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KUALA LUMPUR (Reuters) - Congratulating Mahathir Mohamad on Friday for winning Malaysia’s election, the younger brother of the defeated former prime minister Najib Razak lamented the failure of past governments to overcome “structural rigidities and vested interest”.
Malaysia's CIMB Chairman Nazir Razak reacts at the launch of the report "Re-drawing the ASEAN Map: How companies are crafting new strategies in Southeast Asia" in Kuala Lumpur, in this January 14, 2015 file photo. REUTERS/Olivia Harris/Files The 92-year-old Mahathir, who had been prime minister for 22 years until his retirement in 2003, had run a fierce campaign to bring down his former protege Najib, accusing him of corruption on a massive scale.
Taking to social media a day after Mahathir was sworn in as prime minister, Nazir Razak, the chairman of Malaysia’s second largest bank, CIMB Group Holdings Bhd ( CIMB.KL ), said that the country required change.
“As I have argued ad nauseum, Malaysia needs major recalibration, but all attempts under the old order failed due to structural rigidities and vested interest,” Nazir said in an Instagram posting.
The ‘old order’ was embodied by the Barisan Nasional multi-ethnic coalition that had led Malaysia since independence from British colonial rule until its shock defeat this week by a new, also multi-ethnic, coalition led by Mahathir.
Nazir called Malaysia a new icon of democracy, saying it had “defied the odds and global trends with this peaceful transition to power in line with the will of the people”.
He also compared Mahathir with his late father, Malaysia’s second prime minister, Abdul Razak Hussein.
“Both of them share the same determination to nation-build to the best of their ability and limits of personal sacrifices.”
In the past, Nazir has criticized the “New Economic Policy” introduced by his late father in 1971, saying it had deviated from its original objective to eradicate poverty irrespective of race and eliminate identification of economic function with ethnicity.
The policy was perpetuated by every government including those led by Mahathir and Najib.
During that time it became mostly associated with affirmative action programs to boost the economic opportunities of the country’s majority ethnic Malays.
While Mahathir has often spoken of respect for the late Abdul Razak, he has described his decision to help Najib become prime minister as his greatest regret.
Mahathir came out of retirement to join imprisoned opposition leader Anwar Ibrahim to fight against Najib, having been angered by a scandal over the billions of dollars that had gone missing from state fund 1Malaysia Development Berhad (1MDB).
Najib, who congratulated Mahathir on his victory in a tweet on Thursday, has consistently denied any wrongdoing related to 1MDB.
In the months after the scandal first broke in 2015, Nazir said, without criticizing his brother, the handling of 1MDB had tarnished Malaysia’s image.
Reporting by Liz Lee; Editing by Simon Cameron-Moore
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-election-nazir/najibs-brother-says-malaysia-needs-change-idUSKBN1IC0WB |
SEOUL (Reuters) - U.S. President Donald Trump’s decision to cancel next month’s summit with North Korea’s Kim Jong Un came as shock to South Korean officials, who only days ago were publicly predicting a “99.9 percent” chance the meeting would proceed as scheduled.
South Korean President Moon Jae-in presides over the National Security Council at the Presidential Blue House in Seoul, South Korea, in this handout picture provided by the Presidential Blue House on May 25, 2018. The Presidential Blue House/Handout via Reuters Already on shaky ground amid stalled talks with North Korea, South Korea’s ability to fulfil its self-assigned role of mediator between Pyongyang and Washington suffered the biggest blow yet when Trump apparently failed to give his allies in Seoul a heads up about his announcement.
The setback follows months of diplomatic progress that led to a historic summit between Kim and South Korean President Moon Jae-in in April.
Some experts said the cancelled meeting might add to scepticism in Washington that Moon might have misled Trump on North Korea’s willingness to abandon its nuclear weapons programme, although U.S. officials have held at least two face-to-face meetings with Kim in recent weeks.
Coming just a day after Moon returned from a trip to Washington to convince Trump to proceed with the summit, the about-face also signalled friction between the old allies over how to deal with a nuclear-armed North Korea.
Pictures released by South Korea’s presidential Blue House showed a glum faced Moon in an emergency meeting with security advisers near midnight to review Trump’s letter to Kim cancelling the summit. Moon described the decision as “perplexing” and “regrettable”.
While sharing the goal of complete denuclearisation, Moon’s government is more eager for dialogue and has urged Washington to address the North’s security concerns even as Trump’s top aides warned Pyongyang to swiftly forsake its nuclear arsenal or face the fate of Libya.
“They overestimated what the North means in terms of denuclearisation and oversold it to Washington,” said Chun Yung-woo, a former South Korean nuclear negotiator.
“You get sick if you eat undercooked food. You get caught if you sell fake stuff as luxury.”
DIFFERENCES WITH THE U.S. Relations between North and South Korea, still technically at war after their 1950-53 conflict ended without a formal peace treaty, have dominated Moon’s first year in office.
Moon had been credited with creating conditions for peace by bringing the old foes on a diplomatic path, after North Korea’s relentless pursuit of a nuclear-armed missile capable of hitting the United States raised fears of a fresh war on the Korean peninsula.
But there was lingering concern among U.S. officials that Kim was not serious about relinquishing the nuclear weapons his country has developed for decades - an issue that will continue to complicate any future talks.
Moon will not be able to act on many of the agreements he made with Kim at their summit unless meaningful progress is made on the nuclear issue, which requires cooperation by the United States, said Cheon Seong-whun, a former secretary to the president for security strategy.
“President Moon’s very ambitious plan to redesign the security situation on the Korean peninsula will undoubtedly face a setback,” he said.
Even after U.S. Secretary of State Mike Pompeo travelled to Pyongyang and met Kim twice to confirm Kim’s commitment to denuclearisation, Trump has repeatedly warned the encounter might not take place or he could walk out if it looked like a deal was not possible on the North’s nuclear programme.
“The United States might have been discontent with the difference between what South Koreans told them about denuclearisation and what they actually found out when they met the North Koreans,” said Koh Yu-hwan, a professor in North Korea studies at Dongguk University in Seoul.
Moon may have made the wrong pitch when he met Trump in Washington this week in a bid to save the summit, Chun said.
“It was supposed to be about how they would get Kim to give up the nuclear programme, but (Moon) was adamant about having Trump and Kim meet in some way or another and keeping up his peace initiative,” Chun said.
SHORT-TERM HICCUP?
Moon held a historic summit of his own with Kim in April, with the two leaders smiling, holding hands and talking privately together. At the end of the meeting, the two declared a commitment to “complete denuclearisation” of the Korean peninsula.
Seoul officials said they would continue to push for talks between the North and the United States.
“We see the position of both countries remaining unchanged in that they seek to resolve any issue through dialogue,” Unification Ministry spokesman Baik Tae-hyun told a regular news briefing.
North Korea’s own measured reaction to Trump’s cancellation of the summit could add weight to the push, experts said. North Korea’s vice foreign minister expressed sadness the meeting had been called off, but praised Trump for making a bold decision to hold the summit and said the North was open to meeting at any time.
With tens of thousands of U.S. troops stationed in South Korea, and international sanctions restricting many interactions with North Korea, Moon will need to continue to cooperate with the United States.
The latest development won’t stop Moon from pursuing his goals of trying to bring the two sides together, said Lee Seong-hyon, a research fellow at Sejong Institute, nothing both the United States and North Korea kept the door open to continue dialogue.
“Moon sees this as his mission,” Lee said.
Writing by Josh Smith; Editing by Soyoung Kim and Lincoln Feast.
| ashraq/financial-news-articles | https://in.reuters.com/article/northkorea-missiles-moon/perplexed-and-disappointed-south-koreas-moon-regroups-after-mediation-failure-idINKCN1IQ0S9 |
Strong demand and a slim supply of affordable, existing homes for sale has the nation's homebuilders feeling better about their business.
A monthly index of builder sentiment rose 2 points in May, 1 point higher than analysts expected. The National Association of Home Builders sentiment index now stands at 70. Anything above 50 is considered positive. April's reading was revised down 1 point to 68. The index stood at 69 in May 2017.
"The solid May report shows that builders are buoyed by growing consumer demand for single-family homes," said NAHB Chairman Randy Noel, a custom homebuilder from LaPlace, Louisiana. "However, the record-high cost of lumber is hurting builders' bottom lines and making it more difficult to produce competitively priced houses for newcomers to the market."
Getty Images A worker stands on the roof of a home under construction at a new housing development in San Rafael, California. Prices for newly built homes continue to rise, as builders focus more on the move-up market as opposed to the entry level, where so much of the demand currently exists from millennial homebuyers. Builders point to higher costs for land, labor and materials, as making it too difficult to profit on low-priced homes.
Of the NAHB index's three components, current sales conditions increased 2 points to 76 in May. Buyer traffic and sales expectations in the next six months remained unchanged at 51 and 77, respectively.
"Tight housing inventory, employment gains and demographic tailwinds should continue to boost demand for newly built single-family homes," said Robert Dietz, chief economist of the NAHB. "With these fundamentals in place, the housing market should improve at a steady, gradual pace in the months ahead."
On a three-month moving average for regional scores, the West and Northeast held unchanged at 76 and 55, respectively. The South and Midwest each fell 1 point to 72 and 65. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/homebuilder-sentiment-rises-thanks-to-strong-demand-and-slim-supply.html |
PALO ALTO, Calif. (AP) _ HP Inc. (HPQ) on Tuesday reported fiscal second-quarter profit of $1.06 billion.
The Palo Alto, California-based company said it had net income of 64 cents per share. Earnings, adjusted for one-time gains and costs, were 48 cents per share.
The results matched Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was also for earnings of 48 cents per share.
The personal computer and printer maker posted revenue of $14 billion in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $13.59 billion.
For the current quarter ending in August, HP expects its per-share earnings to range from 49 cents to 52 cents.
The company expects full-year earnings in the range of $1.97 to $2.02 per share.
HP shares have risen roughly 2 percent since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 1 percent.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on HPQ at https://www.zacks.com/ap/HPQ | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/the-associated-press-hp-fiscal-2q-earnings-snapshot.html |
LONDON (Reuters) - The British government announced on Tuesday it was launching a new plan which aims to reduce air pollution and its costs on society by 1 billion pounds ($1.4 billion) a year by 2020.
FILE PHOTO: An exhaust emits fumes as a car is driven through Richmond in London, Britain, December 2, 2016. REUTERS/Peter Nicholls/File Photo The new plan comes just days after the European Commission said it would take Britain and five other European Union member states to the EU Court of Justice for failing to respect air quality limits.
Under the EU’s Air Quality Directive, member states were supposed to comply with nitrogen dioxide emission limits in 2010 - or by 2015 if they delivered plans to deal with high levels of the gas, which is produced mainly by diesel engines.
The Commission said Britain had failed to respect curbs on nitrogen dioxide which is associated with respiratory and other illnesses.
The government said its plan was on top of a 3.5 billion pound plan to reduce air pollution from road transport and diesel vehicles set out in July last year.
It would aim to halve the number of people living in locations where concentrations of particulate matter are above World Health Organisation limits, the government said.
In addition, legislation will be introduced to give local authorities powers to improve air quality and ensure only the cleanest domestic fuels were available for sale.
The government will also take action to tackle ammonia from farming by requiring farmers to invest in infrastructure and equipment that will reduce emissions.
It said it would reduce the costs of air pollution to society by an estimated 1 billion pounds a year by 2020, rising to 2.5 billion pounds a year from 2030.
The new strategy drew criticism from some lawmakers and environmental groups.
Caroline Lucas, co-leader of the Green Party, said the details of the plan looked “extremely underwhelming” and failed to be backed up with cash.
Reporting by Nina Chestney; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-pollution/uk-government-launches-plan-to-curb-air-pollution-idUSKCN1IN0ZB |
California almond growers brace for impact of China tariffs 1:38am EDT - 01:08
As the U.S. and China prepare for trade talks in Washington next week, farmers in California's Central Valley are bracing for the impact of China's increased tariffs on agricultural produce. Rough Cut (no reporter narration)
As the U.S. and China prepare for trade talks in Washington next week, farmers in California's Central Valley are bracing for the impact of China's increased tariffs on agricultural produce. Rough Cut (no reporter narration) //reut.rs/2KQyNg2 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/10/california-almond-growers-brace-for-impa?videoId=425467990 |
Chinese and U.S. envoys sparred at the World Trade Organization on Monday over U.S. President Donald Trump's claims that China steals American ideas, the subject of two lawsuits and a White House plan to slap huge punitive tariffs on Chinese goods.
U.S. Ambassador Dennis Shea said "forced technology transfer" was often an unwritten rule for companies trying to access China's burgeoning marketplace, especially if they were partnering with a state-owned or state-directed Chinese firm.
China's licensing and administrative rules forced foreign firms to share technology if they wanted to do business, while government officials could exploit vague investment rules to impose technology transfer requirements, he said.
"This is not the rule of law. In fact, it is Chinas laws themselves that enable this coercion," Shea told the WTO's dispute settlement body, according to a copy of his remarks provided to Reuters.
"Fundamentally, China has made the decision to engage in a systematic, state-directed, and non-market pursuit of other (WTO) members cutting-edge technology in service of Chinas industrial policy."
It was a lose-lose proposition for foreign investors, he said, and not just Americans. All countries would see their competitiveness eroded if China's policies were left unchecked.
China flatly rejected the criticism, which has spawned WTO disputes from both sides and a $50 billion tariff threat from Trump.
"There is no forced technology transfer in China," China's Ambassador Zhang Xiangchen told the meeting, adding that the U.S. argument involved a "presumption of guilt."
"But the fact is, nothing in these regulatory measures requires technology transfer from foreign companies."
The U.S. Trade Representative's office had failed to produce a single piece of evidence, and some of its claims were "pure speculation," he said, adding that the USTR saw Chinese M&A activity as a Chinese government conspiracy.
'Diligence and entrepreneurship'
Technology transfer was a normal commercial activity that benefited the United States most of all, he said, while Chinese innovation was driven by "the diligence and entrepreneurship of the Chinese people, investment in education and research, and efforts to improve the protection of intellectual property."
Legal experts say Washington needs WTO backing to implement its tariffs as far as they relate to WTO rules, while China has rejected the tariff plan wholesale and resorted to WTO action to stop it.
Under WTO rules, if disputes are not settled amicably after 60 days, the complainant can ask for a panel of experts to adjudicate, escalating the dispute and triggering a legal case that takes years to settle.
The United States, which launched its complaint on March 23, could have used the dispute meeting on Monday to take that step. China could do so at next month's meeting.
But since the dispute erupted, U.S.-China trade policy has been the subject of high-level bilateral talks.
Last week Trump tweeted cryptically that "our trade deal with China is moving along nicely" but said it probably needed a "different structure." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/us-and-china-clash-over-technology-transfer-at-the-wto.html |
iQIYI's new Yuke on demand movie theaters open in China. Photo credit: iQIYI, Inc. By Aaron Pressman 9:03 AM EDT
This is the web version of Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here .
Today brings news that ticks three of our favorite boxes at Data Sheet: Futurism (the future is already here, it’s just not evenly distributed), clicks to bricks (online retailers opening physical stores), and the growth of Chinese tech giants (via a unit of Baidu in this case). Aaron in for Adam on this four-day U.S. work week, thinking about the future of movies.
The actual news event is of the starting small variety. Baidu’s iQIYI, a video streaming service sometimes dubbed the Netflix of China, opened a tiny movie theater in the city of Zhongshang in the southern province of Guangdong. Adding a few dozen seats to the theater capacity of the city of about 3 million people sounds like a drop in the bucket.
But the new theater, called Yuke, is actually a series of mini-theaters, each with two to 10 seats, that can be rented by the hour to show any content available from iQIYI’s library. With cushy chairs, Dolby audio, and a screen much larger than a home TV, the on demand Yuke theaters represent a new hybrid way to consume streaming video. iQIYI, which went public in the United States a few months ago, says it plans to bring the Yuke concept to all of China’s major cities.
There have been rumors that Netflix was pondering a more traditional theater play , as well. The Los Angeles Times reported last month that Netflix considered buying the Landmark Theatres chain, but ultimately rejected the idea as too costly. With malls facing increasing vacancies, maybe something more like iQIYI’s on-demand mini-theaters would be a smarter move for Netflix.
Aaron Pressman @ampressman [email protected] NEWSWORTHY
Big time funding, 20th century style . Speaking of Chinese tech giants, Alibaba’s payments unit, Ant Financial , raised $10 billion in a private capital deal valuing the company at $150 billion, two and half times its value in a 2016 fundraising.
Big time funding, 21st century style . Digital currency startup block.one plans to complete a year-long initial coin offering this week after raising proceeds of $4 billion, making it the largest ICO ever. The company is building a platform for hosting web apps called EOS and has pledged to invest at least $1 billion in EOS developers.
Chips and dip . Apple is expected finally to allow outside developers to gain wider access to the wireless capabilities of the near-field communication chip in every iPhone. Apple has previously mostly limited use of the NFC chip to its own apps, including Apple Pay. But at WWDC next month, Apple will expand the “Core NFC” capability available to developers, tech news site The Information reported. That could allow iPhone owners to use their phones directly to unlock doors and pay transit fares, for example.
Chips and splits . Top Republican lawmakers have split with President Trump over barring Chinese telecom equipment makers like ZTE from operating in the United States. After ZTE was banned for violating sanctions against Iran, Trump said he wanted to negotiate a deal with China to spare the company, which is a significant customer of U.S. vendors like Qualcomm. On Sunday, Republican Senator Marco Rubio said the anti-ZTE proposals had enough votes to withstand a presidential veto. In possibly related news, Chinese regulators are said to be on the verge of approving Qualcomm’s $44 billion purchase of NXP Semiconductors after a lengthy delay.
Things that make you go hmm . Billionaire space fan Elon Musk continued his media criticism over the weekend, initially tweeting praise of an article that accused the Wall Street Journal and the New York Times of “slanted” coverage of the Tesla CEO. Turned out the web site that posted the article was linked to a sex-trafficking cult, and Musk deleted his tweet. As online discussions continued, however, Musk defended the article. “Sadly, it had better critical analysis than most non-cult media,” he tweeted.
Is it really this simple? The FBI asked all consumers and small businesses to take the first step in the IT fix-it manual by restarting their routers. Turning off and back on the data switching devices should help fend off a massive malware attack from Russia known as VPN Filter, the FBI said.
Not acceptable . The U.S. Equal Employment Opportunity Commission is reviewing whether Intel violated age discrimination laws in a massive layoff almost three years ago, the Wall Street Journal reports. Factors such as age, race, and other forbidden criteria “were not part of the process when we made those decisions,” Intel said.
Advertisement FOOD FOR THOUGHT
As we weigh social media’s impact on society, here’s one for the positive side of the ledger. At BuzzFeed, Gray Chapman is barking about the use of Facebook, Instagram, and other sites by animal shelters to help place abandoned dogs . The approach is helping save the lives of many animals that would otherwise be put down. A nonprofit called LifeLine that runs shelters in Atlanta has hired two full-time, on-site social media coordinators, she reports.
“Ten, fifteen years ago, these jobs wouldn’t have even existed,” says Neely Conway, LifeLine’s social media director. “And I can’t imagine them not existing now.”
With hundreds of animals in the facility, there’s no way LifeLine can give every single dog the full Glamour Shots treatment. Instead, shelter employees triage incoming dogs based on which will need the most help. A cute puppy or a purebred golden retriever is likely to get scooped up quickly even with a grainy intake mugshot; the stocky dogs with big, blocky heads that make up the majority of LifeLine’s population usually require a more strategic approach.
(Social media coordinator Kaitlyn Garrett) recalls a pit mix named Rusty whose shyness in the kennel was causing shelter visitors to walk right past her. “So, we changed her name to Turtle, got a new picture of her, did a PJ video, and boom, she got adopted.”
IN CASE YOU MISSED IT
Why Ashton Kutcher Donated $4 Million in Cryptocurrency to Charity By Polina Marinova
Atari Co-Founder Ted Dabney Dies at Age 81 By Lisa Marie Segarra
An ‘Emergency Sale’ of Bitcoins Just Earned $14 Million for German Law Enforcement By David Meyer
Woman Charged Over $7,000 for Toilet Paper Ordered on Amazon Is Finally Refunded Two Months Later By Sarah Gray
Amazon Is Picking Up ‘The Expanse’ From SyFy, Because Streaming Is Eating the Universe By David Z. Morris
Google Home Sales Outpace Amazon’s Echo for the First Time By Lisa Marie Segarra
Finance App Albert Raises $5 Million to Help You Solve Your Money Problems By Polina Marinova
Advertisement BEFORE YOU GO
Another beloved social science experiment has been called into question by additional research. Remember the test about how long kids could wait and not eat one marshmallow in order to receive two marshmallows later? Turns out the links to future successful behaviors as adolescents probably aren’t significant . May as well eat that one marshmallow now, I guess.
This edition of Data Sheet was curated by Aaron Pressman . Find past issues, and sign up for other Fortune newsletters . | ashraq/financial-news-articles | http://fortune.com/2018/05/29/data-sheet-on-demand-movie-theater-netflix/ |
United Parcel Service Inc. jacked up fees by 30% to $650 for the largest items it delivers to discourage shippers from putting kayaks, refrigerators and other oversize items into a network meant for smaller parcels.
The higher fee on “over maximum limit,” or overmax, items is currently $500 and will jump on June 4. “The charge is intended to encourage shippers to use the UPS Freight network for these large items,” UPS spokesman Glenn Zaccara said.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/ups-really-doesnt-want-to-ship-your-refrigerator-with-your-socks-1527104917 |
May 2, 2018 / 10:53 AM / Updated 8 minutes ago BRIEF-PJT Partners Reports Q1 Revenue $134 Million Reuters Staff
May 2 (Reuters) - PJT Partners Inc: * Q1 REVENUE $134 MILLION VERSUS I/B/E/S VIEW $143 MILLION
* INTEND TO REPURCHASE APPROXIMATELY 128,000 PARTNERSHIP UNITS FOR CASH IN MAY 2018
* QTRLY DILUTED NET INCOME PER SHARE OF CLASS A COMMON STOCK $0.24 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-pjt-partners-reports-q1-revenue-13/brief-pjt-partners-reports-q1-revenue-134-million-idUSASC09YWY |
I think we are seeing signs of wage growth: Economist 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/i-think-we-are-seeing-signs-of-wage-growth-economist.html |
CALGARY, Alberta, May 08, 2018 (GLOBE NEWSWIRE) -- STEP Energy Services Ltd. (the “Company” or “STEP”) is pleased to announce its financial and operating results for the three months ended March 31, 2018. This news release should be read in conjunction with Management’s Discussion and Analysis (“MD&A”), condensed unaudited consolidated interim financial statements and notes thereto as at and for the three months ended March 31, 2018 and the MD&A, Annual Information Form and audited consolidated financial statements as at and for the year ended December 31, 2017. The above documents are available at www.stepenergyservices.com or on SEDAR at www.sedar.com .
Q1 2018 FINANCIAL AND OPERATING Highlights
A hallmark of the first three months of 2018 was STEP’s announcement of the U.S.$275 million strategic acquisition of Tucker Energy Services Holdings, Inc. (“Tucker”). The transaction provides an efficient entry into the U.S. fracturing market, reduces commodity concentration risk and increases capital allocation flexibility. In addition to the acquisition, the Company continued to post strong performance, including increased operating days across all business segments, as well as record first quarter revenue.
Generated consolidated revenue of $187.6 million compared to $118.0 million during the same period of 2017. The increase is primarily attributable to the growth in deployed equipment, as well as improved utilization and pricing. Revenue per operating day for fracturing services of $247,779 increased by 13% relative to the same period in 2017, while coiled tubing revenue per operating day increased 6% to $45,102. Operating days increased 43% for fracturing and 47% for coiled tubing over the first quarter of 2017, largely due to additional deployed equipment combined with strong demand for STEP’s services. Adjusted EBITDA 1 increased 98% over the same period in 2017 to $41.8 million (or 22%), primarily attributable to strong utilization of an expanded fleet, cost control and operating efficiencies. Generated net income of $18.4 million, a 105% increase over $9.0 million for the same period in 2017. Exited the quarter with working capital of $128.1 million (including cash and cash equivalents of $40.3 million) and an undrawn $100.0 million credit facility.
Highlights SUBSEQUENT TO QUARTER END
On April 2, 2018 STEP closed the Tucker acquisition, increasing our geographic diversification with an efficient and strategic entry into the U.S. fracturing market in key high-growth basins, including access to existing long-tenured clients holding large acreage positions and multi-year drilling inventories. The acquisition was funded with a combination of cash on hand and net proceeds from a previously announced equity financing, with the balance funded from borrowings under the new credit facilities. Commensurate with the closing of the Tucker transaction, STEP secured a new $330 million revolving syndicated credit facility, a $10 million operating facility and a U.S.$7.5 million operating facility. The new credit facilities mature April 2, 2021 and may be extended for a period of up to 3 years with syndicate approval.
(1) See Non-IFRS Measures. “Adjusted EBITDA” is a financial measure not presented in accordance with IFRS and is equal to net income before finance costs, depreciation and amortization, loss (gain) on disposal of property and equipment, impairment, current and deferred income tax, share‐based compensation, transaction costs, unrealized foreign exchange forward contracts (gain) loss and foreign exchange (gain) loss.
Consolidated highlights
The Company’s consolidated first quarter financial and operating highlights are presented below.
FINANCIAL Three months ended March 31, ($000s except percentages, shares and per share amounts) 2018 2017 Consolidated revenue $ 187,593 $ 117,984 Net income (loss) attributable to shareholders $ 18,416 $ 8,992 Per share-basic $ 0.30 $ 0.18 Per share-diluted $ 0.29 $ 0.18 Adjusted EBITDA (1) $ 41,780 $ 21,140 Adjusted EBITDA % (1) 22 % 18 % OPERATIONAL Three months ended March 31, ($000s except per day, days, units, and HP) 2018 2017 Total fracturing operating days (1) 515 361 Fracturing revenue per operating day $ 247,779 $ 219,781 Fracturing capacity (HP): Average active HP 214,333 133,500 Exit active HP 225,000 145,000 Total HP (2) 297,500 297,500 Proppant pumped (tonnes) 209,000 147,900 Total coiled tubing operating days (1) 1,330 906 Coiled tubing revenue per operating day $ 45,102 $ 42,652 Coiled tubing capacity: Average active coiled tubing units 20 14 Exit active coiled tubing units 21 14 Total coiled tubing units 21 16 Capital expenditures $ 24,597 $ 20,943 (1) An operating day is defined as any coiled tubing and fracturing work that is performed in a 24 hour period, exclusive of support equipment.
(2) Represents total owned HP, of which 225,000 HP is currently deployed and the remainder of which requires certain maintenance and refurbishment.
BALANCE SHEET
($000s except shares and per share amounts) At as March 31, As at December 31, 2018 2017 Cash and cash equivalents $ 40,296 $ 36,859 Working capital $ 128,071 $ 121,032 Total assets $ 579,892 $ 533,845 Total long-term financial liabilities $ 7,311 $ 8,049 Shares outstanding Basic 60,434,971 60,309,738 Weighted average shares – basic 60,420,318 56,528,016 Weighted average shares – diluted 62,492,198 57,752,867 (1) See Non-IFRS Measures. “Adjusted EBITDA” is a financial measure not presented in accordance with IFRS and is equal to net income before finance costs, depreciation and amortization, loss (gain) on disposal of property and equipment, impairment, current and deferred income tax, share‐based compensation, transaction costs, unrealized foreign exchange forward contracts (gain) loss and foreign exchange (gain) loss.
Operations Review
STEP’s first quarter results reflect continued robust operational performance and expanded capacity with the deployment of an additional fracturing spread in Canada and two coiled tubing spreads in the U.S. Extreme weather conditions and third party sand delivery interruptions impacted some operations during the quarter, yet demand for STEP’s services drove higher equipment utilization relative to the same period in 2017. This stronger demand contributed to a 46% increase in total combined operating days relative to Q1 of 2017 and supported stronger pricing outcomes. Cost and operating efficiency improvements across the organization supported STEP generating record first quarter Adjusted EBITDA 1 .
Canadian Segment
STEP took delivery of its eighth fracturing spread during the first quarter of 2018. At quarter-end, the Company’s Canadian operations were comprised of 297,500 fracturing HP, of which eight fracturing spreads representing 225,000 HP and 13 purpose-built coiled tubing spreads were all staffed for 24-hour operations. Since the end of Q1 2017 STEP has activated 80,000 HP along with three deep capacity coiled tubing spreads.
The combined impact of additional capacity, improved utilization and higher pricing resulted in revenue increasing 50% during the first quarter of 2018 over the comparable period in 2017. Jobs that combined STEP’s coiled tubing and fracturing services represented approximately 32% of revenue for the three months ended March 31, 2018, higher than the 27% represented in Q4 2017, a reflection of the increased value realized by clients leveraging our integrated services.
The Canadian segment generated first quarter Adjusted EBITDA 1 of $34.2 million (or 21%) versus $20.4 million (or 19%) in the comparable period the prior year, despite being impacted by extreme weather and issues with sand delivery. The improvements are primarily attributable to improved pricing and utilization over an expanded fleet of deployed equipment, supported by cost containment measures and operating efficiencies.
U.S. Segment
As at March 31, 2018, STEP had eight active coiled tubing spreads in the U.S. servicing an expanding client list in the Permian and Eagle Ford basins in Texas and the Haynesville shale in Louisiana. STEP plans to take delivery of our ninth U.S. coiled tubing spread late in the second quarter, and two additional coiled tubing spreads during the second half of the year.
Continuing demand in completions activity in the U.S. since Q1 2017 has allowed STEP to deploy four deep-capacity coiled tubing spreads, including two in Q1 2018. Compared to the same period in 2017, revenue increased 174% in Q1 2018 supported by our growing client base and strong demand for units across all operating districts. This was complemented by a strengthening U.S. dollar which amplified realized corporate revenue per day by approximately 3%.
The U.S. segment generated Adjusted EBITDA 1 of $7.6 million (or 34%) compared to $0.7 million (or 8%) in Q1 2017. The increase is attributable to strong utilization over a larger fleet of deployed equipment, improved pricing fundamentals and operating efficiencies.
outlook
STEP’s completions commitments remain strong through Q2 2018, although management is anticipating that work deferrals may occur stemming from extended wet conditions related to the high amounts of winter snowfall. Through the back half of 2018, STEP’s outlook is positive with expectations of strong utilization for current active equipment.
Management anticipates Canadian drilling activity in 2018 will remain more focused on oil and liquids-rich gas plays given the strengthening of oil prices and the impact of continued weakness in natural gas prices in Canada. This reinforces STEP’s strategy to construct fit-for-purpose equipment to target shallow, oil-weighted areas where capital programs are anticipated to remain intact or expand. Should client drilling budgets expand, management anticipates there could be a shortage of pressure pumping equipment to service the incremental demand in Canada.
In the U.S., the market for completions activity remains robust and client inquiries continue to be supportive of deploying additional equipment to meet demand. The Company anticipates that our coiled tubing and recently acquired fracturing assets will experience strong utilization through 2018. Management believes that the impact of increased activity on fracturing demand could be compounded by labour constraints, attrition of older equipment and supply chain limitations which could extend the lead-time for construction, delivery and deployment of new capacity.
The demand for supply chain inputs is expected to drive modest cost inflation, specifically wage inflation for labour in the U.S. STEP will maintain our disciplined focus on operational efficiencies to assist with driving our financial performance. In addition, we will continue to monitor conditions in real-time to assess and anticipate the market’s ability to absorb new capacity and adjust our activities accordingly.
ANnual general meeting
STEP will hold its annual general meeting on June 25, 2018 at 10:00am MDT in the Bow Valley Club located at 250 6 Ave SW, Calgary, Alberta.
NON‐IFRS MEASURES
Please see the discussion in the Non‐IFRS Measures section of the MD&A for the reconciliation of non‐IFRS items to IFRS measures.
FORWARD‐LOOKING STATEMENTS
This document contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "should", "believe", "plans" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this document contains forward- looking information and statements pertaining to the following: commissioning and staffing of equipment; the ability to deploy additional equipment; utilization; monitoring of client capital budgets; pricing thresholds in the current commodity environment; cost inflation; maintenance costs; market conditions and industry activity levels; and the amount of capital expenditures in 2018.
The forward-looking information and statements contained in this document reflect several material factors and expectations and assumptions of the Company including, without limitation: that the Company will continue to conduct its operations in a manner consistent with past operations; the general continuance of current or, where applicable, assumed industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty and regulatory regimes; the impact of seasonal weather conditions; the Company’s ability to deploy equipment; and certain cost assumptions. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
The forward-looking information and statements included in this document are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: changes in the demand for or supply of the Company's services; unanticipated operating results; market uncertainty; the ability to access key components and shop capacity; the ability to attract and retain qualified personnel; changes in tax or environmental laws, or other regulatory matters; changes in the development plans of third parties; increased debt levels or debt service requirements; limited, unfavourable or a lack of access to capital markets; increased costs; the impact of competitors; and reliance on industry partners.
The forward-looking information and statements contained in this document speak only as of the date of the document, and none of the Company or its subsidiaries assumes any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws. The reader is cautioned not to place undue reliance on forward-looking information
About Step
STEP Energy Services is an oilfield service company founded in 2011 that provides fully integrated coiled tubing and fracturing solutions. STEP’s combination of modern, fit-for-purpose fracturing and coiled tubing equipment has differentiated it in plays where wells are deeper, have longer laterals, and higher pressure.
Initially operating only in Canada as a specialized, deep capacity coiled tubing provider, STEP’s service offering has expanded to include fully integrated coiled tubing and fracturing solutions in Canada and in the U.S. STEP operates in the Montney, Duvernay, and Viking in Canada, and in the Anadarko, Arkoma, Permian, Eagle Ford, and Haynesville in the U.S. STEP’s track record of safety, efficiency and execution drives repeat business from its blue-chip exploration and production clients.
For more information please contact:
Regan Davis
President & Chief Executive Officer
Telephone: 403-457-1772
Email: [email protected] .
Web: www.stepenergyservices.com 1 See Non-IFRS Measures. “Adjusted EBITDA” is a financial measure not presented in accordance with IFRS and is equal to net income before finance costs, depreciation and amortization, loss (gain) on disposal of property and equipment, impairment, current and deferred income tax, share‐based compensation, transaction costs, unrealized foreign exchange forward contracts (gain) loss and foreign exchange (gain) loss .
Source: STEP Energy Services Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-step-energy-services-ltd-reports-record-first-quarter-2018-financial-and-operating-results.html |
7:55 PM ET Tue, 15 Nov 2016 | 01:13
It's no secret that living in California can be expensive. The average price for a home there is $537,315, compared to a national average of $268,500. But in the most expensive ZIP code in the Golden State, prices can reach more than 10 times that amount.
That's according to financial website GOBankingRates, which collected median home values and mortgage data from Zillow, as well as Bureau of Labor Statistics-based cost of living data for 48 states and the District of Columbia, in order to identify the nation's most expensive ZIP codes.
And, according to the findings, the most expensive ZIP code in California may not be where you think.
While places like San Francisco and San Jose tout average home prices beyond $1,000,000 , the state's most expensive ZIP is actually 94027, or Atherton, where the average home could cost you about $7 million . show chapters 1:24 PM ET Fri, 7 April 2017 | 01:23
"Leave it to the Bay Area to host the most expensive ZIP code in the United States," says GOBankingRates. "Living expenses, such as the cost of groceries and health care, are above-average, but it's the cost of housing that raises the bar."
To calculate exactly how much you'd need to earn to live there comfortably, GOBankingRates used the 50-30-20 budget rule : 50 percent of your income would be used to cover necessities, 30 percent is discretionary income and 20 percent is allocated to savings.
"Monthly costs were totaled and multiplied by 12 to get the annual dollar cost of necessities in each ZIP code," writes GOBankingRates. "This dollar amount for necessities was then doubled to find the actual annual income needed to live in the location."
Zillow Home Value Index for 94027. Data through Mar 31, 2018.
Based on that data, here's how much it costs to live comfortably in 94027: Necessities: $334,039 Savings: $133,616 Total income needed: $668,078
With the average home bordering on $7 million, mortgage payments average $26,000 a month or more than $310,000 a year.
And prices continue to rise. Home values in Atherton have gone up more than 17 percent over the past year, Zillow notes , and are expected to rise 8 percent more within the next year.
If you're looking for a home, experts suggest making sure you're ready to transition from renting . Here are some tips to help you get started. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/atherton-is-the-most-expensive-zip-code-in-california.html |
U.S. exit from Iran deal puts pressure on European planemakers 8:58pm IST - 01:52
America's withdrawal from the Iran nuclear accord signals the collapse of $38 billion in plane deals between Tehran and Western companies and leaves Airbus facing greater risks than arch-rival Boeing, according to people involved in the deals. David Pollard reports
America's withdrawal from the Iran nuclear accord signals the collapse of $38 billion in plane deals between Tehran and Western companies and leaves Airbus facing greater risks than arch-rival Boeing, according to people involved in the deals. David Pollard reports //reut.rs/2G1moC2 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/09/us-exit-from-iran-deal-puts-pressure-on?videoId=425284660 |
May 15 (Reuters) - Aldeyra Therapeutics Inc:
* ALDEYRA THERAPEUTICS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.43 * Q1 EARNINGS PER SHARE VIEW $-0.39 — THOMSON REUTERS I/B/E/S
* QTRLY BASIC AND DILUTED NET LOSS PER SHARE $0.43 Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-aldeyra-therapeutics-announces-q1/brief-aldeyra-therapeutics-announces-q1-loss-per-share-0-43-idUSASC0A28U |
ROTTERDAM, Netherlands--(BUSINESS WIRE)-- LBC Tank Terminals announced today it will hold a conference call to discuss its financial results for Q3 FY18 which ended on 31 March 2018.
The results will be published today, Tuesday, 29 th May 2018, followed by a conference call for all investors on Monday, 11 th June 2018 at 16:00 (Central European Summer Time) / 10:00 (Eastern Daylight Time).
Call details and copies of the financial statements will be made available on the Intralinks website.
Investors of LBC Tank Terminals Holding Netherlands B.V. Senior Notes, due 2023, can request access to Intralinks by contacting [email protected] .
LBC Tank Terminals
LBC Tank Terminals is a top-tier global independent operator of bulk liquid storage facilities for petrochemicals, petroleum products and base oil products. LBC owns and operates a global network of terminals at key locations in the United States, Europe and China, while offering loading / unloading services for all modes of transportation. Underlying the entire ethos of the company is our focus on corporate and social governance in which we strive to have a positive effect upon society and ensure that there is no such thing as a dangerous product, at least not when under our care. More information is available at www.lbctt.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005880/en/
LBC Belgium Holding NV
Steven Pauwels, 0032 15 28 73 10
[email protected]
Source: LBC Tank Terminals | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-lbc-tank-terminals-holding-netherlands-b-v-announces-q3-fy18-financial-results-conference-call.html |
Golden State Warriors guard Stephen Curry is close to a deal to host a PGA Tour event in the fall of 2019, according to an ESPN report.
