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May 11, 2018 / 7:56 AM / Updated 9 hours ago Rugby - Redrada called into Fiji squad for Pacific Nations Cup Reuters Staff 3 Min Read
WELLINGTON (Reuters) - Rampaging back Semi Radrara looks set to make his test debut for Fiji in the Pacific Nations Cup next month after being named in the squad for the June internationals by coach John McKee on Friday.
The 25-year-old enjoyed a highly successful career as a winger in the National Rugby League and played one test for Australia before making the switch to union with French club Toulon at the end of last year.
His inclusion in the Fiji squad for June tests against Tonga, Samoa and Georgia puts him firmly in the frame for next year’s World Cup in Japan.
“With less than 18 months to the (World Cup), this June test series is very challenging and important for us in both terms of Fiji’s standing as the top tier two nation and with an eye towards our preparation for (Japan),” McKee said in a news release.
“As good as some of our match performance was in 2017, we need to be better in 2018. Our performance levels must build towards 2019 to put us in the best position to have a successful World Cup.
“It will be very important for overseas based players to arrive at camp ready to hit the ground running.”
Redrada is committed to staying in union with Bordeaux for the next two years and is listed in the squad as a centre, a position he has filled for Toulon this season.
Fiji, who beat Italy and Scotland in last year’s June test window, will play Australia, Wales, Georgia and Uruguay in Pool D next year as they bid to reach the knockout stages of the World Cup for the fourth time.
Squad:
Forwards - Campese Maáfu, Peni Ravai, Eroni Mawi, Tuapati Talemaitoga, Ratunaisa Navuma, Tuvere Veremalua, Ropate Rinakama, Kalivati Tawake, Manasa Saulo, Sikeli Nabou, Leone Nakarawa, Api Ratuniyarawa, Albert Tuisue, Dominiko Waqaniburotu, Viliame Mata, Mosese Voka, Nemani Nagusa, Akapusi Qera.
Backs - Henry Seniloli, Frank Lomani, Serupepeli Vularika, Ben Volavola, Jale Vatubua, Sevanaia Galala, Semi Radrara, Vereniki Goneva, Josua Tuisova, Nemani Nadolo, Timoci Nagusa, Kini Murimurivalu. Reporting by Nick Mulvenney in Sydney; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-fij/rugby-redrada-called-into-fiji-squad-for-pacific-nations-cup-idUKKBN1IC0OO |
Chewing gum could be a fun and refreshing habit but if it's discarded on the ground, it's a nasty nuisance. In Amsterdam, the streets are littered with more than 3 million pounds of the sticky stuff.
The Gumshoe was made to tackle that problem. It's a shoe made from recycled gum through a collaboration between sustainable material maker, Gumdrop , I Amsterdam and fashion company Explicit .
Gum is made from a synthetic rubber. When it's broken down, it can be turned into a new kind of rubber. The used gum is made into a recycled compound called Gum-Tec, which becomes the rubber to mold the shoe's soles.
The company says every 2.2 pounds of discarded gum translates into four pairs of sneakers.
The shoes are available starting in June for around $232. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/recycled-chewing-gum-shoes.html |
(Reuters) - FIFA president Gianni Infantino has proposed staging what would effectively be a mini-World Cup, featuring eight international teams, every two years in addition to the traditional event.
The tournament, known as the “Final 8”, would be the climax of a proposed global Nations League competition, part of an ambitious plan to reform international football which FIFA believes could be worth $25 billion in a 12-year cycle.
In a letter seen by Reuters, Infantino, who has already overseen the enlargement of the existing World Cup from 32 to 48 teams starting in 2026, suggested that the new tournament would take place every October and/or November of every odd year starting from 2021.
He said that a “solid and serious” group of investors were willing to spend $25 billion on the competition and a revamped version of the Club World Cup, which would also start in 2021 with 24 teams.
The Confederations Cup, currently staged every four years in a year before the World Cup, would be abolished.
The letter did not clearly indicate how many slots would be allocated to each region.
The plans were sent by Infantino to the members of FIFA’s decision-making Council which still has to approve them.
The new competition would run parallel to existing international tournaments such as the European Championship, Copa America, and African Nations Cup, plus the World Cup qualifying stages.
It could lead to criticism that FIFA is over-complicating international football and devaluing its flagship World Cup.
FIFA could not immediately be reached for comment.
SIMILAR COMPETITIONS European soccer body UEFA and its counterpart for North and Central America and the Caribbean, CONCACAF, have already set up Nations League contests in their own continents.
In both cases, the competitions involve all the national teams in their respective regions who are divided into divisions based on their rankings.
There is promotion and relegation between the divisions, as in conventional domestic club leagues. UEFA’s inaugural competition will begin in September this year. Other continents would have to set up similar competitions for the tournament to be viable.
Infantino suggested that similar intercontinental mini-tournaments to the Final 8 could also be organized for the top teams in the lower divisions.
Infantino’s letter said that all revenue from the competition would be redistributed.
“This means that FIFA as an organization would not benefit financially from this competition,” he said.
“We believe this offer is an excellent opportunity for the confederations and member associations as well as for football in general.”
In a separate proposal for Europe, the letter suggested that member associations could receive up to $50 million for taking part in a single UEFA Nations League campaign although this amount would only be for the top-five ranking federations.
The next biggest five European countries would receive $15 million to $20 million while the 33 lowest-ranked associations would receive a more modest $7 million.
FIFA President Gianni Infantino delivers a speech at the 68th Ordinary CONMEBOL Congress in Buenos Aires, Argentina April 12, 2018. REUTERS/Martin Acosta Writing by Brian Homewood; Editing by Christian Radnedge
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-fifa/soccer-fifa-proposes-staging-a-new-mini-world-cup-every-two-years-fifa-document-idUSKBN1I31AL |
April 30 (Reuters) - Aqua America Inc:
* AQUA AMERICA ANNOUNCES CHANGES IN EXECUTIVE LEADERSHIP TEAM
* AQUA AMERICA - ANNOUNCED CHANGES IN SENIOR MANAGEMENT TEAM STEMMING FROM SCHEDULED RETIREMENT OF EXECUTIVE VICE PRESIDENT AND CFO DAVID SMELTZER
* SMELTZER WILL RETIRE IN OCTOBER * DANIEL SCHULLER, WHO IS CURRENTLY SERVING AS EVP, STRATEGY AND CORPORATE DEVELOPMENT, WILL SUCCEED SMELTZER AS CFO
* MATTHEW RHODES WILL JOIN COMPANY TO FILL SCHULLER’S CURRENT ROLE AS EVP, STRATEGY AND CORPORATE DEVELOPMENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aqua-america-announces-changes-in/brief-aqua-america-announces-changes-in-executive-leadership-team-idUSASC09Y5X |
May 4, 2018 / 3:28 AM / Updated 2 hours ago Australia's generational wealth divide dominates budget, election plans Swati Pandey , Colin Packham 6 Min Read
SYDNEY/HYAMS BEACH, Australia (Reuters) - Robyn and John Marlow own two properties in Australia - one in Sydney’s affluent northern beaches, which earns them a steady rental income, and a multi-million dollar, three-bedroom house where they live about 200 km (125 miles) south.
The retired couple, whose rustic home borders a national park and is only steps away from Hyams Beach - reputedly the whitest sand beach on earth - are worried by calls from the opposition Labor Party to remove tax perks for wealthy retirees.
Just 30 kms (18 miles) inland from the Marlows, 22-year-old Luke Sultana works as a part-time receptionist in the regional service town of Nowra. Three pawn shops along the town’s main parade offer a glimpse of the economic hardship it is facing.
Sultana says he has hardly any savings and job opportunities in the town are scant, leaving little prospect of getting on the property ladder that has been the source of much of the wealth for many Australian baby boomers.
“The local shopping centre is probably the best chance of a job in Nowra. It is either that or you have to leave,” said Sultana, adding he will vote for Labor at next election because of their support for young and low-income workers.
Australia has enjoyed an extraordinary 26 years of growth without a recession but is now facing a populist wave that has hit the United States and Britain as income and wealth inequality widen.
The growing divide between wealthy baby boomers and struggling younger voters poses a big problem for Prime Minister Malcolm Turnbull who must win marginal seats like Gilmore - which includes Hyams Beach and Nowra - at the 2019 election if he is to retain control in Canberra.
Turnbull’s Liberal-National coalition government, which has been trailing in polls for more than two years, is targeting next week’s federal budget to seize back the policy initiative.
In recent days, it has committed to expensive education and health programmes, usually a domain of state governments and Labor.
Treasurer Scott Morrison defended the government’s populist approach, saying a commitment to return to a budget surplus by 2020 is intact and better-than-expected revenues have allowed higher spending on key projects.
At the same time, Labor has promised to make Australia’s wealth and income inequality a centrepiece of its election campaign as it targets younger voters. RICH DAD, POOR DAD
Australia’s A$1.8 trillion ($1.4 trillion) economy survived the end of a once-in-a-century mining boom thanks partly to the influx of Chinese visitors who bolstered tourism and education sectors.
A surge in house prices that rekindled housing construction and boosted the net worth of home owners and property investors also played a key role.
Over the past 12 years, middle and high-wealth households enjoyed a real increase in average net worth of 31-58 percent, government data shows. But low-wealth households saw no real rise in that period.
As an illustration of higher income inequality, Australia’s Gini Coefficient has been rising and at 0.3, is greater than Canada and most European countries, according to OECD data.
What’s more, the Gini coefficient of Australia’s household net worth is double that, at 0.6, underscoring the big wealth disparity in a country that has prided itself on a “fair go” for all mentality.
Median home values are now at A$875,816 in Sydney - almost eight times average gross income - making owning a house an elusive dream for many young workers.
Their problems are exacerbated by stagnant wage growth of 2 percent compared with 4 percent or higher during the hay days of the mining boom.
Worryingly, the rate of underemployment - those wanting to work more hours - for those aged 15-24 has stayed near historic highs of 17-19 percent in recent years, compared with 10-12 percent before the 2008 global financial crisis.
A study based on government data by research firm McCrindle shows the top 20 percent households in Australia own 62 percent of private wealth. That amounts to a whopping 80 times the average of those in the bottom 20 percent.
Kasy Chambers, Executive Director of community service organisation Anglicare Australia, blames the tax system.
“We have become a country that cuts from the poorest to give to the richest,” Chambers said.
A report commissioned by Anglicare showed tax benefits for pension savings, known locally as superannuation, plus capital gains to the richest 20 percent cost taxpayers more than A$60 billion year. The bottom 20 percent of Australians by wealth receive only about A$5 billion in such benefits.
Labor has pledged to cut capital gains tax discounts and scrap a favourable tax scheme for multiple property owners called negative gearing.
Both have been blamed for adding to frothiness in the property market, but are popular with wealthy voters the government wants to keep on side.
“Abolishing negative gearing, which has been part of our housing markets for a century, and increasing capital gains tax, would clearly have a more substantial and dislocating impact, placing more than just our credit rating at risk,” Morrison told reporters last week. TUG OF WAR
While house prices are one sore point for young voters, the lack of job opportunities is another.
Youth unemployment in Nowra at 30 percent is almost six times the national average, according to research by advocacy group Brotherhood of St Laurence.
Political analysts say Turnbull risks losing Gilmore, a seat that helped him win the last election by the slimmest of margins, if he does not deliver on his party’s mantra of “jobs and growth for Australians”.
Offering Turnbull a route to re-election, however, is the large percentage of retirees that call Gilmore home.
Lured by beachside living, 34 percent of voters are over 60 years old - many like the Marlows who are rattled by Labor’s plans.
