business performance, making budgeting decisions, and comparing our performance against that of other peer companies using similar measures.
We define Adjusted EBITDA as net income or loss adjusted for (i) interest, (ii) taxes, (iii) depreciation and amortization, including depreciation of subscriber system assets and other fixed assets, amortization of dealer and other intangible assets, (iv) amortization of deferred costs and deferred revenue associated with subscriber acquisitions, (v) share-based compensation expense, (vi) purchase accounting adjustments related to fair value of deferred revenue under GAAP, (vii) merger, restructuring, integration, and other costs, (viii) financing and consent fees, (ix) foreign currency gains/losses, (x) loss on extinguishment of debt, (xi) radio conversion costs, (xii) management fees and other charges, and (xiii) other non-cash items.
There are material limitations to using Adjusted EBITDA. Adjusted EBITDA does not take into account certain significant items, including depreciation and amortization, interest expense, income tax expense, and other adjustments which directly affect our net income or loss. These limitations are best addressed by considering the economic effects of the excluded items independently, and by considering Adjusted EBITDA in conjunction with net income or loss as calculated in accordance with GAAP. The Adjusted EBITDA discussion above is also applicable to its margin measure, which is calculated as Adjusted EBITDA as a percentage of monitoring and related services revenue.
We define Free Cash Flow as cash from operating activities less cash outlays related to capital expenditures. We define capital expenditures to include purchases of property, plant, and equipment; capitalized costs associated with transactions in which we retain ownership of the security system; and accounts purchased through our network of authorized dealers or third parties outside of our authorized dealer network. In arriving at Free Cash Flow, we subtract cash outlays related to capital expenditures from cash from operating activities because they represent long-term investments that are required for normal business activities. As a result, subject to the limitations described below, Free Cash Flow is useful measure of our cash available to repay debt, make other investments, and pay dividends.
Free Cash Flow adjusts for cash items that are ultimately within management’s discretion to direct, and therefore, may imply that there is less or more cash that is available than the most comparable GAAP measure. Free Cash Flow is not intended to represent residual cash flow for discretionary expenditures since debt repayment requirements and other non-discretionary expenditures are not deducted. These limitations are best addressed by using Free Cash Flow in combination with the GAAP cash flow numbers.
Adjusted Net Income is a non-GAAP measure that we present to provide additional information to investors about our operating performance. We define Adjusted Net Income as Adjusted EBITDA less (1) capitalized subscriber acquisition costs, (2) cash taxes, and (3) cash interest paid, including interest on our preferred securities. Given our capital intensive business model, high debt levels, and the fact we are a low cash income tax paying Company due to our significant net operating loss, the Company uses this measure to reflect the cash portion of such adjusted items mentioned above to further evaluate our operational performance. There are material limitations to using Adjusted Net Income. Adjusted Net Income does not take into account certain significant items, including depreciation and amortization, interest expense, income tax expense, and other adjustments which directly affect our net income or loss. These limitations are best addressed by considering the economic effects of the excluded items independently, and by considering Adjusted Net Income in conjunction with net income or loss as calculated in accordance with GAAP.
Diluted EPS before special items is a non-GAAP measure that may be used from time to time and should not be considered a replacement for GAAP results. Diluted EPS before special items is defined as earnings per diluted share adjusted for (i) share-based compensation expense, (ii) purchase accounting adjustments related to fair value of deferred revenue under GAAP, (iii) merger, restructuring, integration, and other costs, (iv) financing and consent fees, (v) foreign currency gains/losses, (vi) loss on extinguishment of debt, (vii) radio conversion costs, (viii) management fees and other charges, (ix) other non-cash items, and (x) the impact these adjusted items have on the effective tax rate. The difference between net income or loss and diluted EPS before special items and net income or loss and diluted EPS (the most comparable GAAP measures) consists of the impact of the special items noted above on the applicable GAAP measure. The Company believes that diluted EPS before special items is one of several benchmarks used by analysts and investors who follow the industry for comparison of its performance with other companies in the industry, although our measure of diluted EPS before special items may not be directly comparable to similar measures reported by other companies. The limitation of this measure is that it excludes the impact (which may be material) of items that increase or decrease our reported operating income, operating margin, net income or loss and EPS. This limitation is best addressed by using the non-GAAP measure in combination with the most comparable GAAP measure in order to better understand the amounts, character and impact of any increase or decrease on reported results.
The leverage ratio may be presented as the ratio of Adjusted EBITDA to total debt. The leverage ratio is a useful measure of the Company’s credit position and progress towards leverage targets. Refer to the discussion on Adjusted EBITDA for a description of the differences between the most comparable GAAP measure. The calculation is limited in that the Company may not always be able to use cash to repay debt on a dollar-for-dollar basis.
The Company is not providing a quantitative reconciliation of our non-GAAP financial outlook, if presented herein, to the corresponding GAAP information because the GAAP measures that we exclude from our non-GAAP financial outlook, other than those described above, are difficult to predict and are primarily dependent on future uncertainties. The GAAP measures excluded from our non-GAAP financial outlook for which we do not prepare a reconcilable GAAP forecast include the factors described above, where applicable.
FORWARD-LOOKING STATEMENTS
ADT has made statements in this press release and other reports, filings, and other public written and verbal announcements that are forward-looking and therefore subject to risks and uncertainties. All statements, other than statements of historical fact, included in this document are, or could be, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are made in reliance on the safe harbor protections provided thereunder. These forward-looking statements relate to anticipated financial performance, management’s plans and objectives for future operations, business prospects, outcome of regulatory proceedings, market conditions and other matters. Any forward-looking statement made in this press release speaks only as of the date on which it is made. ADT undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. Forward-looking statements can be identified by various words such as “expects,” “intends,” “will,” “anticipates,” “believes,” “confident,” “continue,” “propose,” “seeks,” “could,” “may,” “should,” “estimates,” “forecasts,” “might,” “goals,” “objectives,” “targets,” “planned,” “projects,” and similar expressions. These forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to management. ADT cautions that these statements are subject to risks and uncertainties, many of which are outside of ADT’s control, and could cause future events or results to be materially different from those stated or implied in this document, including among others, risk factors that are described in the Company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein.
