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ATLANTA, The UPS (NYSE: UPS) Board of Directors today declared a regular quarterly dividend of $0.91 per share on all outstanding Class A and Class B shares.
The dividend is payable June 6, 2018 to shareowners of record on May 21, 2018.
UPS has a long history of rewarding shareowners with generous cash dividends. The company, known for successive annual dividend increases, has paid either stock or cash dividends every year since 1955 and has more than quadrupled its dividend since it went public at the end of 1999.
About UPS
UPS (NYSE: UPS) is a global leader in logistics, offering a broad range of solutions including transporting packages and freight; facilitating international trade, and deploying advanced technology to more efficiently manage the world of business. Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide. The company can be found on the web at ups.com or pressroom.ups.com and its corporate blog can be found at longitudes.ups.com . To get UPS news direct, follow @UPS_News on Twitter.
Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements, including statements regarding the intent, belief or current expectations of UPS and its management regarding the company's strategic directions, prospects and future results, involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which we operate, governmental regulations (including tax laws and regulations), our competitive environment, changes in the fact or assumptions underlying our health and pension benefit funding obligations, negotiation and ratification of labor contracts, strikes, work stoppages and slowdowns, changes in aviation and motor fuel prices, cyclical and seasonal fluctuations in our operating results, and other risks discussed in the company's Form 10-K and other filings with the Securities and Exchange Commission, which discussions are incorporated herein by reference.
Glenn Zaccara, Public Relations 404-828-4663 Scott Childress, Investor Relations 404-828-7957
Source: UPS | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-ups-board-announces-quarterly-dividend.html |
May 1, 2018 / 12:01 PM / Updated 5 hours ago Exclusive - Hasbro to acquire Power Rangers, other franchises from Saban Jessica Toonkel 4 Min Read
(Reuters) - Toy maker Hasbro Inc has agreed to acquire children’s entertainment and merchandising franchises, including the characters of the superhero TV show Power Rangers, from Saban Properties LLC in a deal valued at $522 million (383.4 million pounds) in cash and stock, the companies announced Tuesday. FILE PHOTO: People dressed like the characters of Power Rangers pose at the unveiling of the star for Israeli-American producer Haim Saban on the Hollywood Walk of Fame in Los Angeles, California U.S., March 22, 2017. REUTERS/Mario Anzuoni
The deal comes as Hasbro, which is the world’s largest toy maker with a stable of franchises including “My Little Pony,”“Monopoly” and “The Transformers,” seeks to reverse its losses following the bankruptcy last year of U.S. toy retailer Toys R Us.
In addition to making toys and action figures, Hasbro profits from such franchises through the production of movies and TV series, allowing it to diversify its revenue beyond retail sales.
The deal with Saban Properties was first reported by Reuters earlier on Tuesday.
Under the agreement, Hasbro will launch its first set of products off the Saban franchises, which include Luna Petunia, Julius Jr and Popples, in 2019.
Launched as the “Mighty Morphin Power Rangers” live-action TV show in 1993, the franchise was created by Haim Saban, owner of Saban Properties.
The TV series gave rise to a line of action figures and other merchandise, plus three movies, including “Saban’s Power Rangers” last year. The 2017 film, distributed by Lions Gate Entertainment Corp, sold $142 million worth of tickets worldwide, according to Box Office Mojo.
Earlier this year, Hasbro signed a deal with Saban for the toy maker to design, produce and bring to market a wide variety of toys and role-play items inspired by Power Rangers.
Pawtucket, Rhode Island-based Hasbro has taken several steps to boost its presence in the entertainment business as a way to fuel toy sales.
The company operates Hasbro Studios, which produces TV shows such as the Netflix Inc series, “Stretch Armstrong and the Flex Fighters.”
The toy industry’s traditional players have been undone in recent years by a shift toward thousands of rival, smaller producers selling on Amazon and other e-commerce sites, as well as kids’ preference for electronic games over physical toys.
Last week, Hasbro reported a net loss attributable to the company of $112.5 million, or 90 cents per share, in the first quarter ended April 1, compared with a profit of $68.6 million, or 54 cents per share, a year earlier.
In 2014, Hasbro held merger discussions with DreamWorks Animation SKG Inc, the studio behind “Shrek,” but DreamWorks was subsequently bought by Comcast Corp.
Last year, the toymaker also held talks to acquire U.S. movie studio and entertainment company Lions Gate, but those negotiations broke down over price, sources said at the time.
Hasbro has been seeking scale, and has attempted unsuccessfully to merge with peer Mattel Inc over the years, most recently in 2017. Adding to the sense of crisis in the toy sector, Mattel appointed its fourth chief executive in three years last week.
J.P. Morgan Securities LLC served as the financial adviser to Hasbro, according to the announcement. Reporting By Jessica Toonkel in New York; Additional reporting by Lisa Richwine in Los Angeles and Liana B. Baker and Greg Roumeliotis in New York; Editing by Bernadette Baum and Frances Kerry | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-sabanentertainment-m-a-hasbro-exclusi/exclusive-hasbro-to-acquire-power-rangers-other-franchises-from-saban-sources-idUKKBN1I23IL |
May 11 (Reuters) - GasLog Partners LP:
* GASLOG PARTNERS LP ANNOUNCES ELECTION OF DIRECTOR AT 2018 ANNUAL MEETING OF LIMITED PARTNERS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gaslog-partners-announces-election/brief-gaslog-partners-announces-election-of-director-idUSASC0A1TY |
Seth Kaye, a pink-haired designer, arrived in New York for the Consensus crypto conference this week, hoping that someone would talk to him about his idea to fund solar projects with a digital currency.
What he found was a mix of “cool techie people” and “greedy assholes”—though he did eventually run into someone who might help along his project.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/cryptocurrency-enthusiasts-abound-1526516180 |
''Border'' scoops top Un Certain Regard prize in Cannes 3:03am IST - 01:08
Scandinavian movie ''Border'' wins the Un Certain Regard prize at the Cannes Film Festival. Bob Mezan reports.
Scandinavian movie "Border" wins the Un Certain Regard prize at the Cannes Film Festival. Bob Mezan reports. //reut.rs/2wVWJLO | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/border-scoops-top-un-certain-regard-priz?videoId=428200290 |
CLEARWATER, Fla., May 24, 2018 /PRNewswire/ -- Tech Data (Nasdaq: TECD) today announced it has appointed Raffaelo Piccolo as managing director, Mexico effective June 1, 2018. Piccolo will oversee the strategic direction and execution of all sales and marketing functions for Tech Data's operations in Mexico, with a focus on profitable revenue generation, key initiatives to cultivate hypergrowth, new business development and enhanced vendor relationships. Piccolo will be based in Mexico City and report to Deena Piquion, vice president and general manager, Latin America and Caribbean (LAC).
"Raffaelo's experience with recognized leaders in technology and business process have equipped him well for his new position," said Piquion. "We believe Raffaelo's passion to serve customers and develop a team of high achievers will further build upon our success and momentum in Mexico. His experience with integrating teams and enabling a successful environment that continually exceeds expectations will help propel digital transformation forward for our customers in Mexico."
Piccolo joins Tech Data with more than 20 years of progressive leadership experience in IT and business consulting. Most recently, he served as managing sales director for HPE Aruba in Mexico since November 2015. In this role, he led the integration of HPE Networking and Aruba in the country, defining a unified workforce organization to deliver exponential growth within the combined portfolio. Piccolo joined Hewlett-Packard as a solution manager in 2003 and progressed through various sales and marketing leadership roles, including account management for HP partners. He began his career with McKinsey & Company, serving as an analyst and an associate. Piccolo holds a Bachelor of Science in Industrial and Systems Engineering from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA from the University of North Carolina at Chapel Hill.
Click to tweet : .@Tech_Data appoints Raffaelo Piccolo to lead #Mexico operations; http://www.techdata.com/news.html .
About Tech Data
Tech Data connects the world with the power of technology. Our end-to-end portfolio of products, services and solutions, highly specialized skills, and expertise in next-generation technologies enable channel partners to bring to market the products and solutions the world needs to connect, grow and advance. Tech Data is ranked No. 83 on the Fortune 500 ® and has been named one of Fortune's World's Most Admired Companies for nine straight years. To find out more, visit www.techdata.com or follow us on Twitter , LinkedIn , and Facebook .
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SOURCE Tech Data Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-tech-data-appoints-raffaelo-piccolo-to-lead-mexico-operations.html |
U.S. worker productivity increased modestly in the first quarter, and a jump in compensation supported views that inflation pressures were building up.
The Labor Department said on Thursday nonfarm productivity, which measures hourly output per worker, rose at a 0.7 percent annualized rate in the January-March quarter.
Fourth-quarter productivity was revised to show it increasing at a pace 0.3 percent instead of being unchanged as previously reported. Compared to the first quarter of 2017, productivity increased at a rate of 1.3 percent.
show chapters Weekly jobless claims tick higher 6 Hours Ago | 01:41 Economists polled by Reuters had forecast productivity rising at a 0.9 percent pace in the first quarter. Hourly compensation accelerated at a 3.4 percent rate in the January-March quarter after rising at 2.4 percent pace in the fourth quarter. It increased at a 2.5 percent rate compared to the first quarter of 2017.
Unit labor costs, the price of labor per single unit of output, rose at a 2.7 percent pace in the first three months of the year after rising at a rate of 2.1 percent in the fourth quarter. Compared to the first quarter of 2017, unit labor costs rose at a 1.1 percent rate. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/us-productivity-q1-2018.html |
May 2, 2018 / 5:37 AM / Updated 23 minutes ago Armenian protest leader pauses strike for talks with ruling party Margarita Antidze , Hasmik Mkrtchyan 5 Min Read
YEREVAN (Reuters) - The leader of a protest movement that has rocked Armenia on Tuesday called a pause in a campaign of civil disobedience while he seeks assurances that the ruling party will back him to be the next prime minister.
After a day of protests that blocked roads and railways and brought parts of the country to a standstill, a senior official with the ruling party hinted it may be willing to back Nikol Pashinyan when his candidacy for the premier’s job comes up for a vote in parliament next week.
That would signal a dramatic shift in power in Armenia and cause disquiet in Russia, which sees the ex-Soviet state as a strategic ally and does not want any changes that could pull the country out of its orbit.
Pashinyan - a 42-year-old former journalist who has spent time in jail on charges of fomenting unrest - said that on the face of it the ruling Republican Party was conceding defeat. But he said he needed to be certain it was not a ruse.
“Tomorrow, we will stage no actions,” Pashinyan, who has won a large following by accusing the ruling elite of corruption and cronyism, told tens of thousands of supporters gathered in a square in the capital, Yerevan.
“You will be resting tomorrow. We will be working in parliament and we will try to get the necessary guarantees that the statements made by the Republican party are true.”
He urged his supporters to listen out for further announcements, saying that if the talks did not go to plan, he may need to call them back out on to the streets.
“We should be vigilant,” he said.
Earlier on Wednesday, the head of the Republican Party in parliament, Vahram Baghdasaryan, told reporters that when lawmakers vote on who will fill the vacant prime minister’s post, his party will not put forward its own candidate. Related Coverage Armenia opposition leader calls one-day pause in protests
He said it will back whoever is nominated. So far, Pashinyan is the only nominee. Baghdasaryan did not say explicitly, though, that this meant his party would back Pashinyan.
His party has already sown confusion over its intentions, saying last week it would not stop Pashinyan becoming prime minister, and then opposing his candidacy when it was put to a vote in parliament on Tuesday.
The re-run of the vote is scheduled to take place on May 8. If parliament fails on the second attempt to choose a new prime minister, the legislature will be dissolved and early parliamentary elections called.
Armenia hosts a Russian military base and is nestled strategically between Turkey and energy exporter Azerbaijan, with which it has been in a state of conflict since the Soviet Union’s collapse.
Pashinyan says that if in power he will keep close ties with the Kremlin. But Moscow is wary that Armenia could go the same way as Ukraine in 2014, where an uprising swept to power new leaders who moved their country closer to the West. STANDOFF
The crisis in Armenia has pitted Pashinyan’s movement against a ruling elite that controls parliament, the security apparatus, and has Moscow’s backing. Armenian opposition supporters ride on a truck at Republic Square after protest movement leader Nikol Pashinyan announced a nationwide campaign of civil disobedience in Yerevan, Armenia May 2, 2018. REUTERS/Gleb Garanich
Throughout Wednesday in Yerevan all main streets were blocked by cars, minibuses and garbage bins. Protesters marched shouting “Nikol! Victory!”, waving flags and blowing horns. Police tried to persuade them to open roads, but did not use force.
In a sign of cracks in the ruling elite, acting Culture Minister Armen Amiryan resigned, according to his spokeswoman. She said protesters came to his ministry, and after meeting them he came outside and announced he was quitting.
By evening, blockades on roads outside the centre of the capital had been lifted.
For most of the day, roads leading in and out of the capital were blocked, including the road to the international airport. A spokesman for the civil aviation authority said one flight had been cancelled. Residents and local media reported protests in several other cities in the country of three million people.
The national railway operator said it was forced to suspend some rail services because tracks were blocked.
The crisis was sparked when Armenia’s veteran leader Serzh Sarksyan, forbidden by the constitution from standing for a third term as president after a decade in office, tried to become prime minister last month.
His switch to the new job triggered protests by people who saw it as a cynical ploy to hang onto power, and he stepped down after just a week. The ruling elite has since dug in its heels and resisted ceding power to Pashinyan.
Not all Armenians back the protests. Some see Pashinyan as a demagogue who is trying to oust the country’s democratically elected leaders by whipping up public anger.
Reuters reporters witnessed two incidents in Yerevan when the drivers of vehicles remonstrated with protesters blocking their path. Slideshow (17 Images)
“The country can’t exist like this. I couldn’t get to work today,” said Zhanna Petrosyan, a 56-year-old doctor. Additional reporting by Polina Ivanova in MOSCOW; Writing by Christian Lowe; Editing by Hugh Lawson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-armenia-politics-protests/armenia-protesters-block-routes-to-capital-road-to-airport-idUKKBN1I30H5 |
WASHINGTON (AP) — President Donald Trump told leaders of the world's top automakers on Friday that he wants to see more cars built in the United States as his administration weighs plans to reduce gas mileage and pollution requirements enacted during the Obama administration.
Trump said in a meeting in the Roosevelt Room of the White House that he intended to discuss environmental controls, fuel efficiency standards and the "manufacturing of millions of more cars within the United States, for Michigan, for Ohio, for Pennsylvania" and states like South Carolina and North Carolina.
As the auto executives introduced themselves, the president joked to Sergio Marchionne, the chairman and chief executive of Fiat Chrysler, that "right now he's my favorite man in the room" because he's moving a plant from Mexico to Michigan.
Trump won the presidency in 2016 in part by his strength in the industrial Midwest states of Michigan and Ohio, which employ thousands of people in the auto manufacturing industry and its suppliers. The meeting came as the administration has been holding extensive negotiations with Mexico and Canada on a rewrite of the North American Free Trade Agreement, which the auto industry is watching warily.
Asked if the deal might adversely affect the industry, Trump said, "NAFTA has been a terrible deal, we're renegotiating it now, we'll see what happens."
"Mexico and Canada, look, they don't like to lose the golden goose. But I'm representing the United States. I'm not representing Mexico and I'm not representing Canada," he said. "We'll see if we can make it reasonable."
The auto industry wants to relax the fuel economy standards, but not so much that they provoke a legal fight with California, which has power to impose its own stricter tailpipe pollution limits. Such a fight could bring two mileage standards in the U.S., forcing automakers to engineer and produce two versions of each of their vehicle models, driving up costs.
Ahead of the meeting, the White House said Trump would discuss with the CEOs the impact of the rulemaking on the auto industry and their efforts to negotiate a 'National Program' with the state of California. The meeting included Environmental Protection Agency Administrator Scott Pruitt, Transportation Secretary Elaine Chao and other officials.
In testimony before a congressional committee this month, Mitch Bainwol, CEO of the Alliance of Automobile Manufacturers, said the trade group has urged the Trump administration to find a solution that increases mileage requirements from 2022 to 2025 and includes California in order to keep one national standard.
"The resulting regulatory nightmare would ultimately harm consumers by increasing vehicle costs and restricting consumer choice," Bainwol said.
If California splits from the federal rule, it likely would be joined by 12 states that follow its standards. Together they make up about 40 percent of U.S. new-vehicle sales.
The EPA under Trump has proposed freezing the standards at 2020 levels for the next five years, according to a draft of the proposal obtained by Sen. Tom Carper, D-Del. Under the proposal, the fleet of new vehicles would have to average roughly 30 miles per gallon in real-world driving, and that wouldn't change through at least 2025.
The EPA under Obama proposed standards that gradually would become tougher during that period, rising to 36 mpg in 2025, 10 mpg higher than the current requirement. California and automakers agreed to the rules in 2012, setting a single national fuel economy standard.
Any big change by Trump certainly would bring lawsuits from environmental groups as well as California. Leaks about the Trump EPA plan already have provoked a suit from California and 16 other states.
Automakers have been lobbying the Trump administration to revisit the requirements, saying they'll have trouble reaching them because people are buying bigger vehicles due to low gas prices.
When the single national standard was adopted six years ago, cars, which get better mileage than trucks and SUVs, made up just under half of U.S. new vehicle sales. By the end of last year, however, trucks and SUVs were close to two-thirds of all sales.
Some environmental groups oppose any reduction in the standards, saying that the ones developed in 2012 allow for changes in consumer buying habits. Reducing the standards, they say, will increase pollution and raise gasoline prices at the pump.
Requirements now are lower for bigger vehicles such as trucks and SUVs, said Luke Tonachel, director of clean vehicles for the Natural Resources Defense Council. "The standards automatically adjust to the sales mix of vehicles," he said.
Environmental groups also say the industry marketed trucks and SUVs to the public because they make bring higher profits than cars.
Daniel Becker of the Safe Climate Campaign, an environmental advocacy group, said the new EPA proposal may go further than the industry wanted, giving it a black eye from the public and creating two mileage requirements.
Auto executives attending the meeting included Marchionne, General Motors CEO Mary Barra, Ford CEO Jim Hackett and Bob Carter, executive vice president of North America for Toyota. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/the-associated-press-trump-tells-worlds-top-automakers-to-build-more-cars-in-us.html |
* Netanyahu to make announcement regarding Iran deal
* U.S. rig count rises to 825, highest since March 2015
* Marathon to buy rival Andeavor, creating biggest U.S. refining company (New throughout, updates prices, market activity and comments; new byline, changes dateline, previous LONDON)
NEW YORK, April 30 (Reuters) - Oil rose slightly on Monday, bouncing off early losses after Israeli Prime Minister Benjamin Netanyahu said he would make an announcement later in the day about the nuclear deal with Iran.
Brent crude futures were up 31 cents at $74.95 a barrel by 12:17 p.m. EDT (1617 GMT).
U.S. West Texas Intermediate (WTI) futures were up 23 cents on the day at $68.33 a barrel.
Earlier in the session, both benchmarks had been down about 1 percent.
"We started off pretty deep in red, as a function of the conversations between Macron and Rouhani over the weekend... They were determined to find a middle ground," said Bob Yawger, director of energy futures at Mizuho, of the meetings between the French and Iranian presidents.
"But if the U.S. is not part of the deal, then there really is no deal," Yawger said.
Netanyahu will make a televized announcement at 1:00 p.m. EDT (1700 GMT) in what his office said would be a "significant development" regarding the nuclear agreement with Iran.
U.S. President Donald Trump has until May 12 to decide whether to restore sanctions on Iran that were lifted after a 2015 international agreement over its nuclear program.
Oil prices have risen this month to their highest since late 2014, driven by concern over potential disruptions to Iranian crude flows, but analysts said the market is extremely sensitive to any developments on the nuclear deal and sanctions due to the high degree of uncertainty.
"Until May 12, you're not going to see any significant downward correction," PVM Oil Associates strategist Tamas Varga said. "Reimposing U.S. sanctions is not a foregone conclusion just yet."
U.S. drillers added five oil rigs in the week to April 27, bringing the total count to 825, the highest since March 2015, General Electric's Baker Hughes energy services firm said.
Crude production in the United States has hit a record 10.59 million barrels per day. <C-OUT-T-EIA>
And in the latest development in the U.S. shale boom, Marathon Petroleum Corp agreed to buy rival Andeavor for more than $23 billion. The largest-ever tie-up between U.S. refiners will give the combined company a nationwide presence and increased access to growing export markets.
The deal gives Marathon more exposure to U.S. shale, thanks to Andeavor's existing logistics and terminal operations in Texas and North Dakota shale regions. (Additional reporting by Amanda Cooper in LONDON, Koustav Samanta in SINGAPORE; Editing by Jane Merriman, Mark Potter and David Gregorio) | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/reuters-america-update-6-oil-edges-up-as-israel-sets-announcement-on-iran-deal.html |
5/18/2018 10:00AM Reporting on Theranos and Elizabeth Holmes Wall Street Journal investigative reporter John Carreyrou recounts some of the more unusual experiences he had while uncovering the story of Theranos's fraudulent business practices. | ashraq/financial-news-articles | http://www.wsj.com/video/reporting-on-theranos-and-elizabeth-holmes/22C3F84E-0985-4EEE-8B74-256CD6D489D7.html |
May 3 (Reuters) - KBC GROEP NV:
* HAS DECIDED TO DISTRIBUTE GROSS DIVIDEND OF EUR 3 PER SHARE FOR 2017
* EX-DIVIDEND DATE MAY 7, 2018 Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-kbc-groep-to-distribute-2017-gross/brief-kbc-groep-to-distribute-2017-gross-dividend-of-3-euros-per-share-idUSFWN1SA18A |
May 2, 2018 / 6:48 AM / Updated 31 minutes ago OC Oerlikon says banks need explanations over U.S sanctions Reuters Staff 1 Min Read
ZURICH (Reuters) - Swiss technology group OC Oerlikon ( OERL.S ) said some financial institutions still required explanations over the United States sanctions slapped on its largest shareholder, Russian oligarch Viktor Vekselberg. FILE PHOTO: Renova Group Chairman Viktor Vekselberg attends a session during the Week of Russian Business, held by the Russian Union of Industrialists and Entrepreneurs (RSPP), in Moscow, Russia, February 7, 2018. REUTERS/Sergei Karpukhin/File Photo
“Oerlikon has the first evidence from some financial institutions resulting in additional alignment requirements to secure current and future financial transactions,” Chief Executive Roland Fischer told Reuters on Wednesday.
“We are closely monitoring the situation and are in continuous dialogue with our commercial banks,” he added.
Oerlikon itself is not directly affected by the sanctions on Vekselberg, one of the oligarchs targeted by the United States as punishment for alleged Russian meddling in the 2016 U.S. election.
Oerlikon, where Vekselberg has a 43 percent stake, said customers were still placing orders. Reporting by Oliver Hirt, writing by John Revill; Editing by Michael Shields | ashraq/financial-news-articles | https://www.reuters.com/article/us-oerlikon-sanctions/oc-oerlikon-says-banks-need-explanations-over-u-s-sanctions-idUSKBN1I30OT |
May 31, 2018 / 6:23 PM / Updated 3 minutes ago Cavs' coach Tyronn Lue being treated for anxiety Reuters Staff 2 Min Read
Cleveland Cavaliers coach Tyronn Lue revealed to ESPN that he’s been getting treated for anxiety since taking a leave of absence from the team earlier this season. May 30, 2018; Oakland, CA, USA; Cleveland Cavaliers head coach Tyronn Lue addresses the media in a press conference during NBA Finals media day at Oracle Arena. Mandatory Credit: Kyle Terada-USA TODAY Sports
Lue, 41, missed nine games after “piercing” chest pains kept him in the locker room for the start of the third quarter of a game against the Chicago Bulls on March 17. He changed his medications and diet in the wake of the health scare and has had no reported issues since.
“I’m glad it wasn’t anything serious,” Lue told ESPN’s Rachel Nichols. “Just anxiety, and the medication I’m on is great. No more chest pains, so everything’s been great.”
Tests performed in March revealed anxiety was playing a part in Lue’s symptoms, according to ESPN. Cavs owner Dan Gilbert and general manager Koby Altman told him he needed to take time to address his health, which Lue did with the support of star player LeBron James and Golden State Warriors coach Steve Kerr, among others.
“I think for the first time in my career, 20 years, I had a chance to focus on me. It wasn’t as bad as people thought it was. But I did have some chest pains for the last couple of years. And I was just trying to be able to get through it not knowing what was wrong with me,” Lue told Nichols. “So the two weeks I took off, just finally had a chance to focus on myself and change my diet. Hired a chef. Stopped drinking as many Shirley Temples. And stopped with the sweets and got back to taking care of myself. Now I feel great.
“I think when you’re going through a tough season, tough stretch, it’s easy to say you’re going to bow out. And I didn’t want to be that guy. It was tough,” Lue continued. “LeBron playing all 82 games, I wanted to be able to coach all the 82 games and give the team everything they needed.”
Lue’s Cavaliers are back in the NBA Finals for a fourth straight season, opposite Kerr’s Warriors. Game 1 of the best-of-seven series tips off Thursday night in Oakland, Calif.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-cle-lue/cavs-coach-tyronn-lue-being-treated-for-anxiety-idUSKCN1IW2Q9 |
SAO PAULO (Reuters) - Power company China State Grid Corp Ltd [STGRD.UL] will invest 140 billion reais ($38 billion) in Brazil over the next five years, including investments in transmission and generation, an executive said on Wednesday.
Investment in the transmission segment alone will total more than 90 billion reais, Qu Yang, vice president of State Grid’s Brazilian unit, said at a conference in Sao Paulo.
Qu said the company had evaluated the potential for solar and wind power in Brazil, including in the northeastern states of Bahia and Rio Grande do Norte, and in the south of the country.
He said it could use ultra-high voltage transmission technology - which sends huge amount of power long distances with low losses - to connect remote areas that can generate large amounts of wind and solar to population centers in Rio de Janeiro, Sao Paulo and the rest of the Americas.
“I’ve talked to other big power generation companies and they’re all worried with the rise of wind power that they’ll generate more than they’ll use,” he said. “But we can install a (transmission line) that can send it where it needs to go. We could even send it all the way to the U.S.”
Reporting by Jake Spring; Editing by Lisa Shumaker and Peter Cooney
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NEW YORK--(BUSINESS WIRE)-- Rowley Law PLLC is investigating potential claims against RPX Corporation (NASDAQ: RPXC) and its board of directors for breach of fiduciary duty concerning the proposed acquisition of the company by HGGC. Stockholders will receive $10.50 in cash for each share of RPX Corporation that they hold. The transaction is valued at approximately $555 million and is expected to close in the second or third quarter of 2018.
If you are a stockholder of RPX Corporation and are interested in obtaining additional information regarding this investigation, please visit us at: http://www.rowleylawpllc.com/investigation/rpx . You may also contact Shane Rowley, Esq. at Rowley Law PLLC, 50 Main Street Suite 1000, White Plains, NY 10606, by email at [email protected] , or by telephone at 914-400-1920 or 844-400-4643 (toll-free).
Rowley Law PLLC represents shareholders nationwide in class actions and derivative lawsuits in complex corporate litigation. For more information about the firm and its attorneys, please visit http://www.rowleylawpllc.com .
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View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006412/en/
Rowley Law PLLC
Shane Rowley, Esq., 914-400-1920
844-400-4643 (toll-free)
50 Main Street Suite 1000
White Plains, NY 10606
[email protected]
Source: Rowley Law PLLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-alert-rowley-law-pllc-is-investigating-proposed-acquisition-of-rpx-corporation.html |
As the Trump administration reassesses federal guidelines aimed at decreasing racial disparities in school discipline, educators in one Oklahoma school district reflect on how the issue has been addressed in their schools. Photo: Jeff Bush/ The Wall Street Journal | ashraq/financial-news-articles | http://live.wsj.com/video/schools-grapple-with-discipline-policies/E70BE477-92DE-49D6-8119-F0DD985FE871.html |
Early DraftKings investor Rick Heitzmann talks the future of sports gambling 18 Hours Ago Rick Heitzmann, FirstMark Capital, discusses the future of sports gambling following the Supreme Court decision earlier this week. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/draftkings-investor-rick-heitzmann-future-sports-gambling.html |
(Reuters) - Shares of Jet Airways (India) Ltd on Thursday plunged to an over 15-month low after the company posted a 10.36 billion-rupee ($151.64 million) loss for the March quarter, as the aviation industry is grappling with higher fuel prices.
People watch a passenger aircraft belonging to India's private airline Jet Airways land at Mumbai airport April 11, 2007. REUTERS/Arko Dutta/Files Aircraft fuel expenses surged 31 percent for the quarter while foreign exchange losses amounted to 1.32 billion rupees, the country's second-largest airline by market share said in a statement on Wednesday. reut.rs/2IH9Hmk
Jet Airways flagged that it has incurred a loss during the year and has a negative net worth that “may create uncertainties.” It added that it is working to reduce costs, improve operational efficiency and raise funds to address any uncertainties.
The auditors, referring to the company’s note on the uncertainties it may face, said that the assumption of operating as a going concern depends on Jet Airways realising various initiatives it has undertaken to raise funds or generate cash flows to meet its future obligations.
“Our opinion is not modified in respect of this matter,” they said.
“Jet has been hurt more as they have more exposure in high competition routes and they face IndiGo in most of these places,” said Gagan Dixit, analyst with Elara Capital.
Jet’s bigger rival IndiGo, owned by InterGlobe Aviation, had reported a 73 percent slump in March-quarter profit.
IndiGo shares were trading 0.47 percent higher while those of Spicejet Ltd were down 3.45 percent.
“Slightly lower yields, plus maintenance expense and exchange losses affected them in this quarter. The loss is a negative surprise ... I’d expected a marginal profit of 250 million rupees,” Dixit said.
Oil prices continue to remain a concern, he added.
Shares were down 6.9 percent as at 0740 GMT, after falling as much as 12.1 percent to 370.05 rupees earlier in the session.
The stock may fall up to 332.6 rupees, which is the 100 pct Fibonacci retracement of the uptrend from Dec 27, 2017 low to Jan 5, 2018 high.
($1 = 68.3200 Indian rupees)
Jet Airways aircraft stand on tarmac at the domestic airport terminal in Mumbai September 9, 2009. REUTERS/Punit Paranjpe/Files Additional reporting by Tanvi Mehta in Bengaluru and Aditi Shah in New Delhi
| ashraq/financial-news-articles | https://in.reuters.com/article/jet-airways-results/jet-airways-sinks-on-march-quarter-disappointment-idINKCN1IP124 |
1 Hour Ago | 03:06
The path of the next three Federal Reserve rate hikes is clear but after that the central bank has to be more cautious about how it proceeds, Dallas Fed President Robert Kaplan told CNBC on Friday.
The Fed funds rate is currently at a target of 1.5 to 1.75 percent. On Wednesday, the Fed opted to hold rates steady , but it is widely expected to announce a hike in June.
