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BRUSSELS, May 18 (Reuters) - The European Commission said on Friday it had started the process of renewing a sanctions-blocking measure to protect European business in Iran, after the United States reimposed sanctions on Tehran.
The Commission said in a statement it had “launched the formal process to activate the Blocking Statute by updating the list of U.S. sanctions on Iran falling within its scope,” referring to an original EU regulation from 1996.
The Commission said the measure would come into force within two months, unless the European Parliament and EU governments formally rejected it, but that it could also be activated sooner if there was strong political support. (Reporting by Robin Emmott Editing by Alastair Macdonald)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-europe/eu-commission-says-launches-measures-to-protect-eu-business-in-iran-idUSS8N1QI01D |
May 9 (Reuters) - Oshkosh Corp:
* RETIRED GENERAL RAYMOND T. ODIERNO APPOINTED TO OSHKOSH CORPORATION BOARD OF DIRECTORS
* OSHKOSH CORP - WITH APPOINTMENT OF GENERAL ODIERNO, OSHKOSH CORPORATION HAS 12 BOARD MEMBERS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-oshkosh-corp-appoints-retired-gene/brief-oshkosh-corp-appoints-retired-general-raymond-odierno-to-board-idUSASC0A178 |
WASHINGTON (Reuters) - The United States on Tuesday imposed sanctions on Iran’s central bank governor, Valiollah Seif, and Iraq-based Al-Bilad Islamic Bank for “moving millions of dollars” for Iran’s elite Revolutionary Guard Corps, as Washington seeks to cut off funding for what it says is Iran’s malign activities in the Middle East.
Valiollah Seif, Governor of Central Bank of Iran, waits to start a meeting with Britain's Foreign Secretary Philip Hammond (unseen) in Tehran, Iran August 23, 2015. REUTERS/Darren Staples/Files U.S. Treasury Secretary Steven Mnuchin said Seif covertly funneled millions of dollars on behalf of the IRGC through Al-Bilad bank “to enrich and support the violent and radical agenda of Hezbollah.”
The United States classifies Lebanon’s Shi’ite Muslim movement Hezbollah, which is backed by Iran, as a terrorist group.
“It is appalling, but not surprising, that Iran’s senior-most banking official would conspire with the IRGC-QF to facilitate funding of terror groups like Hezbollah, and it undermines any credibility he could claim in protecting the integrity of the institution as a central bank governor,” Mnuchin said in a statement.
The U.S. Treasury also blacklisted Ali Tarzali, assistant director of the international department of Iran’s central bank, and the chairman of Al-Bilad Islamic Bank, Aras Habib.
The department said the sanctions against Seif and Tarzali would not immediately affect central bank transactions. It said, however, sanctions being reimposed under the nuclear deal would affect certain U.S. dollar transactions by the central bank starting on Aug. 7, 2018.
Last week, two days after U.S. President Donald Trump withdrew from the 2015 Iran nuclear deal, the U.S. Treasury imposed sanctions against six individuals and three companies it said were funneling millions of dollars to the IRGC-QF.
The IRGC is by far Iran’s most powerful security entity and has control over large stakes in Iran’s economy and huge influence in its political system. The Quds Force is an elite unit in charge of the IRGC’ overseas operations.
Reporting by Lesley Wroughton and Susan Heavey; Editing by Dan Grebler
| ashraq/financial-news-articles | https://in.reuters.com/article/iran-nuclear-usa/u-s-imposes-sanctions-against-iran-central-bank-governor-idINKCN1IG2D5 |
LOS ANGELES, May 22, 2018 /PRNewswire/ -- 806 West Adams Property LLC, an affiliate of Champion Real Estate Company, has announced a 99-unit townhome project at 806 West Adams in the City of Los Angeles near the University of Southern California.
The approximately 2.75 acre property was purchased for a base price of $26 million from the John Tracy Clinic. The John Tracy Clinic chose Champion because Champion offered a leaseback of the property during the entitlement period and, more importantly, will be a partner with Champion in the approvals process.
John Tracy Clinic president Gaston Kent said, "The clinic's participation in the increased value of the property through entitlements is a critical component of the clinic's long-term sustainability. In addition, the increased value will be used by the clinic to move to a newer, better equipped facility within the community."
As part of its development plan, Champion will provide affordable housing as a component of the project. Champion's commitment to address the affordable housing problem is part of Champion's commitment to mixed income projects around the City. Previously, Champion voluntarily committed to provide rent control units in Hollywood, which was a first by a developer in Los Angeles.
Each townhouse in the proposed West Adams project will have approximately five bedrooms and feature a rooftop amenity deck. In addition, the project will have a large multi-story clubhouse, a resort style pool and sand volleyball courts. Although the project will be open to students, Champion believes there will be significant demand from university faculty and employees along with other renters that recognize the many attributes of the transit oriented West Adams neighborhood and the townhouse configuration.
The project is expected to be built in two phases with the first phase starting in 2019 and the second phase in 2020.
About Champion Real Estate Company
Champion Real Estate Company ("Champion") was founded in 1987 by veteran investor, developer and CEO, Bob Champion. Based in West Los Angeles, Champion's strategy is to acquire infill properties in "A" locations within markets that are core, core adjacent or gentrifying to core and implement value accretive improvements.
For more information, visit www.ChampionRealEstateCompany.com .
Press Contact:
Rebecca Binny
C: (310) 334 9942
[email protected]
View original content: http://www.prnewswire.com/news-releases/champion-announces-acquisition-of-806-west-adams-300652457.html
SOURCE Champion Real Estate Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-champion-announces-acquisition-of-806-west-adams.html |
Gazans bury their dead on 'Nakba day' 2:12pm BST - 01:36
Gazans buried their dead after the Palestinians' bloodiest day for years, when Israeli forces opened fire on protesters angered by the new U.S. embassy in Jerusalem.
Gazans buried their dead after the Palestinians' bloodiest day for years, when Israeli forces opened fire on protesters angered by the new U.S. embassy in Jerusalem. //reut.rs/2L2d58N | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/15/gazans-bury-their-dead-on-nakba-day?videoId=427116179 |
Hudson's Bay How Saks and Lord & Taylor's CEO Dealt With a Massive Data Hack a Month Into Her Job Hudson's Bay Company CEO Helena Foulkes speaks at Fortune's Most Powerful Women Dinner in New York in 2018 Courtesy of Fortune/Rebecca Greenfield 12:00 AM EDT
Sometimes there’s nothing like a little trial by fire.
After 25 years at CVS , Helena Foulkes was named CEO of Hudson’s Bay Corporation, the parent company of retailers such as Saks Fifth Avenue and Lord & Taylor, in February. But she didn’t exactly get a chance to ease into the new role: A month into her tenure, hackers claimed they had gained access to five million credit and debit card numbers of HBC’s customers.
“It brought our team together,” Foulkes said in her first interview as HBC CEO at a Fortune Most Powerful Women dinner in New York City Monday evening. She held regular calls with her company’s top leadership—including on Easter Sunday—to discuss next steps. The strategy appears to have paid off, as she says the FBI later told her that HBC had “the fastest response to a breach they’ve ever experienced.”
Foulkes’ first steps to contain the hack? “Sharing as much as we could say with confidence” with in-store associates, who are the ones communicating with shoppers, she said. The company also provided customers with a hotline and free credit monitoring support.
In short, the company did “all the things we could do to say we’re here for you and we’ll have your back if something happens to you,” said Foulkes.
For more, subscribe to the Broadsheet , Fortune’s newsletter on the world’s most powerful women.
The response was in line with the five principles the CEO said she is implementing at the company: 1) Think like a customer 2) Have an action orientation 3) Focus on game-changing initiatives 4) Be inclusive 5) Measure results.
Though the CVS veteran is a newcomer at the company, Foulkes said her executive team is open to change: “They’ve really embraced me and allowed me to move fast.” That attitude comes, in part, because “the company knows it needs a turnaround.”
Like other department store operators, HBC has seen sales decline as shoppers’ spending habits change. Yet the company has taken some radical steps to improve the business—including launching a Lord & Taylor store on Walmart .com and partnering with coworking company WeWork. Foulkes says those experiments helped convince her to take the job as chief.
“I like radical thinking,” she told the Fortune audience. “That signaled that this is a company that’s willing to think differently.” | ashraq/financial-news-articles | http://fortune.com/2018/05/15/how-saks-and-lord-taylors-ceo-dealt-with-a-massive-data-hack-a-month-into-her-job/ |
May 4, 2018 / 11:54 PM / in 13 minutes UPDATE 3-PGA Tour Wells Fargo Championship Scores Reuters Staff 8 Min Read May 5 (OPTA) - Scores from the PGA Tour Wells Fargo Championship on Friday -7 Peter Malnati (USA) 67 68 -6 Jason Day (Australia) 69 67 Aaron Wise (USA) 68 68 -5 Paul Casey (England) 69 68 Charl Schwartzel (South Africa) 70 67 -4 Johnson Wagner (USA) 67 71 -3 Sam Burns (USA) 69 70 Emiliano Grillo (Argentina) 68 71 Charles Howell III (USA) 71 68 Sam Saunders (USA) 70 69 Kyle Stanley (USA) 67 72 Nick Watney (USA) 72 67 -2 Bryson DeChambeau (USA) 75 65 Jason Dufner (USA) 68 72 Tyrrell Hatton (England) 67 73 Martin Kaymer (Germany) 73 67 Shawn Stefani (USA) 71 69 Cameron Tringale (USA) 70 70 Xinjun Zhang (China PR) 71 69 -1 Alex Cejka (Germany) 70 71 Greg Chalmers (Australia) 71 70 Joel Dahmen (USA) 70 71 Rickie Fowler (USA) 72 69 Troy Merritt (USA) 72 69 Keith Mitchell (USA) 67 74 Ollie Schniederjans (USA) 68 73 Michael Thompson (USA) 68 73 0 Daniel Berger (USA) 73 69 Jonas Blixt (Sweden) 71 71 Ross Fisher (England) 69 73 Luke List (USA) 70 72 Francesco Molinari (Italy) 70 72 Sean O'Hair (USA) 72 70 John Peterson (USA) 65 77 Patrick Reed (USA) 71 71 Rory Sabbatini (South Africa) 71 71 Webb Simpson (USA) 72 70 Vaughn Taylor (USA) 74 68 Justin Thomas (USA) 73 69 1 Byeong Hun An (Korea Republic) 73 70 Stewart Cink (USA) 71 72 Austin Cook (USA) 71 72 Brice Garnett (USA) 71 72 Talor Gooch (USA) 71 72 Ted Potter, Jr. (USA) 72 71 Jonathan Randolph (USA) 74 69 Cheng Tsung pan (China PR) 73 70 2 Blayne Barber (USA) 71 73 Corey Conners (Canada) 75 69 Chesson Hadley (USA) 70 74 Adam Hadwin (Canada) 73 71 Brandon Harkins (USA) 73 71 J.B. Holmes (USA) 71 73 Beau Hossler (USA) 68 76 Mackenzie Hughes (Canada) 71 73 Brooks Koepka (USA) 72 72 Tom Lovelady (USA) 68 76 Shane Lowry (Republic of Ireland) 74 70 Graeme McDowell (Northern Ireland) 71 73 Rory McIlroy (Northern Ireland) 68 76 Phil Mickelson (USA) 72 72 Grayson Murray (USA) 73 71 Patrick Rodgers (USA) 71 73 Peter Uihlein (USA) 72 72 Harold Varner III (USA) 72 72 Jhonattan Vegas (Venezuela) 70 74 T.J. Vogel (USA) 69 75 Tiger Woods (USA) 71 73 3 Ryan Blaum (USA) 75 70 Keegan Bradley (USA) 68 77 Bud Cauley (USA) 69 76 Tyler Duncan (USA) 73 72 Tony Finau (USA) 69 76 Martin Flores (USA) 72 73 Fabian Gomez (Argentina) 71 74 Brian Harman (USA) 72 73 J.J. Henry (USA) 73 72 Tom Hoge (USA) 73 72 Billy Hurley III (USA) 71 74 Hideki Matsuyama (Japan) 77 68 Louis Oosthuizen (South Africa) 74 71 Seamus Power (Republic of Ireland) 74 71 Andrew Putnam (USA) 74 71 Xander Schauffele (USA) 74 71 Adam Scott (Australia) 75 70 Robert Streb (USA) 73 72 Chris Stroud (USA) 73 72 Tyrone Van Aswegen (South Africa) 72 73 4 Bronson Burgoon (USA) 72 74 Ernie Els (South Africa) 71 75 Derek Ernst (USA) 74 72 Retief Goosen (South Africa) 77 69 Lanto Griffin (USA) 75 71 Bill Haas (USA) 72 74 Jason Kokrak (USA) 74 72 Jamie Lovemark (USA) 75 71 Ryan Moore (USA) 73 73 Joaquin Niemann (Chile) 72 74 Sam Ryder (USA) 71 75 Ben Silverman (Canada) 74 72 Hudson Swafford (USA) 70 76 Kevin Tway (USA) 73 73 5 Dominic Bozzelli (USA) 74 73 Jonathan Byrd (USA) 71 76 Dylan Frittelli (South Africa) 77 70 James Hahn (USA) 74 73 Russell Henley (USA) 74 73 Kevin Kisner (USA) 72 75 Ben Martin (USA) 73 74 Rod Pampling (Australia) 71 76 D.A. Points (USA) 76 71 J.T. Poston (USA) 78 69 Nick Taylor (Canada) 77 70 Richy Werenski (USA) 71 76 Gary Woodland (USA) 73 74 6 Aaron Baddeley (Australia) 71 77 Scott Brown (USA) 75 73 Tommy Fleetwood (England) 74 74 Lucas Glover (USA) 74 74 Stephan Jaeger (Germany) 76 72 Sung Kang (Korea Republic) 72 76 Patton Kizzire (USA) 75 73 Nate Lashley (USA) 75 73 Danny Lee (New Zealand) 75 73 Trey Mullinax (USA) 77 71 Chris Paisley (England) 75 73 7 Whee Kim (Korea Republic) 76 73 Kelly Kraft (USA) 76 73 Denny McCarthy (USA) 76 73 Alex Noren (Sweden) 73 76 Geoff Ogilvy (Australia) 68 81 Vijay Singh (Fiji) 74 75 Brian Stuard (USA) 78 71 8 Abraham Ancer (USA) 72 78 Anirban Lahiri (India) 76 74 Nicholas Lindheim (USA) 75 75 Ryan Ruffels (Australia) 78 72 Kevin Streelman (USA) 79 71 9 Matt Every (USA) 79 72 Carter Jenkins (USA) 76 75 Rob Oppenheim (USA) 72 79 10 Adam Schenk (USA) 77 75 Scott Stallings (USA) 79 73 Kyle Thompson (USA) 74 78 11 Roberto Diaz (Mexico) 75 78 JT Griffin (USA) 79 74 Dru Love (USA) 79 74 12 Mito Pereira (Chile) 81 73 13 Steve Marino (USA) 80 39 14 Martin Piller (USA) 75 81 17 Charles Frost (USA) 82 77 Smylie Kaufman (USA) 80 79 21 Derek Fathauer (USA) 83 80 | ashraq/financial-news-articles | https://uk.reuters.com/article/golf-pga-scores/pga-tour-wells-fargo-championship-scores-idUKMTZXEE558A7RP1 |
Caterpillar cut to neutral at Bank of America 22 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/caterpillar-cut-to-neutral-at-bank-of-america.html |
May 9 (Reuters) - New York REIT Inc:
* NEW YORK REIT ANNOUNCES RESULTS FOR FIRST QUARTER 2018 * AS OF MAY 9, 2018, CO HAS SOLD ALL OF ITS PROPERTIES EXCEPT FOR REMAINING 50.1 PCT INTEREST IN WORLDWIDE PLAZA AND VICEROY HOTEL
* COMPANY CURRENTLY PROJECTS THAT REMAINING INTEREST IN WORLDWIDE PLAZA WILL BE SOLD BY NOVEMBER 1, 2021 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-new-york-reit-reports-q1-results/brief-new-york-reit-reports-q1-results-idUSASC0A16Z |
May 23 (Reuters) - FAURECIA SA:
* INVESTMENT IN AMERICAN STARTUP PROMETHIENT * PROMETHIENT DESIGNS AND PRODUCES THERMAVANCE, A CLIMATE CONTROL TECHNOLOGY Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-faurecia-invests-in-american-start/brief-faurecia-invests-in-american-startup-promethient-idUSFWN1SU0VT |
A daily digest of The Wall Street Journal’s coverage of energy companies, commodity markets and the forces that shape them. Send us tips, suggestions and complaints: [email protected] U.S. TARIFF THREAT COULD SCUTTLE PLANNED TRADE TALKS WITH CHINA The Trump administration surprised Beijing with an announcement that the U.S. is moving forward with its threat to WSJ Wealth Adviser Briefing: Bank Deregulation, College Loans, Fried Chicken Next The 'Severe' Costs of Leaving the Euro | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/30/energy-journal-u-s-china-trade-talks-teeter-on-the-edge/ |
United will from later this summer start allowing cats and dogs back into the cargo hold on its flights.
The carrier suspended its PetSafe program in March, following a number of mishaps that resulted in pet deaths—dogs being put on the wrong flights ; a puppy dying in-flight after a passenger was forced to put it into the overhead bin.
Now, United says it has started working with American Humane to improve its pet-carrying policies, revised versions of which will come into force from June 18. From that date, the airline will take reservations for pets travelling with their owners or guardians from July 9. And on July 16, United will start accepting reservations for pets flying on their own, as of July 30.
Under the new rules, only cats and dogs will be “accepted as PetSafe”—and not all breeds, either. Certain short- or snub-nosed dogs and cats, as well as strong-jawed dog breeds, will be banned. Here’s the list , which includes dog breeds such as boxers, pitbulls, pugs and chow chows, and cat breeds such as Persian, Burmese and Himalayans.
What’s more, during the hot summer months United won’t accept reservations for pets flying in and out of Las Vegas, Palm Springs, Phoenix and Tucson.
“As we continue our review process to ensure that we are always doing what’s right, we are committed to making significant improvements in our program and adhering to the best practices of animal comfort, well-being and travel on behalf of our customers and their pets,” said United cargo head Jan Krems. | ashraq/financial-news-articles | http://fortune.com/2018/05/02/united-airlines-flying-with-pets-dogs-cats-cargo/ |
It will take some time to see the oil supply shortage, says analyst 3 Hours Ago Don’t expect a change in the OPEC policy due to a sudden spike in prices, says Amena Bakr, senior correspondent at Energy Intelligence Group. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/it-will-take-some-time-to-see-the-oil-supply-shortage-says-analyst.html |
MILAN (Reuters) - Telecom Italia (TIM) ( TLIT.MI ) shares fell on Friday after Berenberg downgraded Italy’s biggest phone group to “sell” from “hold”, citing pressure from pending new competition, political headwinds and governance issues.
FILE PHOTO: The Telecom Italia logo is seen at its headquarters in downtown Milan, Italy, March 10, 2016. REUTERS/Stefano Rellandini/File Photo The broker also cut its target price on TIM by 7 percent to 0.66 euros. The shares traded at 0.75 euros at 0810 GMT, down 1.4 percent after earlier slipping by more than 2 percent.
Activist fund Elliott wrested board control from top shareholder Vivendi ( VIV.PA ) earlier in May after a two-month campaign but the outlook remains challenging for the former state phone monopoly.
“Mix a looming price war, political interferences, governance conflicts, forex headwinds and you will end up with a toxic cocktail. This is what is on the menu for Telecom Italia ,” Berenberg said in a note.
The May 4 shareholder vote, through which Elliott secured 10 or two-thirds of available board seats, was supposed to give TIM a more independent board and loosen the grip media group Vivendi has had over the company.
But the French investor, which owns 24 percent, on Thursday said a “risk of a dismantling” of TIM could prompt the company to call another shareholder meeting to change the Italian phone group’s board.
Beyond a governance overhaul, Elliott has proposed a spin-off and partial sale of the soon-to-be-created network company, a conversion of savings shares, a return to dividends and asset sales. But it recently added it would be up to the new board and management to decide whether and when to consider such actions.
“Investors should take (Vivendi’s) threat seriously and factor in that it indicates the likely reluctance of Vivendi to accept the long-awaited conversion of the saving shares and it could trigger management instability at TIM,” Berenberg added.
Vivendi’s threat offered a striking contrast with comments made earlier on Thursday by TIM’s boss Amos Genish, who said he had the full confidence of the board to push through with an ambitious three-year business plan unveiled in March.
Genish said none of the proposals made by Elliott were being discussed, stressing that towers unit INWIT ( INWT.MI ) and TIM’s Brazilian unit were strategic and not for sale.
The Israel-born executive has made staying on as CEO conditional on being able to execute the new strategy focusing on a digital transformation of TIM, fixing its finances and getting back investment grade credit rating.
Following Elliott’s proxy fight, investors are again focusing on TIM’s operational challenges, including its 25.5 billion euros ($30 billion) of net debt and new rivals appearing in broadband and mobile.
A headache is the pending arrival in Italy next month of French rival Iliad ILD.MI, which is likely to pressure margins.
Reporting by Agnieszka Flak; Editing by Keith Weir
| ashraq/financial-news-articles | https://www.reuters.com/article/us-telecomitalia-rating/berenberg-cuts-telecom-italia-target-price-citing-toxic-cocktail-idUSKCN1IJ0OF |
STOCKHOLM, May 25, 2018 /PRNewswire/ -- Jan Carlson, Chairman, President and CEO at Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), the worldwide leader in automotive safety systems, has been appointed Honorary Doctor at the Technical faculty of Linköping University.
Jan Carlson holds a MSc in Physics and Electrical Engineering from the Technical faculty at Linköping University and he is appointed Technology Honorary Doctorate for his achievements in Swedish industrial technical research and development.
"I feel humble and deeply honored," said Jan Carlson when appointed. "My background as an engineer from Linköping gave the best possible conditions for a successful career. I have had the fortune to spend most of my career at the forefront of electronics. It has always been a dynamic field – and today, when software companies enter the automotive industry, it is set under transformation becoming more interesting than ever before."
During Jan Carlson's time as Chairman, President and CEO of Autoliv, Inc. the company has become an important player within traffic safety, within the areas of electronics, computer vision and other advanced sensor systems, which has included close cooperation with Linköping University all the way from undergraduate courses to research.
The Honorary Doctor Jan Carlson will hold a guest lecture about traffic safety and autonomous driving Friday May 25 at 11.00 in Ada Lovelace, B-huset, Campus Valla.
Inquiries:
Thomas Jönsson
Group Vice President Communications
Tel +46(0)8-587-206-27
About Autoliv
Autoliv, Inc. is the worldwide leader in automotive safety systems, and through its subsidiaries develops and manufactures automotive safety systems for all major automotive manufacturers in the world. Together with its joint ventures, Autoliv has more than 72,000 employees in 27 countries. In addition, the Company has 23 technical centers in nine countries around the world, with 19 test tracks, more than any other automotive safety supplier. Sales in 2017 amounted to about US $10.4 billion. The Company's shares are listed on the New York Stock Exchange (NYSE: ALV) and its Swedish Depository Receipts on Nasdaq Stockholm (ALIV sdb). For more information about Autoliv, please visit our company website at www.autoliv.com .
This information was brought to you by Cision http://news.cision.com
http://news.cision.com/autoliv/r/jan-carlson-appointed-honorary-doctor-at-linkoping-university,c2531135
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View original content: http://www.prnewswire.com/news-releases/autoliv-jan-carlson-appointed-honorary-doctor-at-linkoping-university-300654904.html
SOURCE Autoliv | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/pr-newswire-autoliv-jan-carlson-appointed-honorary-doctor-at-linkaping-university.html |
MANCHESTER, England (Reuters) - Liverpool’s Egyptian forward Mohamed Salah has been voted Footballer of the Year by the Football Writers’ Association (FWA) to complete the double of English soccer’s major individual awards.
Soccer Football - Champions League Semi Final First Leg - Liverpool vs AS Roma - Anfield, Liverpool, Britain - April 24, 2018 Liverpool's Mohamed Salah celebrates scoring their first goal REUTERS/Phil Noble/Files Salah was chosen as Player of the Year by the Professional Footballers Association (PFA) after an outstanding season in which he has scored 43 goals in all competitions.
The 25-year-old is the first African player to win the FWA award which began in 1948.
Related Coverage Soccer: List of England's Footballers of the Year Salah narrowly beat Manchester City midfielder Kevin De Bruyne in a ballot of over 400 FWA members, with the winning margin less than 20 votes. Tottenham Hotspur striker Harry Kane was placed third.
Soccer Football - Champions League Semi Final First Leg - Liverpool vs AS Roma - Anfield, Liverpool, Britain - April 24, 2018 Liverpool's Mohamed Salah in action with Roma's Radja Nainggolan REUTERS/Phil Noble/Files “What a race it has been between two players who, in a relatively short time, have reached genuine world class. But Mo Salah is the worthiest of winners. He is also the first African to receive the award and we congratulate him on a magnificent season,” FWA Chairman Patrick Barclay said.
Salah has helped Liverpool, who are third in the Premier League, into the Champions League semi-finals for the first time in 10 years.
The Merseyside club face AS Roma in the second leg in the Italian capital on Wednesday and lead 5-2 from the opening game at Anfield in which Salah scored twice and set up two other goals.
Slideshow (3 Images) Salah will head to the World Cup in Russia in June to play for Egypt who have been drawn with the hosts, Saudi Arabia and Uruguay in Group A.
Other players to receive votes from FWA members were Sergio Aguero (Manchester City), Christian Eriksen (Tottenham), Roberto Firmino (Liverpool), Nick Pope (Burnley), David Silva (Manchester City), Raheem Sterling (Manchester City) and Jan Vertonghen (Tottenham).
The inaugural FWA Women’s Footballer of the Year Award was won by Chelsea and England forward Fran Kirby who was also crowned PFA Women’s Player of the Year last month.
Reporting by Simon Evans, editing by Ed Osmond
| ashraq/financial-news-articles | https://in.reuters.com/article/soccer-england-award-salah/soccer-salah-voted-englands-footballer-of-the-year-idINKBN1I236J |
TORONTO, May 02, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L’OCRCVM a suspendu la négociation des titres suivants :
Company / Société : Leagold Mining Corp
TSX Symbol / Symbole TSX : LMC (all issues) Reason / Motif : Pending News / Nouvelle en attente
Halt Time (ET) / Heure de la suspension (HE) 9:03 AM ET / 9:03 h MM (HE) IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L’OCRCVM peut prendre la décision de suspendre (ou d’arrêter) temporairement les opérations à l’égard d’un titre d’une société cotée en bourse. Les arrêts des opérations sont mis en oeuvre afin d’assurer le bon fonctionnement d’un marché équitable. L’OCRCVM est l’organisme d’autoréglementation national qui surveille l’ensemble des courtiers en placement et l’ensemble des opérations effectuées sur les marchés des titres de capitaux propres et les marchés des titres de créance au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--lmc-all-issues.html |
TORONTO, May 17, 2018 (GLOBE NEWSWIRE) -- Golden Leaf Holdings Ltd. (“Golden Leaf” or the “Company”) (CSE:GLH) (OTCQB:GLDFF), a leading cannabis oil solutions company built around recognized brands, today announced that it has signed a letter of intent (the “LOI”) to acquire two large cannabis cultivation facilities and their associated cultivation licenses, one in Northern Nevada and another in Northern California, that are owned by the same operators. The Nevada facility is currently operational and generating positive cash flow, and the California facility is provisionally licensed for cultivation.
Under the terms of the LOI, Golden Leaf would pay US$8.5 million in cash at closing, plus an as of yet undetermined number of shares that equals 25% of the total issued and outstanding shares of common stock of GLH on the closing date.