“We can’t vote for Labor when they want to lower our superannuation,” said Robyn Marlow. Reporting by Colin Packham in Jervis Bay and Swati Pandey in SYDNEY; Editing by Lincoln Feast. | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-australia-politics-budget-analysis/australias-generational-wealth-divide-dominates-budget-election-plans-idUKKBN1I507B |
May 17 (Reuters) - Clearwater Paper Corp:
* CLEARWATER PAPER CORP - BOH A. DICKEY RETIRED FROM CO’S BOARD OF DIRECTORS ) EFFECTIVE AS OF END OF HIS CURRENT TERM ON MAY 13, 2018 - SEC FILING
* CLEARWATER PAPER CORP - IN CONNECTION WITH RETIREMENT OF DICKEY SIZE OF BOARD OF DIRECTORS WAS REDUCED TO SEVEN DIRECTORS EFFECTIVE MAY 14, 2018 Source text: ( bit.ly/2rNLT4E ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-clearwater-paper-corp-says-boh-dic/brief-clearwater-paper-corp-says-boh-dickey-retired-from-board-idUSFWN1SO10P |
Reblog You may think of your virtual assistant as a kind of trusty companion, giving out weather forecasts, recipes, news and all sorts of ephemera on request. Amazon, confirming a report by a local television station in Seattle, said the device misunderstood pieces of a conversation as commands. While there’s no way to ensure that such devices as Amazon’s Alexa or Google’s Home are completely safe, there are steps that can help protect your privacy. | ashraq/financial-news-articles | https://www.wsj.com/articles/alexa-just-how-secure-are-you-1527271565?mod=yahoo_hs&yptr=yahoo |
FORT WORTH, Texas, May 10, 2018 /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP) ("Kimbell Royalty Partners" or "Kimbell"), a leading owner of oil and natural gas mineral and royalty interests across 20 states, today announced financial and operating results for the first quarter ended March 31, 2018.
First Quarter Highlights
Q1 distribution of $0.42 per common unit, up $0.06 or 17% per unit from Q4 Average daily production up 4% from Q4, with total Q1 production of 328,530 Boe consisting of 109,886 Bbls of oil, 984,366 Mcf of natural gas and 54,583 Bbls of natural gas liquids Oil, natural gas and NGL revenues of $11.2 million, up 12% from Q4 Net loss of $52.8 million – due to previously disclosed full cost ceiling limitation impairment Adjusted EBITDA of $7.6 million, up 21% from Q4 Executed agreement to sell less than 0.06% of total net royalty acres (and less than 0.7% of total current production) for $9 million
"We delivered another record quarter across the board in Q1," said Robert Ravnaas, Chairman and Chief Executive Officer of Kimbell Royalty Partners' general partner.
"On a top-line basis, we benefitted from a significant improvement in oil, gas and NGLs pricing that could drive additional development activity across a portion of our royalty acreage in the coming quarters. A record 25 drilling rigs are currently drilling wells on our properties, with approximately 60% of those rigs at work in the Permian Basin in West Texas. Our average daily production increased by 4% versus Q4 even though we did not complete any additional acquisitions in the first quarter.
"Our unitholders benefitted from our continued strong financial performance through a 17% sequential increase in our first quarter distribution, or 6 cents per common unit.
"On May 4 th , we executed a purchase and sale agreement to sell a small portion of our Delaware Basin acreage for $9 million. We believe that this transaction proves the significant intrinsic value of our West Texas acreage and represents less than 0.06% of our total net royalty acres. We will continue to evaluate incoming offers for our acreage and transact opportunistically to enhance unitholder value.
"We are continuing to work toward a drop-down of oil and gas assets from our sponsors that is targeted for later this year. Since our February 2017 IPO, we have completed approximately $30 million of accretive acquisitions, and our goal is to continue to grow production, reserves and distributable cash flow both through a potential dropdown and through additional acquisition opportunities that we are continuously evaluating," Mr. Ravnaas said.
First Quarter 2018 Distribution
On April 27, 2018, the board of directors of Kimbell Royalty GP, LLC, the general partner of Kimbell Royalty Partners, declared a cash distribution of $0.42 per common unit for the first quarter of 2018. The distribution will be paid on May 14, 2018 to unitholders of record at the close of business on May 7, 2018. This represented a 17% increase from the prior quarter's distribution.
Financial Highlights
Total revenue including the impact of an approximate $285,000 loss on our commodity derivative instruments was $10.9 million. First quarter net loss was $52.8 million, or a loss of $3.23 per common unit, which was the result of a $54.8 million full-cost ceiling test impairment.
First quarter results benefitted primarily from a 12% increase in realized average commodity prices, combined with an increase of 4% in average daily production.
Adjusted EBITDA for the quarter totaled $7.6 million. (Adjusted EBITDA is a non-GAAP measure. Please see a reconciliation to the nearest GAAP measures at the end of this news release). Average realized price per barrel (Bbl) for oil was $60.97, natural gas per thousand cubic feet (Mcf) was $2.69 and natural gas liquids per Bbl was $26.69.
Production
First quarter average daily production increased by 4% from the prior quarter to 3,650 Boe per day, for total production of 328,530 Boe. The increase was due to higher natural gas output, higher NGLs production from the Permian Basin and Eagle Ford Shale, increased oil production from 14 new wells that came on line in Weld County, Colorado during the first quarter, and from the full impact of acquisitions completed in the fourth quarter of 2017.
First quarter revenues were derived 60% from oil, 24% from natural gas, 13% from natural gas liquids sales and 3% from other sales. Production was composed of approximately 33% oil, 50% natural gas and 17% natural gas liquids.
Hedging Program
At March 31, 2018, fixed price swaps for the remainder of 2018 consisted of 32,450 Bbl of oil (fixed rate at $56.00 per Bbl) and 265,650 MMBtu of natural gas (fixed rate at $2.71 per MMBtu). These derivative instruments cover approximately 10% of our current oil and natural gas production.
Fixed price swaps for 2019 consisted of 43,070 Bbl of oil (fixed rate at $53.07 per Bbl) and 352,590 MMBtu of natural gas (fixed rate at $2.76 per MMBtu).
On March 29, 2018, we entered into additional fixed price swaps for the first quarter of 2020 consisting of 11,011 Bbl of oil (fixed rate at $56.03 per Bbl) and 96,915 MMBtu of natural gas (fixed rate at $2.94 per MMBtu).
Acquisitions and Divestitures
On May 4, 2018, the partnership executed a purchase and sale agreement to sell a small portion of its Delaware Basin acreage for $9 million. This sale represents approximately 24 Boe per day of production (less than 0.7% of total current production) and 41 net royalty acres (less than 0.06% of total net royalty acres). The transaction is expected to close in the second quarter of 2018. This sale is part of the partnership's strategy to continually optimize its portfolio of royalty assets to create maximum value for unitholders.
Liquidity
At March 31, 2018, Kimbell had $30.8 million outstanding under its $50 million revolving credit facility and was in compliance with all related financial covenants. Based on the most recent redetermination under the partnership's revolving credit facility, the borrowing base is $100 million. We reduced our debt to adjusted EBITDA ratio from 1.2x at year-end 2017 to 1.0x at the end of the first quarter of 2018.
Full-Cost Ceiling Limitation Impairment
The partnership recognized a charge of $54.8 million in the first quarter of 2018 related to a full-cost ceiling limitation impairment. This previously disclosed impairment is a one-time, non-cash charge that is not expected to impact the cash flow available for distribution generated by the partnership, its liquidity or ability to make acquisitions in the future.
Conference Call
Kimbell Royalty Partners will host a conference call and webcast today at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss first quarter results. To access the call live by phone, dial 201-389-0869 and ask for the Kimbell Royalty Partners call at least 10 minutes prior to the start time. A telephonic replay will be available through May 17 by calling (201) 612-7415 and using pass code 13677553#. A webcast of the call will also be available live and for later replay on Kimbell's website at http://kimbellrp.investorroom.com under Events and Presentations.
About Kimbell Royalty Partners, LP
Kimbell Royalty Partners, LP (NYSE: KRP) is an oil and gas mineral and royalty variable rate master limited partnership based in Fort Worth, Texas. Kimbell Royalty Partners is managed by its general partner, Kimbell Royalty GP, LLC, and owns mineral and royalty interests in approximately 5.7 million gross acres in 20 states and in nearly every major onshore basin in the continental United States, including ownership in more than 50,000 gross producing wells with over 30,000 wells in the Permian Basin. To learn more, visit http://www.kimbellrp.com .
Forward-Looking Statements
This news release includes forward-looking statements. These forward-looking statements involve risks and uncertainties, including risks relating Kimbell Royalty Partners' business, prospects for growth, acquisitions, drop downs and the securities markets generally. Except as required by law, Kimbell Royalty Partners undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Kimbell's filings with the Securities and Exchange Commission ("SEC"). These include risks inherent in oil and natural gas drilling and production activities, including risks with respect to low or declining prices for oil and natural gas that could result in downward revisions to the value of proved reserves or otherwise cause operators to delay or suspend planned drilling and completion operations or reduce production levels, which would adversely impact cash flow; risks related to the impairment disclosed above; risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and natural gas prices; risks regarding Kimbell's ability to meet financial covenants under its credit agreements or its ability to obtain amendments or waivers to effect such compliance; risks relating to Kimbell's hedging activities; risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks relating to delays in receipt of drilling permits; risks relating to unexpected adverse developments in the status of properties; risks relating to borrowing base redeterminations by Kimbell's lenders; risks relating to the absence or delay in receipt of government approvals or third-party consents; risks relating to acquisitions, dispositions and drop downs of assets; risks relating to Kimbell's ability to realize the anticipated benefits from acquired assets; and other risks described in Kimbell's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov . You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release.
Contact:
Rick Black
Dennard Lascar Investor Relations
[email protected]
(713) 529-6600
– Financial statements follow –
Kimbell Royalty Partners, LP
Consolidated Balance Sheet
(Unaudited, in thousands)
March 31,
2018
Assets:
Current assets
Cash and cash equivalents
$
6,837
Oil, natural gas and NGL receivables
6,560
Other current assets
372
Total current assets
13,769
Property and equipment, net
129
Oil and natural gas properties
Oil and natural gas properties (full cost method)
297,624
Less: accumulated depreciation, depletion and accretion
(74,560)
Total oil and natural gas properties
223,064
Loan origination costs, net
240
Total assets
$
237,202
Liabilities and partners' capital:
Current liabilities
Accounts payable
$
695
Other current liabilities
1,283
Commodity derivative liabilities
290
Total current liabilities
2,268
Long-term debt
30,844
Commodity derivative liabilities
241
Total liabilities
33,353
Commitments and contingencies
Partners' capital
203,849
Total liabilities and partners' capital
$
237,202
Kimbell Royalty Partners, LP
Consolidated Statement of Operations
(Unaudited, in thousands, except per-unit data and unit count)
Three Months Ended
March 31, 2018
Revenue
Oil, natural gas and NGL revenues
$
11,176
Loss on commodity derivative instruments
(285)
Total revenues
10,891
Costs and expenses
Production and ad valorem taxes
816
Depreciation, depletion and accretion expenses
4,456
Impairment of oil and natural gas properties
54,753
Marketing and other deductions
570
General and administrative expenses
2,771
Total costs and expenses
63,366
Operating loss
(52,475)
Interest expense
350
Net loss
$
(52,825)
Net loss attributable to common units:
Basic
$
(3.23)
Diluted
$
(3.23)
Weighted average number of common units outstanding
Basic
16,345,117
Diluted
16,345,117
Kimbell Royalty Partners, LP
Supplemental Schedule
NON-GAAP FINANCIAL MEASURES
Adjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance and compare the results of our operations period to period without regard to our financing methods or capital structure. In addition, management uses Adjusted EBITDA to evaluate cash flow available to pay distributions to our unitholders. We define Adjusted EBITDA as net income (loss) before interest expense, net of capitalized interest, non-cash unit-based compensation, unrealized gains and losses on commodity derivative instruments, impairment of oil and natural gas properties, income taxes and depreciation, depletion and accretion expense. Adjusted EBITDA is not a measure of net income (loss) or net cash provided by operating activities as determined by generally accepted accounting principles in the United States ("GAAP"). We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Adjusted EBITDA should not be considered an alternative to net income, oil, natural gas and natural gas liquids revenues, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Our computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. We expect that cash available for distribution for each quarter will generally equal our Adjusted EBITDA for the quarter, less cash needed for debt service and other contractual obligations and fixed charges and reserves for future operating or capital needs that the board of directors may determine is appropriate.
Kimbell Royalty Partners, LP
Supplemental Schedule
(Unaudited, in thousands, except per unit data and unit count)
Three Months Ended
March 31, 2018
Net loss
$
(52,825)
Depreciation, depletion and accretion expenses
4,456
Interest expense
350
EBITDA
$
(48,019)
Impairment of oil and natural gas properties
54,753
Unit-based compensation
669
Unrealized loss on commodity derivative instruments
212
Adjusted EBITDA
$
7,615
Adjustments to reconcile Adjusted EBITDA to cash available
for distribution
Cash interest expense
475
Cash available for distribution
$
7,140
Limited partner units outstanding (1)
16,834,984
Cash available for distribution per common unit outstanding
$
0.42
(1)
As of first quarter 2018 distribution record date of May 7, 2018.