May 16, 2018; Houston, TX, USA; Golden State Warriors guard Stephen Curry (30) moves the ball against Houston Rockets guard James Harden (13) during the second half in game two of the Western conference finals of the 2018 NBA Playoffs at Toyota Center. Mandatory Credit: Thomas B. Shea-USA TODAY Sports Per the report, representatives at Curry’s agency, Octagon, are working with the PGA Tour to finalize an agreement and have reached out to prospective sponsors. Both sides have confirmed to ESPN that discussions have taken place, but the deal has been kept quiet as Curry wants to keep the focus on the NBA playoffs, where his Warriors are tied 1-1 with the Houston Rockets in the Western Conference finals.
“There’s no doubt Stephen Curry brings a young, new, diverse audience to the PGA Tour through his passion for this great game and support for the community,” PGA Tour spokeswoman Laura Neal told ESPN. “We’re excited about the prospect of partnering with an iconic athlete of his caliber in the future.”
Curry, 30, is a scratch golfer who has been vocal about his love for the sport. He played two rounds in a Web.com Tour event in California last August, finishing 148th in a 152-person field and missing the cut by eight strokes after shooting two rounds of 4-over-par 74.
“Besides family and basketball, philanthropy, investing, technology and golf are high up on his list,” Frank Zecca, a managing director at Octagon, told ESPN. “Culinary, community and the Bay Area are also priorities.”
If the event is finalized, Curry would not plan to play in the tournament, from which the money raised would go to Curry’s charity, the Curry Family Foundation, according to ESPN.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-gsw-curry-pga/report-warriors-curry-plans-to-host-pga-event-idUSKCN1IJ09F |
TSX: GPR
NYSE American: GPL
VANCOUVER, May 2, 2018 /PRNewswire/ - GREAT PANTHER SILVER LIMITED (TSX: GPR) (NYSE American: GPL) ("Great Panther"; or the "Company") today reported financial results for the Company's three months ended March 31, 2018. The full version of the Company's unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") can be viewed on the Company's website at www.greatpanther.com or on SEDAR at www.sedar.com . All financial information is prepared in accordance with International Financial Reporting Standards ("IFRS"), except as noted in the Non-GAAP Measures section of the MD&A. All dollar amounts are expressed in US dollars ("USD"), unless otherwise noted.
"Great Panther's revenues were up 38% reflecting the normal operation of the Topia processing plant compared to the first quarter of last year when it was suspended for planned upgrades", stated Jim Bannantine, President and CEO. "We continue to focus our efforts on advancing the Coricancha project, and we expect to release an economic study before the end of this quarter. Our balance sheet remains strong and our cash position increased to just over $60 million as we continue to fund Coricancha from the cash flows from our operations in Mexico."
OPERATIONAL AND FINANCIAL HIGHLIGHTS
Q1 2018
Q1 2017
Change
Q4 2017
Change
OPERATING RESULTS
Tonnes milled
96,869
82,656
17%
98,396
-2%
Ag eq oz produced 1
1,031,937
730,186
41%
1,065,773
-3%
Silver production - ounces
491,063
366,435
34%
514,218
-5%
Gold production - ounces
5,831
5,178
13%
5,931
-2%
Payable silver ounces
476,325
344,995
38%
516,078
-8%
Ag eq oz sold
971,189
680,984
43%
1,038,023
-6%
Cost per tonne milled 2
$
121
$
88
38%
$
116
4%
Cash cost 2
$
5.39
$
3.54
52%
$
7.25
-26%
Cash cost per Ag eq oz 2
$
12.76
$
10.99
16%
$
13.18
-3%
All in Sustaining Cost (AISC) 2
$
12.33
$
19.55
-37%
$
14.72
-16%
AISC per Ag eq oz 2
$
16.16
$
19.10
-15%
$
16.89
-4%
(in 000's, unless otherwise noted)
Q1 2018
Q1 2017
Change
Q4 2017
Change
FINANCIAL RESULTS
Revenue
$
17,019
$
12,371
38%
$
17,384
-2%
Mine operating earnings before non-cash items 2
$
5,225
$
5,445
-4%
$
4,962
5%
Mine operating earnings
$
4,019
$
4,662
-14%
$
3,755
7%
Net income (loss)
$
(97)
$
3,040
-103%
$
(1,918)
95%
Adjusted EBITDA 2
$
415
$
2,134
-81%
$
904
-54%
Operating cash flows before changes in
non-cash net working capital
$
118
$
894
-87%
$
618
-81%
Cash and short-term deposits at end of period
$
60,884
$
53,158
15%
$
56,888
7%
Net working capital at end of period
$
67,076
$
69,281
-3%
$
65,965
2%
Average realized silver price per oz 3
$
16.36
$
19.33
-15%
$
16.86
-3%
Average realized gold price per oz 3
$
1,363
$
1,297
5%
$
1,292
5%
Earnings (loss) per share – basic and diluted
$
(0.00)
$
0.02
-100%
$
(0.01)
100%
1
Silver equivalent ounces are referred to throughout this document. Ag eq oz are calculated using a 70:1 Ag:Au ratio and ratios of 1:0.0559 and 1:0.0676 for the price/ounce of silver to lead and zinc price/pound, respectively, and applied to the relevant metal content of the concentrates produced, expected to be produced, or sold from operations.
2
The Company has included the non-GAAP performance measures cost per tonne milled, cash cost, cash cost per Ag eq oz, AISC, AISC per Ag eq oz, mine operating earnings before non-cash items, cost of sales before non-cash items and adjusted EBITDA throughout this document. Refer to the Non-GAAP Measures section of the MD&A for an explanation of these measures and reconciliation to the Company's financial results reported in accordance with IFRS. As these are not standardized measures, they may not be directly comparable to similarly titled measures used by others.
3
Average realized silver price is prior to smelting and refining charges.
REVIEW OF FINANCIAL RESULTS
Revenue increased by $4.6 million or 38% compared to the first quarter of 2017. This was primarily attributable to an increase in metal sales volumes ($5.6 million effect) as there were negligible metal sales for Topia during the first quarter of 2017 due to the suspension of milling operations for plant upgrades, and an increase in gold prices ($0.4 million effect). This was partly offset by a decrease in silver prices ($1.4 million effect). The Company's average realized silver price for the first quarter of 2018 was $16.36 per oz compared to $19.33 per oz during the first quarter of 2017.
The increase in metal sales volume resulted in a corresponding increase in production costs for the first quarter of 2018, compared to the first quarter of 2017 (approximate $3.2 million increase). Production costs also increased in MXN terms as a result of mining narrower veins at the GMC (which causes more waste material to be mined), along with rate increases for mining contractors ($0.4 million effect). Another factor in the increase of production costs was the strengthening of the MXN against the USD which had the impact of increasing costs in USD terms by $0.8 million.
Mine operating earnings before non-cash items decreased by $0.2 million relative to the first quarter of 2017 as the $4.9 million increase in production costs exceeded the $4.6 million increase in revenue.
Amortization and depletion increased compared to the first quarter of 2017 due to depreciation of the new tailings filtration and handling facilities at Topia that were commissioned in the second quarter of 2017.
G&A expenses for the first quarter of 2018 increased 3% compared to the same period in 2017, primarily due to higher share-based compensation.
Exploration, evaluation and development ("EE&D") expenses for the first quarter of 2018 increased $1.4 million or 70% compared to the same period in 2017, mainly due to $1.5 million of care and maintenance and project expenditures related to Coricancha, which was acquired on June 30, 2017. The first quarter of 2017 included $0.3 million of Coricancha pre-acquisition EE&D costs related to technical evaluation, integration planning and pre-closing legal and professional fees. The Company will continue to expense costs associated with the ongoing care and maintenance of Coricancha and any project costs associated with evaluating the return of Coricancha to production until such time as a positive decision is made to restart the mine. EE&D expenditures for the first quarter of 2018 also included $0.6 million of additional corporate development costs, due to a higher level of activity associated with the evaluation of potential acquisitions.
Finance and other income (expense) primarily reflects interest income or expense and foreign exchange gains and losses. During the quarter ended March 31, 2018, the Company had foreign exchange gains of $0.7 million compared to $1.8 million in the first quarter of 2017. The foreign exchange gains recorded in both periods were primarily as a result of the forward contracts to purchase MXN to fund operating expenditures in Mexico.
The first quarter of 2018 reflected a net loss of $0.1 million compared to net income of $3.0 million in the first quarter of 2017. The change was largely accounted for by the $1.4 million increase in EE&D expenses, $1.1 million decrease in finance and other income, and $0.6 million decrease in mine operating earnings.
Adjusted EBITDA was $0.4 million in the first quarter of 2018, compared to $2.1 million in the first quarter of 2017. The decrease largely reflects a $1.4 million increase in EE&D expenses and a $0.2 million decrease in mine operating earnings before non-cash items.
Refer to the Company's MD&A for the three months ended March 31, 2018 for more details of the financial results.
CASH COST AND ALL-IN SUSTAINING COSTS
Cash cost per silver payable ounce ("cash cost") for the first quarter of 2018 increased over the first quarter of 2017 primarily due to higher MXN production costs as discussed above which had the effect of increasing cash cost by $8.97 per payable silver ounce ("per oz"). In addition, the strengthening of the MXN against the USD accounted for a further $1.25 per oz increase. These factors were partly offset by an increase in by-product credits associated with higher volumes sold for gold, lead and zinc and higher realized prices for gold (together, a $7.47 per oz). Payable silver volumes were also higher in the first quarter of 2018 than in the first quarter of 2017, which reduced cash cost by a further $0.98 per oz. The full operation of Topia accounted for an approximate net $2.60 per oz increase in consolidated cash cost.
All-in sustaining cost per silver payable ounce ("AISC") during the first quarter of 2018 decreased from the first quarter of 2017 primarily due to lower sustaining exploration, evaluation and development expenses ("EE&D") and lower capital expenditures ($4.66 per oz effect). These were partly offset by the increase in cash cost ($1.85 per oz effect) as discussed above. The increased number of payable silver ounces had the effect of decreasing AISC ($4.41 per oz effect).
Refer to the Company's MD&A for the three months ended March 31, 2018, for further discussion of cash cost and AISC, and for a reconciliation to the Company's financial results as reported under IFRS.
CASH, SHORT-TERM DEPOSITS AND WORKING CAPITAL AT MARCH 31, 2018
At March 31, 2018, the Company had cash and short-term deposits of $60.9 million, compared to $56.9 million at December 31, 2017. The Company does not have any debt.
Cash and short-term deposits increased by $4.0 million in the first three months of 2018 primarily due to $4.1 million of cash generated by operating activities, $0.1 million in proceeds from the exercise of stock options and $0.1 million in foreign exchange gains on cash balances. These factors were partly offset by $0.3 million in additions to plant and equipment.
Net working capital was $67.1 million as at March 31, 2018, an increase of $1.1 million from the start of the year.
OUTLOOK
The Company's production and cost guidance for the year ending December 31, 2018 remains unchanged:
Production and cash cost guidance
Q1 2018 Actual
FY 2018 Guidance
FY 2017 Actual
Total silver equivalent ounces 4
1,031,937
4,000,000 - 4,100,000
3,978,731
Cash cost 5
$5.39
$5.00 – 6.50
$5.76
AISC 2
$12.33
$12.50 – 14.50
$15.07
It is cautioned that cash cost and AISC are very sensitive to the Mexican peso foreign exchange rate and metal prices through the computation of by-product credits.
The Company's guidance for capital expenditures and EE&D expenses for the year ended December 31, 2018 also remains unchanged:
Capex and EE&D expense guidance (in millions)
Q1 2018 Actual
FY 2018 Guidance
FY 2017 Actual
Capital expenditures, excluding acquisition cost and capital expenditures associated with Coricancha
$0.3
$2.5 - $3.5
$4.4
EE&D – operating mines (excluding Coricancha)
$1.3
$5.0 - $6.0
$5.2
The focus for 2018 is to maintain steady and efficient operations in Mexico, while advancing the Company's Coricancha Mine Complex in Peru to set a platform for production growth in 2019 and 2020. While still in the early stage of evaluation, based upon historic production records, Coricancha has the potential to add 3 million Ag eq oz of annual production.
As noted, the Company is currently undertaking technical, economic and environmental evaluations to assess a restart of the mine, and plans to release the results of additional technical and economic studies for the project in the current quarter. Depending on the outcome of these evaluations, investments in connection with a restart of the mine could commence in 2018.
The Company continues to seek and evaluate additional acquisition opportunities in the Americas to meet the Company's growth objectives. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-great-panther-silver-reports-first-quarter-2018-financial-results.html |
MADRID (Reuters) - The Spanish government got parliament’s backing on Wednesday for its 2018 budget after the Basque Nationalist Party (PNV) lent its support, avoiding delays some had feared the political stand-off in Catalonia would cause.
The ruling centre-right People’s Party needed support from the PNV to get the much-delayed budget through parliament because it lacks a parliamentary majority.
“The PNV has adopted this decision ... putting the interests of the citizens of Euskadi (the Basque region) over those of the Basque Nationalist Party,” it said in a statement.
It had previously said it would support the budget only if Rajoy lifted direct rule over Catalonia, imposed by Madrid after the region declared independence from Spain in October.
On Wednesday, the Basque party said it hoped its decision would contribute to the early lifting of article 155, which enabled the direct intervention of Madrid in Catalonia. Voting against the budget would represent a gesture without real effects for Catalonia, it said.
“Far from constituting a blank check to the PP government, this decision allows the PNV to maintain its capacity of political influence in order to contribute to a dialogue and a solution in Catalonia,” the PNV said.
The Basque Nationalist Party announced its decision before the vote in parliament, which is expected to take place later on Wednesday.
The Spanish government has so far maintained its direct rule of Catalonia. It objects to Catalan leader Quim Torra’s choices to become Catalan councillors, four of whom face charges related to last year’s independence drive.
The budget proposal contains pension increases agreed with the Basques. Spain, which has a deficit target for 2018 of 2.2 percent of economic output, expects its economy to grow 2.7 percent this year.
Reporting by Jesús Aguado and Sonya Dowsett; editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-politics-budget/spains-government-secures-parliamentary-backing-for-2018-budget-idUSKCN1IO2A0 |
May 30, 2018 / 7:30 AM / Updated 4 hours ago Daily Briefing: A summer election for Italy? Mark John , Mike Dolan 8 Min Read
LONDON (Reuters) - Italy may be heading towards snap elections earlier than most had assumed after the ex-IMF official named to appoint a stopgap government struggled even to do that. Former senior International Monetary Fund official Carlo Cottarelli arrives for a meeting with the Italian President Sergio Mattarella at the Quirinal Palace in Rome, May 29, 2018
July 29 is now being touted as a possible date after Carlo Cottarelli yesterday met the country’s president and then left without making any statement. That only underlined the fact that any government Cottarelli pulls together would be voted down in parliament by would-be coalition partners 5-Star and League.
An opinion poll published this morning showed how the far-right League in particular is benefiting from this showdown with the Italian establishment: support for it is up eight points on its score in the March elections to 25 percent; 5-Star meanwhile is steady on around 33 percent, meaning the two would have a decent majority in a future parliament. The anti-establishment looks increasingly in the driving seat.
While instability in Italy is the biggest potential threat on Europe’s economic landscape right now, next month’s referendum on a radical “sovereign money” plan in Switzerland is becoming more prominent on policy-makers’ radar screens.
The move would upend Switzerland’s traditional monetary system by barring commercial banks from creating new electronic money every time they extend credit: Only the Swiss central bank would be allowed to increase the money supply.
Switzerland risks being plunged into an "unnecessary and dangerous experiment" if it adopts the scheme on June 10, Swiss National Bank Chairman Thomas Jordan has warned. For now, that looks unlikely: A poll released today showed 54 percent of respondents opposed the plan with 34 percent in favour and 12 percent undecided. “Putin’s regime takes aim at those who cannot be broken or intimidated” Anton Gerashchenko, Ukrainian MP
Investigators in Ukraine are looking into the shooting of a prominent Russian journalist and critic of President Vladimir Putin. Arkady Babchenko, 41, died of his wounds in an ambulance after his wife found him covered in his blood in their home, police said, adding they suspected the murder was due to Babchenko's professional activities.
Babchenko left Russia fearing for his life after criticising Russian policy in Ukraine and Syria. The Russian foreign ministry has issued a statement implying the fault lay with Kiev, saying journalists "were being killed with impunity in Ukraine".
MARKETS AT 0655 GMT
After a withering Tuesday in which a market slump and political standoff in Italy rocked global markets, there are some signs of a breather early on Wednesday. Ukrainian police officers guard as flowers are placed near the entrance to a house where Russian journalist Arkady Babchenko was shot and died of his wounds in an ambulance, in Kiev, Ukraine May 29, 2018
The worst-case financial scenarios from the Italian hiatus and spiralling government borrowing cost have all been factored in by investors, and the potential damage of re-run of the 2011-2012 euro crisis has unnerved investors worldwide, fearful of banking sector contagion and a hit to business confidence from euro breakup talk.
Wall St stocks and the major Asian bourses all retreated sharply over the past 24 hours, with demands for safety plays evident in hefty bids for U.S. Treasury bonds, German Bunds, Japan’s yen, Swiss francs and other euro satellite currencies.
But as the domestic political story smoulders – with talk of elections as soon as July amid reports stopgap PM Cottarelli will not be able to form a government either – Italian bonds have found something of a foothold first thing this morning.
As Italy prepares to auction five- and 10-year bonds later on Wednesday, the 10-year yield fell back about 10 basis points from yesterday’s closing levels to just above 3 percent and a spread over Germany of 270 basis points - 12 basis points below Tuesday’s peaks. Two-year yields, where much of the dramatic selling was seen yesterday, were some 30 basis points down on the day.
Cottarelli is expected to return later to detail to President Mattarella his plans, and opinion polls show support for both anti-establishment 5-Star and the League either holding up or improving during their failed attempt at forming a government.
On the other hand, credit ratings firm DBRS said Italy’s long average bond maturities made its debt situation still manageable and banks, such as Barclays, issued notes saying the likelihood of an Italian euro exit remained extremely low – not least because the still outside chance of a referendum on euro membership would require a super-majority of two-thirds support to pass.
Markets have also started to speculate about how the European Central Bank will react to further sharp movements in Italy’s debt markets and any sign of stress emerging in its domestic banking sector - the big potential weak link in this market blowout - as factors it could argue compromised the conduct of its euro-wide monetary policy.
Although European stocks were set to tick lower again at the open, Wall St futures were slightly higher as Italian bonds stabilised. Euro/dollar was also firmer at $1.1575, after falling close to $1.15 on Tuesday. Ten-year Treasury yields rebounded to 2.84 percent.
Italy aside, Asia stock markets were also hit by reports the United States planned to push ahead with protectionist trade measures against China and Beijing’s angry reaction. Shanghai was down more than 2 percent, with HK, Seoul and Japan’s Nikkei down more than 1 percent.
In emerging markets, Turkey’s lira traded slightly stronger in a third day of gains as investors gear up for the new interest rate regime coming into force on Friday. However, Moody’s credit ratings firm this morning slashed its Turkish growth forecast to 2.5 percent from 4 percent and said President Tayyip Erdogan’s statement on tightening his grip on monetary policy after elections next month had weakened the central bank’s independence.
— A look at the day ahead from European Economics and Politics Editor Mark John and EMEA markets editor Mike Dolan. The views expressed are their own. — | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-view-wednesday/daily-briefing-a-summer-election-for-italy-idUKKCN1IV0PO |
Aaron Schlossberg, the New York-based lawyer whose racist rant in a Manhattan eatery spurred a viral video on May 16, issued an apology on social media on Tuesday.
"To the people I insulted, I apologize," Schlossberg wrote in a message he posted on Twitter and LinkedIn. "I am not a racist," he added, claiming that the video in question did not capture "the real me." The apology came nearly a full week after Schlossberg's rant aimed at Spanish-speaking employees of a Manhattan restaurant went viral online and after two local elected officials told CNN that they filed a complaint with a New York court seeking to have Schlossberg's license to practice law suspended.
On Thursday, Kevin O'Leary, an entrepreneur and investor on ABC's "Shark Tank," said that Schlossberg is "an idiot" whose career could now be over. He told CNBC Make It that there "is not damage-control" for any business-owner who goes on a very public racist rant.
Now, in the wake of Schlossberg's apology, O'Leary tells CNBC Make It that the "mea culpa" should only be the first step if the lawyer wants to repair his reputation.
"Admitting this is unacceptable to anyone, apologizing and asking for forgiveness are good first steps," O'Leary says. "But actions, not words, are going to be what others will be measuring going forward."
TWEET
"If you go on a racist rant, you've finished your career pretty well. And, if that's who you really are, your career should be finished," O'Leary said on Thursday.
After social media users identified Schlossberg as the man in the video, a Yelp page for his law firm, the Law Office of Aaron M. Schlossberg, was bombarded with one-star reviews from users commenting on his viral rant. Yelp even had to suspend reviews on the firm with a note saying the page is undergoing an "active cleanup alert," as a result of the flood of posts reacting to Schlossberg's news coverage.
show chapters Kevin O'Leary shares his No. 1 trick for tipping at a restaurant 11:48 AM ET Wed, 14 March 2018 | 00:47 CNBC Make It asked O'Leary if he expects the law firm's reputation to rebound from such negative exposure. But the "Shark Tank" star had little in the way of encouragement for Schlossberg.
"You know, that guy's an idiot," O'Leary said bluntly. "I'm not sure he's coming back. If that's really how he thinks about people, he doesn't deserve to come back."
O'Leary added that while everyone is entitled to their own opinion, you have to be careful about how you voice that opinion. "Those that go on rants, any kind of a rant — look, you deserve to say what you like, but you have to be respectful," he said. "And when you say things that are racist or sexist, you're just an idiot."
The entrepreneur and investor also said that business owners must always be mindful of the power and scope of social media, which O'Leary noted "can broadcast all of the good things you say, but more importantly it can also broadcast all of the mistakes you make."
After all, "what goes digital stays out there forever," he said.
"Think about what you're saying and who you're saying it to with the assumption that somebody's listening, somebody's watching and somebody will post it," O'Leary told CNBC Make It. "That's just the digital world we live in today."
Schlossberg discovered the perils of online infamy last week after tens of thousands of people shared a smartphone video showing him berating Spanish-speaking employees in the midtown Manhattan restaurant Fresh Kitchen. The video shows the lawyer threatening to call federal immigration authorities to have the employees in question "kicked out of my country."
Schlossberg has also been captured in other videos that surfaced recently in which he angrily confronted strangers.
This is an updated version of a previously published story .
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show chapters There have been over 100 bids for a '96 Honda Accord thanks to this viral ad 11:05 AM ET Wed, 8 Nov 2017 | 01:14 Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/new-york-lawyer-whose-racist-rant-went-viral-apologizes.html |
May 15 (Reuters) - Tyson Foods Inc:
* TYSON FOODS BUILDS ON ITS COMMITMENT TO SUSTAINABILITY THROUGH ACQUISITION OF AMERICAN PROTEINS AND AMPRO PRODUCTS ASSETS
* TYSON FOODS INC - PURCHASE PRICE IS APPROXIMATELY $850 MILLION.
* TYSON FOODS - TO BUY POULTRY RENDERING AND BLENDING ASSETS OF AMERICAN PROTEINS AND AMPRO PRODUCTS Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tyson-foods-to-buy-poultry-renderi/brief-tyson-foods-to-buy-poultry-rendering-blending-assets-of-american-proteins-and-ampro-products-idUSASC0A2BO |
Indian city struggles with 'world's worst air' 8:05am EDT - 02:00
In the world's most polluted city, Kanpur in northern India, the biggest hospital is so overcrowded with patients with respiratory ailments that they are often bedded in the ophthalmology ward.Kanpur, home to 3 million people, is followed by 13 other Indian cities in a list of the places with the worst air in the world, according to rankings released this month by the World Health Organisation.
In the world's most polluted city, Kanpur in northern India, the biggest hospital is so overcrowded with patients with respiratory ailments that they are often bedded in the ophthalmology ward.Kanpur, home to 3 million people, is followed by 13 other Indian cities in a list of the places with the worst air in the world, according to rankings released this month by the World Health Organisation. //reut.rs/2L3vKB2 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/16/indian-city-struggles-with-worlds-worst?videoId=427368616 |
NN Group CEO: This has been a strong quarter when it comes to capital 12 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/nn-group-ceo-this-has-been-a-strong-quarter-when-it-comes-to-capital.html |
TORONTO, May 31, 2018 (GLOBE NEWSWIRE) -- Tangelo Games Corp. (" Tangelo " or the " Company ") (TSX-V:GEL) reports its financial results for the first quarter of 2018 (the three-month period ended March 31, 2018).
in $000,000 Canadian Dollars except for shares and per share amounts For the Three Months Ended March 31, 2018 2017 REVENUE 8.62 8.99 Adjusted EBITDA* 1.83 2.43 Due diligence and transaction costs, Severance and restructure costs, Depreciation of equipment, Amortization of intangibles and Stock-based compensation 2.94 3.01 OPERATING (LOSS) (1.11 ) (0.57 ) OTHER CHARGES Interest and accretion, Changes in value of long-term debt, Foreign exchange 5.83 4.18 LOSS, CONTINUING OPERATIONS, BEFORE INCOME TAX (6.94 ) (4.75 ) NET LOSS, CONTINUING OPERATIONS (6.60 ) (4.29 ) NET INCOME/(LOSS), DISCONTINUED OPERATIONS 0.00 0.01 TOTAL NET LOSS FOR THE PERIOD (6.60 ) (4.28 ) Basic and diluted loss per share, continuing operations $ (0.04 ) $ (0.02 ) Basic and diluted income/(loss) per share, discontinued operations $ 0.00 $ 0.00 Weighted average number of shares: basic and diluted 184,288,880 180,668,880 * See Non-IFRS Measures Tangelo Q1 results can be found on its website ( www.tangelo.com ) or SEDAR ( www.sedar.com ).
James Lanthier, Chief Executive Officer of Tangelo, commented:
“In the first quarter of 2018, Tangelo’s revenue declined slightly from the immediately prior quarter by 2% to $8.62M but was actually up on an average revenue per day basis given that the first quarter is a shorter quarter.
Monthly average paying users were approximately 52,000 for the first quarter. Paying users for Tangelo Israel grew year over year and were up by 18% in the first quarter of 2018 from the year before, with the majority of this growth coming through reactivating former customers from the Company’s large database of historical customers.
The Company’s net loss grew from (4.28) M in the first quarter of 2017 to (6.60) M in the first quarter of 2018, driven by a slightly smaller operating profit and higher non-operating expenses. Nevertheless, we believe that our overall profitability level remains strong relative to the industry and we remain excited about our longer-term prospects given our slate of new products that are being launched in 2018.
As previously discussed, management is pursuing strategic alternatives with a view to improving its capital structure and unlocking value for all stakeholders. While the Company cannot offer any assurances that these discussions will result in a successful transaction, these discussions are ongoing.”
Vicenç Marti, Tangelo’s President, added: “Tangelo has been included on the shortlist of nominees in the ‘Social Slots Operator’ ; ‘Acquisition Strategy’ and ‘Social Operator’ categories for the EGR North America Awards 2018, one of the most significant recognitions in the online gaming industry.
These awards are a testament to the efforts and successful teamwork of our Barcelona and Tel Aviv teams and speak to the continued development of Tangelo’s business. We are very honoured to be recognised as leading operators across North America by these prestigious awards.”
Financial Results and Non-IFRS Measures
The Company has included certain Non-IFRS performance measures, namely EBITDA and adjusted EBITDA and working capital, within this press release. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, we and certain investors and securities analysts use this information to evaluate the Company’s performance and ability to generate cash, profits and meet financial commitments. These Non-IFRS measures do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. These Non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
EBITDA is defined as “Earnings Before Interest, Tax, Depreciation and Amortization”. Adjusted EBITDA adjusts EBTIDA for due diligence and transaction costs and restructure and severance expenses as these are generally non-recurring. The Company removes stock-based compensation in calculating Adjusted EBITDA as it is a non-cash expense that can vary significantly depending on the timing of option grants. EBITDA does not include the discontinued operations of Vast and Tech Channel. The following table provides a reconciliation to Operating Loss/Income on the Statements of Consolidated Income and Comprehensive Loss for the quarters ended March 31, 2018 and 2017 as reported in the Company’s condensed interim consolidated financial statements.
For the Three Months Ended March 31, 2018 2017 Operating loss, in 000,000's $ (1.11 ) $ (0.57 ) Add back: Transaction costs - 0.05 Severance and restructure costs - 0.05 Depreciation of equipment 0.02 0.04 Amortization of intangibles 2.91 2.83 Stock-based compensation 0.01 0.03 Adjusted EBITDA $ 1.83 $ 2.43
About Tangelo
Tangelo Gaming Corp., the parent company of Tangelo Israel and Tangelo Spain, is a developer of social and mobile gaming for desktop, iOS and Android platforms. Tangelo Israel and Tangelo Spain design, develop and distribute their top ranked social casino-themed games within online social networks (such as Facebook) and mobile platforms (such as Android and iPhone). All of the Tangelo Israel and Tangelo Spain games are free to play and generate revenue primarily through the in-game sale of virtual coins.
Further Information
Spyros P. Karellas
President & CEO
Pinnacle Capital Markets LTD.
Mobile/Office:416-433-5696
www.pinnaclecapitalmarkets.ca
[email protected]
Skype: spyros.karellas
Caution Regarding Forward-Looking Information:
Certain statements in this press release may constitute “forward looking statements” which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements may use such words as “may”, “will”, expect”, “believe”, “plan” and other similar terminology. These statements include, but are not limited to, statements with respect to the future business and operations of the Company, the ability of the Company to release new and successful games, the financial results of the Company and its subsidiaries, negotiations with the Company’s lenders to extend or amend terms of the credit facility, the potential to enter into a strategic or financing transaction with a third party or receive approval from the Company’s lenders to enter into such transaction and the future prospects of the Company. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. The forward-looking statements involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, general economic, market or business conditions and future developments in the sectors of the economy in which the businesses of Tangelo operate. The foregoing list of factors is not exhaustive. Please see the Company’s short form prospectus dated March 27, 2015, the Company’s Annual Information Form dated November 11, 2015 and other documents available under the Company’s profile on www.sedar.com , for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward-looking statements, whether a result of new information, future results or otherwise, except as required by law.
NEITHER 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 RELEASE.
Source: Tangelo Games Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/globe-newswire-tangelo-games-reports-first-quarter-financial-results.html |
Ship Finance International Limited ("Ship Finance" or the "Company") (NYSE: SFL) today announced the underwriters in its underwritten public offering of $150 million aggregate principal amount of Convertible Senior Notes due 2023 (the "Notes") have exercised a portion of their option to purchase additional Notes to cover over-allotments and are purchasing an additional $14 million aggregate principal amount of Notes. The over-allotment option was granted to the underwriters by the Company in connection with the previously consummated offering of $150 million aggregate principal amount of the Notes. Settlement of the sale of additional Notes is expected to occur on May 4, 2018, subject to customary closing conditions. The Notes pay interest quarterly in arrears at a rate of 4.875% per annum, and will mature on May 1, 2023, unless earlier repurchased, redeemed or converted. The Notes are convertible into, at the Company's election, cash, common shares, or a combination of cash and common shares, as further described in the offering prospectus. The conversion rate for the Notes is initially 52.8157 common shares per $1,000 principal amount of the Notes, which is equivalent to an initial conversion price of approximately $18.93 per common share, and is subject to adjustment under the terms of the Notes.
The Company intends to use the net proceeds received from the offering of the Notes for general corporate purposes, including working capital. The Company continuously evaluates potential transactions that it believes will be accretive to earnings, enhance shareholder value or are in the best interests of the Company. Any funds received may be used by the Company for any corporate purpose, which may include pursuit of other business combinations, the acquisition of vessels or related businesses, the expansion of its operations, repayment of existing debt, share repurchases, short term investments or other uses.
Morgan Stanley & Co. LLC, Jefferies LLC and Citigroup Global Markets Inc. are acting as joint book-running managers for the offering of the Notes. DNB Markets, Inc., Seaport Global Securities LLC, BTIG, LLC, ABN AMRO Securities (USA) LLC and ING Financial Markets LLC are acting as co-managers.
The offering of the Notes is being made by means of a prospectus supplement to the prospectus forming a part of the Company's effective shelf registration statement filed with the Securities and Exchange Commission (the "SEC") on September 26, 2016 and other related documents. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov . Alternatively, copies of the preliminary prospectus supplement may be obtained from Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY, 10022, by email at [email protected] or by phone at +1 877 821 7388, or Citigroup Global Markets Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, at +1 800 831 9146. Before you invest, you should read the prospectus supplement and accompanying base prospectus along with other documents that the Company has filed with the SEC for more complete information about the Company and this offering.
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, the Notes, the Company's common shares or any other securities, nor will there be any sale of convertible notes, the Company's common shares or any other 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.
The Company further announced that the Company's board of directors has awarded 83,000 options to employees as part as of the management incentive program. The options have been issued pursuant to the Company's Share Option Scheme and will have a five-year term with a three-year vesting period. The initial strike price is $14.67 and the first options will be exercisable from April 2019.
May 3, 2018
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
Investor and Analyst Contact:
Harald Gurvin, Chief Financial Officer: +47 23114009
André Reppen, Senior Vice President: +47 23114055
Media Contact:
Ole B. Hjertaker, Chief Executive Officer: +47 23114011
About Ship Finance
Ship Finance International Limited (NYSE: SFL) has a unique track record in the maritime industry, being consistently profitable and paying dividends every quarter since 2004. The Company's fleet of more than 80 vessels is split between tankers, bulkers, container vessels and offshore assets, and Ship Finance's long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time.
Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including Ship Finance management's examination of historical operating trends. Although Ship Finance believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, Ship Finance cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions. Important factors that, in the Company's view, to discussed in this presentation include the strength of world economies and currencies, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the tanker market as a result of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in the Company's operating expenses including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission.
Source:Ship Finance International Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-sfl--ship-finance-international-limited-announces-exercise-of-underwriters-over-allotment-option.html |
Oil expert Tom Kloza's bearish days are behind him.
Kloza, who's known for calling the 2015 crude collapse, isn't ruling out triple digit a barrel oil this year.
"Anything that's between $70 and $100 [a barrel] right now doesn't represent hyperbole," he said recently on CNBC's " Futures Now ."
The veteran oil market watcher added: "The bulls aren't just in charge, they've got a hammerlock on this market."
The Oil Price Information Service [OPIS] global head of energy analysis blamed fresh geopolitical tensions for his bullish forecast — citing a potential U.S. military response if Iran resumes its nuclear program , Venezuela's oil production nose diving and "spectacular" global demand.
"It's been very bland geopolitically for the last few quarters before this quarter," noted Kloza, who shed his bearishness about six weeks ago.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding.
Since the first quarter ended on March 31, WTI crude oil has surged almost 9 percent to $70.70 a barrel, based on Friday's close. That level puts oil prices around 3 year-highs. ICE Brent oil , which settled at $77.02 a barrel, is seeing a similar pattern.
Kloza believes there's little to prevent Brent oil from reaching beyond the range of $80 a barrel. He suspected crude will trail behind Brent prices due to lower prices in the actual shale oil fields.
Nonetheless, the scenario screams higher prices at the pump.
In a note to CNBC, he wrote that "we are seeing a quiet crisis that is leading to very expensive diesel and jet fuel prices. Refiners and producers are doing wonderfully — retailers of gasoline or restaurants and end-users BEWARE."
He estimated there's a 50-50 chance the nationwide average price for unleaded gasoline will exceed $3 a gallon this summer. That could put pressure on President Donald Trump.
"The President is not dumb, and he knows that when gasoline prices get above $3 a barrel a gallon, whoever is in charge in the Oval Office gets blamed," Kloza said. "That will be an interesting thing to watch."
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/13/oil-could-hit-100-a-barrel-tom-kloza-says.html |
BILLINGS, Mont. (AP) — The Latest on a Trump administration proposal to ease oil and gas leasing restrictions that were meant to protect a Western U.S. bird species (all times local):
4:45 p.m.
Conservationists say a Trump administration proposal to ease restrictions on energy leases and other activities on Western lands could unravel efforts to protect an imperiled bird.
Interior Department officials on Wednesday released draft changes to conservation plans for the greater sage grouse in seven states. The protections were approved in 2015 under former President Barack Obama.
The ground-dwelling, chicken-sized birds are known for an elaborate mating ritual. Their numbers declined sharply in recent decades, due in part to oil and gas drilling that drove them off breeding grounds.
Administration officials say the proposed revisions to the Obama-era plans are aimed at increasing flexibility in the management of lands where the birds reside.
3 p.m.
The Trump administration is proposing to ease restrictions on oil and gas leasing and other activities across a huge swath of the American West that were enacted to protect a declining bird species.
Interior Department officials on Wednesday released a draft of their proposed changes to conservation plans for the greater sage grouse in seven states.
The protections were approved in 2015 under former President Barack Obama.
But Trump has vowed to increase U.S. energy production and open more public lands to drilling.
Sage grouse are ground-dwelling, chicken-sized birds known for their elaborate mating ritual.
Their numbers declined in recent decades due to energy development, disease and other causes.
Environmental groups earlier this week filed lawsuits alleging the administration already has sold energy leases in violation of the Obama-era plans. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-the-latest-conservationists-say-proposal-could-hurt-bird.html |
By Jonathan Vanian 4:14 PM EDT
Amazon , looking to further popularize its Alexa platform with companies and developers, is giving coders new ways to make money.
The online retail giant said Thursday that its developers can now earn cash by building Alexa skills that integrate online subscriptions or specialized content. Skills is the term Amazon uses for Alexa-powered apps .
Additionally, another feature called Amazon Pay for Alexa skills lets people build skills that let people pay for physical goods like concert tickets just by using their voice instead of having to manually enter their credit card information or delivery address each time they want to buy something. The two new features are now available to coders looking to build Alexa skills.
Amazon (amzn) first detailed these two skills developer initiatives last November, but only a select few companies could participate, likely as a trial for Amazon before it debuted the features to a wider group.
Examples of companies incorporating subscriptions included NBCUniversal’s Syfy Wire skill. Based on the Syfy channel, the Syfy Wire skill lets people subscribe to more science fiction, fantasy, and horror podcasts via their Alexa-powered device, like Amazon’s Echo speakers.
Another skill, a medieval audio game called Yes Sire by mobile gaming company Volley Inc, now lets people play buy expansion packs, Amazon said Thursday.
Using Amazon Pay for Alexa 1-800-Flowers lets people order flowers and other goods and have them delivered just by using their voice via their Alexa device, Amazon said.
Get Data Sheet , Fortune’s technology newsletter.
These new features are an example of how the e-commerce giant is trying to grow its burgeoning ecosystem of Alexa-powered skills by luring developers with various incentives. For instance, in March 2017, Amazon said that Alexa developers could apply to obtain $100 in credits that they could then use to purchase cloud computing capacity from Amazon Web Services. In May, Amazon also debuted its Alexa Developers Reward Program, in which the company pays coders for building more popular Alexa skills .