“Signing this LOI provides Golden Leaf with an opportunity to secure an agreement that would significantly expand our cultivation capabilities in the high-growth Nevada and California markets, both of which have commenced adult-use sales within the past 12 months,” commented William Simpson, CEO of Golden Leaf. “This opportunity to acquire an established enterprise, with strong brand recognition and positive cash flow generation is consistent with our strategy to build a vertically integrated operation spanning cultivation, processing and retail-driven sales, and to utilize accretive acquisitions to enable Golden Leaf to harvest highly-desirable boutique strains as a key component of a multi-prong growth strategy that can be applied across multiple jurisdictions.”
Completion of these acquisitions is subject to numerous conditions, including completion of due diligence, negotiation and execution of defitive agreements, and receipt of any necessary approvals.
To be added to the distribution list please email [email protected] with “GLH” in the subject line.
About Golden Leaf Holdings
Golden Leaf Holdings Ltd., a Canadian company with operations in multiple jurisdictions including Oregon, Nevada and Canada, is one of the largest cannabis oil and solution providers in North America, and a leading cannabis products company built around recognized brands. Golden Leaf cultivates, extracts and manufactures and distributes its products through its branded Chalice Farm retail dispensaries, as well as through third party dispensaries. Golden Leaf leverages a strong management team with cannabis and food industry experience to complement its expertise in extracting, refining and selling cannabis oil. Visit goldenleafholdings.com to learn more.
Company:
William Simpson
Chief Executive Officer
Golden Leaf Holdings Ltd.
503-477-7626
[email protected]
Investor Relations:
Steve Silver / Phil Carlson
KCSA Strategic Communications
[email protected]
212-896-1220 / 212-896-1233
Media Relations:
Anne Donohoe / Nick Opich
KCSA Strategic Communications
[email protected] / [email protected]
212-896-1265 / 212-896-1206
Disclaimer: This press release contains "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the the benefits of the acquisitions described above, and any statement that suggests the acquisitions will be completed. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to general business, economic and competitive uncertainties, regulatory risks including risks related to the expected timing of the Company’s participation in the adult use market, market risks, risks inherent in manufacturing operations, difficulties of establishing a successful franchise model and other risks of the cannabis industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. Forward-looking information is provided herein for the purpose of presenting information about management’s current expectations relating to the future and readers are cautioned that such information may not be appropriate for other purpose. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. This press release does not constitute an offer of securities for sale in the United States, and such securities may not be offered or sold in the United States absent registration or an exemption from registration or an exemption from registration.
Source: Golden Leaf Holdings Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-golden-leaf-holdings-signs-letter-of-intent-to-acquire-nevada-and-california-cannabis-cultivation-facilities.html |
Alcides Escobar cracked a game-winning homer in the bottom of the 14th inning Tuesday night as the Kansas City Royals outlasted the visiting Minnesota Twins 2-1 at Kauffman Stadium.
It was the second homer of the year for Escobar, who took a 3-1 pitch from reliever Taylor Rogers (1-2) and launched it 398 feet to left field, handing Minnesota its eighth walk-off loss of the year. The Twins fell to 3-11 in one-run games.
Scott Barlow (1-0) fired four hitless innings in his third big league game to earn his first major league win. He struck out five and walked one.
Minnesota’s best chance to win in extra innings occurred in the 10th, when Royals rookie reliever Jason Adam loaded the bases with two outs. Adam hit Eduardo Escobar with a pitch before issuing walks to Max Kepler and Robbie Grossman, but he escaped his mess by getting a flyout from Byron Buxton.
Kansas City tied the score in the eighth against Addison Reed. Jon Jay led off with a single and reached third on Mike Moustakas’ single. After Salvador Perez was hit by a pitch to fill the bases, Jorge Soler coaxed a game-tying walk.
Minnesota broke the scoring seal in the top of the third inning. Ehire Adrianza led off by singling, and he reached second when Brian Dozier walked with one out. Eddie Rosario singled to fill the bases, and Miguel Sano grounded an RBI single to left, although Dozier was cut down by Alex Gordon at the plate.
Both starters settled for no-decisions despite excellent outings. Minnesota’s Kyle Gibson tossed seven shutout innings, yielding only five hits and a walk while fanning eight.
Kansas City left-hander Danny Duffy permitted four hits and a run in six innings, walking four and whiffing four. It was just the third quality start for Duffy, the Royals’ Opening Day starter, who reduced his ERA to 5.71.
The game lasted 4 hours and 12 minutes after being delayed for 24 minutes by rain before the first pitch.
—Field Level Media
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-kc-min-recap/escobars-14th-inning-blast-lifts-royals-past-twins-idUSMTZEE5UIZIQ85 |
BOGOTA, May 27 (Reuters) - Colombians vote on Sunday in a deeply divisive presidential ballot that has stirred fears the winner could upset a fragile peace accord with Marxist FARC rebels or derail the nation’s business-friendly economic model.
In the first election since the peace deal was signed in 2016 with the Revolutionary Armed Forces of Colombia (FARC), voters will decide on a replacement for President Juan Manuel Santos, who won the Nobel Peace Prize for ending the five-decade-old conflict.
Leading candidate, right-wing Ivan Duque, has pledged to alter the terms of the peace deal and to jail former rebels for war crimes. Leftist Gustavo Petro, polling second, has said he would overhaul Colombia’s orthodox economic policy and redistribute wealth from the rich to the poor.
Trailing them in the often-unreliable polls are mathematician and centrist Sergio Fajardo and former vice president German Vargas, who has Santos’ support.
If no candidate gets more than 50 percent, the top two will go to a runoff on June 17.
Campaigning in the traditionally conservative nation has been marked by acrimonious accusations that rival candidates will collapse the economy with socialist policies, force the nation back to the battle field or bust the budget by overspending.
“These elections will decide the future of Colombia and maybe steer it toward an even more divided society that could end in a deep crisis,” said Gregorio Sierra, a 52-year-old psychologist in the capital, Bogota. “It’s scary.”
Business-friendly Duque, who was handpicked by hard-line former President Alvaro Uribe, has promised to cut corporate taxes and support oil and mining projects, as well as change the peace accord and impose tougher punishments for former FARC fighters.
Under the terms of the deal, thousands of rebels demobilized and the group is now a political party. But the accord drew ire from many who believe the FARC should be in prison and not in Congress.
Some areas abandoned by the FARC have suffered an increase in fighting between criminal gangs and remaining guerrilla group the National Liberation Army (ELN) over valuable illegal mining and drug trafficking territories. Colombia’s production of coca - the raw material for cocaine - has risen sharply, stirring concern in Washington.
The election also coincides with a growing migration crisis from neighboring Venezuela. Colombia is appealing for international support to cope with hundreds of thousands of Venezuelans streaming across the border to flee shortages of food and rising crime as their nation’s economy implodes.
REALIGN AXIS Petro, a combative populist who was once a member of the now defunct M19 rebel group, supports the peace deal. But some of his economic policies spook investors and have prompted rivals to compare him to former Venezuelan President Hugo Chavez.
He has promised to take power away from political and social elites he says have stymied progress and to carry out a complete economic overhaul.
His pledges to end extractive industries and shift the focus of state-run oil company Ecopetrol to renewable energy have dismayed business leaders. Oil and coal are Colombia’s top exports.
Polls suggest the end of the FARC conflict has shifted voters’ priorities to inequality and corruption from security issues - opening the door to the left for the first time.
“These elections may realign the political axis to a more ideological right versus left,” said Francisco Miranda, a political consultant.
“It would be the first time in the history of Colombia that an openly leftist leader, a socialist, may get through to the second round.”
With the highest rejection rate among all candidates, Petro is highly unlikely to win. Amid pitched battles on social media between voters, Petro said that voting software had been tampered with in a bid to help Vargas reach the second round.
Petro called on his followers to observe vote counting and may call for protests if he does not reach the run-off. During his tenure as mayor of Bogota he was briefly ousted over a trash collection scandal and led massive marches calling for his own reinstatement.
In the affluent Usaquen neighborhood of the capital, Claudia Guerrero, a 28-year-old shop assistant, said she hoped fellow voters did not just hurl insults on social media but actually went to the polls.
Abstention in the country is high - less than half of eligible voters tend to participate in elections.
“I hope many young people vote and above all I hope the losers accept the results,” Guerrero said. “Not only the candidates, but their followers.”
Graphic tmsnrt.rs/2rAQ4l1 on Latin American elections
Reporting by Helen Murphy and Steven Grattan Editing by Daniel Flynn and Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/colombia-election/colombians-vote-for-new-president-with-peace-deal-economy-at-stake-idUSL2N1SW0XR |
ROME, May 15 (Reuters) - The leader of Italy’s anti-establishment 5-Star Movement said on Tuesday the policy agenda his party is negotiating with the far-right League is almost completed and called on the League to have the “courage” to see it through.
The two parties have spent the last six days drawing up a so-called “contract” intended to be the basis for a coalition government between the two groups following an inconclusive March 4 election.
“The contract is almost finished,” Luigi Di Maio said on Facebook. “This is the moment to have the courage to go all the way.”
He echoed remarks from League leader Matteo Salvini that European Union budget rules need to be changed to allow Italy to spend more, though Di Maio added that this should be done in agreement with Italy’s European partners.
Reporting By Gavin Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics-5star/italys-5-star-chief-says-policy-agenda-with-league-almost-completed-idUSR1N1M602E |
80 COMMENTS President Donald Trump on Saturday praised an Indiana middle-school teacher as a hero for tackling a student who opened fire in a classroom Friday, leaving one student in critical condition.
“Thanks to very brave Teacher & Hero Jason Seaman of Noblesville, Indiana, for his heroic act in saving so many precious young lives. His quick and automatic action is being talked about all over the world!” President Trump tweeted Saturday morning.
The shooting occurred just after 9 a.m. Friday at the Noblesville West Middle School, in Noblesville, Ind., according to local police.
Mr. Seaman, a 29-year-old science teacher, stopped a student who entered his classroom with two guns and started firing, by first throwing a basketball at the student and then tackling him, according to the Associated Press.
Mr. Seaman was shot in the confrontation and taken to a local hospital, where he was treated and released in good condition. A female student who was also shot was in critical condition, according to the Noblesville Police Department.
In a statement published by local media outlets, Mr. Seaman said that he was injured but “doing great” and thanked students for their support. “To all students, you are all wonderful and I thank you for your support. You are the reason I teach.”
The shooter, whose name wasn’t immediately released by authorities, was taken into custody. Police didn’t identify a motive for the attack.
In a letter to parents and staff, Beth Niedermeyer, superintendent of the Noblesville Schools, said events throughout the school district had been canceled for the weekend and that schools would reopen on Tuesday, except at the affected school, which would be open part of the day for counseling sessions.
“I am still processing my emotions about today’s terrible tragedy and I know you must all be as well,” she wrote to parents and staff.
A prayer vigil was scheduled for Saturday night in Noblesville for those affected by the shooting.
The attack follows other school shootings, including the shooting earlier this month in Santa Fe, Texas , in which eight students and two teachers were killed.
The Associated Press identified Mr. Seaman as a former defensive end for Southern Illinois University’s football team.
Vice President Mike Pence, a former Indiana governor, also recognized Mr. Seaman with a tweet Saturday morning, in which he called the teacher “an American (and Hoosier!) Hero.”
“His courageous action saved lives during Friday’s school shooting in Noblesville. We’re all proud of you Jason and are praying for you and those impacted and recovering from injuries,” Mr. Pence’s tweet read.
Write to Kris Maher at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/indiana-teacher-who-tackled-shooter-hailed-as-hero-1527354430 |
May 14, 2018 / 5:24 China resumes Qualcomm-NXP deal review: Bloomberg Reuters Staff 2 Min Read
BEIJING (Reuters) - China has resumed its review of U.S. chipmaker Qualcomm Inc’s ( QCOM.O ) proposed $44 billion takeover of NXP Semiconductors NV ( NXPI.O ), Bloomberg reported on Monday, citing unidentified sources. FILE PHOTO: A booth of U.S. chipmaker Qualcomm is pictured at an expo in Beijing, China, September 27, 2017. Picture taken September 27, 2017. REUTERS/Stringer
China’s commerce ministry has been asked to speed up the review of the deal and Qualcomm’s proposed remedies to protect local companies, Bloomberg reported, adding local firms have voiced worries the deal would extend Qualcomm’s patent licensing business into areas such as mobile payments and autonomous driving.
It did not say who has asked the ministry to speed up the review, or what Qualcomm has proposed.
Qualcomm refiled its application for the deal in April, giving regulators more time to decide. The commerce ministry later that month said Qualcomm needs to do more to complete the takeover because the U.S. company’s initial set of remedies to resolve competition issues were insufficient.
Approval of the deal is not definite and still could be delayed, Bloomberg said, citing the sources. Reporting by Beijing Monitoring Desk | ashraq/financial-news-articles | https://uk.reuters.com/article/us-china-qualcomm-antitrust-nxp-semicond/china-resumes-qualcomm-nxp-deal-review-bloomberg-idUKKCN1IF0E5 |
MISSION VIEJO, Calif. (AP) _ The Ensign Group Inc. (ENSG) on Wednesday reported first-quarter profit of $23.1 million.
On a per-share basis, the Mission Viejo, California-based company said it had profit of 43 cents. Earnings, adjusted for stock option expense and non-recurring costs, were 45 cents per share.
The results met Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 45 cents per share.
The provider of nursing and rehabilitative care services posted revenue of $492.1 million in the period.
Ensign Group shares have climbed 29 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $28.64, an increase of 45 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 ENSG at https://www.zacks.com/ap/ENSG | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-ensign-group-1q-earnings-snapshot.html |
April 30 (Reuters) - Skyline Investment SA:
* FY NET PROFIT 7.4 MILLION ZLOTYS VERSUS LOSS OF 1.1 MILLION ZLOTYS YEAR AGO
* FY REVENUE 4.7 MILLION ZLOTYS VERSUS 5.6 MILLION ZLOTYS YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-skyline-investment-fy-net-result-s/brief-skyline-investment-fy-net-result-swings-to-profit-of-7-4-mln-zlotys-idUSFWN1S70NF |
GOLDEN, Colo., Boston Market ®, the rotisserie cooking and contemporary home style meal experts, today announced that Frances Allen has been named as Chief Executive Officer effective immediately. Ms. Allen succeeds George Michel upon his retirement.
With a proven track record of concept revitalization and growth in the restaurant industry, Ms. Allen joins Boston Market from Jack in the Box, where she has served as President since October 2014. Prior to Jack in the Box, Allen spent four years as Executive Vice President and Chief Marketing Officer of Denny's, helping lead the successful Denny's turnaround through the 'America's Diner' repositioning. Prior to that she played a pivotal role elevating the Dunkin' Donuts brand from a beloved regional to a national brand. She has also held leadership roles with Sony Ericsson Mobile Communications, PepsiCo, and Frito-Lay.
"Serving as CEO of Boston Market has been an honor and the highlight of my career," said Michel. "I would like to thank the entire team for their tireless effort and commitment to making Boston Market a success and a great place to work. Frances is both a strategic and operational leader and I am confident that Boston Market will benefit greatly from her deep experience and expertise."
"I am delighted to join the Boston Market team and lead this great company into its next chapter of strategic growth, brand building and culinary innovation," said incoming Chief Executive Officer Frances Allen. "No other restaurant concept is more responsible for the rising popularity of rotisserie cooking and we see significant runway for further building the Boston Market brand. I am proud to lead a team whose top priority is serving high-quality, delicious, healthy and affordable home style rotisserie meals to our guests."
Allen added, "Under George's leadership, Boston Market launched its "Quality Guarantee," which acts as a continued commitment to all guests that Boston Market will serve all-natural and fresh, never frozen, gluten-free, whole chicken with no added hormones, steroids, antibiotics or MSG. In addition, we have become the first national chicken-specialty chain to reach the goal of serving our customers 100 percent antibiotic-free rotisserie chicken. These commitments to transparency, ethical business practices, and quality are critical to building trust and brand loyalty with today's consumer. We will build on the strong legacy that Boston Market has established since the 1990s to further improve our relevance with today's busy families."
An English native, Allen grew up in the town of Basingstoke. She graduated from the University of Southampton in 1983, studying Math and Actuarial Sciences, and briefly served as an Officer in the Royal Army Corps, attending Officer Training at Sandhurst Military Academy. She started her career in Advertising in London before moving to Asia and then the USA.
About Boston Market
At Boston Market, dinner is always ready. Headquartered in Golden, Colorado, Boston Market Corporation has given time back to busy families and individuals for more than 30 years with quality, home style rotisserie meals at a convenient value in more than 450 U.S. locations. Known as the experts in rotisserie cooking, the company prepares fresh chicken and all natural turkey in signature rotisserie ovens and features an extensive selection of home style sides and made-from-scratch cornbread. As one of the country's largest providers of catering services, Boston Market offers convenient, same-day orders and delivery for corporate and personal events of all sizes. In January 2017, Boston Market officially launched its "Quality Guarantee," which acts as a continued commitment to all guests that Boston Market will serve all-natural and fresh, never frozen, gluten-free, whole chicken with no added hormones, steroids, antibiotics or MSG. For more information, visit the company's website at www.bostonmarket.com . For the latest news and deals, follow @bostonmarket on Twitter or join us on Facebook.
Media Contact
Seth Grugle, ICR
646-277-1200
[email protected]
View original content with multimedia: releases/boston-market-names-frances-allen-as-chief-executive-officer-300639630.html
SOURCE Boston Market | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-boston-market-names-frances-allen-as-chief-executive-officer.html |
U.S. consumer sentiment came in weaker than expected on Friday in the final reading of May.
The University of Michigan's survey of consumer attitudes reached 98 in the latest reading. Economists surveyed by Reuters expected it to hit 98.8, the same from a month earlier.
"The May survey, however, found that consumers anticipated smaller income gains than a month or year ago, even though they anticipate the unemployment rate to stabilize at its current 18-year low," chief economist Richard Curtin said in a statement.
Consumer references to discounted prices on items such as vehicles and homes fell to decade lows, according to Curtin.
"The pace of growth in personal consumption will remain at about 2.6 percent during the year ahead," Curtin said.
The measure has only dipped slightly since soaring to its highest level since 2004 in March , with a reading of 101.4.
The index measures 500 consumers' attitudes on future economic prospects, in areas such as personal finances, inflation, unemployment, government policies and interest rates. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/may-consumer-sentiment.html |
May 27, 2018 / 6:07 PM / a few seconds ago Tennis: Pouille and Cornet lead French quest for unlikely Roland Garros glory Reuters Staff 3 Min Read
PARIS (Reuters) - French number one Lucas Pouille won his opening match at Roland Garros in straight sets on Sunday as the host country’s players enjoyed decent fortunes on the first day of the clay-court Grand Slam. Tennis - French Open - Roland Garros, Paris, France - May 27, 2018 France's Lucas Pouille reacts during his first round match against Russia's Daniil Medvedev REUTERS/Pascal Rossignol
The 15th seed, who has not won back-to-back clay-court matches on the ATP Tour this season, served up nine aces as he defeated Russia’s Daniil Medvedev 6-2 6-3 6-4.
“It’s a good beginning, the one I wanted. It was a tight game but I am very excited with my performance,” Pouille, who has never made it beyond the third round at Roland Garros, told reporters.
Pouille hit 31 winners, breaking Medvedev in the fourth game of the first set and never looking back.
“The beginning of a tournament is always complicated and it’s reassuring to realize you are playing well in training and can apply it in a game,” he said.
France has waited 35 years since Yannick Noah hoisted the Musketeers Cup for one of its own to win the men’s championship at Roland Garros and barring any major surprise the wait is likely to go on.
Earlier, Pouille’s compatriot Gael Monfils triumphed 3-6 6-1 6-2 6-1 over another Frenchman, Elliot Benchetrit, who was making his tour-level debut ranked 302 in the world.
Monfils appeared a shadow of himself early in the contest, struggling to cover the court and release his ground shots before he took the game by the scruff of the neck, winning nine games in a row at one point.
Monfils said he had taken medication for a stomach upset ahead of the match and felt unwell early in the game. Tennis - French Open - Roland Garros, Paris, France - May 27, 2018 France's Alize Cornet celebrates during her first round match against Italy's Sara Errani REUTERS/Pascal Rossignol
“Progressively I managed to relax and to forget that I was not feeling that well physically,” Monfils told reporters.
Ten years ago Monfils made it to the last four of the French Open but he is just back from a two-month injury layoff and he has yet to reach his best level. He faces Slovakia’s Martin Klizan in the second round
“What do I think about Martin? Very strong forehand. A guy I like, because he likes a fight. He brings a bit of craziness on the court.”
In the women’s tournament, 32nd seed Alize Cornet dispatched Sara Errani 2-6 6-2 6-3, overcoming a sluggish opening set during which she struggled to find any rhythm in her ground strokes and win over the home crowd.
As Cornet discovered her range in the second set, she pushed her rival around the court, subjecting the Italian to a barrage of sizzling backhanders and deft drop shots.
“The crowd gave me so much energy. It was crazy out there,” a delighted Cornet said.
In a battle between the youngest and oldest players in the men’s draw, 19-year-old wild card Corentin Moutet defeated 39-year-old Croatian Ivo Karlovic 7-6(7) 6-2 7-6(5) to reach the second round. Moutet is one of six teenagers in the main draw.
Gregoire Barrere, another wild card entrant, lost his five-set match against Moldova’s Radu Albot, while Amandine Hesse lost in straight sets in the women’s singles. Reporting by Richard Lough; Editing by Clare Fallon | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-france/tennis-pouille-and-cornet-lead-french-quest-for-unlikely-roland-garros-glory-idUSKCN1IS0P0 |
GREENSBORO, N.C., May 23, 2018 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading provider of innovative RF solutions that connect the world, today announced that its Board of Directors has authorized the repurchase of up to $1 billion of the Company’s outstanding common stock. The new repurchase program includes approximately $126 million authorized under a prior program.
Under the share repurchase program, share repurchases will be made in accordance with applicable securities laws on the open market or in privately negotiated transactions. The extent to which the Company repurchases its shares, the number of shares and the timing of any repurchases will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. The program does not require the Company to repurchase a minimum number of shares and does not have a fixed term, and it may be modified, suspended or terminated at any time without prior notice.
About Qorvo
Qorvo (Nasdaq:QRVO) makes a better world possible by providing innovative RF solutions at the center of connectivity. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including advanced wireless devices, wired and wireless networks and defense radar and communications. We also leverage our unique competitive strengths to advance 5G networks, cloud computing, the Internet of Things, and other emerging applications that expand the global framework interconnecting people, places and things. Visit www.qorvo.com to learn how Qorvo connects the world.
Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "forecast," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Qorvo's business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results; our dependence on a few large customers for a substantial portion of our revenue; a loss of revenue if contracts with the U.S. government or defense and aerospace contractors are canceled or delayed; our ability to implement innovative technologies; our ability to bring new products to market and achieve design wins; the efficient and successful operation of our wafer fabrication and other facilities; our ability to adjust production capacity in a timely fashion in response to changes in demand for our products; variability in manufacturing yields; industry overcapacity; inaccurate product forecasts and corresponding inventory and manufacturing costs; our dependence on third parties; our dependence on international sales and operations; our ability to finance our operations and business strategy and to service our debt obligations; our ability to attract and retain skilled personnel and develop leaders; the possibility that future acquisitions may dilute our stockholders' ownership and cause us to incur debt and assume contingent liabilities; fluctuations in the price of our common stock; fluctuations in the repurchases of our common stock; our ability to protect our intellectual property; claims of intellectual property infringement and other lawsuits; security breaches and other disruptions compromising our information; our ability to protect personal data; decisions about the scope of our future operations; changes in our effective tax rate and in tax laws and regulations, including the impact of the recently enacted Tax Cuts and Jobs Act in the U.S.; and the impact of government and environmental, health and safety regulations. These and other risks and uncertainties, which are described in more detail in Qorvo's most recent Annual Report on Form 10-K and in other reports and statements filed with the Securities and Exchange Commission, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.
QRVO-F
At Qorvo ®
Doug DeLieto
VP, Investor Relations
1-336-678-5797
Source:Qorvo, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-qorvo-announces-1-billion-share-repurchase-program.html |
May 15 (Reuters) - Serabi Gold PLC:
* QTRLY REVENUE $13.8 MILLION VERSUS $13.2 MILLION * MANAGEMENT EXPECTS THAT GOLD PRODUCTION FOR 2018 WILL EXCEED THAT OF 2017 AND BE UP TO 40,000 OUNCES
* QTRLY GOLD PRODUCTION OF 9,188 OUNCES VERSUS 9,861 OUNCES
* QTRLY BASIC EARNINGS PER ORDINARY SHARE 0.0015 CENTS * DIRECTORS HAVE CONCLUDED THAT IT IS APPROPRIATE TO PREPARE THE FINANCIAL STATEMENTS ON A GOING CONCERN BASIS Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-serabi-gold-qtrly-revenue-138-mill/brief-serabi-gold-qtrly-revenue-13-8-million-versus-13-2-million-idUSFWN1SM08X |
CNBC.com Source: Samxmeg
When the global financial crisis kicked into high-gear a decade ago, most Americans learned the hard way that questionable decisions on Wall Street can lead to dire consequences on Main Street.
We all saw how pockets of unethical behavior by some devils in the mortgage-backed securities market ultimately boomeranged on average homeowners.
This included the use of a particular financial product — the credit default swap — which fuel-injected a spiral into the Great Recession. Legislators and regulators left sifting through the rubble were forced to accept that their lax approach to policing our financial markets was flawed. To paraphrase philosopher Marshall McLuhan: They drove into the future using only their rearview mirrors.Fortunately, that's changing, especially with regard to credit default swaps. This shift recently prompted regulators to peer around a particularly cumbersome corner of the $13 trillion derivatives market. The Commodity Futures Trading Commission recently issued a much-needed warning in response to possible manipulation of CDS trades by a couple of the biggest names on Wall Street.While many, justifiably, continue to associate the swaps with crisis-era mortgage mayhem, the product does serve a large and legitimate purpose: allowing businesses and traditional investors to hedge credit risks related to their assets, ranging from agricultural commodities to corporate bonds.
For example, a portfolio manager running a fixed-income mutual fund may purchase a CDS linked to a bond issued by a company because it represents "insurance" in the event of a bankruptcy. A reliable CDS market can help provide investors with confidence to invest in companies that may otherwise not be able to raise affordable capital.After seeing the trouble caused by past devils in the derivatives market, it's encouraging that the CFTC has been quick to call out potential abuse and manipulation in the CDS marketplace today.
In late April, the agency issued a statement related to Blackstone Group's GSO Capital Partners , which was finalizing a deal with homebuilder Hovnanian Enterprises to get the perfectly solvent company to intentionally default on a small portion of debt in exchange for sweetheart refinancing terms. Not surprisingly, GSO holds more than $300 million in credit default swaps that would pay out in the event Hovnanian defaults.Hovnanian, which appears to have almost $500 million in its coffers, took the next step when one of its wholly owned subsidiaries waived an interest payment due to itself on bonds it purchased, what people in the market have called a manufactured default.The CFTC sent a message shot across the bow of all devilish CDS market manipulators, warning them not to get even close to manipulation of these products. The agency's statement was clear in saying that manufactured credit events may constitute market manipulation and may severely damage the integrity of the CDS market.Furthermore, the CFTC asserted that it "will carefully consider all available actions to help ensure market integrity and combat manipulation or fraud." Chairman Chris Giancarlo — who has done a grand job, in my view — put a fine point on this recently by noting that his staff is also coordinating with the Securities and Exchange Commission. That is a long-awaited development that will benefit the entire CDS marketplace.As for GSO and Hovnanian, they appear to be ignoring regulators' warnings, but my experience is that they do so at their own peril. In this instance, the International Swaps and Derivatives Association will convene at the end of the month to decide whether the missed interest payments represent a legitimate default by Hovnanian. (CDS buyers cannot collect "insurance" payouts unless the association validates them.)Fortunately, the ISDA committee slated to rule on the matter has ample justification to shoot the deal down. For example, it could reasonably infer Hovnanian's subsidiary waived its right to any interest payment once it knowingly purchased securities that it knew were going to be defaulted on as part of the agreement with GSO.The big picture here is that even 10 years later, the lessons of the Great Recession should continue to serve as a clear reminder of what can happen across our markets and, in turn, the broader economy, if nefarious actions by financial devils are allowed to continue. Regulators should be clear and unequivocal — especially on combating manipulation — to ensure efficient and effective markets. If they do, it will benefit not only markets, but our economy and our country.