"Once we get in the mid 2s, I think the going gets a lot tougher. We have to be very, very careful," Kaplan told Steve Liesman on " Closing Bell ."
That's because he thinks economic growth can start to look sluggish in the future thanks to "demographics, sluggish productivity [and] high levels of debt-to- GDP. "
He's also keeping his eye on the bond market .
The yield curve, which tracks the difference between longer- and shorter-term bond yields, is flattening, meaning they are getting closer together. Investors are concerned it may invert, which means long-term Treasury yields would be lower than short-term yields. Historically, when that happens, an economic recession has usually followed.
Kaplan said it would give him "great pause" if he was faced with a decision of raising rates and causing the yield curve to invert.
"I'm not going to predict what I will or won't do," he said. "Right now as I sit here, I don't want to knowingly invert the yield curve."
He believes the flatness in yields "says we're late cycle."
He said 2018 will be a good year, with a lot of stimulus. However, the economy will then start to grow a bit more slowly, he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/after-next-few-rate-hikes-fed-needs-to-be-very-careful-kaplan.html |
NEW YORK, May 31, 2018 /PRNewswire/ -- Leeds Equity Partners, LLC ("Leeds Equity"), the New York-based private equity fund focused exclusively on investing in the Knowledge Industries, announced today the sale of Fulcrum Financial Data, LLC ("Fulcrum" or the "Company") to Fitch Group. The transaction is subject to regulatory approval and terms were not disclosed.
Leeds Equity acquired Covenant Review in 2014 and made a series of strategic acquisitions to broaden the Company's solution set. These acquisitions included CapitalStructure Ltd. and PacerMonitor, LLC. The Company also launched LevFin Insights, LLC. The business was renamed Fulcrum Financial Data in 2016.
"The partnership with Leeds Equity has been incredibly rewarding," said Steve Miller, CEO of Fulcrum. "The sale to Fitch Group is a great outcome and the culmination of a fun and productive journey with the Leeds team – a journey characterized by collaboration, effective communication and transparency. I could not have asked for better partners."
Scott VanHoy, Managing Director of Leeds Equity Partners, said, "We were extremely fortunate to have Steve Miller as Fulcrum's steward. Steve's leadership, savvy and depth of industry experience were integral to properly executing our shared vision for Fulcrum. What started as a single solution is now a leading credit information platform with diversified credit securities coverage, content offerings and geographic scope. Fulcrum will be a strong catalyst for Fitch Group's leveraged finance franchise and we wish Steve Miller and the rest of the Fulcrum management team continued success."
"Our investment thesis for the Company was predicated on building scale and continuing Fulcrum's production of differentiated, value-added content. We balanced these initiatives through select acquisitions, measured market expansion and key personnel investments," said David Neverson, Vice President of Leeds Equity Partners. "It was a pleasure to partner with Steve Miller and his team and we wish them all the best."
Fulcrum represents one of Leeds Equity's many information services investments. Other current and historical investments in the sector include Simplify Compliance, a provider of information and compliance solutions, events and training, Evanta, a provider of executive development and collaboration solutions, and Ex Libris, a provider of automation solutions for academic, research and national libraries.
Houlihan Lokey, Inc. served as financial advisor and Goodwin Procter LLP served as legal counsel to Fulcrum.
About Leeds Equity Partners:
Leeds Equity Partners, LLC, is a New York-based private equity firm focused exclusively on investing in the education, training, information services and software industries (the "Knowledge Industries"). Since 1993, Leeds Equity has deployed more than $2.6 billion of capital to a broad spectrum of companies across the Knowledge Industries. Leeds Equity seeks to leverage its sector-focused expertise and market insights to create long term value.
For additional information on Leeds Equity Partners, see
http://www.leedsequity.com/
For More Information:
Jeffrey T. Leeds
Tel. 212-835-2000
Fax: 212-835-2020
www.leedsequity.com
View original content: http://www.prnewswire.com/news-releases/leeds-equity-partners-announces-sale-of-fulcrum-financial-data-to-fitch-group-300657098.html
SOURCE Leeds Equity Partners, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-leeds-equity-partners-announces-sale-of-fulcrum-financial-data-to-fitch-group.html |
NEW YORK (Reuters Breakingviews) - About one in three employees at Google, Facebook and Apple is a woman. That’s an imbalance that tech sector executives Sheryl Sandberg and Tim Cook say they want to change. Yet even if their companies set a target of just over half their new recruits being women, a Breakingviews calculator shows that closing the gender gap will take up to 15 years.
Sheryl Sandberg, Chief Operating Officer of Facebook speaks at the WSJD Live conference in Laguna Beach, California October 25, 2016. REUTERS/Mike Blake Silicon Valley’s persistent maleness has a few culprits. One is the education system tech firms depend on to hire engineering and related jobs. Less than one-fifth of computer and information science majors are female, according to statistics from the National Center for Women & Information Technology.
Companies entrench the problem by failing to promote women or retain them. Research from McKinsey and LeanIn.Org found that at 200 companies surveyed, women made up 36 percent of entry level positions in the technology sector but just 27 percent of middle-management positions. The figures were worse for positions at vice-president level or above.
There’s one decisive way to make a difference: for companies to set clear gender targets when they hire. Say Google, Facebook and Apple committed to 51 percent of new staff being women – pretty close to the overall makeup of the labor market. Based on the rate their workforces expanded last year, and assuming one in five existing workers quit and are replaced annually, it would take Apple 15 years to reach parity. Google would do it in 14, and Facebook in a faster-but-still-slow seven years.
Small steps make a big difference. Set a truly bold goal of six in 10 new hires being women, keeping all else constant, and all three companies would achieve parity within six years.
The idea of setting targets might sound draconian and overly simple. Tech companies will say they hire people because of their talent not their gender. There are all sorts of factors that could impede getting more women in the workplace. A low rate of staff turnover, while good in itself, would slow the pace of change. But Silicon Valley needs to start somewhere, or noticeable change will take decades. Setting out a clear, numeric goal for hiring, and sticking to it, might be the most innovative thing these giant disruptive companies can do.
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors.
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-tech-gender-breakingviews/breakingviews-closing-techs-gender-gap-will-take-decades-idUSKCN1II20E |
May 3, 2018 / 12:01 PM / a few seconds ago SNC-Lavalin's quarterly profit falls 13 percent on higher costs Reuters Staff 1 Min Read
(Reuters) - Canadian construction and engineering firm SNC-Lavalin Group Inc ( SNC.TO ) on Thursday reported a 13 percent fall in quarterly profit, hurt by higher costs.
The company’s net income attributable to shareholders fell to C$78.1 million ($60.7 million), or 44 Canadian cents per share, in the first quarter ended March 31, from C$89.7 million, or 60 Canadian cent per share, a year earlier.
Revenue rose to C$2.37 billion from C$1.79 billion. Reporting by Akshara P in Bengaluru; Editing by Maju Samuel | ashraq/financial-news-articles | https://www.reuters.com/article/us-snc-lavalin-results/snc-lavalins-quarterly-profit-falls-13-percent-on-higher-costs-idUSKBN1I41CS |
CALGARY, Alberta, May 15, 2018 (GLOBE NEWSWIRE) -- Questor Technology Inc. (“Questor” or the “Company”) (TSX-V:QST) is pleased to announce it’s financial and operating results for the first quarter of 2018.
Highlights
(Stated in Canadian dollars except per share and unit data)
For the three months ended March 31, 2018
($) 2017
($) Change
(%) Revenue 5,996,936 3,023,279 98 Gross profit (1) 3,840,344 1,460,982 >100 Comprehensive Income 1,925,486 419,311 >100 Adjusted EBITDA (1) 3,492,783 847,118 >100 Earnings per share - Basic and Diluted 0.07 0.02 >100 Total assets (end of period) 24,520,794 16,505,705 49 Working Capital (end of period) 7,305,454 7,280,859 (6 ) Total equity (end of period) 20,810,018 15,224,118 37 (1) Non-IFRS financial measure. Please see discussion in the Non-IFRS Financial Measures section of Questor’s Management’s Discussion and Analysis for the three months ended March 31, 2018.
Revenue in the first quarter of 2018 was $6.0 million, an increase of 98 percent from the same period in 2017. The Company’s rental revenue increased to $4.3 million from $1.5 million due to higher activity in the United States. The Company invested $8.2 million in rental unit expansion since March 31, 2017 resulting in 150% more rental units compared to the first quarter in 2017. The Company continued to realize stong rental utilization during the three months ended March 31, 2018 which was consistent with the same period of 2017.
Gross profit increased by 163 percent as result of higher rental revenue and its impact on revenue mix. Rental revenue mix increased from 50% in 2017 to 72% in 2018, rental revenues carry lower cost of sales which resulted in improved overall margins and gross profit.
During the three months ended March 31, 2018 , the Company renegotiated its existing Operating Loan Facility (“Operating Loan”), secured an additional Capital Loan Facility (Capital Loan”) and Export Development Canada (“EDC”) Secured Letter of Guarantee Facility. The Company’s operating loan has been increased to a maximum of $1,000,000 (previously $560,000), the availability of which is subject to specified margin requirements. The capital loan was secured to assist in the financing of capital expenditures. The facility makes available a revolving demand capital loan to a maximum of $5,000,000. The EDC facility was secured to assist in the financing of the day-to-day operations of the Company through the issuance by the Bank of letters of guarantee, standby letters of credit and performance bonds.
The Company invested $2.3 million into the rental fleet for the three months ended March 31, 2018. The new rental equipment has been mobilized to the United States region.
PRESIDENT’S MESSAGE
Questor’s President and Chief Executive Officer, Audrey Mascarehas commented on the financial and operating results for the first quarter of 2018. “We invested $2.3MM this quarter to continue to grow the rental fleet in Colorado to assist our clients in meeting Regulation 7, which mandates enclosed combustion like Questor’s for oilfield operations to deal effectively with emissions. In addition to providing rental units for flow backs, we continue to deliver hybrid units to the Colorado market to solve the emission requirements in the production and operations phase. The hybrid units allow our clients to purchase a base level of capacity and rent additional capacity to meet the shorter term demands of high initial production or limited gas pipeline take away capacity. The benefits to the client are lower capital and operating costs, reduced lease footprint and clean enclosed combustion to meet stringent emission regulations in a capital constrained environment.
Recently, Questor’s Q5000s were independently tested on a client’s site at over 99.99%. The significance of this live test under normal flowing conditions is that clients are now able to increase their permitted VOC destruction from the default 95% to 99%, when they use a Questor incinerator. This translates directly into an increase in oil production or sufficient operating room within their new air permits. Questor already has new clients benefitting from this performance uplift.
In addition to meeting industry’s requirements for emissions control resulting from drilling, fracturing and production operations, Questor is seeing a significant demand for emissions control for well abandonment operations. Recent Colorado State regulations require producers to abandon inactive wells prior to being eligible to receive permits for drilling new wells. Colorado has mandated the use of enclosed combustion for all Plugging and Abandonment (P&A) operations. To address these needs Questor redirected part of the 2018 capital budget to design, built and deploy three new specially designed P&A hydraulic trailer-combustor set-ups this quarter, all of which have been rented. With continuing demand Questor will add new P&A units which allow clients to set up and demobilize in minutes while being transported from site to site.
Questor is proud to be recognized and selected for its cost effective solutions and will continue its pursuit of earning the confidence and business of existing clients as well as new customers. Our solid equipment performance, ease of setup and user friendliness has given us a reputation for best in class. With our strong balance sheet, we will continue to commit capital to grow our presence in regions where producers are looking for high performing, cost-effective technologies to manage their waste gas and fugitive emissions. Other States in the US are in the process of implementing similar rules to those in Colorado to deal with emissions. Questor has demonstrated in Colorado that our technology cost effectively deals with methane emissions and other hazardous air pollutants.
We are pursuing opportunities in jurisdictions where regulations mandate not just clean combustion but the beneficial use of the gas. Our diverse technologies such as power and water treatment from waste heat, are key components to meeting that mandate and important to our strategy for diversification and differentiation.
Questor’s Vice President of Sales and Marketing is actively diversifying our customer base and Questor is fully engaged in providing solutions for the complete life cycle. We have established a strong supply chain and vendor network to scale up in a timely way that has been tested and can respond and grow with us. The young age of our rental fleet provides the platform for sustainable revenue generation. Our strong balance sheet will allow us to take advantage of the opportunities we see in the pipeline for Questor in 2018”.
Questor’s consolidated financial statements and notes thereto and Management’s Discussion and Analysis for the three months ended March 31, 2018 will be available shortly on the Company’s website at www.questortech.com and through SEDAR at www.sedar.com .
ABOUT QUESTOR TECHNOLOGY INC.
Questor Technology Inc. (“Questor” or the “Company”) is incorporated in Canada under the Business Companies Act (Alberta). Questor is a public, international environmental Cleantech company founded in 1994 and headquartered in Calgary, Alberta, with field offices located in; Grande Prairie, Alberta; Brighton, Colorado; and Brooksville, Florida. The Company is active in Canada, the United States, Europe and Asia and is focused on clean air technologies that safely and cost effectively improves air quality, support energy efficiency and greenhouse gas emission reductions. Questor designs, manufactures and services high efficiency waste gas combustion systems; as well as, power generation systems and water treatment solutions utilizing waste heat. The Company’s proprietary incinerator technology is utilized worldwide in the effective management of Methane, Hydrogen Sulphide gas, Volatile Organic Hydrocarbons, Hazardous Air Pollutants and BTEX gases ensuring sustainable development, community acceptance and regulatory compliance. Questor and its subsidiary, ClearPower Systems are providing solutions for landfill biogas, syngas, waste engine exhaust, geothermal and solar, cement plant waste heat in addition to a wide variety of oil and gas projects in Canada, throughout the United States, the Caribbean, Western Europe, Russia, Thailand, Indonesia and China.
Questor trades on the TSX Venture Exchange under the symbol ‘QST’.
Audrey Mascarenhas Dan Zivkusic President and Chief Executive Officer Chief Financial Officer Phone: (403) 571-1530 Phone: (403) 539-4371 Facsimile: (403) 571-1539 Facsimile: (403) 571-1539 Email: [email protected] Email: [email protected] Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company’s current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company’s public disclosure documents. Many factors could cause the Company’s actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This document is not intended for dissemination or distribution in the United States.
Source: Questor Technology Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-questor-technology-inc-announces-a-98-percent-revenue-increase-in-first-quarter-2018.html |
MOUNTAIN VIEW, Calif., May 9, 2018 /PRNewswire/ -- CEVA, Inc. (NASDAQ: CEVA), the leading licensor of signal processing platforms and artificial intelligence processors for smarter, connected devices, announced today its financial results for the first quarter ended March 31, 2018. Starting in fiscal year 2018, CEVA will report its earnings under the new revenue recognition standard, ASC 606.
Total revenue for the first quarter of 2018 was $17.6 million, a 17% decrease compared to $21.3 million reported for the first quarter of 2017. First quarter 2018 licensing and related revenue was $10.1 million, an increase of 6% when compared to $9.5 million reported for the same quarter a year ago. Royalty revenue for the first quarter of 2018 was $7.5 million, a decrease of 36% when compared to $11.8 million reported for the first quarter of 2017.
Under ASC 606, CEVA's royalty revenue represents actual or best estimates of customer shipments during the first quarter. Revenues for the first quarter of 2017 was reported under ASC 605, the old revenue recognition standard, where royalty revenue was reported one quarter in arrears. Under ASC 605, CEVA's first quarter 2018 royalty revenue was $10.0 million, a decrease of 15% year-over-year compared to $11.8 million reported for the first quarter of 2017. As required by the Financial Accounting Standards Board, throughout 2018, CEVA's quarterly financials will be provided under both revenue recognition standards to allow a more aligned year-over-year comparison.
Gideon Wertheizer, CEO of CEVA, stated: "Our licensing business continues to perform very well, with fourteen deals signed, including two lead customers each for our new CEVA-NeuPro AI processors and our CEVA-ClearVox noise suppression and beamforming technologies. In our royalty business, the market experienced excess channel inventory in the low tier smartphone and feature phone markets, which resulted in weaker than expected baseband shipments in the first quarter. This was partially offset by continued growth in shipments and revenue from our non-handset baseband customers, increasing 58% and 39%, respectively, over first quarter 2017 actual shipments."
Of the fourteen license agreements completed during the quarter, eight were for CEVA DSP and AI products, and six were for CEVA connectivity IPs. All of the licensing agreements signed during the quarter were for non-handset baseband applications and three were with first-time customers of CEVA. Customers' target markets for the licenses include smart cameras and vehicle-to-vehicle communications for ADAS, surveillance cameras, cellular IoT, Bluetooth headsets, car infotainment systems and advanced consumer cameras. Geographically, four of the deals signed were in China, two were in the U.S., two were in Europe and six were in the APAC region, including Japan.
GAAP net loss for the first quarter of 2018 was $2.2 million, as compared to a net gain of $4.1 million reported for the same period in 2017. GAAP diluted loss per share for the first quarter of 2018 was ($0.10), as compared to diluted earnings per share of $0.19 a year ago.
Non-GAAP net income and diluted earnings per share for the first quarter of 2018 were $0.8 million and $0.04, respectively, down from the $6.3 million and $0.28 reported for the first quarter of 2017. Non-GAAP net income and diluted earnings per share for the first quarter of 2018 excluded: (a) equity-based compensation expense, net of taxes, of $2.6 million, and (b) the impact of the amortization of acquired intangibles of $0.4 million associated with the acquisition of RivieraWaves and an investment in NB-IoT technologies. Non-GAAP net income and diluted earnings per share for the first quarter of 2017 excluded: (a) equity-based compensation expense, net of taxes, of $1.8 million, and (b) the impact of the amortization of acquired intangibles of $0.3 million associated with the acquisition of RivieraWaves.
Under ASC 605, total revenue was $19.5 million. GAAP net loss and diluted loss per share were ($0.5) million and ($0.02), respectively. Non-GAAP net income and diluted earnings per share for the first quarter of 2018 were $2.5 million and $0.11, respectively.
Yaniv Arieli, Chief Financial Officer of CEVA, stated: "During the quarter, we invested in new cellular IoT technologies to strengthen our position and value-add to customers in this burgeoning market segment. Additionally, the company repurchased approximately $1.5 million of its common stock under our existing share repurchase program. At the end of the quarter, our cash balance, marketable securities and bank deposits totaled $183 million, with no debt."
CEVA Conference Call
On May 9, 2018 CEVA management will conduct a conference call at 8:30 a.m. Eastern Time to discuss the operating performance for the quarter.
The conference call will be available via the following dial in numbers:
U.S. Participants: Dial 1-844-435-0316 (Access Code: CEVA) International Participants: Dial +1-412-317-6365 (Access Code: CEVA)
The conference call will also be available live via webcast at the following link: https://www.webcaster4.com/Webcast/Page/984/25277 . Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.
For those who cannot access the live broadcast, a replay will be available by dialing 1-877-344-7529 or +1-412-317-0088 (access code: 10118895) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on May 16, 2018. The replay will also be available at CEVA's web site www.ceva-dsp.com .
About CEVA, Inc.
CEVA is the leading licensor of signal processing platforms and artificial intelligence processors for a smarter, connected world. We partner with semiconductor companies and OEMs worldwide to create power-efficient, intelligent and connected devices for a range of end markets, including mobile, consumer, automotive, industrial and IoT. Our ultra-low-power IPs for vision, audio, communications and connectivity include comprehensive DSP-based platforms for LTE/LTE-A/5G baseband processing in handsets, infrastructure and machine-to-machine devices, advanced imaging and computer vision for any camera-enabled device, audio/voice/speech and ultra-low power always-on/sensing applications for multiple IoT markets. For artificial intelligence, we offer a family of AI processors capable of handling the complete gamut of neural network workloads, on-device. For connectivity, we offer the industry's most widely adopted IPs for Bluetooth (low energy and dual mode) and Wi-Fi (802.11 a/b/g/n/ac/ax up to 4x4). Visit us at www.ceva-dsp.com and follow us on Twitter , YouTube , Facebook and LinkedIn .
CEVA, INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME – U.S. GAAP
U.S. dollars in thousands, except per share data
Quarter ended
March 31,
2018
2017
Unaudited
Unaudited
Revenues:
Licensing and related revenues
$ 10,083
$ 9,535
Royalties
7,486
11,752
Total revenues
17,569
21,287
Cost of revenues
1,972
1,696
Gross profit
15,597
19,591
Operating expenses:
Research and development, net
12,016
9,873
Sales and marketing
3,176
2,938
General and administrative
2,954
2,125
Amortization of intangible assets
359
309
Total operating expenses
18,505
15,245
Operating income (loss)
(2,908)
4,346
Financial income, net
927
571
Income (loss) before taxes on income
(1,981)
4,917
Income taxes
201
810
Net income (loss)
$ (2,182)
$ 4,107
Basic and diluted net income (loss) per share
( $0.10)
$0.19
Weighted-average shares used to compute net income (loss) per share (in thousands):
Basic
22,148
21,398
Diluted
22,148
22,187
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
U.S. Dollars in thousands, except per share amounts
Quarter ended
March 31,
2018
2017
Unaudited
Unaudited
GAAP net income (loss)
(2,182)
4,107
Equity-based compensation expense included in cost of revenues
157
91
Equity-based compensation expense included in research and development expenses
1,269
871
Equity-based compensation expense included in sales and marketing expenses
454
289
Equity-based compensation expense included in general and administrative expenses
891
698
Income tax benefit related to equity-based compensation expenses
(129)
(115)
Amortization of intangible assets related to RivieraWaves transaction and in 2018 NB-IoT technologies
359
309
Non-GAAP net income
$ 819
$ 6,250
GAAP weighted-average number of Common Stock used in computation of diluted net income (loss) per share (in thousands)
22,148
22,187
Weighted-average number of shares related to outstanding stock-based awards (in thousands)
968
362
Weighted-average number of Common Stock used in computation of diluted earnings per share, excluding the above (in thousands )
23,116
22,549
GAAP diluted earnings (loss) per share
($ 0.10)
$ 0.19
Equity-based compensation expense, net of taxes
$ 0.12
$ 0.08
Amortization of intangible assets related to RivieraWaves transaction and in 2018 NB-IoT technologies
$ 0.02
$ 0.01
Non-GAAP diluted earnings per share
$ 0.04
$ 0.28
CEVA, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. Dollars in thousands)
March 31,
December 31,
2018
2017 (*)
Unaudited
Unaudited
ASSETS
Current assets:
Cash and cash equivalents
$ 18,382
$ 21,739
Marketable securities and short term bank deposits
118,481
117,096
Trade receivables, net
13,902
14,480
Accrued revenue
9,425
2,014
Prepaid expenses and other current assets
4,136
3,747
Total current assets
164,326
159,076
Long-term assets:
Bank deposits
45,967
44,518
Severance pay fund
9,086
8,910
Deferred tax assets
4,085
3,643
Property and equipment, net
6,805
6,926
Goodwill
46,612
46,612
Intangible assets, net
3,583
1,742
Other long term assets
6,078
5,385
Total assets
$ 286,542
$ 276,812
LIABILITIES AND STOC KHOLDERS' EQUITY
Current liabilities:
Trade payables
$ 499
$ 392
Deferred revenues
4,973
4,399
Accrued expenses and other payables
18,071
18,004
Total current liabilities
23,543
22,795
Long-term liabilities:
Accrued severance pay
9,784
9,347
Accrued Liabilities
400
-
Total liabilities
33,727
32,142
Stockholders' equity:
Common stock:
22
22
Additional paid in-capital
217,923
217,417
Treasury stock
(24,146)
(26,056)
Accumulated other comprehensive loss
(1,188)
(586)
Retained earnings
60,204
53,873
Total stockholders' equity
252,815
244,670
Total liabilities and stockholders' equity
$ 286,542
$ 276,812
(*) Derived from audited financial statements
View original content with multimedia: http://www.prnewswire.com/news-releases/ceva-inc-announces-first-quarter-2018-financial-results-300645090.html
SOURCE CEVA, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-ceva-inc-announces-first-quarter-2018-financial-results.html |
0 COMMENTS Oil prices closed higher Wednesday, lifted by a positive economic outlook from the Federal Reserve and a falling U.S. dollar.
Light, sweet crude for June delivery settled up 68 cents, or 1%, at $67.93 a barrel on the New York Mercantile Exchange, reversing earlier losses. Brent, the global benchmark, gained 23 cents, or 0.3%, to $73.36 a barrel.
On Wednesday, the Federal Reserve kept interest rates unchanged and noted positive economic data and increasing inflation. Oil prices rose following the central bank meeting as the dollar declined, making dollar-denominated commodities such as crude cheaper for foreign buyers.
The U.S. Energy Information Administration also reported Wednesday that the amount of crude in storage rose by 6.2 million barrels in the week ended April 27, exceeding average analyst expectations for a 700,000-barrel build.
Still, prices found support from a larger-than-expected drop in distillate stockpiles, signaling strong demand, analysts said. Gasoline inventories increased by 1.2 million barrels last week and distillate inventories fell by 3.9 million barrels.
”Distillate demand remained incredibly strong and supports a thesis for solid global petroleum demand. While the headlines were admittedly bearish, the details are considered much less bearish,” said Kyle Cooper, a consultant at ION Energy Group.
Oil prices have also been lifted recently by questions concerning the 2015 Iran nuclear deal , and whether President Donald Trump will reinstate the sanctions , dealing a blow to Iranian oil exporting and tightening global supply.
“It will all depend what Trump decides in the next 10 days, that will be the main driving force,” said Giovanni Staunovo, a commodities analyst at UBS Wealth Management.
Earlier this week, Israeli Prime Minister Benjamin Netanyahu issued a statement referring to what he called new evidence that Iran maintained a secret plan to build nuclear weapons .
Analysts were skeptical that there were any revelations, however, seeing the comments as aimed at encouraging the U.S. to scrap the deal.
“The comments from experts were quite clear, there is nothing new in what he communicated,” said Mr. Staunovo.
The Al-Sheiba oil refinery in the southern Iraq city of Basra, Iraq. A withdrawal from the Iran nuclear agreement deal could reduce Iranian oil exports. Photo: essam al sudani/Reuters Oil prices have risen by around 10% since the start of the year on increased geopolitical tensions, falling output in Venezuela, and cuts by major producers tightening supply.
Prices came under pressure Tuesday from the dollar, which rallied to its highest level in 2018. As oil is priced in dollars it becomes more expensive for holders of other currencies as the dollar rises.
Gasoline futures fell 0.3% to $2.0798 a gallon, and diesel futures rose 1% to $2.1215 a gallon.
Write to Stephanie Yang at [email protected] and Sarah McFarlane at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/oil-treads-water-near-multi-year-high-1525256976 |
May 23, 2018 / 3:37 PM / Updated 22 minutes ago Protesters urge workers at Libya's eastern Waha oilfield to stop production Reuters Staff 1 Min Read
BENGHAZI, Libya, May 23 (Reuters) - Protesters have called on workers at the Waha oilfield in eastern Libya to shut down production but it was unclear whether output had actually stopped, a spokesman for the protesters said on Wednesday.
The group of youths had earlier stopped output at a field operated by state-run Sirte Oil company in a protest over state support.
There was no immediate word from state oil firm NOC. (Reporting by Ayman al-Warfalli Writing by Ulf Laessing; Editing by Susan Fenton) | ashraq/financial-news-articles | https://www.reuters.com/article/libya-oil-protests/protesters-urge-workers-at-libyas-eastern-waha-oilfield-to-stop-production-idUSL5N1SU5NP |
Move brings together two agencies with more than 100 years of customer service each
HAMBURG, N.Y.--(BUSINESS WIRE)-- Evans Bancorp, Inc. (NYSE American:EVBN), a community financial services company serving Western New York since 1920, announced that its wholly owned insurance subsidiary, The Evans Agency, LLC, has acquired the business of Richardson & Stout Insurance (“R&S”) of Wellsville, N.Y., effective July 1, 2018. The transaction will bring The Evans Agency’s annualized premiums to over $100 million.
This strategic acquisition significantly deepens The Evans Agency’s leadership bench, broadens its geographic footprint, leverages the two agencies’ complementary products and services, and provides a bigger platform through which to further scale the business.
The transaction will be transparent for customers, who will continue to receive the excellent products and service they have received from Richardson & Stout. All current R&S employees will join The Evans Agency, including co-owners Richard Ewell, Ian Whitehouse, and Aaron Whitehouse.
“We’re excited to be welcoming new customers and a superb team of insurance professionals to The Evans Agency family,” said Robert G. Miller, Jr., President of The Evans Agency, LLC. “The joining of these local insurance agencies further demonstrates Evans’ commitment to the Western New York community and enhances our dedication of providing quality, cost-saving insurance solutions to local businesses, families and individuals.”
Founded in 1913, The Evans Agency, LLC has grown from a small town, family-owned insurance agency to a dynamic multi-location professional insurance and risk management operation providing personal, commercial and employee benefits solutions throughout Western New York. Richardson & Stout represents the 16th insurance acquisition completed by Evans.
“Our agency has known and worked with Bob Miller and his team at The Evans Agency for 25 years, through our affiliation with Combined Financial Services, a cluster group of agencies in Western New York,” said Aaron M. Whitehouse, President of Richardson & Stout Insurance. “Richardson & Stout and The Evans Agency each have a 100 year plus history of providing insurance products and services to protect businesses and families, and we are looking forward to continuing this rich tradition.”
The roots of Richardson & Stout Insurance can be traced to the beginning of the last century, starting with The Brown Agency, founded in 1903 and the Forrest H. Allen Agency, formed in 1929. After several mergers and acquisitions, the Brown & Stout Agency and Allen, Dygert, & Hauser, Inc. merged their operations to become Richardson & Stout Insurance in 1998.
“The combination of the capabilities of both companies will provide our customers with a single point of contact for all their insurance, employee benefits and financial services needs,” said Richardson & Stout Vice President Rich Ewell.
The agency will be known as Richardson & Stout Insurance, a division of The Evans Agency, and will remain in its current location at 80 N. Main Street in Wellsville. The office phone (585) 593-4296 will also remain unchanged.
Terms of the deal were not announced.
About Evans Bancorp, Inc.
Evans Bancorp, Inc. is a financial holding company and the parent company of Evans Bank, N.A., a commercial bank with $1.4 billion in assets and $1.1 billion in deposits at March 31, 2018. Evans is a full-service community bank, with 14 financial centers providing comprehensive financial services to consumer, business and municipal customers throughout Western New York. Evans Bancorp's wholly owned insurance subsidiary, The Evans Agency, LLC, provides life insurance, employee benefits, and property and casualty insurance through nine insurance offices in the Western New York region. Evans Investment Services provides non-deposit investment products, such as annuities and mutual funds.
Evans Bancorp, Inc. and Evans Bank routinely post news and other important information on their websites, at www.evansbancorp.com and www.evansbank.com .
