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Hologic Inc:
* HOLOGIC ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER OF FISCAL 2018
* Q2 NON-GAAP EARNINGS PER SHARE $0.53
* Q2 GAAP LOSS PER SHARE $2.46 * Q2 REVENUE $789.3 MILLION VERSUS I/B/E/S VIEW $781.8 MILLION
* Q2 EARNINGS PER SHARE VIEW $0.53 — THOMSON REUTERS I/B/E/S
* LOWERING OUR FULL-YEAR 2018 REVENUE GUIDANCE
* SEES 2018 GAAP REVENUE $3,180 MILLION TO $3,210 MILLION * REITERATING NON-GAAP EPS GUIDANCE FOR YEAR
* FY2018 EARNINGS PER SHARE VIEW $2.26, REVENUE VIEW $3.25 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hologic-q2-gaap-loss-per-share-246/brief-hologic-q2-gaap-loss-per-share-2-46-idUSASC09Z3D |
May 8 (Reuters) - Primerica Inc:
* Q1 REVENUE $459.9 MILLION * QTRLY EARNINGS PER SHARE $1.46 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-primerica-reports-q1-earnings-per/brief-primerica-reports-q1-earnings-per-share-1-46-idUSASC0A0P9 |
By Erin Corbett 1:12 PM EDT
Evan Spiegel, the co-founder and CEO of Snap Inc., took a swipe at Facebook on Tuesday during Recode’s 2018 Code Conference in California. Spiegel made the dig when he was asked how he feels about Facebook copying some of the features that were developed for Snapchat, Business Insider reported .
The Snap Inc. CEO said “the most fantastic thing in the world” is when a design is so “simple and elegant” that the only thing other companies can do is to copy it. “We would appreciate it if [Facebook] would copy our data protection, as well,” Spiegel added, a clear jab at the company’s Cambridge Analytica data scandal, which involved the collection of personal information of 87 million Facebook users. “Maybe that’s what Sheryl is announcing after,” Spiegel joked ahead of Facebook COO Sheryl Sandberg’s appearance.
Whistleblower Christopher Wylie revealed earlier this year that the analytics firm had worked with both the Trump campaign and the Brexit campaign to harvest Facebook profiles in order to build software that could influence how people chose to vote.
Snap doesn’t save user data the same way as Facebook and deletes photos, videos, and chats from its servers after they’re sent, according to Business Insider. “We cared about data retention,” Spiegel said, explaining, “It’s important to point out that there wasn’t any Russian manipulation of Snapchat. That there are alternatives and that the way you treat user privacy is really important.”
Audience members at the conference reacted to Spiegel’s comments by cheering and laughing. Some Facebook employees, however, didn’t take them well. “Snapchat’s implicit promise that photos really disappear combined with poor API security has lead to serious mass leaks of revenge porn,” Facebook’s chief security officer, Alex Stamos wrote in a tweet . “So no, I don’t think copying Snapchat would be a smart move.” | ashraq/financial-news-articles | http://fortune.com/2018/05/30/snapchat-evan-spiegel-facebook-data/ |
Edwin Encarnacion went 2-for-4 with a homer, a double and four RBIs, and the Cleveland Indians rallied for a 9-6 win over the Chicago White Sox on Monday afternoon at Progressive Field.
Yonder Alonso added two doubles and an RBI as the Indians scored eight unanswered runs to erase a 5-1 deficit. Francisco Lindor finished 3-for-4 with an RBI as Cleveland won its third game in a row.
White Sox first baseman Matt Skole shined in his big league debut. He ripped a single to right field on the first pitch he saw, and he homered to right field in his second at-bat. Earlier in the day, Chicago promoted the 28-year-old from Triple-A Charlotte to replace Matt Davidson, who was placed on the 10-day disabled list with back spasms.
Skole reached the majors after playing 712 games and logging 2,500 at-bats in eight seasons in the minors.
“It was surreal,” Skole told the team’s official website. “I was shaking.”
Indians right-hander Adam Plutko (3-0) recovered from Skole’s early outburst to win his third consecutive start. Plutko gave up five runs on six hits in five innings. He walked one and struck out two.
White Sox right-hander Chris Volstad (0-3) drew the loss in relief.
A five-run fifth inning keyed Cleveland’s comeback. The Indians loaded the bases with one out to chase White Sox starter Dylan Covey from the game. Jose Ramirez popped up to shortstop for the second out, but Encarnacion delivered with a bases-clearing double to even the score at 5.
In the next at-bat, Alonso doubled to score Encarnacion and give the Indians the lead for good. Alonso scored moments later on a fielding error by White Sox second baseman Yoan Moncada.
Chicago scored the first three runs on a sacrifice fly by Jose Abreu, a run-scoring triple by Adam Engel and a sacrifice fly by Charlie Tilson. The Indians cut the deficit to 3-1 before Chicago struck again with back-to-back home runs by Skole and Tim Anderson.
Cleveland supplemented its five-run fifth with one run apiece in the fourth, sixth and seventh innings.
The White Sox added one run in the ninth before Indians right-hander Ben Taylor secured the final out.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-cle-chw-recap/encarnacion-helps-indians-rally-past-white-sox-idUSMTZEE5TGPWKIH |
May 16, 2018 / 4:28 PM / in 23 minutes Erdogan's policies driving Turkey to the edge, challenger says Dominic Evans , Birsen Altayli 5 Min Read
ISTANBUL (Reuters) - President Tayyip Erdogan is driving Turkey “to the cliff” through ideological politics and a determination to control the central bank, the main opposition party’s presidential candidate said on Wednesday as the lira hit new record lows. FILE PHOTO: The President of Turkey, Recep Tayyip Erdogan, speaks at Chatham House in central London, Britain May 14, 2018. REUTERS/Henry Nicholls/File Photo
Muharrem Ince, who seeks to end Erdogan’s 15-year hold on power in next month’s elections, said the central bank and other economic institutions must be able to operate independently.
Erdogan said this week he plans to take greater control of the economy after the June 24 presidential and parliamentary polls, comments which drove the lira to fresh record lows. It is down 15 percent against the dollar this year.
“He’s taking the country to the cliff. The central bank needs to be independent, and the other economic bodies need to be autonomous. The rules need to operate,” Ince told Reuters in an interview.
The victor in next month’s election, held under a state of emergency imposed after a failed coup in 2016, will exercise sweeping new executive powers after Turks narrowly approved a constitutional overhaul in a referendum last year. The changes come into effect after the June vote.
Polls show Erdogan is comfortably the strongest candidate, though he could face a challenge if the presidential vote goes to a second round in July and his opponents rally around the other remaining candidate.
Ince, 54, a combative parliamentarian and former physics teacher, has energized his secularist opposition Republican People’s Party (CHP) since he started campaigning and may emerge as the leading opposition candidate - although he faces competition from former interior minister Meral Aksener.
Aksener’s nationalist Iyi (Good) Party and the CHP have joined with two other smaller parties in an opposition alliance for the parliamentary election. She and Ince are competing separately in the presidential vote. “WIND OF CHANGE”
Ince said the president was driven by “ideological obsessions” and pushing Turkey in the wrong direction.
Erdogan, a self-described “enemy of interest rates”, wants lower borrowing costs to boost credit and new construction, and has said the central bank will not be able to ignore the president’s wishes. That has fueled concerns about the bank’s ability to fight double-digit inflation.
Since his Islamist-rooted AK Party swept to power in 2002, Erdogan has dominated Turkish politics. His power is reinforced by a near-monopoly of broadcast media coverage. Most TV channels show nearly all his campaign rallies, but rarely offer a platform to his opponents.
“The state of the media is heartbreaking. They have surrendered, they have kneeled,” Ince said, adding he had told broadcasters that unless they started to cover his speeches, he would hold a rally directly outside their offices to shame them.
If elected, Ince pledged to reverse some of the powers granted to the new presidency, saying it handed total control of the budget, judiciary and executive to one person.
Several European Union countries have expressed alarm that those changes are pushing Turkey deeper into authoritarian rule. Turkey is still a candidate for EU membership, though negotiations have stalled over rights concerns and other issues.
Erdogan says the increased powers are necessary to tackle security threats following the failed coup and conflict on Turkey’s southern borders with Syria and Iraq.
“No mortal should be given such authority,” Ince said. “It shouldn’t be given to me either.”
Against Erdogan, a skilled campaigner, the CHP has struggled to win support beyond its core base of secular-minded voters. In the last parliamentary election in November 2015 it took 25.3 percent of the vote.
Ince has pledged to be a non-partisan leader if elected, styling himself as “everyone’s president” and promising not to live in the 1,000-room palace built by Erdogan in Ankara.
“I see that a wind of change is blowing,” he said, pointing to what he described as a new atmosphere at his political rallies compared to last year’s referendum campaign.
“The momentum I have garnered is very different - there is a strong wind and people feel excitement,” he said. Additional reporting by Ali Kucukgocmen and Gulsen Solaker in Ankara; Editing by David Dolan and Gareth Jones | ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-election-chp/erdogans-policies-driving-turkey-to-the-edge-challenger-says-idUSKCN1IH2BO |
May 3, 2018 / 6:37 AM / Updated 5 hours ago Amazon halts plan for office tower in Seattle over proposed tax Jeffrey Dastin , Shubham Kalia 3 Min Read
(Reuters) - Amazon.com Inc ( AMZN.O ) said it has halted planning for a new office building in Seattle and might sub-lease rather than occupy another future tower downtown, pending a city council vote on a proposed tax on top businesses. The Amazon Spheres are seen from 6th Avenue at Amazon's Seattle headquarters in Seattle, Washington, U.S., January 29, 2018. REUTERS/Lindsey Wasson
Amazon’s decision puts a question mark on more than 7,000 new jobs at those buildings that council members might be loathe to cost the city. Construction work and other businesses that would have catered to the world’s largest online retailer could be at risk too.
“Pending the outcome of the head tax vote by City Council, Amazon has paused all construction planning on our Block 18 project in downtown Seattle and is evaluating options to sub-lease all space in our recently leased Rainer Square building,” Amazon’s Vice President Drew Herdener said in a statement.
The council is scheduled to vote on the proposal on May 14.
“I’m deeply concerned about the impact this (Amazon’s)decision will have on a large range of jobs,” the Seattle Times quoted Mayor Jenny Durkan as saying on Wednesday.
Durkan’s office did not immediately respond to a Reuters request for comment.
Amazon’s rapid growth has transformed Seattle’s South Lake Union district, replacing warehouses and parking lots with offices towers, highly paid tech workers and expensive eateries. The growth has contributed to an economic boom and rising rents.
Communities across North America are vying for a similar investment from Amazon. Amazon has said it will spend more than $5 billion and create up to 50,000 jobs in the city it chooses for its second headquarters, to be announced this year.
Seattle City Council in April proposed a tax plan affecting the city’s roughly 500 largest businesses.
The proposal, an employee hours tax that would transition to a payroll tax in 2021, would generate $75 million per year for Seattle, most of which would go to building affordable housing.
The efficacy of the specific proposal is unclear.
Seattle has almost doubled its funding for affordable housing and homeless services programs since 2013 to $63 million per year, according to the report in the Seattle Times. Reporting by Shubham Kalia in Bengaluru and Jeffrey Dastin in San Francisco; Editing by Himani Sarkar | ashraq/financial-news-articles | https://www.reuters.com/article/us-amazon-com-seattle/amazon-halts-plan-for-office-tower-in-seattle-over-proposed-tax-idUSKBN1I40HV |
May 10, 2018 / 8:09 AM / in an hour UPDATE 1-Malaysia c.bank holds key rate as election shock spurs economy concerns Reuters Staff
* Overnight interest left at 3.25 pct, as widely expected
* Decision comes just after historic vote to change governments
* C.bank: Current rate will help ensure steady domestic growth
* Malaysia has entered uncharted territory - Moody’s
By Joseph Sipalan
KUALA LUMPUR, May 10 (Reuters) - Malaysia’s central bank kept its key interest rate unchanged on Thursday, citing lower inflation and steady economic growth hours after a shock election victory for the opposition that Moody’s rating agency said left the country in uncharted territory.
Bank Negara Malaysia left its overnight policy rate at 3.25 percent, as expected by all economists in a Reuters poll.
Thursday’s policy meeting was scheduled before Prime Minister Najib Razak last month called a general election for May 9.
After opposition parties led by former premier Mahathir Mohamad scored a stunning victory - which will bring the first change of government since independence in 1957 - public holidays were declared for Thursday and Friday.
With the holiday, financial markets were closed and there was no domestic trading. But Malaysian assets traded offshore took a beating. The ringgit’s one-month non-deliverable forwards fell 1.2 percent after the opposition victory.
The offshore ringgit’s fall and a rise in the cost of insuring Malaysia’s debt showed how nervous investors were about the stunning election defeat of a coalition ruling the country for six decades.
“Some campaign promises, if implemented without any other adjustments, would be credit negative for Malaysia’s sovereign,” Moody’s said, citing the proposed abolishment of the goods and services tax and the reintroduction of fuel subsidies. {nL3N1SG7LP]
Capital Economics said that the economy “has cooled in recent quarters, and political uncertainty following yesterday’s shock election result has increased the downside risks to growth.” MODERATE INFLATION
In its statement on Thursday’s policy decision, BNM made no mention of the election. Officials did not meet reporters.
“At the current level of the OPR, the degree of monetary accommodativeness is consistent with the policy stance to ensure that the domestic economy continues on a steady growth path amid lower inflation,” the central bank’s statement said.
BNM said headline inflation is expected to remain moderate over the year. Headline inflation slowed in the first quarter, with the annual rate declining to 1.3 percent in March - its slowest in nearly two years.
At its meeting in January, when inflation was higher, the central bank raised its rate 25 basis points to “normalise” policy.
The January hike was BNM’s first since July 2014, and the first change since July 2016, when there was a 25 basis point cut.
Malaysia reported 2017 full-year growth of 5.9 percent. Growth of between 5.0 and 5.5 percent is forecast for this year.
The central bank said it expects a stronger ringgit exchange rate this year will mitigate import costs.
“However, the trajectory of headline inflation will be dependent on future global oil prices which remain highly uncertain,” BNM said. Reporting by Joseph Sipalan; Editing by Richard Borsuk | ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-economy-rates/update-1-malaysia-c-bank-holds-key-rate-as-election-shock-spurs-economy-concerns-idUSL3N1SH1ZD |
Weinstein to surrender on sex assault charges: media reports Thursday, May 24, 2018 - 00:55
Harvey Weinstein is expected to surrender to New York City police on charges of sexual misconduct on Friday (May 25). Bob Mezan reports.
Harvey Weinstein is expected to surrender to New York City police on charges of sexual misconduct on Friday (May 25). Bob Mezan reports. //reut.rs/2GMOzoV | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/25/weinstein-to-surrender-on-sex-assault-ch?videoId=430019362 |
May 18 (Reuters) - Insignia Systems Inc:
* INSIGNIA SYSTEMS INC SAYS INCREASED SIZE OF COMPANY'S BOARD OF DIRECTORS TO SIX - SEC FILING Source text: ( bit.ly/2KwHf2I ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-insignia-systems-says-increased-si/brief-insignia-systems-says-increased-size-of-companys-board-of-directors-to-six-idUSFWN1SP0R2 |
* Oil rallies as Israel PM says "Iran lied" on nuclear deal
* Allergan, Celgene lead healthcare stocks lower
* McDonald's jumps as global same-store sales beat estimates
* Indexes dip: Dow 0.4 pct, S&P 0.6 pct, Nasdaq 0.6 pct (Updates to late afternoon, changes byline, adds NEW YORK to dateline)
NEW YORK, April 30 (Reuters) - Wall Street dipped on Monday afternoon, reversing gains from earlier in the session, as healthcare stocks slid and investors worried about rising costs for companies as oil prices rose.
The healthcare sector, which dropped 1.2 percent, weighed most heavily on the S&P 500.
Shares of Allergan plc fell 4.8 percent after the company's chief executive said he was opposed to fundamental changes to the drug company's business strategy.
Celgene Corp shares fell 3.8 percent. Morgan Stanley said it expects a delay of up to three years for Celgene's key multiple sclerosis drug, ozanimod.
Oil prices rallied after Israeli Prime Minister Benjamin Netanyahu said Iran had lied about not pursuing nuclear weapons and had expanded its nuclear weapons knowledge after signing a 2015 deal with global powers. U.S. President Donald Trump has until May 12 to decide whether to restore sanctions on Iran.
Oil has risen this month to the highest since late 2014, driven by concerns over potential disruptions to Iranian crude flows.
Even as companies' quarterly results have come in strong, their earnings calls have raised concerns that rising commodity prices may pinch profit margins in the future.
Some investors suggested that on balance, the strong earnings season has not been enough for U.S. stocks to break out of their recent trading range.
"The earnings are priced in," said Robert Phipps, a director at Per Stirling Capital Management in Austin, Texas. "There's not a whole lot of reason to buy. We're stuck in the mud right now."
The Dow Jones Industrial Average fell 91.88 points, or 0.38 percent, to 24,219.31, the S&P 500 lost 16.39 points, or 0.61 percent, to 2,653.52 and the Nasdaq Composite dropped 41.54 points, or 0.58 percent, to 7,078.26.
The energy index, up 0.1 percent, was the only sector within the S&P 500 in positive territory.
Earlier in the session, U.S. stocks were helped as data on U.S. income and spending kept broader inflation worries in check.
U.S. personal income rose 0.3 percent in March, compared with expectations of 0.4 percent. On the consumption side, personal spending in February was revised lower to 0.3 percent, instead of the previously reported 0.4 percent.
McDonald's Corp shares jumped 5.0 percent after the world's biggest fast-food chain by revenue topped analysts' forecasts for profit and sales.
Shares of T-Mobile US Inc and Sprint Corp sank on worries that the two companies' $26 billion merger would face regulatory challenges. Sprint shares tumbled 14.5 percent, and T-Mobile shares dropped 6.2 percent.
Arconic Inc shares fell 20.2 percent after the aluminum products maker slashed its 2018 forecasts.
Declining issues outnumbered advancing ones on the NYSE by a 1.56-to-1 ratio; on Nasdaq, a 1.84-to-1 ratio favored decliners.
The S&P 500 posted 22 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 49 new highs and 36 new lows. (Additional reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta and Jonathan Oatis) | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/reuters-america-us-stocks-wall-st-slides-as-healthcare-drags-oil-prices-weigh.html |
Look past geopolitical noise and focus on fundamentals, says strategist 1 Hour Ago Michael Strobaek, Credit Suisse global chief investment officer, and Alex Dryden, J.P. Morgan global market strategist, discuss how investors should approach the markets as headlines swirl around North Korea and trade. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/look-past-geopolitical-noise-and-focus-on-fundamentals-says-strategist.html |
MADRID (Reuters) - Spain sold 4.5 billion euros ($5.4 billion) of debt on Thursday at a four-bond auction with yields mixed as investors watch monthly euro zone preliminary inflation data while the European Central Bank plans to roll back its stimulus scheme.
The Treasury had aimed to sell between 500 million and 1 billion euros of an inflation-linked bond due 2021, and between 3.5 billion and 4.5 billion euros in three other bonds due 2021, 2028 and 2066.
The inflation-linked bond sold 690 million euros at an average yield of -1.578 percent and a bid-to-cover, a measure of demand, of 2.7. That compared to a yield of -1.183 percent while the bid-to-cover was unchanged from when the bond last sold in December.
The January, 2021 bond sold 1.4 billion euros at an average yield of -0.145 percent after -0.232 percent when it last sold in April. The bond was 2.7 times subscribed compared to 3.1 previously.
The benchmark 2028 bond sold 1.3 billion euros at an average yield of 1.288 percent after 1.235 previously mid-April. The bid-to-cover was 2.0 after 1.3 last month.
The longest-dated 2066 bond sold 1.1 billion euros at a yield of 2.664 percent and a bid-to-cover of 2.1. The bond last sold in November at a yield of 3.192 percent and with demand outstripping supply by 1.5 times.
($1 = 0.8339 euros)
Reporting by Paul Day; Editing by Isla Binnie
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-bonds/spain-sells-4-5-billion-euros-of-debt-at-bond-sale-idUSKBN1I40TR |
BEIJING (Reuters) - Steady economic growth in April lays a good foundation for achieving China’s full-year growth target, a spokeswoman from the country’s statistics bureau said Tuesday.
People walk on a bridge near the financial district of Pudong in Shanghai November 21, 2014. REUTERS/Aly Song/Files Liu Aihua said she expects investment will maintain healthy growth but that there is less room for a boost from infrastructure investment.
China’s government has set a GDP growth target of around 6.5 percent this year, down from the actual 6.9 percent in 2017.
Reporting by Kevin Yao; Writing by Elias Glenn; Editing by Shri Navaratnam
| ashraq/financial-news-articles | https://in.reuters.com/article/china-economy-investment/chinas-statistics-bureau-says-economy-on-track-to-meet-growth-target-idINKCN1IG0D8 |
May 5, 2018 / 11:16 PM / Updated 17 hours ago UK says foreign minister Johnson to meet U.S. VP Pence, discuss Iran, North Korea Reuters Staff 2 Min Read
LONDON (Reuters) - British Foreign Secretary Boris Johnson is traveling to the United States on Sunday for a two-day visit, during which he will meet Vice President Mike Pence and national security adviser John Bolton, Britain said. Foreign Secretary Boris Johnson leaves a Brexit subcommittee meeting at Downing Street in London, Britain, May 2, 2018. REUTERS/Hannah McKay
The discussions in Washington will center on Iran, North Korea, Syria and other issues, according to Britain’s foreign ministry, and come ahead of a visit to Britain by President Donald Trump planned for July 13.
“On so many of the world’s foreign policy challenges the UK and U.S. are in lockstep,” Johnson said in a statement, citing the poisoning in Britain of Russian double-agent Sergei Skripal, and opposition to the use of chemical weapons in Syria and to the development of nuclear weapons in North Korea.
“The UK, U.S., and European partners are also united in our effort to tackle the kind of Iranian behavior that makes the Middle East region less secure - its cyber activities, its support for groups like Hezbollah, and its dangerous missile program, which is arming Houthi militias in Yemen,” he added. U.S. Vice President Mike Pence speaks at a National Rifle Association (NRA) convention in Dallas, Texas, U.S. May 4, 2018. REUTERS/Lucas Jackson
Trump has said he wants to reimpose U.S. sanctions on Iran that were lifted in 2015 in exchange for Iranian commitments to curb its nuclear program.
He has given Britain, France and Germany - who still back the deal - a May 12 deadline to fix what he views as its flaws. These include its failure to address Iran’s ballistic missile program, the terms by which inspectors visit suspect Iranian sites, and “sunset” clauses under which some terms expire.
Trump also caused upset in Britain and France on Saturday by suggesting U.S.-style gun rights might have stopped a recent surge in knife crime in London and past deaths from terrorist attacks in Paris. Reporting by David Milliken; editing by Jonathan Oatis | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-usa/uk-says-foreign-minister-johnson-to-meet-u-s-vp-pence-discuss-iran-north-korea-idUSKBN1I60XK |
A New York state judge has backed a couple's battle to kick their 30-year-old son out of their home because he has not contributed toward household expenses or helped with chores and they wanted him to get a job.
New York State Supreme Court Judge Donald Greenwood on Tuesday ordered Michael Rotondo to leave his parents' home in the town of Camillus, about 200 miles northwest of New York City , according to Anthony Adorante, an attorney for the parents, Mark and Christina Rotondo.
show chapters Renting vs. buying a home — here are the numbers you need to decide 12:10 PM ET Wed, 21 Feb 2018 | 01:49 Adorante declined further comment on the decision, which ended a four-month family battle.
In court documents, Michael Rotondo referred to a "common law requirement of six-month notice to quit" before a tenant may be removed.
"I just wanted a reasonable amount of time to vacate, with consideration to the fact that I was not really prepared to support myself at the time where I was served these notices," the younger Rotondo told local CBS television affiliate WSTM.
"I don't see why the judge wants to throw people on the street."
Rotondo told the station he was employed but declined further comment. Attempts by Reuters to reach him were unsuccessful.
His parents said they have tried to get their son to leave their home in Camillus, near Syracuse, for several months, according to court filings. The documents included five written notices that the couple said they began sending him on Feb. 2.
"After a discussion with your mother, we have decided you must leave this house immediately," the couple wrote in one of the letters. "You have 14 days to vacate. You will not be allowed to return."
In another note, the parents offered him $1,100 to help look for a job and an apartment and shared advice on how to manage on his own.
"There are jobs available even for those with a poor work history like you. Get one — you have to work!" one of the letters read. In the second-to-last letter, on March 5, the parents warned they would take actions to make sure he left the home.
The judge also asked for adult protective services because he is concerned about the strained relationship, according to WSTM. Michael Rotondo said he plans to appeal the ruling. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/hit-the-road-son-parents-win-court-battle-to-evict-30-year-old.html |
May 26, 2018 / 7:25 AM / Updated 35 minutes ago Actor Morgan Freeman apologises after accusations Reuters Staff 3 Min Read
(Reuters) - Actor Morgan Freeman said on Friday any suggestion he assaulted women or created an unsafe workplace is false and apologised to anyone he may have upset after media reported that women have accused him of inappropriate behaviour or harassment. FILE PHOTO: Cast member Morgan Freeman poses at the premiere for "Just Getting Started" in Los Angeles, California, U.S., December 7, 2017. REUTERS/Mario Anzuoni/File Photo
The accusations against the Oscar-winning actor are the latest in a torrent against male actors, filmmakers and agents that have roiled Hollywood since October 2017, leading in some cases to resignations and the halting of projects.
On Friday, movie mogul Harvey Weinstein was charged with rape and other sex crimes.
Similar accusations have also engulfed men in U.S. politics and business, and inspired a #MeToo social media movement by victims sharing their stories of sexual harassment or abuse.
CNN reported on Thursday that it spoke with 16 people as part of its investigation into the 80-year-old actor, some of whom also alleged inappropriate behaviour by Freeman at his production company, Revelations Entertainment.
“I am devastated that 80 years of my life is at risk of being undermined, in the blink of an eye, by Thursday’s media reports,” Freeman said in a statement on Friday, a day after he initially apologised.
“But I also want to be clear: I did not create unsafe work environments. I did not assault women. I did not offer employment or advancement in exchange for sex. Any suggestion that I did so is completely false,” he added.
CNN said eight people told the network they were victims of what some labelled harassment and others called inappropriate behaviour by Freeman. It said eight others told the network they witnessed the actor’s alleged misconduct.
CNN also said other sources denied having seen any questionable behaviour by the actor, and that those sources described him as being professional on set and in the office.
Freeman said he is someone who feels a need to try to make women and men feel appreciated and at ease around him. As part of that, he would often try to joke with and compliment women, in what he thought was a light-hearted and humorous way, he said.
“Clearly I was not always coming across the way I intended. And that is why I apologised Thursday and will continue to apologise to anyone I might have upset, however unintentionally,” he said.
Reuters was unable to independently confirm any of the allegations.
Freeman, whose career has spanned 50 years and more than 100 movies, won a Oscar in 2005 as best supporting actor for his role as a former boxer in “Million Dollar Baby.” Reporting by Brendan O'Brien in Milwaukee, Editing by Louise Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-people-morgan-freeman/actor-morgan-freeman-apologises-after-accusations-idUKKCN1IR074 |
CORONA, Calif. (AP) _ Monster Beverage Corp. (MNST) on Tuesday reported first-quarter profit of $216.1 million.
The Corona, California-based company said it had profit of 38 cents per share. Earnings, adjusted for non-recurring costs, came to 39 cents per share.
The results matched Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was also for earnings of 39 cents per share.
The energy drink maker posted revenue of $850.9 million in the period, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $859.8 million.
Monster Beverage shares have declined 16 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. In the final minutes of trading on Tuesday, shares hit $53.08, a climb of 9.5 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 MNST at https://www.zacks.com/ap/MNST | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-monster-beverage-1q-earnings-snapshot.html |
May 2 (Reuters) - Dreamscape Networks Ltd:
* ADJUSTED EBITDA FOR FY18 WILL COME IN AT TOP END OF ADJUSTED EBITDA RANGE AT $7.6 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dreamscape-networks-sees-fy18-adju/brief-dreamscape-networks-sees-fy18-adjusted-ebitda-at-7-6-million-idUSFWN1S80OB |
May 2, 2018 / 12:19 PM / Updated 5 hours ago House of Fraser to close stores, secures C.banner investment Reuters Staff 2 Min Read
LONDON (Reuters) - Britain’s House of Fraser said it would close some of its stores as a condition of securing new funds from international retailer C.banner ( 1028.HK ), which will become the majority owner of the department stores group with a 51 percent stake. FILE PHOTO: People walk past a House of Fraser store in central London, Britain January 11, 2017. REUTERS/Stefan Wermuth/File Photo
Existing shareholder Nanjing Cenbest, part of the Sanpower Group, will remain a minority shareholder, the retailer said on Wednesday.