Former Commodity Futures Trading Commissioner Bart Chilton is an opinion editorialist, policy and political commentator, and consultant who appears in the media regularly. He is the author of "Ponzimonium: How Scam Artists Are Ripping Off America," and can be reached at . Bart Chilton former CFTC commissioner Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/cftc-is-quick-to-call-out-potential-manipulation-in-credit-derivatives.html |
May 22, 2018 / 4:35 PM / Updated 7 minutes ago Trump says there is no deal with China to lift ban on ZTE Corp Reuters Staff 1 Min Read
WASHINGTON, May 22 (Reuters) - President Donald Trump on Tuesday said there is no deal with China on ZTE Corp , as lawmakers from both parties worked to block him from easing penalties on the Chinese telecommunications company.
According to sources familiar with discussions on a possible deal, Washington would lift its ban on U.S. firms supplying ZTE in return for agricultural concessions from China. The ban has threatened the viability of ZTE, China’s second-largest telecoms maker.
Trump made the remarks to reporters ahead of a meeting with South Korea’s President Moon Jae-in at the White House. (Reporting by Jeff Mason Writing by Lisa Lambert Editing by Chizu Nomiyama) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china-trump/trump-says-there-is-no-deal-with-china-to-lift-ban-on-zte-corp-idUSW1N1R101U |
May 22, 2018 / 2:06 PM / Updated 9 minutes ago Anti-immigrant stance helps Slovenia's SDS party to poll lead Marja Novak 5 Min Read
LJUBLJANA (Reuters) - An anti-immigrant party looks set to win Slovenian elections on June 3, two years after nearly half a million migrants crossed the country on their way to Western Europe, although a lack of potential coalition partners may keep it out of government.
The Slovenian Democratic Party (SDS), one of whose rallies was addressed by Hungary’s nationalist prime minister Viktor Orban this month, is leading in opinion polls after pledging to reject EU migrant quotas and boost spending on security.
A revival in the number of people passing west through the former Yugoslav republic to other European Union countries — 1,226 in January to April, compared with 322 in the same period last year — has pushed migration up the electoral agenda.
“I believe that Slovenia should not be forced to accept migrants. We should first take care of our own poor people,” said Natasa, a 55-year-old saleswoman who was strolling in the centre of the capital Ljubljana.
“I have not decided yet but am considering voting for the SDS.”
The SDS is led by Janez Jansa, who served twice as Slovenia’s prime minister before stepping down in 2013 to face corruption allegations. He denies any wrongdoing.
In a televised pre-election debate, SDS lawmaker Branko Grims emphasised the party’s hardline stance on immigration, saying: “No migrants means a secure Slovenia.”
If the party wins, he said, it will seek to abolish the EU migrant quotas under which Slovenia has committed to take 567 asylum seekers. It will also divert money currently paid to non-governmental organisations to the security forces.
An opinion poll on Sunday gave the SDS 14.9 percent of the vote, suggesting it will emerge as the largest party in Slovenia’s fractured parliament, ahead of centre-left newcomer the List of Marjan Sarec (LMS) on 9.7 percent.
The Social Democrats, a junior partner in the current centre-left coalition, scored 6.5 percent in the poll, with other parties — 25 of which will contest the election — on less than 5 percent.
But even if the SDS wins the election, other parties’ expressed unwillingness to work with it may mean it cannot form a government.
“I expect very long coalition talks. We will certainly not have a new government before September,” Tanja Staric, a political analyst at national broadcaster Radio Slovenia, told Reuters. CHANGE
Not everyone agrees with the SDS’s anti-immigrant rhetoric and there are other big campaign issues, particularly the state of the national health system.
“I believe Slovenia should help migrants and enable them to contribute to the society,” said Darja, a 24-year-old student. “I will certainly not vote for the SDS as I strongly disagree with their radical opinions.”
While Slovenia’s economy is forecast to grow by a healthy 5.1 percent this year, boosted by exports and investments, waiting lists for medical examinations and operations are long and the system is short of money and staff.
Recently the last three consultants quit Slovenia’s only child surgical cardiology department, at the main UKC hospital, saying a lack of doctors meant they could no longer work there.
The hospital management is now hoping to keep services going using visiting doctors from Croatia and the Czech Republic.
“I will vote for the SDS because we need change,” said 43-year-old electrician Andrej, who was buying groceries in a Ljubljana street market.
“The health system is deteriorating, young people are leaving the country and there is a lot of corruption.”
SDS leader Jansa spent six months in prison in 2014 after being convicted on bribery charges related to a 2006 arms deal but was freed after the Constitutional Court ordered a retrial which did not take place because a 10-year time limit expired.
He previously served as prime minister from 2004 to 2008 and from 2011 to 2012.
In 2013, Slovenia narrowly avoided needing an international bailout after the biggest banking crisis in its history.
It rescued the banks itself but the new government will be obliged to sell a majority stake in NLB, the country’s largest lender, as agreed with the European Commission when it approved the granting of state aid to the bank in 2013.
The pension system also needs reforming in order to ease the burden of a rapidly ageing population on the state budget.
But memories of 2015 and 2016, when over a million people fleeing war and poverty in the Middle East, Africa and beyond arrived in Europe, many via the Balkan route of which Slovenia is part, remain a potent influence on the election.
In one of his first trips abroad after securing a third term as Hungary’s prime minister, Orban told an SDS rally on May 11 that mass migration threatened Europe’s security and culture.
“If Europe surrenders to mass population movement and immigration, our own continent will be lost,” he said. “Unless we watch carefully we could lose our countries.” Reporting By Marja Novak; Editing by Ivana Sekularac and Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-slovenia-election/anti-immigrant-stance-helps-slovenias-sds-party-to-poll-lead-idUKKCN1IN1RJ |
As summer begins, here's how rising gas prices will affect travel plans 10 Hours Ago Will rising gas prices hurt SUV sales? And is trouble on the horizon for automakers? With CNBC's Phil LeBeau and Melissa Lee, and the Options Action traders, Carter Worth, Mike Khouw and Dan Nathan. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/as-summer-begins-heres-how-rising-gas-prices-will-affect-travel-plans.html |
May 22, 2018 / 2:24 PM / Updated 7 minutes ago CANADA STOCKS-TSX jumps on strong wholesale trade data, higher oil price Reuters Staff 3 Min Read
(Reuters) - Canada’s main stock index rose on Tuesday, as financial stocks gained on stronger-than-expected gain in March wholesale trade and energy shares got a boost from rising oil price.
* At 9:37 a.m. ET (13:37 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 54.43 points, or 0.34 percent, at 16,216.74.
* Eight of the index’s eleven major sectors were higher, getting the biggest boost from the financial sector’s 0.4 percent gain.
* Statistics Canada said Canadian wholesale trade rose 1.1 percent in March, the largest month-on-month rise for five months, aided by strength in the motor vehicle and parts subsector.
* Brent Crude oil price rose towards $80 a barrel, supported by concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply. The TSX energy sector climbed 1.0 percent.
* The Canadian dollar edged higher against its U.S. counterpart on higher oil prices and the wholesale trade data
* The materials sector, which includes miners, added 0.5 percent as gold prices edged up on Tuesday from a 2018 low as the U.S. dollar fell from its five-month high.
* On the TSX, 179 issues were higher, while 60 issues declined for a 2.98-to-1 ratio favoring gainers, with 14.32 million shares traded.
* The largest percentage gainers were Aurora Cannabis , which jumped 6.2 percent after it made a strategic investment in CTT Pharmaceutical and Canopy Growth Co. Shares of Canopy Growth rose 4.1 percent.
* Cameco Corp fell 6.8 percent, the most on the TSX.
* The second biggest decliner was e-commerce software maker Shopify Inc, which fell 4.9 percent after Adobe Systems Inc announced it was buying rival Magento Commerce.
* The most heavily traded shares by volume were Aurora Cannabis, Canopy Growth and Bombardier Inc.
* The TSX posted 13 new 52-week highs and no new lows.
* Across all Canadian issues there were 47 new 52-week highs and nine new lows, with total volume of 24.93 million shares.
* U.S. Treasury Secretary Steven Mnuchin said on Monday major issues remained in talks between the United States, Mexico and Canada to renegotiate the NAFTA deal. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur) | ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks/canada-stocks-tsx-jumps-on-strong-wholesale-trade-data-higher-oil-price-idUSL3N1ST4CV |
ZEJULA Q1 net sales totaled $49 million
Enrollment completed in Phase 3 PRIMA first-line ovarian cancer monotherapy trial TOPACIO platinum-resistant ovarian cancer and triple-negative breast cancer data accepted for oral presentations at ASCO Initial data from two TSR-042 (anti-PD-1) GARNET expansion cohorts presented at AACR; regulatory submission for MSI-high tumors planned in 2019
WALTHAM, Mass., May 03, 2018 (GLOBE NEWSWIRE) -- TESARO, Inc. (NASDAQ:TSRO), an oncology-focused biopharmaceutical company, today reported operating results for first-quarter 2018, and provided an update on the Company's commercial products and development programs.
“2018 is off to an excellent start for TESARO, as ZEJULA continues to penetrate the recurrent ovarian cancer market,” said Lonnie Moulder, CEO of TESARO. “We expect to expand the market for ZEJULA to the front-line setting with PRIMA, our Phase 3 trial for patients with first-line ovarian cancer regardless of biomarker status, with data expected late next year. In March, data presented from our TOPACIO trial of ZEJULA in combination with an anti-PD-1 antibody surpassed historical monotherapy benchmarks in difficult-to-treat platinum-resistant and refractory ovarian cancer patients, and we look forward to presentations from both the ovarian and triple-negative breast cancer cohorts of TOPACIO at ASCO. Our immuno-oncology pipeline is advancing quickly and we are on track to submit a biologic license application for TSR-042, our anti-PD-1 antibody, for patients with MSI-high tumors in 2019. Enrollment continues in our AMBER trial of TSR-022, our anti-TIM-3 antibody, in combination with TSR-042, and data from this trial in tumor-specific expansion cohorts are expected to be presented at a medical meeting later this year.”
Recent Business Highlights
ZEJULA is the most utilized PARP inhibitor among ovarian cancer patients in the U.S., with more than 5,000 patients treated since launch in April 2017. The European launch of ZEJULA continues in Germany. Enrollment was completed in the Phase 3 PRIMA trial for patients with first-line ovarian cancer regardless of biomarker status. Data from this study are anticipated in late 2019. Data were presented from the ovarian cancer cohort of the TOPACIO trial of ZEJULA in combination with an anti-PD-1 monoclonal antibody at the Society for Gynecologic Oncology (SGO) Annual Meeting in March. Data demonstrated activity of ZEJULA in combination with an anti-PD-1 antibody in difficult-to-treat types of ovarian cancer. Results from a retrospective analysis of the NOVA trial were presented at the SGO Annual Meeting, which identified two characteristics, patient body weight and platelet counts, to be predictors of dose modification. In April, preliminary Phase 1 data from expansion cohorts of the GARNET trial of TSR-042 were presented at the American Association for Cancer Research (AACR) Annual Meeting. Activity of TSR-042 monotherapy was demonstrated in patients with MSI-high endometrial cancer and non-small cell lung cancer (NSCLC), with a well-tolerated safety profile comparable to other anti-PD-1 antibodies. Top-line results from the QUADRA study of ZEJULA monotherapy in fourth-line plus treatment of ovarian cancer were announced in April. This trial successfully achieved its pre-specified primary endpoint and demonstrated activity in patients with fourth or fifth-line HRD-positive ovarian cancer who were PARP inhibitor naïve and platinum sensitive. Additional QUADRA data will be presented at ASCO in June. Phase 2 data from the TOPACIO trial of ZEJULA with an anti-PD-1 for patients with platinum-resistant ovarian cancer or triple-negative breast cancer were accepted for two separate oral presentations at ASCO. TSR-042 is in a registration trial (GARNET) for MSI-high tumors. Data are being generated to demonstrate the activity of TSR-042 in multiple tumor types, including lung, breast and ovarian cancer. Clinical trials are ongoing to evaluate TSR-022 (anti-TIM-3 antibody) and TSR-033 (anti-LAG-3 antibody) in combination with TSR-042.
• AMBER: Phase 1 trial of TSR-022 in combination with TSR-042 is enrolling three tumor specific cohorts.
• CITRINO: Phase 1 dose-escalation trial of TSR-033 is ongoing to determine dose and schedule for combination with TSR-042.
First Quarter 2018 Financial Results
TESARO reported net product revenue of $50.2 million for the first quarter of 2018, including ZEJULA sales of $48.9 million, compared to $2.1 million for the first quarter of 2017.
Research and development expenses increased to $96.8 million for the first quarter of 2018, compared to $66.1 million for the first quarter of 2017, primarily due to higher manufacturing and clinical development costs associated with ZEJULA, TSR-042, and TSR-022, increased headcount, and research collaborations.
Selling, general and administrative expenses increased to $93.6 million for the first quarter of 2018, compared to $69.3 million for the first quarter of 2017, primarily due to increased sales and marketing headcount and activities to support sales of ZEJULA in the U.S. and launches in Europe.
Operating expenses as described above include total non-cash, stock-based compensation expense of $26.1 million for the first quarter of 2018, compared to $18.4 million for the first quarter of 2017.
Net loss totaled $162.8 million, or ($2.98) per share, for the first quarter of 2018, compared to a net loss of $136.7 million, or ($2.55) per share, for the first quarter of 2017.
(in thousands, except per share amounts) Three Months Ended
March 31, 2017 2018 Product revenue, net ZEJULA ® - $ 48,869 VARUBI ® /VARUBY ® $ 2,139 $ 1,303 Total product revenue, net $ 2,139 $ 50,172 License, collaboration, and other revenue $ 934 $ (430 ) Total revenues $ 3,073 $ 49,742 Net loss $ (136,725 ) $ (162,816 ) Net loss per share, basic and diluted $ (2.55 ) $ (2.98 ) Operating Expenses
(in thousands) Three Months Ended
March 31, 2017 2018 Cost of sales - product $ 444 $ 9,997 Cost of sales - intangible asset amortization $ 490 $ 1,437 Research and development (R&D) $ 66,122 $ 96,755 Selling, general and administrative (SG&A) $ 69,262 $ 93,607 Acquired in-process R&D $ - $ - Cash and Cash Equivalents
As of March 31, 2018, TESARO had approximately $499.0 million in cash and cash equivalents and approximately 54.8 million outstanding shares of common stock.
2018 Financial Guidance
In 2018, TESARO expects:
Total Revenue, net, worldwide (FY) $310 to $345 million ZEJULA (FY) $255 to $275 million ZEJULA (Q2) $50 to $55 million Other revenue, including licensing and VARUBI/Y oral (FY) $55 to $70 million Interest expense (FY) $50 to $60 million, including non-cash interest expense of $14 million In the first quarter, TESARO’s cash and cash equivalents balance declined by approximately $144 million. The Company plans to draw $200 million in the second half of 2018 from its available term loan facility, and quarterly declines in cash and cash equivalents are expected to moderate over the course of 2018. TESARO anticipates year-end 2018 cash and cash equivalents to be approximately $400 million.
Key Development Milestones
TESARO intends to achieve the following development milestones:
Ovarian Cancer Franchise:
Report TOPACIO platinum-resistant ovarian cancer data at ASCO and confirm with FDA the intended strategy for registering ZEJULA in combination with TSR-042 in platinum-resistant/refractory ovarian cancer in mid-2018 Initiate FIRST, a Phase 3 clinical trial of ZEJULA in combination with TSR-042 in first-line ovarian cancer, in Q2 2018 Report QUADRA data at ASCO and define biomarker-focused regulatory strategy in 2H 2018 Report PRIMA data in first-line ovarian cancer maintenance in late 2019
Breast Cancer:
Report TOPACIO triple-negative breast cancer data at ASCO Publish BRAVO data in 2H 2018 Confirm intended registration path for ZEJULA in breast cancer with FDA in mid-2018
Lung Cancer:
Report additional data from lung cancer cohort of the GARNET trial of TSR-042 in NSCLC in 2H 2018 Initial data from Phase 2 JASPER study of ZEJULA in combination with an anti-PD-1 inhibitor to be available in 2H 2018
Prostate Cancer:
Janssen anticipates advancing trials of ZEJULA in prostate cancer to support U.S. and EU regulatory filings in 2019
Immuno-oncology Portfolio:
Complete enrollment in the MSI-high cohort of the GARNET trial of TSR-042 to support a biologics license application (BLA) submission to FDA in 2019 Report initial data for the AMBER trial of TSR-022 in combination with TSR-042 in 2H 2018 Initiate assessment of the combination of TSR-033 plus TSR-042 in the CITRINO trial in Q2 2018 and report Phase 1 monotherapy dose-escalation data for TSR-033 in 2H 2018 Advance IND-enabling studies of PD-1/LAG-3 bi-specific antibody (TSR-075)
Today's Conference Call and Webcast
TESARO will host a conference call to discuss first quarter operating results and provide an update on its commercial products and development programs today at 4:15 P.M. Eastern time. The accompanying slide presentation and live webcast of the conference call can be accessed by visiting the TESARO website at www.tesarobio.com . The call can be accessed by dialing (877) 853-5334 (U.S. and Canada) or (970) 315-0307 (international). A replay of the webcast will be archived on the Company's website for 30 days following the call.
About ZEJULA (Niraparib)
ZEJULA (niraparib) is a poly (ADP-ribose) polymerase (PARP) inhibitor indicated for the maintenance treatment of adult patients with recurrent epithelial ovarian, fallopian tube, or primary peritoneal cancer who are in a complete or partial response to platinum-based chemotherapy. In preclinical studies, ZEJULA concentrates in the tumor relative to plasma, delivering greater than 90% durable inhibition of PARP 1/2 and a persistent antitumor effect. Myelodysplastic Syndrome/Acute Myeloid Leukemia (MDS/AML), including some fatal cases, was reported in patients treated with ZEJULA. Discontinue ZEJULA if MDS/AML is confirmed. Hematologic adverse reactions (thrombocytopenia, anemia and neutropenia), as well as cardiovascular effects (hypertension and hypertensive crisis) have been reported in patients treated with ZEJULA. Monitor complete blood counts to detect hematologic adverse reactions, as well as to detect cardiovascular disorders, during treatment. ZEJULA can cause fetal harm and females of reproductive potential should use effective contraception. Please see full prescribing information, including additional important safety information, available at www.zejula.com .
About TESARO
TESARO is an oncology-focused biopharmaceutical company dedicated to improving the lives of cancer patients by acquiring, developing and commercializing safer and more effective therapeutics. For more information, visit www.tesarobio.com , and follow us on Twitter and LinkedIn .
TESARO Contacts:
Jennifer Davis
Vice President, Corporate Communications & Investor Relations
+1.781.325.1116 or [email protected]
Kate Rausch
Associate Director, Investor Relations
+1.781.257.2505 or [email protected]
Forward Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding TESARO, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "anticipate," "estimate," "intend," and similar expressions (as well as other words or expressions referencing future events, conditions, or circumstances) are intended to identify forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, statements regarding: our 2018 revenue, interest expense, and cash balance guidance; the expected decline in our cash and cash equivalents balance; the design and expected timing of initiation, enrollment, and data readouts and publications from our various ongoing and planned ZEJULA, TSR-042, TSR-033, TSR-022, combination, and other clinical trials; the expected timing of our various BLA and other regulatory filings; and our expectation to achieve our various development milestones; and our intent to draw the remaining amount available under our term loan facility. Forward-looking statements in this release involve substantial risks and uncertainties that could cause our research and development programs, future financial and other results, performance, or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, risks related to the acceptance of our products in the marketplace, competition, the uncertainties inherent in the execution and completion of clinical trials, uncertainties surrounding the timing of availability of data from clinical trials, uncertainties surrounding potential actions by regulatory authorities, uncertainties regarding the expected timing and magnitude of certain expenditures, risks related to manufacturing and supply, risks related to intellectual property, the terms of our term loan facility, other matters that could affect our financial results, the results of our ongoing and planned development programs, and/or the availability or commercial potential of our products and drug candidates. TESARO undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see TESARO's Annual Report on Form 10-K for the year ended December 31, 2017.
TESARO, Inc. Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share amounts) Three Months Ended
March 31, 2017 2018 Revenues: Product revenue, net: ZEJULA ® $ - $ 48,869 VARUBI ® /VARUBY ® 2,139 1,303 Total product revenue, net 2,139 50,172 License, collaboration and other revenues 934 (430 ) Total revenues 3,073 49,742 Expenses: Cost of sales - product 444 9,997 Cost of sales - intangible asset amortization 490 1,437 Research and development (1) 66,122 96,755 Selling, general and administrative (1) 69,262 93,607 Acquired in-process research and development - - Total expenses 136,318 201,796 Loss from operations (133,245 ) (152,054 ) Interest and other income (expense), net (3,426 ) (10,346 ) Loss before income taxes (136,671 ) (162,400 ) Provision for income taxes 54 416 Net loss $ (136,725 ) $ (162,816 ) Net loss per share applicable to common stockholders - basic and diluted $ (2.55 ) $ (2.98 ) Weighted-average number of common shares used in net loss per share applicable to common stockholders - basic and diluted 53,685 54,615 (1) Expenses include the following amounts of non-cash stock-based compensation expense: Research and development $ 7,125 $ 7,814 Selling, general and administrative 11,276 18,314
TESARO, Inc. Unaudited Condensed Consolidated Balance Sheets (in thousands) December 31, March 31, 2017 2018 Assets Current assets: Cash and cash equivalents $ 643,095 $ 498,980 Accounts receivable 53,416 44,182 Inventories 57,939 74,444 Other current assets 33,511 38,184 787,961 655,790 Intangible assets, net 56,384 54,947 9,652 10,272 Restricted cash 2,552 2,556 Other assets 5,636 6,127 Total assets $ 862,185 $ 729,692 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 4,172 $ 5,079 Accrued expenses 154,808 150,589 Deferred revenue, current 324 117 Other current liabilities 6,902 7,451 166,206 163,236 Convertible notes, net 143,446 146,529 Long-term debt, net 293,659 293,888 Deferred revenue, non-current 211 188 Other non-current liabilities 9,577 8,123 Total liabilities 613,099 611,964 Total stockholders' equity 249,086 117,728 stockholders' equity $ 862,185 $ 729,692
Source:TESARO, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-tesaro-announces-first-quarter-2018-operating-results.html |
Here’s will unveil a plan to curb drug prices — a campaign pledge — 5 Questions With North Korea Expert Victor Cha | ashraq/financial-news-articles | https://blogs.wsj.com/washwire/2018/05/11/capital-journal-trumps-renewed-focus-on-drug-prices-russias-insidious-facebook-campaign-shifting-goals-for-nafta-negotiations/ |
Growing Marijuana Plants Can Wreck Your House, Realtors Warn Colin Brynn/Getty Images By Bloomberg 2:47 PM EDT
Canada’s push to legalize pot is running into more opposition, this time from a realtor group that says home cultivation could cause property damage.
In testimony to a Senate committee in Ottawa, Michael Bourque, head of the Canadian Real Estate Association, flagged risks associated with cultivating cannabis plants, such as the spread of mold and fungus through ventilation systems. He said the law should be amended to place a moratorium on home cultivation until provinces can pass tougher housing regulations.
The home-safety argument may set up another hurdle for Prime Minister Justin Trudeau, who is seeking to pass the marijuana bill in the next few months so the market can open for business later this year. Trudeau’s Liberal government says legalization will squeeze out criminal producers and help bring down high rates of youth consumption.
Although the law would allow people to grow up to four plants at home, Bourque, who represents 125,000 real estate brokers, said there’s no limit on plant size, meaning growers could raise giant plants that produce 5 kilograms (11 pounds) of grass a year, increasing the risk to homes and health.
“We question if personal cultivation is even necessary” when there is a “well-funded, well-capitalized industry,” Bourque said Monday. “The legislation ignores evidence that growing cannabis indoors can be hazardous to the home, and health of home owners.”
As Bourque was giving his testimony, the Royal Canadian Mounted Police said they arrested a New Brunswick man after a call to a house fire resulted in the seizure of 485 marijuana plants. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/01/legal-marijuana-plant-growing-canada/ |
May 4 (Reuters) - SNP SCHNEIDER NEUREITHER & PARTNER SE :
* RECEIVES ORDER FROM SPECTRUM BRANDS TO SPLIT OFF TWO GLOBAL BUSINESS UNITS
* TWO TRANSFORMATION PROJECTS ARE EXPECTED TO CLOSE IN APRIL 2019
* ORDER VOLUME HAS A TOTAL VALUE OF APPROXIMATELY 4.5 MILLION US DOLLARS Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-snp-receives-order-from-spectrum-b/brief-snp-receives-order-from-spectrum-brands-idUSFWN1SB0PV |
May 15 (Reuters) - Greenlight Capital Inc:
* GREENLIGHT CAPITAL DISSOLVES SHARE STAKE IN UNDER ARMOUR INC
* GREENLIGHT CAPITAL CUTS SHARE STAKE IN TWITTER INC BY 10.1 PERCENT TO 2.5 MILLION SHARES
* GREENLIGHT CAPITAL TAKES SHARE STAKE OF 2.1 MILLION SHARES IN OFFICE DEPOT INC
* GREENLIGHT CAPITAL CUTS SHARE STAKE IN PERRIGO CO PLC BY 20.7 PERCENT TO 2.3 MILLION SHARES
* GREENLIGHT CAPITAL - CHANGE IN HOLDINGS ARE AS OF MARCH 31, 2018 AND COMPARED WITH THE PREVIOUS QUARTER ENDED AS OF DEC 31, 2017 Source For the quarter ended Mar 31, 2018: bit.ly/2rInDBI Source For the quarter ended Dec 31, 2017: bit.ly/2nZmLXw
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-greenlight-capital-cuts-share-stak/brief-greenlight-capital-cuts-share-stake-in-twitter-dissolves-share-stake-in-under-armour-idUSFWN1SM1EE |
May 30, 2018 / 8:28 AM / Updated 33 minutes ago No bids for Air India so far, will not extend deadline - aviation secy Reuters Staff 1 Min Read
NEW DELHI, May 30 (Reuters) - The government has not received any bids so far for its stake in state-run carrier Air India, the civil aviation secretary told TV channels, a day before the formal bidding process closes.
The government will not extend the deadline for submissions of interest in Air India, R.N. Choubey said on Wednesday. The deadline for receiving bids has already been extended once to May 31 from May 14.