Safe Harbor Statement: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning future business, revenue and earnings. These statements are not historical facts or guarantees of future performance, events or results. There are risks, uncertainties and other factors that could cause the actual results of Evans Bancorp to differ materially from the results expressed or implied by such statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include competitive pressures among financial services companies, interest rate trends, general economic conditions, changes in legislation or regulatory requirements, effectiveness at achieving stated goals and strategies, and difficulties in achieving operating efficiencies. These risks and uncertainties are more fully described in Evans Bancorp’s Annual and Quarterly Reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Evans Bancorp undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new, updated information, future events or otherwise.
###
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515005285/en/
For more information:
Company
John B. Connerton, 716-926-2000
Executive Vice President & Chief Financial Officer
[email protected]
or
Media
Kathleen R. Young, 716-926-2040 x4799
716-343-5562 cell
Public & Community Relations Manager
[email protected]
or
Investors
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
[email protected]
Source: Evans Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-the-evans-agency-acquires-the-business-of-richardson-stout-insurance.html |
May 29 (Reuters) - A Canadian accused of helping Russian intelligence agents break into email accounts as part of a massive 2014 data breach at Yahoo was sentenced to five years in prison on Tuesday and ordered to pay a $250,000 fine.
Karim Baratov, who pleaded guilty in November 2017 in San Francisco, was sentenced by U.S. District Judge Vince Chhabria, a spokesman for the U.S. Attorney's Office said.
Baratov, a Canadian citizen born in Kazakhstan, was arrested in Canada in March 2017 at the request of U.S. prosecutors. He later waived his right to fight a request for his extradition to the United States.
Lawyers for Baratov in a court filing had urged a sentence of 45 months in prison, while prosecutors had sought 94 months.
"This case is about a young man, younger than most of the defendants in hacking cases throughout this country, who hacked emails, one at a time, for $100 a hack," the defense lawyers wrote in a May 19 court filing.
Verizon Communications Inc, the largest U.S. wireless operator, acquired most of Yahoo Incs assets in June 2017.
The U.S. Justice Department announced charges in March 2017 against Baratov and three others, including two officers in Russias Federal Security Service (FSB), for their roles in the 2014 hacking of 500 million Yahoo accounts. Baratov is the only one of the four that has been arrested. Yahoo in 2016 said cyber thieves may have stolen names, email addresses, telephone numbers, dates of birth and encrypted passwords.
When FSB officers learned that a target had a non-Yahoo webmail account, including through information obtained from the Yahoo hack, they worked with Baratov, who was paid to break into at least 80 email accounts, prosecutors said, including numerous Alphabet Inc Gmail accounts.
Federal prosecutors said in a court filing "the targeted victims were of interest to Russian intelligence" and included "prominent leaders in the commercial industries and senior government officials (and their counselors) of Russia and countries bordering Russia."
Prosecutors said FSB officers Dmitry Dokuchaev and Igor Sushchin directed and paid hackers to obtain information and used Alexsey Belan, who is among the FBI's most-wanted cyber criminals, to breach Yahoo. (Reporting by David Shepardson in Washington and Nate Raymond in Boston Editing by Tom Brown) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-canadian-who-helped-yahoo-email-hackers-gets-five-years-in-prison.html |
May 7 (Reuters) - Foraco International SA:
* FORACO INTERNATIONAL REPORTS Q1 2018 * FORACO INTERNATIONAL SA - QTRLY TOTAL REVENUE $40.0 MILLION, UP 32 PERCENT
* FORACO INTERNATIONAL SA - BELIEVES THAT IT WILL HAVE ADEQUATE FINANCIAL RESOURCES TO CONTINUE IN OPERATION FOR A PERIOD OF AT LEAST TWELVE MONTHS
* FORACO INTERNATIONAL SA - CONTINUES TO ADOPT GOING CONCERN BASIS IN PREPARING ITS FINANCIAL STATEMENTS Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-foraco-international-reports-qtrly/brief-foraco-international-reports-qtrly-total-revenue-of-40-0-mln-up-32-pct-idUSASC0A015 |
CHEMARE, Kenya (Thomson Reuters Foundation) - In the middle of a 7-acre woodlot of indigenous trees in Chemare, a village in Kenya’s Rift Valley, Charles Ng’ong’oni keeps 164 hollow-log beehives, which in good years bring him a healthy income by producing thousands of liters of honey.
Ng’ong’oni, 63, has managed the hives since the 1970s. But these days he is being joined by a growing number of farmers in East Africa – and around the world – who are taking up beekeeping as a way of broadening their income in the face of wilder weather, including heat, droughts and floods that can decimate crops.
But beekeeping, Kenyan experts now say, is not proving as climate hardy as farmers had hoped.
Last year, amid widespread drought, Ng’ong’oni had almost nothing to sell after harvesting just 25 liters of honey, down from his usual average of 3,280 liters.
Ninety-six percent of his beehives had no honey at all, he said, with the bees unable to find enough nectar from his parched trees and nearby fields.
“There were no flowers to feed on and most of the bees migrated to where they would find nectar. It was a terrible year for me,” Ng’ong’oni told Thomson Reuters Foundation at his farm in the Kuresoi area of Nakuru County, which this year has seen better rains.
Beekeeping is being widely introduced to communities in East Africa as an alternative way of making money as climate change brings harsher weather.
But Ng’ong’oni’s said even the bees are struggling to deal with drought and worsening heat extremes, despite his having planted a woodlot of trees to help provide nectar.
Benedict Wambua, a researcher at South Eastern Kenya University’s school of agriculture and veterinary sciences, found in a 2016 study that recurrent droughts were among the factors limiting the use of beekeeping as a climate coping strategy, largely because honey production fell in drought periods.
The area he and colleagues studied in Kitui County, in eastern Kenya, “showed a notable decline in productivity attributed to drought, deforestation and inefficiency” by farmers, the study said.
Philip Kisoyan, a program officer at the U.N. Food and Agriculture Organization in Kenya, said he had also seen evidence of problems.
“Extreme climatic effects lead to low or postponed plant flowering time, reduces pollen and nectar availability, increases water stress, (and) inhibits movements and bee communications,” he said. “During the prolonged dry spell, bees migrate ... leaving empty hives.”
Kenya’s bees are usually active from April to December, as plants flower. But last year, buzzing bees were a rare sight, Ng’ong’oni explained.
“By March, we expect the rains to start falling but when it delays, then it rains for a month or two and stops, trees get shocked and don’t get to produce many flowers,” he said.
“And since there is nothing to feed on, bees start eating the honey available instead of making it.”
Ng’ong’oni said the 2016-2017 drought was one of the worst he’d seen in three decades.
PESTS AND CHEMICALS Drought isn’t the only problem confronting Kenya’s beekeepers. Forest losses, new pests and diseases and indiscriminate use of farm pesticides also have hit bee colonies, making beekeeping a decidedly less sweet venture for farmers.
“We have a major problem of suitable honey beekeeping areas due to drought, deforestation and pesticides all contributing to reducing bee populations,” said Muo Kasina, head of the National Sericulture Research Center.
Still, beekeeping has a place as Kenyan communities confront climate change – if unsustainable practices affecting bees are changed, experts say.
That means planting a diversity of plants and indigenous trees in beekeeping areas, preventing deforestation and adopting farming practices that avoid the use of pesticides during the flowering period, Kasina said.
He said leaving more honey in the hives can also help bees survive shocks.
During drought periods, “a farmer needs to leave two combs with honey per hive when harvesting” as well as provide fresh water each day close to the hives, he said.
Ng’ong’oni said he has usually left honey for his bees “but they eat all the honey so fast when it is very hot”, he said.
Afterward the bees swarm and leave until the rains come, despite him providing molasses and sugar syrup to try to help feed them, he said.
To help beekeepers make the most from their hives, Kasina said they should look to products beyond honey.
“Farmers can sell beeswax and propolis. They can be trained on how to extract bee venom and produce royal jelly. These are unique products that have high market,” he said.
Breeding bees to get more genetic variability and resilience also can help, said Kisoyan of the FAO.
Reporting by Moraa Obiria ; editing by Laurie Goering : Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, climate change, resilience, women's rights, trafficking and property rights. Visit news.trust.org/climate
| ashraq/financial-news-articles | https://www.reuters.com/article/us-kenya-climatechange-bees/can-bees-battle-climate-losses-harvests-arent-sweet-as-hoped-farmers-say-idUSKCN1II1FV |
May 18, 2018 / 10:18 AM / Updated 2 hours ago Half of Americans support expanding U.S. sports betting - poll Hilary Russ 3 Min Read
NEW YORK (Reuters) - Half of Americans favour legalising sports betting across the United States, largely because they support the additional tax revenue it could bring for states, according to the results of a poll released on Friday. FILE PHOTO: People play slot machines inside a casino in Atlantic City, New Jersey, January 19, 2016. REUTERS/Shannon Stapleton
Respondents to the poll, conducted by New Jersey-based Fairleigh Dickinson University Poll, also believe it should be expanded because people are already betting illegally anyway.
A Monday ruling from the U.S. Supreme Court overturned a 1992 law that banned sports wagering except in a few places, including Nevada. That opened the door to other states that might want to regulate and tax the wagers.
Five states already have laws in place that would allow them to move quickly to build a regulatory framework for the betting, while 14 others introduced sports gaming bills in recent legislative sessions, according to Fitch Ratings.
Lawmakers in New Jersey, which took the case to the high court, are working on bills that will create a regulatory framework and set tax rates there, with the hopes of rolling out sports betting at casinos and racetracks in coming weeks.
“It will now be a race to see who can benefit the most and the earliest from this changed landscape,” said Krista Jenkins, who directed the poll, in a statement.
“New Jersey may have a head start ... but other states will soon be looking to pad their budgets,” she said.
On Wednesday, Churchill Downs Inc signed a deal with SBTech, a sports betting platform, which will allow the gaming company to offer bets on events in New Jersey, Pennsylvania and Mississippi.
By a two-to-one ratio, poll respondents did not believe states should share some of the tax revenue from sports betting with professional leagues, which have sought a so-called “integrity fee” that would give them a portion of bets taken.
However, just over a third of poll respondents opposed the expansion of sports betting altogether, most commonly because of fears it will spread gambling addiction and organised crime and will make sporting events less fair. Ten percent responded “don’t know” when asked if they supported the move.
The random sample of adults nationwide was conducted from April 25 to May 1 by landline telephone and cell phone and has a margin of sampling error of 3.9 percentage points. Reporting by Hilary Russ; Editing by Susan Thomas | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-court-gambling-poll/half-of-americans-support-expanding-u-s-sports-betting-poll-idUKKCN1IJ15J |
May 15 (Reuters) - MASTER PHARM SA:
* REPORTED ON MONDAY Q1 NET PROFIT OF 3.0 MILLION ZLOTYS VERSUS 1.6 MILLION ZLOTYS YEAR AGO
* Q1 REVENUE 17.8 MILLION ZLOTYS VERSUS 13.3 MILLION ZLOTYS YEAR AGO
* Q1 EBITDA 4.2 MILLION ZLOTYS VERSUS 2.6 MILLION ZLOTYS YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SM2U8 |
The smoking lamp is going out at co-ops and condos across New York City.
Dozens of buildings caught up in the zeitgeist of green buildings and healthy living have voted to ban smoking even behind the doors of individual privately owned apartments in the last few months, co-op and condo lawyers say.
At the Century Condominium, a 1931 art deco... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/dont-even-think-of-smoking-inside-your-new-york-city-apartment-1525867200 |
WASHINGTON (Reuters) - U.S. Secretary of State Mike Pompeo said on Thursday he hoped Pyongyang and Washington will be able to resume talks on dismantling Pyongyang’s nuclear program but the decision was ultimately up to North Korean leader Kim Jong Un.
“I hope we quickly are able to get back to that place, but ultimately Chairman Kim will have that decision to make for himself,” Pompeo told a Senate committee in his first comments shortly after President Donald Trump canceled a historic summit with Kim that had been scheduled for June 12 in Singapore.
Trump announced his abrupt withdrawal from the summit in a letter to Kim on Thursday and called it a “missed opportunity.”
Pompeo read the letter aloud at the start of testimony to the committee, saying it was a disappointing development although “frankly not a surprise.” Pompeo said Trump had made the decision himself to withdraw after meetings on Wednesday in which he concluded that the summit would not be successful.
Pompeo said discussions included how the administration would proceed toward North Korea. “There is a lot of discussion within the administration about how to proceed on that,” Pompeo said, “We always knew there could be a summit that didn’t work that ultimately was unsuccessful.”
The United States will maintain sanctions against Pyongyang, Pompeo said, adding: “In some ways, it’s ‘situation normal.’ The pressure campaign continues.” He said Pyongyang had not been responsive in recent days as the Trump administration sought to send logistics teams to Singapore ahead of the summit.
“Over the past many days we have endeavored to do what Chairman Kim and I had agreed to put preparation teams together to begin to work for the summit and we had received no response to our inquiries to them,” Pompeo said.
“We’ve not been able to conduct the preparations between our two teams that would be necessary to have a successful summit,” Pompeo said.
Pompeo said he did not think the summit’s cancellation was a sign that Kim is a “weak leader” and added: “In fact he has demonstrated enormous capacity to lead his country and his team.”
U.S. Secretary of State Mike Pompeo testifies that North Korea has not responded in recent days to queries by the United States to prepare logistics for an upcoming summit during his appearance at a Senate Foreign Relations Committee hearing on Capitol Hill in Washington, U.S., May 24, 2018. REUTERS/Toya Sarno Jordan Reporting by Lesley Wroughton, Patricia Zengerle; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-pompeo/pyongyang-not-responsive-in-recent-days-on-summit-pompeo-idUSKCN1IP2ND |
Elon Musk’s 'bonehead' rant costs Tesla billions 6:23pm BST - 02:11
Tesla CEO Elon Musk snubs analysts on an earnings call and Tesla shares tumble. Here's what he told them.
Tesla CEO Elon Musk snubs analysts on an earnings call and Tesla shares tumble. Here's what he told them. //reut.rs/2FEe8YA | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/03/elon-musks-bonehead-rant-costs-tesla-bil?videoId=423334141 |
NEW YORK, May 7, 2018 /PRNewswire/ --
If you want a free Stock Review on BWA, GNTX, LKQ, and WPRT sign up now at www.wallstequities.com/registration . Today, WallStEquities.com scans four Auto Parts stocks, namely: BorgWarner Inc. (NYSE: BWA), Gentex Corp. (NASDAQ: GNTX), LKQ Corp. (NASDAQ: LKQ), and Westport Fuel Systems Inc. (NASDAQ: WPRT). The Auto Parts and Equipment Manufacturing industry has companies that produce vehicle parts and accessories that are used in assembling cars, SUVs, light off-road utility vehicles, and trucks for the Automobile Manufacturing industry. All you have to do is sign up today for this free limited time offer by clicking the link below.
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BorgWarner
Shares in Auburn Hills, Michigan headquartered BorgWarner Inc. ended Friday's session 2.70% higher at $49.13 with a total trading volume of 866,061 shares. The stock has advanced 18.87% over the past year. The Company's shares are trading 3.36% below their 50-day moving average. Moreover, shares of BorgWarner, which provides solutions for combustion, hybrid, and electric vehicles worldwide, have a Relative Strength Index (RSI) of 42.49.
On April 26 th , 2018, BorgWarner's Board of Directors declared a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on June 15 th , 2018, to shareholders of record on June 01 st , 2018. Get the full research report on BWA for free by clicking below at: www.wallstequities.com/registration/?symbol=BWA
Gentex
Zeeland, Michigan headquartered Gentex Corp.'s shares rose slightly by 0.39%, closing the day at $22.96. A total volume of 1.63 million shares was traded. The stock has advanced 2.04% in the previous three months and 15.03% over the past year. The Company's shares are trading 10.86% above their 200-day moving average. Additionally, shares of Gentex, which provides automatic-dimming and non-dimming rearview mirrors, and electronics for the automotive industry; dimmable aircraft windows for the aviation industry; and commercial smoke alarms and signaling devices for the fire protection industry worldwide, have an RSI of 47.97.
On April 20 th , 2018, Gentex reported its results for the three months ended March 31 st , 2018. Net sales for Q1 2018 were $465.4 million, gross margin was 37.1%, and operating expenses were $44.1 million. Income from operations for the quarter was $128.5 million, and net income was $111.2 million. To experience our free membership services anytime/ anywhere and access the free report on GNTX, click to register at: www.wallstequities.com/registration/?symbol=GNTX
LKQ Corp.
Last Friday, shares in Chicago, Illinois headquartered LKQ Corp. declined slightly by 0.36%, closing the session at $30.13. The stock recorded a trading volume of 2.73 million shares, which was higher than its three months average volume of 2.34 million shares. The Company's shares are trading 20.13% below their 50-day moving average. Furthermore, shares of LKQ Corp., which together with its subsidiaries, distributes replacement parts, components, and systems used in the repair and maintenance of vehicles in North America, Europe, and Taiwan, have an RSI of 21.88.
On April 17 th , 2018, research firm Guggenheim initiated a 'Neutral' rating on the Company's stock.
On April 26 th , 2018, LKQ Corp. announced its Q1 2018 results. Revenue for Q1 2018 was a record $2.72 billion, net income from continuing operations attributable to Company stockholders was $153 million, and cash flow from operations totaled $145 million. As of March 31 st , 2018, the Company's balance sheet reflected cash and equivalents of $246 million and outstanding debt of $3.3 billion. Join our big investor community at Wall St. Equities today and get your free report on LKQ at: www.wallstequities.com/registration/?symbol=LKQ
Westport Fuel Systems
Vancouver, Canada headquartered Westport Fuel Systems Inc.'s stock finished the session 1.89% higher at $2.43 with a total trading volume of 328,504 shares. The Company's shares have advanced 0.41% in the last month and 91.34% over the past year. The stock is trading below its 50-day moving average by 2.46%. Additionally, shares of the Company, which engineers, manufactures, and supplies alternative fuel systems and components for the transportation and industrial markets worldwide, have an RSI of 53.52. Know more about WPRT in our free research coverage at: www.wallstequities.com/registration/?symbol=WPRT
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View original content: http://www.prnewswire.com/news-releases/pre-market-technical-recap-on-auto-parts-stocks----borgwarner-gentex-lkq-corp-and-westport-fuel-systems-300643409.html
SOURCE Wall St. Equities | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-pre-market-technical-recap-on-auto-parts-stocks--borgwarner-gentex-lkq-corp-and-westport-fuel-systems.html |
The U.S. dollar has gained strength in recent weeks, but that may change in the second half of the year, according to a portfolio manager from Conning Asia Pacific.
The dollar index , which measures the greenback against six major currencies, climbed 3.43 percent in the last two weeks as U.S. economic data has been better than those out of the eurozone and Japan . That climb has reversed the general downtrend the currency saw over 2017.
But dollar strength is likely to last only "a fairly finite period of time" as the eurozone and Japan catch up in the second half of 2018, Marc Franklin, a senior portfolio manager at Conning Asia Pacific, said on Wednesday.
"Structurally, there's going to a growing supply of dollars in the system over the next two to three years, and that potentially creates a structural headwind for the dollar, longer term." -Marc Franklin, portfolio manager, Conning Asia Pacific "What's happened most recently has been a growing divergence in the growth in inflation data in the U.S. versus Europe and Japan, in particular," Franklin told CNBC's "Capital Connection."
"But as you start to go into the second half of this year, eurozone inflation — assuming oil prices stay where they are — starts to tick up, as does Japanese inflation as well," he said.
The twin deficits in the United States are seen worsening, thanks to President Donald Trump's tax cuts. That's not helping the prospects of the greenback, Franklin said.
A widening current account deficit and larger government budget increase the supply of U.S. dollars over time, he explained.
"Structurally, there's going to a growing supply of dollars in the system over the next two to three years, and that potentially creates a structural headwind for the dollar, longer term," he said.
Watch: Apple announces new $100 billion stock buyback show chapters Apple announces new $100 billion stock buyback 14 Hours Ago | 02:41 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/conning-asia-pacific-on-us-dollar-strength-and-outlook.html |
CUPERTINO, Calif. (AP) _ Durect Corp. (DRRX) on Wednesday reported a loss of $8.3 million in its first quarter.
The Cupertino, California-based company said it had a loss of 5 cents per share.
The specialty pharmaceutical company posted revenue of $3.5 million in the period.
In the final minutes of trading on Wednesday, the company's shares hit $2.03. A year ago, they were trading at 83 cents.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on DRRX at https://www.zacks.com/ap/DRRX | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/the-associated-press-durect-1q-earnings-snapshot.html |
Taxes Malaysia's embattled former leader Najib questioned by anti-corruption agency To investigate 1MDB, the new government on Monday set up a task force made up of members of the anti-graft agency, police and the central bank, to liaise with "enforcement agencies in the United States, Switzerland, Singapore, Canada and other related countries." The U.S Department of Justice said on Tuesday it would continue to pursue investigations into 1MDB and looked forward to working with Malaysian law enforcement authorities. Published 9 Hours Ago Reuters Chris Jung | NurPhoto | Getty Images Malaysian activists hold message posters during arrest ' Malaysia Officials 1' rally near the independent square on August 27, 2016 in Kuala Lumpur, Malaysia.
Embattled former Prime Minister Najib Razak arrived at the headquarters of Malaysia's anti-corruption commission on Tuesday, which has ordered him to explain a suspicious transfer of $10.6 million into his bank account.
The sum is just a fraction of billions of dollars allegedly siphoned from state fund 1MDB, a scandal that dogged the last three years of Najib's near-decade-long rule and was one of the main reasons why voters dumped him in an election on May 9.
That shock election result upended Malaysia's political order, as it was the first defeat for a coalition that had governed the Southeast Asian nation since its independence from colonial rule in 1957.
Malaysia's new leader, Mahathir Mohamad, who at the age of 92 came out of political retirement and joined the opposition to topple his former protege, has reopened investigations into 1Malaysia Development Berhad (1MDB) and has vowed to recover money that disappeared from the fund.
Since losing power, Najib and his allegedly shopaholic wife, Rosmah Mansor, have suffered a series of humiliations, starting with a ban on them leaving the country, and then police searching their home and other properties.
Flanked by security guards, Najib entered the Malaysian Anti-Corruption Commission (MACC) headquarters in Kuala Lumpur on Tuesday, moving slowly through a throng of journalists outside the building. Wearing an open-neck shirt, Najib looked relaxed and smiled once he entered the building's atrium. US says to pursue 1MDB probe
Najib has consistently denied any wrongdoing since the 1MDB scandal erupted in 2015, but he replaced an attorney-general and several MACC officers to shut down an initial investigation.
Najib has said $681 million of funds deposited in his personal bank account were a donation from a Saudi royal, rebutting reports that the funds came from 1MDB.
The initial focus of the MACC's new probe is on how 42 million ringgit ($10.6 million) went from SRC International to Najib's account.
SRC was created in 2011 by Najib's government to pursue overseas investments in energy resources, and was a unit of 1MDB until it was moved to the finance ministry in 2012.
MACC has been able to track the money trail from SRC more easily because transactions were made through Malaysian entities, whereas most other transfers of 1MDB funds went through foreign banks and companies.
To investigate 1MDB, the new government on Monday set up a task force made up of members of the anti-graft agency, police and the central bank, to liaise with "enforcement agencies in the United States, Switzerland, Singapore, Canada and other related countries".
The U.S Department of Justice said on Tuesday it would continue to pursue investigations into 1MDB and looked forward to working with Malaysian law enforcement authorities.
"The Department of Justice is committed to ensuring that the United States and its financial system are not threatened by corrupt individuals and kleptocrats who seek to hide their ill-gotten wealth," a DoJ spokesperson said in an email statement to Reuters.
"Whenever possible, recovered assets will be used to benefit the people harmed by these acts of corruption and abuse of office," the statement added.
The U.S. filed forfeiture complaints in 2016 and 2017 seeking to recover over $1.7 billion in assets traceable to funds allegedly misappropriated from 1MDB.
These complaints alleged that more than $4.5 billion was diverted from 1MDB and laundered through a web of shell companies and bank accounts located in the United States and elsewhere. WATCH: What happened to Malaysia's 1MDB money? show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/us-department-of-justice-says-it-will-pursue-investigations-related-to-malaysias-1mdb.html |
May 3 (Reuters) - Fraser & Neave Holdings Bhd:
* QTRLY NET PROFIT 92.6 MILLION RGT * DECLARES INTERIM SINGLE TIER DIVIDEND OF 27 SEN PER SHARE FOR FY ENDING SEPT 30, 2018
* YEAR AGO QTRLY NET PROFIT 107.1 MILLION RGT; YEAR AGO QTRLY REVENUE 992.7 MILLION RGT Source text : ( bit.ly/2KA67r8 )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-fraser-neave-holdings-posts-qtrly/brief-fraser-neave-holdings-posts-qtrly-net-profit-of-92-6-mln-rgt-idUSFWN1SA0K6 |
Breakingviews TV: Shiny Apple 6:11pm BST - 04:14
Shares in the technology giant jumped after it beat earnings estimates and unveiled plans to return more capital to stockholders. Yet as Rob Cyran tells Tom Buerkle, the immensely profitable company is finding it harder to wring more money out of the iPhone. ▲ Hide Transcript ▶ View Transcript
Shares in the technology giant jumped after it beat earnings estimates and unveiled plans to return more capital to stockholders. Yet as Rob Cyran tells Tom Buerkle, the immensely profitable company is finding it harder to wring more money out of the iPhone. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KtdGjs | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/02/breakingviews-tv-shiny-apple?videoId=423273189 |
May 19, 2018 / 6:36 PM / Updated 20 minutes ago Japanese movie 'Shoplifters' wins Cannes Palme d'Or Reuters Staff 1 Min Read
CANNES, France (Reuters) - Japanese drama “Shoplifters”, directed by Hirokazu Kore-eda, won the Palme d’Or, the top film prize at the Cannes Film Festival, on Saturday. 71st Cannes Film Festival - Closing ceremony - Cannes, France May 19, 2018. Director Hirokazu Kore-eda Palme d'Or award winner for his film "Shoplifters" (Manbiki kazoku) with Cate Blanchett, Jury President of the 71st Cannes Film Festival. REUTERS/Eric Gaillard
Spike Lee’s “BlacKkKlansman”, about a black police officer who infiltrates the Ku Klux Klan won the runner-up prize, the Grand Prix. Reporting by Robin Pomeroy; Editing by Jon Boyle | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-filmfestival-cannes/japanese-movie-shoplifters-wins-cannes-palme-dor-idUKKCN1IK0R5 |
May 8 (Reuters) - Occidental Petroleum Corp:
* REPORTED AND CORE INCOME FOR THE FIRST QUARTER OF 2018 OF $708 MILLION, OR $0.92 PER DILUTED SHARE
* OCCIDENTAL PETROLEUM - TOTAL AVERAGE DAILY PRODUCTION VOLUMES WERE 609,000 BOE FOR Q1, COMPARED TO 621,000 BOE FOR Q4 2017
* OCCIDENTAL PETROLEUM - QTRLY CHEMICAL PRE-TAX INCOME WAS $298 MILLION, COMPARED TO PRE-TAX INCOME OF $222 MILLION IN Q4 2017
* OCCIDENTAL PETROLEUM - AVERAGE WORLDWIDE REALIZED CRUDE OIL PRICES WERE $61.04 PER BARREL FOR Q1 2018, INCREASE OF 14 PERCENT VERSUS Q4 OF 2017
* Q1 REVENUE VIEW $3.67 BILLION — THOMSON REUTERS I/B/E/S * OIL AND GAS PRE-TAX INCOME FOR THE FIRST QUARTER OF 2018 WAS $750 MILLION, COMPARED TO $44 MILLION FOR THE PRIOR QUARTER
* CHEMICAL PRE-TAX INCOME FOR Q1 2018 WAS $298 MILLION, COMPARED TO PRE-TAX INCOME OF $222 MILLION IN THE FOURTH QUARTER OF 2017
* Q1 EARNINGS PER SHARE VIEW $0.70 -- THOMSON REUTERS I/B/E/S Source text: ( bit.ly/2rudNnb ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-occidental-petroleum-q1-core-incom/brief-occidental-petroleum-q1-core-income-of-0-92-per-diluted-share-idUSFWN1SF0OA |
Nike CEO Mark Parker apologized to employees for permitting a workplace culture where some felt excluded and management didn't take complaints seriously, according to a copy of his speech obtained by CNBC.
In an all-staff meeting, Parker addressed issues that have come into light in recent months. He apologized to employees who felt excluded and like they didn't have anyone to go to with their concerns.
Multiple executives have left Nike because of reports of inappropriate behavior and poor workplace conduct. Fed up with the corporate culture at the Oregon-based company, a group of women started a small revolt .
Parker said this has been "a painful moment" for him. He told employees someone recently told him they didn't feel they fit the Nike profile, according to a copy of his prepared remarks. He said it hurt him to hear that because "there is no Nike profile."
"Throughout all of this change, we — and I — missed something," Parker said, according to a transcript of his prepared remarks. "While many of us feel like we're treated with respect at Nike, that wasn't the case in all teams. And if all of our teammates don't see the same opportunities, we just can't accept that."
The Wall Street Journal was the first to report on Parker's speech .
Parker outlined steps Nike is taking to change its corporate culture, including shifting the company's vision and behaviors it expects. One example is moving from the mindset of Nike being a place where the loudest voices carry the conversation to a place where every voice is heard.
He told employees he can lead the change but he can't do it alone, and it's going to take everyone. He asked them to support each other, be energetic, engaged, constructive and passionate, yet respectful, open and humble.
"Let's move towards that future," Parker said. "I'm in 100 (percent), and I'm counting on you to be all-in too."
—CNBC's Sara Eisen and Jessica Golden contributed to this report | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/nike-ceo-apologizes-to-employees-for-workplace-culture-after-months-of-turmoil.html |
May 20, 2018 / 6:03 PM / Updated 22 minutes ago Rallying-Neuville leads championship after win in Portugal Reuters Staff 2 Min Read
May 20 (Reuters) - Hyundai’s Belgian driver Thierry Neuville retook the lead in the World Rallying Championship from France’s Sebastian Ogier on Sunday after winning the Portuguese Rally.
Briton Elfyn Evans finished second in a Ford Fiesta, 7.3 seconds ahead of team mate Teemu Suninen of Finland, and 40 seconds behind Neuville.
Neuville steered clear of trouble on rocky dirt roads to win this sixth round of the series and demote five-times champion Ogier from the top of the standings.
Title challengers Ogier and Ott Tanak ended pointless after falling foul of Friday’s rock-strewn speed tests and Neuville pressed home his advantage by claiming four extra bonus points in the final Power Stage.
Those extra points moved Neuville 19 points clear of Ogier with the series approaching its midpoint, and 47 ahead of Tanak.
“It was a clever approach all weekend,” Neuville said. “I had a fantastic car which was working well and I felt comfortable.