C.banner, a major retailer of mid-range to premium footwear brands in China, bought famous London toy shop Hamleys in 2015. FILE PHOTO: Shoppers walk past House of Fraser on Oxford Street April 2, 2018. REUTERS/Hannah McKay//File Photo
House of Fraser said it would launch a Company Voluntary Agreement (CVA) next month to allow it to restructure its stores portfolio.
Chairman Frank Slevin said C.banner acquiring 51 percent of the group, together with the new capital and restructuring, was a step to securing House of Fraser’s long-term future.
He said the company needed to adapt to rapidly changing shopping behaviour, including the growth of online.
“House of Fraser’s future will depend on creating the right portfolio of stores that are the right size and in the right location,” he said.
“We also know that if we are to deliver a sustainable, long-term business then we need to make difficult decisions about our underperforming legacy stores.”
The company, which was founded in 1849, has stores in 59 locations across Britain and Ireland, including a flagship shop on London’s Oxford Street.
CVA’s have been used to restructure a number of retailers in recent years, including fashion brand New Look and floor coverings store Carpetright. Reporting by Paul Sandle, editing by James Davey and Louise Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-houseoffraser-restructuring/house-of-fraser-to-close-stores-secures-c-banner-investment-idUKKBN1I31MN |
PepsiCo said on Friday it would buy baked fruit and vegetable snack maker Bare Foods, in a deal that underscores the company's efforts to strengthen its healthy snack portfolio.
The companies did not disclose the financial terms of the deal, but a source told CNBC that Pepsi will pay less than $200 million for the snack company.
Bare Foods sells Granny Smith apple chips, banana and coconut snacks and was founded in 2001 in a family owned organic apple farm in Washington .
Source: Bare Toasted coconut snack from Bare. U.S. food companies have made a flurry of acquisitions in the snack food space as they seek to tap rising demand for snacks that have low salt content and are less processed.
Last year, Kellogg said it would buy the owner of RXBAR protein bars for $600 million, while Campbell Soup acquired Snyder's-Lance, the maker of Cape Cod potato chips, in a $4.9 billion deal.
Bare Foods will operate independently and will report into Frito-Lay North America, Pepsi said.
— CNBC's Sara Eisen contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/pepsi-to-buy-fruit-and-vegetable-snack-maker-bare-foods-for-less-than-200-million-source-says.html |
Discussing the impact of the GDPR for Asian companies 4 Hours Ago Ravi Rajendran of Veritas says most companies in Asia are adopting a "wait and see" approach to compliance with the new European Union data standards known as GDPR. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/asian-companies-also-need-to-navigate-new-eu-data-rules-pro.html |
Is the oil boom real? 1 Hour Ago Tudor Pickering Holt and Company CEO Maynard Holt sits down with CNBC’s Brian Sullivan to talk oil production, the rally and the problems in the Permian Basin. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/is-the-oil-boom-real.html |
May 9, 2018 / 6:27 PM / in 23 minutes BRIEF-Orvana Reports Qtrly Loss Per Share $0.03 Reuters Staff
May 9 (Reuters) - Orvana Minerals Corp:
* ORVANA REPORTS Q2 2018 FINANCIAL RESULTS; EL VALLE ACHIEVES HIGHEST GOLD PRODUCTION SINCE 2014
* ORVANA MINERALS CORP QTRLY CONSOLIDATED QUARTERLY GOLD PRODUCTION OF 24,788 OUNCES, COPPER PRODUCTION OF 2.6 MILLION POUNDS * ORVANA MINERALS CORP QTRLY LOSS PER SHARE $0.03
* ORVANA MINERALS CORP - GOLD GRADES ARE EXPECTED TO RECOVER IN SECOND HALF OF FISCAL 2018
* ORVANA MINERALS CORP - SEES FY 2018 GOLD PRODUCTION BETWEEN 110,000 OUNCES – 120,000 OUNCES
* ORVANA MINERALS CORP QTRLY REVENUE $36.9 MILLION VERSUS $31.7 MILLION
* ORVANA MINERALS CORP - CONSOLIDATED MANAGEMENT INTO ITS OPERATIONS IN SPAIN BY APPOINTING NURIA MENENDEZ AS ITS NEW CFO
* ORVANA MINERALS CORP - MENENDEZ WILL REPLACE JEFFREY HILLIS WHO IS LEAVING COMPANY TO PURSUE OTHER OPPORTUNITIES Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-orvana-reports-qtrly-loss-per-shar/brief-orvana-reports-qtrly-loss-per-share-0-03-idUSASC0A10W |
May 8 (Reuters) - DHI Group Inc:
* DHI GROUP INC Q1 REVENUE $43.1 MLN * DHI GROUP INC - BOARD OF DIRECTORS HAS AUTHORIZED A STOCK REPURCHASE PROGRAM THAT PERMITS PURCHASE OF UP TO $7 MLN OF COMPANY’S COMMON STOCK Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-dhi-group-reports-q1-eps-007/brief-dhi-group-reports-q1-eps-0-07-idUSASC0A0EW |
To subscribe to the newsletter, please sign up here MUST READS Italy’s Fanciful Coalition Draft Draws Investors’ Incredulity—For Now: The League and 5 Star say a radical budget plan is out of date, but it isn’t yet clear what the antiestablishment parties will coalesce around, writes Simon Nixon. U.S. Dollar Rises Versus Euro on Italian Debt […]
To Read the Full Story Subscribe Sign In Previous Brexit & Beyond: 'Rules of Origin' Pose Challenge to Post-Brexit Trade | ashraq/financial-news-articles | http://blogs.wsj.com/moneybeat/2018/05/17/nvestors-incredulous-over-italys-coalition-draft/ |
May 2, 2018 / 11:50 AM / Updated 10 minutes ago BRIEF-Och-Ziff Capital Says As Of May 1, Estimated Unaudited Amount Of AUM Was About $32.7 Bln Reuters Staff 1 Min Read
May 2 (Reuters) - Och-Ziff Capital Management Group LLC :
* OCH-ZIFF CAPITAL MANAGEMENT SAYS AS OF MAY 1, ESTIMATED UNAUDITED AMOUNT OF AUM WAS ABOUT $32.7 BILLION - SEC FILING Source text: ( bit.ly/2rdAkDy ) Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-och-ziff-capital-says-as-of-may-1/brief-och-ziff-capital-says-as-of-may-1-estimated-unaudited-amount-of-aum-was-about-32-7-bln-idUSFWN1S90O4 |
May 15, 2018 / 11:06 AM / Updated 7 hours ago A bid to save $300 million at HCR ManorCare, and disrupt U.S. healthcare Tracy Rucinski 7 Min Read
CHICAGO (Reuters) - Thomas DeRosa is making a $4 billion bet that he can build a national, low-cost healthcare network for America’s aging population that will succeed where so many other models have struggled. The main entrance of the HCR ManorCare headquarters in Toledo, Ohio, U.S., May 14, 2018. REUTERS/Aaron Josefczeyk
His secret: strip out the “for-profit” business model, and leverage the real estate in nursing homes for outpatient care.
DeRosa’s strategy starts with buying out the property of the huge bankrupt nursing home chain HCR ManorCare, and teaming up with a non-profit hospital operator, ProMedica, to create a 30-state healthcare system.
His own company, real estate investment trust Welltower Inc ( WELL.N ), is purchasing the ManorCare real estate for $2.7 billion under a deal unveiled April 24 and awaiting approval from a U.S. bankruptcy court.
ProMedica is buying ManorCare’s operations for $1.3 billion and combining them with its own surgery centers, clinics and health plan to form a network with $7 billion of annual revenues and 70,000 employees.
“This is about a health system moving into a beleaguered sector of healthcare,” DeRosa told Reuters in an interview. “We’re breaking down the wall of what has traditionally been acute care services and services for the aging.”
The aim is to strip out $300 million in costs from the operation, mainly from cheaper rent, once HCR ManorCare emerges from its Chapter 11 bankruptcy this year, according to interviews with Welltower and ProMedica executives.
ProMedica Chief Executive Randy Oostra expects the merger - which will propel the group into the 25 largest U.S. health systems by revenue alongside names like Mayo Clinic, Geisinger and Johns Hopkins - to boost margins by two percentage points to between 3 percent and 4 percent over the next few years.
ProMedica will also invest $400 million to revamp ManorCare’s facilities, and size up every site as an opportunity for different services or partnerships.
And by turning non-profit under ProMedica’s existing business model, ManorCare will see other annual cost savings of $30 million. Slideshow (11 Images)
“It is a disruptor,” Arthur Caplan, director of medical ethics at the New York University School of Medicine, said of the deal.
Yet the merged group must still overcome a perfect storm of eroding reimbursement rates, depressed occupancies, and competition from home health that has weighed on nursing facilities nation-wide.
To view a graphic on Real estate investments in senior housing, click: tmsnrt.rs/2I8SOR5 A NEW APPROACH
The proposal comes at a time when companies from hospitals and pharmacy chains including Tenet Healthcare Corp ( THC.N ) and CVS Health Corp ( CVS.N ) to insurance providers and retailers like Humana Inc ( HUM.N ) and Walmart Inc ( WMT.N ) are jostling to create new healthcare models for an aging population as U.S. medical costs continue to soar.
Outside the health sector, Amazon.com Inc ( AMZN.O ) has joined forces with Berkshire Hathaway Inc ( BRKa.N ) and JPMorgan Chase & Co ( JPM.N ) for a new model to help bring down healthcare costs.
REITs, including Welltower, invested heavily in skilled nursing centers at the turn of the decade but have struggled to collect, let alone raise, rents. Large REITs like Ventas Inc ( VTR.N ) have since abandoned the sector.
For hospitals, declining payments by Medicare - the largest payer for the 65 and over population - and declining admissions are driving a search for lower cost, non-hospital settings to deliver care, Oostra said.
Medicare penalties for patient readmissions are also forcing hospitals to follow up on recoveries, which often occur at a skilled nursing facility.
“Increasingly we’re getting more focused on things that go on outside of our walls,” Oostra told Reuters. He calls it a “blurring of the lines” in where clinical care starts and stops.
Enter HCR ManorCare, which in March filed one of the largest bankruptcies this year, dragged down by debt from private equity fund Carlyle Group LP’s ( CG.O ) $6.3 billion buyout in 2007 and unable to keep up with $450 million in annual rent payments to REIT landlord Quality Care Properties Inc ( QCP.N ).
Under the new structure, DeRosa plans to capitalize on the trend of more healthcare taking place outside of hospitals. This could mean basic surgeries like hip replacements or treatment for conditions such as congestive heart failure being provided directly in a skilled nursing center instead of a hospital.
For a person who traditionally would have recovered from knee or hip surgery in a skilled nursing facility, they may now receive more outpatient rehab or home health.
Medicare already covers certain home health services and has a pilot program that allows patients to receive care directly at a skilled nursing facility without prior hospitalization, as is the case currently.
“Medicare is testing this out and this is where people think healthcare is ultimately going and they want to be skating in that direction,” said Chas Roades, head of Washington D.C.-based consultancy Gist Healthcare.
Roades said the deal with ManorCare, expected to close in the third quarter, is the first bet by a major health system on the post-acute space.
Welltower will own 160 skilled nursing and 59 assisted living and memory care centers run by ManorCare through a 80:20 joint venture with ProMedica. ProMedica will own ManorCare’s home health, hospice and outpatient rehabilitation businesses.
If the U.S. bankruptcy court approves the deal, ManorCare’s rent will fall by 60 percent to $180 million in the first year of a 15-year master lease, with lower annual bumps than its previous lease, according to court filings.
Welltower estimates an 8 percent cash yield from the deal.
“This is the way we’ll start to drive some of the services that this aging population will need,” DeRosa said, adding that it gives the distressed skilled nursing industry a chance of “rebirth.”
“I think it’s going to make other health systems stand up and take notice.” Reporting by Tracy Rucinski; editing by Elyse Tanouye and Edward Tobin | ashraq/financial-news-articles | https://uk.reuters.com/article/us-hcrmanorcare-m-a-welltower-focus/a-bid-to-save-300-million-at-hcr-manorcare-and-disrupt-u-s-healthcare-idUKKCN1IG1IP |
SHANGHAI, May 19 (Reuters) - China will shut down more outdated steel plants and bring total capacity to less than 1 billion tonnes by 2025, the president of the country’s steel industry association said, adding that national demand for the metal is set to decline gradually.
With more than three quarters of firms suffering losses as a result of a price-sapping capacity surplus, China vowed in early 2016 to shut 150-150 million tonnes of annual production in five years in a bid to raise profitability and utilisation rates in the sector. Its capacity then was estimated at 1.2 billion tonnes.
Yu Yong, president of the China Iron and Steel Association (CISA) and chairman of the state-owned Hebei Iron and Steel Group, said as much as 120 million tonnes of annual crude steel capacity had already been closed, allowing average profit margins among CISA members to recover to 4.7 percent last year.
“On the basis of China’s achievements in cutting capacity, China will use methods such as the law, market forces, financial instruments and also mergers and acquisitions to continue easing overcapacity,” Yu said, according to a transcript of his speech published on Friday by China Metallurgical News, a CISA-backed publication.
He said China would aim to keep utilisation rates at around 80 percent. They fell to less than 70 percent in 2015.
China aims to close another 30 million tonnes of capacity this year, and it has also shut down around 100 million tonnes of illegal low-grade steel used largely in construction.
“In the future, China’s overall steel demand will fluctuate downwards and overcapacity is likely to persist for a relatively sustained period of time,” he warned.
China is responsible for around half of global steel production and the massive sector has been blamed for poor air quality in northern China, especially in the steel-producing heartland of Hebei province, where Yu’s company is based.
But after policy changes and technological upgrades, the cleanest steel mills in the world were now located in China, Yu said, adding that CISA members had managed to cut energy consumption per tonne of steel by 2.16 percent in 2017. (Reporting by David Stanway; Editing by Muralikumar Anantharaman)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-steel/china-steel-capacity-to-be-brought-below-1-bln-t-by-2025-assn-idUSL3N1SQ03O |
April 30 (Reuters) - Paratek Pharmaceuticals Inc:
* HIGHBRIDGE CAPITAL MANAGEMENT, LLC REPORTS 6.54 PERCENT PASSIVE STAKE IN PARATEK PHARMACEUTICALS INC AS OF APRIL 23, 2018 - SEC FILING Source : bit.ly/2HIcM0E Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-highbridge-capital-management-repo/brief-highbridge-capital-management-reports-6-54-pct-passive-stake-in-paratek-pharmaceuticals-idUSFWN1S71CN |
Eric Gordon scored a playoff-high 25 points as the Houston Rockets turned an opening flourish into a 113-92 win over the Utah Jazz on Friday at Vivint Smart Home Arena in Game 3 of their Western Conference semifinal series.
The Rockets took a 2-1 series lead on the strength of a 19-2 run in the opening period, with Game 4 set for Sunday in Salt Lake City. Gordon shot 5-for-22 in Games 1 and 2 but was instrumental in the first-half blitz that put the Rockets firmly in control at the break.
Gordon scored 17 points on 6-for-8 shooting prior to the intermission as the Rockets ravaged the Jazz defense. While Houston scored 17 points off 11 Utah turnovers in the first half, the Jazz shot just 36.6 percent and struggled to generate offense from the usual suspects, with Donovan Mitchell and Joe Ingles shooting a combined 2-for-15 in the first half. Jae Crowder, who nailed 8 of 13 3-pointers in Houston, was 1-for-4 overall by the break as Utah trailed 70-40 at halftime.
The 30-point halftime deficit was the largest in postseason history for the Jazz.
After Ingles opened the game’s scoring with a deep 3-pointer from the top of the key, the Rockets responded with a hail of baskets, depositing transition threes in addition to an avalanche of paint points. Gordon scored on consecutive possessions to up the Houston lead to 23-8, and when Nene hit two free throws at the 3:23 mark of the first, the Rockets held their first 20-point lead at 32-12.
The Rockets posted a first-quarter, postseason-high 39 points and led by 17 entering the second. After Royce O’Neale engineered a 9-0 run that cut a 49-25 deficit to 15, the Rockets closed the half with a 21-6 blitz. Gordon hit two threes during that run, which was started by a nifty give-and-go between James Harden and Clint Capela that resulted in a rousing dunk.
Houston shot 58.7 percent in the first half and assisted on 17 of 27 field goals. The Rockets led by as many as 38 points in the second half, extending to an 88-50 lead on a Gordon 3-pointer in the third quarter.
Harden finished with 25 points and 12 assists while Capela added 11 points, eight rebounds, four assists and four blocks. Chris Paul chipped in 15 points, seven rebounds and six assists for the Rockets.
O’Neale led Utah with 17 points. Mitchell totaled 10 on 4-of-16 shooting.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/basketball-nba-uta-hou-recap/rockets-torch-jazz-113-92-for-2-1-series-lead-idUSMTZEE558OO9C3 |
FRANKLIN, Tenn.--(BUSINESS WIRE)-- Community Health Systems, Inc. (NYSE: CYH) (the “Company”) today announced financial and operating results for the three months ended March 31, 2018.
The following highlights the financial and operating results for the three months ended March 31, 2018.
Net operating revenues totaled $3.689 billion. Net loss attributable to Community Health Systems, Inc. common stockholders was $(25) million, or $(0.22) per share (diluted), compared with net loss of $(199) million, or $(1.79) per share (diluted) for the same period in 2017. Excluding the adjusting items as presented in the table in footnote (h) on page 13, net income attributable to Community Health Systems, Inc. common stockholders was $0.13 per share (diluted), compared with $0.07 per share (diluted) for the same period in 2017. Adjusted EBITDA was $440 million. Cash flow from operations was $106 million, compared with $242 million for the same period in 2017. On a same-store basis, admissions decreased 2.4 percent and adjusted admissions decreased 1.9 percent, compared with the same period in 2017.
Net operating revenues for the three months ended March 31, 2018, totaled $3.689 billion, a 17.8 percent decrease, compared with $4.486 billion for the same period in 2017.
Net loss attributable to Community Health Systems, Inc. common stockholders was $(25) million, or $(0.22) per share (diluted), for the three months ended March 31, 2018, compared with $(199) million, or $(1.79) per share (diluted), for the same period in 2017. Excluding the adjusting items as presented in the table in footnote (h) on page 13, net income attributable to Community Health Systems, Inc. common stockholders was $0.13 per share (diluted), for the three months ended March 31, 2018. Weighted-average shares outstanding (diluted) were 112 million for the three months ended March 31, 2018, and 111 million for the three months ended March 31, 2017.
Adjusted EBITDA for the three months ended March 31, 2018, was $440 million compared with $527 million for the same period in 2017, representing a 16.5 percent decrease.
The consolidated operating results for the three months ended March 31, 2018, reflect a 19.6 percent decrease in total admissions, and a 20.8 percent decrease in total adjusted admissions, compared with the same period in 2017. On a same-store basis, admissions decreased 2.4 percent and adjusted admissions decreased 1.9 percent during the three months ended March 31, 2018, compared with the same period in 2017. On a same-store basis, net operating revenues increased 1.6 percent during the three months ended March 31, 2018, compared with the same period in 2017.
Commenting on the results, Wayne T. Smith, chairman and chief executive officer of Community Health Systems, Inc., said, “We achieved continued progress across a number of our strategic and operating initiatives. During the first few months of the year, we expanded our transfer and access program, launched Accountable Care Organizations, and invested in both outpatient capabilities and service line enhancements across our markets. These efforts helped drive a good financial performance during the first quarter and position the Company for further anticipated improvements during the balance of 2018.”
The Company continues to receive interest from potential acquirers for certain of its hospitals and, during the first four months of 2018, has entered into definitive agreements to sell six hospitals. These divestitures have not yet been completed. In addition, the Company completed the divestiture of one hospital on April 1, 2018. The Company is pursuing interests for sale transactions involving hospitals, which, together with the hospitals that are currently subject to definitive agreements and the hospital that was divested on April 1, 2018, had a combined total of approximately $2.0 billion in annual net operating revenues and combined mid-single digit Adjusted EBITDA margins during 2017. These sale transactions are currently in various stages of negotiation with potential buyers. There can be no assurance that these potential divestitures (or the potential divestitures currently subject to definitive agreements) will be completed, or if they are completed, the ultimate timing of the completion of these divestitures.
Financial and statistical data for 2018 and 2017 presented in this press release include the operating results of divested hospitals through the effective date of each respective transaction. Same-store operating results exclude the results of the hospitals divested in 2017.
Information About Non-GAAP Financial Measures
Adjusted EBITDA, a non-GAAP financial measure, is EBITDA adjusted to add back net income attributable to noncontrolling interests and to exclude the effect of discontinued operations, loss from early extinguishment of debt, impairment and (gain) loss on sale of businesses, gain on sale of investments in unconsolidated affiliates, expense incurred related to the spin-off of QHC, expense incurred related to the sale of a majority ownership interest in the Company’s home care division, expense (income) related to government and other legal settlements and related costs, expense related to employee termination benefits and other restructuring charges, expense (income) from fair value adjustments on the CVR agreement liability accounted for at fair value related to the HMA legal proceedings and related legal expenses, and the overall impact of the change in estimate related to net patient revenue recorded in the fourth quarter of 2017 resulting from the increase in contractual allowances and the provision for bad debts.
For information regarding why the Company believes Adjusted EBITDA presents useful information to investors, and for a reconciliation of Adjusted EBITDA to net income attributable to Community Health Systems, Inc. stockholders, see footnote (e) to the Financial Highlights, Financial Statements and Selected Operating Data below.
Additionally, the Company has presented adjusted income from continuing operations attributable to Community Health Systems, Inc. common stockholders per share (diluted) and adjusted net income attributable to Community Health Systems, Inc. common stockholders per share (diluted) to reflect the impact on earnings per share from the selected items used in the calculation of Adjusted EBITDA. For a presentation and reconciliation of these measures, see footnote (h) to the Financial Highlights, Financial Statements and Selected Operating Data below.
Included on pages 15, 16, 17 and 18 of this press release are tables setting forth the Company’s 2018 reaffirmed annual earnings guidance. The 2018 guidance is based on the Company’s historical operating performance, current trends and other assumptions that the Company believes are reasonable at this time, and reflects the impact of planned divestitures in 2018.
Community Health Systems, Inc. is one of the largest publicly traded hospital companies in the United States and a leading operator of general acute care hospitals in communities across the country. The Company, through its subsidiaries, owns, leases or operates 126 affiliated hospitals in 20 states with an aggregate of approximately 21,000 licensed beds.
The Company’s headquarters are located in Franklin, Tennessee, a suburb south of Nashville. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.” More information about the Company can be found on its website at www.chs.net .
Community Health Systems, Inc. will hold a conference call on Wednesday, May 2, 2018, at 10:00 a.m. Central, 11:00 a.m. Eastern, to review financial and operating results for the first quarter ended March 31, 2018. Investors will have the opportunity to listen to a live Internet broadcast of the conference call by clicking on the Investor Relations link of the Company’s website at www.chs.net . To listen to the live call, please go to the website at least fifteen minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will continue to be available through June 2, 2018. Copies of this press release and conference call slide show, as well as the Company’s Current Report on Form 8-K (including this press release), will be available on the Company’s website at www.chs.net .
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES Financial Highlights (a)(b)(c)(d) (In millions, except per share amounts) (Unaudited) Three Months Ended March 31, 2018 2017 Net operating revenues (k) $ 3,689 $ 4,486 Loss from continuing operations (f), (i), (j) (6 ) (176 ) Net loss attributable to Community Health Systems, Inc. stockholders
(25 ) (199 ) Adjusted EBITDA (e) 440 527 Net cash provided by operating activities 106 242 Basic loss per share attributable to Community Health Systems, Inc. common stockholders:
Continuing operations (f), (i), (j) $ (0.22 ) $ (1.78 ) Discontinued operations - (0.01 ) Net loss $ (0.22 ) $ (1.79 ) Diluted loss per share attributable to Community Health Systems, Inc. common stockholders:
Continuing operations (f), (h), (i), (j) $ (0.22 ) $ (1.78 ) Discontinued operations - (0.01 ) Net loss (h) $ (0.22 ) $ (1.79 )
Weighted-average number of shares outstanding (g): Basic 112 111 Diluted 112 111 ____
For footnotes, see pages 10, 11, 12, 13 and 14.
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Loss (a)(b)(c)(d) (In millions, except per share amounts) (Unaudited) Three Months Ended March 31, 2018 2017 Amount % of Net
Operating
Revenues
Amount % of Net
Operating
Revenues
Operating revenues (net of contractual allowances and discounts) $ 5,168 Provision for bad debts 682 Net operating revenues (k) $ 3,689 100.0 % 4,486 100.0 % Operating costs and expenses: Salaries and benefits 1,648 44.7 % 2,061 45.9 % Supplies 616 16.7 % 749 16.7 % Other operating expenses 911 24.7 % 1,057 23.5 % Government and other legal settlements and related costs (j) 5 0.1 % (41 ) (0.9 )% Electronic health records incentive reimbursement (1 ) - % (6 ) (0.1 )% Rent 89 2.4 % 109 2.4 % Depreciation and amortization 181 4.9 % 236 5.3 % Impairment and (gain) loss on sale of businesses, net (i) 28 0.8 % 250 5.6 % Total operating costs and expenses 3,477 94.3 % 4,415 98.4 % Income from operations (f), (i), (j) 212 5.7 % 71 1.6 % Interest expense, net 228 6.2 % 229 5.1 % Loss from early extinguishment of debt 4 0.1 % 21 0.5 % Equity in earnings of unconsolidated affiliates (7 ) (0.2 )% (3 ) (0.1 )% Loss from continuing operations before income taxes (13 ) (0.4 )% (176 ) (3.9 )% (Benefit from) provision for income taxes (7 ) (0.2 )% - - % Loss from continuing operations (f), (i), (j) (6 ) (0.2 )% (176 ) (3.9 )% Discontinued operations, net of taxes: Loss from operations of entities sold or held for sale - - % (1 ) - % Loss from discontinued operations, net of taxes - - % (1 ) - % Net loss (6 ) (0.2 )% (177 ) (3.9 )% Less: Net income attributable to noncontrolling interests 19 0.5 % 22 0.5 % Net loss attributable to Community Health Systems, Inc. stockholders $ (25 ) (0.7 )% $ (199 ) (4.4 )% Basic loss per share attributable to Community Health Systems, Inc. common stockholders:
Continuing operations (f), (i), (j) $ (0.22 ) $ (1.78 ) Discontinued operations - (0.01 ) Net loss $ (0.22 ) $ (1.79 ) Diluted loss per share attributable to Community Health Systems, Inc. common stockholders:
Continuing operations (f), (h), (i), (j) $ (0.22 ) $ (1.78 ) Discontinued operations - (0.01 ) Net loss (h) $ (0.22 ) $ (1.79 ) Weighted-average number of shares outstanding (g): Basic 112 111 Diluted 112 111
____
For footnotes, see pages 10, 11, 12, 13 and 14.
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Loss (In millions) (Unaudited) Three Months Ended March 31, 2018 2017 Net loss $ (6) $ (177) Other comprehensive income (loss), net of income taxes: Net change in fair value of interest rate swaps, net of tax 18 5 Net change in fair value of available-for-sale securities, net of tax (2) 3 Amortization and recognition of unrecognized pension cost components, net of tax
1 - Other comprehensive income 17 8 Comprehensive income (loss) 11 (169) Less: Comprehensive income attributable to noncontrolling interests 19 22 Comprehensive loss attributable to Community Health Systems, Inc. stockholders
$ (8) $ (191) ____
For footnotes, see pages 10, 11, 12, 13 and 14.
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES Selected Operating Data (a)(c) (Dollars in millions) (Unaudited) Three Months Ended March 31, Consolidated Same-Store 2018 2017 % Change 2018 2017 % Change Number of hospitals (at end of period) 127 155 125 125 Licensed beds (at end of period) 21,051 26,009 20,849 20,824 Beds in service (at end of period) 18,525 23,336 18,339 18,796 Admissions 170,680 212,242 -19.6 % 169,815 173,986 -2.4 % Adjusted admissions 355,448 449,012 -20.8 % 353,188 359,949 -1.9 % Patient days 784,305 972,885 781,391 791,941 Average length of stay (days) 4.6 4.6 4.6 4.6 Occupancy rate (average beds in service) 46.9 % 46.5 % 47.2 % 47.0 % Net operating revenues (k) $ 3,689 $ 4,486 -17.8 % $ 3,671 $ 3,613 1.6 % Net inpatient revenues as a % of net operating revenues
49.2 % 48.9 % 49.2 % 49.1 % Net outpatient revenues as a % of net operating revenues
50.8 % 51.1 % 50.8 % 50.9 % Income from operations (f), (i), (j) $ 212 $ 71 198.6 % Income from operations as a % of net operating revenues
5.7 % 1.6 % Depreciation and amortization $ 181 $ 236 Equity in earnings of unconsolidated affiliates $ (7 ) $ (3 ) Net loss attributable to Community Health Systems, Inc. stockholders
$ (25 ) $ (199 ) 87.4 % Net loss attributable to Community Health Systems, Inc. stockholders as a % of net operating revenues
-0.7 % -4.4 % Adjusted EBITDA (e) $ 440 $ 527 -16.5 % Adjusted EBITDA as a % of net operating revenues
11.9 % 11.7 % Net cash provided by operating activities $ 106 $ 242 -56.2 % ____
For footnotes, see pages 10, 11, 12, 13 and 14.
