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NEW DELHI (Reuters) - India said on Monday it abided by sanctions imposed by the United Nations but not those imposed by any other country, such as those announced by the United States against Iran.
Iran's Foreign Minister Mohammad Javad Zarif and his Indian counterpart Sushma Swaraj walk after a photo opportunity in New Delhi, India, May 28, 2018. REUTERS/Altaf Hussain U.S. President Donald Trump this month withdrew the United States from the Iran nuclear deal and ordered the reimposition of U.S. sanctions suspended under the 2015 accord.
Indian foreign minister Sushma Swaraj said New Delhi’s position was independent of any other country.
“India follows only U.N. sanctions, and not unilateral sanctions by any country,” she said at a news conference.
FILE PHOTO: Indian Foreign Minister Sushma Swaraj talks during a news conference with Chinese Foreign Minister Wang Yi (not pictured) at the Diaoyutai State Guest House in Beijing, China, April 22, 2018. Madoka Ikegami/Pool via Reuters India and Iran have long-standing political and economic ties, with Iran one of India’s top oil suppliers.
Swaraj on Monday met Iranian Foreign Minister Javad Zarif, in New Delhi to build support against the U.S. rejection of the nuclear accord.
“Zarif briefed about the discussions that Iran has undertaken with parties to the Joint Comprehensive Plan of Action following the U.S. decision to withdraw from the Agreement,” said an Indian government statement, without elaborating.
India continued trade with Iran during previous sanctions but had to cut oil imports as the sanctions choked off banking channels and insurance cover for tankers.
Reporting by Nidhi Verma; writing by Sanjeev Miglani; editing by Andrew Roche
| ashraq/financial-news-articles | https://www.reuters.com/article/us-india-iran/india-says-it-only-follows-un-sanctions-not-unilateral-us-sanctions-on-iran-idUSKCN1IT0WJ |
May 18, 2018 / 3:03 PM / Updated an hour ago Saudi Arabia arrests women activists ahead of lifting of driving ban Reuters Staff 3 Min Read
DUBAI (Reuters) - Saudi Arabia has arrested at least five people, mostly women who previously agitated for the right to drive and an end to the kingdom’s male guardianship system, rights activists said on Friday.
Last year’s decision to end a decades-old ban on women driving cars, set to come into effect next month, has been hailed as proof of a new progressive trend in the deeply conservative Muslim country under reform-minded Crown Prince Mohammed bin Salman.
But it has also been accompanied by an apparent crackdown on dissent against critics, ranging from Islamist clerics to some of the very women who campaigned for years to end the ban.
One of the rights activists, who spoke to Reuters on condition of anonymity for fear of reprisals, said the latest arrests were tied to advocacy for women driving: “They detained them because they do not want them to publicly claim success.”
Government spokesmen did not immediately respond to requests for comment.
Women will be allowed to drive starting on June 24. The authorities have opened driving schools in preparation, instituted new regulations and hired women traffic police.
Activists and analysts say, however, that the government is keen to avoid rewarding activism, which is forbidden in the absolute monarchy, and seems determined not to antagonize sensitivities of religious conservatives opposed to modernisation.
Women who previously participated in protests against the ban told Reuters last year that two dozen activists had received phone calls instructing them not to comment on the decree.
Some of those arrested this week spoke out about the ban after the decision, though it was not clear what specifically led to their arrest nor what charges, if any, had been made against them.
Dozens of clerics seen by the government as dabbling in politics were detained in September, a move that appears to have paved the way for lifting the driving ban.
Ending the ban is part of the kingdom’s Vision 2030 reform programme aimed at diversifying the economy away from oil and opening up Saudis’ cloistered lifestyles.
Prince Mohammed, 32, is the face of that change. Many young Saudis regard his recent ascent to power as proof their generation is taking a central place in running a country whose patriarchal traditions have for decades made power the province of the old and blocked women’s progress. Reporting by Dubai newsroom; Editing by Hugh Lawson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-saudi-arrests/saudi-arabia-arrests-women-activists-ahead-of-lifting-of-driving-ban-idUKKCN1IJ1ZS |
Pressure builds for regulating Google 2 Hours Ago CNBC’s Josh Lipton reports on an investigation by CBS’“60 Minutes” over the tech giant’s allegedly monopolizing activities. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/pressure-builds-for-regulating-google.html |
locations@ (Adds LocationSmart, AT&T, Verizon reaction, background, New York Times report)
WASHINGTON, May 18 (Reuters) - The U.S. Federal Communications Commission said on Friday it was referring reports that a website flaw could have allowed the location of mobile phone customers to be tracked to its enforcement bureau to investigate.
A security researcher said earlier this week that California-based LocationSmart data could have been used to track AT&T Inc, Verizon Communications Inc, Sprint Corp and T-Mobile US consumers without consent within a few hundred yards of their location.
Senator Ron Wyden, a Democrat, on Friday urged the FCC to investigate, saying on Twitter a "hacker could have used this site to know when you were in your house so they would know when to rob it. A predator could have tracked your childs cell phone to know when they were alone."
Researcher Robert Xiao at Carnegie Mellon said a flaw in a demo tool from LocationSmart could have been used to track anyone.
LocationSmart spokeswoman Brenda Schafer said Friday the vulnerability "has been resolved and the demo has been disabled."
Prior to Xiao's efforts that included locating up to two dozen users, Schafer said the company believes no one else exploited the vulnerability. The company is committed to "continuous improvement of its information privacy and security measures," she said.
Last week, the New York Times reported that the former sheriff of Mississippi County, Missouri used Securus Technologies to track mobile phones, including those of other officers, without court orders, citing charges filed against him. Several published reports suggested Securus is getting its data through an intermediary of LocationSmart.
Verizon spokesman Rich Young said Friday the company has "taken steps to ensure that Securus can no longer access location information about Verizon Wireless customers." He added the company has "initiated a review of this entire issue."
AT&T spokesman Mike Balmoris said the company does not "permit sharing of location information without customer consent or a demand from law enforcement. If we learn that a vendor does not adhere to our policy we will take appropriate action."
Sprint, Securus and T-Mobile did not immediately comment.
Wyden said last week that Securus, a major provider of correctional-facility telephone services, is purchasing real-time location information from carriers and providing information "via a self-service web portal for nothing more than the legal equivalent of a pinky promise."
Wyden wrote all four major mobile carriers, saying the practice "exposes millions of Americans to potential abuse and unchecked surveillance by the government."
(Reporting by David Shepardson Editing by Chizu Nomiyama) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/reuters-america-update-1-fcc-investigating-reports-website-flaw-exposed-mobile-phone-locations.html |
(Reuters) - Latin America must give serious thought to legalizing drugs in order to reduce the human cost of prohibition, the head of a United Nations agency for the region said on Monday.
Tens of thousands of people across Latin America have died in violence stemming from the struggle to control the lucrative trade in narcotics, particularly in Mexico, where murders fueled by warring drug cartels reached a record high last year.
Alicia Barcena, a Mexican who heads the Santiago-based Economic Commission for Latin America and the Caribbean (ECLAC), the United Nations’ regional arm, told a Latin America forum in Paris the time had come to explore a new strategy.
“I’m going to be very provocative. Who would drug legalization be good for? Latin America and the Caribbean, for God’s sake. Because the illegality is what’s killing people,” she said. “It’s time to seriously consider legalizing drugs.”
Peru, Colombia and Bolivia are the top producers of coca leaves used to make cocaine, much of which is smuggled through Mexico to reach the world’s biggest market, the United States.
The battle to dominate crystal meth and heroin markets has also precipitated mounting violence in Mexico.
Most countries in the Americas continue to pursue restrictive policies toward drugs, although growing liberalization of marijuana laws in the United States has encouraged supporters of legalization to redouble their efforts.
Reporting by Diego Ore; Editing by Michael Perry
| ashraq/financial-news-articles | https://www.reuters.com/article/us-latinamerica-drugs-un/latin-america-must-think-about-legalizing-drugs-u-n-agency-says-idUSKCN1IU0B1 |
May 23, 2018 / 8:13 PM / in 18 minutes Fed to consider proposal to modify "Volcker Rule" at May 30 meeting Pete Schroeder 2 Min Read
WASHINGTON (Reuters) - The Federal Reserve will consider a proposal to modify the “Volcker Rule” banning proprietary trading by banks at a May 30 meeting of its board, the central bank announced on Wednesday.
Federal regulators are expected to announce changes easing some of the rule’s requirements, amid complaints from banks they are too onerous and confusing.
The rule, created as part of the 2010 Dodd-Frank financial reform law, bars banks from using funds protected by deposit insurance to make profit-seeking trades if not directed by clients.
The meeting announcement is the first formal step taken by regulators in what is likely to be a lengthy process to rework the rule, which was a central part Dodd-Frank. Five separate federal agencies share responsibility for writing and enforcing it.
Congress passed Dodd-Frank in response to the 2007-2009 financial crisis, placing stronger restrictions on bank activities in a bid to eliminate the need for future bailouts.
The Fed is expected to approve the proposed changes at the May 30 meeting. The public will be invited to weigh in on the proposals.
Regulators are considering a range of changes aimed at making the rule simpler for banks. Among the most significant changes discussed is removing a requirement that banks prove their trading is permitted under the rule. Instead, the altered rule would place the burden on regulators to prove trading is prohibited.
Regulators are also considering simplifying definitions central to the rule, such as what constitutes proprietary trading, and the treatment of overseas funds.
The Fed, Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have joint responsibility for enforcing the rule and broadly agree it could be simplified. Reporting by Pete Schroeder; Editing by Chizu Nomiyama and Bill Berkrot | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-fed-volckerrule/fed-says-may-30-board-meeting-to-consider-proposal-to-modify-volcker-rule-idUSKCN1IO36D |
May 8, 2018 / 6:46 AM / in 21 minutes Serbian finance minister quits a day after IMF talks start Aleksandar Vasovic 3 Min Read
BELGRADE (Reuters) - Serbian Finance Minister Dusan Vujovic has stepped down, the government said on Tuesday, a day after the country began talks with the International Monetary Fund on a new funding program.
The government said Vujovic had informed Prime Minister Ana Brnabic of the reasons for his departure, which were “of a personal nature”.
A former World Bank economist, Vujovic has served in two governments since 2014 and negotiated a 1.2 billion euro ($1.43 billion) three-year loan deal with the IMF that Serbia successfully completed in February.
Talks on a new arrangement, in exchange for reforms to boost economic growth, got under way on Monday, the central bank said.
In excerpts from a resignation letter made public late on Monday by Belgrade’s daily Blic, Vujovic said he wanted to step down due to “family, professional and personal reasons.”
“During my mandate, measurable results have been achieved, including macroeconomic stabilization and defining of structural reforms needed to make these results ... sustainable,” Vujovic said.
The Serbian dinar opened higher but then lost ground and was trading down 0.12 percent at 118.19 per euro at 0758 GMT.
Milos Damjanovic, an analyst with Belgrade’s BIRN Consultancy, said Vujovic’s resignation had brought uncertainty to markets.
“The choice of his successor will determine whether the country will head to economic populism or continuation of reforms,” Damjanovic said.
Serbian media speculated that Sinisa Mali, Belgrade’s mayor, who previously served as an economic advisor to President Aleksandar Vucic, may replace Vujovic. Mali was not immediately available for comment.
The Serbian government which ended the 2017 with a small fiscal surplus pledged it will raise public sector wages and pensions this year, on condition economic performance remains good.
Serbia’s economy expanded 2 percent in 2017 and is forecast to grow 3.5 percent this year. It rose 4.5 percent in the first quarter of 2018 according to a flash estimate. Reporting by Aleksandar Vasovic; Editing by Andrew Heavens and John Stonestreet | ashraq/financial-news-articles | https://www.reuters.com/article/us-serbia-minister/serbian-finance-minister-resigns-for-personal-reasons-government-idUSKBN1I90KT |
Los Angeles
If there’s a motto for moviegoers this summer, it’s this: Lots of popcorn, little breathing room.
The summer-movie season is always packed with big-budget titles. But May, June and July are especially overstuffed this year.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/get-ready-for-a-multibillion-dollar-summer-movie-battle-royale-1525961732 |
(Reuters) - Former world number one golfer Rory McIlroy is the richest young sportsperson in Britain and Ireland with a net worth of 110 million pounds ($149.14 million), according to the Sunday Times newspaper’s Rich List.
May 11, 2018; Ponte Vedra Beach, FL, USA; Rory McIlroy plays his shot from the ninth tee during the second round of The Players Championship golf tournament at TPC Sawgrass - Stadium Course. Jasen Vinlove-USA TODAY Sports McIlroy’s earnings have been boosted by his return to form in recent weeks, which saw him emerge as one of the contenders at the U.S. Masters before finishing tied for fifth.
Last year, the 29-year-old signed two 10-year endorsement deals worth $100 million each, with sportswear brand Nike and club manufacturer TaylorMade.
Tennis player Andy Murray is second in the rankings, with the Scot’s wealth estimated at 83 million pounds.
A relatively modest 6 million pounds increase on the three-times grand slam winner’s valuation from 2017 reflects his absence from the court after suffering a hip injury at last year’s Wimbledon.
Real Madrid winger Gareth Bale and Manchester City striker Sergio Aguero are in the third and fourth spots respectively.
British heavyweight boxer Anthony Joshua, who most recently earned 18 million pounds from his title bout with Joseph Parker, completes the top-five.
10 richest young sports stars aged 30 or under (2018 wealth figures in pounds)
1. Rory McIlroy (golf) - 110 million
2. Andy Murray (tennis) - 83 million
3. Gareth Bale (soccer) - 74 million
4. Sergio Aguero (soccer) - 48 million
5. Anthony Joshua (boxing) - 35 million
6. Eden Hazard (soccer) - 32 million
7. Mesut Ozil (soccer) - 28 million
8. Theo Walcott (soccer) - 26 million
9. Paul Pogba (soccer) - 25 million
10. Juan Mata (soccer) - 24 million
Reporting by Hardik Vyas in Bengaluru; Editing by Toby Davis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-mcilroy-richlist/mcilroy-leads-young-sportspersons-rich-list-sunday-times-idUSKBN1IC2PH |
May 27, 2018 / 3:38 PM / Updated 6 hours ago UPDATE 2-Motor racing-Ricciardo takes tense Monaco win on Red Bull's 250th Reuters Staff
* Ricciardo wins in Monaco from pole
* Australian suffered power unit problems from early on
* Vettel second, Hamilton third
* Red Bull celebrating 250th race start
* Verstappen goes from last to ninth (Adds detail, quotes, placings)
By Alan Baldwin
Daniel Ricciardo brought back memories of Formula One great Michael Schumacher in his prime on Sunday as the Australian nursed a wounded Red Bull to Monaco Grand Prix victory in the team’s 250th race.
Winning from pole position for the first time in his career, Ricciardo drove for nearly two thirds of the race — some 50 laps — with a car down on power due to problems that emerged on lap 28.
Ferrari’s Sebastian Vettel, last year’s race winner, finished second — easing off towards the finish to save the tyres — to cut Lewis Hamilton’s overall lead to 14 points after six of 21 rounds.
Hamilton, the reigning world champion, was third for Mercedes.
“You have done an amazing job today,” team boss Christian Horner said after Ricciardo took the chequered flag 7.3 seconds clear of Vettel for his second win of the season and seventh of his career.
“That is right up there with what Schumacher did in 1995 and this is payback for 2016.”
Ricciardo’s only previous pole had been in Monaco two years ago, when he lost out to Hamilton on strategy and finished runner-up. Schumacher won in Belgium in 1995 with a famously defensive drive on dry tyres in the wet.
“I had half the power it seemed and I felt like it was going to come to a stop,” said Ricciardo. “For a few seconds I just wanted to close my eyes and start crying.” LOSS OF POWER
Ricciardo had made a clean start and, controlling the race, looked as much of a nailed-on certainty for victory as ever exists on Monaco’s treacherous metal-fenced streets.
And then he reported a loss of power.
“OK mate, we can see what’s going on,” his race engineer replied after a pause. “You just need to keep it smooth, keep focused.”
“Will it get better?” enquired the Australian. “Negative,” came the reply.
From then on, Ricciardo — with Vettel looming in his rearview mirrors — was a model of consistency on a track where overtaking is a challenge for even the greatest of talents. For lap after lap, he kept the gap.
“Absolutely amazing, I don’t know how you did that, Daniel,” said engineer Simon Rennie.
“We had problems. We had a lot to deal with during the race. I felt a loss of power and I thought the race was done. I got home just using six gears,” Ricciardo told reporters later. “Thanks to the team. We got it back. I’m stoked.
“From two years ago I feel we got some redemption now, we can put 2016 behind us,” he added.
Vettel said it had been a tricky race and “Daniel had the answer at all times.”
A largely processional race — “boring” according to Hamilton, who said he would “have been asleep on the couch” if watching at home — saw a virtual safety car needed in the closing laps.
That was triggered by Sauber’s Monegasque driver Charles Leclerc, the first local F1 driver in 24 years to compete on his home streets, having piled into the back of New Zealander Brendon Hartley’s Toro Rosso at the tunnel exit.
Ferrari’s Kimi Raikkonen finished fourth, ahead of fellow Finn Valtteri Bottas for Mercedes.
French driver Esteban Ocon took his Force India to sixth place, ahead of compatriot Pierre Gasly in a Toro Rosso and Renault’s Nico Hulkenberg.
Ricciardo’s Dutch team mate Max Verstappen, who started last after crashing in Saturday’s final practice, stayed out of trouble and stood out for the right reasons with impressive overtakes to finish ninth.
Verstappen also set a race lap record with a one minute 14.260 second effort on lap 60, improving on Mexican Sergio Perez’s 2017 best of 1:14.820.
Ricciardo had already smashed the all-time track record repeatedly in practice before qualifying in 1:10.810.
Spaniard Carlos Sainz took the final point for Renault. Christian Radnedge and Neil Robinson) | ashraq/financial-news-articles | https://uk.reuters.com/article/motor-f1-monaco/update-1-motor-racing-ricciardo-takes-tense-monaco-win-on-red-bulls-250th-idUKL3N1SY0E1 |
May 9 (Reuters) - Synchronoss Technologies Inc:
* SYNCHRONOSS TECHNOLOGIES - DOES NOT EXPECT TO REGAIN COMPLIANCE WITH CONTINUED LISTING REQUIREMENTS SET BY NASDAQ HEARINGS PANEL PRIOR TO MAY 10, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-synchronoss-technologies-says-does/brief-synchronoss-technologies-says-does-not-expect-to-regain-compliance-with-continued-listing-requirements-set-by-nasdaq-hearings-panel-prior-to-may-10-2018-idUSFWN1SG1JD |
MILAN, May 7 (Reuters) - Italian luxury group Salvatore Ferragamo said on Monday it expected 2018 results to be undermined by currency swings and an unfavourable mix of its sales channels, after posting first quarter results in line with expectations.
The Florence-based company, which is battling against falling sales and profitability, issued a profit warning in December.
In a statement it said current currency trends and ongoing unfavourable channel mix would have a negative impact on sales, margins and results this year.
Although like-for-like sales in the first three months of the year were up 0.3 percent, sales in its retail channel were down 3.6 percent at current exchange rates in the same period.
Wholesale rose 2.6 percent.
The group said it would “continue to invest in a focused program aimed at relaunching the Brand and optimising the processes.”
Reporting by Giulia Segreti
Our | ashraq/financial-news-articles | https://www.reuters.com/article/ferragamo-results/ferragamo-sees-currencies-channel-mix-denting-2018-results-idUSI6N1RO02I |
May 10 (Reuters) - Infrastructure and Energy Alternatives Inc:
* INFRASTRUCTURE AND ENERGY ALTERNATIVES, INC. ANNOUNCES FIRST QUARTER 2018 RESULTS
* Q1 REVENUE FELL 4.1 PERCENT TO $50.1 MILLION * AS OF MARCH 31, 2018, IEA HAD A RECORD BACKLOG OF $1.1 BILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-infrastructure-and-energy-alternat/brief-infrastructure-and-energy-alternatives-reports-q1-loss-per-share-of-0-81-idUSASC0A1E0 |
May 7, 2018 / 8:38 PM / Updated 4 minutes ago Transgender show 'Transparent' to end after one more season Reuters Staff 3 Min Read
LOS ANGELES (Reuters) - Transgender show “Transparent,” the television series that put Amazon Studios original programming on the map, will end after its upcoming fifth season, its creator, Jill Soloway, said in an interview published on Monday. FILE PHOTO: Cast members Jay Duplass, Judith Light, Jeffrey Tambor, Gaby Hoffmann and Amy Landecker pose at a premiere screening for the television series "Transparent" at Directors Guild of America in Los Angeles, U.S., May 5, 2016. REUTERS/Mario Anzuoni/File Photo
The ending of the series follows the firing in February of its award-winning star, Jeffrey Tambor, following accusations of sexual misconduct by two people on the show.
Tambor has described the accusations as false
In a Hollywood Reporter interview, Soloway said the “Transparent” writing staff had begun discussions on how to tackle the show’s fifth and final season.
“Hopefully, it sets the Pfeffermans up with some sort of beautiful reclaiming,” Soloway told the Hollywood Reporter. “I think we’re going to get there with some time.”
Amazon Studios did not return a call for comment and no date was given for the “Transparent” fifth season premiere.
Tambor, 73, played the lead role of Maura Pfefferman, a divorced father who transitions to a woman late in life. He won two Emmys, a Golden Globe and a Screen Actors Guild award for his performance on the series, which was the first Amazon TV original series to garner such critical acclaim.
It was not clear how the series, which in 2014 was groundbreaking for its use of transgender actors and its portrayal of the transgender community, would proceed without him.
In an extensive interview with The Hollywood Reporter published on Monday, Tambor acknowledged he was subject to “temperamental outbursts” on the “Transparent” set.
He again denied sexual harassment, but said, “I was difficult. I was mean.”
In a separate development, Tambor will return for the fifth season of cult comedy “Arrested Development” on Netflix on May 29, Netflix Inc, said on Monday.
Tambor plays the patriarch of the dysfunctional, eccentric Bluth family.
Tambor is one of dozens of actors, filmmakers and agents forced to step down or dropped from projects following the sexual misconduct allegations that have roiled Hollywood and beyond. Reporting by Jill Serjeant; editing by Jonathan Oatis | ashraq/financial-news-articles | https://www.reuters.com/article/us-television-transparent/transgender-show-transparent-to-end-after-one-more-season-idUSKBN1I829Y |
PARIS (Reuters) - French President Emmanuel Macron will discuss Iran and U.S. President Donald Trump’s looming decision on its nuclear accord in a phone call with German Chancelor Angela Merkel and British Prime Minister Theresa May at 1730 GMT on Tuesday, a source said.
Trump is due to announce his final decision on whether to pull out of the agreement at 1800 GMT.
Reporting by Marine Pennetier, writing by Sybille de La Hamaide, editing by Richard Lough
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-macron-call/macron-to-discuss-iran-with-merkel-and-may-ahead-of-trump-decision-elysee-idUSKBN1I92I1 |
ANKARA, May 23 (Reuters) - Turkey’s weighted average cost of funding will be increased to 16.5 percent on Thursday after the central bank raised its late liquidity window rate by 300 basis points to 16.5 percent to support the ailing lira, a Turkish official told Reuters.
In an emergency meeting, the bank left its overnight borrowing rate unchanged at 7.25 percent, its overnight lending rate unchanged at 9.25 percent and one-week repo rate unchanged at 8.0 percent.
Reporting by Nevzat Devranoglu Writing by Ece Toksabay Editing by Dominic Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-cenbank-costs/turkeys-weighted-average-cost-of-funding-to-be-increased-to-16-5-percent-on-thursday-official-idUSA4N1RT002 |
May 3, 2018 / 8:08 AM / Updated 7 minutes ago France's Fonciere des Regions enters UK market in 858 million pounds hotels takeover deal Reuters Staff 2 Min Read
PARIS (Reuters) - French property group Fonciere des Regions ( FDR.PA ) made its first foray into the British market on Thursday, in a deal to buy 14 upmarket hotels from Starwood Capital for 858 million pounds ($1.2 billion). A man walks across London Bridge as the sun rises behind Tower Bridge in London, Britain, January 19, 2018. REUTERS/Hannah McKay
The transaction will also see InterContinental Hotels Group ( IHG.L ) sign long-term leases for 13 of those 14 hotels, with IHG subsequently rebranding and running those hotels, which are ranked as four-star and five-star venues.
Fonciere des Regions said the takeover would allow it to diversify its portfolio of assets and get a foothold in the lucrative British market, where tourism numbers have risen thanks partly to a drop in sterling following Brexit.
“This acquisition is an opportunity to duplicate the development strategy already rolled out in France, Germany and Spain, where Fonciere des Regions is the preferred partner of active operators on these markets,” said Fonciere des Regions deputy chief executive Dominique Ozanne in a statement.
“This transaction will help Fonciere des Regions cement its leading position on the hotel real estate investment market in Europe,” added Ozanne.
IHG added that the deal with Fonciere des Regions would also allow it to increase its presence in the upmarket part of the UK hotels sector.
Fonciere des Regions added that its Fonciere des Murs ( FMU.PA ) subsidiary would launch a share capital increase worth around 300 million euros to help finance the takeover.
Starwood Capital said that Eastdil Secured and UBS served as advisors on the transaction.
($1.2 billion) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-britain-hotels/frances-fonciere-des-regions-enters-uk-market-in-858-million-pounds-hotels-takeover-deal-idUKKBN1I40OY |
SEOUL, May 20 (Reuters) - Koo Bon-moo, the chairman of South Korea’s fourth-largest conglomerate LG Group, passed away on Sunday due to illness, the Yonhap news agency said.
LG Corp, a holding company of the electronics-to-chemicals conglomerate, said on Thursday its longtime 73-year-old chairman was unwell and planned to nominate his son to its board of directors in preparation for a leadership succession. (Reporting By Jane Chung; Editing by Kim Coghill)
| ashraq/financial-news-articles | https://www.reuters.com/article/southkorea-lgcorp-chairman-death/s-koreas-lg-group-chairman-koo-bon-moo-dies-yonhap-idUSL3N1SR03W |
Dentons becomes the first multinational law firm with a substantial formal presence in Hawai`i and reinforces its standing as a Pacific powerhouse through combination with Alston Hunt Floyd & Ing
WASHINGTON--(BUSINESS WIRE)-- Dentons, the world’s largest global law firm, today announced that it voted to formally combine with affiliate firm Alston Hunt Floyd & Ing (AHFI), the premier firm in Hawai`i for “bet-the-company” litigation, and with other strong practices including Real Estate, Corporate, Healthcare and Public Policy.
Through the combination, Dentons cements its status as the first global law firm to have a significant presence in Hawai`i—an important hub for pan-Pacific trade, commerce and economic activity—and further differentiates its West Coast and California practices. Asian clients focused on entering the US, and US clients seeking entry into key markets, including Japan and Korea, will benefit from the additional resources in this gateway market.
“The needs of our clients are the driving force behind any growth for the Firm, and we are excited to expand with the talented, diverse team from AHFI,” said Mike McNamara, US CEO of Dentons. “In the year since we've affiliated with AHFI, our appreciation for their highly successful business model and management principles has deepened. We will continue to enhance service to our clients together.”