“We can be proud of what we achieved here. There are a lot of Portuguese mechanics in the team and I think the party is going to be big tonight.” (Reporting by Peter Hall; Editing by Clare Fallon) | ashraq/financial-news-articles | https://uk.reuters.com/article/motor-rally-portugal/rallying-neuville-leads-championship-after-win-in-portugal-idUKL3N1SR0ER |
BEIJING—The damage to the nuclear test site that North Korean leader Kim Jong Un has promised to shut down is more extensive than earlier assessments showed, according to a new study by a team of international scientists.
Space-based radar showed that after the initial impact of North Korea’s latest nuclear test in September last year, a much larger part of the Punggye-ri test site caved in over the following hours and days, according to a study published in Science magazine on Thursday. The study was conducted by researchers... RELATED VIDEO Denuclearization: Trump-Kim Summit Hinges on Finding a Common Definition President Donald Trump and North Korean leader Kim Jong Un both say they want denuclearization, but they may have different definitions of the word. WSJ's Shelby Holliday explains. | ashraq/financial-news-articles | https://www.wsj.com/articles/damage-to-north-koreas-nuclear-test-site-worse-than-previously-thought-1525975203 |
WASHINGTON—In a long career with the Central Intelligence Agency, Gina Haspel has held senior positions around the world supervising covert action, managing U.S. spies’ collection of human intelligence and working on counterterrorism efforts, according to biographical summary of her career declassified by the agency on Tuesday.
Ms. Haspel, who is President Donald Trump’s pick to be the next director of the CIA, held key roles in the agency’s post-Soviet European operations and international posts in more than 30 short-term... | ashraq/financial-news-articles | https://www.wsj.com/articles/from-mother-teresa-to-counterterrorism-cia-unveils-more-on-gina-haspel-1525206118 |
WASHINGTON (Reuters) - The United States is aware of South Korean media reports that North Korea has canceled planned high-level talks with South Korea, the White House said on Tuesday.
“The United States will look at what North Korea has said independently, and continue to coordinate closely with our allies,” White House spokeswoman Sarah Sanders said in a statement.
Reporting by Jeff Mason; writing by Eric Beech and Eric Walsh; Editing by Mohammad Zargham
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-southkorea-report/u-s-aware-of-report-north-korea-canceling-meeting-with-south-white-house-idUSKCN1IG3BV |
NAPERVILLE, Ill., May 8, 2018 /PRNewswire/ -- On May 8, 2018 the Board of Directors of Chicago Rivet & Machine Co. (NYSE American, symbol: CVR) declared a regular quarterly dividend of twenty one (21) cents per share, payable June 20, 2018 to shareholders of record at the close of business on June 5, 2018.
View original content: http://www.prnewswire.com/news-releases/chicago-rivet--machine-co-declares-dividend-300644650.html
SOURCE Chicago Rivet & Machine Co. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-chicago-rivet-machine-co-declares-dividend.html |
May 4, 2018 / 3:10 PM / Updated 10 minutes ago Italy's League leader sets terms to back stopgap government Reuters Staff 1 Min Read
ROME (Reuters) - Far-right League leader Matteo Salvini said on Friday any stopgap government to take Italy to new elections must be led by a center-right politician who rejects current European Union budget rules. FILE PHOTO: League party leader Matteo Salvini speaks to the media during the second day of consultations with Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, April 5, 2018. REUTERS/Alessandro Bianchi/File Photo
President Sergio Mattarella will meet party leaders on Monday to try to secure a coalition deal following an inconclusive March 4 election, but failing that, is expected to seek backing for a technocrat government to help keep Italy’s finances on track.
Salvini told reporters the League would back a short-term government with a six-month lifespan if the cabinet were made up of politicians, not technocrats and if it agrees to “completely re-write” Italy’s relations with the European Union.
He said the center-left Democratic Party must be no part of the government and he wanted it to include the anti-establishment 5-Star Movement. 5-Star has this week demanded a re-vote in June and ruled out any stopgap government. Reporting by Gavin Jones; Editing by Crispian Balmer | ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-league/italys-league-leader-sets-terms-to-back-stopgap-government-idUSKBN1I51VD |
JERUSALEM (Reuters) - Palestinian President Mahmoud Abbas’s spokesman said on Monday that the opening of the U.S. embassy in Jerusalem would create incitement and instability in the region and ruled out Washington as being a mediator for Middle East peace.
“With this step, the U.S. administration has canceled its role in the peace process and has insulted the world, the Palestinian people and the Arab and the Islamic nation and it has created incitement and instability,” said Abbas spokesman Nabil Abu Rdeineh.
Trump, in a recorded message at a ceremony opening the U.S. embassy, said on Monday he remained committed to peace between Israel and the Palestinians.
Writing by Ori Lewis, Editing by Ari Rabinovitch
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-usa-embassy-palestinians/palestinians-u-s-embassy-in-jerusalem-creates-instability-idUSKCN1IF1ZL |
May 3 (Reuters) - Kerry Group PLC:
* Q1 3.7% GROWTH IN BUSINESS VOLUMES * EARNINGS GUIDANCE FOR FULL YEAR REAFFIRMED (Reporting By Padraic Halpin)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-irelands-kerry-group-reaffirms-ful/brief-irelands-kerry-group-reaffirms-full-year-guidance-idUSFWN1SA06X |
FLOWER MOUND, Texas, May 15, 2018 /PRNewswire/ -- BNSF Logistics, LLC, a leading multi-modal third-party logistics service provider, announced today that Nancee Ronning has been named Chief Commercial Officer (CCO), effective immediately.
Nancee brings more than 20 years of experience in sales, marketing, and account and relationship management to this newly created position. Most recently, Nancee served as President for Print Craft, a commercial printing and packaging company based in Minnesota. She also spent more than eight years in strategic sales, marketing, and account management leadership roles at C.H. Robinson and prior to that held various positions with Merrill Corporation and GE Capital.
"We are excited to welcome Nancee to the BNSF Logistics executive team. We are confident that her experience and expertise will provide an important level of leadership necessary to elevate our firm among 3PLs and other transportation services providers," Dan Curtis, BNSF Logistics President, said.
About BNSF Logistics
BNSF Logistics is a subsidiary of Burlington Northern Santa Fe, LLC, a Berkshire Hathaway company. BNSF Logistics is a multi-modal, third-party logistics services provider specializing in the movement of freight around the globe, featuring uncommon service scope, resources, and financial depth. The company operates more than 30 offices throughout North America, with more than 120 FCPA-certified Global Service Providers (GSPs) for import and export of general and project cargoes throughout the world.
BNSF Logistics Media Contact:
Laine Harper
Marketing Director
[email protected]
(479) 203-5311
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SOURCE BNSF Logistics | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-nancee-ronning-named-chief-commercial-officer-of-bnsf-logistics.html |
Zillow's move into flipping homes is like Netflix's move into originals, CEO says 1 Hour Ago Jim Cramer hears from Zillow Group CEO Spencer Rascoff about the company's recently announced move into flipping homes. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/zillow-ceo-move-to-home-flipping-is-like-netflixs-move-to-originals.html |
BENGALURU/MUMBAI (Reuters) - Cash-strapped Indian hospital operator Fortis Healthcare Ltd ( FOHE.NS ) said on Tuesday that two of its five suitors had boosted their bids to invest in the company as of a deadline for binding offers on Tuesday.
A Fortis hospital building is pictured in New Delhi, India, March 28, 2018. REUTERS/Adnan Abidi /Files Malaysia’s IHH Healthcare Bhd ( IHHH.KL ) lifted its offer to 175 rupees a share, a 9.4 percent premium to an earlier proposal. IHH earlier proposed injecting 6.5 billion rupees ($98 million) immediately into Fortis, and then 33.5 billion after due diligence.
Indian businessmen Sunil Munjal and Anand Burman increased their combined offer to invest in the company to 18 billion rupees from 15 billion rupees, via a subscription to shares and warrants. They have offered 167 rupees per share and 176 rupees per warrant.
Related Coverage Fortis Healthcare bidding war: The story so far Five companies and investment groups are vying to either control or partner with Fortis, which has 30-odd hospitals in India, as they bet on a rapid growth for the private healthcare market in Asia’s third-largest economy.
Tuesday noon (0630 GMT) was the deadline for binding offers, which will be evaluated by an expert advisory panel. Fortis’ board is due to meet on May 10 to consider the panel’s recommendations.
Manipal, another operator of Indian hospitals along with buyout firm TPG, last week raised its binding offer to buy Fortis’ hospitals business at a valuation of 63.22 billion rupees, 4.3 percent higher than its previous bid. The group, the first suitor for Fortis, has until May 6 to further revise its offer.
Radiant Life Care Pvt Ltd, backed by private equity firm KKR & Co ( KKR.N ), has also made a binding offer to acquire Fortis’ Mulund Hospital located in Indian financial hub Mumbai for an enterprise value of 12 billion rupees. It has also made a separate non-binding offer involving a separation of diagnostic services company SRL from the Fortis stake sale process.
China’s Fosun International ( 0656.HK ) is the other suitor. It made a non-binding offer last month to invest up to $350 million subject to due diligence for a stake that would be less than 25 percent.
On Monday, Fortis shares closed down about 1 percent at 152.40 rupees. Indian markets were closed for a holiday on Tuesday.
($1 = 66.4500 Indian rupees)
Reporting by Vishal Sridhar and Devidutta Tripathy; Editing by Amrutha Gayathri and Edwina Gibbs
| ashraq/financial-news-articles | https://www.reuters.com/article/us-fortis-health-m-a-ihh/indias-fortis-gets-revised-bid-from-malaysias-ihh-healthcare-idUSKBN1I22VH |
By Hallie Detrick 5:28 AM EDT
Equal pay isn’t just about paying women more, according to Salma Hayek ; it may be about men getting paid less.
At a Women in Motion talk at the Cannes Film Festival yesterday, the #MeToo and Time’s Up activist said that if men were serious about fixing the gender pay gap, they would have to take a cut in their own pay. Hayek explained this in terms of simple arithmetic: “If the movie’s budget is $10m, the [male] actor has to understand that if he is making $9.7 million, it is going to be hard for equality.”
Hayek isn’t the only one calling for men to take a pay cut. In January, six of the top-paid men at the BBC agreed to pay cuts after their colleague Carrie Gracie resigned as China editor over unequal pay for male and female international editors. EasyJet CEO Johan Lundgren also agreed to take a pay cut of £34,000 ($46,200) from £740,000 to £706,000 after it was revealed that the company had a gender pay gap of 52% . Lundgren’s pay was cut to match that of his predecessor, Carolyn McCall. Even in Hollywood voluntary pay cuts for men aren’t unheard of. Emma Stone revealed that throughout her career some men have taken pay cuts in order to increase her salary .
Some are skeptical that reducing men’s pay is the way to gender parity, saying that in most industries, the pay gap emerges when men get high-skilled jobs and when women take time away from the job market to have children. They argue that instead of men taking a pay cut, companies should put policies in place to level the playing field in a more holistic way.
For her part, Hayek celebrated the fact that it is becoming difficult to hire known female writers and directors because so many of them are getting snapped up by studios. But she also had a warning for these women: “they still want to pay you the exploitative salary they paid you before.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/14/salma-hayek-movie-pay-cut-men/ |
Drivers have complained for decades about trucks on the road. They go too slow. They take up too much space. They're scary to pass. But the most unsettling aspect of trucks goes beyond what drivers can see: their environmental impact.
Although medium- and heavy-duty trucks account for just 5 percent of traffic, they account for almost one-fourth of all transportation emissions in the U.S. As concerns about climate change and the corporate carbon footprint grow, many companies are trying to limit the environmental impact of trucks.
Tesla, which unveiled its electric long-haul truck last year to much fanfare, was hit with a $2 billion patent suit last month by a firm that claims Tesla stole elements of its hydrogen-powered semi-truck design. Tesla CEO Elon Musk called the suit "laughable" and "absurd" on the company's recent earnings conference call. The real competition, anyway, might come from Big Oil.
Shell Global unveiled its AirFlow Starship in Atlanta in March, and on May 18 the truck — which features a more aerodynamic cab and solar panels on top — will begin a cross-country drive with many stops .
"If you're serious about CO 2 abatement and energy conservation, you have to take the transport sector seriously," said Bob Mainwaring, Shell lubricants technology manager for innovation. The truck will drive on Interstate 10 from California to Florida, and it will carry an artificial reef to benefit Florida coastal waters.
The record for cross-country trucking fuel efficiency is 13.4 mpg Shell designed the truck in conjunction with AirFlow Truck , which is owned by Robert Sliwa. Sliwa has been striving for a more fuel-efficient truck since he founded the company in 1983. Back then, he averaged 4.4 mpg. In 2012 his BulletTruck drove across the country with 65,000 pounds of weight, all while averaging 13.4 mpg .
The AirFlow Starship's 5,000-watt solar panels provide energy for electrical components such as lights and wipers. Other than the aerodynamic design, the hybrid electric axle system and custom automatic tire inflation make the truck more fuel efficient. Open-grill shutters allow air to cool the engine, and they automatically close to reduce drag when cooling isn't needed. The boat tail design on the back also reduces drag.
Until the AirFlow Starship's trip begins, Shell can't say exactly what mileage per gallon the truck will get. But Mainwaring plans on the truck breaking records for fuel efficiency. Sliwa's BulletTruck holds the record now. He hopes the trip inspires others to try and beat that record. Despite Shell's status as an oil giant, the mounting energy crisis means the company must invest in more sustainable technologies.
"Shell is an energy company," Mainwaring said. "It's always good to conserve energy."
Alexandria Sage | Reuters Tesla CEO Elon Musk shows off the Tesla Semi as he unveils the company's new electric semi truck during a presentation in Hawthorne, California, U.S., November 16, 2017. Tesla introduced its electric truck model in 2017. Although Tesla's trucks aren't scheduled to start production until 2019 (and the company currently has its hands full with ramping production of its Model 3 ), companies can preorder them now. UPS and Walmart have preordered the trucks, which can go up to 500 miles without recharging.
The trucks can accelerate from 0 to 60 mph while carrying 80,000 pounds of cargo in 20 seconds, according to Tesla. They feature four independent motors, enhanced autopilot and armored glass. The driver sits in the center of the cab to improve visibility. Automatic emergency breaking and forward collision warning also improve safety.
Dr. Chris Caplice, the executive director of the MIT Center for Transportation and Logistics, believes electric trucks are coming, but it might take decades. "My guess is 20-plus years," he said. "It's going to be in pieces."
Cost remains a concern with more sustainable transport, but advocates say the vehicles save money over time. Tesla claims its electric trucks will save at least $200,000 in fuel savings compared to a diesel truck, and the payback period — how long it will take to make back the premium cost paid over a traditional diesel truck purchase — is estimated at two years (though payback periods can vary based on fluctuations in the commodities pricing market).
The focus now is on making trucks more aerodynamic, like the AirFlow Starship. Autonomous trucking will also improve energy efficiency, as these trucks will be able to drive nonstop, which means they can go slower and burn less fuel. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/shell-has-a-plan-to-match-tesla-with-energy-efficient-long-haul-truck.html |
Micron and Intel announce shipment of new NAND chip 5 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/micron-and-intel-announce-shipment-of-new-nand-chip.html |
(Reuters Health) - Face masks available to consumers in China for protection against air pollution vary widely in their real-world performance, suggests a recent study.
FILE PHOTO: A man wearing a face mask rides a bicycle on a bridge in front of the financial district of Pudong covered in smog during a polluted day in Shanghai, China November 22, 2017. REUTERS/Aly Song/File Photo Although a mask may filter tiny particles as advertised, face size and shape as well as movement can lead to leakage as high as 68 percent, researchers report in Occupational & Environmental Medicine.
“Even if the filtration efficiency of the mask is high, and the mask fits the person initially, the mask may not continue to give a good fit as the person goes about their daily activities - walking, talking, and more,” said senior study author Miranda Loh, an exposure and environmental scientist at the Institute of Occupational Medicine in Edinburgh, Scotland.
“It is important for people to understand that not all masks are effective at reducing exposure to particles in air pollution,” Loh said in an email. “And none of these masks reduced the concentration of pollution gases such as nitrogen dioxide.”
Although masks sold for workplace use generally must meet rigorous standards, there are few controls on masks marketed to consumers and little information on which mask will offer the best protection, the study team writes.
Their assessment of a sampling of masks in Beijing is part of a larger project funded by the Research Councils UK, examining air pollution in the Chinese capital and its health effects.
Air pollution causes an estimated 1.6 million premature deaths in China each year, the study team notes.
At consumer outlets in Beijing, Loh and colleagues purchased nine different mask types that claimed to protect against fine particle pollution known as PM2.5, which includes soot, droplets and other particles smaller than 2.5 microns in diameter.
These tiny particles are components of vehicle exhaust and industrial emissions and can penetrate deep into the lungs, and from there, enter the bloodstream.
Researchers first tested each mask’s filtration efficiency by drawing airborne diesel exhaust through a section of the material for 30 minutes and measuring the particulate matter and black carbon concentrations on both sides. They also tested four masks on 10 volunteers who were exposed to diesel exhaust in a lab while performing tasks such as talking, sitting, standing, bending over and walking in place.
In the filtration tests, the average particle and carbon penetration ranged from 0.26 percent to 29 percent, depending on the mask material. In the volunteers, the average leakage around mask edges ranged from 3 percent to 68 percent during sedentary tasks and 7 percent to 66 percent in active tasks. Only one mask had an average leakage below 10 percent in both active and sedentary tests.
“If it’s important for you to protect yourself or your family with masks, choose the best one you can and look for one marketed to workplaces,” said lead author John Cherrie, of the Institute of Occupational Medicine.
“Don’t choose the cheapest option,” Cherrie said in a telephone interview. “Choose the one that’s most likely to do the best job.”
The researchers are now exploring whether people tend to wear face masks only on high pollution days. They also want to know if the proportion of particles removed by the mask is enough to provide health benefits, and how long people must wear a mask to see those benefits.
“Air pollution is a global problem that is important for not only Beijing, but also Boston and Barcelona. Breathing pollutants, especially particulate matter, is very harmful, causing millions of early deaths across the world,” Richard Peltier of the University of Massachusetts Amherst, who wasn’t involved in the study, told Reuters Health by email.
Future studies should recruit more volunteers, Peltier said, and focus on the main reasons why masks seem to fail - whether the material itself is faulty, the masks don’t fit different people well, or they don’t seem to work well for daily living conditions.
“Air pollution exposure is a universal burden that affects us all, and somehow we are the ones obligated to find ways to reduce our exposure with these insufficient tools,” he said. “A far better solution is to prevent pollution at its source.”
SOURCE: bit.ly/2qBhMgo Occupational & Environmental Medicine, online April 9, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-airpollution-masks/face-masks-available-to-consumers-may-be-ineffective-against-air-pollution-idUSKBN1I426I |
May 27, 2018 / 10:59 AM / Updated 3 hours ago Ukraine's Svitolina sweeps past Tomljanovic after shaky start Richard Lough 2 Min Read
PARIS (Reuters) - Ukraine’s Elina Svitolina overcame a slow start to power past Australia’s Ajla Tomljanovic 7-5 6-3 and become the first big name to reach the second round of the French Open on Sunday. Tennis - French Open - Roland Garros, Paris, France - May 27, 2018 Ukraine's Elina Svitolina in action during her first round match against Australia's Ajla Tomljanovic REUTERS/Christian Hartmann
Under beautiful blue skies in the French capital, the fourth seed was broken twice early in the opening set before clawing her way back into the match from 5-1 down, by pinning her opponent behind the baseline and testing the Australian’s backhand as she rediscovered her groundstrokes.
The Ukrainian wrapped up the match with a comfortable second set, to stretch her head-to-head lead over Tomljanovic to 3-0.
“It was not an easy start and I had to really wake up. I had to step up my game,” Svitolina said straight after the match.
Svitolina arrived in Paris as one of six players with a chance of ending the tournament as World No. 1, and had not failed to make it to the second round of a Grand Slam since the U.S. Open in 2014.
The 23-year-old struggled to find her rhythm early on until the eight game when a Tomljanovic double fault handed Svitolina a second break point of the game. The Australian then hit long to make it 5-3 and Svitolina launched her comeback.
Tomljanovic lost the opening set with a cautious second serve that was dispatched by Svitolina, the Australian slamming her racket into the clay in an outburst of frustration after surrendering a four-game lead.
Svitolina dictated the second set, spreading the ball across the baseline and offering up some deft drop shots that stretched her opponent.
At 3-4 down in the second, Tomljanovic smacked a double-handed backhand into the net to hand Svitolina a break point, which she won easily before closing out the set.
Svitolina will next face either 2010 champion Francesca Schiavone — here this year as a qualifier — or Viktoria Kuzmova, who play later on Sunday. Reporting by Richard Lough | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-svitolina/ukraines-svitolina-sweeps-past-tomljanovic-after-shaky-start-idUKKCN1IS0AZ |
Students at Markle's former school celebrate her upcoming wedding 2:15am BST - 00:45
Students at the Los Angeles school attended by Meghan Markle celebrate her upcoming wedding to Prince Harry. Rough Cut
Students at the Los Angeles school attended by Meghan Markle celebrate her upcoming wedding to Prince Harry. Rough Cut //reut.rs/2rNazdH | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/17/students-at-markles-former-school-celebr?videoId=427593901 |
The leading U.S. marketplace for cryptocurrencies has been quietly preparing for a monster increase in trading volume.
In a response to New York Attorney General Eric Schneiderman's ongoing inquiry into exchanges, the private company disclosed some key company data. Coinbase said it has doubled the size of its full-time engineering staff and has overhauled much of the the platform's code.
"These efforts and others have resulted in a 1000% increase in our surge, transaction capacity relative to Q3 of 2017," Coinbase said in a public version of the letter published this week. "We expect to again double this capacity in coming months, all while maintaining the highest standard of security expected by our customers."
The company's COO, Asiff Hirji, said serious demand for cryptocurrency and its core technology blockchain made that effort necessary.
"More people are starting to realize that this is foundational and you have the best and brightest in crypto running to build applications," Hirji told CNBC. "If you believe that, It's not surprising to see ever increasing volumes and record transactions."
Coinbase is also gearing up for more institutional money to enter the market, Hirji said, pointing to a New York Times report Thursday that Goldman Sachs is looking to start a bitcoin trading desk.
In the letter, Coinbase said it has traded $150 billion in assets on the platform and it has received more than $225 million in funding.
Personnel numbers were also disclosed, and the company has hired more than 300 full-time employees. When contractors are factored in, the company has 1,000 people working for Coinbase. Nearly 20 percent work in compliance, the company said.
The company scaled quickly to keep up with demand last year as cryptocurrency trading skyrocketed. Bitcoin, the largest cryptocurrency by market capitalization, rose 1,300 percent last year, nearing a high of $20,000 in December.
As the company grew, some customers took to sites like Redddit to complain about site outages and customer support.
Coinbase improved the amount of time the platform is fully functional, and operating smoothly known as "uptime."
"We are proud to have delivered 99.97% uptime to users of the platform in the period January 1 to present, and 99.99% uptime in the month of April," Coinbase said.
Coinbase reportedly valued itself at about $8 billion when it made an offer in a recent acquisition for Earn.com. The internal estimate is much higher than its last preferred valuation of $1.6 billion, Recode reported. Coinbase declined to comment on its valuation.
| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/coinbase-prepares-for-a-monster-increase-in-trading.html |
May 8 (Reuters) - Centennial Resource Development Inc :
* CENTENNIAL RESOURCE DEVELOPMENT SAYS CO, UNIT ENTERED INTO CERTAIN SECOND AMENDED AND RESTATED CREDIT AGREEMENT DATED AS OF MAY 4, 2018 - SEC FILING
* CENTENNIAL RESOURCE DEVELOPMENT - SECOND A&R CREDIT AGREEMENT HAS A TERM OF FIVE YEARS FROM EFFECTIVE DATE OF MAY 4, 2018 Source text: [ bit.ly/2HZcEOM ] Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-centennial-resource-development-sa/brief-centennial-resource-development-says-co-unit-entered-into-certain-second-amended-restated-credit-agreement-idUSFWN1SF0K5 |
Achieved 16.8% Net Sales Increase
Earned Net Income per Diluted Share of $0.06
Increased Adjusted Net Income per Diluted Share to $0.12
ATLANTA, May 07, 2018 (GLOBE NEWSWIRE) -- Mueller Water Products, Inc. (NYSE:MWA) announced today that for its fiscal 2018 second quarter ended March 31, 2018, net sales were $233.2 million and net income was $10.2 million.
In the 2018 second quarter, the Company:
Increased net sales 16.8 percent, or $33.5 million, to $233.2 million as compared with $199.7 million in the prior year quarter.
Improved operating income to $29.9 million from $11.3 million in the prior year quarter. Adjusted operating income increased 34.7 percent to $31.8 million as compared with $23.6 million in the prior year quarter.
Increased income from continuing operations to $10.2 million from $4.7 million in the prior year quarter. Adjusted net income increased 24.0 percent to $19.1 million as compared with $15.4 million in the prior year quarter.
Recorded a provisional one-time income tax expense of $7.5 million for the transition tax on undistributed foreign earnings relating to new tax legislation, and incurred other charges of $1.9 million, which were primarily related to its previously announced strategic reorganization.
Generated income from continuing operations per diluted share of $0.06 and adjusted net income per diluted share of $0.12 as compared with income from continuing operations per diluted share of $0.03 and adjusted net income per diluted share of $0.09 in the prior year quarter.
Increased its quarterly dividend 25 percent to $0.05 per share and repurchased $10 million of shares during the second quarter.
“We are very encouraged by the healthy demand in both municipal and residential end markets. In the second quarter, we achieved 16.8 percent quarterly net sales growth, our highest quarterly year-over-year net sales growth in five years, while increasing adjusted operating income 34.7 percent,” said Scott Hall, President and Chief Executive Officer of Mueller Water Products.
“Our gross profit margin expanded to 31.9 percent in the second quarter as our higher volumes, cost productivity improvements and favorable pricing helped offset higher material costs. As a result, we increased adjusted operating income and improved our conversion margin. We expect our conversion margin will be stronger in the second half of the year compared to the first half due to benefits from higher volumes, continued execution of our cost productivity initiatives and improved pricing.
“Our outlook for 2018 remains positive, with favorable growth in our end markets. For full year 2018, we expect our consolidated net sales to increase between 7 and 9 percent and conversion margin to range between 25 and 30 percent. Moving forward, we remain focused on executing our key initiatives to grow and enhance our business as we accelerate new product development, drive manufacturing productivity improvements and execute our go-to-market strategies as a customer-focused organization. Our strong balance sheet and free cash flow enable us to reinvest and grow our business through capital investments and acquisitions, while returning cash to shareholders through dividends and share repurchases.”
Consolidated Results
Net sales for the 2018 second quarter increased $33.5 million, or 16.8 percent, to $233.2 million as compared with $199.7 million in the 2017 second quarter.
Adjusted operating income was $31.8 million for the 2018 second quarter and $23.6 million in the 2017 second quarter.
Segment Results
Infrastructure
Net sales for the 2018 second quarter increased $29.5 million, or 16.2 percent, to $211.1 million as compared with $181.6 million in the 2017 second quarter, primarily due to higher shipment volumes and higher pricing.
Adjusted operating income for the 2018 second quarter increased 25.0 percent to $45.0 million as compared with $36.0 million in the 2017 second quarter. Adjusted operating income increased primarily due to higher shipment volumes, higher pricing and cost productivity improvements, which were partially offset by higher material costs and SG&A expenses.
Technologies
Net sales for the 2018 second quarter increased $4.0 million, or 22.1 percent, to $22.1 million, as compared with $18.1 million in the 2017 second quarter. The increase was driven by higher volumes.
Adjusted operating losses were $3.9 million in the 2018 second quarter and $3.8 million in the 2017 second quarter.
Interest Expense, Net
Interest expense, net for the 2018 second quarter decreased to $5.2 million, as compared with $5.5 million in the 2017 second quarter, primarily due to higher interest income this year.
Income Taxes
On December 22, 2017, tax legislation was enacted that made significant revisions to federal income tax laws, including lowering the corporate income tax rate to 21 percent from 35 percent, eliminating or limiting certain deductions and overhauling the taxation of income earned outside the United States. In this quarter, the Company recorded a provisional one-time expense of $7.5 million for the transition tax on previously-untaxed, undistributed foreign earnings. The provisional net impact of the tax legislation to date is a $35.1 million benefit, including the benefit of $42.6 million recorded in the first quarter related to remeasurement of the Company’s net deferred income tax liabilities.
For the 2018 second quarter, the Company reported income tax expense of $14.2 million. Excluding the provisional transition tax expense, income tax expense was $6.7 million or 27.5 percent of income before income taxes. This rate differs from the statutory rate primarily due to the effects of state income taxes and discrete items, particularly certain effects of stock compensation transactions.
Discontinued Operations
The Company sold its Anvil business in the 2017 second quarter. Amounts applicable to Anvil have been classified as discontinued operations.
Conference Call Webcast
Mueller Water Products’ quarterly earnings conference call will take place Tuesday, May 8, 2018, at 9:00 a.m. ET. Members of Mueller Water Products’ leadership team will discuss the Company’s recent financial performance and respond to questions from financial analysts. A live webcast of the call will be available on the Investor Relations section of the Company’s website. Please go to the website ( www.muellerwaterproducts.com ) at least 15 minutes prior to the start of the call to register, download and install any necessary software. A replay of the call will be available for 30 days and can be accessed by dialing 1-866-373-4993. An archive of the webcast will also be available on the Investor Relations section of the Company’s website.
Use of Non-GAAP Measures
In an effort to provide investors with additional information regarding the Company’s results as determined under GAAP, the Company also provides non-GAAP information that management believes is useful to investors. These non-GAAP measures have limitations as analytical tools, and securities analysts, investors and other interested parties should not consider any of these non-GAAP measures in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies.
The Company presents adjusted net income, adjusted net income per diluted share, adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin as performance measures because management uses these measures in evaluating the Company’s underlying performance on a consistent basis across periods and in making decisions about operational strategies. Management also believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of the Company’s recurring performance.
The Company presents net debt and net debt leverage as performance measures because management uses them in evaluating its capital management, and the investment community commonly uses them as measures of indebtedness. The Company presents free cash flow because management believes it is commonly used by the investment community to measure the Company’s ability to create liquidity.
The calculations of these non-GAAP measures and reconciliations to GAAP results are included as an attachment to this press release and have been posted online at www.muellerwaterproducts.com .
Forward-Looking Statements
This press release contains certain statements that may be deemed “ ” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that address activities, events or developments that we intend, expect, plan, project, believe or anticipate will or may occur in the future are , including statements regarding the strength of our conversion margin in the second half of the year, our consolidated net sales and conversion margin for full year 2018, acceleration of new product development, manufacturing productivity improvements, go-to-market strategies, returning cash to stockholders, growing our business through capital investments and acquisitions and the impact of new tax legislation. Forward-looking statements are based on certain assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions and expected future developments. Actual results and the timing of events may those contemplated by the due to a number of factors, including regional, national or global political, economic, business, competitive, market or regulatory conditions, manufacturing and product performance, warranty assumptions (including the adequacy of our reserves related thereto), expectations regarding higher volumes, continued execution of our cost productivity initiatives and improved pricing, as well as other factors that are described in the section entitled “RISK FACTORS” in Item 1A of our most recently filed Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the quarter ended December 31, 2017. Undue reliance should not be placed on any . We do not have any intention or obligation to update , except as required by law.
