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May 16 (Reuters) - Citigroup Inc:
* CITIGROUP INC FILES PROSPECTUS SUPPLEMENT RELATED TO OFFERING OF $1.25 BILLION 4.044% FIXED RATE/FLOATING RATE CALLABLE SENIOR NOTES DUE 2024 - SEC FILING Source text - bit.ly/2INNUIG Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-citigroup-inc-files-prospectus-sup/brief-citigroup-inc-files-prospectus-supplement-related-to-offering-of-1-25-billion-4-044-fixed-rate-floating-rate-callable-senior-notes-due-2024-idUSFWN1SN0Y5 |
May 31, 2018 / 1:46 PM / Updated 23 minutes ago Shell starts new Gulf of Mexico field one year ahead of plan Ron Bousso 2 Min Read
LONDON (Reuters) - Royal Dutch Shell ( RDSa.L ) on Thursday announced the start of production at the Kaikias field in the U.S. Gulf of Mexico, around one year ahead of schedule. FILE PHOTO: A guard stands outside Anglo-Dutch oil major Royal Dutch Shell's first gas station in Mexico City, Mexico September 5, 2017. REUTERS/Ginnette Riquelme
Production from the subsea deep water development, which will reach 40,000 barrels of oil equivalent per day, comes after Shell reduced its costs by around 30 percent to allow it to generate profit at less than $30 a barrel, the company said.
“We believe Kaikias is the most competitive subsea development in the Gulf of Mexico and a prime example of the deep-water opportunities we’re able to advance with our technical expertise and capital discipline,” said Andy Brown, Shell’s Upstream Director.
Following the collapse in oil prices in 2014, companies have sharply reduced costs for developing fields by slashing the cost of services, simplifying engineering plans and increasing the use of technology.
Kaikias is located some 130 miles (210 kilometres) off the coast of Louisiana in the Mars-Ursa basin. Shell holds an 80 percent stake in the project while Japan’s Mitsui ( 8031.T ) holds the remaining 20 percent.
The field is under around 4,500 feet (1,372 metres) of water and its four wells are connected to the Shell-operated Ursa hub, from where the oil flows to the shore via the Mars pipeline. Reporting by Ron Bousso; Editing by Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-shell-kaikias/shell-starts-new-gulf-of-mexico-field-one-year-ahead-of-plan-idUKKCN1IW1UQ |
Cramer: Investors are waking up to the 'terribly inefficient' oil market 6 Hours Ago Jim Cramer recalls the 2008 breakdown in oil prices and explains why investors' distrust of oil futures could help the crude market. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/cramer-investors-are-waking-up-to-terribly-inefficient-oil-market.html |
May 3 (Reuters) - Archrock Inc:
* Q1 LOSS PER SHARE $0.06 * Q1 EARNINGS PER SHARE VIEW $0.00 — THOMSON REUTERS I/B/E/S
* EBITDA, AS ADJUSTED, WAS $78.7 MILLION FOR Q1 2018, COMPARED TO $71.9 MILLION FOR Q4 OF 2017
* PLAN TO INVEST $230-$250 MILLION OF GROWTH CAPITAL THIS YEAR
* QTRLY TOTAL REVENUE $212.040 MILLION VERSUS $189.885 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-archrock-reports-q1-loss-per-share/brief-archrock-reports-q1-loss-per-share-0-06-idUSASC09ZEC |
FIRST QUARTER HIGHLIGHTS COMPARED TO PRIOR YEAR:
Revenue $120.1 million, up 9% Base Business growth of 2%; Event Business growth of 8% Field and Industrial Services revenue growth of 16% Operating income growth of 11% Recognized a $2 million cash gain, or $0.07 per diluted share, on issuance of a property easement Net income of $9.2 m illion Diluted earnings per share of $0.42 Adjusted earnings per share of $0.36, up 57% Adjusted EBITDA of $24.5 million, up 4%
2018 BUSINESS OUTLOOK REAFFIRMED:
Diluted earnings per share expected to range from $2.15 to $2.34 per share Adjusted EBITDA expected to range from $122 million to $128 million Capital expenditures expected to range from $39 million to $42 million
BOISE, Idaho, May 03, 2018 (GLOBE NEWSWIRE) -- US Ecology, Inc. (NASDAQ:ECOL) (“the Company”) today reported total revenue of $120.1 million and net income of $9.2 million, or $0.42 per diluted share, for the quarter-ended March 31, 2018. Adjusted earnings per share, which excludes a gain on the issuance of a property easement, foreign currency translation gains and losses, and business development expenses, was $0.36 per diluted share in the first quarter of 2018, up 57% from the first quarter of 2017.
“Operating results and adjusted EBITDA were in line with our expectations for the first quarter,” commented Chairman and Chief Executive Officer, Jeff Feeler. “Continued positive momentum in Event Business for the Environmental Services segment led to an 8% increase over the first quarter of 2017. We also saw our Base Business grow 2% on top of what was a very strong quarter a year ago. The Field and Industrial Services segment had a solid quarter, with revenues up 16% compared to the first quarter of 2017.”
For the first quarter of 2018, Environmental Services (“ES”) segment revenue was $86.5 million, up from $81.3 million in the first quarter of 2017. This increase consisted of 5% growth in treatment and disposal (“T&D”) revenue and 12% growth in transportation revenue compared to the first quarter of 2017. Field and Industrial Services (“FIS”) segment revenue was $33.6 million 2018, up 16% from $28.9 million in the same period of 2017, reflecting continued growth in our Total Waste Management and Small Quantity Generation business lines as well as stronger overall market conditions.
Gross profit 2018 was $35.7 million, up 12% from $31.9 million in the same quarter last year. ES segment gross profit was $32.5 million in the first quarter of 2018, up from $28.7 million in the same quarter of 2017. T&D gross margin for the ES segment was 40% 2018, compared to 38% 2017. Gross profit for the FIS segment in the first quarter of 2018 was $3.2 million up slightly from the first quarter of 2017. Gross margin for the FIS segment was 10% in first quarter of 2018, compared to 11% in the first quarter of 2017 on a less favorable service mix.
Selling, general and administrative (“SG&A”) expense 2018 was $22.2 million, compared with $19.7 million in the same quarter last year. The increase was primarily due to higher labor and incentive compensation costs and higher consulting and professional services in the first quarter of 2018 compared to the first quarter of 2017.
Operating income 2018 was $13.4 million compared to $12.2 million in the first quarter of 2017, an increase of 11%.
Net interest expense 2018 was $2.8 million, down from $4.1 million in the first quarter of 2017. The decrease was the result of a lower interest rate on our new credit facility in the first quarter of 2018 compared to the first quarter of 2017.
Other income 2018 was $2.1 million compared to $137,000 in the first quarter of 2017. The increase was due to a $2.0 million gain ($0.07 per diluted share) in the first quarter of 2018 on the issuance of a property easement on a portion of unutilized Company-owned land at one of our operating facilities.
The Company’s consolidated effective income tax rate 2018 was 27.6%, down from 37.3% 2017. The decrease was primarily due to tax reform passed in the fourth quarter of 2017, which reduced the U.S. corporate tax rate from 35% to 21%.
Net income 2018 was $9.2 million, or $0.42 per diluted share, compared to net income of $5.2 million, or $0.24 per diluted share, in the first quarter of 2017. Tax reform favorably impacted net income by approximately $0.04 per diluted share compared to the first quarter of 2017. Adjusted earnings per share, which excludes the gain on the issuance of a property easement, foreign currency translation gains and losses, and business development expenses, was $0.36 per diluted share in the first quarter of 2018, compared to $0.23 per diluted share in the first quarter of 2017.
Adjusted EBITDA 2018 was $24.5 million, up 4% from $23.5 million in the same period last year.
Reconciliations of earnings per diluted share to adjusted earnings per diluted share and net income to adjusted EBITDA are attached as Exhibit A to this release.
2018 OUTLOOK
“Overall, business conditions continue to steadily improve, consistent with our expectations coming into the year,” added Feeler. “Our underlying Base Business remains strong and we continue to bid and secure our fair share of Event Business opportunities, further supporting our view of sequentially stronger quarterly financial performance as we progress through the year.”
With results in line with expectations, the Company reaffirms its previously issued 2018 Adjusted EBITDA guidance range of $122 million to $128 million and its diluted earnings per share guidance of $2.15 to $2.34. The Company’s earnings guidance excludes the gain on the issuance of a property easement, business development expenses and foreign currency gains and losses.
The following table reconciles our projected net income to our adjusted EBITDA guidance range:
For the Year Ending December 31, 2018 (in thousands) Low High Net Income $ 48,441 $ 52,641 Income tax expense 17,949 19,449 Interest expense 10,400 10,400 Other income (2,290 ) (2,290 ) Depreciation and amortization of plant and equipment 29,400 29,700 Amortization of intangible assets 9,600 9,600 Stock-based compensation 4,200 4,200 Accretion of closure & post-closure obligations 4,300 4,300 Adjusted EBITDA $ 122,000 $ 128,000 DIVIDEND
On April 2, 2018, the Company declared a quarterly dividend of $0.18 per common share for stockholders of record on April 20, 2018. The $3.9 million dividend was paid on April 27, 2018.
CONFERENCE CALL
US Ecology, Inc. will hold an investor conference call on Friday, May 4, 2018 at 10:00 a.m. Eastern Daylight Time (8:00 a.m. Mountain Daylight Time) to discuss these results and its current financial position and business outlook. Questions will be invited after management’s presentation. Interested parties can access the conference call by dialing 877-512-4138 or 412-317-5478. The conference call will also be broadcast live on our website at www.usecology.com . An audio replay will be available through May 11, 2018 by calling 877-344-7529 or 412-317-0088 and using the passcode 10119504. The replay will also be accessible on our website at www.usecology.com .
ABOUT US ECOLOGY, INC.
US Ecology, Inc. is a leading North American provider of environmental services to commercial and government entities. The Company addresses the complex waste management needs of its customers, offering treatment, disposal and recycling of hazardous, non-hazardous and radioactive waste, as well as a wide range of complementary field and industrial services. US Ecology’s focus on safety, environmental compliance, and best-in-class customer service enables us to effectively meet the needs of our customers and to build long-lasting relationships. US Ecology has been protecting the environment since 1952 and has operations in the United States, Canada and Mexico. For more information, visit www.usecology.com .
Forward-looking statements are only predictions and are not guarantees of performance. These statements are based on management's beliefs and assumptions, which in turn are based on currently available information. Important assumptions include, among others, those regarding demand for Company services, expansion of service offerings geographically or through new or expanded service lines, the timing and cost of planned capital expenditures, competitive conditions and general economic conditions. These assumptions could prove inaccurate. Forward-looking statements also involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Many of these factors are beyond our ability to control or predict. Such factors include the replacement of non-recurring event clean-up projects, a loss of a major customer, our ability to permit and contract for timely construction of new or expanded disposal cells, our ability to renew our operating permits or lease agreements with regulatory bodies, loss of key personnel, compliance with and changes to applicable laws, rules, or regulations, access to insurance, surety bonds and other financial assurances, a deterioration in our labor relations or labor disputes, our ability to perform under required contracts, failure to realize anticipated benefits and operational performance from acquired operations, adverse economic or market conditions, government funding or competitive pressures, incidents or adverse weather conditions that could limit or suspend specific operations, access to cost effective transportation services, fluctuations in foreign currency markets, lawsuits, our willingness or ability to repurchase shares or pay dividends, implementation of new technologies, limitations on our available cash flow as a result of our indebtedness and our ability to effectively execute our acquisition strategy and integrate future acquisitions.
Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission (the “SEC”), we are under no obligation to publicly update or revise any , whether as a result of new information, future events or otherwise. You should not place undue reliance on our . Although we believe that the expectations reflected in are reasonable, we cannot guarantee future results or performance. Before you invest in our common stock, you should be aware that the occurrence of the events described in the "Risk Factors" sections of our annual and quarterly reports could harm our business, prospects, operating results, and financial condition.
US ECOLOGY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2018 2017 Revenue Environmental Services $ 86,471 $ 81,303 Field & Industrial Services 33,588 28,931 Total 120,059 110,234 Gross profit Environmental Services 32,452 28,686 Field & Industrial Services 3,219 3,187 Total 35,671 31,873 Selling, general & administrative expenses Environmental Services 6,376 5,731 Field & Industrial Services 2,257 2,641 Corporate 13,599 11,342 Total 22,232 19,714 Operating income 13,439 12,159 Other income (expense): Interest income 24 10 Interest expense (2,809 ) (4,130 ) Foreign currency gain (loss) (14 ) 88 Other 2,123 137 Total other expense (676 ) (3,895 ) Income before income taxes 12,763 8,264 Income tax expense 3,520 3,079 Net income $ 9,243 $ 5,185 Earnings per share: Basic $ 0.42 $ 0.24 Diluted $ 0.42 $ 0.24 Shares used in earnings per share calculation: Basic 21,801 21,725 Diluted 21,957 21,845 Dividends paid per share $ 0.18 $ 0.18
US ECOLOGY, INC. CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) March 31, 2018 December 31, 2017 Assets Current Assets: Cash and cash equivalents $ 44,251 $ 27,042 Receivables, net 95,642 110,777 Prepaid expenses and other current assets 9,943 9,138 Income tax receivable 565 - Total current assets 150,401 146,957 Property and equipment, net 232,352 234,432 Restricted cash and investments 5,793 5,802 Intangible assets, net 219,806 222,812 Goodwill 188,883 189,373 Other assets 3,850 2,700 Total assets $ 801,085 $ 802,076 Liabilities and Stockholders’ Equity Current Liabilities: Accounts payable $ 11,380 $ 14,868 Deferred revenue 8,793 8,532 Accrued liabilities 20,715 22,888 Accrued salaries and benefits 11,763 14,242 Income tax payable 3,149 2,970 Current portion of closure and post-closure obligations 2,333 2,330 Total current liabilities 58,133 65,830 Long-term closure and post-closure obligations 74,490 73,758 Long-term debt 277,000 277,000 Other long-term liabilities 3,082 3,828 Deferred income taxes, net 58,233 57,583 Total liabilities 470,938 477,999 Commitments and contingencies Stockholders’ Equity Common stock 219 218 Additional paid-in capital 178,840 177,498 Retained earnings 160,838 155,533 Treasury stock (370 ) (68 ) Accumulated other comprehensive loss (9,380 ) (9,104 ) Total stockholders’ equity 330,147 324,077 Total liabilities and stockholders’ equity $ 801,085 $ 802,076
US ECOLOGY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) For the Three Months Ended
March 31, 2018 2017 Cash Flows From Operating Activities: Net income $ 9,243 $ 5,185 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization of property and equipment 6,605 6,633 Amortization of intangible assets 2,302 2,670 Accretion of closure and post-closure obligations 1,074 1,073 Unrealized foreign currency loss (gain) 654 (168 ) Deferred income taxes 450 179 Share-based compensation expense 1,068 918 Net loss on disposition of assets 17 219 Amortization and write-off of debt issuance costs 202 504 Amortization and write-off of debt discount - 37 Changes in assets and liabilities: Receivables 14,947 2,991 Income tax receivable (573 ) 2,045 Other assets (792 ) (417 ) Accounts payable and accrued liabilities (4,163 ) (2,577 ) Deferred revenue 301 2,037 Accrued salaries and benefits (2,432 ) (124 ) Income tax payable 215 (61 ) Closure and post-closure obligations (288 ) (271 ) Net cash provided by operating activities 28,830 20,873 Cash Flows From Investing Activities: Purchases of property and equipment (7,558 ) (7,151 ) Purchases of restricted investments (498 ) (2 ) Proceeds from sale of restricted investments 417 - Proceeds from sale of property and equipment 42 40 Net cash used in investing activities (7,597 ) (7,113 ) Cash Flows From Financing Activities: Payments on long-term debt - (4,726 ) Payments on short-term borrowings - (13,438 ) Proceeds from short term borrowings - 11,260 Dividends paid (3,937 ) (3,923 ) Proceeds from exercise of stock options 731 496 Payment of equipment financing obligations (108 ) (85 ) Other (313 ) (74 ) Net cash used in financing activities (3,627 ) (10,490 ) Effect of foreign exchange rate changes on cash (488 ) 29 Increase in Cash and cash equivalents and restricted cash 17,118 3,299 Cash and cash equivalents and restricted cash at beginning of period 28,799 8,722 Cash and cash equivalents and restricted cash at end of period $ 45,917 $ 12,021 EXHIBIT A
Non-GAAP Results and Reconciliation
US Ecology reports adjusted EBITDA, Pro Forma adjusted EBITDA and adjusted earnings per diluted share results, which are non-GAAP financial measures, as a complement to results provided in accordance with generally accepted accounting principles in the United States (GAAP) and believes that such information provides analysts, stockholders, and other users information to better understand the Company’s operating performance. Because adjusted EBITDA, Pro Forma adjusted EBITDA and adjusted earnings per diluted share are not measurements determined in accordance with GAAP and are thus susceptible to varying calculations they may not be comparable to similar measures used by other companies. Items excluded from adjusted EBITDA, Pro Forma adjusted EBITDA and adjusted earnings per diluted share are significant components in understanding and assessing financial performance.
Adjusted EBITDA, Pro Forma adjusted EBITDA and adjusted earnings per diluted share should not be considered in isolation or as an alternative to, or substitute for, net income, cash flows generated by operations, investing or financing activities, or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Adjusted EBITDA, Pro Forma adjusted EBITDA and adjusted earnings per diluted share have limitations as analytical tools and should not be considered in isolation or a substitute for analyzing our results as reported under GAAP. Some of the limitations are:
Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; Adjusted EBITDA does not reflect our interest expense, or the requirements necessary to service interest or principal payments on our debt; Adjusted EBITDA does not reflect our income tax expenses or the cash requirements to pay our taxes; Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; Although depreciation and amortization charges are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted EBITDA does not reflect cash requirements for such replacements; and Pro Forma adjusted EBITDA does not reflect our business development expenses, which may vary significantly quarter to quarter.
Adjusted EBITDA
The Company defines adjusted EBITDA as net income before interest expense, interest income, income tax expense/benefit, depreciation, amortization, stock-based compensation, accretion of closure and post-closure liabilities, foreign currency gain/loss, and other income/expense, which are not considered part of usual business operations.
Pro Forma adjusted EBITDA
The Company defines Pro Forma adjusted EBITDA as adjusted EBITDA (see definition above) plus business development expenses incurred during the period. We believe Pro Forma adjusted EBITDA is helpful in understanding our business and how it relates to our 2018 guidance which does not include business development expenses.
The following reconciliation itemizes the differences between reported net income and adjusted EBITDA and Pro Forma adjusted EBITDA for the three months ended March 31, 2018 and 2017:
(in thousands) Three Months Ended March 31, 2018 2017 Net Income $ 9,243 $ 5,185 Income tax expense 3,520 3,079 Interest expense 2,809 4,130 Interest income (24 ) (10 ) Foreign currency (gain) loss 14 (88 ) Other income (2,123 ) (137 ) Depreciation and amortization of plant and equipment 6,605 6,633 Amortization of intangible assets 2,302 2,670 Stock-based compensation 1,068 918 Accretion and non-cash adjustments of closure & post-closure obligations 1,074 1,073 Adjusted EBITDA $ 24,488 $ 23,453 Business development expenses 11 37 Pro Forma adjusted EBITDA $ 24,499 $ 23,490 Adjusted Earnings Per Diluted Share
The Company defines adjusted earnings per diluted share as net income adjusted for the after-tax impact of the gain on the issuance of a property easement, the after-tax impact of business development costs, and non-cash foreign currency translation gains or losses, divided by the number of diluted shares used in the earnings per share calculation.
The property easement gain relates to the issuance of an easement on a small portion of owned land at an operating facility which should not hinder our future use. The foreign currency translation gains or losses excluded from the earnings per diluted share calculation are related to intercompany loans between our Canadian subsidiaries and the U.S. parent which have been established as part of our tax and treasury management strategy. These intercompany loans are payable in Canadian dollars (“CAD”) requiring us to revalue the outstanding loan balance through our consolidated income statement based on the CAD/United States currency movements from period to period. Business development costs relate to expenses incurred to evaluate businesses for potential acquisition or costs related to closing and integrating successfully acquired businesses.
We believe excluding the gain on issuance of a property easement, the after-tax impact of business development costs, and non-cash foreign currency translation gains or losses provides meaningful information to investors regarding the operational and financial performance of the Company.
The following reconciliation itemizes the differences between reported net income and earnings per diluted share to adjusted net income and adjusted earnings per diluted share for the three months ended March 31, 2018 and 2017:
(in thousands, except per share data) Three Months Ended March 31, 2018 2017 Income before
income taxes Income tax
expense Net income per share Income before
income taxes Income tax
expense Net income per share As Reported $ 12,763 $ (3,520 ) $ 9,243 $ 0.42 $ 8,264 $ (3,079 ) $ 5,185 $ 0.24 Adjustments: Less: TX land easement gain (1,990 ) 549 (1,441 ) (0.07 ) - - - - Plus: Business development costs 11 (3 ) 8 - 37 (14 ) 23 - Non-cash foreign currency translation (gain) loss 171 (47 ) 124 0.01 (145 ) 54 (91 ) (0.01 ) As Adjusted $ 10,955 $ (3,021 ) $ 7,934 $ 0.36 $ 8,156 $ (3,039 ) $ 5,117 $ 0.23 Shares used in earnings per diluted share calculation 21,957 21,845 For Immediate Release
Contact: Alison Ziegler, Darrow Associates (201)220-2678
[email protected] www.usecology.com
Source:US Ecology, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-us-ecology-announces-first-quarter-2018-results.html |
SPIEF: Russian elite gathers in St Petersburg 'To produce oil one needs pipes': Russian pipemaker TMK looks to oil's rise for growth Higher oil prices and higher U.S. production w ill help Russian pipemaker TMK but "the oil price is not everything," the head of strategy said. TMK is Russia's largest maker of steel pipes for the oil and gas industry. It has the world's largest steel pipe production capacity and its pipe shipments totaled 3.78 million tonnes in 2018. Published 9 Hours Ago CNBC.com
Oil prices are rising and higher U.S. production can only be beneficial to us, the head of strategy at Russian pipemaker TMK told CNBC Thursday.
"The sector we're in is very dynamic now with the oil price at $70-plus for WTI (West Texas Intermediate), we're seeing very strong drilling activity and the U.S. does not produce all the products it needs so that (means) a lot of imports," Vladimir Shmatovich said at St. Petersburg International Economic Forum (SPIEF) .
TMK's head of strategy said higher oil prices and higher U.S. production would help the pipemaker, which makes tubular products for the global oil and gas industry, but he conceded that "the oil price is not everything."
"Some companies have a bigger cushion (to protect against fluctuating oil prices) but some of them are on a very thin edge and when the oil price moves they can be in very big trouble. But our business is different and related to manufacturing as opposed to pure services, so there are higher barriers to entry," he said.
"I'm not going to say that it (business) doesn't depend on oil prices, because it does ... But to produce oil one needs pipes."
TMK is Russia's largest maker of steel pipes for the oil and gas industry. It has the world's largest steel pipe production capacity and its pipe shipments totaled 3.78 million tons in 2018.
It employs 42,000 employees around the world, exports to 80 countries and has 27 production sites around the world, 12 of which are in the U.S. and Canada where its TMK IPSCO subsidiary is located. Its American division has 2,000 employees and 1,390 kilo tons of pipe making capacity. Revenue in its American division was $994 million in 2017, on sales of 670,000 tons of product .
Still, being a Russian company operating in America with diplomatic and economic relations between the two superpowers at a low ebb can't be easy.
International sanctions, first imposed in 2014 for Russia's annexation of Crimea and its perceived role in a pro-Russian uprising in eastern Ukraine, have hit the country's banks, energy and arms sector by preventing them from being able to access funding in U.S. dollars. The sanctions have also restricted the Russian energy sector's access to technology needed for oil and gas exploration.
Shmatovich said his company had not experienced any problems, however.
"Political rhetoric doesn't make it easy, however we feel quite comfortable and we tend to be quite local. In the U.S. we are in eight states, and we are part of local communities and we have very good relationships with our American counterparts so we don't really feel it there much."
The interconnected nature of the industry could do with a calmer and more "benign" business climate, he added. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/to-produce-oil-one-needs-pipes-russian-pipemaker-tmk-looks-to-oils-rise-for-growth.html |
SAN DIEGO, May 3, 2018 /PRNewswire/ -- AMN Healthcare Services, Inc. (NYSE: AMN), the leader and innovator in healthcare workforce solutions and staffing services, today announced its first quarter 2018 financial results. Financial highlights are as follows:
Dollars in millions, except per share amounts.
Q1 2018
% Change
Q1 2017
Revenue
$522.5
6%
Gross profit
$167.8
4%
Net income
$42.7
33%
Diluted EPS
$0.87
34%
Adj. diluted EPS*
$0.81
29%
Adjusted EBITDA*
$66.5
5%
* See "Non-GAAP Measures" below for a discussion of our use of non-GAAP items and the table entitled "Supplemental Financial and Operating Data" for a reconciliation of non-GAAP items.
Highlights
AMN Healthcare reached record highs for revenue and EPS in the quarter. First quarter consolidated revenue of $522 million increased 6% year over year. Growth was led by our Nurse and Allied Solutions segment with revenue up by 8%. Adjusted EBITDA of $67 million grew 5% year over year and was 12.7% of revenue. Operating cash flow in the first quarter was strong at $60 million. In April we completed the acquisitions of MedPartners, Phillips DiPisa and Leaders For Today, which we expect to be immediately accretive.
"AMN delivered a quarter of great performance and service delivery for our clients and healthcare professionals," said Susan R. Salka, Chief Executive Officer of AMN Healthcare. "I am very proud of how our teams rallied to meet our clients' higher-than-expected staffing needs. Demand continues to grow for strategic partners capable of providing comprehensive solutions to meet the evolving healthcare workforce challenges. AMN is uniquely positioned with its suite of innovative workforce solutions."
Ms. Salka added, "We started the second quarter with the acquisition of three businesses that add valuable facets to our mid-revenue cycle, executive search and interim leadership solutions. MedPartners, Phillips DiPisa and Leaders For Today bring talented teams that are an excellent fit for AMN."
First Quarter 2018 Results
Consolidated revenue for the quarter was $522 million, a 6% increase over prior year and 3% higher than prior quarter. Revenue for the Nurse and Allied Solutions segment was $338 million, higher by 8% year over year and 5% sequentially. The Travel Nurse division continued to perform well with revenue up 10% year over year and 8% sequentially. Allied division revenue increased 3% year over year and was flat sequentially.
The Locum Tenens Solutions segment performed at the high end of expectations with revenue of $103 million, up slightly year over year and down by 5% sequentially. Other Workforce Solutions segment revenue was $81 million reflecting an increase of 3% year over year and 2% sequentially, with year-over-year growth driven by the mid-revenue cycle and workforce optimization businesses.
Gross margin was 32.1%, lower by 60 basis points year over year and higher by 30 basis points sequentially. The year-over-year gross margin decline was due primarily to lower bill-to-pay spreads in our Locum Tenens Solutions segment and a revenue mix shift in the Other Workforce Solutions segment. The sequential gross margin increase was driven primarily by a higher Nurse and Allied Solutions gross margin.
SG&A expenses were $105 million, or 20.0% of revenue, compared with $102 million, or 20.6% of revenue, in the same quarter last year. Expenses as a percentage of revenue decreased year over year due to improved operating leverage. SG&A was $100 million, or 19.7% of revenue, in the previous quarter.
Net income was $43 million, or $0.87 per diluted share, compared with $32 million, or $0.65 per diluted share, in the same quarter last year. Adjusted diluted EPS was $0.81. Adjusted EBITDA was $67 million, a year-over-year increase of 5%. Adjusted EBITDA margin was 12.7%, representing a decrease of 10 basis points year over year and an increase of 10 basis points sequentially.
At March 31, 2018, cash and cash equivalents totaled $54 million. Cash flow from operations was strong at $60 million for the quarter. Capital expenditures were $6 million in the quarter. The Company ended the quarter with total debt outstanding of $325 million, with a leverage ratio as calculated in accordance with the Company's credit agreement of 1.2 to 1.
April Acquisitions
In April, AMN completed the acquisition of MedPartners, a leading national mid-revenue cycle firm; and two related providers of healthcare leadership solutions, Phillips DiPisa and Leaders For Today. All of these businesses are included in the Company's Other Workforce Solutions segment.
MedPartners workforce solutions include case management, clinical documentation improvement, and medical registry, while also doubling our market share in medical coding. MedPartners generated 2017 revenue of approximately $125 million with an adjusted EBITDA margin of 16%. MedPartners is expected to be immediately accretive to AMN's adjusted earnings per share.
Phillips DiPisa is an executive retained search firm, specifically focusing on C-suite positions in healthcare. Leaders For Today provides interim healthcare leaders and mid-level permanent placement. The combined companies generated 2017 revenue of approximately $23 million and an adjusted EBITDA margin of 20%. The acquisition is expected to be immediately accretive to AMN's adjusted earnings per share.
Second Quarter 2018 Outlook
Metric
Guidance*
Consolidated revenue
$530 - $537 million
Gross margin
32.5-33.0%
SG&A as percentage of revenue
21.0%
Adjusted EBITDA margin
12.5-13.0%
*Note: Guidance percentage metrics are approximate. For a reconciliation of adjusted EBITDA margin, see the table entitled "Reconciliation of Guidance Adjusted EBITDA Margin to Guidance Operating Margin" below.
Projected year-over-year revenue growth in the second quarter of 2018 is approximately 8-10%. The acquisitions are expected to add $33-34 million of revenue in the second quarter. No significant labor disruption revenue is included in the second quarter guidance, nor was any in the prior-year quarter.
Conference Call on May 3, 2018
AMN Healthcare Services, Inc. (NYSE: AMN), healthcare's leader and innovator in workforce solutions and staffing services, will host a conference call to discuss its first quarter 2018 financial results on Thursday, May 3, 2018, at 5:00 p.m. Eastern Time. A live webcast of the call can be accessed through AMN Healthcare's website at http://amnhealthcare.investorroom.com/presentations . Please log in at least 10 minutes prior to the conference call in order to download the applicable audio software. Interested parties may participate live via telephone by dialing (800) 230-1074 in the U.S. or (612) 234-9960 internationally. Following the conclusion of the call, a replay of the webcast will be available at the Company's website. Alternatively, a telephonic replay of the call will be available starting at 7:30 p.m. Eastern Time on May 3, 2018, and can be accessed until 11:59 p.m. Eastern Time on May 17, 2018, by calling (800) 475-6701 in the U.S. or (320) 365-3844 internationally, with access code 447387.
About AMN Healthcare
AMN Healthcare is the leader and innovator in healthcare workforce solutions and staffing services to healthcare facilities across the nation. The Company provides unparalleled access to the most comprehensive network of quality healthcare professionals through its innovative recruitment strategies and breadth of career opportunities. With insights and expertise, AMN Healthcare helps providers optimize their workforce to successfully reduce complexity, increase efficiency and improve patient outcomes. AMN delivers managed services programs, healthcare executive search solutions, vendor management systems, recruitment process outsourcing, predictive modeling, mid-revenue cycle solutions, and other services. Clients include acute-care hospitals, community health centers and clinics, physician practice groups, retail and urgent care centers, home health facilities and many other healthcare settings. AMN Healthcare is committed to fostering and maintaining a diverse team that reflects the communities we serve. Our commitment to the inclusion of many different backgrounds, experiences and perspectives enables our innovation and leadership in the healthcare services industry.
The Company's common stock is listed on the New York Stock Exchange under the symbol "AMN." For more information about AMN Healthcare, visit www.amnhealthcare.com , where the Company posts news releases, investor presentations, webcasts, SEC filings and other material information. The Company also utilizes email alerts and Really Simple Syndication ("RSS") as routine channels to supplement distribution of this information. To register for email alerts and RSS, visit http://amnhealthcare.investorroom.com/emailalerts .
Non-GAAP Measures
This earnings release contains certain non-GAAP financial information, which the Company provides as additional information, and not as an alternative, to the Company's condensed consolidated financial statements presented in accordance with GAAP. These non-GAAP financial measures include (1) adjusted EBITDA, (2) adjusted EBITDA margin and (3) adjusted diluted EPS. The Company provides such non-GAAP financial measures because management believes that they are useful both to management and investors as a supplement, and not as a substitute, when evaluating the Company's operating performance. Additionally, management believes that adjusted EBITDA, adjusted EBITDA margin and adjusted diluted EPS serve as industry-wide financial measures. The Company uses adjusted EBITDA for making financial decisions and allocating resources. The non-GAAP measures in this release are not in accordance with, or an alternative to, GAAP measures and may be different from non-GAAP measures, or may be calculated differently than other similarly titled non-GAAP measures, reported by other companies. They should not be used in isolation to evaluate the Company's performance. A reconciliation of non-GAAP measures identified in this release, along with further detail about the use and limitations of certain of these non-GAAP measures, may be found below in the table entitled "Supplemental Financial and Operating Data" under the caption entitled "Reconciliation of Non-GAAP Items" and the footnotes thereto or on the Company's website at http://amnhealthcare.investorroom.com/financialreports . Additionally, from time to time, additional information regarding non-GAAP financial measures, including pro forma measures, may be made available on the Company's website.
This press release contains " " within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, statements concerning our guidance for second quarter 2018 revenue, gross margin, SG&A expenses as a percentage of revenue, adjusted EBITDA margin, the accretion from our recent acquisitions, market demand and our strategic positioning. The Company bases these on its current expectations, estimates and projections about future events and the industry in which it operates using information currently available to it. Actual results could differ materially from those discussed in, or implied by, these Forward-looking statements are identified by words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may," "estimates," variations of such words and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are Factors that could cause actual results to differ from those implied by the contained in this press release are set forth in our fillings with the Securities and Exchange Commission (SEC), including our most recent for the year ended December 31, 2017, our subsequent Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated and the Company is under no obligation (and expressly disclaims any such obligation) to update or revise any whether as a result of new information, future events, or otherwise.
Contact:
Randle Reece
Director, Investor Relations
866.861.3229
AMN Healthcare Services, Inc.
Condensed Consolidated Statements of Comprehensive Income
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
December 31,
2018
2017
2017
Revenue
$ 522,489
$ 495,169
$ 509,076
Cost of revenue
354,665
333,393
346,984
Gross profit
167,824
161,776
162,092
Gross margin
32.1%
32.7%
31.8%
Operating expenses:
Selling, general and administrative (SG&A)
104,737
102,073
100,375
SG&A as a % of revenue
20.0%
20.6%
19.7%
Depreciation and amortization
7,886
7,668
8,520
Total operating expenses
112,623
109,741
108,895
Income from operations
55,201
52,035
53,197
Operating margin (1)
10.6%
10.5%
10.4%
Interest expense, net, and other
5,335
5,130
4,782
Income before income taxes
49,866
46,905
48,415
Income tax expense
7,185
14,897
7,248
Net income
$ 42,681
$ 32,008
$ 41,167
Net income as a % of revenue
8.2%
6.5%
8.1%
Other comprehensive income (loss):
Foreign currency translation and other
(19)
3
13
Cash flow hedge, net of income taxes
‒‒
43
‒‒
Other comprehensive income (loss)
(19)
46
13
Comprehensive income
$ 42,662
$ 32,054
$ 41,180
Net income per common share:
Basic
$ 0.89
$ 0.67
$ 0.86
Diluted
$ 0.87
$ 0.65
$ 0.84
Weighted average common shares outstanding:
Basic
47,733
47,782
47,618
Diluted
49,116
49,520
49,281
AMN Healthcare Services, Inc.
Supplemental Financial and Operating Data
(dollars in thousands, except per share data and operating data)
(unaudited)
Three Months Ended
March 31,
December 31,
2018
2017
2017
Revenue
Nurse and allied solutions
$
338,179
$
313,523
$
321,360
Locum tenens solutions
103,117
102,843
108,142
Other workforce solutions
81,193
78,803
79,574
$
522,489
$
495,169
$
509,076
Reconciliation of Non-GAAP Items:
Segment operating income (2)
Nurse and allied solutions
$
51,805
$
45,980
$
48,154
Locum tenens solutions
9,958
12,219
12,394
Other workforce solutions
19,851
19,857
19,366
81,614
78,056
79,914
Unallocated corporate overhead
15,095
14,891
15,545
Adjusted EBITDA (3)
66,519
63,165
64,369
Adjusted EBITDA margin (4)
12.7%
12.8%
12.6%
Depreciation and amortization
7,886
7,668
8,520
Share-based compensation
2,864
2,681
2,517
Acquisition and integration costs
568
781
135
Income from operations
55,201
52,035
53,197
Interest expense, net, and other
5,335
5,130
4,782
Income before income taxes
49,866
46,905
48,415
Income tax expense
7,185
14,897
7,248
Net income
$
42,681
$
32,008
$
41,167
GAAP diluted net income per share (EPS)
$
0.87
$
0.65
$
0.84
Adjustments:
Amortization of intangible assets
0.09
0.09
0.10
Acquisition and integration costs
0.01
0.02
0.00
Debt financing related costs
0.01
0.00
0.00
Tax effect on above adjustments
(0.03)
(0.04)
(0.04)
Tax correction related to prior periods (5)
(0.05)
0.00
0.00
Tax law effect on deferred taxes (6)
0.00
0.00
(0.27)
Excess tax benefits (6)
(0.09)
(0.09)
0.00
Adjusted diluted EPS (7)
$
0.81
$
0.63
$
0.63
Three Months Ended
March 31,
December 31,
2018
2017
2017
Gross Margin
Nurse and allied solutions
28.0%
27.7%
27.4%
Locum tenens solutions
28.7%
30.7%
29.3%
Other workforce solutions
53.6%
55.0%
53.1%
Operating Data:
Nurse and allied solutions
Average healthcare professionals on assignment (8)
9,567
9,051
9,234
Locum tenens solutions
Days filled (9)
52,794
55,243
56,591
Revenue per day filled (10)
$1,953
$1,862
$1,911
As of March 31,
As of December 31,
2018
2017
2017
Leverage ratio (11)
1.2
1.6
1.3
A MN Healthcare Services, Inc.
Condensed Consolidated Balance Sheets
(dollars in thousands)
(unaudited)
March 31,
December 31,
March 31,
2018
2017
2017
Assets
Current assets:
$ 54,499
$ 15,147
$ 37,711
Accounts receivable, net
338,600
350,496
334,782
Accounts receivable, subcontractor
39,027
41,012
48,838
Prepaid and other current assets
57,244
67,498
50,893
Total current assets
489,370
474,153
472,224
Restricted cash, cash equivalents
and investments
60,236
64,315
29,141
Fixed assets, net
75,530
73,431
62,620
Other assets
84,112
74,366
65,368
Goodwill
340,596
340,596
340,564
Intangible assets, net
222,708
227,096
241,130
Total assets
$ 1,272,552
$ 1,253,957
$ 1,211,047
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued expenses
$ 122,402
$ 130,319
$ 136,028
Accrued compensation and benefits
117,415
121,423
99,642
Current portion of notes payable
‒‒
‒‒
3,750
Deferred revenue
8,746
8,384
8,840
Other current liabilities
2,616
5,146
29,428
Total current liabilities
251,179
265,272
277,688
Notes payable, less unamortized fees
320,034
319,843
358,512
Deferred income taxes, net
21,922
27,036
16,548
Other long-term liabilities
80,201
79,279
81,494
Total liabilities
673,336
691,430
734,242
Commitments and contingencies
Stockholders' equity
599,216
562,527
476,805
Total liabilities and stockholders' equity
$ 1,272,552
$ 1,253,957
$ 1,211,047
Three Months Ended
March 31,
December 31,
2018
2017 (12)
2017 (12)
Net cash provided by operating activities
$ 59,735
$ 44,684
$ 58,422
Net cash used in investing activities
(9,613)
(13,300)
(11,316)
Net cash used in financing activities
(14,970)
(11,928)
(13,369)
Effect of exchange rates on cash
(19)
4
13
Net increase in cash, cash equivalents and restricted cash and cash equivalents
35,133
19,460
33,750
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period
98,894
51,028
65,144
Cash, cash equivalents and restricted cash and cash equivalents at end of period
$ 134,027
$ 70,488
$ 98,894
AMN Healthcare Services, Inc.
Additional Supplemental Non-GAAP Disclosures
Reconciliation of Guidance Adjusted EBITDA Margin to
Guidance Operating Margin
Three Months Ending
June 30, 2018
Low (13)
High (13)
Adjusted EBITDA margin
12.5%
13.0%
Deduct:
Share-based compensation
0.6%
Acquisition and integration costs
0.2%
EBITDA margin
11.7%
12.2%
Depreciation and amortization
1.9%
Operating margin
9.8%
10.3%
(1)
Operating margin represents income from operations divided by revenue.
(2)
Segment operating income represents net income plus interest expense (net of interest income) and other, income tax expense, depreciation and amortization, unallocated corporate overhead, acquisition and integration costs and share-based compensation.
(3)
Adjusted EBITDA represents net income plus interest expense (net of interest income) and other, income tax expense, depreciation and amortization, acquisition and integration costs and share-based compensation. Management believes that adjusted EBITDA provides an effective measure of the Company's results, as it excludes certain items that management believes are not indicative of the Company's operating performance and is a measure used in the Company's credit agreement and the indenture governing our 5.125% Senior Notes due 2024. Adjusted EBITDA is not intended to represent cash flows for the period, nor has it been presented as an alternative to income from operations or net income as an indicator of operating performance. Although management believes that some of the items excluded from adjusted EBITDA are not indicative of the Company's operating performance, these items do impact the statement of comprehensive income, and management therefore utilizes adjusted EBITDA as an operating performance measure in conjunction with GAAP measures such as net income.
(4)
Adjusted EBITDA margin represents adjusted EBITDA divided by revenue.
(5)
During the first quarter of 2018, the Company recorded a net tax benefit of $2,501,000 in 2018 to adjust for an immaterial error related to the income tax treatment of fair value changes in the cash surrender value of its Company Owned Life Insurance for years ended December 31, 2015 through December 31, 2017. These fair value changes had not previously been included as a benefit in the tax provisions of the related years.