"By joining Dentons, the world’s leading law firm, our clients will benefit from the extraordinarily deep bench of talented lawyers along the Pacific coast, in six key locations in California and across a one of a kind footprint and significantly enhance our introduction to our Pacific neighbors,” said Paul Alston, President and a Founder of AHFI.
This combination follows Dentons’ unprecedented expansion across the Pacific Rim, including the most recent combinations in Indonesia and Malaysia. As a result of this combination with AHFI, and expanding its footprint by formally opening offices in Honolulu and Hilo, Dentons boasts nearly 90 offices throughout the Pacific region and 24 offices in the United States.
“Not only are we reinforcing our formidable standing as the leading law firm across the Pacific, we have added significant talent to our already deep bench with this affiliation,” said Jeff Haidet, US Chairman of Dentons. “Many of our clients, especially in the banking, insurance, government contracts, health care, hotels and leisure, and real estate areas have already benefited from our work together.”
The combination strengthens Dentons’ exceptional litigation practice, which is ranked among the Fearsome Foursome and the Fearsome Five by BTI Consulting, as AHFI also represents clients in complex, high-stakes commercial litigation. Their experienced team of more than 50 lawyers and professionals focuses on disputes that involve contracts, employment, construction, real estate, class actions, health care, corporate governance and a number of other areas. They are regularly listed as one of Hawai`i’s best law firms by Chambers, Benchmark, Best Lawyers, US News and other leading publications.
The integration of AHFI with Dentons is expected to be complete by the fall.
About Dentons
Dentons is the world’s largest law firm, delivering quality and value to clients around the globe. Dentons is a leader on the Acritas Global Elite Brand Index, a BTI Client Service 30 Award winner and recognized by prominent business and legal publications for its innovations in client service, including founding Nextlaw Labs and the Nextlaw Global Referral Network. Dentons’ polycentric approach and world-class talent challenge the status quo to advance client interests in the communities in which we live and work. www.dentons.com
About Alston Hunt Floyd & Ing
Alston Hunt Floyd & Ing was founded in 1991, under the core principle of making the law and Hawai`i better for all, with high-quality, fast, cost-effective service. The firm has experienced trial lawyers with the largest litigation practice in Hawai`i. It successfully represents clients in the most complex cases in the state. The firm also advocates for those in need, and has achieved several substantial victories in high-impact, public interest litigation.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005632/en/
Dentons
Lisa Sachdev
Senior Manager, Public Relations, US
+1 312-876-2476
[email protected]
Source: Dentons | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-dentons-approves-hawaii-combination-expanding-its-presence-in-pacific.html |
May 1 (Reuters) - Fidelity National Information Services Inc :
* Q1 EARNINGS PER SHARE $0.54 * Q1 EARNINGS PER SHARE VIEW $1.05 — THOMSON REUTERS I/B/E/S
* Q1 REVENUE $2.066 BILLION VERSUS I/B/E/S VIEW $2.04 BILLION
* COMPANY RAISES FULL-YEAR EPS GUIDANCE
* SEES FULL-YEAR 2018 DILUTED EPS OF $3.04 TO $3.39
* SEES FULL-YEAR 2018 ADJUSTED EPS OF $5.14 TO $5.34
* SEES FULL-YEAR 2018 CONSOLIDATED GAAP REVENUE DECREASE OF 1.5 TO 2.5 PERCENT
* SEES FULL-YEAR 2018 CONSOLIDATED ORGANIC REVENUE INCREASE OF 2.5 TO 3.5 PERCENT
* FY2018 EARNINGS PER SHARE VIEW $5.18, REVENUE VIEW $8.53 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fis-reports-q1-eps-of-054/brief-fis-reports-q1-eps-of-0-54-idUSASC09YIM |
CNBC's Jim Cramer on Wednesday praised Macy's Chairman and CEO Jeffrey Gennette for the shakeup he brought to the department store chain since taking the helm 14 months ago.
"He has a feel, he has an eye, he's a merchant," Cramer said on " Squawk on the Street ." "The stores have a better look and feel. And people have to go to the stories to recognize what Gennette has done. It's not in the numbers. It's not in the four walls of the spreadsheet. It's about good-looking merchandise."
Gennette succeeded longtime CEO Terry Lundgren in March 2017. Gennette became chairman of the board as well in 2018 after Lundgren retired.
When Lundgren took over as CEO in February 2003, the stock was around $12.75 per share. The stock rose sharply until early-2007 but fell precipitously when the financial crisis took hold.
Since its 2009 low, Macy's shares traded at all-time highs of nearly $73 in July 2015. By the time Lundgren left as CEO, the stock was nearly cut in half as traditional brick-and-mortar retailers suffered as more and more consumers shopped online.
Macy's shares under Gennette continued to slide into the end of 2017 to about $17 at one stage. Since that November 2017 low, the stock gained nearly 70 percent as of Tuesday's close.
Macy's shares were up 10 percent Wednesday afternoon, after the retailer's quarterly earnings and revenue beat analysts expectations. Macy's reported a 4.2 increase in same-store sales for the quarter, and it raised its full-year outlook.
Gennette has been testing new initiatives such as The Market at Macy's, in which Macy's partners with brands to build pop-up shops within its stores.
Cramer, host of " Mad Money ," has previously praised Gennette.
"To put it simply, the new CEO, Jeff Gennette ... is apparently a bit of a miracle worker," Cramer said in February . "He's made the stores look better, he's emphasized fashion, he's reinvented their loyalty program."
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/2018/05/16/cramer-praises-jeffrey-gennette-for-shakeup-at-macys.html |
May 17, 2018 / 8:00 AM / Updated an hour ago Russian gas pipeline to Germany raises intelligence concerns - U.S. official Reuters Staff 1 Min Read
BERLIN (Reuters) - The planned Nord Stream 2 gas pipeline from Russia to Germany raises U.S. intelligence and military concerns since it would allow Moscow to place new listening and monitoring technology in the Baltic Sea, an U.S. official said on Thursday.
Sandra Oudkirk, U.S. Deputy Assistant Secretary of State for Energy Diplomacy, told reporters in Berlin that Washington viewed the pipeline project as a bad choice, adding the U.S. was skeptical whether Russian transit guarantees for other countries such as Ukraine were enforceable.
A consortium of western companies and Russia’s Gazprom that is due to build the controversial subsea Nord Stream 2 gas pipeline to Germany said on Tuesday it was starting preparatory work in the Greifswald bay off Germany’s Baltic coast. Reporting by Andrea Shalal; Writing by Michael Nienaber; Editing by Madeline Chambers | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-germany-russia-pipeline/russian-gas-pipeline-to-germany-raises-intelligence-concerns-u-s-official-idUKKCN1II0V7 |
May 4, 2018 / 11:08 AM / in 9 minutes BRIEF-Lifepoint Health Reports Q1 Adjusted Earnings Per Share Of $1.22 Reuters Staff
May 4 (Reuters) - LifePoint Health Inc: * Q1 SAME STORE SALES ROSE 0.4 PERCENT
* Q1 EARNINGS PER SHARE VIEW $1.13 — THOMSON REUTERS I/B/E/S
* QTRLY SAME-HOSPITAL REVENUES TOTALED $1,603.1 MILLION, AN INCREASE OF 0.4% COMPARED TO SAME PERIOD LAST YEAR * Q1 REVENUE VIEW $1.62 BILLION — THOMSON REUTERS I/B/E/S
* ADJUSTED TO EXCLUDE SOME ITEMS, SAME-HOSPITAL REVENUES INCREASED $15.3 MILLION, OR 1.0%, FOR Q1 Source text for Eikon: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-lifepoint-health-reports-q1-adjust/brief-lifepoint-health-reports-q1-adjusted-earnings-per-share-of-1-22-idUSASC09ZVT |
VANCOUVER, May 4, 2018 /PRNewswire/ - Sandstorm Gold Ltd. ("Sandstorm" or the "Company") (NYSE American: SAND, TSX: SSL) will release its 2018 first quarter results on Wednesday, May 9, 2018 after markets close.
A conference call will be held on Thursday, May 10, 2018 starting at 8:30am PDT to further discuss the first quarter results. To participate in the conference call, use the following dial-in numbers and conference ID, or join the webcast using the link below:
Local/International: (+1) 416 764 8688
North American Toll-Free: (+1) 888 390 0546
Conference ID: 09308101
Webcast URL: https://bit.ly/2I4H555
ABOUT SANDSTORM GOLD
Sandstorm Gold Ltd. is a gold royalty company. Sandstorm provides upfront financing to gold mining companies that are looking for capital, and in return, receives the right to a percentage of the gold produced from the mine, for the life of the mine. Sandstorm has acquired a portfolio of 179 royalties, of which 20 of the underlying mines are producing. Sandstorm continues to grow and diversify its low cost production profile through the acquisition of additional gold royalties.
For more information visit: www.sandstormgold.com
View original content: http://www.prnewswire.com/news-releases/sandstorm-gold-to-release-2018-first-quarter-results-on-may-9-300642952.html
SOURCE Sandstorm Gold Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-sandstorm-gold-to-release-2018-first-quarter-results-on-may-9.html |
May 22, 2018 / 10:21 AM / Updated 3 hours ago Real as hungry as ever, Zidane warns Liverpool Joseph Casinelli 2 Min Read
MADRID (Reuters) - Real Madrid coach Zinedine Zidane has warned Liverpool that his side are as hungry as ever to win the Champions League, rejecting claims that the Spanish giants might have lost their edge ahead of Saturday’s final in Kiev. Soccer Football - Champions League - Real Madrid Training - Real Madrid City, Madrid, Spain - May 22, 2018 Real Madrid coach Zinedine Zidane during training REUTERS/Sergio Perez
There have been some suggestions that Real, having won the past two finals, might not be as motivated as Liverpool, with the English club not having tasted European glory since 2005.
“I can’t talk for the opponents, but we always have the same desire as we always do and nobody can say we don’t,” Zidane told a news conference.
“We’re in a third final and we have the chance to do something historic and win it three times in a row. You can’t say Liverpool have more hunger than us; it simply isn’t true.
“Nobody can take our hunger away from us. We’re Real Madrid ... We always want more and will always give our all to get more.”
The Frenchman also said that his side’s experience of playing in and winning three finals in the past four years will have no bearing on the outcome. By comparison, no player in the Liverpool squad has reached this stage of the competition before. Related Coverage | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-champions-final-madrid/real-as-hungry-as-ever-zidane-warns-liverpool-idUKKCN1IN16S |
Equity investors loved Friday morning’s jobs report for April, lifting share prices sharply across the board. Job growth for the month fell below expectations, but maybe Mr. Market looked at the details and saw the broader reality of an increasingly tight labor market that suggests business confidence in continuing economic growth. A couple of key figures that haven’t received much attention are worth noting.
Republican politicians pointed to the decline in the overall jobless rate to 3.9% after six months of 4.1%. But this... | ashraq/financial-news-articles | https://www.wsj.com/articles/good-news-in-the-labor-market-1525640801 |
PALM BEACH, Fla., May 29, 2018 /PRNewswire/ -- Golder, a leading global engineering and consulting company, announced today it has acquired Pastor, Behling & Wheeler, LLC (PBW), a Texas-based environmental engineering and consulting firm. Headquartered in Round Rock TX, with five offices throughout the state, PBW provides a broad range of specialized environmental engineering and consulting services for clients in Texas and throughout the United States.
"This acquisition is aligned with our strategy to expand our geographic footprint and resources in key markets in the US and is highly complementary to our existing resources in Texas," said Dr. Hisham Mahmoud, Golder's Global President & CEO. "We have enjoyed a successful teaming and collaborative relationship working with PBW's leadership and people over the years, making PBW a natural fit."
"We at PBW are very excited to join Golder," said Eric Pastor, President of PBW. "We have had the privilege of working with Golder on projects over the years and, through those projects, our teams have built a strong relationship based on mutual respect, a commitment to excellence, and alignment of cultures."
PBW's core services include site investigation, remediation, and closure; environmental compliance and permitting support; and environmental engineering design.
About Golder
Renowned for technical excellence, Golder is a leading global specialized engineering and consulting firm with over a half century of successful service to its clients. Employee-owned, with 165 offices in 40 countries, Golder's professionals are driven by a passion to deliver results, offering unique specialized skills to address the ever-evolving challenges that earth, environment, and energy present to clients across the infrastructure, mining, oil & gas, manufacturing and power sectors. Golder is not just a place to work, it is a promise of a living, dynamic environment where people collaborate, innovate, excel, grow professionally, and build enduring relationships in a strong culture of ownership.
About Pastor, Behling & Wheeler
PBW is a Texas-based environmental consulting firm founded with the goal of providing technical expertise, strategic perspective, and a commitment to client satisfaction. It is an employee-focused company where staff members of all experience levels work as a team with PBW clients to identify and implement creative and practical approaches for resolving environmental issues. PBW has five office locations across the state – Austin (Round Rock), Fort Worth, Houston, Texarkana, and Victoria. EFCG served as financial advisor for PBW on this transaction.
For media inquiries:
Wendy Stoveland
Global Director of Communications
[email protected]
1 (561) 277-0189 (office direct)
1 (914) 584-1603 (mobile)
Or
Tina Marano
Global Director of Marketing
[email protected]
1 (905) 567-6100 x2556
View original content with multimedia: http://www.prnewswire.com/news-releases/golder-acquires-texas-based-pastor-behling--wheeler-300655189.html
SOURCE Golder Associates | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-golder-acquires-texas-based-pastor-behling-wheeler.html |
Three states rolled out emergency plans Monday as subtropical Storm Alberto made landfall with driving rain and high winds that ended Memorial Day festivities early and sent National Guardsmen into waterlogged communities.
Florida Gov. Rick Scott declared emergencies for all 67 counties in his state and Mississippi Gov. Phil Bryant authorized the use of the National Guard, his office said.
Two television station employees of WYFF in Greenville, S.C., were killed while covering the impact of rain in Polk County in North Carolina. During the 6 p.m. broadcast, the station showed photos of anchor and reporter Mike McCormick and photographer Aaron Smeltzer and said the two were traveling on Highway 176 near Tryon, N.C., when a tree fell on their station vehicle.
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Alabama Gov. Kay Ivey issued a state of emergency for 40 counties, CNN reported, adding that Ivey activated the state's emergency operations center while the Alabama National Guard activated its high water evacuation teams.
The National Hurricane Center in Miami said at 7 p.m. ET Monday that Alberto was centered about 10 miles west-northwest of Panama City, Fla. With maximum sustained winds of 45 mph, the storm was moving north at 9 mph.
Rough conditions were whipping up big waves off the eastern and northern Gulf Coast, and authorities warned swimmers to stay out of the surf because of life-threatening swells and rip currents.
Four to eight inches of rain could pummel the Florida Panhandle, eastern and central Alabama, and western Georgia before the storm moves on. Isolated deluges of 12 inches also were possible as the storm heads inland, threatening heavy rains around the Southeast in the coming hours and days.
Dan Anderson | AP Rangers with the the National Park Service close off the Highway 399 through Gulf Islands National Seashore as a subtropical storm makes landfall on Monday, May 28, 2018 in Pensacola, Fla. Forecasters warned of life-threatening surf conditions as Alberto made landfall at Laguna Beach on the Florida Panhandle late Monday afternoon. A few brief tornadoes were possible in much of Florida and parts of Georgia, South Carolina and Alabama. But forecasters said flash flooding from heavy rain was the biggest threat for most areas.
As Alberto's center moves farther inland – deprived of the warm waters that fuel tropical weather systems – the storm was expected to steadily weaken. A subtropical storm like Alberto has a less defined and cooler center than a tropical storm, and its strongest winds are found farther from its center.
Lifeguards posted red flags along the white sands of Pensacola Beach, where swimming and wading were banned.
Some tourists said the rainy weather would not dampen their vacations.
Jason Powell said he was seeking to keep his children entertained until Alberto blows through his Florida Panhandle vacation spot.
"So far we've seen a lot of wind and the ocean is really high, covering up the entire beach," Powell said. "We're not letting it ruin our vacation … we're going to watch some movies inside and a little TV, and hopefully maybe even get into the pool" despite the rain.
Janet Rhumes said her group of friends from Kansas had been planning their Memorial Day weekend on Navarre Beach since October, and no tropical storm could deter them. They stocked up on groceries and planned to play card games.
"We've never seen one before and we're here celebrating a friend's 20th birthday," Rhumes told the Northwest Florida Daily News. "So how often can you say you rode a storm out?" Rhumes said she told her group.
The mayor of Orange Beach, on Alabama's Gulf Coast, said Alberto brought rain and aggravation – and dashed hopes for record crowds. Red flags flew on Alabama beaches and officers patrolled, making sure no one entered the water.
Elsewhere, Florida's Division of Emergency Management said, about 2,600 customers were without power in northwestern Florida on Monday morning.
Scarlett Rustemeyer, a barista at the Fosko Coffee Barre in Pensacola Beach, said she always frets about power outages whenever storms come through Florida.
"My boyfriend and I usually try to go to the store and stock up on lots of bottled water, and get like canned goods and things that won't go bad if our power goes out," she said.
The National Oceanic and Atmospheric Administration released a hurricane season forecast Thursday that calls for 10 to 16 named storms, with five to nine hurricanes. One to four hurricanes could be "major" with sustained winds of at least 111 mph.
If that forecast holds, it would make for a near-normal or above-normal season. An average hurricane season produces 12 named storms, of which six become hurricanes, including three major hurricanes.
Meanwhile, the storm forced some Memorial Day tributes to be canceled across Florida's Panhandle. Safety was the priority, but the decision was still a "heartbreaker," said Tom Rice, a 29-year-old Army veteran who leads the organizations that planned a ceremony Monday at Beal Memorial Cemetery in Fort Walton Beach.
Some stragglers still made their way through the rain to pay tribute at the cemetery's Veterans Tribute Tower, however. Rice said American flags had been placed Saturday on the graves of all 1,700 veterans buried in the cemetery.
"We got the flags out," Rice told the Northwest Florida Daily News as wind whipped a massive U.S. flag flying at half-staff. "That's what's important." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/alberto-makes-landfall-three-states-brace-for-storm-emergency.html |
May 1 (Reuters) - Mahindra and Mahindra Ltd:
* APRIL TOTAL SALES OF 48,097 UNITS VERSUS 39,417 UNITS LAST YEAR
* SAYS APRIL PASSENGER VEHICLE SALES OF 21,927 UNITS VERSUS 19,391 UNITS LAST YEAR
* SAYS APRIL DOMESTIC SALES OF 45,217 UNITS VERSUS 37,889 UNITS LAST YEAR
* APRIL EXPORTS OF 2,880 UNITS VERSUS 1,528 UNITS LAST YEAR
* APRIL TOTAL TRACTOR SALES OF 30,925 UNITS VERSUS 26,151 UNITS LAST YEAR
* APRIL DOMESTIC TRACTOR SALES OF 29,884 UNITS VERSUS 25,208 UNITS LAST YEAR Source text - bit.ly/2JHy3Z4 Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-mahindra-mahindra-april-tot/brief-indias-mahindra-mahindra-april-total-sales-up-22-pct-idUSFWN1S71FZ |
A federal appeals court on Friday reinstated a $5.4 million patent infringement verdict in a dispute between two makers of technology that helps people with hearing loss communicate over the telephone.
The U.S. Court of Appeals for the Federal Circuit overturned a ruling that set aside a jury verdict Ultratec Inc won against competitor Sorenson Communications Inc in 2015.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2L8lZlf
| ashraq/financial-news-articles | https://www.reuters.com/article/ip-patent-sorenson/court-reinstates-5-4-million-verdict-in-phone-caption-patent-case-idUSL2N1SP25B |
May 8, 2018 / 2:41 PM / Updated 6 minutes ago Nigerian migrants sue Italy for aiding Libyan coast guard Steve Scherer 5 Min Read
ROME (Reuters) - Nigerian migrants who survived a deadly sea crossing last year filed a lawsuit against Italy for violating their rights by supporting Libya’s efforts to return them to North Africa, their lawyers said on Tuesday.
Seventeen plaintiffs petitioned the European Court of Human Rights last week, Violeta Moreno-Lax, a legal advisor for the Global Legal Action Network, told reporters. She was among four lawyers and several humanitarian groups involved in the case.
The migrants say Italy violated multiple articles of the European Convention on Human Rights, including that people not be subjected to torture, held in slavery, or have their lives put in danger.
The United Nations, rights groups and news organizations say migrants face these conditions in Libya.
This is the first lawsuit to be filed against Italy for its decision to back the Libyan Coast Guard. The country lost a case in the same court in 2012 for directly handing over migrants intercepted at sea to Libyan authorities.
The legal process can take up to three years but should the migrants win they can be awarded damages, and Italy would be forced to abandon its policy of equipping, training and coordinating the Libyan Coast Guard, Moreno-Lax said.
“Using the Libyan Coast Guard as a proxy to turn back migrant boats is just a new way of camouflaging (Italy’s) strategy of fighting irregular migration in the Mediterranean by trapping them in what the Italian Foreign Ministry itself has qualified as ‘the hell’ of Libya,” Moreno-Lax said.
The lawsuit highlights a stand-off between humanitarian groups seeking to save lives on the open seas and Italian authorities backed by the European Union who are trying to stop people from making the dangerous crossing in the first place.
A spokesman for Italy’s Interior Ministry, which has spearheaded the policy, had no immediate comment.
Libyan naval spokesman Ayoub Qassem said the coast guard does its job within the terms agreed with Italy.
“Regarding the abuse and violations against the migrants, these are all considered as individual acts ... We can’t say Libyan state institutions commit these acts,” Qassem said. SEA CROSSINGS DOWN
Italy has supplied Libya with seven refurbished vessels so far, and three more have been promised, while the EU has trained about 190 Libyan coastguards.
Italy is also coordinating communications with the Libyan Coast Guard about possible boats in distress, according to court documents filed recently in Sicily.
Between 2014 and 2017, more than 600,000 migrants arrived on Italian shores, but crossings have fallen dramatically since Italy and Libya signed a memorandum of understanding aimed at stemming the migration flow in February of last year.
During the first five months of this year, arrivals from Libya fell more than 80 percent versus last year to 6,700 during, official data show. Over the same period, the Libyan Coast Guard intercepted almost 6,000 migrants and refugees. In 2017, the Libyans turned back almost 19,000.
Two of the plaintiffs in the lawsuit were intercepted and returned to Libya. They said they were held for two months in a detention center where they were subjected to beatings and extortion, and where even basic food and healthcare was not provided, before returning to Nigeria with the International Organization for Migration.
All the plaintiffs were rescued at sea on Nov. 6 as at least 20 migrants drowned when a part of their rubber boat deflated.
German humanitarian ship Sea Watch 3 rescued 59 people that day and collected the body of a small child, all of whom were brought to Italy.
The Libyan naval vessel, which had been donated by Italy and was operated mainly by a crew trained by the EU, returned 47 to Libya. In a video shot by Sea Watch, the Libyans are seen beating the migrants they intercepted with a rope, and the vessel then speeds off with a man clinging to the side.
Among the survivors returned to Libya, two were subsequently sold to a smuggler and tortured with electricity in an attempt to extort money from their families, said Charles Heller, co-founder of the Forensic Oceanography project, which prepared a report to support the lawsuit. Additional reporting by Aidan Lewis in TUNIS and Ahmed Elumami in TRIPOLI; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-migrants-italy/nigerian-migrants-sue-italy-for-aiding-libyan-coast-guard-idUSKBN1I9206 |
May 9, 2018 / 1:26 PM / Updated 7 minutes ago BRIEF-GE Renewable Energy Awarded First Wind Deal In Chile Reuters Staff
May 9 (Reuters) - General Electric Co: * GE RENEWABLE ENERGY AWARDED FIRST WIND DEAL IN CHILE
* GE RENEWABLE ENERGY - WILL PROVIDE 6 OF ITS 3.6-137 TURBINES TO BE INSTALLED AT 2 WIND SITES IN SOUTHERN CHILE Source text: ( bit.ly/2KObTpB ) Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ge-renewable-energy-awarded-first/brief-ge-renewable-energy-awarded-first-wind-deal-in-chile-idUSFWN1SG18C |
MIAMI, May 22, 2018 /PRNewswire/ -- Spanish Broadcasting System, Inc. (the "Company" or "SBS") (OTCQB: SBSAA), the largest Spanish-language media and entertainment company in the United States, announced today the appointment of David Bailin as Vice President, National and Network Sales. Bailin, a leading sales veteran in the media industry, will be responsible for revenue generating sales strategies, expanding business development initiatives and creating 360 multimedia platforms for SBS' national and network division AIRE Radio Networks. Based out of the SBS New York office, Bailin will also collaborate with SBS' digital platform, LaMusica, with its respective sales and business development efforts.
"David Bailin is a dynamic sales executive who has a proven track record of success and a deep knowledge of our diverse marketplace, said Elisa Torres, EVP, SBS National and Aire Radio Networks. "We are excited to have him join our team and deliver innovative media solutions that are designed to super-serve our clients and Hispanic consumers."
Most recently, Bailin, was Senior Vice President, National Sales for Entravision Communications, where he oversaw network and national spot duties in the New York office. Bailin, a graduate of the University of Michigan, has over 20 years of media sales experience and has held similar roles for various media companies.
"I'm thrilled to join the SBS national and network sales team," said Bailin. "The opportunity to build on the success of a renowned company that has so many iconic media brands across multiple consumer touchpoints is what excites me the most. I'm looking forward to working with the team on creating competitive and engaging platforms for our clients and audience."
About Spanish Broadcasting System, Inc.
Spanish Broadcasting System, Inc. owns and operates 17 radio stations located in the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, airing the Spanish Tropical, Regional Mexican, Spanish Adult Contemporary, Top 40 and Latin Rhythmic format genres. SBS also operates AIRE Radio Networks, a national radio platform which creates, distributes and markets leading Spanish-language radio programming to over 250 affiliated stations reaching 94% of the U.S. Hispanic audience. SBS also owns MegaTV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. SBS also produces live concerts and events and owns multiple bilingual websites, including LA Musica, a mobile app providing content related to Latin music, entertainment, news and culture. For more information, visit us online at www.spanishbroadcasting.com .
View original content: http://www.prnewswire.com/news-releases/spanish-broadcasting-system-appoints-new-vice-president-of-national-and-network-sales-300652969.html
SOURCE Spanish Broadcasting System, Inc. (SBS) | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-spanish-broadcasting-system-appoints-new-vice-president-of-national-and-network-sales.html |
May 14 (Reuters) - Facebook Inc has so far suspended around 200 apps in the first stage of its review into apps that had access to large quantities of user data, a response to a scandal around political consultancy Cambridge Analytica.
The apps were suspended pending a thorough investigation into whether they did in fact misuse any data, said Ime Archibong, Facebook's vice president of product partnerships. ( http://bit.ly/2KXYZFn )
Facebook Chief Executive Officer Mark Zuckerberg announced the investigation on March 21 and said the social network will investigate all apps that had access to large amounts of information before the company reduced data access in 2014. ( http://bit.ly/2KkcvC1 ) (Reporting by Supantha Mukherjee in Bengaluru Editing by Saumyadeb Chakrabarty) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/reuters-america-facebook-suspends-200-apps-over-data-misuse-investigation.html |
May 22, 2018 / 3:10 AM / Updated 10 minutes ago Panama's Varela says 'terrorism' cause of 1994 plane crash Elida Moreno 2 Min Read
PANAMA CITY (Reuters) - Panama’s president said on Monday a 1994 plane explosion in the country that killed 21 people, most of them Jewish, was the result of a terrorist attack and called for the case to be re-opened. Panama's President Juan Carlos Varela gestures during a Reuters interview at the Americas Business Summit in Lima, Peru April 13, 2018. REUTERS/Andres Stapff
President Juan Carlos Varela told reporters that Israel provided reports late last year about the plane crash, whose victims included prominent Jewish Panamanian businessmen and which stirred suspicion of hate-motivated sabotage.