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In millions, except share data) (Unaudited) March 31, 2018 December 31, 2017 ASSETS Current assets Cash and cash equivalents $ 424 $ 563 Patient accounts receivable (k) 2,453 2,384 Supplies 442 444 Prepaid income taxes 17 17 Prepaid expenses and taxes 208 198 Other current assets 449 462 Total current assets 3,993 4,068 Property and equipment, gross 11,402 11,497 Less accumulated depreciation and amortization (4,431 ) (4,445 ) Property and equipment, net 6,971 7,052 Goodwill 4,704 4,723 Deferred income taxes 64 62 Other assets 1,579 1,545 Total assets $ 17,311 $ 17,450 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current liabilities Current maturities of long-term debt $ 37 $ 33 Accounts payable 892 967 Accrued liabilities: Employee compensation 668 685 Accrued interest 231 229 Other 435 442 Total current liabilities 2,263 2,356 Long-term debt 13,855 13,880 Deferred income taxes 19 19 Other long-term liabilities (b) 1,352 1,360 Total liabilities 17,489 17,615 Redeemable noncontrolling interests in equity of consolidated subsidiaries 523 527 STOCKHOLDERS’ DEFICIT Community Health Systems, Inc. stockholders’ deficit: Preferred stock, $.01 par value per share, 100,000,000 shares authorized; none issued - - Common stock, $.01 par value per share, 300,000,000 shares authorized; 116,301,706 shares issued and outstanding at March 31, 2018, and 114,651,004 shares issued and outstanding at December 31, 2017
1 1 Additional paid-in capital 2,014 2,014 Accumulated other comprehensive loss (16 ) (21 ) Accumulated deficit (2,774 ) (2,761 ) Total Community Health Systems, Inc. stockholders’ deficit (775 ) (767 ) Noncontrolling interests in equity of consolidated subsidiaries 74 75 Total stockholders’ deficit (701 ) (692 ) Total liabilities and stockholders’ deficit $ 17,311 $ 17,450 ____
For footnotes, see pages 10, 11, 12, 13 and 14.
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In millions) (Unaudited) Three Months Ended March 31, 2018 2017 Cash flows from operating activities Net loss $ (6 ) $ (177 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 181 236 Government and other legal settlements and related costs (j) 5 (1 ) Stock-based compensation expense 4 9 Impairment and (gain) loss on sale of businesses, net (i) 28 250 Loss from early extinguishment of debt 4 21 Other non-cash expenses, net 12 8 Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Patient accounts receivable (66 ) 11 Supplies, prepaid expenses and other current assets (21 ) (67 ) Accounts payable, accrued liabilities and income taxes (33 ) (14 ) Other (2 ) (34 ) Net cash provided by operating activities 106 242 Cash flows from investing activities Acquisitions of facilities and other related businesses (8 ) (2 ) Purchases of property and equipment (170 ) (146 ) Proceeds from disposition of hospitals and other ancillary operations 11 - Proceeds from sale of property and equipment 3 - Purchases of available-for-sale securities and equity securities (19 ) (12 ) Proceeds from sales of available-for-sale securities and equity securities 34 26 Increase in other investments (28 ) (37 ) Net cash used in investing activities (177 ) (171 ) Cash flows from financing activities Repurchase of restricted stock shares for payroll tax withholding requirements (1 ) (5 ) Deferred financing costs and other debt-related costs (11 ) (40 ) Proceeds from noncontrolling investors in joint ventures - 5 Redemption of noncontrolling investments in joint ventures (3 ) (4 ) Distributions to noncontrolling investors in joint ventures (23 ) (28 ) Borrowings under credit agreements 10 610 Issuance of long-term debt - 2,200 Proceeds from receivables facility 49 26 Repayments of long-term indebtedness (89 ) (2,826 ) Net cash used in financing activities (68 ) (62 ) Net change in cash and cash equivalents (139 ) 9 Cash and cash equivalents at beginning of period 563 238 Cash and cash equivalents at end of period $ 424 $ 247 ____
For footnotes, see pages 10, 11, 12, 13 and 14.
Footnotes to Financial Highlights, Financial Statements and Selected Operating Data
(a) Continuing operating results exclude discontinued operations for the three months ended March 31, 2018 and 2017. Both financial and statistical results exclude entities in discontinued operations for all periods presented. Same-store operating results and statistical data exclude information for hospitals divested during 2017. (b) The contingent value right (“CVR”) is included in other long-term liabilities on the condensed consolidated balance sheets and entitles the holder to receive a cash payment up to $1.00 per CVR (subject to downward adjustment but not below zero), subject to the final resolution of certain legal matters pertaining to Health Management Associates, Inc. (“HMA”), as defined in the CVR agreement. If the aggregate amount of applicable losses under the CVR agreement exceeds a deductible of $18 million, then the amount payable in respect of each CVR shall be reduced (but not below zero) by an amount equal to the quotient obtained by dividing: (a) the product of (i) all losses in excess of the deductible and (ii) 90%; by (b) the number of CVRs outstanding on the date on which final resolution of the existing litigation occurs. Since the HMA acquisition date of January 27, 2014, approximately $34 million in costs have been incurred and approximately $30 million of settlements have been paid related to certain HMA legal matters, which collectively exceed the deductible of $18 million under the CVR agreement. The Company previously recorded an estimated fair value of the remaining underlying claims that will be covered by the CVR of $284 million as part of the acquisition accounting for HMA, which, after consideration of amounts paid and current estimates of valuation inputs, has been adjusted to its estimated fair value of $259 million at March 31, 2018. For the CVR valuation at March 31, 2018, the change in fair value from the estimate of $256 million at December 31, 2017 was primarily the result of a decrease in the discount rate applied to an estimated settlement amount. In addition, although future legal fees (which are expensed as incurred) associated with the HMA legal matters have not been accrued or included in the table below, such legal fees are taken into account in determining the total amount of reductions applied to the amounts owed to CVR holders. The following table presents the impact of the recorded amounts as described above as applied to the CVR and the $18 million deductible and 10% co-insurance amounts (in millions): As of March 31, 2018 Legal and other related costs incurred to date $ 34 Settlements paid 30 Estimated liability for probable contingencies - Estimated liability for unresolved contingencies at fair value 259 Costs incurred plus certain estimated liabilities for CVR-related matters
323 Allocated to: CHS deductible of $18 million (18 ) CHS co-insurance at 10% (29 ) Recorded amounts that reduce CVR value after giving effect to deductible and co-insurance
$ 276 CVRs outstanding 265 (c) Included in discontinued operations for the three months ended March 31, 2017, are three smaller hospitals, two of which are being actively marketed for sale and one hospital that sold effective May 1, 2017. The after-tax loss for the sold or held for sale hospitals, was approximately $1 million for the three months ended March 31, 2017. Footnotes to Financial Highlights, Financial Statements and Selected Operating Data (Continued)
(d) The following table provides information needed to calculate loss per share, which is adjusted for income attributable to noncontrolling interests (in millions): Three Months Ended March 31, 2018 2017 Loss from continuing operations attributable to Community Health Systems, Inc. common stockholders:
Loss from continuing operations, net of taxes $ (6 ) $ (176 ) Less: Income from continuing operations attributable to noncontrolling interests, net of taxes
19 22 Loss from continuing operations attributable to Community Health Systems, Inc. common stockholders — basic and diluted
$ (25 ) $ (198 ) Loss from discontinued operations attributable to Community Health Systems, Inc. common stockholders:
Loss from discontinued operations, net of taxes $ - $ (1 ) Less: Loss from discontinued operations attributable to noncontrolling interests, net of taxes
- - Loss from discontinued operations attributable to Community Health Systems, Inc. common stockholders — basic and diluted
$ - $ (1 ) (e) EBITDA is a non-GAAP financial measure which consists of net loss attributable to Community Health Systems, Inc. before interest, income taxes, and depreciation and amortization. Adjusted EBITDA, also a non-GAAP financial measure, is EBITDA adjusted to add back net income attributable to noncontrolling interests and to exclude the effect of discontinued operations, loss from early extinguishment of debt, impairment and (gain) loss on sale of businesses, gain on sale of investments in unconsolidated affiliates, expense incurred related to the spin-off of QHC, expense incurred related to the sale of a majority ownership interest in the Company’s home care division, expense (income) related to government and other legal settlements and related costs, expense related to employee termination benefits and other restructuring charges, expense (income) from fair value adjustments on the CVR agreement liability accounted for at fair value related to the HMA legal proceedings and related legal expenses, and the overall impact of the change in estimate related to net patient revenue recorded in the fourth quarter of 2017 resulting from the increase in contractual allowances and the provision for bad debts. The Company has from time to time sold noncontrolling interests in certain of its subsidiaries or acquired subsidiaries with existing noncontrolling interest ownership positions. The Company believes that it is useful to present Adjusted EBITDA because it adds back the portion of EBITDA attributable to these third-party interests and clarifies for investors the Company’s portion of EBITDA generated by continuing operations. The Company reports Adjusted EBITDA as a measure of financial performance. Adjusted EBITDA is a key measure used by management to assess the operating performance of the Company’s hospital operations and to make decisions on the allocation of resources. Adjusted EBITDA is also used to evaluate the performance of the Company’s executive management team and is one of the primary targets used to determine short-term cash incentive compensation. In addition, management utilizes Adjusted EBITDA in assessing the Company’s consolidated results of operations and operational performance and in comparing the Company’s results of operations between periods. The Company believes it is useful to provide investors and other users of the Company’s financial statements this performance measure to align with how management assesses the Company’s results of operations. Adjusted EBITDA also is comparable to a similar metric called Consolidated EBITDA, as defined in the Company’s senior secured credit facility, which is a key component in the determination of the Company’s compliance with some of the covenants under the Company’s senior secured credit facility (including the Company’s ability to service debt and incur capital expenditures), and is used to determine the interest rate and commitment fee payable under the senior secured credit facility (although Adjusted EBITDA does not include all of the adjustments described in the senior secured credit facility). Footnotes to Financial Highlights, Financial Statements and Selected Operating Data (Continued)
Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP. It should not be considered in isolation or as a substitute for net income, operating income, or any other performance measure calculated in accordance with U.S. GAAP. The items excluded from Adjusted EBITDA are significant components in understanding and evaluating financial performance. The Company believes such adjustments are appropriate as the magnitude and frequency of such items can vary significantly and are not related to the assessment of normal operating performance. Additionally, this calculation of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. The following table reflects the reconciliation of Adjusted EBITDA, as defined, to net loss attributable to Community Health Systems, Inc. stockholders as derived directly from the condensed consolidated financial statements (in millions): Three Months Ended March 31, 2018 2017 Net loss attributable to Community Health Systems, Inc. stockholders
$ (25 ) $ (199 ) Adjustments: (Benefit from) provision for income taxes (7 ) - Depreciation and amortization 181 236 Net income attributable to noncontrolling interests 19 22 Loss from discontinued operations - 1 Interest expense, net 228 229 Loss from early extinguishment of debt 4 21 Impairment and (gain) loss on sale of businesses, net 28 250 Expense (income) from government and other legal settlements and related costs
5 (41 ) Expense from fair value adjustments and legal expenses related to cases covered by the CVR
5 7 Expense related to the sale of a majority interest in home care division - 1 Expense related to employee termination benefits and other restructuring charges
2 - Adjusted EBITDA $ 440 $ 527 (f) Included in non-same-store loss from operations and loss from continuing operations are pre-tax charges related to acquisition costs of less than $1 million for both the three-month periods ended March 31, 2018 and 2017. (g) The following table sets forth components reconciling the basic weighted-average number of shares to the diluted weighted-average number of shares (in millions): Three Months Ended March 31, 2018 2017 Weighted-average number of shares outstanding - basic
112 111 Add effect of dilutive securities: Stock awards and options - - Weighted-average number of shares outstanding - diluted
112 111
The Company generated a loss from continuing operations attributable to Community Health Systems, Inc. common stockholders for the three months ended March 31, 2018 and 2017, so the effect of dilutive securities is not considered because their effect would be antidilutive. If the Company had generated income from continuing operations, the effect of restricted stock awards on the diluted shares calculation would have been an increase of 73,361 shares and 78,773 shares during the three months ended March 31, 2018 and 2017, respectively. Footnotes to Financial Highlights, Financial Statements and Selected Operating Data (Continued)
(h) The following supplemental tables reconcile loss from continuing operations and net loss attributable to Community Health Systems, Inc. common stockholders, as reported, on a per share (diluted) basis, with the adjustments described herein (total per share amounts may not add due to rounding). The Company believes that the presentation of non-GAAP adjusted loss from continuing operations per share (diluted) and non-GAAP adjusted net loss attributable to Community Health Systems, Inc. common stockholders presents useful information to investors through highlighting the impact on earnings per share of selected items used in calculating Adjusted EBITDA. Three Months Ended March 31, 2018 2017 Loss from continuing operations, as reported $ (0.22 ) $ (1.78 ) Adjustments: Loss from early extinguishment of debt 0.03 0.12 Impairment and (gain) loss on sale of businesses, net 0.24 1.92 Expense (income) from government and other legal settlements and related costs
0.04 (0.23 ) Expense from fair value adjustments and legal expenses related to cases covered by the CVR
0.03 0.04 Expense related to employee termination benefits and other restructuring charges
0.01 - Income from continuing operations, excluding adjustments
$ 0.13 $ 0.08 Three Months Ended March 31, 2018 2017 Net loss, as reported $ (0.22 ) $ (1.79 ) Adjustments: Loss from early extinguishment of debt 0.03 0.12 Impairment and (gain) loss on sale of businesses, net 0.24 1.92 Expense (income) from government and other legal settlements and related costs
0.04 (0.23 ) Expense from fair value adjustments and legal expenses related to cases covered by the CVR
0.03 0.04 Expense related to employee termination benefits and other restructuring charges
0.01 - Net income, excluding adjustments $ 0.13 $ 0.07 Footnotes to Financial Highlights, Financial Statements and Selected Operating Data (Continued)
(i) Both income from operations and loss from continuing operations for the three months ended March 31, 2018, included non-cash expense of approximately $28 million related to impairment charges to reduce the value of long-lived assets, primarily allocated goodwill, at hospitals that the Company has identified for sale. Both income from operations and loss from continuing operations for the three months ended March 31, 2017, included non-cash expense of approximately $250 million related to impairment charges to reduce the value of long-lived assets, primarily allocated goodwill, at hospitals that the Company had identified for sale. These impairment charges do not have an impact on the calculation of the Company’s financial covenants under the Company’s Credit Facility. (j) The $(0.04) per share (diluted) of expense for “Government and other legal settlements and related costs” for the three months ended March 31, 2018, is the net impact of several lawsuits settled in principle during the three months ended March 31, 2018, and related legal expenses. The $0.23 per share (diluted) of income for “Government and other legal settlements and related costs” for the three months ended March 31, 2017, is primarily the impact of the shareholder derivative action settled during the three months ended March 31, 2017, net of related legal expenses. (k) On January 1, 2018, the Company adopted the new revenue recognition accounting standard issued by the Financial Accounting Standards Board (“FASB”) and codified in the FASB Accounting Standards Codification (“ASC”) as topic 606 (“ASC 606”). The revenue recognition standard in ASC 606 outlines a single comprehensive model for recognizing revenue as performance obligations, defined in a contract with a customer as goods or services transferred to the customer in exchange for consideration, are satisfied. The Company applied the modified retrospective approach to all contracts when adopting ASC 606. As a result, the majority of what was previously classified as the provision for bad debts in the statement of loss is now reflected as implicit price concessions (as defined in ASC 606) and therefore included as a reduction to net operating revenues in 2018. For changes in credit issues not assessed at the date of service, the Company will prospectively recognize those amounts as a component of operating costs and expenses. For periods prior to the adoption of ASC 606, the provision for bad debts has been presented consistent with the previous revenue recognition standards that required it to be presented separately as a component of net operating revenues. Additionally, upon adoption of ASC 606 the allowance for doubtful accounts of approximately $3.9 billion at December 31, 2017 was reclassified as a component of net patient accounts receivable. Regulation FD Disclosure
Set forth below is selected information concerning the Company’s projected consolidated operating results for the year ending December 31, 2018. These projections reaffirm selected guidance provided on February 27, 2018, and are based on the Company’s historical operating performance, current trends and other assumptions that the Company believes are reasonable at this time. The 2018 guidance should be considered in conjunction with the assumptions included herein. See pages 17 and 18 for a list of factors that could affect the future results of the Company or the healthcare industry generally.
The following is provided as guidance to analysts and investors:
2018 Projection Range Net operating revenues (in millions) $ 13,600 to $ 13,900 Adjusted EBITDA (in millions) $ 1,550 to $ 1,650 Loss from continuing operations per share - diluted $ (1.50) to $ (1.10) Same-store hospital annual adjusted admissions (0.5) % to 0.5 % Weighted-average diluted shares, in millions 113.0 to 114.0 The following assumptions were used in developing the 2018 guidance provided above:
The guidance above includes approximately $1.0 billion of net operating revenues with low to mid-single digit Adjusted EBITDA margins, related to divestitures we anticipate to occur throughout 2018. The operations associated with these anticipated divestitures generated approximately $2.0 billion of net operating revenues in 2017 with mid-single digit Adjusted EBITDA margins. The Company’s projections also exclude the following: Payments related to the CVRs issued in connection with the HMA acquisition, and changes in the valuation of liabilities underlying the CVR; Effect of potential debt refinancing activities, including losses from the early extinguishment of debt; Impairment of goodwill and long-lived assets; Gains or losses from the sales of businesses; Employee termination benefits and restructuring costs; Resolution of government investigations or other significant legal settlements; Costs incurred in connection with divestitures; Insurance recoveries that may be received for property losses and business interruption coverage related to Hurricanes Harvey and Irma; Changes in the estimated impact of the Tax Cuts and Jobs Act (“Tax Act”) on our deferred tax assets and liabilities; and Other significant gains or losses that neither relate to the ordinary course of business nor reflect the Company’s underlying business performance.
Other assumptions used in the above guidance:
Health Information Technology (HITECH) electronic health records incentive reimbursement will be zero for the year ending December 31, 2018. Same-store hospital annual adjusted admissions decline of (0.5)% to growth of 0.5% for 2018, which does not take into account service closures and weather-related or other unusual events. Expressed as a percentage of net operating revenues, depreciation and amortization of approximately 5.0% to 5.1% for 2018. Additionally, this is a fixed cost and the percentages may change as revenue varies. Such amounts exclude the possible impact of any future hospital fixed asset impairments. Interest expense, expressed as a percentage of net operating revenues, of approximately 6.5% to 6.6%; however, interest expense may vary as revenue varies. Interest expense has been adjusted to reflect the repayment of debt with proceeds from the anticipated divestitures, based on the expected timing of those divestitures. Total fixed rate debt, including swaps, is expected to average approximately 85% to 95% of total debt during 2018. Expressed as a percentage of net operating revenues, net income attributable to noncontrolling interests of approximately 0.5% to 0.6% for 2018. Expressed as a percentage of net operating revenues, provision for income taxes of approximately 0.5% to 0.6% for 2018.
A reconciliation of the Company’s projected 2018 Adjusted EBITDA, a forward-looking non-GAAP financial measure, to the Company’s projected net loss attributable to Community Health Systems, Inc. stockholders, the most directly comparable GAAP financial measure, is shown below:
Year Ending December 31, 2018 Low High Net loss attributable to Community Health Systems, Inc. stockholders (1)
$ (171 ) $ (124 ) Adjustments: Depreciation and amortization 690 700 Interest expense, net 890 910 Provision for income taxes 71 89 Net income attributable to noncontrolling interests 70 75 Adjusted EBITDA (1) $ 1,550 $ 1,650 (1) The Company does not include in this reconciliation the impact of certain items not included in the Company’s forecast set forth above that would be included in a reconciliation of historical net loss attributable to Community Health Systems, Inc. stockholders to Adjusted EBITDA such as, but not limited to, losses from early extinguishment of debt, impairment and (gain) loss on sale of businesses, and expense (income) related to government and other legal settlements and related costs, in light of the fact that such items are not determinable, and/or the inherent difficulty in quantifying such projected amounts, on a forward-looking basis. Capital expenditures are projected as follows (in millions):
2018 Guidance Total $475 to $575 Net cash provided by operating activities, excluding cash flows related to the CVR and settlement of legal contingencies, is projected as follows (in millions):
2018 Guidance Total $700 to $800 Diluted weighted-average shares outstanding are projected to be between approximately 113.0 million to 114.0 million for 2018.
This press release contains within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 that involve risk and uncertainties. All statements in this press release other than statements of historical fact, including statements regarding projections, expected operating results, and other events that depend upon or refer to future events or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “thinks,” and similar expressions, are . Although the Company believes that these are based on reasonable assumptions, these assumptions are inherently subject to significant economic and competitive uncertainties and contingencies, which are difficult or impossible to predict accurately and may be beyond the control of the Company. Accordingly, the Company cannot give any assurance that its expectations will in fact occur and cautions that actual results may differ materially from those in the . A number of factors could affect the future results of the Company or the healthcare industry generally and could cause the Company’s expected results to differ materially from those expressed in this press release.
These factors include, among other things:
general economic and business conditions, both nationally and in the regions in which we operate; the impact of changes made to the Affordable Care Act, the potential for repeal or additional changes to the Affordable Care Act, its implementation or its interpretation (including through executive orders), as well as changes in other federal, state or local laws or regulations affecting our business; the extent to which states support increases, decreases or changes in Medicaid programs, implement health insurance exchanges or alter the provision of healthcare to state residents through regulation or otherwise; the future and long-term viability of health insurance exchanges and potential changes to the beneficiary enrollment process; risks associated with our substantial indebtedness, leverage and debt service obligations, and the fact that a substantial portion of our indebtedness will mature and become due in the near future, including our ability to refinance such indebtedness on acceptable terms or to incur additional indebtedness; demographic changes; changes in, or the failure to comply with, governmental regulations; potential adverse impact of known and unknown government investigations, audits, and federal and state false claims act litigation and other legal proceedings; our ability, where appropriate, to enter into and maintain provider arrangements with payors and the terms of these arrangements, which may be further affected by the increasing consolidation of health insurers and managed care companies and vertical integration efforts involving payors and healthcare providers; changes in, or the failure to comply with, contract terms with payors and changes in reimbursement rates paid by federal or state healthcare programs or commercial payors; any potential additional impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in inpatient or outpatient Medicare and Medicaid payment levels and methodologies; the effects related to the continued implementation of the sequestration spending reductions and the potential for future deficit reduction legislation; increases in the amount and risk of collectability of patient accounts receivable, including decreases in collectability which may result from, among other things, self-pay growth and difficulties in recovering payments for which patients are responsible, including co-pays and deductibles; the efforts of insurers, healthcare providers, large employer groups and others to contain healthcare costs, including the trend toward value-based purchasing; our ongoing ability to demonstrate meaningful use of certified electronic health record technology and recognize income for the related Medicare or Medicaid incentive payments, to the extent such payments have not expired; increases in wages as a result of inflation or competition for highly technical positions and rising supply and drug costs due to market pressure from pharmaceutical companies and new product releases; liabilities and other claims asserted against us, including self-insured malpractice claims; competition; our ability to attract and retain, at reasonable employment costs, qualified personnel, key management, physicians, nurses and other healthcare workers; trends toward treatment of patients in less acute or specialty healthcare settings, including ambulatory surgery centers or specialty hospitals; changes in medical or other technology; changes in U.S. generally accepted accounting principles; the availability and terms of capital to fund any additional acquisitions or replacement facilities or other capital expenditures; our ability to successfully make acquisitions or complete divestitures, including the disposition of hospitals and non-hospital businesses pursuant to our portfolio rationalization and deleveraging strategy, our ability to complete any such acquisitions or divestitures on desired terms or at all (including to realize the anticipated amount of proceeds from contemplated dispositions), the timing of the completion of any such acquisitions or divestitures, and our ability to realize the intended benefits from any such acquisitions or divestitures; the impact that changes in our relationships with joint venture or syndication partners could have on effectively operating our hospitals or ancillary services or in advancing strategic opportunities; our ability to successfully integrate any acquired hospitals, or to recognize expected synergies from acquisitions; the impact of seasonal severe weather conditions, including the timing and amount of insurance recoveries in relation to severe weather events such as Hurricanes Harvey and Irma; our ability to obtain adequate levels of general and professional liability insurance; timeliness of reimbursement payments received under government programs; effects related to outbreaks of infectious diseases; the impact of prior or potential future cyber-attacks or security breaches; any failure to comply with the terms of the Corporate Integrity Agreement; the concentration of our revenue in a small number of states; our ability to realize anticipated cost savings and other benefits from our current strategic and operational cost savings initiatives; changes in interpretations, assumptions and expectations regarding the Tax Act; and the other risk factors set forth in our other public filings with the Securities and Exchange Commission.
The consolidated operating results for the three months ended March 31, 2018, are not necessarily indicative of the results that may be experienced for any future periods. The Company cautions that the projections for calendar year 2018 set forth in this press release are given as of the date hereof based on currently available information. The Company undertakes no obligation to revise or update any , or to make any other , whether as a result of new information, future events or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006531/en/
Community Health Systems, Inc.
Thomas J. Aaron, 615-465-7000
Executive Vice President
and Chief Financial Officer
Source: Community Health Systems, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-community-health-systems-inc-announces-first-quarter-2018-results-with-net-operating-revenues-of-3-point-689-billion.html |
LANHAM, Md., May 21, 2018 /PRNewswire/ -- 2U, Inc. (Nasdaq: TWOU), a global leader in education technology, today announced that Mark Chernis, who has served on the company's board since 2009, will become its new chief operating officer.
"I've known Mark for two decades as a trusted thought partner, strategic advisor, and confidant," 2U Co-Founder and CEO Christopher "Chip" Paucek said. "As we enter an exciting new phase of growth and international expansion, Mark will bring an incredible breadth of strategic, global, and operational experience in the education sector — as well as a unique understanding of 2U — to the executive team."
"As one of the founding board members of 2U, I've had the great privilege to watch Chip and the 2U leadership team build one of the most innovative and successful companies in the education industry," Mark Chernis said. "Now, it is with great enthusiasm that I look forward to becoming an executive of 2U and working alongside them to drive continued growth and great student outcomes."
Chernis joins 2U from Pearson, a global education company with employees in more than 80 countries, where he served as senior vice president of strategic partnerships and investments. Prior to Pearson, Chernis served as the president and chief operating officer of SchoolNet, which was acquired by Pearson in 2011. At the time of the acquisition, SchoolNet was the leading provider of instructional management software serving hundreds of school districts across the United States. Before SchoolNet, Chernis was with Princeton Review serving as its president. During his more than three decades of experience in the education sector, Chernis has held key leadership positions in many functional areas, helped orchestrate dozens of strategic transactions, and served on numerous corporate boards.
Chernis attended Vassar College and has been publicly elected three times to serve on the Board of Education for the Bedford Central School District in New York.
Chernis has stepped down from 2U's board in order to take on his new role as 2U COO.
About 2U, Inc. (Nasdaq: TWOU)
2U partners with great colleges and universities to build what we believe is the world's best digital education. Our platform provides a comprehensive fusion of technology, services, and data architecture to transform high-quality and rigorous campus-based universities into the best digital versions of themselves. 2U's No Back Row® approach allows qualified students and working professionals around the world to experience a first-rate university education and successful outcomes. To learn more, visit 2U.com .
Media Contact:
Molly Greenberg, 2U, Inc.
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/mark-chernis-joins-2u-inc-as-chief-operating-officer-300652101.html
SOURCE 2U, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-mark-chernis-joins-2u-inc-as-chief-operating-officer.html |
By Sarah Gray 3:48 PM EDT
It is “unlikely” that any romaine lettuce from Yuma, Arizona — the origin of E. coli contaminated greens — remain on grocery store shelves, according to the Centers for Disease Control and Prevention , along with the Food and Drug Administration . However, consumers, farmers and retailers are still feeling the impact.
Beyond causing more than 150 people to become sick, the E. coli outbreak caused huge losses to growers, a drop in sales for retailers, and disrupted supply chains as restaurants scrambled to find romaine lettuce alternatives — and the impact could linger, according to a report from the Wall Street Journal.