Prime Minister Narendra Modi’s government, keen to sell the loss-making, debt-ridden airline, finalised plans in late March to divest a 76 percent stake and offload about $5.1 billion of its debt. (Reporting by Aditi Shah; Editing by Alex Richardson) | ashraq/financial-news-articles | https://www.reuters.com/article/air-india-divestment/no-bids-for-air-india-so-far-will-not-extend-deadline-aviation-secy-idUSD8N1QW002 |
May 9 (Reuters) - RioCan Real Estate Investment Trust :
* ANNOUNCES FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2018 WITH 6.1% GROWTH IN FUNDS FROM OPERATIONS PER UNIT AND 2.6% SAME PROPERTY NOI GROWTH
* Q1 FFO PER SHARE C$0.46 * QTRLY IN-PLACE OCCUPANCY INCREASED BY 10 BASIS POINTS TO 95.7% WHEN COMPARED TO DEC 31, 2017
* QTRLY COMMITTED OCCUPANCY FOR RETAIL INCREASED BY 10 BASIS POINTS FROM THE PREVIOUS QUARTER TO 96.7%
* ALL FIGURES ARE EXPRESSED IN CANADIAN DOLLARS * Q1 FFO PER SHARE VIEW C$0.45 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-riocan-real-estate-investment-trus/brief-riocan-real-estate-investment-trust-announces-q1-ffo-per-share-c0-46-idUSASC0A0XA |
HARTFORD, Conn., May 2, 2018 /PRNewswire/ -- Virtus Global Dividend & Income Fund Inc. (NYSE: ZTR) announced the following monthly distribution:
Amount of Distribution
Ex-Date
Record Date
Payable Date
$0.113
May 10, 2018
May 11, 2018
May 18, 2018
Under the terms of its managed distribution plan, the fund will seek to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the fund's aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the fund's assets and will constitute a return of the shareholder's capital. You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan.
The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the fund's investment performance and should not be confused with "yield" or "income."
The fund provided this estimate of the sources of the distribution:
Distribution Estimates
April 2018 (MTD)
Year-to-date (YTD) (1)
(Sources)
Per Share
Amount
Percentage
of Current Distribution
Per Share Amount
Percentage
of Current Distribution
Net Investment Income
$0.044
39.2%
$0.158
34.9%
Net Realized Foreign Currency Gains
-
0.0%
-
0.0%
Net Realized Short-Term Capital Gains
-
0.0%
-
0.0%
Net Realized Long-Term Capital Gains
-
0.0%
-
0.0%
Return of Capital (or other Capital Source)
0.069
60.8%
0.294
65.1%
Total Distribution
$0.113
100.0%
$0.452
100.0%
(1) YTD January 10, 2018 to January 9, 2019. (The distribution paid on January 9, 2018 was reportable for tax on Form 1099 in 2017)
Information regarding the fund's performance and distribution rates is set forth below. Please note that all performance figures are based on the fund's NAV and not the market price of the fund's shares. Performance figures are not meant to represent individual shareholder performance.
April 30, 2018
Average Annual Total Return on NAV for the 5-year period (2)
4.66%
Current Fiscal YTD Annualized Distribution Rate (3)
12.19%
YTD Cumulative Total Return on NAV (4)
-11.40%
YTD Cumulative Distribution Rate (5)
4.06%
(2)
Average Annual Total Return on NAV is the annual compound return for the five-year period. It reflects the change in the fund's NAV and reinvestment of all distributions.
(3)
Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of the fund's NAV at month end.
(4)
YTD Cumulative Total Return on NAV is the percentage change in the fund's NAV from the first day of the year to this month end, including distributions paid and assuming reinvestment of those distributions.
(5)
YTD Cumulative Distribution Rate is the dollar value of distributions from the first day of the year to this month end as a percentage of the fund's NAV at month end.
The amounts and sources of distributions reported in this notice are estimates only and are not being provided for tax reporting purposes. The actual amounts and sources of the distributions will depend on the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund or your broker will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders what distributions to report for federal income tax purposes.
About the Fund
The Virtus Global Dividend & Income Fund Inc. is a diversified closed-end fund that seeks to generate total return, consisting of capital appreciation and income. It currently targets an allocation of 60 percent equity securities and 40 percent fixed income. The equity allocation is invested exclusively in what the managers believe are high-quality companies within the high yielding global equity universe. The fixed income allocation is invested primarily in intermediate-term debt securities across 14 fixed income sectors. The fund also pursues an options income strategy whereby it purchases and sells out-of-the money puts and calls, creating an options spread.
Virtus Investment Advisers has been the investment adviser to the fund and Kayne Anderson Rudnick and Newfleet Asset Management have been subadvisers since September 7, 2016. Performance and characteristics prior to that date were attained by the previous adviser using a different investment strategy.
For more information on the fund, contact shareholder services at (866) 270-7788, by email at [email protected] , or through the closed end fund section on the web at www.virtus.com .
Fund Risks
An investment in a fund is subject to risk, including the risk of possible loss of principal. A fund's shares may be worth less upon their sale than what an investor paid for them. Shares of closed-end funds may trade at a discount to their net asset value. For more information about each fund's investment objective and risks, please see the fund's annual report. A copy of the fund's most recent annual report may be obtained free of charge by contacting "Shareholder Services" as set forth at the end of this press release.
About Kayne Anderson Rudnick
Kayne Anderson Rudnick (KAR) believes that superior risk-adjusted returns may be achieved through investment in high-quality companies with market dominance, excellent management, financial strength, and consistent growth, purchased at reasonable prices. KAR's investment strategy is to build a portfolio of companies that have strong, consistent growth with low business and financial risk, and hold these companies over the long term based on its conviction that the investment returns of the portfolio will mirror the financial results of these companies.
About Newfleet Asset Management
Newfleet Asset Management provides comprehensive fixed income portfolio management in multiple strategies. Newfleet leverages the knowledge and skill of a team of investment professionals with expertise in every sector of the bond market, including evolving, specialized, and out-of-favor sectors. The team employs active sector rotation and disciplined risk management to portfolio construction, avoiding interest rate bets, and remaining duration neutral to each strategy's stated benchmark.
View original content with multimedia: http://www.prnewswire.com/news-releases/virtus-global-dividend--income-fund-inc-declares-distribution-and-discloses-sources-of-distribution--section-19a-notice-300641537.html
SOURCE Virtus Global Dividend & Income Fund Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-virtus-global-dividend-income-fund-inc-declares-distribution-and-discloses-sources-of-distribution--section-19a-notice.html |
Firms not changing behavior based on trade fears: Fed's Mester 22 Hours Ago Federal Reserve Bank of Cleveland President Loretta Mester speaks about the potential impact of U.S.-China trade restrictions. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/firms-not-changing-behavior-based-on-trade-fears-feds-mester.html |
LONDON/DUBAI (Reuters) - OPEC is in no hurry to decide whether to pump more oil to make up for an expected drop in exports from Iran after the imposition of new U.S. sanctions, four sources familiar with the issue said, saying any loss in supply would take time.
FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria September 21, 2017. REUTERS/Leonhard Foeger/File Photo The Organization of the Petroleum Exporting Countries has a deal with Russia and non-OPEC producers to cut supplies that has helped erase a global glut and boosted oil prices to their highest since 2014.
Officials are considering whether a drop in Iranian exports and a decline in supply from another OPEC member, Venezuela, demands adjusting the deal that runs to the end of 2018. Ministers meet in June to review the policy.
U.S. sanctions on Iran will have a six-month period during which buyers should “wind down” oil purchases, meaning any loss of supply will not be immediately felt in the market.
“I think we have 180 days before any supply impact,” an OPEC source said when asked about any plans for action.
A second OPEC source said that, while the need to add extra supply was being considered, the safest thing for the group to do for now was to sit tight and monitor the situation.
Oil LCOc1 reached $78 a barrel on Thursday, its highest since November 2014, two days after President Donald Trump said the United States was abandoning an international nuclear deal with Iran and would impose new sanctions.
Iran, which pumps about 4 percent of the world’s oil, exports about 450,000 barrels per day (bpd) to Europe and around 1.8 million bpd to Asia. Sales to Europe are seen by analysts as the more likely to be reduced by the sanctions.
“It’s too early to know now the impact,” said a third OPEC source. “We need to wait and see what China will do, what Japan will do. Who will buy Iranian oil and who will side with Trump.”
JEDDAH TALKS As part of the supply deal, OPEC pledged to cut 1.2 million bpd from supplies from its members. In practice, the group has overshot this, partly because Venezuelan output has plunged due an economic crisis.
Oil ministers from OPEC and its partners meet on June 22-23 in Vienna to review the existing agreement.
Before that, technical officials meet in Jeddah, Saudi Arabia, on May 22-23 when the issue of whether extra barrels are needed to offset any Iranian loss will likely come up, the second source said.
A fourth OPEC source also said it was too soon to tell if extra oil was needed, citing Iran’s ability to keep much of its exports flowing under a previous round of sanctions. “Too early to judge,” he said.
On Wednesday, a separate OPEC source had said Saudi Arabia was monitoring the impact of the U.S. move on oil supplies and was ready to offset any shortage but would not act alone.
This source had also said the impact of U.S. sanctions on Iranian supplies needed to be assessed first and Saudi Arabia did not expect any physical impact on the market until the third or fourth quarters.
Analysts also expect Saudi Arabia to be cautious and step in only to offset an actual supply loss, not an anticipated one.
“Saudi will remain reactive and not pre-empt forward fundamentals. If a supply dislocation emerges and inventories get abnormally low, then OPEC and Russia may act,” said Yasser El Guindi, market strategist at Energy Aspects. “People are putting the cart before the horse.”
Editing by Edmund Blair and Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-opec/opec-in-no-hurry-to-decide-if-extra-oil-needed-to-offset-iran-sources-idUSKBN1IB1EG |
Toasting UK royals with a 'Markle Sparkle?' It's an American thing 4:16pm BST - 01:30
Looking to give Americans a taste of something they rejected more than 240 years ago, a Washington bar is going with a British royal family theme in honor of the wedding. Saskia O'Donoghue reports
Looking to give Americans a taste of something they rejected more than 240 years ago, a Washington bar is going with a British royal family theme in honor of the wedding. Saskia O'Donoghue reports //reut.rs/2KEyogp | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/06/toasting-uk-royals-with-a-markle-sparkle?videoId=424409796 |
NEW YORK (Reuters) - A New York investment manager was arrested on Wednesday and charged with fraudulently raising about $21.9 million that he told his investors would be used to build an international airport in Belize, the U.S. Department of Justice said.
Brent Borland, a principal at Borland Capital Group, was accused of having promised double-digit rates of return on investments related to temporary “bridge” financing for the airport in Placencia, roughly 110 miles (177 km) south of Belize City, and secured by real property in Belize.
Instead, authorities said all investors in Borland’s Belize Infrastructure Fund lost money, while the 48-year-old resident of Sag Harbor, New York and Delray Beach, Florida diverted close to $6 million to fund a lavish lifestyle for his family.
This sum allegedly included $2.67 million of credit card bills, mortgage payments on a Florida mansion, a Mercedes-Benz SUV, membership dues at the Delray Beach Club, and private school tuition for Borland’s children.
The U.S. Securities and Exchange Commission said in a related civil case that Borland invoked his constitutional right against self-incrimination when questioned by that regulator.
A lawyer for Borland did not immediately respond to requests for comment on the alleged scheme, which prosecutors said ran from 2014 through March 2018.
“Cases such as this serve as a cautionary tale for investors - always carefully vet your investments - and if something seems too good to be true, it probably is,” U.S. Attorney Geoffrey Berman in Manhattan said in statement.
Borland was criminally charged with securities fraud, wire fraud and conspiracy counts. He faces up to 20 years in prison on each fraud count if convicted. The SEC is seeking to recoup illegal profit, impose civil fines, and obtain an asset freeze.
The cases are U.S. v. Borland, U.S. District Court, Southern District of New York, No. 18-mag-04035; and SEC v Borland et al in the same court, No. 18-04352.
Reporting by Jonathan Stempel in New York; Editing by Richard Chang
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-crime-borland/u-s-charges-new-york-fund-manager-with-belize-airport-scam-idUSKCN1IH2YQ |
May 31 (Reuters) -
For other diaries, please see:
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Emerging Markets Economic Events
Government Debt Auctions
Political and General News
U.S. Federal Reserve
Today in Washington - This Diary is filed daily. -
THURSDAY, MAY 31 KIEV - Swedish central bank deputy governor, Cecilia Skingsley participates in a panel call at the conference of “Interaction of fiscal and monetary policies” organized by the Central Bank of Ukraine – 1130 GMT. 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 - 1400 GMT.
FRIDAY, JUNE 1 WARSAW - National Bank of Poland releases minutes of its May 15-16 meetings - 1200 GMT. 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 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 SYDNEY - Speech by Tony Richards, RBA head of payments policy, at the Australian Business Economists (ABE) event on cryptocurrencies. 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.
TUESDAY, JULY 3 SYDNEY - Reserve Bank of Australia (RBA) holds interest rate meeting – 0430 GMT.
WEDNESDAY, JULY 4 BUDAPEST - Hungarian Central Bank to publish the minutes of its June 2018 rate-setting meeting – 1200 GMT.
THURSDAY, JULY 5 MEXICO CITY - Mexico Central Bank issues the minutes of its monetary policy meeting.
MONDAY, JULY 9 ASTANA - National Bank of Kazakhstan releases monetary policy statements – 1100 GMT.
JERUSALEM - Bank of Israel announces interest rate decision.
TUESDAY, JULY 10 WARSAW - National Bank of Poland holds monetary policy council meeting (to July 11).
BUENOS AIRES - Central Bank of Argentina releases monetary policy statement.
WEDNESDAY, JULY 11 KUALA LUMPUR - Central Bank of Malaysia announces interest rate decision. ZAGREB - Croatia National Bank holds monetary policy meeting.
THURSDAY, JULY 12 BELGRADE - National Bank of Serbia holds interest rate decision.
KIEV - The Governor of the National Bank of Ukraine Yakiv Smoliy holds a press conference.
SEOUL - Bank of Korea holds monetary policy meeting to announce interest rates. KIEV - National Bank of Ukraine holds monetary policy meeting. LIMA - Central Bank of Peru announces interest rate decision.
FRIDAY, JULY 13 PRAGUE - Czech National Bank will release the minutes of its June 2018 monetary policy meeting.
TUESDAY, JULY 17 SYDNEY - Reserve Bank of Australia (RBA) will release the minutes of July monetary policy meeting – 0130 GMT. CAPE TOWN - South Africa Reserve Bank starts its three day monetary policy committee meeting (to July 19).
WEDNESDAY, JULY 18 JAKARTA - Indonesia Central Bank holds board of governors meeting (to July 19).
THURSDAY, JULY 19 BUENOS AIRES - Central Bank of Argentina holds press conference on monetary policy report.
MONDAY, JULY 23 SANTIAGO - Central Bank of Chile holds monetary policy meeting (to July 24).
ABUJA - Central Bank of Nigeria holds monetary policy meeting (to July 24).
TUESDAY, JULY 24 ANKARA - Central Bank of the Republic of Turkey holds monetary policy meeting. BUDAPEST - Hungarian Central Bank holds its rate-setting meeting - 1200 GMT. BUENOS AIRES - Central Bank of Argentina releases monetary policy statement.
WEDNESDAY, JULY 25 TBILISI - National Bank of Georgia holds monetary policy committee meeting. DUSHANBE - National Bank of Tajikistan holds monetary policy committee meeting.
THURSDAY, JULY 26 CHISINAU - National Bank of Moldova announces interest rate decision. SUVA - Reserve Bank of Fiji holds board meets to announce interest rates.
FRIDAY, JULY 27 MOSCOW - Central Bank of Russia announces interest rate decision - 1030 GMT.
TUESDAY, JULY 31 ANKARA - Central Bank of the Republic of Turkey releases minutes of its July monetary policy committee meeting. BRASILIA- Central Bank of Brazil holds monetary policy committee meeting (to August 1). | ashraq/financial-news-articles | https://www.reuters.com/article/diary-emrg-econ/diary-emerging-markets-economic-events-to-july-31-idUSL3N1T151V |
US-China trade framework details are still 'opaque': Fidelity 12 Hours Ago Catherine Yeung of Fidelity International says the markets are still cautious as details on the U.S.-China trade talks have yet to be made available. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/20/us-china-trade-framework-details-are-still-opaque-fidelity.html |
NEW YORK--(BUSINESS WIRE)-- Goldman Sachs MLP Income Opportunities Fund (the “Fund”) (NYSE:GMZ) is pleased to announce its quarterly distribution of $0.21 per common share, the same as the previous quarter. The distribution is payable on the date noted below.
The distribution schedule is as follows:
Ex-Date: May 18, 2018 Record Date: May 21, 2018 Payable Date: May 29, 2018 Amount: $0.21 per share It is currently anticipated that a portion of this distribution will be treated for tax purposes as a return of capital, however, the final characterization of such distribution will be made in early 2019 when the Fund can determine its earnings and profits for the full year. The final tax status of the distribution may differ substantially from this preliminary information.
In addition, portfolio holdings as of March 31, 2018, as well as additional information regarding the Fund, can be accessed through the GSAM Closed-End Fund landing page at www.GSAMFUNDS.com/cef .
Goldman Sachs MLP Income Opportunities Fund
Goldman Sachs MLP Income Opportunities Fund is a non-diversified, closed-end management investment company managed by Goldman Sachs Asset Management’s (“GSAM’s”) Energy & Infrastructure Team, which is among the industry’s largest MLP investment groups. The Fund began trading on the NYSE on November 25, 2013. The Fund seeks a high level of total return with an emphasis on current distributions to shareholders. The Fund invests primarily in master limited partnership (“MLP”) investments, a significant portion of which deliver midstream infrastructure to support growing hydrocarbon extraction. These include investments in pipeline operators, natural gas processors, natural gas liquids fractionators and storage facilities.
About Goldman Sachs Asset Management, L.P.
GSAM is the asset management arm of The Goldman Sachs Group, Inc. (NYSE:GS) and supervises $1.29 trillion as of March 31, 2018. 1 GSAM has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
1 Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion.
Disclosures
Shares of closed-end investment companies frequently trade at a discount from their net asset value (“NAV”), which may increase investors’ risk of loss. At the time of sale, an investor’s shares may have a market price that is above or below NAV, and may be worth more or less than the original investment. There is no assurance that the Fund will meet its investment objective. Past performance does not guarantee future results. Investments in securities of MLPs involve risks that differ from investments in common stock, including among others risks related to limited control and limited rights to vote on matters affecting MLPs, potential conflicts of interest risk, cash flow risks, dilution risks and trading risks.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security. The Fund has completed its initial public offering. Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund. An investment in the Fund is not appropriate for all investors, and the Fund is not intended to be a complete investment program. Investors should carefully review and consider the Fund’s investment objective, risks, charges and expenses before investing.
Compliance Code: 128778-OTU
Date of First Use: May 3, 2018
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006711/en/
For Goldman Sachs MLP Income Opportunities Fund:
Media:
Andrew Williams, 212-902-5400
or
Investors:
Immanuel Tan, 917-343-3375
Source: Goldman Sachs MLP Income Opportunities Fund | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-goldman-sachs-mlp-income-opportunities-fund-announces-quarterly-distribution-of-0-point-21-per-share.html |
NEW YORK, May 15 (Reuters) - China’s holdings of U.S. Treasuries grew for a second month in March to $1.188 trillion, its highest level since October, even as overall foreign purchases of Treasuries fell, data from the Treasury Department showed on Tuesday.
Japan’s holdings of Treasuries, on the other hand, fell in March to $1.044 trillion, the lowest since October 2011, data showed.
Net foreign sales of U.S. government securities totaled $4.92 billion in March, compared with $43.19 billion in net purchases in February. (Reporting by Richard Leong; editing by Jonathan Oatis)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-treasury-securities/china-holds-most-u-s-treasuries-since-oct-japans-lowest-since-2011-data-idUSL2N1SM264 |
A Malibu, Calif., home located a few steps from the beach is going on the market for $57.5 million.
The position is unusual: The vast majority of properties in the pricey beachfront city sit either on a bluff or are part a populated beachfront community. This home is built into the rocks on a small knoll, with its own private stairway on to the beach.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/malibu-home-steps-to-the-beach-seeks-57-5-million-1526395500 |
BLOOMFIELD HILLS, Mich., May 11, 2018 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, today announced that Wolfgang Dürheimer has been elected to its Board of Directors at its annual Shareholders Meeting, along with twelve incumbent directors.
"We welcome Mr. Dürheimer to the Penske Automotive Group Board of Directors and look forward to his guidance as we continue to grow our company," said Penske Automotive Group Chairman Roger S. Penske. "As the auto industry continues to expand and evolve, his extensive experience in the premium/luxury auto sector will provide valuable insight to Penske Automotive Group."
Most recently, Mr. Dürheimer served as Chairman and Chief Executive Officer of Bentley Motors Ltd., from April 2014 to January 2018 as well as President of Bugatti Automobiles S.S.A. and Bugatti International S.A. Prior to that Mr. Dürheimer held various positions within Volkswagen AG and its subsidiaries. From 1999 until 2011, Mr. Dürheimer worked for Porsche AG, where he was a member of the Board of Management responsible for research and development. Prior to joining Porsche in 1999, he worked fourteen years with BMW where he held various managerial roles.
About Penske Automotive
Penske Automotive Group, Inc ., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 26,000 people worldwide, is a member of the Fortune 500, Russell 2000, and was named as one of the World's Most Admired Companies by Fortune. For additional information visit the company's website at www.penskeautomotive.com .
Find a vehicle: http://www.penskecars.com
Engage Penske Automotive: | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-penske-automotive-elects-wolfgang-darheimer-as-new-board-member.html |
The United Arab Emirates (UAE) is gearing up to help meet a growing demand for aircraft with air travel expected to rise exponentially in the coming years.
"The forecast we've seen is the world will require around 35,000 aircraft over the next 20 to 25 years," Ismail Ali Abdulla, the CEO of Emirati aerospace firm Strata Manufacturing, told CNBC's Hadley Gamble at the Global Aerospace Summit in Abu Dhabi.
" That's a huge number and we want to make sure that Strata is ready to manufacture and deliver."
Strata is an aerostructures manufacturing plant wholly owned by Mubadala, the UAE's $127 billion national wealth fund and investment vehicle aimed at diversifying Abu Dhabi's economy. Its CEO wants to position the company as greater part of the international supply chain for major aircraft makers.
The country of 10 million is home to more than 200 nationalities and only 10 percent Emirati citizens, making it a challenge to fill high-skilled jobs with homegrown talent. As part of its diversification drive, some companies in the UAE are pursuing skills development for Emiratis — and Strata puts a particular emphasis on its commitment to raising the proportion of women in the workforce.
Karim Sahib | AFP | Getty Images United Arab Emirates' Air Force Aerobatic Team performs with an Emirates Airline Airbus A380 at the Dubai Airshow on November 18, 2013, in Dubai. "Females represent 48 percent of our total workforces, out of which 96 percent are UAE nationals," Abdulla said. "Early on we understood the importance of building a sustainable activity here in the UAE, we concentrated on developing UAE nationals." That involved teaming up with UAE University, he said, adding that half of Strata's supervisors and half of its team leaders are UAE national females.
Across the Middle East and North Africa, female labor force participation is 26 percent, well below the 39 percent rate of lower and middle income countries.
In terms of becoming a major player in global aerospace manufacturing, the small state has some way to go — it doesn't yet crack the top 30 aerospace exporters by country, coming in at number 38 with 0.11 percent of the world total in 2017, according to the CIA World Factbook.
But the CEO is optimistic, banking on the expectation that the aerospace industry has plenty of room to grow. He described his company's $7.5 billion worth of commitments with major international original equipment manufacturers (OEMs), as well as existing supply partnerships with industry leaders Boeing, Airbus and Leonardo.
"Last year we were able to deliver more than 9,500 parts, and today there are around 8 percent of worldwide fleets flying with parts made here in the UAE," he said, adding that Strata signed two major deals during the summit, including a new manufacturing deal with Boeing. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/aerospace-ceo-sees-growing-global-role-for-the-uae-in-manufacturing.html |
May 16, 2018 / 8:29 PM / Updated an hour ago Vermont signs law to allow import of prescription drugs from Canada Reuters Staff 1 Min Read
(Reuters) - Vermont Governor Phil Scott signed a law on Wednesday that will allow the import of prescription drugs from Canada into the U.S. state in a move that would help tackle rising drug prices. Vermont governor Phil Scott speaks to the press in his offices at the State Legislature in Montpelier, Vermont, U.S., March 13, 2018. REUTERS/Christinne Muschi
The law is yet to be certified by the Department of Health and Human Services (HHS), which is opposed to the idea.
"Canada simply doesn't have enough drugs to sell them to us for less money, and drug companies won't sell Canada or Europe more just to have them imported here," HHS Secretary Alex Azar said here on Wednesday.
The Trump administration is instead considering expanding Medicare’s ability to negotiate drug prices by giving private payers a role in setting the cost of medicines administered in hospitals and doctors’ offices. Reporting by Mrinalini Krothapalli; Editing by Sriraj Kalluvila | ashraq/financial-news-articles | https://uk.reuters.com/article/us-vermont-import-canada/vermont-signs-law-to-allow-import-of-prescription-drugs-from-canada-idUKKCN1IH2WH |
Alta Mesa Resources Inc:
* ALTA MESA PROVIDES OPERATIONS UPDATE AND REAFFIRMS GUIDANCE
* ALTA MESA RESOURCES INC QTRLY NET PRODUCTION 24,000 BOE PER DAY, UP 9% FROM Q4 2017 Source text for Eikon: Further company coverage:
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May 26, 2018 / 1:22 PM / Updated 4 hours ago Italy's PM-designate still stymied over economy minister pick Steve Scherer 4 Min Read
ROME (Reuters) - Italy’s prime minister-designate’s efforts to put together a cabinet remained stymied on Saturday as his political backers pushed for a eurosceptic economy minister who the president has so far refused to accept. FILE PHOTO: Italy's newly appointed Prime Minister Giuseppe Conte speaks at the media at the end of a round of consultations with political parties at the Lower House in Rome, Italy, May 24, 2018. REUTERS/Tony Gentile/File Photo
The possible appointment of the 81-year-old economist Paolo Savona has rattled financial markets. In a further blow to the nascent government, Moody’s on Friday threatened to downgrade the country’s sovereign debt rating.
President Sergio Mattarella on Wednesday gave Giuseppe Conte, a law professor and political novice, a mandate to form a coalition government with the backing of the anti-establishment 5-Star Movement and the far right League, two rivals, more than 80 days after an inconclusive election.
Conte met the president on Friday without resolving the deadlock over Savona, who has questioned Italy’s membership of the euro and attacked Germany for trying to dominate Europe economically.
After the meeting, League leader Matteo Salvini said he was “truly angry” in an apparent reference to the president’s veto of Savona.
On Saturday, Salvini did not back down, saying the League had already taken enough “steps backward”. He would give Conte a list of the party’s possible ministers later in the day.
Asked if he was concerned about a split with the president’s office, he said: “The only risk I see is that the people are further distanced from the palaces of power.”
Though Savona’s possible nomination has worried financial markets, he has distinguished academic and professional credentials with high-level experience at the Bank of Italy, in government as industry minister in 1993-94, and with employers’ lobby Confindustria.
“To veto the economy minister, despite Savona’s excellent resume, I find as a citizen to be absolutely unacceptable,” Alessandro Di Battista, a top 5-Star politician, said on Facebook.
Mattarella has not spoken publicly about Savona, but through his aides he has made it clear he does not want an anti-euro economy minister and that he would not accept the “diktat” of the parties.
Conte, whose choices for his cabinet must be approved by Mattarella, appeared to be unable to negotiate an alternative as his backers, the League and 5-Star, held the line. Italy's newly appointed Prime Minister Giuseppe Conte speaks to the media at the end of a round of consultations with political parties at the Lower House in Rome, Italy, May 24, 2018. REUTERS/Tony Gentile
“We’re working,” Conte said when asked about his progress as he entered the lower house of parliament on Saturday.