The 1994 crash came soon after a bomb at a Jewish community centre in Buenos Aires killed 85 people, raising concerns that Jews worldwide could increasingly become the targets of militants amid tense peace talks in the Middle East.
Varela told reporters he will ask Panamanian and Israeli authorities to reinvestigate the incident.
“I’ve requested the re-opening of the case given intelligence reports that clearly show it was a terrorist attack,” he said.
The 1994 Panamanian President-elect, Ernest Perez Balladares, said at the time sources close to the investigation told him they believed the apparent mid-air explosion to have been caused by a bomb. Writing by Daina Beth Solomon; Editing by Paul Tait | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-panama-plane/panamas-varela-says-terrorism-cause-of-1994-plane-crash-idUKKCN1IN09J |
INSIGHT: Behind the scenes at the royal wedding 12:30pm BST - 00:53
The Royal Mews is preparing the horses to be used in Prince Harry and Meghan Markle's Windsor wedding May 19. ▲ Hide Transcript ▶ View Transcript
The Royal Mews is preparing the horses to be used in Prince Harry and Meghan Markle's Windsor wedding May 19. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rflvQZ | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/02/insight-behind-the-scenes-at-the-royal-w?videoId=423186138 |
The largest U.S. companies found a new formula for success in the first quarter: Larger pretax profits and smaller tax bills.
More than half of the combined net income reported by 200 large public companies in the first quarter stemmed from a decline in the companies’ effective tax rates, a Wall Street Journal analysis of quarterly financial data from Calcbench found.
At... RELATED VIDEO Want a 20% Business Deduction? Here Are the Obstacles Congress just created a new tax break for millions of pass-through businesses. But every business owner doesn't automatically qualify. WSJ's Richard Rubin overcomes the obstacles to claim the 20% pass through business deduction - on an actual obstacle course. | ashraq/financial-news-articles | https://www.wsj.com/articles/the-new-corporate-diet-fatter-profits-skinnier-tax-bills-1525348801 |
May 1, 2018 / 6:08 AM / a few seconds ago Euro's boom spells corporate gloom for region's exporters Alasdair Pal , Helen Reid 5 Min Read
LONDON (Reuters) - A strong euro has helped U.S. companies extend their sales outperformance over Europe to multi-year highs in the first quarter, according to Reuters data - though experts expect the trend to begin to reverse later this year. Euro banknotes and coins are displayed in a shop in Brussels, Belgium November 14, 2017. REUTERS/Eric Vidal
Renewed confidence in the European economy and persistent weakness in the dollar have driven the euro up 16 percent against the U.S. currency from the first quarter last year to the end of March 2018.
That means euro zone companies reporting first-quarter earnings for 2018 have seen dollar revenues shrink by roughly a sixth in a year.
Some 74 percent of companies on the U.S. S&P 500 that have reported in first quarter have beaten analysts’ estimates for sales, compared with just 22 percent on Europe’s Stoxx 600, according to data from Thomson Reuters I/B/E/S/.
The spread between the two is the highest since I/B/E/S/ began collating comparable data in the first quarter of 2011.
(Graphic: Euro boom hurts continent's exporters - reut.rs/2JGfoNp )
Exporting heavyweights Daimler ( DAIGn.DE ), Renault ( RENA.PA ), Continental ( CONG.DE ) and Sanofi ( SASY.PA ) have all reported hits to their results from the strong euro in the last week.
Euro zone exporters suffer from a strong currency as they make large chunks of their sales and revenues in foreign currencies, which are then worth less when translated back into euros.
The rising euro also results in higher costs and a pressure to raise prices, potentially making exporters less competitive.
Daimler ( DAIGn.DE ) said the strong euro would dampen revenue growth this year, while Sanofi said a stronger euro had a negative effect of 8.3 percent on sales in the first quarter. [nL8N1S40Z4]
Euro zone industrials, and consumer cyclicals, sectors dominated by exporters, have been delivering weaker than expected first-quarter revenues, Reuters data shows, with some of the biggest negative earnings surprises.
Goldman Sachs analysts said currency effects were to blame for a disconnect between earnings growth beats and stocks’ performance.
“We believe this has been a direct consequence of investors’ concerns about FX downgrades causing further downside risks to earnings,” they said.
Some of the region’s biggest drinks makers all said the strong euro would crimp profits.
Heineken ( HEIN.AS ) said the strong euro would wipe 200 million euros ($247 million) off operating profit this year based on current exchange rates. In mid-February, it had put the figure at 190 million euros. [nL8N1RV1JR]
Pernod Ricard ( PERP.PA ) also increased its estimate of the euro’s negative impact, to 200 million from its previous estimate of 180 million, and Remy Cointreau ( RCOP.PA ) said foreign exchange movements would knock 17 to 18 million euros off full-year operating profit. [nL8N1RV1PM] [nL8N1RW0TB]
Overall each 10 percent move higher in the euro takes around 6 percent off earnings per share (EPS), Credit Suisse analysts said, and 70 percent of the time the euro has strengthened, euro area equities have underperformed in local terms.
The strong euro is also part of the rationale for some brokers recommending investors shift from the more cyclical parts of the market to defensives, as cyclical sectors are both more exposed to global growth and to the negative currency effect.
The worst could be over for Euro zone exporters, however.
The biggest upward surge in the euro was in the second quarter last year when French President Emmanuel Macron was elected, and Q2 earnings will thus be compared with a higher euro base a year ago.
In addition, the euro has fallen from its mid-February peak, suggesting the pressure could ease.
Analysts at JP Morgan said while the U.S. is strongly outperforming Europe in terms of sales delivery in the first quarter, “the worst of the Euro headwind happened in Q1, and in the second half positive sales surprises should shift from the U.S. to (the) Euro area.”
Some investors were reluctant to make any bets on a reversal of the currency effect, however, arguing the euro alone could not be responsible for the extent of Europe’s underperformance of the United States.
“For us it’s neither here nor there. Even net of any currency effects European markets have been a bit disappointing in the last year or so,” said Kevin Gardiner, global investment strategist at Rothschild Wealth Management. Reporting by Alasdair Pal and Helen Reid; Editing by Hugh Lawson | ashraq/financial-news-articles | https://uk.reuters.com/article/us-europe-stocks-results/euros-boom-spells-corporate-gloom-for-regions-exporters-idUKKBN1I22W5 |
Netanyahu: Jerusalem is the 'undivided capital of Israel' 10:39am EDT - 00:47
Israeli Prime Minister Benjamin Netanyahu thanks President Trump for moving the U.S. embassy to Jerusalem, calling the city the ''eternal, undivided capital of Israel.'' Rough cut (no reporter narration).
Israeli Prime Minister Benjamin Netanyahu thanks President Trump for moving the U.S. embassy to Jerusalem, calling the city the "eternal, undivided capital of Israel." Rough cut (no reporter narration). //www.reuters.com/video/2018/05/14/netanyahu-jerusalem-is-the-undivided-cap?videoId=426855909&videoChannel=13421 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/netanyahu-jerusalem-is-the-undivided-cap?videoId=426855909 |
Airbus said on Tuesday it had taken steps to comply with a World Trade Organization (WTO) ruling on subsidies for its A350 and A380 jets, which has seen the United States and Europe trade legal blows on behalf of Boeing and Airbus.
The move comes after the United States won the right to seek sanctions against European Union goods following a partial victory in its 14-year legal battle against European government support for Airbus at the WTO.
The EU says it expects to strike a similar legal blow in a parallel case on U.S. support for Boeing later this year.
"Airbus and the European member states France, Germany, Spain and the U.K. have agreed on some amendments to A380 and A350XWB Reimbursable Launch Investment (RLI) loans," Airbus said in a statement.
"The terms of these amendments - like the terms of the original RLI contracts themselves - remain confidential but they are aligned with current market conditions," it added.
Airbus shares slipped 0.4 percent, slightly underperforming the broader Paris market.
The subsidies row coincides with transatlantic tensions over U.S. aluminium and steel tariffs, and the impact on European firms from Washington's decision to exit an Iran nuclear pact.
It is also part of a two-way battle between the EU and the United States over aircraft subsidies that could spark tit-for-tat reprisals between the two trade superpowers.
In a rare public face-off between senior strategists in the dispute, Boeing 's chief external lawyer in the case told the BBC that the United States would be free to target any European products, not just aerospace.
show chapters Airbus’ ‘flying taxi’ takes to the skies for the first time 7:35 AM ET Thu, 22 Feb 2018 | 00:55 "The WTO will decide what the proper number is and .. give the U.S. that authority," Robert Novick, co-managing partner at U.S. law firm WilmerHale, told the BBC Today programme.
"In parallel, the U.S. will develop a list of products on which it might consider imposing counter-measures," he added.
The transatlantic dispute stems from mutual claims that the world's two largest planemakers benefited from illegal aid in the form of subsidized government loans to Airbus and research grants or tax breaks to Boeing.
Underscoring the cost and complexity of the case, the two sides have been arguing since 2011 about whether they complied with earlier rulings.
Airbus did not say how it would comply with the final ruling on European aid but a European Commission document said it would repay an A350 loan to the UK government this year and reduce the drawdown of other loans.
It also said the bankruptcy of Russian carrier Transaero, resulting in fewer A380 deliveries, had helped it to comply, while other aid had been blunted by the passage of time - an argument that has previously been rejected by Washington.
Karl Hennessee, senior vice president and head of litigation at Airbus, told BBC Today that Airbus wanted a peace settlement similar to one between Canada and Brazil that set the tone for global aircraft export financing.
Nevertheless, Boeing has appeared to rebuff the offer.
"The most important message that Europe and Airbus can send to the rest of the world about the rules of trade in civil aircraft is to comply with this decision," Novick told the BBC. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/airbus-moves-to-comply-with-wto-ruling-on-aircraft-subsidies.html |
When it comes to living, there’s no getting out alive. But books can help us survive, so to speak, by passing on what is most important about being human before we perish. In “The Existentialist’s Survival Guide: How to Live Authentically in an Inauthentic Age,” Gordon Marino has produced an honest and moving book of self-help for readers generally disposed to loathe the genre. It is a hybrid of memoir and meditation, a culminating work of philosophy developed after two decades of teaching and writing.
“The thinkers between... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-existentialists-survival-guide-review-choose-your-own-adventure-1525992723 |
By Bruno Federowski BRASILIA, May 15 (Reuters) - Latin American currencies extended their selloff on Tuesday as data showing an increase in U.S. retail sales bumped up 10-year Treasury yields to their highest in seven years, curbing demand for high-yielding emerging markets assets. The benchmark government yield reached a high of 3.058 percent, blowing through the key psychological level of 3 percent it hit in late April for the first time in four years. The move came in the wake of a 0.3 percent rise in U.S. retail sales last month, which although small suggested consumer spending is on track to accelerate after slowing sharply in the first quarter. Along with accelerating inflation and a widening fiscal deficit, that increased bets that the Federal Reserve might increase interest rates by more than expected, something that has driven a global emerging market selloff in recent weeks. "It looks like there's no limit to how high the dollar can go. The market has been in panic mode in the last few weeks and the only thing we can do is sit and watch," a portfolio manager at a Rio de Janeiro-based asset management firm said. The Brazilian real weakened 1.2 percent to its lowest in two years, while the Mexican peso touched a one-year low. Both currencies were also pressured by local issues, with Brazil headed to its hardest-to-predict elections in decades and Mexico struggling to close a deal with the United States and Canada to renew the North American Free Trade Agreement. But the Argentine peso, which has been by far the biggest loser in the region this year, traded flat after the country's central bank offered to sell up to $5 billion in a bid to stop the currency's slide. Argentina requested a "high access stand-by arrangement" from the International Monetary Fund last week after the peso depreciated rapidly, prompting the central bank to start selling reserves and hike interest rates. Key Latin American stock indexes and currencies at 1600 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1148.86 -1.71 0.9 Brazil Bovespa 85019.57 -0.25 11.28 Mexico IPC 46080.34 -0.94 -6.63 Chile IPSA 5679.44 -0.29 2.06 Chile IGPA 28717.24 -0.23 2.63 Currencies daily % YTD % change change Latest Brazil real 3.6708 -1.18 -9.74 Mexico peso 19.7400 -0.61 -0.21 Chile peso 631.05 -0.99 -2.60 Colombia peso 2882.51 -1.68 3.45 Peru sol 3.27 -0.40 -1.01 Argentina peso (interbank) 24.9975 0.01 -25.59 Argentina peso (parallel) 25.2 6.35 -23.69 (Reporting by Bruno Federowski, Editing by Rosalba O'Brien)
| ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets-latam/emerging-markets-latam-currencies-extend-selloff-as-u-s-bond-yields-spike-idUSL2N1SM1DC |
Muslims find a modest place in the Turkish sun 5:38am EDT - 02:04
Turkey's $26 billiontourism industry has been battered by security fears andpolitical disputes in recent years but one corner of the market is quietly growing - beach holidays for conservative Muslims. Reuters' Emily Wither reports from Alanya.
Turkey's $26 billion tourism industry has been battered by security fears and political disputes in recent years but one corner of the market is quietly growing - beach holidays for conservative Muslims. Reuters' Emily Wither reports from Alanya. //reut.rs/2KOSDHF | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/23/muslims-find-a-modest-place-in-the-turki?videoId=429512925 |
TEL AVIV, Israel, May 24, 2018 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("IC") today announced its first quarter for the period ending March 31, 2018.
Selected Financial Figures for the First Quarter of 2018:
$m
Q1/18
Q1/17
ICL
441
33
Bazan
25
8
Amortization of excess cost
(3)
(4)
Financing, G&A and other expenses at IC headquarter level
(27)
(23)
Loss from re-measurement to fair value of collar[1] options
(5)
(6)
Tax expenses of IC headquarters
1
(1)
Net Profit to company's shareholders
432
7
On March 22, 2018, IC announced a cash dividend to shareholders amounting to $120 million. The record date was April 8, 2018 and the payment date was April 23, 2018.
Debt Balances and Liquidity at the IC Headquarters Level
As of March 31, 2018, total financial liabilities were $1,908 million, and investments in liquid assets amounted to $848 million.
Net debt as of March 31, 2018 totaled $991 million. The net debt includes the impact of the fair value of the collar transaction, which decrease the economic value of the financial liabilities in the amount of $38 million. The net debt also includes the fair value of derivatives transactions, which decrease the economic value of the financial liabilities in the amount of $31 million. As of December 31, 2017, the net debt was $1,246m.
The ICL related collar loan balance was $115 million and $128 million as of March 31, 2018 and December 31, 2017 respectively.
IC Total Assets, Net
$m
31/03/2018
Assets
ICL (~587m shares[2], market value, as of 29/3/18)
2,470
Bazan (~1,058m shares , market value, as of 29/3/18)
488
Total Public Assets
2,958
IC's Net Debt[3]
914
Total Assets, net
2,044
About Israel Corporation
Israel Corporation Ltd. (TASE: ILCO) ("IC") is a holding company providing focused exposure to well positioned mature assets in the natural resources industry through its c.46% shareholding in Israel Chemicals (NYSE: ICL, TASE: ICL) and its c.33% shareholding in the Bazan Group (TASE: ORL) (also known as Oil Refineries). IC is publicly traded on the Tel Aviv Stock Exchange under the ticker ILCO and is a TA-35 index constituent.
IC is rated ilA/Stable by Standard & Poor's Maalot.
For further information on IC, see IC's publicly available filings which can be found on the Tel Aviv Stock Exchange website at http://maya.tase.co.il .
Please also see IC company website http://www.israelcorp.com for additional information.
Convenience Translation
The financial information found in this press release is an English summary based on the original Hebrew financial statements and is solely for the convenience of the reader. The binding version is the original in Hebrew.
Forward Looking Statements
This press release may contain forward-looking statements which may not materialize and are subject to risks and uncertainties that are not under the control of IC, which may cause actual results to differ materially from those contained in the disclosures.
[1] During September 2014, IC entered into a financial transaction in relation to 36.2 million shares of ICL. Under its framework, IC will receive protection from a decrease in the price of ICL shares below an average price, which is set at a level of 90% of the US public offering price of ICL, and the counterparties will benefit from an increase in the share price of ICL shares above an average price, which is set at a level of 130% of the US public offering price of ICL.
[2] c.46% on a voting rights basis and c.47.4% on an issued share capital basis, as of March 31, 2018.
[3] Excluding loan and options related to the Collar transaction in an net amount of $77m as of March 31, 2018
Investor Relations Contacts
Idan Hizki
Director, Business Development & Investor Relations
Tel: +972 3 684 4500
[email protected]
View original content: http://www.prnewswire.com/news-releases/israel-corp-reports-results-for-first-quarter-of-2018-300654608.html
SOURCE Israel Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-israel-corp-reports-results-for-first-quarter-of-2018.html |
Uber shuts down Arizona self-driving tests Wednesday, May 23, 2018 - 01:43
Uber is shutting down its self-driving car testing program in Arizona, following a fatal crash in March by an Uber SUV on autonomous mode which struck and killed a homeless woman.
Uber is shutting down its self-driving car testing program in Arizona, following a fatal crash in March by an Uber SUV on autonomous mode which struck and killed a homeless woman. //reut.rs/2IG3E1p | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/24/uber-shuts-down-arizona-self-driving-tes?videoId=429662749 |
BEIJING (Reuters) - China plans to cut import tariffs on some consumer products ranging from food and cosmetics as early as July 1, Bloomberg reported on Thursday, citing unidentified sources.
The tariff reductions will apply to more product lines than similar cuts on around 200 items announced last year, Bloomberg said, citing the sources.
The move would be in step with Beijing’s pledges to its trade partners - including the United States - that China will take steps to increase imports, and a boon to global brands looking to deepen their presence in China, particularly in the country’s hinterland cities.
The precise composition of the cuts has not been finalised yet, and is still subject to approval by the State Council, or the cabinet, according to Bloomberg.
The State Council and the finance ministry did not immediately respond to faxed requests for comment.
Analysts say the planned tariff cut is unlikely to significantly boost domestic consumption, while its economic impact is most likely limited and hard to quantify.
“Against the backdrop of the record-high amount people spend overseas every year when they travel and shop online, it’s necessary for China to lower import tariffs for consumer goods soon,” said Nie Wen, a Shanghai-based analyst with Hwabao Trust.
“However, generally speaking, the economic impact from boosting imports is likely to be small.”
In December, China cut import taxes on almost 200 consumer products including food, health supplements, pharmaceuticals, garments and recreational goods to 7.7 percent on average from 17.3 percent, according to the finance ministry.
Among the more dramatic cuts were tariffs on milk powder and diapers, where taxes were slashed to zero percent from 20 percent and 7.5 percent, respectively. Import duties on certain cosmetics were halved to 5 percent.
In March this year, Premier Li Keqiang said in his annual work report that China will expand imports and lower import duties on automobiles and some everyday consumer goods as part of China’s opening up.
Earlier this week, Beijing said it would cut import tariffs on the majority of autos to 15 percent from 25 percent, effective from July 1. Duties on auto parts would be cut to 6 percent from mostly around 10 percent.
The planned tariff cuts on consumer goods will affect food, medicine, health products and cosmetics, among other items, Bloomberg cited one of its sources as saying.
The cuts also would be in line with Beijing’s goal of boosting consumption within its borders to support growth as the world’s second-biggest economy slows.
Retail sales growth slowed to 9.4 percent last month, missing forecasts for a 10.0 percent gain and off March’s pace of 10.1 percent.
Reporting by Ryan Woo and Stella Qiu; Editing by Kim Coghill & Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-economy-consumers-tariffs/china-plans-to-cut-import-tariffs-on-some-consumer-goods-from-july-1-bloomberg-idUSKCN1IP16K |
CHANGZHOU, China, May 21, 2018 /PRNewswire/ -- Trina Solar Limited ("Trina Solar" or the "Company") announced that it has successfully closed the acquisition of Spain-based Nclave Renewable S.L. ("Nclave"), the world's leading solar tracker system manufacturer. This is the first time that a Chinese solar company has acquired a solar tracker producer outside of its home market, accelerating Trina Solar's strategic transformation from a leading PV product supplier to a global smart PV solution provider. The acquisition also marks another solid step towards Trina Solar's strategic transformation into an enterprise focused on the development of alternative and renewable energy solutions that work in concert with the Internet of Things ecosystem.
With the acquisition, Trina Solar's latest TrinaPro smart PV solutions will directly incorporate Nclave's tracker products and engineering designs, while Nclave's leading-edge technologies will also be deeply integrated into Trina Solar's smart solutions.
Nclave was founded by the Clavijo Family and integrated the company MFV in 2017 together with the participation of the fund Q-Growth . Nclave has over 12 years of experience in renewable energy sources, having provided more than 2.5 GW worldwide. It currently has its headquarters in Madrid (Spain), commercial offices in five continents and manufacturing facilities in Navarra (Spain).
Nclave is a leading company in the development, design, manufacturing, installation and maintenance of fixed structures and photovoltaic solar trackers, including dimensioning and implementing of all foundation solutions. Nclave offers the widest range of products in the market (fixed structures and single and multi row trackers with any configuration), being adaptable to all kinds of project through solutions with minimum investment cost; as well as operation and maintenance. Its design for core parts and structures have received multiple international patents.
About Trina Solar Limited
Founded in 1997, Trina Solar is one of the first Chinese solar companies listed on the New York Stock Exchange. As of the end of 2017, Trina Solar's total module shipments had exceeded 32GW, ranking first in the world. Trina Solar has recently developed TrinaPro, a proprietary utility-scale smart PV solution for large power stations as well as commercial and residential solutions, energy storage systems and photovoltaic modules. As the world's leading provider of integrated solar energy solutions, Trina Solar has taken the lead in evolving into a brand in the world of energy IoT (internet of things) and is committed to becoming a global leader in this new and emerging sector.
View original content: http://www.prnewswire.com/news-releases/trina-solar-completes-acquisition-of-nclave-300651626.html
SOURCE Trina Solar Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-trina-solar-completes-acquisition-of-nclave.html |
Sarah Kunst is an investor and entrepreneur. She can be reached at@sarahkunst. Modern tech culture has a seductive promise: put in years of effort building a product or network and be rewarded handsomely. However, like so much of tech, the gains are not meritocratically divided among smart, hungry, ambitious people. In addition to the predominantly The Gender Pay Gap Is a Lot Bigger Than You Think | ashraq/financial-news-articles | https://blogs.wsj.com/experts/2018/05/20/owning-a-stake-in-a-startup-is-a-great-path-to-riches-but-mainly-for-men/ |
By Don Reisinger 11:58 AM EDT
Jason Bateman has apologized for “insensitive” remarks he made during an interview with The New York Times promoting the return of the Netflix series Arrested Development .
During the interview , Arrested Development co-star Jessica Walter discussed—through tears—when co-star Jeffrey Tambor verbally abused her on set. She said that she hadn’t been yelled at the way Tambor yelled at her in her 60-year career in the entertainment industry.
Bateman’s response to Walter’s comments appeared to brush off her experience with Tambor, who faced sexual misconduct claims during his time on the Amazon series Transparent that he has denied. Tambor is no longer part of that series’ cast.
“Not to belittle it, but a lot of stuff happens in 15 years,” Bateman said in the interview. “And I can say that no matter what anybody in this room has ever done—and we’ve all done a lot, with each other, for each other, against each other—I wouldn’t trade it for the world and I have zero complaints.”
In another part of the interview, Bateman again prefaced his comments by saying he didn’t want to “belittle it or excuse it,” but said that it’s “incredibly common” for the entertainment industry to have “difficult” people. He added that the industry is “a breeding ground for atypical behavior and certain people have certain processes.”
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Not surprisingly, Bateman’s comments were met with a firestorm for being insensitive and belittling of Walter’s experience. And it ultimately prompted Bateman to apologize on Twitter.
“Based on listening to the NYT interview and hearing people’s thoughts online, I realize that I was wrong here,” Bateman tweeted on Thursday morning. “I sound like I’m condoning yelling at work. I do not. It sounds like I’m excusing Jeffery. I do not. It sounds like I’m insensitive to Jessica. I am not.” Based on listening to the NYT interview and hearing people’s thoughts online, I realize that I was wrong here. I sound like I’m condoning yelling at work. I do not. It sounds like I’m excusing Jeffery. I do not.It sounds like I’m insensitive to Jessica. I am not.In fact, I’m-
— Jason Bateman (@batemanjason) May 24, 2018 – horrified that I wasn’t more aware of how this incident affected her.I was so eager to let Jeffrey know that he was supported in his attempt to learn, grow and apologize that I completely underestimated the feelings of the victim, another person I deeply love – and she was..
— Jason Bateman (@batemanjason) May 24, 2018
Bateman went on to say that “there’s never any excuse for abuse” and said that a “victim’s voice needs to be heard and respected.” He apologized for his comments and said that he had tried to “mainsplain” the incident. Mansplaining refers to a man trying to explain something to a woman in a condescending and patronizing way.
“I’m incredibly embarrassed and deeply sorry to have done that to Jessica,” Bateman wrote. “This is a big learning moment for me.”
Arrested Development ‘s fifth season debuts on May 29 on Netflix. | ashraq/financial-news-articles | http://fortune.com/2018/05/24/arrested-development-jason-bateman-interview/ |
MENLO PARK, Calif., May 18, 2018 /PRNewswire/ -- Today, Accel-KKR and Sageworks announced the purchase of Sageworks by AKKR, a private equity firm based in Menlo Park, California. The amount of the transaction was not disclosed.
Sageworks is the leading provider of financial software and information products to U.S. financial institutions. Its first flagship product, ProfitCents, brought to market in 1998 and based on a proprietary artificial intelligence system, was originally designed to convert financial numbers into plain language to help business owners understand their financial statements. Since its inception, Sageworks further broadened its offerings into financial institutions through lending, credit risk and portfolio risk software products. Its technologies are used by more than 1,200 U.S. banks and credit unions, and its financial analysis solutions are used by thousands of accounting professionals in the U.S. and abroad. To date, the company has generated millions of analytical reports aimed at making finance easier to understand and at helping people make better decisions.
Brian Hamilton, founder of Sageworks, stated, "We are pleased with the purchase by Accel-KKR, a leading firm that has vast experience in our specific industry. The purchase will allow Sageworks to have an even bigger footprint in the financial industry and to help more people, which is what we are all about."
According to Park Durrett, managing director at Accel-KKR, "Companies like Sageworks are essential partners to financial services institutions that are both under pressure to grow but also comply with a constantly changing regulatory environment. We are excited about the opportunity to work with the Sageworks team to continue to innovate and deliver increasing value to its customer base."
About Sageworks
Sageworks is a financial information company that provides lending, credit risk and portfolio risk solutions to financial institutions and provides financial analysis and valuation applications to accounting firms and private companies. Visit www.sageworks.com to learn more.
About AKKR
Accel-KKR is a technology-focused investment firm with $4.3 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for topline and bottom-line growth. At the core of Accel-KKR's investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London. For more information, please visit www.accel-kkr.com .