“During the week of April 14 (the week the news broke), romaine dollar sales fell 20%, which pushed total lettuce performance down by double digits: iceberg lettuce dollar sales were down 19%; red leaf lettuce dollar sales fell 16%; and endive dollar sales dipped 17%,” according to a Nielsen report on National Salad Month. In May, Romaine sales fell nearly 45%, according to the WSJ, iceberg fell 22%, and red leaf fell 17%. Prices for whole heads of romaine lettuce were down 60%.
For romaine lettuce growers it meant abandoning the popular green, or shifting production out of Arizona and into other areas like California. “Trucks all across the country were dumping romaine,” Drew McDonald, vice president of quality and food safety at Taylor Farms, told the WSJ .
Retailers cleared romaine lettuce off shelves and are continuing to reassure and educate customers about the origin of their lettuce.
“It’s [cost] thousands and thousands of dollars, it could even run into the millions,” Kroger Co.’s vice president of corporate food technology and regulatory compliance, Howard Popoola, told WSJ .
Restaurants, too, have had to switch gears, change menus, and find new suppliers for different lettuce.
Selling tainted food can also be costly for retailers and restaurants. A Johns Hopkins Bloomberg School of Public Health study published in Public Health Reports in April of this year estimated that depending on the severity of the outbreak, a single foodborne illness incident can cost a fast food restaurant between $4,000 (no loss of revenue, fines or legal fees) to $1.9 million (fines, revenue lost, legal fees).
Restaurants and retailers that were hit by lawsuits related to the romaine lettuce-related E. coli outbreak include Panera Bread , and Walmart’s Sam’s Club division Taylor Farms .
“Promptly after the advisory was issued by the U.S. Centers for Disease Control and Prevention (CDC) on April 13, 2018, we removed all romaine originating from the Yuma growing region from our cafes, and began looking for a new source,” Panera said on its website, noting that it now sources its romaine lettuce from California.
The last harvest date of Yuma-grown romaine lettuce was April 16, and due to its 21-day shelf life, the FDA estimates that it is not likely to be on shelves or in restaurants. The E. coli outbreak linked to romaine lettuce killed one person, sent 75 people to the hospital, and made 172 people across across 30 states ill. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/30/romaine-lettuce-e-coli-outbreak-impacts/ |
HONG KONG (Reuters) - HSBC Holdings Plc ( HSBA.L ) said on Monday it has performed the world’s first trade finance transaction using a single blockchain platform, in a push to boost efficiency in the multi-trillion-dollar funding of international trade.
HSBC and Dutch bank ING completed the deal for Cargill last week when a shipment of soybeans was transported from Argentina to Malaysia via the global commodities trader’s Geneva and Singapore subsidiaries, the British lender said in a statement.
While there have been other trade finance deals that use blockchain in conjunction with other technologies, the Cargill transaction marked the first use of a single, shared digital application rather than multiple systems, HSBC said.
The use of blockchain technology in the banking industry is expected to reduce the risk of fraud in letters of credit (LoC) and other transactions as well as cut down on the number of steps used.
LoCs are the widely used way of financing between importers and exporters, helping guarantee more than $2 trillion worth of transactions, but the process creates a long paper trail and takes between five and 10 days to exchange documentation.
Putting all of Asia Pacific’s trade-related paperwork into electronic form could slash the time it takes to export goods by up to 44 percent and cut costs by up to 31 percent, the HSBC statement said, citing a study by the United Nations.
FILE PHOTO: The HSBC headquarters is seen in the Canary Wharf financial district in east London, Britain February 15, 2016. REUTERS/Hannah McKay “The reason why letters of credit have persisted is because of two real challenges — the absence of digital infrastructure and the challenge of coordinating multiple parties,” Vivek Ramachandran, global head of innovation and growth at HSBC’s commercial banking unit told Reuters.
“This platform helps us overcome the first and I think the technology and everyone focussed on it gives us the impetus to go after the second now with hopefully much better results than we have seen in the past.”
Ramachandran said HSBC already had another client lined up for the next similar transaction.
Banks have invested millions in developing blockchain applications in a bid to cut costs and simplify back office processes, such as the settlement of securities trades.
Blockchain uses a distributed ledger maintained by a network of computers to verify transactions, rather than a centralized system. The blockchain application used in the Cargill transaction is supported by 12 banks, which could help bring the technology to the market more broadly.
HSBC said the transaction was executed on a platform called Corda, which was developed by R3, a New York-based blockchain consortium whose members include more than 100 banks, regulators and trade associations.
Reporting by Sumeet Chatterjee; Editing by Edwina Gibbs and Sam Holmes
| ashraq/financial-news-articles | https://www.reuters.com/article/us-hsbc-blockchain/hsbc-says-performs-first-trade-finance-transaction-using-blockchain-idUSKCN1IF01X |
Updated 10 minutes ago BRIEF-Dova Pharmaceuticals Reports Qtrly Loss Per Share $0.52 Dova Pharmaceuticals Inc:
* DOVA PHARMACEUTICALS REPORTS FIRST QUARTER 2018 OPERATING AND FINANCIAL RESULTS * QTRLY LOSS PER SHARE $0.52
* Q1 EARNINGS PER SHARE VIEW $-0.47 — THOMSON REUTERS I/B/E/S | ashraq/financial-news-articles | https://www.reuters.com/article/brief-dova-pharmaceuticals-reports-qtrly/brief-dova-pharmaceuticals-reports-qtrly-loss-per-share-0-52-idUSASC0A13Y |
There’s a lot of hope in 5G networks, says analyst 3 Hours Ago Walter Piecyk, BTIG wireless research analyst, discusses CNBC’s interview with Verizon CEO Lowell McAdam about the future of 5G technology. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/theres-a-lot-of-hope-in-5g-networks-says-analyst.html |
WILL THE HOUSES of the future be decorated entirely via online shopping? A number of luxury e-tailers are bolstering their home offerings, betting on customer eagerness to buy these items with just one click. Today, fashion mega-site Yoox unveils an expanded design and art section, strengthening their position against competitors like Moda Operandi and Farfetch and home specialists like 1stDibs and Artemest.
Though Yoox has been selling design since 2006, the relaunch focuses on product exclusives and accessing a broader... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/exclusive-leading-fashion-e-tailer-yoox-relaunches-design-art-section-1526558400 |
First Lady announces "Be Best" campaign for kids 2:35am IST - 02:17
First Lady Melania Trump announced on Monday her awareness campaign called ''Be Best,'' which focuses on providing children with tools and values to promote healthy living, the use of social media in a positive way, and to support families and children affected by the opioid crisis. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
First Lady Melania Trump announced on Monday her awareness campaign called "Be Best," which focuses on providing children with tools and values to promote healthy living, the use of social media in a positive way, and to support families and children affected by the opioid crisis. 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/2FTSMGB | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/07/first-lady-announces-be-best-campaign-fo?videoId=424777058 |
Pakistan minister shot at election rally Monday, May 07, 2018 - 01:21
Pakistan's Interior Minister escapes with his life in an apparent assassination attempt on Sunday ahead of Pakistan's general elections set for July.
Pakistan's Interior Minister escapes with his life in an apparent assassination attempt on Sunday ahead of Pakistan's general elections set for July. //reut.rs/2KIxIqy | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/07/pakistan-minister-shot-at-election-rally?videoId=424607024 |
Reports $2.7M Net Income
Adjusted EBITDA Year-over-Year Growth Exceeds 100%
WALTHAM, Mass.--(BUSINESS WIRE)-- Care.com (NYSE:CRCM), the world's largest online destination for finding and managing family care, today is announcing financial results for the first quarter ended March 31, 2018.
“We had a strong first quarter of 2018, with both revenue and EBITDA exceeding our expectations – and generated an incremental $5 million in cash,” said Sheila Lirio Marcelo, Founder, Chairwoman and CEO of Care.com. “As we look ahead to 2018, we will continue to focus on initiatives that we expect will drive long-term profitable growth, with the goal of accelerating our top line in 2019 and beyond.”
Financial Results
Revenue for the first quarter of 2018 was $47.3 million, an increase of 9% from $43.4 million in the first quarter of 2017. Revenue attributable to the US Consumer offering totaled $37.1 million in the first quarter of 2018, an increase of 5% from $35.2 million in the first quarter of 2017. Revenue attributable to the Care@Work and other B2B Offerings, as well as our services in our international markets, totaled $10.2 million in the first quarter of 2018, an increase of 24% from $8.2 million in the first quarter of 2017. Net income was $2.7 million in the first quarter of 2018, compared to $0.8 million in the first quarter of 2017, an improvement of $1.9 million. Adjusted EBITDA was $6.7 million in the first quarter of 2018, compared to $3.1 million in the first quarter of 2017, an improvement of $3.6 million. GAAP EPS (Diluted) was $0.05 in the first quarter of 2018, compared to $0.01 in the first quarter of 2017. Q1 GAAP EPS (Diluted) was based on 33.3 million weighted average diluted shares outstanding versus 31.3 million in the first quarter of 2017. Non-GAAP EPS (Diluted) was $0.19 in the first quarter of 2018, compared to $0.07 in the first quarter of 2017. Note that Non-GAAP EPS excludes the impact of non-cash stock-based compensation, adjustments relating to preferred stock and other non-recurring items, such as M&A expenses and restructuring costs. The Company ended the quarter with $107.0 million in cash and cash equivalents and short-term investments.
Business Highlights
Our total members grew 18% to 28.4 million at the end of Q1 FY’18, compared to 24.0 million in the same period of 2017. Total families grew to 16.2 million at the end of Q1 FY’18, an increase of 19% over the same period of 2017, and total caregivers grew to 12.2 million at the end of Q1 FY’18, an increase of 17% over the same period of 2017.
Financial Expectations
Q2 2018 Guidance Full Year 2018 Guidance Revenue $ 45.7 - $ 46.0 $ 191.0 - $ 193.0 Adjusted EBITDA $ 5.0 - $ 5.3 $ 31.0 - $ 32.0 Non-GAAP EPS ~$0.10 $ 0.65 - $ 0.67 Figures in millions except for Non-GAAP EPS Q2 Non-GAAP EPS based on approximately 38 million weighted average dilutive shares
FY'18 full year Non-GAAP EPS based on approximately 40 million weighted average diluted shares
Future GAAP Net Income and GAAP EPS may be significantly affected by changes in ongoing assumptions and judgments, and may also be affected by non-recurring, unusual or unanticipated charges, expenses or gains, which we are not able to estimate and which therefore are excluded in the calculation of the Company’s non-GAAP EPS guidance as described in this press release. Due to the nature of any such items, we are not able to estimate their significance, and it is therefore currently not practical to reconcile adjusted EBITDA and non-GAAP EPS guidance to the most comparable GAAP measure.
Earnings Teleconference Information
The Company will host a conference call at 8:00 AM ET today to discuss these results. The conference call will be accessible at (877) 407-4018 or (201) 689-8471 (International). The call will also be broadcast simultaneously at http://investors.care.com . Following completion of the call, a recorded replay of the webcast will be available on Care.com’s website. To listen to the telephone replay, call toll-free (844) 512-2921 or (412) 317-6671 (International), conference ID# 13678436. The telephone replay will be available from 11:00 AM ET May 8 through 11:59 PM ET May 15, 2018. Additional investor information can be accessed at http://investors.care.com .
About Care.com
Since launching in 2007, Care.com (NYSE: CRCM) has been committed to solving the complex care challenges that impact families, caregivers, employers, and care service companies. Today, Care.com is the world’s largest online destination for finding and managing family care, with 16.2 million families and 12.2 million caregivers* across more than 20 countries, including the U.S., UK, Canada and parts of Western Europe, and approximately 1.4 million employees of corporate clients having access to our services. Spanning child care to senior care, pet care, housekeeping and more, Care.com provides a sweeping array of services for families and caregivers to find, manage and pay for care or find employment. These include: a comprehensive suite of safety tools and resources members may use to help make more informed hiring decisions - such as third-party background check services, monitored messaging, and tips on hiring best practices; easy ways for caregivers to be paid online or via mobile app; and Care.com Benefits, including the household payroll and tax services provided by Care.com HomePay and the Care Benefit Bucks program, a peer-to-peer pooled, portable benefits platform funded by household employer contributions which provides caregivers access to professional benefits. For enterprise clients, Care.com builds customized benefits packages covering child care, back up care and senior care consulting services through its Care@Work business, and serves care businesses with marketing and recruiting support. Headquartered in Waltham, Massachusetts, Care.com has offices in Berlin, Austin and the San Francisco Bay area.
*As of March 2018
Cautionary Language Concerning Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the expected results of product investments and initiatives, anticipated revenue growth, and the Company’s financial guidance for the second quarter of 2018 and full year 2018.
These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “plan,” "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," “designed,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: our ability to grow our membership while leveraging our investment in sales and marketing, our success in converting non-paying members to paying members and extending the length of time that paying members continue to pay for our services, our ability to cross-sell new and existing products and services to our members and to develop new products and services that members consider valuable, our ability to protect our brand and maintain our reputation among our members, and other risks detailed in the Company's other publicly available filings with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent the Company's views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. The Company undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.
Use of Non-GAAP Financial Measures
To supplement the financial measures presented in the Company’s press release and related conference call or webcast in accordance with accounting principles generally accepted in the United States ("GAAP"), we also present the following non-GAAP measures of financial performance: adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share (“EPS”).
A “non-GAAP financial measure” refers to a numerical measure of the Company’s historical or future financial performance, financial position, or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the Company’s financial statements. The Company provides certain non-GAAP measures as additional information relating to its operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of the Company’s liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare the Company’s performance to that of other companies.
The Company has presented: adjusted EBITDA, non-GAAP net income and non-GAAP EPS as non-GAAP financial measures in this press release. We define adjusted EBITDA as income, which excludes the accretion of preferred stock dividends and issuance costs, as well as: federal, state and franchise taxes, other income (expense), net, depreciation and amortization, stock-based compensation, accretion of contingent consideration, merger and acquisition related costs, and other unusual or non-cash significant adjustments, such as impairment and restructuring charges. Adjusted EBITDA eliminates the effects of financing, income taxes and the accounting effects of capital spending, which is based on the Company's estimate of the useful life of tangible and intangible assets. We define non-GAAP net income as income which excludes the accretion of preferred stock dividends, plus stock-based compensation, accretion of contingent consideration, merger and acquisition related costs, and other unusual or non-cash significant adjustments such as impairment and restructuring charges. We define non-GAAP EPS as non-GAAP net income divided by diluted weighted-average shares outstanding, using the treasury stock method.
The Company believes the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are either not part of the Company's core operations or do not require a cash outlay, such as stock-based compensation. Care.com’s management uses these non-GAAP financial measures when evaluating the Company’s operating performance and for internal planning and forecasting purposes. The Company believes that these non-GAAP financial measures help indicate underlying trends in the Company’s business, are important in comparing current results with prior period results, and are useful to investors and financial analysts in assessing the Company’s operating performance.
Care.com, Inc. Consolidated Balance Sheets (in thousands) March 31, 2018
December 30, 2017
Assets (unaudited) Current assets: Cash and cash equivalents $ 91,887 $ 86,728 Short-term investments 15,099 15,000 Accounts receivable (net of allowance of $102 and $102, respectively) (1) 6,284 5,171 Unbilled accounts receivable (2) 5,524 5,454 Prepaid expenses and other current assets 7,423 4,883 Total current assets 126,217 117,236 Property and equipment, net 3,574 3,651 Intangible assets, net 2,164 1,142 Goodwill 65,643 60,281 Other non-current assets 2,434 2,066 Total assets $ 200,032 $ 184,376 Liabilities, redeemable convertible preferred stock, and stockholders' equity Current liabilities: Accounts payable (3) $ 2,428 $ 1,873 Accrued expenses and other current liabilities (4) 18,484 17,086 Deferred revenue (5) 23,201 18,626 Total current liabilities 44,113 37,585 Non-current contingent acquisition consideration 894 - Deferred tax liability 1,330 1,292 Other non-current liabilities 5,980 5,779 Total liabilities 52,317 44,656 Series A Redeemable Convertible Preferred Stock, $0.001 par value; 46 shares designated; 46 shares issued and outstanding at
March 31, 2018 and December 30, 2017; at aggregate liquidation and redemption value at March 31, 2018 and December 30, 2017
50,939 50,259 Stockholders' equity Preferred Stock: $0.001 par value - authorized 5,000 shares at March 31, 2018 and December 30, 2017, respectively
- - Common stock, $0.001 par value; 300,000 shares authorized; 30,833 and 30,390 shares issued and outstanding at March 31,
2018 and December 30, 2017 respectively
31 30 Additional paid-in capital 270,314 266,030 Accumulated deficit (174,315 ) (177,145 ) Accumulated other comprehensive income
746 546 Total stockholders' equity 96,776 89,461 Total liabilities, redeemable convertible preferred stock, and stockholders' equity $ 200,032 $ 184,376 (1) Includes accounts receivable due from related party of $440 and $307 at March 31, 2018 and December 30, 2017
(2) Includes unbilled accounts receivable due from related party of $358 and $222 at March 31, 2018 and December 30, 2017
(3) Includes accounts payable due to related party of $268 and $128 at March 31, 2018 and December 30, 2017
(4) Includes accrued expenses and other current liabilities due to related party of $1,005 and $542 at March 31, 2018 and December 30, 2017
(5) Includes deferred revenue associated with related party of $138 and $2 at March 31, 2018 and December 30, 2017
Care.com, Inc. Consolidated Statement of Operations (in thousands, except per share data) Three Months Ended March 31, 2018
April 1, 2017
(unaudited) Revenue (1) $ 47,325 $ 43,366 Cost of revenue 9,443 8,766 Operating expenses: Selling and marketing (2) 16,857 19,197 Research and development 8,288 5,989 General and administrative 10,467 8,255 Depreciation and amortization 418 424 Restructuring charges 462 - Total operating expenses 36,492 33,865 Operating income 1,390 735 Other income, net 562 301 Income before income taxes 1,952 1,036 (Benefit from) provision for income taxes
(745 ) 212 Net income 2,697 824 Accretion of Series A Preferred Stock dividends (680 ) (602 ) Net income attributable to Series A Redeemable Convertible Preferred Stock (276 ) (30 ) Net income attributable to common stockholders $ 1,741 $ 192 Net income per share attributable to common stockholders (Basic): $ 0.06 $ 0.01 Net income per share attributable to common stockholders (Diluted): $ 0.05 $ 0.01 Weighted-average shares used to compute net income per share attributable to common stockholders: Basic
30,551 29,149 Diluted 33,344 31,282 (1) Includes related party revenue of $637 and $392 for the three months ended March 31, 2018 and April 1, 2017, respectively.
(2) Includes related party expenses of $3,036 and $3,699 for the three months ended March 31, 2018 and April 1, 2017, respectively.
Care.com, Inc. Consolidated Statement of Cash Flows (in thousands) Three Months Ended
March 31, 2018
April 1, 2017
(unaudited) Cash flows from operating activities Net income $ 2,697 $ 824 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 3,712 1,603 Depreciation and amortization 463 601 Deferred income taxes (830 ) 146 Foreign currency remeasurement (gain) loss (437 ) 240 Changes in operating assets and liabilities, net of effects from acquisitions: Accounts receivable (1,099 ) (2,986 ) Unbilled accounts receivable (67 ) 679 Prepaid expenses and other current assets (928 ) (921 ) Other non-current assets 18 - Accounts payable 545 (707 ) Accrued expenses and other current liabilities 614 1,625 Deferred revenue 4,428 3,462 Other non-current liabilities 327 19 Net cash provided by operating activities 9,443 4,585 Cash flows from investing activities Purchases of property and equipment and software (144 ) (271 ) Payments for acquisitions, net of cash acquired (5,000 ) - Purchases of short-term investment (15,099 ) (15,000 ) Sale of short-term investement 15,000 15,000 Net cash used in investing activities (5,243 ) (271 ) Cash flows from financing activities Proceeds from exercise of common stock options 868 1,330 Net cash provided by financing activities 868 1,330 Effect of exchange rate changes on cash and cash equivalents 91 (421 ) Net increase in cash, cash equivalents, and restricted cash 5,159 5,223 Cash, cash equivalents and restricted cash, beginning of the period 86,728 61,094 Cash, cash equivalents and restricted cash, end of the period $ 91,887 $ 66,317 Care.com, Inc. Reconciliation of Adjusted EBITDA & Non-GAAP Net Income (in thousands, except per share data) Three Months Ended March 31, 2018
April 1, 2017
(unaudited) Net income $ 2,697 $ 824 Federal, state and franchise taxes (439 ) 294 Other income, net (562 ) (301 ) Depreciation and amortization 463 601 EBITDA 2,159 1,418 Stock-based compensation 3,712 1,603 Merger and acquisition related costs 176 - Restructuring related costs 462 - Litigation related costs - 75 Software implementation costs 153 - Severance related costs 67 31 Adjusted EBITDA $ 6,729 $ 3,127 Add back for Non-GAAP Net Income Federal, state and franchise taxes 439 (294 ) Other income, net 562 301 Depreciation and amortization (463 ) (601 ) Non-GAAP net income $ 7,267 $ 2,533 Non-GAAP net income per share: Basic $ 0.24 $ 0.09 Diluted $ 0.19 $ 0.07 Weighted-average shares used to compute non-GAAP net income per share :
Basic 30,551 29,149 Diluted 38,195 35,878 Care.com, Inc. Reconciliation of Non-GAAP EPS (in thousands, except per share data) Three Months Ended March 31, 2018
April 1, 2017
(unaudited) Weighted-average shares used to compute net income per share: Diluted 38,195 35,878 Net income per share (Diluted): Net income per share attributable to common stockholders $ 0.05 $ 0.01 Impact on net income per share of Series A related costs 0.03 0.02 Adjusted net income per share $ 0.07 $ 0.02 Stock-based compensation 0.10 0.04 Merger and acquisition related costs 0.00 - Restructuring related costs 0.01 - Litigation related costs - 0.00 Software implementation costs 0.00 - Severance related costs 0.00 0.00 Non-GAAP net income per share - diluted $ 0.19 $ 0.07 Care.com, Inc. Supplemental Data (in thousands, except monthly average revenue per member) Period Ended March 31, 2018
April 1, 2017
Total members
28,420 24,030 Total families
16,195 13,593 Total caregivers
12,225 10,437 Paying families - US Consumer Business 299 292 Period Ended March 31, 2018
April 1, 2017
Monthly Average Revenue per Paying Family
US Consumer Business $ 40
$ 41
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005518/en/
ICR, Inc.
Investor Relations:
Marc P. Griffin, 781-795-7244
[email protected]
Source: Care.com | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-care-com-announces-first-quarter-2018-financial-results.html |
DILI (Reuters) - A coalition of East Timor’s opposition parties, including a party led by independence hero Xanana Gusmao, was heading for victory on Sunday in an election held after months of deadlock in the tiny Southeast Asian nation’s parliament.
East Timorese line up to cast their vote in a general election at a polling station in Dili, East Timor, May 12, 2018. REUTERS/Lirio Da Fonseca With more than 99 percent of votes counted in Saturday’s poll, the Alliance of Change for Progress (AMP) was leadingwith 49.59 percent of the total, according to the latest count by the state election administration.
The AMP, a coalition of Gusmao’s National Congress for Timorese Reconstruction (CNRT) and two other parties, was on track to secure 34 of the 65 seats in parliament.
The Fretilin party of outgoing Prime Minister Mari Alkatiri was on 34.18 percent of votes.
Official results are not due until May 27, but a senior AMP official said it looked certain that it had won.
“This victory is not a gift, but it is a mandate that people give us to work for them,” said the official, declining to be named and urging supporters not to celebrate excessively.
Fretilin officials could not immediately be reached for comment.
Election officials begin to count votes during a general election in Dili, East Timor, May 12, 2018. REUTERS/Lirio Da Fonseca The election campaign had been marred by sporadic violence, though East Timor has been largely peaceful in recent years following recurrent bouts of political instability that it suffered after independence from Indonesia in 2002.
The 2017 parliamentary election produced no clear winner, with the Fretilin party winning just 0.2 per cent more votes than CNRT, and forming a minority government.
East Timor President Francisco “Lu Olo” Guterres dissolved parliament earlier this year and called for fresh elections, the fifth parliamentary election since independence from Indonesia in 2002.
Former president and prime minister Gusmao could not immediately be reached on Sunday, but after casting his vote a day earlier had said he expected the election to end the political deadlock.
Asia’s youngest democracy has struggled to alleviate poverty, stamp out corruption and develop its rich oil and gas resources. The energy sector accounted for around 60 percent of GDP in 2014 and more than 90 percent of government revenue.
Candidates in the election had campaigned on promises to develop education and healthcare and boost the agriculture and tourism sectors.
More than 700,000 East Timorese were registered to vote in the country, which has a land area slightly smaller than Hawaii and is home to 1.2 million people.
Reporting by Nelson de la Cruz; Writing by Ed Davies; Editing by Eric Meijer
| ashraq/financial-news-articles | https://www.reuters.com/article/us-timor-election/east-timor-opposition-coalition-heads-for-victory-in-election-idUSKCN1IE0EJ |
May 7 (Reuters) - Thinkingdom Media Group Ltd :
* Says it will pay cash dividend of 0.6 yuan(before tax)/A share for 2017 to shareholders of record on May 11
* The company’s shares will be traded ex-right and ex-dividend on May 14 and the dividend will be paid on May 14
Source text in Chinese: goo.gl/ZeCRX8
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-thinkingdom-media-group-to-pay-a-s/brief-thinkingdom-media-group-to-pay-a-shares-div-for-fy-2017-on-may-14-idUSL3N1SE356 |
May 6 (Reuters) - ARAB BANKING CORPORATION:
* APPOINTS ALEX LEENEN AS GROUP CHIEF OPERATING OFFICER Source:( bit.ly/2FO2B96 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bank-abc-appoints-alex-leenen-as-g/brief-bank-abc-appoints-alex-leenen-as-group-chief-operating-officer-idUSFWN1SD02W |
23 & Me disrupts genetic testing 1 Hour Ago Anne Wojcicki, Co-founder & CEO of 23 & Me, discusses her company's next big thing and its place on the Disruptor 50. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/23-me-disrupts-genetic-testing.html |
EU data law is fresh ammo for Facebook's nemesis 6:38am BST - 02:15
Long before most of us grasped how big tech firms could use our data, Austrian lawyer Max Schrems was on the case. He spent much of his twenties suing Facebook, and now he's gearing up for another battle using the EU's strict new GDPR data law. Lucy Fielder reports.
Long before most of us grasped how big tech firms could use our data, Austrian lawyer Max Schrems was on the case. He spent much of his twenties suing Facebook, and now he's gearing up for another battle using the EU's strict new GDPR data law. Lucy Fielder reports. //reut.rs/2GOpoSB | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/25/eu-data-law-is-fresh-ammo-for-facebooks?videoId=430103338 |
May 6 (Reuters) - SUMER COMMERCIAL BANK:
* Q1 PROFIT 781.7 MILLION DINARS * Q1 TOTAL REVENUE 3.63 BILLION DINARS Source:( bit.ly/2KGxq3d ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sumer-commercial-bank-posts-q1-pro/brief-sumer-commercial-bank-posts-q1-profit-of-781-7-mln-dinars-idUSFWN1SD004 |
Kevin Harvick has dominated NASCAR this season, and there was no reason to think he wouldn’t do it again at Saturday night’s All-Star Race at Charlotte Motor Speedway in Concord, N.C.
On a restart with two laps to go, Harvick chose the outside lane, and the help of Ford stablemate Joey Logano pushed him past Daniel Suarez and into the lead.
That move was worth a cool $1 million when Harvick held off Suarez for his second victory in the All-Star Race.
“Our car was super fast and would accelerate well, and I just felt like if we could get to Turn 2 even we could take it on the backstretch,” Harvick said after the race on FS1.
And that’s how it unfolded, which for Suarez was bittersweet.
“It was not bad, but it hurts to be close and not win it,” he said on FS1.
But the biggest winner could be NASCAR after the way the cars ran against each other at Charlotte Motor Speedway. In fact, it might be worth a fortune to the sport’s sagging ratings and reputation.
A race package that had restrictor plates being used as well as a taller spoilers led to hard racing all over the track, if not necessarily always at the front, but even so the lead car couldn’t just check out and run away. That’s been lacking at 1.5-mile tracks such as Charlotte for years.
That package will not be used next week for the 600-miler at Charlotte or for the rest of the year because of an agreement with the race teams, but might be used in 2019 and beyond.
But fans may be clamoring, even demanding, the change before they go to sleep. Social media was decidedly in favor of the new package after the events.
And one track similar to Charlotte seemed convinced, with Texas Motor Speedway’s twitter account showing, complete with a begging kitten GIF, “@NASCAR, one #AllStarRace package plz.”
Harvick, winner of five points-paying races this season, took the first 30-lap segment of the race, holding off Martin Truex Jr. as the laps wound down.
Kyle Busch took Stage 2 with Suarez second after another 20 laps. Real drama started to unfold near the end of Stage 3 as Alex Bowman wrecked with two of the 20 laps to go to bring out a caution.