(6)
The consolidated effective tax rate for 2018 was favorably affected by the recording of excess tax benefits relating to equity awards vested and exercised during the period. As a result of the adoption of a new accounting pronouncement on January 1, 2017, we no longer record excess tax benefits as an increase to additional paid-in capital, but record such excess tax benefits on a prospective basis as a reduction of income tax expense, which amounted to $4,518,000 and $4,297,000 for 2018 and March 31, 2017, respectively. The magnitude of the impact of excess tax benefits generated in the future, which may be favorable or unfavorable, is dependent upon the Company's future grants of share-based compensation, the Company's future stock price on the date awards vest or exercise in relation to the fair value of the awards on the grant date or the exercise behavior of the Company's stock appreciation rights holders. Since these favorable tax benefits are largely unrelated to our current year's income before taxes and is unrepresentative of our normal effective tax rate, we excluded their impact on adjusted diluted EPS for 2018 and March 31, 2017. In addition, during the quarter ended December 31, 2017, we recorded a discrete net tax benefit of $14,039,000 and a discrete tax expense of $1,000,000 from a remeasurement of our deferred tax assets and liabilities related to the impact of the Tax Cuts and Jobs Act and prior period share-based awards, respectively. We excluded these non-cash items from adjusted diluted EPS for the three months ended December 31, 2017 as they were unrelated to our fiscal year 2017's income before taxes.
(7)
Adjusted diluted EPS represents GAAP diluted EPS excluding the impact of the (A) amortization of intangible assets, (B) acquisition and integration costs, (C) deferred financing costs, (D) tax effect, if any, of the foregoing adjustments, (E) excess tax benefits relating to equity awards vested and exercised since January 1, 2017, (F) correction of prior periods error, and (G) discrete tax benefit from the Tax Cuts and Jobs Act's corporate rate reduction on the Company's deferred tax assets and liabilities and discrete tax expense from prior period share-based awards. Management included this non-GAAP measure to provide investors and prospective investors with an alternative method for assessing the Company's operating results in a manner that is focused on its operating performance and to provide a more consistent basis for comparison between periods. However, investors and prospective investors should note that this non-GAAP measure involves judgment by management (in particular, judgment as to what is classified as a special item to be excluded from adjusted diluted EPS). Although management believes the items excluded from adjusted diluted EPS are not indicative of the Company's operating performance, these items do impact the statement of comprehensive income, and management therefore utilizes adjusted diluted EPS as an operating performance measure in conjunction with GAAP measures such as GAAP diluted EPS.
(8)
Average healthcare professionals on assignment represents the average number of nurse and allied healthcare professionals on assignment during the period presented.
(9)
Days filled is calculated by dividing the locum tenens hours filled during the period by eight hours.
(10)
Revenue per day filled represents revenue of the Company's locum tenens solutions segment divided by days filled for the period presented.
(11)
Leverage ratio represents the ratio of the consolidated funded indebtedness (as calculated per the Company's credit agreement) at the end of the subject period to the consolidated adjusted EBITDA (as calculated per the Company's credit agreement) for the twelve-month period ended at the end of the subject period.
(12)
As a result of the adoption of ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" on January 1, 2018, we are required to present in the statement of cash flows the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. We adjusted certain restricted cash amounts for 2017 and December 31, 2017 in the cash flow table presented above. These adjustments had no effect on previously reported results of operations or retained earnings.
(13)
Guidance percentage metrics are approximate.
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SOURCE AMN Healthcare Services, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-amn-healthcare-announces-first-quarter-2018-results.html |
May 12, 2018 / 3:00 PM / Updated 10 minutes ago Merkel says Europe should do more to stop Syria war Reuters Staff 3 Min Read
ASSISI, Italy (Reuters) - Europe needs to do more to end the war in Syria, German Chancellor Angela Merkel said on Saturday as she received a peace award from Franciscan monks in the birthplace of St. Francis. German Chancellor Angela Merkel speaks after she received a "Peace Lamp" award from the Catholic monks at the Basilica of St. Francis in Assisi, Italy, May 12, 2018. REUTERS/Yara Nardi
Merkel was given the Franciscan order’s “Lamp of Peace,” joining previous recipients such as former Polish president Lech Walesa, the Dalai Lama, the late Israeli president Shimon Peres and Colombian president Juan Manuel Santos.
In an acceptance speech in the basilica, its walls lined with frescoes by the 13th century master Giotto, Merkel called Syria “one of the biggest humanitarian tragedies of our time” and said politicians had to work harder to end it.
“This conflict has become a conflict of regional interests, a conflict of religions … and that’s why today’s award reminds me and many other European leaders that we should be more involved in solving this conflict,” she said.
The Syrian Observatory for Human Rights, a British-based war monitor, says more than half a million people have been killed in the Syrian war since it erupted seven years ago. About 85 percent of the dead were civilians killed by the forces of the Syrian government and its allies, according to the Observatory.
Speaking of the conflict in eastern Ukraine, Merkel said “Those who thought that the end of the Cold War would bring peace to Europe were wrong”.
More than 10,000 people have been killed since April 2014 in a conflict that pits Ukrainian forces against Russian-backed separatists in eastern Ukraine. Intermittent clashes continue despite a notional ceasefire and diplomatic peace efforts.
Merkel, the daughter of a Lutheran minister in what was then East Germany, lit a candle on the tomb of St. Francis of Assisi, the 13th century saint of preached peace and defence of nature.
The head of the Assisi convent, Father Mauro Gambetti, said the Franciscans had decided to give the award to Merkel, who has defended the rights of refugees trying to find a better life in Europe, because of her “commitment to promoting peaceful coexistence among peoples.”
“This lamp is an inspiration for me. I will keep it on my desk,” she said. Additional reporting by Michael Nienaber in Berlin, writing by Philip Pullella, Editing by Ros Russell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-germany-merkel-italy/merkel-says-europe-should-do-more-to-stop-syria-war-idUKKCN1ID0KQ |
May 8, 2018 / 11:38 AM / Updated 2 hours ago North Korean leader Kim visits China, meets President Xi Michael Martina , Heekyong Yang 6 Min Read
BEIJING/SEOUL (Reuters) - North Korean leader Kim Jong Un visited China and met President Xi Jinping, state media of both countries said on Tuesday, their second encounter in two months in a flurry of diplomatic engagement that has eased tensions on the Korean peninsula.
They met on Monday and Tuesday in the coastal city of Dalian ahead of what would be a historic meeting between Kim and U.S. President Donald Trump that the White House has said could take place as soon as this month.
China has been keen to show it has an indispensable role in seeking a lasting solution to tension over North Korea’s pursuit of nuclear weapons, concerned that its interests may be ignored, especially as North Korea and the United States establish contacts.
During the visit, announced only after it was over, Kim told Xi he hoped relevant parties would take “phased” and “synchronized” measures to realize denuclearization and lasting peace on the Korean peninsula.
“So long as relevant parties eliminate hostile policies and security threats toward North Korea, North Korea has no need for nuclear (capacity), and denuclearization can be realized,” China’s official Xinhua news agency cited Kim as saying.
Kim told Xi the denuclearization of the peninsula was North Korea’s “constant and clear position”, and that dialogue between North Korea and the United States could build mutual trust.
TRUMP-XI CALL
Trump and Xi discussed developments on the Korean peninsula and Kim’s visit to China during a phone call on Tuesday morning, the White House said.
Trump and Xi agreed on the importance of maintaining sanctions on Pyongyang until it permanently dismantles its nuclear and missile programs, the White House said. Chinese state media said Xi reiterated China’s support for a U.S.-North Korea summit.
Chinese state television said Xi said he “hopes the United States and North Korea can build mutual trust, synchronize actions, resolve each sides’ concerns through meeting and consultations, consider North Korea’s reasonable security concerns, and jointly promote the political resolution process to the Korean peninsula issue.” Related Coverage North Korea's Kim 'very pleased' relationship with China at a high point: media
In the past North Korea has used the term “hostile policies” in reference to the U.S. troop presence in South Korea, the U.S. nuclear umbrella covering South Korea and Japan and regular joint military exercises in South Korea.
China is North Korea’s most important economic and diplomatic backer, but Beijing has been angered by Pyongyang’s repeated nuclear and missile tests and supported tough U.N. sanctions against its Cold War-era ally.
The two sides have stepped up engagement since Trump surprised the world in March by saying he would be willing to meet Kim in a bid to resolve the crisis over Pyongyang’s development of nuclear missiles capable of hitting the United States. SMILING KIM ACCOMPANIED BY SISTER
Kim was accompanied to China by his sister, Kim Yo Jong, who has played a leading role in diplomatic overtures by the long-isolated country.
Chinese state media showed pictures of Kim smiling in an outdoors meeting with Xi, and the two leaders strolling along a waterfront.
Xi hosted a banquet and told Kim of his backing of North Korea’s “strategic shift towards economic development”, Xinhua added.
“China supports North Korea’s upholding of denuclearization on the peninsula, and supports North Korea and the United States resolving the peninsula issue through dialogue and consultation,” Xi said. People watch a TV news report about the meeting between North Korean leader Kim Jong Un and Chinese President Xi Jinping at a railway station in Seoul, South Korea May 8, 2018. REUTERS/Kwak Sung-Kyung
North Korean state media said Kim was “very pleased” that the relationship with China was reaching a high point, and North Korea would cooperate with China more actively as the situation on the Korean peninsula changed.
The two leaders “opened their hearts and had warm conversations,” North Korea’s state news agency KCNA reported. LATEST SUMMIT
The meeting was the latest in a series by North Korean leaders and follows Kim’s historic summit with South Korean President Moon Jae-in last month.
In March, Kim traveled by train to Beijing, his first known trip abroad since assuming power in 2011.
Kim used his official aircraft to make the short flight to Dalian, in what was his first known international flight since assuming power.
Kim’s father, Kim Jong Il, feared flying, fuelling speculation that the younger Kim may not be willing to travel far to meet Trump. The venue for their summit has not been announced.
The demilitarized zone, or DMZ, between North and South Korea, and Singapore are believed to be the most likely contenders for the venue.
South Korea’s presidential office said the Chinese government notified Seoul about the Xi-Kim meeting in advance.
Intense secrecy typically surrounds high-level North Korean visits to China, and this week’s trip was no different. Slideshow (2 Images)
Throughout the day on Tuesday there was speculation on Chinese websites that a North Korean leader was in China, though China’s foreign ministry said earlier it had no information and Chinese state media did not carry any reports.
Japanese public broadcaster NHK had shown images of two North Korean aircraft taxiing at Dalian’s airport, one an Air Koryo plane and another carrying a North Korean emblem.
Posts about unusual traffic jams and security in Dalian popped up on Chinese social media. Reporting by Michael Martina, Tony Munroe, Christian Shepherd and Se Young Lee in BEIJING and Heekyong Yang, Josh Smith, Ju-min Park and Haejin Choi in SEOUL; Additional reporting by David Brunnstrom and David Alexander in WASHINGTON; writing by Robert Birsel, Clarence Fernandez; editing by Peter Graff and Grant McCool | ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-china/north-korean-leader-kim-visits-china-meets-with-xi-idUSKBN1I91F4 |
DALLAS—President Donald Trump gave a full-throated defense of gun rights Friday and reiterated his call for arming teachers in a speech at the National Rifle Association’s annual conference here.
It was the first time in the 147-year history of the organization’s annual meeting that both a sitting president and vice president spoke, NRA officials said. Vice President Mike Pence spoke shortly before Mr. Trump took the stage.
Addressing... | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-exalts-gun-rights-at-nra-conference-1525466378 |
Will there be enough work in the future? What’s the likely impact of our continuing technology advances on jobs? How will they impact productivity? These are all-important questions to reflect on as our increasingly smart technologies are now being applied to activities that not long ago were viewed as the exclusive domain of humans. While […]
To Read the Full Story Subscribe Sign In Previous The Morning Download: CIOs Find Softer Skills Matter in Tsunami of Digital Change Next What Your CEO Is Reading: F. Scott Fitzgerald Meets AI; Bill Gates on Summer Reading; Muzzle Your Open Office Phone Call | ashraq/financial-news-articles | https://blogs.wsj.com/cio/2018/05/25/human-machine-work-teams-the-promise-and-todays-reality/ |
May 2, 2018 / 5:13 PM / Updated 24 minutes ago BRIEF-SRG Graphite Announces Pricing Of $8 Million Marketed Unit Offering Reuters Staff 1 Min Read
May 2 (Reuters) - SRG Graphite Inc:
* SRG GRAPHITE INC. ANNOUNCES PRICING OF $8,001,000 MARKETED UNIT OFFERING AND CONCURRENT PRIVATE PLACEMENT OF UP TO $2,000,000
* SRG GRAPHITE INC - ENTERED UNDERWRITING AGREEMENT PROVIDING FOR PURCHASE AND SALE OF 5.3 MILLION UNITS OF COMPANY AT A PRICE OF $1.50 PER UNIT Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-srg-graphite-announces-pricing-of/brief-srg-graphite-announces-pricing-of-8-million-marketed-unit-offering-idUSASC09Z1Q |
May 20, 2018 / 9:40 PM / in 19 hours Cuba begins to bury its dead from airline disaster Marc Frank 4 Min Read
HAVANA (Reuters) - Cubans in eastern Holguin province held a funeral on Sunday for an art instructor and her small child, the first of 67 Holguin residents to be brought home for burial out of 110 people who died Friday in Cuba’s worst plane crash since 1989. People react during a religious ceremony where victims of the Boeing 737 plane crash were remembered at a church in Havana, Cuba, May 20, 2018. REUTERS/Alexandre Meneghini
Distressed residents gathered at a cultural center in the coastal town of Gibara to sit with the remains and console the family, photos in the official Juventud Rebelde newspaper showed, a Cuban tradition that is followed by a quick burial.
The fiery crash of an aging Boeing ( BA.N ) passenger jet shortly after take-off from Havana on route to Holguin has stunned the Caribbean island nation where prayers were given for the dead and three survivors at services across the country.
The survivors, all women, are in critical condition, and their progress is being closely followed by many Cubans through regular hospital updates.
“Everyone is hoping and praying for them,” said retired Havana telephone operator Marlen Rodriguez Rebasa. “Everyone is very attentive and wants them to survive. They are very young and have families.” Slideshow (3 Images)
Sunday marked the second and last day of official mourning for the victims, which included 99 Cuban passengers, three foreign tourists - two Argentines and a Mexican - and two Sahrawi residents in Cuba. Also among the dead were six Mexican crew members of a little-known Mexican company called Damojh, that leased the nearly 40-year-old Boeing 737 to Cuban flagship carrier Cubana.
The company has come under scrutiny due to allegations of previous safety problems and complaints by former employees.
A pilot who used to work for Damojh was quoted by Mexican newspaper Milenio criticizing the company for lack of adequate maintenance of planes.
Damojh declined to comment, while Mexico’s Directorate General of Civil Aeronautics said a new audit of the company would be undertaken to ensure it was still “fulfilling norms.”
The charter company would be allowed to continue flying its two other planes until the survey was concluded, a spokesman for the directorate general said.
“If we conclude the physical revision and there is nothing wrong with them, no issue, they continue to fly,” he said.
Investigators kept combing the wreckage on Sunday, some 20 kilometers (11 miles) from downtown Havana, searching for a second black box containing mechanical data. The cockpit voice recorder was recovered in good condition on Saturday.
Representatives from Boeing and Mexico were expected to join the investigation into what caused the crash, Transportation Minister Adel Yzquierdo said on Saturday, a process that can take weeks or months.
In Gibara, family and friends of teacher Suyen Lizandra Figueredo Driggs and her daughter Alexa Rivas Figueredo were able to find some closure on Sunday.
However, for many relatives of the dead that will take time as identification of their loved ones remains an arduous task due to the condition of the victims’ bodies.
“Out of all these corpses, we have 20 identified so far,” Sergio Rabell, head of the National Institute of Forensic Medicine, told the local media on Sunday. He said the process could take up to a month. Reporting by Marc Frank in Havana; Additional Reporting by Sarah Marsh in Havana and Anthony Esposito in Mexico City; Editing by Daniel Wallis | ashraq/financial-news-articles | https://www.reuters.com/article/us-cuba-crash/cuba-begins-to-bury-its-dead-from-airline-disaster-idUSKCN1IL0V7 |
May 7 (Reuters) - Ivanhoe Mines Ltd:
* IVANHOE MINES SECURES LONG-TERM SUPPLY OF TREATED BULK WATER FOR THE PLATREEF PLATINUM, PALLADIUM, NICKEL, COPPER AND GOLD MINE IN SOUTH AFRICA
* IVANHOE MINES LTD - IVANPLATS, SIGNED MEMORANDUM OF AGREEMENT ON MAY 3 WITH MOGALAKWENA LOCAL MUNICIPALITY
* IVANHOE MINES - IVANPLATS TO PROVIDE FINANCIAL ASSISTANCE TO MUNICIPALITY FOR CERTIFIED COSTS OF ABOUT $19.6 MILLION TO COMPLETE MASODI TREATMENT WORKS Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ivanhoe-mines-secures-long-term-su/brief-ivanhoe-mines-secures-long-term-supply-of-treated-bulk-water-for-platreef-platinum-palladium-nickel-copper-gold-mine-in-s-africa-idUSFWN1SE0DV |
First on CNBC: CNBC Transcript: T-Mobile US CEO John Legere and Sprint CEO Marcelo Claure Talk Merger on CNBC's “Squawk on the Street” Today Published 10 Hours Ago
WHERE: CNBC'S " Squawk on the Street "
The following is the unofficial transcript of a first on CNBC interview with T-Mobile US CEO John Legere and Sprint CEO Marcelo Claure on CNBC's "Squawk on the Street" (M-F 9AM – 11AM) today, Monday, April 30th. Following is a link to video of the full interview on CNBC.com: https://www.cnbc.com/video/2018/04/30/t-mobile-and-sprint-ceos-on-mega-merger.html?play=1 .
All references must be sourced to CNBC.
CARL QUINTANILLA: WELCOME BACK TO "SQUAWK ON THE STREET." I'M CARL QUINTANILLA HERE WITH CRAMER AT THE NYSE. FABER IS STILL WITH US FROM L.A. AT THE MILKEN INSTITUTE CONFERENCE. A LOT TO COME FROM DAVID TODAY. AND JOINING US ON SET FRESH FROM ANNOUNCING THAT MASSIVE LONG TALKED ABOUT MERGER THE CEO OF T-MOBILE JOHN LEGERE AND THE CEO OF SPRINT MARCELO CLAURE. GENTLEMEN, WELCOME.
JOHN LEGERE: THANK YOU.
LEGERE: THANK YOU.
QUINTANILLA: DID YOU SEE THIS HAPPENING?
LEGERE: WELL, I'LL LET MARCELO CHIME IN, BUT YEAH, WE'VE BEEN OBVIOUSLY THINKING ABOUT THIS FOR A LONG TIME. THERE'S BEEN GYRATIONS AS TO YOU KNOW WHETHER IT COULD GET THROUGH FROM A PRICE OR GOVERNMENT STANDPOINT. NIY ONE THING THAT WAS NEVER CONFUSED, ESPECIALLY WITH MARCELO AND I, IS THAT THESE TWO COMPANIES MADE SENSE TOGETHER AND THE 5G ASPECTS THAT ARE CRITICAL FOR THE COUNTRY AND CRITICAL FOR US WAS THE FLIPPING POINT AS TO THIS IS THE TIME AND IT MAKES GREAT SENSE.
JIM CRAMER: ALL RIGHT. I'M GONNA – MARCELO, IS MY BILL GOING TO GO UP? I MEAN, HOW COULD IT NOT? BECAUSE IN THE END, COMPETITION, FREE MARKET COMPETITION BRINGS DOWN PRICES.
LEGERE: ASK HIM WHO HIS PROVIDER IS BEFORE YOU TELL HIM ABOUT HIS BILL. HIS BILL IS GOING DOWN BECAUSE HE'S GOT THE DUMB AND DUMBER.
CRAMER: WHICH ONE? YOU NEVER TOLD ME WHICH WAS DUMBER.
LEGERE: AT&T HAS SOLIDLY MOVED INTO THE DUMBER ROLE. SOLIDLY, ALL IN. I MEAN, THAT EGG THEY LAID THE OTHER DAY. COME ON. GO AHEAD, MARCELO?
MARCELO CLAURE: LET ME ANSWER THAT, ALRIGHT. WE'VE BEEN CLEAR IN THIS MERGER. WHAT WOULD MAKE THE MERGER UNIQUE IS WE'RE SET TO BUILD THE WORLD'S MOST ADVANCED 5G NETWORK AND THE COMBINATION OF OUR COMPANIES ALLOW US TO DO THAT. AND WE MADE A COMMITMENT THAT FEW PEOPLE MAKE THAT WE'RE ACTUALLY GOING TO OFFER THE BEST PRODUCTS, BEST SERVICES AT THE LOWER PRICES. SO WE PLAN TO MAKE THE MARKET MORE COMPETITIVE. YOU'VE SEEN TWO DISRUPTIVE COMPANIES, T-MOBILE AND SPRINT. TOGETHER, YOU KNOW, IF YOU THINK WE'RE DISRUPTIVE, TOGETHER WE CAN TURBO CHARGE THAT.
CRAMER: ALRIGHT CAN YOU JUST MAKE THE PROMISE RIGHT NOW? YOU'LL HAVE AN AVERAGE BILL. CAN YOU JUST TELL ME RIGHT NOW? PROMISE US THAT OUR BILL WILL GO DOWN 20%.
CLAURE: I WOULDN'T SAY 20% --
CRAMER: 25?
CLAURE: -- BUT I WILL PROMISE YOU THAT WE ARE ALWAYS GONNA HAVE THE LOWER PRICES.
LEGERE: WHY DON'T YOU CONSULT THE NEW CEO OF THE COMPANY?
CRAMER: LET'S HAVE A PROMISE, RIGHT HERE. IT WOULD JUST BE SO GOOD. I'VE GOT THIS GUY, AJID, RIGHT NOW HE'S TWEETING ABOUT THE JAZZ FEST IN NEW ORLEANS. COULD YOU JUST TELL HIM, RIGHT NOW, COULD YOU PLEASE TELL US "25% DECLINE"?
LEGERE: I WON'T SAY 25% BUT I'LL SAY SERVICES ARE GONNA BE BROADENED AND PRICES ARE GONNA GO DOWN. SPEEDS ARE GONNA GO UP. THE 5G CAPABILITY IS GONNA BEYOND ANYTHING THAT THE UNITED STATES HAS EVER SEEN BEFORE. JOBS ARE GONNA GO UP FROM DAY ONE. BOTH COMPANIES WILL HAVE MORE PEOPLE THAN THEY DID THE DAY THEY WERE SEPARATE. AND VERY IMPORTANTLY, JIM, THE UNCARRIER, WHICH IS A FABRIC THAT SPRINT GAINED, AS WELL, IT'S THE COMPETITION OF THE UNITED STATES. THIS IS GOING TO SUPER CHARGE THAT. AND WHAT YOU'RE GET WITH THE NETWORK IS HIGHER SPEEDS, LOWER PRICES, AND I GOT NEWS FOR YOU: DUMB, DUMBER, WI-FI, AND SON OF WI-FI PIPE, YOU KNOW, OUR OTHER BIG COMPETITORS, THIS IS BAD NEWS FOR THEM. HERE IS SOMETHING I WANT TO TELL YOU, JIM. WE'VE GOT TWO PIECES I THINK IS IMPORTANT. ONE IS TODAY WE WANT TO TALK A LITTLE BIT TO SHAREHOLDERS, BECAUSE THIS DEAL IS INCREDIBLE. OKAY. SO WHAT YOU GOT IS COMPANY AND WHEN IT COMES TOGETHER. PRO FORMA REVENUE THIS YEAR IS $75 BILLION. SERVICE REVENUE IS $55 TO $57 BILLION. $22 - $23 BILLION YEAR ONE OF ADJUSTED EBITDA. 40 TO 42% EBITDA MARGINS GROWING TO 55 TO 57. HOW ABOUT THIS, THE COMPANY WILL HAVE 2.9 TIMES NET DEBT LEVERAGE BUT IT WILL BE ABLE TO GO DOWN TWO TURNS BY THREE TO FOUR YEARS, AND THE REASON IS THE CASH FLOW IS GONNA GO FROM $1 TO $2 TO, IN 2022, IT'S GONNA BE $10 - $11 BILLION. IN 2025, THIS COMPANY IS GONNA GENERATE $16 - $18 BILLION DOLLARS OF FREE CASH FLOW. SYNERGIES, $43 BILLION. $6 BILLION RUN RATE. AND OF THAT, 93% ARE OPEX, 7% ARE CAP X. AND SO $26 BILLION ARE NETWORK SYNERGIES. SO THOSE ARE HARD SYNERGIES AND WE KNOW HOW TO DO THOSE.
QUINTANILLA: DAVID, I'LL GIVE YOU A CHANCE TO JOIN US AND JUMP IN HERE.
LEGERE: WHERE IS HE?
QUINTANILLA: HE'S – YOU'LL HEAR HIM.
DAVID FABER: YEAH, THANKS GUYS. MY APOLOGIES FOR NOT -- I'M IN YOUR EAR. MY APOLOGIES FOR NOT BEING THERE IN PERSON.
LEGERE: DAVID, WE'VE BEEN WAITING TO DO THIS DEAL FOR SO LONG DO THE DEAL FOR SO LONG, AND THE DAY WE DO IT YOU GO TO OFF TO HOLLYWOOD WITH THE STARLETTES. I MEAN WHAT'S GOING ON HERE?
FABER: I KNOW. I KNOW, IT'S – TIMING IS EVERYTHING IN LIFE, JOHN, AND MINE HAS NEVER BEEN PARTICULARLY GOOD. BUT YOURS YOU'RE HOPING IS GOOD THIS TIME IN TERMS OF TIMING. AND YOU MAKE A COMPELLING CASE CERTAINLY FROM THE BUSINESS PERSPECTIVE. THAT $6 BILLION NUMBER, I MEAN, YOU KNOW HOW LONG I'VE BEEN COVERING DEALS. THERE'S NOT MANY NUMBERS I CAN REMEMBER BEING THAT LARGE IN TERMS OF REAL SYNERGIES. IT'S A HUGE NUMBER. BUT BACK TO ANTI-TRUST FOR A MOMENT. TO THOSE WHO SAY, "I GET ALL THE ARGUMENTS YOU'RE MAKING, BUT WHY CHANGE WHAT IS CLEARLY WORKING?" AND I'M QUOTING PAUL GALLANT OF COWEN THIS MORNING. WHY CHANGE WHAT'S CLEARLY WORKING? YOU HAVE SINGLEHANDLEDLY, AS SOME WOULD SAY, HELPED DRIVE DOWN PRICES. YOU'VE FORCED VERIZON AND AT&T TO GO TO UNLIMITED. IT'S BEEN WORKING. WHY SCREW WITH IT?
LEGERE: OKAY. AND, YOU KNOW WHAT, DAVID, THIS IS THE GAME THAT WE PUT OUR HELMETS ON TO PLAY TODAY. AFTER WE COME HERE, MEET WITH YOU GUYS, A COUPLE OF OTHER STOPS THAT ARE NOT AS RELEVANT AS CNBC AND ALL ROADS LEADS TO WASHINGTON. EVERYBODY'S GOT AN IDEA AS TO THE PRECONCEIVED NOTION OF THIS DEAL. HERE'S WHAT I SAY. I'LL START YOURS, FIRST. TAKE THAT COMPETITION AND SUPERCHARGE IT. YOU KNOW, PUT IT ON FASTER SPEEDS, BIGGER SCALE BRING LOWER PRICES, TAKE THAT – MY COMMITMENT, MARCELO'S COMMITMENT IS THAT IF YOU LIKE THE COMPETITION BEFORE, YOU'RE GONNA LOVE WHAT IS COMING WITH THIS ONE. SECONDLY, 5G IS COMING. AND BY THE WAY WITH THE HYPE THAT THE UNITED STATES HAS HAD AROUND AT&T AND VERIZON'S MILLIMETER WAVE, WE ARE BEHIND. IT'S THE EARLY INNOVATION CYCLE OF 5G. WE ARE BEHIND CHINA. THIS IS NOT – THIS IS NOT SOMETHING WE CAN ALLOW. THIS WILL BE THE FIRST COMPANY, BECAUSE OF OUR AVAILABLE SPECTRUM, 600 MEGAHERTZ, 2.5 – TO BUILD THE NATIONWIDE BROAD COVERAGE 5G SERVICE. AND GUESS WHAT? CTIA SAYS THAT THE LEADERSHIP IN 5G CAN BRING 3 MILLION JOBS, 275 BILLION OF INVESTMENT, AND $500 BILLION OF ECONOMIC VALUE. BUT WE'RE BEHIND AND, BY THE WAY, WHAT WE ALSO HOPE TO DO IS GET DUMB AND DUMBER AND GET COMCAST AND OTHERS TO STEP UP THEIR INVESTMENT AND WE EXPECT THAT THEY'LL INVEST IN EXTRA $20 BILLION AND WE'RE GOING TO INVEST $40 BILLION IN THE FIRST THREE YEARS. THAT'S A STORY THAT WASHINGTON WANTS TO HEAR. IT'S NOT ABOUT FOUR TO THREE, IT'S ABOUT ZERO TO ONE. IT'S SUPERCHARGING THE UNCARRIER. IT'S ABOUT JOBS. THIS DEAL WILL GET APPROVED BECAUSE IT'S GREAT FOR THE UNITED STATES.
CRAMER: WHAT DO WE DO ABOUT THE IDEA? THINKING ABOUT PRESIDENT TRUMP, A LOT OF COMMENTARY, I DON'T AGREE WITH IT, IS ABOUT BAILING OUT A VERY RICH – A BILLIONAIRE JOB FOR THESE MEN. AND, ALSO, BILLION DOLLAR, MUCH MORE NET, GERMAN COMPANY. SO WE HAVE A GERMAN COMPANY THAT DOES VERY WELL. JOHN, YOU ACTUALLY STILL WORK FOR A COMPANY AS A SHAREHOLDER – I KNOW, YOU SURE DON'T SEEM IT. BUT YOU ARE. AND HOW ABOUT THIS SOFTBANK? MARCELO, ISN'T PRESIDENT TRUMP GOING TO SAY, "WE'RE NOT GOING TO BILL OUT THE JAPANESE. ARE YOU KIDDING ME?"
CLAURE: THIS IS NOT ABOUT BAILING OUT. I MEAN, BOTH SOFTBANK AND DEUTSCHE HAVE HAD A REALLY GOOD RELATIONSHIP WITH THE U.S. GOVERNMENT, WE'RE -- FOR A VERY LONG TIME. WE'RE WELL KNOWN ENTITIES. BUT I THINK MOST IMPORTANT THIS IS AN AMBITION THAT STARTED IN 2012. IF YOU'VE BEEN COVERING THIS FOR AWHILE AND IT WAS MASA'S AMBITION TO COMBINE THESE COMPANIES IN BACK IN 2012. WE WAITED FOR THE RIGHT TIME AND THE TIME IS RIGHT, AND THE TIME IS RIGHT NOW. AND THE MAIN REASON FOR IT IS THE U.S. NEEDS TO WILL LEAD ON 5G, AND THE ONLY WAY YOU'RE GOING TO BE ABLE TO BUILD 5G IS BY COMBINING SPRINT AND T-MOBILE. AT&T CANNOT DO IT. VERIZON CANNOT DO IT. THE WAY WE'RE GOING BUILD THIS 5G NETWORK. AND WHAT 5G IS GOING TO DO IS THE AMOUNT OF ECONOMIC DEVELOPMENT THAT 5G WILL BRING TO THE U.S., YOU'RE TALKING ABOUT $500 BILLION ADDITION TO THE GDP, YOU'RE TALKING ABOUT THE CREATION OF 3 MILLION JOBS. TELL ME WHAT ELSE DO YOU SEE TODAY THAT HAS THE ABILITY TO CREATE 3 MILLION JOBS? THERE'S NOTHING ELSE. SO THEREFORE WE THINK THIS IS GOOD FOR AMERICA. WE THINK THIS IS GOOD FOR CONSUMERS. WE MADE IT CLEAR WE'RE GOING TO LOWER PRICES. BEST PRODUCT. BEST PRICES. AND HOW MANY MERGERS DO YOU KNOW THAT WERE MAKING COMMITMENTS THAT WE'RE GONNA ADD TENS OF THOUSANDS OF JOBS IN THE FIRST THREE YEARS. THIS IS A GROWTH STORY IN WHICH THE SYNERGIES – THE SYNERGIES OF THIS DEAL ARE MORE VALUABLE THAN EACH COMPANY ON A STAND ALONE BASIS. SO THINK THIS IS AN AMAZING DEAL FOR EVERYBODY AROUND.
LEGERE: JIM, I WANT TO BE CLEAR. I WORK FOR "SQUAWK ON THE STREET." YOU KNOW, NONE OF THIS DEUTSCHE TELECOM. I WORK – I WORK HERE.
CRAMER: I HAD FORGOTTEN THAT. I MEAN, A LOT OF TIMES I THINK ABOUT MAYBE YOU WORK FOR TMOBILE BUT MAYBE I'M BEING DUMBEST.
LEGERE: HERE'S ANOTHER EYE OPENER. PRESIDENT TRUMP DOES HAVE SOME IMPACT ON THIS DEAL BECAUSE TAX REFORM HAS SIGNIFICANTLY INCREASED THE VALUE OF THIS DEAL. TAX REFORM HAS ALSO GIVEN US THE ENGINE THAT WE'RE GONNA BE ABLE TO USE WHILE WE'RE INVESTING TO HYPERCHARGE THIS. AND I WOULD SAY IF YOU THINK ABOUT AGENDAS IN WASHINGTON, LEADERSHIP WITH CHINA IS RISKING TAKING THE U.S. POSITION IN SUCH A CRITICAL AREA. I THINK WE'RE GOAL ALIGNED FROM A POLITICAL AGENDA.
CRAMER: DAVID?
LEGERE: DAVID'S AT A COFFEE BREAK.
FABER: MARCELO – NO, I'M HERE. I'M LISTENING TO EVERY WORD. MARCELO, LET ME COME TO YOU, FOR A SECOND. YOU KNOW THIS IS GOING TO BE A LONG REGULATORY REVIEW, I THINK YOU GUYS ARE TARGETING JUNE OF 2019 AS POTENTIALLY GETTING TO A CLOSE. WHAT HAPPENS BETWEEN NOW AND THEN? WE DETAIL THE COMPETITION BETWEEN THE TWO OF YOU, THE TRASH TALKING THAT'S GONE ON. HOW DO YOU OPERATE AGAINST THE COMPETITOR WHILE YOU'RE UNDER THIS KIND OF REGULATORY REVIEW? AND DO YOU KEEP UP THE SAME LEVEL OF SPENDING, FOR EXAMPLE? YOU SPEND HUNDREDS OF MILLIONS OF DOLLARS ON TV ADS. DO YOU KEEP THAT UP, OR DO YOU BACK OFF DURING THIS REGULATORY REVIEW? OBVIOUSLY IN THE HOPE AND EXPECTATION THAT YOU'RE GOING TO BE ONE COMPANY.
CLAURE: NO, WE DON'T BACK OFF. AS A MATTER OF FACT, EVEN THOUGH WE'RE FRIENDS RIGHT NOW, EVEN TOMORROW WE GO BACK TO COMPETITION. WE'RE GONNA CONTINUE TO ATTRACT AT&T, T-MOBILE, AND VERIZON CUSTOMERS INTO THE SPRINT NETWORK. WE'RE GOING TO INVEST. THIS IS GONNA BE THE LARGEST INVESTMENT IN SPRINT IN TERMS OF CONTINUING TO BUILDS OUR 5G NETWORK. SO WE'RE COMPETITORS AND WE'RE GONNA CONTINUE TO RUN THE COMPANY THE SAME WAY THE LAST FOUR YEARS. AND WE'RE CONTINUE TO COMPETE AND WE'RE GONNA CONTINUE TO WIN. AND I THINK BOTH COMPANIES ARE DISRUPTERS. AND, YOU KNOW, WE'LL CONTINUE TO RUN THE COMPANY THE SAME WAY WE'VE BEEN DOING THE LAST FOUR YEARS.
LEGERE: BUT ONE THING IS CLEAR, DAVID. YOU ASKED BEFORE IF THERE WOULD EVER BE AN OPPORTUNITY FOR MARCELO AND I TO HAVE THANKSGIVING DINNER TOGETHER. AND THIS YEAR WE WILL. AND I WILL THROW POTATOES ON HIM AS I PROMISED. SO THAT'S –
QUINTANILLA: ON THAT POINT, I WANT TO TALK ABOUT THE RELATIONSHIP YOU TWO HAVE HAD. THIS IS A SOUNDBITE OF JOHN FROM AUGUST 18th. TAKE A LISTEN.
LEGERE: MARCELO NEEDS TO WAKE UP AND REALIZE THAT THE MOTHER OF ALL CUSTOMER LOADS IS SITTING IN VERIZON AND AT&T. 77% OF MY CUSTOMER ADS COME FROM THOSE, TOO. AND I THINK HE SHOULD FOCUS ON FIXING HIS COMPANY AND, YOU KNOW, JUST COPY, PASTE EVERYTHING I DO AND YOU'LL BE FINE.
QUINTANILLA: SO, HOW MUCH OF THAT WAS PERFORMANCE? AND HOW MUCH OF THAT SUGGESTS THAT CULTURE MATCHES HERE?
LEGERE: I SAID IT TO HIM ON THE WAY IN. HEY LISTEN – WE HAVE HAD, AND WE WILL AS MARCELO SAID, A VERY COMPETITIVE SPIRIT. WE – IT'S JUST WHO WE ARE. OUR COMPANIES ARE THAT, HE AND I BOTH ARE THAT, BUT I WILL TELL YOU, WORST KEPT SECRET, UNFORTUNATELY, IS I LIKE THE GUY. WE – I ACTUALLY FOUND OUT, AS I SAID, IF I WAS TALL, YOUNG, HAD A BILLION DOLLARS, AND OWNED A FOOTBALL TEAM, WE'D ACTUALLY BE THE SAME PERSON. BUT OUTSIDE OF THOSE THINGS, YOU KNOW.
CRAMER: ALL RIGHT. ALL RIGHT. WHEN I LOOK AT THIS – I ADD THIS WHEN I LOOK AT THIS, I REALIZE THAT YOU DO CHECK OFF A LOT OF BOXES. I MEAN, IT'S VERY CLEAR THAT WHAT YOU WANT TO DO IS SAY, "THERE'S NO DOUBT ABOUT IT, WE'RE GOING TO SPEND MORE ON 5 G. WE'RE GOING TO BE ABLE TO DO MORE RURAL." A LOT OF RURAL PEOPLE ARE THINKING. YOU DON'T HAVE TO WORRY ABOUT THAT ABOUT ANY ANTI-TRUST. JUST COMCAST ADDS MORE PEOPLE THAN AT&T, VERIZON. I WANT TO KNOW WHERE DOES THIS MONEY GET SPENT? I MEAN THE TOWER COMPANIES ARE SAYING WHOA. YOU KNOW, ANYBODY IN ADVERTISING, WOAH. WHERE DO WE TAKE – WHERE ARE THESE PEOPLE GONNA BE EMPLOYED? WHAT ARE THEY GONNA BE DOING? TELEPHONE LINEMAN? I WANT TO KNOW WHERE THESE JOBS ARE GONNA BE CREATED.
LEGERE: SEVERAL THINGS, JIM. THE MAJORITY OF THE $40 BILLION WE'LL INVEST IN THE FIRST THREE YEARS IS TAKE 110,000 MACRO SITES IN THIS NETWORK, RIGHT SIZE THEM TO 85,000 WHILE INCREASING 10. HANG THE 2.5 NETWORK FROM A SPRINT ON OUR TOWERS AND OURS ON THEIRS AND HAVE AN INTEGRATED NETWORK. SO A LOT OF SPENDING. RURAL AMERICA JOBS. RURAL AMERICA STORES. U.S. CALL CENTERS EXPANSION TO CREATE THE CAPABILITY. SO THERE'S A FULL PLETHORA OF PLACES WHERE WE'RE GONNA SPEND THIS MONEY. AND SO I CONTINUE TO BELIEVE IT'S GOING TO CAUSE THE REST OF THE PLAYERS TO SPEND MORE, TOO WHICH IS GOING TO BE GOOD FOR AMERICA. AND WE LOOK FORWARD TO TELLING THIS STORY EVERY MINUTE ALL DAY.
FABER: JOHN, IT'S DAVID AGAIN. YOU KNOW, I WOULD ASSUME IF VERIZON IS LISTENING TO THE TALK YOU'VE HAD OVER THE LAST 24 HOURS IN TERMS OF THEIR INABILITY TO DELIVER 5G, THEY'RE KIND OF WONDERING WHAT YOU'RE TALKING ABOUT. YOU KNOW. THEY HAVE TESTS IN A LOT OF MARKETS.
LEGERE: PERFECT.
FABER: YOU CAN GO UP TO BOSTON AND CHECK IT OUT. THEY'RE SPENDING BILLIONS AND BILLIONS OF DOLLARS AND THEY'RE TALKING ABOUT THIS BEING COMMERCIALLY AVAILABLE IN THE NOT TOO DISTANT FUTURE. WHAT AM I MISSING HERE, HEARING FROM THEM AND WHAT YOU GUYS SEEM TO BE SAYING?
LEGERE: DAVID, YOU KNOW – THIS IS – I'M SO HAPPY THAT YOU READ THE QUESTION THAT I E-MAILED YOU. I'M JUST KIDDING. LISTEN, HERE IS THE DEAL, YA READY? I'M ONLY GOING TO GIVE YOU ONE STATIOD. SO WHAT THEY'RE GOING IS THEY'RE BUILDING MILLIMETER WAVE. VERY HIGH BAND SPECTRUM IN SMALL GEOGRAPHIC AREAS TO DO FIXED BROADBAND REPLACEMENT. OKAY, READY, GET YOUR PENCILS OUT. IF YOU USE MILLIMETER WAVE STRATEGY TO BUILD NATIONWIDE NETWORK, YOU NEED 1 SITE PER THOUSAND SQUARE YARDS WHICH MEAN YOU NEED 6 MILLION SITES AT 250,000 PER SITE, 1.5 TRILLION. AIN'T GOING TO HAPPEN. OKAY? THE ONLY OTHER ALTERNATIVE, THEY DON'T HAVE ACCESS SPECTRUM BECAUSE THEY'RE OUT, THEY WOULD NEED TO KICK THEIR CUSTOMERS OFF OF LTE, REFARM, AND GO TO 5G. IF IT WASN'T TV AND I WOULD SAY A WORD THEY ARE. AND THEY ARE EFFED. THEY'RE HOSED. THEY'VE GOT TO DO AN ABOVE FACE. THEY HAVE TO STOP LYING. THEY CAN'T DO SMALL MILLIMETER WAVE BROADBAND REPLACEMENT. AND THE BEST WAY FOR THEM TO LEARN THAT IS WATCH SOMEBODY ELSE HELP THE UNITED STATES GAIN LEADERSHIP POSITION. AND THEN COME BACK AND IN AND SPEND THE MONEY THEY'RE WITHERING AWAY SOMEWHERE ELSE.