An Amazon spokesperson told Fortune that Amazon has paid “millions of dollars” to developers in 22 countries who have built Alexa skills for the United States, United Kingdom, and Germany.
Additionally, the spokesperson said that “a select few of the most engaging skills can expect to earn more than $100,000 over the course of a year.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/03/amazon-alexa-developers-money/ |
BRUSSELS (Reuters) - The European Commission said on Saturday Greece had reached a deal with its international lenders on a package of reforms.
The Commission said Greece would present the reforms at a meeting of euro zone finance ministers, known as Eurogroup, on May 24 and would implement the reforms ahead of another meeting on June 21, without giving further details.
The country is close to emerging from a sovereign debt crisis that plunged the economy into its biggest depression in decades, threatening to rupture the euro zone. It has received a record 260 billion euros in repeated bailouts since 2010.
Reporting by Robert-Jan Bartunek; Editing by Jon Boyle
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-greece/eu-commission-says-lenders-reach-deal-with-greece-on-reforms-idUSKCN1IK0PA |
(Reuters) - J.C. Penney’s ( JCP.N ) Chief Executive Officer Marvin Ellison is leaving the struggling retailer to join home improvement chain Lowe’s Cos Inc ( LOW.N ), the companies said on Tuesday, sending shares in the U.S. department store chain down as much as 8 percent to an all-time low.
FILE PHOTO: A shopper leaves the J.C. Penney department store in North Riverside, Illinois, U.S., November 17, 2017. REUTERS/Kamil Krzaczynski Ellison came to Penney in 2014 with a strong reputation honed through 12 years at Lowe’s biggest competitor, Home Depot Inc ( HD.N ). Shares of Lowe’s gained 3 percent on the news before retreating.
The 52-year-old will take over on July 2.
At J.C. Penney, Ellison was tasked with stemming a two-year sales decline as the company struggles to stay relevant in a brutal U.S. retail landscape, where customers are increasingly turning to online shopping.
The chain has been among the hardest hit by a collapse in mall traffic, leading to thousands of U.S. stores being closed in the past five years. J.C. Penney’s stock price dwindled to $2.29 per share on Tuesday from $87 a decade ago.
Gregory A. Sandfort (L), chief executive officer of Tractor Supply Company, and Marvin Ellison, chief executive officer of JCPenney, speaks before U.S. President Donald Trump arrival for a listening session with the Retail Industry Leaders Association and member company CEOs in the Roosevelt Room of the White House in Washington, U.S., February 15, 2017. REUTERS/Joshua Roberts “Marvin Ellison’s departure from J.C. Penney is another signal to investors that the company is distressed,” said Jason Benowitz, a senior portfolio manager with fund managers The Roosevelt Investment Group in New York.
“The captain is not going down with the ship but has chosen instead to save himself.”
Results last week showed J.C. Penney missed same-store sales estimates for the quarter ended May 5 and it cut its full-year profit forecast because of changes to its accounting standards. Shares fell 12 percent on that day.
Analysts said Ellison had managed to bring about some changes at the retailer, like focusing it on large home appliances, but said it was still trailing far behind others like Macy’s, which is starting to show signs of turning its businesses around.
Macy’s is focusing on upgrading existing businesses, such as its beauty and apparel departments through creative merchandising or adding experiential elements, rather than being distracted by new categories, said Carol Spickerman, a retail analyst.
This embracing of a more agile test-and-learn model by Macy’s is turning out to be more successful than J.C. Penney, which has relied on chain-wide big bets like major appliances.
Analysts also said that without a clear merchandising strategy and no differentiation compared to rivals, J.C. Penney was more vulnerable than Macy’s in apparel.
J.C. Penney said Ellison would stay on until June 1, while they look for a new CEO. He will step down as chairman of the board immediately.
After that a group of four executives including Chief Financial Officer Jeff Davis will take over day-to-day running until a new CEO is appointed.
Ellison joins Lowe’s at a time it has been losing market share to bigger rival Home Depot. He replaces Robert Niblock, who in March said he was retiring after 13 years on the job.
“While closing the productivity gap with Home Depot will be no small feat, we see the announcement as a favorable development,” Gordon Haskett analyst Chuck Grom wrote in a note.
Additional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Arun Koyyur and Patrick Graham
| ashraq/financial-news-articles | https://www.reuters.com/article/us-lowes-ceo/lowes-names-j-c-penneys-marvin-ellison-as-ceo-idUSKCN1IN1KZ |
May 2, 2018 / 11:15 AM / Updated 9 hours ago Too many cancer drugs? Crowded market gives investors pause Ben Hirschler 7 Min Read
LONDON (Reuters) - In London’s world-famous Great Ormond Street children’s hospital, Dr. Karin Straathof is excited about a new cell-based medicine that offers hope for toddlers with incurable nerve tissue cancer. FILE PHOTO: A scientist prepares protein samples for analysis in a lab at the Institute of Cancer Research in Sutton, July 15, 2013. REUTERS/Stefan Wermuth/File Photo
Her progress with a handful of children for whom standard care does not work reveals the promise of modern cancer drugs, an increasingly crowded pharmaceuticals field from which investors must try to select future winners.
The new therapy using engineered white blood cells has shown anti-tumor activity in the hardest to treat neuroblastoma patients.
“The beauty is that it is very specific in targeting the cancer cells, while leaving healthy tissue unharmed,” Straathof told Reuters, after presenting her early findings at a science meeting in Chicago in April. “It’s an important step forward.”
Autolus - the small British biotech company developing the chimeric antigen receptor T-cell or CAR-T treatment - is equally excited, and is planning a potential IPO on Nasdaq.
But Autolus is far from alone in pursuing CAR-T therapy. In fact, CAR-T treatment - part of the wider field of cancer immunotherapy - is one of the hottest areas of drug research today, with multiple firms piling in.
The biotech dollars are flooding in not only in Europe and the United States but also in China which, with 162 clinical trials, now boasts more CAR-T studies than the United States, according to a Reuters analysis of the latest data.
With over 2,000 drugs in the cancer immunotherapy space, the competitive landscape has never been more crowded as each firm seeks its own proprietary version of often similar drugs.
Overall, researchers are working on more than 5,200 cancer drugs, up 7.6 percent from a year ago, according to the Pharmaprojects database. The sheer number is stretching the ability of scientists to find enough patients to test them on.
Cancer now makes up 34.1 percent of the total drug industry pipeline, up from 26.8 percent in 2010, as companies divert resources into a promising sector where new treatments can often fetch more than $100,000 a year. Slideshow (3 Images) ‘MORE CIRCUMSPECT’
With the first two CAR-T treatments from Novartis ( NOVN.S ) and Gilead Sciences ( GILD.O ) winning U.S. approval last year for rare blood cancers, the promise of such smart medicine is real and life-changing - especially if it can be made to work in solid tumors, as Straathof’s work suggests is possible.
However, the wholesale rush by pharmaceutical and biotech companies into the cancer area poses a dilemma for investors.
A flood of similar products makes it hard for investors to pick those companies that will achieve commercial success.
“More competition means you should be more circumspect,” said Nooman Haque, head of life sciences at Silicon Valley Bank in London, which provides financing for start-ups and venture capitalists.
“The traditional investment thesis in biotech is to have a differentiated medicine with not many competitors, which helps drive value. Here the problem is that even if there is a big patient benefit, there are questions as to how long your advantage lasts and what your commercial edge will be.”
Pharmaceutical executives are not blind to the issue, although each hopes to find a winning formula in immunotherapy - the fastest-growing part of the $100 billion-a-year cancer drug market, with sales expected to top $25 billion by 2021, according to analyst forecasts compiled by Thomson Reuters.
Roche ( ROG.S ) CEO Severin Schwan, head of the world’s top cancer company, says he expects “an enormous drop-out”, while Sanofi’s ( SASY.PA ) outgoing research head Elias Zerhouni warned analysts last week that duplication of effort would shrink the time available for drugmakers to recoup their R&D investments.
“The cycle of innovation has been shortened significantly,” agrees Aiman Shalabi, chief medical officer at the non-profit Cancer Research Institute. “There is no doubt we are seeing fast follow-on and many identical agents hitting the same targets.”
The good news for society is that patients will find out much faster than in the past if new approaches work. But that means doctors can rapidly switch to alternatives, leading to increased product churn and uncertainty over future sales. COMBINATION STUDIES
Twenty years ago, when Roche launched its state-of-the-art cancer drugs Herceptin and Rituxan, it enjoyed years without rivals. Today, there are multiple versions of new drugs targeting molecular pathways with acronyms such as PD-1/L1, PARP and CDK, as well as CAR-T.
“You’re either first or you’re best or you’re nowhere because it has become such a race,” said Paul Major, an investment manager at BB Healthcare Trust ( BBH.L ), who is cautious about investing in cancer immunotherapy.
Lydia Haueter at Pictet Asset Management is also wary, pointing out there are already five PD-1/L1 drugs on the market - from Merck ( MRK.N ), Bristol-Myers Squibb ( BMY.N ), Roche, AstraZeneca ( AZN.L ) and Pfizer ( PFE.N ) - and more are coming.
“It seems everybody has a PD-1, so we especially don’t go for those kind of cancer companies,” she said.
Some drugmakers like GlaxoSmithKline ( GSK.L ) and Novartis that missed the initial PD-1/L1 wave are trying to make a virtue of looking ahead to the next phase of cancer immunotherapy, particularly drug combinations.
Yet last month’s failure of a combination study using a next-generation drug from Incyte ( INCY.O ) with Merck’s PD-1 Keytruda shows that adding a new agent is no slam dunk for expanding the reach of immune-boosting medicine.
At Great Ormond Street, Straathof is less concerned about doubling up on research and more focused on getting effective, affordable cures - and she hopes automated processes will eventually bring down today’s sky-high drug prices.
“I’m not too worried about duplication. It’s important to not ask the same question in two trials but I think there are a lot of questions to be addressed because there is a lot of nuance in the system.”
Cancer drug research and development - tmsnrt.rs/2I1zdkV Reporting by Ben Hirschler; Editing by Pravin Char | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-cancer-pharmaceuticals-insight/too-many-cancer-drugs-crowded-market-gives-investors-pause-idUKKBN1I31EX |
OIL PRICES EXTEND GAINS, BRENT CRUDE FUTURES RISE BY MORE THAN $2 A BARREL TO $77.43 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/reuters-america-oil-prices-extend-gains-brent-crude-futures-rise-by-more-than-2-a-barrel-to-77-point-43.html |
May 19, 2018 / 9:54 AM / Updated 31 minutes ago NASCAR notebook: Kurt Busch expects Talladega-style racing at All-Star event Reuters Staff 5 Min Read
CONCORD, N.C. - Drivers who hoped to learn as much as they could about NASCAR’s new lower-horsepower, higher-drag competition package for Saturday night’s Monster Energy NASCAR All-Star Race were still guessing on Friday afternoon, after rain washed out all but a few minutes of practice at Charlotte Motor Speedway. May 18, 2018; Concord, NC, USA; Monster Energy NASCAR Cup Series driver Denny Hamlin (11) during qualifying for the Monster Energy NASCAR Cup Series All-Star Race at Charlotte Motor Speedway. Monster Energy NASCAR Cup Series driver Matt Kenseth (6) would win the pole. Mandatory Credit: Jim Dedmon-USA TODAY Sports
As a result, drivers and crew chiefs have no certain idea what racing with the radically different package will look like when the elite of the Cup series compete for the $1 million top prize on the 1.5-mile intermediate speedway.
With restrictor plates on the engines and super-sized spoilers on the rear of the Cup cars, Kurt Busch expects to see pack racing a la Talladega.
“I’m anticipating it,” said Busch, who ran a total of four laps in Friday’s practice, which was interrupted by one deluge and halted by a second. “I don’t know how active it will be with the draft, but the way we approached our car on the 41 was in the area that was slightly different than one of the other cars at Stewart-Haas, and another car went their route.
“We’re trying to gather data as fast as we can and then be able to still zero in on what we believe will be the trend. I’m anticipating pack drafting. Here we are at a 1.5-mile race track with a restrictor plate, trying to create a drafting style package, because data shows that Talladega and Daytona are the two most appreciated races because of lead changes, position swaps and action on track.”
Busch was second fastest at 169.502 mph in the abbreviated practice session. Teammate Kevin Harvick, winner of the last two Monster Energy NASCAR Cup Series points races, posted the fastest lap at 170.406 mph. Ford drivers claimed five of the top six positions on the speed chart, the one exception being Denny Hamlin, whose No. 11 Joe Gibbs Racing Toyota clocked in as third fastest (169.428 mph). KYLE BUSCH SAYS TOYOTAS STILL HAVE SOME CATCHING UP TO DO
Twelve races into the 2018 Monster Energy NASCAR Cup Series schedule, and Kyle Busch has already won 25 percent of the points events in NASCAR’s premier series.
Compared with the success Harvick has enjoyed, however, three victories aren’t quite good enough. Harvick claimed trophies in five of the first dozen races, including the last two, and the No. 4 Stewart-Haas Racing Ford shows no signs of slacking off.
As a consequence, Busch is looking for still more speed in his No. 18 Joe Gibbs Racing Toyota.
“We’ve got to catch up a little bit on speed overall, I’d say,” Busch acknowledged on Friday at Charlotte Motor Speedway, after running the better part of one lap in opening All-Star Race practice. “I think our Toyotas are close, but it seems the Blue Ovals (Fords) have got a little bit of an advantage this year. You kind of see it weekly. You look at the rundown on the pylon, and it’s lots of Fords lined up in the top-12 spots.
“So it’s pretty obvious based just off of last year and looking at the pylon and kind of seeing a little bit more spread there between Chevys, Fords and Toyotas. All in all, we’ve just got to go to work and figure out what we got to do in order to get better. I think some of the aero changes that have kind of come down this year have benefited them a little bit more so than us, and we’re trying to work through some of those things as we go right here throughout the season.”
JEFF GORDON TRYING NOT TO THINK ABOUT POSSIBLE NASCAR HALL OF FAME NOD
If there’s one name on the ballot considered a shoo-in for the next NASCAR Hall of Fame class, it belongs to four-time Monster Energy NASCAR Cup Series champion Jeff Gordon, who occupies the third rung on the all-time victory list with 93.
Gordon is taking nothing for granted with respect to the upcoming vote on Wednesday. In fact, he’s trying to keep the possibility of Hall of Fame election in the back of his mind.
“On the one hand, I’m excited,” Gordon said during a Friday press conference at Charlotte Motor Speedway to unveil the throwback rainbow paint scheme on the car William Byron will drive later this season at Darlington. “On the other hand, I’m too young to be in a Hall of Fame or have a throwback paint scheme.
“I’m really just kind of waiting till next week and trying not to think too much about it. I’ve gone to the Hall of Fame for the inductions many times and seen some great speeches and legends of our sport. So whenever that day comes, it’s a huge honor.”
—By Reid Spencer, NASCAR Wire Service. Special to Field Level Media. | ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-nascar/nascar-notebook-kurt-busch-expects-talladega-style-racing-at-all-star-event-idUSKCN1IK0B5 |
Trump: China has become "spoiled" on trade 8:24pm BST - 01:15
President Donald Trump said on Thursday that China had become ''very spoiled'' on trade, as U.S. and Chinese officials hold high-level talks in Washington on bilateral trade ties. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
President Donald Trump said on Thursday that China had become "very spoiled" on trade, as U.S. and Chinese officials hold high-level talks in Washington on bilateral trade ties. Rough Cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2wWu8G6 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/17/trump-china-has-become-spoiled-on-trade?videoId=427834418 |
May 24, 2018 / 2:00 PM / Updated an hour ago Wary of China, Macron urges Europe to set tech regulation standards Mathieu Rosemain 3 Min Read
PARIS (Reuters) - Europe should set global standards for tougher regulation of digital technology, finding a way between an excessively lax United States and an over-restrictive China, French President Emmanuel Macron said on Thursday. File Photo: French President Emmanuel Macron speaks to participants at the Viva Tech start-up techonology summit in Paris, France, May 24, 2018. Michel Euler/Pool via Reuters
Addressing the bosses of U.S. giants Microsoft and IBM at a Paris technology conference, Macron said the European Union’s new data privacy regulation, known as GDPR, demonstrated Europe’s ability (EU) to lead the way.
“For me, the U.S. model is not sustainable because there’s no political accountability,” Macron said, adding that U.S. tech rules had been driven by corporate interests.
Speaking in English, he continued: “On the other side, you have a very strong Chinese model. But this model has not the same values as the ones we have.” The Chinese model was, he said, “over-centralized”.
The young French leader has openly courted investments in artificial intelligence and “deep tech” since his election last year, pitching himself as a champion of the younger plugged-in generation and start-up enterprises.
However, he wants tech companies to do more for the “common good” in society and has led European efforts to force Google, Amazon, Facebook Inc and Apple Inc (GAFAs) to pay more tax at the source of revenue.
He has also pressed tech giants to fight harder against abuse of personal data as well as the dissemination of fake news on social media.
His proposals have been slow to gain traction so far, with his GAFA tax plan dividing EU member states, while Berlin, London and Rome have been preoccupied by domestic politics over the past year. DATA PRIVACY
Macron told the VivaTech conference that citizens around the world were demanding better protection from their governments, and that failing to act could be politically destabilizing.
He also said there was a risk that China would fill the void.
“I don’t want my people, my citizens, my start-ups being regulated under de-facto dominance of a sort of a Chinese regulation,” Macron said.
Macron, a former banker, hailed GDPR as a “big step forward”. The EU regulation, which comes into effect on Friday, will cover companies that collect large amounts of customer data including Facebook and Alphabet’s Google.
It is designed to give EU citizens more rights to control the use of their personal data online and has a slew of demanding requirements.
On Thursday, Macron held one-on-one meetings with several CEOs including Mark Zuckerberg of Facebook, IBM’s Ginni Rometty, and Microsoft’s Satya Nadella.
Macron told Europe 1 radio that he and Zuckerberg had agreed to work together on new rules to fight hate speech online.
“We gave ourselves six months (to work on this),” he said. “I also told him that France would push for European regulation, as we can’t bet on the mere goodwill of companies alone.” Reporting by Mathieu Rosemain; Additional reporting by Jean-Baptiste Vey; Editing by Richard Lough and Kevin Liffey | ashraq/financial-news-articles | https://uk.reuters.com/article/us-france-tech-macron/wary-of-china-macron-urges-europe-to-set-tech-regulation-standards-idUKKCN1IP28I |
NEW YORK (Reuters) - U.S. fund managers are barreling into the energy sector by making broad bets on anything connected with oil, finally convinced that gains in crude prices - on track for their fourth consecutive quarterly gain, the longest such stretch for more than 10 years - are more than a mirage.
FILE PHOTO: Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. REUTERS/Brendan McDermid/File Photo Ever since oil prices slid in late 2014 after rallying above $115 a barrel, U.S. mutual fund managers have largely stayed underweight the sector, convinced that advances in fracking technology would allow U.S. production to ramp up at any moment and keep a lid on prices.
Yet with oil futures hitting 3-1/2-year highs on Thursday, up approximately 75 percent from this time last year after top exporter Saudi Arabia and No.1 producer Russia led efforts since 2017 to cap output, some U.S. fund managers are convinced that high oil prices are finally here to stay.
Fund managers from Westwood, Hotchkiss and Wiley, and Hodges Capital are among those who say they are making broad bets on anything oil.
They say that oil prices will not dip back down quickly because global demand is rising at a time when energy companies are showing less inclination to take on debt to fuel production and have tightened operations.
“Oil companies are so much more efficient then they were even a year ago and much more disciplined. I think that you can finally say that this is the real deal,” said Gary Bradshaw, a portfolio manager at Dallas-based Hodges Capital.
At the same time, U.S. President Donald Trump’s decision to withdraw from the Iran nuclear deal on Tuesday raises geopolitical risks, giving oil another leg higher, fund managers said.
U.S. crude hit $71.89 per barrel on Thursday, its highest since November 2014. A Reuters poll at the end of April forecast that oil would average $63.23 in 2018.
Bradshaw expects crude oil prices to stay at roughly between $65 and $70 for the remainder of the year, boosting the earnings of companies such as Schlumberger NV and Diamondback Energy Inc.
Still, Bradshaw does not see them spiking high enough to significantly cut into consumer spending or the broader economy, although they may crimp the spending power for the most price-sensitive customers, he said, which could eat into the revenues of value chains like Dollar General Corp.
OIL COMEBACK The dramatic comeback in oil prices, which have jumped nearly 17 percent for the year to date, has helped the S&P 500 Energy sector jump 5.4 percent over the same time. The broad S&P 500 as a whole, by comparison, is up less than 1 percent since the start of the year.
That, in turn, is prodding fund managers back into the sector they had largely shunned.
Nine months ago, global funds were underweight energy stocks by 12 percent on average, the largest collective underweight since 2016, according to a September report by Bank of America Merrill Lynch.
In April, by comparison, equity allocations to commodities and energy stocks hit eight-year highs, Bank of America Merrill Lynch noted.
“We’ve already had some of the catch-up trade, but we still have a long way to go,” said Bill Costello, a senior portfolio manager at Dallas-based Westwood, who has been adding to his positions in energy companies such as Callon Petroleum Co and SRC Energy Inc
While energy stocks have rallied, shares are still trading at levels that suggest that oil will remain between $55 and $58 a barrel for the remainder of the year, Costello said.
“If people believed in $70 a barrel plus for the next 18 months, they would be foolish to be underweight now,” Costello said, adding that he expects more money to flow into the sector as fund managers sell utilities and telecom stocks that are getting hurt by rising interest rates.
The stretched valuations of the S&P 500, which is about 7 percent below the record high it hit in January, should provide another support for energy stocks, said Stan Majcher of the Hotchkis & Wiley Mid Cap Value Fund.
“We look at it and say the overall market is close to expensive and this is one area which is under-owned and viewed in the last few years as a risky place,” he said.
Signs of declining production by OPEC countries such as Venezuela and bottlenecks that could slow production in the Permian Basin in the U.S. could push oil prices well above $70 by the end of the year, leaving fund managers flatfooted, Majcher said.
“We think that the biggest risk is not preparing for higher oil prices,” he said.
Reporting by David Randall; Editing by Marguerita Choy
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-funds-oil-analysis/some-u-s-fund-managers-finally-convinced-oil-rally-is-for-real-idUSKBN1IB2OM |
DUBAI (Reuters) - In a sign that it will allow some flexibility in exchange rates under threatened U.S. sanctions, Iran has lowered the official value of the rial versus the dollar for the first time since it tried to stamp out a free currency market last month.
FILE PHOTO: A Money changer poses for the camera with a U.S dollar (R) and the amount being given when converting it into Iranian rials (L), at a currency exchange shop in Tehran's business district, Iran, January 20, 2016. REUTERS/Raheb Homavandi/TIMA/Files In early April, with the rial sinking to record lows before U.S. President Donald Trump’s decision to exit the Iran nuclear deal, Tehran said it was unifying official and free-market rates for the currency at a single value of 42,000 to the dollar.
Authorities threatened anyone trading the rial at other rates with arrest, and sent police to patrol money exchange shops in big cities.
This week, however, the central bank has begun engineering a very slow decline of the rial, suggesting it will let the currency move gradually in response to supply and demand, as long as a fresh free-fall can be avoided.
The central bank set the rate at 42,050 on Monday and 42,060 on Tuesday, its website showed. Central bank chief Valiollah Seif hinted at the possibility of further falls, saying the rial could move as much as 5 or 6 percent during the fiscal year to March 20, 2019, the Financial Tribune newspaper reported.
Seif was Quote: d as telling a meeting of the banks’ chief executives that the central bank would decide foreign exchange rates based on inflation in Iran, which is now running slightly above 8 percent.
By letting the rial depreciate, Iran may be able to boost its export sector and make it easier to attract flows of hard currency into the country, partly offsetting economic damage from the sanctions that Trump is threatening to impose.
But at the same time, authorities are desperate to prevent a sharp rial drop that could cause inflation to jump. Rising consumer prices were partly responsible for public protests that were crushed in January with the deaths of at least 25 people.
Residents of Tehran told Reuters that trade in the rial at values other than the official rate had largely halted because of the danger of arrest. But some deals were still being done by Iranians who wanted to trade or travel abroad and could not obtain enough dollars through official channels.
Tehran Prosecutor Abbas Jafari Dolatabadi said in mid-May that 180 people had been arrested over foreign exchange-related offences, according to the Iranian daily Financial Tribune.
Foreigners in Tehran said they were exchanging currency with dealers in the basements of buildings or petrol stations in order to escape notice. “It is more dangerous than buying drugs,” said one.
In early May, after Trump's decision to pull out of the Iran nuclear deal, the rial traded in the black market at record lows of about 75,000, according to foreign exchange website Bonbast.com ( www.bonbast.com ).
It has since recovered to around 64,000. An Iranian analyst in Tehran said authorities had been pumping dollars into market in order to stabilise it, but added that given heavy demand for hard currency and investors’ jitters over Trump’s decision, it was not clear how long a price of 64,000 could be sustained.
Reporting by Andrew Torchia; Additional reporting by Parisa Hafezi; Editing by Hugh Lawson
| ashraq/financial-news-articles | https://in.reuters.com/article/iran-nuclear-rial/in-first-move-since-fx-crackdown-iran-lowers-rial-vs-dollar-idINKCN1IN1DM |
BEIRUT, May 7 (Reuters) - The leader of Lebanon’s Iran-backed Hezbollah group said on Monday election that results are a “political and moral victory” for the resistance, as it refers to itself and its regional allies.
In a televised address a day after Lebanon’s first elections in nine years, Sayyed Hassan Nasrallah said “the parliamentary presence” created by Hezbollah and its allies would guarantee the protection of the “resistance”.
Hezbollah was founded as a resistance movement to Israel. (Reporting by Laila Bassam and Dahlia Nehme Writing by Lisa Barrington Editing by Matthew Mpoke Bigg)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/lebanon-election-hezbollah/hezbollahs-nasrallah-says-lebanon-results-are-victory-for-the-resistance-idUSL8N1SE4K7 |
May 24, 2018 / 2:49 PM / Updated an hour ago Brexit customs plan could cost UK aerospace/defence industry £2.3 billion - trade body Reuters Staff 3 Min Britain’s aerospace and defence industry could face extra costs of 2.3 billion pounds ($3 billion) to comply with the customs arrangement favoured by some Brexit supporters within the cabinet, according to forecasts by trade body ADS.
Britain’s future customs arrangement with the European Union is a matter for debate within Prime Minister Theresa May’s cabinet, between those who favour a clean break with Europe and those willing to accept closer cooperation with Brussels.
The customs arrangement known as “max fac” or maximum facilitation, backed by those looking for a clean break, would cost the aerospace and defence sectors 2.3 billion pounds, up from last year’s estimate of 1.5 billion pounds, said ADS.
ADS said the growth was due to a rise in the value of exports to the EU across the aerospace, defence, security and space sectors, where British companies are involved in highly integrated supply chains.
UK businesses as a whole will face a cost of up to 20 billion pounds a year to comply with the max fac customs arrangement, Britain’s most senior tax official said on Wednesday.
The other option, for those who favour closer cooperation with Brussels, is a so-called customs partnership.
ADS said that both options would cause problems for Britain’s aerospace and defence industry, which employs 380,000 people and accounts for 41 billion pounds worth of exports.
“We are concerned that implementing either of the two customs options proposed would cause substantial disruption and cost to industry and supply chains,” ADS Chief Executive Paul Everitt said in a letter to two parliamentary committees: the Committee on Exiting the European Union and the Treasury Committee.
ADS said they would prefer the government stay in a customs union with the EU - a move that would make commerce with the bloc easier but limit Britain’s ability to strike independent trade deals.
“It is ADS’s view that a customs union combined with a high level of regulatory alignment between the UK and EU is necessary to minimise new costs, maintain industrial competitiveness and protect the high-value jobs our sectors provide,” ADS said.
ADS represents some of Britain’s biggest aviation companies like engine-maker Rolls Royce ( RR.L ) and Airbus ( AIR.PA ), the European planemaker which makes wings in the UK. Reporting by Sarah Young, additional reporting by Andrew MacAskill; editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-customs-aviation/brexit-customs-plan-could-cost-uk-aerospace-defence-industry-2-3-billion-trade-body-idUKKCN1IP2JB |
Meghan Markle and Prince Harry's wedding on May 19 will cost an estimated £32 million ($43.4 million). And the gown Markle is wearing, and paying for, reportedly costs £100,000 , or $135,593.
The American actress will be marrying into world-class wealth, but there was a time when the she was counting pennies. Before her big breakthrough playing paralegal Rachel Zane on the USA show "Suits," Markle took a job as a briefcase girl on the NBC show "Deal or No Deal" to "make ends meet." She even worked as a calligrapher while pursuing her acting career.
At one point, Markle drove a "beat up, hand-me-down — but awesome — Ford Explorer" from audition to audition, she told Entertainment Tonight in a 2017 interview .
show chapters Even the British royal family does its best to save money - here's how 8:20 AM ET Mon, 14 May 2018 | 01:00 The car "sounded like a steamboat engine" whenever she started it and her license plate was "hanging on with a bungee cord," Markle added. "And then this just epic day happened where the lock stopped opening with the key and the clicker wouldn't open the front doors."
Unable to afford repairs, Markle's solution was to climb through the trunk of her Ford to get to the driver's seat: "So what I would start to do is literally go to these auditions, park at the back of the parking lot and I would open my trunk … and crawl into the back of my car to the front seat to drive off to my next audition."
Markle, whose breakthrough on "Suits" came in 2011 , worked her way up to earning nearly half a million dollars a year starring in the TV drama and today has an estimated net worth of $5 million .
Going forward, though, Markle says she doesn't plan to continue acting. She made her final appearance in "Suits" during last month's season finale .
"I don't see it as giving anything up. I just see it as a change. It's a new chapter," she said during a BBC News interview alongside Prince Harry last year. "Now it's time to work as a team with you."
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show chapters Here's how to join in the royal wedding this May 9:50 AM ET Fri, 11 May 2018 | 01:51 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/meghan-markle-drove-a-beat-up-ford-she-had-to-climb-into-via-the-trunk.html |
May 19, 2018 / 1:14 PM / Updated 7 hours ago Outgoing Dixons Carphone UK boss in talks to join M&S - Sky News Reuters Staff 1 Min Read
LONDON, May 19 (Reuters) - The outgoing UK and Ireland chief executive of retailer Dixons Carphone is in discussion with Marks & Spencer about joining the firm’s board, Sky News reported on Saturday.
Dixons Carphone said in April that Katie Bickerstaffe would be leaving the company.
A spokesman at the firm did not immediately respond to an emailed request for comment sent by Reuters. Marks & Spencer could not be immediately reached for comment. (Reporting by Costas Pitas, Editing by William Maclean) | ashraq/financial-news-articles | https://www.reuters.com/article/dixons-carphone-marksspencer/outgoing-dixons-carphone-uk-boss-in-talks-to-join-ms-sky-news-idUSL9N1R100X |
HONG KONG (Reuters Breakingviews) - Chinese telecom operators can ring home with good news. U.S. probes into equipment makers ZTE and Huawei might prompt Beijing to delay or scale back a rollout of next generation wireless technology, known as 5G. That would be a relief to the $200 billion China Mobile and peers that will foot the bill for the big buildout. It’s a rare reason for investors in these state giants to cheer.
A customer is shown a new iPhone X at an Apple Store in Beijing, China November 3, 2017. REUTERS/Damir Sagolj U.S. sanctions enforcers have already cut ZTE off from its American suppliers. Huawei is under investigation too, Reuters reported last week. The pair could account for more than half of all telecom equipment sales in China, according to Mizuho, meaning any disruption would quickly ripple across the networks.
A longer wait before the next big investment splurge would be welcome news for the long-suffering shareholders of China’s three carriers. China Mobile, China Telecom and China Unicom all trade on trailing EBITDA multiples of between 2.8 to 3.8 times, according to Eikon. By comparison, international competitors such as Sprint and Vodafone are valued at 5 and 6.6 times, respectively.
The discount is for good reason: Beijing is known to order the state-owned carriers – and especially the biggest, China Mobile – to burn piles of money on new mobile technology to set global standards, often well before the upgrades makes financial sense based on network data usage. Nor are these companies efficiently run; China Mobile has a net cash position, for example.
The next big wave of investment is expected to start around 2020. Analysts at Morgan Stanley reckon China Mobile’s return on equity will probably decline from as much as 12 percent this year to 8 percent in 2023 and onward.
For now, the carriers are still trying to recoup the cost of the previous technology buildout. China Mobile’s capital expenditure as a share of telecoms service revenue is just 27 percent today – compared to 37 percent around the height of 4G investment in 2014 – and the operator’s earnings are growing at roughly 4 percent. So any delay will allow profits to accumulate.
Chinese officials might be worrying about U.S. probes into equipment makers but investors wouldn’t mind if operators could hang up a little longer on 5G plans.
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-mobile-results-breakingviews/breakingviews-chinese-telco-investors-have-rare-reason-to-cheer-idUSKBN1I30AJ |
The number of small companies raising wages hit a record high in the U.S. this month. That’s according to the latest National Federation of Independent Business employment survey, due out later today. A full 35% of owners of small firms report increasing labor compensation, the highest percentage since NFIB started asking about it in 1986.
Companies have been looking to increase hiring and are paying more to attract scarce workers. “Reports of employment gains remain strong among small businesses. Owners reported adding a... | ashraq/financial-news-articles | https://www.wsj.com/articles/a-record-month-for-raises-1527785294 |
RIO DE JANEIRO--(BUSINESS WIRE)-- H.I.G. Capital ("H.I.G."), a leading global private equity investment firm with $25 billion of equity capital under management, announced today the acquisition of Parque Ana Costa, in Santos, São Paulo, Brazil.
Parque Ana Costa is a AAA office building with 17,997 square meters of space, located in Santos, an important coastal city in São Paulo state, 50 miles from the capital (São Paulo). The building was delivered in 2013 and is positioned in Ana Costa Avenue, the main business district in Santos.
Fernando Marques Oliveira, Head of H.I.G. Brazil and Latin America said, “We are very excited to complete this off-market transaction. It reflects our belief that the real estate sector in Brazil is set for a meaningful recovery. As such, H.I.G. is looking forward to committing a significant amount of capital to the sector, building on H.I.G.’s extensive local presence and relationships.”
Daniel Nader, Head of H.I.G. Realty in Brazil added, “It was a good opportunity to acquire a very well built and centrally located asset in Santos’ most desirable business district. The building has performed well in recent years and is the location of choice for foreign multinationals in Santos. Additionally, the Port of Santos is likely to benefit greatly from an economic recovery of Brazil and even more so from a recovery of the Oil & Gas industry.”
Financial terms were not disclosed.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $25 billion of equity capital under management*. Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Rio de Janeiro, São Paulo, Bogotá and Mexico City, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:
1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com .
* Based on total capital commitments managed by H.I.G. Capital and affiliates.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006294/en/
H.I.G. Capital
Fernando Marques Oliveira, +55 21 2529-3550
Managing Director
[email protected]
F +55 21 2529-3551
www.higcapital.com
Source: H.I.G. Capital | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-h-i-g-capital-acquires-parque-ana-costa-a-aaa-office-building-in-santos-sao-paulo-brazil.html |
Israelis kill 41 protesters as US moves embassy 2:19pm BST - 01:12
Israeli gunfire killed dozens and wounded at least 500 other protesters along the Gaza border on Monday, health officials said, as demonstrators streamed to the frontier on the day the United States prepared to open its embassy in Jerusalem.
Israeli gunfire killed dozens and wounded at least 500 other protesters along the Gaza border on Monday, health officials said, as demonstrators streamed to the frontier on the day the United States prepared to open its embassy in Jerusalem. //reut.rs/2GgmQwi | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/israelis-kill-41-protesters-as-us-moves?videoId=426834898 |
Malaysia ex-PM gives answers to anti-graft agents 01:49
Former Malaysian leader Najib Razak returns to an anti-graft agency to explain why million of dollars suspiciously ended up in his account just two weeks after a shocking election defeat ended his near decade long rule.
Former Malaysian leader Najib Razak returns to an anti-graft agency to explain why million of dollars suspiciously ended up in his account just two weeks after a shocking election defeat ended his near decade long rule. //reut.rs/2KOMf2Y | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/24/malaysia-ex-pm-gives-answers-to-anti-gra?videoId=429855485 |
(Corrects to delete reference to “10 percent” cut on April 1 as NDRC did not spell out size of reduction previously)
BEIJING, May 16 (Reuters) - China cut electricity prices for commercial and industrial firms for the second month in a row in May to reduce business costs, the state planning agency said on Wednesday, as data suggested the world’s second-largest economy is starting to cool.
Power prices were cut 2.7 percent from May 1, the National Development and Reform Commission (NDRC) said in a statement on its website, following an earlier cut from April 1.
The latest move will save companies 21.6 billion yuan ($3.39 billion) in costs, the NDRC said.
The April cut saved firms 43 billion yuan, it said.
As part of a broader plan laid out in Premier Li Keqiang’s work report in March, China aims to lower electricity prices by 10 percent before the end of this year.
So far, NDRC has cut electricity prices by about 7 percent in total, spokeswoman Meng Wei said at a news briefing earlier on Wednesday.
China reported on Tuesday weaker-than-expected investment and retail sales in April and a drop in home sales, clouding its economic outlook even as policymakers try to navigate debt risks and defuse a heated trade row with the United States.
Industrial output growth was a bright spot, beating economists’ forecasts and up from a seven-month low in March. But some analysts believe the bounce may be short-lived.
Despite an upbeat first quarter, economists still expect China’s economic growth to slow to 6.5 percent this year from 6.9 percent in 2017, with a regulatory crackdown and a growing trade dispute with the United States seen as key risks, a Reuters poll showed. ($1 = 6.3688 Chinese yuan renminbi) (Reporting by Stella Qiu and Beijing Monitoring Desk Editing by Kenneth Maxwell & Kim Coghill)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-power-prices/update-1-china-cuts-companies-power-prices-again-as-economy-shows-signs-of-cooling-idUSL3N1SN2R2 |
May 17, 2018 / 9:15 AM / Updated 6 hours ago UK could ban combustible materials in tall buildings after Grenfell fire Reuters Staff 3 Min Read
LONDON (Reuters) - Britain could ban the use of combustible materials on high-rise buildings in response to the Grenfell Tower fire that killed 71 people last June, the housing minister said on Thursday. FILE PHOTO: Workers stand inside the burnt out remains of the Grenfell tower in London, Britain, October 16, 2017. REUTERS/Hannah Mckay/File Photo
Grenfell Tower, a 24-storey London social housing block, was engulfed in flames after fire broke out in the middle of the night. An aluminium cladding with a combustible plastic core is thought to have contributed to the rapid spread of the fire.
“The government will consult on banning the use of combustible materials and cladding systems on high-rise residential buildings,” minister James Brokenshire told parliament.
He was speaking after a government-ordered review of building regulations, published earlier, drew widespread criticism because it did not recommend an outright ban on combustible materials in tall housing blocks.