ADT INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) ( Unaudited) March 31, December 31, 2018 2017 Assets Current Assets: Cash and cash equivalents $ 258 $ 123 Current portion of restricted cash and cash equivalents 4 4 Accounts receivable trade, net 151 149 Inventories 83 86 Work-in-progress 23 21 Prepaid expenses and other current assets 102 73 Total current assets 622 456 Property and equipment, net 328 332 Subscriber system assets, net 2,891 2,893 Intangible assets, net 7,716 7,857 Goodwill 5,078 5,071 Deferred subscriber acquisition costs, net 343 282 Noncurrent restricted cash and cash equivalents 750 — Other assets 132 124 Total Assets $ 17,859 $ 17,015 Liabilities and Stockholders' Equity Current Liabilities: Current maturities of long-term debt $ 49 $ 48 Accounts payable 201 188 Deferred revenue 319 309 Accrued expenses and other current liabilities 411 351 Total current liabilities 979 896 Long-term debt 9,528 10,121 Mandatorily redeemable preferred securities 708 682 Deferred subscriber acquisition revenue 413 369 Deferred tax liabilities 1,382 1,377 Other liabilities 125 137 Total Liabilities 13,135 13,582 Total Stockholders' Equity 4,724 3,433 Total Liabilities and Stockholders' Equity $ 17,859 $ 17,015 Note: amounts may not add due to rounding
ADT INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) (Unaudited) For the Three Months Ended March 31, 2018 2017 Monitoring and related services $ 1,017 $ 998 Installation and other 99 62 Total Revenue 1,116 1,059 Cost of revenue (exclusive of depreciation and amortization shown separately below) 248 219 Selling, general and administrative expenses 305 353 Depreciation and intangible asset amortization 484 461 Merger, restructuring, integration, and other costs 8 21 Operating income 71 6 Interest expense, net (174 ) (181 ) Loss on extinguishment of debt (62 ) (1 ) Other (expense) income — 4 Loss before income taxes (165 ) (172 ) Income tax benefit 8 32 Net loss $ (157 ) $ (141 ) Diluted EPS before special items (1) $ (0.03 ) $ (0.08 ) Net loss per share: Basic and Diluted $ (0.22 ) $ (0.22 ) Weighted-average number of shares: Basic and Diluted 729 641 Note: amounts may not add due to rounding
(1) Represents a non-GAAP measure, see below for the reconciliation to the nearest GAAP measure.
ADT INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (Unaudited) For the Three Months Ended March 31, 2018 2017 Cash Flows from Operating Activities: Net loss $ (157 ) $ (141 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and intangible asset amortization 484 461 Amortization of deferred subscriber acquisition costs 13 10 Amortization of deferred subscriber acquisition revenue (17 ) (9 ) Share-based compensation expense 49 2 Deferred income taxes (6 ) (35 ) Provision for losses on accounts receivable and inventory 13 13 Loss on extinguishment of debt 62 1 Other non-cash items, net — 24 Changes in operating assets and liabilities, net of the effects of acquisitions: Deferred subscriber acquisition costs (43 ) (42 ) Deferred subscriber acquisition revenue 62 60 Other, net 44 68 Net cash provided by operating activities 505 412 Cash Flows from Investing Activities: Dealer generated customer accounts and bulk account purchases (160 ) (144 ) Subscriber system assets (138 ) (152 ) Capital expenditures (33 ) (34 ) Acquisition of businesses, net of cash acquired (36 ) — Other investing — 21 Net cash used in investing activities (367 ) (308 ) Cash Flows from Financing Activities: Proceeds from initial public offering, net of fees 1,410 — Proceeds from long-term borrowings — 934 Repayment of long-term borrowings, net of call premiums (662 ) (287 ) Dividends — (550 ) Other financing — (1 ) Net cash provided by financing activities 748 97 Net increase in cash and cash equivalents and restricted cash 885 200 Cash and cash equivalents and restricted cash at beginning of period 127 91 Cash and cash equivalents and restricted cash at end of period $ 1,012 $ 291 Note: amounts may not add due to rounding
ADT INC. AND SUBSIDIARIES
U.S. GAAP to Non-GAAP RECONCILIATIONS
( Unaudited) Adjusted EBITDA For the Three Months Ended Twelve Months Ended March 31, March 31, (in millions) 2018 2017 2018 Net (loss) income $ (157 ) $ (141 ) $ 327 Interest expense, net 174 181 726 Income tax benefit (8 ) (32 ) (740 ) Depreciation and intangible asset amortization 484 461 1,886 Merger, restructuring, integration and other costs 8 21 52 Financing and consent fees — 62 2 Foreign currency losses / (gains) 1 (3 ) (20 ) Loss on extinguishment of debt 62 1 65 Other non-cash items — 13 — Radio conversion costs 1 4 9 Amortization of deferred subscriber acquisition costs 13 10 54 Amortization of deferred subscriber acquisition revenue (17 ) (9 ) (55 ) Share-based compensation expense 49 2 58 Management fees and other charges 9 7 30 Adjusted EBITDA $ 620 $ 577 $ 2,395 Adjusted EBITDA Margin
(as percentage of M&S Revenue) 60.9 % 57.8 % 59.2 % Note: amounts may not add due to rounding
Adjusted Net Income For the Three Months Ended March 31, (in millions, except per share data) 2018 2017 Adjusted EBITDA $ 620 $ 577 Capitalized SAC (279 ) (278 ) Cash taxes 2 (2 ) Cash interest (94 ) (100 ) Adjusted net income $ 249 $ 197 Adjusted net income per share $ 0.34 $ 0.31 Diluted weighted-average number of shares outstanding 729 641 Note: amounts may not add due to rounding
ADT INC. AND SUBSIDIARIES
U.S. GAAP to Non-GAAP RECONCILIATIONS (continued)
( Unaudited) Free Cash Flow Before Special Items For the Three Months Ended March 31, (in millions) 2018 2017 Net cash provided by operating activities $ 505 $ 412 Dealer generated customer accounts and bulk account purchases (160 ) (144 ) Subscriber system assets (138 ) (152 ) Capital expenditures (33 ) (34 ) Free Cash Flow 174 82 Financing and consent fees — 62 Restructuring and integration payments 6 12 Integration related capital expenditures 4 6 Management fees and other payments 2 7 Radio conversion costs 2 5 Free Cash Flow before special items $ 187 $ 175 Note: amounts may not add due to rounding
Net Loss Before Special Items (b) For the Three Months Ended March 31, (in millions) 2018 2017 Net loss $ (157 ) $ (141 ) Merger, restructuring, integration, and other costs 6 13 Financing and consent fees — 55 Foreign currency losses / (gains) 1 (2 ) Loss on extinguishment of debt 47 1 Radio conversion costs 1 2 Share-based compensation expense 37 2 Other 2 17 Tax specials (1) 39 — Net loss before special items $ (25 ) $ (53 ) Note: amounts may not add due to rounding
(1) Represents one-time non-deductible tax impact on share-based compensation expense related to the Class B Units in Ultimate Parent.
ADT INC. AND SUBSIDIARIES
U.S. GAAP to Non-GAAP RECONCILIATIONS (continued)
( Unaudited) Diluted EPS Before Special Items For the Three Months Ended March 31, (in millions, except per share data) 2018 2017 Diluted EPS (GAAP) $ (0.22 ) $ (0.22 ) Impact of special items (1) 0.18 0.14 Diluted EPS before special items $ (0.03 ) $ (0.08 ) Diluted weighted-average number of shares outstanding 729 641 Note: amounts may not add due to rounding
(1) Items have been presented net of tax where applicable.