Kimbell Royalty Partners, LP
Supplemental Schedule
(Unaudited, in thousands)
Three Months Ended
March 31, 2018
Reconciliation of net cash provided by operating activities
to Adjusted EBITDA
Net cash provided by operating activities
$
7,294
Interest expense
350
Impairment of oil and natural gas properties
(54,753)
Amortization of loan origination costs
(16)
Unit-based compensation
(669)
Unrealized loss on commodity derivative instruments
(212)
Changes in operating assets and liabilities:
Oil, natural gas and NGL revenues receivable
(233)
Other receivables
135
Accounts payable
(379)
Other current liabilities
464
EBITDA
$
(48,019)
Add:
Impairment of oil and natural gas properties
54,753
Unit-based compensation
669
Loss on commodity derivative instruments
212
Adjusted EBITDA
$
7,615
View original content: http://www.prnewswire.com/news-releases/kimbell-royalty-partners-announces-record-first-quarter-2018-results-300646082.html
SOURCE Kimbell Royalty Partners, LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-kimbell-royalty-partners-announces-record-first-quarter-2018-results.html |
JACKSON, Mich., May 14, 2018 /PRNewswire/ -- Global bakery manufacturer and ingredients supplier Dawn Food Products, Inc. announced today that is has reached an agreement to acquire Lakeside, Calif.,-based Lakeside Bakery Supplies. This strategic business decision expands Dawn's reach across Southern California, helping deliver the innovative thinking, products and bakery expertise that Dawn is known for to Lakeside's customers.
Lakeside Bakery Supplies is a wholesale bakery distributor that has been owned and operated by the Brzezinski family for nearly 70 years. The company provides its customers with a variety of bakery ingredients, including egg products, flours, cake mixes and bases, icings, sugars, oils, shortenings, fillings, nuts, spices and a wide assortment of frozen products. The company also offers packaging, cake decorations and supplies and paper products.
"We look forward to welcoming Lakeside's customers to the Dawn family as we continue to grow our business and expand our reach throughout California," said Eric Metzendorf, President of Bakery Distribution, U.S. and Canada for Dawn Foods. "Working together for the last 10 years, our company has grown to be true partners with the Brzezinski family and the entire Lakeside team. This opportunity helps us further deliver our insights, innovations, products and bakery expertise to even more bakeries across the country, empowering them to achieve their aspirations."
For Lakeside customers, Dawn will continue to carry many of the same products that Lakeside currently provides. And if unable to offer certain products due to preexisting relationships, Dawn will work with customers on a one-on-one basis to find the best alternative to meet their needs.
"Dawn Foods is well known in the bakery industry for its unparalleled dedication to customer service," said Mike Brzezinski, owner of Lakeside Bakery Supply. "When Carol and I made the decision to take this next step toward retirement, we wanted to find a partner we knew and trusted – someone we would feel good leaving our family's legacy to. We found that in Dawn and are extremely happy our customers will be able to transition to such a hardworking, dedicated partner."
The deal between Dawn and Lakeside closed on May 11, 2018. As part of the transition, many members of the Lakeside sales team and drivers will transfer to the Dawn family, helping provide the service and familiarity customers throughout Southern California already know and expect. Additionally, Mike Brzezinski will be named the Regional Director of Business Development, Southwest at Dawn Foods and will play a key role in the transition process for all Lakeside customers.
About Dawn Food Products, Inc.
Global bakery manufacturer and ingredients supplier Dawn Food Products, Inc. has established itself as the ultimate service provider and inspires bakery success every day. Committed to delighting its customers around the world, Dawn Foods delivers the partnership, insights, innovations, products and bakery expertise that empowers them to achieve their aspirations. Headquartered in Jackson, Michigan, Dawn Foods partners with more than 40,000 artisanal and retail bakers, food service leaders and manufacturers located in more than 100 countries and has 5,000 Team Members globally. For nearly 100 years, Dawn Foods has been a trusted advisor to its customers, helping drive their business forward. For more information about the company, its products and culture, please visit www.dawnfoods.com .
CONTACT:
Ashley Currie
Katie Kaul
Zeno Group for Dawn Foods
Senior Manager, Global Corporate Communications
312-396-9763
517-789-4518
[email protected]
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/dawn-foods-acquires-lakeside-bakery-supplies-expands-footprint-in-southern-california-300647174.html
SOURCE Dawn Food Products, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-dawn-foods-acquires-lakeside-bakery-supplies-expands-footprint-in-southern-california.html |
BOSTON, May 23, 2018 /PRNewswire/ -- Block & Leviton LLP ( www.blockesq.com ), a securities litigation firm representing investors nationwide, is investigating Micro Focus International plc ("Micro Focus" or the "Company") (NYSE: MFGP) and certain of its officers and directors, in connection with its merger with Hewlett Packard Enterprise Company (NYSE: HPE), for potential violations of the federal securities laws. Shareholders who either a) acquired Micro Focus ADSs on September 1, 2017 pursuant the HPE merger or b) purchased Micro Focus ADSs between September 1, 2017 and March 19, 2018 are encouraged to contact the firm.
Block & Leviton is investigating whether Micro Focus and its executives made false and/or misleading statements related to the HPE merger. On March 19, 2018 Micro CEO of only six and half months resigned abrubtly, following the publication of negative revenue guidance. On this news, the Company's stock plunged nearly 50%.
If you acquired MFGP ADS securities as part of the HPE merger on September 1, 2017, or purchased MFGP ADSs between September 1, 2017 and March 19, 2018, and have questions about your legal rights, you are encouraged to contact Attorney John DeFelice at (888) 868-2385, by email at [email protected] or by visiting http://www.shareholder.law/microfocus .
Confidentiality to whistleblowers or others with information relevant to this investigation is assured.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nations' largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
John DeFelice
(617) 398-5600 phone
155 Federal Street, Suite 400
Boston, MA 02110
[email protected]
View original content: http://www.prnewswire.com/news-releases/micro-focus-mfgp-investigated-for-securities-fraud-block--leviton-encourages-investors-including-those-who-obtained-their-shares-in-the-september-2017-merger-with-hpe-to-contact-the-firm-300653551.html
SOURCE Block & Leviton LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-micro-focus-mfgp-investigated-for-securities-fraud-block-leviton-encourages-investors-including-those-who-obtained-their.html |
INSIGHT: The iconic Vespa Primavera turns 50 10:33am EDT - 01:05
Tens of thousands of Italians are taking to the streets on scooter to celebrate the Vespa Primavera, first launched 50 years ago. ▲ Hide Transcript ▶ View Transcript
Tens of thousands of Italians are taking to the streets on scooter to celebrate the Vespa Primavera, first launched 50 years ago. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2FAMTyc | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/02/insight-the-iconic-vespa-primavera-turns?videoId=423231354 |
–President Donald Trump has lunch with Defense Secretary Jim Mattis and meets with NATO Secretary General CIA Nominee Gina Haspel Poised to be Confirmed | ashraq/financial-news-articles | https://blogs.wsj.com/washwire/2018/05/17/capital-journal-can-democrats-make-a-voting-issue-out-of-net-neutrality/ |
Goldman: These 7 growth stocks — including Amazon — should rally even in a flattish market Goldman Sachs tells its clients to buy high-growth companies. The firm reiterates its 2,850 year-end price target for the S&P 500, representing just 4.5 percent upside from Friday's close. Getty Images Workers pack and ship customer orders at the 750,000-square-foot Amazon fulfillment center in Romeoville, Illinois.
With the S&P 500 not likely to do much the rest of the year, Goldman Sachs says there is still an investment strategy that can outperform.
The firm recommended companies with strong prospects for sales growth next year. David Kostin, Goldman's chief U.S. equity strategist, updated his "high revenue growth" stock basket, which is now based on 2019 Wall Street estimates.
He wrote in a note to clients Friday that with the rate of GDP growth expected to slow next year, "W e continue to recommend investors own stocks with the highest forecast sales growth."
The basket includes several internet and technology stocks such as Amazon , Netflix and Autodesk . show chapters 10:35 AM ET Tue, 8 May 2018 | 02:12
Kostin reiterated his year-end price target of 2,850 for the S&P 500, representing just 4.5 percent upside from Friday's close.
He noted the previous version of the "high revenue growth" basket, which was based on 2018 estimates, outperformed the S&P 500 by 8 percentage points over the past 12 months.
Here are seven stocks in the Goldman Sachs "high revenue growth" stock basket with estimated 2019 sales growth of more than 20 percent recommended by Kostin. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/goldman-these-7-growth-stocks--including-amazon--should-rally-even-in-a-flattish-market.html |
MOSCOW, May 1 (Reuters) - Armenia’s ruling Republican Party said on Tuesday that its lawmakers would not vote to install protest leader Nikol Pashinyan as prime minister even though he was the only candidate for the post.
Pashinyan, who led weeks of protests that forced Prime Minister Serzh Sarskyan to resign last week, said the party’s decision not to back his candidacy was an “insult to the people.” (Reporting by Hasmik Mkrtchyan Writing by Gabrielle Tétrault-Farber Editing by Christian Lowe)
| ashraq/financial-news-articles | https://www.reuters.com/article/armenia-politics-party/armenia-ruling-party-says-wont-vote-for-protest-leader-as-pm-idUSR4N1S001O |
(Reuters) - Vedanta Resources’ Zinc International unit said it was exploring the feasibility of developing and constructing a smelter to process zinc mined from its flagship Gamsberg project in South Africa.
FILE PHOTO: A bird flies past the logo of Vedanta installed on the facade of its headquarters in Mumbai, India January 31, 2018. REUTERS/Danish Siddiqui/File Photo The global mining conglomerate said in February it may accelerate expansion of its African zinc operations to take advantage of a surge in prices of the metal.
Zinc prices have rallied to their highest since 2007, boosting overall profits of Vedanta, which has zinc projects in India, South Africa and Namibia.
The company could invest between $700 million and $800 million at the Gamsberg refinery, Vedanta Zinc International said bit.ly/2Kxxt14.
The first phase of the smelter-refinery complex is expected to have a capacity of 250,000 tonnes per year of finished zinc metal, matching Gamsberg’s expected annual output by early 2019.
The smelting plant will make Gamsberg, one of the world’s largest undeveloped zinc resource, a fully integrated zinc production site.
Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty
| ashraq/financial-news-articles | https://www.reuters.com/article/us-vedanta-res-plc-zinc-smelter/vedanta-considers-building-zinc-smelter-in-south-africa-idUSKBN1I31FP |
May 16 (Reuters) - Ucb SA:
* CIMZIA® (CERTOLIZUMAB PEGOL) IS THE FIRST THERAPY TO DEMONSTRATE POSITIVE RESULTS IN A 52-WEEK, PLACEBO CONTROLLED NON-RADIOGRAPHIC AXIAL SPONDYLOARTHRITIS STUDY
* UCB SA - STUDY MET PRIMARY OBJECTIVE AND ALSO MET A KEY SECONDARY OBJECTIVE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cimzia-is-the-first-therapy-to-dem/brief-cimzia-is-the-first-therapy-to-demonstrate-positive-results-in-a-52-week-placebo-controlled-non-radiographic-axial-spondyloarthritis-study-idUSFWN1SN10A |
'U.S. Embassy' road signs go up in Jerusalem 12:12pm BST - 01:15
Road signs marking the U.S. Embassy in Jerusalem are starting to be put up ahead of next week's opening of the disputed embassy. Rough cut (no reporter narration).