The review’s author, engineer Judith Hackitt, said a ban would not be sufficient because existing regulations already meant that unsafe cladding should not have been used. She said the problem was that people were cutting corners and ignoring the regulations.
“There’s something seriously wrong with the regulatory system,” she said on BBC Radio 4, calling for it to be completely overhauled and for tougher sanctions to be introduced for transgressions.
But her decision not to advise a ban on combustible cladding or insulation for high-rise buildings drew immediate condemnation from a wide range of critics including the opposition Labour Party.
“It beggars belief that the government’s building safety review gives the green light to combustible materials on high-rise blocks,” said John Healey, Labour’s housing policy chief.
He urged Brokenshire to press ahead with a ban without any consultation, but Brokenshire responded that it was right to consult to make sure the eventual policy decisions were right.
The issue has far-reaching implications not only for the construction industry but also for social housing landlords and private landlords, as dozens of other high-rise buildings have been found to have cladding that could pose a fire safety risk.
The government promised on Wednesday to spend 400 million pounds on replacing unsafe cladding on public high-rise blocks, lessening the burden on cash-strapped local authorities. The cladding problem has bedevilled local councils, not least because of a lack of clarity on what should replace it.
The causes of the Grenfell Tower fire are the subject of an inquiry which is due to start public hearings next week. Reporting by Estelle Shirbon; editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-fire-cladding/post-grenfell-review-finds-uks-building-regulations-system-broken-idUKKCN1II136 |
May 10, 2018 / 1:25 PM / Updated 20 minutes ago Innogy stalls on E.ON deal with RWE over fairness doubts Christoph Steitz 3 Min Read
FRANKFURT (Reuters) - Innogy ( IGY.DE ) held off supporting a 4.9 billion euro ($5.9 billion) bid by German rival E.ON ( EONGn.DE ) on Thursday, saying it was not clear if a far-reaching asset swap with its parent RWE ( RWEG.DE ) was fair for workers or minority shareholders. A car is plugged in at a Innogy charging point for electric vehicles in Essen, Germany March 12, 2018. REUTERS/Wolfgang Rattay
E.ON and RWE, which holds a 76.8 percent stake in Innogy, revealed plans to break up the networks and renewables business and divide its assets in March.
“Irrespective of the offer price, we are extremely concerned that the job cuts planned by E.ON will be unilaterally pursued to the disadvantage of the Innogy employees,” Innogy Chief Executive Uwe Tigges said.
Although Innogy’s consent is not needed for the deal to proceed, its approval would smooth the process of completing the ambitious plan, which is expected in the second half of 2019.
Tigges and his counterparts at E.ON and RWE — Johannes Teyssen and Rolf Martin Schmitz — will meet with trade unions on Friday to discuss the deal’s impact on jobs, with labor sources saying that a basic agreement could be reached.
Unions are demanding that the up to 5,000 job cuts E.ON foresees as part of the asset swap be realized without forced layoffs. Teyssen has said he is confident that can be done.
“There has been some movement in the talks with E.ON, especially in the last few days. However, we will measure the success of the negotiations solely by whether Innogy’s employees obtain binding and reliable commitments for a fair integration process,” Innogy’s Tigges said.
The proposed deal involves a 38.40 euros per share offer from E.ON, amounting to 4.9 billion euros, for the 23.2 percent of Innogy not owned by RWE. Innogy shares are trading at around 36.35 euros.
“The executive board and the supervisory board regard the price per Innogy share offered by E.ON to be fair in absolute terms,” Innogy said in a statement.
“However, if the extensive exchange of business activities between E.ON and RWE are taken into consideration, the executive board and the supervisory board are not able to conclusively assess whether the offer price is fair for the minority shareholders,” it added.
Under a complex swap, E.ON will take over RWE’s stake in Innogy and keep the unit’s networks and retail activities. RWE will receive E.ON’s and Innogy’s renewable activities.
In addition, RWE will get a 16.67 percent stake in E.ON, minority stakes held by E.ON in two nuclear plants, Innogy’s gas storage business and a stake Innogy holds in Austrian energy supplier Kelag [KELAG.UL].
To offset a valuation gap, RWE will also pay 1.5 billion euros to E.ON in cash.
($1 = 0.8379 euros) | ashraq/financial-news-articles | https://uk.reuters.com/article/us-innogy-m-a-e-on-board/innogy-gives-no-recommendation-on-e-on-takeover-bid-idUKKBN1IB1XA |
May 2, 2018 / 8:40 AM / Updated 9 hours ago Rising oil prices put demand destruction back on the agenda: Kemp John Kemp 8 Min Read
LONDON (Reuters) - Rising oil prices over the last two years have put the issue of demand destruction back on the agenda, as producers, traders and analysts try to estimate how consumers will respond. FILE PHOTO: Crude oil is dispensed into a bottle in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo
Demand destruction always becomes a topic of discussion during this stage of the price cycle, and the current discussion resembles previous episodes of high and rising prices in 2005-2008 and 2011-2014.
Brent prices have surged by $47 per barrel (170 percent) from their low point in early 2016 and are now trading close to $75 per barrel.
Over the same period, weighted-average U.S. gasoline pump prices have risen by almost $1.13 per gallon (61 percent) and now stand just a few cents below $3 per gallon.
Crude and gasoline prices are still well below the levels of $115 per barrel and $3.80 per gallon where they stood just before oil prices started slumping at the end of June 2014.
But crude and fuels are no longer particularly cheap and most traders and oil exporting nations expect prices to increase further over the next year.
In real terms, oil prices are close to the average level for the whole of the last cycle from late 1998 through early 2016.
As the price-cycle matures and prices move towards their next peak, the focus on consumer responses is set to intensify.
In an early sign of political sensitivity in consuming countries, U.S. President Donald Trump blamed OPEC for rising oil prices via a message on his Twitter account on April 20.
“Oil prices are artificially Very High! No good and will not be accepted”, the president wrote with his customary directness.
In contrast, OPEC officials have indicated they see no adverse impact on oil consumption as a result of price increases so far.
“I have not seen any impact on demand with current prices. We have seen prices significantly higher in the past – twice as much as where we are today,” Saudi Arabia’s oil minister told reporters in Jeddah.
“Reduced energy intensity and higher productivity globally of energy input levels leads me to think that there is capacity to absorb higher prices,” the minister said on April 20. PRICE THRESHOLD?
This part of the cycle is normally characterized by a game of ‘guess the threshold at which rising prices start to destroy oil demand’.
In recent weeks, some analysts have suggested demand destruction will begin if and when prices rise above $80 per barrel while others put the threshold as high as $100.
Others express the same idea by suggesting $3 per gallon or even $4 is the psychologically important limit for U.S. motorists.
But identifying a specific price threshold is probably the wrong way to think about the issue of prices and consumption.
In reality, there is a continuum of consumer responses to price - ranging from demand stimulation to demand destruction.
The lower prices fall and the longer they are expected to stay there, the more consumption tends to be stimulated.
The higher prices rise and the longer they are predicted to stay up, the more consumption tends to be destroyed.
The response of consumption to prices is continuous but highly non-linear.
The response also takes time to materialize, as consumers slowly adjust their behavior and buy new equipment, and it takes even longer to appear in the official consumption statistics due to reporting delays.
Adding to the complexity, oil consumption is also responsive to other factors, including economic growth and incomes; car ownership and vehicle fleet growth; average miles traveled and average miles per gallon.
Some of these factors are themselves more or less related to oil prices, at different timescales, which makes the analysis even more complicated.
For example, oil prices have an impact on choices about fuel economy when new vehicles are purchased.
As a result it is notoriously difficult to estimate the price-elasticity of oil demand and economists have generated widely varying estimates.
But the bottom line is that oil consumption does respond to price changes and the response is not geared to any particular threshold. DEMAND RESTRAINT
The relationship between prices and oil consumption is evident in the global statistics, at least for the high-income countries in the OECD, though it is not so clear for low and middle-income countries outside the OECD.
Oil consumption in non-OECD countries has increased every year since 1970, with the single exception of 1993. ( tmsnrt.rs/2I6tESb )
In these countries, rising consumption has been driven by fast economic growth, rising household incomes and increasing vehicle ownership, which has dominated and masked any price effects.
By contrast, in the OECD, growth in incomes and vehicle ownership has been more moderate and the impact of prices on consumption is readily apparent.
OECD oil consumption fell in 1973-74, 1980-83, 2006-2009, 2011-2012 and 2014, all periods associated with high real oil prices.
Conversely, OECD consumption rose very rapidly between 1970 and 1973 and again between 1986 and 1999, when real prices were relatively low.
There are some nuances, including the elimination of oil from heating and power generation during the 1970s and 1980s, and the complicated interaction between the oil shocks and recessions.
But the basic relationship between prices and consumption for the OECD is clear.
Oil prices have not usually risen high enough to reduce total global demand because non-OECD consumption has continued growing.
But high prices tend to temper demand growth through their impact on OECD consumption.
The same basic relationship can be traced between U.S. gasoline prices, traffic volumes and gasoline consumption, punctuated by the occasional recession.
The decline in gasoline prices contributed to a notable acceleration in U.S. gasoline consumption growth in 2015-2016 compared with the preceding years.
But gasoline consumption was flat in 2017 and is expected to grow by just 30,000 barrels per day in 2018, according to the U.S. Energy Information Administration (“Short-Term Energy Outlook”, EIA, April 2018).
REAR-VIEW MIRROR
The escalation of oil prices since the start of 2016 has probably started to restrain consumption growth (compared with a baseline in which prices had remained at $30 per barrel).
So far, the demand restraint from increasing prices has been offset by synchronized global growth, especially in the middle-income countries that account for a rising share of oil use.
If prices continue to increase, however, there will come a point at which consumption growth starts to slow in a much more pronounced fashion.
Unfortunately, experience suggests the extent of the demand deceleration will only become apparent after it is already well underway.
And the slowdown in consumption growth will continue even once prices stop rising, given the long lags in the system.
Between 2011 and 2014, when oil prices averaged over $100 per barrel, declining consumption in the OECD and slowing consumption growth in the non-OECD created the conditions for the last oil slump.
If oil prices continue to increase, as most hedge fund managers and oil-exporting nations expect, the same scenario could play out again between 2019 and 2021.
Related columns:
“Oil prices, or how I learned to stop worrying and embrace the cycle”, Reuters, April 25 [nL8N1S261O]
“Drilling for more oil in your fuel tank”, Reuters, March 12, 2013 Editing by Jason Neely | ashraq/financial-news-articles | https://www.reuters.com/article/us-oil-prices-kemp/rising-oil-prices-put-demand-destruction-back-on-the-agenda-kemp-idUSKBN1I30YJ |
May 7 (Reuters) - Yinyi Co Ltd:
* SAYS UNIT PUNCH POWERTRAIN N.V. HAS BECOME SUPPLIER FOR PSA AUTOMOBILES SA Source text in Chinese: bit.ly/2K2KWgG (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-yinyis-unit-punch-powertrain-nv-ha/brief-yinyis-unit-punch-powertrain-n-v-has-become-supplier-for-psa-automobiles-sa-idUSH9N1SA011 |
NEWTON, Mass.--(BUSINESS WIRE)-- Tremont Mortgage Trust (Nasdaq: TRMT) today announced financial results for the quarter ended March 31, 2018.
David Blackman, Chief Executive Officer of TRMT, made the following statement:
“Tremont Mortgage Trust continued building origination momentum since the beginning of 2018. We closed on a $18.1 million first mortgage bridge loan in April and commenced diligence on two accepted loan applications for first mortgage bridge loans totaling $30 million. In aggregate, we evaluated 106 prospective financing opportunities for approximately $2.7 billion in gross loan volume during the quarter.”
Results for First Quarter 2018:
For the quarter ended March 31, 2018, net loss was $949,000, or $0.31 per diluted share.
Recent Investment Activities:
In April 2018, TRMT announced the closing of a $18.1 million first mortgage bridge loan to finance the acquisition of a 184,000 square foot, 14-story office tower located in Metairie, LA. This floating rate loan includes initial funding of approximately $15.8 million and an as-is loan to value ratio, or LTV ratio, of approximately 80%. This loan also includes a future funding allowance of up to $2.3 million for tenant improvements, leasing commissions, marketing and capital expenditures and has a three year initial term and two one year borrower extension options.
In March 2018, TRMT entered a loan application with a borrower for a first mortgage bridge loan totaling $15.2 million to refinance a 136,000 square foot office building located in Houston, TX.
In May 2018, TRMT entered a loan application with a borrower for a first mortgage bridge loan totaling $14.8 million to refinance a 62,000 square foot office building located in Westchester County, NY.
Dividend:
TRMT plans to declare and pay its first distribution to common shareholders after successfully deploying the capital raised in its initial public offering, or IPO, and concurrent private placement.
Conference Call:
At 10:00 a.m. Eastern Time today, Chief Executive Officer, David Blackman, and Chief Financial Officer, Doug Lanois, will host a conference call to discuss TRMT’s first quarter 2018 financial results.
The conference call telephone number is (877) 270-2148. Participants calling from outside the United States and Canada should dial (412) 902-6510. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. on Monday, May 21, 2018. To access the replay, dial (412) 317-0088. The replay pass code is 10118601.
A live audio webcast of the conference call will also be available in a listen-only mode on TRMT’s website, which is located at www.trmtreit.com . Participants wanting to access the webcast should visit TRMT’s website about five minutes before the call. The archived webcast will be available for replay on TRMT’s website following the call for about one week after the call. The transcription, recording and retransmission in any way of TRMT’s first quarter conference call are strictly prohibited without the prior written consent of TRMT.
WARNING CONCERNING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER TRMT USES WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”, “INTEND”, “PLAN”, “ESTIMATE”, “WILL”, “MAY” AND NEGATIVES OR DERIVATIVES OF THESE OR SIMILAR EXPRESSIONS, TRMT IS MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON TRMT’S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY TRMT’S FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE:
MR. BLACKMAN NOTES TRMT'S CONTINUED MOMENTUM. AN IMPLICATION OF THIS STATEMENT AND OF MR. BLACKMAN'S RECITATION OF THE GROSS LOAN VOLUME TRMT HAS EVALUATED DURING THE FIRST QUARTER MAY IMPLY THAT TRMT WILL BE ABLE TO SUCCESSFULLY INVEST THE REMAINING PROCEEDS OF ITS IPO AND CONCURRENT PRIVATE PLACEMENT IN THE COMING MONTHS. IN FACT, TRMT MAY BE UNABLE TO DO SO. ALSO, INVESTMENTS THAT TRMT MAY MAKE IN THE FUTURE MAY DEFAULT AND MAY PRODUCE LOSSES. THIS PRESS RELEASE STATES THAT TRMT HAS ACCEPTED TWO LOAN APPLICATIONS TOTALING $30 MILLION. CONTINGENCIES RELATED TO THESE LOANS MAY NOT BE SATISFIED AND THE CLOSINGS OF THESE PENDING LOANS MAY NOT OCCUR, MAY BE DELAYED OR THE TERMS MAY CHANGE. THIS PRESS RELEASE STATES THAT TRMT PLANS TO DECLARE AND PAY ITS FIRST DISTRIBUTION TO COMMON SHAREHOLDERS AFTER SUCCESSFULLY DEPLOYING THE CAPITAL RAISED IN ITS IPO AND CONCURRENT PRIVATE PLACEMENT. THIS STATEMENT MAY IMPLY THAT TRMT WILL BE SUCCESSFUL IN DEPLOYING ITS IPO CAPITAL. TO DATE, TRMT HAS MADE ONLY ONE INVESTMENT AND TRMT MAY BE UNABLE TO MAKE ADDITIONAL INVESTMENTS OR IT MAY TAKE TRMT AN EXTENDED PERIOD OF TIME TO FULLY DEPLOY ITS IPO CAPITAL. AS A RESULT, TRMT MAY NOT DECLARE ANY DISTRIBUTIONS TO COMMON SHAREHOLDERS IN THE FUTURE AND, THE TIMING FOR WHEN IT MAY DECLARE AND PAY ANY DISTRIBUTION IS UNCERTAIN AND MAY NOT OCCUR FOR AN EXTENDED PERIOD OF TIME, IF AT ALL. FURTHER, ANY DISTRIBUTION TRMT MAY DECLARE AND PAY MAY NOT BE SUSTAINED FOR FUTURE PERIODS AND COULD DECLINE IN AMOUNT OR BE SUSPENDED OR DISCONTINUED.
THE INFORMATION CONTAINED IN TRMT’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER “RISK FACTORS” IN TRMT’S PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE TRMT’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE STATED IN OR IMPLIED BY TRMT’S FORWARD LOOKING STATEMENTS. TRMT’S FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC'S WEBSITE AT WWW.SEC.GOV .
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.
EXCEPT AS REQUIRED BY LAW, TRMT DOES NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
TREMONT MORTGAGE TRUST
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Amounts in thousands, except per share data)
(unaudited)
Three Months Ended
March 31, 2018
Income: Interest income from investments $ 233 Less: Interest and related expenses (37 ) Total income from investments, net 196 Expenses: Management fees 225 General and administrative expenses 545 Shared services agreement reimbursement 375 Total expenses 1,145 Loss before income tax expense (949 ) Income tax expense — Net loss $ (949 ) Weighted average common shares outstanding 3,111 Net loss per common share - basic and diluted $ (0.31 ) TREMONT MORTGAGE TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data)
(unaudited)
March 31, December 31, 2018 2017 Assets Cash and cash equivalents $ 60,621 $ 61,666 Restricted cash 214 — Deferred financing costs, net 746 — Prepaid expenses and other assets 223 259 Total assets $ 61,804 $ 61,925 Liabilities and Shareholders' Equity Accounts payable, accrued liabilities and deposits $ 749 $ 301 Due to related persons 1,114 754 Total liabilities 1,863 1,055 Commitments and contingencies Shareholders' equity: Common shares of beneficial interest, $0.01 par value per share; 25,000,000 shares authorized; 3,127,939 and 3,126,439 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 31 31 Additional paid in capital 62,155 62,135 Cumulative net loss (2,245 ) (1,296 ) Total shareholders’ equity 59,941 60,870 Total liabilities and shareholders' equity $ 61,804 $ 61,925 A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005379/en/
Tremont Mortgage Trust
Christopher Ranjitkar, 617-796-7651
Director, Investor Relations
Source: Tremont Mortgage Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-tremont-mortgage-trust-reports-first-quarter-2018-financial-results.html |
BIRMINGHAM, Ala., May 3, 2018 /PRNewswire/ -- Vulcan Materials Company (NYSE:VMC), the nation's largest producer of construction aggregates, today announced results for the first quarter ended March 31, 2018.
First quarter earnings from continuing operations increased 23 percent year-over-year to $53 million on a 9 percent increase in total revenues. Gross profit was $159 million, led by a 7 percent increase in Aggregates segment gross profit to $148 million. Asphalt, Concrete and Calcium segment gross profit was $11 million, as delayed work and higher input costs negatively impacted Asphalt margins. Selling, administrative, and general expenses declined $4 million to $78 million. Adjusted Earnings from Continuing Operations of $0.44 per diluted share compares to $0.34 per share in the prior year's first quarter. Adjusted EBITDA increased 12 percent to $168 million.
In the Company's core Aggregates segment, unit margins improved despite higher energy costs and shipment delays due to unusually cold and wet weather in certain markets. On a same-store basis, the aggregates business delivered cash gross profit per ton of $5.33, a record for the first quarter. This $0.19 per ton increase over the prior year period was achieved despite an $0.11 per ton increase in diesel. Same-store shipments grew 1 percent for the quarter, with a 7 percent increase in daily shipment rates in March as weather conditions improved. Adjusted for mix, freight-adjusted average selling price rose 3 percent over the prior year. Same-store total cost of revenues per ton declined year-over-year despite the aforementioned weather and energy cost headwinds as well as the planned shutdown of certain large production facilities for maintenance ahead of the construction season.
Tom Hill, Chairman and Chief Executive Officer, said, "Our first quarter results represent a solid start to the year and were consistent with our internal plans and full-year expectations despite difficult weather and higher than anticipated energy costs. Key leading indicators, as well as our shipment patterns through the first quarter and through April, support our full-year volume expectations. Aggregates pricing momentum continues to improve, supported by demand visibility, higher diesel prices, and tight logistics capacity. And as seen in our first quarter results, we've begun to turn the corner with respect to cost challenges faced in 2017. As such, we reiterate our full-year expectations for 2018 earnings from continuing operations of between $4.00 and $4.65 per diluted share and Adjusted EBITDA of between $1.150 and $1.250 billion."
First Quarter Summary (compared with prior year's first quarter)
Total revenues increased $67 million, or 9 percent, to $854 million Gross profit was $159 million versus $158 million in the prior year Aggregates segment sales increased $49 million to $700 million and freight-adjusted revenues increased $33 million, or 7 percent, to $529 million Shipments increased 2.3 million tons, or 6 percent, to 40.5 million tons Freight-adjusted sales price increased 1 percent to $13.06 per ton Segment gross profit increased $9 million, or 7 percent, to $148 million Asphalt, Concrete and Calcium segment gross profit decreased $8 million, collectively SAG was $78 million, $4 million lower than the prior year Net earnings were $53 million versus $45 million in the prior year Adjusted EBIT was $86 million versus $78 million in the prior year Adjusted EBITDA was $168 million, an increase of $19 million, or 12 percent Earnings from continuing operations were $0.40 per diluted share versus $0.32 per diluted share Adjusted earnings from continuing operations were $0.44 per diluted share versus $0.34 per diluted share (see appendix 3 for reconciliation)
Trailing-Twelve-Month Summary (compared with the prior twelve month period)
Total revenues were $3.96 billion, an increase of $332 million, or 9 percent Gross profit was $995 million, an increase of $12 million, or 1 percent Aggregates segment sales increased $168 million to $3.15 billion and freight-adjusted revenues increased $121 million, or 5 percent, to $2.43 billion Shipments increased 3 percent, to 185.5 million tons Freight-adjusted sales price increased $0.31 per ton, or 2 percent Segment gross profit increased $10 million to $864 million Asphalt, Concrete and Calcium segment gross profit improved $3 million, collectively SAG was $321 million, or 8.1 as a percentage of total revenues Net earnings were $609 million versus $424 million in the prior year Adjusted EBIT was $685 million, an increase of 2 percent Adjusted EBITDA was $1.0 billion, up 4 percent from the prior year Earnings from continuing operations were $4.48 per diluted share versus $3.12 per diluted share Adjusted earnings from continuing operations were $3.14 per diluted share versus $2.96 per diluted share (see appendix 3 for reconciliation)
Segment Results
Aggregates
First quarter Aggregates segment gross profit increased 7 percent to $148 million, or $3.66 per ton. Solid operating disciplines and the absence of one-time costs (e.g. California flooding) experienced in the prior year's first quarter helped offset a 26 percent increase in the unit cost for diesel fuel, the planned shutdown of three large facilities for repairs ahead of the construction season, and above normal distribution costs due to lingering storm-related ship and barge movement inefficiencies. The Company has taken possession of one of its two new, more efficient, Panamax-class ships, and expects to take possession of the second ship during the second quarter.
First quarter aggregates shipments increased 6 percent (1 percent on a same-store basis) versus the prior year's quarter. After being down 3 percent through February, same-store daily shipment rates for aggregates were up 7 percent year-over-year in March, reflecting demand fundamentals consistent with our full-year expectations. Shipments in Arizona, California, Florida and coastal Texas experienced double-digit gains due to solid demand growth and the start of some large projects. Shipment growth in other Texas markets, particularly north Texas, were held back due to wet weather. Wetter and colder weather led to reduced shipments in a number of other southeastern markets and Virginia. On a same-store basis, shipments in Georgia and South Carolina were down double-digits and Virginia decreased high-single digits. Daily shipping rates in these markets strengthened in April, and the Company's overall shipment momentum remained consistent with full-year plans.
With respect to the balance of 2018, leading indicators such as employment growth and construction starts indicate a continued recovery in demand across Vulcan's footprint. Private demand, both residential and nonresidential, continues to recover across Vulcan-served markets, and highway demand is again growing after a disappointing 2017. Transportation agencies appear to be catching up to new, higher funding levels in key Vulcan-served states. Construction starts data for Vulcan markets – as well as the Company's backlogs, booking rates for future work, and shipment patterns – all suggest improved demand visibility. Certain markets do face near-term logistics challenges, including disappointing rail-service quality, although the Company expects these pressures to ease over the balance of the year.
Demand visibility, customer confidence, diesel prices, and logistics constraints support continued upward pricing movements in many markets. For the quarter, freight-adjusted average sales price for aggregates increased 1 percent versus the prior year, despite a negative geographic and product mix impact. Excluding mix impact, aggregates price increased 3 percent. Pricing remained particularly strong in California, Georgia and other southeastern markets that are supported by clear demand visibility for both private and public construction. Texas, particularly coastal Texas, experienced relative pricing weakness in the quarter due to higher inbound freight costs and the mix of work – although the Company expects this trend to reverse over the remainder of the year. April price increases to key customers were executed well, and the Company expects additional price increases in several markets later in the year.
Asphalt, Concrete and Calcium
Asphalt segment gross profit was $8 million lower than the prior year due to weather impacts on volumes, lower materials margin and the comparative timing of an acquisition that closed during the first quarter last year. On a same-store basis, shipments were in line with the prior year, with cold and wet weather in key markets limiting paving activity. Deferred volumes should be recovered later in the year. Although average asphalt selling prices increased 4 percent, an 11 percent increase in unit costs for liquid asphalt compressed margins. This year's first quarter also included January results – a negative gross profit month – for a business acquired in February of the prior year.
Concrete segment gross profit was $10 million in the quarter, in line with the prior year. Total shipments increased 3 percent year-over-year. Average price increases of 9 percent allowed for a 5 percent gain in the material margins. The Company divested its Georgia ready-mix concrete operations in March. Full-year expectations for concrete segment gross profit remain unchanged.
Calcium segment gross profit was $0.5 million versus $0.7 million in the prior year's first quarter.
Growth, Capital Allocation, and Financial Position
The Company actively manages its business portfolio with a view toward driving long-term growth of cash flows from earnings after tax. In addition to the aforementioned divestiture of its Georgia ready-mix operations, the Company closed on three acquisitions in the first quarter including aggregates and asphalt operations complementing its existing positions in Alabama and Texas.
Total capital expenditures in the first quarter were $129 million. This amount included $65 million of core operating and maintenance capital investments to improve or replace existing property, plant and equipment, in line with expectations. In addition, the Company invested $64 million in internal growth projects to secure new aggregates reserves, develop new production sites, enhance the Company's distribution capabilities, and support the targeted growth of its asphalt and concrete operations.
The Company continues to expect operating and maintenance capital spending for 2018 of approximately $250 million to support an increased level of shipments and further improve production costs and operating efficiencies. We also plan for $350 million in internal growth capital expenditures during 2018, including the development of strategic aggregates sites in California and Texas.
The Company continues to position its debt portfolio consistent with the long-lived nature of its asset base, the cyclicality of materials demand, and the long-term price appreciation expected for aggregates. Concluding the refinancing plans commenced in December 2017, the Company in the first quarter issued $850 million of senior notes with maturities of 3 and 30 years, and retired $885 million of debt with maturities inside 4 years. Additionally, $111 million of senior notes due 2037 were exchanged for a like amount of senior notes due 2048 and cash. Since year-end 2016, the weighted-average life of the debt portfolio has more than doubled to approximately 16 years, while the weighted-average interest rate has declined from approximately 6.5 percent to approximately 4.0 percent. First quarter results include a $7 million pretax charge associated with these transactions.
During the quarter, the Company returned $93 million to shareholders through dividends paid ($37 million) and share repurchases ($56 million).
Selling, Administrative and General (SAG), Other Operating Expense and Taxes
SAG expenses in the quarter were $78 million, $4 million lower than the prior year. On a trailing-twelve-month basis, SAG expense as a percentage of total revenues, declined from 8.9 percent to 8.1 percent. The Company completed an organizational restructuring in January resulting in the elimination of approximately 50 positions. First quarter results reflect a $4 million charge resulting from this action.
Other operating expense was $4 million in the first quarter versus $6 million in the prior year. Over the past five years, other operating expenses, exclusive of discrete items, have averaged approximately $3 to $4 million per quarter.
The Company continues to project an effective tax rate for the full year of 20 percent. The first quarter tax provision includes a discrete adjustment related to stock-based incentive compensation, similar to the prior year's first quarter.
The Company currently projects 2018 cash taxes of approximately $75 million before the effects of debt refinancing actions, use of various credits, and refunds from prior period over-payments. The current year's projected cash taxes are approximately $100 million lower than if under the prior tax law.
Demand and Earnings Outlook
Regarding the Company's earnings outlook for 2018, Mr. Hill stated, "We like the trends we've seen so far and the leading indicators we monitor support our full-year outlook for strong earnings growth. We expect earnings from continuing operations of $4.00 to $4.65 per diluted share and Adjusted EBITDA of $1.150 to $1.250 billion. All other aspects of our outlook are consistent with our outlook in February."
Conference Call
Vulcan will host a conference call at 10:00 a.m. CDT on May 3, 2018. A webcast will be available via the Company's website at www.vulcanmaterials.com . Investors and other interested parties may access the teleconference live by calling 800-239-9838, or 323-794-2551 approximately 10 minutes before the scheduled start. The conference ID is 3160919. The conference call will be recorded and available for replay at the Company's website approximately two hours after the call.
Vulcan Materials Company, a member of the S&P 500 Index with headquarters in Birmingham, Alabama, is the nation's largest producer of construction aggregates and a major producer of other construction materials – primarily crushed stone, sand and gravel – and a major producer of aggregates-based construction materials, including asphalt mix and ready-mixed concrete. For additional information about Vulcan, go to www.vulcanmaterials.com .
FORWARD-LOOKING STATEMENT DISCLAIMER
This document contains forward-looking statements. Statements that are not historical fact, including statements about Vulcan's beliefs and expectations, are forward-looking statements. Generally, these statements relate to future financial performance, results of operations, business plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures), dividend policy, shipment volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned divestitures and asset sales. These forward-looking statements are sometimes identified by the use of terms and phrases such as "believe," "should," "would," "expect," "project," "estimate," "anticipate," "intend," "plan," "will," "can," "may" or similar expressions elsewhere in this document. These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the SEC.
Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary significantly from those expressed in or implied by the forward-looking statements. The following risks related to Vulcan's business, among others, could cause actual results to differ materially from those described in the forward-looking statements: those associated with general economic and business conditions; the timing and amount of federal, state and local funding for infrastructure; changes in Vulcan's effective tax rate; the increasing reliance on information technology infrastructure for Vulcan's ticketing, procurement, financial statements and other processes could adversely affect operations in the event that the infrastructure does not work as intended or experiences technical difficulties or is subjected to cyber-attacks; the impact of the state of the global economy on Vulcan's businesses and financial condition and access to capital markets; changes in the level of spending for private residential and private nonresidential construction; the highly competitive nature of the construction materials industry; the impact of future regulatory or legislative actions, including those relating to climate change, wetlands, greenhouse gas emissions, the definition of minerals, tax policy or international trade; the outcome of pending legal proceedings; pricing of Vulcan's products; weather and other natural phenomena; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; the amount of long-term debt and interest expense incurred by Vulcan; changes in interest rates; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; the impact of environmental clean-up costs and other liabilities relating to existing and/or divested businesses; Vulcan's ability to secure and permit aggregates reserves in strategically located areas; Vulcan's ability to manage and successfully integrate acquisitions; the potential of goodwill or long-lived asset impairment; changing technologies could disrupt the way we do business and how our products are distributed; the effect of changes in tax laws, guidance and interpretations, including those related to the Tax Cuts and Jobs Act that was enacted in December 2017; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the SEC. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. Vulcan disclaims and does not undertake any obligation to update or revise any forward-looking statement in this document except as required by law.
Table A
Vulcan Materials Company
and Subsidiary Companies
(in thousands, except per share data)
Three Months Ended
Consolidated Statements of Earnings
March 31
(Condensed and unaudited)
2018
2017
Total revenues
$854,474
$787,328
Cost of revenues
695,140
629,107
Gross profit
159,334
158,221
Selling, administrative and general expenses
78,340
82,383
Gain on sale of property, plant & equipment
and businesses
4,164
369
Other operating expense, net
(3,975)
(5,828)
Operating earnings
81,183
70,379
Other nonoperating income, net
5,083
4,045
Interest expense, net
37,774
34,076
Earnings from continuing operations
before income taxes
48,492
40,348
Income tax benefit
(4,903)
(3,175)
Earnings from continuing operations
53,395
43,523
Earnings (loss) on discontinued operations, net of tax
(416)
1,398
Net earnings
$52,979
$44,921
Basic earnings per share
Continuing operations
$0.40
$0.33
Discontinued operations
$0.00
$0.01
Net earnings
$0.40
$0.34
Diluted earnings (loss) per share
Continuing operations
$0.40
$0.32
Discontinued operations
($0.01)
$0.01
Net earnings
$0.39
$0.33
Weighted-average common shares outstanding
Basic
132,690
132,636
Assuming dilution
134,359
134,968
Cash dividends per share of common stock
$0.28
$0.25
Depreciation, depletion, accretion and amortization
$81,439
$71,563
Effective tax rate from continuing operations
-10.1%
-7.9%
Table B
Vulcan Materials Company
and Subsidiary Companies
(in thousands)
Consolidated Balance Sheets
March 31
December 31
March 31
(Condensed and unaudited)
2018
2017
2017
Assets
Cash and cash equivalents
$38,141
$141,646
$286,957
Restricted cash
8,373
5,000
0
Accounts and notes receivable
Accounts and notes receivable, gross
492,103
590,986
471,590
Less: Allowance for doubtful accounts
(2,667)
(2,649)
(2,757)
Accounts and notes receivable, net
489,436
588,337
468,833
Inventories
Finished products
340,666
327,711
306,012
Raw materials
29,393
27,152
26,213
Products in process
1,303
1,827
1,314
Operating supplies and other
28,392
27,648
29,860
Inventories
399,754
384,338
363,399
Prepaid expenses
75,495
60,780
38,573
Total current assets
1,011,199
1,180,101
1,157,762
Investments and long-term receivables
35,056
35,115
34,311
Property, plant & equipment
Property, plant & equipment, cost
8,116,439
7,969,312
7,432,388
Allowances for depreciation, depletion & amortization
(4,090,574)
(4,050,381)
(3,980,567)
Property, plant & equipment, net
4,025,865
3,918,931
3,451,821
Goodwill
3,130,161
3,122,321
3,101,241
Other intangible assets, net
1,060,831
1,063,630
829,114
Other noncurrent assets
190,099
184,793
170,075
Total assets
$9,453,211
$9,504,891
$8,744,324
Liabilities
Current maturities of long-term debt
22
41,383
139
Short-term debt
200,000
0
0
Trade payables and accruals
188,163
197,335
175,906
Other current liabilities
195,122
204,154
184,853
Total current liabilities
583,307
442,872
360,898
Long-term debt
2,775,687
2,813,482
2,329,248
Deferred income taxes, net
479,430
464,081
703,491
Deferred revenue
190,731
191,476
196,739
Other noncurrent liabilities
510,846
624,087
633,187
Total liabilities
$4,540,001
$4,535,998
$4,223,563
Equity
Common stock, $1 par value
132,290
132,324
132,222
Capital in excess of par value
2,787,848
2,805,587
2,792,720
Retained earnings
2,138,885
2,180,448
1,734,448
Accumulated other comprehensive loss
(145,813)
(149,466)
(138,629)
Total equity
$4,913,210
$4,968,893
$4,520,761
Total liabilities and equity
$9,453,211
$9,504,891
$8,744,324
Table C
Vulcan Materials Company
and Subsidiary Companies
(in thousands)
Three Months Ended
Consolidated Statements of Cash Flows
March 31
(Condensed and unaudited)
2018
2017
Operating Activities
Net earnings
$52,979
$44,921
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation, depletion, accretion and amortization
81,439
71,563
Net gain on sale of property, plant & equipment and businesses
(4,164)
(369)
Contributions to pension plans
(102,443)
(2,374)
Share-based compensation expense
6,794
6,488
Deferred tax expense (benefit)
7,968
153
Cost of debt purchase
6,922
0
Changes in assets and liabilities before initial
effects of business acquisitions and dispositions
39,832
(28,069)
Other, net
3,641
1,839
Net cash provided by operating activities
$92,968
$94,152
Investing Activities
Purchases of property, plant & equipment
(128,688)
(133,022)
Proceeds from sale of property, plant & equipment
1,701
1,239
Proceeds from sale of businesses
11,256
0
Payment for businesses acquired, net of acquired cash
(76,259)
(185,067)
Other, net
(34)
0
Net cash used for investing activities
($192,024)
($316,850)
Financing Activities
Proceeds from short-term debt
252,000
0
Payment of short-term debt
(52,000)
0
Payment of current maturities and long-term debt
(892,038)
(5)
Proceeds from issuance of long-term debt
850,000
350,000
Debt issuance and exchange costs
(45,513)
(4,565)
Settlements of interest rate derivatives
3,378
0
Purchases of common stock
(55,568)
(49,221)
Dividends paid
(37,176)
(33,152)
Share-based compensation, shares withheld for taxes
(24,159)
(21,421)
Net cash provided by (used for) financing activities
($1,076)
$241,636
Net increase (decrease) in cash and cash equivalents and restricted cash
(100,132)
18,938
Cash and cash equivalents and restricted cash at beginning of year
146,646
268,019
Cash and cash equivalents and restricted cash at end of period
$46,514
$286,957
Table D
Segment Financial Data and Unit Shipments
(in thousands, except per unit data)
Three Months Ended
March 31
2018
2017
Total Revenues
Aggregates 1
$699,657
$650,300
Asphalt
103,835
95,776
Concrete
100,962
88,750
Calcium
1,942
1,886
Segment sales
$906,396
$836,712
Aggregates intersegment sales
(51,922)
(49,384)
Total revenues
$854,474
$787,328
Gross Profit
Aggregates
$148,221
$138,791
Asphalt
246
8,482
Concrete
10,320
10,225
Calcium
547
723
Total
$159,334
$158,221
Depreciation, Depletion, Accretion and Amortization
Aggregates
$65,953
$57,656
Asphalt
7,002
5,731
Concrete
3,414
3,023
Calcium
69
195
Other
5,001
4,958
Total
$81,439
$71,563
Average Unit Sales Price and Unit Shipments
Aggregates
Freight-adjusted revenues 2
$529,414
$496,805
Aggregates - tons
40,532
38,246
Freight-adjusted sales price 3
$13.06
$12.99
Other Products
Asphalt Mix - tons
1,793
1,778
Asphalt Mix - sales price
$53.30
$51.23
Ready-mixed concrete - cubic yards
816
792
Ready-mixed concrete - sales price
$122.47
$112.00
Calcium - tons
67
67
Calcium - sales price
$28.96
$28.18
1 Includes product sales as well as freight & delivery costs that we pass along to our customers, and service
revenues related to aggregates.