That left drivers and teams to decide if they should pit for fresh tires with the overtime shootout to end Stage 3 and then the final 10 laps of the race, or stay out for track position.
Another crash meant double-overtime to end Stage 3, with Truex, Clint Bowyer, Kurt Busch and Brad Keselowski taken out of contention in the wreck.
Harvick passed Suarez on the outside of Turn 4 on the final lap of Stage 3 to take it, setting up the final 10-lap sprint to the finish.
Bowman, Suarez and A.J. Allmendinger advanced out of the All-Star Open, held earlier to allow those not already in the big race to get in to the All-Star Race. Chase Elliott got in via the fan vote for the third year in a row.
Bowman won the first stage of the Open, Suarez the second and Allmendinger took the overall honors after the stages of 20 laps, 20 laps and the final 10 were done.
That set up the big event, run in four stages with nothing on the line but $1 million to the winner. How much of that million the drivers see is based on their contracts with their team, as the purse is paid to the team.
Elliott, likely to take the mantle of NASCAR’s most popular driver now that Dale Earnhardt Jr. has retired, was thankful.
“Hopefully this time next year we will be in the big show and we don’t have to worry about it,” Elliott said of the fan vote. “... Being the third year in a row, that does mean a lot to me. It is pretty special as a racer that the folks at home voting have my back like that.”
Elliott finished fifth in the All-Star Race.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/motorer-nascar-recap/harvick-continues-strong-season-with-all-star-win-idUSMTZEE5K0A9DVX |
Transaction expected to create significant shareholder value
CINCINNATI & CHICAGO--(BUSINESS WIRE)-- Fifth Third Bancorp (Nasdaq: FITB; www.53.com ) and MB Financial, Inc. (Nasdaq: MBFI; www.mbfinancial.com ) jointly announced today the signing of a definitive merger agreement under which MB Financial, Inc. (“MB Financial”) will merge with Fifth Third Bancorp (“Fifth Third”) in a transaction valued at approximately $4.7 billion. Approximately 90 percent of the consideration will be in stock with the rest in cash.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180521005418/en/
Based on the closing price of Fifth Third’s common shares on May 18, 2018, common shareholders of MB Financial will receive $54.20 of total consideration, consisting of 1.45 shares of Fifth Third common stock and $5.54 in cash for each share of MB Financial common stock. The consideration implies a premium of approximately 24 percent to MB Financial’s closing share price on May 18, 2018. In conjunction with the closing of the transaction, two members of MB Financial’s Board of Directors are expected to join the Fifth Third Bancorp Board.
Chicago-based MB Financial is the holding company for MB Financial Bank, N.A. MB Financial has approximately $20 billion in assets with a history of successfully serving the Chicago market for over 100 years. MB Financial is well recognized as a leader in serving middle-market customers, for its strong deposit franchise, and for its customer centric corporate culture.
The merger will result in a total Chicago deposit market share of 6.5 percent, ranking the combined company fourth in total deposits and second in estimated retail deposits among the nearly 200 banks in the marketplace. Additionally, the combined company will have a 20 percent share of middle market relationships in Chicago, ranking it second.
“There were no other potential partners of the same caliber as MB Financial in the Chicago market, and we are very pleased to reach an agreement to merge our companies. We view MB Financial as a unique partner in our efforts to build scale in this strategically important market. Customers of both banks will benefit from greater convenience and the complementary capabilities that our banks, together, can offer,” said Greg D. Carmichael, chairman, president and CEO of Fifth Third Bancorp.
“In addition to its strategic importance, this merger is expected to drive significant financial benefits. We expect our investment to generate an IRR of approximately 18.5 percent and to be accretive to our operating EPS in the first year, with accretion of nearly 7 percent in the second year, once cost savings are fully realized. Furthermore, we not only expect the merger to accelerate our progress towards our NorthStar financial targets but also raise them above our previous guidance,” Carmichael added.
“This merger also allows us to leverage MB Financial’s talented management team. That begins with the selection of Mitch Feiger as Chairman and CEO for our Chicago region, and we expect it to include other key members of the MB Financial leadership team. On a combined basis, we will have the best talent in the market,” Carmichael commented.
“Teaming up with Fifth Third allows us to leverage our complementary capabilities for the benefit of our customers and the communities we serve,” said Mitchell Feiger, president and CEO of MB Financial. “I am very excited to lead the combined organization in Chicago. Our commercial expertise and strong credit culture complement the strengths of Fifth Third in large corporate lending, capital markets, wealth management and the payments business. Both organizations are committed to a successful integration.”
“We both have a history of keeping the customer at the center of all we do and improving lives in the communities we serve. We are proud that both Fifth Third and MB Financial have received ‘Outstanding’ performance evaluations under the Community Reinvestment Act,” Feiger further added.
Over the last two years, Fifth Third has invested $1.9 billion in the Chicago region, ahead of the originally planned pace of its five-year Community Commitment. As a result of the combination, Fifth Third plans to further increase its Chicago area commitment, after consultation with its Community Advisory Forum.
The transaction is expected to reduce Fifth Third’s regulatory common equity Tier 1 (CET1) ratio by approximately 45 basis points. The pro forma tangible common equity to tangible assets (TCE) ratio of the combined entity is projected to be 8.2 percent at closing.
Fifth Third intends to complete its 2017 CCAR buyback plan by repurchasing up to $235 million of its shares of common stock before the beginning of the proxy solicitation in connection with the MB Financial shareholder vote on the transaction, and, subject to regulatory approvals, may repurchase additional shares after the vote. The timing and amount of this repurchase activity is subject to market conditions and applicable securities laws.
The transaction is subject to the satisfaction of all customary closing conditions, including regulatory approvals as well as the approval of MB Financial shareholders.
Citi served as financial advisor and Simpson Thacher & Bartlett LLP served as legal advisor to Fifth Third. Sandler O’Neill + Partners served as financial advisor and Silver Freedman, Taff & Tiernan LLP and Vedder Price served as legal counsel to MB Financial.
Conference Call/Webcast Information
Fifth Third’s management team and MB Financial‘s CEO Mitch Feiger will host a conference call at 9:00 AM ET (8:00 AM CT) on May 21, 2018, to discuss the strategic and financial implications of the business combination. The call may be accessed via webcast through the Fifth Third Investor Relations website at www.53.com , under the Investor Events section. Those unable to listen to the live call may access a webcast replay through the Fifth Third Investor Relations website. Additionally, a telephone replay of the conference call will be available until approximately June 6, 2018 by dialing (800) 585-8367 for domestic access or (404) 537-3406 for international access (passcode 4869329#). Materials may be accessed through the Investor Relations section of Fifth Third’s website at approximately 6:30 AM ET (5:30 AM CT).
About Fifth Third Bancorp (Nasdaq: FITB)
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of March 31, 2018, the Company had $142 billion in assets and operated 1,153 full-service Banking Centers and 2,459 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to more than 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2018, had $363 billion in assets under care, of which it managed $37 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com . Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Member FDIC.
About MB Financial, Inc. (Nasdaq: MBFI)
MB Financial, Inc. is the Chicago-based holding company for MB Financial Bank, which has approximately $20 billion in assets and a more than one hundred year history of building deep and lasting relationships with middle-market companies and individuals. MB offers a full range of powerful financial solutions and the expertise and experience of bankers who are focused on their clients’ success. Learn more about MB Financial, Inc. at http://mbfinancial.com
IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed merger, Fifth Third Bancorp will file with the SEC a Registration Statement on Form S-4 that will include the Proxy Statement of MB Financial, Inc. and a Prospectus of Fifth Third Bancorp, as well as other relevant documents concerning the proposed transaction. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
A free copy of the Proxy Statement/Prospectus, as well as other filings containing information about Fifth Third Bancorp and MB Financial, Inc., may be obtained at the SEC’s Internet site ( http://www.sec.gov ). You will also be able to obtain these documents, free of charge, from Fifth Third Bancorp at ir.53.com or from MB Financial, Inc. by accessing MB Financial, Inc.’s website at investor.mbfinancial.com . Copies of the Proxy Statement/Prospectus can also be obtained, free of charge, by directing a request to Fifth Third Investor Relations at Fifth Third Investor Relations, MD 1090QC, 38 Fountain Square Plaza, Cincinnati, OH 45263, by calling (866) 670-0468, or by sending an e-mail to [email protected] or to MB Financial, Attention: Corporate Secretary, at 6111 North River Road, Rosemont, Illinois 60018, by calling (847) 653-1992 or by sending an e-mail to [email protected] .
Fifth Third Bancorp and MB Financial, Inc. and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of MB Financial, Inc. in respect of the transaction described in the Proxy Statement/Prospectus. Information regarding Fifth Third Bancorp’s directors and executive officers is contained in Fifth Third Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2017 and its Proxy Statement on Schedule 14A, dated March 6, 2018, which are filed with the SEC. Information regarding MB Financial, Inc.’s directors and executive officers is contained in its Proxy Statement on Schedule 14A filed with the SEC on April 3, 2018. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy Statement/Prospectus regarding the proposed merger when it becomes available. Free copies of this document may be obtained as described in the preceding paragraph.
FORWARD-LOOKING STATEMENTS
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, Fifth Third Bancorp’s and MB Financial, Inc.’s expectations or predictions of future financial or business performance or conditions. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “plan,” “predict,” “project,” “forecast,” “guidance,” “goal,” “objective,” “prospects,” “possible” or “potential,” by future conditional verbs such as “assume,” “will,” “would,” “should,” “could” or “may”, or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made and we assume no duty to update forward-looking statements. Actual results may differ materially from current projections.
In addition to factors previously disclosed in Fifth Third Bancorp’s and MB Financial, Inc.’s reports filed with or furnished to the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the ability to obtain regulatory approvals and meet other closing conditions to the merger, including approval of the merger by MB Financial, Inc.’s stockholders on the expected terms and schedule, including the risk that regulatory approvals required for the merger are not obtained or are obtained subject to conditions that are not anticipated; delay in closing the merger; difficulties and delays in integrating the businesses of MB Financial, Inc. or fully realizing cost savings and other benefits; business disruption following the merger; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer acceptance of Fifth Third Bancorp’s products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005418/en/
Fifth Third Bancorp
Sameer Gokhale (Investors)
513-534-2219
or
Larry Magnesen (Media)
513-534-8055
Source: Fifth Third Bancorp and MB Financial, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-fifth-third-bancorp-to-merge-with-mb-financial-inc-creating-a-leading-retail-and-commercial-franchise-in-the-attractive.html |
May 30, 2018 / 4:40 PM / Updated 11 minutes ago Ukraine president says will protect Russian journalist after plot Reuters Staff 1 Min Read
KIEV (Reuters) - Ukraine will provide protection to the Russian journalist who was the target of an assassination plot by the Russian security services, President Petro Poroshenko said on Wednesday. Russian journalist Arkady Babchenko, who was reported murdered in the Ukrainian capital on May 29, attends a news briefing by the Ukrainian state security service in Kiev, Ukraine May 30, 2018. REUTERS/Valentyn Ogirenko
Ukraine said it had foiled a plot to kill Kremlin critic Arkady Babchenko, who was declared murdered and then later turned up alive in the middle of a press briefing about the killing. Russia said Ukraine had used Babchenko as a propaganda tool.
“Ukrainian law enforcement agencies are becoming stronger every day in countering Russian aggression,” Poroshenko said on Twitter. “It is unlikely that Moscow will calm down — I’ve given an order to provide Arkady and his family with protection.” Reporting by Pavel Polityuk; Writing by Matthias Williams; Editing by Catherine Evans | ashraq/financial-news-articles | https://in.reuters.com/article/ukraine-russia-journalist-president/ukraine-president-says-will-protect-russian-journalist-after-plot-idINKCN1IV28Z |
SHOAL CREEK, Ala. (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
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-women-uschamp-reopen/golf-soggy-shoal-creek-opens-for-practice-ahead-of-u-s-womens-open-idUSKCN1IV2PS |
TMX Group Ltd:
* TMX GROUP ANNOUNCES ORGANIZATIONAL CHANGE * TMX GROUP LTD - JEAN DESGAGNÉ, CEO, TMX GLOBAL SOLUTIONS, INSIGHTS AND ANALYTICS STRATEGIES HAS LEFT CO
* TMX GROUP LTD - GOING FORWARD, JEAN’S FORMER POSITION WILL NOT BE REPLACED Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tmx-group-announces-organizational/brief-tmx-group-announces-organizational-change-idUSFWN1SN0W4 |
VANCOUVER, British Columbia, May 02, 2018 (GLOBE NEWSWIRE) -- Western Forest Products Inc. (TSX:WEF) (“Western” or the “Company”) announced today that its Board of Directors has approved an increase of 12.5% in the quarterly dividend to $0.0225 per common share outstanding.
Western confirms that a quarterly dividend of $0.0225 per share will be paid on June 15, 2018 to shareholders of record at the close of business on June 1, 2018.
The dividend will return a portion of the Company’s cash to shareholders, after taking into consideration the Company’s liquidity and ongoing capital needs. The Company will continue to balance returning capital to shareholders while considering future internal and external growth opportunities. The Board of Directors will review the amount of the dividend on a quarterly basis. This dividend qualifies as an “eligible dividend” for Canadian income tax purposes.
About Western Forest Products Inc.
Western is an integrated Canadian forest products company and the largest coastal British Columbia timberlands operator and lumber producer. The Company has an annual available harvest greater than 6 million cubic metres of timber, of which approximately 5.8 million cubic metres is from Crown lands. Western has a lumber capacity in excess of 1.1 billion board feet from seven sawmills. Principal activities of the Company include timber harvesting, sawmilling logs into specialty lumber, and value added remanufacturing. With operations and employees primarily on the coast of British Columbia and one location in Washington State, Western is a premier supplier of high-value, specialty forest products to markets worldwide.
Forward-looking Statements
This press release contains statements that may constitute forward-looking statements under the applicable securities laws. Readers are cautioned against placing undue reliance on forward-looking statements. All statements herein, other than statements of historical fact, may be forward-looking statements and can be identified by the use of words such as “will” and similar references to future periods. Forward-looking statements in this press release include, but are not limited to, statements relating to the fact that all conditions for the payment of the dividend will be met and that such dividend will continue to be an “eligible dividend”, as defined in the Income Tax Act (Canada). Although such statements reflect management’s current reasonable beliefs, expectations and assumptions, there can be no assurance that forward-looking statements are accurate, and actual results or performance may materially vary. Many factors could cause our actual results or performance to be materially different, including a change in the Company’s financial situation and other factors referenced under the “Risks and Uncertainties” section of our MD&A in our 2017 Annual Report dated February 15, 2018.
For further information, please contact:
Stephen Williams,
Executive Vice President & Chief Financial Officer
(604) 648-4500
Source: Western Forest Products Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-western-forest-products-inc-increases-dividend.html |
WILMINGTON, Del., May 22, 2018 /PRNewswire/ -- The Chemours Company ("Chemours") (NYSE: CC), a global chemistry company with leading market positions in fluoroproducts, chemical solutions and titanium technologies, today announced the pricing of the previously announced registered underwritten public offering of €450 million in aggregate principal amount of 4.000% Senior Notes due 2026 at a public offering price of 100.000% of the principal amount. The offering is expected to close on or about June 6, 2018, subject to customary closing conditions.
The net proceeds of the offering, together with cash on hand, are expected to be used (i) to fund the purchase price and accrued and unpaid interest for up to $250 million of Chemours' outstanding 6.625% senior notes due 2023 (the "existing 2023 dollar notes") and any and all of Chemours' outstanding 6.125% senior notes due 2023 (the "existing 2023 euro notes" and, together with the existing 2023 dollar notes, the "existing 2023 notes") validly tendered and accepted for payment pursuant to Chemours' previously announced cash tender offers for up to $250 million of the existing 2023 dollar notes and any and all existing 2023 euro notes (the "Tender Offers"), (ii) to the extent applicable, to fund the redemption price and accrued and unpaid interest for any existing 2023 euro notes that remain outstanding after the completion or termination of the Tender Offers, and (iii) the remaining net proceeds, if any, for general corporate purposes.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays Capital Inc., Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., RBC Capital Markets, LLC, BofA Merrill Lynch and Deutsche Bank Securities Inc. are acting as joint book running managers for the offering. The public offering is being made by means of a prospectus supplement. Chemours has filed a shelf registration statement (including a prospectus) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates.
You may review these documents for free by visiting EDGAR on the SEC's website, at www.sec.gov . Alternatively, these documents may be obtained from Citigroup Global Markets Inc. by calling toll-free at 1-800-831-9146; from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by calling (866) 803-9204; from Barclays Capital Inc., Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: [email protected] , or by calling toll free: 1-888-603-5847; from Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York 10010, telephone: 1-800-221-1037, or email: [email protected] ; from HSBC Securities (USA) Inc. by calling toll-free at 866-811-8049; from RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor New York, New York 10281, Attention: Leveraged Capital Markets; or by telephone at 1-877-280-1299; from BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or e-mail [email protected] ; or from Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10005, telephone: 1-800-503-4611, or email: [email protected] .
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Such an offer can only be made by delivery of a prospectus and prospectus supplement, if applicable, that have been filed with the SEC. This press release is not an offer to purchase or the solicitation of an offer to sell any of the existing 2023 notes. The Tender Offers referenced herein are being made only by and pursuant to the terms of the applicable Offer to Purchase and Consent Solicitation Statement, with respect to the existing 2023 dollar notes, and a related Letter of Transmittal and Consent. The statements in this press release with respect to the redemptions of the existing 2023 notes do not constitute notices of redemption under the indentures governing the existing 2023 notes. Any such notices have or will be sent to holders of existing 2023 notes only in accordance with the provisions of such indentures.
About The Chemours Company
The Chemours Company (NYSE: CC) helps create a colorful, capable and cleaner world through the power of chemistry. Chemours is a global leader in fluoroproducts, chemical solutions and titanium technologies, providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. Chemours ingredients are found in plastics and coatings, refrigeration and air conditioning, mining and general industrial manufacturing, and electronics. Our flagship products include prominent brands such as Teflon™, Ti-Pure™, Krytox™, Viton™, Opteon™, Freon™ and Nafion™. Chemours has approximately 7,000 employees and 26 manufacturing sites serving approximately 4,000 customers in North America, Latin America, Asia-Pacific and Europe.
Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC. For more information please visit chemours.com .
Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements may address, among other things, the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance, business plans and prospects, capital investments and projects, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost savings targets, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, and our outlook for net sales, Adjusted EBITDA, Adjusted EPS, Free Cash Flow, and Return on Invested Capital, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. These statements, as well as our historical performance, are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours' control. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include, but are not limited to: the terms and timing of the offering, the Tender Offers and any redemptions of the existing 2023 notes; and the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2017 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.
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View original content: http://www.prnewswire.com/news-releases/chemours-announces-pricing-of-public-offering-of-450-million-of-4-000-senior-notes-due-2026--300653043.html
SOURCE The Chemours Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-chemours-announces-pricing-of-public-offering-of-a450-million-of-4-point-000-percent-senior-notes-due-2026.html |
May 22, 2018 / 7:21 AM / Updated 34 minutes ago Pellegrini returns to England as West Ham manager Reuters Staff 3 Min Read
(Reuters) - West Ham United have appointed former Manchester City boss Manuel Pellegrini as their new manager on a three-year deal, the Premier League club announced on Tuesday. FILE PHOTO: Britain Soccer Football - Swansea City v Manchester City - Barclays Premier League - Liberty Stadium - 15/5/16 Manchester City manager Manuel Pellegrini Action Images via Reuters / Peter Cziborra Livepic
The 64-year-old Chilean left Chinese Super League outfit Hebei China Fortune on Saturday and replaces David Moyes, who left the club last week after guiding them to a 13th-placed finish in the league.
"I am excited about this project... West Ham had a difficult season and I hope next season we are going to play football that will delight the fans," Pellegrini told West Ham's website here
“I know that this league is very good and it’s not easy to do it, but I think that working together with the owners, the technical staff and the fans, we have an important power and can think about reaching important targets.”
West Ham joint-chairman David Sullivan said in a statement here that the club was looking forward to working with one of the "most respected" coaches in the world.
“It was important that we appointed someone with knowledge and experience of the Premier League, who already has an understanding... of West Ham United and our ambitions.”
Former Villarreal, Real Madrid and Malaga boss Pellegrini returns to England two years after leaving City, who he led to the Premier League title and a League Cup triumph in 2014.
Sullivan said the appointment was made bearing in mind the demands of supporters for attacking football. Under Pellegrini, City scored an English record 151 goals in all competitions in his debut campaign in 2013-14.
“Manuel brings a reputation for attacking football and getting the best out of his players,” Sullivan added. “We believe he will attract new talent to the London Stadium as well as improving the current squad.”
Pellegrini led City to another League Cup triumph in 2016 before making way for current boss Pep Guardiola.
One of Pellegrini’s challenges at West Ham will be to deliver the sort of football that will keep fans happy at London Stadium, the club’s unpopular home since they left Upton Park in 2016.
Fans have become increasingly disenchanted with the club’s main owners, Sullivan and David Gold, this season and protested at some home games.
Things reached a head in March when some supporters invaded the pitch during the 3-0 home defeat by Burnley. Reporting by Shrivathsa Sridhar in Bengaluru; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-whu-pellegrini/west-ham-appoint-pellegrini-on-three-year-deal-idUKKCN1IN0Q0 |
May 18, 2018 / 5:20 PM / Updated an hour ago AstraZeneca pay report rejected by 35 percent of shareholders Reuters Staff 2 Min Read
LONDON (Reuters) - More than a third of AstraZeneca shareholders staged a revolt over bonuses at the pharmaceutical company on Friday, following concerns about levels of disclosures and outcomes under the company’s incentive scheme. FILE PHOTO: The logo of AstraZeneca is seen on a medication package at a pharmacy in London April 28, 2014. REUTERS/Stefan Wermuth/File Photo
The rebellion is a blow for Chief Executive Pascal Soriot, who earlier reported first-quarter financial results that missed analysts’ forecasts, but did provide evidence that the company’s new drugs were growing strongly.
“AstraZeneca engaged with its major shareholders during 2017 and is disappointed that enhancements made to remuneration report disclosures and changes to the operation of the annual bonus scheme in response to shareholder feedback have not significantly improved the voting result,” the company said.
The non-binding pay report was endorsed by 65 percent of shareholders at AstraZeneca’s annual general meeting but rejected by 35 percent, representing a sizeable protest vote.
Although Soriot’s pay fell to 9.4 million pounds in 2017 from 14.3 million a year earlier, investor advisory group Institutional Shareholder Services, which had recommended voting against the pay report, said a series of high annual bonuses suggested AstraZeneca had set the bar too low.
Soriot told reporters in a post-results conference call that the company was in ongoing discussions with shareholders to address their concerns. Reporting by Ben Hirschler, editing by Louise Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-astrazeneca-pay/astrazeneca-pay-report-rejected-by-35-percent-of-shareholders-idUKKCN1IJ2CA |
May 23 (Reuters) -
For other diaries, please see:
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Today in Washington - This Diary is filed daily. ** Indicates new events -
WEDNESDAY, MAY 23 CAPE TOWN - South Africa Reserve Bank starts its three day monetary policy committee meeting (to May 24).
SYDNEY - Reserve Bank of Australia Governor Philip Lowe will give a speech at the Australia-China Relations Institute, Sydney – 0805 GMT.
THURSDAY, MAY 24 SEOUL - Bank of Korea holds a monetary policy meeting to announce interest rates.
KIEV - National Bank of Ukraine holds monetary policy meeting. KIEV - The Governor of the National Bank of Ukraine Yakiv Smoliy holds a press conference – 1100 GMT.
FRIDAY, MAY 25 AMSTERDAM - Reserve Bank of Australia Assistant Governor (Financial System) Michele Bullock will give a speech at the De Nederlandsche Bank Housing Market seminar - 0000 GMT.
MONDAY, MAY 28 JERUSALEM - Bank of Israel announces interest rate decision - 1300GMT
TUESDAY, MAY 29 WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (No interest rate announcement).
WEDNESDAY, MAY 30 YEREVAN - Armenian central bank to publish inflation report. SANTO DOMINGO - Central Bank of the Dominican Republic publishes the monetary policy report.
THURSDAY, MAY 31 SUVA - Reserve Bank of Fiji holds board meeting to announce interest rates. MEXICO CITY - Mexico Central Bank issues the minutes of its monetary policy meeting.
MONDAY, JUNE 4 ASTANA - National Bank of Kazakhstan releases monetary policy statements – 1100 GMT.
TUESDAY, JUNE 5 MELBOURNE, Australia - Panel participation by Michele Bullock, RBA assistant governor (financial system), at the Melbourne Business School - Competition in Banking conference, Melbourne – 2300 GMT. KOKOPO, Papua New Guinea – APEC Second Senior Finance Officials’ Meeting (to June 8). CHISINAU - National Bank of Moldova announces interest rate decision.
WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (to June 6).
SYDNEY - Reserve Bank of Australia (RBA) holds interest rate meeting – 0430 GMT.
WEDNESDAY, JUNE 6 BUDAPEST - Hungarian Central Bank to publish the minutes of its May 2018 rate-setting meeting – 1200 GMT. MUMBAI - Reserve Bank of India holds Monetary Policy Committee Meeting.
THURSDAY, JUNE 7 ANKARA - Central Bank of the Republic of Turkey holds monetary policy meeting.
LIMA - Central Bank of Peru announces interest rate decision.
BELGRADE - National Bank of Serbia interest rate decision. TUESDAY, JUNE 12
BUENOS AIRES - Central Bank of Argentina releases monetary policy statement. SANTIAGO - Central Bank of Chile holds monetary policy meeting (to June 13).
WEDNESDAY, JUNE 13 MELBOURNE, Australia - Speech by Philip Lowe, RBA Governor, at the Australian Industry Group event, Melbourne – 0200 GMT. ZAGREB - Croatia National Bank holds monetary policy meeting.
TBILISI - National Bank of Georgia holds monetary policy meeting.
WINDHOEK - Central Bank of Namibia holds monetary policy meeting.
THURSDAY, JUNE 14 BISHKEK - Bank of Lithuania holds monetary policy meeting of the ECB Governing Council. ANKARA - Central Bank of the Republic of Turkey releases minutes of its June monetary policy committee meeting.
KAMPALA - Bank of Uganda announces interest rate decision
FRIDAY, JUNE 15 SYDNEY - Speech by Luci Ellis, RBA assistant governor (economic), at the Infrastructure Partnerships event, Sydney - 0332 GMT. MOSCOW - Central Bank of Russia announces interest rate decision – 1030 GMT.
TUESDAY, JUNE 19 SYDNEY - Speech by Tony Richards, RBA head of payments policy, at the Australian Business Economists (ABE) event on cryptocurrencies. GABORONE - Bank of Botswana Monetary Policy Committee Meeting.
SYDNEY - Reserve Bank of Australia (RBA) will release the minutes of June monetary policy meeting – 0130 GMT.
WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (no interest rate announcement).
BRASILIA - Central Bank of Brazil holds Monetary Policy Committee Meeting (to June 20).
BUDAPEST - Hungarian Central Bank holds its rate-setting meeting – 1200 GMT. RABAT - Bank of Morocco holds monetary policy meeting.
WEDNESDAY, JUNE 20 BANGKOK - Bank of Thailand monetary policy committee meeting
THURSDAY, JUNE 21 MEXICO CITY - Central Bank of Mexico publishes monetary policy statement.
WARSAW - National Bank of Poland release the minutes of its monitory policy meeting.
MANILA - Philippines Central Bank holds Monetary Policy Meeting.
FRIDAY, JUNE 22 ULAANBAATAR - Central Bank of Mongolia holds Monetary Policy Committee Meeting.
MONDAY, JUNE 25 BISHKEK - National Bank of the Kyrgyzstan holds board meetings on monetary policy rate. TUESDAY, JUNE 26
BUENOS AIRES - Central Bank of Argentina releases monetary policy statement.
WEDNESDAY, JUNE 27 BISHKEK - Bank of Lithuania holds non-monetary policy meeting of the ECB Governing Council. LILONGWE - Reserve Bank of Malawi monetary policy committee meeting (to June 28).
KINGSTON - Bank of Jamaica holds interest rate announcement and monetary policy report.
BEIRUT - Lebanese central bank governor Riad Salameh and other government officials and business leaders from the country and the region participate in the annual Euromoney Lebanon Conference 2018. PRAGUE - Czech National Bank holds monetary policy meeting. Statement and presentation will be published – 1100 GMT. JAKARTA - Indonesia Central Bank holds Board of Governors Meeting. (to June 28).
THURSDAY, JUNE 28 CAIRO - Central Bank of Egypt holds monetary policy committee meeting. JAKARTA - Indonesia Central Bank holds board of governors meeting.
SUVA - Reserve Bank of Fiji holds board meets to announce interest rates.