Media Contact
Media Relations / Email: [email protected] / Phone: (984) 242-2590 / Twitter: @Sageworks
View original content: http://www.prnewswire.com/news-releases/sageworks-one-of-the-countrys-first-fintech-companies-is-acquired-by-accel-kkr-300651040.html
SOURCE Sageworks | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/pr-newswire-sageworks-one-of-the-countrys-first-fintech-companies-is-acquired-by-accel-kkr.html |
NEW YORK--(BUSINESS WIRE)-- Pomerantz LLP announces that a class action lawsuit has been filed against Cancer Genetics, Inc. (“Cancer Genetics” or the “Company”) (NASDAQ: CGIX) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and docketed under 18-cv-06353, is on behalf of a class consisting of investors who purchased or otherwise acquired Cancer Genetics securities between March 23, 2017 through April 2, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Cancer Genetics securities between March 23, 2017, and April 2, 2018, both dates inclusive, you have until June 4, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here to join this class action]
Cancer Genetics is a diagnostics company focused on the development and commercialization of proprietary genomic tests and services to improve the diagnosis, prognosis, and response to treatment (theranosis) of cancer.
On October 12, 2015, Cancer Genetics issued a press release entitled, “Cancer Genetics, Inc. Finalizes Purchase of Los Angeles-based Molecular Profiling Laboratory, Response Genetics, Inc., Adding $10-$12M in Annual Revenue and Establishing a National Clinical Sales Footprint” which announced that Cancer Genetics closed its acquisition of Response Genetics, Inc., a molecular profiling laboratory, on October 9, 2012.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Cancer Genetics had ineffective disclosure controls and internal controls over financial reporting; and (ii) as a result of the foregoing, Cancer Genetics’ public statements were materially false and misleading at all relevant times.
On April 2, 2018, after the market closed, Cancer Genetics filed its Annual Report on Form 10-K with the Securities and Exchange Commission (“SEC”), announcing the Company’s financial and operating results for the quarter and year ended December 31, 2017 (the “2017 10-K”). The 2017 10-K discussed the Company’s controls over financial reporting, stating in relevant part: “[W]e evaluated, under the supervision and with the participation of our principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a 15(e) and 15d-15(e) under the Exchange Act, as amended as of December 31, 2017, the end of the period covered by this report on Form 10-K. Based on this evaluation, the principal executive officer and the principal financial officer have concluded that our disclosure controls and procedures were not effective at December 31, 2017, as a result of the material weakness in internal controls described below. Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and were operating in an effective manner for the period covered by this report, and (ii) is accumulated and communicated to management, including, the principal executive officer and principal financial officer, or the person performing similar functions as appropriate, to allow timely decisions regarding required disclosures.”
Further, on April 2, 2018, after the market closed, Cancer Genetics issued a press release entitled “Cancer Genetics Reports Fourth Quarter and Full Year 2017, Financial Results and Provides Strategic Business Updates.” The press release discussed the fourth quarter and full year 2017 financial results, stating in relevant part: “[A] major area of concentrated focus during the first quarter of 2018 was the careful evaluation of the Company’s accounts receivables, which had increased to approximately $16 million on the balance sheet prior to any adjustments. A significant reason for the increase was disruptions in collections in its Clinical Services business. While the Company continues with its collections efforts on all claims, in the fourth quarter it recorded a bad debt expense of $4.4 million and wrote off $1.8 million of its accounts receivable, with a significant portion of the bad debt expense and write off related to collection issues with respect to the accounts receivable recorded subsequent to the 2015 acquisition of Response Genetics Inc.”
On this news, Cancer Genetics’ share price fell $0.55, or over 33.3%, to close at $1.10 per share on April 3, 2018, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006547/en/
Pomerantz LLP
Robert S. Willoughby, 888-476-6529 Ext. 9980
[email protected]
Source: Pomerantz LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-cancer-genetics-inc-of-class.html |
May 16 (Reuters) - Suncrest Bank:
* PRESS RELEASE - SUNCREST BANK AND CBBC RECEIVE REGULATORY APPROVAL TO MERGE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-suncrest-bank-and-cbbc-receive-reg/brief-suncrest-bank-and-cbbc-receive-regulatory-approval-to-merge-idUSASC0A2M9 |
Memorial Day is just around the corner. If you haven't planned a trip yet, you can still save significantly for a vacation this late in the game. According to a recent report published by Expedia, hotel rates in five popular U.S. cities are cheaper than they were this time last year — as much as 35 percent — making them worth booking for a last-minute, holiday weekend getaway.
1. Baton Rouge
Almost every major attraction in Baton Rouge, the capital of Louisiana, centers around the Mississippi River, which thrives over the summer months. Here you can find parks, plazas, museums and the historic Old State Capital, the tallest building in the state at 450 feet high. Head to the 34th floor for excellent views. The landmark is a hot spot for weddings and, over the weekends, both locals and visitors watch newlyweds pose for photos along the green gardens.
The average daily hotel rates are down 35 percent, and you can score great deals like Watermark Baton Rouge , Autograph Collection . Rates start at $125/night at this hip boutique hotel.
2. Chicago
With top attractions and hotels, a famous dining scene and endless activities, Chicago is ranked the best city in the world this year by Time Out , best city in the U.S. by Conde Nast Traveler readers and is No. 1 on Priceline's list of most popular Memorial Day destinations in 2018 . Over the summer, the lakeside beaches become popular, including North Avenue Beach along Lakeshore Drive. It's already attracting crowds with rising temperatures in May.
Average daily hotel rates are down 20 percent. Rooms at Hyatt Regency McCormick Place , a four-star hotel that overlooks Lake Michigan, start at $139/night.
3. Sarasota
On Florida's Gulf Coast just south of Tampa, Sarasota is a charming beach town known for 12 miles of sandy shoreline and six neighboring islands. The most popular beach, Siesta Beach in Siesta Key, is loved for its cool, white sand and was ranked No. 2 in this year's Best Beaches in the U.S. by TripAdvisor Traveler's Choice Awards. It's also the setting for "Siesta Key," an MTV reality show .
Average daily hotel rates are down 15 percent. Rooms at Aloft Sarasota , with rooftop bar and pool, start at $187/night.
4. Philadelphia
This year, an average 103 million Americans watched the Philadelphia Eagles win their first Super Bowl, and the spotlight continues on The City of Brotherly Love. Last year, hotels set a record with 7.2 percent occupancy, meaning more tourists are checking in. Famous for American history, museums and food (like cheese steaks ), Philly is busy over Memorial Day weekend. There are more than 30 events going on, including yoga on the riverfront and street festivals, as well as the famous fireworks on the Delaware River Waterfront.
Average daily hotel rates are down nearly 15 percent. Rooms at Sonesta Philadelphia , known for its prime location in historic, 17th-century-old Rittenhouse Square, has rooms starting at $209/night.
5. Naples
Travel Channel considers Naples one of the best beaches in Florida. A 30-minute drive from Southwest Florida International Airport in Fort Myers, or less than two-hours drive from Fort Lauderdale, this quiet beach town is all about water activities, from fishing and dolphin watching to stand-up paddleboarding and swimming. Naples Pier, stretching 1,000 feet into the sea, has become emblematic of the destination and is a great spot to catch the sunset.
Average daily hotel rates are down more than 10 percent. Rooms at Residence Inn Naples , which includes free breakfast and local shuttle service, and outdoor heated pool, start at $170/night.
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DUBAI (Reuters) - Bahrain must urgently reform its finances to cut a large state budget deficit and support its currency, a senior International Monetary Fund official said after annual consultations with the government.
Fiscal steps which the government has already announced would cut the deficit to 11 percent of gross domestic product in 2018 from 14 percent last year and around 18 percent in 2016, Bikas Joshi, who led an IMF mission to Manama, said in a statement late on Wednesday.
But without further measures, non-oil revenue will stagnate and economic growth will slow, Joshi said, noting that public debt increased to 89 percent of GDP last year and foreign reserves were low, covering only 1.5 months of non-oil imports.
The cost of insuring Bahrain’s sovereign debt against default jumped near multi-year highs this month because of investors’ concern over the country’s debt burden as U.S. interest rates rise.
“Fiscal consolidation would support the peg to the U.S. dollar, which continues to provide a clear and credible policy anchor,” Joshi said.
He added that Bahrain should, for example, consider revising its subsidy system to make it more efficient while curbing a large public sector wage bill.
However, Bahrain’s financial sector is stable, thanks to big capital buffers, and GDP is expected to grow 3.2 percent in 2018 on the back of a recovery in oil production, infrastructure projects and rising refinery and aluminum production capacity, Joshi said. GDP grew around 3.8 percent in 2017.
Reporting by Andrew Torchia; Editing by Himani Sarkar & Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/us-bahrain-imf/bahrain-must-reform-state-finances-urgently-imf-official-says-idUSKCN1IW0AS |
SAN FRANCISCO--(BUSINESS WIRE)-- Twilio (NYSE: TWLO) (“Twilio”), the leading cloud communications platform, today announced the pricing of $475 million aggregate principal amount of Convertible Senior Notes due 2023 (the “Notes”) in a private offering (the “Offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The size of the offering was increased from the previously announced $435 million aggregate principal amount of Notes. In addition, Twilio has granted the initial purchasers of the Notes a 13-day option to purchase up to an additional $75 million aggregate principal amount of the Notes. The sale of the Notes to the initial purchasers is expected to settle on May 17, 2018, subject to customary closing conditions, and is expected to result in approximately $463.3 million in net proceeds to Twilio after deducting the initial purchasers’ discount and estimated offering expenses payable by Twilio (assuming no exercise of the initial purchasers’ option to purchase additional Notes).
The Notes will be senior, unsecured obligations of Twilio, and will bear interest at a rate of 0.25% per year. Interest will be payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2018. The Notes will mature on June 1, 2023, unless earlier repurchased, redeemed or converted. Twilio may not redeem the Notes prior to June 1, 2021; on or after June 1, 2021 through March 1, 2023, Twilio may redeem the Notes, at its option, at a cash redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if the last reported sale price of the Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which Twilio provides notice of redemption, during any 30 consecutive trading day period ending on, and including the trading day immediately preceding the date on which Twilio provides written notice of redemption.
Holders of the Notes will have the right to require Twilio to repurchase all or a portion of their Notes upon the occurrence of a fundamental change (as defined in the indenture governing the Notes) at a cash purchase price of 100% of their principal amount plus any accrued and unpaid interest. In connection with certain corporate events, or if Twilio issues a notice of redemption, Twilio will, under certain circumstances, increase the conversion rate for holders who elect to exchange their Notes in connection with such corporate event or during the relevant redemption period.
The notes will be convertible based on an initial conversion rate of 14.1040 shares of Twilio’s Class A common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $70.90 per share, which represents a conversion premium of approximately 35% to the last reported sale price of Twilio’s Class A common stock on the New York Stock Exchange on May 14, 2018). Prior to the close of business on the business day immediately preceding March 1, 2023, the Notes will be convertible at the option of the holders of the Notes only upon the satisfaction of specified conditions and during certain periods. On or after March 1, 2023 until the close of business on the second scheduled trading day preceding the maturity date, the Notes will be convertible at the option of the holders of Notes at any time regardless of these conditions. Conversions of the Notes will be settled in cash, shares of Twilio’s Class A common stock or a combination thereof, at Twilio’s election.
In connection with the pricing of the Notes, Twilio entered into capped call transactions with certain of the initial purchasers of the Offering and/or their respective affiliates and/or other financial institutions (the “Option Counterparties”). The capped call transactions are expected generally to reduce or offset the potential dilution to the Class A common stock upon any conversion of Notes and/or offset any cash payments Twilio is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction subject to a cap based on the cap price. The cap price of the capped call transactions will initially be $105.04 per share, which represents a premium of 100% over the last reported sale price of Twilio’s Class A common stock of $52.52 per share on May 14, 2018, and is subject to certain adjustments under the terms of the capped call transactions. If the initial purchasers of the Offering exercise their option to purchase additional Notes, Twilio expects to enter into additional capped call transactions with the Option Counterparties.
Twilio expects that, in connection with establishing their initial hedges of the capped call transactions, the Option Counterparties or their respective affiliates will enter into various derivative transactions with respect to the Class A common stock and/or purchase shares of Twilio’s Class A common stock concurrently with or shortly after the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of Twilio’s Class A common stock or the Notes at that time. In addition, Twilio expects that the Option Counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the Class A common stock and/or by purchasing or selling shares of Twilio’s Class A common stock or other securities of Twilio in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so during any observation period related to a conversion of the Notes). This activity could also cause or avoid an increase or a decrease in the market price of the Class A common stock or the Notes, which could affect the ability of holders of Notes to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of the Notes, it could affect the number of shares of Class A common stock and value of the consideration that holders of Notes will receive upon conversion of the Notes.
The Notes were offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the Notes and the shares of Twilio’s Class A common stock potentially issuable upon conversion of the Notes, if any, have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction, and unless so registered, the Notes and such shares, if any, may not be offered or sold in the United States except pursuant to an applicable exemption from such registration requirements.
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of, the Notes (or any shares of Twilio’s Class A common stock issuable upon conversion of the Notes) in any state or jurisdiction in which the offer, solicitation, or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.
About Twilio
More than 2 million developers around the world have used Twilio to unlock the magic of communications to improve any human experience. Twilio has democratized communications channels like voice, text, chat, and video by virtualizing the world’s telecommunications infrastructure through APIs that are simple enough for any developer to use, yet robust enough to power the world’s most demanding applications. By making communications a part of every software developer's toolkit, Twilio is enabling innovators across every industry — from emerging leaders to the world’s largest organizations — to reinvent how companies engage with their customers.
Forward-Looking Statements
This press release contains forward-looking statements, including, among other things, about whether Twilio will be able to consummate the Offering, expectations regarding actions of the Option Counterparties and their respective affiliates and the satisfaction of customary closing conditions with respect to the Offering. The words such as “may,” “should,” “will,” “believe,” “expect,” “anticipate,” “target,” “project,” and similar phrases that denote future expectations or intent are intended to identify forward-looking statements. You should not rely upon forward-looking statements as predictions of future events.
The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially, including (i) changes as a result of market conditions or for other reasons, (ii) the risk that the Offering will not be consummated and (iii) the impact of general economic, industry or political conditions in the United States or internationally.
The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in Twilio’s filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that Twilio makes with the Securities and Exchange Commission from time to time.
Source: Twilio Inc.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006529/en/
Twilio Inc.
Investor Contact:
Greg Kleiner
[email protected]
Source: Twilio Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-twilio-inc-announces-pricing-of-private-offering-of-475-million-of-0-point-25-percent-convertible-senior-notes-due-2023.html |
Reblog Solar panel makers are stepping up U.S. manufacturing, and it isn’t all because of President Donald Trump’s tariffs on imported solar panels. At least three panel companies have announced manufacturing plans in the U.S. in recent months. China’s JinkoSolar Holding Co. is opening a factory in Jacksonville, Fla. SunPower Corp. has agreed to acquire struggling panel maker SolarWorld Americas Inc. First Solar Inc. plans to open a new factory in Ohio, where it already has some panel-making operations. | ashraq/financial-news-articles | https://www.wsj.com/articles/solar-panel-makers-ramp-up-u-s-manufacturing-plans-1526040000?ru=yahoo?mod=yahoo_itp&yptr=yahoo |
OCEAN, N.J., May 23, 2018 /PRNewswire/ -- Adeptus Partners, LLC , a solutions-based public accounting firm serving individuals and businesses for over three decades, has just made three major promotional announcements. Neil Berger, Anthony Giorgio, and Brian Murphy, three of the company's most seasoned professionals, will soon assume responsibility of Partners.
Serving clients in New York City, New Jersey, Long Island and Maryland, Adeptus is a highly preferred name in the accounting industry. Over the years, many of the firm's Partners and professional staff members have held important offices and committee positions in local and national organizations. They have a track record of hiring and providing excellent growth opportunities to industry specialists and are excited to welcome these employees into their expanded roles.
An expert in assisting clients through consultation, business and tax planning, and audits, Neil Berger came to Adeptus from Metro Metro & Associates. He brought with him energy and enthusiasm that he has continued to use as a key member of Adeptus. Throughout his tenure, he has performed audits, reviews, and compilations of for-profit and non-profit organizations and has frequently been recognized for his achievements. Neil is an extremely popular figure amongst clients and staff because of his customer-centric nature and out-going personality. With a wealth of experience and industry knowledge, he is now set to continue his prolific career at Adeptus as a Partner.
Anthony Giorgio brings over twenty years of experience and has a thorough understanding of many different industries. His background offers clients a wealth of knowledge in tax, accounting and consulting services. He has an overall understanding of how to improve customer satisfaction and his ability to motivate his team has led to his continued success. Prior to joining Adeptus, Anthony was a Partner at Metro Metro for almost ten years. He will now handle the same role at Adeptus, alongside Neil Berger in the Maryland office.
Brian Murphy's primary areas of expertise include manufacturers, distributors, broker-dealers and most for-profit and not-for-profit entities. He joined Adeptus in 2013 as a Senior Manager and has been a leader in the firm's audit department ever since. During his tenure at Adeptus, Brian has continued to play a key role, both professionally and personally, winning over current clients with his business acumen and providing leadership to others. He has implemented protocols which have improved audit efficiency and has proved to be a committed company advocate. Before joining Adeptus, Brian worked as the Director of Finance and Administration for a privately held medical device manufacturing company. He will now hold the designation of a Junior Partner at Adeptus.
"The capacity and contributions made by Neil, Anthony, and Brian have been invaluable and each of them personifies the many wonderful traits of our company," said Howard Krant, the Managing & Founding Partner of Adeptus. "Their out of the box thinking and vision will continue enhancing our strategic direction, growth, and profitability at Adeptus."
Neil Berger, Anthony Giorgio, and Brian Murphy have displayed extraordinary leadership qualities over their long tenure in the organization and are expected to take charge of their new roles with immediate effect and the same vigour as they always have.
About Adeptus: Adeptus Partners, LLC is a solutions-based certified public accounting firm located in NYC, NJ, LI, and MD. For over 30 years, the firm has serviced individuals and businesses on both a national and international level. Through their collaborative problem-solving approach, Adeptus helps clients make sense of their financial situations. Their experienced professionals stay informed of today's ever-changing tax and business regulatory laws and assist clients in applying these complex rules to their business and personal affairs.
Media Contact: Cindy Wronko
Phone: 732-595-3110
Email: [email protected]
URL: https://adeptuscpas.com
View original content with multimedia: http://www.prnewswire.com/news-releases/adeptus-partners-llc-promotes-three-key-professionals-to-partner-status-300653335.html
SOURCE Adeptus Partners, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-adeptus-partners-llc-promotes-three-key-professionals-to-partner-status.html |
Denmark's Prince Frederik celebrates 50th birthday running 8:45am EDT - 01:43
Crown Prince runs five races in five different Danish cities to promote an active lifestyle among Danes, before turning 50 at the end of May. Rough cut (no reporter narration).
Crown Prince runs five races in five different Danish cities to promote an active lifestyle among Danes, before turning 50 at the end of May. Rough cut (no reporter narration). //reut.rs/2IB2UKN | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/22/denmarks-prince-frederik-celebrates-50th?videoId=429312794 |
May 19, 2018 / 10:42 AM / Updated 3 hours ago Fans send best wishes to Prince Harry at Paris shrine to Diana Reuters Staff 2 Min Read
PARIS (Reuters) - Well-wishers in Paris gathered by a shrine to Prince Harry’s late mother, Princess Diana, on Saturday to mark Prince Harry’s marriage to American actress Meghan Markle. Royal fans are seen before taking a train to see the wedding of Britain's Prince Harry to Meghan Markle, at the Waterloo Station in London, Britain, May 19, 2018. REUTERS/Matthew Childs
The shrine by the Pont de l’Alma, next to the River Seine and the glitzy Avenue George V, is near the spot where Diana was fatally injured in a car crash in 1997.
“I hope they get happy. It’s one of the most important days for England,” said Maria Kuntgen, a 35-year-old tourist from Brazil, at the memorial, where people had placed photos of Harry and Meghan.
That view was echoed by Roksana Arakelyan, a 32-year-old tourist from Moscow.
“They are so noble, so gorgeous,” she said.
France’s main TV stations all had teams reporting live from Windsor, while Le Parisien newspaper had a photo of Harry and Meghan dominating its front page.
Parisian David Andre Azoulay, 70, said he would watch the wedding on TV, although others were less enthusiastic.
“I am very happy for them, but personally I’m not that bothered,” Gerard Le Gall told Reuters as he bought his papers at a kiosk opposite the Diana memorial. Reporting by Sudip Kar-Gupta, Pascale Antonie and Clotaire Achi; Editing by Giles Elgood | ashraq/financial-news-articles | https://in.reuters.com/article/britain-royals-wedding-world-france/fans-send-best-wishes-to-prince-harry-at-paris-shrine-to-diana-idINKCN1IK0CG |
FAR HILLS, N.J., May 24, 2018 (GLOBE NEWSWIRE) -- Mango Capital, Inc. (OTC:MCAP) today names Lawrence Brean, MBA, JD as Chief Operating Officer. Brean will oversee the Company’s operations and his initial focus will be identifying accretive and strategic acquisitions for Mango Capital.
Mr. Brean is an experienced professional with a varied background covering a variety of functions in numerous industries during his career. He has served in senior management positions in both public and private firms. He has held strategic planning, mergers and acquisitions, financial, marketing and operations positions.
He holds a BS in Mechanical Engineering and an MBA, both from Carnegie Mellon University and a JD from Duquesne University School of Law.
“I am thrilled at the opportunity to join this great team and look forward to finding strategic acquisitions for Mango,” commented Mr. Brean.
Rick J. Makoujy, Jr., Mango’s President, stated, “We are honored to have the opportunity to benefit from Larry's vast experience. Mango is fortunate to share his expertise and insight. 2018 is a crucial year for Mango and executing on our aggressive growth model through acquisitions is a large part of that. Simply put, Larry is the right guy at the right time for our Company.” Mr. Brean will also join Mango’s Board of Advisors.
About Mango Capital, Inc.
Mango Capital Inc. is a real estate holding company specializing in acquiring undervalued American land and complimentary operating businesses in promising markets. MCAP recently announced the acquisition of more than 900 real estate properties in Colorado, Arkansas, Arizona, Nevada, Texas and New Mexico. With a motivated team, Mango will seize the opportunity to efficiently grow Mango into a major domestic land owner. Mango plans to continue to acquire promising real property efficiently utilizing company shares as currency and intends to opportunistically sell properties for cash and/or notes.
For additional information about Mango, contact Brooke Pagano, Public Relations, Mango Capital, Inc., at (845) 270-5792.
Please visit our website http://mangocapitalinc.com/
This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. The matters discussed in this news release involve goals, forecasts, assumptions, risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.
Source:Mango Capital, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-mango-capital-inc-anames-lawrence-brean-as-chief-operating-officer.html |
May 14 (Reuters) - Touchstone Exploration Inc:
* TOUCHSTONE ANNOUNCES OPERATIONAL AND DRILLING UPDATE * ACHIEVED Q1 2018 AVERAGE CRUDE OIL PRODUCTION OF 1,543 BARRELS PER DAY, A 21% INCREASE
* DELIVERED APRIL 2018 AVERAGE PRODUCTION OF 1,669 BBLS/D 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-touchstone-announces-operational-a/brief-touchstone-announces-operational-and-drilling-update-idUSASC0A1UY |
May 28, 2018 / 3:51 AM / Updated 10 hours ago Golf: Rose triumphs at Colonial for ninth PGA Tour win Frank Pingue 3 Min Read
(Reuters) - Justin Rose used a blistering start to cruise to his second win of the PGA Tour season with a three-shot victory at the Fort Worth Invitational in Texas on Sunday. May 27, 2018; Fort Worth, TX, USA; Justin Rose addresses the fans after winning the Fort Worth Invitational golf tournament at Colonial Country Club. Mandatory Credit: Jerome Miron-USA TODAY Sports
The Englishman, who began the day with a four-stroke lead, fired six front-nine birdies en route to a six-under-par 64 at Colonial Country Club that left him one shot off the tournament record score of 21-under 259 set by Zach Johnson in 2010.
With the victory, Rose tied Nick Faldo for the most PGA Tour wins by an Englishman post-World War Two, with nine.
“I am delighted the way I played this week,” said Rose, who played the course for the first time in eight years. “I haven’t played this venue in a while but to win on a golf course like Colonial I couldn’t be more proud.”
Olympic champion Rose had a chance to equal Johnson’s record score but failed to convert his 23-foot par attempt at the last, where he carded his second bogey of the day.
U.S. Open champion Brooks Koepka, who started the final round in a share of second place with Argentine Emiliano Grillo (64), finished alone in the runner-up spot after going one better than playing competitor Rose with a seven-under 63. May 27, 2018; Fort Worth, TX, USA; Justin Rose (left) and his caddie Mark Fulcher (right) celebrate Rose winning the Fort Worth Invitational golf tournament at Colonial Country Club. Mandatory Credit: Jerome Miron-USA TODAY Sports
Grillo birdied two of the final three holes to finish in third place, four shots behind Rose while sizzling American Kevin Na finished a further two shots back in fourth place after he set a course record with a bogey-free, nine-under 61.
Rose, whose first win this season came at last October’s World Golf Championships-HSBC Champions in Shanghai, got off to a fast start with consecutive birdies to open his round before settling for a bogey at the par-four third where he failed to convert an 11-foot birdie putt.
But that did little to take the wind from the former U.S. Open champion’s sails as he birdied four of the final five holes on the front nine before adding another pair at the 11th and 15th holes.
Despite the solid outing, Rose said he still felt he had work to do before next month’s U.S. Open at Shinnecock Hills, where he will seek his second career major. May 27, 2018; Fort Worth, TX, USA; Justin Rose waves to the crowd after he finishes his final hole of the Fort Worth Invitational golf tournament at Colonial Country Club. Mandatory Credit: Jerome Miron-USA TODAY Sports
“This week was a big step in the right direction, taking the range game to the golf course,” said Rose. “There is always a little bit of a lag effect, you know you see your progress on the range long before you see it on the golf course.
“This week it came for me but there is still more work to be done.” Reporting by Frank Pingue in Toronto; Editing by Clare Fallon | ashraq/financial-news-articles | https://in.reuters.com/article/golf-ftworth/golf-rose-triumphs-at-colonial-for-ninth-pga-tour-win-idINKCN1IT08C |
May 4 (Reuters) - Asetek A/S:
* ASETEK RECEIVES FOLLOW-ON ORDER FROM PENGUIN COMPUTING
* ORDER HAS A VALUE OF USD 230,000 WITH DELIVERY TO BE COMPLETED IN Q3 2018. Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-asetek-gets-order-with-a-value-of/brief-asetek-gets-order-with-a-value-of-usd-230000-idUSASO000499 |
SAN DIEGO--(BUSINESS WIRE)-- Biocom, the association representing the life science industry of California, today announced the appointment of Taylor Crouch, Michael Farrington, Marc T. Morley and Peter Silvester to its board.
“With backgrounds in finance, intellectual property, marketing and leadership, our newest members join us with a broad range of experience, helping to diversify the expertise of our current board,” said Joe Panetta, president and CEO of Biocom. “As California continues to build its leadership position in scientific research, advancement and innovation, it is important to bring fresh voices to the organizations fostering the growth of the industry. These new board appointments will help to bolster our support for our member companies throughout the state.”