Net Leverage Ratio March 31, (in millions) 2018 Revolver $ — First lien term loan 3,527 First lien notes 3,750 Capital leases 39 Total first lien debt (1) 7,316 Second lien notes (1) 2,546 Preferred securities (2) 820 Total debt + Preferred securities 10,681 Cash and cash equivalents (3) 1,008 Net debt + Preferred securities 9,673 LTM adjusted EBITDA $ 2,395 Net leverage ratio 4.0x
Note: amounts may not add due to rounding | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-adt-reports-first-quarter-2018-results.html |
Trump pulls U.S. out of Iran nuclear deal 12:45am IST - 02:13
President Donald Trump on Tuesday pulled the United States out of an international agreement aimed at stopping Iran from obtaining a nuclear bomb, and said he would reimpose economic sanctions on Tehran immediately. ▲ Hide Transcript ▶ View Transcript
President Donald Trump on Tuesday pulled the United States out of an international agreement aimed at stopping Iran from obtaining a nuclear bomb, and said he would reimpose economic sanctions on Tehran immediately. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2FXsinJ | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/08/trump-pulls-us-out-of-iran-nuclear-deal?videoId=425030905 |
(Adds details of winners)
WASHINGTON/SAN FRANCISCO, May 9 (Reuters) - Apple Inc soon will be capturing images of North Carolina by drone; a 1,500-pound, unmanned aircraft will look for mosquitoes in Florida; and startup Flirtey will fly medical equipment on drones to heart-attack victims in Nevada.
The projects are among 10 announced by the U.S. Transportation Department on Wednesday that will help it assess how to regulate drones and integrate them safely into U.S. air space. The United States has lagged other countries in experimentation with drones, something the program hopes to correct.
Missing from the projects are Amazon.com Inc, the world's largest online retailer, and China's DJI, the world's largest maker of non-military drones. About a dozen applications that included DJI were rejected. An application that would have seen Amazon deliver goods by drone to shoppers in New York City was also declined, a person familiar with the matter said.
Among the winners were microchip maker Intel Corp, plane maker Airbus SE, ride services company Uber Technologies Inc, delivery company FedEx Corp and software maker Microsoft Corp.
The contest drew 149 bids from locales looking to host flights at night, flights over people and other drone operations that U.S. rules prohibit. The applicants listed companies they would partner with in the experiments, and the winners may have a head start at the billions of dollars and tens of thousands of jobs the young industry expects to create.
U.S. Transportation Secretary Elaine Chao said dozens more projects could be approved in coming months, either with new waivers or under existing rules. Asked about Amazon's absence, Deputy Transportation Secretary Jeff Rosen cited a rigorous process and said there were "no losers."
The wide interest in the U.S. initiative, launched by President Donald Trump last year, underscores the desire of a broad range of companies to have a say in how the fledgling industry is regulated and ultimately win authority to operate drones for purposes ranging from package delivery to crop inspection.
FLYING BURGERS
One clear winner was Nevada-based Flirtey, a drone delivery startup. It said it was a partner on four of the winning applications and expects the U.S. Federal Aviation Administration programs to jump-start growth.
"This gives it the ability to move into any geography in the United States and move out of test mode into full operation," said Mark Siegel, a partner at Menlo Ventures, an investor in Flirtey.
The startup will have to hire more people, ramp up its testing and add more features to its drones -- all of which will require more money, and Flirtey will complete another financing round this year, Siegel said.
AirMap, an airspace management company for drones, said it was on six winning applications.
Winner Virginia Tech said that Alphabet's Project Wing , AT&T Inc, Intel, Airbus and Dominion Energy Inc are among the partners for its pilot program that will explore emergency management, package delivery and infrastructure inspection.
Despite being sidelined for now, Amazon and China's SZ DJI Technology Co Ltd both offered support for the program. DJI's widely used products may play a role in some projects, even if the company does not formally take part.
Amazon, which has worked with the FAA on policy as it has tested drone technology around the world, said the fate of its applications was unfortunate, but it was focused on developing safe operations for drones.
Uber is working on air-taxi technology and will deliver food by drone in San Diego, California.
We need flying burgers, Chief Executive Officer Dara Khosrowshahi joked at a conference.
FedEx will use drones to inspect aircraft at its hub in Tennessee, as well as for aircraft parts shipments and some package deliveries between the airport and other Memphis locations, Memphis Airport Authority Chief Executive Scott Brockman told Reuters. General Electric Co is also a partner, he said.
The FAA has said regulations are necessary to protect the public and the National Airspace System from bad actors or errant hobbyists. Several incidents around major airports have involved drones getting close to aircraft.
Earlier, the agency confirmed it had sent two planned rules to the White House to regulate the increased use of unmanned aerial vehicles.
One would allow drones to fly over people while another proposal submitted would allow for remote identification and tracking of unmanned aircraft in flight. After both are formally proposed, it could take months before they are finalized. (Reporting by David Shepardson and Jeffrey Dastin; Additional reporting by Stephen Nellis and Heather Somerville; Editing by Peter Henderson and Lisa Shumaker) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/reuters-america-update-4-u-s-drone-program-taps-apple-passes-over-amazon-chinas-dji.html |
UPDATE 1-Brazil oil workers begin strike in new blow to government Marta Nogueira and Brad Brooks Published 50 Mins Ago Reuters
(Updates with start of strike, units affected, departure of Petrobras board member)
RIO DE JANEIRO/SAO PAULO, May 30 (Reuters) - Brazilian oil workers began a 72-hour strike on Wednesday in a new blow to President Michel Temer following a nationwide trucker protest that has strangled Latin America's largest economy for over a week.
The strike is the latest challenge for state-led oil firm Petroleo Brasileiro SA, whose shares have plummeted nearly 30 percent since May 16 over fears that political interference would unwind more investor-focused policies.
Late on Tuesday, Reuters reported that Temer was considering an overhaul of a market-based fuel pricing policy at Petrobras, which could provoke even more investor flight.
The oil strike was declared illegal by Brazil's top labor court on Tuesday, but FUP, Brazil's largest oil workers union, said it had not been informed of the ruling and planned to go ahead with the stoppage.
Petrobras, as the company is known, said any disruption would not have an immediate major impact on its production or overall operations. According to a source close to the company, Petrobras has a significant stock of fuel on hand, especially as a 10-day truckers' strike has prevented significant amounts of fuel from leaving refineries.
However, the strike has raised the specter of stoppages and protests spreading to more sectors as Brazilians vent frustration with an unpopular government and an uneven economic recovery.
The FUP said on Wednesday that workers did not show up at work at eight refineries stretching from Manaus in the Amazon to Rio de Janeiro in the southeast. They also walked off the job at plants handling lubricants, nitrogen and shale gas, as well as in the ports of Suape and Paranaguá.
"Initial information points to the workers having adhered to the strike at various locations," FUP said in a statement on Wednesday. "The movement is continuing through the morning, when stoppages at other Petrobras units are expected."
Petrobras, along with the federal government's solicitor general's office on Tuesday, had asked the country's top labor court to rule that any oil strike would be illegal, arguing it was being carried out mainly for political and not labor-related reasons.
TARGETING PARENTE
Unions representing oil workers said they were demanding the resignation of Chief Executive Pedro Parente. They also want the end of a market-based fuel pricing policy and other changes at Petrobras since Temer took power in 2016.