FRIDAY, JUNE 29 COLOMBO – Central bank of Sri Lanka announces monetary policy report. SANTO DOMINGO - Central Bank of the Dominican Republic publishes the monetary policy report. | ashraq/financial-news-articles | https://www.reuters.com/article/diary-emrg-econ/diary-emerging-markets-economic-events-to-june-29-idUSL3N1ST4KE |
TOKYO, May 9 (Reuters) - Japan’s Recruit Holdings Co said on Wednesday it has agreed to buy popular California-based job-site operator Glassdoor Inc for $1.2 billion with cash on hand.
Glassdoor will continue to be led by its current CEO and co-founder, Robert Hohman, Recruit said in a statement.
The transaction is expected to close during the July-September quarter, subject to regulatory approvals, it said. (Reporting by Chang-Ran Kim; Editing by Stephen Coates)
| ashraq/financial-news-articles | https://www.reuters.com/article/glassdoor-ma-recruit-holdings/japans-recruit-to-buy-job-site-operator-glassdoor-for-1-2-bln-idUST9N1RI00V |
HONG KONG (AP) — Chinese smartphone maker Xiaomi filed documents Thursday with Hong Kong's stock exchange operator for an initial public offering that could be the world's biggest share sale in years.
Beijing-based Xiaomi is the world's fourth biggest smartphone maker by shipment volume, according to International Data Corp.
The listing documents provided no financial details about the share sale or the company's valuation. A date for the listing was not disclosed. The newspaper South China Morning Post cited unnamed banking sources saying Xiaomi plans to raise up to $10 billion in a deal that would value the company at $100 billion.
That would make it the biggest IPO since Chinese e-commerce giant Alibaba's $21.8 billion IPO in 2014 on the New York Stock Exchange.
Xiaomi, founded in 2010, has grown quickly on the strength of smartphone handsets priced as low as $115 and Internet-based marketing and distribution.
The listing documents offered a glimpse of Xiaomi's finances, with the company reporting that revenue rose by two-thirds last year to 114.6 billion yuan ($18 billion), including 80 billion yuan from its smartphone division. Xiaomi's business also includes also partnering with "Internet of Things" companies to develop hundreds of connected lifestyle devices like rice cookers, robot vacuum cleaners and coffee makers.
Operating profit tripled to 12.2 billion yuan ($1.9 billion) but the company still lost nearly 44 billion yuan ($6.9 billion) in 2017, mainly due to the cost of converting preferred shares held by investors.
Xiaomi's decision to go public in Hong Kong comes days after the southern Chinese financial center's stock exchange loosened listing rules, an apparent vindication of its efforts to better compete with rival bourses in the race for blockbuster offerings.
Xiaomi is applying for a Hong Kong stock listing with dual share classes that give certain shareholders much more power, which the new rules allow. The exchange modified its regulations to accommodate such companies after losing Alibaba's dual-class listing to New York because rules at the time only allowed a single share class. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/the-associated-press-chinese-smartphone-maker-xiaomi-files-for-hong-kong-ipo.html |
May 3, 2018 / 11:54 PM / Updated 6 hours ago Giuliani wants limits for Trump interview in Russia probe Karen Freifeld 5 Min Read
(Reuters) - U.S. President Donald Trump’s new chief lawyer said on Thursday that if his client agrees to an interview with Special Counsel Robert Mueller, it should be limited to a few hours and focus on Russian tampering in the 2016 election. FILE PHOTO: Former New York mayor Rudy Giuliani introduces Republican U.S. presidential nominee Donald Trump at a campaign event in Gettysburg, Pennsylvania, U.S., October 22, 2016. REUTERS/Jonathan Ernst/File Photo
Asked what questions might be appropriate, the lawyer Rudy Giuliani, a former New York mayor, suggested two to Reuters: “Was there some agreement with the Russians? Was there any meeting of Trump with the Russians?”
A former federal prosecutor, Giuliani said he was the president’s new chief counsel in the Russia investigation but that he would also keep an eye on a U.S. inquiry into a $130,000 hush payment by longtime Trump attorney Michael Cohen to a porn star who said she had a 2006 sexual encounter with Trump.
Giuliani said he wanted any Trump interview with Mueller to be limited in time and scope, suggesting for only 2-1/2 hours and not under oath.
In addition to the Russia questions, Giuliani said investigators could ask about possible obstruction of justice related to Trump’s firing a year ago of then-FBI Director James Comey.
The two sides have been negotiating the terms of a possible interview for months, including topics Mueller might pursue as part of a nearly year-old inquiry into possible collusion between Moscow and Trump’s presidential campaign.
The Kremlin has denied assertions by U.S. intelligence agencies that it meddled in the election. Trump has denied any collusion and has described the investigation as a political witch hunt.
Giuliani, who joined Trump’s legal team last month, said they were trying to figure out whether it was a good idea for Trump to voluntarily submit to an interview.
“Are they trying to trap him?” Giuliani asked. He said Trump’s legal team expected to make a decision in two or three weeks. “We want to get it over with,” he said.
Giuliani said Trump had used retainer fees starting in 2017 to reimburse Cohen for the $130,000 Cohen paid the porn star, Stormy Daniels, in the closing weeks of the November 2016 election.
Trump wrote in a tweet on Thursday that Cohen was not paid using campaign funds. The payment was part of a “private agreement” that involved money that had “nothing to do with the campaign,” Trump said.
He said the payment was aimed at stopping “false and extortionist accusations” Daniels made about a sexual encounter with Trump. Trump acknowledged a non-disclosure agreement with her to secure her silence. He denied they had an affair.
The president had previously told reporters he did not know about the payment Cohen made to Daniels.
The investigation of Cohen is an offshoot of Mueller’s probe.
The claim of repayment is significant because a payment by Cohen could be seen as an illegal campaign contribution. Trump as candidate would have been permitted to make unlimited personal contributions to his own campaign.
But several experts pointed out an undisclosed campaign loan is also a violation of federal election law.
“It is hardly an improvement to claim that what was claimed as a gift is now a secret loan from your lawyer to pay hush money to a porn star,” said Jonathan Turley, a George Washington University Law School Professor who has frequently expressed scepticism about the legal case against the president.
But legal watchdog group Citizens for Responsibility and Ethics in Washington (CREW) said it was asking the Department of Justice and Office of Government Ethics to investigate whether Trump made an illegal false statement by not including the $130,000 payment in his personal financial disclosures.
The group said Trump was legally required to disclose any liability in excess of $10,000.
Other legal experts said the payment may not qualify as the sort of financial obligation Trump would have been required to disclose.
Peter Henning, a law professor at Wayne State University, said that while prosecutions for making false statements to the government are common, they are rarely based on an omission on a financial disclosure form.
“I don’t see this becoming a case,” he said. Reporting by Karen Freifeld and Susan Heavey; Additional reporting by Roberta Rampton, Makini Brice and Jan Wolfe; editing by Grant McCool and Howard Goller | ashraq/financial-news-articles | https://in.reuters.com/article/usa-trump-russia/giuliani-wants-limits-for-trump-interview-in-russia-probe-idINKBN1I42W0 |
Apple's trillion dollar march 4 Hours Ago Jon Najarian of Najarian Family Office; Josh Brown of Ritholtz Wealth Management; Jim Lebenthal of HPM Partners; and Sarat Sethi of Douglas C. Lane & Associates discuss Apple being on pace for the 10th straight day of gains. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/apples-trillion-dollar-march.html |
May 2, 2018 / 9:51 AM / Updated 8 hours ago Irish court rejects Facebook bid to delay EU data privacy case Conor Humphries 2 Min Read
DUBLIN (Reuters) - Ireland’s High Court has refused a request by Facebook to delay referral to Europe’s top court of a landmark privacy case that could strike down legal instruments used by U.S. tech companies to transfer EU users’ data to the United States. Facebook CEO Mark Zuckerberg speaks at Facebook Inc's annual F8 developers conference in San Jose, California, U.S. May 1, 2018. REUTERS/Stephen Lam
The case is the latest to question whether methods used by technology firms such as Google and Apple to transfer data outside the 28-nation European Union give EU consumers sufficient protection from U.S. surveillance.
The Irish High Court this month ordered the case to be referred to the EU’s top court to assess whether the methods used for data transfers - including standard contractual clauses and the Privacy Shield agreement - were legal.
It said the case raised well-founded concerns that there was an absence of an effective remedy in U.S. law compatible with EU legal requirements.
A ruling by the European Court of Justice (ECJ) against the legal arrangements could cause major headaches for thousands of companies, which make millions of these transfers every day.
Facebook on Monday sought a delay to ask the Irish Supreme Court for the right to appeal the referral, but High Court Judge Caroline Costello on Wednesday refused the request and ordered the referral to be made immediately.
“I am of the opinion that the court will cause the least injustice if it refuses any stay and delivers the reference immediately to the Court of Justice,” Costello told the court.
Facebook said it will still seek permission from the Irish Supreme Court to appeal the referral, but the move will not delay the ECJ’s hearing of the case.
The case, taken by Austrian privacy activist Max Schrems, was heard in Ireland because it is the location of Facebook’s headquarters for most of its markets outside the United States. Reporting by Conor Humprhies; Editing by Louise Heavens and David Goodman | ashraq/financial-news-articles | https://in.reuters.com/article/us-facebook-privacy-ireland/irish-high-court-refuses-facebook-bid-to-delay-privacy-case-referral-idINKBN1I315J |
WARRINGTON, Pa., May 14, 2018 /PRNewswire/ -- CurveBeam announced it has received FDA 510(k) clearance for its LineUP Multi-extremity weight bearing CT system.
The compact system enables radiologists and orthopedic specialists to visualize three-dimensional bone detail of the lower extremities while the patient is standing, so anatomy can be assessed while in the "weight bearing" or "load bearing" position. The LineUP can perform bilateral scans of entire legs, from below the heel to above the knee. Accessories permit scanning of the hand, wrist and elbow as well.
"CurveBeam continues to elevate the standard of care for orthopedic extremity imaging, and introduction of the LineUP device is another solid step upwards," CurveBeam President & CEO Arun Singh said. "The LineUP is best-in-class for field of view dimensions and image quality. Coupled with CurveBeam's exemplary customer support & service, the LineUP is poised to revolutionize orthopedic care."
The LineUP system can be plugged into a standard wall outlet and has minimal shielding requirements. Radiation dose to the patient is also significantly less than a conventional CT scan.
Weight bearing CT imaging for body extremities became commercially available in 2012. Since then, lower extremity specialists and musculoskeletal radiologists have published numerous peer-reviewed journal articles on the value of three-dimensional weight bearing views for conditions ranging from complex hindfoot misalignment to a routine bunion deformity. Published research also suggests three-dimensional weight bearing views of the knees could be instrumental in early detection of osteoarthritis.
Traditional CT and MR images are acquired in a non-weight bearing position, leading to "missed diagnoses of meniscal damage," according to Dr. Neil Segal, MD, MS, who has been overseeing research efforts using a LineUP prototype, first at the University of Iowa and currently at the University of Kansas.
Although plain radiographs can be acquired while the patient is in a full weight-bearing position, the optimal degree of knee flexion and X-Ray beam angulation to best visualize the joint surface is person specific.
"Difficulty in reproducing the same view of the joint over time impairs ability to detect joint disease, and the 2D nature of radiographs makes these images of overlapping bony anatomy very insensitive for detecting abnormalities until there is advanced joint damage," Dr. Segal said.
CurveBeam introduced the pedCAT system, which permits bilateral weight bearing scans of the feet and ankles in 2012. Since then, the device has been added to the imaging services of numerous hospital foot & ankle sections, orthopedic clinics and podiatry offices worldwide.
CurveBeam's InReach system for hand, wrist and elbow received FDA clearance in 2017. Specialists extol the ability to confirm a scaphoid fracture diagnosis or distal radius fracture diagnosis at the point-of-care.
CurveBeam designs and manufactures Cone Beam CT imaging equipment for the orthopedic and podiatric specialties. CurveBeam was founded in 2009 and is privately owned and operated. CurveBeam's corporate office is located in Warrington, Pennsylvania, USA.
View original content with multimedia: http://www.prnewswire.com/news-releases/curvebeam-announces-fda-510k-clearance-for-lineup-weight-bearing-multi-extremity-ct-system-300647372.html
SOURCE CurveBeam | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-curvebeam-announces-fda-510k-clearance-for-lineup-weight-bearing-multi-extremity-ct-system.html |
Two teenagers were killed and a third was injured when a Tesla Model S crashed and caught fire in Florida, according to NBC Miami .
All three occupants in the vehicle involved in the crash Tuesday night in Fort Lauderdale were 18-year-old males, the report said. A report from the Fort Lauderdale Police Department released Wednesday afternoon said the vehicle's speed is believed to have been a factor in the accident.
"Our thoughts are with the families and friends affected by this tragedy," Tesla said in a statement. "We are working to establish the facts of the incident and offer our full cooperation to local authorities."
Police said the driver who died was Barrett Riley and the passenger who died was Edgar Monserratt Martinez, according to NBC Miami. Alexander Berry was named as the passenger who was ejected and injured, the report said.
show chapters 5 outrageous Elon Musk moments from the bizarre Tesla call 10:37 PM ET Thu, 3 May 2018 | 02:21 The crash is under investigation, the NBC Miami report said.
There have been a few high-profile crashes involving Tesla cars, including some where Autopilot was engaged. Most recently, a man crashed his Tesla Model X in Mountain View, California, in March.
The ensuing investigation led to a falling out between Tesla and the National Transportation Safety Board, which was looking into the crash. The NTSB said Tesla had improperly released information related to the crash before it had been properly vetted. Tesla had said it withdrew from the investigation, and that the agency had violated its own rules by releasing "incomplete information to the media."
Read the full story at NBC Miami. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/two-florida-teenagers-killed-in-tesla-crash.html |
May 31, 2018 / 4:50 AM / Updated 10 hours ago Parkland killer boasted of mass murder plans in cell phone videos Rich McKay 4 Min Read
(Reuters) - The teen charged with shooting 17 people dead at his former high school in Parkland, Florida, boasted of plans to commit mass murder in a series of cell phone videos recorded by him before the rampage and released on Wednesday by prosecutors. FILE PHOTO: Nikolas Cruz sits next to his attorneys appointed by the Broward Public Defender’s Office as a judge determines if he can afford his own lawyer, in Broward Courthouse in Fort Lauderdale, Florida, U.S., April 11, 2018. Taimy Alvarez/Pool via REUTERS/File Photo
In one of the three video clips, Nikolas Cruz, 19, calmly declares, “Hello. My name is Nik and I’m going to be the next school shooter of 2018.” He goes on to say: “My goal is to kill at least 20 people with an AR-15,” referring to the assault-style rifle he is seen holding in the footage.
Brandishing the rifle at another point, Cruz says: “You’re all going to die,” adding with a chuckle, “Can’t wait.”
The video clips were part of an inventory of prosecution evidence recently shared with the defense team during the pre-trial discovery process, said Constance Jones-Simmons, a spokeswoman for the Broward County state attorney’s office.
The Miami Herald and other media outlets obtained copies through a public records request after seeing mention of the footage in court documents, she told Reuters.
The three videos, none longer than 90 seconds in duration, are believed to have been made a short time before the shooting rampage on Feb. 14 at Marjory Stoneman Douglas High School, but Jones-Simmons said she did not know precisely when they were recorded.
Cruz, a former Stoneman Douglas student expelled for disciplinary problems, has been described by former classmates as a social misfit and trouble-maker who was fascinated with guns. Police have said they responded to numerous calls related to the teenager in the years leading up to the massacre.
But authorities, who say Cruz confessed to the killings after his arrest, have never offered a possible motive for the bloodshed. Release of the video “selfies,” posted online by the Herald, shed little new light on that question except to suggest Cruz felt he was treated as an outcast.
In one video, Cruz said his former classmates thought he was “an idiot and a dumb ass.” He also professed his love for a girl he mentioned only by first name, and said he hoped to see her in the “afterlife.”
The gun seen in the video is apparently the rifle authorities say Cruz legally purchased from a licensed gun dealer last year and ultimately used as the murder weapon.
He is charged with 17 counts of murder and 17 counts of attempted murder stemming from the Parkland killings, which rank as the second-greatest loss of life from gun violence at a public school in modern U.S. history, after a 2012 shooting rampage at Sandy Hook Elementary School in Newtown, Connecticut, that left 20 first-graders and six adult educators dead.
The Florida shooting triggered an extraordinary protest movement and lobbying campaign for tougher gun control restrictions led by student survivors of the Parkland massacre and parents of the victims.
Cruz, whose own lawyer had called him a “broken human being” who feels remorse for his crimes, is being held in the Broward County jail without bond in Fort Lauderdale, and is on suicide watch, officials said. Reporting by Rich McKay in Atlanta; Editing by Steve Gorman; Editing by Michael Perry | ashraq/financial-news-articles | https://www.reuters.com/article/us-florida-shooting-video/parkland-killer-boasted-of-mass-murder-plans-in-cell-phone-videos-idUSKCN1IW0DJ |
PARIS, May 7 (Reuters) - Air France KLM shares slumped on Monday after the company’s chief executive said he would resign following the rejection of a pay deal by the airline’s staff.
Air France KLM shares were down by around 12.8 percent at 7.06 euros ($8.42) in early session trading, touching their lowest level since April 2017.
The stock is down by around 50 percent since the start of 2018, underperforming a 3.7 percent gain on the broader Paris SBF-120 index and a 4 percent fall on the pan-European STOXX 600 Travel & Leisure index.
Late on Friday, CEO Jean-Marc Janaillac said he would resign after staff rejected a pay deal, plunging the airline into turmoil amid a wave of strikes at its French brand that has so far cost the company 300 million euros.
Airline staff are planning further strikes on May 7 and May 8.
$1 = 0.8377 euros Reporting by Sudip Kar-Gupta; Editing by Richard Lough
Our | ashraq/financial-news-articles | https://www.reuters.com/article/air-france-klm-ceo/air-france-klm-shares-slump-as-ceo-prepares-to-quit-over-union-pay-row-idUSP6N1RO01N |
May 3, 2018 / 6:07 AM / Updated 10 minutes ago Bayer cuts full-year earnings guidance on strong euro Ludwig Burger 2 Min Read
FRANKFURT (Reuters) - Bayer said the pressure from on stronger euro on overseas revenues would translate into a decline in earnings this year, as it prepares to close its $62.5 billion takeover of U.S. seeds maker Monsanto this quarter. FILE PHOTO: The corporate logo of Bayer is seen at the headquarters building in Caracas, Venezuela March 1, 2016. REUTERS/Marco Bello/File Photo
Earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for one-offs, are now set to decline by a low single-digit percentage rather than coming in flat as previously forecast, it said in a statement on Thursday.
Sales at the German drug and crop chemicals maker will likely decline by a low single-digit percentage to less than 35 billion euros ($42 billion) this year, Bayer said, having previously predicted sales of about 35 billion euros.
The average value of the euro against the dollar during the first quarter was about 14 percent above a year earlier, which has hurt euro zone exporters.
Bayer’s adjusted EBITDA for the first quarter slipped 5 percent to 2.90 billion euros, hurt by a drop in sales of consumer care products. That was slightly higher than the average forecast by analysts of 2.83 billion euros.
The company’s consumer health unit posted a drop in adjusted EBITDA of more than 20 percent to 313 million euros, hurt by supply disruptions in the wake of a rebuke by U.S. regulators, and as Chinese authorities reclassified two skin care brands as prescription drugs.
Bayer reiterated its goal to close the Monsanto transaction, signed in September 2016, in the second quarter of this year.
Bayer has agreed to sell businesses worth a combined 7.6 billion euros to BASF to get the deal through antitrust reviews.
It is set to win U.S. approval by the end of May, two people familiar with the matter said last week. Jurisdictions that have already given their conditional approval include Russia, the European Union and Brazil.
($1 = 0.8343 euros) | ashraq/financial-news-articles | https://uk.reuters.com/article/us-bayer-results/bayer-cuts-full-year-guidance-on-strong-euro-idUKKBN1I40FR |
May 2, 2018 / 1:33 PM / in 7 minutes BRIEF-Superior Uniform Group Reports Q1 Earnings Per Share $0.16 Reuters Staff
May 2 (Reuters) - Superior Uniform Group Inc:
* SUPERIOR UNIFORM GROUP, INC. REPORTS FIRST QUARTER OPERATING RESULTS * Q1 EARNINGS PER SHARE $0.16
* Q1 SALES ROSE 19.8 PERCENT TO $73.1 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-superior-uniform-group-reports-q1/brief-superior-uniform-group-reports-q1-earnings-per-share-0-16-idUSASC09Z0V |
May 31, 2018 / 9:39 AM / Updated 23 minutes ago Italian election won't be referendum on euro - Germany's Scholz Reuters Staff 1 Min Read
BERLIN (Reuters) - German Finance Minister Olaf Scholz said in a Reuters interview published on Thursday that he does not expect the next election in Italy to become a referendum on its euro zone membership. German Finance Minister Olaf Scholz poses for a portrait before a Reuters interview in Berlin, Germany, May 30, 2018. REUTERS/Axel Schmidt
Anti-European remarks by leading Italian politicians and almost three months of political turmoil in the euro zone’s third-largest economy have spooked financial markets.
Asked if he was concerned that a fresh election in Italy could turn into a referendum about its euro zone membership, Scholz said: “No, I’m not worried that this will happen.”
Scholz said Italy was a founding member of the EU and a majority of Italians were pro-European. He added the euro zone should accelerate its efforts to strengthen the single currency bloc despite the political situation in Italy. Reporting by Michael Nienaber and Gernot Heller; Editing by Madeline Chambers | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-germany-scholz-italy/italian-election-wont-be-referendum-on-euro-germanys-scholz-idUKKCN1IW132 |
May 23 (Reuters) - QuickLogic Corp:
* QUICKLOGIC CORPORATION ANNOUNCES PROPOSED PUBLIC OFFERING OF COMMON STOCK AND WARRANTS
* QUICKLOGIC CORP - MAY USE A PART OF PROCEEDS TO ACQUIRE AND/OR LICENSE TECHNOLOGIES AND ACQUIRE AND/OR INVEST IN BUSINESSES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-quicklogic-corp-announces-proposed/brief-quicklogic-corp-announces-proposed-public-offering-of-common-stock-idUSASC0A3FR |
(Adds analyst comments, market reaction, context)
By Rodrigo Viga Gaier and Bruno Federowski
RIO DE JANEIRO/BRASILIA, May 30 (Reuters) - The Brazilian economy expanded in the first three months of 2018 for a fifth straight quarter, as expected, easing fears of a slowdown before a nationwide trucker protest this month roiled Latin America’s largest economy.
Brazil’s gross domestic product (GDP) grew 0.4 percent from the prior three months, government statistics agency IBGE said on Wednesday, in line with the median estimate in a Reuters poll of economists. Growth accelerated from an upwardly revised rate of 0.2 percent in the prior quarter, compared to the previously reported 0.1 percent.
GDP rose 1.2 percent from the first quarter of 2017, slightly below a 1.3 percent consensus estimate.
Household spending continued to grow as record-low interest rates and low inflation bolstered consumers’ purchasing power. Capital spending rose for a fourth straight quarter, although more slowly than in the two prior quarters amid uncertainty about general elections coming in October.
A Reuters poll last week showed most economists expected the economy to accelerate in coming quarters, turning the page on a recession that shaved nearly 8 percent off GDP in 2015-16.
Some may begin to question those optimistic outlooks after a truckers protest over the past 10 days blocked major highways and hurt several sectors of the economy.
“If the effects of the truckers’ strike are limited to May, it won’t significantly impact second-quarter figures. But it could trigger protests from other groups, generating economic noise, dampening sentiment and lowering GDP,” said Haitong economist Flavio Serrano.
The median estimate for 2018 GDP growth fell to 2.37 percent in a weekly central bank survey of economists published on Monday, from 2.5 percent a week before.
That would suggest downward pressure to the government’s official 2.5 percent forecast, which it already reduced this month following a string of underwhelming economic indicators.
Yields on interest rate futures fell in early trading amid a global rebound in demand for riskier emerging-market assets, while the Brazilian real strengthened.
With unemployment at double digits and companies grappling with widespread idle capacity, the economic recovery is unlikely to lift inflation, currently hovering below the central bank’s target range.
That should allow the bank to keep interest rates at all-time lows for a long time, according to economist forecasts, providing additional support to the economy.
Maintaining steady growth will hinge on the government’s ability to cut spending and curb growth of public debt, a burden that will likely fall to the next president. (Reporting by Rodrigo Viga in Rio de Janeiro and Bruno Federowski in Brasilia; Additional reporting by Claudia Dolfini in São Paulo; Writing by Bruno Federowski Editing by Susan Thomas and David Gregorio)
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May 3 (Reuters) - Exchange operator Intercontinental Exchange Inc reported a 7.8 percent fall in first-quarter profit on Thursday, as it failed to grow its non-trading related businesses, which it has been focusing on.
Net income attributable to the company fell to $464 million, or 79 cents per share, in the first quarter ended March 31, from $503 million, or 84 cents per share, a year earlier.
Total revenue, excluding transaction-based expenses, rose 5 percent to $1.23 billion. (Reporting by Nikhil Subba in Bengaluru; Editing by Shailesh Kuber)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/interconti-exc-results/exchange-operator-ices-profit-falls-7-8-pct-idUSL3N1SA44O |
New PSG coach says ready to take on team, focus on "small things" 10:35am BST - 01:17
New PSG coach Thomas Tuchel says it's too early to talk about the ''big things'' ▲ Hide Transcript ▶ View Transcript
New PSG coach Thomas Tuchel says it's too early to talk about the "big things" Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2wUjmAi | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/20/new-psg-coach-says-ready-to-take-on-team?videoId=428835942 |
Malaysian king grants former deputy PM Anwar Ibrahim full pardon 2 Hours Ago Sophie Lemiere, a postdoctoral fellow at Weatherhead Center for International Affairs discusses what's next for the Malaysian politician with CNBC's Sri Jegarajah. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/malaysian-king-grants-former-deputy-pm-anwar-ibrahim-full-pardon.html |
May 17, 2018 / 3:45 PM / Updated 38 minutes ago Natixis profit lifted by strong asset management, insurance Reuters Staff 2 Min Read
PARIS (Reuters) - France’s Natixis reported a 15 percent increase in quarterly net income on Thursday, driven by strength in its asset management and insurance businesses, helping to offset weaker revenue from the corporate and investment bank. FILE PHOTO: The logo of French bank Natixis is seen outside one of their offices in Paris February 18, 2013. REUTERS/Charles Platiau/File Photo
Natixis, majority owned by retail banking group BPCE, said net income rose to 323 million euros, which was below market expectations for 360 million euros, according to a Reuters poll.
Revenues rose 3 percent over the first quarter to 2.41 billion euros, in line with the poll.
The results were its first since the bank announced top management changes in late April that saw Natixis chief executive Laurent Mignon become head of BPCE.
Mignon was replaced by former co-head of Natixis corporate and investment bank Francois Riahi, 45, who pledged to pursue the 2020 strategy to grow revenue by five percent annually and return more than 60 percent of earnings to investors.
Under Mignon, Natixis’ share price nearly quadrupled since May 2009 as the bank slimmed its balance sheet, cut costs after the financial crisis and chose to develop less capital-intensive insurance and asset management businesses.
Insurance revenue rose by 8 percent, while revenue from asset and wealth management increased by 10 percent in the first quarter, helped by higher fees it generated through management of assets across its affiliates, such as Harris Associates and Loomis Sayles in the U.S.
Revenue at its corporate and investment bank fell 3 percent, weighed by a 15 percent fall in equity trading revenue and historically high results a year ago. Revenue from fixed income trading was up 1 percent.
Natixis had the biggest net loss of any French bank from the financial crisis that followed the collapse of Lehman Brothers and was bailed out after the government merged its parents, setting up BPCE group in 2009. Reporting by Maya Nikolaeva and Matthieu Protard; editing by Leigh Thomas and Alexander Smith | ashraq/financial-news-articles | https://www.reuters.com/article/us-natixis-results-urgent/natixis-posts-profit-rise-helped-by-asset-management-insurance-idUSKCN1II2AL |
May 31, 2018 / 2:21 PM / Updated an hour ago Original Winnie-the-Pooh map to be auctioned in London Reuters Staff 2 The original map of the Hundred Acre Wood from the Winnie-the-Pooh children’s stories is set to go under the hammer, with an estimate price tag of up to $200,000. Sotheby's staff hold the original map of Winnie the Pooh's Hundred Acre Wood by E.H. Shepard at Sotheby's auction rooms in London, Britain, May 31, 2018. REUTERS/Simon Dawson
The ink sketch drawn by E.H. Shepard in 1926 lays out the much-loved fictional world created by A.A. Milne, depicting characters Winnie-the-Pooh, Christopher Robin, Piglet and Eeyore.