The four members join Biocom’s board with a wide range of skills and knowledge:
Taylor Crouch serves as president and CEO of Organovo, a biotech company pioneering the 3D bio-printing of tissue which emulates human function. He brings 30 years of experience building and leading life science companies. Michael Farrington is vice president of global marketing at NuVasive, where he is responsible for leading the company’s marketing strategy, including launch, commercialization, customer experience, digital and brand strategy. Marc T. Morley, member at Mintz Levin, who works with clients to develop and implement effective intellectual property strategies and is recognized as one of San Diego’s top life science IP attorneys. Peter Silvester, senior vice president and president of life sciences solutions for Thermo Fisher Scientific, provides executive oversight of Thermo Fisher’s biosciences, genetic sciences and clinical next-generation sequencing businesses as well as life sciences finance, legal, HR, licensing and commercial supply functions.
View Biocom’s full Board of Directors here .
About Biocom
Biocom is the largest, most experienced leader and advocate for California’s life science sector. We work on behalf of more than 1,000 members to drive public policy , build an enviable network of industry leaders , create access to capital , introduce cutting-edge STEM education programs , and create robust value-driven purchasing programs .
Founded in 1995 in San Diego, Biocom provides the strongest public voice to research institutions and companies that fuel the local and state-wide economy. Our goal is simple: to help our members produce novel solutions that improve the human condition. In addition to its San Diego headquarters , Biocom operates a core office serving the Los Angeles market , satellite offices in Washington, D.C. and Tokyo , and has a continuous staff presence in the San Francisco Bay Area and Sacramento. Our broad membership benefits apply to biotechnology, pharmaceutical, medical device, genomics and diagnostics companies of all sizes, as well as to research universities and institutes, clinical research organizations, investors and service providers.
For more information on Biocom, please visit our website at www.biocom.org . Connect with us on LinkedIn , Facebook , and Twitter ( @BIOCOMCA ).
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531005954/en/
Biocom Media Contact:
Canale Communications
Carolyn Hawley, 619-849-5382
[email protected]
Source: Biocom | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-biocom-appoints-four-new-members-to-its-board.html |
May 1, 2018 / 10:13 AM / Updated 4 minutes ago BRIEF-Wellcare Health Plans Reports Q1 Adjusted Earnings Per Share Of $2.47 Reuters Staff
May 1 (Reuters) - WellCare Health Plans Inc: * Q1 GAAP EARNINGS PER SHARE $2.25
* Q1 EARNINGS PER SHARE VIEW $2.02 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 ADJUSTED EARNINGS PER SHARE $10.00 TO $10.30
* WELLCARE HEALTH PLANS - MEDICAID HEALTH PLANS MEMBERSHIP WAS 2.7 MILLION AS OF MARCH 31, AND INCREASED BY MORE THAN 3.1 PERCENT
* FY2018 EARNINGS PER SHARE VIEW $9.82 — THOMSON REUTERS I/B/E/S
* QTRLY TOTAL REVENUES $4,646.2 MILLION VERSUS $3,954.2 MILLION
* WELLCARE HEALTH PLANS - MEDICARE HEALTH PLANS MEMBERSHIP WAS 506,000 MEMBERS AS OF MARCH 31, 2018 AND ROSE 42.1 PERCENT, COMPARED WITH MARCH 31, 2017 * Q1 REVENUE VIEW $4.69 BILLION — THOMSON REUTERS I/B/E/S
* MEDICARE HEALTH PLANS PREMIUM REVENUE OF $1.6 BILLION FOR Q1 OF 2018 INCREASED 42.2 PERCENT COMPARED WITH Q1 OF 2017
* MEDICARE PDP MEMBERSHIP WAS ABOUT 1.1 MILLION AS OF MARCH 31, 2018, AND FELL BY 2.4 PERCENT, COMPARED WITH MARCH 31, 2017 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-wellcare-health-plans-reports-q1-a/brief-wellcare-health-plans-reports-q1-adjusted-earnings-per-share-of-2-47-idUSASC09YHR |
May 22, 2018 / 2:34 PM / Updated 6 minutes ago METALS-Lead hits 2-1/2 month peak on tightness, zinc ratio activity Reuters Staff
* GRAPHIC-2018 asset returns: tmsnrt.rs/2jvdmXl (Adds comments on nickel, updates prices)
By Eric Onstad
LONDON, May 22 (Reuters) - Lead prices touched the highest in 2-1/2 months on Tuesday on concern over potential shortages and as investors sold zinc and bought lead.
Environmental inspections at secondary lead smelters in China have reduced supply in recent months, analysts said.
“Lead’s a tight market, and it appears that traders are quite actively shorting the zinc/lead ratio, which has been overstretched for a long time,” said Oliver Nugent, commodities strategist at ING Bank in Amsterdam.
The ratio of zinc to lead - which is often traded because the two metals are usually found in the same ore bodies - has slid to 1.25, the lowest since December, after touching 1.39 in April and March, the highest since 2007.
Nugent said he was wary of the rally due to heavy speculation in China.
“There’s a lot of speculation in this Shanghai lead rally, a lot of froth coming in to chase this up. My worry is they don’t stick around for long,” he said.
* LME LEAD: Benchmark lead on the London Metal Exchange was up 1.9 percent at $2,456.50 a tonne by 1415 GMT after touching $2,474, the highest since March 1.
* SHANGHAI LEAD: Lead on the Shanghai Futures Exchange jumped as much as 3.6 percent to the highest since October at 20,465 yuan a tonne.
* CRACKDOWN: “Authorities are clamping down on recycling plants in China, which are the source of nearly 60 percent of lead,” ANZ said in a note.
“The closures come amid a widening import arbitrage into China and falling inventories on both the LME and ShFE,” it said.
* ZINC: LME zinc shed 1.3 percent to $3,062.50 a tonne, hit as traders sold the zinc/lead ratio, Nugent said.
* COPPER: Three-month LME copper climbed 1.2 percent to $6,962 a tonne after hitting $6,999, the strongest since April 26.
Copper has been lifted due to buying in the Far East as well as by Commodity Trader Advisor (CTA) funds, Alastair Munro at broker Marex Spectron said in a note.
* PROTESTS: Copper was also supported by trouble at a Vedanta Resources-controlled copper smelter in southern India, where at least nine people were killed on Tuesday after police fired at protesters calling for the plant’s closure.
* NICKEL: LME nickel added 0.3 percent to $14,715 a tonne. It was the largest speculative long of the LME complex at 12.2 percent of open interest, according to Marex Spectron estimates.
“LME nickel’s bounce off the 55 day moving average at $13,853.50 has further to go with the minor $15,000 mark remaining in focus,” Commerzbank technical analyst Axel Rudolph said in a note.
* PRICES: Aluminium edged down 0.1 percent to $2,278.50 a tonne and tin was unchanged at $20,700. Additional reporting by Naveen Thukral in Singapore Editing by Alexandra Hudson and Adrian Croft | ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-lead-hits-2-1-2-month-peak-on-tightness-zinc-ratio-activity-idUSL5N1ST4AT |
HSBC, BNP, SocGen stumble on weak results 12:55pm BST - 01:49
Investors punish HSBC shares despite an announcement of a possible $2 billion share buyback and, as Silvia Antonioli reports, Societe Generale and BNP Paribas both fall sharply on disappointment over a weak-looking set of first-quarter results.
Investors punish HSBC shares despite an announcement of a possible $2 billion share buyback and, as Silvia Antonioli reports, Societe Generale and BNP Paribas both fall sharply on disappointment over a weak-looking set of first-quarter results. //reut.rs/2FHpL10 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/04/hsbc-bnp-socgen-stumble-on-weak-results?videoId=423800812 |
LONDON, May 30 (Reuters) - Italian government bond yields edged off multi-year highs on Wednesday, with one analyst attributing the moves to Italian investors using the opportunity to snap up cheap paper.
The yield on 10-year government bonds dropped 12 basis points on the day to 2.98 percent, coming off four-year highs of 3.38 percent.
The two-year government bond, the focus of recent selling, was down 33 bps at 2.095 percent, having hit its highest level in half a decade in early European trade.
“There’s a bit of dip buying so I guess it’s Italian investors buying, but have to watch out for what other investors do as the day progresses, especially U.S. investors,” said DZ Bank strategist Daniel Lenz.
The closely-watched Italy/Germany 10-year bond yield spread tightened 13 bps to 2.69 pct compared to Tuesday’s close of 283 bps. (Reporting by Abhinav Ramnarayan; editing by Sujata Rao)
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Healthcare leads S&P 500 higher 01:25
The S&P 500 inched higher on Friday as healthcare stocks rallied after President Trump gave a speech blasting high drug prices. As Fred Katayama reports, the Dow rose for a seventh straight session.
The S&P 500 inched higher on Friday as healthcare stocks rallied after President Trump gave a speech blasting high drug prices. As Fred Katayama reports, the Dow rose for a seventh straight session. //reut.rs/2G7fGux | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/healthcare-leads-sp-500-higher?videoId=426002929 |
No apology from WH on ‘dying’ McCain joke Friday, May 11, 2018 - 00:55
White House spokeswoman Sarah Sanders refuses to apologize after a White House communications aide jokes about Senator John McCain ''dying.'' Rough Cut
White House spokeswoman Sarah Sanders refuses to apologize after a White House communications aide jokes about Senator John McCain "dying." Rough Cut //reut.rs/2KVVHm4 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/11/no-apology-from-wh-on-dying-mccain-joke?videoId=425998468 |
May 30, 2018 / 3:30 PM / Updated an hour ago Allergan plans sales of women's health, infectious disease units Michael Erman 3 Min Read
NEW YORK (Reuters) - Drugmaker Allergan Plc plans to sell off its women’s health and infectious disease businesses as Chief Executive Brent Saunders works to end the steep slide in its share price over the last year. The Allergan logo is seen in this photo illustration November 23, 2015. REUTERS/Thomas White/Illustration/Files
Saunders said that after the sales, the company would focus on four core businesses: medical aesthetics, central nervous system, eye care and gastrointestinal products.
“We have a very strong pipeline in all those areas. Having a focus on those four areas will make Allergan a more exciting company,” he said in an interview.
Allergan’s board launched a major review of strategy earlier this year and considered more drastic options like splitting the company or making acquisitions, as its sagging stock price required the company to look at all options “with a sense of urgency.”
Shares of Allergan closed at $151.03 on Tuesday, down more than 40 percent from last July.
Saunders said the decision by the board to shed just those two businesses was unanimous.
Investors hoping for a dramatic shift in the Botox maker’s strategy may be disappointed. Some analysts have suggested a breakup of the company could create value, but Allergan’s executives have argued the process would be difficult, lengthy and costly, limiting its benefits.
RBC Capital Markets analyst Randall Stanicky has lobbied for splitting Allergan into one growth-focused business and another segment that holds its more mature assets.
He wrote earlier this month that just selling off women’s health and infectious diseases would not bring in sufficient proceeds for meaningful redeployment of capital and would fail to change how investors value the company.
“In other words, we do not think that would be enough,” he wrote.
Assuming a 30 percent premium for the businesses, Stanicky said the infectious diseases business could be worth around $1.5 billion, while women’s health could be worth more than double that.
One issue that could slow the sale of the women’s health business is a ruling on safety by U.S. regulators for its uterine fibroids treatment Esmya, expected in August.
Saunders said potential buyers would probably want to wait out that decision before completing a deal.
He said proceeds from the sales would likely be split between paying down debt and share buybacks. Reporting by Michael Erman in New York; Editing by Matthew Lewis | ashraq/financial-news-articles | https://in.reuters.com/article/allergan-divestiture/allergan-plans-sales-of-womens-health-infectious-disease-units-idINKCN1IV22F |
WASHINGTON (AP) — The Latest on President Donald Trump's meeting with automakers (all times local):
12:10 p.m.
President Donald Trump is telling automakers he wants more cars built in the U.S. He's talking with CEOs about environmental controls, fuel economy standards and manufacturing.
The president says they'll discuss 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.
Trump says he's working to rewrite the North American Free Trade Agreement but "has never been a NAFTA fan." He adds, "We'll see if we can make it reasonable."
Trump jokes to Sergio Marchionne (SEHR'-jee-oh mar-kee-OH'-nay) of Fiat Chrysler that "right now he's my favorite man in the room" because he's moving a plant from Mexico to Michigan.
10:25 a.m.
Executives from 10 auto companies will meet with President Donald Trump and Cabinet officials on Friday to discuss the administration's plan to reduce gas mileage and pollution requirements enacted during the Obama administration.
The auto industry wants to relax the 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.
"The president will hear from the automaker CEOs about the impact of the rulemaking on the auto industry and their efforts to negotiate a 'National Program' with the state of California," Lindsay Walters, deputy White House press secretary, said in a statement. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/the-associated-press-the-latest-trump-tells-ceos-he-wants-more-cars-built-in-us.html |
Flash floods leave bus passengers stranded in Ankara Monday, May 21, 2018 - 01:01
High waters flooded the streets of Turkey's capital, leading to passengers being rescued from a stranded bus. Rough cut (no reporter narration).
High waters flooded the streets of Turkey's capital, leading to passengers being rescued from a stranded bus. Rough cut (no reporter narration). //reut.rs/2KI1jQ2 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/21/flash-floods-leave-bus-passengers-strand?videoId=428980615 |
May 14 (Reuters) - Alteryx Inc:
* ALTERYX ANNOUNCES PROPOSED PRIVATE OFFERING OF $200.0 MILLION OF CONVERTIBLE SENIOR NOTES DUE 2023 Source text for Eikon: Further company coverage:
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* U.S. 10-year bond yield tops 3 pct
* Walmart drops on $16 bln deal for India’s Flipkart
* Oil continues ascent, at highest levels since 2014
* Indexes up: Dow 0.23 pct, S&P 0.37 pct, Nasdaq 0.27 pct (Updates to open)
By Sruthi Shankar
May 9 (Reuters) - U.S. stocks rose on Wednesday, with shares of energy companies getting a boost from surging oil prices after President Donald Trump decided to pull the United States out of a nuclear deal with Iran.
The S&P energy index rose 2.2 percent as oil prices hit their highest levels since late 2014 after Trump announced the “highest level” of sanctions against the OPEC member.
The energy index has risen more than 10 percent in the quarter, far outperforming the other major S&P sectors.
“While (energy sector) is providing near-term support for U.S. indexes, I wonder whether it will help in the longer-term, with the decision potentially increasing geopolitical risk,” Craig Erlam, senior market analyst at OANDA in London, wrote in a note.
A Labor Department report on Wednesday showed U.S. producer prices rose less than expected in April, easing fears that inflation pressures were rapidly building up.
The report follows a recent reading on personal consumption expenditure, the Federal Reserve’s favored metric, which hit the 2 percent inflation target.
That had raised the expectations of higher interest rates, pushing the U.S. 10-year Treasury yield to a two-week high and above the key 3 percent level.
At 9:52 a.m. EDT the Dow Jones Industrial Average was up 56.90 points, or 0.23 percent, at 24,417.11, the S&P 500 was up 9.80 points, or 0.37 percent, at 2,681.72 and the Nasdaq Composite was up 19.38 points, or 0.27 percent, at 7,286.29.
The technology sector’s 0.3 percent rise was the second biggest driver on the S&P 500 index.
Walmart dropped 3.6 percent after it acquired a controlling stake in Indian e-commerce firm Flipkart for about $16 billion, the U.S. retailer’s biggest foreign investment.
Walt Disney dipped 2 percent. The media company, which is in the process of buying film and TV assets from Twenty-First Century Fox, reported quarterly profit that topped Wall Street forecasts.
Advancing issues outnumbered decliners by a 1.65-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.46-to-1 ratio on the Nasdaq.
The S&P index recorded 19 new 52-week highs and 7 new lows, while the Nasdaq recorded 89 new highs and 25 new lows. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-rises-as-oil-rally-boosts-energy-stocks-idUSL3N1SG5GG |
May 21, 2018 / 1:04 PM / Updated 2 hours ago Russia's first sea-borne nuclear power plant arrives in Arctic Vladimir Soldatkin 3 Min Read
MOSCOW (Reuters) - Russia’s first-floating nuclear power plant arrived in the Arctic port of Murmansk over the weekend in preparation for its maiden mission, providing electricity to an isolated Russian town across the Bering Strait from Alaska. The floating nuclear power plant "Akademik Lomonosov" is seen being towed to an Atomflot base in Murmansk for nuclear fuel loading, in St. Petersburg, Russia April 28, 2018. REUTERS/Anton Vaganov
The state company behind the plant, called the “Akademik Lomonosov”, says it could pioneer a new power source for remote regions of the planet, but green campaigners have expressed concern about the risk of nuclear accidents. Greenpeace has called it the “nuclear Titanic”.
Russian state nuclear company Rosatom, which developed the floating power plant, said that it docked the unit in Murmansk on Saturday where it was towed from St Petersburg, the city where it was built.
In Murmansk it will take on board a supply of nuclear fuel. It will then will be towed to the town of Pevek in the Far Eastern region of Chukotka, separated from the U.S. state of Alaska by the 86-km (53 miles) wide Bering Strait. It will start operations there next year.
The plant will replace a coal-fired power plant and an ageing nuclear power plant supplying more than 50,000 people with electricity in Chukotka, Rosatom said. FILE PHOTO: The floating nuclear power plant "Akademik Lomonosov" is seen being towed to an Atomflot base in Murmansk for nuclear fuel loading, in St. Petersburg, Russia April 28, 2018. REUTERS/Anton Vaganov/File Photo
Rosatom has long planned to launch the sea-borne power units, which, with their mobile, small capacity plants, are best suited to remote regions. It says they can help the environment by reducing greenhouse gas emissions blamed for global warming.
The small plants were designed to make it possible to supply electricity to hard-to-reach areas of Russia. They can operate non-stop without the need for refuelling for 3-5 years.
Environmental protection groups, including Greenpeace, have sent a letter to Rosatom boss Alexei Likhachyov demanding strict adherence to safety standards and saying they were watching the floating facility’s development “with great concern”.
The letter calls for full and unrestricted regulatory oversight by the Russian nuclear regulator and an international study into the environmental impact before the reactors are loaded with fuel and tested.
“Nuclear reactors bobbing around the Arctic Ocean will pose a shockingly obvious threat to a fragile environment which is already under enormous pressure from climate change,” Jan Haverkamp, nuclear expert for Greenpeace Central and Eastern Europe, said in a statement last month. Reporting by Vladimir Soldatkin and Katya Golubkova in Moscow and Geert De Clercq in Brussels | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-russia-nuclear-greens/russias-first-sea-borne-nuclear-power-plant-arrives-in-arctic-idUKKCN1IM19Y |
HOUSTON--(BUSINESS WIRE)-- Halliburton (NYSE: HAL) today announced that its board of directors declared a 2018 second quarter dividend of eighteen cents ($0.18) a share on the company’s common stock payable June 27, 2018, to stockholders of record at the close of business on June 6, 2018.
Halliburton stockholders elected all twelve nominees to the board of directors and ratified the selection of KPMG LLP as principal independent public accountants for 2018 at its annual meeting of stockholders held in Houston, Texas, on May 16, 2018. The advisory resolution on executive compensation was not approved by the stockholders.
Stockholders elected board members Abdulaziz F. Al Khayyal, William E. Albrecht, Alan M. Bennett, James R. Boyd, Milton Carroll, Nance K. Dicciani, Murry S. Gerber, José C. Grubisich, David J. Lesar, Robert A. Malone, Jeffrey A. Miller, and Debra L. Reed.
We are disappointed that our advisory resolution on executive compensation did not pass this year, but look forward to continuing our active engagement with our stockholders concerning our compensation program and other matters. Our Board of Directors has structured our program to align executive compensation with the creation of shareholder returns, which have exceeded our peers over the last one, three and five year periods and to attract, motivate, and retain executives which is especially important during a CEO transition period. This is the first time our annual executive compensation proposal has not passed.
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With over 55,000 employees, representing 140 nationalities and operations in approximately 80 countries, the company serves the upstream oil and gas industry throughout the lifecycle of the reservoir - from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field. Visit the company’s website at www.halliburton.com . Connect with Halliburton on Facebook , Twitter , LinkedIn , Instagram and YouTube .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180518005511/en/
Halliburton
For Investors:
Lance Loeffler, 281-871-2688
Halliburton, Investor Relations
[email protected]
or
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Halliburton, Public Relations
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Source: Halliburton | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/business-wire-halliburton-dividend-declaration-and-annual-meeting-of-stockholders.html |
YEREVAN, May 3 (Reuters) - The head of Armenia’s ruling party in parliament said on Thursday that the country would get a new prime minister on May 8 because his party was ready to support whoever enjoyed the backing of one third of lawmakers in a vote on that date.
Vahram Baghdasaryan, the head of the Republican Party in parliament, was speaking after holding talks with lawmaker Nikol Pashinyan who has led weeks of protests against the country’s ruling elite and wants to become prime minister.
Baghdasaryan told Reuters that his party would support anyone on May 8, including Pashinyan, if they enjoyed the backing of one third of lawmakers. (Reporting by Hasmik Mkrtchyan Writing by Maria Tsvetkova Editing by Andrew Osborn)
| ashraq/financial-news-articles | https://www.reuters.com/article/armenia-politics-primeminister/armenia-to-get-new-pm-on-may-8-after-weeks-of-turmoil-says-ruling-party-idUSR4N1S401G |
(The opinions expressed here are those of the author, a columnist for Reuters.)
* GRAPHIC: Asia leads global LNG demand: tmsnrt.rs/2HfLB0b
By Clyde Russell
ADELAIDE, May 16 (Reuters) - Liquefied natural gas (LNG) producers around the globe are once again considering new investments as expectations of a glut in supply wither away in the face of strong, China-led demand growth in Asia.
Given it takes several years to go from a Final Investment Decision (FID) to producing cargoes of the super-chilled fuel, however, the industry may be acting too late to prevent a supply shortfall by the middle of next decade.
Much of the focus this week at an annual oil and gas conference in Australia - which is about to become the world’s top exporter of LNG - was on what projects are viable and how quickly can they be developed.
This was in stark contrast to the mood at previous events hosted by the Australian Petroleum Production and Exploration Association (APPEA), where executives had talked mainly about how to cut costs and the strategies needed to survive the predicted surplus of the fuel.
The forecasts for a global glut were based on the market being swamped by eight new Australian LNG projects, plus at least four in the United States, as well a handful of others in frontier countries such as Mozambique.
But the narrative of industry over-investment in capacity has been turned on its head by the spectacular growth of Chinese demand, which leapt 46 percent last year to 38.1 million tonnes.
China is now the world’s second-biggest LNG buyer, behind Japan, and its demand has continued to grow rapidly, with first-quarter imports up 59 percent from a year ago to 12.4 million tonnes.
China’s policy to replace coal with natural gas for uses such as residential heating and some industries is expected to continue to drive growth in LNG imports, although some moderation in the rate is likely in coming years.
But other Asian countries are also stepping up LNG imports, including new buyers such as Bangladesh, Pakistan and Sri Lanka.
DISAPPEARING SURPLUS At the height of the LNG construction boom of the past decade, forecasts of a surplus of as much as 50 million tonnes per annum around the start of the 2020s were not uncommon.
While a surplus is still expected by most analysts, size estimates have been shrinking, and if China continues to grow demand at anything like its current pace, the surplus will likely disappear altogether.
Wood Mackenzie analysts Saul Kavonic and Nicholas Browne, speaking on Tuesday on the sidelines of the APPEA conference, said the surplus was likely to be as little as 10 million tonnes in the early years of the 2020s.
In a total market of more than 350 million tonnes a year, such a small surplus really amounts to a market that is more or less in balance.
Kavonic and Browne also said that by 2025 the market was likely to switch to an annual deficit of about 50 million tonnes, and there simply aren’t enough projects being approved to meet the potential supply gap.
In 2017, just one LNG project reached FID, that being the relatively small Coral floating LNG development in Mozambique.
There is also a dearth of shovel-ready projects that can be approved and developed in time for 2025, with the best prospects in the United States, Canada and East Africa.
In Australia, the likelihood of a new greenfield development is slim, given the massive capital costs of developing increasingly remote fields.
There is instead the possibility of expanding existing operations, with the likely best bet being Woodside Petroleum’s plan to use the Scarborough field off the Western Australian coast to feed a new train at its Pluto LNG plant.
For the rest of Australia, the industry seems to be concentrating on developing new fields to replace ones that are depleting, thus allowing the existing 80 million tonnes of capacity to continue operating.
The evaporation of the expected LNG surplus may also have implications for pricing and contracting in the industry.
LNG buyers have led the charge in recent years to end long-term, restrictive contracts linked to crude oil prices in favour of shorter-term or even spot deals with prices linked to LNG indexes or other natural gas prices, such as the U.S. benchmark Henry Hub.
The buyers did this because they believed the balance of market power was shifting in their favour. They may now find resurgent producers kicking them back and demanding higher prices in order to guarantee supplies.
Editing by Tom Hogue
| ashraq/financial-news-articles | https://www.reuters.com/article/column-russell-lng/column-expected-lng-surplus-evaporates-scramble-for-new-projects-looms-russell-idUSL3N1SN2GF |
Dow's winning streak ends as interest rates hit highest level in seven years 47 Mins Ago Kevin O'Leary of O'Shares and "Shark Tank", Rob Sechan of UBS and Pete Najarian of Investitute.com discuss what's happening with the market. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/dows-winning-streak-ends-as-interest-rates-hit-highest-level-in-seven-years.html |
INDIANAPOLIS (Reuters) - Will Power was on a critical mission on Sunday, to finally win the Indianapolis 500 and prove that he belonged amongst the higher echelons of drivers.
May 27, 2018; Indianapolis, IN, USA; IndyCar Series driver Will Power celebrates after winning the 102nd Running of the Indianapolis 500 at Indianapolis Motor Speedway. Mandatory Credit: Brian Spurlock-USA TODAY Sports Despite an enviable IndyCar career, including a series championship, the 37-year old was still in the shadow of his teammates at Penske Racing, which has 16 previous victories in the iconic race and the Brickyard had become his Moby Dick after finishing second in 2015.
“Absolutely, it was the last box to tick, to be considered as a very successful driver,” said the Australian.
Ironically, Power came to the team as a part-time replacement driver for three-time Indy 500 winner Helio Castroneves, in 2009 who was involved in litigation.
“If you remember back to the situation that Helio had there,” said Penske Team president Tim Cindric.
“Will, honestly wasn’t on our radar screen.
May 27, 2018; Indianapolis, IN, USA; IndyCar Series driver Will Power kisses the yard of bricks after winning the 102nd Running of the Indianapolis 500 at Indianapolis Motor Speedway. Mandatory Credit: Brian Spurlock-USA TODAY Sports “We couldn’t commit to a full season, we couldn’t commit to more than one race,” Cindric added noting that team was not going to add other car to their stable.
Power was strapped into a car for the season opener at St. Petersburg, Florida just as the Castroneves legal issue ended.
He was fastest in the first practice session but told he was no longer needed.
That performance, however, impressed Roger Penske and a major sponsor enough to provide another car.
Slideshow (7 Images) “Roger told him that night, ‘you have a ride at the Indy 500’,” Cindric added.
Even before that year’s Indy 500, Power finished second at Long Beach and then later won in Edmonton, Canada to earn a full-time drive for 2010.
In his first full year he garnered five victories. The following year, he had six wins and in 2014 was the IndyCar Series champion.