Road signs marking the U.S. Embassy in Jerusalem are starting to be put up ahead of next week's opening of the disputed embassy. Rough cut (no reporter narration). //reut.rs/2KDinHv | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/07/us-embassy-road-signs-go-up-in-jerusalem?videoId=424660574 |
May 7 (Reuters) - ALDAR PROPERTIES:
* ALDAR ACQUIRES AED 3.7 BILLION OF ASSETS FROM TDIC * REACHES AGREEMENT WITH TOURISM DEVELOPMENT & INVESTMENT COMPANY TO ACQUIRE A PORTFOLIO OF PRIME REAL ESTATE ASSETS WORTH AED 3.7 BILLION
* ACQUISITION IS EXPECTED TO FUL LY COMPLETE BY END OF JUNE 2018
* OPERATING ASSETS BEING ACQUIRED WILL DELIVER INCREMENTAL NET OPERATING INCOME OF ABOUT AED 120 MILLION TO ALDAR’S ASSET MANAGEMENT PORTFOLIO ON AN ANNUALISED BASIS
* GROSS DEVELOPMENT VALUE OF PROJECTS UNDER DEVELOPMENT ON SAADIYAT ISLAND IS AED 2.5 BILLION Source:( bit.ly/2rofW3t )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-aldar-properties-acquires-aed-37-b/brief-aldar-properties-acquires-aed-3-7-bln-of-assets-from-tdic-idUSFWN1SD04N |
May 9 (Reuters) - Zumiez Inc:
* APRIL SAME STORE SALES ROSE 1.7 PERCENT * NOW EXPECT OUR Q1 2018 OPERATING PROFIT MARGIN TO BE BETWEEN NEGATIVE 1.3% AND NEGATIVE 1.5% OF SALES
* BELIEVE THAT Q1 2018 EARNINGS PER SHARE WILL BE AT HIGH END OF OUR PREVIOUSLY DISCLOSED RANGE OR SLIGHTLY BETTER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zumiez-april-same-store-sales-rose/brief-zumiez-april-same-store-sales-rose-1-7-percent-idUSASC0A11L |
DALLAS and MUMBAI, India, May 8, 2018 /PRNewswire/ -- MoneyOnMobile, Inc. (OTCQB: MOMTD) announced it has filed a Form S-1 registration statement, and subsequent first amendment, file number 333-223935 with the Securities and Exchange Commission ("SEC") for its public offering. This rights offering will allow its shareholders as of the Ownership Day of Wednesday May 9, 2018 by 4:00 PM ET, the opportunity to increase their respective ownership in the company.
Under the proposed rights offering, MoneyOnMobile will distribute to its shareholders of record non-transferable subscription rights to purchase one share of MoneyOnMobile common stock for each share of common stock or common stock issuable upon conversion of preferred stock held as of the Ownership Day date. Holders who fully exercise their basic subscription privilege will be entitled to purchase additional shares of common stock via the over-subscription privilege (should any of the offering remain unsubscribed at the expiration of the subscription period). Holders will receive one non-tradable, non-transferable subscription right for every one share of common stock owned on the record date. All preferred stock holders will receive one non-tradable non-transferable subscription right for every one share of common stock that would be owned upon full conversion of the preferred stock (on an as converted basis) as if they had converted as of the record date.
Finalized calendar for 2018 rights offering:
Wednesday, May 9
Ownership Day, must be a shareholder at the market close of 4:00 PM ET
Thursday, May 10
Ex-Right Day (MOMT trades ex-dividend)
Friday, May 11
Record Date
Tuesday, May 15
Subscription Period Begins
Wednesday, June 6
Subscription Period Ends by 5:00 PM ET
Details of the rights offering will be set out in the registration statement on Form S-1, as amended, filed with the SEC, which is available on the SEC's website at: https://www.sec.gov/cgi-bin/browse-edgar?company=moneyonmobile&owner=exclude&action=getcompany
MoneyOnMobile intends to use the net proceeds from the rights offering to provide working capital to expand growth in India and for general corporate purposes.
MoneyOnMobile has engaged Advisory Group Equity Services, Ltd. doing business as RHK Capital as Dealer-Manager in the offering, Mackenzie Partners, Inc. as Information Agent and Securities Transfer Corporation as Subscription Agent. Questions about the rights offering or requests for copies of the prospectus, when available, may be directed to Mackenzie Partners at (800)322-2885 or [email protected]
About MoneyOnMobile, Inc.
MoneyOnMobile, Inc. is an India focused mobile payments technology and processing company offering mobile payment services. MoneyOnMobile enables Indian consumers to use mobile phones to pay for goods and services or transfer funds from one cell phone to another. It can be used as simple SMS text functionality or through the MoneyOnMobile application or internet site. MoneyOnMobile has more than 350,000 retail locations throughout India.
Safe Harbor Statement
This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed on July 6, 2017. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Web site: www.MoneyOnMobile.in
Twitter: https://twitter.com/MoneyOnMobile
Facebook: https://www.facebook.com/MoneyOnMobile.Official/
LinkedIn: https://www.linkedin.com/company/moneyonmobile
YouTube: https://www.youtube.com/c/MoneyOnMobileofficial
Media Contact (Global):
Greg Allbright
Head of Global Communications
Dallas, Texas
+1 (214) 208-0923
[email protected]
Investor Relations:
Integra Consulting Group, LLC
Jeremy G. Roe, Founder, Managing Partner
+1 (925) 262-8305
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/moneyonmobile-rights-offering-ownership-day-wednesday-may-9th-300644160.html
SOURCE MoneyOnMobile | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-moneyonmobile-rights-offering-ownership-day-wednesday-may-9th.html |
How risky is Italy? Pretty risky according to one key measure of the bond market. Investors were demanding more risk premium for holding short term debt than long term. That’s highly unusual for a sovereign state borrower and more like something investors see with a distressed company. On Tuesday, the Italian government’s credit curve — Brexit & Beyond: Italy's President Searches for Solution Next Turkey’s Bruised Lira Rebounds | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/30/an-italian-euro-exit-fear-gauge/ |
SEOUL (Reuters) - Two North Koreans defected to South Korea early on Saturday and were found in the Yellow Sea, Seoul-based news agency Yonhap reported, citing a government source.
Yonhap said that South Korean military spotted two people in a boat near the inter-Korean sea border, one of whom was a military officer, and they showed willingness to defect to the South.
South Korea’s unification ministry was not immediately available for comment.
The defection came after North Korea declined to accept a list of South Korean journalists hoping to observe the closure of its nuclear test site on Friday, raising new questions about the North’s commitment to reducing tensions in the region.
Reporting by Dahee Kim, Joori Roh; Editing by Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-southkorea-defection/two-north-koreans-including-a-soldier-defect-to-south-korea-yonhap-idUSKCN1IK02A |
CAIRO (Reuters) - Researchers at Italy’s Turin Polytechnic University have found no evidence of the existence of any hidden chambers behind the walls in the tomb of ancient Egypt’s boy-king, Tutankhamen, the Antiquities Ministry said on Sunday.
FILE PHOTO: The golden sarcophagus of King Tutankhamun in his burial chamber is seen in the Valley of the Kings, in Luxor, Egypt, November 28, 2015. REUTERS/Mohamed Abd El Ghany/File Photo Experts have been divided over the existence of a concealed chamber behind the tomb, which some believe could be the final resting place of the lost Queen, Nefertiti.
International interest in Nefertiti is high. She died in the 14th century B.C. and is thought to be Tutankhamen’s stepmother, and any confirmation of her final resting place would be the most remarkable Egyptian archaeological find this century.
Discovery of Nefertiti, whose chiseled cheekbones and regal beauty were immortalized in a 3,300-year-old bust now in a Berlin museum, would shed fresh light on what remains a mysterious period of Egyptian history.
The Egyptian Antiquities Ministry said in a statement that months of studies by Italy’s Polytechnic University in Turin has shown that no such chamber exists.
“The studies ... have shown that no chambers exist, or even an indication of any threshold or door frames, which contradicts the previous theory that had assumed the existence of passages or chambers adjacent or inside the burial chamber of King Tutankhamen,” the statement Quote: d Mostafa Waziri, secretary-general of the Supreme Council of Antiquities, as saying.
In 2015, the antiquities minister said that there was a “90 percent” chance that something was behind the walls of Tutankhamen’s tomb after an initial reading of radar imaging suggested such a chamber existed.
Reporting by Sameh El Khatib, writing by Sami Aboudi, editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-egypt-archaeology-tutankhamen/no-secret-chambers-behind-ancient-egypts-young-king-tutankhamen-research-idUSKBN1I70QM |
CNBC.com Getty Images Facebook CEO Mark Zuckerberg speaks during the F8 Facebook Developers conference on May 1, 2018 in San Jose, California.
Facebook is launching a dating feature inside its core app for users who are single — and it looks like the service will feature at least one main difference from its rivals: Connecting people through shared events.
It's a feature that aims to distinguish the company not just from the industry-leading Bumble and Tinder, but from rivals like OkCupid and Hinge who have somewhat similar offerings to what Facebook plans.
The women-centric Bumble and Match -owned Tinder present a virtual deck of cards with a user's picture, name and age. The two popular dating apps offer some additional bio information like occupation or education on that first facing card, too.
But for the most part, users swipe left or right — to indicate interest in matching with the person, or not — based on their photos. Meaningful information like a person's interests or values is found deeper in the profile, if at all.
OkCupid and Hinge go a little deeper — by listing mutual friends, and guiding users to a more detailed profile with survey questions and conversation icebreakers. show chapters 5:00 PM ET Tue, 1 May 2018 | 01:16
But Facebook's innovation in the dating app space — connecting users based on events — is largely new.
Facebook's dating feature — in many ways separate from the core app — will tie in Events from the larger platform, allowing users to "unlock" an event and indicate to other singles on the app that they're interested in attending.
"It mirrors the way people actually date, which is usually at events and institutions that they're connected to," chief product officer Chris Cox said during the announcement.
The app could show you, say, a Friday night beer tasting at the brewery you've been meaning to try — and then present a list of possible matches who said they would also want to go. From there you can start a private chat, make a plan and meet up.
Shares of Match and its parent company IAC both tanked following the news of Facebook's entrance into the space Tuesday. Source: Facebook
A Bumble spokesperson declined to comment on the specifics of Facebook's iteration, but said the company was "thrilled" to see the news and has reached out to Facebook around a potential collaboration.
"Perhaps Bumble and Facebook can join forces to make the connecting space even more safe and empowering," the spokesperson said in a statement.
"Facebook could have used swiping in its attempt to enter the dating space, but instead they clearly drew inspiration from Hinge. It validates our anti-swipe, pro-dating movement," Hinge said in a statement. "We're happy to see that our movement to create meaningful connections, not games or hookups, is catching on."
A spokesperson for Match was not immediately available to comment on any potential similarities between Facebook's app and OkCupid. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/05/facebooks-dating-app-could-be-very-different-from-tinder-and-bumble.html |
Shortly after Dion Weisler took over Hewlett-Packard Co.’s computer business in 2013, he assembled his charges to survey nearly 40 of its PCs, a hodgepodge of styles, sizes and colors splayed out in a conference room. He wanted the employees to feel embarrassed.
“There was nothing quite as telling as having the whole portfolio on a great big table and forcing our team to look at it,” said Mr. Weisler in a recent interview. He became chief executive of HP Inc., the personal-computer and printer business that emerged from the... | ashraq/financial-news-articles | https://www.wsj.com/articles/how-hp-survives-in-a-shrinking-pc-market-1526917150 |
TORONTO, April 30, 2018 (GLOBE NEWSWIRE) -- God’s Lake Resources Inc. (CSE:GLR) (“ God’s Lake” or the “ Company” ) today announced that it has reorganized its business to consider new business opportunities.
God’s Lake owns three mineral exploration properties (the “ Properties ”) all of which are held by a wholly-owned subsidiary (“ Subco ”): (i) the Muskasenda Project comprised of one unpatented mining claim in English Township in the District of Cochrane, Porcupine Mining Division, Ontario; (ii) the Castlewood Project comprised of sixteen unpatented mining claims in the Castlewood Lake Area of the Thunder Bay Mining Division, Ontario; and (iii) the Shaw Township Project comprised of two patented mining claims, which include both mining and surface rights, in Shaw Township, near Timmins, Ontario. God’s Lake has determined that it is not appropriate at this time to commence any exploration on these properties, and that shareholder value has better potential to be maximized by considering a new business.
In order to prepare to consider the potential acquisitions of businesses, God’s Lake has settled loans in the aggregate amount of $100,000 (the “ Loans ”) owed to related companies (collectively, the “ Creditors ”) in consideration for the assignment of all of the shares of Subco, which owns the Properties as described above (the “ Debt Settlement ”). The Loans were interest free, payable on demand and in the principal amount of $100,000. As result of this Debt Settlement, the Corporation has reduced the recorded value of the Properties and related field equipment in the audited financial statements for the twelve months ended December 31, 2017 from $881,545 to $100,000.