“It’s such a valuable piece because it’s such an obvious entry into the world of Winnie-the-Pooh,” Philip Errington, book and illustrations senior specialist at auction house Sotheby’s, said. Slideshow (2 Images)
“It’s there as you open the book of the first edition, it’s there on the end papers. It’s also there in the Disney cartoon,” he added, referring to the 1966 “Winnie the Pooh and the Honey Tree” film.
The map, with an estimate of 100,000 - 150,000 pounds ($133,260 - $200,000), will be auctioned at the English Literature, History, Science, Children’s Books and Illustrations sale in July.
Four other Winnie-the-Pooh illustrations by Shepard are also being offered, including one of Christopher Robin and Pooh walking to say goodbye, as in Milne’s ending in “The House at Pooh Corner”. ($1 = 0.7504 pounds) Reporting by Iona Serrapica; Writing by Marie-Louise Gumuchian; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-art-auction-winniethepooh/original-winnie-the-pooh-map-to-be-auctioned-in-london-idUKKCN1IW1Z0 |
Adding to Company’s Denver Portfolio that Includes 9 th & Colorado Redevelopment
DENVER--(BUSINESS WIRE)-- CIM Group today announced the acquisition of LoDo Towers, a two-building office campus located at 1331 and 1401 17 th Street and two adjacent parking garages comprised of approximately 1,140 stalls in Lower Downtown (“LoDo”) Denver. 1331 is approximately 220,000 square feet and features 13 stories with 17,000-square-foot floorplates. 1401 is approximately 190,000 square feet and features 16 stories with 13,000-square-foot floorplates. The buildings offer unobstructed views of the Rocky Mountains and notable sites in LoDo including Union Station and Coors Field and offer the best parking ratio in the LoDo submarket.
LoDo Towers is in the hub of downtown Denver, ideally situated in the LoDo submarket, just minutes from Union Station, the area’s epicenter, and steps from the bustling 16 th Street Mall, a pedestrian shopping, dining and entertainment area, which offers the free MallRide service. The property is also located just a few blocks from historic Larimer Square, with its eclectic collection of shops and eateries. In addition, tenants have easy access to the free MetroRide downtown circulator that allows them to reach many downtown amenities. The property also offers convenient access to Interstate 25, given the location just three blocks from Union Station, access to light rail, bus and commuter rail services.
CIM brings its wealth of experience in managing and repositioning commercial properties in urban markets to this significant asset in downtown Denver. CIM assesses properties within the context of the greater community to ensure that each asset makes a positive contribution to the area.
CIM has been actively involved in Denver since 2015 when it acquired the former University of Colorado Health Sciences Center with Continuum Partners to co-develop the 26-acre site into 9 th & Colorado, an urban infill mixed-use project. Recently the first retail tenants were announced, including a 10-screen AMC Theatres® that will anchor one of the 12-blocks of the project. Earlier this month, Theo, the first residential component of 9 th & Colorado, welcomed its first residents to the 275-unit, nine-story apartment building. A second residential building of 319 units is currently under construction. LoDo Towers is CIM’s first acquisition in downtown Denver.
About CIM Group
Established in 1994, CIM is a vertically-integrated owner and operator of real assets for its own account, and on behalf of its partners and co-investors seeking to invest in urban real assets, net-lease assets, and other associated credit strategies, with a principal focus on North America. CIM’s real assets include urban residential, commercial, retail, hospitality, debt, and infrastructure investments as well as U.S.-based retail, office, and industrial net-lease. CIM’s broad expertise includes in-house research, acquisition, investment, credit analysis, development, finance, leasing and asset management capabilities. For more information, please visit www.cimgroup.com .
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Source: CIM Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-cim-group-acquires-lodo-towers-office-buildings-in-downtown-denver.html |
May 8 (Reuters) - Summit Industrial Income REIT:
* SUMMIT INDUSTRIAL INCOME REIT ANNOUNCES SALE OF FOUR PROPERTIES AND SPECIAL DISTRIBUTION
* SUMMIT INDUSTRIAL INCOME REIT - AGREED TO SELL 75 PERCENT INTEREST IN FOUR PROPERTIES TO CANADIAN INSTITUTION FOR ABOUT $46.4 MILLION
* SUMMIT INDUSTRIAL INCOME REIT - PROCEEDS OF SALE WILL BE USED TO REDUCE REIT’S REVOLVING OPERATING CREDIT FACILITY AND FOR FUTURE ACQUISITIONS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-summit-industrial-income-reit-anno/brief-summit-industrial-income-reit-announces-sale-of-4-properties-special-distribution-for-about-46-4-million-idUSFWN1SF1BP |
May 1, 2018 / 7:20 AM / Updated 7 hours ago Singapore airport may use facial recognition systems to find late passengers 4 Min Read
SINGAPORE (Reuters) - Ever been delayed on a flight because of straggling fellow passengers? A passenger passes through an automated immigration control gate at Changi airport's Terminal 4 in Singapore April 30, 2018. Picture taken April 30, 2018. REUTERS/Thomas White
That might be an annoyance of the past at Singapore’s Changi airport which is testing facial recognition systems that could, in future, help locate lost travelers or those spending a little too much time in the duty-free shops.
Changi Airport, ranked the world’s best for six years straight in a survey by air travel consultancy Skytrax, is looking at how it can use the latest technologies to solve many problems - from cutting taxiing times on the runway to quicker predictions of flight arrivals.
It comes as the island state embarks on a ‘smart nation’ initiative to utilize technology to improve lives, create economic opportunity and build community ties. However the proposed use of cameras mounted on lampposts that are linked to facial recognition software has raised privacy concerns.
Steve Lee, Changi Airport Group’s chief information officer, told Reuters that the airport’s experiments are not from a “big brother” perspective but solve real problems.
“We have lots of reports of lost passengers...so one possible use case we can think of is, we need to detect and find people who are on the flight. Of course, with permission from the airlines,” said Lee.
Facial recognition technology typically allows users to match the faces of people picked up on cameras with those in databases.
Lee said they have tested technology that could allow for this, and are working with various businesses, adding that they should have some capability to do this in a year’s time. A passenger has his photograph taken by an automated luggage drop station at Changi airport's Terminal 4 in Singapore April 30, 2018. Picture taken April 30, 2018. REUTERS/Thomas White
While he declined to provide names of the firms involved, France’s Idemia, previously known as OT-Morpho, has previously provided some facial recognition technology to Changi.
Chinese firm Yitu, which recently opened its first international office in Singapore, told Reuters it was in discussions with Changi Airport Group. Yitu says its facial recognition platform is capable of identifying more than 1.8 billion faces in less than 3 seconds. PASSPORT FREE
Changi’s newest terminal, T4, already uses facial recognition technology to offer self-service options at check-in, bag drop, immigration and boarding.
The technology means there are fewer queues and fewer visible airport or security staff.
Luggage is dropped at unmanned booths that take your photo and match it against your passport. You are snapped again at an automated security gate at immigration - a picture that is used to verify your identity at the boarding gate. Slideshow (3 Images)
Changi is exploring how facial recognition can be implemented in its three older terminals for automated bag drop and immigration.
The airport sees T4 as a test bed for its fifth terminal, which will be up and running in about a decade.
“Today you take passport, you show your face and you show your boarding pass,” said Lee, adding it may, however, be possible to use biometrics instead.
“Then actually in future, you just take your face. You don’t need your passport,” he said.
Other technology trials underway at the airport use sensors to measure when an aircraft pushes back from the gate and when it takes off, data that has improved decision-making and shaved about 90 seconds off of aircraft taxiing time per flight during peak hours, said Lee.
Another program uses artificial intelligence that gathers wind, weather and landing direction to learn to better predict flight arrival times.
With such technology, the airport is now able to estimate a flight’s landing time when it’s two hours away having previously only been able to make an accurate estimate 30 minutes to an hour ahead.
Lee said this helps create efficiencies in everything from gate planning to arrival queues.
He said a smart nation strategy begins at a country’s airport. “You can’t say you are a smart nation when you come to the airport and it’s not so smart.” Edited by Martin Howell | ashraq/financial-news-articles | https://www.reuters.com/article/us-singapore-changi/singapore-airport-may-use-facial-recognition-systems-to-find-late-passengers-idUSKBN1I2307 |
May 17, 2018 / 9:25 AM / Updated 2 hours ago Lazio, Inter in dramatic clash for Champions League spot Reuters Staff 3 Min Read
MILAN (Reuters) - Lazio and Inter Milan will be involved in a dramatic clash for Italy’s final Champions League group spot when they meet in a match worth millions of euros on Sunday. Soccer Football - Europa League Quarter Final First Leg - Lazio vs RB Salzburg - Stadio Olimpico, Rome, Italy - April 5, 2018 Lazio's Senad Lulic celebrates scoring their first goal REUTERS/Max Rossi
Lazio currently occupy the fourth and final Italian place in next season’s group stage while Inter are three points behind them in fifth with the fixture list having thrown the pair together on the final day of the season for what is effectively a playoff.
Inter are desperate to end a six-season absence from Europe’s showcase competition which they won in 2010 under Jose Mourinho. Their last participation was in 2011-12 when they lost to Olympique de Marseille on away goals in the round of 16.
Inter and Lazio drew 0-0 in their first meeting of the season, meaning that if Inter win on Sunday, they will sneak above Lazio on their head-to-head record.
Any other result will send Lazio straight into the group stage where they can expect to amass a fix minimum payment of over 12 million euros plus considerably more from the distribution of television and marketing revenue.
Lazio could have clinched their place last week, but were held to a 2-2 draw at relegation-threatened Crotone despite taking an early lead.
“It’s a big missed opportunity,” said midfielder Senad Lulic. “We deserve the Champions League, it would be a shame to throw it all away now.”
The Champions League was the very minimum Luciano Spalletti expected when he became Inter’s 10th coach in seven years since Mourinho before the start of the season.
Inter led the Serie A table in December, but have been exasperatingly inconsistent since then.
A shock 2-1 defeat at home to Sassuolo last Saturday, which Spalletti said left his players distraught, appeared to have ended their chances but they were let off the hook by Lazio’s result at Crotone the following day.
Tension between the two clubs has been raised following media reports that Lazio defender Stefan de Vrij will join Inter when his contract expires at the end of June.
“Giving news like that ten days from the end of the season and a week before a direct clash is avoidable,” said Lazio’s sporting director Igli Tare. “It could’ve been done at the end of the season or even weeks ago.”
“I don’t know if it was the club or an agent but it is something I would not have done. This lad gave us so much over the years and deserves to leave with respect and the applause of the fans.”
Juventus have already wrapped up a seventh successive title while Napoli and AS Roma have taken the other two Champions League places.
At the bottom, five teams, separated by only two points, are battling to avoid following Verona and Benevento into Serie A.
Crotone (35 points), who pulled off a great escape last season, currently occupy the third relegation spot and have a tough trip to Napoli.
Of the other candidates, SPAL (35) host Sampdoria, Cagliari (36) visit Atalanta, Udinese (37) host Bologna and Chievo (37) entertain Benevento. Writing by Brian Homewood; Editing by Amlan Chakraborty | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-italy-preview/lazio-inter-in-dramatic-clash-for-champions-league-spot-idUKKCN1II13C |
May 17 (Reuters) - Armored Things Inc
* ARMORED THINGS INC SAYS IT HAS SOLD $5.16 MILLION IN EQUITY OFFERING FROM THE TOTAL OFFERING AMOUNT OF $7.36 MILLION - SEC FILING Source text : ( bit.ly/2IsKGec )
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-armored-things-inc-says-it-raised/brief-armored-things-inc-says-it-raised-5-16-million-in-equity-financing-idUSFWN1SO0Q3 |
ANSBACH, Germany—A few years ago, Roland Rösch’s job involved grabbing scalding-hot auto parts from an oven and inspecting them for signs they had failed a safety test.
These days he still inspects, but the grabbing is being done by Fritz, a robot that auto-parts manufacturer Robert Bosch GmbH installed three years ago at this German factory as part of an automation effort.
Fritz... | ashraq/financial-news-articles | https://www.wsj.com/articles/how-the-worlds-biggest-companies-are-fine-tuning-the-robot-revolution-1526307839 |
Our new drug could drastically change hemophilia patients' lives, BioMarin CEO says 12 Hours Ago Jim Cramer hears from BioMarin Chairman and CEO Jean-Jacques Bienaimé, who discusses new products in his company's pipeline. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/biomarin-ceo-our-new-drug-could-change-hemophilia-patients-lives.html |
EditorsNote: fixes style on “Great American Ball Park” in first and third grafs; updates Reds’ record in second graf
Adrian Gonzalez hit two homers Monday night for the visiting New York Mets, who raced out to a big early lead and hung on for a 7-6 win over the Cincinnati Reds at Great American Ball Park.
The Mets snapped a six-game losing streak. The Reds have lost six of seven and have the worst record in baseball at 8-27.
Gonzalez (3-for-4) homered in the third inning to give the Mets a 5-0 lead and went deep again in the fifth to produce New York’s final and, eventually, decisive run. He has hit 14 homers in 33 games at Great American Ball Park, his third-most homers at any stadium where he has only performed as a visiting player.
The Mets finished with four homers, including a leadoff blast in the first inning by Michael Conforto. Jay Bruce, who spent the first eight-plus seasons of his career with the Reds, hit a two-run homer in the third inning.
Amed Rosario (second inning) and Yoenis Cespedes (fourth inning) lofted sacrifice flies. Bruce, Rosario, Cespedes and Conforto had two hits apiece.
The Reds chipped away against starter P.J. Conlon and relievers Paul Sewald and Robert Gsellman but could not catch the Mets. Billy Hamilton homered in the third, and Tucker Barnhart and Scooter Gennett had RBI doubles as Cincinnati chased Conlon in the fourth.
Eugenio Suarez homered and Scott Schebler hit a sacrifice fly off Sewald in the sixth. Gennett homered off Gsellman (4-0) in the eighth, but that was the only hit allowed over 2 2/3 innings by the right-hander, who was credited with the win.
Jeurys Familia notched his 10th save with a perfect ninth.
Conlon, who was making his major league debut in place of the injured Jacob deGrom, allowed three runs on four hits and two walks while striking out one over 3 2/3 innings.
Suarez, Gennett and Barnhart had two hits each for the Reds.
Homer Bailey (0-5) took the loss after allowing six runs on eight hits and one walk while striking out three over four innings.
—Field Level Media
Our | ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-cin-nym-recap/gonzalez-homers-twice-as-mets-hang-on-against-reds-idUSMTZEE58E0X3ZA |
WASHINGTON—Senate Majority Leader Mitch McConnell threw cold water on the idea of holding a fresh Senate vote on immigration legislation if the House passes a measure, saying he had no desire to spend time on bills that are bound to fail.
“We have to make law—not just spin our wheels,” the Kentucky Republican said in an interview.
The comments... RELATED VIDEO Can the GOP Find Consensus on Immigration? House Speaker Paul Ryan's tussles with some Republican lawmakers on immigration underscore how the party has struggled to define their consensus position on the issue. Gerald F. Seib discusses their different stances on Dreamers, stricter immigration policies and the Mexico border wall. Photo: Getty Images | ashraq/financial-news-articles | https://www.wsj.com/articles/mcconnell-plays-down-chances-of-new-senate-vote-on-immigration-1527187868 |
LONDON, May 21 (Reuters) - Britain said it was unlikely to refer Comcast’s bid for Sky for a full investigation after deciding that the deal did not raise public concerns about media ownership.
Media minister Matt Hancock said however that he would give interested parties until 1700 local time on May 24 to respond before giving his final decision.
Sky is in the middle of a bid battle between Comcast, the world’s biggest entertainment company, and Rupert Murdoch’s Twenty-First Century Fox, the latter of which is waiting for the result of a full investigation into the impact it would have on the media landscape if it owns Sky.
Reporting by Kate Holton; editing by Sarah Young
| ashraq/financial-news-articles | https://www.reuters.com/article/sky-ma-comcast/britain-unlikely-to-investigate-comcast-bid-for-sky-says-minister-idUSL9N1PZ019 |
May 4, 2018 / 6:37 PM / in 12 minutes BRIEF-Altagas and WGL Holdings Announce Settlement In Principle With Key Stakeholders In Washington D.C. Reuters Staff 1 Min Read
May 4 (Reuters) - AltaGas Ltd:
* ALTAGAS LTD. AND WGL HOLDINGS, INC. ANNOUNCE A SETTLEMENT IN PRINCIPLE WITH KEY STAKEHOLDERS IN WASHINGTON D.C.
* ALTAGAS LTD - SETTLEMENT TERMS ARE TO BE PROVIDED TO DC PSC BY MAY 8, 2018 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-altagas-and-wgl-holdings-announce/brief-altagas-and-wgl-holdings-announce-settlement-in-principle-with-key-stakeholders-in-washington-d-c-idUSFWN1SB19O |
CNBC.com Source: Sun Basket Sun Basket's new Diabetes-Friendly meal plan includes dishes like Salmon Cakes with Celery Salad and Tahini Goddess Dressing.
To grow its meal kit business, Sun Basket is targeting diabetics with meals designed to meet their nutritional needs.
Meal kit users are notorious for ditching their subscriptions within six months of starting them and either jumping to another brand or returning to their old grocery habits. However, customers who adhere to a specific diet, whether it's paleo, vegetarian or gluten-free, tend to have more loyalty to these brands.
Sun Basket told CNBC it has created recipes with the help of the American Diabetes Association that are high in fiber and low in sugar and sodium, to better assist diabetics manage their blood glucose levels without sacrificing flavor.
"We want to help people in the United States, where there is really a significant population where eating healthy and cooking healthy can help," CEO Adam Zbar told CNBC. " Thirty million people in the United States have diabetes , Type 1 and Type 2, and over 100 million people are at risk for diabetes."
Meals that are part of Sun Basket's diabetes-friendly plan are all under 700 calories, Zbar said.
"Individualized nutrition is the cornerstone of diabetes management," Dr. William Cefalu, chief scientific, medical and mission officer of the American Diabetes Association, said in a statement.
Recipes in this meal plan include items like salmon cakes with celery salad and Manhattan-style cod chowder with potatoes and fennel. These new diabetes-friendly meals are available on Sun Basket's site for no extra cost.
"The old thinking is that there is a diabetes-specific diet and that's actually kind of false," Sun Basket nutritionist Kaley Todd told CNBC. "You can follow a variety of different eating plans as long as it follows a certain criteria that will help manage your disease. ... It's taking the diet out of diet, it's making it more of a lifestyle change."
This is Sun Basket's second foray into meals for people with chronic health problems. In October, the company launched its American Heart Association certified Lean & Clean menu, recipes that are under 500 calories, low in sodium and cut out ingredients like bacon, butter, confections, whipped toppings and oils.
Sun Basket is looking into creating a number of health-conscious meal plans that target other medical needs. Zbar said recipes that target autoimmune disorders, reduce inflammation and ease irritable bowel issues are being considered.
While other meal kit companies have taken to heavily discounting their products to lure in new diners or rewarding current members for turning their friends onto the program, Sun Basket has been more focused on the diversity of its offerings.
Sun Basket customers who adhere to these diets have higher retention rates than those who don't and have twice the long-term value for the company, Zbar said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/sun-basket-adds-diabetes-friendly-meal-kits-to-its-menu.html |
Former Walmart U.S. chief Bill Simon on Wednesday slammed Amazon for using cloud and ad revenues to support what he called meager retail profits.
Walmart "went out head to head, knuckle to knuckle and won market share in retail by executing a business model that customers wanted," said Simon, in an interview with CNBC's " Squawk Box ."
By contrast, Amazon is doing something similar to Walmart but also "losing money at it," Simon said. "They're gaining traction and profitability by other business activities that have nothing to do with retail," including Amazon Web Services and advertising.
Amazon did not immediately respond to CNBC's request for comment.
Amazon, with a market cap of more than $782 billion, has seen its shares rise more than 61 percent over the last 12 months as it continues to take business from older, big-box rivals.
The company saw growth in both its cloud service and ad business in its latest quarter , bringing in $5.44 billion and $2.03 billion in sales, respectively.
Amazon's subscription revenue also saw a jump, up 60 percent in the first quarter to $3.1 billion.
Walmart has been making moves to take a piece of the fast-growing online market.
Earlier this month, Walmart agreed to pay about $16 billion for a 77 percent stake in Flipkart, India's largest e-commerce company. India is seen as an important retail battleground.
Simon, speaking ahead of both Walmart's and Amazon's shareholder meetings this week, wondered about Walmart's "expensive" trip into e-commerce but at the same time applauded the company's commitment to online.
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By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/bill-simon-slams-amazon-for-using-cloud-and-ad-profits-to-support-retail.html |
Published: May 9, 2018 8:05 p.m. ET Share
CtW says Kimbal Musk, James Murdoch and Antonio Gracias ‘lack independence, industry relevant knowledge’ Getty Images
By Allison Prang
Pension-fund adviser CtW Investment Group has encouraged Tesla Inc. shareholders to vote against three of the company’s directors running for re-election.
The firm is encouraging shareholders to vote down the re-election of Kimbal Musk, the brother of Tesla TSLA, +1.62% Chief Executive Elon Musk, venture capitalist Antonio Gracias and 21st Century Fox FOX, -0.56% Chief Executive James Murdoch.
CtW works with union-sponsored pension funds and in its letter described them as “substantial Tesla shareholders.” ‘[Tesla’s] continuing success looks more tenuous than ever. All of this year’s director nominees lack independence, industry relevant knowledge, and a track record of effective service in a governance role.’ CtW Investment Group
CtW, which did something similar with Equifax EFX, +2.34% last month, said in a letter to shareholders that “Tesla has failed to hit critical production milestones” in the past year and has renominated people “who exemplify the company’s failure to evolve.”
Tesla has nine directors total on its board and will hold its yearly meeting June 5.
(James Murdoch is a director on the board of News Corp NWS, +0.30% , the parent company of The Wall Street Journal and MarketWatch. His father, Rupert Murdoch, is executive chairman.) | ashraq/financial-news-articles | https://www.wsj.com/articles/pension-fund-adviser-urges-no-votes-against-three-on-tesla-board/ |
May 10 (Reuters) - File hosting service provider Dropbox Inc topped analysts’ estimates for paying subscribers in its first financial report as a publicly traded company.
Dropbox said it had 11.5 million subscribers at the end of March, up 23.7 percent from the year-ago quarter. That compared with analysts’ average estimate of 11.3 million, according to Thomson Reuters I/B/E/S.
Dropbox reported average revenue per user of $114.3, beating estimates of $110.
The company’s quarterly loss widened to $465.5 million, largely due to IPO-related expenses.
On an adjusted basis, the company earned 8 cents per share.
Total revenue rose 28 percent to $316.3 million.
Dropbox had a blockbuster market debut on March 23, with shares ending the day up more than 35 percent. (Reporting by Munsif Vengattil in Bengaluru; Editing by Sriraj Kalluvila)
| ashraq/financial-news-articles | https://www.reuters.com/article/dropbox-results/dropbox-tops-paying-subscriber-estimates-in-first-results-since-ipo-idUSL3N1SH6J2 |
CALGARY, May 24, 2018 /PRNewswire/ - Tervita Corporation ("Tervita") announced today that Tervita 2018 Escrow Corporation (the "Escrow Issuer") has priced an offering (the "Offering") of US$250 million aggregate principal amount of 7.625% senior secured notes due 2021 (the "Notes"). The Notes were issued at 100.5% and will bear interest at an annual rate of 7.625%, payable semi-annually on June 1 and December 1 of each year, commencing December 1, 2018. The Notes have a maturity date of December 1, 2021. The offering is expected to close on June 1, 2018.
The Escrow Issuer is a wholly owned subsidiary of Tervita that was formed for purposes of completing the Offering. The Offering is being made in connection with the previously announced plan of arrangement (the "Arrangement") pursuant to which Tervita will, among other things, acquire all of the issued and outstanding shares of Newalta Corporation ("Newalta") and amalgamate with Newalta (such amalgamated entity, "Amalco"). The net proceeds of the Offering are intended to be used, together with Tervita's cash balances and availability under its revolving credit facility, to (i) fund the refinancing of Newalta's existing debt in connection with the consummation of the Arrangement and (ii) pay transaction fees and expenses in connection with the Arrangement and the related transactions. However, this Offering is scheduled to close prior to the completion of the Arrangement. Therefore, the net proceeds of the Offering will be held in escrow until the satisfaction of specified conditions precedent, including the satisfaction or waiver of all conditions precedent to the consummation of the Arrangement. If the escrow release conditions are satisfied on or prior to September 30, 2018, then the net proceeds from the Offering will be released from escrow. As a step in the Arrangement, following the amalgamation of Tervita and Newalta, the Escrow Issuer will be wound-up into Amalco. In connection with such winding up, the Notes will be automatically exchanged, without any action on the part of the holders of Notes, for a like principal amount of additional notes issued by Amalco under the indenture governing Tervita's existing 7.625% Senior Secured Notes due 2021 (the "Secured Notes"), under which Tervita previously issued US$360.0 million aggregate principal amount of Secured Notes, and the Notes will be deemed to be cancelled. The Arrangement is currently anticipated to close in the second or third quarter of 2018.
The securities mentioned herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and are being offered and sold in the United States only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain non U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. In addition, the securities mentioned herein have not been and will not be qualified for distribution by prospectus under Canadian securities laws and are being offered and sold in the United States, Canada and other countries only pursuant to an exemption from the prospectus requirements of Canadian securities laws.
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.
Reader Advisory Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") under applicable securities laws. Such forward-looking statements include, without limitation, our future plans and expectations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Tervita. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or are events or conditions that "will", "would", "may", "could" or "should" occur or be achieved. This press release contains forward-looking statements, pertaining to, among other things, our expectations regarding: the proposed Offering, the Escrow Issuer's plans to conduct the proposed Offering, Tervita's plans to assume the obligations under the Notes, the intended use of proceeds in respect of the Offering, the timing for completion of the Arrangement, our ability to successfully effect the foregoing, that the Notes will not be registered under the Securities Act, that the offering is an exempt distribution not requiring a prospectus and the jurisdictions where offers, solicitations, purchases or sales will occur. These statements are subject to all of the risks and uncertainties that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These risks include, but are not limited to, general economic conditions, commodity price volatility, currency fluctuations, changes in legislation, risks relating to the Arrangement (including risks associated with securing certain regulatory and court approvals necessary to consummate the Arrangement) and certain other known and unknown risks.
Although Tervita believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given. Actual results may differ materially from what was expressed or implied in the forward-looking statements and readers should not place undue importance or reliance on the forward-looking statements. Statements including forward-looking statements are made as of the date they are given and, except as required by applicable laws, Tervita disclaims any intention or obligation to publically update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
View original content: http://www.prnewswire.com/news-releases/tervita-corporation-announces-pricing-of-an-offering-of-senior-secured-notes-by-tervita-2018-escrow-corporation-300654635.html
SOURCE Tervita Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-tervita-corporation-announces-pricing-of-an-offering-of-senior-secured-notes-by-tervita-2018-escrow-corporation.html |
LONDON (Reuters) - New British interior minister Sajid Javid will travel shortly to the United States to discuss threats posed by Russia, international terrorism and organized crime with top U.S. officials, Javid’s office said on Tuesday.
Britain's Home Secretary Sajid Javid leaves 10 Downing Street in London, May 1, 2018. REUTERS/Simon Dawson Javid will meet U.S. Attorney General Jeff Sessions, Homeland Security Secretary Kirstjen Nielsen and other officials over the coming days in his first trip to the United States since being appointed on April 30.
“Top of the agenda will be cementing the leading role both countries play in tackling international terrorism, serious and organized crime and the threat posed by Russia,” a British interior ministry spokesman said.
Britain's Home Secretary Sajid Javid arrives in Downing Street in London, May 1, 2018. REUTERS/Simon Dawson Britain’s relations with Russia are at a post-Cold War low following the poisoning of former Russian double-agent Sergei Skripal in the English city of Salisbury in March.
“In the wake of the Salisbury attack, (Javid) will seek a coordinated approach against the threat of hostile state activity including targeting illicit finance and cyber attacks,” the spokesman for Javid added.
British accusations that Russia was behind the nerve agent attack led to a diplomatic crisis in which Western governments, including the United States, have expelled more than 100 Russian diplomats. Russia has denied any involvement in the poisoning and retaliated by expelling Western diplomats.
Reporting by David Milliken; Editing by Mark Heinrich
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-britain-russia/british-interior-minister-to-discuss-russia-terrorism-on-u-s-visit-idUSKCN1IU2GF |
THE WOODLANDS, Texas, Nexeo Solutions, Inc. (NASDAQ:NXEO) (the "Company") announced today that it will hold its second quarter fiscal year 2018 earnings conference call on Thursday, May 10, 2018 at 9:00 a.m. CT (10:00 a.m. ET). The earnings release is expected to be issued either the day before following market close or the day of the call prior to market open.