About Mueller Water Products, Inc.
Mueller Water Products, Inc. (NYSE:MWA) is a leading manufacturer and marketer of products and services used in the transmission, distribution and measurement of water in North America. Our broad product and service portfolio includes engineered valves, fire hydrants, metering products and systems, leak detection and pipe condition assessment. We help municipalities increase operational efficiencies, improve customer service and prioritize capital spending, demonstrating why Mueller Water Products is Where Intelligence Meets Infrastructure ® . Visit us at www.muellerwaterproducts.com .
Investor Relations Contact: Whit Kincaid
770-206-4116
[email protected]
Media Contact: Yolanda Kokayi
770-206-4131
[email protected]
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) March 31, September 30, 2018 2017 (in millions, except share amounts)
Assets: Cash and cash equivalents $ 323.9 $ 361.7 Receivables, net 152.4 145.3 Inventories 156.2 138.9 Other current assets 21.2 24.4 Total current assets 653.7 670.3 Property, plant and equipment, net 124.0 122.3 Intangible assets 429.1 439.3 Other noncurrent assets 27.5 26.4 Total assets $ 1,234.3 $ 1,258.3 Liabilities and equity: Current portion of long-term debt $ 5.6 $ 5.6 Accounts payable 58.3 82.5 Other current liabilities 49.8 53.5 Total current liabilities 113.7 141.6 Long-term debt 473.4 475.0 Deferred income taxes 78.2 115.1 Other noncurrent liabilities 37.2 37.1 Total liabilities 702.5 768.8 Commitments and contingencies Common stock: 600,000,000 shares authorized; 158,047,381 and 158,590,383 shares outstanding at March 31, 2018 and September 30, 2017, respectively 1.6 1.6 Additional paid-in capital 1,467.7 1,494.2 Accumulated deficit (890.3 ) (955.6 ) Accumulated other comprehensive loss (48.4 ) (51.8 ) Total Company stockholders’ equity 530.6 488.4 Noncontrolling interest 1.2 1.1 Total equity 531.8 489.5 Total liabilities and equity $ 1,234.3 $ 1,258.3
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) Three months ended Six months ended
March 31, March 31,
2018 2017 2018 2017 (in millions, except per share amounts)
Net sales $ 233.2 $ 199.7 $ 411.5 $ 366.9 Cost of sales 158.7 147.2 281.6 262.6 Gross profit 74.5 52.5 129.9 104.3 Operating expenses: Selling, general and administrative 42.7 38.7 82.5 75.0 Gain on sale of idle property — — (9.0 ) — Strategic reorganization and other charges 1.9 2.5 5.8 3.8 Total operating expenses 44.6 41.2 79.3 78.8 Operating income 29.9 11.3 50.6 25.5 Pension costs other than service 0.3 0.4 0.5 0.7 Interest expense, net 5.2 5.5 10.4 11.9 Income before income taxes 24.4 5.4 39.7 12.9 Income taxes: Recurring-basis income tax expense 6.7 0.7 9.5 2.8 One-time impacts from tax legislation (1) 7.5 — (35.1 ) — Income tax expense (benefit) 14.2 0.7 (25.6 ) 2.8 Income from continuing operations 10.2 4.7 65.3 10.1 Income from discontinued operations — 68.6 — 69.9 Net income $ 10.2 $ 73.3 $ 65.3 $ 80.0 Income per basic share: Continuing operations $ 0.06 $ 0.03 $ 0.41 $ 0.06 Discontinued operations — 0.43 — 0.44 Net income $ 0.06 $ 0.46 $ 0.41 $ 0.50 Income per diluted share: Continuing operations $ 0.06 $ 0.03 $ 0.41 $ 0.06 Discontinued operations — 0.42 — 0.43 Net income $ 0.06 $ 0.45 $ 0.41 $ 0.49 Weighted average shares outstanding: Basic 158.3 160.9 158.4 161.4 Diluted 159.4 162.5 159.6 163.2 Dividends declared per share $ 0.05 $ 0.04 $ 0.09 $ 0.07 (1) U.S. federal income tax legislation was enacted during the quarter ended December 31, 2017. The quarter ended March 31, 2018 included a provisional one-time transition tax on undistributed foreign earnings due to this legislation. The six months ended March 31, 2018 also included a provisional $42.6 million income tax benefit for the required remeasurement of net deferred tax liabilities to reflect the enacted tax rates in effect when the Company expects to recognize the related tax expenses or benefits.
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) Six months ended
March 31,
2018 2017
(in millions)
Operating activities: Net income $ 65.3 $ 80.0 Less income from discontinued operations — 69.9 Income from continuing operations 65.3 10.1 Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities of continuing operations: Depreciation 10.1 10.1 Amortization 11.4 10.8 Stock-based compensation 3.5 3.4 Retirement plans 1.5 1.7 Deferred income taxes (38.6 ) (14.2 ) Gain on sale (9.0 ) — Other, net 2.1 1.0 Changes in assets and liabilities, net of acquisitions: Receivables (6.8 ) (5.2 ) Inventories (17.5 ) (11.2 ) Other assets (2.0 ) (2.4 ) Liabilities (18.4 ) (20.4 ) Net cash provided by (used in) operating activities of continuing operations 1.6 (16.3 ) Investing activities: Capital expenditures (14.4 ) (14.1 ) Proceeds from sales of assets 7.4 0.2 Business acquisitions, net of cash acquired — (26.2 ) Net cash used in investing activities of continuing operations (7.0 ) (40.1 ) Financing activities: Dividends (14.3 ) (11.2 ) Employee taxes related to stock-based compensation (2.1 ) (2.7 ) Repayments of debt (2.4 ) (2.5 ) Common stock issued 6.4 3.9 Stock repurchased under buyback program (20.0 ) (50.0 ) Deferred financing costs — (1.0 ) Other (0.1 ) — Net cash used in financing activities of continuing operations (32.5 ) (63.5 ) Net cash flows from discontinued operations: Operating activities — (43.6 ) Investing activities — 297.2 Financing activities — (0.1 ) Net cash provided by discontinued operations — 253.5 Effect of currency exchange rate changes on cash 0.1 (0.3 ) Net change in cash and cash equivalents (37.8 ) 133.3 Cash and cash equivalents at beginning of period 361.7 195.0 Cash and cash equivalents at end of period $ 323.9 $ 328.3
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
SEGMENT RESULTS AND RECONCILIATION OF NON-GAAP TO GAAP PERFORMANCE MEASURES
(UNAUDITED) Quarter ended March 31, 2018 Infrastructure Technologies Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 211.1 $ 22.1 $ — $ 233.2 Gross profit $ 71.4 $ 3.1 $ — $ 74.5 Selling, general and administrative expenses 26.4 7.0 9.3 42.7 Strategic reorganization and other charges 0.1 — 1.8 1.9 Operating income (loss) $ 44.9 $ (3.9 ) $ (11.1 ) $ 29.9 Operating margin 21.3 % (17.6 )% 12.8 % Capital expenditures $ 6.3 $ 1.5 $ 0.2 $ 8.0 Reconciliation of non-GAAP performance measures to GAAP performance measures: Net income $ 10.2 One-time impacts from tax legislation 7.5 Strategic reorganization and other charges 1.9 Income tax benefit of adjusting items (0.5 ) Adjusted net income $ 19.1 Weighted average diluted shares outstanding 159.4 Adjusted net income per diluted share $ 0.12 Net income $ 10.2 Income tax expense (1) 14.2 Interest expense, net (1) 5.2 Pension costs other than service 0.3 Operating income (loss) $ 44.9 $ (3.9 ) $ (11.1 ) 29.9 Strategic reorganization and other charges 0.1 — 1.8 1.9 Adjusted operating income (loss) 45.0 (3.9 ) (9.3 ) 31.8 Pension costs other than service 0.1 — (0.4 ) (0.3 ) Depreciation and amortization 9.4 1.5 — 10.9 Adjusted EBITDA $ 54.5 $ (2.4 ) $ (9.7 ) $ 42.4 Adjusted operating margin 21.3 % (17.6 )% 13.6 % Adjusted EBITDA margin 25.8 % (10.9 )% 18.2 % (1) We do not allocate interest or income taxes to our segments. Adjusted EBITDA $ 54.5 $ (2.4 ) $ (9.7 ) $ 42.4 Three prior quarters’ adjusted EBITDA 160.3 (4.4 ) (25.4 ) 130.5 Trailing twelve months’ adjusted EBITDA $ 214.8 $ (6.8 ) $ (35.1 ) $ 172.9 Reconciliation of net debt to total debt (end of period): Current portion of long-term debt $ 5.6 Long-term debt 473.4 Total debt 479.0 Less cash and cash equivalents 323.9 Net debt $ 155.1 Net debt leverage (net debt divided by trailing twelve months’ adjusted EBITDA) 0.9 x Reconciliation of free cash flow to net cash provided by operating activities: Net cash provided by operating activities of continuing operations $ 1.1 Less capital expenditures (8.0 ) Free cash flow $ (6.9 )
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
SEGMENT RESULTS AND RECONCILIATION OF NON-GAAP TO GAAP PERFORMANCE MEASURES
(UNAUDITED)
Quarter ended March 31, 2017 Infrastructure Technologies Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 181.6 $ 18.1 $ — $ 199.7 Gross profit $ 59.0 $ (6.5 ) $ — $ 52.5 Selling, general and administrative expenses 23.0 7.1 8.6 38.7 Other charges 1.6 0.1 0.8 2.5 Operating income (loss) $ 34.4 $ (13.7 ) $ (9.4 ) $ 11.3 Operating margin 18.9 % (75.7 )% 5.7 % Capital expenditures $ 4.7 $ 5.2 $ — $ 9.9 Reconciliation of non-GAAP performance measures to GAAP performance measures: Net income $ 73.3 Income from discontinued operations (after tax) (68.6 ) Discrete warranty charge 9.8 Other charges 2.5 Income tax benefit of adjusting items (1.6 ) Adjusted net income $ 15.4 Weighted average diluted shares outstanding 162.5 Adjusted net income per diluted share $ 0.09 Net income $ 73.3 Income from discontinued operations (after tax) (68.6 ) Income tax expense (1) 0.7 Interest expense, net (1) 5.5 Pension costs other than service 0.4 Operating income (loss) $ 34.4 $ (13.7 ) $ (9.4 ) 11.3 Discrete warranty charge — 9.8 — 9.8 Other charges 1.6 0.1 0.8 2.5 Adjusted operating income (loss) 36.0 (3.8 ) (8.6 ) 23.6 Pension costs other than service (0.1 ) — (0.3 ) (0.4 ) Depreciation and amortization 9.1 1.4 0.1 10.6 Adjusted EBITDA $ 45.0 $ (2.4 ) $ (8.8 ) $ 33.8 Adjusted operating margin 19.8 % (21.0 )% 11.8 % Adjusted EBITDA margin 24.8 % (13.3 )% 16.9 % (1) We do not allocate interest or income taxes to our segments. Quarter ended March 31, 2017 Infrastructure Technologies Corporate Consolidated (dollars in millions, except per share amounts) Adjusted EBITDA $ 45.0 $ (2.4 ) $ (8.8 ) $ 33.8 Three prior quarters’ adjusted EBITDA 155.4 (0.5 ) (26.8 ) 128.1 Trailing twelve months’ adjusted EBITDA $ 200.4 $ (2.9 ) $ (35.6 ) $ 161.9 Reconciliation of net debt to total debt (end of period): Current portion of long-term debt $ 5.5 Long-term debt 476.3 Total debt 481.8 Less cash and cash equivalents 328.3 Net debt $ 153.5 Net debt leverage (net debt divided by trailing twelve months’ adjusted EBITDA) 0.9 x Reconciliation of free cash flow to net cash provided by operating activities of continuing operations: Net cash provided by operating activities of continuing operations $ 3.6 Less capital expenditures (9.9 ) Free cash flow $ (6.3 )
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
SEGMENT RESULTS AND RECONCILIATION OF NON-GAAP TO GAAP PERFORMANCE MEASURES
(UNAUDITED)
Six months ended March 31, 2018 Infrastructure Technologies Corporate Consolidated (dollars in millions, except per share amounts) Net sales $ 371.2 $ 40.3 $ — $ 411.5 Gross profit $ 123.9 $ 6.0 $ — $ 129.9 Selling, general and administrative expenses 50.8 14.5 17.2 82.5 Gain on sale of idle property — — (9.0 ) (9.0 ) Strategic reorganization and other charges 0.1 0.1 5.6 5.8 Operating income (loss) $ 73.0 $ (8.6 ) $ (13.8 ) $ 50.6 Operating margin 19.7 % (21.3 )% 12.3 % Capital expenditures $ 11.1 $ 3.0 $ 0.3 $ 14.4 Reconciliation of non-GAAP performance measures to GAAP performance measures: Net income $ 65.3 One-time impacts from tax legislation (35.1 ) Gain on sale of idle property (9.0 ) Strategic reorganization and other charges 5.8 Income tax benefit of adjusting items 0.9 Adjusted net income $ 27.9 Weighted average diluted shares outstanding 159.6 Adjusted net income per diluted share $ 0.17 Net income $ 65.3 Income tax benefit (1) (25.6 ) Interest expense, net (1) 10.4 Pension costs other than service 0.5 Operating income (loss) $ 73.0 $ (8.6 ) $ (13.8 ) 50.6 Gain on sale of idle property — — (9.0 ) (9.0 ) Strategic reorganization and other charges 0.1 0.1 5.6 5.8 Adjusted operating income (loss) 73.1 (8.5 ) (17.2 ) 47.4 Pension costs other than service — — (0.5 ) (0.5 ) Depreciation and amortization 18.5 2.9 0.1 21.5 Adjusted EBITDA $ 91.6 $ (5.6 ) $ (17.6 ) $ 68.4 Adjusted operating margin 19.7 % (21.1 )% 11.5 % Adjusted EBITDA margin 24.7 % (13.9 )% 16.6 % Reconciliation of free cash flow to net cash provided by operating activities: Net cash provided by operating activities $ 1.6 Less capital expenditures (14.4 ) Free cash flow $ (12.8 ) (1) We do not allocate interest or income taxes to our segments.
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
SEGMENT RESULTS AND RECONCILIATION OF NON-GAAP TO GAAP PERFORMANCE MEASURES
(UNAUDITED)
Six months ended March 31, 2017 Infrastructure Technologies Corporate Consolidated (dollars in millions, except per share amounts)
Net sales $ 327.9 $ 39.0 $ — $ 366.9 Gross profit $ 106.6 $ (2.3 ) $ — $ 104.3 Selling, general and administrative expenses 44.3 13.5 17.2 75.0 Other charges 1.7 0.1 2.0 3.8 Operating income (loss) $ 60.6 $ (15.9 ) $ (19.2 ) $ 25.5 Operating margin 18.5 % (40.8 )% 7.0 % Capital expenditures $ 7.7 $ 6.3 $ 0.1 $ 14.1 Reconciliation of non-GAAP performance measures to GAAP performance measures: Net income $ 80.0 Income from discontinued operations (after tax) (69.9 ) Discrete warranty charge 9.8 Other charges 3.8 Income tax benefit of adjusting items (2.0 ) Adjusted net income $ 21.7 Weighted average diluted shares outstanding 163.2 Adjusted net income per diluted share $ 0.13 Net income $ 80.0 Income from discontinued operations (after tax) (69.9 ) Income tax expense (1) 2.8 Interest expense, net (1) 11.9 Pension costs other than service 0.7 Operating income (loss) $ 60.6 $ (15.9 ) $ (19.2 ) 25.5 Discrete warranty charge — 9.8 — 9.8 Other charges 1.7 0.1 2.0 3.8 Adjusted operating income (loss) 62.3 (6.0 ) (17.2 ) 39.1 Pension costs other than service (0.2 ) — (0.5 ) (0.7 ) Depreciation and amortization 18.1 2.6 0.2 20.9 Adjusted EBITDA $ 80.2 $ (3.4 ) $ (17.5 ) $ 59.3 Adjusted operating margin 19.0 % (15.4 )% 10.7 % Adjusted EBITDA margin 24.5 % (8.7 )% 16.2 % Reconciliation of free cash flow to net cash used in operating activities of continuing operations: Net cash used in operating activities of continuing operations $ (16.3 ) Less capital expenditures (14.1 ) Free cash flow $ (30.4 ) (1) We do not allocate interest or income taxes to our segments.
Source:Mueller Water Products | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-mueller-water-products-reports-2018-second-quarter-results.html |
Fourth Quarter 2018 Closing Expected
Independent Anticipates Transaction Will Be Accretive to 2019 Earnings
ROCKLAND, Mass. & MILFORD, Mass.--(BUSINESS WIRE)-- Independent Bank Corp. (NASDAQ Global Select Market: INDB), parent of Rockland Trust Company, and MNB Bancorp, parent of The Milford National Bank and Trust Company (“Milford National), have signed a definitive merger agreement for Independent Bank Corp. (“Independent”) to acquire MNB Bancorp (“MNB”) and Rockland Trust to acquire Milford National. The parties anticipate that the transaction will close in the fourth quarter of 2018.
Milford National was founded in 1849 and has continuously served Milford, Massachusetts and surrounding towns since its inception. Milford National currently has three Worcester County bank branches, two in Milford and one in the adjacent community of Mendon, Massachusetts. As of March 31, 2018, Milford National had $301 million in deposits, with a current overall cost of deposits of 0.40%, and $308 million in loans with a current yield of 4.71%. Milford National’s wealth management business, which is also being acquired by Rockland Trust, had $167 million of assets under administration.
“Rockland Trust already has a Milford presence with many customer relationships in Milford and the surrounding area. We welcome the opportunity to further broaden our Worcester County presence by joining Milford National with Rockland Trust,” said Christopher Oddleifson, the President and Chief Executive Officer of Independent and the Chief Executive Officer of Rockland Trust. “This acquisition is a natural expansion and strengthening of our existing presence in Milford and Worcester County. We look forward to welcoming Milford National colleagues and customers to Rockland Trust.”
“We are extremely pleased to join Rockland Trust, a growing bank with a terrific brand,” said Kevin Meehan, Chairman of the Board of Milford National. “Our customers will enjoy the greater range of products, services, and convenience that Rockland Trust offers.”
Under the merger agreement each share of MNB stock will be exchanged for either 3.55 shares of Independent common stock or $275 in cash, subject to customary pro-ration procedures which will result in an aggregate stock/cash consideration mix of 75% stock/25% cash. The transaction is intended to qualify as a tax-free reorganization for federal income tax purposes and to provide a tax-free exchange for MNB shareholders who receive Independent common stock as consideration.
Independent anticipates issuing approximately 528,375 shares of its common stock in the merger. Based upon Independent's $76.80 per share closing price on May 25, 2018, the transaction is valued at approximately $54.2 million. Independent intends to fund the cash portion of the consideration from internal sources.
Independent anticipates that the acquisition will be approximately ten cents ($0.10) accretive to its 2019 earnings, excluding one-time costs. Independent estimates that the transaction will generate an internal rate of return of about 19% and expects the transaction will be approximately 1.2% dilutive to tangible book value per share. One-time expenses attributable to the merger are expected to be approximately $5.3 million after tax, in the aggregate, incurred in 2018 and 2019.
The boards of directors of each company have unanimously approved the transaction. The transaction is subject to certain conditions, including the receipt of required regulatory approvals, approval by MNB shareholders, and other standard conditions. Independent shareholders do not need to approve the merger. MNB directors and principal shareholders who currently own, in the aggregate, about 67% of MNB’s outstanding shares have signed voting agreements pursuant to which they have agreed to vote their shares in favor of the merger.
Independent used Day Pitney LLP as its legal counsel and received a fairness opinion from Keefe Bruyette & Woods, Inc. MNB Bancorp was advised by Sandler O’Neill + Partners L.P. and used Nutter McClennen & Fish LLP as its legal counsel.
About Independent Bank Corp.
Independent Bank Corp., which has Rockland Trust Company as its wholly-owned commercial bank subsidiary, has $8.1 billion in assets. Rockland Trust offers a wide range of commercial banking products and services, retail banking products and services, business and consumer loans, insurance products and services, and investment management services. To find out why Rockland Trust is the bank “Where Each Relationship Matters ® ”, visit www.RocklandTrust.com .
About MNB Bancorp
MNB Bancorp, through its wholly owned bank subsidiary, The Milford National Bank and Trust Company, offers a full array of personal banking, business banking, investments, insurance and trust services. Founded in 1849, Milford National operates through three Worcester County, Massachusetts bank branches: two in Milford, Massachusetts and one in the adjacent community of Mendon, Massachusetts. Information about Milford National can be found at www.milfordnationalonline.com .
Additional Information and Where to Find It
In connection with the proposed merger, Independent Bank Corp. intends to file with the Securities and Exchange Commission (the “Commission”) a Registration Statement on Form S-4 containing a proxy statement of MNB Bancorp and a prospectus of Independent Bank Corp. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. Investors and security holders are advised to read the proxy statement/prospectus when it becomes available because it will contain important information. Investors and security holders may obtain a free copy of the registration statement (when available), including the proxy statement/prospectus and other documents filed by Independent Bank Corp. with the Commission, at the Commission’s web site at www.sec.gov . These documents may be accessed and downloaded, free of charge, at Independent Bank Corp.’s web site at www.RocklandTrust.com under the tab “Investor Relations” and then under the heading “SEC Filings” or by directing a request to Investor Relations, Independent Bank Corp., 288 Union Street, Rockland, Massachusetts 02370, telephone (781) 982-6737.
Participants in the Solicitation
This communication is not a solicitation of a proxy from any security holder of MNB Bancorp. However, Independent Bank Corp., MNB Bancorp, their respective directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies from shareholders of MNB Bancorp in respect of the proposed transaction. Information regarding the directors and executive officers of Independent Bank Corp. may be found in its definitive proxy statement relating to its 2018 Annual Meeting of Shareholders, which was filed with the Commission on March 29, 2018 and its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the Commission on February 27, 2018, each of which can be obtained free of charge from Independent Bank Corp.’s website. Information regarding the directors and executive officers of MNB Bancorp, the participants in the proxy solicitation, and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the Commission when they become available.
Forward Looking Statements
Information set forth in this press release, including financial estimates and statements as to the expected timing, completion and effects of the proposed merger between Independent Bank Corp. and MNB Bancorp (the “Merger”), constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the rules, regulations and releases of the Commission. Such forward-looking statements include, but are not limited to, statements about the expected benefits of the Merger, including the anticipated impact on Independent Bank Corp.’s earnings, profitability, expenses, tangible book value, the acquisition’s expected internal rate of return, any other future financial and operating results, Rockland Trust’s plans to expand its presence in Worcester Country, and Rockland Trust’s other plans, objectives, expectations and intentions. Any statements that are not statements of historical fact, including statements containing such words as “will,” “could,” “plans,” “intends,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “typically,” “anticipate,” “estimated,” or similar expressions, should also be considered forward-looking statements, although not all forward-looking statements contain these identifying words. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based upon assumptions and the current beliefs and expectations of the management of Independent Bank Corp. and MNB Bancorp. These forward-looking statements are subject to known and unknown risks and uncertainties, and actual results might differ materially from those discussed in, or implied by, the forward-looking statements.
Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to, the following: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement and Plan of Merger, dated as of May 29, 2018, by and among Independent Bank Corp., Rockland Trust Company, MNB Bancorp, and The Milford National Bank and Trust Company (the “Merger Agreement”); (2) the risk that MNB Bancorp’s shareholders may not adopt the Merger Agreement; (3) the risk that the necessary regulatory approvals may not be obtained, may be delayed, or may be obtained subject to conditions that are not anticipated; (4) delays in closing the Merger or other risks that any of the closing conditions to the Merger may not be satisfied in a timely manner or at all; (5) the inability to realize expected cost savings and synergies from the Merger in the amounts or in the timeframe anticipated; (6) the diversion of management’s time from existing business operations due to time spent related to the Merger or integration efforts; (7) the inability to successfully integrate Milford National or that the integration will be more difficult, time-consuming, or costly than expected; (8) unexpected material adverse changes in Independent Bank Corp.’s or MNB Bancorp’s operations or earnings, the real estate markets in which they operate, the local economy, or the local business environment; (9) potential litigation in connection with the Merger; (10) higher than expected transaction or other costs and expenses; and (11) higher than expected attrition of MNB Bancorp’s customers or key employees. There are important, additional factors that could cause actual results or events to differ materially from those indicated by such forward looking statements, including the factors described in Independent Bank Corp.’s Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the Commission on February 27, 2018.
Except as required by law, Independent Bank Corp. disclaims any intent or obligation to update publicly any forward-looking statements, whether in response to new information, future events, inaccurate assumptions, or otherwise. Any public statements or disclosures by Independent Bank Corp. following this press release that modifies or impacts any of the forward-looking statements contained in this press release will be deemed to modify or supersede such statements in this press release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors in the proxy statement/prospectus when it becomes available.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529006262/en/
Independent Bank Corp.
Robert D. Cozzone, 781-982-6723
Chief Financial Officer
[email protected]
or
Rockland Trust Company
Ellen Molle, 781-982-6537
Public Relations Marketing Manager
[email protected]
or
The Milford National Bank and Trust Company
Daniel R. Devine, 508-244-5140
Senior Vice President and Chief Financial Officer
[email protected]
Source: Independent Bank Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-independent-bank-corp-and-mnb-bancorp-sign-merger-agreement-for-rockland-trust-company-to-acquire-the-milford-national-bank.html |
May 23, 2018 / 11:31 AM / Updated 11 minutes ago Brazil's Marfrig says five companies may bid for Keystone Reuters Staff 1 Min Read
SAO PAULO, May 23 (Reuters) - Brazilian meatpacking firm Marfrig Global foods said that five companies have qualified to participate in second phase of the bidding for Keystone Foods LLC, according to a securities filing on Wednesday.
Marfrig said the potential bidders will now gain access to the dataroom and visit Keystone plants in the United States and Asia. Binding proposals expected during the month of June, the filing said. (Reporting by Ana Mano) | ashraq/financial-news-articles | https://www.reuters.com/article/keystone-ma-marfrig/brazils-marfrig-says-five-companies-may-bid-for-keystone-idUSL2N1SU0CP |
RGU Additions of 33,000 Driven by Broadband and Video
Delivered Strong Rebased OCF Growth at Cable & Wireless and VTR
Substantial Quarterly Improvement in Puerto Rico from Q4 2017
Expanded / Upgraded our Network with over 80,000 Homes Added
Guidance for 2018 Remains On-Track
DENVER, Colorado--(BUSINESS WIRE)-- Liberty Latin America Ltd. ("Liberty Latin America") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating results for the three months ended March 31, 2018 ("Q1").
CEO Balan Nair stated , "We had a solid start to the year in our first quarter as a separately listed company. Robust operational momentum generated rebased OCF growth at VTR and at C&W, where we grew rebased OCF by 7% and had our second best fixed-line quarter for RGU additions since acquiring the business. In Puerto Rico, our team has continued to work tirelessly to rebuild the network, which is now mostly complete and contributed to our solid sequential step-up in revenue and OCF. Today, we are approaching 600,000 billable RGUs, our sales are back at pre-hurricane levels and nearly all of our B2B customers are connected. We expect that our performance in Puerto Rico will continue to improve throughout the year."
"Importantly, we remain focused on creating a leading experience for our customers, and during the quarter we launched a number of innovative products, such as Replay TV in Chile. This advanced feature is a boost to the video experience, enabling our customers to playback up to 7 days of programming across nearly 60 channels. At C&W, we enhanced our video functionality with the introduction of our Flow Evo video platform, and added new content with the launch of our own Flow Sports 2 channel across the Caribbean. In Puerto Rico, we are driving the best fixed-line connectivity and entertainment offering on the island, with our lead bundle offering customers broadband speeds of 100 Mbps."
"We continue to strengthen the capability and reach of our fixed networks, and have hit the ground running in Q1, remaining on-track to deliver over 250,000 new or upgraded homes in 2018. In addition to developing our fixed footprint, we are focusing on mobile investments across our markets. Our objective is to be the LTE leader, which will position us to capitalize on growth in data demand and convergence."
"In addition to our organic growth potential, we remain convinced of the significant consolidation opportunity across our region where we can leverage our growing scale to drive synergies and improve operating performance. Our first step in executing this strategy came with the announced acquisition of Cabletica in Costa Rica, which we anticipate completing later this summer."
"Overall, we are pleased with Q1 and remain on-track with our 2018 guidance 1 targets. Our new leadership team is now firmly established and we are excited about the opportunities to create a platform for sustainable future growth and free cash flow development."
Business Highlights
C&W focused on enhancing customer experience and operational execution: Strong YoY rebased OCF 2 growth of 7%, with $229 million of OCF 25,000 RGUs added in Q1; more than double the additions compared to prior year LTE penetration up to nearly a quarter of all mobile customers VTR delivered another strong quarter: Reported rebased revenue and OCF growth of 6% Video innovation with launch of Replay TV; Broadband maximum speeds of 400 Mbps New build and upgrade initiatives delivered over 40,000 premises in Q1 Liberty Puerto Rico's recovery from hurricanes progressing: Service available to approximately 900,000 homes Over 80% of our current subscribers back on-line as of May 4, 2018 Q1 gross RGU additions comparable to the Q1 2017 period; B2B business almost fully recovered
Financial Highlights
Liberty Latin America Q1 2018 YoY
Growth/(Decline)*
Subscribers
Organic RGU net additions 33,300 (21 %) Financial (in USD millions)
Revenue $ 910 (4 %) OCF $ 341 (5 %) Property & equipment additions $ 194 39 % As a percentage of revenue 21 % Operating income $ 98 (27 %) Adjusted FCF 3 $ (46 ) (38 %) Cash provided by operating activities $ 163 Cash used by investing activities $ (188 ) Cash used by financing activities $ (12 ) * Revenue and OCF YoY growth rates are on a rebased basis 4 .