Further announcements will be made on the status of the Company’s search for a new business. In addition, God’s Lake is pleased to announce that Rahim Kassam has been appointed to the board of directors to fill a vacancy.
Rahim Kassam has worked in the mining industry for several years, more specifically, with The Sheridan Platinum Group Ltd. since 2013 as an Analyst, Mining Lands Manager and Exploration Manager.
Mr. Michael Sheridan, President, Chief Executive Officer and director of God’s Lake, is also a director and officer of the Creditors and has a controlling interest in the Creditors. As Mr. Sheridan is an “insider” of God’s Lake, the Debt Settlement is considered a “related party transaction” pursuant to Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions (" MI 61-101 ") requiring the Company, in the absence of exemptions, to obtain a formal valuation for, and minority shareholder approval of, the “related party transaction”. The Company is relying on an exemption from the formal valuation requirements of MI 61-101 available because no securities of the Company are listed on specified markets, including the TSX, the New York Stock Exchange, the American Stock Exchange, the NASDAQ or any stock exchange outside of Canada and the United States other than the Alternative Investment Market of the London Stock Exchange or the PLUS markets operated by PLUS Markets Group plc. The Company is also relying on the exemption from minority shareholder approval requirements set out in MI 61-101 as the fair market value of each of the debt settlement does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Debt Settlement was approved by the independent directors of God’s Lake. This announcement is being made concurrent with the closing of the Debt Settlement in order prepare the Company for the acquisition of a new business on a timely basis.
FOR FURTHER INFORMATION PLEASE CONTACT:
Michael Sheridan
God’s Lake Resources Inc.
(416) 619-2008
CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain “ ”. All statements other than statements of historical fact, included in this release, including, without limitation, future plans and objectives of the Company, are that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are the risks detailed herein and from time to time in the filings made by the Company with securities regulators including the following: (i) God’s Lake has stopped commercial operations and has no history of profit; (ii) investment in the common shares of God’s Lake is highly speculative given the unknown nature of God’s Lake’s business and its present stage of development; (iii) there is no assurance that God’s Lake will find a profitable undertaking or that it can successfully conclude a purchase of such an undertaking at all or on terms which are commercially acceptable; (iv) the directors and officers of God’s Lake will only devote a portion of their time to the business and affairs of God’s Lake and some of them are or will be engaged in other projects or businesses such that conflicts of interest may arise from time to time; and (v) there can be no assurance that an active and liquid market for God’s Lake’s common shares will develop and an investor may find it difficult to resell its common shares. This list is not exhaustive of the factors that may affect any of God’s Lake’s These and other factors should be considered carefully and readers should not place undue reliance on God’s Lake’s Although God’s Lake believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. God’s Lake disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Source: God'sLake Resources Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-godas-lake-resources-inc-announces-debt-settlement-business-reorganization.html |
May 16, 2018 / 3:50 PM / Updated 11 minutes ago Police enter home of ousted Malaysian PM Najib Reuters Staff 2 Min Read
KUALA LUMPUR (Reuters) - At least a dozen police officers entered the family home of ousted Malaysian Prime Minister Najib Razak late on Wednesday, after he had returned home from prayers at a mosque, a Reuters witness said. Police arrive outside former prime minister Najib Razak's residence in Kuala Lumpur, Malaysia May 16, 2018. REUTERS/Lai Seng Sin
State news agency Bernama said that dozens of police officers were also seen at a luxury condominium in another district of the Malaysian capital where Najib has an apartment.
A police spokeswoman could not be contacted for comment.
Najib’s ruling coalition was dealt a stunning defeat in a general election last week and the former prime minister, who has been dogged since 2015 by a multi-billion-dollar scandal, was banned along with his wife from leaving Malaysia at the weekend.
More than 100 people, including journalists and members of the public, gathered outside his family home after police vehicles arrived. Thousands of people watched as local media streamed the scene live on the Internet.
Mahathir Mohamad, who took over as prime minister last week, has said he will investigate allegations of corruption at 1Malaysia Development Berhad (1MDB), a state fund founded by Najib.
Mahathir has replaced the attorney-general and officials at the anti-graft agency, in what appears to be a purge of people seen as close to the former premier. Reporting by Fathin Ungku; Editing by Raju Gopalakrishnan and John Chalmers | ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-najib/police-enter-home-of-ousted-malaysian-pm-najib-idUSKCN1IH27C |
May 7 (Reuters) - GREENYARD NV:
* ANNOUNCES APPOINTMENT OF GEERT PEETERS AS CFO * GEERT PEETERS WILL JOIN THE COMPANY AS CHIEF FINANCIAL OFFICER AS FROM SEPTEMBER 2018. Source text: bit.ly/2KKixgq (Gdynia Newsroom:)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-greenyard-announces-appointment-of/brief-greenyard-announces-appointment-of-geert-peeters-as-cfo-idUSFWN1SE10T |
PARIS (Reuters) - French property group Fonciere des Regions ( FDR.PA ) made its first foray into the British market on Thursday, in a deal to buy 14 upmarket hotels from Starwood Capital for 858 million pounds ($1.2 billion).
The transaction will also see InterContinental Hotels Group ( IHG.L ) sign long-term leases for 13 of those 14 hotels, with IHG subsequently rebranding and running those hotels, which are ranked as four-star and five-star venues.
Fonciere des Regions said the takeover would allow it to diversify its portfolio of assets and get a foothold in the lucrative British market, where tourism numbers have risen thanks partly to a drop in sterling following Brexit.
“This acquisition is an opportunity to duplicate the development strategy already rolled out in France, Germany and Spain, where Fonciere des Regions is the preferred partner of active operators on these markets,” said Fonciere des Regions deputy chief executive Dominique Ozanne in a statement.
“This transaction will help Fonciere des Regions cement its leading position on the hotel real estate investment market in Europe,” added Ozanne.
IHG added that the deal with Fonciere des Regions would also allow it to increase its presence in the upmarket part of the UK hotels sector.
Fonciere des Regions added that its Fonciere des Murs ( FMU.PA ) subsidiary would launch a share capital increase worth around 300 million euros to help finance the takeover.
Starwood Capital said that Eastdil Secured and UBS served as advisors on the transaction.
($1.2 billion)
($1 = 0.7350 pounds)
Reporting by Sudip Kar-Gupta, editing by Sinead Cruise
| ashraq/financial-news-articles | https://www.reuters.com/article/us-france-britain-hotels/frances-fonciere-des-regions-enters-uk-market-in-1-2-billion-hotels-takeover-deal-idUSKBN1I40P2 |
RIO DE JANEIRO, May 30 (Reuters) - Brazil’s state-run oil company Petrobras on Wednesday received $900 million of a $1 billion loan from the Export-Import Bank of China, the company said in a statement.
Petrobras said it will receive the remaining $100 million by May next year.
The loan, part of the company’s effort to diversify its sources of finance, was signed two years ago to be used to pay for goods and services already contracted with Chinese firms. (Reporting by José Roberto Gomes Editing by James Dalgleish)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/petrobras-china-loan/petrobras-receives-900-mln-first-tranche-of-china-eximbank-loan-idUSL2N1T12C1 |
May 23, 2018 / 11:31 AM / Updated 11 minutes ago Brazil signals additional fuel tax cut to end truckers protests Reuters Staff 2 Min Read
BRASÍLIA/SÃO PAULO, May 23 (Reuters) - The Brazilian government will propose a reduction of the PIS/Cofins tax on diesel in a bid to end a nationwide truckers’ protest against higher fuel prices, which is disrupting economic activity.
The protests that started on Monday are affecting transportation of goods ranging from auto-parts to animal feed to grains, disrupting industries including meatpackers, carmarkers and the delivery of goods to ports.
The proposal, to be put before Congress next Tuesday, comes as leaders floated a plan to eliminate fuel taxes using additional revenue from payroll taxes to reduce fuel prices, House Speaker Rodrigo Maia said late on Tuesday.
Since the beginning of the week, truck drivers have been staging demonstrations against a rise in fuel prices of nearly 50 percent in less than a year. They said they would extend their protest into a third day on Wednesday after considering insufficient a government proposal to reduce only the CIDE fuel tax.
ABCAM, he trucking group organizing the protests, said on Tuesday demonstrations would continue, complaining that the CIDE accounted for only a fraction of the taxes on diesel fuel.
According to state-run oil company Petroleo Brasileiro, known as Petrobras, state and federal taxes make up 29 percent of the final price of diesel paid by the consumer. (Reporting by Maria Carolina Marcello and Pedro Fonseca Writing by Ana Mano Editing by Chizu Nomiyama) | ashraq/financial-news-articles | https://www.reuters.com/article/brazil-transport/brazil-signals-additional-fuel-tax-cut-to-end-truckers-protests-idUSL2N1SU0CD |
U.S. lawmakers closed a long-standing legal loophole that helped spark a financial crisis in Puerto Rico that has decimated the savings of thousands of residents.
Tucked inside legislation that passed the House of Representatives Tuesday night — a larger bill largely focused on rolling back Dodd-Frank banking regulation — is a provision that creates greater oversight of brokerage firms operating in U.S. territories.
The provision ends a 78-year-old legislative loophole that allowed subsidiaries of global banking institutions that operated in U.S. territories, like Puerto Rico, to do certain types of financial transactions that are legally barred stateside.
This exemption from the so-called Investment Company Act of 1940 also allowed funds in Puerto Rico to skirt leverage standards and certain affiliated party transactions that apply to funds operating in the U.S.
The loophole allowed for Swiss banking giant UBS and other banks to underwrite specific Puerto Rico bonds and then sell them directly into bond funds that were sold only to island residents, a CNBC investigation , published in December, found.
show chapters Bill does not weaken regulations for largest banks: Barney Frank 3:59 PM ET Tue, 22 May 2018 | 06:30 The funds, which were not registered with the SEC, were highly levered and concentrated largely in Puerto Rico bonds, which became practically worthless in recent years. The residents who bought them lost billions of dollars in savings.
The legislation passed Tuesday repeals the exemption to ensure that financial institutions that operate in all U.S. territories, including Puerto Rico and the U.S. Virgin Islands, have to abide by the same rules as their stateside counterparts. Funds issued and sold to investors by institutions in Puerto Rico will now need to be registered with the SEC.
CNBC's investigation prompted Rep. Nydia Velázquez (D-N.Y.) to call for a congressional hearing to investigate the marketing and sales practices of investment companies operating in Puerto Rico. Her office is expecting that the passage of Tuesday's bill will negate the need for such a hearing.
Velázquez, a senior member of the House Financial Services Committee, had tried three times before, in 2015, 2016 and last year, to close the loophole. But her prior bills, which weren't part of a bigger legislative package, failed to pass.
When Congress first enacted the Investment Company Act of 1940, it was deemed too expensive for regulators with the SEC to travel to U.S. territories — which then also included Alaska and Hawaii, in addition to Puerto Rico and the U.S. Virgin Islands.
Since then, both Alaska and Hawaii have become states, air travel to and from Puerto Rico has become less expensive and a large portion of financial activity takes place electronically. That makes it far easier for regulators to patrol financial activities in U.S. territories than it was 78 years ago, Rep. Velázquez has argued.
The bill, called the "Economic Growth, Regulatory Relief and Consumer Protection Act, passed on Tuesday.
Velazquez said she voted no on it for other reasons. For example, the bill rolls back many protections for bank customers, including preventing discrimination against minorities in mortgage lending. It also raises the threshold for a bank to be considered systemically important to $250 billion in assets. It was seen as favorable to medium-sized U.S. banks by loosening some of the current rules.
"On balance, these are poor choices that, in my view, heighten the risk of improper financial activities similar to those that precipitated the 2008 financial crisis," Velazquez said in a statement.
On-island financial institutions will have three years to comply with the new rules, assuming they get signed into law. The SEC has to option to grant an additional three years, if warranted.
"This bill will put Puerto Rico's mutual fund industry in regulatory parity with the Mainland and, at last, bring to an end decades of exploitation of Puerto Rican investors," Velázquez said in a written statement. "I am heartened, at least, that by passing my legislation, as part of this larger package, we will no longer hear of the people of Puerto Rico being swindled out of their nest eggs due to an antiquated loophole in federal investment law."