2 Freight-adjusted revenues are Aggregates segment sales excluding freight & delivery revenues, and other
revenues related to services, such as landfill tipping fees that are derived from our aggregates business.
3 Freight-adjusted sales price is calculated as freight-adjusted revenues divided by aggregates unit shipments.
Appendix 1
1. Reconciliation of Non-GAAP Measures
Gross profit margin excluding freight & delivery (revenues and costs) is not a Generally Accepted Accounting Principle (GAAP) measure. We present this metric as it is consistent with the basis by which we review our operating results. Likewise, we believe that this presentation is consistent with our competitors and consistent with the basis by which investors analyze our operating results considering that freight & delivery services represent pass-through activities (we do not generate a profit associated with the transportation component of the selling price of the product). Reconciliation of this metric to its nearest GAAP measure is presented below:
Gross Profit Margin in Accordance with GAAP
(dollars in thousands)
Three Months Ended
March 31
2018
2017
Gross profit
$159,334
$158,221
Total revenues
$854,474
$787,328
Gross profit margin
18.6%
20.1%
Gross Profit Margin Excluding Freight & Delivery
(dollars in thousands)
Three Months Ended
March 31
2018
2017
Gross profit
$159,334
$158,221
Total revenues
$854,474
$787,328
Freight & delivery revenues 1
129,690
118,103
Total revenues excluding freight & delivery
$724,784
$669,225
Gross profit margin excluding freight & delivery
22.0%
23.6%
1 Includes freight & delivery to remote distribution sites.
Aggregates Segment Freight-Adjusted Revenues
Aggregates segment freight-adjusted revenues is not a GAAP measure. We present this metric as it is consistent with the basis by which we review our operating results. We believe that this presentation is consistent with our competitors and meaningful to our investors as it excludes revenues associated with freight & delivery, which are pass-through activities. It also excludes immaterial other revenues related to services, such as landfill tipping fees, that are derived from our aggregates business. Additionally, we use this metric as the basis for calculating the average sales price of our aggregates products. Reconciliation of this metric to its nearest GAAP measure is presented below:
(dollars in thousands)
Three Months Ended
March 31
2018
2017
Aggregates segment
Segment sales
$699,657
$650,300
Less
Freight & delivery revenues 1
158,944
147,898
Other revenues
11,299
5,597
Freight-adjusted revenues
$529,414
$496,805
Unit shipment - tons
40,532
38,246
Freight-adjusted sales price
$13.06
$12.99
1 At the segment level, freight & delivery revenues include intersegment freight & delivery revenues, which are eliminated at the
consolidated level.
Appendix 2
Reconciliation of Non-GAAP Measures (Continued)
Aggregates segment gross profit margin as a percentage of segment sales excluding freight & delivery (revenues and costs) is not a GAAP measure. We present this metric as it is consistent with the basis by which we review our operating results. We believe that this presentation is consistent with our competitors and meaningful to our investors as it excludes revenues associated with freight & delivery, which are pass-through activities (we do not generate a profit associated with the transportation component of the selling price of the product). Incremental gross profit as a percentage of segment sales excluding freight & delivery revenues represents the year-over-year change in gross profit divided by the year-over-year change in segment sales excluding freight & delivery revenues. Reconciliations of these metrics to their nearest GAAP measures are presented below:
Aggregates Segment Gross Profit Margin in Accordance with GAAP
(dollars in thousands)
Three Months Ended
March 31
2018
2017
Aggregates segment
Gross profit
$148,221
$138,791
Segment sales
$699,657
$650,300
Gross profit margin
21.2%
21.3%
Incremental gross profit margin
19.1%
Aggregates Segment Gross Profit as a Percentage of Segment Sales Excluding Freight & Delivery
(dollars in thousands)
Three Months Ended
March 31
2018
2017
Aggregates segment
Gross profit
$148,221
$138,791
Segment sales
$699,657
$650,300
Less
Freight & delivery revenues 1
158,944
147,898
Segment sales excluding freight & delivery
$540,713
$502,402
Gross profit as a percentage of segment sales
excluding freight & delivery
27.4%
27.6%
Incremental gross profit as a percentage of
segment sales excluding freight & delivery
24.6%
1 At the segment level, freight & delivery revenues include intersegment freight & delivery revenues, which are eliminated at the
consolidated level.
GAAP does not define "Aggregates segment cash gross profit" and it should not be considered as an alternative to earnings measures defined by GAAP. We present this metric for the convenience of investment professionals who use such metrics in their analyses and for shareholders who need to understand the metrics we use to assess performance. We and the investment community use this metric to assess the operating performance of our business. Additionally, we present this metric as we believe that it closely correlates to long-term shareholder value. We do not use this metric as a measure to allocate resources. Aggregates segment cash gross profit per ton is computed by dividing Aggregates segment cash gross profit by tons shipped. Reconciliation of this metric to its nearest GAAP measure is presented below:
Aggregates Segment Cash Gross Profit
(in thousands, except per ton data)
Three Months Ended
March 31
2018
2017
Aggregates segment
Gross profit
$148,221
$138,791
Depreciation, depletion, accretion and amortization
65,953
57,656
Aggregates segment cash gross profit
$214,174
$196,447
Unit shipments - tons
40,532
38,246
Aggregates segment cash gross profit per ton
$5.28
$5.14
Appendix 3
Reconciliation of Non-GAAP Measures (Continued)
GAAP does not define "Earnings Before Interest, Taxes, Depreciation and Amortization" (EBITDA) and it should not be considered as an alternative to earnings measures defined by GAAP. We present this metric for the convenience of investment professionals who use such metrics in their analyses and for shareholders who need to understand the metrics we use to assess performance. We use this metric to assess the operating performance of our business and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. We do not use this metric as a measure to allocate resources. We adjust EBITDA for certain items to provide a more consistent comparison of earnings performance from period to period. Reconciliation of this metric to its nearest GAAP measure is presented below:
EBITDA and Adjusted EBITDA
(in thousands)
Three Months Ended
TTM
March 31
March 31
2018
2017
2018
2017
Net earnings
$52,979
$44,921
$609,244
$424,254
Income tax expense (benefit)
(4,903)
(3,175)
(233,803)
133,146
Interest expense, net
37,774
34,076
294,784
133,613
(Earnings) loss on discontinued operations, net of tax
416
(1,398)
(5,982)
(290)
EBIT
$86,266
$74,424
$664,243
$690,723
Depreciation, depletion, accretion and amortization
81,439
71,563
315,841
287,097
EBITDA
$167,705
$145,987
$980,084
$977,820
Gain on sale of real estate and businesses
($2,929)
$0
($13,437)
($16,216)
Property donation
0
0
4,290
0
Business interruption claims recovery, net of incentives
(1,694)
0
(1,694)
(11,014)
Charges associated with divested operations
0
1,379
16,683
6,511
Business development, net of termination fee 1
516
0
3,580
0
One-time employee bonuses
0
0
6,716
0
Asset impairment
0
0
0
860
Restructuring charges
4,245
1,942
4,245
1,942
Adjusted EBITDA
$167,843
$149,308
$1,000,467
$959,903
Depreciation, depletion, accretion and amortization
(81,439)
(71,563)
(315,841)
(287,097)
Adjusted EBIT
$86,404
$77,745
$684,626
$672,806
1 Includes only non-routine business development charges.
Similar to our presentation of Adjusted EBITDA, we present Adjusted Diluted EPS to provide a more consistent comparison of earnings performance from period to period.
Adjusted Diluted EPS from Continuing Operations (Adjusted Diluted EPS)
Three Months Ended
TTM
March 31
March 31
2018
2017
2018
2017
Diluted EPS
$0.40
$0.32
$4.48
$3.12
Items included in Adjusted EBITDA above
0.00
0.02
0.09
(0.08)
Interest charges associated with debt purchase
0.00
0.00
0.02
0.00
Debt refinancing costs
0.04
0.00
0.75
0.00
Tax reform income tax savings
0.00
0.00
(1.99)
0.00
Alabama NOL carryforward valuation allowance
0.00
0.00
(0.21)
(0.03)
Foreign tax credit carryforward utilization
0.00
0.00
0.00
(0.05)
Adjusted Diluted EPS
$0.44
$0.34
$3.14
$2.96
The following reconciliation to the mid-point of the range of 2018 Projected EBITDA excludes adjustments for charges associated with divested operations, asset impairment and other unusual gains and losses. Due to the difficulty of forecasting the timing or amount of items that have not yet occurred, are out of our control, or cannot be reasonably predicted, we are unable to estimate the significance of this unavailable information.
2018 Projected EBITDA
(in millions)
Mid-point
Net earnings
$585
Income tax expense
140
Interest expense, net
135
Discontinued operations, net of tax
0
Depreciation, depletion, accretion and amortization
340
Projected EBITDA
$1,200
View original content with multimedia: http://www.prnewswire.com/news-releases/vulcan-announces-first-quarter-2018-results-300641618.html
SOURCE Vulcan Materials Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-vulcan-announces-first-quarter-2018-results.html |
Oil boost helps world stocks turn positive for 2018 8:26am EDT - 01:38
World stocks hit a three-week high on Thursday and turned positive for the year as rising oil prices gave energy firms a shot in the arm that countered the effects of increased political uncertainty. Sonia Legg reports. ▲ Hide Transcript ▶ View Transcript
World stocks hit a three-week high on Thursday and turned positive for the year as rising oil prices gave energy firms a shot in the arm that countered the effects of increased political uncertainty. Sonia Legg reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2G3pDZM | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/10/oil-boost-helps-world-stocks-turn-positi?videoId=425566992 |
One extreme part of the anti-Trump “resistance” is outrage, including death threats, against Federal Communications Commission Chairman Ajit Pai because he wants to roll back the Obama Administration’s regulation of the internet. Senate Democrats are now whipping up this base ahead of a phony vote on Wednesday, and the ironies are many.
Senate Democrat Ed Markey of Massachusetts and colleagues are forcing a floor vote to “save” something called “net neutrality.” That foggy concept has become in practice regulating the internet... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/a-phony-vote-on-net-neutrality-1526425358 |
ARLINGTON, Va.--(BUSINESS WIRE)-- AvalonBay Communities, Inc. (NYSE: AVB) announced today that its Board of Directors declared a cash dividend on the Company’s Common Stock (par value $0.01 per share) for the second quarter of 2018. The Common Stock dividend is $1.47 per share and is payable July 16, 2018 to all Common Stockholders of Record as of June 29, 2018.
About AvalonBay Communities, Inc.
As of March 31, 2018, the Company owned or held a direct or indirect ownership interest in 288 apartment communities containing 84,162 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development and 15 communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States. More information may be found on the Company’s website at http://www.avalonbay.com .
Copyright © 2018 AvalonBay Communities, Inc. All Rights Reserved
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523006363/en/
AvalonBay Communities, Inc.
Jason Reilley
Vice President
Investor Relations
703-317-4681
Source: AvalonBay Communities, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-avalonbay-communities-inc-declares-second-quarter-2018-dividends.html |
S&P can gain 8 percent this year, says Phil Blancato 3:04pm EDT - 05:29
Strong consumer spending can drive earnings and boost the markets, says the president of Ladenburg Thalmann Asset Management in an interview with Reuters' Fred Katayama.
Strong consumer spending can drive earnings and boost the markets, says the president of Ladenburg Thalmann Asset Management in an interview with Reuters' Fred Katayama. //reut.rs/2KzzdqQ | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/03/sp-can-gain-8-percent-this-year-says-phi?videoId=423590884 |
ORLANDO, Fla.--(BUSINESS WIRE)-- Sunshine Fitness Growth Holdings, LLC (“Sunshine Fitness” or “the Company”), a leading owner and operator of Planet Fitness clubs in the Southeast United States backed by TSG Consumer Partners (“TSG”), today announced the acquisition of two franchise groups representing a combined 31 Planet Fitness clubs in Florida, North Carolina, and South Carolina. Terms of the transactions were not disclosed.
The acquisitions include 20 fitness clubs across South Florida and the greater Charlotte area, and 11 clubs across North and South Carolina. The acquisitions nearly double Sunshine Fitness’s total club ownership to 64 clubs. As part of the transactions, the prior owners of the acquired clubs, Glenn Dowler, Heather Robinson and Michael Hicks, will join the Sunshine Fitness leadership team.
Shane McGuiness, Co-Founder and Co-CEO of Sunshine Fitness said, “Glenn, Michael and their respective teams have done an excellent job developing and operating top tier fitness clubs with strong, loyal customer followings. These transactions allow us to add talented leaders to our team, expand our presence in Florida and enter new markets in North and South Carolina, putting in place the infrastructure we need to continue executing on our growth plans.”
“I am confident that our clubs and their members will benefit from the combined team at Sunshine Fitness,” said Glenn Dowler. “As the original Planet Fitness franchisee, and one of the largest, Sunshine Fitness has proven itself to be an excellent operator focused on staying true to the Planet Fitness mission and enhancing the member experience.”
“The Sunshine Fitness team has demonstrated its devotion to the health and well-being of its communities in the Southeast, and we believe they will help us accelerate our growth and penetration in the southeast United States,” added Michael Hicks. “We look forward to working with them and to serving our members as a part of this new combined company.”
These transactions follow the December 2017 acquisition of a majority stake in Sunshine Fitness by TSG. TSG is a leading private equity firm focused exclusively on the branded consumer sector and prior majority owner of Planet Fitness.
The McLean Group served as financial advisor and Morgan, Lewis & Bockius, LLP served as legal counsel to the sellers in both transactions, and Ropes & Gray, LLP served as legal counsel to TSG.
About Sunshine Fitness
Sunshine Fitness Growth Holdings, LLC, is a leading owner and operator of Planet Fitness gyms, the fastest-growing health club franchise in the United States. Led by Co-CEOs Eric Dore & Shane McGuiness, Sunshine Fitness recognized the differentiated value offered by Planet Fitness and opened the first franchised Planet Fitness location in Altamonte Springs, Florida in 2003. Since then, the group has grown to more than 60 clubs across Florida, Georgia, Alabama, North Carolina and South Carolina and is one of the largest franchise groups in the Planet Fitness network. The Company is dedicated to the Planet Fitness mission of providing a comfortable workout environment that enables anyone to pursue a healthy, happy lifestyle.
About TSG Consumer Partners
TSG Consumer Partners, LLC is a leading investment firm focused exclusively on the branded consumer sector. Since its founding in 1987, TSG has been an active investor in the food, beverage, restaurant, beauty, personal care, household, apparel & accessories, and e-commerce sectors. Representative past and present partner companies include Duckhorn Wine Company, vitaminwater, thinkThin, popchips, Muscle Milk, Yard House, Stumptown, Pabst, Planet Fitness, REVOLVE, Backcountry, Smashbox Cosmetics, Pureology, Sexy Hair, e.l.f. Cosmetics and IT Cosmetics. For more information, please visit www.tsgconsumer.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531005975/en/
Sunshine Fitness
Uproar PR
Esther McIlvain, 321-236-0102 ext. 230
or
TSG Consumer Partners
Sard Verbinnen & Co
Dan Goldstein / Julie Rudnick
310-201-2040 / 212-687-8080
Source: Sunshine Fitness Growth Holdings, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-sunshine-fitness-acquires-31-planet-fitness-clubs-from-two-franchise-groups.html |
46 COMMENTS A senior Tesla Inc. TSLA -1.30% executive, who was the company’s main technical contact with U.S. safety investigators, has left for rival Waymo LLC, according to people familiar the decision.
Matthew Schwall, who had been the director of field performance engineering at Tesla, exited the company as the National Transportation Safety Board has been investigating multiple crashes involving the electric vehicles. Mr. Schwall’s exit coincides with Tesla’s announcement Friday that its engineering chief, Doug Field, was taking a leave of absence .
Related
Tesla’s Engineering Chief Takes Leave of Absence at Pivotal Moment Tesla Blames Driver in Fatal Car Crash (April 11) NTSB ‘Unhappy’ With Tesla Over Crash Disclosures (April 1) U.S. Safety Agency Launches Investigation Into Tesla Fires (Nov. 19, 2013) Mr. Schwall began at Waymo last Monday, where he joined the company’s safety team led by former National Highway Traffic Safety Administration Deputy Administrator Ron Medford, according to a person familiar with the move. The former Tesla executive will work on a variety of self-driving car safety issues in his new role, the person said.
Mr. Schwall couldn’t be reached for comment, though a person familiar with his move said it was unrelated to issues Tesla is dealing with regarding Autopilot. Tesla didn’t respond to a request to comment. Waymo confirmed Mr. Schwall has begun working for the Alphabet Inc. GOOGL -0.19% unit.
The former Tesla executive joined the auto maker nearly four years ago. According to his LinkedIn biography, Mr. Schwall served as the “primary technical contact” at Tesla with safety regulation agencies including the NTSB and the NHTSA, the regulatory body that oversees the auto industry.
In April, the NTSB said it kicked Tesla off the team probing a fatal crash of a Model X sport-utility vehicle south of San Francisco in late March. The agency asserted the auto maker violated a formal agreement when it released detailed information about the crash before government investigators had vetted it.
Tesla said at the time that it withdrew from the probe and disclosed that Autopilot, the vehicle’s driver assistance system, was engaged before the collision with a highway barrier, and the company blamed the driver for not taking control of the car in time.
This week, the NTSB opened its fourth investigation into a crash involving a Tesla vehicle after a Model S sedan veered off the road in Fort Lauderdale, Fla. The agency has said it was initially reviewing the emergency response to the vehicle’s battery fire that occurred after the crash. Tesla has said it hadn’t retrieved the vehicle logs from the car but that it appeared Autopilot wasn’t engaged.
It also emerged this week that the batteries in the Model X that crashed on March 23 near San Francisco reignited twice later that day at the storage yard and again six days later, according to a memo from the suburb’s fire department. The memo was earlier reported on by KTVU-TV in the San Francisco area.
Write to Tim Higgins at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/tesla-executive-leaves-for-alphabet-self-driving-car-unit-waymo-1526160814 |
SAN CLEMENTE, Calif. (AP) _ CareTrust REIT Inc. (CTRE) on Tuesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The San Clemente, California-based real estate investment trust said it had funds from operations of $24.1 million, or 32 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 31 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $14.6 million, or 19 cents per share.
The health care real estate investment trust posted revenue of $38.1 million in the period.
CareTrust REIT expects full-year funds from operations in the range of $1.26 to $1.28 per share.
The company's shares have declined 16 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $14.01, a decline of 18 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on CTRE at https://www.zacks.com/ap/CTRE | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-caretrust-reit-1q-earnings-snapshot.html |
May 3 (Reuters) - The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued its first standard covering wakala, or investment agency contracts, in a bid to harmonise practices for the widely used structure.
The guidance issued late on Wednesday from Bahrain-based AAOIFI, one of the main standard-setting bodies in Islamic finance, aims to address the use of wakala in areas such as over-the-counter instruments, treasury placements and Islamic bonds.
Wakala is common as a standalone product, such as in letters of credit, but AAOIFI opted to focus its standard on more complex instances where it is combined with other contracts.
Embedded wakala now represent a significant portion of the portfolios of Islamic financial firms, said Hamad Al-Oqab, Chairman of the Accounting Board of AAOIFI.
“The increased usage and application of wakala-based instruments by Islamic finance institutions has resulted in divergent practices due to its multiple structures and complexities,” he said.
Islamic banks use wakala for both their short and long-term funding needs, and in recent years have incorporated the contract into hybrid versions of Islamic bonds, or sukuk.
In wakala, one party acts as agent (wakil) for another, managing assets under certain investment conditions.
The AAOIFI standard focuses on this principal-agent relationship, addressing the related accounting treatment and financial reporting of the assets.
AAOIFI’s standard states the relationship does not transfer ownership rights of the assets to the agent, so transactions should be kept off-balance sheet for the agent, while the principal should account for the assets in its accounting books.
The AAOIFI standard also requires the principal to evaluate the nature of the investment at inception, with the preferred option being a so-called “pass-through” investment, a classification often used for asset-backed securities.
The standard will be effective for the financial reporting periods beginning in 2020, although earlier adoption is permitted. (Reporting by Bernardo Vizcaino Editing by Darren Schuettler)
| ashraq/financial-news-articles | https://www.reuters.com/article/islamic-finance-aaoifi/islamic-finance-body-aaoifi-issues-standard-for-agency-contracts-idUSL8N1SA06Q |
May 7, 2018 / 10:46 PM / Updated 4 hours ago Kennedy Center rescinds top prizes bestowed on Bill Cosby Reuters Staff 2 Min Read
(Reuters) - The Kennedy Center trustees have voted to rescind Bill Cosby’s Kennedy Center Honors and Mark Twain Prize for American Humor, two of the nation’s top artistic prizes, following his sex assault conviction, the organization said on Monday. FILE PHOTO: Bill Cosby reacts while being notified a verdict is in at the Montgomery County Courthouse in his sexual assault retrial, in Norristown, Pennsylvania, April 26, 2018. Mark Makela/Pool via Reuters
“As a result of Mr. Cosby’s recent criminal conviction, the Board concluded that his actions have overshadowed the very career accomplishments these distinctions from the Kennedy Center intend to recognize,” the Washington D.C. organization said in a statement.
The Kennedy Center joins several U.S. universities that have revoked honorary degrees bestowed upon the 80-year-old “The Cosby Show” star.
A Pennsylvania jury last month found the comedian guilty of drugging and sexually assaulting Andrea Constand, a former director of operations for the Temple University women’s basketball team. Cosby had pleaded not guilty and his attorneys said they would appeal. [nL1N1S41OB]
Last week, Hollywood’s Academy of Motion Picture Arts and Sciences, which hands out the Oscars, expelled Cosby. [nL1N1SA1RF]
Cosby was awarded the Kennedy Center Honors, which recognize contributions to American culture, in 1998 and the Mark Twain Prize in 2009.
The moves to rescind Cosby’s distinctions come as U.S. institutions grapple with how to respond to sexual misconduct allegations against prominent public figures they have honored or taken money from in the past, sparked by the #MeToo social movement.
Cosby was known as “America’s Dad” for his role on NBC’s top-rated “The Cosby Show” in the 1980s, and was embraced by many civic, educational and artistic institutions as a figure who transcended racial divides.
A Cosby spokesman did not immediately return a request for comment on the Kennedy Center decisions. Reporting by Eric Kelsey; editing by Bill Berkrot | ashraq/financial-news-articles | https://uk.reuters.com/article/us-people-cosby/kennedy-center-rescinds-top-prizes-bestowed-on-bill-cosby-idUKKBN1I82J7 |
May 21, 2018 / 4:45 AM / Updated 23 minutes ago Re-elected, Venezuela's Maduro faces wide criticism, U.S. sanctions Alexandra Ulmer , Roberta Rampton 7 Min Read
CARACAS/WASHINGTON (Reuters) - Critics at home and abroad on Monday denounced the vote that re-elected Venezuela’s socialist President Nicolas Maduro as a farce cementing autocracy and the U.S. government imposed new sanctions on the crisis-stricken oil-producing country.
The 55-year-old successor to late leftist leader Hugo Chavez hailed his win in Sunday’s election as a victory against “imperialism.” But his main challengers alleged irregularities and refused to recognize the result.
The vote was widely condemned overseas. U.S. President Donald Trump issued an executive order restricting Venezuela’s ability to liquidate state assets and debt in the United States, an action that appeared to target in part Venezuelan-owned but U.S.-based oil refiner Citgo [PDVSAC.UL].
Venezuela’s mainstream opposition boycotted the vote, given that two of its most popular leaders were barred, authorities had banned the coalition and several of its parties, and the election board is run by Maduro loyalists.
Maduro won 68 percent of votes - more than three times as many as his main rival Henri Falcon. Turnout was a low 46 percent, compared with 80 percent at the last presidential election in 2013.
“The revolution is here to stay!” Maduro told supporters outside the presidential palace in Caracas. He promised to prioritize economic recovery after five years of crippling recession that has seen many in the OPEC nation of 30 million people struggle with chronic shortages of food, medicines and other basic necessities.
“We mustn’t cave to any empire, or go running to the International Monetary Fund as Argentina did,” said government supporter Ingrid Sequera, 51. She wore a T-shirt with a logo featuring the eyes of Maduro’s mentor, Chavez.
U.S. crude hit its highest level since 2014 on Monday amid rising concerns that Venezuela’s oil output could fall further following the election and the country could be hit with more sanctions. U.S. DENOUNCES‘SHAM’ VOTE
U.S. Vice President Mike Pence called the election “a sham - neither free nor fair.” The Maduro government had manipulated the election and was using hunger as a weapon, U.S. officials told reporters of the decision to impose further sanctions.
In recent months, Washington has imposed a series of sanctions on companies and individuals with ties to the Maduro government.
“Today’s executive order closes another avenue for corruption that we have observed being used: it denies corrupt Venezuelan officials the ability to improperly value and sell off public assets in return for kickbacks,” a senior administration official told reporters in Washington. Related Coverage
Venezuela’s Information Ministry and state oil company PDVSA did not immediately respond to a request for comment.
Other countries also hinted at sanctions, with Spain leading European Union criticism of the election.
“Venezuela’s electoral process has not respected the most basic democratic standards. Spain and its European partners will study appropriate measures,” tweeted Prime Minister Mariano Rajoy.
The 14-nation “Lima Group” of countries in the Americas, from Canada to Brazil, said in a stinging statement it did not recognize the vote and would downgrade diplomatic relations. The group deplored Venezuela’s “grave humanitarian situation” behind a migrant exodus.
In contrast, regional leftist allies of Venezuela, such as Cuba and Bolivia, sent their congratulations.
Maduro can also count on the support of China and Russia, which have provided billions of dollars in funding in recent years.
In Beijing, foreign ministry spokesman Lu Kang said China believed Venezuela’s government and people could handle their own affairs and the choice of the people should be respected.
The U.S. official said on Monday that the Trump administration had had “fairly pointed discussions” with China and Russia over the issuing of new credit to Venezuela. MORIBUND ECONOMY
The Venezuelan government used ample state resources to get voters out on Sunday and public workers were pressured to vote. Slideshow (8 Images)
Falcon called for a new vote, complaining about the government’s placing of nearly 13,000 pro-government stands called “red spots” close to polling stations nationwide.
The often divided opposition coalition appeared more united after the election and said its boycott had worked.
“The fraud has been exposed and today the world will reject it,” tweeted opposition leader Julio Borges.
It was not clear what strategy the opposition would now adopt, but major protests seemed unlikely given widespread disillusionment and fatigue.
Demonstrators did barricade some streets in the southern city of Puerto Ordaz, drawing teargas from National Guard soldiers, witnesses said. In Caracas, opposition leader Maria Corina Machado unveiled a Venezuelan flag in a small street protest where demonstrators sang the national anthem.
Maduro, a former bus driver whose second term in office starts in January, faces a colossal task turning around Venezuela’s moribund economy but has offered no specifics on changes to two decades of state-led policies.
The bolivar currency is down 99 percent over the past year and inflation is at an annual 14,000 percent, according to the opposition-led National Assembly.
Venezuela’s multiple creditors are considering accelerating claims on unpaid foreign debt, while oil major ConocoPhillips ( COP.N ) has been taking aggressive action in recent weeks against PDVSA [PDVSA.UL], as part of its claim for compensation over a 2007 nationalization of its assets in Venezuela.
Trading of Venezuelan government and PDVSA debt was mixed but volumes remained thin in New York on Monday, with election results considered a formality and offering little to change investor viewpoints.
The benchmark government bond due 2027 VENGLB27=RR was bid up 0.25 points to 29 cents on the dollar while the benchmark PDVSA 2022 recovered about half of its early losses to trade down 0.65 points in price to 26.851 cents on the dollar VE059352415=, according to Thomson Reuters data.
“I would have been surprised if we had seen some move in the market because that would imply that some bondholders were holding out for a positive election result, which was a very remote possibility,” said Gregan Anderson, macroeconomic strategist at Bulltick LLC in Miami.
Graphic: here
Graphic: here to the election. Reporting by Alexandra Ulmer in Caracas and Roberta Rampton in Washington; Additional reporting by Maria Ramirez in Ciudad Guayana; Andrew Cawthorne, Vivian Sequera, Girish Gupta and Luc Cohen in Caracas; Felipe Iturrieta in Santiago; Marco Aquino in Lima; Ben Blanchard in Beijing; Lisa Lambert in Washington; Rodrigo Campos, Daniel Bases and Jessica Resnick-Ault in New York; Editing by Rosalba O'Brien and Frances Kerry | ashraq/financial-news-articles | https://in.reuters.com/article/venezuela-election/venezuelas-re-elected-maduro-faces-foreign-backlash-idINKCN1IM0CP |
Geared-Up for Up-listing to National Exchange
Santa Monica, CA, May 24, 2018 (GLOBE NEWSWIRE) -- Gopher Protocol Inc. (OTCQB: GOPH) ("Gopher"), a company specializing in the creation of Internet of Things (IoT) and Artificial Intelligence enabled mobile technologies, increases the number of Board Seats for the company to seven.
As part of Gopher’s preparation to submit its application to list on a National Exchange, Gopher has added three additional Board Members, Robert Yaspan, Judit Nagypal and Ambassador Ned L. Siegel (Ret.). Mr. Yaspan will serve as Chairman of the Board of Directors. Ms. Nagypal and Ambassador Siegel will be considered independent directors. These appointments bring the total number of Board Members to seven, including three independent directors. In addition to Ms. Nagypal and Ambassador Siegel, the independent directors includes Muhammad R. Khilji, CPA, who shall be appointed as Chairman the Audit Committee and the Audit Committee Financial Expert, upon establishment.
The Board has assigned Mansour Khatib as Interim CEO following Gregory Bauer’s resignation for personal reasons. In addition to Interim CEO, Mr. Khatib will continue his role as Chief Marketing Officer and Secretary. Mr. Bauer will keep working for Gopher as a consultant assisting to identify opportunities in the prepaid financial markets.
Michael Murray, a Director of Gopher, has been appointed President of Gopher, to assist Mr. Khatib with the day to day operations.
Interim CEO Mansour Khatib stated, “We are very excited to have Ms. Nagypal, Mr. Yaspan Esq., and Ambassador Siegel join our team as we build toward the future. They each bring special skills, perspective, experience and contacts to Gopher.”
Robert Yaspan Esq., 72, has owned and operated Law Offices of Robert M. Yaspan since 1997 where he has focused his practice on business reorganizations and real property law. Mr. Yaspan received a Bachelor of Arts degree in History from the University of Chicago in 1968 and a Juris Doctorate from University of Southern California in 1971. Mr. Yaspan is the manager of REKO Holdings LLC, a significant shareholder of the Company.
Judit Nagypal, 48, has extensive experience in human resources and business development, with multicultural understanding coming from diverse international positions with over 18 years of successful track record in field and headquarters positions. Since 2013, Ms. Nagypal has held various positions in Microsoft including HRD Leadership Development and Talent Management from 2013 to 2015, then worked as Independent Software Vendor Acquisition Lead from 2015 to 2016 and Independent Software Vendor Go-To-Market Lead from 2016 to present. Prior to Microsoft, Mr. Nagypal held positions with Kraft Biscuits and Danone Group as well as The Coca-Cola Company. Ms. Nagypal received a Postgraduate Diploma in Human Resources Management from Middlesex University in 2002, a Law Degree from Eotvos Lorand University in 1998 and a Masters in Economic Sciences from Budapest University of Economics in 1994.
Ambassador Ned L. Siegel, 66, has had a long and distinguished career as a senior U.S. government official and businessman. He was appointed by then President George W. Bush as the U.S. Ambassador to the Commonwealth of the Bahamas from October 2007 to January 2009. He was also appointed by President Bush to serve under Ambassador John R. Bolton at the United Nations in New York, serving as the Senior Advisor to the U.S. Mission and as the U.S. representative to the 61st Session of the United Nations General Assembly. Prior to his ambassadorship, he was appointed to the Board of Directors of the Overseas Private Investment Corporation (OPIC). In addition to his public service, Ambassador Siegel has over 30 years of entrepreneurial successes. Presently, he serves as President of The Siegel Group, a multi- disciplined international business management advisory firm specializing in real estate, energy, utilities, infrastructure, financial services, oil and gas and cyber and secure technology. Ambassador Siegel also serves on the Board of Directors and Advisory Boards of other numerous public and private companies, and private equity groups. He graduated Phi Beta Kappa from the University of Connecticut in 1973 and received a juris doctorate from the Dickinson School of Law in 1976. In December 2014, he received an honorary degree of Doctor of Business Administration from the University of South Carolina.
About Gopher Protocol Inc.
Gopher Protocol Inc. (OTCQB: GOPH) (“Gopher”) ( http://gopherprotocol.com/ ) is a development-stage company which consider itself Native IoT creator, developing Internet of Things (IoT) and Artificial Intelligence enabled mobile technology. Gopher has a portfolio of Intellectual Property that when commercialized will include smart microchips, mobile application software and supporting cloud software. The system contemplates the creation of a global network. The core of the system will be its advanced microchip technology that can be installed in any mobile device worldwide. Gopher envisions this system as an internal, private network between all enabled mobile devices providing shared processing, advanced mobile database management/sharing and enhanced mobile features.
Corporate Site: http://gopherprotocol.com
Press page/ press kit - http://gopherprotocol.com/?page_id=228
Consumer and product website for Guardian Patch: http://www.guardianpatch.com/ .
About Guardian Pet Tracker http://www.guardianpettracker.com/
The Guardian Pet Tracker (Sphere Internal name - the "Sphere") system is a derivative technology of Gopher's Guardian Patch technology. The Sphere is designed to provide its users with local tracking capability using a re-chargeable/replaceable battery source. Gopher intends to release pre-production units in limited test in the near future.
GOPH disclosure: More info: SEC link /technology abstract :
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website ( http://www.sec.gov ). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, governmental and public policy changes, the Company’s ability to raise capital on acceptable terms, if at all, the Company’s successful development of its products and the integration into its existing products and the commercial acceptance of the Company’s products. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
Contact: Mansour Khatib, CEO Gopher Protocol Inc. VM Only 888-685-7336 Media: [email protected]
Source:Gopher Protocol, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-gopher-protocol-appoints-new-board-members-and-engages-interim-ceo.html |
May 14 (Reuters) - Cyclacel Pharmaceuticals Inc:
* CYCLACEL PHARMACEUTICALS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* CYCLACEL PHARMACEUTICALS INC QTRLY LOSS PER SHARE $0.12 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cyclacel-pharmaceuticals-reports-q/brief-cyclacel-pharmaceuticals-reports-q1-loss-per-share-0-12-idUSASC0A227 |
Reblog Inc. has fired an employee who bragged about his access to private user information, according to a person familiar with the situation. The employee’s alleged remarks highlight the potential for certain Facebook employees to abuse their access to the private information of the social network’s users. The company has said that some employees have access to such data but that it is tightly controlled. | ashraq/financial-news-articles | https://www.wsj.com/articles/facebook-fires-employee-who-bragged-on-tinder-about-his-access-to-user-data-1525294488?mod=yahoo_hs&yptr=yahoo |
May 24, 2018 / 2:28 PM / in 4 minutes England show quiet progress in bid to end years of hurt Neil Robinson 3 Min Read
LONDON (Reuters) - England arrive at the World Cup in Russia without the noisily optimistic drumbeats that often accompany them to major tournaments. Soccer Football - England Training - St. George’s Park, Burton Upon Trent, Britain - May 22, 2018 England manager Gareth Southgate and Jamie Vardy during training Action Images via Reuters/Carl Recine
Years of underachievement and disappointment have doused any serious hope among supporters and jingoistic media that England will finally emulate the feats of 1966 and win the World Cup.
Statistically, they remain one of the major teams most likely to qualify effortlessly for tournaments but least likely to win one. Unbeaten in qualifiers for major tournaments since 2009, they have won only six knockout games of international football since that day when Bobby Moore lifted the Jules Rimet trophy at Wembley Stadium.
It is now 12 years since they beat Ecuador to reach the World Cup quarter-finals where they lost to Portugal on penalties, a familiar English fate over the years.
Their last two major tournaments have been disastrous, with exit in the group stages in Brazil in 2014 followed by ignominious defeat to Iceland at Euro 2016, a result that pitched the team to an historic low and predictably cost manager Roy Hodgson his job.
In fact, there was more ignominy to come with the bizarre 67-day stewardship of Sam Allardyce, who departed after a newspaper sting, before current manager Gareth Southgate was promoted from the Under-21 team.
Southgate, who was an accomplished defender, is one of the few England players of recent vintage to have known relative success at an international tournament having been in the side who reached the semi-finals of Euro 96. Related Coverage Soccer: England World Cup factbox
But he also knows the heartbreak, having missed the penalty in a shootout that paved the way for Germany to progress to the final.
In his quietly effective way, the manager has stitched together a team who, after a tedious procession of qualifiers, are starting to show promise.
In captain Harry Kane, they boast one of the tournament’s most deadly front men although finding the right creative midfielders to supply him has proved problematic.
Southgate has real attacking talent to choose from in Manchester United’s Jesse Lingard and Marcus Rashford, plus Kane’s Tottenham team mate Dele Alli and Manchester City’s Raheem Sterling, with the ever-dangerous Jamie Vardy likely to be unleashed as an impact substitute.
Further back, the manager has experimented with goalkeepers and center backs around a formation that flits between 3-5-2 or 3-4-2-1, with John Stones, who has struggled to hold down a starting spot at Manchester City this season, likely to be the defensive linchpin.
Assuming they survive a favorable group draw that has pitted them against Belgium, Tunisia and Panama, they face a likely knockout game against Poland or Colombia followed by a possible quarter-final against Brazil, which would be a repeat of 2002 when England narrowly lost.
No one with a sense of history is looking beyond that. Reporting by Neil Robinson; Editing by Christian Radnedge | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-eng-prospects/england-show-quiet-progress-in-bid-to-end-years-of-hurt-idUSKCN1IP2EB |
Regarding “The Weekend Interview with Bill Browder: From Russia With No Love Lost” by Tunku Varadarajan (May 12): Mr. Browder, a businessman atop Vladimir Putin’s enemies list, adds another confusing piece to the puzzle of Special Counsel Robert Mueller’s investigation of collusion between the Russians and Trump staff. Mr. Mueller’s search for the truth began because of a now-discredited dossier compiled by British ex-spy Christopher Steele who received funding from Fusion GPS, an opposition research firm contracted by Hillary Clinton’s campaign. Mr. Browder alleges that Fusion GPS’s founder Glenn Simpson was himself working... | ashraq/financial-news-articles | https://www.wsj.com/articles/browder-and-vladimir-putins-global-reach-1526670863 |
May 19, 2018 / 10:04 AM / Updated 8 hours ago Mets outfielder Lagares feared out for season because of toe injury Reuters Staff 6 Min Read
New York Mets outfielder Juan Lagares will have surgery on his left big toe and likely miss the rest of the season, the team announced Friday. May 16, 2018; New York City, NY, USA; New York Mets center fielder Juan Lagares (12) grimaces after catching a ball in the eighth inning against the Toronto Blue Jays at Citi Field. Mandatory Credit: Noah K. Murray-USA TODAY Sports
Lagares suffered the injury Wednesday night when crashing into the outfield wall while chasing a fly ball hit by Toronto’s Gio Urshela in the ninth inning. The injury was originally diagnosed as a hyperextended big toe, but an MRI exam revealed a complete tear of the plantar plate, a supporting ligament in the toe.