Subscriber Growth 5
Three months ended March 31, 2018 2017 Organic RGU net additions (losses) by product Video 2,400 5,200 Data 37,000 38,600 Voice (6,100 ) (1,900 ) Total
33,300 41,900 Organic RGU net additions (losses) by segment C&W 25,100 9,900 VTR 23,600 25,400 Liberty Puerto Rico (15,400 ) 6,600 Total 33,300 41,900 Organic Mobile SIM additions (losses) by product Postpaid 3,400 12,100 Prepaid (14,400 ) 27,000 Total
(11,000 ) 39,100 Organic Mobile SIM additions (losses) by segment C&W (19,800 ) 26,600 VTR 8,800 12,500 Total (11,000 ) 39,100 Product Additions: Organic fixed RGU gains of 33,000 in Q1 2018. C&W added 25,000 RGUs during Q1, with growth across all three products, including 14,000 broadband and 8,000 fixed telephony RGUs. Broadband additions of 14,000 were twice the number reported in the prior-year period, led by Jamaica where we added 8,000 RGUs. The additions were supported by improved services, including the roll-out of our Wi-Fi Connect boxes, of which we have deployed over 100,000 across C&W. Video RGU additions totaling 3,000 were the best since the acquisition of C&W. We continued to differentiate our proposition through our content offering, launching Flow Sports 2 in the Caribbean, which carries the Premier League, IPL cricket (Indian Premier League), and other exclusive sporting events. We also launched "Flow Evo," which delivers an improved EPG (Electronic Programming Guide) experience and the ability to pause live TV. Bundled offers, particularly in Jamaica and Trinidad, drove fixed voice additions in Q1. Mobile subscribers declined by 20,000 in Q1 driven by Jamaica and the Bahamas, although the quarterly loss at BTC was the lowest since a new competitor entered the market in Q4 2016. VTR added 24,000 RGUs in Q1, driven by 26,000 broadband and 9,000 video subscriber additions, partially offset by losses in fixed telephony RGUs. Video additions represented the best Q1 in four years, supported by footprint expansion and the demand for our leading HD offering, while broadband additions continue to reflect our speed and reliability leadership in Chile. Mobile: We added 9,000 postpaid subscribers in Q1 through a continued focus on our fixed subscriber base, which represented approximately 80% of new mobile subscribers. Liberty Puerto Rico: Our RGU base declined by 15,000 in Q1, which was a significant improvement compared to the Q4 2017 decline of 65,000 RGUs.
Revenue Highlights
The following table presents (i) revenue of each of our reportable segments for the comparative period and (ii) the percentage change from period to period on both a reported and rebased basis:
Three months ended
Increase/(decrease) March 31, 2018 2017 % Rebased % in millions, except % amounts C&W $ 585.5 $ 575.6 1.7 (0.4 ) VTR 263.8 229.3 15.0 5.8 Liberty Puerto Rico 61.8 106.7 (42.1 ) (42.0 ) Intersegment eliminations (1.2 ) (0.7 ) N.M.
N.M.
Total $ 909.9 $ 910.9 (0.1 ) (3.5 ) N.M. – Not Meaningful.
Our reported revenue for the three months ended March 31, 2018 remained relatively flat year-over-year. This was mainly a combination of a decrease of $45 million at Liberty Puerto Rico primarily attributable to the hurricanes, partly offset by increases of $10 million and $23 million attributable to the impact of the C&W Carve-out Acquisition and FX, respectively. From a rebased perspective, revenue declined by 4% for the three months ended March 31, 2018 driven by the impact of Hurricanes Irma and Maria, partially offset by strong rebased growth at VTR, as described below.
Q1 2018 Rebased Revenue Growth - Segment Highlights
C&W: Rebased revenue remained relatively flat. Growth in our sub-sea B2B business was offset by lower mobile subscription revenue. The decrease in mobile subscription revenue is primarily attributable to the net effect of (i) lower revenue in (a) the Bahamas associated with a decrease in the average number of subscribers and lower ARPU, primarily driven by the commercial launch of mobile services by a competitor during the fourth quarter of 2016, and (b) Panama due primarily to a decrease in the average number of subscribers and (ii) higher revenue in Jamaica mostly due to higher ARPU. VTR: Rebased revenue growth of 6% was primarily related to increases in (i) residential cable subscription revenue, mainly from higher ARPU per RGU and an increase in the average number of subscribers, (ii) mobile subscription revenue, driven by subscriber growth, and (iii) B2B subscription revenue due to growth in SOHO RGUs. Liberty Puerto Rico: Rebased revenue decline of 42% year-over-year was primarily driven by impacts related to Hurricanes Irma and Maria. However, our performance in Q1 began to recover as revenue expanded from $17 million in Q4 2017 to $62 million in Q1 2018. We have continued our steady progress reconnecting customers with 589,000 RGUs back online as of May 4, 2018, an increase of 129,000 RGUs since February 8, 2018 and nearly all of our B2B customers are online today.
Operating Income
Operating income was $98 million and $135 million in Q1 2018 and Q1 2017, respectively, representing a decline of 27%. The decrease was driven by (i) higher restructuring charges, primarily resulting from employee severance and termination costs associated with certain reorganization programs at C&W, (ii) an increase in depreciation and amortization and (iii) lower OCF as further described below.
Operating Cash Flow Highlights
The following table presents (i) OCF of each of our reportable segments for the comparative period and (ii) the percentage change from period to period on both a reported and rebased basis:
Three months ended Increase/(decrease) March 31, 2018 2017 % Rebased % in millions, except % amounts C&W $ 229.1 $ 209.9 9.1 6.9 VTR 105.0 91.6 14.6 5.5 Liberty Puerto Rico 18.0 51.3 (64.9 ) (64.8 ) Corporate (11.3 ) (5.1 ) 121.6 121.6 Total $ 340.8 $ 347.7 (2.0 ) (5.3 ) OCF Margin 37.5 % 38.2 % Our reported OCF for the three months ended March 31, 2018 declined 2% year-over-year. The decline was mainly due to a decrease of $33 million at Liberty Puerto Rico, primarily attributable to the hurricanes, partially offset by OCF growth at VTR, which included beneficial exchange rate movements, and C&W. From a rebased perspective, OCF declined by 5% in Q1, mainly driven by the impact of Hurricanes Irma and Maria. This decrease was partially offset by rebased growth at C&W and VTR, as described below.
Q1 2018 Rebased OCF Growth - Segment Highlights
C&W: Rebased OCF growth of 7% was driven by lower other operating expenses year-over-year. The decrease primarily resulted from (i) lower bad debt and collection expenses of $7 million in Q1 2018 largely due to better collections in 2018, including a $3 million recovery related to provisions established following the impact of Hurricanes Irma and Maria, and provisions recorded in Q1 2017 in connection with Hurricane Matthew and (ii) reduced network-related expenses primarily due to increased repair costs in Q1 2017 following Hurricane Matthew. VTR: Rebased OCF was 6% higher driven by the aforementioned revenue growth, partially offset by increases in network-related expenses, sales commissions, and marketing and advertising expenses (focused on the launch of Replay TV). Liberty Puerto Rico: Rebased OCF decline of 65% was driven by the negative impacts of Hurricanes Irma and Maria. Performance in Q1 began to recover as OCF grew from $(12) million in Q4 2017 to $18 million in Q1 2018. Corporate: Rebased OCF decline was primarily attributable to added costs associated with being a separate public company, including increases in personnel costs and professional services.
Net Loss Attributable to Shareholders
Net loss attributable to shareholders was $45 million and $6 million for the three months ended March 31, 2018 and 2017, respectively.
Leverage and Liquidity (at March 31, 2018)
Total principal amount of debt and capital leases: $6,440 million. Leverage ratios: Consolidated gross and net leverage ratios of 4.8x and 4.5x, respectively. These ratios were calculated on a latest quarter annualized ("LQA") basis and therefore negatively impacted by Hurricanes Irma and Maria. Average debt tenor 6 : 6.0 years, with approximately 90% not due until 2022 or beyond. Borrowing costs: Blended, fully-swapped borrowing cost of our debt was approximately 6.3% . In February 2018, we entered into a new $1,875 million term loan at C&W, which was used to refinance the existing C&W $1,825 million term loan. The incremental loan proceeds were primarily used to repay drawings under C&W's revolving credit facility. Cash and borrowing availability: $511 million of cash and $979 million of aggregate unused borrowing capacity 7 under our credit facilities.
Forward-Looking Statements and Disclaimer
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to our strategies, future growth prospects and opportunities; our expectations with respect to subscribers, revenue, ARPU per RGU, OCF and Adjusted FCF; statements regarding the impact of Hurricanes Irma and Maria on our operations in the Caribbean, our performance expectations in Puerto Rico, our plans regarding the markets impacted by the hurricanes and the time it will take to restore services in the markets impacted by the hurricanes; statements regarding the development, enhancement and expansion of, our superior networks and innovative and advanced products and services; plans and expectations relating to new build and network extension opportunities, and other investments in our networks (including expanding LTE) and the anticipated impacts of such activity; our estimates of future P&E additions as a percentage of revenue; the strength of our balance sheet and tenor of our debt; statements regarding our acquisition of a Costa Rican cable operator, including the expected timing for its completion; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as hurricanes and other natural disasters, the ability and cost to restore the networks in hurricane impacted markets, the continued use by subscribers and potential subscribers of our services and their willingness to upgrade to our more advanced offerings; our ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; the effects of changes in laws or regulation; general economic factors; our ability to obtain regulatory approval and satisfy conditions associated with acquisitions and dispositions; our ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our video services and the costs associated with such programming; our ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies to access cash of their respective subsidiaries; the impact of our operating companies' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers and vendors (including our third-party wireless network provider under our MVNO arrangement) to timely deliver quality products, equipment, software, services and access; our ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Form 10-K and Form 10-Q. These forward-looking statements speak only as of the date of this release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
About Liberty Latin America
Liberty Latin America is a leading telecommunications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. The communications and entertainment services that we offer to our residential and business customers in the region increasingly include combinations of services comprised of digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a sub-sea and terrestrial fiber optic cable network that connects over 40 markets in the region.
Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols "LILA" (Class A) and "LILAK" (Class C), and on the OTC link under the symbol "LILAB" (Class B).
For more information, please visit www.lla.com .
Footnotes
1. OCF guidance is based on foreign currency translation effects ("FX") rates as of February 9, 2018. 2. For the definition of Operating Cash Flow ("OCF") and required reconciliations, see OCF Definition and Reconciliation below.
3. For the definition of Adjusted Free Cash Flow (“Adjusted FCF”) and required reconciliations, see Adjusted Free Cash Flow Definition and Reconciliation below. For more detailed information concerning our operating, investing and financing cash flows, see the condensed consolidated statements of cash flows included in our Form 10-Q.
4. The indicated growth rates are rebased for the estimated impacts of adopting Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, an acquisition and FX. See Revenue and Operating Cash Flow for information on rebased growth.
5. See Footnotes for Operating Data and Subscriber Variance Tables for the definition of RGUs. Organic figures exclude RGUs of acquired entities at the date of acquisition and other nonorganic adjustments, but include the impact of changes in RGUs from the date of acquisition. All subscriber/RGU additions or losses refer to net organic changes, unless otherwise noted.
6. For purposes of calculating our average tenor, total debt excludes vendor financing. 7. Our aggregate unused borrowing capacity of $979 million represents the maximum undrawn commitments under our subsidiaries' applicable facilities without regard to covenant compliance calculations or other conditions precedent to borrowing. Upon completion of the relevant March 31, 2018 compliance reporting requirements for our credit facilities, and assuming no further changes from quarter-end borrowing levels, we anticipate the full amount of unused borrowing capacity will continue to be available to be borrowed under each of the respective subsidiary facilities. For information regarding limitations on our ability to access this cash, see the discussion under "Material Changes in Financial Condition" in our Form 10-Q. Balance Sheets, Statements of Operations and Statements of Cash Flows
The condensed consolidated balance sheets, statements of operations and statements of cash flows of Liberty Latin America are included in our Form 10-Q.
Rebase Information
For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during 2018, we have adjusted our historical revenue and OCF for the three months ended March 31, 2017 to (i) include the pre-acquisition revenue and OCF of certain entities acquired on April 1, 2017 at C&W (the Carve-out Entities) in our rebased amounts for the three months ended March 31, 2017 to the same extent that the revenue and OCF of the Carve-out Entities are included in our results for the three months ended March 31, 2018, (ii) reflect the estimated impacts of adopting Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers for the three months ended March 31, 2017 and (iii) reflect the translation of our rebased amounts for the three months ended March 31, 2017 at the applicable average foreign currency exchange rates that were used to translate our results for the three months ended March 31, 2018. We have reflected the revenue and OCF of the Carve-out Entities in our 2017 rebased amounts based on what we believe to be the most reliable information that is currently available to us (generally pre-acquisition financial statements), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the Carve-out Entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post-acquisition periods. As we did not own or operate the Carve-out Entities during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present their revenue and OCF on a basis that is comparable to the corresponding post-acquisition amounts that are included in our historical results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. The adjustments reflected in our rebased amounts have not been prepared with a view towards complying with Article 11 of Regulation S-X. In addition, the rebased growth percentages are not necessarily indicative of the revenue and OCF that would have occurred if the acquisition of the Carve-out Entities had occurred on January 1, 2017 for purposes of calculating our rebased amounts or the revenue and OCF that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis, and are not presented as a measure of our pro forma financial performance. The following table provides adjustments made to the 2017 amounts to derive our rebased growth rates:
Revenue OCF Three months ended
March 31, 2017
Three months ended
March 31, 2017
in millions Acquisition of the Carve-out Entities $ 8.2 $ 1.6 Adoption of new accounting standard 2.3 2.5 Foreign currency 21.3 8.2 Total $ 31.8 $ 12.3 OCF Definition and Reconciliation
As used herein, OCF has the same meaning as the term "Adjusted OIBDA" that is referenced in our Form 10-Q. OCF is the primary measure used by our chief operating decision maker to evaluate segment operating performance. OCF is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. As we use the term, OCF is defined as operating income before depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe OCF is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. Effective January 1, 2018, we adopted Accounting Standards Update No. 2017-07, Improving the Presentation of the Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which resulted in certain pension-related credits being reclassified from SG&A expense to non-operating income (expense) and, as such, are no longer included in OCF. Such credits totaled $3 million for each of the three months ended March 31, 2018 and 2017. This change has been given effect for all periods presented. Effective December 31, 2017, we include certain charges previously allocated to us by Liberty Global in the calculation of OCF. These charges represent fees for certain services provided to us and totaled $3 million for the three months ended March 31, 2017. We believe changing the definition of OCF to include these charges is meaningful given they represent operating costs that we incur subsequent to the split-off as a standalone public company. This change has been given effect for all periods presented. We believe our OCF measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. OCF should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income, net earnings or loss, cash flow from operating activities and other U.S. GAAP measures of income or cash flows. A reconciliation of our operating income to total OCF is presented in the following table:
Three months ended March 31, 2018 2017 in millions Operating income $ 98.3 $ 134.8 Share-based compensation expense 6.5 5.6 Depreciation and amortization 202.3 193.9 Impairment, restructuring and other operating items, net 33.7 13.4 Total OCF $ 340.8 $ 347.7 Summary of Debt, Capital Lease Obligations & Cash and Cash Equivalents
The following table details the U.S. dollar equivalent balances of the outstanding principal amount of our debt, capital lease obligations and cash and cash equivalents at March 31, 2018:
Capital Debt & Capital Cash Lease Lease and Cash Debt Obligations Obligations Equivalents in millions Liberty Latin America 1 $ — $ — $ — $ 109.5 C&W 3,939.4 16.1 3,955.5 291.6 VTR 1,501.5 0.7 1,502.2 69.0 Liberty Puerto Rico 982.5 — 982.5 40.5 Total $ 6,423.4 $ 16.8 $ 6,440.2 $ 510.6 1. Represents the amount held by Liberty Latin America on a standalone basis plus the aggregate amount held by subsidiaries of Liberty Latin America that are outside of our borrowing groups. Subsidiaries of Liberty Latin America that are outside our borrowing groups rely on funds provided by our borrowing groups to satisfy their liquidity needs. Property and Equipment Additions and Capital Expenditures
The table below highlights the categories of the property and equipment additions for the indicated periods and reconciles those additions to the capital expenditures that are presented in the condensed consolidated statements of cash flows included in our Form 10-Q.
Three months ended March 31, 2018 2017 in millions, except % amounts Customer premises equipment $ 40.2 $ 45.4 New Build & Upgrade 1 68.3 14.6 Capacity 0.2 9.4 Baseline 17.8 7.6 Product & Enablers 0.3 1.7 C&W P&E Additions 67.2 60.5 Property and equipment additions 194.0 139.2 Assets acquired under capital-related vendor financing arrangements (20.7 ) (14.1 ) Assets acquired under capital leases (0.6 ) (0.9 ) Changes in current liabilities related to capital expenditures 15.5 0.2 Capital expenditures 2 $ 188.2 $ 124.4 Property and equipment additions as % of revenue 21.3 % 15.3 % 1. Increase from Q1 2017 is primarily attributable to the restoration activities at Liberty Puerto Rico following the hurricanes. 2. The capital expenditures that we report in our condensed consolidated statements of cash flows do not include amounts that are financed under capital-related vendor financing or capital lease arrangements. Instead, these amounts are reflected as non-cash additions to our property and equipment when the underlying assets are delivered and as repayments of debt when the related principal is repaid. Adjusted Free Cash Flow Definition and Reconciliation
We define Adjusted FCF as net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions and (ii) expenses financed by an intermediary, less (a) capital expenditures, (b) distributions to noncontrolling interest owners, (c) principal payments on amounts financed by vendors and intermediaries and (d) principal payments on capital leases. We changed the way we define Adjusted FCF, effective December 31, 2017, to deduct distributions to noncontrolling interest owners. This change was given effect for all periods presented. Additionally, on January 1, 2018, we retroactively adopted Accounting Standards Update 2016-18, Statement of Cash Flows-Restricted Cash, which resulted in an immaterial decrease in cash from operating activities for the three months ended March 31, 2017. We believe that our presentation of Adjusted FCF provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view Adjusted FCF as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in our condensed consolidated statements of cash flows. The following table provides the reconciliation of our net cash provided by operating activities to Adjusted FCF for the indicated periods:
Three months ended March 31, 2018 2017 in millions Net cash provided by operating activities $ 163.2 $ 75.0 Cash payments for direct acquisition and disposition costs 0.1 0.9 Expenses financed by an intermediary 1 32.3 10.3 Capital expenditures (188.2 ) (124.4 ) Distributions to noncontrolling interest owners — (14.6 ) Principal payments on amounts financed by vendors and intermediaries (51.1 ) (18.8 ) Principal payments on capital leases (2.0 ) (1.9 ) Adjusted FCF $ (45.7 ) $ (73.5 ) 1. For purposes of our condensed consolidated statements of cash flows, expenses, including value-added taxes, financed by an intermediary are treated as hypothetical operating cash outflows and hypothetical financing cash inflows. When we pay the financing intermediary, we record financing cash outflows in our condensed consolidated statements of cash flows. For purposes of our Adjusted FCF definition, we add back the hypothetical operating cash outflow when these financed expenses are incurred and deduct the financing cash outflows when we pay the financing intermediary. ARPU per Customer Relationship
The following table provides ARPU per customer relationship for the indicated periods:
Three months ended March 31, FX-Neutral 1 2018 2017 % Change % Change Liberty Latin America 2,3 $ 51.56 $ 48.19 7.0 % 1.4 % C&W 2 $ 45.18 $ 43.59 3.6 % 3.4 % VTR CLP 33,508 CLP 33,676 (0.5 %) (0.5 %) Mobile ARPU
The following tables provide ARPU per mobile subscriber for the indicated periods:
Three months ended March 31, FX-Neutral 1 2018 2017 % Change % Change Including interconnect revenue $ 16.98 $ 16.81 1.0 % 0.3 % Excluding interconnect revenue $ 15.75 $ 15.67 0.5 % (0.2 %) 1. The FX-neutral change represents the percentage change on a year-over-year basis adjusted for FX impacts and is calculated by adjusting the prior-year figures to reflect translation at the foreign currency rates used to translate the current year amounts. 2. As a part of our ongoing effort to conform C&W's subscriber counting policies to our policies, we have reflected nonorganic reductions totaling 220,600 to C&W's customer count during the three months ended March 31, 2017. In order to provide a more meaningful comparison of ARPU per customer relationship, we have reflected all of these nonorganic reductions in the customer figures used to calculate ARPU per customer relationship for the three months ended March 31, 2017. 3. Due to the impact of Hurricanes Irma and Maria, we have omitted Liberty Puerto Rico's ARPU per customer relationship for the three months ended March 31, 2018 and 2017. For the three months ended March 31, 2017, Liberty Puerto Rico's ARPU per customer relationship was $79.07. In order to provide a more meaningful comparison, Liberty Puerto Rico's ARPU per customer relationship has been omitted from the consolidated Liberty Latin America ARPU per customer relationship for the three months ended March 31, 2018 and 2017. Including Liberty Puerto Rico, Liberty Latin America's ARPU per customer relationship was $52.85 for the three months ended March 31, 2017. Subscriber Tables
Consolidated Operating Data — March 31, 2018 Video Homes
Passed
Two-way
Homes
Passed
Fixed-line
Customer
Relationships
Basic Video
Subscribers
Enhanced
Video
Subscribers
DTH
Subscribers
Total
Video
Internet
Subscribers
Telephony
Subscribers
Total
RGUs
Total Mobile
Subscribers 1
C&W: Panama 545,900 545,900 176,200 — 50,000 27,800 77,800 106,100 124,700 308,600 1,680,900 Jamaica 468,600 458,600 238,900 — 105,500 — 105,500 176,000 182,900 464,400 941,500 The Bahamas 128,900 128,900 47,300 — 7,000 — 7,000 27,100 47,300 81,400 251,100 Trinidad and Tobago 318,200 318,200 155,800 — 107,300 — 107,300 125,700 53,900 286,900 — Barbados 124,500 124,500 84,900 — 18,500 — 18,500 62,300 74,700 155,500 122,700 Other 2 362,400 342,600 207,100 11,700 65,400 — 77,100 131,700 101,300 310,100 400,500 C&W total 1,948,500 1,918,700 910,200 11,700 353,700 27,800 393,200 628,900 584,800 1,606,900 3,396,700 VTR 3,432,500 2,957,800 1,427,700 64,900 1,011,400 — 1,076,300 1,207,400 617,300 2,901,000 223,700 Liberty Puerto Rico 2 1,076,900 1,076,900 370,300 — 222,200 — 222,200 310,500 190,400 723,100 — Total 6,457,900 5,953,400 2,708,200 76,600 1,587,300 27,800 1,691,700 2,146,800 1,392,500 5,231,000 3,620,400 Organic Subscriber Variance Table — March 31, 2018 vs December 31, 2017 Video Homes
Passed
Two-way
Homes
Passed
Fixed-line
Customer
Relationships
Basic Video
Subscribers Enhanced
Video
Subscribers
DTH
Subscribers Total Video
Internet
Subscribers Telephony
Subscribers Total
RGUs Total Mobile
Subscribers 1 C&W: Panama 4,400 4,400 (3,000 ) — 2,100 (1,900 ) 200 1,600 (500 ) 1,300 (1,400 ) Jamaica 10,300 10,300 5,600 — 3,000 — 3,000 7,500 6,000 16,500 (12,200 ) The Bahamas — — (100 ) — 800 — 800 500 (100 ) 1,200 (3,800 ) Trinidad and Tobago 2,200 2,200 (500 ) — (100 ) — (100 ) 1,400 4,400 5,700 — Barbados — — (600 ) — 800 — 800 300 (400 ) 700 (1,600 ) Other 2 — — (800 ) — (1,300 ) — (1,300 ) 2,500 (1,500 ) (300 ) (800 ) C&W total 16,900 16,900 600 — 5,300 (1,900 ) 3,400 13,800 7,900 25,100 (19,800 ) VTR 37,800 45,000 20,800 (2,600 ) 11,500 — 8,900 25,800 (11,100 ) 23,600 8,800 Liberty Puerto Rico 2 — — (7,400 ) — (9,900 ) — (9,900 ) (2,600 ) (2,900 ) (15,400 ) — Total change 54,700 61,900 14,000 (2,600 ) 6,900 (1,900 ) 2,400 37,000 (6,100 ) 33,300 (11,000 ) 1. Mobile subscribers are comprised of the following: Mobile Subscribers Consolidated Operating Data Q1 Organic Subscriber Variance Prepaid Postpaid Total Prepaid Postpaid Total C&W: Panama 1,525,800 155,100 1,680,900 2,200 (3,600 ) (1,400 ) Jamaica 923,500 18,000 941,500 (11,400 ) (800 ) (12,200 ) The Bahamas 224,700 26,400 251,100 (3,400 ) (400 ) (3,800 ) Barbados 95,900 26,800 122,700 (1,400 ) (200 ) (1,600 ) Other 2 346,000 54,500 400,500 (300 ) (500 ) (800 ) C&W total 3,115,900 280,800 3,396,700 (14,300 ) (5,500 ) (19,800 ) VTR 6,800 216,900 223,700 (100 ) 8,900 8,800 Total 3,122,700 497,700 3,620,400 (14,400 ) 3,400 (11,000 ) 2. During September 2017, Hurricanes Irma and Maria caused significant damage to our operations in Puerto Rico, as well as certain geographies within C&W, including the British Virgin Islands and Dominica, resulting in disruptions to our telecommunications services within these islands. These C&W markets are included in the “Other” category in the accompanying tables. As we are still in the process of assessing the operational impacts of the hurricanes, we are unable to accurately estimate our homes passed and subscriber numbers as of March 31, 2018. Accordingly, the March 31, 2018 subscriber numbers for these markets reflect subscriber amounts as of August 31, 2017 as adjusted through March 31, 2018 for (i) net voluntary disconnects and (ii) disconnects related to customers whose accounts are delinquent. The Liberty Puerto Rico homes passed reflect the August 31, 2017 levels adjusted for approximately 30,000 homes in geographic areas we may not rebuild. As of March 31, 2018, we have been able to restore service to approximately 560,000 RGUs of our total 723,100 RGUs at Liberty Puerto Rico. Additionally, services to most of our fixed-line customers have not yet been restored in the British Virgin Islands and Dominica. Glossary
ARPU – Average revenue per unit refers to the average monthly subscription revenue (subscription revenue excludes interconnect, mobile handset sales, late fees and installation fees) per average customer relationship or mobile subscriber, as applicable. ARPU per average customer relationship is calculated by dividing the average monthly subscription revenue from residential cable and SOHO services by the average of the opening and closing balances for customer relationships for the period. ARPU per average mobile subscriber is calculated by dividing residential mobile and SOHO revenue for the indicated period by the average of the opening and closing balances for mobile subscribers for the period. Unless otherwise indicated, ARPU per customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per RGU refers to average monthly revenue per average RGU, which is calculated by dividing the average monthly subscription revenue from residential and SOHO services for the indicated period, by the average of the opening and closing balances of the applicable RGUs for the period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average customer relationship or mobile subscriber, as applicable. Customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized.
B2B – Business-to-business subscription revenue represents revenue from services to certain SOHO subscribers (fixed and mobile). B2B non-subscription revenue includes business broadband internet, video, telephony, mobile and data services offered to medium to large enterprises and, on a wholesale basis, to other operators.
Basic Video Subscriber – A home, residential multiple dwelling unit or commercial unit that receives our video service over our broadband network either via an analog video signal or via a digital video signal without subscribing to any recurring monthly service that requires the use of encryption-enabling technology. Encryption-enabling technology includes smart cards, or other integrated or virtual technologies that we use to provide our enhanced service offerings. With the exception of RGUs that we count on an equivalent billing unit ("EBU") basis, we generally count RGUs on a unique premises basis. In other words, a subscriber with multiple outlets in one premises is counted as one RGU and a subscriber with two homes and a subscription to our video service at each home is counted as two RGUs. We exclude DTH subscribers (as defined below) from basic video subscribers.
Direct-to-Home ("DTH") Subscriber – A home, residential multiple dwelling unit or commercial unit that receives our video programming broadcast directly via satellite.
Enhanced Video Subscriber – A home, residential multiple dwelling unit or commercial unit that receives our video service over our broadband network via a digital video signal while subscribing to any recurring monthly service that requires the use of encryption-enabling technology. Enhanced video subscribers that are not counted on an EBU basis are generally counted on a unique premises basis. For example, a subscriber with one or more set-top boxes that receives our video service in one premises is generally counted as just one subscriber. An enhanced video subscriber is not counted as a basic video subscriber. As we migrate customers from basic to enhanced video services, we report a decrease in our basic video subscribers equal to the increase in our enhanced video subscribers.
Fixed-line Customer Relationships – The number of customers who receive at least one of our video, internet or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. To the extent that RGU counts include EBU adjustments, we reflect corresponding adjustments to our customer relationship counts. For further information regarding our EBU calculation, see Additional General Notes below. Fixed-line customer relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two customer relationships. We exclude mobile-only customers from customer relationships.
Fully-swapped Borrowing Cost – Represents the weighted average interest rate on our aggregate variable- and fixed-rate indebtedness (excluding capital leases and including vendor financing obligations), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs.
Homes Passed – Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant, except for DTH homes. Certain of our homes passed counts are based on census data that can change based on either revisions to the data or from new census results. We do not count homes passed for DTH.
Internet (Broadband) Subscriber – A home, residential multiple dwelling unit or commercial unit that receives internet services over our networks.
Mobile Subscribers – Our mobile subscriber count represents the number of active subscriber identification module (“SIM”) cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop (via a dongle) would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 60 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts.
Net Leverage – Our gross and net debt ratios are defined as total debt and net debt to annualized OCF of the latest quarter. Net debt is defined as total debt less cash and cash equivalents. For purposes of these calculations, debt is measured using swapped foreign currency rates, consistent with the covenant calculation requirements of our subsidiary debt agreements.
NPS – Net promoter score.
OCF Margin – Calculated by dividing OCF by total revenue for the applicable period.
Revenue Generating Unit ("RGU") – RGU is separately a basic video subscriber, enhanced video subscriber, DTH subscriber, internet subscriber or telephony subscriber. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in Chile subscribed to our enhanced video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs. Total RGUs is the sum of basic video, enhanced video, DTH, internet and telephony subscribers. RGUs are generally counted on a unique premises basis such that a given premises does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled cable, internet or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as subscribers during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers.
SOHO – Small office/home office customers.
Telephony Subscriber – A home, residential multiple dwelling unit or commercial unit that receives voice services over our networks. Telephony subscribers exclude mobile telephony subscribers.
Two-way Homes Passed – Homes passed by those sections of our networks that are technologically capable of providing two-way services, including video, internet and telephony services.
U.S. GAAP – Generally accepted accounting principles in the United States.
Additional General Notes
Most of our operations provide telephony, broadband internet, data, video or other B2B services. Certain of our B2B service revenue is derived from SOHO customers that pay a premium price to receive enhanced service levels along with video, internet or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHO customers, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our operations, with only those services provided at premium prices considered to be “SOHO RGUs” or “SOHO customers.” To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs or SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO customers, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes.
Certain of our residential and commercial RGUs are counted on an EBU basis, including residential multiple dwelling units and commercial establishments, such as bars, hotels, and hospitals, in Chile and Puerto Rico. Our EBUs are generally calculated by dividing the bulk price charged to accounts in an area by the most prevalent price charged to non-bulk residential customers in that market for the comparable tier of service. As such, we may experience variances in our EBU counts solely as a result of changes in rates.
While we take appropriate steps to ensure that subscriber and homes passed statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber counting process. We periodically review our subscriber and homes passed counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber and homes passed statistics based on those reviews.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006758/en/
Liberty Latin America Ltd.