The following year, he finished second at the iconic race to team mate Colombia’s Juan Pablo Montoya.
“I was so disappointed in 2015, so close,” Power said.
“I thought about that a lot, what I should have done should have changed this and that. It’s just not your day. That day I did everything (I) could.
“Today I did it again, and it all worked out well.
“It was through speed, pit stops, in and out laps, good restarts.
“It was a fight to win it. It was not an easy win. That makes it much more satisfying.”
Reporting by Lewis Franck; Editing by Greg Stutchbury
| ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-indy-indy500-power/motor-racing-power-completes-mission-with-indy500-win-idUSKCN1IT00X |
Although college-decision day for most high-school seniors was May 1, there could still be time to negotiate a better financial-aid package. Returning college students can request more aid, too, if they are unsatisfied with their offer, writes Veronica Dagher. A change in a family’s financial situation and something known as “summer melt,” in which high-school Unfortunately for Investors, Australian Banks Are Getting Interesting Next How Will U.S. Sanctions Against Iran Play Out This Time?—Energy Journal | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/09/wsj-wealth-adviser-briefing-college-summer-melt-blockchain-pension-funds/ |
Activist investor Elliott Management Corp. is making a push to take Athenahealth Inc. private, arguing the health-care software company is botching an opportunity to rapidly expand and isn’t providing adequate returns to shareholders as a result.
Elliott, which has an 8.9% stake in Athenahealth, offered to buy it for $160 a share Monday, valuing the entire company at about $6.5 billion. That is a 27% premium to Athenahealth’s Friday closing price.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/elliott-makes-offer-to-buy-athenahealth-1525701726 |
May 14 (Reuters) - Phoenix New Media Ltd:
* PHOENIX NEW MEDIA REPORTS UNAUDITED FIRST QUARTER 2018 FINANCIAL RESULTS
* QTRLY TOTAL REVENUES FOR Q1 OF 2018 WERE RMB284.4 MILLION (US$45.3 MILLION) , DOWN 3.4 PERCENT
* QTRLY NET LOSS PER CLASS A AND CLASS B ORDINARY SHARE RMB0.06
* SEES Q2 2018 TOTAL REVENUES TO BE BETWEEN RMB361.4 MILLION AND RMB376.4 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-phoenix-new-media-q1-revenue-rmb28/brief-phoenix-new-media-q1-revenue-rmb284-4-mln-down-3-4-pct-idUSASC0A24D |
Shari Redstone fired back at CBS Corp., moving to block the media company’s efforts to strip her family of voting control.
In a power move to protect its position as the media giant’s controlling shareholder, the Redstones’ family holding company dictated a significant change on Wednesday to the rules of how CBS’s board operates. The adjustment would make it nearly impossible for the current directors to be able to water down the family’s voting power.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/redstones-call-cbs-maneuver-unprecedented-usurpation-of-voting-power-1526490887 |
Operating margin of 53%, +3 pts y/y; adj. operating margin of 60%, +3 pts y/y Through April 30, 2018, $539 million returned to stockholders, +28% y/y
ATLANTA & NEW YORK--(BUSINESS WIRE)-- Intercontinental Exchange (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of data and listing services, today reported financial results for the first quarter of 2018. For the quarter ended March 31, 2018, consolidated net income attributable to ICE was $464 million on $1.2 billion of consolidated revenues less transaction-based expenses. First quarter GAAP diluted earnings per share (EPS) were $0.79. Adjusted net income was $525 million in the first quarter and adjusted diluted EPS were a record $0.90, up 22% year-over-year. Please refer to the reconciliation of non-GAAP financial measures included in this press release for more information on our adjusted operating expenses, adjusted operating margin, adjusted net income and adjusted diluted EPS.
“We are pleased to report on our first quarter performance, delivering strong results across our trading and clearing and our data and listings segments including record revenues," said ICE Chairman and CEO Jeffrey C. Sprecher. "We completed our strategic acquisition of BondPoint while also generating solid organic growth, as customers' demand of our comprehensive suite of multi-asset class workflow and risk management solutions continues to increase."
Scott A. Hill, ICE CFO, added: "Our first quarter performance produced revenue growth, margin expansion and strong cash flow allowing us to return nearly $540 million to stockholders through April, up 28% compared to the prior year. 2018 is off to a promising start and we are well positioned to build on our proven track record of growth, customer service and value creation for our stockholders."
First Quarter 2018 GAAP Results
First quarter 2018 consolidated revenues, less transaction-based expenses, were $1.2 billion. Trading and clearing segment revenues, less transaction-based expenses, were $596 million in the first quarter 2018, up 11% compared to the prior first quarter. Data and listings segment revenues were $629 million in the first quarter of 2018, including data services revenues of $520 million, and listings revenues of $109 million.
Consolidated operating expenses were $575 million for the first quarter of 2018. On an adjusted basis, consolidated operating expenses were $494 million. Consolidated operating income for the first quarter was $650 million and the operating margin was 53%. The effective tax rate for the first quarter was 23%.
Unrestricted cash was $523 million and outstanding debt was $6.9 billion as of March 31, 2018.
Financial Guidance
ICE's second quarter 2018 GAAP operating expenses are expected to be in a range of $570 million to $580 million and adjusted operating expenses (1) are expected to be in a range of $500 million to $510 million. ICE's full year 2018 GAAP operating expenses are expected to be in a range of $2.28 billion to $2.32 billion and adjusted operating expenses (1) are expected to be in a range of $2.00 billion to $2.04 billion. ICE's interest expense is expected to be $55 million in the second quarter. ICE's diluted share count for the second quarter is expected to be in the range of 581 million to 583 million weighted average shares outstanding and 580 million to 585 million for the full year.
(1) The 2018 Non-GAAP adjusted operating expense excludes $69 million in amortization of acquisition-related intangibles for the second quarter of 2018 and $274 million for the full year. The GAAP operating expense forecast does not reflect an estimate of acquisition-related transaction and integration costs for the second quarter of 2018.
Earnings Conference Call Information
ICE will hold a conference call today, May 3, at 8:30 a.m. ET to review its first quarter 2018 financial results. A live audio webcast of the earnings call will be available on the company's website at www.theice.com in the investor relations section. Participants may also listen via telephone by dialing 888-317-6003 from the United States, 866-284-3684 from Canada or 412-317-6061 from outside of the United States and Canada. Telephone participants are required to provide the participant entry number 5645515 and are recommended to call 10 minutes prior to the start of the call . The call will be archived on the company's website for replay.
The conference call for the second quarter 2018 earnings has been scheduled for August 2, 2018 at 8:30 a.m. ET. Please refer to the Investor Relations website at www.ir.theice.com for additional information.
Historical futures, options and cash ADV, rate per contract, open interest data and CDS cleared information can be found at: http://ir.theice.com/investors-and-media/supplemental-volume-info/default.aspx
Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)
Three Months Ended
March 31, Revenues: 2018 2017 Transaction and clearing, net $ 898 $ 798 Data services 520 520 Listings 109 108 Other revenues 53 45 Total revenues 1,580 1,471 Transaction-based expenses: Section 31 fees 121 91 Cash liquidity payments, routing and clearing 234 214 Total revenues, less transaction-based expenses 1,225 1,166 Operating expenses: Compensation and benefits 240 247 Professional services 30 32 Acquisition-related transaction and integration costs 12 14 Technology and communication 105 98 Rent and occupancy 17 18 Selling, general and administrative 33 41 Depreciation and amortization 138 134 Total operating expenses 575 584 Operating income 650 582 Other income (expense): Interest expense (52 ) (45 ) Other income, net 19 188 Other income (expense), net (33 ) 143 Income before income tax expense 617 725 Income tax expense 143 214 Net income $ 474 $ 511 Net income attributable to non-controlling interest (10 ) (8 ) Net income attributable to Intercontinental Exchange, Inc. $ 464 $ 503 Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders: Basic $ 0.80 $ 0.85 Diluted $ 0.79 $ 0.84 Weighted average common shares outstanding: Basic 582 594 Diluted 586 599 Dividend per share $ 0.24 $ 0.20
Consolidated Balance Sheets
(In millions)
(Unaudited)
As of As of March 31, 2018 December 31, 2017 Assets: Current assets: Cash and cash equivalents $ 523 $ 535 Short-term restricted cash and cash equivalents 804 769 Customer accounts receivable, net 1,167 903 Margin deposits, guaranty funds, and delivery contracts receivable 53,979 51,222 Prepaid expenses and other current assets 161 133 Total current assets 56,634 53,562 Property and equipment, net 1,235 1,246 Other non-current assets: Goodwill 12,514 12,216 Other intangible assets, net 10,326 10,269 Long-term restricted cash and cash equivalents 331 264 Other non-current assets 1,022 707 Total other non-current assets 24,193 23,456 Total assets $ 82,062 $ 78,264 Liabilities and Equity: Current liabilities: Accounts payable and accrued liabilities $ 476 $ 462 Section 31 fees payable 120 128 Accrued salaries and benefits 104 227 Deferred revenue 468 125 Short-term debt 2,623 1,833 Margin deposits, guaranty funds, and delivery contracts payable 53,979 51,222 Other current liabilities 176 178 Total current liabilities 57,946 54,175 Non-current liabilities: Non-current deferred tax liability, net 2,292 2,298 Long-term debt 4,269 4,267 Accrued employee benefits 240 243 Other non-current liabilities 309 296 Total non-current liabilities 7,110 7,104 Total liabilities 65,056 61,279 Equity: Intercontinental Exchange, Inc. stockholders’ equity: Common stock 6 6 Treasury stock, at cost (1,448 ) (1,076 ) Additional paid-in capital 11,428 11,392 Retained earnings 7,182 6,858 Accumulated other comprehensive loss (190 ) (223 ) Total Intercontinental Exchange, Inc. stockholders’ equity 16,978 16,957 Non-controlling interest in consolidated subsidiaries 28 28 Total equity 17,006 16,985 Total liabilities and equity $ 82,062 $ 78,264 Non-GAAP Financial Measures and Reconciliation
We use non-GAAP measures internally to evaluate our performance and in making financial and operational decisions. When viewed in conjunction with our GAAP results and the accompanying reconciliation, we believe that our presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparison of results because the items described below as adjustments to GAAP are not reflective of our core business performance. These financial measures are not in accordance with, or an alternative to, GAAP financial measures and may be different from non-GAAP measures used by other companies. We use these adjusted results because we believe they more clearly highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our core operating performance. We strongly recommend that investors review the GAAP financial measures and additional non-GAAP information included in our Quarterly Report on Form 10-Q, including our consolidated financial statements and the notes thereto.
Adjusted operating expenses, adjusted operating margin, adjusted net income attributable to ICE common stockholders and adjusted diluted earnings per share for the periods presented below are calculated by adding or subtracting the adjustments described below, which are not reflective of our cash operations and core business performance, and their related income tax effect and other tax adjustments (in millions, except for per share amounts):
Three Months Ended
March 31, 2018
Three Months Ended
March 31, 2017
Total Revenues, less transaction- based expenses $ 1,225 $ 1,166 Operating Expenses 575 584 Less: Interactive Data transaction and integration costs 12 12 Less: Accruals relating to investigations and inquiries — 10 Less: Amortization of acquisition-related intangibles 69 65 Adjusted operating expenses $ 494 $ 497 Operating income $ 650 $ 582 Adjusted operating income $ 731 $ 669 Operating margin 53 % 50 % Adjusted operating margin 60 % 57 % Three Months Ended
March 31, 2018
Three Months Ended
March 31, 2017
Net income attributable to ICE $ 464 $ 503 Add: Interactive Data transaction and integration costs 12 12 Add: Adjustment to reduce net gain on Trayport divestiture 1 — Add: Amortization of acquisition-related intangibles 69 65 Add: Accruals relating to investigations and inquiries — 10 Less: Cetip investment gain — (176 ) Add / (Less): Income tax effect for the above items (21 ) 28 Adjusted net income attributable to ICE $ 525 $ 442 Diluted earnings per share attributable to ICE $ 0.79 $ 0.84 Adjusted diluted earnings per share attributable to ICE $ 0.90 $ 0.74 About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 and Fortune Future 50 company formed in the year 2000 to modernize markets. ICE serves customers by operating the exchanges, clearing houses and information services they rely upon to invest, trade and manage risk across global financial and commodity markets. A leader in market data, ICE Data Services serves the information and connectivity needs across virtually all asset classes. As the parent company of the New York Stock Exchange, the company raises more capital than any other exchange in the world, driving economic growth and transforming markets.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at http://www.intercontinentalexchange.com/terms-of-use . Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are " " that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the , see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in Intercontinental Exchange, Inc.’s K for the year ended December 31, 2017, as filed with the SEC on February 7, 2018. We caution you not to place undue reliance on these forward looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of an unanticipated event. New factors emerge from time to time, and it is not possible for management to predict all factors that may affect our business and prospects. Further, management cannot assess the impact of each factor on the business or the extent to which any factor, or combination of factors, may cause actual results to those contained in any .
SOURCE: Intercontinental Exchange
ICE-CORP
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005505/en/
ICE Investor Relations Contact:
Warren Gardiner
+1 770 835 0114
[email protected]
[email protected]
or
ICE Media Contact:
Damon Leavell
+1 212 323 8587
[email protected]
[email protected]
Source: Intercontinental Exchange | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-intercontinental-exchange-reports-record-first-quarter-2018-revenues-of-1-point-2-billion-5-percent-yy-and-gaap-diluted-eps.html |
EAST GREENVILLE, Pa., May 08, 2018 (GLOBE NEWSWIRE) -- Knoll, Inc., (NYSE:KNL), a leading designer and manufacturer of furnishings and coverings for the workplace and home, today announced that the Company's Board of Directors declared a quarterly cash dividend of $0.15 per share payable June 29, 2018 to shareholders of record on June 15, 2018.
The declaration and payment of dividends is subject to the discretion of the Board of Directors and depends on various factors, including our net income, restrictions in our credit facility, financial position, cash requirements and other factors deemed relevant by our Board of Directors.
About Knoll
Knoll, Inc. is a constellation of design-driven brands and people, working together with our clients to create inspired modern interiors. Our internationally recognized portfolio includes furniture, textiles, leathers, accessories, and architectural and acoustical elements brands. These brands — Knoll Office, KnollStudio, KnollTextiles, KnollExtra, Spinneybeck | FilzFelt, Edelman Leather, HOLLY HUNT, DatesWeiser and Muuto — reflect our commitment to modern design that meets the diverse requirements of high performance workplaces and luxury interiors. A recipient of the National Design Award for Corporate and Institutional Achievement from the Smithsonian`s Cooper-Hewitt, National Design Museum, Knoll, Inc. is aligned with the U.S. Green Building Council and the Canadian Green Building Council and can help organizations achieve the Leadership in Energy and Environmental Design (LEED) workplace certification. Knoll, Inc. is the founding sponsor of the World Monuments Fund Modernism at Risk program.
Investors:
Charles Rayfield
Senior Vice President and Chief Financial Officer
Tel 215 679-1703
[email protected]
Media:
David E. Bright
Senior Vice President, Communications
Tel 212 343-4135
[email protected]
Source:Knoll, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-knoll-declares-cash-dividend.html |
HONG KONG (Reuters) - Former Australia coach Pim Verbeek has backed incumbent Bert van Marwijk to make a major impact with the Socceroos at the World Cup finals in Russia despite his fellow Dutchman only taking on the role in late January.
Australia Socceroos head coach Bert van Marwijk speaks during a news conference in Sydney, Australia May 7, 2018. REUTERS/Edgar Su The much-travelled Van Marwijk was brought in as a temporary replacement for Ange Postecoglou, who stepped down in November despite securing the country’s qualification for a fourth straight finals.
With Van Marwijk confirmed less than five months before the World Cup kicks off, time has been of the essence but Verbeek believes his compatriot’s know-how and Australia’s experience with Dutch coaches means the combination should bear fruit.
“I think it’s a very good fit because, first of all, Dutch coaches have done well in Australia,” Verbeek told Reuters.
“The mentality is good. It’s a good combination,” added the 62-year-old, who took the Socceroos to the 2010 World Cup finals in South Africa.
“Bert is very experienced, he’s been to the World Cup with Holland and he knows what to do and I think it’s a big challenge for him because in the end his preparation is three weeks before the World Cup starts.
“He has a plan and he knows what to do and he has good staff around him so I think they can do a job.”
Van Marwijk, who guided Saudi Arabia to this year’s finals before stepping down over a contract dispute, will be the third Dutch coach to take the Australians to a World Cup, following in the footsteps of Guus Hiddink and Verbeek.
Hiddink qualified the Socceroos for the Round of 16 in 2006, where they were narrowly defeated by eventual champions Italy, while Verbeek’s team just missed out on a place in the knockout phase four years later.
Van Marwijk’s side will start their 2018 campaign against France on June 16, before meeting Denmark and Peru in Group C of this year’s finals.
The 66-year-old is a coach Verbeek knows well with Van Marwijk succeeding him as coach at Fortuna Sittard in 1998.
From there, he went on to win the UEFA Cup with Feyenoord in 2002 before taking the Dutch to the World Cup final in 2010, and Verbeek believes a strong showing with Australia will be the perfect way for Van Marwijk to round out an impressive career.
“They have a tough group but he knew that before he signed,” Verbeek said. “For Bert, this is probably his last job, so he was willing to go to the World Cup and he’ll like the mentality of the Australian players, that fighting mentality they have.
“This would be a fantastic finish to his career and for Australia I think it’s good to have such an experienced coach.”
Reporting by Michael Church; Editing by John O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-aus-verbeek/van-marwijk-good-fit-for-socceroos-claims-verbeek-idUSKCN1IU162 |
May 7, 2018 / 9:55 AM / Updated 8 hours ago West Brom have captured hearts of the nation - Moore Reuters Staff 2 West Bromwich Albion caretaker manager Darren Moore believes the club have captured the hearts of the nation with their ongoing battle to avoid relegation from the Premier League. FILE PHOTO: Soccer Football - Premier League - West Bromwich Albion vs Tottenham Hotspur - The Hawthorns, West Bromwich, Britain - May 5, 2018 West Bromwich Albion caretaker manager Darren Moore applauds fans after the match REUTERS/Phil Noble
Moore took charge of the club last month with West Brom in a dire situation, well adrift at the bottom of the standings following the sacking of manager Alan Pardew.
Former defender Moore has inspired his team to a spirited fightback in his five games in charge, including victories over top-four sides Manchester United and Tottenham Hotspur.
“I’m really pleased for the club that we’ve captured the hearts of the nation with what we’re doing here,” former West Brom defender Moore told British media.
“People have been coming up to me saying ‘well done’ and I’m talking about neutral supporters as well... but we just have to keep the focus and get back to work.”
West Brom are still very likely to go down. They are 19th in the table with 31 points and must win their final game at 11th-placed Crystal Palace to have any chance of avoiding the drop.
“All I’m focused on is putting in another hard week’s work, which is what we have done over the last five games... we’ve had some good results but those results have come from everyone being together and playing a part in it,” Moore said.
“Everyone connected with West Brom has to continue like that because we still have an important game against a good team.” Reporting by Shrivathsa Sridhar Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-wba-moore/west-brom-have-captured-hearts-of-the-nation-moore-idUKKBN1I80VU |
How to start your very own cryptocurrency 52 Mins Ago Ever wondered what goes into creating a cryptocurrency? Here is how to start your very own crypto. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/starting-a-new-cryptocurrency-that-could-rival-bitcoin.html |
VANCOUVER, British Columbia, May 24, 2018 (GLOBE NEWSWIRE) -- Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX:SVM) (NYSE American:SVM) reported its financial and operating results for the fourth quarter and twelve months ended March 31, 2018. All amounts are expressed in US Dollars.
FISCAL YEAR 2018 HIGHLIGHTS
Net income attributable to equity shareholders of $47.0 million, or $0.28 per share 1 , up 8% compared to net income attributable to equity shareholders of $43.7 million, or $0.26 per share in the prior year. Adjusted net income attributable to equity shareholders 2 of $41.5 million or $0.25 per share after adjustment of impairment reversal and dilution gain, compared to adjusted net income attributable to equity shareholders of $38.6 million or $0.23 per share in the prior year; Gross margin of 52% compared with 54% in the prior year; Sales of $170.0 million, up 4% compared to $163.5 million in the prior year; Silver, lead, and zinc metals sold amounted to approximately 6.0 million ounces of silver, 61.9 million pounds of lead, and 19.6 million pounds of zinc, compared to 6.5 million ounces of silver, 70.5 million pounds of lead, and 18.3 million pounds of zinc in the prior year. The decrease of silver and lead sold was mainly due to silver-lead concentrate inventory built up as inventories of silver-lead concentrate stood at 4,070 tonnes (containing approximately 0.4 million ounces of silver); Total and cash mining costs per tonne ore 2 of $73.48 and $54.60, respectively, compared to $64.16 and $46.07 in the prior year; Cash cost per ounce of silver 2 , net of by-product credits, of negative $4.73, compared to negative $3.09 in the prior year; All-in sustaining cost per ounce of silver 2 , net of by-product credits, of $3.27, compared to $3.82 in the prior year; Spent $4.2 million to buyback 1,717,100 common shares of the Company; Paid $3.4 million of dividends to equity shareholders of the Company; Invested $23.4 million to participate in a private placement of New Pacific Metals Corp.; and Ended the fiscal year with $106.1 million in cash and cash equivalents and short-term investments, an increase of $9.6 million or 10% compared to $96.5 million as at March 31, 2017.
1 Earnings per share refers to basic earnings per share
² Non IFRS measure, please refer to section 12 of the corresponding MD&A for reconciliation
HIGHLIGHTS FOR THE FOURTH QUARTER FISCAL 2018 (“Q4 FISCAL 2018”)
Net income attributable to equity shareholders of $12.2 million, or $0.07 per share in Q4 Fiscal 2018, compared to $13.5 million, or $0.08 per share in Q4 Fiscal 2017. The adjusted net income attributable to equity shareholders was $7.5 million, or $0.04 per share in Q4 Fiscal 2018 , after adjustment of impairment reversal of $4.7 million (Q4 Fiscal 2017 - $5.3 million), compared to $8.2 million or $0.05 per share in Q4 Fiscal 2017; Gross margin of 50% compared with 60% in the prior year quarter; Sales of $38.4 million, up 13% compared to $34.1 million in the prior year quarter; Silver, lead, and zinc metals sold amounted to approximately 1.4 million ounces of silver, 13.3 million pounds of lead, and 2.6 million pounds of zinc, compared to 1.3 million ounces of silver, 14.3 million pounds of lead, and 1.5 million pounds of zinc in the prior year quarter; Head grades were 309 g/t for silver, 4.3% for lead, and 1.0% for zinc at the Ying Mining District, compared to 298 g/t for silver, 4.8% for lead and 0.8% for zinc in the prior year quarter; Total and cash mining costs per tonne ore of $85.55 and $61.78, respectively, compared to $51.37 and $46.82 in the prior year quarter; Cash cost per ounce of silver, net of by-product credits, of negative $3.89, compared to negative $3.65 in the prior year quarter; All-in sustaining cost per ounce of silver, net of by-product credits, of $3.04, compared to $3.26 in the prior year quarter; and Spent $2.4 million to buyback 929,100 common shares of the Company.
FINANCIALS
1. Fiscal 2018 vs. Fiscal 2017
Net income attributable to the shareholders of the Company in Fiscal 2018 was $47.0 million, or $0.28 per share, up 8% compared to $43.7 million, or $0.26 per share in Fiscal 2017. The adjusted net income attributable to the shareholders of the Company was $41.5 million, or $0.25 per share after adjustments of impairment reversal and dilution gain, compared to the adjusted net income of $38.6 million, or $0.23 per share in Fiscal 2017.
Sales in Fiscal 2018 were $170.0 million, up 4% compared to $163.5 million in Fiscal 2017. Silver and gold sales represented $82.4 million and $3.2 million, respectively, while base metals represented $84.5 million of total sales compared to silver, gold and base metal sales of $89.6 million, $3.3 million, and $70.6 million, respectively, in Fiscal 2017.
In Fiscal 2018, the Company’s consolidated financial results were mainly impacted by the following: i) an increase of 25% and 53%, in net realized selling prices for lead and zinc; ii) a decrease of 1% in net realized selling price for silver, iii) less silver and lead sold as inventory built up; and iv) higher per tonne production costs.
As at March 31, 2018, silver-lead concentrate inventories were 4,070 tonnes containing approximately 0.4 million ounces of silver and 4.2 million pounds of lead, an increase of 63% or 1,579 tonnes, compared to 2,491 tonnes silver-lead concentrate inventories containing approximately 0.2 million ounces of silver and 2.8 million pounds of lead held as at March 31, 2017.
Cost of sales in Fiscal 2018 was $82.2 million compared to $75.3 million in Fiscal 2017. The cost of sales included $59.1 million cash production costs (Fiscal 2017 - $53.8 million), $4.8 million mineral resource tax (Fiscal 2017 - $3.8 million), and $18.2 million depreciation, amortization and depletion charges (Fiscal 2017 - $17.7 million).
Gross profit margin in Fiscal 2018 was 52% compared to 54% in Fiscal 2017. Ying Mining District’s gross profit margin was 55% compared to a 57% gross profit margin in the prior year, while GC Mine’s gross profit margin was 36% compared to a 31% gross profit margin in the prior year.
General and administrative expenses in Fiscal 2018 were $18.7 million, an increase of 11% compared to $16.8 million in Fiscal 2017. The increase was mainly due to increased compensation to management and employees and increased costs of administration related to the resumption of activities at the XHP project and the BYP Mine.
Income tax expenses in Fiscal 2018 were $18.9 million, compared to $19.2 million in Fiscal 2017. The income tax expense recorded in Fiscal 2018 included current income tax expense of $16.1 million (Fiscal 2017 - $13.1 million) and deferred income tax expenses of $2.8 million (Fiscal 2017 - $6.1 million).
Cash flows provided by operating activities in Fiscal 2018 were $67.9 million, a decrease of $9.6 million or 12%, compared to $77.5 million in the prior year. Before changes in non-cash operating working capital, cash flows provided by operating activities in Fiscal 2018 were $70.5 million, a decrease of $2.5 million or 3%, compared to $73.0 million in the prior year. The decrease was mainly due to increased income taxes paid in Fiscal 2018.
The Company ended the fiscal year with $106.1 million in cash and short term investments, an increase of $9.6 million or 10% compared to $96.5 million as at March 31, 2017.
Working capital as at March 31, 2018 was $90.5 million, an increase of $19.8 million or 28%, compared to $70.7 million working capital as at March 31, 2017.
2. Q4 Fiscal 2018 vs. Q4 Fiscal 2017
Net income attributable to equity shareholders of the Company in Q4 Fiscal 2018 was $12.2 million, or $0.07 per share compared to $13.5 million, or $0.08 per share in Q4 Fiscal 2017. The adjusted net income attributable to equity shareholders was $7.5 million, or $0.04 per share in Q4 Fiscal 2018, after adjustment of impairment reversal of $4.7 million (Q4 Fiscal 2017 - $5.3 million), compared to $8.2 million or $0.05 per share in Q4 Fiscal 2017.
The Company’s consolidated financial results in Q4 Fiscal 2018 were mainly impacted by the following: i) an increase of 2%, 16%, and 35% in the net realized selling prices for silver, lead and zinc, respectively, compared to the prior year quarter; ii) an increase of 6% and 74% in silver and zinc sold; and iii) higher per tonne production costs.