Lagares, who was placed on the 10-day disabled list retroactive to Thursday, is scheduled to undergo surgery next week.
The 29-year-old is batting .339 in 30 games this season and was expected to take on a larger role with fellow outfielder Yoenis Cespedes going on the 10-day disabled list Wednesday with a mild strain of his right hip flexor.
—The Pittsburgh Pirates placed center fielder Starling Marte on the 10-day disabled list, one day after calling up one of their top prospects.
The Pirates announced Thursday that outfielder Austin Meadows was recalled from Triple-A Indianapolis and would join the team before their game against the San Diego Padres, but they did not announce a corresponding move at the time. Marte’s DL stint is retroactive to May 16.
Marte left Tuesday’s game, a 7-0 win over the Chicago White Sox, after he experienced right side discomfort in the first inning. The 29-year-old is off to a strong start this season, batting .308 with six home runs, 10 steals, 19 RBIs and 30 runs scored.
—The Arizona Diamondbacks will select the contract of right-hander Clay Buchholz, who is expected to make his return to the majors in a start against the New York Mets on Sunday.
Buchholz was released by the Royals on May 1 and caught on with the D-backs several days later. In five minor league starts this year, he has a 2.93 ERA.
Buchholz, 33, had surgery on his right forearm last season that cost him nearly the entire year. He made two starts for the Philadelphia Phillies, whom he joined via trade from the Boston Red Sox, allowing 10 runs on 16 hits in 7 1/3 innings (12.27 ERA).
—Shortstop Paul DeJong was placed on the 10-day disabled list with a fractured left hand one day after the St. Louis Cardinals’ co-leader in home runs was hit by a pitch.
DeJong will undergo surgery on his hand and is expected to miss significant time. He was the only player on the roster to appear in all 41 Cardinals’ games this season. He is batting .260 with eight home runs and 19 RBIs this season and has a team-high 71 total bases.
St. Louis right-hander Matt Bowman was also placed on the disabled list with blisters on his right index and middle fingers. To fill the roster spots, the Cardinals recalled infielder Yairo Munoz and outfielder Tyler O’Neill from Triple-A Memphis. Bowman’s transaction is retroactive to May 17.
—The Chicago Cubs activated outfielder Jason Heyward from the 7-day concussion disabled list and optioned left-hander Randy Rosario to Triple-A Iowa in a corresponding move.
Heyward has been sidelined since sustaining a concussion upon hitting his head against the wall while trying to catch Dexter Fowler’s walk-off home run in the 14th inning of a May 6 game in St. Louis. The 28-year-old told reporters the experience opened his eyes to the danger of head injuries.
“It made a believer out of me,” Heyward said. “Not that I wasn’t a believer before. You feel for anyone that goes through it. That stuff is scary. You don’t feel like yourself, and you don’t see anything wrong with you physically, but there is something that’s not right.”
—The Milwaukee Brewers gave Ji-Man Choi an early birthday present — a return to the big league club.
Choi, who turns 27 on Saturday, was recalled from Triple-A Colorado Springs. He was in the lineup, batting sixth and serving as the designated hitter, on the road against the Minnesota Twins.
The Brewers placed outfielder/first baseman Ryan Braun on the 10-day disabled list Thursday, retroactive to May 14, with middle back tightness. Choi joined the Brewers in the offseason and made the big league club, albeit for one game, out of spring training.
—Tampa Bay Rays manager Kevin Cash is planning to give veteran reliever Sergio Romo his first career start Saturday night against the Los Angeles Angels, but then pull him after only one or two innings.
The originally scheduled starter, rookie left-hander Ryan Yarbrough, will then come in and take over the game. Romo has 588 regular-season appearances in his 11-year career, all from the bullpen.
“The way that their lineup stacks, generally speaking, is very heavy right-handed at the top,” Cash told the Tampa Bay Times. “It allows us in theory to let Sergio to come in there and play the matchup game in the first, which is somewhat unheard of — up until Saturday anyway.”
—Third baseman Chase Headley is a free agent after being released by the San Diego Padres.
Headley, traded from the New York Yankees to the Padres in a reverse of the original deal between the teams, had a .115 batting average this season.
The Padres designated Headley for assignment last week and recalled infielder Cory Spangenberg in a corresponding move, starting the clock on the seven-day window to trade or release Headley.
—Baltimore Orioles center fielder Adam Jones recently won an auction to purchase the former home of Hall of Famer Cal Ripken Jr., according to The Athletic.
The 8,545-square-foot Reisterstown, Md., home on 25 acres was valued at $12.5 million in 2016, but the price dropped below $10 million last year.
The amount of Jones’ winning bid was not announced, but The Athletic reported it was “a fraction” of the original listing price. Daniel DeCaro of DeCaro Auctions told mansionglobal.com that the price was the highest paid in Baltimore County this year, which would put it over $2,825,000. The sale is due to be finalized June 11.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-notebook/mets-outfielder-lagares-feared-out-for-season-because-of-toe-injury-idUSKCN1IK0BH |
PARIS (Reuters) - Pressure on Air France-KLM ( AIRF.PA ) grew on Monday as its shares fell by more than 10 percent after chief executive Jean-Marc Janaillac said he would resign over the rejection of a pay deal by the airline’s staff.
Jean-Marc Janaillac, Chief Executive Officer of Air France-KLM Group, attends a news conference in Paris, France, May 4, 2018. REUTERS/Charles Platiau French Finance Minister Bruno Le Maire had urged the airline and its workers to resume talks on Sunday, saying that if Air France did not become more competitive it “will disappear”.
However, pilots, cabin crew and ground staff were on strike for a fourteenth day since February on Monday and Air France said one in five flights would be canceled on Tuesday. It estimates the industrial action has so far cost it 300 million euros ($357 million)..
Janaillac had been CEO for less than two years, running into the same union resistance to reform as his predecessor. His exit raises questions over Air France’s ability to cut costs to compete with Gulf carriers and low-cost airlines.
“The future looks turbulent for the company,” said Gregoire Laverne, fund manager at Roche Brune Asset Management, who sold his Air France-KLM shares in September 2017.
Last year Italy’s Alitalia filed to be put under special administration for the second time in less than a decade, starting a process that will lead to the loss-making airline being overhauled, sold off or wound up.
Related Coverage Air France unions hold back on calling new strike The French government, which is the national carrier’s largest shareholder with a 14 percent stake, has said it will not ride to the rescue and a meeting of Air France-KLM’s board has been called for May 15 to decide on a management transition plan.
Air France-KLM shares fell more than 14 percent before recovering some losses to trade down 10 percent at 7.28 euros ($8.68) at 1230 GMT, their lowest level since April 2017.
The stock is down almost 50 percent since the start of 2018, versus a 3.7 percent gain on the broader Paris SBF-120 .SBF120 index and a 4 percent fall on the pan-European STOXX 600 Travel & Leisure index .SXTP.
This is in sharp contrast to its performance last year, when the shares rose 160 percent as Janaillac initiated reforms to restructure and improve the finances of its French brand, said Roche Brune Asset Management’s Laverne.
UNDONE BY CUTS During Janaillac’s tenure, Air France-KLM struck deals with Delta Air Lines ( DAL.N ) and China Eastern ( 600115.SS ), which each acquired stakes of just under 9 percent.
He also oversaw the launch of Joon, a low cost subsidiary of Air France, and growth in its maintenance business. But his efforts to bring down costs proved his undoing.
Air France had offered workers a salary increase of 2 percent in 2018 and a further 5 percent over the following three years, but French unions, which have demanded 5.1 percent this year, have complained management is not serious about talks.
After negotiations reached deadlock, Janaillac called a vote last Friday, the results of which went against him.
Profits at the Dutch sister company KLM, which has succeeded in cutting costs, rose in the first quarter, contrasting with losses at Air France.
($1 = 0.8381 euros)
Reporting by Sudip Kar-Gupta; Writing by Richard Lough; Editing by Jason Neely and Alexander Smith
| ashraq/financial-news-articles | https://www.reuters.com/article/us-air-france-klm-ceo/air-france-klm-shares-slump-as-ceo-prepares-to-quit-over-union-pay-row-idUSKBN1I80KA |
May 17, 2018 / 10:48 PM / Updated 14 hours ago Trump campaign decries lawsuit claiming Russian link to hacked emails Sarah N. Lynch 3 Min Read
WASHINGTON (Reuters) - A lawyer for U.S. President Donald Trump’s campaign on Thursday rejected as “wild speculation” allegations by three Americans that it conspired with Russians to disseminate their private information from hacked emails to deter them from supporting Hillary Clinton in the 2016 election. U.S. President Donald Trump arrives to visit first lady Melania Trump at Walter Reed National Military Medical Center, where she is recovering from kidney surgery, in Bethesda, Maryland, U.S., May 16, 2018. REUTERS/Jonathan Ernst
A hearing in U.S. District Court for the District of Columbia was the first time Trump’s campaign had defended itself in open court against allegations it coordinated with Russians, the subject of investigation by U.S. Special Counsel Robert Mueller.
The campaign is facing at least two lawsuits over allegations it conspired with Russians against Democratic Party candidate Clinton, something Trump has repeatedly denied. Moscow denies the conclusions of U.S. intelligence agencies that it interfered in the election using cyber attacks and disinformation.
The most prominent of the lawsuits was filed earlier this year by the Democratic National Committee (DNC), whose emails were hacked. It also named Russia and Wikileaks as defendants.
Thursday’s hearing involved a private lawsuit against the Trump campaign and Trump’s longtime adviser Roger Stone by three Americans whose social security numbers and other sensitive data were exposed after hacked DNC emails were released by Wikileaks.
Judge Ellen Huvelle seemed skeptical about whether she might allow the lawsuit to proceed. She questioned the description of the purported conspiracy and whether the people who sued had shown they had been harmed by the release of their private information.
“They can conspire until doomsday, but the guy has to have injuries,” Huvelle said of one of the plaintiffs.
Two are represented by the non-profit Protect Democracy Project and were donors to the Democratic Party, while a third worked for the DNC.
The judge peppered the attorneys for the Protect Democracy Project on whether the case should even be filed in Washington because none of the plaintiffs live in the district and the campaign was based in New York.
Trump campaign lawyer Michael Carvin told the judge that the three Democrats in the lawsuit “can’t give a single fact to support this wild speculation.” Wikileaks made the decision to reveal their social security numbers, Carvin said.
“They don’t allege a single meeting with Wikileaks anywhere. So how in the world can they plausibly allege in a manner that survives ... that we were responsible as part of this unnamed vendetta against high-dollar donors to release the social security numbers? It doesn’t’ make any sense,” Carvin said. Reporting by Sarah N. Lynch; editing by Grant McCool | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-russia-lawsuit/trump-campaign-decries-lawsuit-claiming-russian-link-to-hacked-emails-idUSKCN1II32X |
Monsters invade Cannes (don't worry - it's just a movie) Monday, May 07, 2018 - 01:25
ROUGH CUT (NO REPORTER NARRATION) Monsters on boats and water skis invaded a beach on the French Riviera on Monday (May 7). Dancing to Michael Jackson's ''Thriller'', they were not there to wreak havoc
ROUGH CUT (NO REPORTER NARRATION) Monsters on boats and water skis invaded a beach on the French Riviera on Monday (May 7). Dancing to Michael Jackson's "Thriller", they were not there to wreak havoc //reut.rs/2FUwJzM | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/08/monsters-invade-cannes?videoId=424799228 |
US crude ticks up 22 cents, settling at $71.36, as the market parses US nuclear deal exit Oil prices eased on Thursday after posting more multi-year highs earlier in the session. Traders adjusted to the prospects of renewed U.S. sanctions against Iran amid an already tightening market. In China, which is Iran's single biggest buyer of oil, Shanghai crude futures posted their biggest intra-day rally since their launch in March. Published 16 Hours Ago Reuters Nick Oxford | Reuters A pump jack operates at a well site leased by Devon Energy Production Co. near Guthrie, Oklahoma.
Crude prices stabilized on Thursday, giving up early gains as investors took profit on a rally triggered by potential disruption to oil flows from major exporter Iran in the face of U.S. sanctions.
Losses, however, were limited as the market contended with concerns about Venezuela's crude production slipping further and with bullish drawdowns in U.S. crude inventories.
Brent crude futures, the international benchmark for oil prices, were up 19 cents at $77.40 a barrel by 2:28 p.m. ET.
U.S. West Texas Intermediate (WTI) crude futures were up 22 cents at $71.36 a barrel.
The United States said on Tuesday that it plans to impose new sanctions against Iran after abandoning an agreement reached in late 2015 that curbed Tehran's nuclear activities in exchange for removal of U.S. and European sanctions. show chapters 20 Hours Ago | 00:15
"As we digest the news of the withdrawal from the Nuclear Accord, I think it's beginning to set in that there's a six-month lag before things begin to effect supply," said Gene McGillian, Vice President of research at Tradition Energy. "Overall the market still looks poised for higher levels."
U.S. crude inventories continue to lend support to the market, McGillian said. The U.S. Energy Information Administration reported a larger-than-expected draw on Wednesday.
Brent crude could return to $100 a barrel next year, or even sooner, Bank of America said, due to the ongoing collapse of Venezuelan output and risks to Iranian crude exports. The bank also lifted its average Brent forecast to $70 for this year and $75 in 2019.
Oil prices were still on track for their fourth consecutive quarterly gain, the longest such stretch for more than 10 years, boosted largely in the past month by fears of disruption in supplies from Iran, which pumps about 4 percent of the world's oil and exports about 450,000 barrels per day (bpd) to Europe and around 1.8 million bpd to Asia. Sales to Europe are seen by analysts as the more likely to be reduced by the sanctions.
Analysts had little hope that opposition to the U.S. action would prevent sanctions from going ahead. show chapters 15 Hours Ago | 02:19
European allies have said they remain committed to maintaining the nuclear deal, with German Chancellor Merkel reiterating her support of the accord Thursday.
"Europe and China will not fight against the U.S. sanctions. They will grumble and accept it. There is no one who will realistically choose Iran over the U.S.," said energy consultancy FGE.
"We believe the previous 1 million-bpd limit for exports (imposed during previous sanctions) will be reimposed. As before, it may take several rounds of reductions to reach target levels," FGE's founder and chairman Fereidun Fesharaki wrote in a note.
Even without disruption to Iran's crude flows, the balance between supply and demand in the oil market has been tightening steadily, especially in Asia, with top exporter Saudi Arabia and No.1 producer Russia having led efforts since 2017 to cap output to prop up prices.
Saudi Arabia is ready to offset any supply shortage but it will not act alone to fill the gap, an OPEC source familiar with the kingdom's oil thinking said on Wednesday.
The Organization of the Petroleum Exporting Countries, however, is in no hurry to decide whether to pump more oil to make up for an expected drop in exports from Iran, four sources familiar with the issue said, saying any loss in supply would take time. show chapters 22 Hours Ago | 05:42
"What the full impact on Iranian flows will be is still difficult to estimate," said Petromatrix strategist Olivier Jakob.
"One thing that has changed and which I think is clearly a new development is that it seems to me that the White House administration has really pushed Saudi Arabia to do something about price and to put supply back into the market to make sure prices do not run up ... before (when sanctions were last in place) Saudi Arabia was driving its own oil policy."
One factor that could partially mitigate any shortfall from Iran is soaring U.S. oil output.
The EIA on Tuesday raised its forecast for U.S. output in its monthly report to 12 million bpd late next year. The agency has raised its forecasts every month since last August.
This would make the United States the world's largest producer, ahead of both Russia and Saudi Arabia. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/oil-prices-hit-highest-in-years-as-markets-adjust-to-looming-sanctions-on-iran.html |
May 27 (Reuters) - British engineering firm Smiths Group Plc and U.S.-based ICU Medical Inc are in talks about a merger of their medical device businesses, a person familiar with the discussions told Reuters.
The talks are at a very early stage, according to the person.
Sky News and the Financial Times had reported earlier on Sunday that the two companies were in talks. bit.ly/2s88bPN
The FT said Smiths Group had been exploring options for some time for its medical business. on.ft.com/2xir9YN
ICU Medical did not respond to a request for comment outside regular business hours. Smiths Group declined to comment.
Reporting by Kanishka Singh in Bengaluru and Ben Martin. Editing by Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/smiths-group-icu-medical-healthcare/smiths-group-icu-medical-in-talks-on-healthcare-merger-source-idUSL3N1SY0GQ |
May 25, 2018 / 6:09 PM / Updated an hour ago VW to reinstate lobbyist after suspension over diesel fume tests - Bild Reuters Staff 1 Min Read
HAMBURG, Germany (Reuters) - Volkswagen ( VOWG_p.DE ) plans to reinstate its chief lobbyist, Thomas Steg, who was suspended while the company investigated his role in tests that exposed monkeys and humans to toxic diesel fumes, a German newspaper reported on Friday. A Volkswagen logo is pictured during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt
Bild, citing company sources, said that an internal commission found no wrongdoing and that he could return.
A spokesman for VW said a decision had not been made.
In January, it came to light that Volkswagen, BMW ( BMWG.DE ) and Daimler ( DAIGn.DE ) funded an organisation called European Research Group on Environment and Health in the Transport Sector (EUGT) to commission the tests.
As head of sustainability topics at VW group, Steg was in charge of the EUGT. Reporting by Jan C. Schwartz; Writing by Tom Sims; Editing by Edmund Blair | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-volkswagen-emissions/vw-to-reinstate-lobbyist-after-suspension-over-diesel-fume-tests-bild-idUKKCN1IQ2QD |
Dublin, OH, Associa Real Property Management, Inc . (RPM) vice president, Brandi Smith, CMCA®, AMS®, has been elected to serve as treasurer of Community Associations Institute (CAI) Central Ohio chapter board.
In addition to advocating on behalf of community associations and CAI members before the U.S. Congress, federal regulatory agencies, state legislatures and the courts, the CAI Central Ohio chapter’s mission is to inspire the ideals reflected in communities that are preferred places to call home: professionalism, effective leadership and responsible citizenship. CAI also offers unsurpassed education programs for community association board members and other homeowner volunteer leaders.
“The continued success of the CAI is the direct result of strong leadership and commitment from industry volunteers,” stated Aimee Myers, Associa Real Property Management president. “Brandi is a dedicated leader and an unwavering advocate for community associations and the many industry employees. As the new treasurer, she will be a strong financial voice for the board and the chapter.”
With more than 180 branch offices across North America, Associa delivers unsurpassed management and lifestyle services to nearly five million residents worldwide. Our 10,000+ team members lead the industry with unrivaled education, expertise and trailblazing innovation. For more than 40 years, Associa has provided solutions designed to help communities achieve their vision. To learn more, visit www.associaonline.com .
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Ashley S Cantwell Associa 214-272-4107 [email protected]
Source: Associa | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-associa-real-property-management-brandi-smith-elected-to-community-associations-institute-central-ohio-chapter-board.html |
HUNT VALLEY, Md.--(BUSINESS WIRE)-- Omega Healthcare Investors, Inc. (NYSE:OHI) (the “Company” or “Omega”) today announced its results of operations for the three-month period The Company reported for the three-month period ended March 31, 2018 net income of $87.9 million or $0.42 per common share. The Company also reported Funds From Operations (“FFO”) for the quarter of $148.0 million or $0.71 per common share, Adjusted Funds From Operations (“AFFO” or “Adjusted FFO”) of $161.3 million or $0.78 per common share, and Funds Available For Distribution (“FAD”) of $143.8 million.
FFO for the first quarter of 2018 includes $7.8 million in provisions for uncollectible accounts, $4.1 million of non-cash stock-based compensation expense, $2.0 million for a purchase option buyout and $0.6 million of unrealized gain on warrants (Adjusted FFO excludes those four items). FFO, AFFO and FAD are non-GAAP financial measures. For more information regarding these non-GAAP measures, see the “Funds From Operations” schedule.
GAAP NET INCOME
For the three-month period ended March 31, 2018, the Company reported net income of $87.9 million, or $0.42 per common share, on operating revenues of $220.2 million. This compares to net income of $109.1 million, or $0.53 per common share, on operating revenues of $231.7 million, for the same period in 2017.
The decrease in net income for the three-month period ended March 31, 2018 compared to the prior year was primarily due to a $16.2 million reduction in revenue associated with the Orianna Health Systems (“Orianna” and f/k/a ARK) portfolio, a favorable $10.4 million contractual settlement recorded in the first quarter of 2017, $5.4 million in increased provisions for uncollectible accounts, a $3.6 million increase in general and administrative expenses and $3.0 million in increased interest expense. This decrease in net income was partially offset by $10.1 million in increased gains on the sale of assets and a $2.7 million decrease in impairments on real estate assets.
CEO COMMENTS
Taylor Pickett, Omega’s Chief Executive Officer, stated, “We continue to make good progress in our strategic asset repositioning activities and I expect that those efforts will be largely completed during 2018. In addition, with the impending completion of Signature’s consensual restructuring, we will have resolved the uncertainty associated with that operator and our investment in those assets.” Mr. Pickett added, “Orianna recommenced partial rent payments in April as required by our restructuring support agreement and we expect to have further clarity in the near future regarding our efforts to transfer a significant portion of that portfolio.”
2018 RECENT DEVELOPMENTS AND FIRST QUARTER HIGHLIGHTS
In Q2 2018, the Company…
declared a $0.66 per share quarterly common stock dividend rate.
In Q1 2018, the Company…
sold 14 facilities and had 3 mortgage loans repaid, totaling $98.4 million in net cash proceeds. invested $38 million in capital renovation and construction-in-progress projects. completed $30 million in new investments. increased its quarterly common stock dividend rate to $0.66 per share.
FIRST QUARTER 2018 RESULTS
Operating Revenues and Expenses – Operating revenues for the three-month period ended March 31, 2018 totaled $220.2 million, which included $17.4 million of non-cash revenue.
Operating expenses for the three-month period ended March 31, 2018 totaled $99.6 million and consisted of $70.4 million of depreciation and amortization expense, $12.4 million of general and administrative expense, $7.8 million in provisions for uncollectible accounts, $4.9 million of impairments on real estate properties and $4.1 million of stock-based compensation expense. The $12.4 million of general and administrative expense included $2.0 million related to the buyout of an in-the-money purchase option from an unrelated third party. For more information on impairment and provision charges, see the Asset Impairment and Disposition section below.
Other Income and Expense – Other income and expense for the three-month period ended March 31, 2018 was a net expense of $49.6 million, primarily consisting of $48.0 million of interest expense and $2.2 million of amortized deferred financing costs.
Funds From Operations – For the three-month period ended March 31, 2018, FFO was $148.0 million, or $0.71 per common share on 208 million weighted-average common shares outstanding, compared to $181.0 million, or $0.88 per common share on 206 million weighted-average common shares outstanding, for the same period in 2017.
The $148.0 million of FFO for the three-month period ended March 31, 2018 includes the impact of $7.8 million in provisions for uncollectible accounts, $4.1 million of non-cash stock-based compensation expense, a $2.0 million purchase option buyout, and $0.6 million in unrealized gain on warrants. Omega received warrants to purchase Genesis common stock in December 2017 and March 2018 in connection with its Genesis master lease and term loan amendments.
The $181.0 million of FFO for the three-month period ended March 31, 2017 includes the impact of $3.7 million of non-cash stock-based compensation expense and $2.4 million in provisions for uncollectible accounts, offset by a $10.4 million non-cash contractual settlement.
Adjusted FFO was $161.3 million, or $0.78 per common share, for the three-month period ended March 31, 2018, compared to $176.7 million, or $0.86 per common share, for the same period in 2017. For further information see the “Funds From Operations” schedule.
FINANCING ACTIVITIES
Equity Shelf Program and Dividend Reinvestment and Common Stock Purchase Plan – During the three-month period ended March 31, 2018, the Company sold 0.2 million shares of its common stock generating $4.9 million of gross proceeds. The following table outlines shares of the Company’s common stock issued under its Equity Shelf Program and its Dividend Reinvestment and Common Stock Purchase Plan in 2018:
(in thousands, except price per share) Equity Shelf
(At-the-
Market)
Program
Dividend
Reinvestment and
Common Stock
Purchase Plan
Q1 2018 Number of shares — 189 Average price per share $ — $ 25.87 Gross proceeds $ — $ 4,886 2018 FIRST QUARTER PORTFOLIO ACTIVITY
Portfolio Activity
Genesis Healthcare – On March 6, 2018, the Company amended certain terms of its $48.0 million secured term loan with Genesis Healthcare, Inc. (“Genesis”) and provided Genesis an additional $16.0 million secured term loan bearing interest at a fixed rate of 10% per annum, of which 5% per annum will be paid-in-kind and matures on July 29, 2020.
In connection with the Genesis master lease and term loan amendments, in December 2017 and March 2018, respectively, the Company received warrants to purchase 1.5 million shares of Genesis common stock. In December 2017, Genesis issued the Company a stock warrant to purchase 900,000 shares of its common stock at an exercise price of $1.00 per share, exercisable beginning August 2018 and ending December 2022. On March 6, 2018, Genesis issued the Company a stock warrant to purchase 600,000 shares of its common stock at an exercise price of $1.33 per share, exercisable beginning September 2018 and ending March 2023. For the three month period ended March 31, 2018, the Company recorded $581 thousand of other income resulting from mark-to-market gains on the warrants.
Maplewood – During the first quarter of 2018, the Company paid Maplewood Real Estate Holdings, LLC (“Maplewood”), an existing operator, approximately $50 million in exchange for a reduction of Maplewood’s participation in an in-the-money purchase option. As a result, the Company recorded a lease inducement of approximately $28 million that will be amortized as a reduction to rental income over the remaining term of the lease. The remaining $22 million was recorded as a reduction to the initial contingent liability reported in Accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets.
$68 Million of New Investments in Q1 2018 – In Q1 2018, the Company completed approximately $30 million of new investments and $38 million in capital renovations and new construction consisting of the following:
$13 Million Acquisition – On February 28, 2018, the Company acquired one skilled nursing facility (“SNF”) for approximately $13.2 million from an unrelated third party. The 130 bed facility located in Virginia was added to an existing operator’s master lease with an initial annual cash yield of 9.5% with 2.5% annual escalators.
$7 Million Acquisition – On March 1, 2018, the Company acquired one SNF for approximately $7.4 million from an unrelated third party. The 66 bed facility located in Pennsylvania was added to an existing operator’s master lease with an initial cash yield of 9.5% with 2.5% annual escalators.
$6 Million Acquisition – On March 1, 2018, the Company acquired one care home facility (similar to assisted living facilities in the United States) located in the United Kingdom (“UK”) from an unrelated third party for approximately $5.5 million. The 40 bed facility was added to an existing operator’s master lease with an initial annual cash yield of 8.5% with 2.5% annual escalators.
$4 Million Acquisition – On February 15, 2018, the Company acquired one care home facility in the UK from an unrelated third party for approximately $3.6 million. The 30 bed facility was added to an existing operator’s master lease with an initial annual cash yield of 8.5% with 2.5% annual escalators.
$38 Million Capital Renovation Projects – In addition to the new investments outlined above, in Q1 2018, the Company invested $38.0 million under its capital renovation and construction-in-progress programs.
ASSET IMPAIRMENTS AND DISPOSITIONS
During the first quarter of 2018, the Company sold 14 facilities for approximately $74.0 million in net cash proceeds, recognizing a gain of approximately $17.5 million. The Company also received $24.4 million for final payment on three mortgage loans. In addition, the Company recorded approximately $7.8 million of provisions for uncollectible accounts related to the write-off of straight-line receivables resulting from the transfer of 15 facilities to new operators within Omega’s portfolio.
During the first quarter, the Company recorded approximately $4.9 million of impairments on real estate properties to reduce the net book values of 17 facilities to their estimated fair values or expected selling prices. As of March 31, 2018, the Company had 33 facilities classified as assets held for sale totaling $143.4 million. The Company expects to sell these facilities over the next few quarters.
As part of its ongoing strategic asset repositioning program, in addition to the $143 million of assets held for sale, the Company is evaluating an additional $125+ million of potential disposition opportunities within its portfolio and may incur additional impairments or potential losses on the dispositions.
DIVIDENDS
On April 13, 2018, the Board of Directors declared a common stock dividend of $0.66 per share, to be paid May 15, 2018 to common stockholders of record on April 30, 2018.
2018 ADJUSTED FFO GUIDANCE AFFIRMED
The Company affirmed its 2018 Adjusted FFO guidance of $2.96 to $3.06 per diluted share.
Bob Stephenson, Omega’s CFO commented, “Our better than expected first quarter results largely reflect the timing of new investments and asset sales. A number of planned asset sales were completed later in the quarter than originally assumed. Accordingly, we are reaffirming our previously issued guidance for 2018 annual AFFO and FAD.” Mr. Stephenson continued, “As I stated in February; we expanded our guidance range for this year as the timing of asset sales and the redeployment of capital from those sales, as well as the timing of the ultimate resolution of the Orianna portfolio through the bankruptcy process may significantly impact our results.” Mr. Stephenson concluded, “Our asset sales and approximately $275 million of potential asset dispositions are on track to be completed over the next several months. We expect to redeploy most of the capital from the sales by year end; although the actual timing may vary.”
The following table presents a reconciliation of Omega’s guidance regarding Adjusted FFO to projected GAAP earnings.
2018 Annual Adjusted FFO
Guidance Range
(per diluted common share)
Full Year Net Income $ 1.48 - $1.58 Depreciation 1.40 Gain on assets sold (0.08)
Real estate impairment 0.03 FFO $ 2.83 - $2.93 Adjustments: Unrealized gain on warrants 0.00 Purchase option buyout 0.01 Provision for uncollectible accounts 0.04 Stock-based compensation expense 0.08 Adjusted FFO $ 2.96 - $3.06 Note: All per share numbers rounded to 2 decimals.
The Company's Adjusted FFO guidance for 2018 reflects the impact of approximately $100 million of planned capital renovation projects (of which $38 million was completed in Q1), $98 million of assets sold and mortgages repaid in Q1 2018, the sale of $143 million of assets held for sale, approximately $125 million of potential divestitures and the redeployment of capital from asset sales. It assumes the Company will not be recording revenue related to its Orianna portfolio for the majority of 2018. It also excludes the impact of gains and losses from the sale of assets, certain revenue and expense items, interest refinancing expense, capital transactions, acquisition costs, and additional provisions for uncollectible accounts, if any. The Company may, from time to time, update its publicly announced Adjusted FFO guidance, but it is not obligated to do so.
The Company's guidance is based on a number of assumptions, which are subject to change and many of which are outside the Company’s control. If actual results vary from these assumptions, the Company's expectations may change. Without limiting the generality of the foregoing, the timing and completion of acquisitions, divestitures, capital and financing transactions, and variations in stock-based compensation expense may cause actual results to vary materially from our current expectations. There can be no assurance that the Company will achieve its projected results.
CONFERENCE CALL
The Company will be conducting a conference call on Tuesday, May 8, 2018 at 10 a.m. Eastern to review the Company’s 2018 first quarter results and current developments. Analysts and investors within the United States interested in participating are invited to call (877) 511-2891. The Canadian toll-free dial-in number is (855) 669-9657. All other international participants can use the dial-in number (412) 902-4140. Ask the operator to be connected to the “Omega Healthcare’s First Quarter 2018 Earnings Call.”
To listen to the conference call via webcast, log on to www.omegahealthcare.com and click the “earnings call” icon on the Company’s home page. Webcast replays of the call will be available on the Company’s website for two weeks following the call.
Omega is a real estate investment trust that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities. Its portfolio of assets is operated by a diverse group of healthcare companies, predominantly in a triple-net lease structure. The assets span all regions within the US, as well as in the UK.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding Omega’s or its tenants’, operators’, borrowers’ or managers’ expected future financial condition, results of operations, cash flows, funds from operations, dividends and dividend plans, financing opportunities and plans, capital markets transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, facility transitions, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations and statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will” and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and actual results may differ from Omega’s expectations. Omega does not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made.
Omega’s actual results may differ materially from those reflected in such forward-looking statements as a result of a variety of factors, including, among other things: (i) uncertainties relating to the business operations of the operators of Omega’s properties, including those relating to reimbursement by third-party payors, regulatory matters and occupancy levels; (ii) regulatory and other changes in the healthcare sector; (iii) changes in the financial position of Omega’s operators; (iv) the ability of any of Omega’s operators in bankruptcy to reject unexpired lease obligations, modify the terms of Omega’s mortgages and impede the ability of Omega to collect unpaid rent or interest during the pendency of a bankruptcy proceeding and retain security deposits for the debtor's obligations; (v) the availability and cost of capital; (vi) changes in Omega’s credit ratings and the ratings of its debt securities; (vii) competition in the financing of healthcare facilities; (viii) Omega’s ability to maintain its status as a REIT; (ix) Omega’s ability to sell assets held for sale or complete potential asset sales on a timely basis and on terms that allow Omega to realize the carrying value of these assets; (x) Omega’s ability to re-lease, otherwise transition or sell underperforming assets on a timely basis and on terms that allow Omega to realize the carrying value of these assets; (xi) the effect of economic and market conditions generally, and particularly in the healthcare industry; (xii) the potential impact of changes in the SNF and assisted living facility (“ALF”) market or local real estate conditions on the Company’s ability to dispose of assets held for sale for the anticipated proceeds or on a timely basis, or to redeploy the proceeds therefrom on favorable terms; (xiii) changes in interest rates; (xiv) changes in tax laws and regulations affecting REITs; and (xv) other factors identified in Omega’s filings with the Securities and Exchange Commission. Statements regarding future events and developments and Omega’s future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward looking statements. Omega undertakes no obligation to update any forward-looking statements contained in this announcement.
OMEGA HEALTHCARE INVESTORS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
March 31, December 31, 2018 2017 (Unaudited) ASSETS Real estate properties Real estate investments $ 7,611,038 $ 7,655,960 Less accumulated depreciation (1,420,332 ) (1,376,828 ) Real estate investments – net 6,190,706 6,279,132 Investments in direct financing leases – net 364,932 364,965 Mortgage notes receivable – net 653,319 671,232 7,208,957 7,315,329 Other investments – net 322,249 276,342 Investment in unconsolidated joint venture 34,673 36,516 Assets held for sale – net 143,419 86,699 Total investments 7,709,298 7,714,886 Cash and cash equivalents 71,231 85,937 Restricted cash 7,868 10,871 Accounts receivable – net 319,713 279,334 Goodwill 645,214 644,690 Other assets 39,305 37,587 Total assets $ 8,792,629 $ 8,773,305 LIABILITIES AND EQUITY Revolving line of credit $ 355,000 $ 290,000 Term loans – net 910,019 904,670 Secured borrowings – net 52,775 53,098 Unsecured borrowings – net 3,325,885 3,324,390 Accrued expenses and other liabilities 262,573 295,142 Deferred income taxes 15,977 17,747 Total liabilities 4,922,229 4,885,047 Equity: Common stock $.10 par value authorized – 350,000 shares, issued and outstanding – 198,595 shares as of March 31, 2018 and 198,309 as of December 31, 2017
19,859
19,831
Common stock – additional paid-in capital 4,943,600 4,936,302 Cumulative net earnings 1,933,153 1,839,356 Cumulative dividends (3,341,765 ) (3,210,248 ) Accumulated other comprehensive loss (16,399 ) (30,150 ) Total stockholders’ equity 3,538,448 3,555,091 Noncontrolling interest 331,952 333,167 Total equity 3,870,400 3,888,258 Total liabilities and equity $ 8,792,629 $ 8,773,305 OMEGA HEALTHCARE INVESTORS, INC.
CONSOLIDATED INCOME STATEMENTS
Unaudited
(in thousands, except per share amounts)
31, 2018 2017 Revenue Rental income $ 193,949 $ 192,537 Income from direct financing leases 613 15,646 Mortgage interest income 16,579 15,956 Other investment income 8,527 6,914 Miscellaneous income 531 691 Total operating revenues 220,199 231,744 Expenses Depreciation and amortization 70,361 69,993 General and administrative 12,419 8,780 Stock-based compensation 4,056 3,744 Acquisition costs - (41 ) Impairment loss on real estate properties 4,914 7,638 Provision for uncollectible accounts 7,814 2,404 Total operating expenses 99,564 92,518 Income before other income and expense 120,635 139,226 Other income (expense) Interest income and other – net 585 4 Interest expense (48,011 ) (45,041 ) Interest – amortization of deferred financing costs (2,243 ) (2,502 ) Contractual settlement - 10,412 Realized gain on foreign exchange 59 61 Total other expense (49,610 ) (37,066 ) Income before gain on assets sold 71,025 102,160 Gain on assets sold – net 17,500 7,420 Income from continuing operations 88,525 109,580 Income tax expense (543 )
(1,100 ) (Loss) income from unconsolidated joint venture (49 )
632 Net income 87,933 109,112 Net income attributable to noncontrolling interest (3,713 ) (4,672 ) Net income available to common stockholders $ 84,220 $ 104,440 Income per common share available to common stockholders: Basic: Net income available to common stockholders $ 0.42 $ 0.53 Diluted: Net income $ 0.42 $ 0.53 Dividends declared per common share $ 0.66 $ 0.62 Weighted-average shares outstanding, basic 198,911 197,013 Weighted-average shares outstanding, diluted 207,816 206,174 OMEGA HEALTHCARE INVESTORS, INC.
FUNDS FROM OPERATIONS
Unaudited
(in thousands, except per share amounts)
31, 2018 2017 Net income $ 87,933 $ 109,112 Deduct gain from real estate dispositions (17,500 ) (7,420 ) Sub – total 70,433 101,692 Elimination of non-cash items included in net income:
Depreciation and amortization 70,361 69,993 Depreciation - unconsolidated joint venture 1,657 1,658 Add back non-cash provision for impairments on real estate properties 4,914 7,638 Add back non-cash provision for impairments on real estate properties of unconsolidated joint venture 608 — Funds from operations (“FFO”) $ 147,973 $ 180,981 Weighted-average common shares outstanding, basic 198,911 197,013 Restricted stock and PRSUs 136 347 Omega OP Units 8,769 8,814 Weighted-average common shares outstanding, diluted 207,816 206,174 Funds from operations available per share $ 0.71 $ 0.88 Adjustments to calculate adjusted funds from operations: Funds from operations $ 147,973 $ 180,981 Deduct unrealized gain on warrants (581 ) — Deduct contractual settlement — (10,412 ) Deduct acquisition costs — (41 ) Add back one-time buy-out of purchase option 2,000 — Add back provision for uncollectible accounts 7,814 2,404 Add back non-cash stock-based compensation expense 4,056 3,744 Adjusted funds from operations (“AFFO”) $ 161,262 $ 176,676 Adjustments to calculate funds available for distribution: Non-cash interest expense $ 2,216 $ 2,810 Capitalized interest (2,296 )
(1,989 ) Non-cash revenues (17,380 )
(18,129 ) Funds available for distribution (“FAD”) $ 143,802 $ 159,368 Funds From Operations (“FFO”), Adjusted FFO and Funds Available for Distribution (“FAD”) are non-GAAP financial measures. For purposes of the Securities and Exchange Commission’s Regulation G, a non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that exclude amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable financial measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows (or equivalent statements) of the company, or include amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable financial measure so calculated and presented. As used in this press release, GAAP refers to generally accepted accounting principles in the United States of America. Pursuant to the requirements of Regulation G, the Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
The Company calculates and reports FFO in accordance with the definition and interpretive guidelines issued by the National Association of Real Estate Investment Trusts (“NAREIT”), and consequently, FFO is defined as net income (computed in accordance with GAAP), adjusted for the effects of asset dispositions and certain non-cash items, primarily depreciation and amortization and impairments on real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. The Company believes that FFO, Adjusted FFO and FAD are important supplemental measures of its operating performance. Because the historical cost accounting convention used for real estate assets requires depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time, while real estate values instead have historically risen or fallen with market conditions. The term FFO was designed by the real estate industry to address this issue. FFO described herein is not necessarily comparable to FFO of other real estate investment trusts, or REITs, that do not use the same definition or implementation guidelines or interpret the standards differently from the Company.