Adding to turmoil at Petrobras, the firm said on Wednesday that board member José Alberto de Paula Torres Lima had resigned, citing "personal reasons." He was one of three board members recruited by an outside agency and added to the board in April in an effort to establish its independence.
Petrobras did not immediately respond to questions about his departure.
FUP union leader José Maria Rangel said on Tuesday the Temer government and Parente's policies were delivering Petrobras up to foreign investors, while "the shipyards of Rio de Janeiro are closed" as unemployment remains near record levels.
Parente, on a Tuesday conference call with analysts, said Petrobras was taking action so that any strike would have minimal or no impact on production and operations.
A separate 10-day trucker protest against diesel price hikes has emptied roads and left major cities running short on food, gasoline and medical supplies, despite significantly easing on Tuesday night.
Officials warned it would take days to restore supply lines disrupted by the crippling stoppage that at its height saw over 1,000 roadblocks on highways across the country.
Temer's political situation has grown so tenuous as Brazil barrels toward a general election in October that he was forced to bat away concerns that a coup could topple his government.
"There is zero chance of military intervention," Temer told a small group of journalists during a roundtable at an investment conference in Sao Paulo. "What I see is a rejection both in the Defense Ministry and throughout the armed forces to any kind of military intervention." (Reporting by Marta Nogueira and Brad Brooks; Additional reporting by Gram Slattery in Sao Paulo; Editing by Brad Haynes, Peter Cooney and Susan Thomas) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/reuters-america-update-1-brazil-oil-workers-begin-strike-in-new-blow-to-government.html |
May 3 (Reuters) - JSW Energy Ltd:
* MARCH QUARTER CONSOL NET LOSS 4.83 BILLION RUPEES VERSUS PROFIT OF 237.2 MILLION RUPEES LAST YEAR
* MARCH QUARTER CONSOL REVENUE FROM OPERATIONS 17.75 BILLION RUPEES VERSUS 18.62 BILLION RUPEES LAST YEAR
* SAYS CO’S UNDER IMPLEMENTATION SOLAR PROJECTS OF 17 MW ON TRACK FOR COMPLETION BY SEPT 2018
* SAYS CO PROPOSES TO SET UP FACILITY FOR MANUFACTURE OF SOLAR PV PANELS WITH CAPACITY OF 1,000 MW IN FY 2019
* HAS TAKEN PROVISIONS IN STANDALONE BUSINESS RELATED TO INVESTMENTS IN TOSHIBA JSW JV AND ITS SOUTH AFRICAN OPERATIONS WORTH 2.41 BILLION RUPEES
* PROPOSED CAPEX INCREASED TO ABOUT 65 BILLION RUPEES OVER 3-4 YRS IN EV AND ASSOCIATED BUSINESS OF STORAGE BATTERY, CHARGING INFRASTRUCTURE
* SAYS DISCUSSIONS CONTINUE TO PROGRESS FOR PARTNERSHIPS W.R.T TO EV PLATFORM, STORAGE BATTERY TECHNOLOGY
* JSWEL EVALUATING ALL OPTIONS INCLUDING LEGAL RECOURSE UNDER BANKRUPTCY PROCEEDINGS TO RECOVER DUES FROM JAIPRAKASH POWER VENTURES
* HIGHER COAL PRICES, CONSTRAINED AVAILABILITY OF COAL, ESPECIALLY FOR PRIVATE SECTOR POWER PLANTS, CONTINUE TO REMAIN KEY CONCERNS Source text - bit.ly/2FEWJPp
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-jsw-energy-posts-march-qtr/brief-indias-jsw-energy-posts-march-qtr-consol-loss-idUSFWN1SA0KV |
May 1, 2018 / 11:00 PM / a few seconds ago Verizon's Oath signs distribution deal with Samsung Jessica Toonkel 2 Min Read
(Reuters) - Verizon Communications Inc’s Oath Inc subsidiary has signed a deal to place four of its most popular apps on millions of Samsung devices across the U.S. and eventually globally, the company told Reuters on Tuesday. FILE PHOTO: The Verizon store in Superior, Colorado, U.S., July 27, 2017. REUTERS/Rick Wilking/File Photo
Under the terms of the deal, Oath’s Newsroom app, Yahoo Sports, Yahoo Finance and Go90 mobile video apps will be pre-populated on all of Samsung’s Galaxy S9 and S9+ devices.
Oath’s deal with Samsung is part of an effort to get its content and partners’ ads in front of the growing number of TV viewers watching their favorite shows on mobile devices instead of through cable and satellite television, Oath’s chief executive officer, Tim Armstrong, told Reuters.
“The amount of content consumption on phones is continuing to skyrocket and I think brands and consumers want more high quality content,” Armstrong said.
The number of viewers who watch video on smartphones is expected to jump 8 percent by 2020 to 196.4 million, according to research firm eMarketer. Meanwhile, the number of TV watchers is expected to decrease more than half a percentage point to 295.9 million over the same period.
The agreement will also allow advertisers to place “native ads,” or advertisements that blend in with the content where they appear, within Oath’s apps as Samsung’s Galaxy app.
“This gets ads one step closer to being direct to consumer,” Armstrong said. “You can’t be more direct than being on the mobile phone home screen and app environment.”
Samsung and Oath will share ad revenue, Armstrong said, declining to comment on the terms of the deal.
Nine-month-old Oath was created after Verizon bought Yahoo and merged it with AOL. Oath plans to announce its deal with Samsung as part of its presentation to media buyers in New York Tuesday evening, outlining its strategy for the year. Reporting by Jessica Toonkel; Editing by Leslie Adler | ashraq/financial-news-articles | https://in.reuters.com/article/us-oath-samsung-elec/verizons-oath-signs-distribution-deal-with-samsung-idINKBN1I24JC |
May 10 (Reuters) - Dream Office Real Estate Investment Trust :
* DREAM OFFICE REIT REPORTS Q1 2018 RESULTS AND YEAR-OVER-YEAR NET ASSET VALUE PER UNIT INCREASE OF 7.5%
* Q1 FFO PER SHARE C$0.46 * FOR Q1 2018, COMPARATIVE PROPERTIES NOI WAS DOWN 1.1% FROM PRIOR QUARTER
* DREAM OFFICE REIT - DILUTED FFO PER UNIT FOR QUARTER ENDED MARCH 31 WAS $0.39, EXCLUDING LEASE TERMINATION FEES AND OTHER NON-RECURRING ITEMS
* Q1 FFO PER SHARE VIEW C$0.45 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dream-office-reit-q1-ffo-per-share/brief-dream-office-reit-q1-ffo-per-share-c0-46-idUSASC0A1OA |
Hawaiians anxious after quakes and volcanic eruption Saturday, May 05, 2018 - 01:27
Hawaii’s Big Island remains on high alert on Saturday after the Kilauea volcano spewed lava into residential areas, forcing hundreds to evacuate, and a series of earthquakes, including a powerful tremor, shook the island. ▲ Hide Transcript ▶ View Transcript
Hawaii’s Big Island remains on high alert on Saturday after the Kilauea volcano spewed lava into residential areas, forcing hundreds to evacuate, and a series of earthquakes, including a powerful tremor, shook the island. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KF1Zqf | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/05/hawaiians-anxious-after-quakes-and-volca?videoId=424142125 |
May 1, 2018 / 4:07 AM / Updated 13 hours ago Afghan security forces see drop in numbers as security deteriorates Idrees Ali 4 Min Read
WASHINGTON (Reuters) - The number of Afghan security forces decreased by nearly 11 percent in the past year, the U.S. government’s top watchdog on Afghanistan said on Tuesday, an indication of the difficulty Kabul will have in dealing with its precarious security situation. Afghan security forces arrive at the site of a suicide attack in Kabul, Afghanistan March 21, 2018. REUTERS/Omar Sobhani
Twin blasts in the Afghan capital Kabul killed at least 26 people on Monday, including nine journalists who had arrived to report on the first explosion and were apparently targeted by a suicide bomber.