Sales in Q4 Fiscal 2018 were $38.4 million, up 13% compared to $34.1 million in Q4 Fiscal 2017. Silver and gold sales represented $19.8 million and $0.8 million, respectively, while base metals represented $17.9 million of total sales compared to silver, gold and base metals of $18.3 million, $0.7 million, and $15.1 million, respectively, in the prior year quarter.
Cost of sales in Q4 Fiscal 2018 was $19.3 million compared to $13.8 million in Q4 Fiscal 2017. The cost of sales included $13.3 million cash production costs (Q4 Fiscal 2017 - $11.0 million), $1.1 million mineral resource taxes (Q4 Fiscal 2017 - $1.0 million), and $5.0 million depreciation, amortization and depletion charges (Q4 Fiscal 2017 - $1.8 million).
Gross profit margin in Q4 Fiscal 2018 decreased to 50%, compared to 60% in Q4 Fiscal 2017.
Cash flows provided by operating activities in Q4 Fiscal 2018 were $2.9 million compared to $4.1 million in Q4 Fiscal 2017. Before changes in non-cash operating working capital, cash flows provided by operating activities in the current quarter were $11.1 million, an increase of $2.9 million, compared to $8.2 million in the prior year quarter.
OPERATIONS AND DEVELOPMENT
1. Fiscal 2018 vs. Fiscal 2017
On a consolidated basis, the Company mined 859,924 tonnes of ore in Fiscal 2018, a decrease of 4% or 37,582 tonnes, compared to 897,506 tonnes in Fiscal 2017. Correspondingly, ore milled decreased by 4% or 35,837 tonnes to 863,070 tonnes, compared to 898,907 tonnes in Fiscal 2017. Ore mined at the Ying Mining District decreased by 4% or 22,619 tonnes to 614,141 tonnes from 636,760 tonnes in Fiscal 2017. In Fiscal 2018, at the Ying Mining District, approximately 5,000 tonnes of ore production were affected by the power downtime arising from power grid update work by the State Grid Corporation of China and approximately 15,000 tonnes of ore production were affected by public safety measures, such as explosive supply limitation and temporary suspension of mining activities, brought by the local governments for the 19 th National Congress of Communist Party of China.
In Fiscal 2018, the Company sold 6.0 million ounces of silver, 3,100 ounces of gold, 61.9 million pounds of lead, and 19.6 million pounds of zinc, compared to 6.5 million ounces of silver, 3,300 ounces of gold, 70.5 million pounds of lead, and 18.3 million pounds of zinc, respectively, in Fiscal 2017. The decrease of silver and lead sold was mostly due to silver-lead concentrate inventory built up.
The consolidated total mining costs and cash mining costs were $73.48 and $54.60 per tonne, respectively, in Fiscal 2018, an increase of 15% and 19% compared to $64.16 and $46.07 per tonne, respectively, in Fiscal 2017. The increase in cash mining costs were mainly due to: i) a $2.6 million increase in mining preparation costs resulting from more underground tunnelling being expensed in Fiscal 2018, ii) a $2.0 million increase in raw material supply costs, and iii) a $0.6 million increase in mining labor costs.
The consolidated total milling costs and cash milling costs were $13.82 and $11.25 per tonne, respectively, in Fiscal 2018, an increase of 6% and 6% compared to $13.04 and $10.57 per tonne, respectively, in Fiscal 2017. The increase in milling costs was mainly due to a $0.5 million increase in raw material costs.
The consolidated total production costs and cash costs per ounce of silver, net of by-product credits, were negative $1.70 and negative $4.73, respectively, in Fiscal 2018, compared to negative $0.37 and negative $3.09 respectively, in the prior year. The overall improvement in cash cost per ounce of silver, net of by-product credits, is mainly due to a 19% increase in by-product credits, mainly arising from a 25% and 53% increase in lead and zinc realized selling prices, offset by 12% decrease in lead metals sold. Sales from lead and zinc accounted for 49% of the total sales and amounted to $83.7 million, an increase of $13.6 million, compared to $70.1 million in the prior year.
The consolidated all-in sustaining costs per ounce of silver, net of by-product credits, is $3.27 in Fiscal 2018, compared to $3.82 in Fiscal 2017.
2. Q4 Fiscal 2018 vs. Q4 Fiscal 2017
The Company mined 143,262 tonnes of ore in Q4 Fiscal 2018, a decrease of 6% or 9,717 tonnes, compared to 152,979 tonnes in Q4 Fiscal 2017. Correspondingly, ore milled decreased by 6% or 9,443 tonnes to 138,537 tonnes, compared to 147,980 tonnes in Q4 Fiscal 2017. Ore mined at the Ying Mining District in Q4 Fiscal 2018 was comparable to the production in the prior year quarter, but ore mined at the GC Mine decreased by 10,782 tonnes.
In Q4 Fiscal 2018, approximately 1.4 million ounces of silver, 700 ounces of gold, 13.3 million pounds of lead, and 2.6 million pounds of zinc were sold compared to 1.3 million ounces of silver, 700 ounces of gold, 14.3 million of lead, and 1.5 million pounds of zinc sold in the prior year quarter.
The consolidated total mining and cash mining costs were $85.55 and $61.78 per tonne, respectively, in Q4 Fiscal 2018, compared to $51.37 and $46.82 per tonne, respectively, in the same prior year period while the consolidated total milling costs and cash milling costs were $19.14 and $14.96 per tonne, respectively, in Q4 Fiscal 2018, compared to $16.68 and $13.03 per tonne, respectively, in Q4 Fiscal 2017.
The consolidated cash production costs and all-in sustaining costs per ounce of silver, net of by-product credits, were negative $3.89 and $3.04, respectively, in Q4 Fiscal 2018, compared to negative $3.65 and $3.26, respectively, in Q4 Fiscal 2017.
3. Ying Mining District, Henan Province, China
Operational results - Ying Mining Distri ct Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Fiscal year ended March 31,
March 31, 2018 December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 2018 2017* Ore Mined (tonne) 113,820 166,619 173,294 160,408 112,755 614,141 636,760 Ore Milled (tonne) 112,285 167,543 173,946 164,959 108,051 618,732 638,211 Head Grades Silver (gram/tonne) 309 315 294 304 298 305 303 Lead (%) 4.3 4.5 4.3 4.6 4.8 4.4 4.7 Zinc (%) 1.0 1.0 0.8 0.8 0.8 0.9 1.0 Recoveries Silver (%) 95.9 95.8 95.6 95.8 96.6 95.7 95.5 Lead (%) 96.5 96.4 96.2 96.3 95.6 96.3 96.5 Zinc (%) 54.5 57.3 50.7 45.8 46.2 52.3 46.0 Metal Sales Silver (in thousands of ounce) 1,319 1,322 1,472 1,324 1,255 5,437 5,930 Gold (in thousands of ounce) 0.7 0.7 0.8 0.9 0.7 3.1 3.3 Lead (in thousands of pound) 12,649 13,487 15,279 13,765 13,520 55,180 63,418 Zinc (in thousands of pound) 1,106 2,006 2,269 755 1,033 6,136 5,848 Cash mining costs ($ per tonne) 65.88 66.71 59.67 54.78 49.99 61.46 51.79 Total mining costs ($ per tonne) 92.81 90.12 81.20 76.67 53.50 84.59 74.04 Cash milling costs ($ per tonne) 12.59 9.84 8.50 8.07 10.43 9.49 9.03 Total milling costs ($ per tonne) 15.80 11.87 10.45 10.10 13.60 11.71 11.26 Cash production costs ($ per tonne) 82.84 80.60 71.85 66.93 64.34 74.96 64.70 Cash costs per ounce of silver ($) (3.41 ) (4.53 ) (4.27 ) (2.97 ) (3.73 ) (3.88 ) (2.76 ) All-in sustaining costs per ounce of silver ($) 1.39 2.13 1.08 3.66 0.74 2.04 2.61 * Milling costs were adjusted to exclude mineral resources tax i) Fiscal 2018 vs. Fiscal 2017
In Fiscal 2018, the total ore mined at the Ying Mining District was 614,141 tonnes, a decrease of 4% or 22,619 tonnes, compared to 636,760 tonnes mined in Fiscal 2017. Correspondingly, ore milled in Fiscal 2018 decreased by 3% to 618,732 tonnes from 638,211 tonnes in the prior year.
Head grades were 305 g/t for silver, 4.4% for lead, and 0.9% for zinc, compared to 303 g/t for silver, 4.7% for lead and 1.0% for zinc in the prior year. The Company continues to achieve improvements in dilution control using its “Enterprise Blog” to manage daily operations.
In Fiscal 2018, the Ying Mining District sold approximately 5.4 million ounces silver, 55.2 million pounds of lead, and 6.1 million pounds of zinc, compared to 5.9 million ounces of silver, 63.4 million pounds of lead, and 5.8 million pounds of zinc in the prior year. The decrease of silver and lead sold was mostly due to silver-lead concentrate inventory built up.
As at March 31, 2018, silver-lead concentrate inventories at the Ying Mining District were 4,050 tonnes containing approximately 0.4 million ounces of silver and 4.2 million pounds of lead, an increase of 77% or 1,757 tonnes, compared to 2,293 tonnes silver-lead concentrate inventories containing approximately 0.2 million ounces of silver and 2.6 million pounds of lead held as at March 31, 2017.
Total and cash mining costs at the Ying Mining District were $84.59 and $61.46 per tonne, respectively, in Fiscal 2018, compared to $74.04 and $51.79 per tonne, respectively, in Fiscal 2017. The increase in cash mining costs were mainly due to: i) a $2.0 million increase in raw material supply costs, ii) a $1.7 million increase in mining preparation costs resulting from more underground drilling and tunnelling being expensed in Fiscal 2018, and iii) a $0.5 million increase in mining labour costs.
Total and cash milling costs at the Ying Mining District were $11.71 and $9.49 per tonne, respectively, in Fiscal 2018, compared to $11.26 and $9.03 per tonne, respectively, in Fiscal 2017. The increase in cash milling costs was mainly due to a 15% increase in raw material supply costs.
Correspondingly, cash production cost per tonne of ore processed in Fiscal 2018 at the Ying Mining District was $74.96, an increase of 16% compared to $64.70 in the prior year.
Cash cost per ounce of silver, net of by-product credits, in Fiscal 2018 at the Ying Mining District, was negative $3.88, compared to negative $2.76 in the prior year.
All-in sustaining costs per ounce of silver, net of by-product credits, in Fiscal 2018 at the Ying Mining District was $2.04 compared to $2.61 in the prior year quarter.
In Fiscal 2018, approximately 104,798 m or $2.3 million of underground diamond drilling (Fiscal 2017 – 93,735 m or $2.1 million) and 19,723 m or $5.8 million of preparation tunnelling (Fiscal 2017 – 17,787 m or $5.0 million) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 61,827 m or $20.1 million of horizontal tunnels, raises and declines (Fiscal 2017 – 60,241 m or $18.1 million) were completed and capitalized.
ii) Q4 Fiscal 2018 vs. Q4 Fiscal 2017
In Q4 Fiscal 2018, a total of 113,820 tonnes of ore were mined and 112,285 tonnes milled at the Ying Mining District, up by 1% and 4%, compared to 112,755 tonnes mined and 108,051 tonnes milled in Q4 Fiscal 2017.
Average head grades were 309 g/t for silver, 4.3% for lead, and 1.0% for zinc compared to 298 g/t for silver, 4.8% for lead, and 0.8% for zinc, respectively, in the Q4 Fiscal 2017.
Metals sold were approximately 1.3 million ounces of silver, 700 ounces of gold, 12.6 million pounds of lead, and 1.1 million pounds of zinc, compared to 1.3 million ounces of silver, 700 ounces of gold, 13.5 million pounds of lead, and 1.0 million pounds of zinc in Q4 Fiscal 2017.
The cash mining costs at the Ying Mining District in Q4 Fiscal 2018 was $65.88 per tonne, compared to $49.99 in Q4 Fiscal 2017. The increase in cash mining costs were mainly due to: i) a $0.3 million increase in raw material supply costs, ii) a $0.4 million increase in mining preparation costs, and iii) a $0.7 million increase in direct mining contractor costs.
The cash milling cost was $12.59 per tonne in Q4 Fiscal 2018, an increase of 21% compared to $10.43 in Q4 Fiscal 2017.
Cash cost per ounce of silver and all-in sustaining costs per ounce of silver, net of by‐product credits, at the Ying Mining District, for Q4 Fiscal 2018, were negative $3.41 and $1.39, respectively, compared to negative $3.73 and $0.74, respectively, in Q4 Fiscal 2017.
In Q4 Fiscal 2018, approximately 18,791 m or $0.6 million of underground diamond drilling (Q4 Fiscal 2017 – 21,961 m or $0.4 million) and 2,809 m or $0.9 million of preparation tunnelling (Q4 Fiscal 2017 – 2,718 m or $0.8 million) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 9,653 m or $3.9 million of horizontal tunnels, raises, and declines (Q4 Fiscal 2017 – 9,741 m or $2.9 million) were completed and capitalized.
4. GC Mine, Guangdong Province, China
Operational results - GC Mine Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Fiscal year ended March 31,
March 31, 2018 December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 2018 2017* Ore Mined (tonne) 29,442 85,665 65,812 64,865 40,224 245,783 260,746 Ore Milled (tonne) 26,252 88,494 63,648 65,944 39,929 244,338 260,696 Head Grades Silver (gram/tonne) 96 97 102 98 91 98 94 Lead (%) 1.3 1.4 1.4 1.6 1.3 1.5 1.4 Zinc (%) 2.9 2.8 2.8 2.7 2.6 2.8 2.8 Recovery Rates Silver (%) 76.3 73.6 74.4 81.2 72.8 76.2 75.7 Lead (%) 87.5 83.9 82.8 88.8 82.4 85.4 85.7 Zinc (%) 85.7 81.3 81.6 80.9 74.8 81.8 84.7 Metal Sales Silver (in thousands of ounce) 63 196 155 189 53 603 564 Lead (in thousands of pound) 688 2,263 1,656 2,147 818 6,754 7,055 Zinc (in thousands of pound) 1,479 4,399 3,311 4,244 455 13,433 12,446 Cash mining cost ($ per tonne) 45.92 35.48 34.60 39.20 37.91 37.48 32.10 Total mining cost ($ per tonne) 57.47 43.10 42.62 46.99 45.37 45.73 40.03 Cash milling cost ($ per tonne) 25.07 14.09 14.63 16.73 20.06 15.72 14.35 Total milling cost ($ per tonne) 33.41 16.45 17.90 19.85 24.99 19.17 17.40 Cash production cost ($ per tonne) 70.99 49.57 49.23 55.93 57.97 53.20 46.45 Cash cost per ounce of silver ($) (13.95 ) (15.34 ) (13.56 ) (7.80 ) (1.72 ) (12.37 ) (6.64 ) All-in sustaining cost per ounce of silver ($) (4.57 ) (4.52 ) (3.77 ) (2.48 ) 14.55 (3.69 ) 0.20 * Milling costs were adjusted to exclude mineral resources tax i) Fiscal 2018 vs. Fiscal 2017
The total ore mined at the GC Mine was 245,783 tonnes, a decrease of 14,963 tonnes or 6%, in Fiscal 2018, compared to 260,746 tonnes mined in Fiscal 2017, while ore milled decreased by 6% to 244,338 tonnes from 260,696 tonnes in the prior year. The decrease of ore mined at the GC Mine was mainly due to the impact arising from a changeover of a mining contractor and lack of skilled miners in the fourth quarter of Fiscal 2018.
Head grades were 98 g/t for silver, 1.5% for lead, and 2.8% for zinc in Fiscal 2018, compared to 94 g/t for silver, 1.4% for lead, and 2.8% for zinc in the prior year.
The GC Mine sold 603,000 ounces of silver, 6.8 million pounds of lead, and 13.4 million pounds of zinc in Fiscal 2018, compared to 564,000 ounces of silver, 7.1 million pounds of lead, and 12.4 million pounds of zinc sold in Fiscal 2017.
Total and cash mining costs at the GC Mine were $45.73 and $37.48 per tonne, respectively, in Fiscal 2018, compared to $40.03 and $32.10 per tonne, respectively, in Fiscal 2017. The increase in cash mining costs was mainly due to a $0.9 million increase in mining preparation costs resulting from more underground drilling expensed in Fiscal 2018.
Total and cash milling costs at the GC Mine were $19.17 and $15.72 per tonne, respectively, in Fiscal 2018, compared to $17.40 and $14.35 per tonne, respectively, in Fiscal 2017. The increase in milling costs was mainly due to higher raw material supply costs.
Correspondingly, cash production costs per tonne of ore processed in Fiscal 2018 at the GC Mine increased by 14% to $53.20 from $46.45 in the prior year due to the increase in both per tonne cash mining and milling costs.
Cash costs per ounce of silver, net of by-product credits, at the GC Mine, was negative $12.37 in Fiscal 2018, compared to negative $6.64 in the prior year. The improvement was mainly due to a 45% increase in by-product credits, mainly arising from an 8% increase in zinc sold and a 32% and 50% increase in net realized lead and zinc selling prices, offset by a 4% decrease in lead sold. Sales from lead and zinc accounted for 76% of the total sales at the GC Mine in Fiscal 2018, and amounted to $21.2 million, an increase of $6.9 million, compared to $14.3 million in the prior year.
All-in sustaining costs per ounce of silver, net of by-product credits, in Fiscal 2018 at the GC Mine was negative $3.69 compared to $0.20 in the prior year. The improvement was mainly due to higher by-product credits achieved as discussed above.
In Fiscal 2018, approximately 21,717 m or $1.1 million of underground diamond drilling (Fiscal 2017 – 12,484 m or $0.8 million) and 15,811 m or $4.5 million of tunnelling (Fiscal 2017 – 14,690 m or $4.0 million) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 320 m or $0.3 million of horizontal tunnels, raises and declines (Fiscal 2017 – 1,721 m or $0.7 million) were completed and capitalized.
ii) Q4 Fiscal 2018 vs. Q4 Fiscal 2017
In Q4 Fiscal 2018, a total of 29,442 tonnes of ore were mined and 26,252 tonnes were milled at the GC Mine compared to 40,224 tonnes mined and 39,929 tonnes milled in Q4 Fiscal 2017.
Average head grades were 96 g/t for silver, 1.3% for lead, and 2.9% for zinc compared to 91 g/t for silver, 1.3% for lead, and 2.6% for zinc, respectively, in Q4 Fiscal 2017.
Metals sold were approximately 63,000 ounces of silver, 0.7 million pounds of lead, and 1.5 million pounds of zinc, compared to 53,000 ounces of silver, 0.8 million pounds of lead, and 0.5 million pounds of zinc in Q4 Fiscal 2017.
The cash mining costs at the GC Mine was $45.92 per tonne, an increase of 21%, in Q4 Fiscal 2018, compared to $37.91 per tonne in Q4 Fiscal 2017. The increase in cash mining costs was mainly due to lower production output resulting in higher unit costs allocation.
Correspondingly, the cash milling costs at the GC Mine in Q4 Fiscal 2018 increased by 25% to $25.07 per tonne, compared to $20.06 per tonne in Q4 Fiscal 2017.
Cash costs per ounce of silver and all-in sustaining costs per ounce of silver, net of by‐product credits, at the GC Mine, in Q4 Fiscal 2018, were negative $13.95 and negative $4.57, respectively, compared to negative $1.72 and $14.55 in Q4 Fiscal 2017. The improvement is mainly due to higher by-product credits achieved arising from a 225% increase in zinc metal sold along with a 34% and 48% increase, respectively, in lead and zinc realized selling prices.
In Q4 Fiscal 2018, approximately 3,464 m or $0.2 million of underground diamond drilling (Q4 Fiscal 2017 – 2,995 m or $0.2 million) and 1,526 m or $0.7 million of tunnelling (Q4 Fiscal 2017 – 2,714 m or $0.8 million) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 40 m or $0.1 million of horizontal tunnels, raises, and declines (Q4 Fiscal 2017 – 40 m or $0.1 million) were completed and capitalized.
Full Milling Operations Resumed at Ying
As announced on April 16, milling operations at the Ying Mining District were temporarily suspended due to a spillage incident. On April 28, one floatation line of 1,000 tonnes per day at the No. 2 mill, using the No. 1 tailing storage facility resumed operation. On May 23, the No. 2 tailing storage facility resumed usage after the fifth overflow well was permanently plugged, and full mill operations resumed.
Mr. Guoliang Ma, P.Geo., Manager of Exploration and Resource of the Company, is the Qualified Person for Silvercorp under NI 43-101 and has reviewed and given consent to the technical information contained in this news release.
This earnings release should be read in conjunction with the Company's Management Discussion & Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on SEDAR under the Company’s profile at www.sedar.com and are also available on the Company's website at www.silvercorp.ca. All figures are in United States dollars unless otherwise stated.
About Silvercorp
Silvercorp is a low-cost silver-producing Canadian mining company with multiple mines in China. The Company's vision is to deliver shareholder value by focusing on the acquisition of underdeveloped projects with resource potential and the ability to grow organically. For more information, please visit our website at www.silvercorp.ca .
For further information
Silvercorp Metals Inc.
Lorne Waldman
Senior Vice President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: [email protected]
Website: www.silvercorp.ca
CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS
Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws (collectively, “forward-looking statements”). Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking statements relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company’s material properties; the sufficiency of the Company’s capital to finance the Company’s operations; estimates of the Company’s revenues and capital expenditures; estimated production from the Company’s mines in the Ying Mining District; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company’s operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company’s properties.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licences; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company’s existing operations; competition; operations and political conditions; regulatory environment in China and Canada; environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting; and bringing actions and enforcing judgments under U.S. securities laws.
This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company’s Annual Information Form for the year ended March 31, 2017 under the heading “Risk Factors”. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company’s forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management’s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
SILVERCORP METALS INC. Consolidated Statements of Financial Position (Unaudited - Expressed in thousands of U.S. dollars) As at March 31,
As at March 31, 2018 2017 ASSETS Current Assets Cash and cash equivalents $ 49,199 $ 73,003 Short-term investments 56,910 23,466 Trade and other receivables 676 1,311 Inventories 11,018 8,710 Due from a related party 11 92 Income tax receivable 534 - Prepaids and deposits 4,456 4,250 122,804 110,832 Non-current Assets Long-term prepaids and deposits 954 959 Reclamation deposits 5,712 5,054 Investment in an associate 38,001 8,517 Other investments 6,132 1,207 Plant and equipment 71,211 65,201 Mineral rights and properties 232,080 206,200 TOTAL ASSETS $ 476,894 $ 397,970 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued liabilities $ 25,198 $ 30,374 Deposits received 6,806 6,798 Income tax payable 303 2,985 32,307 40,157 Non-current Liabilities Deferred income tax liabilities 33,310 27,692 Environmental rehabilitation 13,098 12,186 Total Liabilities 78,715 80,035 Equity Share capital 228,729 232,155 Share option reserve 14,690 13,325 Reserves 25,409 25,409 Accumulated other comprehensive loss (25,875 ) (50,419 ) Retained earnings 86,283 42,651 Total equity attributable to the equity holders of the Company 329,236 263,121 Non-controlling interests 68,943 54,814 Total Equity 398,179 317,935 TOTAL LIABILITIES AND EQUITY $ 476,894 $ 397,970
SILVERCORP METALS INC. Consolidated Statements of Income (Unaudited - Expressed in thousands of U.S. dollars, except for per share figures) Three Months Ended March 31,
Years Ended March 31,
2018 2017 2018 2017 Sales $ 38,449 $ 34,064 $ 170,039 $ 163,471 Cost of sales Production costs 13,305 10,959 59,144 53,822 Mineral resource taxes 1,081 975 4,764 3,777 Depreciation and amortization 4,956 1,825 18,247 17,686 19,342 13,759 82,155 75,285 Gross profit 19,107 20,305 87,884 88,186 General and administrative 4,727 4,356 18,685 16,818 Government fees and other taxes 538 531 2,971 4,007 Foreign exchange loss (gain) (862 ) 197 1,628 (339 ) Loss on disposal of plant and equipment 5 81 329 538 Gain on disposal of NSR - - (4,320 ) - Share of loss (income) in associate 189 (122 ) 700 (282 ) Dilution gain on investment in associate - - (822 ) - Reclassification of other comprehensive loss upon ownership dilution of investment in associate - - 18 - Impairment reversal of investment in associate (4,714 ) (5,278 ) (4,714 ) (5,278 ) Impairment of plant and equipment and mineral rights and properties - - - 181 Other income (149 ) (424 ) (2,016 ) (748 ) Income from operations 19,373 20,964 75,425 73,289 Finance income 793 591 2,839 2,206 Finance costs (120 ) (75 ) (449 ) (760 ) Income before income taxes 20,046 21,480 77,815 74,735 Income tax expense 5,333 5,146 18,919 19,237 Net income $ 14,713 $ 16,334 $ 58,896 $ 55,498 Attributable to: Equity holders of the Company $ 12,194 $ 13,507 $ 46,994 $ 43,674 Non-controlling interests 2,519 2,827 11,902 11,824 $ 14,713 $ 16,334 $ 58,896 $ 55,498 Earnings per share attributable to the equity holders of the Company Basic earnings per share $ 0.07 $ 0.08 $ 0.28 $ 0.26 Diluted earnings per share $ 0.07 $ 0.08 $ 0.27 $ 0.25 Weighted Average Number of Shares Outstanding - Basic 167,374,757 167,602,781 167,848,117 167,185,234 Weighted Average Number of Shares Outstanding - Diluted 171,756,605 171,984,629 171,405,904 171,350,024
SILVERCORP METALS INC. Consolidated Statements of Cash Flow (Unaudited - Expressed in thousands of U.S. dollars) Three Months Ended March 31,
Years Ended March 31,
2018 2017 2018 2017 Cash provided by Operating activities Net income $ 14,713 $ 16,334 $ 58,896 $ 55,498 Add (deduct) items not affecting cash: Finance costs 120 75 449 760 Depreciation, amortization and depletion 5,266 2,101 19,442 18,913 Share of loss (income) in associate 189 (122 ) 700 (282 ) Dilution gain on investment in associate - - (822 ) - Reclassification of other comprehensive loss upon ownership dilution of investment in associate - - 18 - Gain on disposal of NSR - - (4,320 ) - Impairment reversal of investment in associate (4,714 ) (5,278 ) (4,714 ) (5,278 ) Impairment of plant and equipment and mineral rights and properties - - - 181 Income tax expense 5,333 5,146 18,919 19,237 Finance income (793 ) (591 ) (2,839 ) (2,206 ) Loss on disposal of plant and equipment 5 81 329 538 Share-based compensation 422 361 1,566 1,015 Reclamation (158 ) (807 ) (194 ) (2,967 ) Income taxes paid (10,096 ) (9,637 ) (19,743 ) (13,667 ) Interest received 793 591 2,839 2,206 Interest paid - (9 ) - (963 ) Changes in non-cash operating working capital (8,223 ) (4,171 ) (2,625 ) 4,485 Net cash provided by operating activities 2,857 4,074 67,901 77,470 Investing activities Mineral rights and properties Capital expenditures (4,310 ) (2,209 ) (20,948 ) (27,814 ) Plant and equipment Additions (1,697 ) (3,431 ) (6,152 ) (7,987 ) Proceeds on disposals 14 - 33 51 Other investments Acquisition - - - (782 ) Proceeds on disposals - - - 33 Investment in associate - - (23,861 ) - Net purchases of short-term investments (9,458 ) 7,424 (30,803 ) (4,094 ) Net cash used in investing activities (15,451 ) 1,784 (81,731 ) (40,593 ) Financing activities Bank loan Repayment - (4,325 ) - (4,325 ) Non-controlling interests Distribution (2,894 ) (762 ) (7,785 ) (2,222 ) Cash dividends distributed - - (3,362 ) (1,585 ) Proceeds from issuance of common shares 208 415 550 904 Common shares repurchased as part of normal course issuer bid (2,398 ) - (4,177 ) - Net cash used in financing activities (5,084 ) (4,672 ) (14,774 ) (7,228 ) Effect of exchange rate changes on cash and cash equivalents 603 4,843 4,800 1,391 (Decrease) increase in cash and cash equivalents (17,075 ) 6,029 (23,804 ) 31,040 Cash and cash equivalents, beginning of the year 66,274 66,974 73,003 41,963 Cash and cash equivalents, end of the year $ 49,199 $ 73,003 $ 49,199 $ 73,003
SILVERCORP METALS INC. Mining Data (Expressed in thousands of U.S. dollars, except for mining data figures) Year ended March 31, 2018 Ying Mining
District 1 GC 2 Consolidated Production Data Mine Data Ore Mined (tonne) 614,141 245,783 859,924 Ore Milled (tonne) 618,732 244,338 863,070 + Mining cost per tonne of ore mined ($) 84.59 45.73 73.48 Cash mining cost per tonne of ore mined ($) 61.46 37.48 54.60 Non cash mining cost per tonne of ore mined ($) 23.13 8.25 18.88 + Unit shipping costs($) 4.01 - 2.87 + Milling cost per tonne of ore milled ($) 11.71 19.17 13.82 Cash milling cost per tonne of ore milled ($) 9.49 15.72 11.25 Non cash milling cost per tonne of ore milled ($) 2.22 3.45 2.57 + Average Production Cost Silver ($ per ounce) 5.93 6.52 6.21 Gold ($ per ounce) 443 - 475 Lead ($ per pound) 0.43 0.61 0.46 Zinc ($ per pound) 0.48 0.66 0.50 Other ($ per pound) 0.41 0.01 0.02 + Total production cost per ounce of Silver, net of by-product credits ($) (1.07 ) (7.41 ) (1.70 ) + Total cash cost per ounce of Silver, net of by-product credits ($) (3.88 ) (12.37 ) (4.73 ) + All-in sustaining cost per ounce of Silver, net of by-product credits ($) 2.04 (3.69 ) 3.27 + All-in cost per ounce of Silver, net of by-product credits ($) 2.72 (2.88 ) 4.01 Recovery Rates Silver (%) 95.7 76.2 93.5 Lead (%) 96.3 85.4 95.1 Zinc (%) 52.3 81.8 68.7 Head Grades Silver (gram/tonne) 305 98 246 Lead (%) 4.4 1.5 3.6 Zinc (%) 0.9 2.8 1.4 Concentrate in stock Lead concentrate (tonne) 4,050 20 4,070 Zinc concentrate (tonne) 350 20 370 Sales Data Metal Sales Silver (in thousands of ounces) 5,437 603 6,040 Gold (in thousands of ounces) 3.1 - 3.1 Lead (in thousands of pounds) 55,180 6,754 61,934 Zinc (in thousands of pounds) 6,136 13,433 19,569 Other (in thousands of pounds) 524 16,276 16,800 Metal Sales Silver (in thousands of $) 75,891 6,463 82,354 Gold (in thousands of $) 3,232 - 3,232 Lead (in thousands of $) 55,488 6,763 62,251 Zinc (in thousands of $) 7,000 14,462 21,462 Other (in thousands of $) 502 238 740 142,113 27,926 170,039 Average Selling Price, Net of Value Added Tax and Smelter Charges Silver ($ per ounce) 13.96 10.72 13.63 Gold ($ per ounce) 1,043 - 1,043 Lead ($ per pound) 1.01 1.00 1.01 Zinc ($ per pound) 1.14 1.08 1.10 1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG. 2 GC Silver recovery rate consists of 55.2% from lead concentrates and 21.0% from zinc concentrates. 2 GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lowers the net silver selling price.