WATCH: 5 buys for Dodd-Frank overhaul show chapters Dodd-Frank overhaul: 5 buys 21 Hours Ago | 03:47 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/gop-house-closes-a-loophole-linked-to-puerto-ricos-financial-crisis.html |
ROME (Reuters) - Italy’s two main anti-establishment parties could yet form a government, after the man nominated as interim prime minister said politicians, rather than technocrats like himself, might be able to steer the country out of deadlock.
Wednesday’s development came as financial markets calmed after a rout a day earlier when investor concerns about Italy’s finances gave the yield on Italian 2-year bonds its biggest rise since 1992 and dented the euro’s exchange rate.
The crisis started when the 5-Star Movement and the right-wing League abandoned their plan to form a coalition after the head of state vetoed their choice of 81-year-old eurosceptic economist Paolo Savona as finance minister.
On Wednesday, Prime Minister-designate Carlo Cottarelli said possibilities had emerged “for the birth of a political government,” and that financial market turmoil and other circumstances, “have caused me to wait for further developments.”
A source close to President Sergio Mattarella, who vetoed Savona as finance minister and appointed Cottarelli to form a government to oversee fresh elections around the end of the year, said the two men had “decided together not to rush things, (to favour) a possible political government”.
A source close to 5-Star, which emerged from inconclusive elections in March the single-biggest party in parliament, said the parties were now trying to find “a point of compromise on another name” for the economy ministry.
Laura Castelli, a lawmaker close to 5-Star leader Luigi Di Maio, said: “It’s surprising that Paolo Savona, a person of great culture and a fine political sense, has not yet taken the decision to withdraw.”
But League leader Matteo Salvini, who is surging in opinion polls, played down the notion that he and 5-Star would try again to form a coalition, saying Italy should have a snap election.
“The earlier we vote the better because it’s the best way to get out of this quagmire and confusion,” he told reporters.
Former senior International Monetary Fund (IMF) official Carlo Cottarelli speaks to the media after a meeting with Italy's President Sergio Mattarella at the Quirinal Palace in Rome, Italy, May 28, 2018. REUTERS/Tony Gentile UNCERTAINTY On Tuesday, the prospect of a snap election - likely to lead to a eurosceptic government that could put Italy’s euro zone membership in question - hit Italian bonds, shares and pushed the euro to multi-month lows.
A surprise breakthrough between the president and 5-Star/League would ease uncertainty but still usher in a coalition planning to ramp up spending in the heavily indebted nation and push for changes to European Union and euro zone fiscal rules.
But even with uncertainty remaining, Italy’s government bond yields fell from multi-year highs on Wednesday and a smooth bond auction brought a degree of calm to a battered market.
“We are not yet at the point where investors refuse to lend money to Italy,” said Roberto Coronado of PineBridge Investments.
In Germany, the euro zone’s largest economy, Finance Minister Olaf Scholz played down the risk of the Italian crisis engulfing the currency area.
“One can say that Europe is better prepared for difficult situations than before. What is more, I am firmly convinced that the majority of Italians have a very pro-European stance. It is a European nation,” he told Reuters.
Slideshow (3 Images) Three officials at the European Central Bank told Reuters the ECB was not considering any intervention as indicators were not yet showing signs of stress among banks and the central bank did not have the tools or mandate to solve what they said was being treated as essentially a political crisis.
Steve Scherer, Gavin Jones, Giselda Vagnoni, Steve Jewkes, Dhara Ranasinghe, Helen Reid, Sujata Rao, Marc Jones, Michael Nienaber and Antonio Denti; Writing by Robin Pomeroy
| ashraq/financial-news-articles | https://in.reuters.com/article/italy-politics/politicians-push-for-july-election-as-italy-seeks-exit-from-crisis-idINKCN1IV0TB |
May 30, 2018 / 12:45 AM / Updated 32 minutes ago Oil climbs more than two percent as tight supplies in focus Ayenat Mersie 3 Min Read
NEW YORK (Reuters) - Oil prices climbed on Wednesday, supported by tight supplies, forecasts of a drawdown in U.S. crude inventories, and a weaker dollar. A worker walks at the Sindbad oil field near the Iraqi-Iranian border in Basra, Iraq April 23, 2018. Picture taken April 23, 2018. REUTERS/Essam Al-Sudani
Brent LCOc1 rose $1.98, or 2.6 percent, to $77.37 a barrel by 11:52 a.m. EDT (1552 GMT). U.S. crude CLc1 gained $1.62, or 2.4 percent, to $68.35.
Oil has been pressured by reports that the Organization of the Petroleum Exporting Countries (OPEC) and Russia may ease up on output cuts that have been in place since January 2017. The supply reductions have driven down global inventories and boosted prices, with global benchmark Brent crude reaching a 3-1/2-year high of $80.50 a barrel on May 17.
Brent has dropped more than $4 a barrel since then. On May 25, sources told Reuters that Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil output by around 1 million bpd.
On Wednesday, however, the Russian central bank issued a statement that a decline in oil prices would pose a risk to the country’s financial sector.
“It seems that somebody in the central bank is taking notice of the big drop in oil prices and sending a signal of, ‘Hey, wait a second. We don’t want these prices to fall too far - that could pose a risk to the Russian economy’” said Phil Flynn, analyst at Price Futures Group in Chicago.
U.S. crude’s discount to Brent WTCLc1-LCOc1 was as much as $9.31, with Brent supported more as investors worried that crude supplies from Iran could be drying up, with U.S. sanctions deterring buyers.
“There’s more concern on the Brent side that supply losses from Iran are harder to be made up,” Flynn said.
India’s Reliance Industries Ltd ( RELI.NS ), owner of the world’s biggest refining complex, plans to halt oil imports from Iran, two sources familiar with the matter said.
Also supporting prices was a weaker dollar and forecasts that U.S. data will show crude inventories fell last week, analysts said. [EIA/S]
Industry group American Petroleum Institute (API) releases its weekly supply report at 4:30 p.m. EDT (2030 GMT) on Wednesday, followed by the official data on Thursday.
In Brazil, the FUP oil workers union said workers had joined the call for a nationwide strike on at least 20 oil rigs in the lucrative Campos basin and other areas of the country. Protesters are calling for the resignation of Petroleo Brasileiro SA ( PETR4.SA ) Chief Executive Officer Pedro Parente and a change to company fuel pricing policies. The company said production was not affected. Additional reporting by Alex Lawler, Roslan Khasawneh and Rania El Gamal; Editing by David Gregorio and Edmund Blair | ashraq/financial-news-articles | https://www.reuters.com/article/uk-global-oil/oil-prices-mixed-amid-worries-over-growing-supplies-idUSKCN1IV029 |
May 3, 2018 / 12:16 PM / Updated 37 minutes ago SLA flags possible capital return after Phoenix insurance deal Reuters Staff 2 Britain’s Standard Life Aberdeen (SLA) ( SLA.L ) said on Thursday it was considering the potential for a “substantial” return of capital to shareholders after it completes a deal to sell the bulk of its insurance business to Phoenix Group ( PHNX.L ). FILE PHOTO: A worker leaves the Standard Life House in Edinburgh, Scotland February 27, 2014. REUTERS/Russell Cheyne
Specialist UK life insurer Phoenix agreed the 3.24 billion pound ($4.40 billion) deal with SLA in February, which will enable SLA to complete its switch in focus to asset management from insurance.
An SLA spokeswoman declined to give more detail on the size of the possible capital release.
Analysts at Bernstein said they expected SLA to have 1.2-1.3 billion pounds in capital available for share buy-backs and “bolt-on” acquisitions after the deal, in addition to using 800 million pounds for debt reduction. They reiterated their “outperform” rating on the stock.
SLA's shares were up 0.93 percent to 370.5 pence at 1319 GMT, outperforming a soft FTSE 100 .FTSE .
Phoenix and SLA also said in separately-issued statements that they were “actively progressing” with the proposed deal, expected to be completed in the third quarter of 2018.
SLA and Phoenix said their respective circulars and the Phoenix prospectus would be published shortly after May 29, when SLA holds its annual general meeting (AGM).
General meetings of both firms to approve the deal will take place soon after the SLA AGM, they added.
($1 = 0.7361 pounds) Reporting by Radhika Rukmangadhan in Bengaluru and Carolyn Cohn in London; Editing by Sinead Cruise and Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/us-standard-life-m-a-phoenix-group/standard-life-reiterates-capital-return-plans-after-phoenix-deal-idUSKBN1I41EH |
May 1, 2018 / 12:04 AM / in 6 hours American actress Ashley Judd sues Harvey Weinstein for defamation, sexual harassment Jill Serjeant 3 Min Read
LOS ANGELES (Reuters) - Hollywood actress Ashley Judd on Monday filed a defamation and sexual harassment lawsuit against film producer Harvey Weinstein, alleging that he damaged her movie career after she refused his sexual advances. Actress Ashley Judd speaks at the Milken Institute's 21st Global Conference in Beverly Hills, California, U.S. April 30, 2018. REUTERS/Lucy Nicholson
The civil lawsuit, filed in Los Angeles Superior Court in Santa Monica, accuses Weinstein of causing Judd to lose a part in 1998 in the film “The Lord of the Rings” by making “baseless smears” against her.
The lawsuit, reviewed by Reuters, alleges that Weinstein “was retaliating against Ms Judd for rejecting his sexual demands approximately one year earlier, when he cornered her in a hotel room under the guise of discussing business.”
“Weinstein used his power in the entertainment industry to damage Ms. Judd’s reputation and limit her ability to find work,” the lawsuit added. FILE PHOTO: 90th Academy Awards - Oscars Arrivals - Hollywood, California, U.S., 04/03/2018 - Ashley Judd. REUTERS/Carlo Allegri/File Photo
A representative for Weinstein issued a statement hours later saying the onetime film studio chieftain had “neither defamed Ms Judd nor ever interfered with Ms Judd’s career.”
Instead, the statement said, Weinstein “championed” Judd’s work and “repeatedly approved her casting for two of his movies” - “Frida” in 2002 starring Salma Hayek, and “Crossing Over” with Harrison Ford in 2009. It also said he had “fought for Ms Judd as his first choice for a lead role in “Good Will Hunting.” Actress Ashley Judd speaks at the Milken Institute's 21st Global Conference in Beverly Hills, California, U.S. April 30, 2018. REUTERS/Lucy Nicholson
The statement did not address Judd’s allegations that she was sexually harassed by Weinstein.
Judd was one of the first women in October 2017 to make an on-the-record allegation of sexual misconduct against Weinstein, which soon afterward evolved into the social media #MeToo movement against sexual harassment and assault. The Oscar-winning producer has since been accused of sexual impropriety by more than 70 women.
He has denied having non-consensual sex with anyone.
Judd, a leading member of the “Time’s Up” movement against sexual harassment in the workplace, is seeking unspecified damages and a jury trial.
Judd’s representative did not immediately return a call for comment.
The actress said in a statement to the New York Times that any financial recuperation from the lawsuit would be donated to Time’s Up “so that women and men in all professions may have legal redress for sexual harassment, economic retaliation and damage to their careers.” Reporting by Jill Serjeant; Additional reporting by Steve Gorman in Los Angeles; Editing by Bill Tarrant, Robert Birsel | ashraq/financial-news-articles | https://www.reuters.com/article/us-people-ashley-judd-weinstein/american-actress-ashley-judd-sues-harvey-weinstein-for-defamation-sexual-harassment-idUSKBN1I12GQ |
SCOTTSDALE, Ariz., Axon (Nasdaq: AAXN), the global leader in connected law enforcement technologies, today announced that it has commenced a proposed public offering of shares of its common stock, which includes 4,000,000 shares offered by Axon and 300,000 shares offered by its Chief Executive Officer and Founder, Patrick W. Smith. The underwriters have a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering. Axon intends to use the net proceeds from this offering for working capital and other general corporate purposes. Axon will not receive any proceeds from the sale of the shares of common stock by Mr. Smith. J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the proposed offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed or as to the final size or terms of the offering.