The attacks, a week after 60 people were killed as they waited at a voter registration center in the city, underlined mounting insecurity despite repeated government pledges to tighten defenses.
The attacks in rapid succession were a grim reminder of the strength of both the Taliban and Islamic State’s emerging Afghanistan branch to wreak violence despite stepped up air attacks under U.S. President Donald Trump’s new policy for the 16-year-old war.
In a report released on Tuesday, the Special Inspector General for Afghanistan Reconstruction, or SIGAR, said the number of forces in the Afghan National Defense and Security forces (ANDSF), which includes the army, air force and police, totaled an estimated 296,400 personnel as of January. That was a drop of 10.6 percent compared to the same month in 2017.
The authorized strength of the ANDSF is 334,000 personnel.
The United States has for nearly two decades been seeking to build Afghan security forces capable of defending and holding territory.
“Building up the Afghan forces is a top priority for the U.S. and our international allies, so it is worrisome to see Afghan force strength decreasing,” John Sopko, the head of SIGAR, told Reuters.
Thousands more U.S. troops have been sent to Afghanistan to help train the army, and commanders have been given greater authority to carry out air strikes against the militants in a major reversal of the previous policy of phased withdrawal of American forces. A member of the Afghan security forces prepares his machine gun at the site of a suicide bomb attack near a Shi'ite mosque in Kabul, Afghanistan March 9, 2018. REUTERS/Omar Sobhani
Publicly, U.S. officials have presented an optimistic view of the situation in Afghanistan. The top U.S. general in Afghanistan said late last year that the country had “turned the corner.”
Asked what his goal in Afghanistan was in the next year, U.S. Defense Secretary Jim Mattis told a Congressional hearing he wanted “a more capable Afghan force, between their military and their police (and) the violence levels going down.”
On Monday, Mattis said the spate of recent attacks had been expected and the militants were “on their backfoot.”
“This is the normal stuff by people who cannot win at the ballot box, so they turn to bombs,” Mattis said.
Privately, however, U.S. officials have been more circumspect.
U.S. intelligence officials, speaking on the condition of anonymity, said that despite extensive U.S. training and support, the vast majority of Afghan forces are incapable of preventing the Taliban from retaking much of the territory the militant group lost after the United States invaded the country in 2001.
“While Afghan forces are stronger now than they were a decade ago, they continue to struggle in a big way. Ultimately, that’s a failure of U.S. policy,” said Michael Kugelman, with the Wilson Center think tank in Washington.
SIGAR added in the report that the percentage of population controlled or influenced by the Afghan government increased to 65 percent as of January 2018, up 1 percent compared to October. Reporting by Idrees Ali; additional reporting by John Walcott, editing by G Crosse | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-afghanistan-military/afghan-security-forces-see-drop-in-numbers-as-security-deteriorates-idUSKBN1I22QV |
Girl dens blaze fresh trail into Boy Scouts 10:23am IST - 02:22
After more than a century as a bastion of boyhood, the Boy Scouts of America announced in October that this year it would begin letting girls join the 7- to 10-year-old Cub Scouts. And, as Kat Jackson reports, one Virginia scout unit of girls is on the trail to becoming the first female Scouts in the Boy Scouts of America.
After more than a century as a bastion of boyhood, the Boy Scouts of America announced in October that this year it would begin letting girls join the 7- to 10-year-old Cub Scouts. And, as Kat Jackson reports, one Virginia scout unit of girls is on the trail to becoming the first female Scouts in the Boy Scouts of America. //reut.rs/2L18EKC | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/29/girl-dens-blaze-fresh-trail-into-boy-sco?videoId=431214681 |
May 7 (Reuters) - Gannett Co Inc:
* GANNETT REPORTS FIRST QUARTER RESULTS * Q1 REVENUE $723 MILLION VERSUS I/B/E/S VIEW $723.9 MILLION
* QTRLY ADJUSTED EARNINGS PER SHARE $0.13 * FOR 2018, REITERATES CONSOLIDATED REVENUES, CONSOLIDATED ADJUSTED EBITDA, CAPITAL EXPENDITURES OUTLOOK
* Q1 EARNINGS PER SHARE VIEW $0.03 — THOMSON REUTERS I/B/E/S
* QTRLY SAME STORE, DAY ADJUSTED OPERATING REVENUES DECLINED 7.2%
* FY2018 EARNINGS PER SHARE VIEW $0.99, REVENUE VIEW $2.97 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gannett-reports-qtrly-adjusted-ear/brief-gannett-reports-qtrly-adjusted-earnings-per-share-of-0-13-idUSASC0A00N |
STEVENSON, Md.--(BUSINESS WIRE)-- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of a class who purchased Solid Biosciences Inc. (Nasdaq: SLDB) (“Solid” or the “Company”) securities pursuant and/or traceable to Solid’s false and misleading Registration Statement and Prospectus issued in connection with the Company’s initial public offering on or about January 25, 2018 and/or on the open market between January 25, 2018 and March 14, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until May 29, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Solid in connection with the Company’s IPO and/or during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the defendants’ failure to disclose in connection with the IPO and during the Class Period that Solid’s lead drug candidate SGT-001 had a high likelihood of causing adverse events in patients and the Company had misled investors regarding the toxicity of SGT-001.
According to the complaint, following a January 30, 2017 report revealing safety concerns linked to high doses of gene therapies using an adeno-associated virus (AAV) and a March 14, 2018 press release announcing a clinical hold on the Company’s study of SGT-001 after a patient experienced an unexpected adverse reaction, the value of Solid shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Solid’s January 25, 2018 initial public offering and/or during the class period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at [email protected] or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180519005001/en/
Brower Piven, A Professional Corporation
Charles J. Piven, 410-415-6616
1925 Old Valley Road
Stevenson, Maryland 21153
[email protected]
Source: Brower Piven, A Professional Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/19/business-wire-final-deadline-alert-brower-piven-reminds-shareholders-of-approaching-deadline-in-class-action-lawsuit-and-encourages-those.html |
Regulating cryptocurrencies is a good thing and it might even help advance the digital currency market, crypto trader Ran Neu-Ner told CNBC on Thursday.