CRAMER: OKAY, I'M STRUGGLING HERE. I'M STRUGGLING BECAUSE I GOT A SPRINT -- EVERY SINGLE CORNER I GOT A SPRINT STORE AND I'VE GOT A T-MOBILE STORE. MARCELO, COME ON. YOUR STORES WILL CLOSE. THOSE PEOPLE WILL GET THROWN OUT OF THEIR JOBS. WHAT ARE WE GONNA DO WITH THEM? DO YOU HAVE IDEAS? MAYBE WE HAVE A JOBS PROGRAM TODAY.
CLAURE: ABSOLUTELY. WHAT WE'RE PLANNING TO DO IS WE'RE GONNA CHOOSE WHERE THE BEST STORES ARE AND THEN THE GROWTH EXPANSION OF THE STORES. DON'T FORGET THAT WE OPERATE IN CERTAIN PARTS OF THE COUNTRY. THE EXPANSION IS GOING TO BE NATIONWIDE. WE PLAN TO COVER THE SAME TERRITORY THAT VERIZON AND AT&T DO WITH THE 5G NETWORK, SO WE PLAN TO OPEN HUNDREDS AND HUNDREDS OF NEW STORES. SO THERE IS GOING TO REBALANCING BUT THE WHOLE IDEA IS WE HAVE SO MUCH TO CHOOSE FROM. BUT FOR EVERY STORE WE CLOSE IN AN URBAN AREA, WE PLAN TO OPEN THE SAME IN SUBURBAN AREAS.
CRAMER: OKAY, SO OTHER THAN THE TOWERS, WHERE IS THE SYNERGY? I MEAN, HOW DO YOU SAVE MONEY SO THEREFORE OUR BILLS GO DOWN? BECAUSE, YOU KNOW, THAT'S STILL A BIG FACTOR. YA SEE, PEOPLE DON'T WANT THEIR BILLS TO GO UP. THAT'S KIND OF WHAT I GET.
LEGERE: FIRST OF ALL, JIM, YOUR BILL COULDN'T GO HIGHER. I MEAN, YOU'RE PAYING SO MUCH. IT'S INCREDIBLE. I CAN TAKE –
CRAMER: I HAVE A FAMILY PLAN.
LEGERE: OH YEAH, WELL, COME ON. HELP THOSE POOR PEOPLE. HELP THE MILITARY. HELP THE VETS. COME OVER TO T-MOBILE. LISTEN JIM, 26 MILLION OF THE 43 BILLION IS FROM NETWORK: SITE DECOMMISSIONING AND SITE AVOIDANCE, OK? THEN YOU'VE GOT 11 BILLION OF THAT, THAT IS SALES RATIONALIZATION, IT'S BACK OFFICE RATIONALIZATION. YOU'VE GOT 6 BILLION THAT IS I.T. AND SPENDING, ET CETERA. NOW, ONE OF THE THINGS THAT WE DID, WE ANNOUNCED THAT THE NEW COMPANY IS GONNA BE CALLED T-MOBILE. BUT WHAT WE DIDN'T SAY YET, WE OWN THE BRANDS SPRINT, T-MOBILE, BOOST, METRO, VIRGIN. OKAY, WE HAVEN'T MADE DECISIONS YET. THAT'S AN AMAZING BRAND PORTFOLIO. ARE YOU READY FOR THIS? WE HAVE 127 MILLION CUSTOMERS. 70 MILLION POSTPAID BRANDED CUSTOMERS AND 30 MILLION PREPAID. AND BY THE WAY, THAT'S 100 MILLION BRANDED CUSTOMERS. AT&T HAS 93 MILLION. WELCOME TO THE BACK OF THE BUS, AT&T. SO THERE'S A LOT TO DO AND AS YOU KNOW, ANY TIME YOU HAVE A JOB CREATION, SOME GO UP. SOME GO DOWN. THERE'S A RATIONALZATION. BUT THE NET IS AN INCREASE IN OPPORTUNITY.
QUINTANILLA: HERE'S A STATEMENT FROM VERIZON: "WE REMAIN FOCUSSED ON PROVIDING CUSTOMERS WITH THE MOST RELIABLE 4G NETWORK. NOT JUST A PROPOSAL THAT MAY OR MAY NOT HAPPEN IN THE NEXT COUPLE OF YEARS." THEY'RE GOING TO PLAY UP THE UNCERTAINTY REGARDING THIS, RIGHT? IS THAT NOT AN INHIBITER TO CUSTOMERS?
LEGERE: YEAH. WELL, THEY NEED SPECTRUM. THEY NEED TO BUY DISH. THEY'RE SALIVATING THAT THEY WOULD HAVE DONE THIS. HOW ABOUT THIS? DID YOU SEE THEIR RESULTS THE OTHER DAY? I MEAN, ALL I KNOW IS THEY LOST CUSTOMERS, SERVICE REVENUE IS DECLINING, THEY'RE PRAYING FOR THIS 5G WAY TO MAINTAIN NETWORK LEADERSHIP, AND CARL IT'S JUST NOT. IT'S LIKE A MILLIMETER WAVE BROADBAND REPLACING THE APPLICATION THAT YOU CAN USE THAT FOR IS INSTEAD OF SITTING ON YOUR COUCH AND WATCHING NETFLIX WITH YOUR COMCAST CONNECTION YOU CAN SIT ON YOUR COUCH AND WATCH NETFLIX WITH YOUR VERIZON MILIMETER WAVE. HERE'S THE DEAL. 5G WILL BRING A HUNDRED TIMES MORE CAPACITY. A HUNDRED TIMES FASTER SPEEDS. TEN TIMES THE LATENCY. THIS IS WHERE YOU GET SUBMILLIMETER LATENCY IN AUTONOMOUS CARS IN MOBILE VR AND MOBILE AR. HOW IS THAT GOING TO WORK IN ONE PIPE IN ONE GEOGRAPHIC AREA? YOU NEED NATIONWIDE 5G AND WE'RE GONNA BRING THAT TO AMERICA.
CRAMER: WHERE ARE WE GETTING ALL THIS – I'D LIKE TO KNOW BECAUSE, WE HAVE A LOT OF VIEWERS— WHO ARE GETTING THE ORDERS? WHAT KIND OF BUSINESS IS THIS? WHAT KIND OF TELECO AMERICAN TECHNOLOGY COMPANIES ARE GONNA DO WELL FOR THIS? BECAUSE I HAVE TO BELIEVE THAT IF YOU'RE GOING TO DO 5G, IF YOU'RE GONNA SPEND LIKE THAT, THERE ARE FIVE COMPANIES THAT ARE GONNA DO A HECK OF A LOT BETTER NEXT YEAR THAN THEY ARE NOW, SO HOW ABOUT THE NAMES?
LEGERE: WELL, FIRST OF ALL, I'M GONNA GIVE YOU ONE OTHER THING TO THINK ABOUT: 4G. LISTEN, JIM. IN 4G, WITH THE U.S. LEADERSHIP, THAT'S WHAT CREATED UBER. THAT'S WHAT CREATED SNAPCHAT, THAT'S WHAT CREATED AIRBNB. THAT'S WHAT ACCELERATED AMAZON AND FACEBOOK AND GOOGLE. SO WITH 5G INNOVATION, A WHOLE NEW GROUP OF ENTREPRENEURS ARE LOOKING AT WHAT TO DO WITH THE APPLICATIONS, WHERE TO PUT THAT NETWORK. THAT'S A BIG PIECE. OBVIOUSLY, FROM A TRADITIONAL TELECO STANDPOINT, THERE WILL BE TREMENDOUS AMOUNTS OF EQUIPMENT. WE'RE RATIONALIZING THE ONES WE USE. BUT THE BIG WINNERS, THE BIG INNOVATION CYCLES ARE THE PEOPLE THAT ARE CREATING 5G APPLICATIONS, IOT USES, SMART CITIES, SMART AGRICULTURE, THAT NEED THIS NETWORK ISN'T HERE YET. SO THAT'S A BIG ONE.
QUINTANILLA: DAVID.
FABER: JOHN, AND I KNOW WE'RE GONNA GET THE OPENING BELL IN A MINUTE. YOU KNOW, YOU'VE SPENT YOUR CAREER DERIVING MANY OF YOUR COMPETITORS AND YET I HEAR YOU TALKING ABOUT THE POTENTIAL COMPETITIVE THREAT FROM CABLE COMPANIES NAMELY OUR OWN COMCAST, OUR PARENT, CHARTER, AND THEIR MDNOS. ARE THEY REALLY A POTENTIAL THREAT TO YOU GUYS IN TERMS OF PROVIDING WIRELESS NETWORKS?
LEGERE: OH, THANK YOU.
QUINTANILLA: THAT'S ALL FOR YOU, JOHN.
LEGERE: DAVID.
QUINTANILLA: BEFORE YOU ANSWER IT, LET'S GET TO THE OPENING BELL AND THE S&P AT THE BOTTOM OF YOUR SCREEN. A BIG ONE TODAY, IT IS PRINCIPAL, GLOBAL INVESTORS CELEBRATING THE LAUNCH OF ITS INVESTMENT GREAT CORPORATE ACTIVE ETFS. AT THE NASDAQ IT'S NEW YORK LIFE INVESTMENT MANAGEMENT, A SUBSIDIARY OF NEW YORK LIFE INSURANCE COMPANY. JOHN, I'LL LET YOU CONTINUE.
LEGERE: OKAY. JIM, HERE IS THE STORY. IN Q1 COMCAST ADDED MORE POSTPAID PHONE CUSTOMERS THAN AT&T AND VERIZON COMBINED. LAVS YEAR THEY ADDED MORE THAN AT&T AND VERIZON COMBINED. AND ANALYSTS ACTUALLY BELIEVE THAT COMCAST AND CHARTER COULD ADD 5 MILLION CUSTOMERS IN THE NEXT TWO YEARS. AND THE NPV OF THE VALUE OF THEIR WIRELESS BUSINESS IS 20 BILLION, OK? WHETHER OR NOT YOU BELIEVE IT, AT&T IS THE LARGEST CABLE PROVIDER IN THE UNITED STATES. RIGHT. SO THERE IS AN ADJACENT INDUSTRY GAME THAT'S GOING ON. IT'S NOT JUST WIRELESS. IT'S NOT JUST CABLE. WE WANT TO PLAY IN THOSE SPACES. AND, YES, COMCAST IT A VIABLE PLAYER IN THIS MARKET. AND THEY'RE RAMPING UP. CHARTER IS COMING IN. THEY'RE INVESTING TOGETHER.
CRAMER: CHARTER. SEE THAT QUARTER?
LEGERE: CHARTER IS COMING IN. SON OF WIFI PIPE. HEY, I SAW THEIR QUARTER. I SAW VERIZON'S. I SAW COMCAST. WE'RE GOING TO ANNOUNCE OURS THIS WEEK. YEAH, I DON'T KNOW MAYBE OURS WILL BE BETTER. JUST SAYING.
CRAMER: I'M LISTENING. I'M LISTENING. AND ONE OF THE THINGS I LOVED ABOUT YOU, YOU ARE THE GREATEST SALESPERSON IN THE WORLD. AND THE SECOND THING IS, YOU ALWAYS IGNORE THE LAWYERS. BUT, YOU KNOW, IN THE END, YOU'RE NOT GOING TO BE GIVEN THE BRIEF. I DO NOT SEE YOU, PARTICULARLY IN THAT OUTFIT IN FRONT OF ANY COURT SAYING, "LISTEN, CHIEF." LIKE, YOU KNOW, "HEY, BUD." AND YOU CAN'T DO THAT TO THEM. AND YOU CAN'T TRASH TALK THE COURTS.
LEGERE: ABSOLUTELY. AND I WOULD NEVER TRASH TALK. IT'S CALLED TELLING THE TRUTH.
CRAMER: OKAY, OH.
LEGERE: I WILL TELL YOU THAT THIS MAGENTA TEE SHIRT AND THESE SNEAKERS ARE GONNA BE IN THE WHITE HOUSE, THEY'RE GONNA BE IN THE DOJ, THE'RE GONNA BE IN THE FCC IN THE NEXT FEW DAYS. I'M GONNA ANSWER EVERY SINGLE QUESTION ABOUT WHAT THEY WANT TO TALK ABOUT BECAUSE I HAVE THE RIGHT STORY ON OUR SIDE. WE'RE GOING TO DRIVE 5G THAT THIS COUNTRY NEEDS WE'RE GONNAL SAVE IT FROM BEHIND CHINA AND OTHERS THAT COULD BE A SECURITY THREAT. SUPER CHARGE THE UNCARRIER. BROADEN THE RURAL AMERICA OPPORTUNITIES, BROADBAND OPPORTUNITIES, LOWER PRICES WITHIN AND MORE JOBS. TALK ABOUT IT ANY WAY YOU WANT. SHAREHOLDERS ARE GONNA BRING HUGE VALUE. THIS DEAL WILL BE APPROVED. IT'S GOING TO TAKE SOME TIME. BUT I'M GONNA BE IN THERE ANY MY LANGUAGE AND MY CLOTHES TALKING ABOUT WHAT IS GOOD FOR THE AMERICAN PEOPLE.
CRAMER: BUT LET'S SAY IT TAKES TWO YEARS. WHATEVER. OKAY, 18 MONTHS. HOW MANY CUSTOMERS ARE YOU GONNA TAKE FROM HIM IN THE NEXT 18 MONTHS? HOW MANY DO YOU INTEND TO TAKE FROM HIM IN THE NEXT 18 MONTHS? BECAUSE YOU ARE RESPONSIBLE FOR 235% OF THE GROWTH THAT WE'VE HAD.
LEGERE: AS WE SAY, WE WILL BOTH CONTINUE TO RUN OUR COMPANIES AND I WILL TELL YOU THAT OUR ASSESSMENT OF THE SYNERGIES OF THIS COMPANY ASSUMES THE POTENTIAL LOSSES THAT TAKES PLACE ABOUT LEADING TO INVEST.
CLAURE: IF YOU LOOK AT MAINLY THE LAST 12 QUARTERS OF GROWTH, THERE'S TWO COMPANIES THAT HAVE BEEN MAINLY TAKING MARKET SHARE AWAY, THAT NORMALLY WE HAVE POSITIVE – AND IT'S ALWAYS BEEN T-MOBILE AND SPRINT, AND THAT'S NOT GOING TO CHANGE. YOU SEE TWO DISRUPTIVE FORCES. A LOT OF PEOPLE FORGET IF WE GO BACK A YEAR BACK, AT&T AND VERIZON USED TO BASICALLY HAVE TONS OF RATE PLAN CHARGES IN OVERAGES. WE LAUNCH UNLIMITED FIRST, WITH T-MOBILE, I THINK THEY LAUNCHED A COUPLE OF DAYS LATER, AND THEN WE BASICALLY CHANGE THE U.S. LANDSCAPE FOREVER. EVERY SINGLE AMERICAN TODAY JUST CAN SIGN UP TO A RATE PLAN CALLED UNLIMITED. NO OTHER COUNTRY HAS THAT. OVERAGES ARE GONE. SO WHAT YOU SAW HAPPEN WITH THE DISRUPTION THAT WE DID WITH UNLIMITED, HOW WE DISRUPTED THE U.S. MARKET, WE'RE GOING TO CONTINUE TO DO THAT AS TWO SPLITT AND SEPARATE COMPANIES. NOW WHEN YOU PUT US TOGETHER THEN YOU CAN TURBO CHARGE THAT, AND YOU CAN SEE THE SAME DISRUPTERS OFFERING A BETTER PRODUCT, LOWER PRICES, AND AT THE SAME TIME ATTRACTING NEW JOBS.
LEGERE: CARL AND JIM, ONE MORE IMPORTANT THING.
FABER: MARCELO—
LEGERE: WAIT, DAVID. BECAUSE I NEED YOU TOO. SO WE WILL GET THIS DEAL APPROVED. I KNOW WHAT TO TELL THE REGULATORS, WHAT THEY NEED TO HEAR. ALRIGHT? SHAREHOLDERS WILL ACCRETE VALUE. MY BIG QUESTION TO THE THREE OF YOU IS ON THE DAY WE CLOSE AND CREATE THE NEW T-MOBILE, CAN I HAVE EACH OF THE THREE OF YOU AS NEW CUSTOMERS? YES OR NO?
CRAMER: I MEAN, YOU'RE A PARTNER TO THE SHOW.
LEGERE: COME ON.
FABER: SURE. WHATEVER YOU NEED.
LEGERE: THERE YOU GO. THERE'S A YES.
FABER: YES.
LEGERE: JIM? CARL?
QUINTANILLA: NO, NO, NO! I'M NOT GONNA -- ARE YOU KIDDING ME? ON THE FLIP SIDE, THOUGH—
LEGERE: HOLD ON, I WANT TO POINT OUT THAT MEANS WE HAVE 67% MARKET SHARE IN THE NEW T-MOBILE.
QUINTANILLA: ON THE FLIP SIDE, IF IT IS TURNED DOWN ON REGULATORY GROUNDS, WHAT THEN? WHAT'S THE PLAN THEN?
CLAURE: YOU CAN ASSUME THAT BEFORE WE ENTER A TRANSACTION LIKE THIS, WE STUDIED THE POSTER CHILD OF A MERGER. WHAT ARE REGULATORS LOOKING FOR? THAT YOU'RE GONNA BRING MORE COMPETITION TO THE MARKETPLACE. CHECK. BETTER PRODUCT, BETTER PRICES. DOESN'T GET MUCH BETTER THAN THIS. SECONDLY, THE U.S. NEEDS LEADERSHIP ON 5G. PERIOD. WE CANNOT FALL BACK TO CHINA AND SOUTH KOREA. 4G IS WHAT DROVE THE INNOVATION OF ALL THE OTTS. 5G IS GONNA DRIVE A WHOLE NEW ONE. PEOPLE SAY THE EMERGENCE OF 5G IS WHAT COLOR TV DID TO BLACK AND WHITE TV. AND WE CANNOT AFFORD TO FALL BEHIND. THE THIRD BIG QUESTION IS JOBS. THIS COMPANY IS ABOUT GROWTH SO YOU BRING BETTER PRODUCTS AND MORE PRICES AND BETTER JOBS, THIS IS A POSTER CHILD. THIS IS WHAT EVERY MERGER SHOULD LIKE THAT. SO WE FEEL VERY CONFIDENT. YOU CAN REST ASSURED THAT WE'VE DONE A LOT OF STUDYING BEFORE WE ENTERED A TRANSACTION LIKE THIS. WE HAVE NOT TALKED TO THE GOVERNMENT YET, BUT WE FEEL QUITE GOOD THAT WE HAVE A COMPELLING PROPOSITION.
LEGERE: I'M SEEING YELLOW.
QUINTANILLA: DAVID?
FABER: YEAH. GUYS, BY THE WAY, NOW I'M VERY CONCERNED AS EVERYBODY IS, I WASN'T THINKING ABOUT IT YESTERDAY BUT NOW 5G IN CHINA. IT'S ALL I'M GOING TO THINK ABOUT US FALLING BEHIND. WOW.
LEGERE: IT'S WHY WE'RE HERE, DAVID.
FABER: YEAH. BUT WHAT HAPPENS TO THE 27% STAKE THAT SOFTBANK HAS? WHAT IS THE INTENTION THERE FROM YOU AND MASAYOSHI SON IN TERMS OF MAINTAINING THAT STAKE IN THIS COMBINED COMPANY? WILL IT BE YEARS OR WHEN YOU SEE THE OPPORTUNITY, TO POTENTIALLY PUT UP A WIN IN TERMS OF THE INVESTMENT AND THE RETURN FROM IT OVER THE YEARS, WILL YOU START SELLING STOCK?
CLAURE: I MEAN, WE'RE COMMITTED. WE HAVE A LOCK UP IN THIS STOCK OF FOUR YEARS AND WE DID THAT ON PURPOSE. THIS WAS MASA'S ORIGINAL VISION TO PUT T-MOBILE AND SPRINT TOGETHER. AND YOU FOLLOW THE COMMISSION FUND, YOU FOLLOW THE INVESTMENTS THAT WE'RE DOING AND ALL THESE COMPANIES NEED A REALLY POWERFUL – THE WORLD'S BEST 5G NETWORK. I'M LOOKING FORWARD TO FIND THE SYNERGY BETWEEN OUR DIFFERENT PORTFOLIO COMPANIES THAT WE HAVE AT SOFTBANK AND COMBINING IT WITH A NEW COMPANY. SO WE'RE IN IT FOR THE LONG-TERM. WE BASICALLY ROLL ALL OF OUR EQUITY. THIS IS A SIGNIFICANT EQUITY. IT'S $25 BILLION OF INVESTMENT THAT WHEN YOU ADD THE SYNERGIES, WE EXPECT THIS TO GROW. WE PUT OUR FAITH IN THE HANDS OF JOHN AND MIKE AND WE FEEL VERY GOOD ABOUT IT. SO WE'RE IN IT FOR A VERY LONG-TERM, AND THIS WILL BE ONE OF THE PRIMARY INVESTMENTS OF SOFTBANK.
CRAMER: JOHN. I NEED TO HAVE A COMMITMENT FROM YOU RIGHT NOW THAT THERE WILL BE MORE PEOPLE WORKING FOR THESE TWO COMPANIES. THERE WILL BE MORE PEOPLE. THERE WILL BE MORE SPENDING. AND MY BILL GOES LOWER. I'M STILL NOT HEARING THESE WILL ALL OCCUR.
LEGERE: MY NAME IS JOHN. I WOULD LIKE TO COMMIT TO YOU, JIM, THAT THERE WILL BE MORE PEOPLE EMPLOYED FROM DAY ONE WITH BOTH COMPANIES COMBINED. PRICES FOR CONSUMERS WILL GO DOWN. PRICES FOR COMPETITIVE PEOPLE LIKE YOU WILL GO WAY DOWN. AND WE WILL INVEST $40 BILLION IN THE NEXT COMPANY IN THE NEXT THREE YEARS AND WE WILL DRIVE THE INNOVATION THAT COUNTRY NEEDS. AND DRIVE OTHERS TO MOVE FORWARD.
QUINTANILLA: WE'RE GOING TO SAVE THAT TAPE.
LEGERE: I AM.
CRAMER: WHAT ARE YOU SWEARING ON A BOTTLE OF, YOU KNOW – WATER?
QUINTANILLA: THE TELEVISION SET.
LEGERE: NOW GO FOURTH AND MULTIPLY.
CRAMER: HEY. YOU SPENT YOUR TIME ON THE CROSS THERE.
QUINTANILLA: ALL RIGHT GENTLEMEN, THANK YOU FOR YOUR TIME. GOOD TO SEE YOU. COME BACK SOON.
LEGERE: THANK YOU. WILL DO.
QUINTANILLA: MARCELO CLAURE AND JOHN LEGERE.
For more information contact: | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/first-on-cnbc-cnbc-transcript-t-mobile-us-ceo-john-legere-and-sprint-ceo-marcelo-claure-talk-merger-on-cnbcs-squawk-on-the-street-today.html |
More than half of the top US tech companies were founded by immigrants or the children of immigrants Sara Salinas Reblog Mary Meeker revealed the stat in her annual report on the future of the internet. Industry giants Apple, Amazon, Google, and Facebook were all founded by first or second generation immigrants. Silicon Valley has stood in relatively vocal support of immigration in recent months, as the Trump administration eyes stricter regulations and shorter visas. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/us-tech-companies-founded-by-immigrants-or-the-children-of-immigrants.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
May 27, 2018 / 5:47 PM / a few seconds ago Nadal begins title defense against Bolelli on second day Reuters Staff 2 Min Read
(Reuters) - World number one Rafa Nadal begins his French Open title defense on Monday with a clash against Italy’s Simone Bolelli on Court Philippe-Chatrier. FILE PHOTO: Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 20, 2018 Spain's Rafael Nadal in action during the final against Germany's Alexander Zverev REUTERS/Tony Gentile
Novak Djokovic, looking to get back to winning ways on the biggest stage following elbow surgery, takes on unseeded Brazilian Rogerio Dutra Silva.
Dominic Thiem, one of the players capable of denying Spaniard Nadal a record-extending 11th title at Roland Garros, opens his campaign on Court One against Ilya Ivashka of Belarus.
Five-times grand slam champion Maria Sharapova is also in action, with the Russian taking on Richel Hogenkamp of the Netherlands on Court Suzanne-Lenglen.
Order of play on the main showcourts (all matches first round, times GMT, prefix numbers denote seeding):
Court Philippe-Chatrier (play starts at 0900)
8-Petra Kvitova (Czech Republic) v Veronica Cepede Royg (Paraguay) FILE PHOTO: Tennis - Davis Cup - Quarter-Final - Italy vs France - Valletta Cambiaso ASD, Genoa, Italy - April 7, 2018 Italy's Simone Bolelli in action during his doubles match against France's Pierre-Hugues Herbert and Nicolas Mahut REUTERS/Tony Gentile
Rogerio Dutra Silva (Brazil) v 20-Novak Djokovic (Serbia)
Danielle Collins (U.S.) v 2-Caroline Wozniacki (Denmark)
1-Rafa Nadal (Spain) v Simone Bolelli (Italy)
Court Suzanne-Lenglen (0900)
Guillermo Garcia-Lopez(Spain) v 23-Stan Wawrinka (Switzerland) FILE PHOTO: Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 19, 2018 Serbia's Novak Djokovic in action during his semi final match against Spain's Rafael Nadal REUTERS/Tony Gentile
Andrea Petkovic (Germany) v 29-Kristina MLADENOVIC (France)
Andreas Seppi (Italy) v 27-Richard Gasquet (France)
28-Maria Sharapova (Russia) v Richel Hogenkamp (Netherlands)
Court 1 (0900)
Benoit Paire (France) v Roberto Carballes Baena (Spain)
7-Dominic Thiem (Austria) v Ilya Ivashka (Belarus)
Laura Siegemund (Germany) v 15-Coco Vandeweghe (U.S.)
Barbora Krejcikova (Czech Republic) v 6-Karolina Pliskova (Czech Republic) Reporting by Shrivathsa Sridhar in Bengaluru | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-order/nadal-begins-title-defense-against-bolelli-on-second-day-idUSKCN1IS0NF |
PARIS (Reuters) - China’s foreign minister on Wednesday took a swipe at the United States’ trade policy and defended international free trade on the basis of World Trade Organisation regulations.
FILE PHOTO - China's State Councilor and Foreign Minister Wang Yi gestures during a signing ceremony in Beijing, China May 1, 2018. REUTERS/Damir Sagolj/Pool/File Photo “Trade unilateralism goes against the current of history,” Wang-Yi said alongside his French counterpart Jean-Yves Le Drian speaking through an interpreter. “We must preserve international free trade on the basis of WTO rules.”
The two foreign ministers also agreed to the need to maintain the Iran nuclear deal.
Reporting by John Irish; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-trade/china-denounces-trade-unilateralism-defends-free-trade-idUSKCN1IH2R8 |
TAMPA, Fla., May 10, 2018 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a pioneer in the field of deep-ocean exploration, reported results for the first quarter ended March 31, 2018, and provided an update on current projects.
“Our first quarter results continue to demonstrate our focus on improving operational efficiencies as a strong foundation for our transformation. We have successfully built a new business model with more stability and less risk while utilizing our world-class capabilities,” said Mark Gordon, Odyssey Chief Executive Officer and President. “As we have communicated in the past, our plan has two key focus areas which are developing valuable seafloor mineral assets for our company and generating leveraged returns by conducting contracted work for third-parties that provide cash and equity or profit sharing stakes.
“We have seen significant progress in both key focus areas in 2018. We recently received positive news from the Mexican Federal Court on the ‘Don Diego’ project and we’re looking forward to working with Mexican authorities to develop this strategic resource for the benefit of Mexico. While we work through this process, we’re currently participating in the development of two additional strategic mineral resource deposits. One is an Odyssey mineral project. The other is a new project being conducted under contract from which Odyssey will receive cash and equity in the venture. And, as previously reported, offshore operations continue on a deep-ocean project in which we have a significant back-end interest.
“Concurrent with our active marine operations and mineral programs, our team continues to develop a portfolio of diversified high-potential mineral projects that we expect will create significant future value for our shareholders and company. The current projects and developing pipeline of long-term programs, combined with our improved operations efficiencies, exemplify the ongoing transformation of our business in a positive and demonstrable manner.”
Odyssey’s Current Projects
Currently planned or operational shipwreck and mineral projects are conducted under leveraged contract models whereby Odyssey is paid to perform services while retaining a significant back-end share of the future net proceeds from these projects or an equity ownership share of the project. The combined potential cash flows from these projects are expected to fund operations for multiple years while simultaneously increasing the value of projects in which the company has an equity ownership position.
Offshore operations are currently underway on a contracted project that is expected to begin generating cash in 2018 to fund company operations and is forecast to produce cash returns for a minimum 12-18 months.
Two additional strategic mineral deposits are currently under development. One is an Odyssey mineral project and the other is being conducted under contract with Odyssey receiving cash and equity in the new venture.
To move to the next phase of the “Don Diego” phosphate sands project in Mexico, Odyssey and its subsidiaries are awaiting the issuance of an environmental permit. On March 21, 2018, the 11-judge panel of the Superior Court of the Federal Court of Administrative Justice in Mexico ruled unanimously in favor of Odyssey’s subsidiary, Exploraciones Oceánicas, S. de R.L. de C.V. (“ExO”), nullifying the original denial of the environmental permit application. Odyssey is under contract to provide a variety of services related to this the project once approvals are in place. This contract has the potential to produce positive cashflows and enhance the value of Odyssey’s investment in this project.
Several other new subsea mineral projects that will require offshore exploration work and resource evaluation by Odyssey are currently in development stage.
First Quarter 2018 Financial Results
Total revenue in the current quarter was $0.5 million, a $0.1 million decrease over the revenue in the same period a year ago. The revenue generated in each period was a result of performing marine search and recovery operations for our related party customer Magellan.
Marketing, general and administrative expenses decreased by $0.2 million from $1.6 million in 2017 to $1.4 million in 2018 primarily as a result of (i) a reduction of $0.1 million of personnel compensation and related expenses which includes share-based compensation and (ii) a $0.1 million decrease in independent director meeting fees.
Operations and research expenses decreased by $0.3 million from 2017 to 2018 primarily as a result of a $0.3 million reduction of marine services costs which include technical crew costs as well as other marine operational costs such as equipment rental, fuel, port fees and consumables. The net loss for first quarter 2018 was $1.7 million or $(0.21) per share, as compared to a net loss of $2.2 million or $(0.28) per share in first quarter 2017.
Consolidated financial statements as well as Odyssey's Quarterly Report on Form 10-Q for the period ended March 31, 2018, are available on the company's website at www.odysseymarine.com as well as at www.sec.gov .
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in deep-ocean exploration using innovative methods and state-of-the-art technology to provide access to critical resources worldwide. Our core focus is the discovery, development and extraction of deep-ocean minerals. Odyssey also provides marine services for private clients and governments. For additional details, please visit www.odysseymarine.com .
Forward Looking Information
Odyssey Marine Exploration believes the information set forth in this Press Release may include "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the Securities and Exchange Commission on March 26, 2018. The financial and operating projections as well as estimates of mining assets are based solely on the assumptions developed by Odyssey that it believes are reasonable based upon information available to Odyssey as of the date of this release. All projections and estimates are subject to material uncertainties, and should not be viewed as a prediction or an assurance of actual future performance. The validity and accuracy of Odyssey's projections will depend upon unpredictable future events, many of which are beyond Odyssey's control and, accordingly, no assurance can be given that Odyssey's assumptions will prove true or that its projected results will be achieved.
Cautionary Note to U.S. Investors
The U.S. Securities and Exchange Commission (SEC) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "measured", "indicated," "inferred" and "resources," which the SEC guidelines strictly prohibit us from including in our filings with the SEC. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. U.S. investors are cautioned not to assume that part or all of the inferred mineral resource exists, or is economically or legally mineable, and are urged to consider closely the disclosures in our Form 10-K which may be secured from us or from the SEC's website at http://www.sec.gov/edgar.shtml .
CONTACT:
Laura Barton
Odyssey Marine Exploration, Inc.
(813) 876-1776 x 2562
[email protected]
Source:Odyssey Marine Exploration, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-odyssey-marine-exploration-reports-first-quarter-2018-results.html |
HELSINKI (Reuters) - The two leading candidates to become Finland’s next prime minister signaled on Wednesday they would not work with the eurosceptic Finns Party after 2019 elections, hitting the nationalists’ chances of returning to government.
FILE PHOTO: Finland's Finance Minister Petteri Orpo speaks to the media in Helsinki, Finland, November 29, 2017. REUTERS/Tuomas Forsell/File Photo Antti Rinne, the head of the main opposition party, the Social Democrats, said it was “very difficult to imagine that we would go into a government with the Finns Party,” in a meeting with reporters.
Finance Minister Petteri Orpo told the same event there had been no change in policy since his co-ruling National Coalition Party (NCP) and Prime Minister Juha Sipila’s Centre Party threw the Finns Party out of government last year because of its new hardline anti-immigration chairman.
The Finns Party - which was a rising force in Finnish politics as recently as 2015 with the clout to complicate euro zone bailout talks four years earlier - has split into two since it left government and has seen its support level off.
There was no immediate reaction from the party on Wednesday.
Finns Party leader Jussi Halla-aho has said he wants Finland to cut immigration and leave the European Union. He has proposed sanctions against organizations that rescue refugees and immigrants from the Mediterranean, saying they only encourage more migrants.
In the latest opinion poll by Helsingin Sanomat daily, the Social Democrats ranked the most popular party with a support of 21.2 percent. NCP came in second with 20.5 percent.
The Finns Party was the sixth biggest with a support of 7.7 percent. The moderately nationalist Blue Reform group, which split away from the Finns last year and kept its government seat, has a support of just 1.7 percent.
Prime Minister Sipila’s Centre party had a poll support of 15.7 percent.
The national election takes place in April 2019. Finland has a long tradition of majority governments and the next government will likely include two of the three biggest parties
Reporting by Jussi Rosendahl
| ashraq/financial-news-articles | https://www.reuters.com/article/us-finland-politics/finnish-poll-leaders-rule-out-working-with-nationalists-after-vote-idUSKCN1IO11I |
May 22 (Reuters) - Cannabis Wheaton Income Corp:
* CANNABIS WHEATON ANNOUNCES $100 MILLION BOUGHT DEAL FINANCING
* CANNABIS WHEATON INCOME - UNDERWRITERS AGREED TO BUY ON BOUGHT DEAL BASIS, 71.5 MILLION UNITS OF COMPANY AT C$1.40 PER UNIT
* CANNABIS WHEATON INCOME - TO USE PROCEEDS FROM OFFERING FOR CAPEX REGARDING DOMESTIC & INTERNATIONAL OPERATIONS,CAPACITY EXPANSION, AMONG OTHERS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cannabis-wheaton-announces-100-mln/brief-cannabis-wheaton-announces-100-mln-bought-deal-financing-idUSASC0A3A1 |
May 11, 2018 / 10:19 AM / Updated 11 minutes ago Exclusive - Banks to seek special exemptions for foreign staff after Brexit: sources Andrew MacAskill , Huw Jones 4 Min Read
LONDON (Reuters) - Global banks in Britain are calling for a special work visa waiver after Brexit to preserve the City of London’s standing as a top global financial centre, two industry sources said, a move that would be more generous than the current arrangements. FILE PHOTO: People cross the Millenium Bridge in front of the City on a sunny morning in London, Britain, May 8, 2018. REUTERS/Hannah McKay/File Photo
Since Britain voted to leave the European Union two years ago, London’s financial services industry has been trying to prepare for losing access to its biggest trading bloc, its toughest challenge since the 2007-2009 financial crisis.
London vies with New York as the world’s financial capital and potentially has lot to lose from the end of unfettered access to the EU’s post-Brexit market of 440 million people.
Business leaders have repeatedly expressed concern that a crackdown on immigration from the EU could hamper their ability to find staff with the right skills.
As a result, the finance industry is demanding a new system where international staff posted to Britain for less than six months will be able to come and go freely without having to apply for a work visa before they travel, the sources said.
The proposal is a core recommendation in a draft report by TheCityUK, which promotes Britain’s financial services sector, and consultants EY, the sources said.
The report reminds the government that the finance sector must continue to attract top global talent because it the biggest source of corporate tax revenue accounting for 14 percent of all tax revenue raised in Britain.
The report has been shared with the Home Office and Treasury and is the most detailed request yet by Britain’s finance industry to the government about how it wants immigration policy to look after Brexit. THE RISE OF THE CITY
For centuries, immigrants from around the world have helped to establish London as a major centre for international finance.
Nathan Rothschild, who came to London from Germany, helped to expand the business of banking in the 19th Century by financing the governments of Europe and Latin America through bonds underwritten in the City.
A century later, London’s reputation as a global finance centre was enhanced by another immigrant, Siegmund Warburg, who had fled Nazi Germany in the 1930s. He helped to create the Eurobond market - now worth trillions of dollars.
To try to preserve the flow of talent the report is recommending that Britain introduces a “flexible short-term immigration category” for employees of international banks, insurers, asset managers and related professions like lawyers and accountants, the sources said.
The government is expected to outline its future immigration rules later this year and bankers’ demand for special exemptions potentially puts the industry still scorned by Britons since the financial crisis on a collision course with large swaths of the public.
Curbing immigration was one for the main drivers for Britons voting to leave the EU in the 2016 referendum, following a large influx of EU citizens, especially from poorer countries in eastern Europe.
The City’s report on immigration is due to be formally unveiled in ten days time at an event where the immigration minister Caroline Nokes is due to give a keynote speech. IMPORTING TALENT
Potentially one of the report’s most controversial demands is for the “enhanced” immigration system to treat European and non-European staff in the same way after the Brexit transition deal ends in 2020.
The finance industry is concerned that after Brexit, EU nationals who want to work in Britain will face the same inflexible “caps” or numerical curbs that non-EU nationals already face, the sources said.
Extending these caps to EU citizens would only worsen existing skills shortages, the sources said.
It urges Britain’s government to set out a broad, post transition immigration policy by spring 2019 so that companies have enough time to adjust.
A spokesman for the Home Office and EY did not respond to requests for comment. TheCityUK declined to comment. Reporting By Andrew MacAskill and Huw Jones; editing by Guy Faulconbridge and Jane Merriman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-banks-exclusive/exclusive-banks-to-call-for-special-uk-visa-waiver-for-workers-after-brexit-sources-idUKKBN1IC10F |
Troubled Monte dei Paschi surprises with swing to Q1 profit 7:50am EDT - 01:39
Shares in Italy's troubled lender, Monte dei Paschi, jump ten per cent in early trade as the bank reveals it's swung to profit in the first quarter, helped by cost cutting and lower loan losses. Silvia Antonioli reports.
Shares in Italy's troubled lender, Monte dei Paschi, jump ten per cent in early trade as the bank reveals it's swung to profit in the first quarter, helped by cost cutting and lower loan losses. Silvia Antonioli reports. //reut.rs/2G6Ty3o | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/troubled-monte-dei-paschi-surprises-with?videoId=425879201 |
LONDON (Reuters) - Lloyd’s of London, AIG, Allianz and other insurers are ignoring assurances and establishing new hubs in Britain and the European Union before Brexit in March 2019 to ensure access to customers.
FILE PHOTO: The Lloyd's of London building is lit by winter sun in the City of London financial district in London, Britain, February 1, 2018. REUTERS/Simon Dawson/File Photo The moves come despite a “standstill” transition agreement struck between Britain and the European Union in March of this year which is meant to avoid any such hasty relocations.
“We have urged firms not to wait for and rely on a political process to deliver the answers. This is particularly true of relocation plans, which take two years or more to complete,” Hugh Savill, of the Association of British Insurers, said.
Insurers are being driven by the fact that after Brexit, European firms selling policies in Britain, as well as British and other non-European Union insurers with UK bases selling into Europe, will need to have local regulated entities.
Many contacted by Reuters have said they are starting to implement the second phase of their Brexit plans - submitting licence applications, hiring staff and shifting policies.
“We are prepared for a hard Brexit,” said Joachim Wenning, chief executive of Germany’s Munich Re, the world’s biggest reinsurer, which has applied for UK licences.
Such planning has been encouraged by EU regulators who say transition will not be ratified until October and could be derailed without agreement on other parts of Britain’s divorce.
“I don’t think there is any going back,” Paul Merrey, a partner specialising in insurance at consultants KPMG, said.
American insurer AIG said it will open new subsidiaries in Britain and Luxembourg by December, and has begun moving policies from one jurisdiction to another.
Slideshow (2 Images) Meanwhile, Japanese insurer Sompo’s international unit last week received approval for its Luxembourg subsidiary, which it said would start operating before the end of the year.
Even Lloyd’s of London, the world’s largest commercial insurance market which is synonymous with the capital’s financial centre, will have its new Brussels subsidiary ready by January for the policy renewal season kick-off.
“Companies must take their futures into their own hands, and Lloyd’s is no different,” its Chief Executive Inga Beale said, while Lloyd’s market operator CNA Hardy’s CEO Dave Brosnan said it is obtaining a licence for a Luxembourg subsidiary.
EARLY CERTAINTY The Bank of England says that transition, which is meant to give financial firms breathing space until the end of 2020, can be relied on immediately so that EU insurers do not have to seek reauthorisation for UK operations by next March.
It has also eased the rules for deciding if operations of insurers from outside Britain can continue as branches or must convert into subsidiaries with their own capital, an expensive process which only a small number face.
The BoE says UK and EU legislation is needed to ensure 10 million British policyholders with 27 billion pounds in liabilities and 38 million European Economic Area policyholders with 55 billion pounds of liabilities are not hit.
Swiss insurer Zurich is talking to UK regulators about the licence for its general insurance business, which has its EU headquarters in Dublin. Its UK CEO Tulsi Naidu said she welcomed the Bank of England and UK government’s stance, in “providing early certainty for in-bound branches”.
Germany’s Allianz ( ALVG.DE ) also told Reuters it was applying for a branch licence for one of its units in Britain and after requests from brokers, Munich Re said it applied in March for UK licences as well, at a cost of “low double-digit million figure”.
Insurers are also moving policies from London to new EU hubs, to ensure that customers can still pay premiums and receive payouts on cross-border contracts after Brexit Day. One-year policies taken out after March 29 this year are at risk.
“NORMAL THIRD COUNTRY” Insurers may be implementing Brexit plans, but staff moves are so far modest, far fewer than the several thousand banking jobs expected to shift, according to a Reuters survey.