If Conte were to fail to come up with a cabinet that gets the blessing of both the coalition and the president, it could force another election later this year. DEBT
Meanwhile, the prospect of Italy’s government going on a spending spree with promised tax cuts and welfare increases by hiking up its already massive debt, worth 1.3 times annual output, roiled markets last week.
On Friday, the closely watched gap between the Italian and German 10-year bond yields, seen as a measure of political risk for the euro zone, was at its widest in four years at 215 basis points.
The chance that the new government will weaken public finances and roll back a 2011 pension reform prompted Moody’s to say after markets had closed on Friday that it may downgrade the country’s sovereign debt rating.
Moody’s has a ‘Baa2’ long-term rating with a negative outlook on Italy. A downgrade to ‘Baa3’ would take the country’s debt to just one notch above junk.
Italy will test investor demand for its debt next week, offering bonds at auction.
Despite the recent surge, Italian yields are well below the peaks they reached during the euro zone crisis of 2011-2012, thanks mainly to the shield provided by the European Central Bank’s bond buying programme.
At the height of that crisis the spread between Italian and German 10-year bonds stood above 550 basis points. Reporting by Steve Scherer; additional reporting by Valentina Za; Editing by Stephen Powell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-italy-politics/italys-pm-designate-still-stymied-over-economy-minister-pick-idUKKCN1IR0EP |
May 16, 2018 / 10:35 PM / Updated 16 minutes ago George Soros' bet on Tesla could see other investors follow suit Kate Duguid , Trevor Hunnicutt 5 Min Read
NEW YORK (Reuters) - If Tesla Inc ( TSLA.O ) Chief Executive Elon Musk needs to raise even more money, there may be a way. FILE PHOTO: Soros Fund Management Chairman George Soros speaks during a panel discussion at the Nicolas Berggruen Conference in Berlin, October 30, 2012. REUTERS/Thomas Peter/File Photo
On Tuesday billionaire investor George Soros disclosed a $35 million stake in Tesla convertible senior notes during the first three months of the year.
Convertible notes give investors the right to trade their debt for equity at a conversion rate and are more appealing to the risk-averse, allowing them to benefit from Tesla’s stock price rising while guarding against the risk that it might not.
Tesla’s stock price hit a high of $386 last year but has since slipped to close at $286.48 on Wednesday.
While Musk has said the electric car maker would not have to raise more cash this year, Wall Street disagrees, with analysts saying the company would need to borrow if it continues to fail to meet its own production targets for building new, lower-cost Model 3 electric sedans.
Investors who evaluated Tesla’s junk-bond offering last year now say a convertible offering appears a more likely option than returning to the high-yield market.
“It’s a wonderful trade,” said Ross Gerber, chief executive of Gerber Kawasaki Wealth and Investment Management, who earlier this year bought Tesla convertible bonds due in 2022 and said he is interested in buying more notes.
Tesla investors fretted in late March about the company’s ability to produce the Model 3. A crash involving Tesla’s autopilot technology and its falling bond price also took a toll.
“The company is burning cash at such a rate that a capital raise is nearly inevitable at some time in the next three quarters,” Henry Peabody, co-portfolio manager for Eaton Vance Multisector Income Fund, who said Tesla would likely use a convertible bond to raise funds.
Tesla could not be reached for comment.
“Given how volatile the stock is, there are a lot of convertible players out there that would clearly like this type of paper,” said a portfolio manager at a firm among Tesla’s top-10 bondholders. The investor, who declined to be named because they were not authorized to speak for the company, said they could be interested in such bonds. RISK AND REWARD
If Tesla’s stock price stays around current levels, convertible investors, such as Soros, can reclaim the notes’ face value when they come due, a profitable trade if Soros bought them at a discount when the bonds were under pressure.
Soros Fund Management LLC took a $35 million stake in the Tesla convertible bonds due in March 2019 88160RAB7=, according to a filing with the U.S. Securities and Exchange Commission. Soros’ spokesman did not respond to questions.
In the case of the Soros’ Tesla notes that rate was initially set at a conversion price of $359.87, higher than the $286.48 per share the stock trades at today.
If Tesla’s stock rallies past its conversion rate, Soros could swap his Tesla notes into more than 97,000 shares of Tesla common stock, according to the bond’s prospectus and Soros’ filing. That could make for an even more lucrative trade.
Either way, convertible noteholders pocket interest totaling 0.25 percent per year in the meantime.
Hedge funds also like convertible bonds because they can use them to amplify or mitigate the risk of a short, or bet against, a company’s stock.
By contrast, with a junk bond, an investor’s best-case scenario is full repayment. Stockholders enjoy fewer protections if the company’s finances deteriorate.
Some wary investors said a convertible is a better option for Tesla than a junk bond, but not by much.
After raising $1.8 billion in its first junk bond issuance in August 2017, the 12.6 percent price decline of that bond 88160RAE1=RRPS since it was issued means markets will demand a higher premium on future debt.
Thomas Graff, head of fixed income at Brown Advisory Inc, said a convertible would probably succeed although he would probably not participate.
“A convertible would make a lot more sense given where they are,” said Graff. Reporting by Kate Duguid and Trevor Hunnicutt; Additional reporting by Alexandria Sage in San Francisco; editing by Clive McKeef | ashraq/financial-news-articles | https://in.reuters.com/article/us-tesla-bonds/george-soros-bet-on-tesla-could-see-other-investors-follow-suit-idINKCN1IH35L |
The Securities and Exchange Commission and the Labor Department have both asserted the authority to regulate investment brokers. The two of us—a former SEC commissioner and a former labor solicitor—have a word of advice for Labor concerning its recent efforts to adopt new rules on broker conflicts of interest: It’s time to pass the baton.
The SEC is the primary regulator of brokers. In Section 913 of the Dodd-Frank Act, Congress tasked the SEC with studying what regulatory standards should be applicable to brokers and investment... | ashraq/financial-news-articles | https://www.wsj.com/articles/leave-broker-disclosures-to-the-sec-1525302982 |
NEW YORK (Reuters) - The dollar rose to a five-month high against a basket of major currencies on Friday, helped by weakness in the euro as investors fretted about political uncertainty in Italy.
U.S. Dollar and Euro notes are seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration The dollar index has gained for five straight sessions and is on track for a 1.3 percent weekly gain. It has risen 5 percent since mid-February, with investors betting U.S. interest rates will need to rise further to curb inflation.
Shaun Osborne, chief FX strategist at Scotiabank in Toronto, however, believes the dollar’s rally was more about extreme short positioning that needed to unwind.”We continue to view dollar gains as a temporary issue reflecting excessive short positioning and concerns European growth momentum has slowed and may impair the ECB’s (European Central Bank) willingness to move away from quantitative easing later this year.”
The euro on Friday was headed for its fifth successive weekly decline versus the dollar, its first such fall since 2015.
Europe’s single currency has fallen about seven cents in three weeks amid a sharp dollar rally and concerns about the outlook for Italy’s next government.
The far-right League and 5-Star Movement have agreed on a governing accord that would slash taxes and ramp up welfare spending.
Ratings agency DBRS warned on Thursday that the economic proposals of the anti-establishment parties could threaten Italy’s sovereign credit rating.
Related Coverage Factbox: Iran sanctions risk highlights dollar's hegemony in world markets In mid-morning trading, the euro fell to a five-month low of $1.1753. It has declined nearly 1.2 percent versus the dollar this week EUR= and dropped against the Swiss franc, which typically attracts capital in times of uncertainty. EURCHF=EBS
“The possibility of a eurosceptic government in Rome is shaking investor confidence ... at this point a larger fiscal deficit and greater bond issuance (in Italy) does seem likely,” said David Madden, a strategist at CMC Markets.
A founding member of the EU and the euro, Italy accounts for 15.4 percent of eurozone GDP and the Italian parties’ hostility toward the European Union is the biggest challenge to the bloc since Britain voted to leave two years ago.
A powerful rally by the dollar is also hurting the euro.
On Friday, the dollar set a fresh four-month high against the yen and was up 0.1 percent, buoyed by a further rise in U.S. Treasury yields US10YT=RR that suggests an upbeat outlook for the world’s largest economy.
In a note to clients, however, strategists at Citibank said the dollar rally would not last long. They cited the U.S. budget deficit, which is projected to balloon to more than $1 trillion in 2019, and would contribute to a 5 percent drop in the dollar index over the next 12 months.
Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Tom Finn in London; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-forex/dollar-stands-tall-as-euro-plumbs-five-month-low-on-italian-political-uncertainty-idUSKCN1II03M |
May 3 (Reuters) - Acacia Communications Inc:
* ACACIA COMMUNICATIONS REPORTS FIRST QUARTER 2018 RESULTS * Q1 REVENUE $72.9 MILLION VERSUS I/B/E/S VIEW $71.2 MILLION
* QTRLY GAAP DILUTED LOSS PER SHARE OF $0.23 * QTRLY NON-GAAP DILUTED EPS OF $0.10
* SEES Q2 NON-GAAP DILUTED LOSS PER SHARE $ 0.15 TO $ 0.03
* SEES Q2 REVENUE $ 60.0 MILLION TO $ 66.0 MILLION * Q2 EARNINGS PER SHARE VIEW $0.06, REVENUE VIEW $68.3 MILLION — THOMSON REUTERS I/B/E/S
* Q1 EARNINGS PER SHARE VIEW $0.06, REVENUE VIEW $71.2 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-acacia-communications-q1-revenue-7/brief-acacia-communications-q1-revenue-72-9-million-idUSASC09ZPZ |
May 31, 2018 / 8:24 AM / Updated an hour ago Hamburg says will uphold diesel bans until government forces retrofits Reuters Staff 1 Min Read
BERLIN (Reuters) - Germany’s city of Hamburg said on Thursday it would uphold regional diesel-car driving bans until the federal government forces automakers to implement vehicle retrofits.
Germany’s first-ever bans of older diesel vehicles from streets in a major city follow a court ruling in February that allowed local authorities to adopt such restrictions as they try to meet European air quality standards. Reporting by Riham Alkousaa. | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-germany-emissions-hamburg/hamburg-says-will-uphold-diesel-bans-until-government-forces-retrofits-idUKKCN1IW0VK |
May 22, 2018 / 7:12 AM / Updated 33 minutes ago EU's Malmstrom says thinks U.S. considers EU trade proposal insufficient Reuters Staff 1 Min Read
BRUSSELS (Reuters) - A proposal to get exemption from U.S. tariffs on steel and aluminum and promises of closer trade ties may not be sufficient to convince the United States government, EU trade Commissioner Cecilia Malmstrom said on Tuesday. FILE PHOTO: European Commissionner Cecilia Malmstrom (not pictured) and European Commissioner Phil Hogan hold a news conference on the EU-Mexico trade agreement, in Brussels, Belgium, April 23, 2018. REUTERS/Eric Vidal
EU leaders agreed last week to cooperate with the United States on trade issues including market liberalization as long as Washington did not impose import tariffs on EU steel and aluminum.
Asked if these proposals satisfied Washington, Malmstom said “I think they don’t think it is enough.” Reporting by Philip Blenkinsop, editing by Robert-Jan Bartunek | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-eu-malmstrom/eus-malmstrom-says-thinks-u-s-considers-eu-trade-proposal-insufficient-idUSKCN1IN0PE |
May 25 (Reuters) - Britain's FTSE 100 index is seen opening up 48 points at 7,765 on Friday, according to financial bookmakers. * SHELL: A British judge ruled on Thursday that Nigeria's Bodo community, which has been involved in a protracted legal battle with Shell over the clean-up of two 2008 oil spills, should retain the option of litigation for another year. * VEDANTA RESOURCES: India's Tamil Nadu state said on Thursday that it was seeking a permanent closure of a big copper smelter run by London-listed Vedanta Resources after 13 people died in protests demanding the closure of the plant on environmental grounds. * SHELL: An auction of oil by the Brazilian government from coveted offshore pre-salt fields has only attracted the interest of one bidder, Royal Dutch Shell Plc. * VODAFONE: The Indian government has allowed the merged entity of Vodafone India Ltd and Idea Cellular Ltd to clear dues related to spectrum charges and licence fees, a departure from the telecom department's earlier stand that the merger will be approved subject to the payment of all dues, the Mint newspaper said. bit.ly/2IJuO7p * The UK blue chip index closed down 0.92 percent at 7,716.74 on Thursday, as global markets took a hit when Trump announced he had called off the June 12 summit "based on the tremendous anger and open hostility" from Pyongyang. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Pennon Group FY18 Spectris Plc Q118 SSE FY18 TODAY'S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Sangameswaran S in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks-factors/uk-stocks-factors-to-watch-on-may-25-idUSL3N1SW29Z |
Adient PLC:
* ADIENT ANNOUNCES PETER H. CARLIN TO JOIN AUTOMOTIVE SEAT SUPPLIER’S BOARD OF DIRECTORS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-adient-announces-peter-h-carlin-to/brief-adient-announces-peter-h-carlin-to-join-automotive-seat-suppliers-board-of-directors-idUSASC0A2YW |
LONDON (Reuters) - Former Olympic and triple world 1,500 meters champion Asbel Kiprop of Kenya said on Wednesday he would “prove he was clean” following British media reports that he had tested positive for the banned blood-boosting drug EPO.
The 28-year-old, world champion in 2011, 2013 and 2015 and promoted to Olympic gold in 2008 after Bahrain’s Rashid Ramzi tested positive for doping, was reported by Britain’s Press Association to have failed an out-of-competition test.
Kiprop posted a link to the story on the Athletics Kenya WhatsApp group Quote: : “I have read the reports linking me to doping. As an athlete, I have been at the forefront of the fight against doping in Kenya. A fight I strongly believe in and support. I would not want to ruin all what I have worked for since my first international race in 2007. I hope I can prove that I am a clean athlete in every way possible.”
Kiprop’s Italian agent Federico Rosa was Quote: d as saying he was aware of the reports but had no further details.
The latest news is another blow to the reputation of the East African country, the dominant force in middle and long distance running for decades but widely criticized for sub-standard anti-doping operations.
Three-times Boston Marathon champion Rita Jeptoo and Olympic marathon champion Jemima Sumgong, also managed by Rosa, were among around 50 Kenyans who have failed doping tests in the last six years.
Reporting by Mitch Phillips, additional reporting by Isaack Omolu, editing by Ed Osmond
| ashraq/financial-news-articles | https://www.reuters.com/article/us-sport-doping-kiprop/kiprop-denies-doping-after-positive-test-report-idUSKBN1I32YK |
IRVINE, Calif., May 30, 2018 /PRNewswire/ -- The Bascom Group, LLC ("Bascom") has acquired Modera at Observatory Park Apartments ("Observatory Park"), a 275-unit Class A newly constructed infill apartment community located in the vibrant city of Denver, Colorado at 1910 S Josephine St, Denver, CO 80210. The $92.5 million acquisition ($336,364/unit) closed on May 24, 2018. Charles Halladay and Jamie Kline of Holliday Fenoglio Fowler ("HFF") arranged the $66.75 million loan with TH Real Estate. The broker on the sale was Tim Shunta of National Realty Advisors, LLC. The property management team will be Mill Creek Residential.
The property was purchased with investment proceeds derived from the sale of a successful 20-year investment in industrial and self-storage properties in Southern California. These properties were acquired and later sold with Bascom's industrial affiliate, the Southern California Industrial Fund and its Managing Member, The Magellan Group.
Built in 2017, Observatory Park is centrally located less than a half-mile from The University of Denver campus with convenient proximity to Denver's major retail, restaurant and employment centers. Residents benefit from excellent access to some of Denver's largest employers in Downtown Denver, Denver Tech Center, Inverness Business Park and Meridian International Business Center, where Companies such as DaVita, Arrow Electronics, DISH Network and Newmont Mining are located. Observatory Park provides residents access to outstanding outdoor and retail amenities including the historic Pearl Street restaurants and upscale Cherry Creek neighborhood. Located in the South East Light Rail Corridor, Modera's residents are less than ½ mile from the University Light Rail stop, creating a friendly "walkable" environment. The property stands to capitalize on one of the strongest economies in the nation, as Denver demonstrated labor force growth of 3.9% year over year and a December 2017 unemployment rate of 2.6%, 2 nd in the nation for areas with populations greater than 500,000. Additionally, Observatory Park is set to take advantage of its premium construction finishes due to the high median household incomes and strong demand for modernized rental housing throughout the University submarket.
Scott McClave, Senior Principal of Bascom, comments, "Observatory Park was a rare opportunity to acquire an off-market core-plus asset in an extremely tight market. The quality of the asset, proximity to employment, transportation, and educational facilities coupled with robust market fundamentals were extremely attractive to us." James Singleton, Vice President of Bascom, also added, "The University submarket was very compelling to us due to highly desirable demographics, high home prices, and affluent renter base. The property was very well designed and constructed by Mill Creek Residential – a prominent national builder with an excellent reputation."
Since 2005, Bascom and its affiliates have acquired 30 multifamily properties in the Colorado market, totaling 11,057 units, becoming the most active buyer during that timeframe. In 2016, Bascom sold The Breakers Resort, the second most valuable multi-housing trade in the nation for the year and the largest apartment deal in Colorado history. Over the past twelve months Bascom has completed over $1.8 Billion in multifamily transactions throughout the United States.
Paul Zakhary, Vice President of Bascom, comments, "We plan to implement an amenity expansion program and improved operations that will make Observatory Park a top choice among multifamily product in the immediate area. Community improvements will include upgrades to the fitness center, pool and common area additions, as well as exterior upgrades and interior enhancements."
About Bascom : The Bascom Group, LLC is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $15.5 billion in multifamily and commercial value-added transactions including more than 321 multifamily properties containing over 83,986 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Venture Partners, Bascom Milestone Ventures, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S. For additional information, please visit www.bascomgroup.com .
Contact: Scott McClave
Tel: 949-955-0888 x12
Email: [email protected]
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SOURCE The Bascom Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-bascom-group-acquires-275-unit-class-a-apartment-community-in-denver-colorado-for-9250000.html |
ADDISON, Texas, May 24, 2018 /PRNewswire/ -- Authentix® announced today that Kevin McKenna will become its next President and Chief Executive Officer effective May 29, 2018. Kevin succeeds Bernard C. Bailey who will continue to serve Authentix as Chairman of the Board. McKenna joined the Company's executive team in 2012 and has served in various capacities touching all Authentix markets as President of Oil and Gas as well as General Manager of the Brand and Currency and Tax Stamp businesses. He most recently served as the Chief Sales and Services Officer responsible for global sales and all customer engagements. He has been a key contributor to the successful growth and subsequent sale of Authentix to Blue Water Energy, a London-based private equity firm, in September 2017.
"For more than 20 years, Authentix has provided advanced solutions to combat illicit trade across the globe. It is a great honor to now lead Authentix in the next phase of our growth as we look to advance our world-class authentication solutions into new markets and next generation technologies," said Kevin McKenna. "We have an exceptionally talented team at Authentix that is focused on unlocking future growth opportunities while being committed to our existing customers' success. I am incredibly optimistic about our future."
Prior to Authentix, McKenna held executive management roles within the information technology and security industries at HID Global and L-1 Identity Solutions. He began his career with IBM Global Services, serving in a variety of consulting and program management positions.
Bailey commented, "Kevin's breadth of experience, coupled with his deep understanding of our global customers and markets make him a superb choice for leading Authentix moving forward. His vision, strategic insights and execution track record are exactly what Authentix needs as we enter into our next chapter, which I am confident will be even more impactful and exciting than our last."
After earning his undergraduate degree in engineering from the U.S. Military Academy at West Point, McKenna served as an officer in the U.S. Army as a helicopter pilot. He also holds an advanced degree in engineering from the University of Missouri at Rolla.
About Authentix:
Authentix, a leading global authentication and information services company, assists customers in combating illicit trade and managing the integrity of their global supply chains. With comprehensive end-to-end authentication solutions we help safeguard customers in refined fuels (e.g., gasoline, diesel, lubes, and LPG) and branded products (e.g., pharmaceuticals, agrochemicals, and spirits industries) from counterfeiting, product theft, product diversion, and adulteration. In addition, we help protect currencies for many leading central banks.
Headquartered in Addison, Texas USA, Authentix, Inc. has offices in the US, UK, UAE, and Africa serving clients worldwide. For more information, visit http://www.authentix.com
Media Contact:
Sonyett Bailey
Marketing Director, Authentix
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/authentix-board-names-kevin-mckenna-as-next-ceo-bernard-c-bailey-to-continue-as-chairman-of-the-board-300653878.html
SOURCE Authentix | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-authentix-board-names-kevin-mckenna-as-next-ceo-bernard-c-bailey-to-continue-as-chairman-of-the-board.html |
May 5, 2018 / 8:06 PM / Updated 27 minutes ago IMF says Egypt must deepen reforms to catch window of global growth Eric Knecht 3 Min Read
CAIRO (Reuters) - Egypt will have to deepen its IMF-backed reforms and better encourage private sector growth if it wants to cash in on a wave of global expansion that may soon come to an end, a fund official in Cairo said on Saturday.
Halfway into a three-year $12 billion (£8.8 billion) IMF loan programme it signed in late-2016 tied to tough austerity measures, Egypt is hoping painful reforms like tax hikes and subsidy cuts will now lure back foreign investors and kick-start an economy that crashed after its 2011 Arab Spring uprising.
Speaking to government officials as part of an IMF visit to review Egypt’s reform programme, First Deputy Managing Director David Lipton praised the country’s progress but said “broadening and deepening the reform agenda” is crucial to take advantage of ripe global conditions.
“But now the time has come to take advantage of the hard-won macroeconomic stability and push on to create jobs and raise living standards through sustainable growth,” Lipton said in a prepared statement provided to Reuters.
He described strong global growth, projected at 3.9 percent for 2018 and 2019, and low interest rates likely to rise as “a good window of opportunity for Egypt to undertake reforms...that may not be open for too long.”
Cairo’s tough reforms have included a currency float that
halved the value of its pound, deep cuts to fuel and electricity subsidies and a new value-added tax.
Those measures helped push inflation in the import-dependent country to as high as 33 percent last year, but price rises have since cooled, with headline inflation easing to 13.3 percent in March, its lowest rate since May 2016, clearing the way for further subsidy cuts and lower interest rates.
But Lipton said the reforms need to move further, particularly with measures aimed at scaling back the country’s sprawling public sector in order to allow for dynamic private sector growth.
“[Egypt needs] a less heavy footprint of the public sector in the economy, especially in business and commerce, to clear away room for the growth of the private sector and to relieve entrepreneurs from the un-winnable matchup of competing with the public sector.”
He called for slashing domestic industry protections that have kept local companies from entering the global supply chain.
The IMF has forecast that Egypt will grow by 5.2 percent this fiscal year, up from about 4.1 percent a year earlier.
But Lipton said private sector-driven policies that better utilise the country’s vast segment of unemployed youth could push this as high as 6-8 percent in coming years.
“If this country can tap the potential of its young people—by bringing unemployment and labour force participation to the level of many other emerging market countries—their absorption into the economy could boost growth into the range of 6 to 8
percent. That would be a transformation.” Reporting by Eric Knecht; Editing by Stephen Powell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-egypt-economy-imf/imf-says-egypt-must-deepen-reforms-to-catch-window-of-global-growth-idUKKBN1I60V0 |
Heidelberg, Germany, May 15, 2018 - Affimed N.V. (Nasdaq: AFMD), a clinical stage biopharmaceutical company focused on discovering and developing highly targeted cancer immunotherapies, today reported financial results for the quarter ended March 31, 2018.
"The ability to utilize different antibody formats to activate innate and adaptive immune cells is in our minds a prerequisite to developing effective therapies for different cancers and other life-threatening diseases," said Dr. Adi Hoess, Affimed's CEO. "Our versatile ROCK TM platform enables us to develop differentiated therapies aimed at improving efficacy and safety."
Corporate Updates
Leila Alland, M.D. joined the Company in March 2018 as Chief Medical Officer. Dr. Alland's broad expertise in I/O and oncology will be instrumental in advancing the Company's product candidates through the clinic and in developing Affimed's future clinical development strategy. Richard Stead, M.D. has decided to step down from Affimed's Supervisory Board, effective June 19, 2018. The Company is grateful to Dr. Stead for his valuable contributions during his 11 years' tenure. Affimed's Supervisory Board intends to nominate Dr. Mathieu Simon, a seasoned immune-oncology expert, as a new Supervisory Board member succeeding Dr. Stead. Affimed completed an underwritten public offering on the Nasdaq Global Market in February 2018, raising a total of approximately $24.5 million (€19.7 million) in net proceeds.
Platform Update
Affimed introduced its ROCK TM (Redirected Optimized Cell Killing) platform, which was officially launched at the PEGS Protein Engineering Summit in Boston in early May 2018. The Company's proprietary, unique and modular ROCK TM platform enables the generation of first-in-class, tetravalent, multi-specific immune cell engagers. Based on its modularity, ROCK TM allows for antibody engineering of highly customizable NK and T cell engagers to generate clinical candidates tailored to multiple disease indications and settings, including generation of molecules against validated oncology targets, to address the limitations of existing treatments.
Pipeline Updates
NK cell engager programs
Affimed is conducting a Phase 1b combination study of AFM13, its CD30/CD16A-targeting NK cell engager, with Merck's Keytruda® (pembrolizumab) in patients with relapsed/refractory Hodgkin lymphoma (r/r HL). A total of 24 patients are being treated at the highest AFM13 dose level. Affimed expects full 3-month data by mid-year 2018 and intends to provide regular updates at scientific or medical conferences, with the next set of data to be presented at the 23 rd Annual Congress of the European Hematology Association (EHA) in Stockholm, June 14-17, 2018. An investigator-sponsored translational Phase 1b/2a study of AFM13 in patients with relapsed or refractory CD30-positive lymphoma with cutaneous manifestation led by Columbia University and supported by Affimed is ongoing and recruiting. Early data presented in February 2018 confirm the single-agent activity observed for AFM13 in an ongoing Phase 2a trial in HL and suggest a new opportunity for the development of AFM13 in patients with CD30-positive lymphoma. Affimed intends to work with the sponsor to provide regular updates on the study. The Company's investigator-sponsored Phase 2a monotherapy study of AFM13 in patients with HL led by the German Hodgkin Study Group (GHSG) is open and recruiting, including patients pre-treated with both brentuximab vedotin (B.V.) and anti-PD1. Affimed presented data at the American Association for Cancer Research (AACR) 2018 Annual Meeting in Chicago, highlighting the Company's progress toward novel EGFR-targeting therapies. In a poster titled "Pharmacokinetics and in vitro/in vivo characterization of high-affinity bispecific EGFR/CD16A NK cell engagers for the treatment of EGFR-expressing tumors", Affimed showed data on two development candidates from its AFM24 program based on its ROCK TM platform. The EGFR-binding domain was selected to minimize inhibition of EGFR-mediated signal transduction with the aim of achieving therapeutic efficacy while lowering the risk of side effects such as skin toxicity that are associated with anti-EGFR monoclonal antibodies. The approach of NK cell-mediated targeting of EGFR-expressing human cancers introduces a highly potent effector function to address the needs of patients who may not benefit from anti-EGFR monoclonal antibodies. At AACR, in vitro and in vivo data for two AFM24 candidates were presented, showing the first evidence supporting this new mechanism of action. Affimed anticipates completing IND-enabling studies for one of the candidates by mid-year 2019. For Affimed's AFM26 (BCMA/CD16A) high-affinity bispecific NK cell engagers, designed to address the medical need of eliminating minimal residual disease (MRD) in patients with multiple myeloma, preclinical development is ongoing. Leveraging its ROCK TM platform, the Company is developing a variety of antibody formats addressing the need to eliminate malignant cells with very low target expression. Affimed continues to advance its lead candidate to IND-enabling studies. Preclinical research activities are progressing in Affimed's collaboration with The University of Texas MD Anderson Cancer Center (MDACC), evaluating the Company's NK cell engager AFM13 in combination with MDACC's NK cell product. The Company continues to evaluate additional opportunities to harness innate and adaptive immunity in rational combinations, including the approach of combining Affimed's NK cell engagers with cytokines to potentially achieve deeper clinical responses.