Adjusted FFO is calculated as FFO excluding the impact of non-cash stock-based compensation and certain revenue and expense items identified above. FAD is calculated as Adjusted FFO less non-cash interest expense and non-cash revenue, such as straight-line rent. The Company believes these measures provide an enhanced measure of the operating performance of the Company’s core portfolio as a REIT. The Company’s computation of Adjusted FFO and FAD are not comparable to the NAREIT definition of FFO or to similar measures reported by other REITs, but the Company believes that they are appropriate measures for this Company.
The Company uses these non-GAAP measures among the criteria to measure the operating performance of its business. The Company also uses Adjusted FFO among the performance metrics for performance-based compensation of officers. The Company further believes that by excluding the effect of depreciation, amortization, impairments on real estate assets and gains or losses from sales of real estate, all of which are based on historical costs and which may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and between other REITs. The Company offers these measures to assist the users of its financial statements in analyzing its operating performance and not as measures of liquidity or cash flow. These non-GAAP measures are not measures of financial performance under GAAP and should not be considered as measures of liquidity, alternatives to net income or indicators of any other performance measure determined in accordance with GAAP. Investors and potential investors in the Company’s securities should not rely on these non-GAAP measures as substitutes for any GAAP measure, including net income.
The following tables present selected portfolio information, including operator and geographic concentrations, and revenue maturities for the period ended March 31, 2018:
As of March 31, 2018 As of March 31, 2018 Balance Sheet Data Total # of
Properties
Total
Investment
($000’s)
% of
Investment
# of
Operating
Properties (1)
# of
Operating
Beds (1)
Real Estate Investments 850 $ 7,611,038 88 % 873 86,622 Direct Financing Leases 41 364,932 4 % 41 4,264 Mortgage Notes Receivable 49 653,319 8 % 49 5,314 940 $ 8,629,289 100 % 963 96,200 Assets held for sale 33 143,419 Total Investments 973 $ 8,772,708 Investment Data Total # of
Properties
Total
Investment
($000’s)
% of
Investment
# of
Operating
Properties (1)
# of
Operating
Beds (1)
Investment
per Bed
($000’s)
Skilled Nursing Facilities/Transitional Care
809
$
7,135,981
83
%
836
88,363
$
81
Senior Housing (2) 131 1,493,308 17 % 127 7,837 $ 191 940 $ 8,629,289 100 % 963 96,200 $ 90 Assets held for sale 33 143,419 Total Investments 973 $ 8,772,708
(1) Excludes facilities which are non-operating, closed and/or not currently providing patient services. (2) Includes ALFs, memory care and independent living facilities. Revenue Composition ($000's) Revenue by Investment Type 31, 2018 Rental Property $ 193,949 88 % Direct Financing Leases 613 0 % Mortgage Notes 16,579 8 % Other Investment Income and Miscellaneous Income - net 9,058 4 % $ 220,199 100 % Revenue by Facility Type 31, 2018 Skilled Nursing Facilities/Transitional Care $ 182,253 83 % Senior Housing 28,888 13 % Other 9,058 4 % $ 220,199 100 % Rent/Interest Concentration by Operator ($000’s)
# of
Properties (1)
Total
Annualized
Contractual
Rent/Interest (1)(2)
% of Total
Annualized
Contractual
Rent/Interest
Ciena Healthcare 70 $ 86,895 10.9%
CommuniCare Health Services, Inc. 48 61,736 7.7%
Genesis Healthcare 50 57,236 7.2%
Signature Holdings II, LLC 60 56,706 7.1%
Saber Health Group 45 42,229 5.3%
Health & Hospital Corporation 44 35,234 4.4%
Guardian LTC Management Inc. 32 30,664 3.8%
Maplewood Real Estate Holdings, LLC 14 30,057 3.8%
Diversicare Healthcare Services 35 28,822 3.6%
Daybreak Venture, LLC. 54 27,864 3.5%
Remaining Operators (3) 453 341,252 42.7%
905 $ 798,695 100.0%
(1) Excludes facilities which are non-operating, closed and/or not currently providing patient services. (2) 1Q 2018 contractual rent/interest annualized; includes mezzanine and term loan interest. (3) Excludes 42 Orianna and 16 Preferred Care facilities due to their bankruptcy status: all facilities of these 2 operators are expected to be transitioned or sold. Geographic Concentration by Investment ($000’s) Total # of
Properties (1)
Total
Investment (1)
% of Total
Investment
Florida 95 $ 815,486 9.4 % Texas 113 809,597 9.4 % Ohio 68 669,955 7.8 % Michigan 49 632,752 7.3 % Indiana 65 583,112 6.8 % California 54 497,853 5.8 % Pennsylvania 43 463,630 5.4 % Tennessee 40 331,218 3.8 % Virginia 18 283,370 3.3 % North Carolina 33 273,028 3.2 % Remaining 31 states (2) 307 2,836,780 32.8 % 885 8,196,781 95.0 % United Kingdom 55 432,508 5.0 % 940 $ 8,629,289 100.0 %
(1) Excludes 33 properties with total investment of $143.4 million classified as assets held for sale. (2) # of states and Total Investment includes New York City 2 nd Avenue development project. Rent and Loan Maturities ($000's) As of March 31, 2018 Operating Lease Expirations & Loan Maturities
Year 2018 Lease
Rent
2018
Interest
2018 Lease
and Interest
Rent
% 2018 $ 8,607 $ 1,423 $ 10,030 1.3 % 2019 3,259 - 3,259 0.4 % 2020 5,681 3,353 9,034 1.1 % 2021 6,210 935 7,145 0.9 % 2022 38,988 2,879 41,867 5.2 % 2023 36,062 - 36,092 4.5 % Notes: Based on annualized 1st quarter 2018 contractual rent and interest. Excludes Preferred Care’s contractual revenue of approximately $11.0 million expiring in 2022 due to its bankruptcy status. The following tables present operator revenue mix, census and coverage data based on information provided by our operators as of December 31, 2017:
Operator Revenue Mix (1) As of December 31, 2017 Medicaid Medicare /
Insurance
Private / Other Three-months ended December 31, 2017 52.9 % 34.6 % 12.5 % Three-months ended September 30, 2017 52.9 % 34.7 % 12.4 % Three-months ended June 30, 2017 51.9 % 35.9 % 12.2 % Three-months ended March 31, 2017 51.0 % 37.3 % 11.7 % Three-months ended December 31, 2016 52.6 % 35.8 % 11.6 % (1) Excludes all facilities considered non-core. Operator Census and Coverage (1) Coverage Data Occupancy (2)
Before
Management
Fees
After
Management
Fees
Twelve-months ended December 31, 2017 82.3 % 1.71x 1.34x Twelve-months ended September 30, 2017 82.2 % 1.72x 1.35x Twelve-months ended June 30, 2017 82.4 % 1.71x 1.34x Twelve-months ended March 31, 2017 82.5 % 1.69x 1.33x Twelve-months ended December 31, 2016 82.2 % 1.69x 1.33x
(1) Excludes all facilities considered non-core. (2) Based on available (operating) beds. The following table presents a debt maturity schedule as of March 31, 2018:
Debt
Maturities
($000’s)
Secured Debt Unsecured Debt Year HUD
Mortgages (1)
Line of Credit
and Term Loans
(2)(3)
Senior
Notes/Other
(4)
Sub Notes
(5)
Total Debt
Maturities
2018 - - - - - 2019 - - - - - 2020 - - - - - 2021 - 1,250,000 - 20,000 1,270,000 2022 - 915,180 - - 915,180 2023 - - 700,000 - 700,000 Thereafter 53,338 - 2,650,000 - 2,703,338 $ 53,338 $ 2,165,180 $ 3,350,000 $ 20,000 $ 5,588,518 (1) Mortgages guaranteed by HUD (excluding net deferred financing costs of $0.6 million). (2) Reflected at 100% borrowing capacity. (3) $1.25 billion line of credit excludes a $700 million accordion feature and $5.2 million net deferred financing costs. The $915 million is comprised of a: $425 million US Dollar term loan, £100 million term loan (equivalent to $140 million in US dollars), $100 million term loan to Omega’s operating partnership and $250 million term loan (excludes $5.2 million net deferred financing costs related to the term loans) assuming the exercise of existing extension rights. (4) Excludes net discounts, deferred financing costs and a $1.5 million promissory note. (5) Excludes $0.3 million of fair market valuation adjustments. The following table presents investment activity for the three month period ended March 31, 2018:
Investment Activity ($000's) 31, 2018 Funding by Investment Type $ Amount % Real Property $ 29,672 43.9 % Construction-in-Progress 19,485 28.8 % Capital Expenditures 18,462 27.3 % Investment in Direct Financing Leases 15 0.0 % Total $ 67,634 100.0 %
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507006114/en/
Omega Healthcare Investors, Inc.
Matthew Gourmand, 410-427-1700
SVP, Investor Relations
or
Bob Stephenson, 410-427-1700
CFO
Source: Omega Healthcare Investors, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-omega-announces-first-quarter-2018-financial-results-continues-strategic-asset-repositioning.html |
WASHINGTON (Reuters) - U.S. President Donald Trump said on Sunday he will help Chinese technology company ZTE Corp “get back into business, fast,” after being crippled by a U.S. ban, a concession to Beijing ahead of high-stakes trade talks this week.
FILE PHOTO: The logo of ZTE Corp is seen on its building in Beijing, China April 19, 2018. REUTERS/Stringer ZTE suspended its main operations after the U.S. Commerce Department banned American companies from selling to the firm for seven years as punishment for ZTE breaking an agreement reached after it was caught illegally shipping U.S. goods to Iran.
Trump’s instructions to the Commerce Department, stated in a tweet, come as Chinese and U.S. officials prepare for talks in Washington with China’s top trade official Liu He to resolve an escalating trade dispute between the world’s two largest economies.
Trump’s proposed reversal will likely ease relations between the United States and China. The world’s two biggest economies have already proposed tens of billions of dollars in tariffs in recent weeks, fanning worries of a full-blown trade war that could hurt global supply chains as well as business investment plans.
In trade talks in Beijing earlier this month, China asked the United States to ease crushing sanctions on ZTE, one of the world’s largest telecom equipment makers, according to people with knowledge of the matter.
Trump’s reversal could have a significant impact on shares of American optical components makers such as Acacia Communications Inc and Oclaro Inc which saw their stock prices fall when U.S. companies were banned from exporting goods to ZTE.
ZTE paid over $2.3 billion to 211 U.S. exporters in 2017, a senior ZTE official said on Friday.
“Too many jobs in China lost. Commerce Department has been instructed to get it done!” Trump wrote on Twitter, saying he is working with Chinese President Xi Jinping on a solution.
The U.S. Commerce Department, ZTE and the Chinese Embassy could not immediately be reached for comment.
The U.S. government launched an investigation into ZTE after Reuters reported in 2012 the company had signed contracts to ship millions of dollars’ worth of hardware and software from some of the best known U.S. technology companies to Iran. (Reuters report that exposed the practise: reut.rs/2GbpCmO )
ZTE pleaded guilty last year to conspiring to violate U.S. sanctions by illegally shipping U.S. goods and technology to Iran and entered into an agreement with the U.S. government. The ban is the result of ZTE’s failure to comply with that agreement, the Commerce Department said.
FILE PHOTO: A ZTE smart phone is pictured in this illustration taken April 17, 2018. REUTERS/Carlo Allegri/Illustration/File Photo The ban came two months after two Republican senators introduced legislation to block the U.S. government from buying or leasing telecommunications equipment from ZTE or Huawei [HWT.UL], citing concern the companies would use their access to spy on U.S. officials.
Without specifying companies or countries, Federal Communications Commission Chairman Ajit Pai, recently said “hidden ‘backdoors’ to our networks in routers, switches, and other network equipment can allow hostile foreign powers to inject viruses and other malware, steal Americans’ private data, spy on U.S. businesses, and more.”
ZTE relies on U.S. companies such as Qualcomm Inc, Intel Corp and Alphabet Inc’s Google. American companies are estimated to provide 25 percent to 30 percent of the components used in ZTE’s equipment, which includes smartphones and gear to build telecommunications networks.
Claire Reade, a Washington-based trade lawyer and former assistant U.S. Trade Representative for China affairs, said that the ZTE ban was a shocking blow to China’s leadership and may have caused more alarm in Beijing than Trump’s threats to impose tariffs on $50 billion in Chinese goods.
“Imagine how the United States would feel if China had the power to crush one of our major corporations and make it go out of business,” Reade said. “China may now have strengthened its desire to get out from a under a scenario where the United States can do that again.”
Even though ZTE was probably “foolish” in not understanding the consequences of violating a Commerce Department monitoring agreement, she said the episode makes it less likely that China would make concessions on U.S. demands that it stop subsidizing efforts to develop its own advanced technology, she said.
Other experts said Trump’s policy reversal was unprecedented.
“This is a fascinating development in a highly unusual case that has gone from a sanctions and export control case to a geopolitical one,” said Washington lawyer Douglas Jacobson, who represents some of ZTE’s suppliers.
Trump’s announcement drew sharp criticism from a Democratic lawmaker on Sunday who said the move was jeopardizing U.S. national security.
“Our intelligence agencies have warned that ZTE technology and phones pose a major cyber security threat,” Representative Adam Schiff, a Democrat, said on Twitter. “You should care more about our national security than Chinese jobs.”
ZTE suppliers including Acacia, Oclaro, Lumentum Holdings Inc, Finisar Corp, Inphi Corp and Fabrinet, all fell sharply after the ban was announced.
Shares of Acacia, which got 30 percent of its total revenue in 2017 from ZTE, hit a record low after the ban was announced. Oclaro, which earned 18 percent of its fiscal 2017 revenue from ZTE, fell 17 percent.
Reporting by Valerie Volcovici and Karen Freifield; Additional reporting by David Lawder and Chris Sanders; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-china-zte/trump-working-with-chinese-president-to-help-chinas-zte-get-back-into-business-idUSKCN1IE0QI |
Cramer Remix: Higher interest rates could create the leadership this market needs 9 Hours Ago Jim Cramer explains how bank stock leadership could emerge from higher interest rates and why that’s good news for the market. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/cramer-remix-higher-interest-rates-may-create-the-leadership-we-need.html |
May 24, 2018 / 8:08 PM / Updated 30 minutes ago Russia flexible on oil output levels but wants consensus - Novak Reuters Staff 1 Min Read
ST PETERSBURG (Reuters) - Russian Energy Minister Alexander Novak said on Thursday that Moscow was flexible regarding possible changes to oil production levels but insisted that any decision be consensual. FILE PHOTO - A worker checks the valve of an oil pipe at an oil field owned by Russian state-owned oil producer Bashneft near the village of Nikolo-Berezovka, northwest of Ufa, Bashkortostan, Russia, January 28, 2015. REUTERS/Sergei Karpukhin/File Photo
“We’re flexible on taking any decisions including decisions on changing production levels,” Novak told CNN. “But this should be a unanimous decision by all parties involved.”
Novak added that the global oil glut was over.
OPEC and non OPEC states will convene in Vienna next month to discuss the future of the global deal on oil output. Reporting by Rania El Gamal in Dubai; Writing by Gabrielle Tétrault-Farber; Editing by Alexandra Hudson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-russia-oil-opec-novak/russia-flexible-on-oil-output-levels-but-wants-consensus-novak-idUKKCN1IP3HS |
PARIS (Reuters) - Police on Sunday scoured the background of a Chechnya-born Frenchman who killed a man in a knife attack in Paris, questioning the parents and a friend of the 21-year old, who had been flagged previously as a potential security risk.
The assailant had shouted “Allahu akbar” (God is greatest) as he began his stabbing rampage late on Saturday. He fatally knifed a 29-year-old man and wounded four others, among them a Chinese and a Luxembourg citizen, before police shot him dead.
A judicial source named the attacker as Khamzat A, without giving his full name, which BFM TV and other French media said was Azimov.
The attack took place in the bustling Opera district, known for its many restaurants, cafes and the Palais Garnier opera.
It was the latest in a succession of attacks in France since January 2015 in which more than 240 people have been killed.
Since 2016 the attacker had been on a counter-terrorism watchlist of suspected radicals who may be a threat to national security, government spokesman Benjamin Griveaux said.
The stabbing again exposed the difficulty European intelligence services face keeping track of suspected extremists and countering the threat posed by homegrown militants and foreign jihadists.
France has participated in a U.S.-led coalition battling Islamic State in Iraq and Syria, and it also intervened in Mali to push back an Islamist rebellion in the West African state.
Its military interventions overseas have exposed it to attack by Islamist militants at home.
Islamic State claimed responsibility for Saturday’s attack, but provided no proof. Griveaux said the claim had not yet been fully authenticated.
In a video which the SITE intelligence monitoring group said was posted by Islamic State’s Amaq news agency, a young man described as the attacker pledged allegiance to Islamic State leader Abu Bakr al-Baghdadi.
Speaking in French, his face largely obscured by a black hood and scarf, he said “infidels” fighting Islamic State were to blame. “You started it by killing Muslims,” he said.
It was not immediately possible to confirm the identity of the man in the video.
The assailant became French when his mother obtained citizenship in 2010, Griveaux said in a joint interview with broadcasters LCI and RTL and newspaper Le Figaro.
He rejected criticism from opponents of President Emmanuel Macron that the government was not doing enough to stem such attacks, saying: “Zero risk does not exist.”
Judicial sources said the assailant’s parents as well as a friend of his were being held for questioning. The friend, arrested in the eastern French city of Strasbourg, was born in 1997, a source said.
BFM TV said the attacker had long lived in Strasbourg before moving to Paris last year.
A local elected official told Reuters that about 40 to 50 Chechen families lived in that area of Strasbourg, not mixing much with other people.
“I’ve been sounding the alarm since 2008-2009. This is fertile ground for radicalization,” Eric Elkouby, a Socialist, said of the area, which he said was impoverished and had been neglected by authorities.
GRAPHIC - Knife attack in Paris: tmsnrt.rs/2KePel5
‘WE HID UNDER THE TABLE’ In Washington, U.S. President Donald Trump said on Twitter that countries needed to “open their eyes” and change the way they view such attacks.
“So sad to see the Terror Attack in Paris,” Trump tweeted. “This kind of sickness & hatred is not compatible with a loving, peaceful, & successful country! Changes to our thought process on terror must be made.”
The White House issued a statement earlier on Sunday that condemned the attack and expressed solidarity with the French nation.
Police union representative Rocco Contento told Reuters the attacker stabbed bystanders before rushing at police on Saturday evening shouting “I will kill you, I will kill you!”
He was then shot by the officers.
“It was scary,” said Emma Klibbe, a 32-year old Australian who was waiting to get into a nearby restaurant and saw a man walk by who had been wounded in the attack.
“We heard someone shout and then a woman screamed ‘run inside!’ We ran inside and hid under the table,” said Klibbe, who teaches English in Paris.
The four people wounded were out of danger, Interior Minister Gerard Collomb told reporters.
A picture seen by Reuters showed a bare-chested and bearded young man dressed in black sweatpants lying on the ground and being helped by emergency services. A source said he was the attacker.
“We heard gun fire, two gun shots,” said waitress Sarah Gousse. “The street was just filled with police and firemen and they tried to revive him (the attacker).”
In a similar incident in October, a man stabbed two young women to death in the port city of Marseille before he was shot dead by soldiers.
The deadliest of the attacks that have hit France over the past three years occurred in Paris in November 2015, when 130 people were killed.
French police secure a street after a man killed a passer-by in a knife attack in the heart of Paris and injured four others before being shot dead by police, according to French authorities in Paris, France, May 12, 2018. REUTERS/Lucien Libert Additonal reporting by Sophie Louet, Lucien Libert, Gilbert Reilhac, John Irish; and David Morgan in Washington; Writing by Ingrid Melander; Editing by Richard Lough, Angus MacSwan and Daniel Wallis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-france-security/paris-knife-attacker-was-russian-born-in-1997-in-chechnya-source-idUSKCN1IE07A |
May 30, 2018 / 10:15 PM / Updated a day ago UPDATE 1-Golf-Soggy Shoal Creek opens for practice ahead of U.S. Women's Open Reuters Staff
* Saturated course hit by more overnight rain
* Officials say no plan to allow preferred lies (Adds more quotes)
By Andrew Both
SHOAL CREEK, Ala., May 30 (Reuters) - Shoal Creek finally re-opened for practice rounds on Wednesday afternoon as players scrambled to get in last-minute preparations for what looms as a waterlogged U.S. Women’s Open.
The course was closed late on Monday afternoon and remained off-limits on Tuesday as it was drenched by more than four inches of rain from sub-tropical storm Alberto.
More rain Tuesday night and Wednesday morning - an additional 1.62 inches - kept the course closed until 1 PM local time (1800 GMT), when players were allowed to begin practice rounds.
The U.S. Golf Association (USGA), which runs the championship, says it is still intending to conduct the event without preferred lies, otherwise known as lift, clean and place.
“It remains our intention to play 72 holes and to play the ball as it lies,” said USGA senior managing director John Bodenhamer, who expressed confidence play would begin on time on Thursday morning, assuming it remains dry overnight.
Some players will tee off without the benefit of even one full practice round, something that did not seem to bother American Danielle Kang.
She received a verbal instruction manual on how to play the course in a telephone conversation with PGA Tour player Trey Mullinax, an Alabama native.
“He walked me through the whole golf course, from one to 18. I feel like I’ve played it,” said Kang, who won her first major last year at the Women’s PGA Championship.
“He’s helped me out on what pins to attack and what to be conservative on,” Kang said. “And also which parts of the course to be avoided at all costs.”
Whether preferred lies should be allowed has been a hot topic among players the past two days.
Cristie Kerr, the 2007 champion, said that it would be a “joke” if players were not given the chance to clean mud from their balls.
Australian Karrie Webb was a little more diplomatic.
“I will say that it will be the softest U.S. Open I’ve ever played,” said the 2000 and 2001 champion.
“I’m mentally preparing that we might play it down (no preferred lies).”
Eight-times PGA Tour winner Brad Faxon weighed in on the side of preferred lies, pointing out that the tradition of playing the ball as it lies at major championships was broken in the final round at the 2016 PGA Championship at Baltusrol.
“I wouldn’t have a problem at all (with preferred lies),” Faxon, here as a television analyst for Fox Sports, told Reuters.
“It’s something the USGA has never done and they don’t want to start now.
“If they play one or two rounds with the ball up, I don’t think that takes away (from the stature of the championship).
“We just did some stuff out on the golf course and there seems to be casual water every step you take.
“I don’t know how you can play a fair golf tournament, because I know mud affects the players’ shots. If it’s consistently muddy, it’s a big issue.” (Reporting by Andrew Both, editing by Ed Osmond) | ashraq/financial-news-articles | https://in.reuters.com/article/golf-women-uschamp/update-1-golf-soggy-shoal-creek-opens-for-practice-ahead-of-u-s-womens-open-idINL5N1T17LN |
May 2 (Reuters) - Manning & Napier Inc:
* MANNING & NAPIER, INC. REPORTS FIRST QUARTER 2018 EARNINGS RESULTS
* Q1 REVENUE FELL 24 PERCENT TO $42.2 MILLION * ON A NON-GAAP BASIS, ECONOMIC NET INCOME FOR QUARTER WAS $5.6 MILLION, OR $0.07 PER ADJUSTED SHARE
* AS OF MARCH 31, 2018, AUM WAS $23.4 BILLION, A DECREASE OF 7% FROM $25.1 BILLION AS OF DECEMBER 31, 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-manning-napier-inc-q1-earnings-per/brief-manning-napier-inc-q1-earnings-per-share-0-07-idUSASC09Z4O |
* Shanghai stocks lower, blue-chip CSI300 index down
* Gains in Shanghai stocks led by Henan Taloph Pharmaceutical Stock Co Ltd and losses by Hubei Mailyard Share Co Ltd
* China’s A-shares are at a 20.54 percent premium over H-shares
SHANGHAI, May 29 (Reuters) - Shanghai stocks posted a fifth straight session of losses on Tuesday, as investors became concerned about credit risks amid more bond defaults, while Beijing vowed financial stability ahead of shares being included in MSCI’s global benchmark indexes. ** The blue-chip CSI300 index fell 0.8 percent to 3,804.01 points, while the Shanghai Composite Index closed down 0.5 percent at 3,120.46 points. ** China Energy Reserve & Chemicals Group Co (CERCG) said it failed to repay a $350 million bond that matured earlier this month due to a “tightening in credit conditions”, the latest Chinese company to default amid a crackdown on financial risk. ** It is the latest in a wave of corporate debt defaults amid a broad government-led campaign to crack down on risky financing, and follows a reminder from China’s securities regulator that exchanges should monitor default risks. ** “Before any changes in (Beijing’s) policies, credit risks will continue to spread and more companies will face bond insurance failure or bond defaults, which in turn will continue to dampen risk appetite,” Xu Biao, chief analyst, TF Securities, wrote in a note. ** For the moment, the core concern for China’s market is the liquidity problem that could be triggered by credit risks, Xu added. ** A senior Chinese securities regulator vowed to maintain financial stability and prevent asset price bubbles as the country accelerates the opening-up of its financial markets to foreign investors. ** The inclusion of Chinese stocks in closely tracked MSCI share indexes is widely expected to draw tens of billions of dollars into the mainland market next month, but active fund managers’ conservative positions could mean inflows are much smaller. ** Most sectors lost ground on Tuesday, led by a slump in pharmaceutical firms, as investors booked profits after a strong run-up in the past months. ** An index tracking major healthcare companies tumbled 4.9 percent, posting its worst day in more than two years. Industry bellwether Zhangzhou Pientzehuang Pharmaceutical plunged the maximum allowed 10 percent, after having gained more than 80 percent so far this year. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.58 percent, while Japan’s Nikkei index closed down 0.55 percent. ** At 07:02 GMT, the yuan was Quote: d at 6.4151 per U.S. dollar, 0.28 percent weaker than the previous close of 6.3969. ** The largest percentage gainers on the main Shanghai Composite index were Henan Taloph Pharmaceutical Stock Co Ltd up 10.1 percent, followed by Jiangsu Lianhuan Pharmaceutical Co Ltd gaining 10.06 percent and CCS Supply Chain Management Co Ltd up by 10.05 percent. ** The largest percentage losers on the Shanghai index were Hubei Mailyard Share Co Ltd down 10.03 percent, followed by GuangDong GenSho Logistics Co Ltd losing 10.01 percent and Shanghai Wondertek Software Co Ltd down by 10.01 percent. ** So far this year, the Shanghai stock index is down 5.6 percent, the CSI300 also has fallen 5.6 percent while China’s H-share index listed in Hong Kong is up 2.1 percent. Shanghai stocks have risen 1.24 percent this month. ** As of 07:03 GMT, China’s A-shares were trading at a premium of 20.54 percent over the Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom; Editing by Biju Dwarakanath)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-close/shanghai-stocks-down-for-5th-day-as-credit-risks-weigh-idUSZZN2RB600 |
SAN FRANCISCO (AP) _ LendingClub Corp. (LC) on Tuesday reported a loss of $31.2 million in its first quarter.
On a per-share basis, the San Francisco-based company said it had a loss of 7 cents. Earnings, adjusted for stock option expense and non-recurring costs, came to 1 cent per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was breakeven on a per-share basis.
The company that connects borrowers and lenders online posted revenue of $151.7 million in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $152.2 million.
For the current quarter ending in July, LendingClub said it expects revenue in the range of $162 million to $172 million.
The company expects full-year revenue in the range of $680 million to $705 million.
In the final minutes of trading on Tuesday, the company's shares hit $2.82. A year ago, they were trading at $5.60.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on LC at https://www.zacks.com/ap/LC | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-lendingclub-1q-earnings-snapshot.html |
May 4 (Reuters) - Bank of Zhengzhou Co Ltd:
* QTRLY NET PROFIT RMB 1,120.89 MILLION Source ( bit.ly/2IdjbEJ ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bank-of-zhengzhou-co-posts-qtrly-n/brief-bank-of-zhengzhou-co-posts-qtrly-net-profit-rmb-1120-89-mln-idUSFWN1SB0Q8 |
ENGLEWOOD, Colo., May 2, 2018 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) will host its first quarter 2018 financial results conference call on Thursday, May 10, 2018 at 11:00 a.m. Eastern Time. The dial-in numbers are 1-877-815-1625 (US) and 716-247-5178 (International), Conference ID 8292996.
EchoStar's press release about its financial results will be distributed prior to the conference call and will be accessible on our website at www.echostar.com .
A bou t EchoStar
EchoStar Corporation (NASDAQ: SATS) is a premier global provider of satellite communication solutions. Headquartered in Englewood, Colo., and conducting business around the globe, EchoStar is a pioneer in secure communications technologies through its Hughes Network Systems and EchoStar Satellite Services business segments.
For more information, visit echostar.com . Follow @EchoStar on Twitter.
View original content with multimedia: http://www.prnewswire.com/news-releases/echostar-corporation-announces-conference-call-for-first-quarter-2018-financial-results-300641539.html
SOURCE EchoStar Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-echostar-corporation-announces-conference-call-for-first-quarter-2018-financial-results.html |
NEW YORK (Reuters Breakingviews) - Not everyone has been a winner from globalization. Eurasia Group founder Ian Bremmer talked to Amanda Gomez about his book “Us vs. Them: The Failure of Globalism” and discussed what political and business leaders can do to make the world economic system work for all.
Chairman of Roubini Global Economics and New York University's Stern School of Business economics professor Nouriel Roubini (L) and President of political risk firm Eurasia Group Ian Bremmer speak at a Thomson Reuters Newsmaker event in New York January 14, 2013. REUTERS/Keith Bedford If primary link is not displayed, listen to the podcast here .
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors.
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-global-economy-breakingviews/breakingviews-the-exchange-the-failure-and-future-of-globalism-idUSKCN1IJ23D |
Hollywood’s China dreams get tangled in trade talks May 19, 2018 12 SHARES
BEIJING (Reuters) – Hollywood’s push for greater access to China’s booming film market – delayed since last year – has become tangled in broader trade talks between Washington and Beijing, a potentially thorny position amid whipsawing trade relations. FILE PHOTO: People watch a movie at a cinema in Wanda Group’s Oriental Movie Metropolis ahead of its opening, in Qingdao, Shandong province, China April 27, 2018. REUTERS/Aly Song/File Photo
Negotiations to raise a Chinese quota on imported films and boost the share that overseas producers get of box office takings are now being discussed within the broader framework of a U.S.-China trade stand-off, four industry sources said.
The shift from earlier talks is a double-edged sword for U.S. producers looking at China’s $8.6 billion cinema market. It could be bad news if broader talks go sour, but it could offer a potential path forward if the two countries find common ground.
“It wouldn’t really hit the domestic movie business much whether we bring in more foreign movies or not,” said Yu Jianhong, vice president of Beijing Film Academy. “This should be something both parties can agree on.”
China’s quota system allows 34 imported movies a year to be shown in theaters, while overseas producers get a 25 percent share of box office takings – less than in other international markets. Since 2016 a handful more have been allowed in via a “cultural exchange” channel. ALSO READ Even Sigourney Weaver Wishes Avatar 2 Was Coming Out Sooner
In a government document provided to the U.S. delegation in Beijing two weeks ago, Chinese negotiators said that opening up the market more for U.S. movies was a concession China could offer to Washington as part of a broader trade deal.
The document, seen by Reuters, said that China was “willing to discuss expanding movie imports with the U.S. side”.
Chinese Vice Premier Liu He is currently in Washington leading a Chinese trade delegation on a second round of talks to find a deal with the United States and avert a full-blown trade war between the world’s two biggest economies.
China on Friday said it was dropping an anti-dumping probe into imports of U.S. sorghum, a conciliatory gesture hours after U.S. officials familiar with the matter said China was offering a package to slash the U.S. trade deficit by up to $200 billion.
On Thursday, U.S. President Donald Trump criticized China as being “very spoiled” on trade with the United States but said he was aiming for an overall deal with Beijing. “ON PAUSE”
U.S. studios had hoped for an improved deal for imported films last year. This, however, had been held up as Beijing rejigged its film regulator, handing more control to the ruling Communist Party, and then as trade tensions with the United States grew. ALSO READ Warren Beatty and Faye Dunaway's return to the 2018 Oscars will be the ultimate Hollywood ending
“The movie deal is essentially on pause,” one person familiar with U.S.-China negotiations on the movie agreement told Reuters, adding that Beijing’s willingness to ease up would likely be swayed by the state of trade tensions.
Hollywood producers are pushing for more access, but a bigger share of revenues was even higher on the agenda, especially as locally-made productions became more competitive.
China has become a key market for U.S. studios from Walt Disney Co ( DIS.N ) to Universal Pictures. “The Fate of the Furious”, the latest instalment of Universal’s “The Fast and the Furious” franchise, was the second top grossing film in China last year while “Avengers: Infinity War” has taken 1.6 billion yuan ($251.23 million) so far this year.
China’s box office revenue rose 13.45 percent last year to 55.91 billion yuan, accelerating after a sharp slowdown in 2016.
Jacob Parker, vice president of China operations at the U.S.-China Business Council, said firms were more concerned about the revenue split for films they brought to China, though higher quotas would be well received too.
“Profit sharing is a higher priority,” he said, and studios “would like to see 45 percent as opposed to 25 percent.” He added: “Forty-five percent is what companies receive in most other markets where they operate.” ALSO READ Darkest Hour shared boats with Dunkirk to uniquely satisfying effect
Hollywood movies, which once ruled in China, are seeing a rising challenge from locally-made productions, while a spate of tie-ups and financing deals have gone sour amid cultural clashes and a brighter spotlight on risky Chinese investments.
China is also looking to tighten control over content, potentially at odds with allowing in more overseas productions, which generally will have to get past domestic censors.
“China has pledged to open its market on a lot of fronts, but you have to consider the special aspect of culture and entertainment industry,” said Beijing Film Academy’s Yu.
“It has the education and ideology feature so it would be treated differently.” Reporting by Pei Li and Michael Martina in BEIJING and Lisa Richwine in LOS ANGELES; Writing by Adam Jourdan; Editing by Philip McClellan | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china-movies/hollywoods-china-dreams-get-tangled-in-trade-talks-idUSL3N1SP2HR/ |
LONDON (Reuters) - President Donald Trump expected Tehran to leave the nuclear deal after the U.S. withdrawal, Iranian President Hassan Rouhani said on Wednesday.
FILE PHOTO: Iran's President Hassan Rouhani delivers remarks at a news conference during the United Nations General Assembly in New York City, U.S. September 20, 2017. REUTERS/Stephanie Keith/File Photo Tehran had refused to follow that plan by trying to save the deal with its remaining signatories, he said.
“Trump played his first card, but miscalculated the second move... as Iran did not follow that plan,” Rouhani was Quote: d as saying by the ISNA agency.
Reporting by Bozorgmehr Sharafedin; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-rouhani-trump/rouhani-says-trump-misjudged-iran-by-expecting-it-to-leave-nuclear-deal-isna-idUSKCN1IH0ZX |
Highlights
Fourth quarter 2018 revenue from continuing operations increased 9.2% (6.6% organic growth and 2.6% inorganic growth) to $83.5 million, compared to the prior year period of $76.4 million. Full year 2018 revenue from continuing operations increased 13.5% (7.8% organic growth and 5.7% inorganic growth) to $326.2 million, compared to the prior year period of $287.5 million. Fourth quarter 2018 reported operating income from continuing operations increased 65.6% to $10.6 million compared to the prior year period of $6.4 million. Fourth quarter 2018 reported earnings per share from continuing operations of $0.68, compared to the prior year period of $0.21. Fourth quarter 2018 adjusted earnings per share from continuing operations of $0.51, compared to the prior year period of $0.42. Full year 2018 operating cash flow from continuing operations increased 45.7% to $57.4 million, compared to the prior year period of $39.4 million.
DALLAS, May 30, 2018 (GLOBE NEWSWIRE) -- CSW Industrials, Inc. (NASDAQ:CSWI), a diversified industrial growth company with well-established, scalable platforms and domain expertise across two segments: Industrial Products and Specialty Chemicals, today reported results for the fiscal fourth quarter and full year ended March 31, 2018.
Net revenue from continuing operations during the fiscal fourth quarter of 2018 increased 9.2% to $83.5 million, compared to the prior year period of $76.4 million. The increase in revenue was primarily attributable to increased sales into HVAC, plumbing and energy end markets and sales from the acquired Greco business ($2.0 million), partially offset by lower volume of legacy businesses into the architecturally-specified building products end market.
Reported operating income from continuing operations in the fiscal fourth quarter of 2018 increased to $10.6 million, or 12.7% of sales, compared to $6.4 million, or 8.4% of sales, in the prior year period. The increase in operating income was driven by higher volume in the Company’s Industrial Products segment and lower discrete expenses year over year.
Joseph B. Armes, CSW Industrials’ Chairman, Chief Executive Officer and President, commented, “We are pleased with our results for the fourth quarter and the fiscal year as we continued to grow our revenues organically and through acquisitions while leveraging operational best practices across our business units. The combination of these factors drove a 17.6% increase in adjusted income from continuing operations in the fourth quarter.” Armes continued, “As we look ahead to fiscal 2019, our focus remains on generating long-term, profitable growth by leveraging our strong distribution channels through organic and inorganic growth initiatives, including strategic bolt-on acquisitions, targeted product development and strategic sales territory expansion.”
Fourth Quarter Results of Operations
The below results reflect the Company’s financial results from continuing operations unless otherwise noted.
Consolidated revenue increased 9.2% to $83.5 million, compared to $76.4 million in the prior year period.