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Source: Liberty Latin America Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-liberty-latin-america-reports-first-quarter-2018-results.html |
May 22, 2018 / 8:42 AM / Updated 5 hours ago State Bank of India sees rebound after record $1.1 billion fourth-quarter loss Devidutta Tripathy , Vishal Sridhar 4 Min Read
MUMBAI (Reuters) - State Bank of India (SBI) projected a recovery over the next two years after a record 77.18 billion-rupee ($1.13 billion) fourth-quarter net loss following stricter central bank rules around bad loans, sending its shares to a nearly six-week closing high. The logo of State Bank of India is pictured at its headquarters in Mumbai, March 9, 2016. REUTERS/Danish Siddiqui/Files
“Last year was a year of despair. This year is a year of hope, and next year will be a year of happiness,” Chairman Rajnish Kumar, who was named to his position last October, told a news conference at the bank’s headquarters after the results.
The lender which accounts for more than a fifth of India’s banking assets said it aims to grow loans at an annual average of 12 percent through March 2020, nearly halve its gross non-performing loan ratio, bring down provisioning costs and improve margins.
Kumar is changing the more than 200-year-old bank’s lending practices and risk management process by restructuring units to focus on better-rated corporates, and growing retail loans faster to counter a surge in bad loans.
Kumar is also betting loan recoveries from defaulter companies under resolution at India’s nascent bankruptcy court will also help the bank cut bad loans starting the current financial year, after the bank set aside about 707 billion rupees for loan losses in the last year to March.
The company’s financial year runs from April-March.
During the three months to March 31, SBI added 336.7 billion rupees of additional non-performing loans, taking its total to 2.23 trillion rupees, or 10.91 percent of total loans. A man walks past the signboard displayed at the State Bank of India main branch in Mumbai, March 9, 2016. REUTERS/Danish Siddiqui/Files
From 10.35 percent at the end of December, that was still a smaller proportional increase for the bank, most of whose peers have seen their soured loans and provisions surge after the central bank in February eliminated half a dozen loan restructuring schemes to hasten the clean-up of near-record levels of soured debt.
Most state-run banks that have reported quarterly earnings so far have posted losses. Second-largest state-run lender Punjab National Bank reported a nearly $2 billion net loss, hurt by a massive fraud.
SBI’s March quarter net loss compared with a 12.85 billion rupee loss in average estimates of 16 analysts complied by Thomson Reuters. The results were also hurt by treasury losses due to a spike in bond yields. For the year ago quarter, the bank reported a restated net loss of 34.42 billion rupees.
“The worst is over for SBI,” said A.K. Prabhakar, head of research at IDBI Capital in Mumbai, adding that the March quarter results were largely on expected lines and the bad loan additions had been smaller than feared.
Chairman Kumar forecast SBI’s gross bad loan ratio to come down to below 6 percent by March 2020 and provisioning costs to fall to 1.1 percent from 3.6 percent as of last March. He also expected the bank’s net interest margin and return on asset ratio to improve by March 2020. Slideshow (2 Images)
SBI shares closed 3.9 percent up, their highest level since April 11, having risen as much as 6.2 percent in the afternoon session after results. ($1 = 68.0350 Indian rupees) Reporting by Devidutta Tripathy and Vishal Sridhar; Editing by Christopher Cushing and Keith Weir | ashraq/financial-news-articles | https://in.reuters.com/article/state-bank-india-results/state-bank-of-india-posts-1-1-billion-fourth-quarter-loss-misses-estimates-idINKCN1IN0VO |
By Kirsten Korosec 2:30 PM EDT
Google announced a new Gmail feature Tuesday called Smart Compose that will use artificial intelligence to help users write emails.
Smart Compose will suggest complete sentences once a user starts an email—everything from the greeting to the closing, and common phrases in between. If a suggestion pops up that users like, they just hit the tab button to use it.
Google CEO Sundar Pichai demonstrated the new feature while on stage at the Google I/O Developer Conference , showing how the AI picks up on the subject line “taco Tuesday” to help create phrases.
Smart Compose will appear in the next few weeks to customers who opted for the refreshed version of Gmail. It will be made available for G Suite customers in the workplace in the coming months. Users must enable the new Gmail by going to Settings > “Try the new Gmail.” From here, they go to the general tab in settings, scroll down and enable “experimental access.”
Smart Compose is a relatively minor in the flood of announcements coming out of the Google I/O developer conference Tuesday. But it illustrates Google’s larger investment in AI and its effort to show to wary consumers of its benefits. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/08/google-smart-compose-emails-io-2018/ |
The University of Denver agreed to pay seven female professors at its Sturm College of Law $2.7 million to resolve an Equal Employment Opportunity Commission lawsuit accusing the school of unlawfully paying them less than their male counterparts.
U.S. District Judge Wiley Daniel in Denver said during a hearing on Thursday that he approved of the substance of the settlement agreement between the agency and the university but wanted technical changes to the document, EEOC attorney Rita Byrnes Kittle told Reuters.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2rQ1GA4
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-employment-discrimination/denver-law-school-settles-eeoc-pay-bias-lawsuit-idUSL2N1SP00A |
Investigation underway as Cuba mourns plane crash 2:52pm EDT - 01:10
Investigators are combing through the wreckage of a Boeing 737 that crashed in Havana soon after take-off, killing more than 100 people.
Investigators are combing through the wreckage of a Boeing 737 that crashed in Havana soon after take-off, killing more than 100 people. //reut.rs/2KAqxjd | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/19/investigation-underway-as-cuba-mourns-pl?videoId=428486337 |
Two missing after flash flooding in Virginia 11:22am EDT - 01:15
Albemarle County Fire Chief Dan Eggleston said Thursday that authorities are still searching for two people who went missing after flash flooding in Virginia and that their vehicle was found. Officials said a third person in Madison County was also missing. Rough Cut (no reporter narration).
Albemarle County Fire Chief Dan Eggleston said Thursday that authorities are still searching for two people who went missing after flash flooding in Virginia and that their vehicle was found. Officials said a third person in Madison County was also missing. Rough Cut (no reporter narration). //reut.rs/2H8XwsH | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/31/two-missing-after-flash-flooding-in-virg?videoId=431945210 |
NEW YORK (Reuters) - Wall Street climbed on Monday, boosted by Apple’s sixth straight day of gains and by a surge in oil prices to their highest levels since 2014.
Trader Michael Capolino shouts out a bid on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid The Dow Jones Industrial Average rose 94.67 points, or 0.39 percent, to 24,357.18, the S&P 500 gained 9.18 points, or 0.34 percent, to 2,672.6 and the Nasdaq Composite added 55.60 points, or 0.77 percent, to 7,265.21.
Reporting by Noel Randewich; Editing by James Dalgleish
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Political novice Conte named Italy's new PM 02:00
Giuseppe Conte, the law professor named as Italian prime minister on Wednesday after surviving accusations he inflated his academic credentials, must now prove he can lead the euro zone's third largest economy with no political experience.
Giuseppe Conte, the law professor named as Italian prime minister on Wednesday after surviving accusations he inflated his academic credentials, must now prove he can lead the euro zone's third largest economy with no political experience. //reut.rs/2KRLUN7 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/24/political-novice-conte-named-italys-new?videoId=429807514 |
May 17, 2018 / 11:41 AM / Updated 13 minutes ago easyJet to help small number of pilots with cost of training Reuters Staff 2 Min Read
LONDON (Reuters) - British budget airline easyJet has said it will cut the cost of training for a small number of pilots as part of a drive to attract a more diverse range of people to fly its planes. FILE PHOTO: An easyJet Airbus A319-100 plane taxis at Lisbon's airport, Portugal April 24, 2018. REUTERS/Rafael Marchante
Flight schools and airlines are moving to sponsor more courses, or cut the cost of training, amidst a global shortage of trained pilots.
Newly qualified pilots who are chosen will have to pay 9,900 euros (8,648 pounds) for their so-called type rating course, with easyJet making up the balance of the bill, which is typically around 30,000 pounds.
A type rating determines which kind of planes pilots can fly - a Boeing 737 or an Airbus A320 at Europe’s low cost carriers Ryanair and easyJet respectively - and is sought by pilots after they gain their airline transport licence.
easyJet said that the funding of up to 20 places for female or male pilots from different countries and backgrounds would help broaden the diversity of its pilots, building on an existing initiative to increase its number of female pilots.
“We’re pleased to announce that we’re part-funding a small number of type ratings for pilots yet to get their big break into commercial aviation,” the letter said.
easyJet’s bigger rival Ryanair announced funding help for new pilots to fly its planes after it cancelled flights last year due to a lack of standby pilots. Reporting by Sarah Young; editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-easyjet-pilots/easyjet-to-help-small-number-of-pilots-with-cost-of-training-idUKKCN1II1KV |
Democrats and Republicans need to support solid policies regardless of which party takes the lead such as President Donald Trump 's decision to move the U.S. Embassy to Jerusalem and to pull out of the Iran nuclear deal, Joe Lieberman told CNBC on Thursday.
"I happen to agree with President Trump on these two decisions," the former Democratic and independent senator from Connecticut said in a "Squawk Box" interview.
"Politics have become what they weren't when I became involved, which is the parties used to bring together people with different opinions and help to work with people from the other party to actually get things done," said Lieberman, who as Al Gore 's running mate in 2000 became the first Jewish candidate on a major-party presidential ticket.
Lieberman, who said he's still a registered Democrat, is also friends with ailing GOP Sen. John McCain . McCain, a frequent Trump critic, wrote in his new book that he regrets not picking Lieberman as his running mate in 2008, when he ran for president against Democrat Barack Obama .
Democrats and Republicans are like "warring tribes," Lieberman said. "A lot of media coverage contributes to this tribal division in our country. And now it's beginning to seep down beneath the politicians," fermenting deep ideological polarization, he added.
He said the Trump administration "has done well" concerning the risks that Iran poses to the U.S. and the world. Exiting the nuclear deal negotiated by the Obama administration and threatening to reimpose sanctions are prudent steps, he said.
"This was always a bad deal," Lieberman said of Iran's 2015 agreement with the United States, the U.K. , France , Germany , China and Russia to curb its nuclear program in exchange for lifting economic sanctions. "A nuclearized, radical Iran is the greatest threat to us, to world stability."
'"I worked a long time with a lot of other members of both parties in Congress to put those economic sanctions on Iran. They were intended to pressure Iran to give up its nuclear weapons program and to stop supporting terrorism and aggression in the Middle East," Lieberman recalled. "We gave up all that pressure on Iran for pretty much a pause in their nuclear program, and what turned out to be an acceleration of their other bad behavior."
Trump is "not leading from behind," said Lieberman, a criticism levied against Obama when he was in the White House. Lieberman is currently chairman of the United Against Nuclear Iran advocacy group.
"We're still the strongest economy in the world. And whatever the political elites in Europe, for instance, are trying to do now to save the Iran nuclear deal, their businesses are speaking," Lieberman said. He was referring to signals from European companies including, Total, Maersk and Allianz that they could exit Iran, fearing they could be hit by U.S. penalties for doing business there.
Negotiating from economic strength has also been an effective strategy for the White House concerning trade with China, Lieberman said. "The president does have leverage for China to renegotiate some of our trade agreements."
But the former senator cautioned Trump not to overplay his hand. "Please don't let it go to a trade war because that could really hurt our economy [and] could hurt the global economy."
WATCH: Lieberman cautions Trump against engaging in a trade war with China
show chapters Joe Lieberman on ‘unprecedented’ political divisions in the US 6 Hours Ago | 02:38 Sign Up for Our Newsletter Morning Squawk CNBC's before the bell news roundup SIGN UP NOW Get this delivered to your inbox, and more info about about our products and service. Privacy Policy . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/joe-lieberman-supports-trump-on-embassy-move-to-jerusalem-and-iran-nuclear-deal-exit.html |
May 13, 2018 / 11:01 PM / in 8 minutes Peace talks ignite land buying frenzy along South Korea's fortified border Reuters Staff
* Property sales in border town of Paju double in Mar vs Feb
* Public barred from access to DMZ but sales can be registered
* Mines, possible conservation restrictions among risks
* For multimedia coverage of North Korea: www.reuters.com/north-korea/
By Joori Roh and Cynthia Kim
SEOUL, May 14 (Reuters) - Forget Seoul’s posh Gangnam district.
With North Korea pledging to reduce tensions and renew ties with its southern neighbour, South Korea’s hottest property market is now along the heavily fortified border between the two countries.
Demand for property in small towns and sparsely populated rural areas around the Demilitarised Zone (DMZ) is surging on expectations of an influx of people and investment.
Kang Sung-wook, a 37-year old dentist in the South Korean border city of Paju, has bought eight separate lots of land in and around the DMZ since mid-March.
Five were purchased without ever setting foot on them, using only Google Earth satellite photos and maps, as areas inside the DMZ cannot not be accessed by the public.
Kang said buying interest jumped so sharply as relations between the former foes improved that he needed to move fast.
“I was out looking since North Korea-U.S. summit news was announced in March, and it looked like all the good ones were gone already,” said Kang. “I realized then that the market was on fire.”
His investment along the border now totals 3 billion won ($2.8 million) for 49 acres (20 hectares) of land. RAZOR WIRE AND RESTRICTIONS
For decades, the DMZ has been a different kind of hot spot, the scene of sometimes deadly military provocations and daring defections from the North.
The zone, dotted with guard posts and strung with razor wire, was established after the 1950-1953 Korean War. The two Koreas still don’t officially recognize each other and remain in a technical state of war because the conflict ended in a truce, not a peace agreement.
Over a million landmines were laid in border areas including the DMZ and the Civilian Control Zone in the South, said Jeong In-cheol, a landmine expert at National Park Conservation Network.
But while public access is restricted, land within the 2km (1.2 mile) wide South Korean side of the DMZ and other border areas can still be purchased and registered.
Land transactions in Paju, gateway to the United Nations truce village of Panmunjom, more than doubled in March to 4,628 from February, government data shows. That far outstripped better known markets such as trendy Gangnam, where volumes were up just 9 percent.
In the settlement of Jangdan-myun, home to Dorasan Station - the last railway stop south of the border - transaction volumes surged four-fold from a year earlier. Land prices there rose 17 percent over the same period.
Kim Yoon-sik, a realtor with 25 years experience in Paju, says owners of the land in the DMZ include those who inherited farmland from ancestors in pre-Korean war days and some long term investors.
“With bids outnumbering offers, I often see sellers cancelling on preliminary contracts, it’s that hot,” Kim said. RAILWAYS AND CONSTRUCTION
The surge of activity along the border is not limited to South Korea or just real estate.
In the northeastern Chinese border city of Dandong, property investors are pushing up prices and even spurring buying interest inside North Korea.
At last month’s historic inter-Korean summit at Panmunjom, North Korean leader Kim Jong Un and South Korean President Moon Jae-in pledged to reconnect railways and roads along the border, and transform the DMZ into a “peace zone”.
China and South Korea have also agreed that if North Korea undertakes complete denuclearisation, it should be guaranteed economic aid. That could start with railway projects connecting China and South Korea through North Korea.
Shares of South Korea’s construction and railway firms such as Hyundai Rotem and Seoam Machinery Industry Co have soared on hopes of such projects. FALSE DAWN?
But South Korea has seen this kind of excitement before.
Border property prices spiked when former President Roh Moo-hyun met with North Korea’s Kim Jong Il in 2007. Prices then plummeted as ties deteriorated when the right-wing government of Lee Myung-bak took power a year later.
“For the past seven decades, the two Koreas have taken radically different paths,” said Jhe Seong-ho, a law school professor at Seoul’s Chung Ang University. “Deregulating of the border zones won’t be a quick and smooth process even if there is an economic opening up of North Korea.”
Much of the land within the DMZ is likely to remain restricted from any development for conservation purposes, a huge risk for investors, he added.
Hopes are high, however, with Kim set to meet U.S. President Donald Trump in Singapore next month after his recent summit with Moon and two trips to China to meet President Xi Jinping.
“I have a firm belief that this time North Korea would pursue an open economy like Vietnam,” Kang said. “Kim Jong Un wouldn’t go everywhere and visit China twice if he was bluffing.” (Reporting by Joori Roh and Cynthia Kim. Editing by Lincoln Feast.) | ashraq/financial-news-articles | https://www.reuters.com/article/southkorea-border-property/peace-talks-ignite-land-buying-frenzy-along-south-koreas-fortified-border-idUSL3N1SH1JG |
Prime brokerage veteran brings over 20 years of experience in managing technology solutions and institutional systems for the hedge funds industry
NEW YORK--(BUSINESS WIRE)-- LUX Fund Technology and Solutions (LUX), a business and technology solutions provider for the alternative asset management industry, today announced that Jeremey Siegel will join the company as CEO to lead the company as it continues to build out innovative data solutions for the alternative assets sector.
Mr. Siegel brings 24 years of experience in client relationship management and product and industry knowledge to LUX, having worked with over 500 hedge funds from around the globe helping to grow their businesses through technology, operations and institutional systems. He will be responsible for building out Transcend, the company’s flagship SaaS-based front-to-back office automation technology platform.
Alan Freudenstein, LUX Board Member and Portfolio Manager of Credit Suisse Asset Management's NEXT Investors said, “We are pleased to welcome Jeremy to LUX as CEO as the company gets ready to introduce its innovative new technology to the marketplace. He will lead the company’s growth strategy through new hires and product development, and applying new technologies to LUX’s already existing platform that addresses the needs of the complex alternative asset management sector.”
Mr. Siegel comments, “I am excited to be joining LUX at this pivotal moment, as the company goes into growth mode. LUX has assembled a strong team that has worked together at some of the largest global hedge funds designing, developing and delivering technology. I believe the company is well positioned to provide solutions that the alternative assets sector needs for cost-prohibitive build-outs of data warehouses and the consolidation of client data in a central location.”
Nik Takmopoulos, founder of LUX added, “Jeremy has a proven track record of successfully working with hundreds of hedge funds to uniquely scale their niche business models and trading strategy through processes, outsourcing, oversight and control. At LUX, Jeremy will lead in our efforts to build out our state-of-art technology solutions that will allow funds to run their operations in-house more efficiently, with more flexibility, and cost efficiently.”
Mr. Siegel will replace Nik Takmopoulos, a founder of the firm, who will become President. Mr. Siegel joins LUX from Credit Suisse where he was a Managing Director in the Global Markets division and Global Head of the Prime Consulting team. He previously worked at Eze Castle Integration, Morgan Stanley and American Express.
About LUX FTS
Founded in 2012, LUX Fund Technology and Solutions (LUX) deploys disruptive business technology systems for the alternative asset management industry. The firm’s flagship product Transcend, a SaaS-based front-to-back office automation technology platform, provides a cost-effective solution for alternative asset managers needing to automate processes companywide and serving as a firm’s portfolio intelligence dashboard, dynamic data warehouse and integration system. LUX has offices in New York and San Francisco. For more information, please visit www.luxfts.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005767/en/
Media:
Rosalia Scampoli
LJOPR
212-404-2395
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Source: LUX | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-lux-appoints-jeremy-siegel-as-ceo-to-lead-company-to-the-next-level-of-growth-in-software-technology.html |
HAMILTON, Bermuda, May 07, 2018 (GLOBE NEWSWIRE) -- Syncora Holdings Ltd. (“Syncora” or the “Company”) today announced that Pike Pointe Holdings, LLC (“Pike Pointe”), a wholly owned subsidiary of Syncora Guarantee Inc. (“SGI”), a wholly owned, New York financial guarantee insurance subsidiary of the Company, has entered into an agreement for the sale of American Roads LLC (“American Roads”), its subsidiary that owns and operates toll road facilities, to American Roads AcquireCo LLC, a wholly owned subsidiary of DIF Infra 5 US LLC. The closing of the sale of American Roads is subject to customary conditions, including a filing under the Hart-Scott-Rodino Antitrust Improvements Act, and is expected to take place in the third quarter of 2018. The cash consideration expected to be received for American Roads is approximately $220 million, before payment of related expenses, with provisions that provide for the payment of additional amounts if specified conditions are met within 12 months of the date of the agreement. In addition, Syncora will be entitled to take a distribution of approximately $31 million of cash in American Roads and related entities prior to the closing of the transaction. Taken together with the approximately $24 million in cash held by Pike Pointe that is outside the scope of the American Roads transaction, Syncora will retain approximately $55 million of cash from Pike Pointe and its subsidiaries, all of which was previously included in Syncora’s consolidated balance sheet.
“As a company, we continue to execute effectively on our strategic initiatives, one of which is monetization of non-core assets. The sale of American Roads represents yet another success in our efforts to return value to our stakeholders. We believe the terms of this sale are highly favorable to Syncora and are very pleased with the outcome of the sale process,” commented Frederick B. Hnat, the President and Chief Executive Officer of Syncora.
The financial effects of this agreement are expected to be disclosed at a later date.
Evercore is acting as financial advisor to Syncora on the sale and Kirkland & Ellis LLP is acting as legal advisor to Syncora on the sale.
About Syncora Holdings Ltd.
Syncora Holdings Ltd. (OTC:SYCRF) is a Bermuda-domiciled holding company. Syncora Guarantee Inc. is a wholly-owned subsidiary of Syncora Holdings Ltd. Pike Pointe is a wholly-owned subsidiary of SGI. For additional information, please visit www.syncora.com .
Contacts
Scott Beinhacker
Syncora Holdings Ltd.
(212) 478-3400
[email protected]
Important Information and Forward Looking Statements
This press release contains statements about future results, plans and events that may constitute "forward-looking" statements. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "comfortable with," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control. These risks and uncertainties include, but are not limited to, the factors described in the Company's historical filings with the NYDFS, and in the Company's and Syncora Guarantee Inc.'s GAAP and statutory financial statements, as applicable, posted on its website at www.syncora.com . Readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made.
Source:Syncora Holdings Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-syncora-announces-the-sale-of-american-roads-llc.html |
* Housing starts down 13 pct yr/yr in Q1
* Starts totalled 14,550 in Q1
* Slower investment seen crimping GDP later this year
* (Adds details, analyst comment)
STOCKHOLM, May 17 (Reuters) - Housing starts in Sweden fell for the first time in six years in the first quarter, data showed on Thursday, a sign that the end of a construction boom is likely to crimp growth in the coming quarters.
A shortage of housing, soaring prices and historically low interest rates have helped spur residential building in the last couple of years, boosting the economy which expanded 2.4 percent in 2017.
But the housing market has wobbled in recent months and analysts expect price falls to be reflected in lower housing investment going forward, something that will reduce overall economic growth.
“It will begin to show up in GDP figures, maybe not so much in Q1, but gradually during the year and in the beginning of 2019,” said Olle Holmgren, an economist at SEB.
“It is not a crisis, but it is something that clearly influences growth.”
The number of apartment starts fell 13 percent to 14,450 in the first quarter of the year compared to the same period in 2017, the Statistics Office (SCB) said in a statement.
Holmgren said housing starts are likely to land at around 50,000 in 2018, compared with 64,000 last year.
Sweden’s economy has outpaced rivals for years and government debt stands at its lowest levels since the late 1970’s.
The government forecasts growth of 2.8 percent this year, slowing to 2.2 percent in 2019.
Reporting by Johan Sennero and Johan Ahlander; editing by Simon Johnson and Niklas Pollard
| ashraq/financial-news-articles | https://www.reuters.com/article/sweden-housingstarts/update-1-swedish-housing-starts-fall-seen-weighing-on-growth-ahead-idUSL5N1SO1W2 |
May 25, 2018 / 1:41 PM / Updated 12 minutes ago Norway hopes for bilateral UK trade talks during Brexit transition Gwladys Fouche , Alister Doyle 3 Min Read
OSLO (Reuters) - Norway hopes to open bilateral trade talks with Britain before London’s transition period to leave the European Union ends in 2020, as Brussels seems willing to show some flexibility on the question, the Norwegian foreign minister said on Friday. FILE PHOTO: The Union Flag and a European Union flag fly near the Elizabeth Tower, housing the Big Ben bell, during the anti-Brexit 'People's March for Europe', in Parliament Square in central London, Britain September 9, 2017. REUTERS/Tolga Akmen
The non-EU country is keen to start formal talks with Britain, its biggest trading partner, to which it sells gas, fish and services, so it can regularise their trade relations after Brexit.
Britain is due to leave the EU in March 2019, but London and Brussels have agreed to a transition period until the end of 2020 during which Britain will have restricted powers.
Brussels has often said that Britain cannot open formal bilateral trade talks with third countries, such as Norway, until after the divorce from the EU is settled.
“My impression is that the EU side will try to take a flexible approach to this,” Foreign Minister Ine Eriksen Soereide, who visited Brussels on Wednesday, told reporters.
Norway is a member of the union’s common market for goods, services, capital and labour via the European Economic Area (EEA) Agreement, but Prime Minister Theresa May has rejected this option for Britain after Brexit.
“On the one hand, you can say that the formal demand is that they (the British) cannot start negotiations before ... the transition period is over. But I’m not entirely sure if that will be enforced to the same extent as you could think,” she said.”
“So my impression as of Wednesday ... is that (there) is the potential for some added flexibility,” she said, adding: “But we will have to wait and see. At least we have talks on both sides and will continue to do that with full force.”
Soereide also said Norway had good cooperation on many issues with President Donald Trump, despite sharp disagreements such as about the U.S. withdrawals from the Iran nuclear deal and the Paris climate agreement.
And she said her biggest foreign policy concern was to preserve broad international cooperation.
“The fabric is starting to become weaker,” she said, saying that the lessons of two world wars in the 20th century were “we are better off with a cooperation between countries and states instead of the strongest state always winning the race.”
A collapse of international cooperation would be “dangerous not only for small and medium-sized states, but it would also come back and bite the stronger states ... at some point,” she said. editing by David Stamp | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-norway/norway-hopes-for-bilateral-uk-trade-talks-during-brexit-transition-idUKKCN1IQ1VB |
May 9, 2018 / 5:33 PM / Updated 11 minutes ago UPDATE 1-Argentina offshore auction attracts interest from oil producers Reuters Staff
(Adds quotes, context on auction, Vaca Muerta and fuel prices)
By Marianna Parraga
HOUSTON, May 9 (Reuters) - International oil firms including Norway’s Statoil, U.S. Anadarko Petroleum, China’s CNOOC and Malaysia’s Petronas have shown interest in Argentina’s auction this year of offshore blocks for exploration and production, the country’s energy minister said on Wednesday.
Argentina faces growing regional competition as countries with large oil reserves including Brazil and Mexico are offering a record number of areas while starting a new wave of energy reforms to attract foreign investment.
“It’s an unexplored area... We are expecting (to have) some companies already working in Argentina and new companies as well,” minister Juan Jose Aranguren said on the sidelines of an energy conference in Houston.
Argentina, which is still defining the areas to be included in its auction, expected to receive bids in late November and is giving incentives for oil companies currently exploring at its large Vaca Muerta shale play to move from pilot to full development phase.
The country last year started creating a new framework for firms to move their projects to the production stage, which has already begun boosting the output of unconventional gas. The framework includes lower labor costs, reduced taxes on imported drilling equipment and a fixed purchase price for the gas produced.
In recent months, six projects have been granted access to the incentives for starting the production stage, and the government expects 13 more concessions to adopt the country’s incentive program in the coming months, Aranguren said.
A $500 million railway project to move raw material and equipment for projects in Vaca Muerta, infrastructure needed by 2021, is expected to be tendered by the end of May.
As the country’s unconventional gas production increases, Argentina is also in talks with its neighbors Chile and Bolivia to solve its seasonal gas deficit by increasing winter imports from Bolivia while selling its surplus to Chile in the summer.
“This is quite a constraint. I’m prepared to pay more (to Bolivia) during the summer if we can adjust the volumes,” Aranguren said.
Argentina under President Mauricio Macri has been pushing to reverse the nation’s oil and gas production decline while re-regulating the retail fuel market. But as global oil prices continue rising, the increase has been difficult for many refiners in the country.
The minister said he will call crude producers to participate in a program recently agreed with three refining companies to defer fuel price increases planned for May and June to the second half the year.
“I think they could try to make sale terms easier for refining companies,” Aranguren said. (Reporting by Marianna Parraga Editing by Chizu Nomiyama and Cynthia Osterman) | ashraq/financial-news-articles | https://www.reuters.com/article/argentina-oil/update-1-argentina-offshore-auction-attracts-interest-from-oil-producers-idUSL1N1SG1FX |
CHAPEL HILL, N.C.--(BUSINESS WIRE)-- Investors Title Company (NASDAQ: ITIC) today announced its results for the quarter ended March 31, 2018. The Company reported net income attributable to the Company of $4.2 million, or $2.20 per diluted share, compared to $4.5 million, or $2.36 per diluted share, for the prior year period.
Revenues for the quarter decreased 10.6% to $33.8 million, primarily as a result of a decrease in net premiums written. Premiums decreased 9.7%, mainly due to lower levels of refinance activity following recent increases in mortgage interest rates. The volume decreases were partially offset by a continuation of increases in real estate values in our core markets. A new accounting standard which requires unrealized changes in the market value of marketable equity investments to be recognized in income resulted in recognition of a $642,000 loss for the quarter.
Operating expenses decreased 8.9% versus the prior year period, mainly due to decreases in agent commissions commensurate with the decrease in premium volume, and a benefit in claims expense resulting from favorable loss development. Personnel costs increased as a result of the effect of normal inflationary increases on salaries and benefits, as well as modest increases in staffing levels in support of growth. In addition, the effective tax rate declined to 20.1% as a result of legislative reform.
Chairman J. Allen Fine commented, “As expected, higher interest rates dampened refinance activity, particularly in our markets which rely heavily on referrals from lenders. We are encouraged, however, by the fact that purchase activity remains strong. As we enter 2018, we expect low levels of unemployment and solid wage growth to help offset the effects of higher interest rates and limited inventories of residential housing in certain markets, resulting in another year of overall healthy demand for real estate, mortgage loans, and title insurance.”
Investors Title Company’s subsidiaries issue and underwrite title insurance policies. The Company also provides investment management services and services in connection with tax-deferred exchanges of like-kind property.
Certain statements contained herein constitute within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, among others, any statements regarding the Company’s expected performance for this year, future home price fluctuations, changes in home purchase or refinance activity and the mix thereof, interest rate changes, expansion of the Company’s market presence, enhancing competitive strengths, positive development in housing affordability, wages, unemployment or overall economic conditions or statements regarding our actuarial assumptions and the application of recent historical claims experience to future periods. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from anticipated and historical results. Such risks and uncertainties include, without limitation: the cyclical demand for title insurance due to changes in the residential and commercial real estate markets; the occurrence of fraud, defalcation or misconduct; variances between actual claims experience and underwriting and reserving assumptions, including the limited predictive power of historical claims experience; declines in the performance of the Company’s investments; government regulation; changes in the economy; loss of agency relationships, or significant reductions in agent-originated business; difficulties managing growth, whether organic or through acquisitions and other considerations set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, as filed with the Securities and Exchange Commission, and in subsequent filings.