SILVERCORP METALS INC. Mining Data (Expressed in thousands of U.S. dollars, except for mining data figures) Year ended March 31, 2017 Ying Mining
District 1 GC 2 Total Production Data Mine Data Ore Mined (tonne) 636,760 260,746 897,506 Ore Milled (tonne) 638,211 260,696 898,907 + Mining cost per tonne of ore mined ($) 74.04 40.03 64.16 Cash mining cost per tonne of ore mined ($) 51.79 32.10 46.07 Non cash mining cost per tonne of ore mined ($) 22.25 7.93 18.09 + Unit shipping costs($) 3.88 - 2.75 + Milling cost per tonne of ore milled ($) 11.26 17.40 13.04 Cash milling cost per tonne of ore milled ($) 9.03 14.35 10.57 Non cash milling cost per tonne of ore milled ($) 2.23 3.05 2.47 + Average Production Cost Silver ($ per ounce) 5.71 6.98 6.03 Gold ($ per ounce) 410 - 443 Lead ($ per pound) 0.33 0.50 0.35 Zinc ($ per pound) 0.30 0.47 0.32 Other ($ per pound) - 0.03 0.02 + Total production cost per ounce of Silver, net of by-product credits ($) (0.23 ) (1.86 ) (0.37 ) + Total cash cost per ounce of Silver, net of by-product credits ($) (2.76 ) (6.64 ) (3.09 ) + All-in sustaining cost per ounce of Silver, net of by-product credits ($) 2.61 0.20 3.82 + All-in cost per ounce of Silver, net of by-product credits ($) 3.18 0.80 4.40 Recovery Rates Silver (%) 95.5 75.7 93.2 Lead (%) 96.5 85.7 95.3 Zinc (%) 46.0 84.7 67.2 Head Grades Silver (gram/tonne) 303 94 242 Lead (%) 4.7 1.4 3.7 Zinc (%) 1.0 2.8 1.5 Concentrate in stock Lead concentrate (tonne) 2,293 198 2,491 Zinc concentrate (tonne) 480 1,503 1,983 Sales Data Metal Sales Silver (in thousands of ounces) 5,930 564 6,494 Gold (in thousands of ounces) 3.3 - 3.3 Lead (in thousands of pounds) 63,418 7,055 70,473 Zinc (in thousands of pounds) 5,848 12,446 18,294 Other (in thousands of pound) - 12,025 12,025 Metal Sales Silver (in thousands of $) 83,606 5,950 89,556 Gold (in thousands of $) 3,344 - 3,344 Lead (in thousands of $) 51,479 5,373 56,852 Zinc (in thousands of $) 4,332 8,909 13,241 Other (in thousands of $) - 478 478 142,761 20,710 163,471 Average Selling Price, Net of Value Added Tax and Smelter Charges Silver ($ per ounce) 14.10 10.55 13.79 Gold ($ per ounce) 1,013 - 1,013 Lead ($ per pound) 0.81 0.76 0.81 Zinc ($ per pound) 0.74 0.72 0.72 1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG. 2 GC Silver recovery rate consists of 53.7% from lead concentrates and 21.9% from zinc concentrates. 2 GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lower the net silver selling price. + Mineral resouces tax was excluded from production costs, but presented as a separate line item on the consolidated statements of income
SILVERCORP METALS INC. Mining Data (Expressed in thousands of U.S. dollars, except for mining data figures) Three months ended March 31, 2018 Ying Mining District 1 GC 2 Total Production Data Mine Data Ore Mined (tonne) 113,820 29,442 143,262 Ore Milled (tonne) 112,285 26,252 138,537 + Mining cost per tonne of ore mined ($) 92.81 57.47 85.55 Cash mining cost per tonne of ore mined ($) 65.88 45.92 61.78 Non cash mining cost per tonne of ore mined ($) 26.93 11.55 23.77 + Unit shipping costs($) 4.37 - 3.46 + Milling cost per tonne of ore milled ($) 15.80 33.41 19.14 Cash milling cost per tonne of ore milled ($) 12.59 25.07 14.96 Non cash milling cost per tonne of ore milled ($) 3.21 8.34 4.18 + Average Production Cost Silver ($ per ounce) 6.56 7.92 6.79 Gold ($ per ounce) 509 - 532 Lead ($ per pound) 0.49 0.81 0.52 Zinc ($ per pound) 0.57 0.89 0.61 Other ($ per pound) - 0.03 0.06 + Total production cost per ounce of Silver, net of by-product credits ($) (0.04 ) (5.73 ) (0.30 ) + Total cash cost per ounce of Silver, net of by-product credits ($) (3.41 ) (13.95 ) (3.89 ) + All-in sustaining cost per ounce of Silver, net of by-product credits ($) 1.39 (4.57 ) 3.04 + All-in cost per ounce of Silver, net of by-product credits ($) 2.81 2.62 4.91 Recovery Rates Silver (%) 95.9 76.3 94.6 Lead (%) 96.5 87.5 95.9 Zinc (%) 54.5 85.7 67.6 Head Grades Silver (gram/tonne) 309 96 269 Lead (%) 4.3 1.3 3.8 Zinc (%) 1.0 2.9 1.3 Concentrate in stock Lead concetrate (tonne) 4,050 20 4,070 Zinc concentrate (tonne) 350 20 370 Sales Data Metal Sales Silver (in thousands of ounces) 1,319 63 1,382 Gold (in thousands of ounces) 0.7 - 0.7 Lead (in thousands of pounds) 12,649 688 13,337 Zinc (in thousands of pounds) 1,106 1,479 2,585 Metal Sales Silver (in thousands of $) 19,041 728 19,769 Gold (in thousands of $) 784 - 784 Lead (in thousands of $) 13,760 815 14,575 Zinc (in thousands of $) 1,396 1,914 3,310 Other (in thousands of $) 7 4 11 34,988 3,461 38,449 Average Selling Price, Net of Value Added Tax and Smelter Charges Silver ($ per ounce) 14.44 11.56 14.30 Gold ($ per ounce) 1,120 - 1,120 Lead ($ per pound) 1.09 1.18 1.09 Zinc ($ per pound) 1.26 1.29 1.28 1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG. 2 GC Silver recovery rate consists of 53.1% from lead concentrates and 23.2% from zinc concentrates. 2 GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lowers the net silver selling price.
SILVERCORP METALS INC. Mining Data (Expressed in thousands of U.S. dollars, except for mining data figures) Three months ended March 31, 2017 Ying Mining
District 1 GC 2 Total Production Data Mine Data Ore Mined (tonne) 112,755 40,224 152,979 Ore Milled (tonne) 108,051 39,929 147,980 + Mining cost per tonne of ore mined ($) 53.50 45.37 51.37 Cash mining cost per tonne of ore mined ($) 49.99 37.91 46.82 Non cash mining cost per tonne of ore mined ($) 3.51 7.46 4.55 + Unit shipping costs($) 3.92 - 2.88 + Milling cost per tonne of ore milled ($) 13.60 24.99 16.68 Cash milling cost per tonne of ore milled ($) 10.43 20.06 13.03 Non cash milling cost per tonne of ore milled ($) 3.17 4.93 3.65 + Average Production Cost Silver ($ per ounce) 4.93 9.97 5.26 Gold ($ per ounce) 331.79 - 354.95 Lead ($ per pound) 0.33 0.68 0.35 Zinc ($ per pound) 0.35 0.67 0.36 Other ($ per pound) - 0.04 0.02 + Total production cost per ounce of Silver, net of by-product credits ($) (2.54 ) 4.49 (2.25 ) + Total cash cost per ounce of Silver, net of by-product credits ($) (3.73 ) (1.72 ) (3.65 ) + All-in sustaining cost per ounce of Silver, net of by-product credits ($) 0.74 14.55 3.26 + All-in cost per ounce of Silver, net of by-product credits ($) 0.86 14.55 3.37 Recovery Rates Silver (%) 96.6 72.8 94.2 Lead (%) 95.6 82.4 94.4 Zinc (%) 46.2 74.8 61.8 Head Grades Silver (gram/tonne) 298 91 242 Lead (%) 4.8 1.3 3.8 Zinc (%) 0.8 2.6 1.3 Concentrate in stock Lead concentrate (tonne) 2,293 198 2,491 Zinc concentrate (tonne) 480 1,503 1,983 Sales Data Metal Sales Silver (in thousands of ounces) 1,255 53 1,308 Gold (in thousands of ounces) 0.7 - 0.7 Lead (in thousands of pounds) 13,520 818 14,338 Zinc (in thousands of pounds) 1,033 455 1,488 Other (in thousands of pound) - 3,446 3,446 Metal Sales Silver (in thousands of $) 17,653 682 18,335 Gold (in thousands of $) 662 - 662 Lead (in thousands of $) 12,756 717 13,473 Zinc (in thousands of $) 1,024 395 1,419 Other (in thousands of $) - 175 175 32,095 1,969 34,064 Average Selling Price, Net of Value Added Tax and Smelter Charges Silver ($ per ounce) 14.07 12.87 14.02 Gold ($ per ounce) 946 - 946 Lead ($ per pound) 0.94 0.88 0.94 Zinc ($ per pound) 0.99 0.87 0.95 1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG. 2 GC Silver recovery rate consists of 51.2% from lead concentrates and 21.7% from zinc concentrates. 2 GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lower the net silver selling price.
Source:Silvercorp Metals Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-silvercorp-reports-net-income-of-47-point-0-million-0-point-28-per-share-for-fiscal-2018.html |
May 11, 2018 / 4:05 PM / in 39 minutes EMERGING MARKETS-Argentina's peso slides again; central bank intervenes Reuters Staff 5 Min Read SAO PAULO/BUENOS AIRES, May 11 (Reuters) - Argentina's peso tumbled to a record low against the dollar on Friday, causing the central bank to intervene in the spot market for a second straight day, as talks for an International Monetary Fund financing line failed to calm traders. On Thursday, IMF Director Christine Lagarde said she instructed her team to continue discussions regarding a fund-supported program for Argentina following an extremely rocky few weeks for the peso. Since March, the peso has slid over 10 percent. In May alone, the currency has registered intraday slides of over 5 percent and gains of over 2 percent. The Argentine government has hiked the benchmark interest rate some 1,275 basis points in recent weeks and announced it would seek a so-called "high access stand-by" agreement from the IMF to stabilize the country's economy. While rhetoric has been sanguine, there are no concrete commitments as of yet. The Argentine central bank intervened in the spot market for the second consecutive day on Friday, but that did not stop the peso's slide. The currency was trading down 4.18 percent in afternoon trade. Investors "are continuing to unwind their positions (in peso-denominated assets) to dollarize (their portfolios)," said a Buenos Aires-based trader. "The central back had to sell dollars once again, but they were absorbed by the market immediately and the exchange rate didn't fall." Across Latin America, some other major markets saw their currencies weaken over 1 percent as well. In Brazil, the real currency was trading down 1.31 percent against the dollar. Traders said they were adopting defensive positions ahead of a new presidential election poll. "Markets are hoping for a candidate with a reformist vision rising in the polls, which hasn't happened yet," wrote brokerage Advanced Corretora in a report. In Mexico, the peso fell 1.02 percent after Mexican Economy Minister Ildefonso Guajardo said the nation would not be rushed into a poor North American Free Trade Agreement deal and that plenty of issues with the negotiations were outstanding. Key Latin American stock indexes and currencies at 1537 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1164.07 0.65 -0.16 MSCI LatAm 2869.76 -0.61 2.1 Brazil Bovespa 85668.03 -0.22 12.13 Mexico IPC 46580.17 0.06 -5.62 Chile IPSA 5715.36 0.09 2.71 Chile IGPA 28887.86 0.24 3.24 Argentina MerVal 29579.22 -0.07 -1.62 Colombia IGBC 12378.52 0.16 8.86 Venezuela IBC 19713.20 6.85 1460.65 Currencies daily % YTD % change change Latest Brazil real 3.5933 -1.31 -7.79 Mexico peso 19.4185 -1.02 1.44 Chile peso 618.7 0.79 -0.65 Colombia peso 2827.61 -0.09 5.46 Peru sol 3.265 0.03 -0.86 Argentina peso 23.7000 -4.18 -21.52 (interbank) Argentina peso 23.7 -1.69 -18.86 (parallel) (Reporting by Gram Slattery in Sao Paulo and Walter Bianchi in Buenos Aires; Editing by David Gregorio) | ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets-latam/emerging-markets-argentinas-peso-slides-again-central-bank-intervenes-idUSL1N1SI12G |
May 10, 2018 / 1:44 PM / Updated 32 minutes ago Steinhoff says profit overstatement could lead to more impairments, shares dive Reuters Staff 1 Min Read
JOHANNESBURG, May 10 (Reuters) - South Africa’s retailer Steinhoff said on Thursday that an investigation by auditors PwC has found that the overstatement of its profits may result in additional material impairments, sending its shares more than 13 percent lower.
Steinhoff, which runs chains such as Britain’s Poundland, Mattress Firm in the U.S. and Conforama in France, is fighting for its survival after discovering irregularities in its accounts in December. Reporting by Nqobile Dludla Editing by James Macharia | ashraq/financial-news-articles | https://www.reuters.com/article/steinhoff-intln-accounts/steinhoff-says-profit-overstatement-could-lead-to-more-impairments-shares-dive-idUSL8N1SH5QW |
says U.S. trial of bank executive was political - spokesman The U.S. court that sentenced a Turkish banker to 32 months in prison over his part in a scheme to help Iran evade U.S. sanctions violated the law and the trial was political, Turkish government spokesman Bekir Bozdag said on Thursday.
After the U.S. judge’s ruling on Halkbank executive Mehmet Hakan Atilla late on Wednesday, Bozdag wrote on Twitter that no country had the right to judge Turkish institutions or impose punishments on Turkey. Reporting by Ali Kucukgocmen; Writing by Daren Butler; Editing by David Dolan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-turkey-zarrab-spokesman/turkey-says-u-s-trial-of-bank-executive-was-political-spokesman-idUKKCN1II0ZD |
Legalizing marijuana at the federal level in the U.S. could result in fewer prescriptions of addictive substances such as opioids, Canopy Growth founder and CEO Bruce Linton told CNBC on Thursday.
Linton, whose Canada based-company has partnered with names such as cannabis icon Snoop Dogg and alcohol leader Constellation Brands , said that in other regions of the world, marijuana has even influenced the sale of other products such as alcohol and sleep aids.
"Cannabis is a huge disruptor to the opioid guys," Linton told " Mad Money " host Jim Cramer in an exclusive interview. He said his company is looking at other possible uses for marijuana in the health-care space.
Opioids, including heroin and fentanyl, were involved in more than 42,000 overdose deaths in 2016, according to the Centers for Disease Control and Prevention .
Additionally, the negative economic effect of the opioid crisis is estimated to be more than $1 trillion from 2001 through last year , health research and consulting institute Altarum said.
The opioid epidemic affects American children as well. The number of pediatric opioid hospitalizations requiring intensive care nearly doubled to 1,504 patients between 2012 and 2015, from 797 patients between 2004 and 2007, according to a study published in the peer-reviewed medical journal Pediatrics.
Canopy Growth announced Monday that it had applied to list its shares on the New York Stock Exchange, under the ticker "CGC." In Canda, where recreational cannabis is legalized, the company is listed under the ticker "WEED."
The company, which operates in seven countries and is Canada's largest weed company, offers a variety of brands and curated cannabis in multiple forms such as dried, oil and soft-gel capsules.
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Questions, comments, suggestions for the "Mad Money" website? [email protected] | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/cannabis-ceo-legal-weed-could-mean-fewer-prescriptions-for-opioids-in-the-us.html |
May 24, 2018 / 6:15 PM / Updated 17 minutes ago Burundi opposition push to annul vote extending president's term Reuters Staff 2 Min Read
BUJUMBURA (Reuters) - Burundi’s opposition asked the constitutional court on Thursday to nullify a referendum that could allow President Pierre Nkurunziza to stay in power until 2034, saying the vote was marred by fraud.
Election officials said 73 percent of voters in the East African country backed the changes in Monday’s plebiscite.
But Pierre Célestin Ndikumana, a lawmaker from the opposition Amizero Coalition, said it wanted to challenge how the vote was held and “the climate that prevailed on the polling day”. “There has been an electoral fraud,” he said.
Rights groups say security forces and their allies in the Imbonerakure youth militia created a climate of fear and intimidation during the campaigning.
A government spokesperson was not immediately available for comment.
Burundi has been wracked by violence since early 2015 when President Nkurunziza said he would seek a third term - a move that critics at the time said would break limits set out in the constitution.
Clashes between security forces and rebels left hundreds dead and forced about half a million to flee - rattling a region still haunted by the memories of the 1994 genocide in neighbouring Rwanda, which has a similar ethnic mix to Burundi.
This week’s referendum changed the constitution in a way that would allow Nkurunziza to run for another two terms. It also extended a president’s term from five to seven years.
New York-based Human Rights Watch says at least 15 people were killed while six were raped during the referendum campaign.
Broadcasts by the BBC and the Voice of America were also banned two weeks before the vote. Writing by Elias Biryabarema; Editing by Andrew Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-burundi-vote/burundi-opposition-push-to-annul-vote-extending-presidents-term-idUKKCN1IP38M |
May 10, 2018 / 4:54 PM / Updated an hour ago Grid operator asks US Gulf Coast utilities to expect hot weather Reuters Staff 2 Min Read
May 10 (Reuters) - The operator of the U.S. Midwest electric grid on Thursday told power companies in its Gulf Coast region to suspend all transmission and generation maintenance from May 14-16 when hot weather is expected to boost air conditioning demand:
* The Midcontinent Independent System Operator Inc, or MISO, said it issued the request because temperatures in the region are expected to reach the low 90s Fahrenheit (33 Celsius) during that time and cited an unusual amount of forced generation outages.
* The Gulf Coast or MISO South region includes utilities in parts of Arkansas, Louisiana, Mississippi and Texas. The biggest utilities operating in that area are units of Entergy Corp .
* MISO said the grid has enough power reserves to meet peak demand during the summer air conditioning seasons.
* The MISO grid covers parts of 15 U.S. states from Montana and Minnesota south to Louisiana and Texas, and the Canadian province of Manitoba.
* Some of the biggest energy companies in the MISO region, include units of Entergy, Ameren Corp, Duke Energy Corp , CMS Energy Corp, DTE Energy Co, Xcel Energy Inc and WEC Energy Group Inc. Reporting by Scott DiSavino; Editing by Richard Chang | ashraq/financial-news-articles | https://www.reuters.com/article/miso-power-midwest/grid-operator-asks-us-gulf-coast-utilities-to-expect-hot-weather-idUSL1N1SH1IN |
TORONTO, May 24 (Reuters) - Canada’s infrastructure bank said on Thursday it had appointed former pension fund executive Pierre Lavallee as its first chief executive, taking charge of the new body set up to facilitate private investment in infrastructure projects.
Over the past six years, Lavallee has held various roles at the Canada Pension Plan Investment Board, Canada’s biggest public pension plan, where he was most recently global head of investment partnerships. Lavallee left CPPIB earlier this month as part of a management shake-up.
The infrastructure bank is courting pension funds in Canada and overseas and other investors such as sovereign wealth funds to supplement government investment in projects such as new roads and bridges.
The government advisory panel that recommended the bank’s creation had said it could look to raise C$4 to C$5 of private funding for every C$1 provided by taxpayers to fund projects.
The infrastructure bank, set up in 2017, has yet to facilitate funding for any projects. (Reporting by Matt Scuffham Editing by Tom Brown)
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-infrastructure-ceo/canada-infrastructure-bank-appoints-first-chief-executive-idUSL2N1SV1AG |
May 24, 2018 / 7:47 AM / Updated 33 minutes ago Publicis starts test phase of "Marcel" internal network aimed at performance boost Reuters Staff 2 Min Read
PARIS (Reuters) - Advertising group Publicis ( PUBP.PA ) will unveil its internal collaborative network “Marcel” on Thursday and hopes to have 90 percent of its staff using it by 2020, in a move designed to improve the interaction between Publicis’ various agencies.
The Paris-based company, which partnered with Microsoft ( MSFT.O ) to develop the platform, aims to foster greater collaboration between its myriad network of agencies worldwide through using this tool.
Chief Executive Arthur Sadoun stunned the industry last year by announcing Publicis would skip all awards events and trade shows, including the Cannes Lions event — the world’s biggest advertising industry conference — to develop the network.
“Marcel” will provide a daily digest to all employees who opt in, Publicis said in a statement. These digests will include suggestions to participate in pitches and works in progress.
The launch will be in January 2019 and employees will join on a voluntary basis, added Publicis, which is the world’s third-biggest advertising group and whose rivals include WPP ( WPP.L ) and Omnicom ( OMC.N ).
Publicis did not say how much the initiative had cost and declined to provide an estimate of the productivity gains it might be seeking to achieve with this tool. Reporting by Mathieu Rosemain; Editing by Sudip Kar-Gupta | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-tech-publicis/publicis-starts-test-phase-of-marcel-internal-network-aimed-at-performance-boost-idUKKCN1IP11O |
LONDON (Thomson Reuters Foundation) - A new “plastic-free” logo launched in Britain on Wednesday will allow shoppers to identify products with plastic packaging, as companies come under growing pressure to use green alternatives.
Eight million tonnes of plastic - bottles, packaging and other waste - are dumped into the ocean every year, killing marine life and entering the human food chain, according to the United Nations.
Growing concern from the public and lawmakers about the damage to the environment means food and drink manufacturers and retailers are under pressure to act on plastic waste.
“We all know the damage our addiction to plastic has caused, we want to do the right thing and buy plastic-free,” said Sian Sutherland, co-founder of A Plastic Planet, the British-based campaign group behind the new label.
“But it is harder than you think, and a clear, no-nonsense label is much needed. Finally, shoppers can be part of the solution not the problem.”
British supermarket giant Iceland [MUNDBF.UL], Dutch supermarket Ekoplaza, which launched a plastic-free aisle earlier this year, and British tea company teapigs are among the first companies to adopt the label.
Last month, more than 40 companies including Britain’s biggest supermarkets, Coca Cola, Nestle [NESNHO.UL] and Procter & Gamble , signed up to the UK Plastics Pact, pledging to eliminate unnecessary single-use plastic packaging by 2025.
In January, privately-owned Iceland became the first British supermarket to promise to eliminate plastic packaging from all of its own-brand products.
“With the grocery retail sector accounting for more than 40 percent of plastic packaging in the UK, it’s high time that Britain’s supermarkets came together to take a lead,” said Iceland’s managing director Richard Walker in a statement.
In 2015 Britain introduced a charge for plastic bags which has led to an 80 percent reduction in plastic bag use since 2015.
Nearly 200 nations late last year signed a U.N. resolution to eliminate plastic pollution in the sea, a move some hope will pave the way to a legally binding treaty.
Reporting by Lin Taylor @linnytayls, Editing by Claire Cozens. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters that covers humanitarian issues, conflicts, land and property rights, modern slavery and human trafficking, gender equality, climate change and resilience. Visit news.trust.org to see more stories
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-plastic-label/first-plastic-free-label-to-help-shoppers-curb-pollution-idUSKCN1IH1WV |
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