Thirteen insurers who gave details of job numbers in the survey in March said a total of 173 jobs would be created in or moved to the EU, mainly in Dublin and Luxembourg.
The BoE said in response to a Freedom of Information request from Reuters that it had received contingency plans from 170 insurers regulated by its Prudential Regulation Authority and 519 such responses from European Economic Area insurance firms and their home state regulators.
A lack of clarity on future trading links after transition is also hastening insurers’ Brexit moves.
While Britain wants a bespoke trade agreement based on “mutual recognition”, the bloc is pushing its existing system of market access for “third countries”, or non-EU members.
“We are working under the assumption that Britain will be a normal third country in the future,” Wenning said.
Additional reporting by Tom Sims in Frankfurt and Alexander Huebner in Munich, editing by Alexander Smith
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-eu-insurance-analysis/insurers-hit-shift-button-despite-brexit-grace-period-idUSKBN1I51NJ |
May 14, 2018 / 7:51 PM / Updated 20 minutes ago U.S. blames Hamas for deadly Gaza violence Steve Holland , Matt Spetalnick 3 Min Read
WASHINGTON (Reuters) - The White House on Monday blamed the Palestinian militant group Hamas for deadly violence on Israel’s border with Gaza where Israeli troops fatally shot dozens of Palestinian protesters.
White House spokesman Raj Shah accused Hamas’ leaders of making a “gruesome and unfortunate propaganda attempt” that led to the clashes in Gaza at the same time the United States was opening its new embassy in Jerusalem, a move that has fueled Palestinian anger.
Speaking to reporters at a White House briefing, Shah also declined to join with other countries, including France and Britain, in calling for Israel to exercise restraint in its response to the protests.
The White House instead reiterated the Trump administration’s refrain, in response to weeks of violence on the Israel-Gaza border, that Israel had a right to defend itself.
“The responsibility for these tragic deaths rests squarely with Hamas,” Shah said. “Hamas is intentionally and cynically provoking this response.”
Monday was the bloodiest single day for Palestinians since the Gaza conflict in 2014. Palestinian Health Ministry officials said 55 protesters were killed and 2,700 injured either by live gunfire, tear gas or other means.
The Israeli military said it was responding to violence from the protesters to defend Israel’s border. Israeli Prime Minister Benjamin Netanyahu said Israel’s actions were self-defense against the enclave’s ruling Hamas group.
Despite the Gaza violence and Palestinian outrage over the embassy move from Tel Aviv, Shah insisted there was no reason to believe there would be any damage to the Trump administration’s Israeli-Palestinian peace efforts.
The White House has offered few details on a peace plan that is still being finalized and which has drawn widespread skepticism even before its unveiling. The Palestinians say they have lost faith in the Trump administration to act as a fair mediator and have boycotted the process since President Donald Trump’s Jerusalem announcement in December.
“I don’t think it hurts the peace plan,” Shah said. “The peace plan will be introduced at the appropriate time.”
In contrast to the scenes in Gaza, Israeli dignitaries and guests attended a ceremony in Jerusalem to open the U.S. Embassy following its relocation from Tel Aviv. The move to Jerusalem upended decades of U.S. policy toward Jerusalem. Palestinians want East Jerusalem as the capital of their future state.
Israel regards all of the city, including the eastern sector it captured in the 1967 Middle East war and annexed in a move that is not recognized internationally, as its “eternal and indivisible capital.”
Most countries say the status of Jerusalem - a sacred city to Jews, Muslims and Christians - should be determined in a final peace settlement and that moving their embassies now would prejudge any such deal. A Palestinian demonstrator carries a tire as others take cover from Israeli fire and tear gas during a protest against U.S. embassy move to Jerusalem and ahead of the 70th anniversary of Nakba, at the Israel-Gaza border in the southern Gaza Strip May 14, 2018. REUTERS/Ibraheem Abu Mustafa Reporting by Steve Holland and Matt Spetalnick; Additional reporting by Doina Chiacu, David Alexander and Lisa Lambert; Editing by Jeffrey Benkoe and Peter Cooney | ashraq/financial-news-articles | https://in.reuters.com/article/israel-usa-whitehouse-gaza/u-s-blames-hamas-for-deadly-gaza-violence-idINKCN1IF2RR |
May 14 (Reuters) - Bri-Chem Corp:
* BRI-CHEM ANNOUNCES 2018 FIRST QUARTER FINANCIAL RESULTS
* Q1 REVENUE $35.3 MILLION VERSUS $34.0 MILLION * QTRLY LOSS PER SHARE $0.00 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-bri-chem-q1-revenue-353-mln-vs-340/brief-bri-chem-q1-revenue-35-3-mln-vs-34-0-mln-idUSASC0A25M |
NEW YORK (Reuters) - Yields on benchmark U.S. government bonds rose on Thursday to their highest in about seven years, pushing the U.S. dollar to a four-month peak against the yen, while oil prices topped $80 a barrel for the first time since November 2014 before pulling back.
FILE PHOTO: A panel displays a list of top active securities outside the Hong Kong Exchanges in Hong Kong, China February 28, 2018. REUTERS/Bobby Yip/File Photo Wall Street’s main stock indexes fell, while European stock markets climbed and Britain’s FTSE 100 notched a record closing high.
The focus this week has centered on rising U.S. Treasury yields, as investors point to data reflecting a strong U.S. economy that could indicate firming inflation.
The benchmark 10-year U.S. Treasury note yield hovered above 3.1 percent, continuing a surge higher earlier in the week.
“I think it’s the same thing we have had really for the past couple of weeks: The inflation trade is being put on,” said Walter Todd, chief investment officer at Greenwood Capital in Greenwood, South Carolina.
Looking at the rise in bond rates, the dollar and oil, Todd said, “all that is being driven by the same backdrop, which is the U.S. economy is hitting on all cylinders.”
On Wall Street, the Dow Jones Industrial Average fell 117.14 points, or 0.47 percent, to 24,651.79, the S&P 500 lost 10.11 points, or 0.37 percent, to 2,712.35 and the Nasdaq Composite dropped 43.17 points, or 0.58 percent, to 7,355.12.
Shares of retailer Walmart and network gear maker Cisco fell after their respective results, weighing on indexes. Energy shares rose 0.9 percent, bolstered by higher oil prices.
Investors were also watching trade developments between the United States and China, as the two countries launched a second round of talks to try to avert a damaging tariff war.
The yield premium investors demand for holding Italian bonds over Germany hit its highest since January, as two anti-establishment Italian parties moved closer to a government deal that would ramp up spending.
Italian stocks gained 0.3 percent after selling off sharply on Wednesday when details of a draft coalition document showed plans to ask the European Central Bank to forgive 250 billion euros ($294.70 billion) in debt.
Strong oil prices helped Britain’s top share index, the FTSE 100, seal its highest ever closing level as it climbed 0.7 percent.
The pan-European FTSEurofirst 300 stock index rose 0.62 percent, while MSCI’s gauge of stocks across the globe shed 0.15 percent.
U.S. 10-year Treasury note yields climbed following a steep bond market selloff earlier in the week.
Benchmark 10-year notes last fell 4/32 in price to yield 3.1094 percent, from 3.095 percent late on Wednesday.
The dollar index, which measures the greenback against a basket of major currencies, rose 0.09 percent. The Japanese yen weakened 0.24 percent versus the U.S. currency at 110.68 per dollar.
“The near-term picture remains positive for the dollar with Treasury yields showing few signs of topping, a move that makes the buck a more enticing bet to income-seekers,” said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.
Oil prices hit $80 a barrel for the first time since November 2014 on concerns that Iranian exports could fall because of renewed U.S. sanctions, reducing supply in an already tightening market.
Brent was last at $79.18 per barrel, down 0.13 percent on the day, after rising as high as $80.50.
U.S. crude fell 0.34 percent to $71.25.
“The geopolitical noise and escalation fears are here to stay,” said Norbert Rücker, head of macro and commodity research at Swiss bank Julius Baer. “Supply concerns are top of mind after the United States left the Iran nuclear deal.”
Spot gold added 0.1 percent to $1,290.84 an ounce, after touching a new low for the year during the session.
Additional reporting by Gertrude Chavez-Dreyfuss in New York and Marc Jones and Ron Bousso in London; Editing by Bernadette Baum and James Dalgleish
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-markets/asian-shares-steady-euro-hampered-by-italian-political-risk-idUSKCN1II04N |
LONDON, May 16 (Reuters) - Hedge fund firm Tangency Capital has launched with $50 million in assets to bet on the reinsurance market ahead of the start of the next hurricane season, one of its three founding members told Reuters on Wednesday.
Last year was the worst on record for insurance losses from natural disasters, including Hurricanes Harvey, Irma and Maria. But it also led to new fund launches on an expectation of higher rates in the sector, particularly at renewal dates in June and July.
Tangency Capital, which has offices in London and Bermuda and will invest directly in non-life reinsurance risks, was founded by Dominik Hagedorn, Michael Jedraszak and Kai Morgenstern. (Reporting by Maiya Keidan and Carolyn Cohn; editing by Simon Jessop)
| ashraq/financial-news-articles | https://www.reuters.com/article/hedgefunds-reinsurance/tangency-capital-says-has-launched-50-mln-reinsurance-hedge-fund-idUSL5N1SN3K2 |
Trading Nation: Energy stocks soar 2 Hours Ago Boris Schlossberg, BK Asset Management, and Michael Bapis, Bapis Group at Hightower, discuss the moves in the energy sector. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/trading-nation-energy-stocks-soar.html |
May 10 (Reuters) - Joint Corp:
* Q1 REVENUE $7.1 MILLION VERSUS I/B/E/S VIEW $7.1 MILLION * Q1 EARNINGS PER SHARE VIEW $-0.02 — THOMSON REUTERS I/B/E/S
* MANAGEMENT REITERATES ITS FULL YEAR 2018 FINANCIAL GUIDANCE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-the-joint-corp-reports-q1-loss-per/brief-the-joint-corp-reports-q1-loss-per-share-0-03-idUSASC0A1KT |
23 COMMENTS Bob Boniface, director of exterior design at General Motors’ Buick division from Bloomfield Hills, Mich., with his 1962 Ferrari 250 GTE. The car was originally owned by British actor Peter Sellers. Photo: Jason Keen for The Wall Street Journal Bob Boniface, 52, director of exterior design at General Motors’ Buick division, from Bloomfield Hills, Mich., on his 1962 Ferrari 250 GTE, as told to A.J. Baime.
My father, Raymond, was a physician, and when I was growing up, he owned some Ferraris. In 1973, he bought the one pictured here for $3,800 to use as his daily driver. These were not expensive cars at the time.
We knew from the registration card that this Ferrari’s original owner had been British actor Peter Sellers. We later learned that the vehicle had been delivered to Mr. Sellers while he was on the set of the 1963 movie “The Wrong Arm of the Law.” The car appears in that movie. (It was white at the time.)
Photos: A G.M. Exec With a Fabulous Ferrari Story A Michigan car executive shows off the 1962 GTE that’s been in and out of his life for over four decades Bob Boniface in his 1962 Ferrari GTE. Mr. Boniface’s father owned this car from 1973 to 1975. Mr. Boniface found it and brought it back into the family last year. Jason Keen for The Wall Street Journal 1 of 10 • • • • • The 250 GTE was the first four-seat Ferrari ever produced in any volume. Enzo Ferrari launched his car company in the late 1940s and he sold a small number of street cars to wealthy clientele to fund his racing program. By the 1960s, he had become the most successful race-car builder in the world. Our 250 GTE was a window into Enzo Ferrari’s work during his heyday.
In 1975, my father sold the car for $4,800. He had owned it for two years and made a thousand dollars. He laughed all the way to the bank.
Four years ago, my father found the original owners’ manual in his library. It had the registration card with Peter Sellers’s signature on it. He called me and said, “You’re connected in the car world. You should find that old Ferrari so we can give the owner this manual, as it is an important piece of history.”
I looked for the car for three years. Last year, I posted a message on a Ferrari website and I received a private message back saying, “I bought the car from your father over 40 years ago and I still have it. I restored it. I am thinking of selling, if you’re interested.” The guy remembered meeting me when I was a boy.
We struck a deal. It was not cheap, but the owner wanted the car to go to someone who appreciated its history, so he sold it for under market value.
In April 2017, I got the car to my house. My father, now 93, came over. I said, “The last time we were in this car together, you drove. Now it’s my turn.” We went for a drive. He was over the moon, and so was I.
—Contact A.J. Baime at Facebook.com/ajbaime .
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May 24, 2018 / 1:23 PM / in 10 minutes Brazil's Braskem says Odebrecht denies acquisition proposal from LyondellBasell Reuters Staff 1 Min Read
SAO PAULO, May 24 (Reuters) - Brazilian construction firm Odebrecht SA on Thursday denied receiving a proposal from LyondellBaseel Industries NV to buy its controlling stake in Brazilian petrochemical company Braskem SA, Braskem said in a securities filing on Thursday.
Newspaper Valor Econômico reported on Thursday that LyondellBasell, in an offer to Odebrecht, valued Braskem at 41.5 billion reais ($11.42 billion).
According to Braskem, Odebrecht also said it intends to maintain its presence in the petrochemical sector and that the Brazilian conglomerate continues to seek alternatives that bring value to Braskem. ($1 = 3.6343 reais) (Reporting by Carolina Mandl; editing by Jonathan Oatis) | ashraq/financial-news-articles | https://www.reuters.com/article/braskem-lyondellbasell/brazils-braskem-says-odebrecht-denies-acquisition-proposal-from-lyondellbasell-idUSE6N1PP01Y |
May 31, 2018 / 12:46 AM / Updated 35 minutes ago Oil prices dip on unexpected growth in U.S. crude stocks Reuters Staff 2 Min Read
SEOUL (Reuters) - Oil prices dropped on Thursday, weighed down by a surprise rise in U.S. crude inventories and by expectations that OPEC and other producers could increase output at a meeting in June. FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo
Brent crude LCOc1 was down 20 cents at $77.30 per barrel at 0041 GMT, after settling the last session up 2.8 percent.
U.S. West Texas Intermediate crude CLc1 was down 20 cents at $68.01 a barrel. In the previous session, it settled up $1.48, or 2.2 percent, at $68.21 per barrel.
U.S. crude inventories rose by 1 million barrels in the week to May 25 to 434.9 million barrels, according to data from industry group the American Petroleum Institute, although analysts had expected a decrease of 525,000 barrels. [API/S]
Data from the Energy Information Administration is due at 11 a.m. EDT (1500 GMT) on Thursday, a day later than usual due to a public holiday on Monday.
A possible production increase by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members including Russia has been in focus, especially after Saudi Arabia, de facto leader of the oil cartel, and Russia have discussed boosting output by some 1 million barrels per day.
OPEC and some non-OPEC members have committed to curb their output by about 1.8 million barrels per day until the end of 2018, and they will meet in Vienna on June 22 whether or not their commitment should remain unchanged.
“With the OPEC meeting still another three weeks away, oil prices are likely to remain sensitive to headlines,” ANZ bank said in a note.
A Gulf source familiar with the thinking of Saudi Arabia said OPEC and its allies aim to continue their agreement to cut oil output by the end of this year but are ready to make gradual adjustments to offset any supply shortfall. Reporting by Jane Chung; Editing by Joseph Radford | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-global-oil/oil-prices-dip-on-unexpected-growth-in-u-s-crude-stocks-idUKKCN1IW02O |
TORONTO, May 25, 2018 (GLOBE NEWSWIRE) -- Fortius Research and Trading Corp. (" Fortius ") acquired 5,000 Class A multiple voting shares (the " Acquired Shares ") (the " Class A Multiple Voting Shares ") of FSD Pharma Inc. (formerly, Century Financial Capital Group Inc.) (the " Issuer "). The Acquired Shares represent 33.33% of the issued and outstanding Class A Multiple Voting Shares of the Issuer.
On May 24, 2018, the Issuer completed its acquisition of 100% of the issued and outstanding securities of FV Pharma Inc. (" FV Pharma ") by way of a "three-cornered" statutory amalgamation of FV Pharma and a wholly-owned subsidiary of the Issuer (the " Acquisition ").
In connection with the closing of the Acquisition, the Issuer issued 15,000 Class A Multiple Voting Shares to the former holders of FV Pharma Class A voting shares.
Following completion of the Acquisition, Fortius has control over 5,000 Class A Multiple Voting Shares of the Issuer, representing 33.33% of all the issued and outstanding Class A Multiple Voting Share of the Issuer.
The acquisition of the Acquired Shares by Fortius was made for investment purposes. Fortius may from time to time dispose of, or acquire, additional securities of the Issuer as circumstances warrant.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues , which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Issuer is a reporting issuer containing information with respect to the foregoing matters (the " Early Warning Report "). A copy of the Early Warning Report will appear at www.sedar.com .
Contact Information:
Fortius Research and Trading Corp.
[email protected]
Source:Fortius Research and Trading Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-fortius-research-and-trading-corp-acquires-ownership-of-class-a-multiple-voting-shares-of-fsd-pharma-inc.html |
Personal Technology With Joanna Stern Ep.21 Read All Those New Privacy Policies? Get a Football Field How to Read Privacy Policies Without Actually Reading Them By Joanna Stern May 17, 2018 1:00 pm Those updated privacy policies flooding your inbox, due to Europe's GDPR, are so long that if you print out the ones from 30-some most-used apps, you could span a football field. Really. WSJ's Joanna Stern provides tips on how to tackle the gibberish. Personal Technology With Joanna Stern Technology is overwhelming and making decisions about what gadget to buy is harder than ever. WSJ personal tech columnist Joanna Stern makes it all a bit easier in her lively and informative videos. Up Next in Personal Technology With Joanna Stern Ep.1 Alexa, Siri, Cortana: Why All Your Bots Are Female Ep.2 The Night They Locked Up All the Smartphones Ep.3 10 Time-Saving Gmail Tricks in 2 Minutes Ep.4 Living With the Original iPhone... in 2017 Ep.5 Fix Your iPhone's Old Battery Ep.6 How to Make a Phone Call: An Etiquette Guide Ep.7 Smartphone Notifications... in Real Life Ep.8 Apple Watch Series 3 Review: No iPhone, No Problem? Ep.9 Teach Amazon Echo to Recognize Your Voice Ep.10 iPhone X Review: Testing (and Tricking) FaceID Ep.11 How to Use iPhone X… Told by Animojis Ep.12 How to Charge Your iPhone Faster Ep.13 Six Boring Tech Gifts Everyone Will Love Ep.14 Raising a Robot: A One-Month Review of Jibo Ep.15 The Answers to Your Family’s Tech Questions Ep.16 Forget Self-Driving Cars, Here Comes Self-Driving Luggage Ep.17 Smart Cars, Sweet Robots, Scary Wheels: CES 2018 in 2 Minutes Ep.18 iCloud Storage Full? Here’s What to Do Ep.19 Apple HomePod Video Review: Big Sound With Big Buts Ep.20 | ashraq/financial-news-articles | http://www.wsj.com/video/series/joanna-stern-personal-technology/read-all-those-new-privacy-policies-get-a-football-field/773FA364-B838-46A4-88E5-E17ACD5F918A |
FRANKFURT/RIYADH (Reuters) - Saudi Crown Prince Mohammed bin Salman has ordered that no more government contracts be awarded to German companies, in a sign of continued irritation over Berlin’s foreign policy in the Middle East, German magazine Der Spiegel reported on Friday.
FILE PHOTO: Saudi Arabia's Crown Prince Mohammed bin Salman attends a press conference with French President Emmanuel Macron (not pictured) at the Elysee Palace in Paris, France, April 10, 2018. Yoan Valat/Pool via Reuters Citing no sources, it said the move was likely to hit major companies such as Siemens ( SIEGn.DE ), Bayer ( BAYGn.DE ) and Boehringer Ingelheim as well as carmaker Daimler ( DAIGn.DE ).
Relations between Germany and Saudi Arabia have been strained, and Saudi Arabia last year summoned its ambassador in Germany home for consultations over comments by then-Foreign Minister Sigmar Gabriel about the political crisis in Lebanon.
Saudi Arabia is a significant trade partner for Germany, generating 2017 exports worth 6.6 billion euros ($7.7 billion), according to Germany’s statistics office.
Siemens last year won an order worth around $400 million to deliver five gas turbines for a combined heat and power plant being built in Saudi Arabia. Daimler soon after secured an order for 600 Mercedes‑Benz Citaro buses from Saudi bus operator SAPTCO.
A senior German businessman in Saudi Arabia, who asked to remain anonymous, told Reuters on Friday that especially the healthcare sector was currently feeling added scrutiny when applying for Saudi tenders.
“They have even been asking: Where are the products coming from? Are they made in Germany? Do you have other manufacturing sites? And as soon as this is made in Germany, they have been rejecting any German applications for tender,” the person said.
Bayer, Boehringer and Siemens declined to comment on the report by Spiegel. Daimler said it could not confirm the report and that its business was ongoing.
A Saudi government media office did not immediately reply to request for comment.
Bloomberg News had reported in March that government agencies had been told not to renew some non-essential contracts with German firms.
At the time, it cited sources as saying that Deutsche Bank’s ( DBKGn.DE ) mandates in the kingdom were among those at risk, including a potential role in Saudi Aramco’s IPO-ARMO.SE initial public offering, which could be the largest share sale ever.
Reporting by Maria Sheahan and Stephen Kalin; Additional reporting by Ludwig Burger and John Revill; Editing by Louise Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-saudi-trade/saudi-arabia-to-exclude-german-firms-from-government-tenders-spiegel-idUSKCN1IQ2GF |
April 30 (Reuters) - SYGNITY SA:
* REQUESTED BY POLAND’S TREASURY, REPRESENTED BY FINANCE MINISTER, TO PAY ABOUT 27.2 MILLION ZLOTYS IN FINES WITHIN 14 DAYS
* THE FINES RELATE TO THE DELAYS IN THE IMPLEMENTATION AND MAINTENANCE OF E-PODATKI SYSTEM AND ADDITIONAL SERVICES
* IN THE OPINION OF SYGNITY, THE AMOUNT OF PENALTIES SET BY TREASURY DOES NOT REFLECT THE ARRANGEMENTS OF THE AGREEMENT AND ITS IMPLEMENTATION
* BOTH PARTIES HAVE DECLARED READINESS TO IMMEDIATELY START TALKS IN ORDER TO RESOLVE THE OCCURED SITUATION Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sygnity-requested-to-pay-about-272/brief-sygnity-requested-to-pay-about-27-2-mln-zlotys-in-fines-idUSFWN1S70DI |
May 21, 2018 / 6:44 AM / Updated 26 minutes ago Japanese climber dies on eighth attempt on Everest - official Reuters Staff 2 Min Read
KATHMANDU (Reuters) - A Japanese climber, who lost nine fingertips to frostbite in a previous expedition, died on Monday during an attempt to climb Mount Everest, an official said, the second person to die on the world’s highest mountain during the current climbing season. FILE PHOTO: Japanese climber Kuriki Nobukazu speaks during an interview in Kathmandu, August 22, 2015. REUTERS/Navesh Chitrakar
Nobukazu Kuriki, 36, was found dead while sleeping in a camp 2 tent at 7,400 metres (24,278 feet) on the 8,850-metre (29,035-feet) mountain, tourism department official Gyanendra Shrestha said from base camp.
“Sherpas found his body inside the tent,” Shrestha told Reuters. Details of the incident are not immediately available due to poor communication with the higher camp, he said.
Kuriki had made seven unsuccessful attempts to scale Everest. FILE PHOTO: Japanese climber Kuriki Nobukazu speaks during an interview in Kathmandu, August 22, 2015. REUTERS/Navesh Chitrakar
In 2012, Kuriki spent two days in a snow hole at 27,000 feet (8,230 metres) on Everest in temperatures below minus 20 Celsius. That was when he had to have his fingertips amputated.
Macedonian Gjeorgi Petkov, 63, died at the weekend climbing Everest, hiking officials said without giving details.
Scores of climbers have successfully made it to the top of Everest this month taking the benefit of good weather, officials said.
Nepal has allowed more than 340 foreign climbers to ascend the peak during the current season which started in March and continues through this month. Reporting by Gopal Sharma; Editing by Sanjeev Miglani and Michael Perry | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-nepal-everest/japanese-climber-dies-on-eighth-attempt-on-everest-official-idUKKCN1IM0IG |
Cantargia AB:
* CANTARGIA RECEIVES PATENT APPROVAL IN CANADA AND BROADENS PROTECTION WITH RESPECT TO HEMATOLOGICAL CANCER Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cantargia-receives-patent-approval/brief-cantargia-receives-patent-approval-in-canada-and-broadens-protection-with-respect-to-hematological-cancer-idUSFWN1SA0ZS |
BRUSSELS (Reuters) - The chairman of European Union leaders, Donald Tusk, said on Tuesday U.S. President Donald Trump’s stance on Iran and international trade would “meet a united European approach”.
European Council President Donald Tusk attends the European Union leaders summit in Brussels, Belgium, March 23, 2018. Olivier Hoslet/Pool via Reuters After Trump announced he was pulling the United States out of the 2015 Iran nuclear accord, Tusk said all 28 EU leaders would discuss both issues when they meet in the Bulgarian capital Sofia next Wednesday and Thursday.
Reporting by Gabriela Baczynska; Editing by Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-eu-tusk/trumps-stance-on-iran-trade-to-draw-united-european-approach-eus-tusk-idUSKBN1I92S4 |
increase@
* Brent, WTI hover near multi-week lows
* Expectations of higher Saudi, Russian output weigh on prices
* Brent/WTI spread widens to lowest since March 2015 (Updates prices)
SEOUL, May 29 (Reuters) - Oil prices were mixed in Asian trading on Tuesday, but remained under pressure from expectations that Saudi Arabia and Russia would pump more crude to ease a potential shortfall in supply.
Brent crude futures were up 21 cents, or 0.28 percent, at $75.51 a barrel at 0635 GMT, after settling at their lowest since May 8 at $75.30.
U.S. West Texas Intermediate (WTI) crude was down $1.11, or 1.64 percent, at $66.77 a barrel, sitting around its lowest since April 17.
"Investors have started pricing in the likelihood of Saudi Arabia and Russia increasing crude oil production," ANZ Bank said in a note.
"However, doubt remains, with any agreement to be finalized at the June OPEC meeting."
Concerns that Saudi Arabia and Russia could boost output have put downward pressures on oil prices, along with rising oil production in the United States.
Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by some 1 million barrels per day to make up potential supply shortfalls from Venezuela and Iran.
The Organization of the Petroleum Exporting Countries (OPEC) is due to meet in Vienna on June 22.
The spread between Brent and WTI <CL-LCO1=R> stands at around $8.7 a barrel, the widest since March 2015 due to the depressed price of U.S. crude compared to Brent.
"The way I see it is that WTI prices are stabilizing rather than falling after rising sharply in recent weeks because the prices were expected to be in the range of $55-$65 a barrel," said Vincent Hwang, commodity analyst at NH Investment & Securities in Seoul.
"But at the same time there are some worries over a fall in U.S. oil demand if more Middle East crude supplies flow into the market," Hwang said.
Meanwhile, record crude oil volumes from the United States are expected to head to Asia in coming months, nibbling away the market share of OPEC and Russia.
U.S. oil production C-OUT-T-EIA> has surged by more than 27 percent in the last two years to 10.73 million barrels per day (bpd). That puts the United States ahead of top exporter Saudi Arabia, and only Russia pumps out more, at around 11 million bpd.
(Reporting by Jane Chung Editing by Joseph Radford) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-update-2-oil-prices-mixed-but-pressure-builds-on-expected-crude-output-increase.html |
May 6 (Reuters) - SAVOLA GROUP COMPANY:
* ANNOUNCES PURCHASE OF 51 PERCENT OF AL KABEER GROUP OF COMPANIES FOR 565.5 MILLION RIYALS
* SIGNS BINDING SHARE PURCHASE AGREEMENT FOR ACQUISITION OF 51 PERCENT OF AL KABEER GROUP OF COMPANIES FOR 565.5 MILLION RIYALS
* SAYS COMPLETION OF SHARE SALE UNDER AGREEMENT SHALL BE WITHIN 6 MONTHS FROM DATE OF SIGNING, EXTENDABLE BY MUTUAL CONSENT
* SAYS APPOINTED FARRELLY & MITCHELL AS FINANCIAL ADVISOR, PRICEWATERHOUSECOOPERS AS FINANCIAL & TAX DUE DILIGENCE ADVISOR
* SELLER APPOINTED ALPEN CAPITAL AS ITS FINANCIAL ADVISOR * SAYS TRANSACTION WILL BE FINANCED THROUGH COMBINATION OF OPERATING CASH FLOWS AND BANK LOANS
* IMPACT OF TRANSACTION IS EXPECTED TO BE POSITIVE AND WILL BE REFLECTED ON SAVOLA RESULTS ONCE LEGAL AND ADMINISTRATIVE PRODUCERS ARE COMPLETED DURING H2, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-savola-group-signs-deal-to-buy-51/brief-savola-group-signs-deal-to-buy-51-pct-of-al-kabeer-group-idUSFWN1SD038 |
May 1, 2018 / 6:53 AM / Updated 21 minutes ago Virgin Money reaffirms full-year forecast as deposits, mortgage balances rise Reuters Staff 2 Min Read
(Reuters) - British challenger bank Virgin Money ( VM.L ) on Tuesday reported strong credit performance and better-than-expected deposit growth from savers, as a string of business-boosting initiatives started to bear fruit. FILE PHOTO: A man checks his phone as he walks past a branch of Virgin Money in Manchester, Britain September 21, 2017. REUTERS/Phil Noble
Reaffirming its full year outlook, the bank said gross mortgage lending was 1.4 billion pounds for the first quarter ended March 31, in line with earlier guidance, albeit down from the 2 billion pounds reported a year earlier.
Mortgage balances rose 10.4 percent to 33.9 billion pounds, while deposits grew to 31.1 billion - up 7.4 percent since March 31 2017.
“We are focused on growing assets at the right price and quality in a competitive mortgage market and are pleased to report 10.4 percent year-on-year growth in our mortgage book,” Chief Executive Jayne-Anne Gadhia
The bank said it had seen “a stronger than expected” customer response to the launch of its Virgin Atlantic frequent flyer credit cards, and that a new distribution partnership with Aberdeen Standard Investments ( SLA.L ) was likely to increase its 13 percent core capital ratio by around 40 basis points. Reporting by Radhika Rukmangadhan in Bengaluru, editing by Sinead Cruise | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-virgin-money-outlook/virgin-money-reaffirms-full-year-forecast-as-deposits-mortgage-balances-rise-idUKKBN1I22YW |
Science Hong Kong is taking the fight to money launderers — but the ‘air bubble’ is hard to stamp out A Hong Kong government report says money laundering puts the city at "medium high" risk, with the banking sector risk labeled "high." Reports of suspicious transactions are on the rise, but a lack of qualified experts is putting strains on the system. Hong Kong's "competitive advantages" in finance are also seen as vulnerabilities. Published 16 Hours Ago CNBC.com
Hong Kong is raising its guard against the threat of money laundering as its vulnerability to financial crimes is seen on the rise. Getty Images
The city, long an oasis of good government and transparent finance in a region that often struggles with corruption and illicit money dealings, is well aware of its reputation and wants to keep it.
In a report released at the end of April, Hong Kong rates its ability to fight dirty money flows as "medium-high," citing its strong legal system, political commitment to the issue, and cooperation between the public and private sectors.
But the very strengths that give the city economic dynamism — such as openness to financial flows and the sheer size of the banking system — can also be weaknesses. "We are alert to the fact that Hong Kong's competitive advantages … could also make it attractive for criminals seeking to hide or move funds." -Paul Chan, financial secretary, Hong Kong
The government's Hong Kong Money Laundering and Terrorist Financing Risk Assessment Report rated Hong Kong's overall money laundering risk, threat and vulnerability as "medium-high," though it said the banking sector specifically faces a "high" risk.
"We are alert to the fact that Hong Kong's competitive advantages … could also make it attractive for criminals seeking to hide or move funds," Paul Chan, financial secretary of Hong Kong, said in the report. show chapters 9:40 AM ET Thu, 8 March 2018 | 03:13
Illustrating the importance of finance to Hong Kong, nearly 200 banking institutions had assets of HK$22.7 trillion ($2.89 trillion) at the end of 2017 — an amount almost equivalent to nine times the size of its economy, according to the assessment.
Keith Williamson, managing director and head of disputes and investigations in Hong Kong and China for turnaround firm Alvarez & Marsal, said that authorities must balance the need for openness and accessibility with regulation that's tight enough to deter money launderers.
"It's a difficult balancing act to perform," Williamson, an expert in forensic and investigative accounting, told CNBC.
So-called suspicious transaction reports have nearly tripled in the five years to 2017, partly due to stepped-up monitoring and better compliance since the 2012 implementation of a local ordinance against money laundering and terrorist financing. Money launderers change their game
The report described coping with the increase as a "challenge." Analysts agree the system is under strain.
Angus Young, a specialist in regulation, governance and compliance who teaches at Hong Kong Baptist University, gives authorities high marks for implementing anti-money laundering legislation and for awareness of the problem. "So it's basically like an air bubble under the carpet. Once you press down on one side of the carpet the air bubble moves to the other." -Angus Young, senior lecturer, Hong Kong Baptist University
But Hong Kong suffers from a lack of qualified specialists, especially at non-banks such as local securities firms as well as at regulators, who are capable of analyzing complex transactions amid the toughened compliance and risk requirements, Young said. That combined with general weaknesses in compliance and training leaves Hong Kong in a "vulnerable" state overall, he said.
"What I feel is that it underrepresents the true possibility of financial crimes, especially in anti-money laundering," he said of the government's assessment.
Young also said that while efforts to profile money launderers can be successful, so is their ability to adapt to changed circumstances. show chapters 5:17 AM ET Mon, 24 July 2017 | 03:28
"So it's basically like an air bubble under the carpet," he said. "Once you press down on one side of the carpet the air bubble moves to the other."
The situation surrounding terrorist financing is less of a concern, according to the report, which described Hong Kong as having a "medium-low" risk level.
The report was issued ahead of a visit by the Paris-based Financial Action Task Force, the global standard bearer for fighting money laundering and terrorist financing, planned for later this year.
The United States has in recent years pushed for a stronger global regime against money laundering and terror financing and has used sanctions and penalties to spread the message, Williamson said, which has caused governments to beef up their financial defenses.
"So I don't think it's just a local reaction to the challenges that there are here," he said of Hong Kong's stance. "It's clearly in line as well with an increased regulatory regime around this globally.' Kelly Olsen Hong Kong Correspondent Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/money-laundering-hong-kong-regulations-combat-financial-crime.html |
BEIJING, May 8 (Reuters) - China’s iron ore imports inched up in April from a year ago, customs data showed on Tuesday.
Arrivals of the steelmaking raw material reached 82.92 million tonnes last month, up a touch from 82.23 million tonnes in April last year, data from the General Customs of Administration showed. That was down from 85.79 million tonnes in March.
Iron ore shipments crept up after steel mills in northern China reopened in mid-March after a six-month period of production restrictions, part of Beijing’s campaign to protect the environment. (Reporting by Muyu Xu and Tom Daly Editing by Joseph Radford)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/china-economy-trade-ironore/china-april-iron-ore-imports-edge-up-on-year-customs-idUSB9N1PC021 |
May 9 (Reuters) - Natural Resource Partners LP:
* NATURAL RESOURCE PARTNERS L.P. ANNOUNCES FIRST QUARTER 2018 RESULTS
* NATURAL RESOURCE PARTNERS LP QUARTERLY NET INCOME PER COMMON UNIT 1.15
* NATURAL RESOURCE PARTNERS LP QUARTERLY TOTAL REVENUES AND OTHER INCOME $89.0 MILLION VERSUS $88.7 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-natural-resource-partners-lp-annou/brief-natural-resource-partners-l-p-announces-quarterly-net-income-per-common-unit-1-15-idUSASC0A0YH |
EU finmins strike deal on overhaul of banking capital rules 4:16pm BST - 01:44
EU finance ministers reached an agreement on Friday on reforming bank capital rules. As David Pollard reports, the summit in Brussels also heard Britain say it will demand repayment of up to 1 billion pounds ($1.34 billion) if the bloc restricts its access to the EU's Galileo satellite navigation programme.
EU finance ministers reached an agreement on Friday on reforming bank capital rules. As David Pollard reports, the summit in Brussels also heard Britain say it will demand repayment of up to 1 billion pounds ($1.34 billion) if the bloc restricts its access to the EU's Galileo satellite navigation programme. //reut.rs/2KW0QJR | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/25/eu-finmins-strike-deal-on-overhaul-of-ba?videoId=430232982 |
Two former AT&T Mobility workers filed a proposed nationwide class action lawsuit on Monday accusing the telecommunications company of unlawfully discriminating against pregnant women who need time off for doctors’ appointments and other pregnancy-related absences.
Katia Hills and Cynthia Allen alleged in a complaint that amended an existing lawsuit in the U.S. District Court for the Northern District of Indiana that AT&T Mobility’s attendance policy, which gives workers demerits for missing work that can lead to termination, is intentionally biased against pregnant women. The policy provides for excused absences for several reasons, including jury duty and short-term disability, but does not include pregnancy.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2GcYZxL
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-employment-discrimination/att-mobility-hit-with-nationwide-pregnancy-bias-class-action-idUSL2N1SM03W |
LONDON, May 11 (Reuters) - Carpetright, the struggling British floor coverings retailer, said on Friday it has obtained a 15 million pounds ($20.3 million) shareholder loan to provide interim funding before a proposed 60 million pounds equity capital raising.
The loan is the second one provided by Meditor European Master Fund Limited, Carpetright’s biggest shareholder with just under 30 percent.
Meditor loaned Carpetright 12.5 million pounds in March.
Carpetright confirmed it expected to launch the equity raise on or around May 18.
Last month creditors and shareholders of Carpetright backed a restructuring plan that involves 92 store closures and up to 300 job losses. ($1 = 0.7398 pounds) (Reporting by James Davey, Editing by Paul Sandle)
| ashraq/financial-news-articles | https://www.reuters.com/article/carpetright-restructuring/uks-carpetright-secures-funding-ahead-of-equity-raise-idUSFWN1SI0BQ |
PARIS (Reuters) - BNP Paribas ( BNPP.PA ) chief executive Jean-Laurent Bonnafe effectively ruled out a tie-up with struggling German rival Deutsche Bank ( DBKGn.DE ) on Thursday, saying the French lender is not considering any large takeovers or mergers.
FILE PHOTO: BNP Paribas Chief Executive Officer Jean-Laurent Bonnafe attends a news conference to present the bank's 2017 annual results in Paris, France, February 6, 2018. REUTERS/Charles Platiau Responding to a question from a BNP Paribas shareholder at its annual general meeting in Paris, Bonnafe said that the bank was always watching its competitors to learn “good” practices and ideas, but dismissed the idea of a big tie-up.
Europe’s big banks put consolidation on the back burner following the financial crash and ensuing debt crisis, focusing largely on getting their own houses in order.
France’s biggest bank now dwarfs Deutsche Bank in terms of market capitalization, at 77 billion euros ($90 billion) compared with the German bank’s 23 billion euro valuation.
“In the foreseeable future, the group has no intention to carry out large-sized operations, because it is not possible,” Bonnafe said, when asked if BNP was “analyzing” Deutsche Bank.
“We cannot transform, modernize and accelerate our business while engaging into operations such as major acquisitions,” he told investors.
Sources close to Britain’s Barclays Plc ( BARC.L ) on Wednesday said it is not actively exploring a potential merger with rivals after a Financial Times report that it could combine with Standard Chartered ( STAN.L ).
Under its 2020 business plan BNP Paribas plans to expand in investment banking and win market shares in Europe as competitors retrench, while also raising its cost savings.
Reporting by Maya Nikolaeva; Editing by Alexander Smith
| ashraq/financial-news-articles | https://www.reuters.com/article/us-deutsche-bank-agm-bnp-paribas/bnp-paribas-ceo-rules-out-big-deals-when-asked-about-deutsche-bank-idUSKCN1IP1UU |
(Repeats without change. John Kemp is a Reuters market analyst. The views expressed are his own)
* Chartbook: tmsnrt.rs/2rgRG3d
By John Kemp
LONDON, May 3 (Reuters) - Saudi Arabia’s financial position has stabilised as a result of the increase in oil prices as well as efforts to raise non-oil revenues and trim government spending.
But the country probably needs even higher prices and revenues in the next few years to pay for its ambitious transformation programme while maintaining internal stability.
The kingdom’s foreign reserves stood at $493 billion at the end of March 2018 and have been basically stable for eight months after declining steadily for nearly three years.
The government has introduced a value-added tax and raised other fees and taxes to compensate for the decline in oil revenues during the slump and to diversify the revenue base.
Utility prices have been increased and some subsidies have been reduced to ease pressure on the budget and clean up the accounts of the state-owned oil company Saudi Aramco ahead of its planned share sale.
But the biggest contribution to the improvement in the government’s budget and the balance of payments position has come from rising oil prices ( tmsnrt.rs/2rgRG3d ).
Benchmark Brent prices have risen by about $47 a barrel, or 175 percent, since hitting a cyclical low in January 2016.
As prices have risen, the kingdom’s drawdown on foreign reserves has eased and now stabilised, according to data from the Saudi Arabian Monetary Authority (“Monthly Statistical Bulletin”, SAMA, March 2018).
The rise in oil revenues has provided much-needed fiscal breathing room and the International Monetary Fund has encouraged the government to slow the pace of tax increases and spending cuts.
OIL DEPENDENCE The government has announced big ambitions to transform the economy by diversifying away from oil and making it less dependent on state spending as part of its “Vision 2030”.
In the meantime, however, the kingdom remains reliant on a single commodity to an unusual degree and almost the entire economy is linked to state spending.
Commodity exports account for 30-40 percent of GDP and nearly all of this is crude oil, LPG and refined products, according to the United Nations Conference on Trade and Development.
There was no reduction in the kingdom’s dependence on oil exports between 1995 and 2015 despite repeated pledges about diversification (“State of Commodity Dependence”, UNCTAD, 2017).
In turn, oil revenues support an enormous number of government jobs. The kingdom depends far more on public employment than most other countries.
Public sector jobs account for nearly 35 percent of all employment and the wage bill alone absorbs 12 percent of GDP, according to the International Monetary Fund.
Real gross domestic product declined by 0.7 percent in 2017, the first annual decrease since 2009, according to the IMF (“Regional economic outlook: Middle East”, IMF, May 2018).
The decline was because of a combination of lower oil production and the adverse impact of fiscal austerity on the rest of the economy.
EXPENSIVE TRANSITION The government wants to shift the focus of the economy towards the non-oil private sector, but the transition will require enormous investment, even assuming it is eventually possible.