"When [regulators] come out with regulation, it's going to open the floodgates for new money to come into crypto," the host of CNBC Africa's " Crypto Trader " said on " Fast Money ."
While Neu-Ner said there will be crackdowns during this process, he encourages it.
" I hope that they can catch the people [conducting fraudulent activities], because we have to weed out the bad actors," said Neu-Ner, who is the founder of OnChain Capital and an early investor in bitcoin.
"If we have bad actors, it's going to create a lack of trust in this asset class," he said. "If we want to make this a real asset class, with real people, then let's weed out the bad actors. But the first step is, let's legislate first; let's regulate first. So we know what the playing field looks like."
The Department of Justice this week launched an investigation into whether traders have been manipulating the prices of bitcoin and other cryptocurrencies — part of increased regulatory scrutiny in the sector.
Earlier this month, the Securities and Exchange Commission launched HoweyCoins.com , a phony website designed to teach investors what fraudulent initial coin offerings might look like. The North American Securities Administrators Association's " Operation Crypto-Sweep ," a look into 70 possible crypto schemes, also began in May.
Brian Kelly , founder and CEO of digital investment firm BKCM, told CNBC on " Power Lunch " on Thursday that the DOJ's probe is not necessarily a bad thing.
"They'll be able to clean [cryptocurrency exchanges] up a little bit," said Kelly.
Neu-Ner said that with a smaller market size and fewer people in an unregulated and often misunderstood industry, it was easier to take advantage of what was unknown.
Now though, he said, regulations are a good thing, as manipulation would be harder with "eyes everywhere."
"Everyone is worried about who's watching," he said.
Kelly agreed, pointing out that clear regulatory guidelines and a manipulation-free market were some of the SEC's guidelines for a physically backed exchange-traded fund.
"This is one more step toward the maturation of this process," Kelly said.
Neu-Ner has previously warned investors and regulators alike about the need to establish regulations on ICOs. Without them, he said, the U.S. could risk " falling behind " other countries in terms of innovation and hosting companies that use blockchain technology.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/regulating-crypto-could-help-advance-the-industry.html |
Study puts Puerto Rico hurricane deaths at 4,645 Tuesday, May 29, 2018 - 01:49
A Harvard University study published Tuesday estimated at least 4,645 people died in Puerto Rico as a result of Hurricane Maria last fall, seventy times the official death toll of 64. Zachary Goelman reports.
A Harvard University study published Tuesday estimated at least 4,645 people died in Puerto Rico as a result of Hurricane Maria last fall, seventy times the official death toll of 64. Zachary Goelman reports. //reut.rs/2H1c9Ow | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/29/study-puts-puerto-rico-hurricane-deaths?videoId=431489116 |
May 12 (Reuters) -
For other diaries, please see:
Top Economic Events
Emerging Markets Economic Events
Government Debt Auctions
Political and General News
U.S. Federal Reserve
Today in Washington
- This Diary is filed daily. Indicates new events - MONDAY, MAY 14
** LONDON - Executive Director for International Banks Supervision at the Prudential Regulation Authority (PRA), Sarah Breeden participates in the second formal meeting of the Green Finance Initiative and Green Finance Committee - 0930 GMT. ** PARIS - ECB policymaker Francois Villeroy de Galhau is to open a conference on central banking at the Bank of France. ** LONDON - Participation by the ECB Chief Economist Peter Praet in a lunchtime MNI Connect Roundtable in London, United Kingdom – 1145 GMT. ** LONDON - Closing remarks by the ECB Chief Economist Peter Praet at the joint Bank of England, ECB, Federal Reserve Board Gender and Career Progression Conference in London, United Kingdom – 1615 GMT. ** COPENHAGEN - Speech by the ECB Board member Sabine Lautenschlager at Danmarks Nationalbank’s biannual high-level networking seminar on economic and financial issues in Copenhagen, Denmark – 1500 GMT.
GENEVA, Switzerland - Dinner speech by ECB Executive Board Member Benoit Coeure in honour of Charles Wyplosz at the Geneva conference on the world economy organised by ICMB in Geneva, Switzerland - 1745 GMT. COPENHAGEN - ECB board member Sabine Lautenschlager speaks at Copenhagen University and at a conference by Danmarks Nationalbank - 1015 GMT. LONDON - Bank of England is hosting the Gender and Career Progression Conference. Bank of England Governor Mark Carney and ECB Chief Economist Peter Praet are among the speakers at the day-long conference - 0815 GMT. NEW YORK - Federal Reserve Bank of St. Louis President James Bullard gives presentation before CoinDesk’s Consensus 2018 - 1340 GMT. PARIS, France - Federal Reserve Bank of Cleveland President Loretta Mester speaks before the Global Interdependence Center “Central Banking Series with Banque de France,” - 0645 GMT OSLO - Norway Central Bank chief Oystein Olsen participates in the parliamentary hearing before the Standing Committee on Finance and Economic Affairs of the Storting. – 1015 GMT.
TUESDAY, MAY 15 ** NEW YORK - Federal Reserve Bank of Dallas President Robert Kaplan participates in moderated question-and-answer session on “Energy, Trade, and Economic Growth” hosted by the Council on Foreign Relations - 1200 GMT.
WASHINGTON - Senate Banking Committee holds hearing on the nominations of Richard Clarida to be a member and vice chairman and Michelle Bowman to be a member of the Federal Reserve Board of Governors - 1400 GMT.
MINNEAPOLIS, Minn. - Federal Reserve Bank of San Francisco President John Williams speaks before the Economic Club of Minnesota - 1710 GMT. STOCKHOLM - Riksbank First Deputy Governor Kerstin af Jochnick will discuss current monetary policy at SvD Investor Summit – 0725 GMT.
MALMO, Sweden - Riksbank Deputy Governor Cecilia Skingsley will discuss the Riksbank’s history and the development of money and she will also hold a breakfast presentation in Malmo on the economic situation and current monetary policy (to May. 16). OSLO - Norway Central Bank Deputy Governor Jon Nicolaisen gives a speech at a meeting hosted by Econa, Hoyres Hus Conference Center, Oslo - 1530 GMT. WEDNESDAY, MAY 16
** LIVERPOOL - BOE new Chief Cashier, Sarah John: Panellist at the Association of Corporate Treasurers’ Annual Conference 2018 - 0810 GMT.