To participate in the conference call by telephone, please call one of the following telephone numbers and reference the below access passcode 10 minutes prior to the scheduled start time:
Domestic: +1.844.412.1004 International: +1.216.562.0451 Passcode: 4589438
The conference call and presentation will also be broadcast live via the Internet. You may listen by accessing the Investor Relations section of the Company’s website at www.nexeosolutions.com . You should connect to the website at least 15 minutes prior to the conference call to register, download and install any necessary audio software to ensure a successful user experience.
If you are unable to participate, a replay of the conference call will be available on May 10, 2018, beginning at 12:00 p.m. CT (1:00 p.m. ET), through May 17, 2018 at 12:00 p.m. CT (1:00 p.m. ET). The phone number for the conference call replay is +1.855.859.2056 (Domestic) or +1.404.537.3406 (International). The access passcode is 4589438. Additionally, the recorded conference call will be accessible through the Investor Relations section of the Company’s website at www.nexeosolutions.com .
All individuals listening to the conference call or the replay are reminded that all conference call material is copyrighted by the Company and cannot be recorded or rebroadcast without the Company's express written consent.
About Nexeo Solutions, Inc.
Nexeo Solutions is a leading global chemicals and plastics distributor, representing products from world-class producers to a diverse customer base. From product specification to sustainable solutions, the Company goes beyond traditional logistics to provide value-added services across many industries, including chemicals manufacturing, oil and gas, coatings, personal care, healthcare, automotive and 3D printing. The Company leverages a centralized technology platform to identify efficiencies and create solutions to unlock value for suppliers and customers. Learn more at www.nexeosolutions.com .
For Further Information Please Contact
Investor Relations, Nexeo Solutions
[email protected]
Tel: +1.281.297.0856
Media Relations, Nexeo Solutions
[email protected]
Tel: +1.281.297.0851
Source:Nexeo Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-nexeo-solutions-announces-second-quarter-fiscal-year-2018-earnings-release-date-and-conference-call-information.html |
in a few seconds BRIEF-Green Dot Q1 GAAP Earnings Per Share $1.29 Reuters Staff
May 9 (Reuters) - Green Dot Corp: * GREEN DOT REPORTS FIRST QUARTER 2018 RESULTS
* SEES Q2 NON-GAAP EARNINGS PER SHARE ABOUT $0.62
* Q1 NON-GAAP EARNINGS PER SHARE $1.40 * SEES Q2 REVENUE ABOUT $249 MILLION
* Q1 REVENUE $315 MILLION VERSUS I/B/E/S VIEW $297.4 MILLION
* Q1 EARNINGS PER SHARE VIEW $1.29 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 NON-GAAP EARNINGS PER SHARE $2.93 TO $3.00
* SEES FY 2018 REVENUE $1.002 BILLION TO $1.012 BILLION Source text for Eikon: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-green-dot-q1-gaap-earnings-per-sha/brief-green-dot-q1-gaap-earnings-per-share-1-29-idUSASC0A13D |
BURLINGTON, Massachusetts, May 3, 2018 /PRNewswire/ --
Attunity Ltd. (NasdaqCM: ATTU), a leading provider of data integration and Big Data management software solutions, today reported its unaudited financial results for the three-month period ended March 31, 2018.
"We are excited to report that we achieved 45% year-over-year license revenue growth and 32% year-over-year total revenue growth 2018. Our success was primarily driven by our strong execution and the increased market demand for our solutions enabling modern analytics and cloud migrations. We continue to see that the demand in the market for big data integration is greater than ever before and growing," stated Shimon Alon, Chairman and CEO of Attunity.
"This is the third consecutive quarter where we have exceeded our own expectations. In addition to seeing continued strong sales momentum, we are particularly excited to report that during this quarter approximately 40% of new Attunity Replicate deals were term-based. This ramping of recurring revenue is becoming an important element of our business model that we expect will also give us greater visibility," concluded Mr. Alon.
Recent Operational Highlights
Entered into a new technology license agreement with an existing OEM partner for $3.5 million in total licensing fees and additional recurring annual support fees of $0.3 million Closed several substantial agreements for Attunity Replicate, including one with a Fortune 500 leading investment and financial advisory services company
Financial Highlights for the First Quarter of 2018 compared with the First Quarter of 2017
Total revenue was $18.2 million, compared with $13.8 million* Operating profit was $0.8 million, compared with an operating loss of $0.6 million* Non-GAAP operating profit was $2.0 million, compared with $0.5 million** Net income was $0.2 million, compared with a net loss of $1.5 million* Non-GAAP net income was $1.5 million, compared with a non-GAAP net loss of $0.4 million**
Financial Results for First Quarter of 2018
Total revenue 2018 was $18.2 million, compared with $13.8 million for the same period in 2017. This includes license revenue of $10.1 million, which grew 45% compared with $7.0 million for the same period in 2017, and maintenance and service revenue, which grew 18% to $8.1 million, compared with $6.9 million for the same period in 2017.*
Operating expenses 2018 increased 21% to $17.5 million, compared with $14.5 million for the same period in 2017.*
Non-GAAP operating expenses 2018 increased 22% to $16.2 million, compared with $13.3 million for the same period in 2017. Non-GAAP operating expenses exclude approximately $1.3 million in equity-based compensation expenses and amortization associated with acquisitions, compared with $1.2 million of similar expenses for the same period in 2017.**
Operating profit 2018 was $0.8 million, compared with an operating loss of $0.6 million for the same period in 2017.*
Non-GAAP operating profit was $2.0 million 2018, compared with $0.5 million for the same period in 2017. Non-GAAP operating profit excludes approximately $1.3 million in equity-based compensation expenses and amortization associated with acquisitions, compared with $1.2 million of similar expenses for the same period in 2017.**
Net income 2018 was $0.2 million, or $0.01 per diluted share, compared with a net loss of $1.5 million, or ($0.09) per diluted share, in the same period in 2017.*
Non-GAAP net income 2018 was $1.5 million, or $0.07 per diluted share, compared with a non-GAAP net loss of $0.4 million, or ($0.02) per diluted share, for the same period in 2017. Non-GAAP net loss excludes approximately $1.3 million in equity-based compensation expenses and amortization associated with acquisitions, compared with approximately $1.1 million of similar expenses for the same period in 2017.**
Cash and cash equivalents and short-term deposits were $28.8 million as of March 31, 2018, compared with $29.1 million as of December 31, 2017. Cash used in operations was $0.1 million, compared to cash flow from operations of $2.9 million in the same period in 2017.
Shareholders' equity as of March 31, 2018 increased to $59.4 million from $51.2 million as of December 31, 2017.
Updated Outlook for Full Year 2018
The Company increased its outlook for the full year 2018 as follows:
Total revenue is estimated to grow to between $75 and $78 million, compared with prior guidance of $73 to $75 million. Non-GAAP operating margin is estimated to be between 6% and 10%, compared with prior guidance of 6% to 9%.
Financial Reconciliation to non-GAAP figures for the updated 2018 outlook:
From
To
GAAP Operating Profit (Loss) Margin
(1%)
4%
Equity-based compensation
(6%)
(5%)
Amortization associated with acquisitions
(1%)
(1%)
Non-GAAP Operating Profit Margin (1)
6%
10%
(1) Non-GAAP Operating Profit Margin is calculated by dividing the non-GAAP Operating Profit by the total non-GAAP revenues for the period.
These estimates for 2018 reflect the Company's current and preliminary views, which are subject to change (see below under "Safe Harbor Statement"). The Company clarified that it does not expect to provide or update guidance more often than on an annual basis.
** See "Use of Non-GAAP Financial Information" below for more information regarding Attunity's use of Non-GAAP financial measures.
Conference Call and Webcast Information
The Company will host a conference call with the investment community on Thursday, May 3 rd at 8:30 a.m. Eastern Time featuring remarks by Shimon Alon, Chairman and CEO, Dror Harel-Elkayam, CFO, and Itamar Ankorion, CMO of Attunity. The dial-in numbers for the conference call are +1-877-407-9039 (U.S. Toll Free), +1 809 406 247 (Israel), or +1-201-689-8470 (International). All dial-in participants must use the following code to access the call: 13678294.
Please call at least five minutes before the scheduled start time. The conference call will also be available via webcast, which can be accessed through the Investor Relations section of Attunity's website, ir.attunity.com . Please allow extra time prior to the call to visit the site and download any necessary software to listen to the live broadcast.
For interested individuals unable to join the conference call, a replay of the call will be available through May 17, 2018, at +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International). Participants must use the following code to access the replay of the call: 13678294. The online archive of the webcast will be available on ir.attunity.com/events for 30 days following the call.
About Attunity
Attunity is a leading provider of data integration and Big Data management software solutions that enable availability, delivery, and management of data across heterogeneous enterprise platforms, organizations, and the Cloud . Our software solutions include data replication and distribution , test data management , change data capture (CDC) , data connectivity , enterprise file replication (EFR), managed file transfer (MFT), data warehouse automation , data usage analytics , and cloud data delivery .
Attunity has supplied innovative software solutions to its enterprise-class customers for over 20 years and has successful deployments at thousands of organizations worldwide. Attunity provides software directly and indirectly through a number of partners such as Microsoft, Oracle, IBM and Hewlett Packard Enterprise. Headquartered in Boston, Attunity serves its customers via offices in North America, Europe, and Asia Pacific and through a network of local partners. For more information, visit http://www.attunity.com or our blog and join our communities on Twitter , Facebook , LinkedIn and YouTube .
(*) New Revenue Accounting Standard
Effective January 1, 2018, Attunity adopted the FASB-issued ASU, No. 2014-09, "Revenue from Contracts with Customers (Topic 606)", or ASC 606, a new accounting standard related to revenue recognition. Attunity adopted ASC 606 using the modified retrospective method, which means that the comparative financial information for first quarter 2017 has not been restated in the current financial statements under the new accounting standard. Accordingly, the percentage changes from the 2017 to 2018 periods differ from what they would have been had the same accounting standards been in effect for both periods. In the interest of comparability during the transition year to ASC 606, the company has provided revenue, operating expenses, operating income (loss), financial income, taxes on income, net income (loss) and earnings per share information in accordance with both ASC 606 and revenue recognition rules in effect prior to the adoption of ASC 606 (ASC No. 985-605, or ASC 605). For further details, see the Impact of the Adoption of ASC 606 table later in this press release and the note thereto.
(**) Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles, or GAAP, Attunity uses Non-GAAP measures of net income (loss), operating expenses, operating profit (loss), and diluted net income (loss) per share, which are adjusted from results based on GAAP to exclude amortization associated with acquisitions, equity-based compensation expenses, non-cash financial expenses, such as the effect of a revaluation of liabilities presented at fair value, and the effect of changes in deferred taxes related to non-GAAP adjustments. Attunity's management believes the non-GAAP financial information provided in this release is useful to investors' understanding and assessment of Attunity's on-going core operations and prospects for the future. Management uses both GAAP and non-GAAP information in evaluating and operating its business internally and as such has determined that it is important to provide this information to investors. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. For further details, see the Reconciliation of Supplemental Non-GAAP Financial Information table later in this press release.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Statements preceded by, followed by, or that otherwise include the words "believes", "expects", "anticipates", "intends", "estimates", "plans", and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. For example, when we discuss the demand for our products, improved visibility and our updated outlook for 2018, we are using forward-looking statements. In addition, announced results 2018 are preliminary, unaudited and subject to year-end audit adjustment. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results, expressed or implied by such forward-looking statements, could differ materially from Attunity's current expectations. Factors that could cause or contribute to such differences include, but are not limited to, risks and uncertainties relating to: our history of operating losses and ability to achieve or sustain profitability; our business and operating results dependency on the successful and timely implementation of our third party partner solutions; the lengthy sales cycle of our products; competition; acquisitions, including costs and difficulties related to integration of acquired businesses and impairment charges; global economic conditions; the potential loss of one or more of our significant customers or a decline in demand from one or more of these customers; timely availability and customer acceptance of Attunity's new and existing products; risks relating to proprietary rights and risks of infringement; loss of the services of our key personnel; international operations; and other factors and risks on which Attunity may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Attunity, reference is made to Attunity's latest Annual Report on Form 20-F which is on file with the Securities and Exchange Commission (SEC) and the other risk factors discussed from time to time by Attunity in reports filed with, or furnished to, the SEC. Except as otherwise required by law, Attunity undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.
© Attunity 2018. All Rights Reserved. Attunity is a registered trademark of Attunity Inc. All other product and company names herein may be trademarks of their respective owners.
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
March 31,
December 31,
2018
2017
Unaudited
Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
16,788
$
29,087
Short term deposits
12,000
-
Trade receivables (net of allowance for doubtful accounts of $70 and $15, at March 31, 2018 and December 31, 2017, respectively)
13,466
10,609
Deferred commissions costs
1,075
-
Other accounts receivable and prepaid expenses
1,706
1,074
Total current assets
45,035
40,770
LONG-TERM ASSETS:
Other assets
240
152
Deferred commissions costs, non-current
4,889
-
Deferred taxes
219
1,209
Severance pay fund
4,446
4,378
Property and equipment, net
1,413
1,287
Intangible assets, net
1,195
1,431
Goodwill
30,929
30,929
Total long-term assets
43,331
39,386
Total assets
$
88,366
$
80,156
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except share and per share data
March 31,
December 31,
2018
2017
Unaudited
Audited
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables
$
840
$
666
Deferred revenues
12,828
11,066
Employees and payroll accruals
4,451
5,730
Accrued expenses and other current liabilities
1,988
3,066
Total current liabilities
20,107
20,528
LONG-TERM LIABILITIES:
Other liabilities
722
321
Deferred revenues
2,170
2,163
Accrued severance pay
5,958
5,941
Total long-term liabilities
8,850
8,425
Share capital - Ordinary shares of NIS 0.4 par value - Authorized: 32,500,000 shares at March 31, 2018 and December 31, 2017; Issued and outstanding: 20,737,228 shares at March 31, 2018 and 20,718,468 shares at December 31, 2017
2,363
2,361
Additional paid-in capital
175,775
174,693
Accumulated other comprehensive loss
(1,333)
(1,222)
Accumulated deficit
(117,396)
(124,629)
Total shareholders' equity
59,409
51,203
shareholders' equity
$
88,366
$
80,156
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars and share amounts in thousands, except per share data
Three months ended
March 31,
2018
2017
Unaudited
Revenues:
Software licenses
10,134
6,970
Maintenance and services
8,096
6,866
Total revenue
18,230
13,836
Operating expenses:
Cost of revenues
2,678
2,079
Research and development
3,829
3,292
Selling and marketing
9,378
7,901
General and administrative
1,593
1,184
Total operating expenses
17,478
14,456
Operating income (loss)
752
(620)
Financial income (expenses)
50
(120)
Income (loss) before taxes on income
802
(740)
Taxes on income
598
733
Net income (loss)
204
(1,473)
Basic and diluted net income (loss) per share
0.01
(0.09)
Weighted average number of shares used in computing basic net income (loss) per share
20,731
16,878
Weighted average number of shares used in computing basic net income (loss) per share
21,016
16,878
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Three months ended
March 31,
2018
2017
Unaudited
Cash flows activities:
Net income (loss)
204
(1,473)
Adjustments required to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation
130
122
Stock based compensation
1,039
828
Amortization of intangible assets
236
337
Change in:
Accrued severance pay, net
(51)
90
Trade receivables
(558)
2,471
Other accounts receivable and prepaid expenses
(657)
(962)
Other long term assets
(11)
7
Trade payables
141
(130)
Deferred revenues
2,229
2,960
Employees and payroll accruals
(1,290)
(1,505)
Accrued expenses and other current liabilities
(695)
124
Liabilities presented at fair value
-
(57)
Change in deferred taxes, net
148
119
Deferred Commissions costs
(959)
-
Net cash provided by (used in) operating activities
(94)
2,931
Cash flows from investing activities:
Short term deposit
(12,000)
-
Purchase of property and equipment
(254)
(80)
Net cash used in investing activities
(12,254)
(80)
Cash flows from financing activities:
Proceeds from exercise of options
45
202
Payment of contingent consideration
-
(271)
Net cash provided by (used in) financing activities
45
(69)
Foreign currency translation adjustments on cash and cash equivalents
4
2
Increase (decrease) in cash and cash equivalents
(12,299)
2,784
Cash and cash equivalents at the beginning of the period
29,087
9,166
Cash and cash equivalents at the end of the period
$
16,788
$
11,950
Supplemental disclosure of cash flow activities:
Cash paid during the year for taxes
1,481
458
IMPACT OF THE ADOPTION OF ASC 606
U.S. dollars in thousands, except per share data
Three months ended March 31, 2018
(Unaudited)
As reported (ASC 606)
Adjustments
ASC 605 (excluding impact of ASC 606) *
Revenues
$ 18,230
$ (1,438)
$ 16,792
Operating expenses
17,478
960
18,438
Operating income (loss)
752
(2,398)
(1,646)
Financial income
50
-
50
Taxes on income
598
(149)
449
Net income (loss)
$ 204
$ (2,249)
$ (2,045)
Basic and diluted net income (loss) per share
$ 0.01
$ (0.11)
$ (0.10)
(*) Effective January 1, 2018, the Company adopted the Financial Accounting Standard Board-issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers (Topic 606)", or ASC 606, a new accounting standard related to revenue recognition, using the modified retrospective method. In order to provide comparable figures during 2018, the transition year to ASC 606, the Company has provided the above summary of adjustments in financial information for the three months ended March 31, 2018 in accordance with both ASC 606 and previous accounting literature, ASC No. 985-605, or ASC 605. The table above also shows the adjustments made to reconcile the ASC 606 presentation to ASC 605. The ASC 605 information should be considered in addition to, not as a substitute for, nor superior to or in isolation from, the financial information prepared and reported in accordance with ASC 606.
RECONCILIATION OF SUPLEMENTAL NON-GAAP FINANCIAL INFORMATION
U.S. dollars and share amounts in thousands, except per share data
Three months ended
March 31,
2017
2016
Unaudited
Total revenues
18,230
13,836
GAAP operating expenses:
17,478
14,456
Cost of revenues (1)
(53)
(23)
Research and development (1)
(203)
(201)
Sales and marketing (1)
(549)
(379)
General and administrative (1)
(234)
(225)
Amortization of acquired intangible assets
(236)
(337)
Non-GAAP operating expenses
16,203
13,291
GAAP operating income (loss)
752
(620)
Operating loss adjustments
(1,275)
(1,165)
Non-GAAP operating income (loss)
2,027
545
GAAP Financial income (expenses), net
50
(120)
Revaluation of liabilities presented at fair value
-
(57)
Non-GAAP Financial income (expenses), net
50
(177)
GAAP taxes on income
(598)
(733)
Tax related to non-GAAP adjustments
-
(32)
Non-GAAP taxes on income
(598)
(765)
GAAP net income (loss)
204
(1,473)
Amortization of acquired intangible assets
236
337
Stock-based compensation
1,039
828
Revaluation of liabilities presented at fair value
-
(57)
Tax related to non-GAAP adjustments
-
(32)
Non-GAAP net income (loss)
1,479
(397)
GAAP basic and diluted net income (loss) per share
0.01
(0.09)
Non-GAAP basic and diluted income (loss) per share
0.07
(0.02)
Shares used in computing basic net income (loss) per share
20,731
16,878
Shares used in computing diluted net income (loss) per share
21,016
16,878
Shares used in computing Non-GAAP diluted net income (loss) per share
21,656
16,878
(1) Stock-based compensation expenses:
Three months ended
March 31,
2018
2017
Cost of revenues
53
23
Research and development
203
201
Sales and marketing
549
379
General and administrative
234
225
1,039
828
For more information, please contact:
Todd Fromer / Allison Soss
KCSA Strategic Communications
P: +1-212-682-6300
[email protected] / [email protected]
Dror Harel-Elkayam, CFO
Attunity Ltd.
Tel. +972-9-899-3000
[email protected]
View original content: http://www.prnewswire.com/news-releases/attunity-reports-first-quarter-2018-45-license-revenue-growth-300641973.html
SOURCE Attunity Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-attunity-reports-first-quarter-2018-45-percent-license-revenue-growth.html |
May 7, 2018 / 8:13 AM / Updated 11 minutes ago Tariff war could derail global recovery - ECB Reuters Staff 2 Min Read
FRANKFURT (Reuters) - Protective tariffs imposed by the United States in recent months have only had a minor impact on the world economy but a significant escalation in tensions could derail the recovery in global trade, the European Central Bank said on Monday. The headquarters of the European Central Bank (ECB) and the Frankfurt skyline with its financial district are photographed on early evening in Frankfurt, Germany, March 25, 2018. REUTERS/Kai Pfaffenbach
Retaliation and a full fledged trade war could increase import prices, raise production costs and eat into households’ purchasing power, negatively impacting consumption, investment and employment, the ECB said in an economic bulletin article.
Demanding more fair trade, imposed some trade tariffs on China and asked Beijing to reduced its trade surplus with the United States by 200 billion euros (176 billion pounds). But it has so far exempted the European Union from new tariffs on steel and aluminium.
“In response to higher uncertainty, financial investors could also reduce their exposure to equities, reduce credit supply and require a higher compensation for risk,” the ECB said. “Heightened uncertainty could spill over more broadly, adding to volatility in global financial markets.”
Over the longer term, protectionism would weigh on productivity and negatively affect the economy’s potential output growth, the ECB said. Reporting by Balazs Koranyi; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-eurozone-trade-ecb/tariff-war-could-derail-global-recovery-ecb-idUKKBN1I80NY |
* Dollar firmer vs yen, hits fresh 4-month high
* Treasury’s Mnuchin says trade war “on hold”
* Trade war truce seen as positive for risk sentiment
* Euro, Sterling set fresh 5-month low
By Masayuki Kitano and Tomo Uetake
SINGAPORE/TOKYO, May 21 (Reuters) - The dollar advanced against the yen on Monday, after U.S. Treasury Secretary Steven Mnuchin said the U.S. trade war with China is “on hold”, boosting risk sentiment amid hopes for an easing of trade tensions between the world’s two biggest economies.
The dollar rose 0.5 percent to 111.245 yen, hitting a fresh four-month high in Asian trade.
The easing of U.S.-China trade tensions is likely to underpin riskier assets such as equities and bodes well for the dollar against the safe-haven yen, said Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore.
“I think equity markets are going to be in a happier place today,” Innes said.
Japan’s Nikkei share average climbed to 3-1/2-months high, as the weaker yen helped Japanese exporters.
Japan is the world’s largest creditor nation and traders tend to assume Japanese investors would repatriate funds at times of crisis, thus pushing up the yen. The Japanese currency often weakens when investor confidence increases and their appetite for riskier assets strengthens.
“Because many dollar/yen sell orders from Japanese exporters have already been cleared at 106-109 levels, I think the dollar could rise to 113 yen soon, without facing much resistance,” said Yunosuke Ikeda, chief forex strategist at Nomura Securities in Tokyo.
If U.S. 10-year Treasury yields were to climb above the seven-year high of 3.128 percent set on Friday and the dollar gains a solid foothold above 111 yen, the greenback could attempt for the 112-yen levels, Oanda’s Innes also said.
In equity markets, U.S. S&P mini futures rose 0.6 percent in Asian trade, after Mnuchin said on Sunday that the U.S. trade war with China is “on hold” after the world’s largest economies agreed to drop their tariff threats while they work on a wider trade agreement.
Mnuchin and U.S. President Donald Trump’s top economic adviser, Larry Kudlow, said the agreement reached by Chinese and American negotiators on Saturday sets up a framework for addressing trade imbalances in the future.
The dollar’s index against a basket of six major currencies set a fresh five-month high on Monday, touching a peak of 93.860 at one point.
The euro slipped to $1.1744 at one point, touching its lowest level in five months, and was last down 0.2 percent on the day at $1.1746.
Europe’s single currency has dropped around seven cents in about a month amid a sharp dollar rally.
Concerns have also mounted about the agreement between Italy’s far-right League and 5-Star Movement on a governing accord that would slash taxes and ramp up welfare spending.
The British pound shed 0.35 percent to $1.3857, hitting its lowest level since late December.
A focus for markets this week is Wednesday’s release of minutes from the Federal Reserve’s latest monetary policy meeting. Investors will be watching the minutes for clues about the pace of the current tightening cycle.
Reporting by Masayuki Kitano and Tomo Uetake Editing by Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-hits-fresh-4-month-high-vs-yen-as-u-s-china-trade-war-fears-recede-idUSL3N1SS260 |
May 23, 2018 / 10:47 AM / Updated 8 minutes ago French PM cancels Israel trip, cites diary reasons Reuters Staff 1 Min Read
PARIS (Reuters) - French Prime Minister Edouard Philippe has canceled a planned trip to Israel, an official at his office said on Wednesday, adding that the reason was domestic policy matters to be tended to in the coming days.
Philippe had been planning to visit at the end of May. Reporting By Brian Love; editing by Luke Baker | ashraq/financial-news-articles | https://www.reuters.com/article/us-france-israel-pm/french-pm-cancels-israel-trip-cites-diary-reasons-idUSKCN1IO1G7 |
TOKYO (Reuters) - Japan’s exports are expected to have risen for a 17th straight month in April thanks to solid global demand, a Reuters poll showed on Friday.
A worker is seen among newly manufactured cars awaiting export at port in Yokohama, Japan, November 15, 2017. REUTERS/Toru Hanai Exports likely grew 8.1 percent in April from a year ago, the poll of 16 economists found, accelerating from a 2.1 percent rise in March, supported by shipments of autos and capital goods such as machinery.
Imports were expected to rise 9.6 percent last month from a year earlier after oil price gains drove up import costs, the poll showed, compared with a 0.6 percent decline in March.
The trade surplus for the month was seen at 405.6 billion yen ($3.66 billion).
“Although exports for January-March slowed down, there is no doubt that the global economy is on a moderate recovery path and export volumes were maintained,” said Takeshi Minami, chief economist at Norinchukin Research Institute.
“Domestic demand including consumer spending likely started picking up from April, so both exports and imports are expected to recover.”
Japan’s economy shrank an annualized 0.6 percent in January-March, the first contraction in nine quarters, led by declines in investment and consumption as well as weaker export growth.
Many economists project the economy will recover but the pace of the growth may be moderate.
Potential global fallout from trade frictions between the United States and China are worrying factors in the outlook for Japan’s export-reliant economy, poll respondents said, though there has not been a notable negative impact on Japan yet.
The finance ministry will publish the trade data at 8:50 a.m. Tokyo time on May 21 (2350 GMT, May 20).
Next week’s key data also includes the Tokyo area’s core consumer price index, which includes oil products but excludes volatile fresh food prices.
Tokyo’s core CPI likely rose 0.6 percent in May from a year earlier, which is the same rate of growth seen in April, the poll showed.
“Price gains in oil-related products likely contributed to the core CPI index,” an SMBC Nikko Securities analyst said in the survey.
“It will be some time before we see the wage increase from the annual spring wage negotiations this year supporting price rises.”
The internal affairs ministry will publish the core CPI index at 8:30 a.m. Tokyo time on May 25 (2330 GMT on May 24).
Reporting by Kaori Kaneko; Editing by Eric Meijer
| ashraq/financial-news-articles | https://www.reuters.com/article/us-japan-economy-trade/japans-exports-seen-rising-for-17th-straight-month-in-april-idUSKCN1IJ0E0 |
HOUSTON, May 14, 2018 (GLOBE NEWSWIRE) -- Key Energy Services, Inc. (“Key” or the “Company”) announced today that President and Chief Executive Officer Robert Drummond notified the Company of his decision to resign from his role as CEO to pursue another opportunity effective May 11, 2018. While Mr. Drummond was prepared to continue in his position for 90 days, the Board has determined to name Key’s current Senior Vice President and Chief Financial Officer, Marshall Dodson, as interim CEO. Mr. Dodson will continue to fulfill his current responsibilities during the interim period. Mr. Drummond will continue to remain on Key’s Board of Directors. Key will be engaging an executive search firm to conduct a comprehensive search for its next CEO.
Key’s Chairman of the Board of Directors, Phillip Norment, stated “Robert has led the Company through several challenging years and has positioned Key for success and growth in the future. We would like to thank Robert for his leadership and service to Key and appreciate his desire to play a continued role as a Director. We wish him the best in his future endeavors. We are also pleased that Marshall Dodson has agreed to serve as interim CEO during this important time to provide continued leadership and a seamless transition.”
Robert Drummond, a Key Director and former Chief Executive Officer stated “I believe Key is on the right path and have confidence in the team at Key to continue growing the business. While I have decided to leave the Company to pursue another opportunity, I believe Key’s Board of Directors, the management team, and the men and women delivering exceptional service to Key’s customers every day will continue to drive the Company’s progress in achieving our goals.”
About Key Energy Services
Key Energy Services is the largest onshore, rig-based well servicing contractor based on the number of rigs owned. Key provides a complete range of well intervention services and has operations in all major onshore oil and gas producing regions of the continental United States.
Contact:
Marshall Dodson
713-651-4403
Source:Key Energy Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-key-energy-services-announces-chief-executive-officer-resignation-and-appoints-interim-chief-executive-officer.html |
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