Economic transformation will need hundreds of billions of dollars, and financing can come only from the kingdom’s internal resources, or in the form of foreign loans, equity sales or direct investment.
The crown prince’s recent extended tour of the United States and Europe was intended partly as a roadshow to encourage foreign investment and partly to cement government-to-government alliances. But foreign investment on its own is unlikely to be enough, given the scale of the task and lingering concerns about the kingdom’s political direction and business environment.
So the country will need to find hundreds of billions of dollars from its own resources to complete the transformation programme and smooth the difficult transition.
Official foreign assets amount to almost $500 billion and there are more held in various other government funds. But the kingdom needs to maintain a large cushion of liquid assets to ensure confidence in its fixed exchange rate against the dollar.
Asset confiscations from wealthy Saudis and the nationalisation of domestic companies could raise extra funding but risk damaging investor confidence, so the potential for such measures is limited.
As a result, the kingdom badly needs to maximise oil revenues now to pay for the transition to a less oil-dependent economy in future.
Ironically, the desire to move away from petroleum dependence has made the kingdom even more reliant on oil in the short term. And the urgency of the reform process has turned it into the most hawkish member of OPEC on prices.
Revenue requirements explain why the kingdom’s price policy has developed a clear upward tilt and why policymakers want to maintain OPEC production curbs for as long as possible.
Related columns:
“Saudi Arabia eases austerity just as oil prices decline”, Reuters, June 21, 2017
“Saudi Arabia will struggle to kick its addition to oil”, Reuters, April 27, 2016 (Editing by David Goodman)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/oil-prices-kemp/rpt-column-saudi-arabia-wants-higher-prices-to-kick-oil-addiction-kemp-idUSL8N1SA6WZ |
WINDSOR, England, May 19 (Reuters) - Young British cellist Sheku Kanneh-Mason was thrust into the global limelight on Saturday, heard by millions as he played at the wedding of Meghan Markle and Prince Harry.
Asked by Meghan herself to perform, the 19-year-old from Nottingham is already well-known in Britain, where he was voted 2016 Young Musician of the Year and his debut album “Inspiration” topped the classical music charts.
As the couple signed the register, Kanneh-Mason played three pieces accompanied by an orchestra: “Apres un Reve” by French composer Gabriel Faure, “Sicilienne” by Maria Theresia von Paradis, an Austrian contemporary of Mozart, and Schubert’s “Ave Maria”.
Kanneh-Mason posted a video of himself on Instagram while being driven to Windsor on Saturday with his blue cello case.
“I’m on my way to Windsor to perform at the royal wedding. I’m really looking forward to that, to getting there and having a really great day,” he said.
Kanneh-Mason said on Twitter in April that he received a personal call from Markle asking him to perform at the ceremony.
“Of course I immediately said yes! What a privilege,” he wrote.
He was the first black musician to win the prestigious BBC competition since it was launched nearly 40 years ago. (Reporting By Raissa Kasolowsky Editing by Giles Elgood)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-royals-wedding-shekukannehmason/teenage-cellist-thrust-to-global-fame-at-royal-wedding-idUSL5N1SQ0CF |
Sacramento, CA, May 10, 2018 (GLOBE NEWSWIRE) -- Spotlight Growth has published new content on Innovest Global, Inc. (OTC PINK: IVST). Innovest Global, Inc. is a diversified holding company that focuses on acquiring niche, high-growth businesses that are capable of generating significant annual revenue. The company’s planned subsidiaries operate across telehealth, biotech, commercial energy, business-to-business distribution, national call center and auto sales.
The report provides an overview of Innovest Global, Inc., its subsidiaries, financials, industry analysis and more. The content also covers the global outlook for commercial energy and LED lighting markets.
Technavio: Global Industrial Energy Efficiency Services Market To Exceed $10 Billion By 2020
Energy efficiency continues to see a global push, as cost cutting and reducing environmental impact drive demand and awareness. A surprising portion of the world still relies on old and outdated energy systems, which is both cost-ineffective and wasteful of energy resources. As a result, the energy efficiency services market is forecast to see stable growth over the next several years.
According to Technavio market research, the global industrial energy efficiency services market is forecast to be valued around $10.18 billion by 2020, which represents a compound annual growth rate (CAGR) of 6%.
According to Renub Research , the global LED lighting market is estimated to be worth $100 billion by the end of 2024. The market research firm sees the vast global growth primarily stemming from exponential global urbanization and greater awareness to energy efficiency systems.
According to MarketsAndMarkets , the global LED lighting market is estimated to be worth $92.40 billion by 2022, which represents a compound annual growth rate (CAGR) of 13.66%. The market research firm sees the growth being driven by increasing demand for energy efficiency products, LED costs are falling, and overall greater adoption of the technology as a general lighting source.
In PwC’s “ 2017 Power and Utilities Trend ” report, analysts concluded that a vast majority of the growth will come from a “blueprint for a service-based model.” This would include: emerging technologies, monitoring equipment, sensors, energy management technology, and more.
Innovest Reports Record Monthly Revenue of $326K, Energy Division Annual Revenue Run Rate of $4 Million
Innovest Global recently released a May shareholder update, which announced the company reported record monthly revenues of $326,000 in April. The revenues primarily came from Innovest’s Commercial & Industrial Energy division. As a result of the successful developments, the Energy division now has an annual revenue run rate of $4 million.
Here is a summary detailing of the major accomplishments from April:
Generated highest monthly sales in company history, Board of Directors resolved to apply for uplist to OTCQB upon audit completion, Launched ‘Demand Cost Reduction’ (DCR) Energy Efficiency Technology with first contract, $118K, for one of the six figure efficiency units (not included in April revenue number), Launched Equestrian Lighting Solution with signing of world renown Stachowski Farm contract for Equestrian Showcase, with lighting technologies that benefit Championship bred horses, Achieved a Quick Ratio of 2.6, four times the short term financial health of other Conglomerates, who average 0.6, Held a leadership meeting attended by 7, 8, and 9 figure acquisition candidates, and all Innovest executives and board members, Integrated another Energy acquisition.
“We have a team of people that are first class, and entirely committed to execution,” said Dan Martin, CEO of Innovest Global, Inc. “The team trusts each other and is performing individually at a high level. And to our Shareholders, we thank you for your trust in our vision, goals and strategy. The company is a reflection of its people. The Innovest shareholders are cohesive, and your encouragement and enthusiasm has been the fuel, that has allowed us to begin to do great things. We are just getting started and couldn’t be more thankful for the support.”
On May 2, 2018, Innovest Global announced that it has signed a Letter of Intent to acquire a forensic energy auditing firm that is generating annual revenues of $500,000. The business model of the acquisition target is to conduct forensic energy audits for businesses and organizations and then providing recommendations on how to improve cost savings.
Innovest Global CFO, Mike Yukich, recently provided an update on the company’s audit and uplisting efforts. Mr. Yukich notes that the PCAOB audit is expected to be completed by the end of May, whereby the company will immediately begin uplisting to the OTCQB Venture Market.
Innovest Global, Inc. was also featured on an episode of Spotlight Growth Live , a video web series that focuses on emerging growth companies.
For more information on Innovest Global, Inc.,
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Source: Spotlight Growth | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-innovest-global-ripe-for-short-squeeze-after-announcing-record-monthly-sales-of-326k-major-sales-contracts-and-acquisitions.html |
2 COMMENTS A pair of Federal Reserve reports released in the last several days should bolster officials’ confidence that inflation will continue to rise.
On Monday, the Federal Reserve Bank of New York reported in its monthly Survey of Consumer Expectations that the public sees price pressures accelerating in the next year and over the next three years.
For both time horizons, the bank found expectations of a 3% inflation rate in April. That compares with expected 2.8% year-ahead inflation and 2.9% for three years ahead in the March survey. The New York Fed noted those are the highest readings since early 2017. The rise was described as broad-based among the survey’s income and demographic groups.
Meanwhile, on Thursday the Cleveland Fed reported that a model it uses to predict long-term inflation expectations is also moving higher. The bank said its latest estimate of the average inflation level expected over the next decade moved to 2.09% . That is up from 1.98% in April and is the highest reading in this series since January 2010. The bank’s estimate is derived from government data, surveys and market expectations.
Inflation expectations are important to the Fed. Central bankers believe where inflation is expected to go exerts a strong influence over where it is today.
The Fed has struggled to push low inflation up to its official 2% target for years. New signs of life on the expectations front may strengthen officials’ belief that rising price pressures seen in recent data are for real.
The Fed’s preferred price measure, the personal-consumption expenditures price index, hit 2% in March. But official Fed projections don’t see a sustained increase until next year, when policy makers on balance see inflation overshooting their target at 2.1% for the year.
Recent vigor in inflation has driven some central bankers to say monetary policy could become more aggressive in the long term, especially considering strength in the job market along with tax cuts and government spending increases that could boost already robust economic activity.
“In order to maintain our policy goals, we may need to move the fed-funds rate , for a time, a bit above the level of the funds rate that is expected to prevail over the longer run,” Federal Reserve Bank of Cleveland President Loretta Mester said in Paris on Monday.
Still, not all central bankers are on board with this outlook, in part because a strong job market hasn’t led to robust wage growth. Meanwhile, St. Louis Fed President James Bullard bases part of his opposition to rate rises on the relatively low level of inflation expectations seen in financial markets.
While Fed officials look at market expectations, many policy makers consider them to be too volatile to put at the center of their thinking about future inflation pressures.
Write to Michael S. Derby at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/new-fed-reports-show-rising-inflation-expectations-1526333433 |
BRUSSELS (Reuters) - In 1996, when the United States tried to penalise foreign companies trading with Cuba, the European Union forced Washington to back down by threatening retaliatory sanctions.
U.S. and European Union flags are pictured during the visit of Vice President Mike Pence to the European Commission headquarters in Brussels, Belgium February 20, 2017. REUTERS/Francois Lenoir/Files Two decades later, the European Union is being driven to threaten such measures again, over Iran, and this time may follow through after U.S. President Donald Trump withdrew from the 2015 nuclear pact between Iran and world powers and reimposed an array of wide sanctions on the Islamic Republic.
This left dismayed European allies scrambling to salvage the international nuclear pact as Tehran said Trump had made a mistake and proved Washington could not be trusted.
The EU’s so-called blocking statute is the most powerful tool at its immediate disposal because it bans any EU company from complying with U.S. sanctions and does not recognise any court rulings that enforce American penalties.
But it has never been used and is seen by European governments more as a political weapon than a regulation because its rules are vague and difficult to enforce, serving mainly as a warning to the United States. The international reach of the U.S. financial system and the U.S. presence of many European companies also raise questions about its effectiveness.
“It is a technical tool that worked with (U.S. President Bill) Clinton because it was coupled with a political strategy,” said one senior EU source involved in Iran negotiations, referring to Clinton’s decision to waive extra-territorial sanctions on EU companies related to Cuba, Iran and Libya.
EU officials say they are revamping the blocking statute to encompass Trump’s May 8 decision to revive Iran-related sanctions, after the expiry of 90- and 180-day wind-down periods, including sanctions aimed at Iran’s lifeblood oil sector and transactions with its central bank.
“The blocking statute is one of the main options; it’s being updated to make it ready,” said a second senior EU official.
European commissioners are expected to decide whether to go ahead next week in Brussels, setting the stage for EU government leaders to take a final decision at a summit in Sofia on May 17.
But diplomats say it will be difficult to gain the agreement of all 28 EU states. The blocking statute threat has less weight than in Clinton’s era because U.S. sanctions targeting financial transactions have become more robust and costly for EU firms.
European companies with big operations in the United States, such as Shell, are pressuring their governments instead to pursue waivers on a case-by-case basis.
ENERGY DIPLOMACY Europeans are most worried about how to sustain incentives for Iran to stick to the groundbreaking accord signed by world powers in July 2015, which lifted international sanctions on Iran in 2016 in return for Tehran shutting down its capacity, under strict surveillance by the U.N. nuclear watchdog, to stockpile enriched uranium for a possible atomic bomb.
Trump denounced the accord, completed under his predecessor Barack Obama, as a “horrible, one-sided deal that should have never, ever been made” as it did not cover Iran’s ballistic missile programme or its role in Middle East conflicts.
The deal’s proponents say it is crucial to forestalling a nuclear Iran and preventing wider war in the Middle East.
“The issue of incentives (to keep Iran in the deal) is completely absent from U.S. thinking. In meeting with U.S. diplomats, it’s all about confrontation and isolation (of Tehran),” another official said.
Without the carrot of economic benefits, the EU worries it will also lose influence over Iran.
Once Iran’s top trading partner and its second-biggest oil customer, the EU has sought to pour hundreds of billions of euros into the Islamic Republic since the bloc, along with the United Nations and United States, lifted blanket economic sanctions in 2016 that had lamed the Iranian economy.
Iran’s exports of mainly fuel and other energy products to the EU in 2016 jumped 344 percent to 5.5 billion euros ($6.58 billion) compared with the previous year, while investment in Iran jumped to more than 20 billion euros.
European Energy Commissioner Miguel Arias Canete will meet Iranian officials in Tehran during a three-day trip from May 18 to try to reassure Iran and strengthen energy relations.
Other EU measures to try to keep EU money flowing into Iran include coordinating and increasing EU governments’ export guarantee credits.
That could allow more euro-denominated loans, as well as free the European Investment Bank to invest in Iran for the first time. For its part, Italy has signed a framework credit agreement with Iran to fund investments worth up to 5 billion euros for projects carried out jointly by Italian and Iranian companies. France is considering a similar agreement.
Additional reporting by John Irish in Paris; Editing by Mark Heinrich
| ashraq/financial-news-articles | https://in.reuters.com/article/iran-nuclear-eu-business/in-1990s-redux-eu-to-consider-blocking-u-s-sanctions-over-iran-idINKBN1IA2QU |
April 30 (Reuters) - Keryx Biopharmaceuticals Inc:
* KERYX BIOPHARMACEUTICALS SEES TOTAL REVENUE FOR QUARTER ENDED MARCH 31, 2018 OF BETWEEN $21.0 MILLION AND $22.5 MILLION - SEC FILING
* SAYS CEO AND PRESIDENT GREGORY MADISON RESIGNED * APPOINTED JODIE MORRISON AS INTERIM CHIEF EXECUTIVE OFFICER
* REDUCED SIZE OF BOARD FROM EIGHT DIRECTORS TO SEVEN DIRECTORS Source text: [ bit.ly/2w0gKQT ] Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-keryx-biopharmaceuticals-sees-tota/brief-keryx-biopharmaceuticals-sees-total-revenue-for-qtr-ended-march-31-2018-between-21-0-mln-and-22-5-mln-idUSFWN1S70XR |
Lantheus Holdings Inc:
* LANTHEUS HOLDINGS, INC. REPORTS 2018 FIRST QUARTER RESULTS
* Q1 EARNINGS PER SHARE $0.21 * Q1 EARNINGS PER SHARE VIEW $0.22 — THOMSON REUTERS I/B/E/S
* SEES Q2 2018 REVENUE $85 MILLION TO $90 MILLION * Q1 REVENUE $82.6 MILLION VERSUS I/B/E/S VIEW $81.8 MILLION
* MAINTAINS ITS GUIDANCE FOR FULL YEAR 2018 ADJUSTED EBITDA OF $85 MILLION TO $90 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-lantheus-holdings-q1-earnings-per/brief-lantheus-holdings-q1-earnings-per-share-0-21-idUSASC09Z3G |
May 23, 2018 / 11:09 PM / Updated 4 hours ago Brexit customs 'mess' will hurt peace in Ireland, says Labour's Corbyn Reuters Staff 3 Min British Labour opposition leader Jeremy Corbyn attacked the government’s Brexit plans on Thursday, saying its future customs proposals would undermine an open border on the island of Ireland that “is a symbol of peace”. Britain's Labour Party leader Jeremy Corbyn speaks at a Labour Party event at the Fairfield Ship Building Museum in Govan, Scotland, May 11, 2018. REUTERS/Russell Cheyne
In a speech at Northern Ireland’s Queen’s University, he also called for all parties to revive the spirit of the Good Friday peace agreement to deliver economic justice and prosperity in Northern Ireland.
In his first major visit to the British province since becoming leader in 2015, he said Labour would not support any Brexit deal that includes a return to a hard border with the Republic of Ireland, which some fear could inflame violence.
Corbyn said Labour’s proposal for a new, comprehensive UK-EU customs union, with a British say on future trade deals and arrangements, coupled with a new, strong relationship with the EU single market would prevent communities being divided.
“The British government is making a mess of these negotiations. Week after week it becomes clearer and clearer that they are too divided to make the right choices and too weak to get a good Brexit deal,” he said.
“The Conservative government talks about how technology could avoid a hard border under their plans, and how new systems can provide checks and collect tariffs. But even if that were true, it misses the point,” he said, adding that an open border showed two communities living together after years of conflict.
“Driven by the free-market fantasists within their ranks, the reckless Conservative approach to Brexit is a very real threat to jobs and living standards here in Northern Ireland, and risks undermining and destabilising the cooperation and relative harmony of recent years,” Corbyn added.
Prime Minister Theresa May has said Britain will leave the EU customs union after Brexit although the government has agreed to propose to the bloc a backstop plan that would apply its external tariffs beyond December 2020.
EU officials warn time is running out to seal a Brexit deal this year because there has been not enough progress in the negotiations in recent months, most importantly on how to avoid the hard border or physical controls on the border between the Irish Republic and Northern Ireland.
Corbyn evoked the spirit of the 1998 agreement that largely ended 30 years of sectarian conflict in Northern Ireland in which over 3,000 people died.
Part of the 1998 agreement was the establishment of a power-sharing devolved government at Stormont which collapsed in January 2017.
Corbyn appealed for renewed efforts to revive it.
“We must step up to find a creative solution, in the spirit of the Good Friday agreement, that avoids a return to direct Westminster rule and lays the ground for further progress for all communities,” he said. Reporting by Stephen Addison and Elizabeth Piper; editing by Alistair Smout | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-nireland-corbyn/rediscover-good-friday-accord-spirit-corbyn-urges-northern-ireland-idUKKCN1IO3H5 |
SAN FRANCISCO (AP) — A federal judge in California on Tuesday struck down the city of Oakland's ban on coal shipments at a proposed cargo terminal, siding with a developer who wants to use the site to transport Utah coal to Asia.
In a scathing ruling, U.S. District Judge Vince Chhabria in San Francisco said the information the city relied on to conclude that coal operations would pose a substantial health or safety danger to the public was "riddled with inaccuracies" and "faulty analyses, to the point that no reliable conclusion about health or safety dangers could be drawn from it."
The decision cheered coal proponents while opponents said they would continue to fight for cleaner air. Oakland is reviewing its options and may appeal, said Justin Berton, a spokesman for Mayor Libby Schaaf.
The issue over coal has rocked then San Francisco Bay Area city that is environmentally friendly but also economically depressed in spots.
City leaders approved construction of a rail and marine terminal in 2013 as part of a larger makeover of an Army base that was shuttered in 1999. The $250 million project in west Oakland is expected to bring thousands of jobs to a historically African-American neighborhood that is among the poorest and most polluted in the region.
Oakland officials said coal was never mentioned as a possibility but lawyers for developers said city officials always knew there would be a mix of goods, including coal.
Concerned about pollution caused by coal dust, the city moved in 2016 to ban shipments of coal and petroleum coke, a solid derived from oil refining. The decision came after Utah lawmakers approved a $53 million investment to help ship the state's coal through Oakland to Asia.
Utah Sen. David Hinkins, a Republican who represents coal-producing counties, applauded the decision on Tuesday. "It would be good for my little depressed area," he said.
Many Utah mines are now shipping through Mexico to reach markets in Japan and Korea, as the U.S. market wanes, but a California shipping point would be closer and less expensive, he said.
Utah's $53 million would still be on the table, pending a committee approval, he said.
The government-watchdog group Alliance for a Better Utah, meanwhile, said they were disappointed in the ruling, and said the public money would be better spent on local water systems or fire trucks rather than the port.
In a statement, Schaaf vowed to continue the fight. Alex Katz, chief of staff to Oakland's city attorney, said they will discuss options with the City Council.
One of the developers of the project is Phil Tagami, a close friend of California Gov. and former Oakland Mayor Jerry Brown. The governor's environmental efforts have made him a global leader in the fight against climate change, but he hasn't spoken out publicly against the project.
Chhabria agreed with attorneys for developers that the city relied on a flawed analysis to justify its ban. As an example, he said the city failed to factor in covers on the coal-carrying rail cars in its emissions estimates for the project.
It also had no meaningful assessment of how emissions would affect air quality in Oakland, he said.
The city's opposition to coal operations appeared to stem largely from concerns about global warming, but it was "facially ridiculous to suggest that this one operation resulting in the consumption of coal in other countries will, in the grand scheme of things, pose a substantial global warming-related danger to people in Oakland," the judge said.
Associated Press writer Sudhin Thanawala in San Francisco and Lindsay Whitehurst in Salt Lake City contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/the-associated-press-us-judge-scraps-oakland-california-ban-on-coal-shipments.html |
May 10, 2018 / 11:03 AM / a day ago RPT-U.S. East Coast refiners look to Texas crude for discounted oil Jarrett Renshaw , Devika Krishna Kumar 5 Min Read
NEW YORK, May 10 (Reuters) - U.S. East Coast refiners are shipping more shale oil from the Gulf Coast thanks to heavy discounts for West Texas crude and are also looking to bring more via rail, but supply bottlenecks are making it difficult to secure more barrels.
Producers are pumping record volumes of oil from the Permian basin, the biggest oilfield in the United States and the source of most of the country’s shale oil, and that is straining the region’s energy infrastructure.
Pipelines from west Texas to the Gulf Coast are full, and developers will not finish new lines until next year. Rail terminals are nearly all dedicated to bringing supplies to shale producers such as the huge volume of sand used to extract oil from the ground. In the last seven years, crude has gone to the East Coast by rail in just one month - June of last year.
The transport bottlenecks could limit the pace of growth of shale production, and as pipelines fill, the price of oil in the region has fallen.
Permian basin oil is selling at the steepest discount to benchmark U.S. prices in 3-1/2 years WTC-WTM WTC-WTS after production there surged to a record of around 3.2 million barrels per day (bpd).
Even as U.S. crude futures trade at more than $71 a barrel, Midland, Texas-based shale is changing hands at around $58 a barrel.
That has caused East Coast buyers to jump on the chance to purchase cheaper U.S. crude, boosting flows from the Gulf Coast to the East Coast to three-year highs. In the December-to-February period, an average of 2.8 million barrels went from the Gulf to the East Coast per month, according to figures from the U.S. Energy Information Administration, the highest three-month average since the same period in 2015.
Refiners such as Monroe Energy and Phillips 66 have been bringing barrels by sea to their facilities in the Philadelphia region. In addition, both companies are exploring how to bring crude by train as pipeline bottlenecks are making it difficult to increase volume by sea, according to sources familiar and company executives.
“It’s a niche opportunity with a limited lifetime but that’s what the marketplace needs right now - more takeaway capacity,” said Phil Dalton, director of crude strategy and development at Murex, a distribution firm with a rail terminal in the Permian basin.
Pipeline capacity out of the Permian could be short by about 750,000 barrels a day by September 2019, according to PLG Consulting, as they estimate Permian production could hit 4.25 million by then.
Murex said last week that it would more than double capacity by the third quarter to allow its facility, operated with Cetane Energy, to load a unit train of 75,000 barrels of oil every day.
There are currently 15 rail loading terminals in the Permian region with the ability to load 500,000 to 600,000 bpd, according to market intelligence firm Genscape.
A ramp-up in rail shipments would require additional efforts, including cleaning rail cars, said Ezra Yemin, chief executive officer of refinery Delek U.S. Holdings, on an investor earnings call on Wednesday. “Some of the railroad companies are not as attuned or as receptive to this idea like they were four, five years ago,” he said.
About 70 percent of Delek’s crude is from the Permian, as it has several refineries in or close to that region.
PBF Energy began exploring the idea of bringing Texas barrels by rail roughly two weeks ago as that oil cheapened, the company’s CEO, Thomas Nimbley, told investors.
Just 46,000 barrels of crude have been railed to the East Coast from the Gulf region in the last seven years, according to EIA data, all in June 2017. GULF OIL HEADS EAST
Monroe Energy and Phillips 66 have stepped up their use of U.S. tankers to bring crude to the East Coast, according to sources and Reuters shipping data. The exact volumes of crude oil delivered to these refineries is unclear.
Monroe Energy’s 185,000 barrel-per-day refinery outside Philadelphia has received at least four shipments by tanker in the last 90 days from Texas ports, Reuters shipping data shows.
Phillips 66 has been using a tanker to carry crude from Texas to its Bayway refinery in Linden, New Jersey, two sources familiar with the shipping details said.
Several pipeline projects are already in the works, with at least 1.5 million bpd of new capacity expected by late 2019. In the meantime, “crude by rail will not be able to grow quickly enough to meet the short term demand,” PLG said. Reporting by Jarrett Renshaw and Devika Krishna Kumar in New York Editing by Leslie Adler | ashraq/financial-news-articles | https://www.reuters.com/article/usa-oil-permian-eastcoast/rpt-u-s-east-coast-refiners-look-to-texas-crude-for-discounted-oil-idUSL1N1SG1ZI |
WASHINGTON (Reuters) - North Korea released three American prisoners and handed them over to U.S. Secretary of State Mike Pompeo on Wednesday, clearing a major obstacle to an unprecedented summit between President Donald Trump and North Korean leader Kim Jong Un.
The men, who were freed after Pompeo met Kim, were on the way home from Pyongyang on the chief U.S. diplomat’s plane. The president planned to greet them when they land at Andrews Air Force Base outside Washington at around 2 a.m. EDT Thursday morning.
The release, which was praised by the White House as a “gesture of goodwill,” appeared to signal an effort by Kim to set a more favorable tone for the summit and followed his recent pledge to suspend missile tests and shut a North Korean nuclear bomb test site.
While Kim is giving up the last of his American detainees, whom North Korea has often used as bargaining chips with the United States, their return could also be aimed at pressuring Trump to make concessions of his own as he tries to get Pyongyang to abandon its nuclear arsenal, something it has not signaled a willingness to do.
The release gave Trump a chance to tout a diplomatic achievement just a day after his decision to pull out of the Iran nuclear deal drew heavy criticism from European allies and others.
“I am pleased to inform you that Secretary of State Mike Pompeo is in the air and on his way back from North Korea with the 3 wonderful gentlemen that everyone is looking so forward to meeting. They seem to be in good health,” Trump wrote on Twitter.
“I appreciate Kim Jong Un doing this and allowing them to go,” Trump told reporters at the White House. He also said Chinese President Xi Jinping helped secure the men’s freedom.
The family of Tony Kim, one of the freed prisoners, said in a statement: “We are very grateful for the release of our husband and father, Tony Kim, and the other two American detainees.”
The fate of the three Korean-Americans had been among a number of delicate issues in the run-up to the first-ever meeting of U.S. and North Korean leaders, which is being planned for late May or early June.
As Pompeo returned to his Pyongyang hotel from a 90-minute meeting with Kim, the secretary of state crossed his fingers when asked by reporters if there was good news about the prisoners.
Related Coverage Trump says China has been very helpful on North Korea U.S. troops in South Korea not 'on the table' in initial North Korea talks Top U.S. diplomat says planning for one-day Trump-Kim meeting going well A North Korean official came to the hotel shortly afterwards to inform Pompeo that Kim had granted them “amnesty,” according to a senior U.S. official present for the exchange.
Pompeo replied: “That’s great,” according to the official.
“You should make care that they do not make the same mistakes again,” the North Korean official was Quote: d as saying. “This was a hard decision.”The three, who walked without assistance to Pompeo’s plane and were seated near medical personnel, were in the air less than an hour after leaving custody.
“They were happy to be with us on this plane, to be sure,” Pompeo told reporters during the flight.
They are Korean-American missionary Kim Dong-chul, detained in 2015; Kim Sang-duk, also known as Tony Kim, who spent a month teaching at the foreign-funded Pyongyang University of Science and Technology (PUST) before he was arrested in 2017; and Kim Hak-song, who also taught at PUST and was detained last year.
North Korean state media says they were arrested either for subversion or “hostile acts” against the government. Many foreigners detained by North Korea in the past have said the government forced them into making confessions to false or trumped-up charges.
(For graphic on Korea: a land divided, click: tmsnrt.rs/2KfOFYQ )
U.S. Secretary of State Mike Pompeo greets an unidentified North Korean general on arrival at the Pyonyang, North Korea, May 9, 2018. Matthew Lee/Pool via REUTERS ‘VERY PRODUCTIVE’ Speaking to reporters, Pompeo said his meetings with the North Koreans were “very productive.” The two sides agreed to meet again to “finalize the details” of the summit, a U.S. official said.
Trump said agreement had been reached on a date and venue for the summit and details would be announced within three days.
The meeting will not take place at the heavily fortified demilitarized zone between North and South Korea, he said. Trump has also previously cited Singapore as another possible site.
“There is reason for some optimism that these talks could be fruitful,” U.S. Defense Secretary Jim Mattis said of the coming summit. He said, however, that the U.S. troop presence in South Korea would not be part of initial negotiations with North Korea.
There was also no sign that Pompeo’s visit had cleared up the question of whether North Korea would be willing to bargain away nuclear missiles that might threaten the United States.
Trump has credited his “maximum pressure” campaign for drawing North Korea to the table and has vowed to keep sanctions in place until Pyongyang takes concrete steps to denuclearize.
But former spy chief Kim Yong Chul, director of North Korea’s United Front Department, said in a toast to Pompeo over lunch in Pyongyang: “We have perfected our nuclear capability. It is our policy to concentrate all efforts into economic progress in country. This is not the result of sanctions that have been imposed from outside.”
Robert Gallucci, chief U.S. negotiator during the 1994 North Korean nuclear crisis, said: “The return of the Americans does add to the positive ‘vibes’ that surround the prep for the summit, but I can’t imagine that it puts pressure on the U.S. to reward the North for the move.”
U.S. officials had been pressing Kim to free the three detainees as a show of sincerity before the summit. Trump and Kim have exchanged insults and threats over the past year, but tensions have eased in recent months.
Until now, the only American released by North Korea during Trump’s presidency has been Otto Warmbier, 22, a university student who returned to the United States in a coma last summer after 17 months of captivity. He died days later.
Slideshow (5 Images) Warmbier’s death escalated U.S.-North Korea tensions, already running high at the time over Pyongyang’s stepped-up missile tests.
Reporting by Makini Brice, Susan Heavey, Matt Spetalnick, David Brunnstrom, Lesley Wroughton, James Oliphant, Phil Stewart and Idrees Ali; Additional reporting by Ju-min Park, Josh Smith and Christine Kim in Seoul; Writing by Matt Spetalnick; Editing by Bill Trott, Alistair Bell and Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles/pompeo-expected-to-return-from-north-korea-with-detained-americans-south-korean-official-idUSKBN1IA08I |
(Reuters Health) - Adding chiropractic care to standard medical care for low back pain may help reduce discomfort and disability, a U.S. study suggests.
Researchers studied 750 active-duty U.S. military service members being treated for lower back pain. All of them received usual care like physical therapy and drugs to ease pain and inflammation. In addition, half of them received chiropractic care that could include spinal manipulation, rehabilitation exercises and treatment with cold or heat.
After six weeks, patients receiving chiropractic care reported larger reductions in low back pain and less related disability than people who didn’t get these treatments, the study found.
“Spinal manipulation (often referred to Hias chiropractic adjustment) may help heal tissues in your body that form as a result of injury, decreasing pain and improving your body’s ability to move correctly,” said lead study author Dr. Christine Goertz, who did the research while affiliated with the Palmer College of Chiropractic in Davenport, Iowa.
“It is also possible that manipulation impacts the way that your body perceives pain through either the brain or the spinal cord and/or decreases pain from muscle strain, inflammation and/or spasm in the muscles next to your spine,” Goertz said by email.
Lower back pain is a leading cause of disability and doctor visits for adults worldwide. It often goes away within a few weeks. But when it persists, lower back pain might be treated with spinal manipulation, medications like painkillers or muscle relaxers, heat, exercise or physical therapy.
It’s estimated that one in five U.S. adults have lower back pain. Direct costs of treatment and indirect costs like lost productivity exceeded $234 billion in 2010, researchers note in JAMA Network Open.
Amid a worsening opioid addiction crisis in the U.S., doctors are increasingly looking for less addictive medications and alternative treatments for lower back pain, they add.
Chiropractic care in the study included spinal manipulation to help restore proper alignment in the lower back and surrounding areas.
Participants assigned to chiropractic care received an average of two to five treatments, depending on their treatment facility.
After six weeks, people who received chiropractic care reported average levels of pain intensity that were about 1.1 points lower on a pain scale of 1 to 10 than individuals who didn’t have the chiropractic treatments. This difference persisted, but was less pronounced, after 12 weeks.
Of 43 instances of side effects reported by people receiving chiropractic care, most cases were described as joint or muscle stiffness. Some people reported these side effects when they weren’t getting chiropractic care, and in this group three people had drug side effects and four had side effects from epidural injections.
One limitation of the study is that back pain is difficult to diagnose and confirm, and outcomes of treatment reported by patients are hard to verify, the authors note. It’s also possible that results from predominantly male and young service members might not reflect what would happen in the broader population of people with back pain.
Even so, the results add to evidence suggesting that offering chiropractic care in addition to other back pain treatments can improve outcomes, said Daniel Cherkin of the Kaiser Permanente Washington Health Research Institute in Seattle.
Chiropractic care, like other forms of alternative treatments such as massage, acupuncture and yoga, has been found to reduce pain and improve function for people with low back pain, Cherkin, author of an accompanying editorial, said by email.
“All of these treatments have lower risks of harms than medications, injections and surgery,” Cherkin said. “Because it has not been possible to predict which patients will benefit most from a specific treatment, trying several of these alternative treatments to find one that works is a sensible strategy.”
SOURCE: bit.ly/2wNTTse and bit.ly/2k8PEOE JAMA Network Open, online May 18, 2018.
| ashraq/financial-news-articles | https://in.reuters.com/article/us-health-backache-chiropractic/adding-chiropractic-to-back-pain-care-may-reduce-disability-idINKCN1IM23L |
May 2, 2018 / 3:31 PM / Updated 20 minutes ago Israel in a spin as Giro d'Italia set to begin on Friday Ori Lewis 3 Min Read
JERUSALEM (Reuters) - Israel enters uncharted territory on Friday when it begins hosting the three opening stages of the Giro d’Italia, the biggest international sporting event to be held in the country. Professional cyclists ride around the track during the unveiling of Israel's first Velodrome in Tel Aviv, Israel May 1, 2018. Picture taken May 1, 2018. REUTERS/Nir Elias
The Giro, along with the Tour de France and Spain’s Vuelta comprise the world’s three major tours and the Italian race’s “Big Start” in Israel will mark the first time a cycling classic has included stages outside Europe.
The main focus during the race will be on Team Sky’s four-time Tour de France winner Chris Froome, who has not competed at the Giro since 2010 but is aiming to be the first rider since 1983 to hold all three major tours concurrently.
However, the Briton is under investigation by the sport’s governing UCI over an adverse doping test result after a urine sample showed excessive levels of an asthma medication at last year’s Vuelta. Froome has denied any wrongdoing. Sylvan Adams, Honorary President of Giro d'Italia's "Big Start" Israel, speaks during the unveiling of Israel's first Velodrome in Tel Aviv, Israel May 1, 2018. Picture taken May 1, 2018. REUTERS/Nir Elias
Sylvan Adams, a Canadian-born Israeli entrepreneur and cycling enthusiast credited with bringing the Giro to Israel, has set up the Israel Cycling Academy team that will compete in the race. It includes two Israeli riders, another first.
“The Giro d’Italia is the largest sports event ever to be held in Israel,” Sports Minister Miri Regev said, “this is a huge production and an unprecedented logistical operation.” Slideshow (2 Images)
The 101st Giro opens with a 9.7 km individual time trial on Friday in Jerusalem followed by road races on the next two days between Haifa and Tel Aviv (167km) and then Beersheba and Eilat (229km).The event has also attracted state funding aimed at boosting tourism. Tourism Ministry Director-General Amir Halevi said he hoped an investment of several million euros would yield a much larger income from TV exposure of about one billion viewers.
As part of a cycling drive, Adams has also backed the building of a new velodrome in Tel Aviv, which was unveiled on Tuesday. He said he hoped Israel would copy the British model and make it a cycling power.
“We are hoping to take a page out of British cycling, who became the world’s pre-eminent cycling power after they built their velodrome in Manchester and the National Cycling Centre... so we are hoping to develop cycling amongst the youth and reach the highest level of the sport,” Adams said.
Yoni Yarom, the head of Israel’s cycling federation, said there were some 2,200 competitive riders among a population of nine million and a cycling culture has developed over the years, with more than 165,000 enthusiasts at all levels.
This year’s race has been dedicated to the memory of Gino Bartali, one of Italy’s great cyclists who won the Giro in 1936, ‘37 and ‘46, and the Tour de France in 1938 and 1948. He was honoured by the Yad Vashem Holocaust memorial on Wednesday.
During World War Two, Bartali, who died in 2000, deceived soldiers who assumed he was training, and helped save Jews from deportation to death camps by smuggling counterfeit identity documents past Fascist and Nazi checkpoints. Writing by Ori Lewis; Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cycling-giro-israel-preview/israel-in-a-spin-as-giro-ditalia-set-to-begin-on-friday-idUKKBN1I3251 |
May 24, 2018 / 7:03 AM / Updated 13 minutes ago UPDATE 1-Indonesia's new c.bank governor pledges focus on rupiah stability Reuters Staff
* Bank Indonesia to use policy rate, intervention to help rupiah
* Rupiah strengthens slightly after Warjiyo statement
* Other tools would be used to support growth, he says (Adds details, context)
By Gayatri Suroyo and Maikel Jefriando
JAKARTA, May 24 (Reuters) - Indonesia’s newly sworn in central bank governor on Thursday promised to use interest rate policy to stabilise the rupiah currency in the near term and to be “more pre-emptive” and ahead of the curve on monetary settings.
The rupiah has been among the worst performers among Asian currencies this year, losing more than 4 percent of its value, as investors slash their holdings in emerging markets in response to rising U.S. Treasury yields.
“My priority in the short term is to strengthen steps required to immediately stabilise the rupiah exchange rate,” Governor Perry Warjiyo told reporters at a news conference after his inauguration.
Earlier on Thursday, the rupiah hit its weakest level since October 2015 of 14,210 per dollar, before edging up to 14,160 after the statement by the new Bank Indonesia (BI) governor.
The main monetary policy rate and “dual intervention” of selling dollars and buying government bonds would be the main tools to shore up the rupiah, Warjiyo said. So far this year BI has bought 50 trillion rupiah ($3.54 billion) of government bonds from foreign sellers with most of the operations done in the past month, he said.
BI raised its key rate by 25 basis points to 4.50 percent last week, the first hike since November 2014.
When the rupiah extended falls the next day, outgoing governor Agus Martowardojo, said BI would be prepared to raise rates further.
Warjiyo reiterated his predecessor’s view that the current weakness in the rupiah was due to external factors.
He said Southeast Asia’s largest economy had sound fundamentals, predicting economic growth at 5.2 percent this year, with an inflation rate near the midpoint of BI’s target range and a current account deficit under BI’s healthy threshold.
The central bank will hold a meeting with bankers and businesses, who use foreign currencies, to convey BI’s commitment to support the rupiah, Warjiyo said.
Such a meeting could prevent market from “overshooting the currency”, he said.
The new BI governor sought to draw a distinction between Indonesia and some other emerging markets, where there has been concern in the market about politicians meddling in policies.
While BI was working with the government and other regulators, President Joko Widodo had pledged to uphold BI’s independence, he said.
Investors have sold the Turkish lira on concerns that its president would seek to influence monetary policy settings, forcing the central bank to raise interest rates by 300 basis points in an emergency move on Wednesday.
In a bid to calm concerns about how policy makers can support economic growth, Warjiyo said BI would balance its monetary policy tightening with looser macroprudential rules and efforts to deepen financial markets and improve payment systems.
Indonesia’s GDP growth was 5.06 percent in the first quarter, below market expectations, and some analysts have said further tightening could choke economic activity.
“When we raise interest rates, it doesn’t mean growth would slow immediately. The impact to growth will lag 1.5 years,” Warjiyo said. “Meanwhile, the volatility in the currency will probably only last a quarter.”
Josua Pardede, an economist with Bank Permata in Jakarta, said he believes Warjiyo, who is an experienced central banker, “will be extra careful with the interest rate instrument” given the effects rate movements have on bank lending rates.
“If the pressure on the rupiah continues, there is a probability of another 25 basis points hike before the end of the year,” Pardede said. $1 = 14,140 rupiah Editing by Ed Davies and Sam Holmes | ashraq/financial-news-articles | https://www.reuters.com/article/indonesia-cenbank/update-1-indonesias-new-c-bank-governor-pledges-focus-on-rupiah-stability-idUSL3N1SV2G0 |
Revenue of $140.5 Million, Up 20 Percent Year-Over-Year Billings of $116.7 Million, Up 17 Percent Year-Over-Year Cash Flow from Operations of $18.4 Million, Up $9.9 Million Year-Over-Year Free Cash Flow of $7.3 Million, Up $3.2 Million Year-Over-Year
REDWOOD CITY, Calif.--(BUSINESS WIRE)-- Box, Inc. (NYSE:BOX), a leader in cloud content management, today announced first quarter of fiscal 2019, which ended April 30, 2018.
“In the first quarter, we drove strong attach rates for new products, expanded our international customer base and delivered product innovation and security for some of the largest and most regulated enterprises in the world,” said Aaron Levie, co-founder and CEO of Box. “With customers like Mitsubishi Motors Corporation, Dignity Health and the Defense Advanced Research Projects Agency (DARPA) choosing Box to power their digital workplace, our focus on security and collaboration, as well as our vision for artificial intelligence, continues to resonate.”
“We delivered solid top line growth and improved cash flow from operations by $10 million year-over-year in the first quarter,” said Dylan Smith, co-founder and CFO of Box. “Our continued focus on driving higher product attach rates and expanding our penetration in the large enterprise market position us for long-term growth on our path to $1 billion and beyond.”
Adoption of the New Revenue Recognition Standard - ASC Topic 606
Box adopted the new revenue recognition accounting standard Accounting Standards Codification Topic 606 (“ASC 606”) on a modified retrospective basis, effective February 1, 2018. Financial results for reporting periods in Box’s fiscal year ending January 31, 2019 are presented in compliance with the new revenue recognition standard. Historical financial results for reporting periods prior to fiscal 2019 are presented in conformity with amounts previously disclosed under the prior revenue recognition standard Accounting Standards Codification Topic 605 (“ASC 605”). This press release includes additional information regarding Box’s quarter ended April 30, 2018 under ASC 605 for comparison to the prior year.