T cell engager programs
Affimed is conducting two clinical Phase 1 dose escalation trials with AFM11, a CD19/CD3-targeting tetravalent bispecific T cell engager, in patients with r/r acute lymphocytic leukemia (ALL) and with r/r non-Hodgkin lymphoma (NHL), respectively. Both studies are actively recruiting patients as dose escalation continues. Amphivena Therapeutics, Inc. continues to recruit patients into its first-in-human Phase 1 dose escalation study of AMV564, a CD33/CD3-specific T cell engager based on Affimed's technology platform, in r/r acute myeloid leukemia (AML). Affimed owns approximately 18.5% of Amphivena (fully diluted).
Financial Highlights
(Figures for the first quarter of 2018 and 2017 represent unaudited figures)
Cash and cash equivalents totaled €55.3 million as of March 31, 2018 compared to €39.8 million as of December 31, 2017. The increase was primarily attributable to the net proceeds of €19.7 million from the public offering, partially offset by Affimed's operational expenses.
Net cash used in operating activities was €6.9 million for the first quarter of 2018 compared to €7.2 million for the first quarter of 2017. Cash flow from financing activities amounted to €22.6 million for the first quarter of 2018 compared to €16.4 million for the first quarter of 2017.
Revenue for the first quarter of 2018 was €0.5 million compared to €0.4 million for the first quarter of 2017. Revenue in both periods was derived from Affimed's collaboration with LLS and AbCheck service revenue.
R&D expenses for the first quarter of 2018 were €6.4 million compared to €5.4 million for the first quarter of 2017. The increase was primarily related to higher expenses for AFM11, preclinical programs and infrastructure. G&A expenses for the first quarter of 2018 were slightly lower with €2.0 million compared to €2.2 million for the first quarter of 2017.
Loss for the first quarter of 2018 was €8.2 million, or €0.15 per common share, compared to a loss of €7.8 million, or €0.19 per common share, for the first quarter of 2017. The increase in loss was primarily related to higher spending on R&D for AFM11, preclinical programs and infrastructure.
Note on IFRS Reporting Standards
Affimed prepares and reports the consolidated financial statements and financial information in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). None of the financial statements were prepared in accordance with Generally Accepted Accounting Principles (GAAP) in the United States. Affimed maintains its books and records in Euro.
Conference Call and Webcast Information
Affimed's management will host a conference call to discuss the company's financial results and recent corporate developments today at 8:30 a.m. ET. A webcast of the conference call can be accessed in the "Events" section on the "Investors & Media" page of the Affimed website at http://www.affimed.com/events.php . A replay of the webcast will be available on Affimed's website shortly after the conclusion of the call and will be archived on the Affimed website for 30 days following the call.
About Affimed N.V.
Affimed (Nasdaq: AFMD) engineers targeted immunotherapies, seeking to cure patients by harnessing the power of innate and adaptive immunity (NK and T cells). We are developing single and combination therapies to treat cancers and other life-threatening diseases. For more information, please visit www.affimed.com .
FORWARD-LOOKING STATEMENTS
This press release contains All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to", "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. appear in a number of places throughout this release and include statements regarding our intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, the value of our ROCK TM platform, our ongoing and planned preclinical development and clinical trials, our collaborations and development of our products in combination with other therapies, the timing of and our ability to make regulatory filings and obtain and maintain regulatory approvals for our product candidates our intellectual property position, our collaboration activities, our ability to develop commercial functions, expectations regarding clinical trial data, our results of operations, cash needs, financial condition, liquidity, prospects, future transactions, growth and strategies, the industry in which we operate, the trends that may affect the industry or us and the risks uncertainties and other factors described under the heading "Risk Factors" in Affimed's filings with the Securities and Exchange Commission. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements, and we assume no obligation to update these forward-looking statements, even if new information becomes available in the future.
Contact:
Anca Alexandru, Head of Communications, EU IR
Phone: +49 6221 64793341
E-Mail: [email protected] , [email protected]
AFFIMED N.V.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Affimed N.V.
Unaudited consolidated statements of comprehensive loss (in € thousand)
For the three months ended
March 31 2017 2018 Revenue 399 532 Other income - net (9) (11) Research and development expenses (5,442) (6,396) General and administrative expenses (2,246) (2,038) Operating loss (7,298) (7,913) Finance income / (costs) - net (456) (289) Loss before tax (7,754) (8,202) Income taxes (1) (1) Loss for the period (7,755) (8,203) Other comprehensive income Items that will not be reclassified to profit or loss Equity investments at fair value OCI - net change in fair value 0 (195) Other comprehensive loss 0 (195) Total comprehensive loss (7,755) (8,398)
Loss per share in € per share
(undiluted = diluted) (0.19) (0.15)
Affimed N.V.
Consolidated statements of financial position (in € thousand)
December 31, 2017 March 31, 2018 (unaudited) ASSETS Non-current assets Intangible assets 65 65 Leasehold improvements and equipment 1,113 1,168 Long term financial assets 0 7,130 1,178 8,363 Current assets Inventories 241 262 Trade and other receivables 1,102 1,812 Other assets 800 813 Cash and cash equivalents 39,837 55,339 41,980 58,226 TOTAL ASSETS 43,158 66,589 EQUITY AND LIABILITIES Equity Issued capital 468 624 Capital reserves 213,778 237,378 Other reserves 0 7,130 Accumulated deficit (182,667) (190,870) Total equity 31,579 54,262 Non-current liabilities Borrowings 4,086 3,482 Total non-current liabilities 4,086 3,482 Current liabilities Trade and other payables 4,180 5,307 Borrowings 3,083 3,083 Contract liabilities 230 455 Total current liabilities 7,493 8,845 TOTAL EQUITY AND LIABILITIES 43,158 66,589 Affimed N.V.
Unaudited consolidated statements of cash flows (in € thousand)
For the three months ended
March 31 2017 2018 Cash flow from operating activities Loss for the period (7,755) (8,203) Adjustments for the period: - Income taxes 1 1 - Depreciation and amortization 86 99 - Share based payments 565 370 - Finance income / costs - net 456 289 (6,647) (7,444) Change in trade and other receivables (12) (711) Change in inventories 6 (21) Change in other assets 97 (17) Change in trade, other payables and deferred revenue (640) 1,345 Cash used in operating activities (7,196) (6,848) Interest received 24 26 Paid interest (62) (101) Net cash used in operating activities (7,234) (6,923) Cash flow from investing activities Purchase of intangible assets (9) (9) Purchase of leasehold improvements and equipment (83) (146) Cash received from the sale of leasehold improvements and equipment 0 1 Cash paid for investments in financial assets (4,655) 0 Cash received from maturity of financial assets 9,209 0 Net cash used for investing activities 4,462 (154)
Cash flow from financing activities Proceeds from issue of common shares 17,901 25,042 Transaction costs related to issue of common shares (1,463) (1,646) Repayment of borrowings 0 (750) Cash flow from financing activities 16,438 22,646 Exchange-rate related changes of cash and cash equivalents (66) (66) Net changes to cash and cash equivalents 13,666 15,568 Cash and cash equivalents at the beginning of the period 35,407 39,837 Cash and cash equivalents at the end of the period 49,007 55,339 Affimed N.V.
Unaudited consolidated statements of changes in equity (in € thousand)
Issued capital Capital reserves
Fair value reserves Accumulated deficit Total
equity Balance as of January 1, 2017 333 190,862
0 (152,444) 38,751 Issue of common shares 106 15,925 16,031 Equity-settled share based
payment awards 565 565 Loss for the period (7,755) (7,755) Balance as of March 31, 2017 439 207,352
0 (160,199) 47,592 Revaluation shares Amphivena (first time adoption IFRS 9)
7,325 7,325 Balance as of January 1, 2018 468 213,778
7,325 (182,667) 38,904 Issue of common shares 156 23,230 23,386 Equity-settled share based
payment awards 370 370 Loss for the period (8,203) (8,203) Other comprehensive income
(195) (195) Balance as of March 31, 2018 624 237,378
7,130 (190,870) 54,262
Source:Affimed N.V. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-affimed-reports-financial-results-for-first-quarter-2018.html |
WILMINGTON, Del./NEW YORK (Reuters) - German healthcare group Fresenius ( FREG.DE ) alleged it uncovered “blatant fraud at the very top level” of U.S. generic drugmaker Akorn Inc ( AKRX.O ) after Fresenius agreed to acquire the company for $4.75 billion, according to a court filing made public late on Tuesday.
FILE PHOTO: Fresenius headquarters in Bad Homburg near Frankfurt, Germany, February 27, 2018. REUTERS/Ralph Orlowski/File Photo Fresenius abandoned the merger agreement last month, and Akorn has sued in Delaware Court of Chancery to try to hold Fresenius to the deal.
Shares of Akorn fell more than 8 percent in early trading Nasdaq on Wednesday to $13.57 per share. The stock has plummeted from more than $30 per share in February after Fresenius said it was investigating data integrity at Akorn, and warned it could end their merger agreement.
Fresenius officially abandoned the $34 per share deal for Akorn in April.
Akorn spokeswoman Jennifer Bowles said the company categorically disagreed with the allegations and intended to enforce the merger agreement.
The drugmaker will ask a Delaware judge at a hearing on Tuesday to fast-track its lawsuit and schedule a trial as soon as next month, according to court documents. Fresenius wants the trial to be held in January.
Akorn said in its lawsuit last month that Fresenius uncovered data integrity problems that are common in the generic drug industry and is seizing on them to try to back out of a deal it soured on for financial reasons.
Fresenius alleged that an Akorn executive vice president for quality assurance, whose name was redacted from the court filing, knowingly directed the submission of fraudulent testing data to the U.S. Food and Drug Administration.
The fabricated data concerned Akorn’s application to market the antibiotic azithromycin, and Fresenius alleged the fraudulent scheme began in 2012.
Fresenius also alleged that “the same scheme has infected” at least five other Akorn products.
In the court filing, Fresenius said its investigation revealed “blatant fraud at the very top level of Akorn’s executive team, stunning evidence of blatant and pervasive data integrity violations.”
Akorn has said in court documents it investigated the possible submission of falsified data and fired an executive who was involved.
“Critically, azithromycin and the five other drug products in question either have never been marketed or are not currently being marketed and were never forecasted to form a material portion of Akorn’s future earnings,” the company said in one of the documents.
Reporting by Tom Hals in Wilmington, Delaware; Editing by Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-akorn-m-a-fresenius/fresenius-alleges-blatant-fraud-at-u-s-drugmaker-akorn-idUSKBN1I3265 |
May 2 (Reuters) - MBH Corporation PLC:
* PTA-ADHOC: MBH CORPORATION PLC: MBH BOARD HAVE APPROVED THE TERMS FOR THE GROUP’S FIRST ACQUISITION, LARA GROUP
* ALLAN PRESLAND APPOINTED CHIEF EXECUTIVE OFFICER FOR MBH Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mbh-corporation-terms-for-acquisit/brief-mbh-corporation-terms-for-acquisition-of-lara-group-approved-idUSFWN1S90AR |
May 3 (Reuters) - Leadtek Research Inc
* Says it will issue up to 40 million shares via private placement, to replenish working capital and repay loans
Source text in Chinese: goo.gl/PSXi1r
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-leadtek-research-to-issue-up-to-40/brief-leadtek-research-to-issue-up-to-40-mln-shares-via-private-placement-idUSL3N1SA1EA |
0 COMMENTS The balance sheets of many of the largest U.S. mall owners have managed to dodge much of the carnage in the retail world caused by failing retailers, according to a new report by Moody’s Investors Service.
Struggling retailers like Sears Holdings Corp. and Toys R Us Inc. account for only 3.9% of the total leasable space in the 22 retail real-estate investment trusts that Moody’s tracks. Only two REITs tracked by Moody’s— CBL & Associates CBL 1.67% and Washington Prime—face an exposure of over 10%, a level the ratings company deems to be “significant.”
What’s more, most of the retail REITs continue to maintain high occupancy rates and rent space for average rents that are above the rents in expiring leases, Moody’s said.
“Failing retailers have limited impact on rated retail REITs’ operating performance, with the effects concentrated in weak malls,” the report said.
Retail property has been the pariah of the real-estate industry in recent years as online competition has siphoned away business. Mall and shopping center landlords have suffered overall as many of the biggest retailers have failed or contracted.
But the Moody’s report illustrates that some landlords are being hurt more than others. The average occupancy rate for the retail REITs rated by the firm exceeded 96% at the end of 2017, the report said.
“We’re not saying we’re bullish on retail. By no means,” said Philip Kibel, a Moody’s associate managing director. “We’re saying from a credit perspective, we’re not as concerned with these [REITs].”
That is largely because many of their properties are in strong locations that still enjoy high demand from retailers. Through smart management, landlords can use their top properties to fuel leasing at more vulnerable properties, the report points out.
“REITs can help their weaker tenants by strategically relocating stores to shopping centers with greater traffic,” the report said. This tactic gives REITs the ability “to negotiate with tenants to keep stores open in less robust locations and reduce vacancies.”
Also some expanding retailers are making up for those that are struggling traditional big box and anchor stores. Replacement tenants include movie theaters and other “experience-oriented” tenants and off-price retailers such as TJ Maxx, Marshalls and Ross Dress for Less, Moody’s said.
Of course, not all is cheery even among the stronger retail REITs. For one thing, stock investors have tended to paint the entire sector with a broad brush.
As of Tuesday, mall and strip center REITs were trading at 21.6% and 21.5% discounts to the value of their assets, according to Green Street Advisors. The overall REIT market was at a 8.5% discount, the firm said.
At the same time, some of the rental growth among the Moody’s rated malls has slowed. In 2017, the so-called “leasing spread”—the difference between the average rent in new leases versus expiring leases—was 9.6%. That was down from the 11.1% those REITs chalked up in 2016.
Moody’s downgraded its credit rating of CBL in February and changed its rating outlook of Washington Prime to negative from stable in June 2017. “There’s a big difference between them and Simon [Properties],” Mr. Kibel said.
But Moody’s pointed out that many REITs have shored up their balance sheets by reducing leverage. That, coupled with positive cash flow, “will provide the REITs with financial flexibility to develop and redevelop their portfolios to attract tenants,” the report said.
Write to Peter Grant at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/most-reits-have-dodged-the-retail-storm-so-far-report-says-1525209595 |
SAN FRANCISCO (Reuters) - Uber has shut down its self-driving car operation in Arizona two months after a fatal crash involving one of its vehicles, the company said on Wednesday.
Uber Technologies Inc [UBER.UL] is not shuttering its entire autonomous vehicle program, a spokeswoman said, adding that it will focus on limited testing in Pittsburgh, Pennsylvania, and two cities in California. It aims to resume self-driving operations this summer, likely with smaller routes and fewer cars.
“We’re committed to self-driving technology, and we look forward to returning to public roads in the near future,” the spokeswoman said.
Arizona’s wide, flat roads, good weather and corporation-friendly regulations are considered ideal to test autonomous vehicles, and Uber now faces the challenge of testing in congested, urban cities with rain, fog, snow and ice. It must also repair its relationship with regulators in California, where it lacks a testing permit.
Uber has said it considers self-driving technology to be key to the future of its ride services, although it is not clear how it fits into the plans of new Chief Executive Dara Khosrowshahi, who has revamped the company structure and cut certain expenses as Uber prepares for an initial public offering next year.
The ride-hailing company suspended its program in Arizona and elsewhere immediately after one of its SUVs operating in autonomous mode hit and killed a woman crossing the street on a March night in Tempe, marking the first fatality involving a self-driving vehicle.
The crash sparked a backlash in Arizona, where Governor Doug Ducey suspended Uber’s self-driving testing, a little more than a year after he gave the company a warm reception and poked fun at California’s stricter regulations.
FILE PHOTO: A self driving Volvo vehicle, purchased by Uber, sits in a parking lot in Phoenix, Arizona, U.S., December 1, 2017. REUTERS/Natalie Behring/File Photo “The governor’s focus has always been on what’s best for Arizonans and for public safety, not for any one company,” Daniel Scarpinato, a spokesman for Ducey, said on Wednesday.
Elaine Herzberg, 49, was walking her bicycle outside the crosswalk on a four-lane road when she was struck by the Uber vehicle traveling at about 40 miles (64 km) per hour. A safety operator behind the wheel appeared to be looking down, and not at the road, moments before the crash, according to video from inside the car released by police.
The crash is under investigation by the National Transportation Safety Board. Uber will wait until the agency issues its preliminary report on the crash, expected within the next couple of weeks, before it puts its self-driving cars back on the road. The company is also undergoing a review of its autonomous car program and has hired former NTSB Chair Christopher Hart to advise on safety.
Uber’s self-driving Volvo SUVs in Arizona will be moved to other cities and employees will be offered assistance in finding another job, the spokeswoman said.
Pittsburgh was Uber’s first city for autonomous car testing, launched in 2016. The spokeswoman said Uber was in discussions with California regulators to obtain a permit to operate in San Francisco and Sacramento, although it does not have a timeline.
Slideshow (2 Images) The company briefly had an autonomous car program in California in late 2016, but the state Department of Motor Vehicles shut it down after about a week because Uber had failed to obtain the necessary permits. Uber had argued that state laws did not apply to its self-driving program, but its defiance was met with threats of legal action from the DMV and the state attorney general.
Following the regulatory crackdown in California, Uber moved its cars to Arizona.
Reporting by Heather Somerville. Additional reporting by David Schwartz in Phoenix.; Editing by Dan Grebler and Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-autos-selfdriving-uber/uber-shutters-self-driving-program-in-arizona-idUSKCN1IO2SD |
May 7, 2018 / 4:02 PM / Updated an hour ago Google launches Android Things for appliances as earlier spinoffs scramble to catch on Paresh Dave 4 Min Read
SAN FRANCISCO (Reuters) - Alphabet Inc’s Google on Monday launched a spinoff of its Android operating system for home appliances and other machines, following mixed results with Android offshoots for cars, smartwatches and televisions. FILE PHOTO: The Google logo is seen at the "Station F" start up campus in Paris, France, February 15, 2018. REUTERS/Benoit Tessier/File Photo
‘Android Things’, which arrives as Google opens its annual conference for developers, could bring its Google Assistant virtual helper to refrigerators and robots and familiar designs to cash registers and vending machines.
“The goal is to enable them to be built faster, cheaper and more secure,” said Venkat Rapaka, a product management director at Google.
Android derivatives aim to provide users with a consistent interface across devices, while Google and its business partners benefit from a standard way to distribute their applications.
Though Google does not charge hardware manufacturers for Android, it expects to generate a return as consumers use new gadgets to use search, watch videos on YouTube and buy content from its Play Store.
The Android operating system powers many of the world’s smartphones and drives consumers to Google’s cash-minting apps.
But Google has struggled to extend Android’s dominance into other areas over the last four years, technology and financial analysts said.
“If you’re charitable, you say it’s early,” said Richard Kramer of Arete Research. “If you’re not, you say Android is irrelevant outside phones.”
Android Automotive is not yet deeply embedded in any cars. Shipments of smartwatches with Google’s Wear OS were outnumbered five-to-one by rival Apple Inc devices last year, according to research firm IDC. Four times as many smart TV shipments last year had Samsung’s operating system as Android TV, according to IHS Markit.
In each category, Google’s Android system posted less market share last year than manufacturer-customised Android variants, which are less fruitful for Google because they typically are not pre-loaded or compatible with its apps.
Android variants thrive in China, where Google does not operate.
Google also has been slowed by resistance from carmakers to hand over a key interface, smartwatches from consumer electronics brands that failed to attract mass appeal and TV software that manufacturers found too rigid, analysts said.
Google officials said the spinoffs have momentum. Activations of Wear OS devices rose 70 percent late last year compared to the year-earlier period. Android TV activations doubled last year compared to the year before, while vehicles with Android embedded should arrive next year, company officials told Reuters.
South Asia and Latin America are bright spots, they said. Android TV had “tremendous traction over the last year” from Asian cable and satellite operators seeking it for set-top boxes, said Google product management director Shalini Govil-Pai.
Android Automotive was gaining attention from Indian automakers and from Brazil, said Patrick Brady, a Google engineering vice president.
Android Things competes with Amazon.com Inc’s Greengrass system and Microsoft’s Windows IoT.
Google says it will guarantee three years of free security patches to hardware makers and paid extended options. It is also considering automated security scans of device makers’ apps.
Health technology startup Byteflies, an Android Things tester, said it viewed the system’s optional integration with Google’s cloud computing service and the large Android developer community as big advantages. Reporting by Paresh Dave, Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-alphabet-google-android/google-launches-android-things-for-appliances-as-earlier-spinoffs-scramble-to-catch-on-idUKKBN1I81T1 |
April 30, 2018 / 3:52 PM / Updated 15 hours ago Graphic - Sterling's April bloom withers in cold data snap Ritvik Carvalho , Saikat Chatterjee 3 Min Read
LONDON (Reuters) - Be it Brexit or the global financial crisis, foreign exchange traders have for years bet on a seasonal boost to the British pound in April as a surefire winner in an unpredictable market. Until this year.
Graphic: Sterling breaks 13-year streak of gains in April - reut.rs/2JAE5uk
For the last 13 years, sterling has consistently risen an average 2 percent in the month of April against the dollar, driven by a variety of factors such as dividends and tax payments. This year too, by mid-April it was up 3 percent.
But that was before Bank of England (BoE) Governor Mark Carney dampened expectations of a May interest rate rise, saying there would be “other meetings” in 2018.
Those expectations were all but priced out on Friday when data showed first quarter British growth at 0.1 percent, the slowest in five years.
Swap markets now indicate a less than 20 percent chance of a rate increase next month, down from 90 percent in early April.
Since peaking at $1.4377 on April 17, sterling has fallen nearly five percent, heading for an April loss for the first time in 14 years.
Graphic: Latest UK GDP print misses forecasts - reut.rs/2JEMI7h
“Until last week, our April seasonal factor call on sterling was working quite well, but the BoE rate repricing theme has now overtaken that,” said Kamal Sharma, director of G10 FX strategy at Bank of America Merrill Lynch, which has put back its forecast of the next rate rise from May to November.
Sharma and other strategists attribute sterling’s seasonal buoyancy in April to the end of the UK tax year as well as big dividend payouts by UK companies.
A Reuters analysis of historical price data for the pound going back to 1985 shows that a consistent trend of April gains for sterling against the dollar emerges only after 2004.
Before hitting its mid-April peak, sterling had notched a year-to-date gain of more than 6 percent against the dollar, but that rise now amounts to less than 2 percent.
The unusual April loss may herald a bigger fall ahead for the British currency.
Data from the U.S. Commodity Futures Trading Commission showed net long speculative positions, which had started April at their highest level in four years, posting their second-biggest weekly drop of the last eight months.
Graphic: Outstanding net speculative positions on sterling - reut.rs/2JHtpud
“The risk for sterling is if the Bank of England comes out and takes off any hopes of a rate hike this year — and that may signal a fresh leg down for sterling,” said ING Bank strategist Viraj Patel. Reporting by Ritvik Carvalho and Saikat Chatterjee; Editing by Kevin Liffey | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-sterling-april/graphic-sterlings-april-bloom-withers-in-cold-data-snap-idUKKBN1I11OW |
(Reuters) - Oilfield service firm Petrofac Ltd, which is being investigated by Britain’s Serious Fraud Office (SFO), said it was awarded more than $1.7 billion of new orders so far this year as tendering activity remained high.
Oilfield service companies have been seeing a recovery in orders after subdued oil prices since mid-2014 forced explorers and producers to cut capital expenditure and defer or cancel contracts.
The company also said on Friday it was making good progress in 2018, delivering its strategy of focusing on its core, delivering organic growth and reducing capital intensity.
Petrofac said in late June last year that order intake had reached $1.7 billion.
The company reported better-than-expected core earnings in March and said Chief Executive Officer Ayman Asfari would resume full duties with immediate effect after it concluded that restrictions imposed on Asfari in May 2017 were no longer appropriate.
The SFO began an investigation in May 2017 into the activities of Petrofac and its units in connection with a probe into Monaco-based Unaoil on suspected bribery, corruption and money laundering. The company said in February its top management, including chairman and executive directors, would be interviewed by the SFO.
Petrofac shares, which have fallen more than 23 percent since the SFO investigation was disclosed, rose as much as 1.7 percent in early trading.
Reporting by Arathy S Nair in Bengaluru; Editing by Gopakumar Warrier
| ashraq/financial-news-articles | https://www.reuters.com/article/us-petrofac-outlook/uks-petrofac-awarded-more-than-1-7-billion-new-orders-this-year-idUSKCN1IJ0OH |
May 9, 2018 / 12:07 PM / Updated 11 minutes ago BRIEF-Crosswinds Holdings Q1 Loss Per Share C$0.02 From Continuing Operations Reuters Staff
May 9 (Reuters) - Crosswinds Holdings Inc: * Q1 LOSS PER SHARE C$0.02 FROM CONTINUING OPERATIONS
* QUARTERLY NET INCOME PER SHARE FROM CONTINUING AND DISCONTINUED OPERATIONS C$0.10
* QUARTERLY REVENUE C$151,000 VERSUS C$124,000 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-crosswinds-holdings-q1-loss-per-sh/brief-crosswinds-holdings-q1-loss-per-share-c0-02-from-continuing-operations-idUSASC0A0YS |
Backstreet Boys become Spice Girls on cruise 00:35
The Backstreet Boys dress up as the Spice Girls as they perform on a cruise from the Bahamas to Miami. Rough Cut - no reporter narration. ▲ Hide Transcript ▶ View Transcript
The Backstreet Boys dress up as the Spice Girls as they perform on a cruise from the Bahamas to Miami. 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/2rybU88 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/10/backstreet-boys-become-spice-girls-on-cr?videoId=425655564 |
May 11, 2018 / 12:46 AM / Updated 3 hours ago Trump plan for drug prices seen largely sparing industry Yasmeen Abutaleb 4 Min Read
WASHINGTON (Reuters) - As U.S. President Donald Trump prepares to deliver a long-anticipated speech on Friday on curbing prescription drug costs, health industry insiders expect little in the way of policies that would hurt the drugmakers he once accused of “getting away with murder.”
The speech will address the high prices set by drugmakers, rising costs for consumers and barriers to negotiating lower prices for seniors in the government’s Medicare program, senior White House officials told reporters.
Health industry sources briefed on the plans expect the policy proposals to have a relatively modest impact on the healthcare system. They also expect Trump to sharply criticize foreign governments for paying less than the United States for prescription drugs.
The president has already abandoned ideas to lower drug prices that he supported during the 2016 election campaign, including allowing the government’s Medicare plan for older Americans to negotiate prices directly with drugmakers.
Critics say the Trump administration has been swayed by the powerful pharmaceutical lobby, which increased its reported spending in Washington by 30 percent last year. Trump’s Health and Human Services Secretary Alex Azar is a former Eli Lilly & Co executive.
Earlier this week, Swiss drugmaker Novartis admitted it paid $1.2 million to a consulting firm created by Trump lawyer Michael Cohen, who is under investigation over a payment made to a porn star who claims to have had a sexual encounter with Trump more than a decade ago. Trump denies having sex with the actress.
Novartis is not accused of any illegal activity, but the disclosure raised questions over how drugmakers try to gain influence.