Investors Title Company and Subsidiaries
Consolidated Statements of Income
For the Three Months Ended March 31, 2018 and 2017
(in thousands, except per share amounts)
(unaudited)
Three Months Ended March 31, 2018 2017 Revenues: Net premiums written $ 29,559 $ 32,738 Escrow and other title-related fees 1,504 2,015 Non-title services 1,592 1,363 Interest and dividends 1,118 1,097 Other investment income 269 229 Net realized investment gains 153 103 Net unrealized loss on equity investments (642 ) — Other 223 248 Total Revenues 33,776 37,793 Operating Expenses: Commissions to agents 14,025 16,331 (Benefit) provision for claims (1,406 ) 720 Personnel expenses 11,340 9,958 Office and technology expenses 2,069 1,939 Other expenses 2,523 2,394 Total Operating Expenses 28,551 31,342 Income before Income Taxes 5,225 6,451 Provision for Income Taxes 1,052 1,985 Net Income 4,173 4,466 Net Loss Attributable to Noncontrolling Interests 3 10 Net Income Attributable to the Company $ 4,176 $ 4,476 Basic Earnings per Common Share $ 2.21 $ 2.37 Weighted Average Shares Outstanding – Basic 1,886 1,886 Diluted Earnings per Common Share $ 2.20 $ 2.36 Weighted Average Shares Outstanding – Diluted 1,897 1,895
Investors Title Company and Subsidiaries
Consolidated Balance Sheets
As of March 31, 2018 and December 31, 2017
(in thousands)
(unaudited)
March 31,
2018
December 31,
2017
Assets Cash and cash equivalents $ 22,174 $ 20,214 Investments: Fixed maturities, available-for-sale, at fair value 100,389 103,341 Equity securities, at fair value 47,252 47,367 Short-term investments 21,144 23,780 Other investments 11,601 12,032 Total investments 180,386 186,520 Premiums and fees receivable 9,889 10,031 Accrued interest and dividends 1,359 1,100 Prepaid expenses and other receivables 7,904 7,730 Property, net 10,376 10,173 Goodwill and other intangible assets, net 11,176 11,357 Other assets 1,417 1,403 Current income taxes receivable — 385 Total Assets $ 244,681 $ 248,913 Liabilities and Stockholders’ Equity Liabilities: Reserve for claims $ 32,770 $ 34,801 Accounts payable and accrued liabilities 22,876 27,565 Current income taxes payable 215 — Deferred income taxes, net 8,758 8,626 Total liabilities 64,619 70,992 Stockholders’ Equity: Common stock – no par value (10,000 authorized shares; 1,887 and 1,886 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively, excluding in each period 292 shares of common stock held by the Company's subsidiary) — — Retained earnings 178,971 161,891 Accumulated other comprehensive income 1,009 15,945 Total stockholders’ equity attributable to the Company 179,980 177,836 Noncontrolling interests 82 85 Total stockholders’ equity 180,062 177,921 Total Liabilities and Stockholders’ Equity $ 244,681 $ 248,913
Investors Title Company and Subsidiaries
Net Premiums Written By Branch and Agency
For the Three Months Ended March 31, 2018 and 2017
(in thousands)
(unaudited)
Three Months Ended March 31, 2018 % 2017 % Branch $ 8,617 29.2 $ 9,283 28.4 Agency 20,942 70.8 23,455 71.6 Total $ 29,559 100.0 $ 32,738 100.0
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005331/en/
Investors Title Company
Elizabeth B. Lewter, 919-968-2200
Source: Investors Title Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-investors-title-company-announces-first-quarter-2018-financial-results.html |
May 14 (Reuters) - Synthesis Energy Systems Inc:
* SYNTHESIS ENERGY SYSTEMS REPORTS FISCAL 2018 THIRD QUARTER FINANCIAL RESULTS
* Q3 LOSS PER SHARE $0.13 * SYNTHESIS ENERGY SYSTEMS - AS OF MARCH 31, CO HAD CASH AND CASH EQUIVALENTS OF $8.6 MILLION AND WORKING CAPITAL OF $8.5 MILLION Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-synthesis-energy-systems-q3-loss-p/brief-synthesis-energy-systems-q3-loss-per-share-0-13-idUSASC0A22P |
OMAHA, Neb. (Reuters) - Warren Buffett lost money but had a pretty good quarter.
Shareholders walk through the exhibit hall at the Berkshire Hathaway Inc annual meeting, the largest in corporate America, in its hometown of Omaha, Nebraska, U.S., May 4, 2018. REUTERS/Rick Wilking Berkshire Hathaway Inc on Saturday reported an unusual quarterly net loss, the result of an accounting change that Buffett had warned would produce “wild” but in his view meaningless swings in results.
But Berkshire also ended a long stretch of disappointing operating performance, posting record operating profit as insurance rebounded from a difficult quarter while economic growth bolstered results in railroad, industrial and consumer businesses.
Berkshire posted a first-quarter net loss of $1.14 billion, or $692 per Class A share, compared with net income of $4.06 billion, or $2,469 per share, a year earlier.
The accounting change required Berkshire to report $6.2 billion of unrealized losses in its marketable stock portfolio, which totaled $170.5 billion at year end, regardless of whether it planned to sell those stocks.
Two of Berkshire’s biggest stock investments, Wells Fargo & Co and Coca-Cola Co, had tough first quarters, falling 13.6 percent and 5.3 percent, respectively.
Buffett has called the new accounting rule a “nightmare” that would produce “truly wild and capricious swings” in bottom-line results that could, depending on their direction, unnecessarily scare or embolden investors.
“It really is not representative of what’s going on in the business at all,” Buffett told shareholders at Berkshire’s annual meeting in Omaha, Nebraska.
Berkshire said its operating profit, which Buffett considers a better performance measure, rose 49 percent to $5.29 billion, or about $3,215 per Class A share, from $3.56 billion, or $2,163 per share, a year earlier.
Analysts, on average, expected operating profit of about $3,116 per Class A share, according to Thomson Reuters I/B/E/S. Operating profit had previously fallen for five straight quarters, and missed Wall Street forecasts for eight straight.
Book value, which measures assets minus liabilities, also took a hit from falling stock prices, falling 0.3 percent to $211,184 per Class A share, even though Buffett boosted his stake in Apple Inc by $12.5 billion in the quarter.
Some analysts have said the stock losses have weighed on Berkshire shares, which are 10 percent below their record highs set on Jan. 29. In Friday trading, the Class A shares closed at$292,600, and the Class B shares at $195.64.
Buffett, 87, and Vice Chairman Vice Chairman Charlie Munger, 94, are answering five hours of questions from shareholders, journalists and analysts at the annual meeting.
PLENTY OF CASH Despite the Apple purchase, Berkshire ended the quarter with $108.6 billion of cash and equivalents, giving Buffett ammunition to make one or more “huge” non-insurance acquisitions he has said he wants.
Berkshire’s insurance businesses, which had been struggled with losses from hurricanes and other events, posted a $407 million underwriting profit, compared with a year earlier $267 million loss.
Buffett said the Geico car insurer had “quite a good-sized turnaround in profitability.” Pre-tax underwriting gains nearly quadrupled, as it sold more policies despite having raised rates, while the rate of policyholder losses fell.
“The trends look pretty good,” Tony Nicely, Geico’s chief executive, told Reuters on Friday. “The number of claims are down somewhat. Yet the costs keep going up.”
An improving economy led to higher business volume at the BNSF railroad, which saw profit rise 37 percent to $1.15 billion.
Pretax profit at industrial businesses such as Precision Castparts rose 32 percent, while lower taxes helped boost profit at the Berkshire Hathaway Energy unit by 22 percent.
Editing by Jennifer Ablan and Nick Zieminski
| ashraq/financial-news-articles | https://in.reuters.com/article/berkshire-results/berkshire-operating-results-improve-accounting-change-causes-net-loss-idINKBN1I60FC |
Constraining ECB’s powers would be attack on independence, Mersch says 3 Hours Ago Changes to the law must preserve the ECB’s flexibility and autonomy, ECB Executive Board Member Yves Mersch said. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/constraining-ecbs-powers-would-be-attack-on-independence-mersch-says.html |
(Adds details on mutual funds and ETFs, analyst Quote: ) By Trevor Hunnicutt and Lewis Krauskopf NEW YORK, May 17 (Reuters) - U.S. fund investors returned to equity markets in force during the latest week, pouncing on economic confidence in their home market, Lipper data showed on Thursday. Investors injected $10.1 billion into stocks as U.S. companies still seeing the benefits of a lower corporate tax rate continue to coast to higher profits. Healthcare stocks leapt on optimism that U.S. regulations on drug pricing could be tamer than feared. Domestic stock funds pulled in $9.1 billion, the most since March, while their international-focused counterparts pulled in about a tenth of that amount, according to the research service, whose data covers mutual funds and exchange-traded funds (ETFs) based in the United States for the seven days through May 16. "It is a positive sign for how investors are feeling about the markets right now," said Pat Keon, senior research analyst for Thomson Reuters' Lipper unit. Relatively strong economic conditions compared to other countries have helped push U.S. bond yields and the dollar higher. Those factors could still conspire to tighten financial conditions dramatically, but have not done so yet. That is good news for domestic stock funds that faced three straight months of withdrawals, threatened by the prospect of higher inflation and what was once a more bullish view on growth prospects outside the United States. The Russell 2000 index of smaller U.S. companies - less exposed than large companies to the negative effects of a stronger dollar and rising oil prices - closed at a record high on Thursday. NEW LEASE ON LIFE FOR HEALTH STOCKS Investors plowed $819 million into healthcare and biotech funds during the week, the most since July 2017, as U.S. President Donald Trump released his plan to lower drug prices. In a speech last Friday, Trump blasted drugmakers and healthcare "middlemen" for making prescription medicines unaffordable for Americans, but his administration avoided aggressive direct measures to cut prices. Analysts and investors have debated whether the speech and proposals would be a "clearing event" that paves the way for increased investor interest in the sector, which has underperformed in 2018. U.S.-based healthcare funds are on pace for their third straight year of withdrawals. Investors could still grow wary of the sector, with lingering concerns about healthcare becoming a major campaign issue as November's U.S. Congressional elections approach. The following is a breakdown of the flows for the week, including mutual funds and ETFs: Sector Flow Chg % Assets Assets Count ($blns) ($blns) All Equity Funds 10.084 0.14 7,296.570 12,290 Domestic Equities 9.109 0.18 5,008.483 8,761 Non-Domestic Equities 0.976 0.04 2,288.086 3,529 All Taxable Bond Funds 2.629 0.10 2,763.157 6,072 All Money Market Funds 13.616 0.51 2,691.745 1,042 All Municipal Bond Funds 0.207 0.05 404.104 1,454 (Reporting by Trevor Hunnicutt and Lewis Krauskopf Editing by Tom Brown and Chris Reese)
| ashraq/financial-news-articles | https://www.reuters.com/article/investment-mutualfunds-lipper/update-1-u-s-fund-investors-hike-stock-exposure-by-most-since-march-lipper-idUSL2N1SO2BQ |
UPDATE 2-Brazil trucker protest drags on as diesel tax cuts stall Lisandra Paraguassu and Leonardo Goy Published 7 Hours Ago Reuters
(Recasts with stalled legislation, comments from ag minister, government official, ABCAM, ABPA, Coamo and Cooxupé)
BRASILIA, May 24 (Reuters) - A trucker protest paralyzing swathes of the Brazilian economy stretched into a fourth day on Thursday as legislative efforts to cut diesel taxes stalled, raising the prospect of highway and port blockades stretching into next week.
A diesel tax cut rushed through the lower house of Congress late on Wednesday lacked the necessary fiscal offsets due to a calculating error, Carlos Marun, the government minister in charge of relations with Congress, told reporters. Senate leaders called a Thursday night meeting to discuss the matter.
The trucking group leading talks with the government, ABCAM, vowed to keep up their protest until the tax cuts become law.
ABCAM President José da Fonseca Lopes said participation in the demonstrations had swollen to around a million truck drivers as trucking companies joined the movement kicked off by independent truck owners. He said there were about 330 blockades in 23 of 26 Brazilian states.
Shares of state-led oil company Petroleo Brasileiro SA plunged 14 percent after the firm slashed diesel prices, raising investor concerns about political interference in its pricing policy.
The toll also mounted in industries from automaking and meat processing to aviation and agribusiness as the protests froze deliveries of fuel, feed and other essential inputs, threatening economic activity and exports of soft commodities.
Agriculture Minister Blairo Maggi, on a trip to France, called on federal police to escort feed trucks to farms,
"I have received images from Brazil showing animals dying, screaming. It is urgent that we solve this problem now for poultry and pork farms," he told Reuters in an interview.
Poultry and pork processors association ABPA said 120 plants had halted production for lack of feed and storage space, up from 78 previously.
At Paranaguá port, Brazil's second-largest grain export hub, the protests impeded 1,000 trucks from delivering goods over two days, Brazil's largest cooperative Coamo Agroindustrial said on Thursday.
Brazil's top coffee exporter Cooxupé on Thursday warned foreign clients about possible shipping delays due to the truckers' protests.
Sugar mills are also delaying harvesting amid protests due a lack of diesel supplies, sugarcane group Unica said.
Brazil's weak recovery from the deepest recession in decades could be hampered by the protests if they last weeks, according to a senior member of the government's economic team.
ABCAM said it would take up to 12 days to normalize cargo deliveries in Brazil once demonstrations end.
(Reporting by Lisandra Paraguassu, Leonardo Goy and Marcela Aures in Brasilia, Ana Mano, Marcelo Teixeira, Alberto Alerigi and Flavia Bohone in Sao Paulo, Sybille de La Hamaide in Paris; editing by Brad Haynes, David Gregorio and Lisa Shumaker) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/reuters-america-update-2-brazil-trucker-protest-drags-on-as-diesel-tax-cuts-stall.html |
May 3, 2018 / 11:49 AM / Updated 7 minutes ago BRIEF-Berry Global Group Reports Q2 Adj. Earnings Per Share Of $0.84 Reuters Staff 1 Min Read
May 3 (Reuters) - Berry Global Group Inc:
* BERRY GLOBAL GROUP INC REPORTS SECOND QUARTER FISCAL 2018 RESULTS AND CONFIRMS FISCAL YEAR ADJUSTED FREE CASH FLOW GUIDANCE * Q2 SALES $2.0 BILLION VERSUS I/B/E/S VIEW $1.97 BILLION
* Q2 EARNINGS PER SHARE VIEW $0.87 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-berry-global-group-reports-q2-adj/brief-berry-global-group-reports-q2-adj-earnings-per-share-of-0-84-idUSASC09ZG5 |
May 3 (Reuters) - Petrobras Distribuidora SA:
* FLEETCOR TECHNOLOGIES INC - ENTERED NEW AGREEMENT WITH PETROBRAS DISTRIBUIDORA S.A. TO ENABLE CARD-LESS FUEL PAYMENTS AT BR GAS STATIONS IN BRAZIL Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-fleetcor-technologies-petrobras-to/brief-fleetcor-technologies-petrobras-to-enable-card-less-fuel-payments-at-br-gas-stations-in-brazil-idUSFWN1SA1CY |
May 2 (Reuters) - Hugo Boss AG:
* HUGO BOSS CEO SAYS DOES NOT SEE SHORT-TERM IMPACT ON CHINESE BUSINESS FROM ESCALATING US-CHINA TRADE TENSIONS
* HUGO BOSS CEO SAYS ASSUMES SALES DECLINE FOR HUGO BRAND IS JUST TEMPORARY Further company coverage: (Reporting by Frankfurt Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hugo-boss-sees-no-impact-on-china/brief-hugo-boss-sees-no-impact-on-china-sales-from-trade-tension-idUSL8N1S91OJ |
Today's Bell Ringers, May 31, 2018 1 Hour Ago Ringing today's opening bells are Keith Cline, CorePoint Lodging president and CEO at the NYSE, and Maya Nussbaum, Girls Write Now founder and executive director at the Nasdaq. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/todays-bell-ringers-may-31-2018.html |
PARIS/WASHINGTON (Reuters) - The remaining parties to the Iran nuclear deal have warned the United States that its decision to withdraw from the pact jeopardizes Russian and Chinese efforts to limit Iran’s ability to develop atomic weapons, Western diplomats told Reuters.
A general view of the Arak heavy-water project, 190 km (120 miles) southwest of Tehran January 15, 2011. REUTERS/ISNA/Hamid Forootan In pulling out of the 2015 deal, U.S. President Donald Trump triggered the revival of sanctions against the Atomic Energy Organization of Iran (AEOI), which oversees the Arak heavy water research reactor and the Fordow fuel enrichment plant.
Under the deal, the Arak reactor was to be redesigned to render it unable to make bomb-grade plutonium under normal operation, while the Fordow plant was to stop enriching uranium and be converted into a nuclear, physics and technology center.
The restoration of U.S. sanctions on AEOI would expose non-U.S. companies to the risk of punishment by the United States for dealing with it, including Chinese state-owned China National Nuclear Corp. and Russia’s Rosatom, which are doing nonproliferation work respectively at Arak and Fordow.
Neither company responded to requests for comment.
At a meeting in Vienna last Friday, the non-U.S. parties to the deal - Britain, China, France, Germany, Russia and Iran - discussed the subject extensively, with Beijing and Moscow stressing their concerns, three European diplomats said.
One senior European diplomat called the situation “crazy” and said the U.S. withdrawal risked triggering a proliferation problem because its sanctions may halt work on Arak and Fordow.
“It may force the interruption of the dismantling of Iran’s nuclear sites. It’s completely absurd,” the diplomat said.
Iranian officials were not immediately available for comment.
Asked how Washington planned to address the concerns about AEOI being sanctioned and how it would serve U.S. interests not to carry out the nonproliferation work at Arak and Fordow, Assistant Secretary of State Christopher Ford said the U.S. was aware of the other parties’ positions regarding AEOI.
“These questions are all under active consideration by the U.S. government,” he said in a statement relayed by a spokeswoman.
“Our posture towards Iran will be geared towards obtaining enduring nonproliferation benefits and constraining the full range of its malign activities.”
“AN IRONY” The 2015 agreement between Iran and world powers lifted international sanctions on Tehran. In return, Iran agreed to restrictions on its nuclear activities, increasing the time it would need to produce an atom bomb if it chose to do so.
Related Coverage Europe making progress on anti-U.S. sanction measures over Iran: France Trump abandoned the agreement on May 8, arguing that he wanted a bigger deal that not only limited Iran’s atomic work but also reined in its support for proxies in Syria, Iraq, Yemen and Lebanon and that curbed its ballistic missile program.
The remaining parties are trying to keep the deal alive.
“Everyone is focused on preserving the economic side of the agreement,” said an EU diplomat. “But if the (remaining parties) fail on the nuclear side of implementation, while Iran is trying to comply, it would really be an irony.”
The deal bars the production of enriched uranium at Fordow and says Russia will work with Iran there on producing stable isotopes, which do not pose a proliferation risk.
On Arak, the deal specifies that the new design will aim to minimize the production of plutonium and to prevent the production of weapon-grade plutonium in normal operation. It also specifies the fuel Arak must use and says its spent fuel for the reactor’s lifetime must be shipped out of Iran.
Sanctions that would prevent companies from dealing with AEOI are due to be reimposed no later than Nov. 5.
The three European diplomats said Russia and China had been especially vocal at the Vienna meeting, with one saying that the two nations indicated they were determined to carry out the nuclear projects but stressed their worries on U.S. sanctions.
Two other Western officials also confirmed that the subject was discussed at the meeting.
The U.S., which initially led a working group to redesign the Arak reactor with China, did not attend the Vienna talks.
Beijing’s envoy to the talks told reporters on Friday that the parties needed to find a co-chair for Arak to move forward.
Richard Nephew, a former administration official under then-U.S. President Barack Obama, said it was unlikely the U.S. would sanction state-owned Chinese or Russian companies for doing non-proliferation work with Iran, although it was a possibility.
“The real problem is does this stop these countries and the companies from their work to render the Arak and Fordow facilities safer?” he said.
“If it causes them to stop that work and gives Iran an excuse to restart Fordow or to rebuild Arak as a plutonium-production reactor, then we will have done real damage to our nonproliferation objectives.”
Additional reporting by Alissa De Carbonnel in Brussels, Francois Murphy in Vienna, Christian Lowe in Moscow and David Stanway in Beijing; Writing by Arshad Mohammed and John Irish; Editing by Nick Tattersall
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear/u-s-withdrawal-may-halt-nuclear-nonproliferation-work-in-iran-diplomats-idUSKCN1IW2IV |
Wall Street edges higher 01:21
Wall Street eked out gains in a choppy session Monday. As Fred Katayama reports, investor concerns over a potential trade war eased after President Donald Trump's conciliatory remarks toward China's ZTE Corp.
Wall Street eked out gains in a choppy session Monday. As Fred Katayama reports, investor concerns over a potential trade war eased after President Donald Trump's conciliatory remarks toward China's ZTE Corp. //reut.rs/2GiZPsY | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/wall-street-edges-higher?videoId=426929311 |
LONDON, May 24 (Reuters) - The cost of insuring exposure to Turkish sovereign debt fell to a one-week low on Thursday after the country’s central bank delivered an emergency rate hike in an attempt to stem the slide of the lira.
Turkey’s five-year credit default swaps fell by 15 basis points from Wednesday’s close to 267 bps, according to data from IHS Markit.
Reporting by Karin Strohecker
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-markets-cds/turkish-cds-retreat-to-one-week-low-after-emergency-rate-hike-idUSL5N1SV23D |
Spotify removes R. Kelly music from its playlists 12:41am IST - 01:11
The music of embattled R&B singer R. Kelly has been deleted from Spotify’s owned and operated playlists, after the company announced a new ‘hate content' policy. ▲ Hide
The music of embattled R&B singer R. Kelly has been deleted from Spotify’s owned and operated playlists, after the company announced a new ‘hate content' policy. //reut.rs/2KSd7jF | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/10/spotify-removes-r-kelly-music-from-its-p?videoId=425666985 |
SAN DIEGO--(BUSINESS WIRE)-- HFF announces the sale of and acquisition financing for Bella Posta, a 344-unit, mid-rise apartment community in San Diego’s Mission Valley submarket.
The HFF team marketed the property on behalf of the original developer, The Padre Gardens Rancho Mission, LP. SARES REGIS MULTIFAMILY VALUE-ADD FUND II, L.P., purchased the asset free and clear of existing financing. Additionally, the HFF team worked on behalf of the new owner to secure floating-rate acquisition financing.
Bella Posta consists of four garden-style buildings comprising a mix of one- and two-bedroom units averaging 816 square feet. The 95-percent-occupied community is situated on approximately eight acres adjacent to the Interstate 15/8 interchange and SDCCU Stadium. Bella Posta is also a short distance from the Grantville Trolley Station, which provides easy access to San Diego’s major employment centers in the CBD, Fashion Valley, East County and Kearny Mesa. Community amenities include two swimming and spa areas, grilling area, locker rooms with saunas, fitness center, racquetball court, clubhouse and a blend of private garages and underground parking.
The HFF investment advisory team representing the seller included senior director Hunter Combs and senior managing director Sean Deasy.
HFF’s debt placement team representing the borrower consisted of executive managing director Kevin MacKenzie and senior director Brian Torp along with senior managing director Timothy Wright.
“Market reception was robust for a multi-housing opportunity within the Mission Valley submarket, where institutional trades typically happen only once every decade,” Combs said. “The unique value-add opportunity from the original developer positions Bella Posta well for long-term growth.”
Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About SARES REGIS MULTIFAMILY VALUE-ADD FUNDS
SARES REGIS MULTIFAMILY VALUE-ADD FUNDS is a private investment platform that implements and manages a value-add strategy of acquiring, renovating and enhancing Class-B multifamily properties in the most rapidly growing, supply-constrained submarket in the Western United States. Formed in 2013 with the formation of Fund I and continuing with its final raise for Fund II in August of 2016. Since inception, the FUNDS platform has deployed over $410 million in value-add investments. The FUNDS platform is sponsored by SARES REGIS Group of Irvine, California, a privately held real estate development, investment and management firm that focuses on multifamily communities and commercial properties. Since its founding in 1993, SRG has developed and acquired more than $7 billion in commercial and residential properties. The company manages a combined portfolio of approximately 25 million square feet of office and industrial space and 19,000 apartment units.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF .
//www.businesswire.com/news/home/20180501006397/en/
HFF
HUNTER COMBS, 858-812-2346
CA Lic. #01771662
HFF Senior Director
[email protected]
or
BRIAN TORP, 949-253-8800
CA Lic. #01886645
HFF Senior Director
[email protected]
or
OLIVIA HENNESSEY, 713-852-3500
HFF Public Relations Specialist
[email protected]
Source: HFF | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-hff-announces-sale-and-financing-for-san-diego-apartment-community.html |
Twenty-First Century Fox is scheduled to report third-quarter earnings after the market close Wednesday, as investors look for updates on a pending sale of most of the company.
Here's what Wall Street expects:
Earnings: 53 cents per share, forecast by Thomson Reuters Revenue: $ 7.40 billion, forecast by Thomson Reuters In December, Fox's board approved Disney's $52 billion stock bid to acquire Fox assets including television and film studios, cable channels including FX and National Geographic, and 22 regional sports networks.
While Disney Chairman and CEO Bob Iger said he's confident that the Fox deal would close , Comcast is interested in those same parts of Rupert Murdoch's media empire. CNBC reported Monday that Comcast plans to make a competing all-cash bid for Fox if the Justice Department approves AT&T's acquisition of Time Warner.
If a sale is completed, Fox would also shed international properties and its stake in Hulu. Fox's management is said to believe that a smaller company focused on news and sports would be more competitive in the current media landscape.
Fox News has dominated Nielsen ratings, consistently ranking as the most watched cable news network in America. And Fox Sports said in January it would pay more than $3 billion to broadcast "Thursday Night Football" for five seasons.
CNBC previously reported that fear of being outspent on content was one of the main reasons Murdoch considered selling much of Fox. Tech giants like Netflix and Amazon have committed billions to licensing and producing content for their streaming services, making the bidding wars increasingly competitive.
Keeping up with Silicon Valley-style cash burn requires a certain footprint that Fox doesn't have. In November, CNBC also reported that Fox's senior management didn't see a way to gain the necessary scale through acquisition .
This is breaking news. Please check back for updates.
— CNBC's David Faber and Alex Sherman contributed reporting
Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC and CNBC.com. Comcast is also a co-owner of Hulu. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/fox-earnings-q3-2018.html |
C-level hires advance corporate strategy and streamline operations
SALT LAKE CITY--(BUSINESS WIRE)-- UpWell Health , a leading provider of healthcare services, support, and solutions for people living with chronic conditions, today announced that it has rounded out its leadership team with the appointments of two executive hires to support its rapid growth as the company expands market share. Patrick Grosso has assumed the role of chief administrative officer and Josh Walker has joined the company as chief operating officer.
“More than 133 million Americans are living with a chronic condition. On top of feeling sick for the majority of their lives, they face hefty healthcare bills and have to manage complex treatment plans,” said Alison Wistner, Chief Executive Officer, UpWell. “I’m excited to lead a strong team of executives who truly embrace our mission to help our members feel normal again. As healthcare continues to evolve, each executive will play a vital role in shaping the next phase of UpWell. We have a huge opportunity to influence and disrupt the way we deliver healthcare and I’m confident that we have the best leaders in place to succeed.”
Grosso, who brings 19 years of private and public company operations experience to UpWell, has assumed the role of chief administrative officer. He will oversee all business administration and legal functions and the development of strategic initiatives that help the company achieve core organizational objectives. Previously, he served as Skullcandy’s chief legal officer and vice president of strategic initiatives and corporate affairs, leading several departments internationally.
Walker has joined the company as chief operating officer, bringing more than 15 years of healthcare experience and a reputation for strong leadership and catalyzing business growth. Prior to UpWell, Walker served as COO at both Imagine Health and Optum, UnitedHealth Group’s $40 billion health services arm. At UpWell, he will lead the technology, information technology, pharmacy operations, and project management teams.
“We are very pleased to see UpWell’s continued expansion in the market, and could not be happier with the further additions to the management team these past several months,” said Ron Heinz, UpWell board member and managing partner at Signal Peak Ventures. “Alison has attracted a group of executives who are like-minded, yet offer very complimentary skill sets. The success of any organization is deep-rooted in its culture and leadership, and we have high expectations that this team will drive compelling solutions for members and partners for years to come.”
Grosso and Walker are serving alongside Wistner and Chief Financial Officer Tony Sansone, who both joined the company upon its inception in late 2017. Wistner brought a range of investment experience from the venture capital world, specifically in healthcare services and IT. Sansone joined as a seasoned financial executive with experience at both private and public companies in complex rapid-growth and turnaround environments.
UpWell has made several other additions to its leadership team to strengthen departments across the organization, including marketing, member services, and business development:
Valerie Adams Meffert joined UpWell as vice president of marketing earlier this year. In this role, she is responsible for UpWell’s brand, content, communications, and member experience. She was previously vice president of engagement at Mercato Partners, an active growth equity investor in the technology and branded consumer sectors. Josh Harris is UpWell’s new vice president of member services, leading the company’s member-facing and demand generation teams. Harris brings a wealth of experience in sales and customer experience to this role, previously having served as Clearlink’s vice president of sales, where he grew a team of 30 people into more than 1,000 employees over the span of eight years. Melissa Floren has been appointed vice president of strategic partnerships and is responsible for identifying, nurturing, and growing key relationships with industry partners to deliver on the UpWell vision. She joined UpWell after leading customer success and business development at Imagine Health, bringing years of healthcare experience to this new role.
“We’re bolstering our leadership team at a critical time for the organization,” added Wistner. “I’m looking forward to working as a collective management team to explore ways to advance support for this massively underserved healthcare population.”
UpWell empowers members to take control of their health by making it easier for them to get the medications and care they need at an affordable cost. The company’s mission is to change the way people learn about and manage their conditions through prescription delivery, online community support, and access to educational resources. To learn more, visit www.UpWell.com .
About UpWell Health
UpWell Health is on a mission to simplify life for the nearly 133 million people in the U.S. living with chronic conditions. By working directly with physicians, pharmacies, and insurance companies, UpWell ensures that members receive the right prescriptions and medical supplies at the right time. Established in 2017 and headquartered in Salt Lake City, the company provides medications, products, and services to enable treatment adherence. In addition, UpWell’s condition-specific online social networks connect patients and caregivers, fostering engagement, peer support, and knowledge sharing. By providing holistic healthcare services, community support, and solutions, UpWell makes living with a chronic condition easier so its members can lead more empowered lives. Learn more at www.UpWell.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005385/en/
PAN Communications
Matthew Briggs, 617-502-4300
[email protected]
Source: UpWell Health | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-upwell-expands-executive-bench-to-fuel-growth-and-market-expansion-across-healthcare-services-industry.html |
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