Fiscal First Quarter Financial Highlights
Revenue for the first quarter of fiscal 2019 was a record $140.5 million, an increase of 20% (ASC 606 in fiscal 2019 compared to ASC 605 in fiscal 2018) and 22% (ASC 605 in fiscal 2019 compared to ASC 605 fiscal 2018) from the first quarter of fiscal 2018. Deferred revenue as of April 30, 2018 was $286.9 million, an increase of 28% (ASC 606 to ASC 605) and 31% (ASC 605 to ASC 605) from April 30, 2017. Billings for the first quarter of fiscal 2019 were $116.7 million, an increase of 17% (ASC 606 to ASC 605 and ASC 605 to ASC 605) from the first quarter of fiscal 2018. GAAP operating loss in the first quarter of fiscal 2019 was $35.9 million, or 26% of revenue (ASC 606 to ASC 605), and $37.4 million, or 26% of revenue (ASC 605 to ASC 605). This compares to GAAP operating loss of $40.0 million, or 34% of revenue, in the first quarter of fiscal 2018. Non-GAAP operating loss in the first quarter of fiscal 2019 was $9.2 million, or 7% of revenue (ASC 606), and $10.7 million, or 7% of revenue (ASC 605). This compares to a non-GAAP operating loss of $16.6 million, or 14% of revenue, in the first quarter of fiscal 2018. GAAP net loss per share, basic and diluted, in the first quarter of fiscal 2019 was $0.26 (ASC 606) and $0.28 (ASC 605) on 138.5 million shares outstanding. This compares to a GAAP net loss per share of $0.30 in the first quarter of fiscal 2018 on 131.5 million shares outstanding. Non-GAAP net loss per share, basic and diluted, in the first quarter of fiscal 2019 was $0.07 (ASC 606) and $0.08 (ASC 605). This compares to non-GAAP net loss per share of $0.13 in the first quarter of fiscal 2018. Net cash provided by operating activities in the first quarter of fiscal 2019 totaled $18.4 million. This compares to net cash provided by operating activities of $8.5 million in the first quarter of fiscal 2018. Free cash flow in the first quarter of fiscal 2019 was $7.3 million. This compares to $4.0 million in the first quarter of fiscal 2018.
For more information on the non-GAAP financial measures and key metrics discussed in this press release, please see the section titled, “About Non-GAAP Financial Measures and Other Key Metrics,” and the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures at the end of this press release.
Business Highlights since Last Earnings Release
Grew paying customer base to more than 85,000 businesses, including new or expanded deployments with leading organizations such as Blackboard, City of Philadelphia, DARPA, Dignity Health, Hitachi High Technologies, Mitsubishi Motors Corporation and Pokémon. Hosted Box World Tour Europe 2018 in London with hundreds of IT industry leaders from across Europe. As the European Union’s General Data Protection Regulation took effect May 25th , Box, with Binding Corporate Rules, C5 and the TCDP, has been independently reviewed by European Data Protection Authorities for its privacy and cloud protection practices and is well-suited to support customers as they address GDPR. Launched multizone support for Box Zones , giving customers the choice to store data in and collaborate seamlessly across any of Box’s existing seven Zones, all from a single Box instance. Announced the general availability of Box Drive to power seamless collaboration streamed directly from the desktop to further simplify businesses’ shift to the cloud. Released new capability to create metadata-driven retention policies for Box Governance , offering customers powerful, flexible and customizable controls over their data. Launched new Box Admin Insights Dashboard , providing IT admins with enhanced visibility, governance and understanding of how their employees leverage Box globally. Released Box’s integration with Apple’s office suite, iWork , enabling users to create, preview and collaborate on Pages, Numbers and Keynote files within Box. Established Future of Work Council with Workplace by Facebook and Okta, bringing together leaders from enterprises like American Express, NIKE and Farmers Insurance® to rethink the culture, skills, organization and technology required to enable the future of work in the digital age.
Outlook
Q2 FY19 Guidance: Revenue is expected to be in the range of $146 million to $147 million. GAAP and non-GAAP basic and diluted earnings per share are expected to be in the range of ($0.28) to ($0.27) and ($0.06) to ($0.05), respectively. Weighted average basic and diluted shares outstanding are expected to be approximately 141 million. Full Year FY19 Guidance: Revenue is expected to be in the range of $603 million to $608 million. GAAP and non-GAAP basic and diluted earnings per share are expected to be in the range of ($1.07) to ($1.04) and ($0.19) to ($0.16), respectively. Weighted average basic and diluted shares outstanding are expected to be approximately 140 million.
All forward-looking non-GAAP financial measures contained in this section titled “Outlook” exclude estimates for stock-based compensation expense, intangible assets amortization and certain legal settlement and related costs. Box has provided a reconciliation of GAAP to non-GAAP earnings per share guidance at the end of this press release.
Webcast and Conference Call Information
Box’s management team will host a conference call today beginning at 2:00 PM (PT) / 5:00 PM (ET) to discuss Box’s financial results, business highlights and future outlook. A live audio webcast of this call will be available through Box’s Investor Relations website at www.box.com/investors for a period of 90 days after the date of the call.
The access details for the live conference call are:
+ 1-866-393-4306 (U.S. and Canada), conference ID: 8194155
+ 1-734-385-2616 (international), conference ID: 8194155
A telephonic replay of the call will be available approximately two hours after the call and will run for one week. The replay can be accessed by dialing:
+ 1-855-859-2056 (U.S. and Canada), conference ID: 8194155
+ 1-404-537-3406 (international), conference ID: 8194155
Box has used, and intends to continue to use, its Investor Relations website ( www.box.com/investors ), as well as certain Twitter accounts (@boxhq, @levie and @boxincir), as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Information on or that can be accessed through Box’s Investor Relations website, these Twitter accounts, or that is contained in any website to which a hyperlink is provided herein is not part of this press release, and the inclusion of Box’s Investor Relations website address, these Twitter accounts, and any hyperlinks are only inactive textual references.
This press release, the financial tables, as well as other supplemental information including the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures, are also available on Box’s Investor Relations website. Box also provides investor information, including news and commentary about Box’s business and financial performance, Box’s filings with the Securities and Exchange Commission, notices of investor events and Box’s press and earnings releases, on Box’s Investor Relations website.
This press release contains that involve risks and uncertainties, including statements regarding Box’s expectations regarding the size of its market opportunity, the demand for its products, its ability to scale its business and drive operating efficiencies, its ability to achieve its revenue target of $1 billion in the coming years, expectations regarding its ability to achieve profitability on a quarterly or ongoing basis, the timing of recent and planned product introductions and enhancements, the short- and long-term success, market adoption, capabilities, and benefits of such product introductions and enhancements, and the success of strategic partnerships, as well as expectations regarding its revenue, GAAP and non-GAAP earnings per share, the related components of GAAP and non-GAAP earnings per share, and weighted average basic and diluted outstanding share count expectations for Box’s fiscal second quarter and full fiscal 2019 in the section titled “Outlook” above. There are a significant number of factors that could cause actual results to statements made in this press release, including: (1) adverse changes in general economic or market conditions; (2) delays or reductions in information technology spending; (3) factors related to Box’s highly competitive market, including but not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by Box’s current or future competitors; (4) the development of the cloud content management market; (5) Box’s limited operating history, which makes it difficult to predict future results; (6) the risk that Box’s customers do not renew their subscriptions, expand their use of Box’s services, or adopt new products offered by Box; (7) Box’s ability to provide timely and successful enhancements, new features and modifications to its platform and services; (8) actual or perceived security vulnerabilities in Box’s services or any breaches of Box’s security controls; and (9) Box’s ability to realize the expected benefits of its third-party partnerships.
Additional information on potential factors that could affect Box’s financial results is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings Box makes with the Securities and Exchange Commission from time to time, including the Annual Report on Form 10-K filed for the fiscal year ended January 31, 2018. These documents are available on the SEC Filings section of Box’s Investor Relations website located at www.box.com/investors . Box does not assume any obligation to update the contained in this press release to reflect events that occur or circumstances that exist after the date on which they were made.
About Non-GAAP Financial Measures and Other Key Metrics
To supplement Box’s consolidated financial statements, which are prepared and presented in accordance with GAAP, Box provides investors with certain non-GAAP financial measures and other key metrics, including non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, non-GAAP net loss per share, billings and free cash flow. The presentation of these non-GAAP financial measures and key metrics is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures and key metrics, please see the reconciliation of these non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures at the end of this press release.
Box uses these non-GAAP financial measures and key metrics for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Box’s management believes that these non-GAAP financial measures and key metrics provide meaningful supplemental information regarding Box’s performance by excluding certain expenses that may not be indicative of Box’s recurring core business operating results. Box believes that both management and investors benefit from referring to these non-GAAP financial measures and key metrics in assessing Box’s performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures and key metrics also facilitate management's internal comparisons to Box’s historical performance as well as comparisons to Box’s competitors' operating results. Box believes these non-GAAP financial measures and key metrics are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by Box’s institutional investors and the analyst community to help them analyze the health of Box’s business.
A limitation of non-GAAP financial measures and key metrics is that they do not have uniform definitions. Further, Box’s definitions will likely differ from the definitions used by other companies, including peer companies, and therefore comparability may be limited. Thus, Box’s non-GAAP financial measures and key metrics should be considered in addition to, and not as a substitute for, or in isolation from, measures prepared in accordance with GAAP. Additionally, in the case of stock-based compensation expense, if Box did not pay a portion of compensation in the form of stock-based compensation expense, the cash salary expense included in cost of revenue and operating expenses would be higher, which would affect Box’s cash position.
Non-GAAP operating loss and non-GAAP operating margin. Box defines non-GAAP operating loss as operating loss excluding expenses related to stock-based compensation (“SBC”), intangible assets amortization, and as applicable, other special items. Non-GAAP operating margin is defined as non-GAAP operating loss divided by revenue. Although SBC is an important aspect of the compensation of Box’s employees and executives, determining the fair value of certain of the stock-based instruments Box utilizes involves a high degree of judgment and estimation and the expense recorded may bear little resemblance to the actual value realized upon the vesting or future exercise of the related stock-based awards. Furthermore, unlike cash compensation, the value of stock options, which is an element of Box’s ongoing stock-based compensation expense, is determined using a complex formula that incorporates factors, such as market volatility, that are beyond Box’s control. For restricted stock unit awards, the amount of stock-based compensation expenses is not reflective of the value ultimately received by the grant recipients. Management believes it is useful to exclude SBC in order to better understand the long-term performance of Box’s core business and to facilitate comparison of Box’s results to those of peer companies. Management also views amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s developed technology and trade names, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period. Box further excludes expenses related to certain litigation because they are considered by management to be special items outside Box’s core operating results.
Non-GAAP net loss and non-GAAP net loss per share. Box defines non-GAAP net loss as net loss excluding expenses related to SBC, intangible assets amortization, and as applicable, other special items. Box defines non-GAAP net loss per share as non-GAAP net loss divided by the weighted average outstanding shares. Box excludes expenses related to certain litigation because they are considered by management to be special items outside Box’s core operating results.
Billings. Billings reflect, in any particular period, (1) sales to new customers, plus (2) subscription renewals and (3) expansion within existing customers, and represent amounts invoiced for all products and professional services. Box calculates billings for a period by adding changes in deferred revenue and contract assets in that period to revenue. Box believes that billings help investors better understand sales activity for a particular period, which is not necessarily reflected in revenue as a result of the fact that Box recognizes subscription revenue ratably over the subscription term. Box considers billings a significant performance measure and, after adjusting for any shifts in relative payment frequencies, a leading indicator of future revenue. Box monitors billings to manage the business, make planning decisions, evaluate performance and allocate resources. Box believes that billings offers valuable supplemental information regarding the performance of the business and will help investors better understand the sales volumes and performance of the business. Although Box considers billings to be a significant performance measure, Box does not consider it to be a non-GAAP financial measure given that it is calculated using exclusively revenue, deferred revenue, and contract assets, all of which are financial measures calculated in accordance with GAAP.
Free cash flow. Box defines free cash flow as cash provided by operating activities less purchases of property and equipment, principal payments of capital lease obligations, and other items that did not or are not expected to require cash settlement and that management considers to be outside of Box’s core business. Box specifically identifies adjusting items in the reconciliation of GAAP to non-GAAP financial measures. Prior to the adoption of Accounting Standards Update 2016-18, Restricted Cash, historically, these adjusting items include the use and release of restricted cash to guarantee a significant letter of credit for Box’s Redwood City headquarters. Box considers free cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in Box’s business and strengthening its balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. The presentation of non-GAAP free cash flow is also not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.
The accompanying tables have more details on the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures.
About Box
Box (NYSE:BOX) is the cloud content management company that empowers enterprises to revolutionize how they work by securely connecting their people, information and applications. Founded in 2005, Box powers more than 85,000 businesses globally, including AstraZeneca, General Electric, P&G, and The GAP. Box is headquartered in Redwood City, CA, with offices across the United States, Europe and Asia. To learn more about Box, visit http://www.box.com .
BOX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
April 30, January 31, 2018 * 2018 ** (Unaudited) ASSETS Current assets: $ 217,116 $ 208,076 Accounts receivable, net 91,025 162,133 Prepaid expenses and other current assets 17,575 11,391 Deferred commissions 15,091 17,589 Total current assets 340,807 399,189 Property and equipment, net 124,518 123,977 Intangible assets, net 10 24 Goodwill 16,293 16,293 Restricted cash 350 350 Deferred commissions, non-current 41,275 8,330 Other long-term assets 5,226 5,403 Total assets $ 528,479 $ 553,566 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $ 14,485 $ 17,036 Accrued compensation and benefits 16,488 37,707 Accrued expenses and other current liabilities 22,341 26,198 Capital lease obligations 20,421 18,844 Deferred revenue 264,427 291,902 Deferred rent 2,589 2,280 Total current liabilities 340,751 393,967 Debt, non-current 40,000 40,000 Capital lease obligations, non-current 29,941 26,980 Deferred revenue, non-current 22,522 29,021 Deferred rent, non-current 45,616 45,882 Other long-term liabilities 3,034 2,748 Total liabilities 481,864 538,598 Stockholders’ equity: Common stock (1) 13 13 Additional paid-in capital 1,083,538 1,054,932 Treasury stock (1,177 ) (1,177 ) Accumulated other comprehensive income 164 288 Accumulated deficit (1,035,923 ) (1,039,088 ) Total stockholders’ equity 46,615 14,968 Total liabilities and stockholders’ equity $ 528,479 $ 553,566 (1) As of April 30, 2018, the number of shares of the registrant’s Class A common stock outstanding was 128,865 and the number of shares of the registrant’s Class B common stock outstanding was 11,110. * As reported under ASC Topic 606 ** As reported under ASC Topic 605 BOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended April 30, 2018 * 2017 ** Revenue $ 140,507 $ 117,222 Cost of revenue(1)(2) 39,068 32,723 Gross profit 101,439 84,499 Operating expenses: Research and development(2) 38,248 33,534 Sales and marketing(2) 76,998 70,663 General and administrative(1)(2) 22,053 20,281 Total operating expenses 137,299 124,478 Loss from operations (35,860 ) (39,979 ) Interest expense, net (70 ) (279 ) Other (loss) income, net (343 ) 16 Loss before provision (benefit) for income taxes (36,273 ) (40,242 ) Provision (benefit) for income taxes 364 (156 ) Net loss $ (36,637 ) $ (40,086 ) Net loss per common share, basic and diluted $ (0.26 ) $ (0.30 ) Weighted-average shares used to compute net loss per share, basic and diluted 138,524 131,469 (1) Includes intangible assets amortization as follows: Three Months Ended April 30, 2018 * 2017 ** Cost of revenue $ — $ 365 Sales and marketing 1 — General and administrative 13 39 Total intangible assets amortization $ 14 $ 404 (2) Includes stock-based compensation expense as follows: Three Months Ended April 30, 2018 * 2017 ** Cost of revenue $ 3,121 $ 2,468 Research and development 10,148 9,160 Sales and marketing 8,061 7,740 General and administrative 5,283 3,578 Total stock-based compensation $ 26,613 $ 22,946 * As reported under ASC Topic 606 ** As reported under ASC Topic 605 BOX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Three Months Ended April 30, 2018 * 2017 ** CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (36,637 ) $ (40,086 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 11,395 9,572 Stock-based compensation expense 26,613 22,946 Amortization of deferred commissions 3,675 4,990 Other (21 ) 22 Changes in operating assets and liabilities: Accounts receivable, net 71,690 37,346 Deferred commissions (4,716 ) (2,784 ) Prepaid expenses and other assets (5,200 ) (2,541 ) Accounts payable 475 7,182 Accrued expenses and other liabilities (24,717 ) (10,967 ) Deferred rent 43 530 Deferred revenue (24,160 ) (17,669 ) Net cash provided by operating activities 18,440 8,541 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (4,040 ) (784 ) Proceeds from sale of property and equipment 1 27 Net cash used in investing activities (4,039 ) (757 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options, net of repurchases of early exercised stock options 3,362 2,456 Proceeds from issuances of common stock under employee stock purchase plan 11,846 8,881 Employee payroll taxes paid related to net share settlement of restricted stock units (13,295 ) (9,114 ) Payments of capital lease obligations (7,150 ) (3,736 ) Net cash used in financing activities (5,237 ) (1,513 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (124 ) 29 Net increase in cash, cash equivalents, and restricted cash 9,040 6,300 Cash, cash equivalents, and restricted cash, beginning of period 208,426 204,172 Cash, cash equivalents, and restricted cash, end of period $ 217,466 $ 210,472 * As reported under ASC Topic 606 ** As reported under ASC Topic 605 BOX, INC.
RECONCILIATION OF GAAP TO NON-GAAP DATA
(In Thousands, Except Per Share Data and Percentages)
(Unaudited)
Three Months Ended April 30, 2018 * 2017 ** GAAP operating loss $ (35,860 ) $ (39,979 ) Stock-based compensation 26,613 22,946 Intangible assets amortization 14 404 Non-GAAP operating loss $ (9,233 ) $ (16,629 ) GAAP operating margin (26 ) % (34 ) % Stock-based compensation 19 20 Intangible assets amortization — — Non-GAAP operating margin (7 ) % (14 ) % GAAP net loss $ (36,637 ) $ (40,086 ) Stock-based compensation 26,613 22,946 Intangible assets amortization 14 404 Non-GAAP net loss $ (10,010 ) $ (16,736 ) GAAP net loss per share, basic and diluted $ (0.26 ) $ (0.30 ) Stock-based compensation 0.19 0.17 Intangible assets amortization — — Non-GAAP net loss per share, basic and diluted $ (0.07 ) $ (0.13 ) Weighted-average shares outstanding, basic and diluted 138,524 131,469 Net cash provided by operating activities $ 18,440 $ 8,541 Purchases of property and equipment (4,040 ) (784 ) Payments of capital lease obligations (7,150 ) (3,736 ) Free cash flow $ 7,250 $ 4,021 Net cash used in investing activities $ (4,039 ) $ (757 ) Net cash used in financing activities $ (5,237 ) $ (1,513 ) * As reported under ASC Topic 606 ** As reported under ASC Topic 605 BOX, INC.
RECONCILIATION OF GAAP REVENUE TO BILLINGS
(In Thousands)
(Unaudited)
Three Months Ended April 30, 2018 * 2017 **** GAAP revenue $ 140,507 $ 117,222 Deferred revenue, end of period 286,949 224,315 Less: deferred revenue, beginning of period (311,109 ) ** (241,984 ) Contract assets, beginning of period
582 *** — Less: contract assets, end of period
(195 ) *** — Billings $ 116,734 $ 99,553 * As reported under ASC Topic 606 ** Balance as of February 1, 2018 upon the adoption of ASC Topic 606 *** Contract assets is reported as part of accounts receivable upon the adoption of ASC Topic 606.
**** As reported under ASC Topic 605 RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET LOSS PER SHARE GUIDANCE
(In Thousands, Except Per Share Data)
(Unaudited)
For the Three Months
Ended July 31, 2018
For the Year Ended
January 31, 2019
GAAP net loss per share range, basic and diluted $(0.28-0.27) $(1.07-1.04) Stock-based compensation 0.22 0.88 Non-GAAP net loss per share range, basic and diluted $(0.06-0.05) $(0.19-0.16) Weighted average shares outstanding, basic and diluted 140,524 140,498
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Box
Alice Kousoum Lopatto, +1 650-209-3467
[email protected]
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Source: Box, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-box-reports-record-revenue-of-141-million-and-delivers-cash-flow-from-operations-of-18-million-for-fiscal-first-quarter-2019.html |
WALL, N.J.--(BUSINESS WIRE)-- Today, New Jersey Resources (NYSE:NJR) reported results for the second quarter of fiscal 2018. Highlights include:
Consolidated net income of $140.3 million for the second quarter of fiscal 2018, compared with $114.7 million for the same period in fiscal 2017. Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $142.1 million for the second quarter of fiscal 2018, compared with $104.1 million during the same period in fiscal 2017. Fiscal 2018 NFE guidance reaffirmed at a range of $2.55 to $2.65 per share. Energy Services continued to deliver strong results, reporting second-quarter fiscal 2018 NFE of $72.8 million, compared with $15.7 million during the same period in fiscal 2017, as a result of strong demand and market volatility due to cold weather during the quarter. NJNG seeks to significantly expand its energy-efficiency programs with its $341 million filing with the New Jersey Board of Public Utilities (BPU).
“With another impressive performance by Energy Services and a solid performance by New Jersey Natural Gas, fiscal 2018 is shaping up to be a strong year for our company," Laurence M. Downes, chairman and CEO of New Jersey Resources, said. "We will continue to focus on executing our strategy to meet our customers' expectations and deliver results for our shareowners."
Second-quarter fiscal 2018 net income totaled $140.3 million, or $1.60 per share, compared with $114.7 million, or $1.33 per share, during the same period in fiscal 2017. Fiscal 2018 year-to-date net income totaled $264 million, or $3.02 per share, compared with $149.6 million, or $1.74 per share, during the same period in fiscal 2017.
In the second quarter of fiscal 2018, NFE totaled $142.1 million, or $1.62 per share, compared with NFE of $104.1 million, or $1.21 per share, during the same period last year. Fiscal 2018 year-to-date NFE totaled $277.4 million, or $3.18 per share, compared with $144.5 million, or $1.68 per share, during the same period in fiscal 2017.
A reconciliation of net income to NFE for the three and six months ended March 31 of fiscal years 2018 and 2017 is provided below.
Three Months Ended Six Months Ended March 31, March 31, (Thousands) 2018 2017 2018 2017 Net income* $ 140,266 $ 114,702 $ 263,965 $ 149,631 Add: Unrealized (gain) loss on derivative instruments and related transactions (11,608 ) (54,855 ) 23,246 (26,553 ) Tax effect 4,716 19,679 (3,343 ) 9,922 Effects of economic hedging related to natural gas inventory 6,125 34,328 (19,262 ) 16,389 Tax effect (1,715 ) (12,334 ) 6,529 (6,130 ) Net income to NFE tax adjustment 4,278 2,586 6,260 1,230 Net financial earnings $ 142,062 $ 104,106 $ 277,395 $ 144,489 Weighted Average Shares Outstanding Basic 87,595 86,275 87,295 86,182 Diluted 87,989 87,101 87,690 86,993 Basic earnings per share $ 1.60 $ 1.33 $ 3.02 $ 1.74 Add: Unrealized (gain) loss on derivative instruments and related transactions (0.13 ) (0.64 ) 0.27 (0.31 ) Tax effect 0.05 0.23 (0.04 ) 0.12 Effects of economic hedging related to natural gas inventory 0.07 0.40 (0.22 ) 0.19 Tax effect (0.02 ) (0.14 ) 0.08 (0.07 ) Net income to NFE tax adjustment 0.05 0.03 0.07 0.01 Basic net financial earnings per share $ 1.62 $ 1.21 $ 3.18 $ 1.68 *Results during the first six months of fiscal 2018 include an estimated income tax benefit of $58.5 million, or $0.67 per share, due to the revaluation of deferred taxes resulting from the reduction in the corporate tax rate.
NFE is a financial measure not calculated in accordance with generally accepted accounting principles (GAAP) of the United States. It is a measure of earnings based on eliminating timing differences surrounding the recognition of certain gains or losses, net of applicable tax adjustments, to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Credits (SRECs) and foreign currency contracts. NFE eliminates the impact of volatility to GAAP earnings associated with unrealized gains and losses on derivative instruments in the current period. For further discussion of this financial measure, please see the explanation below under “Non-GAAP Financial Information.”
A table summarizing our key performance metrics for the three and six months ended March 31 of fiscal years 2018 and 2017 is provided below.
Three Months Ended Six Months Ended March 31, March 31, ($ in Thousands) 2018 2017 2018 2017 Net income $ 140,266 $ 114,702 $ 263,965 $ 149,631 EPS $ 1.60 $ 1.33 $ 3.02 $ 1.74 NFE 142,062 104,106 $ 277,395 $ 144,489 Basic net financial earnings per share $ 1.62 $ 1.21 $ 3.18 $ 1.68 A table detailing NFE for the three and six months ended March 31 of fiscal years 2018 and 2017 is provided below.
Three Months Ended Six Months Ended March 31, March 31, (Thousands) 2018 2017 2018 2017 Net financial earnings (loss) New Jersey Natural Gas $ 60,442 $ 60,233 $ 94,551 $ 90,581 Midstream 1,315 4,948 18,826 7,335 Subtotal Regulated 61,757 65,181 113,377 97,916 Clean Energy Ventures 10,051 22,743 81,301 25,585 Energy Services 72,832 15,746 93,106 19,233 Home Services and Other (2,488 ) 708 (10,204 ) 2,250 Subtotal Non-Regulated 80,395 39,197 164,203 47,068 Subtotal 142,152 104,378 277,580 144,984 Eliminations (90 ) (272 ) (185 ) (495 ) Total $ 142,062 $ 104,106 $ 277,395 $ 144,489 NJR Reaffirms Fiscal 2018 NFE Guidance:
NJR reaffirmed fiscal 2018 NFE guidance of $2.55 to $2.65 per share, subject to the identified below under “Forward-Looking Statements.” NJR expects its regulated businesses to generate between 40 to 55 percent of total NFE, with New Jersey Natural Gas (NJNG) continuing to be the largest contributor, excluding the impacts of tax reform. The following chart represents NJR’s current expected contributions from its subsidiaries, and the estimated benefits as a result of the revaluation of deferred taxes due to tax reform for fiscal 2018:
Company Expected Fiscal 2018
Net Financial Earnings Contribution New Jersey Natural Gas 35 to 45 percent Midstream 5 to 10 percent Total Regulated 40 to 55 percent Clean Energy Ventures 5 to 10 percent Energy Services 20 to 30 percent Home Services and Other 1 to 3 percent Total Non-Regulated 26 to 43 percent NFE contribution from the revaluation of deferred taxes due to tax reform 20 to 25 percent In providing fiscal 2018 NFE guidance, management is aware there could be differences between reported GAAP earnings and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts.
Effective Tax Rate:
NJR’s estimated annual effective tax rate increased to 17.2 percent in fiscal 2018 from 15.6 percent in fiscal 2017. The increase is due to fewer expected investment tax credits, offset by a reduction in the federal tax rate.
For NFE purposes, NJR expects the annual effective tax rate to increase from 12.7 percent to 15.3 percent. NJR recognized $18.4 million in tax credits, net of deferred taxes, during the first six months of fiscal 2018, compared with $30 million during the same period in fiscal 2017. Further detail can be found in Note 11 “Income Taxes” within our 10-Q filing.
Regulated Business Update:
New Jersey Natural Gas
NJNG reported second-quarter fiscal 2018 NFE of $60.4 million, compared with $60.2 million, during the same period in fiscal 2017. Fiscal 2018 year-to-date NFE at NJNG were $94.6 million, compared with $90.6 million during the same period last year. Increases in NFE for the quarter and fiscal year-to-date were due primarily to customer growth and return on capital expenditures associated with BPU-approved infrastructure projects, offset by increased operation and maintenance expenses.
Customer Growth:
NJNG added 4,656 new customers during the first six months of fiscal 2018, compared with 4,130 during the same period last year, primarily driven by the residential new construction market. These new customer additions, and those customers who added additional natural gas services to their premises, are expected to contribute $2.8 million annually to utility gross margin. NJNG expects to add between 26,000 to 28,000 new customers through fiscal 2020, representing an average annual growth rate of 1.7 percent and a cumulative increase in utility gross margin of approximately $16 million. For more information on utility gross margin, please see “Non-GAAP Financial Information” below.
Infrastructure Update:
Safety Acceleration and Facilities Enhancement (SAFE) II is a five-year program approved by the BPU in September 2016 designed to replace the remaining 276 miles of unprotected steel main and associated services in NJNG’s distribution system. During the first six months of fiscal 2018, NJNG invested $16.5 million to replace 22 miles of unprotected steel main and services. New Jersey Reinvestment in System Enhancement (NJ RISE) program is a five-year, $102.5 million investment that began in 2014. During the first six months of fiscal 2018, NJNG installed a secondary natural gas distribution main between Brick and Mantoloking, and reinforced a regulator station in Long Beach Island. NJNG expects to complete work on a secondary natural gas distribution main in the southern section of the Seaside barrier island by June 2018. Both the SAFEII and NJ RISE programs are eligible for annual base rate increases. On March 29, 2018, NJNG filed its annual petition with the BPU requesting a base rate change in the amount of $6.9 million for the recovery of capital costs through June 30, 2018. The filing will be updated in July 2018 to reflect the actual results through June 30, 2018, with changes to base rates effective October 1, 2018. The Southern Reliability Link (SRL) , which will provide a secondary interstate feed into the southern end of NJNG’s delivery system, continues to make progress on the remaining easement and road-opening permits. Once obtained, construction will begin. NJNG expects the SRL to be in service during 2019.
Basic Gas Supply Service Incentive Programs:
BGSS incentive programs contributed $2.4 million in the second quarter of fiscal 2018 to utility gross margin, compared with $2.9 million during the same period in fiscal 2017. Fiscal year-to-date, these programs contributed $6.8 million, compared with $6.7 million during the same period in fiscal 2017.
Energy Efficiency:
The SAVEGREEN Project ® , NJNG’s energy-efficiency program, invested $6.2 million during the first six months of fiscal 2018 in grants and financing options designed to help customers with energy-efficiency upgrades for their homes and businesses. On March 28, 2018, NJNG submitted a filing with the BPU to significantly expand its energy-efficiency offerings to help more customers save money, manage their energy usage and reduce emissions. Pending BPU approval, NJNG is planning to invest approximately $341 million over the six-year program.
Tax Reform Benefits Customers:
On March 26, 2018, the BPU approved NJNG’s filing to pass through the benefits of the federal tax reform and reduce customers’ rates by $21 million, inclusive of sales tax, effective April 1, 2018, resulting in a $31, or a 3 percent, annual decrease for the typical customer. The BPU is reviewing NJNG's request to provide a one-time refund to customers, totaling approximately $31 million. Actual refund amounts will be determined in May and reflect individual customer usage. Customers can expect to see these savings in their May or June bills. When combined, the average customer using 1,000 therms per year will see an estimated overall reduction of $78, or 7.4 percent, this year.
Midstream
Midstream reported second-quarter 2018 net financial earnings of $1.3 million, compared with NFE of $4.9 million during the same period in fiscal 2017, and fiscal year-to-date NFE of $18.8 million, compared with $7.3 million during the same period last year. The higher fiscal year-to-date results reflect the benefits of tax reform.
Regulated infrastructure projects, including the PennEast Pipeline and Adelphia Gateway, continue to move forward. These projects are designed to benefit our customers by providing low-cost natural gas from the Marcellus Shale region and shareowners with a competitive return on their investment. On January 19, 2018, the Federal Energy Regulatory Commission (FERC) issued PennEast a Certificate of Public Convenience and Necessity. PennEast continues to target an in-service date in 2019; however, the delay in receiving its FERC certificate has affected the timetable for land access, surveys and permit applications, which may delay the commencement of construction to 2019. NJR has adjusted its capital plan to reflect construction commencing in 2019.
Non-Regulated Business Update:
Energy Services
Energy Services reported second-quarter fiscal 2018 NFE of $72.8 million, compared with $15.7 million during the same period in fiscal 2017. Fiscal 2018 year-to-date NFE were $93.1 million, compared with $19.2 million during the same period in fiscal 2017. The significant increase in NFE in both periods was due primarily to colder weather, which resulted in increased storage withdrawals to meet higher demand coupled with higher volatility, that allowed Energy Services to capture additional financial margin from natural gas price spreads.
Clean Energy Ventures
Clean Energy Ventures (CEV) reported NFE of $10.1 million in the second quarter of fiscal 2018, compared with $22.7 million in the same period in fiscal 2017. Fiscal 2018 year-to-date NFE were $81.3 million, compared with $25.6 million during the same period in fiscal 2017. The lower quarterly results were due primarily to an expectation of fewer Investment Tax Credits (ITC), compared with the same period in fiscal 2017, as a result of the planned execution of sale leaseback financings for all fiscal 2018 commercial solar projects. The improved fiscal year-to-date results were due primarily to an estimated benefit of $63.1 million related to the revaluation of deferred income taxes. Highlights include:
On March 2, 2018, CEV entered into a purchase and sale agreement for its 9.7 megawatt (MW) wind farm in Two Dot, Montana for a total sale price of $18.5 million. The sale is expected to close during the third quarter of fiscal 2018, pending FERC approval. In March 2018, CEV committed to a plan to pursue the sale of its remaining wind assets. CEV is targeting the sale of the remaining wind assets will be completed within the next 12 months. As of March 31, 2018, the company classified its wind assets and liabilities as held for sale. Four commercial solar projects located in Old Bridge, Raritan, South Brunswick and Springfield Townships, New Jersey, totaling 42.9 MWs of capacity, and an approximate investment of $96.4 million, are under construction and CEV expects them to be placed into service during fiscal 2018. Solar-related capital expenditures for The Sunlight Advantage ® projects during the second quarter of fiscal 2018 were $5.4 million, compared with $11.1 million during the same period in fiscal 2017. The decrease was due primarily to fewer projects placed into service.
CEV expects total solar-related capital expenditures during fiscal 2018 to be between $132 million and $145 million, of which $96.4 million will utilize sale leaseback financing. This compares with total solar-related capital expenditures of $120.3 million in fiscal 2017, which included $33 million of sale leaseback financing.
Home Services and Other Operations
In the second quarter of fiscal 2018, Home Services, the company’s non-regulated retail and appliance service subsidiary, and Other Operations reported a net financial loss of $2.5 million, compared with NFE of $708,000 during the same period last year. Fiscal 2018 year-to-date net financial losses were $10.2 million, compared with NFE of $2.3 million during the same period last year. The fiscal 2018 year-to-date decrease was due to an estimated $10.7 million charge primarily attributed to other operations resulting from the revaluation of deferred income taxes due to tax reform.
Home Services reported a net financial loss of $1.7 million in the second quarter of fiscal 2018, compared with a net financial loss of $1.7 million during the same period last year. Fiscal 2018 year-to-date net financial losses were $5.5 million, compared with net financial loss of $2.5 million during the same period last year. The fiscal year-to-date decrease was due primarily to an estimated $2.8 million charge based on the revaluation of deferred taxes recognized during the first quarter of fiscal 2018 due to tax reform.
Capital Expenditures and Cash Flows:
NJR is committed to maintaining a strong financial profile while continuing to invest capital in regulated and non-regulated projects.
During the first six months of fiscal 2018, NJR generated operating cash flows of $312.5 million, compared with $171.8 million during the same period in fiscal 2017. Fiscal year-to-date capital expenditures were $148.8 million, of which $95.1 million were related to regulated assets, compared with $139.3 million, of which $92.5 million were related to regulated assets, during the same period in fiscal 2017.
Webcast Information:
NJR will host a live webcast to discuss its financial results today at 10 a.m. EDT. A few minutes prior to the webcast, go to njresources.com and select “Investor Relations,” then scroll down to the “Events & Presentations” section and click on the webcast link.
Forward-Looking Statements:
This release contains within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify and such are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this release include, but are not limited to, certain statements regarding NJR’s NFE guidance for fiscal 2018, forecasted contribution of business segments to fiscal 2018 NFE, future NJNG customer and utility gross margin growth, future NJR capital expenditures, infrastructure investments and solar sale leaseback transactions, Clean Energy Ventures’ ITC-eligible projects and demand for residential solar, the impact of the Tax Act, earnings and dividend growth, as well as the ability to close and successfully implement the Adelphia Gateway acquisition, sell Two Dot and other wind farms and construct the SRL and PennEast Pipeline projects.
The factors that could cause actual results to differ materially from NJR’s expectations include, but are not limited to, risks associated with our investments in clean energy projects, including the availability of regulatory and tax incentives, the availability of viable projects, our eligibility for ITCs and PTCs, the future market for SRECs and electricity prices and operational risks related to projects in service; the ability to obtain governmental and regulatory approvals, land-use rights, electric grid connection (in the case of clean energy projects) and/or financing for the construction, development and operation of our unregulated energy investments, pipeline transportation systems and NJR's infrastructure projects, including SRL and NJ RISE as well as PennEast and Adelphia Gateway, in a timely manner; risks associated with acquisitions and the related integration of acquired assets with our current operations; volatility of natural gas and other commodity prices and their impact on NJNG customer usage, NJNG’s BGSS incentive programs, our Energy Services segment operations and our risk management efforts; the level and rate at which NJNG’s costs and expenses are incurred and the extent to which they are approved for recovery from customers through the regulatory process, including through future base rate case filings; the impact of a disallowance of recovery of environmental-related expenditures and other regulatory changes; the performance of our subsidiaries; operating risks incidental to handling, storing, transporting and providing customers with natural gas; access to adequate supplies of natural gas and dependence on third-party storage and transportation facilities for natural gas supply; the regulatory and pricing policies of federal and state regulatory agencies; timing of qualifying for ITCs due to delays or failures to complete planned solar projects and the resulting effect on our effective tax rate and earnings; the results of legal or administrative proceedings with respect to claims, rates, environmental issues, natural gas cost prudence reviews and other matters; risks related to cyberattack or failure of information technology systems; changes in rating agency requirements and/or credit ratings and their effect on availability and cost of capital to our company; the ability to comply with current and future regulatory requirements; the impact of volatility in the equity and credit markets on our access to capital; the impact to the asset values and resulting higher costs and funding obligations of our pension and post-employment benefit plans as a result of potential downturns in the financial markets, lower discount rates, revised actuarial assumptions or impacts associated with the Patient Protection and Affordable Care Act; commercial and wholesale credit risks, including the availability of creditworthy customers and counterparties, and liquidity in the wholesale energy trading market; accounting effects and other risks associated with hedging activities and use of derivatives contracts; the ability to optimize our physical assets; any potential need to record a valuation allowance for our deferred tax assets; changes to tax laws and regulations; weather and economic conditions; the ability to comply with debt covenants; demographic changes in NJR’s service territory and their effect on NJR’s customer growth; the impact of natural disasters, terrorist activities and other extreme events on our operations and customers; the costs of compliance with present and future environmental laws, including potential climate change-related legislation; environmental-related and other uncertainties related to litigation or administrative proceedings; risks related to our employee workforce; and risks associated with the management of our joint ventures and partnerships, and investment in a master limited partnership. The aforementioned factors are detailed in the “Risk Factors” sections of our Form 10-K that we filed with the Securities and Exchange Commission (SEC) on November 21, 2017, which is available on the SEC’s Web site at sec.gov . Information included in this release is representative as of today only, and while NJR periodically reassesses material trends and uncertainties affecting NJR’s results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.
Non-GAAP Financial Information:
This release includes the non-GAAP financial measures NFE (losses), financial margin and utility gross margin. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.
NFE (losses) and financial margin exclude unrealized gains or losses on derivative instruments related to the company’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Volatility associated with the change in value of these financial instruments and physical commodity contracts is reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to Clean Energy Ventures, as such the adjustment is related to tax credits generated by Clean Energy Ventures.
NJNG’s utility gross margin represents the results of revenues less natural gas costs, sales, expenses and other taxes and regulatory rider expenses, which are key components of NJR’s operations that move in relation to each other. Natural gas costs, sales, expenses and other taxes and regulatory rider expenses are passed through to customers and, therefore, have no effect on gross margin. Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s 2017 Form 10-K, Item 7.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,400 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex and Burlington counties. Clean Energy Ventures invests in, owns and operates solar and onshore wind projects with a total capacity of more than 319 megawatts, providing residential and commercial customers with low-carbon solutions. Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America. Midstream serves customers from local distributors and producers to electric generators and wholesale marketers through its 50 percent equity ownership in the Steckman Ridge natural gas storage facility and its stake in Dominion Midstream Partners, L.P., as well as its 20 percent equity interest in the PennEast Pipeline Project. NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.
NJR and its more than 1,000 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.
For more information about NJR:
www.njresources.com.