“The payments to Cohen are just another indicator of how deep the corrosive influence of the pharmaceutical industry goes in the Trump administration,” said Peter Maybarduk of advocacy group Public Citizen. “It makes sense that proposals we see coming out of the administration would be somewhat limited.”
White House officials say Trump’s strategies would include requiring insurers and pharmacy benefit managers (PBMs) to share a portion of the rebates they get on prescription drugs with consumers to lower their out-of-pocket costs, as well as making it easier for cheaper generic and biosimilar copies of drugs to reach the market. Another proposal would make generic drugs free to low-income seniors.
Wall Street investors are bracing for the possibility that Trump will diverge from these plans. In the last week, Azar and other top health officials suggested that the president might take more aggressive action, some of which could directly impact drugmakers, as well as insurers, PBMs and hospitals.
Drugmakers argue that high prices for prescription medicines are necessary to fund development of much-needed innovative new treatments. But as scrutiny intensified, several pharmaceutical companies placed self-imposed limits on annual price increases. They have also tried to deflect blame for rising consumer costs on middlemen, such as PBMs like Express Scripts Holding, and to hospitals.
Trump has yet to take significant action on drug prices while in office, and a once-promised executive order on pricing never materialized.
Democrats have seized on the inaction as they prepare for congressional elections in October, with polls showing rising concern over healthcare costs among voters.
“Outrageous prescription drug prices are just another example of how President Trump is failing to deliver on his promises to the American people,” Senate Democratic Leader Chuck Schumer said on Thursday. U.S. President Donald Trump holds a rally with supporters at North Side middle school in Elkhart, Indiana, U.S., May 10, 2018. REUTERS/Leah Millis Reporting By Yasmeen Abutaleb; Editing by Bill Berkrot | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-trump-drugpricing/trump-plan-for-drug-prices-seen-largely-sparing-industry-idUKKBN1IC01S |
Ryan knocks reports he may give up gavel sooner 4:22pm EDT - 00:59
Speaker of the House Paul Ryan pushed back against reports that his fellow Republicans are pushing for him to give up the his gavel before the 2018 elections.
Speaker of the House Paul Ryan pushed back against reports that his fellow Republicans are pushing for him to give up the his gavel before the 2018 elections. //reut.rs/2IGNIvu | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/22/ryan-knocks-reports-he-may-give-up-gavel?videoId=429365866 |
TOKYO (Reuters) - Suzuki Motor Corp ( 7269.T ) on Thursday said it would earmark record investment this year for research and development into technologies such as electric vehicles (EVs) as it defends it dominance in its biggest market, India.
FILE PHOTO: A view shows the logo of a Suzuki car for sale at a Suzuki dealership in National City, California November 6, 2012. REUTERS/Mike Blake/File Photo Higher R&D costs and a stronger yen will push operating profit down 9.1 percent in the current financial year at Japan’s fourth-biggest automaker, offsetting record global vehicle sales.
Suzuki joins Japanese peers in ramping up spending even as profit sags, at a time when industry focus is on electrification and automation amid demand for vehicles powered by cleaner technologies.
The company said it plans to spend 160 billion yen ($1.46 billion), up 15 percent from last year, to develop self-driving cars, EVs including gasoline hybrids, along with more efficient gasoline engines and connected vehicle systems.
Suzuki is ramping up investment in products for India, the world’s fifth-biggest passenger car market, based on estimates of demand reaching 10 million units annually by 2030 from 3 million at present.
Its Alto and Baleno compact hatchbacks and Vitra Brezza compact sport utility vehicle are among India’s best-selling cars. Suzuki dominates in India through a majority stake in the country’s largest automaker, Maruti Suzuki India Ltd ( MRTI.NS ).
“Maruti Suzuki’s market share (in India) is 50 percent, and we need to be considering now how we’re going to maintain that share in 2030,” Chairman Osamu Suzuki said at a briefing.
Suzuki expects profit of 340.0 billion yen ($3.10 billion) in the year to March 2019, versus a 374.6 billion yen median of 21 analyst estimates compiled by Thomson Reuters I/B/E/S.
The forecast assumes an average of 105 yen JPY= to the U.S. dollar, from 111 yen in the just-ended year, and 1.65 yen to India's rupee INRJPY=R, versus 1.73 yen.
That will result in a 22.0 billion yen profit hit from currency swings, while increased R&D expenses will knock off 20.0 billion yen.
Suzuki joins Toyota Motor Corp ( 7203.T ), Honda Motor Co Ltd ( 7267.T ) and others in seeing earnings slide due to a stronger yen, which can eat into repatriated profit and raises costs of exported vehicles and parts.
For the year ended March, Suzuki reported profit of 374.2 billion yen, outperforming analyst estimates.
Suzuki anticipates a 2.3 percent rise in global vehicle sales this year to a record 3.3 million units, led by a 6 percent rise in India. It expects to sell 1.65 million scooters and motorcycles, up 4.2 percent.
To establish a presence in the local EV market, Suzuki and Toyota have been deepening a partnership which will enable Suzuki to leverage Toyota’s R&D firepower to help it make EVs, while Toyota taps Suzuki’s compact car expertise.
($1 = 109.7500 yen)
Editing by Christopher Cushing
| ashraq/financial-news-articles | https://www.reuters.com/article/us-suzuki-motor-results/japans-suzuki-motor-sees-9-1-percent-profit-slide-stronger-yen-to-weigh-idUSKBN1IB0M0 |
Police seek suspects in Canada bombing Friday, May 25, 2018 - 00:57
Canadian police are looking for two suspects who walked into a crowded restaurant and detonated a bomb, injuring 15 people. Linda So reports.
Canadian police are looking for two suspects who walked into a crowded restaurant and detonated a bomb, injuring 15 people. Linda So reports. //reut.rs/2GMUdHn | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/25/police-seek-suspects-in-canada-bombing?videoId=430204924 |
PARIS (Reuters) - When Emmanuel Macron was gearing up for his presidential campaign in 2016, he set out on an unprecedented “great march” – a door-to-door campaign to hear voters’ grievances in what promised to be a new, more open way of running the country.
FILE PHOTO: French President Emmanuel Macron is seen before his first long live television interview on prime time at the Elysee Palace in Paris, France, October 15, 2017. REUTERS/Philippe Wojazer/File Photo A year after his election, things have not turned out that way, and a small but growing number of rank-and-file supporters has voiced frustration at a leadership style that is, by Macron’s own admission, not always inclusive.
Surrounded by a small coterie of close aides, Macron is pushing through a series of contentious reforms with less consultation than is usual even for France, whose 1958 constitution gives the president wide-ranging powers.
The 40-year-old, described by one adviser as a hyperactive who needs little sleep, strongly defends his methods.
“I make absolutely no apology for the verticality of power,” he told literary journal La Nouvelle Revue Française.
“I am proud of the choices that are being made, and I hate the process which means you have to constantly explain the reasoning behind a decision.”
That grates with the likes of Corinne Lepage, a former minister under conservative Jacques Chirac who was one of the first well-known politicians to join Macron’s campaign in 2016.
Initially won over by the ex-minister’s charisma and a promise of doing politics differently, she said Macron’s program was written behind closed doors by the same group of people now in charge at the Elysee.
“What I quickly found embarrassing is the contradiction between the bottom-up approach that was promised and sold to the French, and the reality,” Lepage told Reuters.
“It’s democratic centralism, the Soviet way. Completely vertical. And also very masculine.”
Many grass root supporters, who set up thousands of “En Marche” committees across France during Macron’s campaign, gave up when they realized their ideas did not filter through to Paris, she said.
While there is no sign of Macron changing tack, his popularity ratings have slipped to their lowest point since he took office, with only 40 percent of the population having a favorable opinion of him, according to a recent poll.
Among the reasons for weakening support is people’s perception of an arrogant president worried about looking after the wealthy.
“WE CAN REFORM” Despite being France’s youngest elected leader, Macron has shown a sure-footed confidence in office so far, backed by a tight group of like-minded administrators - most of them men and dubbed the “Macron Boys”, although there are women too.
Overseen by Alexis Kohler - who like Macron is an alumnus of the elite administrative school ENA and worked in the private sector - the core group of around a dozen members is responsible for driving the reform program.
It has done so at breakneck speed.
FILE PHOTO: French President Emmanuel Macron attends a ceremony to start the construction of the first metro line in Abidjan, Ivory Coast, November 30, 2017. REUTERS/Philippe Wojazer/File Photo In just a year, Macron has made hiring and firing easier, slashed a wealth tax, launched an overhaul of the education system, unveiled plans to cut the number of lawmakers and confronted unions with a reform of the debt-laden railways.
More is in the pipeline.
“It’s started like a sprint but will soon turn into a marathon,” Kohler, 45, told Reuters in his gilded office, one room away from the president’s.
“We’re making plans rather far into 2018, even beyond that. We’re working on the basis that we’ll have the capacity to reform,” he said.
That confidence - in a country where governments have long been forced to water down or scrap reforms in the face of political opposition and protests - comes from a centralization of power that is down as much to men as institutions.
Macron, who wrote his undergraduate philosophy dissertation on Renaissance Italian diplomat Machiavelli famed for his chilling guide to holding power, has ensured competing voices do not easily emerge.
He has capped the number of advisers ministers can have to 10, reducing their autonomy. When Macron was economy minister, he had 25 advisers.
Ministers also allow their press interviews to be proof-read by the Elysee - sometimes by Macron himself.
Many members of the cabinet are technocrats still widely unknown to the public. The prime minister, a former conservative mayor, has had to share advisers - often Macron loyalists - with the president.
Streamlined decision making goes hand-in-hand with tight control of the message, as an occurrence at the Elysee Palace in May last year underlined.
Kohler, Macron’s most trusted adviser, wanted to ensure that French company Alstom was not sidelined by a proposed plan by German industrial giant Siemens to merge part of its operations with Canadian rival Bombardier.
Any such merger could have left Alstom, the maker of TGV high-speed trains, isolated and weakened.
“I need three months without any leaks,” Kohler told the president’s press adviser, according to a person present.
Unusually for such high-stakes cross-border deals, nothing leaked until the day a Siemens-Alstom merger was announced by the two companies four months later.
Perhaps surprisingly for a president hailed as a savior of progressive values in Europe and elsewhere, Macron’s office also announced it would move the press room - a symbol of transparency and accountability - out of the Elysee.
Slideshow (8 Images) Macron’s “special adviser” Ismael Emelien has developed a communications strategy using Twitter and Facebook Live to cut out the media and produce slick snippets of presidential life.
LURCH TO THE RIGHT? Shortly after his election, Macron was given a huge parliamentary majority thanks to an electoral system specifically designed by post-war leader Charles de Gaulle to maximize presidential independence from parliament.
His lawmakers, many of them newcomers to politics, have diligently passed reforms sent their way, often via legal decrees meant to speed up debate.
For investors, the ability to deliver a modernizing program is positive for the French economy and wider euro zone.
But Macron’s controlling style is not without risk.
Rivals and a handful of allies warn that the electorate could turn to populist parties in 2022 presidential elections if they feel their voices are not being heard by the presidency.
Although Macron’s majority remains solid, some supporters, mostly hailing from the left, feel he has lurched to the right and bypassed parliament.
A particularly divisive immigration bill, which critics said was too tough and jarred with Macron’s pro-refugee stance during campaigning, showed one of the first cracks in his support.
One Macron lawmaker voted against it and 14 abstained.
The defector, former Socialist Jean-Michel Clement, said there was a risk that France was drifting toward a situation where “parliamentary control is non-existent”.
“Why was I the only one to vote against this bill when everyone thought it was a bad one? Because they’re not answering the question,” he told Reuters.
“Does that mean the executive branch has a stranglehold on the legislative branch? I think it does,” he said.
And a draft constitutional reform to cut the number of lawmakers will tip the balance of power even more toward the president and the government and weaken parliament, he added.
The stakes are high: if voters conclude that Macron is merely the latest in a line of mainstream politicians that have let them down, that could benefit more extremist forces.
“The most disappointed ones won’t give their vote to the president twice. When you have Marine Le Pen at 21 percent and Jean-Luc Melenchon at 20 percent, anything can happen tomorrow,” said Clement.
Le Pen leads the far-right Front National party and Melenchon represents the far-left.
Advisers shrug off such criticism.
“He (Macron) says Nicolas Sarkozy and Francois Hollande’s big mistake has been to try to mother the French,” one top adviser said, referring to the previous two presidents.
“You have to accept the paternal side of the office, with all the unpopularity that it implies. Because a father is also a hated figure.”
Writing by Michel Rose; additional reporting by John Irish, Noah Barkin, Emmanuel Jarry, Elizabeth Pineau; Editing by Mike Collett-White
| ashraq/financial-news-articles | https://www.reuters.com/article/us-france-macron-insight/french-leader-macrons-power-system-never-explain-never-apologize-idUSKBN1I80D7 |
May 23, 2018 / 3:02 PM / Updated 2 hours ago Online fashion marketplace Poshmark says its sellers have made $1 billion Heather Somerville 3 Min Read
SAN FRANCISCO (Reuters) - Fashionistas have earned a total of $1 billion selling clothes and accessories through online marketplace Poshmark, the startup’s chief executive told Reuters on Tuesday, highlighting the opportunity still available for young ecommerce companies despite the ever-present threat of Amazon.com Inc.
The earnings have been spread across 4 million sellers on the site since the Silicon Valley company’s founding in 2011, said founder and CEO Manish Chandra, although much of the income is concentrated in a group of sellers making five, six and even seven figures. Poshmark keeps 20 percent of each sale.
For the current year, Poshmark is projecting annual revenue of $150 million to $200 million, according to a spokeswoman.
Poshmark, which has raised nearly $160 million from investors, is an online marketplace for individuals to sell clothes and accessories ranging from old T-shirts to high-end boutique dresses and private labels; shoppers can bid on the merchandise. Poshmark collects data on shoppers to offer personalized outfit suggestions, and individual stylists make fashion recommendations.
Chandra said the company marries the speed and efficiency of high-tech ecommerce - purchases are shipped within a couple days - with a personal touch not usually found online.
“It’s really a shopping experience that used to exist maybe 20 years back in the physical retail world,” Chandra said.
The company recently raised $87.5 million at a valuation of nearly $600 million, Reuters reported in November.
About 80 percent of shoppers make multiple purchases, and users open the Poshmark app seven to nine times a day on average, which Chandra credits for the company’s growth. He said the average price of an order is up as much as 50 percent in the last five years, so sellers are earning more money.
The company, which currently operates only in the United States, last year announced it would expand to Asia and Europe, although Chandra told Reuters it would be planning that move through at least the middle of the year.
Competition from ecommerce giants including Amazon, however, remains a threat. Amazon has a private label program with brands of clothing and shoes, as well as a personal stylist feature.
“Amazon is a competitor to a lot of people,” said Hans Tung, managing partner at GGV Capital and a Poshmark investor. “It will be interesting. Amazon is a company that everyone needs to respect what they could do.” Reporting by Heather Somerville; Editing by Leslie Adler | ashraq/financial-news-articles | https://www.reuters.com/article/us-startups-poshmark/online-fashion-marketplace-poshmark-says-its-sellers-have-made-1-billion-idUSKCN1IO2C0 |
SAN FRANCISCO, May 30, 2018 (GLOBE NEWSWIRE) -- Bugcrowd , the leader in crowdsourced security, announced today the appointment of Mark Milani as the global head of engineering. A technology executive with more than 25 years of experience leading global software engineering and product management teams, Milani will lead the engineering organization in growing and innovating Bugcrowd’s industry-leading Crowdcontrol™ platform.
“We are thrilled to have Mark onboard the Bugcrowd team,” said Ashish Gupta, CEO, Bugcrowd. “He is an experienced engineering, analytics and business leader in technology spanning across a number of areas in both small and large company environments. His knowledge and skills will be invaluable as we continue to grow our engineering team and innovate on our platform, ensuring the success of security teams and researchers around the globe.”
Based in San Francisco, Milani brings decades of experience across a number of technology areas, from developing solutions deep in the technology stack, to applications and cloud solutions for end users and service organizations. In addition to this diverse set of functional skills, Milani has shown unprecedented commitment to building and developing his teams throughout his career. Prior to Bugcrowd, Milani was senior vice president of product engineering at Actian Corporation, and held multiple leadership positions at Oracle Corporation, including leading engineering for Oracle’s Cloud Services and Platform Technologies teams.
“While I was running cloud services, traditional security methods were not adequately addressing the expanding security risks I was managing,” said Mark Milani, Global Head of Engineering, Bugcrowd. “Bugcrowd’s security platform introduces an important change to existing thinking by bringing the creativity and knowledge of the Crowd directly to organizations to manage their cybersecurity challenges. I’m excited to lead development of a platform that is truly changing the way organizations approach security and to be a part of the Bugcrowd team.”
The crowdsourced model is the future of security -- the industry has seen unprecedented growth this year, across industries, at companies of all sizes. Bugcrowd utilizes a multi-faceted approach starting with a robust platform, coupled with human innovation, leveraging both a large, diverse, and skilled crowd of researchers and our dedicated team of experts. To ensure this model has the most impact, we must marry the art and science of it. With his deep skills and expertise, Milani will help lead our company to the next level in platform capabilities and innovation to deliver compelling results for our customers.
Today, Bugcrowd also announced the company had achieved Soc 2 Type 1 compliance. To read more, visit: www.bugcrowd.com/press
Additional Resources:
Learn more about Bugcrowd and our Customer Stories Read the latest report: 7 Bug Bounty Myths, BUSTED Follow us on Twitter Follow us on LinkedIn
About Bugcrowd
Bugcrowd is trusted by more of the Fortune 500 than any other crowdsourced security platform. Why? Because people need the increased security of a bug bounty without all the extra work and chaos. Bugcrowd cracked the code on crowdsourced security through rock-solid program management, top trusted researchers and a versatile platform. That’s how our vulnerability disclosure and bug bounty programs find seven times as many critical vulnerabilities as traditional testing. Based in San Francisco, Bugcrowd is backed by Blackbird Ventures, Costanoa Ventures, Industry Ventures, Paladin Capital Group, Rally Ventures, Salesforce Ventures and Triangle Peak Partners. Bugcrowd. Outhack Them All™. Learn more at www.bugcrowd.com .
Michelle Dailey
Bugcrowd, Inc.
[email protected]
Source: Bugcrowd | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-bugcrowd-names-mark-milani-as-global-head-of-engineering.html |
CAMBRIDGE, Mass., May 16, 2018 /PRNewswire/ -- BitSight, the Standard in Security Ratings, today announced plans to relocate its headquarters to 111 Huntington Avenue, which is part of the Prudential Center complex located in Boston's Back Bay. The new location provides BitSight with the ideal environment to keep pace with its tremendous business, customer and employee growth. Plans for the move are expected to take place toward the end of this year.
"The Metro Boston region is widely recognized as a hub for driving technology innovation and producing top technology talent," said Tom Turner, President and CEO of BitSight. "We're excited to move deeper into the Boston tech community, contribute to its innovative spirit and provide our employees with an exceptional work experience. The location of the property and the area's surrounding amenities will not only help us retain and attract top local talent, but will encourage collaboration between employees, customers and partners, furthering our leadership position."
BitSight pioneered the security ratings market in 2011, as the first company to offer a security ratings product. Organizations worldwide use BitSight's proven Security Ratings technology on a daily basis to make integral risk and business decisions. With over 1,000 customers and the largest ecosystem of users and information, BitSight is the most widely used Security Ratings Service.
The new headquarters will elevate BitSight's presence in Boston. BitSight will occupy a two-floor, 48,000 square-foot space in Back Bay's Prudential Center complex at 111 Huntington Avenue owned by Boston Properties, doubling the company's current office space in Cambridge, which was expanded earlier this year.
"We're thrilled to welcome BitSight to 111 Huntington at Prudential Center," stated Bryan Koop, Executive Vice President, Boston Region, for Boston Properties. "In moving to the heart of the Back Bay's growing tech community, BitSight's employees, customers and partners will have easy access to transportation, unique restaurants, a dynamic environment and the best of Boston's cultural offerings."
BitSight was represented by Ron Friedman and Eric Smith of CBRE/New England throughout the transaction; Robert Caulfield and Sherry Niazmand of Visnick & Caulfield are leading the architecture and interior design efforts for the new space; Boston Properties is the landlord for 111 Huntington Avenue; Nicole Riley of Goodwin served as external counsel for the company.
"We greatly appreciate the work of our partners at Boston Properties, Visnick and Caulfield and CBRE/New England for assisting us in finding an outstanding location for our continued growth and success," said Brian Cohen, CFO of BitSight.
About BitSight
Founded in 2011, BitSight transforms how organizations manage information security risk. The BitSight Security Ratings Platform applies sophisticated algorithms, producing daily security ratings that range from 250 to 900, to help manage third party risk, underwrite cyber insurance policies, benchmark performance, conduct M&A due diligence and assess aggregate risk. Organizations worldwide, including seven of the top 10 cyber insurers, 20% of Fortune 500 companies, and 3 of the top 5 investment banks use BitSight's proven Security Ratings technology on a daily basis to make integral risk and business decisions. With over 1,000 customers and the largest ecosystem of users and information, BitSight is the most widely used Security Ratings Service. For more information, please visit www.bitsighttech.com , read our blog or follow @BitSight on Twitter.
View original content with multimedia: http://www.prnewswire.com/news-releases/bitsight-to-move-global-headquarters-to-bostons-back-bay-300649201.html
SOURCE BitSight Technologies | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-bitsight-to-move-global-headquarters-to-bostons-back-bay.html |
By Bloomberg 7:46 AM EDT
China’s largest initial public offering since 2015 has gotten the attention of the nation’s top internet companies.
Affiliates of Baidu (bidu) , Alibaba Group Holding (baba) and Tencent Holdings (tcehy) , known collectively as BAT, are becoming strategic investors in Foxconn Industrial Internet . The companies are buying 21.8 million shares each in FII’s listing at 13.77 yuan apiece, the firm said in a statement to the Shanghai stock exchange Sunday.
China’s largest tech corporations join a plethora of major names that are buying into the smart factory unit of Hon Hai Precision Industry Co. (hnhpf) , Apple’s most important assembler . FII plans to raise 27.1 billion yuan ($4.3 billion) in a Shanghai listing to bankroll projects in areas from smart manufacturing to fifth-generation wireless technologies. Hon Hai’s shares rose as much as 2.5% in early trading in Taipei.
Other strategic investors named in the FII statement were Central Huijin Investment Ltd.’s asset management unit, which agreed to buy 58.1 million shares. A unit of China Railway Corp. is buying 43.6 million shares, and China Life Insurance Co. is taking 34.1 million shares. The lockup period was set at three years.
Shanghai Oriental Pearl Group Co., a provider of internet services, said in a separate statement it’s also spending 300 million yuan on 21.8 million shares in FII’s IPO. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/28/apple-baidu-tencent-alibaba-foxconn-investment-ipo/ |
MUMBAI, India, May 3, 2018 /PRNewswire/ -- Vedanta Limited today announced its audited consolidated results for the fourth quarter (Q4) and full year ended 31 March 2018 (FY 2018).
Financial Highlights
FY 2018
• Revenues up 22% at ₹ 92,923 crore
• EBITDA up 19% at ₹ 25,470 crore
• Att. PAT3 up 10% at ₹ 8,025 crore
• Free cash flow of ₹ 7,880 crore
Q4 FY 2018
• Revenues up 13% q-o-q at ₹ 27,630 crore
• EBITDA up 17%q-o-q at ₹ 7,929 crore
• Att. PAT3 up 15% q-o-q at ₹ 2,420 crore
• Free cash flow of ₹ 3,240 crore
Other Financial Highlights
• Gross Debt2 reduced by ₹ 8,512 crore since March 31, 2017
• Net Debt/EBITDA at 0.9x, among the lowest across Indian and global peers
• Declared highest ever interim dividend of ₹ 7,881 crore in Mar '18
• Strong financial position with cash & liquid investments of ₹ 36,201 crore
• Contribution to the ex-chequer in FY 2018 at c. ₹ 33,000 crore
• Vedanta Limited's resolution plan to acquire Electrosteel Steels Limited approved by NCLT; this acquisition to complement the Group's existing Iron ore Business by way of vertical integration
Operational Highlights for FY2018
• Record annual production of refined zinc-lead and silver at Zinc India
• Oil & Gas:
- Mar 18 exit run rate of 200,000 boepd
- Growth Projects on track with contracts of $1.3bn awarded
• Zinc International : Gamsberg project on track to commence production by mid CY 2018
• Aluminum: Record annual production at 1.7mt; with an exit run rate of c.2.0 mtpa
• Copper India: Record annual production, Operations at Tuticorin Smelter under shutdown pending renewal of Consent to Operate (CTO)
• Iron Ore: Expecting increase in company-wise mining cap allocation in Karnataka in Q1 FY2019; Goa mining operations shut due to state wide ban
• Power: 1,980 MW Talwandi Sabo Power Plant operated at 93% availability in Q4 FY18
1. Excludes custom smelting at Copper India and Zinc India operations
2. Excluding repayment of temporary borrowing by Zinc In
3. Before exceptional & before DDT
Mr. Navin Agarwal, Chairman Vedanta Limited, said, "FY2018 was a transformational year for Vedanta. The diversified, well-invested and low-cost portfolio of the company delivered industry-leading volume growth during the year. The company's financial profile continues to strengthen and provides a strong foundation for the next phase of growth through the attractive organic opportunities in each of our businesses. The company paid a record interim dividend of ₹ 7881 crore and contributed c. ₹ 33,000 crore to the exchequer in FY 2018. I am excited about the many growth opportunities for the company which will further enhance shareholder value."
Mr. Kuldip Kaura, Chief Executive Officer, Vedanta Ltd, said, "I am pleased with the strong operational and financial results for Vedanta in FY17-18. Our volume ramp-up plans stayed on track, resulting in a significantly higher EBITDA for the year, despite challenges from input price inflation. We maintain a strong balance sheet and are committed to our capital allocation framework. I am pleased with the various initiatives undertaken during the year to drive operational excellence through use of innovative technology, benchmarking, people practices and HSE. In 2019, our focus is to generate strong cash flows on the strength of higher volumes and improved cost structure in our businesses which will further strengthen our financials and will drive superior shareholder returns."
Consolidated Financial Performance
The consolidated financial performance of the company during the period is as under:
(In ₹ crore, except as stated)
Particulars
(In ₹ Crore, except as stated)
Q4
Q4
%
Change
Q3
FY 2018
FY 2017
%
Change
FY 2018
FY 2017
FY 2018
Net Sales/Income from operations
27,630
23,691
17%
24,361
92,923
76,171
22%
EBITDA
7,929
7,275
9%
6,781
25,470
21,437
19%
EBITDA Margin 1
38%
44%
35%
36%
39%
Finance cost
1,424
1,503
-5%
1,306
5,783
5,855
(1)%
Other Income
993
921
8%
573
3,574
4,581
(22)%
Profit before Depreciation and Taxes
7,406
6,768
9%
6,031
22,955
20,058
14%
Depreciation
1,683
1,604
5%
1,645
6,283
6,292
0%
Profit before Exceptional items
5,723
5,164
11%
4,386
16,672
13,766
21%
Exceptional Items (Credit)/Expense 2
(2,869)
114
-
158
(2,897)
114
-
Tax excluding DDT
2,403
636
-
1,397
5,339
2,103
-
Tax – DDT
(1,536)
154
-
-
(1,536)
196
-
Tax - Special Items
2,050
34
-
(38)
2,074
34
-
Profit After Taxes
5,675
4,226
34%
2,869
13,692
11,319
21%
Profit After Taxes before Exceptional
4,856
4,374
11%
2,989
12,869
11,467
12%
PAT (before Exceptional & DDT)
3,320
4,528
(27)%
2,989
11,333
11,663
(3)%
Minority Interest
873
1,578
(45)%
875
3,350
4,358
(23)%
Share of Profit of Associate
0
(1)
-
0
-
(3)
Attributable PAT after exceptional item
4,802
2,647
81%
1,994
10,342
6,958
49%
Attributable PAT before exceptional item
3,956
2,816
40%
2,114
9,561
7,127
34%
Attributable (before exceptional & DDT)
2,420
2,970
(19)%
2,114
8,025
7,323
10%
Basic Earnings per Share (₹/sh.)