The shares are being offered by Axon and Mr. Smith pursuant to a shelf registration statement filed with the Securities and Exchange Commission (SEC) and only by means of a prospectus and prospectus supplement. A preliminary prospectus supplement relating to, and describing the terms of, the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov . When available, copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may also be obtained by contacting J.P. Morgan Securities LLC at c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at (866) 803-9204; and Morgan Stanley & Co. LLC at Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
About Axon
Axon provides a network of devices, apps, and people that helps law enforcement become smarter and safer. Our mission is to protect life. Our technologies give law enforcement the confidence, focus, and time they need to keep their communities safe. Our products impact every aspect of an officer's day-to-day experience.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, those relating to Axon's expectations regarding the completion, timing, and size of the public offering, and its expectations with respect to granting the underwriters a 30-day option to purchase additional shares. Any forward-looking statements in this press release are based on management's current expectations and beliefs of future events, and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those sets forth in or implied by such forward-looking statements. These risks and uncertainties related to completion of the proposed public offering on the anticipated terms, or at all, include, but are not limited to, market conditions and the satisfaction of customary closing conditions related to the proposed public offering. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause Axon's actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in Axon's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in Axon's other filings with the SEC, including those contained or incorporated by reference in the preliminary prospectus supplement relating to the proposed public offering to be filed with the SEC. All information in this press release is as of the date of the release, and Axon undertakes no duty to update this information unless required by law.
Investor Contact
Andrea James
[email protected]
with multimedia: releases/axon-announces-proposed-public-offering-of-common-stock-300648034.html
SOURCE Axon | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-axon-announces-proposed-public-offering-of-common-stock.html |
CBS Corp. has declared war on its controlling shareholder, suing Shari Redstone and her family’s National Amusements Inc. holding company for trying to force CBS to merge with Viacom Inc.
The lawsuit is a move by the media company and its independent directors to reject the suggested merger, prevent Ms. Redstone from retaliating against the board for refusing the deal, and reduce National Amusements’ voting power.
Filed... | ashraq/financial-news-articles | https://www.wsj.com/articles/cbs-goes-on-attack-against-redstones-suing-controlling-shareholder-for-breaching-fiduciary-duty-1526308237 |
May 18 (Reuters) - Fresenius CEO at Annual General Meeting:
* CEO SAYS COSTS RELATED TO AKORN TRANSACTION TOTAL 60 MILLION EUROS SO FAR
* SAYS MUST EXAMINE WHETHER PROVISIONS NEED TO BE SET ASIDE IN CONNECTION WITH AKORN
* FRESENIUS CEO SAYS HAVE FILED FOR SUFFICIENT LEVEL OF DAMAGES FROM AKORN Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fresenius-costs-related-to-akorn-t/brief-fresenius-costs-related-to-akorn-total-60-mln-euros-so-far-ceo-idUSF9N1SA025 |
Von Trier's slasher film Cannes comeback 9:34pm IST - 02:17
Lars Von Trier receives a standing ovation at Cannes seven years after being thrown out of the festival, returning with horror comedy 'The House That Jack Built'. Rough cut (No reporter narration).
Lars Von Trier receives a standing ovation at Cannes seven years after being thrown out of the festival, returning with horror comedy 'The House That Jack Built'. Rough cut (No reporter narration). //reut.rs/2L4yT3z | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/16/von-triers-slasher-film-cannes-comeback?videoId=427447983 |
May 2, 2018 / 4:07 PM / Updated 15 minutes ago Rebels agree withdrawal deal for enclave near Syria's Homs - official Reuters Staff 1 Min Read
BEIRUT (Reuters) - Rebels accepted a deal with the Syrian government on Wednesday to evacuate their enclave near the city of Homs, a rebel official said.
“The Syrian army and armed groups reached an agreement with Russian sponsorship for the armed groups to exit,” said a military media unit run by Lebanon’s Hezbollah, which fights in support of Damascus. It cited reports by opposition groups.
The enclave under insurgent control includes the towns of Houla, Rastan, and Talbiseh and villages around them, on a main highway between the cities of Homs and Hama.
Fighters and civilians who refuse the return of state rule will be shuttled to insurgent territory in the north near the Turkish border starting Saturday, the rebel official in Homs said.
(This corrected versioin of the story fixes sourcing to clarify Hezbollah media unit citing opposition reports). Reporting by Ellen Francis in Beirut and Suleiman al-Khalidi in Amman, Editing by William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-syria-homs/rebels-agree-withdrawal-deal-for-enclave-near-syrias-homs-sources-idUKKBN1I329U |
May 2, 2018 / 11:10 PM / Updated 6 hours ago UK small manufacturers report record export growth - CBI Reuters Staff 2 Min Read
LONDON (Reuters) - British small manufacturers are enjoying the fastest growth in export orders in more than a decade but are suffering from a dearth of demand at home, the Confederation of British Industry said on Thursday. FILE PHOTO: Novelty bags are seen for sale on a stall on Oxford Street in London August 6, 2013. REUTERS/Andrew Winning
Britain’s economy barely grew in the first three months of this year, according to official data, and economists are keeping a keen eye out for signs of a pick-up.
The CBI said its quarterly poll of small and medium-sized manufacturers showed the biggest rise in export orders since the survey began. But domestic demand was flat, and businesses are worried exports could falter too.
“Cost pressures remain high, and investment plans have deteriorated,” CBI economist Alpesh Paleja said.
Plans to invest in plant and machinery fell particularly sharply, despite businesses reporting that it was a lack of capacity in this area of their operations was more likely to hamper expansion plans than at any point since 1988.
Overall, the CBI expects economic growth this year will be “tepid” and similar to last year.
Britain is due to leave the European Union in March 2019 but terms of its departure and long-term trade relationship with its biggest trade partner have not been finalised.
“Building on recent progress in agreeing a transition period, other hurdles on the Brexit path need to be cleared swiftly and in the same spirit of compromise,” CBI said. Reporting by David Milliken, editing by Andy Bruce | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-economy-cbi/uk-small-manufacturers-report-record-export-growth-cbi-idUKKBN1I3352 |
Larry Anderson Will Serve as Global Account Manager, and Steve Richardson Will Serve as Aftermarket Leader, a Newly Created Role
BATAVIA, Ohio--(BUSINESS WIRE)-- Ellis & Watts Global Industries, Inc. announced it has hired two new senior leaders to accommodate growing global demand for its products and services. Larry Anderson has joined the company as Global Account Manager, and Steve Richardson has joined to assume a newly created position, Aftermarket Leader. Both gentlemen bring decades of experience and expansive knowledge of Ellis & Watts’ customer sectors.
Mr. Anderson will primarily work with Ellis & Watts’ Military and Aerospace customers to promote the company’s capabilities, match the customers’ needs with Ellis & Watts’ differentiated solutions, manage customer inquiries (from budgets & layouts through Quote: & purchase orders), and provide support throughout production. Mr. Anderson brings nearly 30 years of business experience, most recently with the Testing, Inspection, and Certification company Bureau Veritas , and before that with Cobham plc , ( LON: COB ) where he focused on civilian and military aircraft safety systems. He also held sales and finance leadership roles at GE Aviation ( NYSE: GE ), Pratt & Whitney, and Raytheon Aircraft ( NYSE: RTN ).
Mr. Richardson joins Ellis & Watts in the newly-created position of Aftermarket Leader, where he will lead the company’s parts and service teams, focusing on expanding post-sale customer support around the globe. Mr. Richardson brings 30+ years of experience leading efforts to grow aftermarket businesses in the aerospace, automotive, pulp and paper, and packaging sectors. Most recently, he served as general manager for marketing and sales for the Nidec Minster Corporation’s services division.
Both Anderson and Richardson will report to Nelson Wesley, Ellis & Watts Vice President of Sales & Marketing.
“We’re very excited to welcome Larry and Steve to our team, where each of them brings deep experience and rare strategic skills that will enable us to better execute our key strategic priorities,” said Wesley. “In addition, when you consider the backgrounds of these two leaders, it’s clear evidence of the level of talent and pedigree Ellis & Watts is able to draw in this competitive market.”
About Ellis & Watts
Founded in 1952, Ellis & Watts Global Industries specializes in engineering and manufacturing HVAC, portable, heat transfer, and barrier systems for medical imaging, military, nuclear, aerospace, hazardous waste management, and research lab applications. Ellis & Watts offers complete custom flexibility on systems and parts engineered for critical performance in harsh environments, and it is committed to servicing these systems and parts for life. Ellis & Watts operates under a robust quality program that is ISO 9001 registered and meets the demanding requirements of ASME NQA-1. In addition, Ellis & Watts systems are performance tested to ensure safe and reliable operation. Ellis & Watts means mission-critical engineering; nuclear-grade safety; medical-grade quality; military-grade durability. We work to the highest standards on projects that are anything but standard. Ellis & Watts is a subsidiary of MiTek®, a Berkshire Hathaway company (NYSE: BRK-A , NYSE: BRK-B ). More info: www.EllisWatts.com
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Ellis & Watts Global Industries, Inc.
Nelson Wesley
[email protected]
Source: Ellis & Watts Global Industries, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-to-accommodate-growing-global-demand-ellis-watts-announces-two-new-senior-leaders.html |
May 23, 2018 / 10:38 AM / Updated 2 hours ago Coming back to life: Dollar surge raises hopes for volatile FX Tommy Wilkes , Saikat Chatterjee 7 Min Read
LONDON (Reuters) - The U.S. dollar’s unexpected surge over the past month is encouraging currency traders to pray for a return of lucrative but long-dormant price volatility on the main foreign exchanges, although early signs on that are strangely subdued. FILE PHOTO: A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration/File Photo
Extra volatility - how much markets fluctuate up or down - opens up pricing gaps and anomalies that give traders more opportunities to make money, brokers more volume, and seeds greater demand for hedging services from multinational companies and cross-border investors.
But recent years have seen big currency swings evaporate as record-low interest rates converged towards zero and central bank money-printing weakened the cues exchange rates take from monetary policy trends and economic divergence.
That in turn has hammered profits at hedge funds and banks’ FX trading divisions, though some are asking whether the dollar’s blistering 5 percent rally since mid-April will mark a turn for vol, as known in market parlance.
“FX is back to life. We will have to wait through a few more months of low volatility but the time will come and it is getting more attractive,” said Andreas Koenig, head of global FX at Amundi Asset Management.
So far there is little sign of this. Markets broadly look at two gauges of currency volatility — a daily swing in actual spot prices and an implied gauge derived from options markets on what traders expect volatility to be.
Three-month implied volatility EUR3MO= in the euro has completely unwound its February surge and is heading back below 6, levels not seen since 2014, while actual currency market swings remain comparatively elevated.
Realised moves in the euro remain elevated with daily volatility creeping up to around 5.5 and nearly doubling from the start of the year, a function of the dollar’s rally that has taken currency markets by surprise.
And there lies the rub. Despite the dollar’s rise, which has drawn comparisons with earlier cycles of a surging dollar and increased volatility in early 2015 and late 2016, traders remain sceptical this move signals the return to more volatile markets.
“It doesn’t feel at this stage like the beginning of a larger structural move higher,” said Richard Bibbey, HSBC’s global head of FX cash trading, while adding that quiet currency markets were a “cyclical” rather than structural issue.
There are many in the market who say the recent dollar spike may be temporary, because it has been caused by speculators unwinding record bets against the greenback rather than a structural shift in the global economy. What about volatility in other asset classes? U.S. Treasury bond volatility .MERMOVE is back towards record lows. In contrast, the S&P 500's .SPX volatility in the first 90 trading days of 2018 was the highest start to a year since 2009, while price swings of crude oil and metals are far higher than for the dollar.
Graphic: Dollar Index and Vol - reut.rs/2IuaB17 ANAESTHESIA
Even major events in the $5 trillion-a-day foreign exchange markets, still the world’s biggest, in the last three years including the Brexit referendum and the removal of the cap on the Swiss franc, have failed to inject meaningful volatility.
Broader FX volatility indicators also remain subdued - Deutsche Bank’s Currencies Volatility Index .DBCVIX has ticked higher but remains near January’s record lows, thanks to the anaesthetising effect on markets from unconventional easing pursued by global central banks.
JP Morgan said the world’s top three central banks pumped in a record $2 trillion last year as part of its policy support to markets. This year, injections are set to drop to a quarter of that amount, followed by net withdrawals from 2019.