Follow us on Twitter @NJNaturalGas. “Like” us on facebook.com/NewJerseyNaturalGas . Download our free NJR investor relations app for iPad, iPhone and Android. NJR-E
NEW JERSEY RESOURCES (Unaudited) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Six Months Ended March 31, March 31, (Thousands, except per share data) 2018 2017 2018 2017 OPERATING REVENUES Utility $ 317,064 $ 295,546 $ 526,851 $ 481,102 Nonutility 701,979 438,000 1,197,497 793,472 Total operating revenues 1,019,043 733,546 1,724,348 1,274,574 OPERATING EXPENSES Gas purchases Utility
96,586 112,445 174,188 173,765 Nonutility 621,223 367,328 1,066,307 705,260 Related parties 2,087 2,072 4,236 4,183 Operation and maintenance 57,749 52,342 112,860 104,570 Regulatory rider expenses 19,604 19,893 31,373 32,494 Depreciation and amortization 22,460 20,328 44,314 39,588 Energy and other taxes 21,542 19,485 38,033 33,586 Total operating expenses 841,251 593,893 1,471,311 1,093,446 OPERATING INCOME 177,792 139,653 253,037 181,128 Other income, net 1,980 5,338 8,907 9,114 Interest expense, net of capitalized interest 11,798 11,436 23,703 22,051 INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES 167,974 133,555 238,241 168,191 Income tax provision (benefit) 30,901 23,932 (19,267 ) 25,950 Equity in earnings of affiliates 3,193 5,079 6,457 7,390 NET INCOME $ 140,266 $ 114,702 $ 263,965 $ 149,631 EARNINGS PER COMMON SHARE Basic $ 1.60 $ 1.33 $ 3.02 $ 1.74 Diluted $ 1.59 $ 1.32 $ 3.01 $ 1.72 DIVIDENDS DECLARED PER COMMON SHARE $ 0.2725 $ 0.255 $ 0.545 $ 0.51 WEIGHTED AVERAGE SHARES OUTSTANDING Basic 87,595 86,275 87,295 86,182 Diluted 87,989 87,101 87,690 86,993 RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES Three Months Ended Six Months Ended March 31, March 31, (Thousands) 2018 2017 2018 2017 NEW JERSEY RESOURCES A reconciliation of net income, the closest GAAP financial measurement, to net financial earnings is as follows: Net income $ 140,266 $ 114,702 $ 263,965 $ 149,631 Add: Unrealized (gain) loss on derivative instruments and related transactions (11,608 ) (54,855 ) 23,246 (26,553 ) Tax effect 4,716 19,679 (3,343 ) 9,922 Effects of economic hedging related to natural gas inventory 6,125 34,328 (19,262 ) 16,389 Tax effect (1,715 ) (12,334 ) 6,529 (6,130 ) Net income to NFE tax adjustment 4,278 2,586 6,260 1,230 Net financial earnings $ 142,062 $ 104,106 $ 277,395 $ 144,489 Weighted Average Shares Outstanding Basic 87,595 86,275 87,295 86,182 Diluted 87,989 87,101 87,690 86,993 A reconciliation of basic earnings per share, the closest GAAP financial measurement, to basic net financial earnings per share is as follows: Basic earnings per share $ 1.60 $ 1.33 $ 3.02 $ 1.74 Add: Unrealized (gain) loss on derivative instruments and related transactions $ (0.13 ) $ (0.64 ) $ 0.27 $ (0.31 ) Tax effect $ 0.05 $ 0.23 $ (0.04 ) $ 0.12 Effects of economic hedging related to natural gas inventory $ 0.07 $ 0.40 $ (0.22 ) $ 0.19 Tax effect $ (0.02 ) $ (0.14 ) $ 0.08 $ (0.07 ) Net income to NFE tax adjustment $ 0.05 $ 0.03 $ 0.07 $ 0.01 Basic NFE per share $ 1.62 $ 1.21 $ 3.18 $ 1.68 NATURAL GAS DISTRIBUTION A reconciliation of operating revenue, the closest GAAP financial measurement, to utility gross margin is as follows: Operating revenues $ 317,064 $ 295,546 $ 526,851 $ 481,102 Less: Gas purchases 141,988 115,723 226,743 179,909 Energy and other taxes 17,873 16,706 30,277 27,588 Regulatory rider expense 19,604 19,893 31,373 32,494 Utility gross margin $ 137,599 $ 143,224 $ 238,458 $ 241,111 CLEAN ENERGY VENTURES A reconciliation of net income to net financial earnings is as follows: Net income $ 5,773 $ 20,157 $ 75,042 $ 24,355 Add: Net income to NFE tax adjustment 4,278 2,586 6,259 1,230 Net financial earnings $ 10,051 $ 22,743 $ 81,301 $ 25,585 Three Months Ended Six Months Ended (Unaudited) March 31, March 31, (Thousands) 2018 2017 2018 2017 ENERGY SERVICES The following table is a computation of financial margin: Operating revenues $ 725,313 $ 420,287 $ 1,203,294 $ 757,468 Less: Gas purchases 622,347 368,482 1,068,557 707,569 Add: Unrealized (gain) loss on derivative instruments and related transactions (12,249 ) (56,581 ) 21,624 (25,989 ) Effects of economic hedging related to natural gas inventory 6,125 34,328 (19,262 ) 16,389 Financial margin $ 96,842 $ 29,552 $ 137,099 $ 40,299 A reconciliation of operating income, the closest GAAP financial measurement, to financial margin is as follows: Operating income $ 100,872 $ 47,025 $ 126,992 $ 39,630 Add: Operation and maintenance expense 1,060 4,451 5,480 9,469 Depreciation and amortization 15 17 29 33 Other taxes 1,019 312 2,236 767 Subtotal 102,966 51,805 134,737 49,899 Add: Unrealized (gain) loss on derivative instruments and related transactions (12,249 ) (56,581 ) 21,624 (25,989 ) Effects of economic hedging related to natural gas inventory 6,125 34,328 (19,262 ) 16,389 Financial margin $ 96,842 $ 29,552 $ 137,099 $ 40,299 A reconciliation of net income to net financial earnings is as follows: Net income $ 75,810 $ 30,032 $ 86,930 $ 25,242 Add: Unrealized (gain) loss on derivative instruments and related transactions (12,249 ) (56,581 ) 21,624 (25,989 ) Tax effect 4,861 20,301 (2,715 ) 9,721 Effects of economic hedging related to natural gas, net of taxes 6,125 34,328 (19,262 ) 16,389 Tax effect (1,715 ) (12,334 ) 6,529 (6,130 ) Net financial earnings $ 72,832 $ 15,746 $ 93,106 $ 19,233 Home Services and Other A reconciliation of net income to net financial earnings is as follows: Net (loss) income $ (2,394 ) $ 708 $ (10,110 ) $ 2,250 Add: Unrealized loss on derivative instruments and related transactions (121 ) — (121 ) — Tax effect 27 — 27 — Net financial (loss) earnings $ (2,488 ) $ 708 $ (10,204 ) $ 2,250 Three Months Ended Six Months Ended March 31, March 31, (Thousands, except per share data) 2018 2017 2018 2017 NEW JERSEY RESOURCES Operating Revenues Natural Gas Distribution $ 317,064 $ 295,546 $ 526,851 $ 481,102 Clean Energy Ventures 12,866 12,943 26,862 20,510 Energy Services 725,313 420,287 1,203,294 757,468 Midstream — — — — Home Services and Other 8,261 8,504 18,218 18,510 Sub-total 1,063,504 737,280 1,775,225 1,277,590 Eliminations (44,461 ) (3,734 ) (50,877 ) (3,016 ) Total $ 1,019,043 $ 733,546 $ 1,724,348 $ 1,274,574 Operating Income (loss) Natural Gas Distribution $ 83,597 $ 95,961 $ 134,936 $ 147,333 Clean Energy Ventures (2,628 ) (1,359 ) (3,163 ) (5,652 ) Energy Services 100,872 47,025 126,992 39,630 Midstream (593 ) (246 ) (966 ) (402 ) Home Services and Other (3,958 ) (1,103 ) (5,488 ) (2,559 ) Sub-total 177,290 140,278 252,311 178,350 Eliminations 502 (625 ) 726 2,778 Total $ 177,792 $ 139,653 $ 253,037 $ 181,128 Equity in Earnings of Affiliates Midstream $ 4,068 $ 6,119 $ 8,197 $ 9,450 Eliminations (875 ) (1,040 ) (1,740 ) (2,060 ) Total $ 3,193 $ 5,079 $ 6,457 $ 7,390 Net income (loss) Natural Gas Distribution $ 60,442 $ 60,233 $ 94,551 $ 90,581 Clean Energy Ventures 5,773 20,157 75,042 24,355 Energy Services 75,810 30,032 86,930 25,242 Midstream 1,315 4,948 18,826 7,335 Home Services and Other (2,394 ) 708 (10,110 ) 2,250 Sub-total 140,946 116,078 265,239 149,763 Eliminations (680 ) (1,376 ) (1,274 ) (132 ) Total $ 140,266 $ 114,702 $ 263,965 $ 149,631 Net financial earnings (loss) Natural Gas Distribution $ 60,442 $ 60,233 $ 94,551 $ 90,581 Clean Energy Ventures 10,051 22,743 81,301 25,585 Energy Services 72,832 15,746 93,106 19,233 Midstream 1,315 4,948 18,826 7,335 Home Services and Other (2,488 ) 708 (10,204 ) 2,250 Sub-total 142,152 104,378 277,580 144,984 Eliminations (90 ) (272 ) (185 ) (495 ) Total $ 142,062 $ 104,106 $ 277,395 $ 144,489 Throughput (Bcf) NJNG, Core Customers 41.8 41.3 72.5 74.1 NJNG, Off System/Capacity Management 36.7 42.5 75.4 86.1 Energy Services Fuel Mgmt. and Wholesale Sales 168.4 131.6 331.5 257.8 Total 246.9 215.4 479.4 418.0 Common Stock Data Yield at March 31 2.7 % 2.6 % 2.7 % 2.6 % Market Price High $ 40.40 $ 39.95 $ 45.45 $ 39.95 Low $ 35.55 $ 33.70 $ 35.55 $ 30.46 Close at March 31 $ 40.10 $ 39.60 $ 40.10 $ 39.60 Shares Out. at March 31 87,656 86,364 87,656 86,364 Market Cap. at March 31 $ 3,515,006 $ 3,420,014 $ 3,515,006 $ 3,420,014 Three Months Ended Six Months Ended (Unaudited) March 31, March 31, (Thousands, except customer and weather data) 2018 2017 2018 2017 NATURAL GAS DISTRIBUTION Utility Gross Margin Operating revenues $ 317,064 $ 295,546 $ 526,851 $ 481,102 Less: Gas purchases 141,988 115,723 226,743 179,909 Energy and other taxes 17,873 16,706 30,277 27,588 Regulatory rider expense 19,604 19,893 31,373 32,494 Total Utility Gross Margin $ 137,599 $ 143,224 $ 238,458 $ 241,111 Utility Gross Margin, Operating Income and Net Income Residential $ 94,555 $ 96,599 $ 159,290 $ 159,097 Commercial, Industrial & Other 19,230 21,119 33,148 34,815 Firm Transportation 20,177 21,165 36,437 37,450 Total Firm Margin 133,962 138,883 228,875 231,362 Interruptible 1,277 1,417 2,788 3,041 Total System Margin 135,239 140,300 231,663 234,403 Off System/Capacity Management/FRM/Storage Incentive 2,360 2,924 6,795 6,708 Total Utility Gross Margin 137,599 143,224 238,458 241,111 Operation and maintenance expense 39,259 33,768 74,650 66,986 Depreciation and amortization 13,353 12,263 26,136 24,293 Other taxes not reflected in gross margin 1,390 1,232 2,736 2,499 Operating Income $ 83,597 $ 95,961 $ 134,936 $ 147,333 Net Income $ 60,442 $ 60,233 $ 94,551 $ 90,581 Throughput (Bcf) Residential 22.5 19.7 36.1 32.3 Commercial, Industrial & Other 4.2 4.4 6.8 6.8 Firm Transportation 6.6 5.6 11.2 10.1 Total Firm Throughput 33.3 29.7 54.1 49.2 Interruptible 8.5 11.6 18.4 24.9 Total System Throughput 41.8 41.3 72.5 74.1 Off System/Capacity Management 36.7 42.5 75.4 86.1 Total Throughput 78.5 83.8 147.9 160.2 Customers Residential 467,014 454,464 467,014 454,464 Commercial, Industrial & Other 28,926 28,623 28,926 28,623 Firm Transportation 40,873 44,837 40,873 44,837 Total Firm Customers 536,813 527,924 536,813 527,924 Interruptible 30 33 30 33 Total System Customers 536,843 527,957 536,843 527,957 Off System/Capacity Management* 28 15 28 15 Total Customers 536,871 527,972 536,871 527,972 *The number of customers represents those active during the last month of the period. Degree Days Actual 2,417 2,191 3,994 3,685 Normal 2,454 2,465 4,030 4,054 Percent of Normal 98.5 % 88.9 % 99.1 % 90.9 % Three Months Ended Six Months Ended (Unaudited) March 31, March 31, (Thousands, except customer, SREC and megawatt) 2018 2017 2018 2017 CLEAN ENERGY VENTURES Operating Revenues SREC sales $ 5,438 $ 7,011 $ 12,294 $ 9,497 Wind electricity sales and other 4,103 3,674 8,288 6,718 Solar electricity sales and other 1,418 789 2,543 1,534 Sunlight Advantage 1,907 1,469 3,737 2,761 Total Operating Revenues $ 12,866 $ 12,943 $ 26,862 $ 20,510 Depreciation and Amortization $ 8,928 $ 7,923 $ 17,863 $ 14,964 Operating (Loss) $ (2,628 ) $ (1,359 ) $ (3,163 ) $ (5,652 ) Income Tax Benefit $ 12,722 $ 24,756 $ 86,710 $ 36,643 Net Income $ 5,773 $ 20,157 $ 75,042 $ 24,355 Net Financial Earnings $ 10,051 $ 22,743 $ 81,301 $ 25,585 Solar Renewable Energy Certificates Generated 46,613 27,993 88,056 69,436 Solar Renewable Energy Certificates Sold 45,361 32,350 55,680 42,669 Solar Megawatts Eligible for ITCs 1.8 3.5 3.6 6.3 Solar Megawatts Under Construction 43.5 25.5 43.5 25.5 Wind Megawatts Installed/Acquired — — — 39.9 ENERGY SERVICES Operating Income Operating revenues $ 725,313 $ 420,287 $ 1,203,294 $ 757,468 Less: Gas purchases 622,347 368,482 1,068,557 707,569 Operation and maintenance expense 1,060 4,451 5,480 9,469 Depreciation and amortization 15 17 29 33 Energy and other taxes 1,019 312 2,236 767 Operating Income $ 100,872 $ 47,025 $ 126,992 $ 39,630 Net Income $ 75,810 $ 30,032 $ 86,930 $ 25,242 Financial Margin $ 96,842 $ 29,552 $ 137,099 $ 40,299 Net Financial Earnings $ 72,832 $ 15,746 $ 93,106 $ 19,233 Gas Sold and Managed (Bcf) 168.4 131.6 331.5 257.8 MIDSTREAM Equity in Earnings of Affiliates $ 4,068 $ 6,119 $ 8,197 $ 9,450 Other Income, Net $ 1,356 $ 991 $ 2,577 $ 1,908 Income Tax Provision (Benefit) $ 3,131 $ 1,502 $ (9,712 ) $ 3,151 Net Income $ 1,315 $ 4,948 $ 18,826 $ 7,335 HOME SERVICES AND OTHER Operating Revenues $ 8,261 $ 8,504 $ 18,218 $ 18,510 Operating Loss $ (3,958 ) $ (1,103 ) $ (5,488 ) $ (2,559 ) Other Income, Net $ 303 $ 3,001 $ 5,906 $ 5,828 Net (Loss) Income $ (2,394 ) $ 708 $ (10,110 ) $ 2,250 Net Financial (Loss) Earnings $ (2,488 ) $ 708 $ (10,204 ) $ 2,250 Total Service Contract Customers at March 31 110,883 112,820 110,883 112,820
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005295/en/
New Jersey Resources
Media:
Michael Kinney, 732-938-1031
[email protected]
or
Investors:
Dennis Puma, 732-938-1229
[email protected]
Source: New Jersey Resources | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-new-jersey-resources-reports-second-quarter-fiscal-2018-results.html |
FORT WORTH, Texas, AZZ Inc. (NYSE: AZZ), a global provider of metal coating services, welding solutions, specialty electrical equipment and highly engineered services, will conduct a conference call to review the financial results for the third quarter, fourth quarter, and full fiscal year 2018 at 11:00 a.m. ET on Tuesday, May 15, 2018. The Company will file its Quarterly Report on Form 10-Q for the third quarter and its Annual Report on Form 10-K for fiscal year 2018, and will issue a press release reporting fourth quarter and full fiscal year 2018 financial results before the market open on May 15, 2018.
The Company also expects to issue fiscal year 2019 guidance in conjunction with its fiscal year 2018 filings on May 15, 2018.
Conference Call Details
Interested parties can access the conference call by dialing (844) 855-9499 or (412) 317-5497 (international). The call will be webcast via the Internet at http://www.azz.com/investor-relations .
A replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088 (international), confirmation # 10120333, or for 30 days at http://www.azz.com/investor-relations .
About AZZ Inc.
AZZ Inc. is a global provider of metal coating services, welding solutions, specialty electrical equipment and highly engineered services to the markets of power generation, transmission, distribution and industrial in protecting metal and electrical systems used to build and enhance the world's infrastructure. AZZ Metal Coatings is a leading provider of metal finishing solutions for corrosion protection, including hot dip galvanizing to the North American steel fabrication industry. AZZ Energy is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in the energy markets worldwide.
Safe Harbor Statement
Certain statements herein about our expectations of future events or results constitute forward looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. This release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand and response to products and services offered by AZZ, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the hot dip galvanizing markets; prices and raw material cost, including zinc and natural gas which are used in the hot dip galvanizing process; changes in the political stability and economic conditions of the various markets that AZZ serves, foreign and domestic, customer requested delays of shipments, acquisition opportunities, currency exchange rates, adequacy of financing, and availability of experienced management and employees to implement AZZ's growth strategy. AZZ has provided additional information regarding risks associated with the business in AZZ's Annual Report on Form 10-K for the fiscal year ended February 28, 2017 and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov . You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Paul Fehlman, Chief Financial Officer
AZZ Inc. (817) 810-0095
Internet: www.azz.com
Lytham Partners (602) 889-9700
Joe Dorame, Robert Blum or Joe Diaz
Internet: www.lythampartners.com
View original content with multimedia: releases/azz-inc-to-review-third-quarter-fourth-quarter-and-full-fiscal-year-2018-financial-results-on-tuesday-may-15-2018-300646793.html
SOURCE AZZ Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-azz-inc-to-review-third-quarter-fourth-quarter-and-full-fiscal-year-2018-financial-results-on-tuesday-may-15-2018.html |
Hawaiians anxious after quakes and volcanic eruption Saturday, May 05, 2018 - 01:27
Hawaii’s Big Island remains on high alert on Saturday after the Kilauea volcano spewed lava into residential areas, forcing hundreds to evacuate, and a series of earthquakes, including a powerful tremor, shook the island.
Hawaii’s Big Island remains on high alert on Saturday after the Kilauea volcano spewed lava into residential areas, forcing hundreds to evacuate, and a series of earthquakes, including a powerful tremor, shook the island. //reut.rs/2rmfzWs | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/05/hawaiians-anxious-after-quakes-and-volca?videoId=424142125 |
HOUSTON, May 3, 2018 /PRNewswire/ -- Kirby Corporation ("Kirby") (NYSE: KEX) today announced the signing of an agreement to acquire Targa Resources Corp's ("Targa") (NYSE: TRGP) inland marine tank barge business for approximately $69.3 million in cash. The purchase will be financed through additional borrowings.
Targa's inland marine tank barge fleet consists of 16 pressure barges that have a total capacity of approximately 258,000 barrels, many of which are under long-term multi-year contracts. The closing of the acquisition is expected to occur near the end of the second quarter and is subject to customary closing conditions.
David Grzebinski, Kirby's President and Chief Executive Officer, commented, "Targa's inland pressure barges are an excellent addition to Kirby's fleet. With the ongoing petrochemical build-out progressing along the U.S. Gulf Coast, these incremental barges will give Kirby additional capacity to meet our customers' growing needs for the movement of pressurized cargos such as liquefied petroleum gas and certain ethylene plant coproducts. We expect to incur some costs in the near term; however, these barges will be approximately $0.02 per share accretive in 2018."
Kirby Corporation, based in Houston, Texas, is the nation's largest domestic tank barge operator transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all three United States coasts, and in Alaska and Hawaii. Kirby transports petrochemicals, black oil, refined petroleum products and agricultural chemicals by tank barge. In addition, Kirby participates in the transportation of dry-bulk commodities in United States coastwise trade. Through the distribution and services segment, Kirby provides after-market service and parts for engines, transmissions, reduction gears, and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications. Kirby also rents equipment including generators, forklifts, pumps, and compressors for use in a variety of industrial markets, and manufactures and remanufactures oilfield service equipment, including pressure pumping units, for land-based oilfield service customers.
Statements contained in this press release with respect to the future are . These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual results could those anticipated as a result of various factors, including cyclical or other downturns in demand, significant pricing competition, unanticipated additions to industry capacity, changes in the Jones Act or in U.S. maritime policy and practice, fuel costs, interest rates, weather conditions and timing, magnitude and number of acquisitions made by Kirby. Forward-looking statements are based on currently available information and Kirby assumes no obligation to update any such statements. A list of additional risk factors can be found in Kirby's annual report on Form 10-K for the year ended December 31, 2017.
View original content: http://www.prnewswire.com/news-releases/kirby-corporation-signs-agreement-to-purchase-pressure-barges-from-targa-resources-corp-300641736.html
SOURCE Kirby Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-kirby-corporation-signs-agreement-to-purchase-pressure-barges-from-targa-resources-corp.html |
May 17, 2018 / 9:24 AM / Updated 24 minutes ago UPDATE 2-Oil stocks and Ocado buoy European equities Reuters Staff
* STOXX 600 rises 0.7 pct to 3-1/2 month high
* Italian stocks recoup some of Wednesday’s losses
* Ocado soars after partnership deal with Kroger
* Results lift Altice, but hit Maersk shares (Adds details, closing prices)
By Kit Rees
LONDON, May 17 (Reuters) - European shares rose on Thursday to a fresh 3-1/2 month high as oil stocks rallied and online supermarket Ocado shot up after it signed a game-changing deal in the United States.
The pan-European STOXX 600 ended up 0.7 percent, while Italy’s benchmark index bounced 0.3 percent following heavy losses in the previous session on concerns that a new government could relax fiscal discipline.
Italian stocks had tumbled more than 2 percent on Wednesday after a leaked draft coalition programme indicated that the parties planned to ask the European Central Bank to forgive 250 billion euros ($296 billion) of Italian debt.
“We’ve got to keep a very close eye on the 5-Star Movement ... and if they’re going to try to put their foot down in any way,” said Jasper Reimers, market analyst at Vertex Capital Group.
Even though Italian banks have gained nearly 10 percent so far this year, Reimers was wary of the sector.
“Not just Italian (banks), there are Portuguese and Spanish as well, the stuff we are very, very bearish on. It’s not something that we would want to be putting long-term money into,” Reimers added.
Britain’s FTSE 100 rose 0.7 percent to a new record high, shrugging off a rise in sterling following a report late on Wednesday that Britain will tell Brussels it is prepared to stay in the European Union’s customs union beyond 2021. Prime Minister May insisted that Britain was leaving the EU customs union, however.
Shares in online supermarket Ocado surged 44 percent to an all-time high after the company signed a deal with U.S. retailer Kroger Co to use Ocado’s technology for grocery deliveries in the world’s biggest market.
“The short sellers were hoping Ocado wouldn’t deliver on its international expansion plans. That position now looks like a badly busted flush,” said Laith Khalaf, senior analyst at Hargreaves Lansdown.
“It’s probably no coincidence that a number of deals have been flushed out since Amazon announced a takeover of Whole Foods last summer,” Khalaf added.
Altice jumped 12 percent after its French unit showed the first signs of recovery in the first quarter, while French waste and water group Suez rose 3.1 percent after higher waste volumes boosted its first-quarter core earnings.
Shares in Maersk, broadcaster RTL and Royal Mail all fell between 7.1 and 8.9 percent after giving updates.
Overall, European earnings have seen decent growth in the first quarter, though not on a par with the United States. Over 80 percent of MSCI EMU firms have now given updates, and Q1 earnings growth is clocking in at 13.7 percent year-on-year in dollar terms, according to Thomson Reuters I/B/E/S.
Shares in British bookmakers also came under pressure after the UK government cut the top stake on fixed-odds betting terminals from 100 pounds to two. William Hill recovered all losses to end 4.2 percent higher, while both GVC and Paddy Power Betfair also turned positive.
Oil stocks continued to gain, sending their sectoral index up 1.5 percent to its highest close since July 2014. Shares in oil majors Royal Dutch Shell, Total and BP all rose between 1.4 and 1.9 percent.
Oil prices climbed above $80 a barrel for the first time since November 2014 on concerns that Iranian exports could fall because of renewed U.S. sanctions, reducing supply in an already tightening market. (Reporting by Kit Rees and Danilo Masoni; Editing by Kevin Liffey) | ashraq/financial-news-articles | https://www.reuters.com/article/europe-stocks/update-1-commodities-stocks-and-ocado-buoy-european-equities-idUSL5N1SO205 |
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Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/17/korean-drama-film-burning-premieres-in-c?videoId=427524536 |
May 3, 2018 / 7:56 PM / Updated 27 minutes ago Sprouts ended Amazon Prime Now delivery partnership on May 1 Reuters Staff 2 Min Read
LOS ANGELES (Reuters) - Sprouts Farmers Market Inc ( SFM.O ) said on Thursday it ended its Prime Now delivery partnership with Amazon.com ( AMZN.O ) on May 1 and cut its full-year sales targets, sending shares of the U.S. supermarket chain down almost 12 percent. FILE PHOTO: A billboard advertisement for Sprouts Farmers Market, a health food chain store, is shown in Encinitas, California September 9, 2014. REUTERS/Mike Blake
The partnership was struck before Amazon bought rival specialty grocery Whole Foods Market for $13.7 billion last summer. Amazon Prime Now had delivered from 15 of its 298 Sprouts stores.
“The transition will impact comps for the next several quarters, but we remain very confident about growing our home delivery business as it brings a unique health and value proposition to our customers,” Chief Executive Amin Maredia said on a conference call with investors.
Sprouts will continue to deliver groceries through Instacart, a relationship it started at the beginning of the year, and expand that to its major markets.
Amazon Prime Now provides free delivery, with some restrictions, for subscribers of Amazon’s $99 Prime service that also offers free video streaming and other perks. Instacart users in Los Angeles pay a delivery fee of $5.99 to $7.99 at Sprouts, or can choose to pay a $149 membership fee.
Sprouts also cut its full-year sales forecasts.
Its new net sales forecast calls for growth in the range of 10.5 percent to 11.5 percent versus 11.5 percent to 12.5 percent previously.
For same-store sales, it forecast a rise of 1.5 percent to 2.5 percent versus 2.5 percent to 3.5 percent previously.
Shares in Sprouts fell 13 percent to $21.22 shortly before the close of trading. Reporting by Lisa Baertlein in Los Angeles; Editing by Richard Chang | ashraq/financial-news-articles | https://www.reuters.com/article/us-sprouts-farmers-amazon-com/sprouts-ended-amazon-prime-now-delivery-partnership-on-may-1-idUSKBN1I42IM |
Doctor Who's Jodie Whittaker on her 'wonderful' new role and Time's Up Monday, May 14, 2018 - 01:39
British actress talks about 'incredbile time' filming TV 'time lord' role and a 'no-brainer' supporting legal fund movement. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
British actress talks about 'incredbile time' filming TV 'time lord' role and a 'no-brainer' supporting legal fund movement. Rough cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L1IFn1 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/14/doctor-whos-jodie-whittaker-on-her-wonde?videoId=426817233 |
0 COMMENTS Good morning. I wonder when the world will call a moratorium on inter-brand-banter. Until then, here’s the latest: A Massachusetts Burger King used its store marquee to ask a neighboring Wendy’s to prom . Of course it was promoted on Twitter. And of course the salty Wendy’s social account said yes. True love is measured in social media impressions.
Dazed and Confused The annual dog and pony show that is the TV upfronts kicks off on Monday, but among the ticker tape cannons and smoke machines, this year’s bonanza also looks set to be shrouded in a cloud of confusion . Why? As The Wall Street Journal’s Joe Flint reports, the burst of industry merger activity means many of the companies and their leadership teams presenting next week could look very different in just a few months time. Interpublic Group’s Magna Global is already predicting that ad spending on broadcast and cable will decline this upfront by at least 1%. That level of uncertainty also won’t be helping networks in the battle for talent with deep-pocketed streaming services including Netflix and Amazon Prime.
—Gimme, Gimme More—
A newsletter exclusive : Expect ad load—or the reduction of it—to be a theme during this year’s ad fronts. A number of networks, most notably NBCUniversal and Fox , have recently been experimenting or announcing plans to run fewer commercials. The rationale is that too much clutter leads to ad avoidance and that brands involved in reduced ad pods have a bigger impact. Yet a survey of 304 U.S. marketers and ad-buyers conducted in April by research firm Advertiser Perceptions found just 42% of those polled plan to spend more with networks that run fewer commercials. For those that do, the average premium they’re willing to pay is just 7%. Andy Sippel, Advertiser Perceptions executive vice president, tells me, “Nobody has proof yet that less-cluttered environments drive better business results.” However, he says TV’s push toward attribution and results-based selling will take care of the clutter issue. “The same can be said for innovative ad formats like six-second ads that advertisers haven’t backed yet: they don’t have a basis of proof or value,” Mr. Sippel said. “Once they get it, they’ll be all in.”
The Commitments As with Disney’s earnings earlier this week, analysts attempted to grill 21st Century Fox’s executives about their proposed deal, the possibility of a hostile bid from Comcast and what the remaining New Fox will look like once the sale of most of its entertainment assets goes through. But the execs were largely staying mum, with 21st Century Fox Executive Co-Chairman Lachlan Murdoch declining to comment on what he called “speculation” about Comcast. “ We are committed to our agreement with Disney , and are working through the conditions to bring it to closing,” Mr. Murdoch said. “In addition, our directors, though, of course are aware of their fiduciary duties on behalf of all shareholders.” As for Current Fox, the company posted a 1.9% dip in revenue to $7.42 billion in its fiscal third-quarter as higher distributor fees failed to offset a fall in ad revenue, compared to the year-ago quarter when it broadcast the Super Bowl. Also on Wednesday, Fox said it was buying seven local TV stations from Sinclair Broadcast Group for about $910 million. ( Reminder: 21st Century Fox and The Wall Street Journal’s parent, News Corp, share common ownership.)
There’s a Tear In My Beer High-budget, meme-worthy ad campaigns like Bud Light’s “Dilly Dilly” aren’t preventing beer sales from falling flat in the U.S. , the WSJ reports. AB InBev, Molson Coors and Heineken all reported sharply lower U.S. beer volume in the first quarter compared with a year earlier as many drinkers are opting to order other alcoholic beverages like wine or spirits instead. Even craft-beer sales have started to slow recently. Brewers long had advantages over other alcohol rivals: A relatively low alcohol-by-volume content gave it an edge when it came to taxation, distribution and advertising. But that edge is being blunted. Last year, the National Football League lifted a ban on liquor ads, for example, and liquor makers are experimenting with low-calorie and low-carb products. What’s a beer marketer to do? There’s a shift toward offering more choice, healthier products and tempting drinkers to buy more premium beers.
Keeping Score CMO Today’s Alex Bruell reports : ComScore is slowly crawling out of its dark hole with the recent appointment of 360i’s Bryan Wiener as its new CEO . But it might take a little longer for the company to make up for the losses incurred during its last few years of turmoil. The media-measurement company on Wednesday reported a loss of $51.45 million for the first quarter of 2018. That’s compared with a loss of $40.79 million during the same period in 2017. “Investigation and audit-related” expenses of $31.87 million accounted for the bulk of the company’s total loss in the first quarter. ComScore recently released its first annual report in three years, after an internal investigation uncovered improper accounting practices . The company reported a 5% increase in revenue to $105.9 million in the quarter. Mr. Wiener said in the earnings release the revenue lift demonstrates “relative stability” in its digital units and “encouraging growth” in its TV and cross-platform businesses. Looking ahead, Mr. Wiener said comScore plans to accelerate product innovation and simplify its cost structure.
Best of the rest An NBC internal investigation into accusations of sexual-harassment against Matt Lauer found no evidence that NBC News executives or senior management knew of any misconduct by the former “Today” co-host prior to a complaint in November of inappropriate behavior with a female colleague that led to his firing. [ WSJ ]
BP selected WPP as its global agency partner after a monthslong review. WPP is forming a dedicated unit called Team Energy to handle BP’s advertising, digital, media, marketing, branding, research, and public-relations needs. [ Adweek ]
Publishers are reportedly finding Apple News has become a significant source of traffic. [ Business Insider ]
A+E Networks plans to offer advertisers “outcome-based guarantees” as part of its negotiations to advertisers as part of the upfront. The owner of the A&E, Lifetime and History cable networks will focus the metrics on website visit and foot traffic in retail locations. [ Variety ]
FX and Hulu announced Wednesday they will air a new television documentary news series from the New York Times, called “The Weekly,” later this year. [ CNN ]
MDC Partners Chairman and Chief Executive Scott Kauffman said the ad holding company’s first-quarter results were “unacceptable,” citing some client cutbacks and slower conversion in its new business pipeline. Revenue dipped from 344.7 million in the year-ago quarter to $327 million. [ Ad Age ]
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Write to Lara O’Reilly at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/cmo-today-uncertainty-ahead-of-the-upfronts-fox-earnings-beer-sales-slump-1525952754 |
Regarding Allen C. Guelzo’s “The GOP’s Ambitious College Reform Plan” (op-ed, May 17): How can you top a business that (1) enjoys guaranteed financing for all of its customers funded by an outside source with bottomless capabilities, (2) requires no product guarantees or warranties and (3) carries absolutely no penalties in the event of deficient product performance?
No matter what bells and whistles the “Promoting Real Opportunity, Success, and Prosperity through Education Reform” (Prosper) bill contains, unless these three... | ashraq/financial-news-articles | https://www.wsj.com/articles/feds-must-help-colleges-reform-and-change-1527094129 |
CHICAGO (Reuters) - U.S. wheat futures rallied on Thursday, their third straight day of gains, on worries that adverse weather will lead to crop shortfalls in key growing areas around the world, traders said.
Corn and soybean futures were close to unchanged as traders assessed how forecasts for rain would affect planting in the U.S. Midwest in the coming week.
The grain markets also were monitoring the progress of trade talks between the United States and key export customers China and Mexico.
Chicago Board of Trade soft red winter wheat futures rallied through key technical resistance points after weakness in the overnight trading session brought out some short-covering and bargain buying.
“There’s still plenty of concern over how this winter wheat crop will wind up, despite stronger-than-expected production estimates and rising ratings,” Matt Zeller, director of market information at INTL FCStone said in a note to clients. “Dryness is creeping in to crops for major producers/exporters Australia and Russia, adding to at least a minor bullish story heading to 2018/19.”
Australian farmers are planting wheat in some of the driest soils in years, following on from a severe drought that cut 2017/18 output in the world’s fourth-largest exporter to the lowest in a decade.
At 10:27 a.m. CDT (1527 GMT), CBOT July soft red winter wheat was up 6-3/4 cents at $5.01 a bushel.
“There is some support for the wheat market at current levels because of a drought in the U.S. southern Plains. The USDA is showing some improvement in crop rating but there will be yield losses,” said one India-based agricultural commodities analyst.
CBOT July soybean futures were up 1/2 cent $10.06-1/2 a bushel.
The soybean market is focused on the outcome of trade talks between the United States and China. Chinese demands for U.S. shipments have taken a hit since Beijing proposed import duties last month.
The United States and China launch a second round of trade talks on Thursday to try to avert a damaging tariff war, with the Trump administration demanding a $200 billion cut in China’s U.S. trade surplus and greater protections for intellectual property.
CBOT July corn futures dipped 3/4 cent to $3.98-1/2 a bushel.
Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by David Goodman and Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-grains/u-s-wheat-futures-rise-on-world-weather-woes-corn-soy-flat-idUSKCN1II2B4 |
May 8, 2018 / 11:22 AM / Updated 7 hours ago Ronaldo makes everything possible for Portugal at World Cup, says Mourinho
(Reuters) - Manchester United manager Jose Mourinho believes “nothing is impossible” for Portugal at this year’s World Cup in Russia with Cristiano Ronaldo in the team. FILE PHOTO: Soccer Football - La Liga Santander - FC Barcelona v Real Madrid - Camp Nou, Barcelona, Spain - May 6, 2018 Real Madrid's Cristiano Ronaldo during the warm up before the match REUTERS/Sergio Perez
The 33-year-old Real Madrid forward played a crucial role in helping his country to Euro 2016 glory in France, and has enjoyed another impressive campaign with his Spanish club, scoring 42 goals in all competitions.
“Portugal has an interesting squad,” Mourinho told ESPN Brazil. “Without Cristiano, it would be impossible. But with him nothing is impossible.”
The former Chelsea, Real Madrid, Inter Milan and Porto manager also shared similar sentiments about Argentina, who led by Lionel Messi, are chasing their first World Cup crown since 1986.
“I believe that the Argentinian national team without Lionel Messi wouldn’t be a contender,” the 55-year-old Portuguese added. “But with him, it is one of the favourites.”
Mourinho said five-times champions Brazil have one of the most settled squads heading into the tournament, with the right mix of tactical flexibility and individual talent.
“I like very much the basic structure of Brasil, its tactical and mentality,” he said.
“There is a mixture between Brazilian natural talent, with a serious approach, physical, tactical.
“It is a team capable of defending well, allowing few goals, with a good support base. And then up front with Willian, Neymar, Philippe Coutinho and Gabriel Jesus... all players with outstanding qualities.” Bengaluru, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-por-mourinho/ronaldo-makes-everything-possible-for-portugal-at-world-cup-says-mourinho-idUKKBN1I91BM |
May 7 (Reuters) - Slate Office REIT:
* SLATE OFFICE REIT ANNOUNCES $16.74 MILLION PROPERTY DISPOSITION IN ETOBICOKE, ON
* SLATE OFFICE REIT - EXPECTS TO INITIALLY USE NET PROCEEDS TO REDUCE OUTSTANDING DEBT, WHICH MAY BE REDRAWN TO FUND FUTURE ACQUISITION ACTIVITY Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-slate-office-reit-announces-1674-m/brief-slate-office-reit-announces-16-74-mln-property-disposition-in-etobicokeon-idUSFWN1SE131 |
May 11 (Reuters) - CohBar Inc:
* COHBAR INC FILES PROSPECTUS RELATES 27.4 MILLION SHARES OF CO'S COMMON STOCK, WHICH MAY BE OFFERED FOR SALE BY SELLING STOCKHOLDERS - SEC FILING Source text: ( bit.ly/2Idn60Y ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cohbar-files-prospectus-relates-27/brief-cohbar-files-prospectus-relates-27-4-mln-shares-of-cos-common-stock-which-may-be-offered-for-sale-by-selling-stockholders-idUSFWN1SI1GZ |
This Day in History, May 25, 2018 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/this-day-in-history-may-25-2018.html |
May 18 (Reuters) - Prospect Capital Corp:
* PROSPECT CAPITAL ANNOUNCES ISSUANCE OF $103.5 MILLION OF 4.95% CONVERTIBLE NOTES DUE 2022
* PROSPECT CAPITAL ANNOUNCES ISSUANCE OF $103.5 MILLION OF 4.95% CONVERTIBLE NOTES DUE 2022
* PROSPECT CAPITAL CORP - EXPECTS TO USE A PORTION OF NET PROCEEDS FROM SALE OF NOTES TO REPAY DEBT UNDER CO’S CREDIT FACILITY
* PROSPECT CAPITAL CORP - INTENDS TO USE REMAINDER OF NET PROCEEDS OF OFFERING TO INVEST IN SHORT TERM DEBT INVESTMENTS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-prospect-capital-announces-issuanc/brief-prospect-capital-announces-issuance-of-103-5-mln-of-4-95-pct-convertible-notes-due-2022-idUSASC0A2YI |
May 27, 2018 / 6:07 PM / in 41 minutes Exxon pulls offshore workers; Shell, Chevron cut output due to Alberto Reuters Staff 2 Min Read
HOUSTON (Reuters) - Exxon Mobil Corp evacuated non-essential workers from the Lena production platform in the Gulf of Mexico ahead of Subtropical Storm Alberto, the company said on Sunday.
Royal Dutch Shell Plc and Chevron Corp shut production on platforms in the eastern Gulf of Mexico due to Alberto and evacuated workers from those sites, the companies said.
The U.S. National Hurricane Center said Alberto was transitioning to a tropical cyclone as its circulation became more focused around a central core located 135 miles (220 km) west of Tampa, Florida, with 50 mile per hour winds (85 kph).
The storm was expected to make landfall on Monday morning in the Florida panhandle.
Chevron shut production at its Blind Faith and Petronius platforms in the eastern Gulf. The Blind Faith platform is located in the Mississippi Canyon region of the northern Gulf of Mexico.
The Petronius platform is in the Viosca Knoll area of the Gulf.
Shell shut its Ram Powell Hub, which is also in the Viosca Knoll area, on Friday.
Shell has shut the production platform at the Appomattox Hub it is developing in Norphlet in the eastern Gulf. Appomattox has not yet begun production, but the platform recently arrived on the site.
Exxon said production in the Gulf was unaffected by the evacuations and the company transferred control of its offhsore operations in Mobile Bay, Alabama, to an onshore control room.
The Gulf of Mexico is home to 17 percent of daily U.S. crude output and five percent of natural gas output, according to the U.S. Energy Information Administration.
More than 45 percent of the U.S. refining capacity and 51 percent of natural gas processing capacity is located along the Gulf. Reporting by Erwin Seba; Editing by Lisa Shumaker and Frances Kerry | ashraq/financial-news-articles | https://www.reuters.com/article/us-storm-alberto-oil-shutdown/exxon-pulls-offshore-workers-shell-chevron-cut-output-due-to-alberto-idUSKCN1IS0P4 |
May 2, 2018 / 12:17 PM / Updated 5 hours ago Breast cancer screening failure may have shortened 270 lives in England Estelle Shirbon 4 Min Read
LONDON (Reuters) - As many as 270 women in England may have died prematurely of breast cancer because of an IT failure that led to 450,000 patients missing out on routine screening appointments. FILE PHOTO: A doctor exams mammograms, as part of a regular cancer prevention medical check-up at a clinic in Nice, south eastern France January 4, 2008. REUTERS/Eric Gaillard/File Photo
Health Secretary Jeremy Hunt apologized in parliament for the “serious failure,” which he said was the result of a mistake in a computer system’s algorithm dating back to 2009 but identified only in January this year. He ordered an independent review.
“Our current best estimate, which comes with caveats ... is that there may be between 135 and 270 women who had their lives shortened as a result,” he said.
“Tragically there are likely to be some people in this group who would have been alive today if the failure had not happened.”
Britain’s state-funded National Health Service (NHS), which provides free healthcare to the entire population, is one of the country’s most popular institutions.
However, it is occasionally hit by failures and scandals which reverberate widely across society as almost everyone receives NHS care throughout their lives.
Under the routine NHS breast screening program, women aged between 50 and 70 are invited for tests every three years. Around 2 million women are tested every year.
The IT error affected some 450,000 women aged between 68 and 71, who should have received their final invitation to a test under the routine program but did not. Of those, around 150,000 have since died.
More than 300,000 of the remaining women, now aged 70 to 79, will be offered catch-up tests by the end of May, with all tests expected to be completed by the end of October.