12.95
8.94
45%
5.38
28.30
23.47
21%
Basic EPS before Exceptional (₹/sh.)
10.67
9.51
12%
5.70
26.17
24.04
9%
Basic EPS (before exceptional & DDT)
6.53
10.02
(35)%
5.70
21.96
24.70
(11)%
Exchange rate (₹/$) – Average
64.31
67.01
(4)%
64.74
64.45
67.09
(4)%
Exchange rate (₹/$) – Closing
65.04
64.84
0%
63.93
65.04
64.84
0%
1. Excludes custom smelting at Copper India and Zinc India operations
2. Exceptional Items Gross of Tax
3. In view of clarification issued by Ind AS Transition Facilitation Group, the Group has revised the accounting for dividend distribution tax (DDT) on profits of subsidiaries. DDT on profits of subsidiaries which is to be utilized against the equity dividend declared by the Company is recognised in statement of changes in equity as against the previous policy of recognizing the same in the statement of profit and loss. The financial results for the previous periods/year have been restated to give effect of the same
4. Previous period figures have been regrouped or re-arranged wherever necessary to conform to current period's presentation
Revenues
Revenue for Q4 at ₹ 27,630 crore, was up 13% sequential basis, primarily on account of higher volumes and improved commodity prices.
On y-o-y basis, revenue was higher by 17% primarily on account of higher volume from Oil & Gas, Aluminium, Copper India business and improved commodity prices, partially offset by currency appreciation and lower volume at Zinc India as per mine plan
Revenues for FY 18 were at ₹ 92,923 crore up 22% y-o-y. The increase was mainly on account of ramp-up of capacities at Aluminium, record production from Zinc India and improved commodity prices partly offset by currency appreciation and lower sales at Iron ore.
EBITDA and EBITDA Margins
EBITDA for Q4 at ₹ 7,929 crore, was up 17% on sequential basis, primarily on account of higher volumes from Zinc India and Aluminium business, capitalisation of pot relining expenses at Aluminium business and improved commodity prices. This was partially offset by input commodity inflation mainly Alumina, Carbon and Coal.
On y-o-y basis, it was up 9% primarily on account of record production at Aluminium business, capitalisation of pot relining expenses and improved commodity prices partly offset by input commodity inflation and currency appreciation.
EBITDA for the year was ₹ 25,470 crore up 19% on account of record production from Zinc India and Aluminium and improved commodity prices. This was partially offset by input commodity inflation, currency appreciation, lower sales at Iron ore Goa.
We maintained industry leading robust EBITDA margin 1 of 36% for the year (FY 2017: 39%)
Depreciation & Amortization
Depreciation for Q4 FY 2018 at ₹ 1,683 crore was higher q-o-q basis by ₹ 38 crore primarily on account of higher capitalisation at Aluminium business, higher production at Zinc India partially offset by lower depreciation at Oil and Gas due to change in reserve estimates
On y-o-y basis, it was higher by ₹ 79 crore mainly due to higher capitalisation at Aluminium business offset by lower charge at Oil & Gas business due to change in method of calculation of Unit of production (UOP) charge to "Proved and Developed Oil and Gas Reserves" (1P) and change in reserves estimation.
Depreciation and amortisation for FY2018 was ₹ 6,283 crore flat compared to FY17.
Finance Cost and Other Income
Finance cost for Q4 FY 2018 was at ₹ 1,424 crore, 9% higher q-o-q basis primarily due to capitalisation at Aluminium business. On y-o-y basis, it was lower by 5% mainly on account of deleveraging during FY 2018 partially offset by dividend payments on preference shares issued to the shareholders of Cairn India pursuant to the merger with the Company in April and capitalisation of pots at Aluminium business.
Finance cost for FY 2018 was ₹ 5,783 crore was marginally lower compared to ₹ 5,855 crore in FY 2017 on account of de-leveraging during the year and lower interest rates, partially offset by dividends on preference shares issued to the shareholders of Cairn India pursuant to the merger with the Company in April, interest cost on temporary borrowings at Zinc India and capitalization of pots at Aluminium business.
Other Income was at ₹ 993 crore, higher on a q-o-q basis by ₹ 420 crore. Q3 FY18 other income was lower on account of lower return on investments due to sharp rise in G-Sec yields resulting in mark-to-market losses on investments. On y-o-y basis, other income was higher by ₹ 72 crore.
Other Income for FY 2018 was at ₹ 3,574 crore lower by ₹ 1,007 crore primarily owing to lower investment due to special dividend payments by Zinc India and Vedanta Limited and deleveraging during the year, lower return on investments due to sharp rise in G-Sec yields resulting in mark-to-market losses on investments.
Exceptional Items
The exceptional gains in Q4 was ₹ 2,869 crore mainly on account of reversal of previously recorded impairment of ₹ 7,016 crore at our Oil and Gas business following the progress on the key growth projects which are expected to result in enhanced recovery of resources; partially offset by impairment of Iron ore Goa assets of ₹ 2,329 crore due to suspension of mining operations from March 16, 2018 pursuant to Supreme Court Order dated February 7, 2018 and reclassification of FCTR relating to subsidiary investment companies under liquidation of ₹ 1,485 crore.
Taxes
Tax expense (before exceptional items & DDT) was at ₹ 5,339 crore during the year, resulting in a tax rate of 32% higher compared to 15% in FY 2017 mainly due to phasing out of investment allowance claims, change in cess rate from 3% to 4% as per the Finance Act 2018 and change in profit mix.
Attributable Profit after Tax and Earnings per Share (EPS)
Attributable PAT before exceptional items and DDT for the quarter was at ₹ 2,420 crore 15% higher q-o-q.
For FY 18, attributable PAT before exceptional items and DDT was at ₹ 8,025 crore 10% higher y-o-y. Minority interest was at 29%.
EPS for the year before exceptional items and DDT was at ₹ 21.96 per share compared to ₹ 24.70 per share for FY 17.
Balance Sheet
Our financial position remains strong with cash and liquid investments of ₹ 36,201 crore. The Company follows a Board-approved investment policy and invests in high quality debt instruments with mutual funds, bonds and fixed deposits with banks. The portfolio is rated by CRISIL, which has assigned a rating of "Tier-I" (implying Highest Safety) to our portfolio. Further, the Company has undrawn committed facilities of ~₹ 3,500 crore as on March 31, 2018.
Gross debt was at ₹ 58,159 crore on 31 st March, 2018, including Preference shares of ₹ 3,010 crore issued pursuant to the Cairn merger. During the year, gross debt reduced by ₹ 8,512 crore (excluding repayment of ₹ 7,908 crore temporary borrowing by Zinc India, preference shares issued pursuant to the Cairn merger)
Net debt was at ₹ 21,958 crore on 31 st March 2018, higher y-o-y on account of payment of special dividends, acquisition of Avanstrate Inc, partially offset by free cash flow generation during the year.
Key Recognitions
Vedanta has been consistently recognized through the receipt of various awards and accolades. Recently, we received the following recognitions:
Hindustan Zinc received Five Star Rating Award for Rajpura Dariba mine and Rampura Agucha mine by Ministry of Mines, Govt. of India. It also received the ET Now CSR Leadership Award 2018 for best CSR practices. Cairn Oil & Gas, midstream (pipeline) operations and upstream operations was awarded 'Five Star' rating from British Safety Council. Cairn's Ravva offshore & onshore facility secured 'First' place in Manufacturing – Process Category and a '5-Star' rating Award for Excellence in EHS Practices in CII-SR-EHS Excellence-Award-2017. Cairn Oil & Gas also won the prestigious 'Rajasthan CSR Award 2018' for its CSR initiative – Jeevan Amrit (Safe Drinking Water Project) under the WASH category (Water, Sanitation & Hygeine) in 2nd Rajasthan CSR Awards organized by Government of Rajasthan Vedanta Lanjigarh received the India Green manufacturing award in March 2018. It also received the Lowest weighted frequency rate of accidents award by Dept. of Factories & Boilers. Jharsugda won the 'Corporate Recognition Award for implementation of Behaviour based safety' at the 2nd Annual National BBS Conference BALCO was awarded the Shristi G – Cube Awards 2018 for Good Green Governance on occasion of The Earth Day given by the Ex-Governor of Odisha Talwandi Sabo Power Limited stood runner up under "Excellence in Research and Development" award category in 7th edition Fly Ash Utilization 2018 Awards" given by the Mission Energy Foundation.
Results Conference Call
Please note that the results presentation is available in the Investor Relations section of the company website http://www.vedantalimited.com/investor-relations/results-reports.aspx
Following the announcement, there will be a conference call at 6:30 PM (IST) on Thursday, 3 May 2018, where senior management will discuss the company's results and performance. The dial-in numbers for the call are as below:
Event
Telephone Number
Earnings conference call on May 3, 2018
India – 6:30 PM (IST)
India: +91 7045671221
Toll free: 1800120 1221
Universal access:
+91 22 7115 8015
+91 22 6280 1114
Singapore – 9:00 PM (Singapore Time)
Toll free number
800 101 2045
Hong Kong – 9:00 PM (Hong Kong Time)
Toll free number
800 964 448
UK – 2:00 PM (UK Time)
Toll free number
0 808 101 1573
US – 9:00 AM (Eastern Time)
Toll free number
1 866 746 2133
For online registration
http://services.choruscall.in/diamondpass/registration?confirmationNumber=5267915
Replay of Conference Call (May 3, 2018 to May 9, 2018)
+91 22 7194 5757
Passcode: 93937#
About Vedanta Limited
Vedanta Limited is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc - lead - silver, aluminium, copper, iron ore and commercial power. The company has a presence across India, South Africa and Namibia. Vedanta Ltd has a portfolio of world-class, low-cost, scalable assets that consistently generate strong profitability and have robust cash flows. The company holds industry-leading market shares across its core divisions.
Vedanta Limited is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Governance and Sustainable Development are at the core of Vedanta's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities. The company is conferred with the Confederation of Indian Industry (CII) 'Sustainable Plus Platinum label', ranking among the top 10 most sustainable companies in India. To access the Vedanta Sustainable Development Report 2017, please visit http://sd.vedantaresources.com/SustainableDevelopment2016-17/
Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange in India. The company is in the Nifty 50 Index and has ADRs listed on the New York Stock Exchange.
For more information please visit www.vedantalimited.com
Vedanta Limited
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400 099
www.vedantalimited.com
Registered Office:
Regd. Office: 1st Floor, 'C' wing, Unit 103,
Corporate Avenue, Atul Projects,
Chakala, Andheri (East),
Mumbai – 400 093
CIN: L13209MH1965PLC291394
Disclaimer
This press release contains "forward-looking statements" – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
For further information, please contact:
Communications
Arun Arora
Head Communications
Tel: +91-1244593000
[email protected]
Investor Relations
Rashmi Mohanty
Director – Investor Relations
Tel: +91-22-6646-1531
[email protected]
Aarti Raghavan
VP – Investor Relations
Sneha Tulsyan
Associate Manager – Investor Relations
View original content: http://www.prnewswire.com/news-releases/vedanta-limited-consolidated-results-for-the-fourth-quarter-and-full-year-ended-31-march-2018-300642073.html
SOURCE Vedanta Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-vedanta-limited-consolidated-results-for-the-fourth-quarter-and-full-year-ended-31-march-2018.html |
May 11 (Reuters) - Mediobanca CEO Alberto Nagel tells media call:
* DIVIDEND IN CURRENT YEAR TO BE BASED AT HIGHER END OF 40-50 PERCENT RANGE FOR PAYOUT RATIO
* CONFIRMS INTENTION TO GO DOWN TO 10 PERCENT STAKE IN ASSICURAZIONI GENERALI BY JUNE 2019 Further company coverage: (Reporting By Mark Bendeich)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mediobanca-says-to-trim-generali-s/brief-mediobanca-says-to-trim-generali-stake-to-10-pct-by-june-2019-idUSS8N1SI000 |
May 25, 2018 / 5:09 PM / Updated 27 minutes ago Kenyan filmmakers rise up against "archaic" 1960s restrictions Linda Muriuki 3 Min Read
NAIROBI (Reuters) - Kenyan filmmakers have urged authorities to revamp a 1960s law that threatens them with jail if they do not pay for a license and imposes other restrictions they say are stifling their resurgent industry. FILE PHOTO: Red Carpet Arrivals - Cannes, France, May 9, 2018. Actors Sheila Munyiva and Samantha Mugatsia and director Wanuri Kahiu of "Rafiki" arrive. REUTERS/Jean-Paul Pelissier/File Photo
Directors and producers poured onto social media this week to protest after the regulator printed adverts in newspapers reminding them of the terms of the legislation, which dates back to British colonial rule.
The Kenya Film Classification Board - which has to check scripts before filming begins under the law and classifies movies - said it had placed the ads as part of a crackdown on unregistered producers and makers of pornography.
But the notices touched a raw nerve in a growing industry that has expanded alongside the growth of new media.
“It is a colonial law, created to keep Africans from making films and expressing themselves, so it is not in keeping with the times, it is faulty, we need to fight it, it has to be modified,” veteran director, producer and writer Cajetan Boy said on Friday.
The classification body’s chief executive, Ezekiel Mutua, said it planned to step up checks that film were properly licensed.
“We are now coming to a crackdown, we are starting raids and it’s not because we want to criminalise creativity. It’s because there are bad apples within the industry,” he told Reuters. FILE PHOTO: 71st Cannes Film Festival - Photocall for the film "Rafiki" in competition for the category Un Certain Regard – Cannes, France, May 9, 2018. Cast members Sheila Munyiva and Samantha Mugatsia. REUTERS/Stephane Mahe/File Photo “AN OLD LAW”
The body had a duty to protect the public, he added. “Films must reflect the dominant values of the people. Films must promote morality in society.”
But filmmakers said the restrictions had not kept track with changing tastes and technology.
Last month the board banned “Rafiki”, a film about two women falling in love, on the grounds that it promoted lesbianism - in violation of another colonial-era law.
“It’s archaic ... it’s an old law. We need to now sit down and look at the situation and circumstances that are now in 2018 and see how best that law can work for us,” director David Gitonga said.
His latest film, “Disconnect” is a romantic comedy about young Kenyans exploring relationships and sexuality in Nairobi.
“I’m all for paying for our licenses but let’s look at what are we paying for. You know that young upcoming kid who wants to make a film with his phone, let him be free to go shoot even in the city,” he added.
The law, which was created just before Kenya gained independence at the end of 1963, allows the government to “control the making and exhibition” of audio visual material including films.
Kenya’s film industry was worth $2 billion in 2016, up from 600 million in 2007, according to a study by the Kenya Film Commission. Writing by George Obulutsa; Editing by Maggie Fick and Andrew Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-kenya-film/kenyan-filmmakers-rise-up-against-archaic-1960s-restrictions-idUKKCN1IQ2LI |
(Reuters) - Shares of NXP Semiconductors NV fell 5 percent on Wednesday after China’s latest warning against U.S. trade threats dulled hopes of an early approval by Beijing for Qualcomm’s $44 billion acquisition of the chipmaker.
A booth of U.S. chipmaker Qualcomm is pictured at an expo in Beijing, China, September 27, 2017. REUTERS/Stringer/Files The company’s shares gained about 9 percent since May 18 on media reports that the chances of the deal winning approval were looking “optimistic” as a U.S.-China trade spat cooled.
Also helping was a deal the U.S. government reached to put Chinese telecommunications company ZTE Corp, back in business.
Qualcomm lawyers were expected to meet this week in Beijing with China’s antitrust regulators in a final push to secure clearance, three sources told Reuters on Sunday.
The meeting was expected before U.S. Commerce Secretary Wilbur Ross arrived in China on Saturday, the sources briefed on Qualcomm’s discussions had said.
However, the team of lawyers remained at the company’s San Diego headquarters, as of late Tuesday, a source familiar with the matter said.
“On hold now,” another person familiar with Qualcomm’s talks with the Chinese government said on Wednesday, declining to be identified as the negotiations are confidential.
The deal, announced in October 2016, has been approved by eight of the nine required global regulators, with China the only one pending.
Shares of NXP were down 1.2 percent while Qualcomm stock was marginally up premarket.
A man works on a tent for NXP Semiconductors in preparation for the 2015 International Consumer Electronics Show (CES) at Las Vegas Convention Center in Las Vegas, Nevada, U.S. January 4, 2015. REUTERS/Steve Marcus/Files Reporting by Arjun Panchadar in Bengaluru; Editing by Sriraj Kalluvila
| ashraq/financial-news-articles | https://in.reuters.com/article/china-qualcomm-nxp/nxp-shares-fall-as-chinas-warning-revives-concerns-over-qualcomm-deal-idINKCN1IV1RH |
May 7, 2018 / 6:20 PM / Updated 19 minutes ago Go to Omaha, young man: Chinese investors flock to Buffett Trevor Hunnicutt 4 Min Read
OMAHA, Neb. (Reuters) - China’s growing middle class is becoming a bigger force in global tourism. For a case in point, look no further than Nebraska the week of the Berkshire Hathaway Inc annual shareholders’ meeting. FILE PHOTO: A woman (C) takes a nap while waiting with the crowd for Warren Buffett, CEO of Berkshire Hathaway Inc, to come to the table tennis area as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. REUTERS/Rick Wilking
For all his fame in the United States, where some regard him as the best investor of all time, billionaire Warren Buffett on Saturday said the company’s brand carries much less weight with potential partners beyond U.S. borders.
But a clear exception is the world’s second largest economy, where Buffett is something of a rock star: One early estimate put the number of Chinese visitors expected for Berkshire week at 5,000. Berkshire sent out slightly more tickets to this year’s extravaganza than in 2015, when an estimated 42,000 celebrated Buffett’s 50th year at the helm.
Posters for an investment conference across the street from Berkshire’s convention hall are written in Chinese and boast the conglomerate Tencent Holdings Ltd as a partner.
Tables at a nearby hotel are set with a centerpiece of fortune cookies. Inside each: a Buffett aphorism. On the evening schedule one night were cocktails and ping-pong, a sport Buffett plays that is also popular in China.
At one closed-door event, five groups of U.S. start-up companies presented ideas to Chinese investors in a “Shark Tank”-style forum held at the Nebraska Chinese Association, according to the group’s president, Linda Steele.
“It’s not just people snapping pictures at Dairy Queen. There’s a lot going beyond the superficial. There’s real business going on here,” said Les Baquiran, founder of Pinebase, an online financial forum which sponsored several events aimed at Chinese investors in Omaha, including one that drew more than 400 people.
“It would be more intense if everyone from China who wanted to come came.”
A map of where Berkshire visitors came from, broadcast on Yahoo Finance, showed push-pins up and down the Middle Kingdom’s eastern coastline.
Buffett and his right-hand man, Charlie Munger, are relatively well-known in China, where Buffett’s face appeared on cans of his beloved Cherry Coke.
Buffett has been known to meet with groups of visiting students from China, while Munger pushed for the 2008 investment by a Berkshire subsidiary in Chinese electric carmaker BYD Co Ltd.
Buffett took several questions from Chinese shareholders on Saturday, including one that elicited Buffett’s comment that Washington and Beijing are two intelligent superpowers who will avoid a trade war. [nL1N1SC08J]
One young Shenzhen native, now studying in Boston, asked Buffett for advice.
“I never was any good at languages, but if I were in college today in either country I’d be learning the language of the other country because I think it’d be a great advantage over time,” Buffett told him, referring to the United States and China.
The 87-year-old “Oracle of Omaha” did show fluency with Chinese culture.
“In August, I’m going to be 88, and that will be the 8th month of the year, and it’s in a year that ends with an 8,” he said.
“As you and I both know, 8 is a very lucky number in China. So if you find anything over there for me this is the time we should be acquiring something.” Reporting by Trevor Hunnicutt in Omaha; Editing by Jennifer Ablan and Nick Zieminski | ashraq/financial-news-articles | https://uk.reuters.com/article/us-berkshire-buffett-china/go-to-omaha-young-man-chinese-investors-flock-to-buffett-idUKKBN1I820T |
REDWOOD CITY, Calif., May 03, 2018 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ:CDXS), a leading protein engineering company, announces that it will report first quarter 2018 financial results after market close on Thursday, May 10, 2018. Codexis management will hold an investment community conference call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss financial results and provide a company update.
Live Call: U.S. 855 890 8665 International 720 634 2938 Passcode 9585106 Live Webcast: Codexis IR Website The webcast will be archived for 30 days. Replay: U.S. 855 859 2056 International 404 537 3406 Passcode 9585106 The replay will be available for 48 hours About Codexis, Inc.
Codexis is a leading protein engineering company that applies its proprietary CodeEvolver ® technology to develop proteins for a variety of applications, including as biocatalysts for the commercial manufacture of pharmaceuticals, fine chemicals and industrial enzymes, and enzymes as biotherapeutics and for use in molecular diagnostics. Codexis’ proven technology enables improvements in protein performance, meeting customer needs for rapid, cost-effective and sustainable manufacturing in multiple commercial-scale implementations of biocatalytic processes. For more information, see www.codexis.com .
CONTACTS
Investors
LHA Investor Relations
Jody Cain, 310 691 7100
[email protected]
Source:Codexis, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-codexis-to-hold-first-quarter-2018-conference-call-on-may-10.html |
NEW YORK, May 8, 2018 /PRNewswire/ -- WeissLaw LLP, a national class action, shareholder rights law firm with offices in New York, Los Angeles, and Atlanta, announces an investigation of Allegiant Travel Company ("ALGT" or the "Company") (NASDAQ: ALGT). The investigation focuses on gross breaches of fiduciary duty by the Board of Directors of ALGT, as publicized in a 60 Minutes exposé critical of the record of inadequate safety at the Company. According to the 60 Minutes exposé, an alarming rate of unscheduled landings and in-flight emergencies plague ALGT's operations, notwithstanding that it only operates a small fleet of one hundred planes. Furthermore, according to the 60 Minutes exposé, ALGT is statistically approximately "three and a half times more likely to have serious in-flight mechanical failures than other U.S. airlines."
WeissLaw is investigating whether ALGT's Board breached its fiduciary duties to the Company and its shareholders by failing to properly oversee ALGT's maintenance of its fleet, devoting too few resources and personnel for the proper maintenance of aircrafts, resulting in significant harm to the Company as a result of repeated failures and disruptions of its flights. If you own ALGT shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact Joshua Rubin of WeissLaw LLP at (888)593-4771 , or by e-mail at [email protected] .
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/allegiant-travel-company/
View original content: http://www.prnewswire.com/news-releases/weisslaw-llp-investigates-allegiant-travel-company-300645000.html
SOURCE WeissLaw LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-weisslaw-llp-investigates-allegiant-travel-company.html |
SAO PAULO, May 14 (Reuters) - Brazil’s BR Malls Participações SA, the nation’s largest mall operator, beat quarterly profit estimates on Monday, as the company’s provisions for delinquent tenants fell sharply amid an improving economy.
In a securities filing, the company posted a net profit of 127 million reais ($35.1 million), up 77 percent from the same period last year and above a Reuters consensus forecast of 117 million reais.
The company said that net profit adjusted for accounting changes came to 150 million reais.
$1 = 3.62 reais Reporting by Gram Slattery; Editing by Sandra Maler
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/br-malls-partic-results/brazils-br-malls-beats-profit-estimates-as-delinquencies-fall-idUSE6N1QW06S |
May 9 (Reuters) - Artisan Partners Asset Management Inc :
* ARTISAN PARTNERS ASSET MANAGEMENT INC. REPORTS APRIL 2018 ASSETS UNDER MANAGEMENT
* ARTISAN PARTNERS ASSET MANAGEMENT INC - ASSETS UNDER MANAGEMENT (AUM) AS OF APRIL 30, 2018 TOTALED $115.5 BILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-artisan-partners-asset-management/brief-artisan-partners-asset-management-reports-aum-as-of-april-30-totaled-115-5-bln-idUSASC0A177 |
KOCHI/MUMBAI (Reuters) - Indian health officials were checking on Wednesday if a rare, brain-damaging virus had spread to a second state after two suspected cases reported in southern Karnataka, as the death toll in adjacent Kerala, where the outbreak began, rose to 11.
Medics wearing protective gear examine a patient at a hospital in Kozhikode in the southern state of Kerala, India May 21, 2018. REUTERS/Stringer The world’s second most populous country suffers hundreds of deaths from infectious diseases every year because of weak disease surveillance and infection control systems, leading health experts to worry about the risks of such outbreaks.
There is no vaccine for the Nipah virus, carried by fruit bats and spread through contact with bodily fluids, the World Health Organization (WHO) says. Treatment for the virus, which has a mortality rate of about 70 percent, is supportive care.
Related Coverage Bahrain asks nationals to avoid traveling to India's Kerala Symptoms of the virus surfaced in a 20-year-old woman and a 75-year-old man in the port city of Mangalore after they traveled to neighboring Kerala and had contact with infected patients, said Rajesh B.V., a health official in Karnataka.
Medics wearing protective gear examine a patient at a hospital in Kozhikode in the southern state of Kerala, India May 21, 2018. REUTERS/Stringer “They are not confirmed Nipah cases yet, so there is no need to panic,” he said by telephone. “The situation is under control.”
The patients are being treated and samples of their blood have been sent for screening, with results expected by Thursday, he added.
Health officials investigating the outbreak in Kerala, where the first death happened on Friday, have traced it to a well infested with bats from which the victims drew water.
Slideshow (3 Images) Human-to-human transmission of the virus has been recorded in previous outbreaks in India that killed as many as 50 people.
Travel to Kerala, a popular tourist destination, was declared safe by Rajeev Sadanandan, a state health official, who said the outbreak “remains highly localized”, with all cases linked to one family.
He declined to comment on the Mangalore cases, but identified the districts of Kannur, Kozhikode, Malappuram and Wayanad for tourists in Kerala to avoid, as being close to the outbreak and under scrutiny by health officials.
“Since there are many foreigners who travel to Kerala, we are advising they can avoid these districts for abundant caution,” he told Reuters.
A nurse who treated three of the Kerala victims succumbed to the infection on Monday, Health Minister K.K. Shailaja told a news briefing, where she announced payment of compensation to her family and others who lost family members to the infection.
At least 17 patients are under treatment, Shailaja added.
“All steps to prevent the spread of the virus have been taken,” she added, urging people not to destroy colonies of fruit bats.
Reporting by Zeba Siddiqui in Mumbai and D. Jose in Kochi; Editing by Sanjeev Miglani and Clarence Fernandez
| ashraq/financial-news-articles | https://www.reuters.com/article/us-india-virus/two-suspected-cases-of-nipah-virus-reported-from-a-second-indian-state-idUSKCN1IO0NE |
Airline pilot was 'sucked halfway' out of window 9:12am EDT - 01:19
The co-pilot of a Sichuan Airlines flight that was forced to make an emergency landing on Monday was “sucked halfway” out of the plane after a cockpit windshield blew out, local media reported citing the aircraft’s captain.
The co-pilot of a Sichuan Airlines flight that was forced to make an emergency landing on Monday was “sucked halfway” out of the plane after a cockpit windshield blew out, local media reported citing the aircraft’s captain. //reut.rs/2L4jkJ9 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/15/airline-pilot-was-sucked-halfway-out-of?videoId=427112160 |
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