Industrial Products segment revenue increased 12.5% to $46.8 million, compared to $41.6 million in the prior year period. Higher revenue was mainly the result of strong sales in HVAC and plumbing end markets and sales from the acquired Greco business ($2.0 million), partially offset by decreased volumes by legacy businesses into the architecturally-specified building products end market. Reported operating income increased 28.6% to $10.8 million, compared to $8.4 million in the prior year period. Adjusted to exclude non-recurring expenses, segment operating income increased 13.5% to $10.9 million, compared to $9.6 million in the prior year period.
Specialty Chemicals segment revenue increased 5.2% to $36.6 million, compared to $34.8 million in the prior year period. Higher revenue was driven by higher volumes in plumbing and energy end markets, partially offset by lower sales into mining and rail end markets. Reported segment operating income was $3.3 million, compared to $0.8 million in the prior year period. Adjusted to exclude non-recurring expenses, segment operating income decreased to $3.5 million, compared to $4.2 million in the prior year period, primarily as a result of an unfavorable sales mix and some discrete costs.
Consolidated gross profit increased 18.7% to $36.2 million, compared to $30.5 million in the prior year period. Gross margin as a percentage of sales improved 350 basis points to 43.4%, compared to 39.9% in the prior year period. Higher gross margin compared to the prior year primarily reflected increased operating leverage and lower restructuring and realignment costs, partially offset by unfavorable sales mix in Specialty Chemicals.
Consolidated operating expenses were $25.7 million, or 30.7% of sales, compared to the prior year level of $24.1 million, or 31.5% of sales, an improvement of 80 basis points, driven by lower one-time discrete expenses year over year. The increase in operating expenses was due to increased selling costs on higher revenue and the expenses from the acquired Greco business, partially offset by lower one-time discrete expenses year over year.
Reported income from continuing operations was $10.6 million, or $0.68 per diluted share, compared to $3.3 million, or $0.21 per diluted share in the prior year period. Adjusted to exclude one-time expenses and applying a normalized tax rate, adjusted income from continuing operations in the fiscal fourth quarter of 2018 was $8.0 million, or $0.51 per diluted share, compared to adjusted income from continuing operations of $6.8 million, or $0.42 per diluted share, in the prior year period.
Full Year Results
Consolidated revenue increased 13.5% to $326.2 million, compared with prior year revenue of $287.5 million. Higher revenue was attributed to sales from the acquired Greco business, coupled with organic growth in HVAC, plumbing and energy end markets. This growth was partially offset by decreased volumes by legacy businesses into architecturally-specified building products and in industrial product end markets.
Industrial Products segment revenue increased 17.5% to $186.5 million, compared to $158.7 million in the prior year period. The increase in revenue was mainly the result of strong organic growth of both existing products and new products, particularly into the HVAC and plumbing end markets, and sales from the acquired Greco business, partially offset by lower volumes by legacy businesses into architecturally-specified building products and in industrial product end markets. Reported segment operating income increased 33.7% to $44.0 million, compared to $32.9 million in the prior year period. Segment adjusted operating income increased 28.9% to $44.6 million, compared to $34.6 million in the prior year period.
Specialty Chemicals segment revenue increased 8.5% to $139.7 million, compared to $128.7 million in the prior year period. The increase in revenue was driven by higher sales volumes into the energy, HVAC and plumbing end markets. Reported segment operating income increased 36.3% to $18.4 million, compared to $13.5 million in the prior year period. Segment adjusted operating income declined 5.3% to $19.5 million, compared to $20.6 million in the prior year period, due to unfavorable sales mix and some discrete costs.
Consolidated gross profit increased 14.7% to $147.9 million over the prior year level of $128.9 million. Gross margin as a percentage of sales improved 40 basis points to 45.3%, compared to 44.9% in the prior year period. Excluding the impact of acquisitions, increased gross margin is attributable to the impact of increased sales and lower restructuring and realignment costs.
Consolidated operating expenses were $97.2 million, or 29.8% of sales, compared to the prior year level of $95.8 million, or 33.3% of sales, an improvement of 350 basis points, driven by lower one-time discrete expenses year over year. Increased operating expenses were attributable to operating expenses from the acquired Greco business and severance charges, mostly offset by executive transition and implementation costs for internal controls compliance incurred in the prior fiscal year that did not recur.
The effective tax rate on continuing operations for the quarter ended March 31, 2018, was negative 6.8%. The tax benefit resulted from the refinement of the one-time transition tax for mandatory repatriation based on cash and net accumulated earnings and profits of our foreign subsidiaries due to U.S. tax reform legislation. The Company’s effective tax rate for fiscal 2019 is expected to be in a range of 25% to 27%.
Reported income from continuing operations was $32.7 million, or $2.09 per diluted share, compared to $17.8 million, or $1.12 per diluted share in the prior year period. Adjusted to exclude one-time expenses and applying a normalized tax rate, adjusted income from continuing operations for the fiscal year 2018 was $33.6 million, or $2.14 per diluted share, compared to adjusted income from continuing operations of $28.7 million, or $1.81 per diluted share, in the prior fiscal year.
Operating cash flow from continuing operations for the fiscal year ended March 31, 2018, increased 45.7% to $57.4 million, compared to $39.4 million in the prior fiscal year, due to improved profits and improved working capital. The Company expects cash flow from continuing operations to be further enhanced in the future as a result of the lower corporate tax rate due to tax reform and recent strategic operational repositioning.
Conference Call Information
The company will host a conference call the same day at 8:30 a.m. ET to discuss the results, followed by a question and answer session for the investment community. A live webcast of the call can be accessed at ir.cswindustrials.com . To access the call, participants may dial toll-free at 1-877-407-0784 or 1-201-689-8560 (international) and request to join the CSW Industrials earnings call.
To listen to a telephonic replay of the conference call, dial toll-free 1-844-512-2921 or 1-412-317-6671 (international) and enter confirmation code 13680290. The telephonic replay will be available beginning at 11:30 a.m. ET on Wednesday, May 30, 2018, and will last through 11:59 p.m. ET on Wednesday, June 13, 2018. The call will also be available for replay via the webcast link on CSW Industrials’ Investor Relations website.
Safe Harbor Statement
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
Non-GAAP Financial Measures
This press release includes an analysis of adjusted earnings per share, adjusted net income, and adjusted operating income, which are non-GAAP financial measures of performance. For a reconciliation of these measures to the most directly comparable GAAP measures and for a discussion of why we consider these non-GAAP measures useful, see the “Reconciliation of Non-GAAP Measures” section of this release.
About CSW Industrials
CSWI is a diversified industrial growth company with well-established, scalable platforms and domain expertise across two segments: Industrial Products and Specialty Chemicals. CSWI's broad portfolio of leading products provides performance optimizing solutions to its customers. CSWI's products include mechanical products for heating, ventilation and air conditioning ("HVAC") and refrigeration applications, sealants and high performance specialty lubricants. Markets that CSWI serves include: HVAC, industrial, rail, plumbing, architecturally-specified building products, energy, mining and general industrial markets.
CONSOLIDATED STATEMENTS OF INCOME (unaudited) (audited) Three Months Ended
March 31, Twelve Months Ended
March 31, 2018 2017 2018 2017 2016 (in thousands, except per share amounts) Revenues, net $ 83,464 $ 76,425 $ 326,222 $ 287,460 $ 266,917 Cost of revenues (47,274 ) (45,941 ) (178,306 ) (158,529 ) (132,250 ) Gross profit 36,190 30,484 147,916 128,931 134,667 Selling, general and administrative expenses (25,657 ) (23,867 ) (97,202 ) (94,490 ) (88,472 ) Impairment expenses - (220 ) - (1,315 ) - Operating income 10,533 6,397 50,714 33,126 46,195 Interest expense, net (476 ) (532 ) (2,317 ) (2,695 ) (3,036 ) Other income (expense), net (126 ) (136 ) (150 ) 1,729 (186 ) Income before income taxes 9,931 5,729 48,247 32,160 42,973 Provision for income taxes 678 (2,406 ) (15,565 ) (14,360 ) (19,166 ) Income from continuing operations $ 10,609 $ 3,323 $ 32,682 $ 17,800 $ 23,807 Loss (income) from discontinued operations, net of tax (4,270 ) (595 ) (44,564 ) (6,729 ) 1,664 Net (loss) income $ 6,339 $ 2,728 $ (11,882 ) $ 11,071 $ 25,471 Basic earnings (loss) earnings per common share: Continuing operations $ 0.68 $ 0.21 $ 2.09 $ 1.13 $ 1.52 Discontinued operations (0.28 ) (0.04 ) (2.85 ) (0.43 ) 0.11 Net (loss) income $ 0.40 $ 0.17 $ (0.76 ) $ 0.70 $ 1.63 Diluted earnings (loss) earnings per common share: Continuing operations $ 0.68 $ 0.21 $ 2.09 $ 1.12 $ 1.52 Discontinued operations (0.28 ) (0.04 ) (2.85 ) (0.42 ) 0.10 Net (loss) income $ 0.40 $ 0.17 $ (0.76 ) $ 0.70 $ 1.62
CONSOLIDATED BALANCE SHEETS March 31, (in thousands, except per share amounts) 2018 2017 ASSETS Current assets: Cash and cash equivalents $ 11,706 $ 23,146 Bank time deposits - 1,776 Accounts receivable, net 63,383 59,831 Inventories, net 42,974 43,665 Prepaid expenses and other current assets 7,077 6,722 Current assets, discontinued operations 2,427 11,906 Total current assets 127,567 147,046 Property, plant and equipment, net 54,473 56,812 Goodwill 81,764 80,863 Intangible assets, net 53,054 59,312 Other assets 23,958 16,011 Noncurrent assets, discontinued operations - 38,383 Total assets $ 340,816 $ 398,427 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 16,826 $ 10,372 Accrued and other current liabilities 23,501 22,382 Current portion of long-term debt 561 561 Current liabilities, discontinued operations 3,966 5,184 Total current liabilities 44,854 38,499 Long-term debt 23,459 72,646 Retirement benefits payable 2,017 1,464 Other long-term liabilities 4,721 13,380 Noncurrent liabilities, discontinued operations - - Total liabilities 75,051 125,989 Equity: Common shares, $0.01 par value 158 157 Shares authorized – 50,000 Shares issued – 15,957 and 15,846, respectively Preferred shares, $0.01 par value - - Shares authorized – 10,000 Shares issued – 0 Additional paid-in capital 42,684 38,701 Treasury shares, at cost (80 and 29 shares, respectively) (3,252 ) (1,011 ) Retained earnings 233,650 245,026 Accumulated other comprehensive loss (7,475 ) (10,435 ) Total equity 265,765 272,438 Total liabilities and equity $ 340,816 $ 398,427
CONSOLIDATED STATEMENTS OF CASH FLOWS Twelve Months Ended
March 31,
(amounts in thousands) 2018 2017 2016 Cash flows from operating activities: Net (loss) income $ (11,882 ) $ 11,071 $ 25,471 Less: (Loss) Income from discontinued operations (44,564 ) (6,729 ) 1,664 Income from continuing operations 32,682 17,800 23,807 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 7,651 7,470 6,507 Amortization of intangible and other assets 7,282 6,284 5,231 Provision for inventory reserves 235 167 - Provision for doubtful accounts (457 ) 131 (282 ) Share-based and other executive compensation 4,161 4,642 2,231 Acquisition-related non-cash gain - (376 ) (1,950 ) Net (gain) loss on disposals of property, plant and equipment (70 ) 221 56 Pension plan curtailment benefit - - (8,020 ) Net pension (benefit) expense (1,062 ) (1,092 ) 3,506 Impairment of assets - 1,318 - Net deferred taxes 1,640 464 7,262 Changes in operating assets and liabilities: Accounts receivable, net (2,698 ) (5,028 ) 884 Inventories 992 214 4,573 Prepaid expenses and other current assets 7,651 (793 ) (4,742 ) Other assets (106 ) (115 ) (3,211 ) Accounts payable and other current liabilities 6,263 5,669 3,082 Retirement benefits payable and other liabilities (6,780 ) 2,385 (1,177 ) Net cash provided by operating activities, cont'd ops 57,384 39,361 37,757 Net cash (used in) provided by operating activities, discont'd ops (14,228 ) (325 ) 3,773 Net cash provided by operating activities 43,156 39,036 41,530 Cash flows from investing activities: Capital expenditures (5,534 ) (6,869 ) (9,306 ) Proceeds from sale of assets held for investment 547 - - Proceeds from sale of assets 92 605 46 Net change in bank time deposits 1,860 10,968 (1,978 ) Cash paid for acquisitions - (28,179 ) (97,236 ) Net cash used in investing activities, cont'd ops (3,035 ) (23,475 ) (108,474 ) Net cash used in investing activities, discont'd ops (1,510 ) (2,493 ) (1,747 ) Net cash (used in) provided by investing activities (4,545 ) (25,968 ) (110,221 ) Cash flows from financing activities: Borrowings on lines of credit - - 179,040 Repayments of lines of credit (49,186 ) (16,476 ) (116,061 ) Payments of deferred loan costs (422 ) - (1,081 ) Purchase of treasury shares (2,241 ) (1,011 ) - Cash contribution from Capital Southwest - - 13,000 Proceeds from stock option activity 328 2,169 96 Dividends paid to Capital Southwest - - (300 ) Net cash provided by (used in) financing activities (51,521 ) (15,318 ) 74,694 Effect of exchange rate changes on cash and equivalents 1,470 (591 ) (464 ) Net change in cash and cash equivalents (11,440 ) (2,841 ) 5,539 Cash and cash equivalents, beginning of period 23,146 25,987 20,448 Cash and cash equivalents, end of period $ 11,706 $ 23,146 $ 25,987
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income---Continuing Operations (unaudited) (in thousands) Quarter Ended March 31 Year Ended March 31 2018 2017 2018 2017 GAAP Operating Income- Continuing Operations $ 10,533 $ 6,397 $ 50,714 $ 33,126 Adjusting items: Restructuring & realignment 154 3,454 1,397 5,517 Discrete Tax Provisions & Other - - 110 Asset Impairment - 220 - 1,426 Estimated Reserve for Excess Inventory - - - 404 Consulting projects - 459 - 1,647 M&A transaction costs - 431 - 431 Pension Lump Sum & Officer Transition Costs 712 - 712 2,872 Adjusted Operating Income--Continuing Operations $ 11,399 $ 10,961 $ 52,933 $ 45,423
Reconciliation of Net Income to Adjusted Net Income---Continuing Operations (unaudited)
(in thousands, except share data) Quarter Ended March 31 Year Ended March 31 2018 2017 2018 2017 GAAP Net Income---Continuing Operations $ 10,609 $ 3,323 $ 32,682 $ 17,800 Adjusting items, net of tax: Restructuring & realignment 113 2,235 921 3,586 Asset Impairment - 142 - 1,006 Estimated Reserve for Excess Inventory - - - 263 Consulting projects - 297 - 1,070 M&A transaction costs - 279 280 Pension Lump Sum & Officer Transition Costs 523 - 523 1,867 Discrete Tax Provisions & Other (3,309 ) 477 (532 ) 2,785 Adjusted Net Income---Continuing Operations $ 7,936 $ 6,753 $ 33,594 $ 28,657 GAAP Diluted income per common share, Continuing operations $ 0.68 $ 0.21 $ 2.09 $ 1.12 Adjusting items, per diluted common share: Restructuring & realignment 0.01 0.14 0.07 0.22 Asset Impairment - 0.01 - 0.07 Estimated Reserve for Excess Inventory - - - 0.02 Consulting projects - 0.01 - 0.06 Pension Lump Sum & Officer Transition Costs 0.03 - 0.03 0.12 M&A transaction costs - 0.02 - 0.02 Discrete Tax Provisions & Other (0.21 ) 0.03 (0.05 ) �� 0.18 Adjusted earnings per diluted common share $ 0.51 $ 0.42 $ 2.14 $ 1.81
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income (unaudited) (in thousands, except percentages) For the Three Months Ended March 31, 2018 For the Three Months Ended March 31, 2017 Industrial
Products Specialty
Chemicals Corporate
and Other Consolidated
Continuing
Operations Industrial
Products Specialty
Chemicals Corporate
and Other Consolidated
Continuing
Operations Revenue $ 46,829 $ 36,635 $ - $ 83,464 $ 41,605 $ 34,817 $ 3 $ 76,425 Operating Income $ 10,772 $ 3,311 $ (3,550 ) $ 10,533 $ 8,411 $ 799 $ (2,813 ) $ 6,397 Adjusting items: Restructuring & realignment - 154 - 154 624 2,830 - 3,454 Asset Impairment - - - - 13 207 - 220 M&A transaction costs - - - - 431 - - 431 Consulting projects - - - - 96 336 27 459 Pension Lump Sum & Officer Transition Costs 119 47 546 712 - - - - Adjusted Operating Income $ 10,891 $ 3,512 $ (3,004 ) $ 11,399 $ 9,575 $ 4,172 $ (2,786 ) $ 10,961 % of revenue 23.3 % 9.6 % 13.7 % 23.0 % 12.0 % 14.3 % (unaudited) (in thousands, except percentages) Year Ended March 31, 2018 Year Ended March 31, 2017 Industrial
Products Specialty
Chemicals Corporate
and Other Consolidated
Continuing
Operations Industrial
Products Specialty
Chemicals Corporate
and Other Consolidated
Continuing
Operations Revenue $ 186,483 $ 139,735 $ 4 $ 326,222 $ 158,654 $ 128,714 $ 92 $ 287,460 Operating Income $ 43,984 $ 18,427 $ (11,697 ) $ 50,714 $ 32,893 $ 13,508 $ (13,275 ) $ 33,126 Adjusting items: Restructuring & realignment 367 1,030 - 1,397 624 4,893 1,426 6,943 Asset Impairment 110 - - 110 227 1,199 (1,426 ) - M&A transaction costs - - - - 431 - - 431 Estimated Reserve for Excess Inventory - - - - 17 387 - 404 Consulting projects - - - - 371 594 682 1,647 Pension Lump Sum & Officer Transition Costs 119 47 546 712 - - 2,872 2,872 Adjusted Operating Income $ 44,580 $ 19,504 $ (11,151 ) $ 52,933 $ 34,563 $ 20,581 $ (9,721 ) $ 45,423 % of revenue 23.9 % 14.0 % 16.2 % 21.8 % 16.0 % 15.8 % We use adjusted earnings per share, adjusted net income and adjusted operating income, together with financial measures prepared in accordance with GAAP, such as revenue, income from operations, operating expense, operating income and net income, to assess our historical and prospective operating performance and to enhance our understanding of our core operating performance. We also believe these measures are useful for investors to assess the operating performance of our business without the effect of non-operating items.
Investor contact:
Michael Callahan, ICR
(203) 682-8311
[email protected]
Source:CSW Industrials, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-csw-industrials-reports-fiscal-fourth-quarter-and-full-year-2018-results.html |
May 12, 2018 / 2:53 PM / Updated an hour ago Prince Harry and Meghan Markle ask U.S. bishop to deliver wedding address Reuters Staff 2 Min Read
LONDON (Reuters) - Britain’s Prince Harry and American actress Meghan Markle have asked a senior U.S. bishop to deliver the address at their wedding next Saturday. FILE PHOTO: The Reverend Michael Bruce Curry gives a thumbs up as he arrives for his Installation ceremony at the Washington National Cathedral, in Washington, November 1, 2015. Curry becomes the first African-American Episcopal presiding bishop, after previously serving as Bishop of North Carolina. REUTERS/Mike Theiler/File Photo
Harry, grandson of Queen Elizabeth and sixth-in-line to the throne, and Markle, star of U.S. TV drama “Suits”, will tie the knot next Saturday at Windsor Castle, home to British royals for nearly 1,000 years.
Kensington Palace said the Most Reverend Michael Bruce Curry would join Justin Welby, the spiritual head of the Anglican communion, for the wedding which is expected to be watched by millions of people around the world. FILE PHOTO: The Reverend Michael Bruce Curry applauds as he begins his sermon after his Installation ceremony, at the Washington National Cathedral, in Washington, November 1, 2015. Curry becomes the first African-American Episcopal presiding bishop, after previously serving as Bishop of North Carolina. REUTERS/Mike Theiler/File Photo
Curry, the 27th Presiding Bishop and Primate of the Episcopal Church, was the first African-American presiding bishop when elected in 2015. FILE PHOTO: The Reverend Michael Bruce Curry laughs as he waits for the traditional opening of the doors after arriving for his Installation ceremony at the Washington National Cathedral, in Washington, November 1, 2015. Curry becomes the first African-American Episcopal presiding bishop, after previoulsy serving as Bishop of North Carolina. REUTERS/Mike Theiler/File Photo
Welby will preside over the exchange of vows, while the service itself will be conducted by the Dean of Windsor.
“The love that has brought and will bind Prince Harry and Ms. Meghan Markle together has its source and origin in God, and is the key to life and happiness,” Curry said in a statement. “And so we celebrate and pray for them today.”
Markle was reported to have been baptised by Welby, the Archbishop of Canterbury, in March.
The United States-based Episcopal Church is a constituent member of the global Anglican Communion, of which the Church of England is the Mother Church.
According to its website, Curry has been active in issues of social justice including immigration policy and marriage equality. Reporting by Kate Holton; Editing by Ros Russell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-royals-wedding-bishop/prince-harry-and-meghan-markle-ask-u-s-bishop-to-deliver-wedding-address-idUKKCN1ID0KH |
Google is no longer creeping into the car. It’s invading.
Volvo Cars announced Monday ahead of the Google I/O developer conference that it will embed voice-controlled Google Assistant, Google Play Store, Google Maps, and other Google services into its next-generation Sensus infotainment system.
This means future Volvo owners will use Google Assistant as the central voice interface to operate all the functions of their vehicle’s infotainment system from heating and cooling, to using it for navigation, playing music, and sending messages. And no, it won’t matter what kind of smartphone they own.
This builds off of the automaker’s partnership with Google that was announced last year to possibly bring the Android operating system into its cars.
It’s a notable announcement for Google, which has been battling with Apple along with automotive incumbents for control of the vehicle screen.
It all started in 2015 when Google released Android Auto, an in-car platform that brings the look and feel of a smartphone to a vehicle’s center screen. Both Android Auto and its Apple CarPlay rival have had success. These platforms are now available in hundreds of new cars.
But Android Auto is not an operating system. It’s just a secondary interface that lays on top of an operating system. The real battle is over the operating system of a vehicle’s infotainment system. Google took Android, its open-source mobile operating system that runs on Linux and is designed for smartphones and tablets, and modified it so it could be used in cars.
“A big investment has been to take Android, the mobile platform, and make that a true automotive platform,” Patrick Brady, vice president of engineering for Android, told Fortune . “We think we’re setting a new benchmark for infotainment (in cars).”
Automakers such as Honda, Hyundai, and Kia have been using older versions of the Android operating system in cars for years, Brady said. Google has also helped integrate services like Google Maps into a car’s proprietary software.
But this new version of Android is designed to be a turnkey system for automakers. And Brady predicts “crazy adoption” by automakers.
“In two to five years, you’re going to see more than half of new cars sold will be running Android,” Brady said.
Volvo Cars announced in 2017 that the new generation of its infotainment system will be based on Google’s Android platform. The first Android-based system is intended to be launched in a couple of years from now, according to Volvo, which didn’t provide a specific date.
Now Volvo is building on those plans.
The move is boon for the Google ecosystem because it will help it deliver potentially thousands of other third-party apps adapted for Android-based car infotainment systems into the car as well. And because the next generation of Volvo’s Sensus infotainment system will run on Android, new apps and software updates will be available in real-time and can be automatically applied.
“Bringing Google services into Volvo cars will accelerate innovation in connectivity and boost our development in applications and connected services,” Henrik Green, senior vice president of research and development at Volvo Cars said in a statement. “Soon, Volvo drivers will have direct access to thousands of in-car apps that make daily life easier and the connected in-car experience more enjoyable.”
Google Maps will also enable the next generation of Sensus to provide refreshed map and traffic data in real time, keeping drivers informed about upcoming traffic situations and proactively suggesting alternative routes. | ashraq/financial-news-articles | http://fortune.com/2018/05/07/volvo-google-assistant-cars/ |
VANCOUVER, British Columbia, May 14, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : Callinex Mines Inc.
TSX-Venture Symbol / Symbole à la Bourse de croissance TSX :
CNX Reason / Motif : At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle Halt Time (ET) / Heure de la suspension (HE) 8 :27 IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
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IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--cnx.html |
Dannon has settled its lawsuit against a former senior sales executive it accused of stealing confidential business strategies and employee salary data before jumping to yogurt-making rival Chobani.
The confidential settlement between Dannon, a unit of France's Danone, and Federico Muyshondt, who oversaw sales in the eastern U.S. and to supermarket chain Kroger , was disclosed in filings on Wednesday with the U.S. District Court in White Plains, New York .
Dannon accused Muyshondt, of Mount Kisco, New York, of forwarding or downloading confidential data in the five months before he resigned on Jan. 16, which was four days after he received a "substantial" six-figure bonus.
Muyshondt represented that he has not used or shared Dannon's trade secrets and confidential information, and has returned all documents and electronic media that may contain both, one of the filings showed. He also agreed to delete such information from his private email accounts.
Dannon and Chobani, known for its Greek yogurt, are major brands in the roughly $8.8 billion U.S. yogurt market.
Chobani was not a defendant in the case, whose dismissal was approved by U.S. District Judge Kenneth Karas in White Plains.
The case is Dannon Co v Muyshondt, U.S. District Court, Southern District of New York, No. 18-01567 . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/dannon-settles-lawsuit-against-executive-who-left-for-chobani.html |
* Myer says Q3 sales fall 2.7 pct vs 3.6 pct in first half
* New CEO to start on June 4
* Shares climb 14 pct, still less than half their value a year ago (Adds shareholder Quote: in last two paragraphs)
By Byron Kaye
SYDNEY, May 16 (Reuters) - Australia’s biggest department store chain Myer Holdings Ltd said on Wednesday third-quarter sales fell less than analysts had feared and gave a start date for its new CEO, causing a bounce in its shares after months of heavy selling.
Though it continues a pattern of decline that has affected department stores globally, the update offered a reprieve from a run of profit warnings, impairment charges and executive departures that has hammered the 118-year-old company’s shares.
Myer hopes a strategy of discounting, store closures and ramped-up online sales will see it take on the likes of Amazon.com Inc and fast fashion retailers such as Zara, owned by Industria de Diseno Textil SA, which have made big inroads in the world No. 12 economy.
The Sydney-based retailer said sales fell 2.7 percent in the quarter to the end of April, better than its 3.6 percent decline in the first half which analysts had expected to continue. Online sales, which account for about one twentieth of total sales, surged 49 percent.
Myer added that British retail veteran John King, who it hired after sacking its previous leader in February following a series of profit warnings, would start on June 4.
“John has been given a full mandate by the board to deliver an improvement in the company’s financial performance,” Executive Chairman Garry Hounsell said in a statement.
Myer shares jumped, trading 14 percent higher at 42.8 Australian cents in afternoon trade, although they were still less than half their value a year ago and a tenth of their 2009 issue price. The broader market was up about 0.5 percent.
“The market’s reacting strongly (but) the share price is still a long way from where it was six months ago,” said Johannes Faul, an analyst at Morningstar.
Shareholders are concerned the company will breach a debt facility if its sales fall much further, and want a clearer explanation of its strategy, Faul added.
In March, soon after ousting its CEO, Myer posted its biggest half-yearly loss since listing as it wrote off underperforming assets.
On Wednesday, the company blamed an unseasonably warm start to the Australian winter for continued the sales decline. The company also blamed warm winters for missing sales forecasts in 2016 and 2014.
The update prompted a rebuke from Myer’s biggest shareholder, retail veteran Solomon Lew who holds 10.7 percent, who said its discounting had “failed to arrest its sales decline” and would likely result in another profit warning.
“Myer has been selling dollar notes for 50 cents and it’s still not working to improve sales, but shareholders will yet again be left to pick up the tab when Myer announces its disastrous full year loss,” said Lew who has led a revolt against its board.
Myer declined to comment on Lew’s statement.
($1 = 1.3387 Australian dollars)
Reporting by Byron Kaye in SYDNEY and Aaron Saldanha and Aditya Soni in BENGALURU; Editing by Stephen Coates and Edwina Gibbs
| ashraq/financial-news-articles | https://www.reuters.com/article/myer-hldg-results/update-1-australias-myer-reports-fall-in-q3-sales-idUSL3N1SM7SH |
HOLLISTON, Mass., May 10, 2018 /PRNewswire/ -- Biostage, Inc. (OTCQB: BSTG), a biotechnology company developing bioengineered organ implants to treat life-threatening conditions of the esophagus, bronchus and trachea, today announced its financial results for the quarter ended March 31, 2018.
The Company also recapped a series of advances in raising additional capital, validating its technology, adding further expertise to its team, and planning its market expansion.
Summary of First Quarter Financial Results
For the three months ended March 31, 2018, the Company reported a net loss of approximately $1.5 million, or a net loss per diluted share of $0.56, compared to a net loss of approximately $3.8 million, or a net loss per diluted share of $2.83 for the three months ended March 31, 2017. The $2.3 million year-over-year decrease in net loss was attributable to a $1.5 million decrease in research and development costs, a $700,000 decrease in non-cash expense from change in the fair value of warrants, and a $100,000 decrease in selling general and administrative expenses. Also, the Company recognized grant income for qualified expenditures from a Fast-Track SBIR grant of approximately $59,000 for the three months ended March 31, 2018. There was no grant income recorded in the comparable period in 2017.
Balance Sheet and Cash
At March 31, 2018, Biostage had cash on hand of $2.8 million and had no debt. The Company used net cash of approximately $2.1 million for operations during the first quarter, approximately $700,000 of which represented payments of aged vendor payables incurred in 2017. The Company also generated approximately $800,000, net, from financing activities during the first quarter.
On May 3, 2018, the Company reported that two private investors had signed binding agreements to purchase a total of 1 million common shares priced at $3.60 per share. The Company expects those private placement transactions to close by the end of May.
First Quarter Operating Highlights
During the first quarter of 2018, the Company continued to build on the momentum provided by its $4 million December 2017 private placement. The Company:
Published successful results of a pre-clinical study demonstrating esophageal regeneration in large animals Announced preliminary findings related to the first successful in-human use of a Cellspan ™ implant to regenerate a patient's esophagus Expanded the Company's scientific expertise by appointing Dr. Christine Finck and Dr. Charles Cox, Jr. to its Scientific Advisory Board Appointed Jason Chen as the Chairman of the Company's Board of Directors in connection with plans to expand into the Chinese market Appointed distinguished children's hospital executive Dr. James Shmerling to the Company's Board of Directors Completed an additional $1 million private placement Received approval of a SBIR Fast-Track grant to develop its Cellspan™ Esophageal Implant (CEI) as a novel treatment for esophageal atresia in pediatric patients. An initial Phase I award of $225,000 was granted; assuming that this phase of the project is successful, Phase II would support pre-clinical testing of pediatric CEI development and could provide up to $1.5 million of additional nondilutive financial resources over two years.
Jim McGorry, Company CEO, commented, "One of Biostage's strengths has been our development of connections and relationships with the right people which have allowed us to constantly push forward on key fronts; to focus on our plan while building converging plans with others. Our partnerships with researcher-clinicians like Drs. Finck and Cox; our collaboration with leading medical centers like Connecticut Children's and Mayo Clinic; and our relationships with market specialists like Mr. Chen, have led to the several key developments we announced during the first quarter. We made significant progress in further validating our technology and expanding our Scientific Advisory Board. We added operational and healthcare experts to our Board of Directors and raised additional capital. We added several key hires to our internal team and finalized our development plan for our pediatric esophageal product candidate in collaboration with Connecticut Children's Medical Center. We initiated proof of concept preclinical studies as part of that program. All of these things were made possible in the first quarter by the connections we've made with credible experts who share our vision and believe in our technology."
Jason Chen, the Chairman of Biostage's Board of Directors, weighed in, "As Biostage pushes the frontier of regenerative medicine and works toward filing an IND to bring life-saving technology to patients, we're also diligently building a plan to expand that technology's reach to the hundreds of thousands suffering from esophageal cancer in the Chinese market. With progress every day behind the scenes along with scientific advances and expanding leadership expertise, I'm as confident as ever of Biostage's current direction, and proud to be a part of it."
About Biostage, Inc.
Biostage is a biotechnology company developing bioengineered organ implants based on the Company's Cellframe ™ technology which combines a proprietary biocompatible scaffold with a patient's own stem cells to create Cellspan organ implants. Cellspan implants are being developed to treat life-threatening conditions of the esophagus, bronchus or trachea with the hope of dramatically improving the treatment paradigm for patients. Based on its preclinical data, Biostage has selected life-threatening conditions of the esophagus as the initial clinical application of its technology.
For more information, please visit www.biostage.com and connect with the Company on Twitter and LinkedIn .
Forward-Looking Statements:
Some of the statements in this press release are "forward-looking" and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These "forward-looking" statements in this press release include, but are not limited to, statements relating to development expectations and regulatory approval of any of the Company's products, including those utilizing its Cellframe technology, by the U.S. Food and Drug Administration, the European Medicines Agency or otherwise, which expectations or approvals may not be achieved or obtained on a timely basis or at all; or success with respect to any collaborations, clinical trials and other development and commercialization efforts of the Company's products, including those utilizing its Cellframe technology, which such success may not be achieved or obtained on a timely basis or at all. These statements involve risks and uncertainties that may cause results to differ materially from the statements set forth in this press release, including, among other things, the Company's ability to obtain and maintain regulatory approval for its products; plus other factors described under the heading "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 or described in the Company's other public filings. The Company's results may also be affected by factors of which the Company is not currently aware. The forward-looking statements in this press release speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.
Investor Relations Contact:
Tom McNaughton
Chief Financial Officer
774-233-7300
[email protected]
BIOSTAGE, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31,
2018
December 31,
2017
Assets
Current Assets:
Cash
$
2,819
$
4,038
Prepaid expenses
357
289
Unbilled grant receivable
59
-
Other current assets
36
86
Total current assets
3,271
4,413
Property, plant and equipment, net
586
632
Total assets
$
3,857
$
5,045
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$
239
$
923
Accrued and other current liabilities
430
383
Due to related party
-
300
Warrant liability
140
16
Total current liabilities
809
1,622
Total liabilities
$
809
$
1,622
Stockholders' equity:
Undesignated preferred stock, $0.01 par value; 984,000 shares authorized and none
issued and outstanding
-
-
Series D convertible preferred stock, par value $0.01 per share, 12,000 shares
authorized and 3,108 shares issued and
1,475
1,475
Common stock, $0.01 par value; 120,000,000 shares authorized and 2,859,419 and
2,507,304 shares issued and outstanding as of March 31, 2018 and December 31,
2017, respectively
29
25
Additional paid-in capital
51,323
50,157
Accumulated deficit
(49,779)
(48,234)
Total stockholders' equity
3,048
3,423
Total liabilities and stockholders' equity
$
3,857
$
5,045
BIOSTAGE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share amounts)
Three Months Ended
March 31,
2018
2017
Revenues
$
-
$
-
Operating expenses:
Research and development
552
2,069
Selling, general and administrative
928
979
Total operating expenses
1,480
3,048
Operating loss
(1,480)
(3,048)
Other income (expense):
Grant income
59
-
Change in fair value of warrant liability, including issuance costs
(124)
(793)
Other income (expense), net
(65)
(793)
Loss before income taxes
(1,545)
(3,841)
Income taxes
-
-
Net loss and comprehensive loss
$
(1,545)
$
(3,841)
Basic and diluted net loss per share
$
(0.56)
$
(2.83)
Weighted-average common shares, basic and diluted
2,751
1,359
BIOSTAGE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended
March 31,
2018
2017
Cash flows from operating activities
Net loss
$
(1,545)
$
(3,841)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Share-based compensation expense
75
191
Depreciation
63
121
Change in fair value of warrant liability, net of issuance costs
124
793
Changes in operating assets and liabilities:
Accounts receivable
-
5
Prepaid expenses
(68)
42
Unbilled grant receivable
(59)
-
Other current assets
1
176
Accounts payable
(698)
(249)
Accrued and other current liabilities
47
(293)
Net cash used in operating activities
(2,060)
(3,055)
Cash flows from investing activities
Additions to property and equipment
(3)
(105)
Cash received from sale of property, plant and equipment
49
-
Net cash provided by (used in) investing activities
46
(105)
Cash flows from financing activities
Return of related party advance
(300)
-
Proceeds from issuance of common stock and warrants, net of offering costs
1,095
6,801
Net cash provided by financing activities
795
6,801
Net increase (decrease) in cash
(1,219)
3,641
Cash at beginning of period
4,038
2,941
Cash at end of period
$
2,819
$
6,582
View original content with multimedia: http://www.prnewswire.com/news-releases/biostage-reports-2018-first-quarter-financial-results-300645956.html
SOURCE Biostage, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-biostage-reports-2018-first-quarter-financial-results.html |
New York
Stuart... | ashraq/financial-news-articles | https://www.wsj.com/articles/walk-this-way-footwear-from-the-stuart-weitzman-collection-of-historic-shoes-review-1525200321 |
NEW YORK, May 15 (Reuters) - The following are some hot stocks and sectors in which hedge fund managers either took new stakes, added to or exited existing positions in the first quarter, filings with the U.S. Securities and Exchange Commission showed on Tuesday.
FACEBOOK INC Some managers appeared to be betting on a recovery in shares of the world’s largest social media company, which were hammered after a data privacy scandal erupted in mid-March. Suvretta Capital swooped in and opened a new position, buying 2.7 million shares. Viking Global Investors nearly doubled its position to 9 million shares, listing Facebook as the fund’s biggest position. Soroban Capital Partners also listed Facebook as a new position, owning 2.3 million shares. MYLAN NV Generic drug companies have been out of favor with investors and Leon Cooperman’s Omega Advisors sold out completely in the first quarter. Redwood Capital Management also exited, selling 100,000 shares. MGM RESORTS INTERNATIONAL Omega Advisors sold all of its 831,990 shares in the casino operator.
SOTHEBY’S The auction house attracted attention for activist investors a few years ago. Now Marcato Capital Management, one of the first to push for changes, has exited the position entirely, selling its remaining 646,291 shares. Similarly, Arrowstreet Capital and Broadview Advisors also exited. WENDY’S CO Melvin Capital nearly doubled its stake to 6 million shares. WYNN RESORTS LTD The casino company’s former chief executive resigned in February following allegations of sexual misconduct. Maverick Capital, Southeastern Asset Management and Thornburg Investment Management exited their stakes in the first quarter. But Melvin Capital, founded by one of Steven Cohen’s former fund managers, ramped up its position, buying 1.4 million shares to own 2.5 million. ZIMMER BIOMET HOLDINGS The medical device company is considering selling its dental products unit. Healthcor Management added to its position to own 2.3 million shares and Ceredex Value Advisors put on a new position to own 1.6 million shares. (Reporting By Svea Herbst-Bayliss; Editing by Jennifer Ablan and Meredith Mazzilli)
| ashraq/financial-news-articles | https://www.reuters.com/article/investment-funds-highlights/highlights-hedge-funds-took-new-stakes-in-facebook-during-first-quarter-idUSL2N1SM1ZQ |
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