** LONDON - BOE Senior Advisor Michael Sheren: Panellist at the Chartered Alternative Investment Analyst Association London Educational Event - Infrastructure & Clean Energy Breakfast Meeting - 0700 GMT. ** ST. LOUIS - Federal Reserve Bank of St. Louis President James Bullard holds media availability prior to a Homer Jones Memorial Lecture hosted by the Federal Reserve Bank of St. Louis - 2130 GMT. ** FRANKFURT - Welcome address by the ECB President Mario Draghi at Colloquium in honour of the ECB Vice President Vitor Constancio organised by the ECB in Frankfurt, Germany – 1200 GMT. ** FRANKFURT - The ECB Board member Benoit Coeure chairing Session 1 at Colloquium in honour of the ECB Vice President Vitor Constancio organised by the ECB in Frankfurt, Germany – 1230 GMT. ** FRANKFURT - The ECB Chief Economist Peter Praet chairing Session 2 at Colloquium in honour of the ECB Vice President Vitor Constancio organised by the ECB in Frankfurt, Germany – 1430 GMT.
REYKJAVIK - Bank of Iceland releases monetary policy statements.
LONDON – Bank of England held ESCoE/ONS/BoE Conference on Economic Measurement and Andy Haldane Chief Economist, Bank of England will give the closing remarks (to May 17). DENMARK - The International Monetary Fund, IMF, will present preliminary findings from the annual assessment of economic and financial development in Denmark. - 1100 GMT
FRANKFURT - ECB President Mario Draghi, chief economist Praet and Board member Coeure speak at an ECB conference to mark the departure of ECB Vice President Vitor Constancio. HELSINKI - Bank of Finland board member Marja Nykanen to comment on Finland’s financial stability in a press conference - 0800 GMT. AUGUSTA, Georgia - Federal Reserve Bank of Atlanta President Raphael Bostic discusses the economy at an event sponsored by the Federal Reserve Bank of Atlanta - 1230 GMT. ST. LOUIS, Missouri - Federal Reserve Bank of St. Louis President James Bullard gives opening remarks before the Homer Jones Memorial Lecture hosted by the Federal Reserve Bank of St. Louis - 2230 GMT. OTTAWA – Bank of Canada Deputy Governor Lawrence Schembri will give speech at CFA Society Ottawa and Ottawa Economics Association – 1615 GMT.
FRANKFURT, Germany - ECB Governing Council meeting. No interest rate announcements scheduled.
THURSDAY, MAY 17 ** FRANKFURT - Closing remarks by the ECB Vice-President Vitor Constancio at the Colloquium in his honour organised by the ECB in Frankfurt, Germany – 1030 GMT.
RICHARDSON, Texas - Federal Reserve Bank of Dallas President Robert Kaplan speaks before the Richardson Chamber of Commerce Annual Meeting - 1700 GMT.
FRANKFURT - European Central Bank outgoing vice-president Vitor Constancio delivers the opening address at the third annual ECB macroprudential policy and research conference - 1200 GMT. FRANKFURT - ECB Vice President Vitor Constancio and Irish central bank chief Lane speak at a conference in Frankfurt. ST. PAUL, Minnesota - Federal Reserve Bank of Minneapolis President Neel Kashkari participates in a moderated question-and-answer session hosted by the Minnesota Housing Finance Agency - 1445 GMT. FRIDAY, MAY 18 ** RICHARDSON, Texas - Federal Reserve Bank of Dallas President Robert Kaplan participates in moderated question-and-answer session before the 12th Annual University of Texas at Dallas Project Management Symposium - 1315 GMT. ** NEW YORK - Federal Reserve Board Governor Lael Brainard speaks on “Community Reinvestment Act Modernization” before the Association for Neighborhood and Housing Development 8th Annual Community Development Conference - 1315 GMT.
FRANKFURT - Federal Reserve Bank of Cleveland President Loretta Mester speaks on “Macroprudential and Monetary Policy” before the Third Annual European Central Bank Macroprudential Policy and Research Conference - 0700 GMT. MONDAY, MAY 21 ** ATLANTA - Federal Reserve Bank of Atlanta President Raphael Bostic speaks on “Welfare Economics: Trade and a Review of Principles” before the Atlanta Economics Club - 1615 GMT.
HALMSTAD, Sweden - Riksbank Deputy Governor Per Jansson will participate in Region Kronberg’s professional development initiative Tylosandsdagarna, where he will discuss the Riksbank’s role in the economy and the economic situation – 1030 GMT.
NEW YORK - Federal Reserve Bank of Philadelphia President Patrick Harker participates in conversation before the Chief Executives Organization’s CEO Financial Seminar 2018, “Visionary Investing: Managing Late Cycle Risks and Opportunities” - 1815 GMT. ESCANABA, Michigan - Federal Reserve Bank of Minneapolis President Neel Kashkari participates in a moderated question-and-answer session town hall forum hosted by Bay College - 2230 GMT. TUESDAY, MAY 22
STOCKHOLM - Riksbank executive board meeting - 0700 GMT. WEDNESDAY, MAY 23 MADRID - Bank of Spain Governor Linde to open a Deloitte-ABC economy event in Madrid - 0730 GMT.
BRUSSELS - The European Business Summit’s annual 2-day conference at Egmont Palace in Brussels (to May 24). WASHINGTON, D.C. - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) will release minutes from its May 1-2 policy meeting – 1800 GMT. STOCKHOLM - Swedish Central Bank publishes The Financial Stability Report 2018:1 - 0730 GMT.
THURSDAY, MAY 24 ** DALLAS - Federal Reserve Bank of Richmond President Thomas Barkin gives introductory remarks before the Federal Reserve Banks of Dallas and Atlanta “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” conference - 0000 GMT.
LONDON - The Bank of England will be hosting Markets Forum 2018 in central London. LONDON - Bank of England Governor Mark Carney gives a speech at the annual dinner of London’s Society of Professional Economists – 1800 GMT. DALLAS - Federal Reserve Banks of Dallas and Atlanta hold a two-day conference on “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy”. Participants include Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans, Federal Reserve Bank of Philadelphia President Patrick Harker and Federal Reserve Bank of Dallas President Robert Kaplan (to May 25). DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic and his Dallas counterpart, Robert Kaplan, give opening remarks at the conference - 1435 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan moderates “Session I: The Disruption Challenge Facing Business” of the conference - 1500 GMT
DALLAS - Federal Reserve Bank of Philadelphia President Patrick Harker participates in “Session III: Broader Labor Market Implications of Technology-Enabled Disruption” of the conference - 1800 GMT.
DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives introductory remarks before the conference - 0000 GMT.
FRIDAY, MAY 25 STOCKHOLM – Central Bank Governor Mark Carney from the Bank of England, Finland’s central bank manager Erkki Liikanen and central bank governor Jerome Powell from the Federal Reserve System participate in the Riksbank’s 350th conference – 0615 GMT. DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans and Federal Reserve Bank of Dallas President Robert Kaplan participate in “Session VIII: Policymaker Panel” before the Federal Reserve Banks of Dallas and Atlanta “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” conference - 1545 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives closing remarks before the Federal Reserve Banks of Dallas and Atlanta “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” conference - 1830 GMT TUESDAY, MAY 29 FRANKFURT - The European Central Bank releases monthly data on lending and money supply – 0800 GMT. TOKYO - Federal Reserve Bank of St. Louis President James Bullard gives presentation on the U.S. economy and monetary policy before the Japan Center for International Finance Global Finance Seminar- 0440 GMT. FRANKFURT - Frankfurt Finance Summit 2018.