“For them and others it is incredibly upsetting to know that you did not receive an invitation for screening at the correct time and totally devastating to hear you may have lost or be about to lose a loved one because of administrative incompetence,” said Hunt.
Breast cancer is the most common type of cancer in Britain, with more than 55,000 women diagnosed every year and nearly 1,000 dying of the disease every month, according to non-governmental organization Breast Cancer Now. FILE PHOTO: A monitor shows the image of a breast cancer at a centre run by the "Reto" Group for Full Recovery of Breast Cancer in Mexico City October 18, 2012. REUTERS/Edgard Garrido/File Photo
“It is beyond belief that this major mistake has been sustained for almost a decade and we need to know why this has been allowed to happen,” said Delyth Morgan, chief executive of Breast Cancer Now.
“For those women who will have gone on to develop breast cancers that could have been picked up earlier through screening, this is a devastating error.” CALLS FOR EXTRA CASH
The body representing radiologists said the catch-up tests would put even more strain on screening units that were already stretched to the limit due to staff shortages.
“Ultimately, we need funding for more training posts for radiologists to ensure the screening program – and the NHS as a whole – has the vital imaging doctors it needs,” said Caroline Rubin, vice president for clinical radiology at The Royal College of Radiologists.
NHS funding and whether it is sufficient to meet the increasingly complex needs of the aging population is a perennial topic of political debate in Britain. Staff shortages have been a concern for many years.
In the previous worst NHS patient care scandal, concerning poor practices at a small hospital in the English county of Staffordshire, an estimated 400 to 1,200 patients died between 2005 and 2009 as a result of inadequate care.
England’s breast screening failure follows unrelated news in Ireland last week that more than 200 cervical cancer test results should have resulted in earlier intervention.
The Irish government said 17 of the patients involved have since died, though it has not yet established the cause of death, and a further 1,500 women who developed cervical cancer over the last 10 years did not have their cases reviewed.
The government has ordered a statutory investigation into the scandal, which has dominated political debate and shaken confidence in the Irish health service. Reporting by Alistair Smout and Estelle Shirbon in London, Padraic Halpin in Dublin; editing by Stephen Addison and Richard Balmforth | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-health-cancer/serious-failure-in-english-breast-cancer-screening-may-have-shortened-lives-minister-idUSKBN1I31ML |
We're gonna have a good year in '18: Dallas Fed's Kaplan 1 Hour Ago CNBC's Steve Liesman talks to Dallas Fed President Robert Kaplan about jobs, the economy and the Fed, at Stanford University's Hoover Institution. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/were-gonna-have-a-good-year-in-18-dallas-feds-kaplan.html |
NEW YORK, May 16 (Reuters) - Industrial and Commercial Bank of China Financial Services agreed to pay $5.3 million on Wednesday to settle charges by the Financial Industry Regulatory Authority that it did not have adequate anti-money laundering systems in place to monitor and detect suspicious transactions.
In a separate matter, the U.S. Securities and Exchange Commission said on Wednesday that ICBC’s financial services unit agreed to pay an $860,000 fine for problems also related to its anti-money laundering policies, including failing to file suspicious activity reports.
The actions by FINRA and the SEC are the latest in a string of regulatory probes or fines by U.S. and European regulators over anti money-laundering and know-your-customer controls by Chinese banks. Analysts say the actions will likely slow these banks’ growth into overseas markets.
ICBC has been clearing and settling clients’ equity transactions through its financial services unit in the United States since 2012. FINRA said ICBC cleared and settled 33 billion of penny stock shares for customers between January 2013 and September 2015.
FINRA, the self-regulator for the U.S. securities industry, said the bank’s anti-money laundering system was ineffective and lacked the means to monitor suspicious penny stock liquidations or to detect or investigate red flags.
“Firms that engage in high-risk activities such as penny stock clearing are the gatekeepers to the market and must establish a reasonable supervisory system to detect and report suspicious trading activity,” Susan Schroeder, FINRA’s executive vice president for the department of enforcement, said in a statement.
ICBC did not admit or deny the FINRA charges.
The SEC’s claims stemmed from the liquidation of 12.5 billion penny stock shares that ICBC’s financial services unit cleared between October 2013 and June 2014.
The SEC said the bank violated record-keeping and reporting rules because it did not file suspicious activity reports to regulators despite clear warning signs.
“The failure to file (suspicious activity reports) in the face of numerous red flags is unacceptable,” said Marc Berger, director of the SEC’s New York regional office.
ICBC also did not admit or deny the SEC charges.
Reporting By Elizabeth Dilts; editing by Bill Berkrot
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-icbc-finra/u-s-regulators-fine-chinas-icbc-6-1-mln-for-oversight-failures-idUSL2N1SN130 |
SOFIA, May 17 (Reuters) - The European Union is willing to discuss cutting trade barriers with the United States, but only in a reciprocal way and only if Washington does not impose import tariffs on EU metals, German Chancellor Angela Merkel said on Thursday.
U.S. President Donald Trump has imposed import duties of 25 percent on steel and 10 percent on aluminium on grounds of national security, but granted EU producers a temporary exemption until June 1 pending the outcome of talks.
“We have a common position. We want a permanent exemption and then we are ready to talk how we can reciprocally reduce the barriers to trade,” Merkel told reporters before a summit of EU leaders in Bulgarian capital Sofia. (Reporting by Philip Blenkinsop and Robert-Jan Bartunek)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-eu-merkel/eu-willing-to-discuss-cutting-trade-barriers-with-u-s-merkel-idUSS8N1QI016 |
TOKYO, May 8 (Reuters) - Oil prices retreated from three-and-a-half-year highs on Tuesday as investors waited on an announcement by President Donald Trump on whether the United States will reimpose sanctions on Iran.
Should Trump pull the United States out of a multi-nation agreement on Tehran's nuclear programme, Iranian crude exports could be hit, adding to tightness in the oil market, which is coming back into balance after years of glut.
U.S. West Texas Intermediate (WTI) crude futures fell 63 cents, or 0.9 percent, to $70.10 a barrel by 0024 GMT. At one point they fell below $70, after settling above that level for the first time since November 2014 on Monday.
Brent crude futures were down 53 cents, or 0.7 percent, at $75.64, having jumped 1.7 percent to settle at $76.17 a barrel in the previous session.
Trump said on Monday a decision on whether to remain in the Iran nuclear deal or to impose sanctions would be announced at 2:00 p.m. EDT (1800 GMT) on Tuesday, four days earlier than expected.
Trump is likely to either announce he will not be renewing a waiver on sanctions, leading to a "significant reduction" in Iranian oil sales within six months, or will restate his opposition to the nuclear agreement, Barclays Research analysts said in a report.
"Regardless, his foreign policy continues to ignite tensions in the main oil-exporting center and is, thus, price supportive," they said.
If Trump restores core U.S. sanctions, under U.S. law he must wait at least 180 days before imposing their furthest-reaching measure, which is to target banks of nations that fail to significantly cut their purchases of Iranian oil.
Analysts at RBC Capital Markets said Iran's exports could be cut by 200,000 to 300,000 bpd as a result. Iranian officials, however, said that the country's oil industry would continue to develop even if the United States exits the accord. (Reporting by Aaron Sheldrick; editing by Richard Pullin) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/reuters-america-oil-prices-fall-as-market-awaits-trump-decision-on-iran.html |
(Reuters) - At least eight women have accused actor Morgan Freeman of inappropriate behaviour or harassment while working with them on film sets or at promotional events, CNN reported on Thursday.
Actor Morgan Freeman speaks at the PEN America Literary Gala in New York, U.S., May 22, 2018. REUTERS/Lucas Jackson CNN said it spoke with 16 people as part of its investigation into the 80-year-old actor, some of whom also alleged inappropriate behaviour by Freeman at his production company, Revelations Entertainment.
In a statement, Freeman said he was sorry to anyone who had been made to feel uncomfortable or disrespected.
“Anyone who knows me or has worked with me knows I am not someone who would intentionally offend or knowingly make anyone feel uneasy,” the statement said. “I apologize to anyone who felt uncomfortable or disrespected — that was never my intent.”
Representatives for Freeman and Revelations Entertainment did not respond to requests for further comment. Reuters was unable to independently confirm any of the allegations.
Multiple accusations of sexual misconduct against male actors, filmmakers and agents have roiled Hollywood since October 2017, leading in some cases to resignations and the halting of projects.
Similar accusations have also engulfed men in U.S. politics and business, and inspired a #MeToo social media movement by victims sharing their stories of sexual harassment or abuse.
CNN said eight people told the network they were victims of what some labeled harassment and others called inappropriate behaviour by Freeman. It said eight others told the network they witnessed the actor’s alleged misconduct.
CNN also said other sources denied having seen any questionable behaviour by the actor, and that those sources described him as being professional on set and in the office.
Freeman, whose career has spanned 50 years and more than 100 movies, won a Oscar in 2005 as best supporting actor for his role as a former boxer in “Million Dollar Baby.”
General Sport - Laureus World Sports Awards - Casino Estoril, Portugal - 16/5/05 Actor Morgan Freeman arrives at the awards Mandatory Credit: Action Images / John Sibley Reporting by Gina Cherelus in New York; Editing by Daniel Wallis
| ashraq/financial-news-articles | https://in.reuters.com/article/people-morgan-freeman/actor-morgan-freeman-accused-of-inappropriate-behaviour-harassment-cnn-idINKCN1IP312 |
BUENOS AIRES (Reuters) - Representatives of Argentina, Canada, Australia, Mexico, Chile, and the United States said in a joint statement on Monday they would not recognize the result of Venezuela’s presidential election held on Sunday.
U.S. Deputy Secretary of State John Sullivan (C) and Argentina's Foreign Minister Jorge Faurie (R) arrive for a joint declaration on the sidelines of the G20 Meeting of Foreign Affairs Ministers in Buenos Aires, Argentina, May 21, 2018. REUTERS/Marcos Brindicci “Taking into account the lack of legitimacy of the electoral process we do not recognize the results of (Sunday’s) election ... which excluded the participation of some political actors,” said Argentina’s Foreign Minister Jorge Faurie.
Chile is not part of the Group of 20, but was invited to participate in the meeting of foreign ministers by Argentina, which holds the G20 rotating presidency this year.
Reporting by Maximiliano Rizzi and Maximilian Heath; writing by Caroline Stauffer, editing by G Crosse
| ashraq/financial-news-articles | https://www.reuters.com/article/us-argentina-g20-venezuela/six-countries-at-g20-meeting-reject-venezuela-election-result-idUSKCN1IM211 |
Acquisition will Increase Our Cloud Computing Revenue and EBITDA
Northridge, CA, May 10, 2018 (GLOBE NEWSWIRE) -- Crednology Holding Corp. (OTC Pink: COHO; "Crednology"). Crednology is pleased to announce the acquisition of a company in the cloud computing business. We have been negotiating this transaction for some time and have finally agreed terms and the transaction will close on May 31, 2018.
Orie Rechtman, CEO of Crednology Holding Corp. commented, “I am excited to confirm that we have reached a final agreement on this transaction. We have been negotiating for some time but our due diligence process resulted in a very significant lowering of the purchase price. Last year the target company went through restructuring, after the company saw a significant reduction of revenues. This occurred due to their two largest clients, responsible for 70% of their total revenue, not renewing their contracts and bringing IT support in-house. We continued to watch the company making sure that the remaining revenues and client base were stable before we entered into a final agreement. We are confident we can increase the Company’s revenues by offering many of the added services we provide. Furthermore, the Company that has been in business for many years has a stellar reputation and together with our marketing efforts, we believe will result in the addition of more customers. We anticipate adding a minimum of $60-70,000 per year to our bottom line profit. We continue to look for other opportunities that will enhance revenues and EBITDA.”
About Crednology Holding Corp.
Crednology Holding Corp, a Delaware corporation, is a public holding company that has been dedicated to enhancing shareholder value through a strategic combination of organic growth, mergers and profitable acquisitions.
The Company is engaged in the cloud computing segment of the technology sector as well as the Electronic Waste and Recycling business. The main products and services include cloud computing and virtual environment, disaster recovery and business continuity and managed services to corporate accounts as well as the recycling and disposal of E-Waste and other materials.
Essentially cloud computing is a way to save and/or access data from remote servers. The company’s Private Cloud solution provides fully working environment through our data centers located around the USA as well as real time redundancy and replication of the client’s data which will eliminate loss of data and minimize down time close to zero. Cloud computing is growing at a staggering pace. The industry is experiencing rapid growth with the cloud segment of business achieving a growth of over 20% per annum. E-Waste is also growing at a significant pace with double digit increases anticipated annually over the next few years.
Safe Harbor and Informational Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial conditions or results of operations; (iii): the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends.
The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statement are not a guarantee of future of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's statements and reports filed with the OTC Markets. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.
For more information contact Oriel Rechtman [email protected]
Source:Crednology Holding Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-crednology-holding-corp-announces-closing-date-for-acquisition.html |
A Hawaiian vacation is not cheap — the average cost can be anywhere from about $1,300 to nearly $2,900 depending on where and how you go, according to USA Today . With the recent volcanic eruption on Hawaii, and President Donald Trump declaring the event a major disaster, many are wondering: Is it safe to travel there?
According to the experts, it is.
The Kilauea volcano erupted on Hawaii's Big Island island on May 3, releasing molten lava flow and toxic gas, forcing 1,500 residents to evacuate their homes. Fissures (splitting of the earth) near the volcano's slope continue to crack open (18 so far), spewing lava. There have also been several earthquakes, one that reached a 6.9 magnitude.
While all this might sound scary, Hawaii Tourism Authority insisted there are "no reasons at this time for travelers to change or alter their leisure or business plans."
That's because the volcanic activity is "limited to a remote region on the slopes of Kilauea Volcano," said the state's governor, David Ige, in a press statement .
The volcano, which is toward the southeast part of Big Island, is dangerous only for those in the evacuation zone, and is unfortunately largely affecting residential areas within a 10-square mile section known as Pahoa town. Airbnbs and inns there are now inaccessible, so travelers should reschedule any bookings in that area.
"Everywhere else in the Hawaiian Islands is not affected," said Ige.
So far, air travel has not been disrupted, and all airports, including Kona and Hilo International airports, the two main airports on Big Island, remain open.
Most of Big Island's resorts are on the island's west side in Kona and Kohala Coast, about 100 miles from the volcano and out of the zone of seismic activity. All hotels and resorts are operating as usual.
For travelers, the only risk right now is the air quality. Vog, or hazy post-volcano air pollution, contaminates the air with sulfur dioxide. There is an active vog watch and, for now, levels are safe for everyone. If vog worsens , stay indoors and drink plenty of fluids.
Despite it being safe, if you're visiting Big Island soon, you may have to tweak your itinerary. Most of Hawaii Volcanoes National Park, the largest national park and a major tourist attraction, closed due to the unpredictability of ash fall. Attractions like the Mauna Kea Observatory and beaches are open.
The Kilauea volcano is one of the most active in the world and has been low-level erupting since 1983, the year of a 6.3 magnitude earthquake. Destructive events like the recent eruption are uncommon.
Don't miss: The cheapest places to vacation for Memorial Day weekend
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show chapters 5 of the best travel rewards credit cards for young people 10:39 AM ET Thu, 10 May 2018 | 01:48 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/whether-its-safe-to-travel-to-hawaii-with-kilauea-volcano-eruption.html |
Harry Potter casts new spell over Bloomsbury book sales 1:40pm BST - 00:53
Harry Potter publisher Bloomsbury has reported its highest annual revenue since 2007, when last of the seven-part original series written by J. K. Rowling was published, sending the company's shares to a 10-year high. As Sonia Legg reports, nearly 21 years after its debut, the Harry Potter series continued to drive sales for Bloomsbury, with special editions of the boy wizard's adventures boosting demand.
Harry Potter publisher Bloomsbury has reported its highest annual revenue since 2007, when last of the seven-part original series written by J. K. Rowling was published, sending the company's shares to a 10-year high. As Sonia Legg reports, nearly 21 years after its debut, the Harry Potter series continued to drive sales for Bloomsbury, with special editions of the boy wizard's adventures boosting demand. //reut.rs/2IAFdlD | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/22/harry-potter-casts-new-spell-over-blooms?videoId=429307946 |
0 COMMENTS Barclays PLC said Monday that a British court dismissed charges brought against the bank over its emergency fundraising from Middle Eastern investors during the financial crisis.
The decision is a major setback for the U.K.’s Serious Fraud Office which had spent five years probing how Barclays wooed Qatari investors to prop up the bank during the 2008 financial market meltdown. The SFO last summer charged the bank on several counts , accusing it of lending $3 billion to the State of Qatar to effectively fund its own bailout. The SFO also probed hundreds of millions of dollars worth of “advisory services” that was paid by Barclays to Qatari investors . The payment wasn’t initially disclosed after the capital was raised.
Barclays said the U.K. court rejected charges brought by the SFO, including that it conspired with former executives to commit fraud and provided “unlawful financial assistance.” The SFO said it would try to reinstate the charges by applying to a U.K. high-court judge.
Shares in the bank rose following the news.
The decision doesn’t affect the case brought by the SFO against a cadre of former top Barclays executives involved in the deal. The SFO has also charged Barclays former chief executive John Varley, former senior investment-bank executive Roger Jenkins and two other former executives with conspiracy to commit fraud.
Ten years on from the Qatari bailout Barclays is facing other legal problems linked to the capital raisings, which saw the bank raise $15 billion from investors in two cash calls. In a separate probe, the U.K.’s Financial Conduct Authority imposed a £50 million ($67.3 million) fine over the disclosure failures. The authority said earlier this year it was reviewing the case after being handed new evidence. Barclays is contesting the fine. The U.S. Department of Justice and the Securities and Exchange Commission have also been conducting investigations relating to payments made to officials around the cash injection.
Separately, PCP Capital Partners, a private-equity group, is suing Barclays for $1 billion alleging the bank made “sham payments” to the Qataris and disadvantaged PCP’s client, the Abu Dhabi sovereign-wealth fund, which also participated in the 2008 fundraising. Barclays is defending itself against the claim, according to a filing.
Write to Max Colchester at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/u-k-court-dismisses-charges-against-barclays-over-qatari-capital-raise-1526905705 |
May 24, 2018 / 7:39 AM / Updated 25 minutes ago UK to demand money back after exclusion from EU's Galileo satellite project Reuters Staff 1 Britain is set to demand the European Union repays up to 1 billion pounds ($1.34 billion) if the bloc continues to force British companies out of the Galileo satellite navigation system, the Telegraph newspaper reported. FILE PHOTO: The Russian Soyuz VS01 rocket, carrying the first two satellites of Europe's Galileo navigation system, blasts off from its launchpad at the Guiana Space Center in Sinnamary, French Guiana, October 21, 2011. REUTERS/Benoit Tessier/File Photo
The Brexit ministry, officially known as Department for Exiting the European Union, will publish a paper on Thursday raising the prospect of Britain recovering its investment in the project, the newspaper said.
Galileo is the EU rival to the global positioning system (GPS) developed and controlled by the United States and used by millions of consumer devices globally. It was commissioned in 2003 and is due for completion by 2020.
The European Commission, the EU’s executive, has started to exclude Britain and its companies from sensitive future work on Galileo ahead of the country’s exit from the bloc in a year’s time.
The Brexit ministry declined to comment.
($1 = 0.7483 pounds) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-galileo/uk-to-demand-money-back-after-exclusion-from-eus-galileo-satellite-project-idUKKCN1IP10O |
By David Meyer 7:23 AM EDT
China used to be one of the world’s premier dumping grounds for electronic waste , but that ended last year when the government banned such imports —yes, there are valuable materials that can be recovered from old computers and phones, but there’s a lot of poisonous stuff in there too, and people involved in the recycling industry were suffering chronic health problems.
So now it’s Thailand’s turn. As detailed in a new Reuters report , the authorities there are now battling illegal imports of discarded electronics, by companies that have no license to bring them in.
“Electronic waste from every corner of the world is flowing into Thailand,” said Thailand’s deputy police chief, Wirachai Songmetta, as he showed reporters seven seized shipping containers on Tuesday.
That seizure was accompanies by charges against three recycling and waste processing companies that, Wirachai said, “don’t have a quota to import even a single ton of electronic waste.” The containers were filled with around 22 tons of waste.
China’s ban on the importation of dozens of types of foreign waste led some to fear that the waste would just end up elsewhere in the region. “Especially after China’s ban, Thailand could become one of the biggest dumping grounds for e-waste,” Penchom Saetang of Ecological Alert and Recovery Thailand told Reuters, warning that the country needed better enforcement of its laws to combat the problem.
Last week, Thai police raided at least four factories near Bangkok, finding almost 100 tons of electronic waste.
The authorities said they suspected a Taiwanese company had imported the waste using a loophole that permits the importation of second-hand appliances. Workers at the factories were dismantling the waste while wearing only basic face masks and cloth gloves for protection.
Electronic waste processing can harm people’s health by bringing them into direct contact with materials such as lead and cadmium, and by exposing them to toxic fumes. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/30/china-ban-thailand-electronic-waste/ |
By Travis H. Brown 3:15 PM EDT
In a shortsighted effort to fight homelessness, Seattle’s city council has approved a new employee “head tax” on companies based in the city. The policy pits growth and progress against each other in a zero-sum game that will do far more harm than good.
The head tax is exactly what it sounds like: a straight levy of $0.14 per hour per employee—about $275 a year for a full-time worker—targeting every business in Seattle with revenues of $20 million or more. The proposal’s backers aim to raise around $48 million per year to fund various affordable housing initiatives in order to combat homelessness and provide low-income families with affordable options in the city.
These are laudable aims, but it’s hard to imagine a more destructive strategy for realizing them. The potential damage to Seattle’s economy from this blunt instrument runs into the billions of dollars. Some may believe that California businesses could still flee their high-tax environment for Seattle, but in reality, Seattle is competing with many other cities for this income. One example is Phoenix , which has posted the best income growth of any Metropolitan Statistic Area (MSA) since 1992. Phoenix has capitalized on its proximity to California by luring businesses and people with a low-tax environment that nets them $1,539 in income every single minute. Compared to Seattle, this is nearly $1,200 more per minute, or $70,348 more per day. The numbers are staggering, and Seattle can’t risk putting itself further behind.
Seattle’s $20 million benchmark for the new tax refers to gross receipts, not income, meaning it will hit high-volume, low-margin businesses (think grocery stores or construction wholesalers) just as hard as more lucrative counterparts, promising price increases for consumers as businesses pass along costs. Service industries with big headcounts are firmly in the crosshairs, threatening this key employment category for young and low-skilled workers. The list includes Starbucks (SBUX) —no surprise, there are quite a few coffee shops in Seattle—as well as big retailers like Walmart (WMT) and grocery store chains, both national and regional. Other big, low-margin employers, including logging and agricultural cooperatives, are also on the hook. And the relatively low cutoff means hundreds of medium-sized enterprises are on the hook too.
Not that soaking the city’s global champions is a good idea, either—it’s a disaster, jeopardizing thousands of current and potential future jobs, as Seattle’s biggest employers and most dynamic companies look elsewhere for expansion. Exhibit A is Amazon’s decision, announced earlier this month, to halt construction of a new office tower just north of downtown, citing the proposed tax, which will cost the online retailer over $10 million per year. Although construction has resumed, Amazon blasted the “hostile approach and rhetoric toward larger businesses, which forces us to question our growth here,” it said, making it clear that Seattle’s relationship with its biggest employer is hanging by a thread. Amazon employs over 40,000 people in Seattle, or over 10% of the city’s current total workforce of 384,000, but the new tax on jobs provides no incentive to grow that number, and every reason to shrink it.
Amazon isn’t the only big employer eyeing the exits. Real estate portal Zillow, another new economy trailblazer, faces millions in additional tax burden. Alaska Airlines, Expedia , PayScale, Whitepages Inc., and Coinstar opposed the tax in vain, pleading in an open letter to the city council and mayor that taxing companies for creating jobs is like “telling a classroom that the students who do the most homework will be singled out for detention.” It may not be long until these tech companies pack their bags and move south for a city like Las Vegas, which boasts the second-largest wealth growth of any MSA since 1992, gaining $1,048 of income per minute thanks to its zero-income tax policy .
Perhaps the most frustrating part of this exercise in illogic is the city government’s failure to enact other commonsense measures to combat homelessness: zoning reforms and infrastructure improvements to facilitate construction of affordable housing; shifting funds from underperforming shelters to ones that deliver; and coordination of the city’s homeless strategy with other municipalities in King County. In a statement from Starbucks opposing the head tax, senior exec John Kelly emphasized that priority should be given to a raft of much-needed reforms, including revamping the shelter system and more outreach to homeless families, lamenting that “we’re missing the opportunity to reform and to focus on a compassionate need of hundreds of children sleeping in cars in Seattle… Our strong belief is quite simply reform first.”
Kelly and other advocates for reform are right. Seattle and other cities across America urgently need to tackle social ills like homelessness. But economic self-immolation is not the way to do it.
Travis H. Brown is author of How Money Walks and co-author of New York Times bestseller Wealth of States, How Taxes, Energy, and Worker Freedom Change Everything. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/17/head-tax-in-seattle-amazon-starbucks/ |
LIMOGES, France--(BUSINESS WIRE)--
Regulatory News:
Legrand (Paris:LR) is the global specialist in electrical and digital building infrastructures. Its comprehensive offering of solutions for commercial, industrial and residential markets makes it a benchmark for customers worldwide. Drawing on an approach that involves all teams and stakeholders, Legrand is pursuing its strategy of profitable and sustainable growth driven by acquisitions and innovation, with a steady flow of new offerings—including Eliot* connected products with enhanced value in use. Legrand reported sales of more than €5.5 billion in 2017. The company is listed on Euronext Paris and is notably a component stock of the CAC 40 index. (code ISIN FR0010307819).
http://www.legrand.com
The Board of Directors of Legrand (“the Company ”) met on May 30, 2018 and agreed to set up a share buyback program as authorized by shareholders at the Ordinary and Extraordinary General Meeting held the same day.
Established in accordance with articles 241-1 and following of the General Regulation of the French Financial Markets Authority (Autorité des Marchés Financiers), this description is drawn up for the purpose of setting out the objectives and terms of Legrand’s share buyback program set up by the Board of Directors of Legrand met on May 30, 2018 (“ the Share Buyback Program ”), pursuant to the authorization granted by the above-mentioned General Meeting of Shareholders.
I. Number of shares and percentage of capital stock held by the Company
On May 25, 2018, the Company’s capital stock consisted of 267,316,270 shares.
At the same date, the Company held 51,128 of its own shares.
II. Allocation by purpose of own shares held by the Company
On May 25, 2018, the 51,128 own shares held by the Company were allocated by purpose as follows:
46,000 shares under a contract to ensure liquidity of trading in shares in accordance with the Charter of Professional Ethics recognized by the French Financial Markets Authority (Autorité des Marchés Financiers) through an investment service provider acting independently; and 5,128 shares allocated for implementation of performance share plans under the provisions of articles L. 225-197-1 and following of the French Commercial Code;
III. Purposes of the new Share Buyback Program
Legrand envisages conducting or arranging for a share buyback for the purposes of:
ensuring the liquidity and active operation of the market in Company shares by the intermediary of an investment services provider, acting independently under a liquidity contract in compliance with the Code of Practice recognized by France’s Financial Markets Authority (Autorité des marchés financiers); implementing (i) any and all Company stock options plans in accordance with Articles L.225-177 et seq. of the French Commercial Code or any similar plan; (ii) any and all Group employee share-ownership programs in accordance with Articles L.3332-1 et seq. of the French Labour Code (Code du travail) or to provide for share allocations for employee profit-sharing and/or in lieu of discount according to applicable laws and regulations; (iii) any and all free share allocations pursuant to Articles L.225-197-1 et seq. of the French Commercial Code, and any and all share allocations for employee profit-sharing, as well as providing cover for such transactions at such times as the Board of Directors or the person acting on its behalf takes action, (iv) any allocation of shares to employees and/or executive officers of the Company and/or the Group, according to applicable laws and regulations; holding and subsequently transferring shares by way of exchange or payment relating to a business acquisition, merger, demerger, or transfer of assets, it being stipulated that the number of shares acquired by the Company with a view to holding these and employing them at a later date as payment for or in exchange for a merger, demerger or transfer of assets may not exceed 5% of the Company’s capital stock; delivering shares on the exercise of rights attached to securities providing immediate or future access to the equity of the Company, through redemption, conversion, exchange, presentation of a warrant, or in any other way; cancelling all or some of the shares so purchased; or carrying out such other practices as may be permitted or recognized by law or by the Financial Markets Authority, or pursuing any other objective complying with applicable laws and regulations.
IV. Limit on the percentage of capital stock that may be acquired and maximum number of shares that may be purchased pursuant to the Share Buyback Program, types of securities that may be acquired under the Share Buyback Program, maximum price and terms of purchase
1. Maximum percentage of capital stock that the Company may acquire and maximum number of shares that may be purchased pursuant to the Share Buyback Program
The limit on the portion of capital stock that is authorized for purchase under the Share Buyback Program is 10% of the total number of shares representing the capital stock at the date of the Combined Ordinary and Extraordinary General Meeting of Shareholders held on May 30, 2018, with the proviso that, when shares are bought to ensure the market liquidity of Legrand shares under the conditions described above, the number taken into account for the calculation of this limit of 10%will be the number of shares bought less the number of shares resold during the term of the Share Buyback Program.
As provided under articles L. 225-209 and following of the French Commercial Code, the Company may not at any time hold, directly or indirectly, Legrand shares representing more than 10% of the total number of shares making up Legrand's capital stock at that time.
2. Types of securities that may be acquired under the Share Buyback Program
The only securities that may be acquired under this program are Legrand shares. The shares purchased and held by the Company will be deprived of voting rights and will carry no entitlement to payment of a dividend.
3. Maximum authorized unit purchase price
The maximum price that the Company may pay for shares purchased under the Share Buyback Program is €90 per share (excluding acquisition expenses) or the equivalent value of this amount in any other currency or currency unit established with reference to several currencies on the same date, it being noted that this price will be adjusted as necessary to reflect capital transactions, in particular incorporation of reserves or free share allocations and/or share splits or reverse splits.
The maximum amount allowed for the implementation of the Share Buyback Program is €1 billion, or the equivalent value of this amount in any other currency or currency unit established with reference to several currencies on the same date.
4. Terms of purchase
Shares may be purchased, sold, transferred or exchanged, directly or indirectly, in particular by any third party acting on behalf of the Company under the conditions provided by the last section of article L. 225-206 of the French Commercial Code, at any time within the limits authorized by laws and regulations, except at such times as Company shares may be the object of a tender offer, in one or more instalments, by any means, on or off any market, including via systematic internalisers or through OTC transactions, trading in blocks of shares or public tender offers, or through the use of any financial instruments or derivatives, including option-based mechanisms such as purchases and sales of put and call options or by delivery of shares arising from the issuance of securities giving access to the Company’s capital by conversion, exchange, redemption, presentation of a warrant or any other means, either directly or indirectly through an investment service provider.
V. Duration of the Share Buyback Program
The Share Buyback Program is to be implemented for a period of eighteen months from the authorization granted by the Combined Ordinary and Extraordinary General Meeting of Shareholders on May 30, 2018, which is to say up to November 30, 2019 at the latest.
VI. Investment service provider
Implementation of the Share Buyback Program
The Company will appoint an investment service provider acting independently to assist it in implementing the Share Buyback Program.
Liquidity contract
Under a contract signed on May 29, 2007 as subsequently amended, Legrand charged Kepler Cheuvreux with providing for the liquidity of Legrand shares and ensuring more regular trading. This contract complies with the Charter of Professional Ethics drawn up by AMAFI (French financial markets association) on March 8, 2011.
The total amount of this liquidity contract is currently €15 million.
VII. Transactions made under the previous share buyback program
Meeting on May 31, 2017, shareholders at the Combined Ordinary and Extraordinary General Meeting authorized the Board of Directors to implement, or have implemented by delegation, a share buyback program for a period of eighteen months. A detailed description of the program implemented by the Board of Directors on May 31, 2017 within the framework of the authorization mentioned above is published on the Company’s website.
The Company made no use of derivative products.
* * *
During the Share Buyback Program, any significant change in any of the information set forth above will be brought to the attention of the public as soon as possible in compliance with the provisions of article 221-3 of the General Regulations of the France’s Financial Markets Authority (Autorité des marchés financiers).
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006265/en/
Legrand
Charlotte Guillemin, 0612307119
Source: Legrand | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-legrand-share-buyback-program-approved-by-the-combined-ordinary-and-extraordinary-general-meeting-of-shareholders-on-may-30.html |
May 2, 2018 / 9:17 PM / Updated 8 hours ago JUSTIN LANGER NAMED AUSTRALIA CRICKET COACH - CRICKET AUSTRALIA Reuters Staff | ashraq/financial-news-articles | https://in.reuters.com/article/justin-langer-named-australia-cricket-co/justin-langer-named-australia-cricket-coach-cricket-australia-idINMT1ALTL8N1S98NA1 |
At least one gunman opened fire at a Houston-area high school Friday, killing eight to 10 people, most of them students, authorities said, in the nation's deadliest such attack since the massacre in Florida that gave rise to a campaign by teens for gun control.
Several law enforcement officials told NBC News that nine students and one teacher died in the shooting.
An unknown number of possible explosive devices were found at the school and off campus. Authorities were in the process of rendering them safe and asked the public to call 911 if they see anything suspicious.
The district confirmed an unspecified number of injuries but did not release details. A school police officer was shot, officials said, but there was no immediate word on his condition.
Harris County Sheriff Ed Gonzalez said he could not be precise about the number of deaths at Santa Fe High School, which went on lockdown around 8 a.m. One person was in custody, and a second person had been detained, he said.
A law enforcement official has identified a person in custody in the Houston-area school shooting as 17-year-old Dimitrios Pagourtzis.
The official was not authorized to discuss the shooting by name and spoke on condition of anonymity to The Associated Press.
A woman who answered the phone at a number associated with the Pagourtzis family declined to speak with the AP.
She said: "Give us our time right now, thank you."
Pagourtzis plays on the Santa Fe High School junior varsity football team, and is a member of a dance squad with a local Greek Orthodox church.
@SheriffEd_HCSO: On the scene now. No longer an active situation. Personnel treating the injured. Info is still preliminary, but there are multiple casualties. @HCSOTexas is on the scene with other law enforcement assisting in the search of the school.
Michael Farina, 17, said he was on the other side of campus when the shooting began and thought it was a fire drill. He was holding a door open for special education students in wheelchairs when a principal came bounding down the hall and telling everyone to run. Another teacher yelled out, "It is real."
Students were led to take cover behind a car shop across the street from the school. Some still did not feel safe and began jumping the fence behind the shop to run even farther away, Farina said.
"I debated doing that myself," he said.
show chapters Texas high school shooting: Sheriff says shooter believed to be student 2 Hours Ago | 01:10 Friday's assault was the deadliest in Texas since a man with an assault rifle attacked a rural church late last year, killing more than two dozen people. It comes three months after the Feb. 14 attack in Parkland, Florida, that killed 17.
Aerial footage showed students standing in a grassy field and three medical helicopters landing at the school in Santa Fe, a city of about 13,000 people roughly 30 miles (48 kilometers) southeast of Houston.
One student told Houston television station KTRK in a telephone interview that a gunman came into her first-period art class and started shooting. The student said she saw one girl with blood on her leg as the class evacuated the room.
"We thought it was a fire drill at first but really, the teacher said, 'Start running,'" the student told the television station.
KTRK-TV ABC13 | AP In this image taken from video emergency personnel and law enforcement officers respond to a high school near Houston after an active shooter was reported on campus, Friday, May 18, 2018, in Santa Fe, Texas. The student said she did not get a good look at the shooter because she was running away. She said students escaped through a door at the back of the classroom.
Authorities did not immediately confirm that report.
Vice President Mike Pence said he and President Donald Trump were briefed on the shooting. Pence said the students, families, teachers and all those affected should know: "'We're with you. You're in our prayers and I know you are in the prayers of the American people."
Trump added in a tweet that that early reports were "not looking good. God bless all!"
@realDonaldTrump: We grieve for the terrible loss of life, and send our support and love to everyone affected by this horrible attack in Texas. To the students, families, teachers and personnel at Santa Fe High School – we are with you in this tragic hour, and we will be with you forever...
First lady Melania Trump also weighed in on Twitter, saying her "heart goes out to Santa Fe and all of Texas today."
The shooting was all but certain to re-ignite the national debate over gun regulations. In the aftermath of the Feb. 14 attack on Marjory Stoneman Douglas High School, survivors pulled all-nighters, petitioned city councils and state lawmakers, and organized protests in a grass-roots movement.
Within weeks, state lawmakers adopted changes, including new weapons restrictions. The move cemented the gun-friendly state's break with the National Rifle Association. The NRA fought back with a lawsuit.
In late March, the teens spearheaded one of the largest student protest marches since Vietnam in Washington and inspired hundreds of other marches from California to Japan.
Parkland survivors took to social media to express outrage and heartbreak over the Texas attack.
"My heart is so heavy for the students of Santa Fe High School. It's an all too familiar feeling no one should have to experience. I am so sorry this epidemic touched your town — Parkland will stand with you now and forever," Marjory Stoneman Douglas student Jaclyn Corin said in a tweet.
She also directed her frustration at Trump, writing "Our children are being MURDERED and you're treating this like a game. This is the 22nd school shooting just this year. DO SOMETHING."
The calls for tighter gun controls that have swelled since the February mass shooting at a Florida high school have barely registered in gun-loving Texas — at least to this point.
Texas has some of the country's most permissive gun laws and just hosted the NRA's annual conference earlier this month. In the run-up to Texas' march primaries, gun control was not a main issue with candidates of either party. Republicans did not soften their views on guns, and Democrats campaigned on a range of issues instead of zeroing in on gun violence.
— CNBC.com contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/sheriff-says-there-are-multiple-casualties-in-texas-school-shooting.html |
- Patrick J. Rounds Joins as Senior Managing Director, Healthcare Banking -
IRVINE, Calif.--(BUSINESS WIRE)-- Opus Bank (“Opus”) (NASDAQ: OPB) announced today that Patrick J. Rounds, a 34-year banking veteran, has joined Opus as Senior Managing Director, Healthcare Banking. Mr. Rounds will be responsible for further expanding, and providing capital financing and banking solutions to Opus’ healthcare client base, in particular hospitals, skilled nursing facilities, long-term care facilities, behavioral health companies, hospice providers, medical device manufacturers, and other service providers in the healthcare industry.
Jim Haney, Executive Vice President, Head of Commercial Banking, commented, “I am pleased to welcome Patrick Rounds as he joins Opus to lead our Healthcare Banking team. Throughout his banking career, Patrick has experienced considerable success in building, growing, and leading Healthcare banking teams in the western region. I look forward to Patrick’s contributions and anticipate that he will quickly add to the team’s productivity and success as Opus continues to grow its loan origination volumes, deposit base, market presence, and overall relationship-based healthcare banking franchise.”
Stephen H. Gordon, Chief Executive Officer and President of Opus Bank, stated, “Patrick’s consultative and advisory approach mirrors Opus’ approach of partnering with our clients by providing the capital funding, tailored solutions, and strategic advice necessary to enable their long-term vision, execute their business strategy, and achieve their goals.” Mr. Gordon added, “We believe that Opus’ Healthcare Banking clients will directly benefit from Patrick’s 30-plus years of expertise and industry specific knowledge in structuring, originating, and underwriting asset-based, working capital lines of credit, bridge loans, and other senior secured financing solutions.”
Mr. Rounds joins Opus most recently from National Bank of Arizona, a division of Zions Bank, where from 2015 he served as Senior Vice President, Head of Healthcare Lending. While at National Bank of Arizona, Mr. Rounds was responsible for setting strategy and budgets, developing underwriting parameters, sourcing new business, managing the company’s SBIC equity investments, supervising all underwriting efforts, and coaching team members. From 2002 to 2015, Mr. Rounds served as Senior Vice President, Healthcare Financial Services at GE Capital, where he was responsible for negotiating and structuring healthcare-related senior debt financing in the Western U.S. While at GE Capital, Mr. Rounds also led an initiative to expand business within the healthcare information technology and managed administrative services segments. From 1993 to 2000, Mr. Rounds served as Senior Vice President and Manager of the San Francisco office of Bank Austria Creditanstalt Corporate Finance, Inc. From 1989 to 1993, Mr. Rounds served as Senior Manager Global Corporate Banking at Royal Bank of Canada. Mr. Rounds began his banking career at Mellon Bank in 1984. Prior to beginning his banking career, Mr. Rounds served as a Commissioned Officer in the United States Coast Guard. Mr. Rounds holds a B.A. in History from the University of California, San Diego; and a M.A. in International Relations from the Johns Hopkins University.
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About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with $7.3 billion of total assets, $5.2 billion of total loans, and $6.0 billion in total deposits as of March 31, 2018. Opus Bank provides superior ideas and solutions, and banking products to its clients through its Retail Bank, Commercial Bank, and Merchant Bank. Opus Bank offers a suite of treasury and cash management and depository solutions and a wide range of loan products, including commercial, healthcare, media and entertainment, corporate finance, multifamily residential, commercial real estate and structured finance, and is an SBA preferred lender. Opus Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Escrow and Exchange divisions. Opus Bank provides clients with financial and advisory services related to raising equity capital, targeted acquisition and divestiture strategies, general mergers and acquisitions, debt and equity financing, balance sheet restructuring, valuation, strategy and performance improvement through its Merchant Banking division and its broker-dealer subsidiary, Opus Financial Partners, LLC, Member FINRA/SIPC. Opus Bank’s alternative asset IRA custodian subsidiary has over $16 billion of custodial assets and over 50,000 client accounts, which are comprised of self-directed investors, financial institutions, capital raisers and financial advisors. Opus Bank operates 50 banking offices, including 31 in California, 16 in the Seattle/Puget Sound region in Washington, two in the Phoenix metropolitan area of Arizona and one in Portland, Oregon. Opus Bank is an Equal Housing Lender. For additional information about Opus Bank, please visit our website: www.opusbank.com .
Forward-Looking Statements
This release may include forward-looking statements related to Opus’ plans, beliefs and goals, which involve certain risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. The forward-looking information presented in this press release is not a guarantee of future events, and actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “intend” or “expect” or variations thereon or similar terminology. All such statements speak only as of the date made, and Opus undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005408/en/
Opus Bank
Mr. Jeff L. Leonard
SVP, Dir. of Corporate Strategy/Communications
Telephone: (949) 251-8146
Source: Opus Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-opus-bank-announces-expansion-of-its-healthcare-banking-division.html |
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