WEDNESDAY, MAY 30 LONDON – Bank of England Macro-finance workshop 2018 (to May 31).
WASHINGTON, D.C. - U.S. Federal Reserve issues its Beige Book on economic condition - 1800 GMT. WELLINGTON - Reserve Bank of New Zealand publishes Financial Stability Report. OTTAWA - Bank of Canada key policy interest rate announcement and monetary policy report – 1400 GMT. THURSDAY, MAY 31 LONDON - The Bank of England and CEPR are holding a conference on Competition and Regulation in Financial Markets.
QUEBEC CITY, Canada - Speech by Sylvain Leduc, Bank of Canada Deputy Governor about Economic Progress Report – 1635 GMT.
WHISTLER, Canada - G7 finance and development ministers, as well as central bank governors will meet on the theme of “investing in growth that works for everyone” (to June 2). THURSDAY, JUNE 7
OTTAWA - Bank of Canada Governor Stephen Poloz and Bank of Canada Senior Deputy Governor Carolyn Wilkins will hold a press conference to discuss the contents of the Financial System Review – 1530 GMT.
MONDAY, JUNE 11 STOCKHOLM - Riksbank executive board meeting – 1100 GMT.
TUESDAY, JUNE 12 WASHINGTON, D.C. - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates (to June 13). WEDNESDAY, JUNE 13 REYKJAVIK - Bank of Iceland releases monetary policy statements.
WASHINGTON D.C. - U.S.Federal Reserve’s Federal Open Market Committee (FOMC) announces decision on interest rate, followed by statement – 1800 GMT. THURSDAY, JUNE 14 TOKYO - Bank of Japan holds Monetary Policy Meeting (to June 15).
FRANKFURT - ECB Governing Council meeting, followed by interest rate announcement (external meeting).
FRANKFURT - ECB President Mario Draghi holds a press conference, after the interest rate meeting (external meeting) – 1230 GMT.
FRIDAY, JUNE 15 FORT WORTH, Texas - Federal Reserve Bank of Dallas President Robert Kaplan speaks before a business leaders luncheon hosted by the Fort Worth Chamber of Commerce - 1700 GMT.
TOKYO - Bank of Japan holds Monetary Policy Meeting.
MONDAY, JUNE 18 STOCKHOLM - Riksbank general council meeting – 1100 GMT.
TUESDAY, JUNE 19 BRATISLAVA - Slovakia Central Bank Governor Jozef Makuch holds a news conference.
HELSINKI - Bank of Finland governor and European Central Bank governing council member Erkki Liikanen is due to hold a press conference in Finland. TOKYO - Bank of Japan releases Minutes of Monetary Policy Meeting held on Apr 26 and 27 – 2350.
THURSDAY, JUNE 21 BERN - Swiss National Bank Financial Stability Report 2018 – 0400 GMT. BERN - Swiss National Bank (SNB) Monetary policy assessment with news conference – 0730 GMT. OSLO - Norway Central Bank holds Announcement of the Executive Board’s interest rate decision and publication of Monetary Policy followed by press conference – 0800 GMT.
LONDON - Bank of England announces rate decision and publishes the minutes of the meeting, after the rate decision – 1100 GMT.
SUNDAY, JUNE 24 TOKYO - Bank of Japan to release summary of opinions from board members at its Jun. 14-15 policy meeting – 2350 GMT.
TUESDAY, JUNE 26 STOCKHOLM - Riksbank executive board meeting – 0700 GMT.
WEDNESDAY, JUNE 27 LONDON – Bank of England Financial Stability Report June 2018 – 0930 GMT. FRANKFURT - The European Central Bank releases monthly data on lending and money supply – 0800 GMT.
FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled.
THURSDAY, JUNE 28 FRANKFURT - General Council meeting of the ECB in Frankfurt. WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR).
NOTE: The inclusion of items in this diary does not necessarily mean that Reuters will file a story based on the event. For technical issues, please contact Thomson Reuters Customer Support (TRCS) here
| ashraq/financial-news-articles | https://www.reuters.com/article/diary-top-econ/diary-top-economic-events-to-june-28-idUSL3N1SI53Z |
The stock market is going to hit new highs as earnings continue to strengthen and the economy continues to do pretty well, Wall Street veteran Jeffrey Saut told CNBC on Monday.
U.S. equities traded higher Monday, with the Dow Jones industrial average surging 300 points as trade tensions eased.
"A lot of people have been influenced by the rockiness, if you will, of the S&P and the Dow. Meanwhile the underlying Russell 2000 and more importantly the Value Line Geometric Index , which is a much boarder-based index, are trading out to new all-time highs," said Saut, chief investment strategist at Raymond James.
"This is a whole new leg up for the equity markets," he told " Power Lunch. "
Gari Garaialde | Getty Images Revellers run with Nunez del Cuvillo's fighting bulls during the eighth day of the San Fermin Running of the Bulls festival on July 13, 2017 in Pamplona, Spain. Concerns about a possible trade war with China have been weighing on the markets. However, on Sunday Treasury Secretary Steven Mnuchin said the prospect of a trade war was "on hold" after an agreement to suspend tariff threats.
Saut, though, is looking at earnings, which are continuing to come in better than expected.
And he's not concerned about a strengthening U.S. dollar, which tends to hit multinational corporations. In fact, he called it a "double hit" for foreign investors.
"Not only are they getting rising stock prices but they are getting a currency trade as well," said Saut, who correctly predicted the market sell-off in February.
Jack Ablin, chief investment officer at Cresset Wealth Advisors, is adopting more of a wait-and-see attitude.
While stocks were cheered by the trade news, he pointed out that it is temporary.
"This is a bit of a false hope," Ablin said on "Power Lunch."
"I don't think that this is necessarily a percipience of a new leg up unless of course this news falls into place," he added.
On Monday, top Trump economic advisor Larry Kudlow told CNBC the U.S. would not rule out tariffs on China as a "negotiating" or "enforcement" tool, despite the progress being made in trade talks.
Ablin believes it all rests on what happens with the U.S. negotiations with North Korea . If they are a success then perhaps the trade agreement will continue as planned, he said.
President Donald Trump and North Korean leader Kim Jong Un are expected to meet on June 12 in Singapore. However, Kim has threatened to pull out of the high-level talks.
"If for some reason it doesn't happen or North Korea falls apart … we're back to the trade war with China again," he said. "It's still fluid."
Plus, he thinks if the U.S. backed away from a trade dispute from China "for real," then we would hear Commerce Secretary Wilbur Ross and trade advisor Peter Navarro "flapping their arms and stamping their feet and that's not what we're hearing right now."
How to trade it Ablin would stick with small-cap stocks both domestically and internationally, which he said are best positioned to handle rising interest rates and trade war risks. He'd stay away from big, global companies.
Saut likes the energy sector.
— CNBC's AJ Vielma contributed to this report.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/market-is-going-to-trade-out-to-new-highs-here-predicts-jeff-saut.html |
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