“Implied currency market volatility has dropped as traders are comfortable collecting premiums from selling options in the knowledge that central banks will provide a backstop to markets,” said Neil Mellor, a senior strategist at BNY Mellon. “That may be changing.”
Graphic - Volatility: FX and Equities - reut.rs/2KwPs7m WASTED CAPITAL
Rock-bottom volatility has seen revenues from trading currencies at the 12 biggest banks fall last year to a decade low of $7 billion, industry analytics firm Coalition says. At its peak in 2008, revenues were double those levels.
Bank forex trading desk heads say investor activity has retreated in recent weeks after a first-quarter bump. Cash currency trading volumes were down 30 percent in April compared with January this year, one head of trading at a U.S. bank in London said on the condition of anonymity.
In comparison, FX trading volumes surged in the first quarter, according to data from various sources, including Thomson Reuters ( TRI.TO ) and EBS.
As volatility has subsided, so has the ability of large speculators to profit from betting on currency moves. Hedge funds trading currencies have made 1 percent each year since 2013 - just a quarter of the average of overall hedge fund returns of 4.15 percent, according to Hedge Fund Research.
Even big investors who would have taken a punt on the yen or euro a decade ago now avoid direct currency investments, seeing them only as an asset class to hedge against, said Bob Michele, JP Morgan Asset Management’s fixed income chief investment officer.
“Because these are low-volatility markets you might sit on stuff a long period of time and the valuations never change. It’s effectively wasted capital,” Michele said. “We don’t see a lot of business coming into our FX group.”
Graphic - Banks revenues from FX trading - reut.rs/2KAScjM DISCONNECTED
What markets really need is a shake up in the consensus view of a long cycle of benign economic conditions consisting of synchronised growth, limited inflation risks and a slow tightening of monetary policy for volatility to return.
Others see a return of volatility as a matter of time as interest rate differentials between the U.S. and the rest of the developed world widen further.
“The question is: have currencies returned to focus on interest rates? I am not sure we are confident of that yet, but there is a very clear interest rate advantage in holding dollars,” said James Binny, global head of currency at State Street Global Advisors. Additional reporting by Tom Finn; Editing by Mike Dolan and Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-global-forex-volatility-analysis/coming-back-to-life-dollar-surge-raises-hopes-for-volatile-fx-idUKKCN1IO1DI |
May 14, 2018 / 1:11 PM / Updated 30 minutes ago Shell, Eni trial on Nigeria corruption re-adjourned to June Reuters Staff 2 Min Read
MILAN (Reuters) - The trial of top executives from oil majors Eni ( ENI.MI ) and Shell ( RDSa.L ) over alleged corruption in Nigeria kicked off on Monday with a brief procedural hearing and a decision to re-adjourn next month. A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. REUTERS/Marcos Brindicci
At the next hearing, set for June 20, the Milan court said it would assess requests from third parties, including a series of international non-profit organisations, to join the case.
At Monday’s hearing Domenico Cartoni Schittar, a lawyer representing the Nigerian government, said he was stepping down from his role.
In comments in a signed document seen by Reuters, Cartoni Schittar said he had given up on a mandate which he said had become “awkward”. FILE PHOTO: The logo of oil company Eni-Saipem is pictured at the petrol station in Milan, Italy, February 28, 2016. REUTERS/Stefano Rellandini
The long-running graft case revolves around the 2011 purchase by Eni and Shell of Nigeria’s OPL-245 offshore oilfield for about $1.3 billion.
Milan prosecutors allege bribes were paid to win the licence to explore an oil block that holds an estimated 9 billion barrels of oil but which has never entered into production.
Global Witness, a campaign group that has conducted its own investigations, has described the case as one of the biggest corruption scandals in the history of the oil industry.
Eni CEO Claudio Descalzi and former Shell Foundation Chairman Malcolm Brinded are standing trial along with 11 other defendants and the two companies.
All the accused have denied any wrongdoing.
The former Shell executives involved in the case have claimed a procedural error was made when the original ruling to send the case to court was taken and have applied to Italy’s Supreme Court to void it.
The Supreme Court is scheduled to judge that appeal on June 12. Reporting by Emilio Parodi, writing by Stephen Jewkes, editing by Susan Fenton | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-eni-shell-nigeria-corruption/shell-eni-trial-on-nigeria-corruption-re-adjourned-to-june-idUKKCN1IF1P3 |
May 15 (Reuters) - Ikkuma Resources Corp:
* PRESS RELEASE - IKKUMA RESOURCES TO SELL NON-CORE MIDSTREAM ASSETS FOR A PURCHASE PRICE OF $30 MILLION
* “PROCEEDS FROM PROPOSED DISPOSITION WILL BE USED TO REDUCE DEBT AND TO FUND CORPORATION’S $12 MILLION FLOW-THROUGH OBLIGATIONS”
* HAS ENGAGED GMP FIRSTENERGY TO SELL NON-CORE PRODUCTION AND ADDITIONAL INFRASTRUCTURE ASSETS THROUGH A PUBLIC PROCESS Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ikkuma-resources-to-sell-non-core/brief-ikkuma-resources-to-sell-non-core-midstream-assets-for-30-mln-idUSASC0A285 |
Hsnews 0 Comments critical , escalate , Face , stocks , technical , test , Trade , Trump , Worries
The stock market is facing one of the most critical technical tests of this year’s selloff, just as worries build over the Trump administration’s trade dealings with China and the investigations that swirl around the White House.
The S&P 500 plummeted below its 200-day moving average Thursday morning, at just below 2,615, a key test area that it has been successfully challenged before. By afternoon, it was back above that level and a successful test could mean a market rally, but a failure could mean steeper declines ahead.
The 200-day sounds obscure, but it is important because it is widely watched, not just by technical analysts, but by many traders who may use it as a buy or sell signal. It is basically an indicator for price momentum and is simply derived from the average of the last 200 closing levels.
Since the February sell off, the S&P has successfully tested this level at two key points, and now those levels are important places for it to hold. The S&P 500 fell more than 1.5 percent in morning trading before recovering much of its losses and rising back above the 200-day moving average. Technicians say if the 200-day test fails, the next big spots to watch are the April low of 2,553 and the February low of 2,532.
“It’s in the process of challenging the uptrend that’s been in place since the 2016 lows. So it’s pretty fragile here,” said Robert Sluymer, technical strategist with Fundstrat. “Potentially, technical traders are going to reduce exposure and use these stop loss levels as fairly important, and they could be important in the next day, or two days.” Sluymer said another support area to watch is 2,585, a bottoming zone in April.
This test comes as investor expectations are low that Treasury Secretary Steven Mnuchin and the rest of the Trump team in China this week will be able to do much to turn the tide in what appears to be an escalating trade war, with tariffs being tossed out by both sides.
Also, the latest comments from Trump legal adviser Rudy Giuliani about the hush money paid to porn star Stormy Daniels adds to the cloud already hanging over the investigation into President Donald Trump’s campaign dealings with Russia.
Giuliani said Trump paid back lawyer Michael Cohen for the $130,000 he gave Daniels just before the election, and that it did not involve campaign funds. He also said Trump fired former FBI Director James Comey because he would not say Trump was not the target of an investigation.
But it added to the unending stream of headlines on the investigation, including the leaked questions reported earlier this week that Special Prosecutor Robert Mueller allegedly planned to ask Trump.
Greg Valliere, global market strategist at Horizon Investments said in a note, “Talk of subpoenas, more indictments and a new White House policy of ‘taking off the gloves’ against Robert Mueller has prompted us to conclude that chances of House impeachment in early 2019 — perhaps 35 percent a few months ago — are now at least 50 percent.”
He said chances of a Senate conviction edged up to 25 percent from zero a few months ago. “We still don’t expect Trump to be removed from office, but this will be a rocky ride,” he wrote.
Jeff Saut, Raymond James’ chief investment strategist, says he’s sticking by his call for now that the stock market bottomed Feb. 9 when the S&P 500 fell to 2,532.
But he said the market was behaving Thursday as it always does when it has a fear about the White House. He noted the old Wall Street saying: “When the president is in trouble, the stock market is in trouble.”
“I think it’s more about the president than it is about trade. I’ve lived in the DC beltway, and I’ve never seen it turned on its head like it is now…I think the American public is getting sick and tired of it,” he said.
Saut said the market has support from the strength of earnings and the economy.
“The S&P is supposed to earn $158 and change this year and $170 next year. If those numbers are right, there’s not a lot of downside in stocks,” he said.
Trade with China should get worked out, and Saut expects both sides to back down.
As stocks sold off Thursday, investors dove into the safety of bonds. Treasury yields edged lower, even though the Fed Wednesday reiterated its intentions to move forward with interest rate hikes. The 10-year Treasury yield fell to 2.93 percent, off from about 2.97 percent Wednesday.
The Fed’s clear intention to continue hiking interest rates also was a factor in the stock market, which has been nervous the Fed may pick up the pace of hikes as the economy gets softer.
Kate Stockton, founder of Fairlead Strategist, said the 200-day moving average is important but it acts as more of a cushion for the market, and she would have to see the S&P fall far below it and stay there for awhile to be concerned.
“To me a breach of the 200-day moving average, while it’s something to make note of and keep an eye on , it’s not necessarily a break down,” she said.
“More importantly, we have our first oversold reading in the S&P futures since the very beginning of April. With that in mind, it gives the 200-day moving average a better chance of holding up for support,” she said.
Scott Redler, partner with T3Live.com, said Thursday’s close will be important for the market. “Although we are lower, there is no fear or acceleration. That can happen the longer we stay below [the 200 day],” he wrote in a note. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/stocks-face-critical-technical-test-as-worries-about-trump-and-trade-escalate.html/ |
May 10 (Reuters) -
* OMERS PRIVATE EQUITY - ENTERED INTO AN AGREEMENT WITH NEW MOUNTAIN CAPITAL TO ACQUIRE ALEXANDER MANN SOLUTIONS FOR AN ENTERPRISE VALUE OF £820M
* OMERS PRIVATE EQUITY- PROPOSED TRANSACTION REMAINS SUBJECT TO CUSTOMARY APPROVALS BY ANTITRUST AUTHORITIES AND IS EXPECTED TO CLOSE IN Q2 OF 2018 Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-omers-private-equity-announces-agr/brief-omers-private-equity-announces-agreement-to-purchase-alexander-mann-solutions-idUSFWN1SH0D4 |
May 3 (Reuters) - Brightcove Inc:
* BRIGHTCOVE APPOINTS ROBERT NORECK CFO * BRIGHTCOVE INC - NORECK WILL SUCCEED KEVIN RHODES
* BRIGHTCOVE INC - NORECK CURRENTLY SERVES AS SENIOR VICE PRESIDENT OF FINANCE AND SALES OPERATIONS Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-brightcove-appoints-robert-noreck/brief-brightcove-appoints-robert-noreck-cfo-idUSASC09ZQA |
* World stocks drop 0.5 percent; yen, Swiss franc firm
* Trump says not pleased by recent trade talks with China
* Euro zone PMIs disappoint, hint at weak Q2 growth
* Turkish lira down 3.6 percent to new record low
* Italian bonds resume slide as new govt make-up awaited (Updates throughout)
By Sujata Rao
LONDON, May 23 (Reuters) - Investors sold equities on Wednesday and raced to buy Japanese yen and government bonds from the United States and Germany on fears that setbacks to U.S-China trade talks would undermine increasingly fragile-looking world growth.
The yen rose more than 1 percent against the dollar, U.S. bond yields, which move inversely to price, fell to eight-day lows.
World shares meanwhile slipped half a percent to a two-week low as weak euro zone data added to negative sentiment following U.S. President Donald Trump’s comments on the crucial trade talks.
Investors were also eyeing Turkey and Italy, with the former seemingly headed for a full-blown economic crisis as the Turkish lira plunged to new record lows.
Italian borrowing costs resumed their rise to hit new multi-month highs on fears that an incoming coalition will sharply boost government spending.
The risk-off mood was initially triggered by Trump saying he was not pleased with progress on trade talks with China.
The comments tempered optimism that China and the United States would be able to avert a damaging global trade war. U.S. Treasury Secretary Steven Mnuchin had said at the weekend the “trade war” was “on hold”.
Trump also floated plans to fine China’s ZTE Corp and cast doubt on a planned June 12 summit with North Korean leader Kim Jong-Un.
Those developments are set to weigh on Wall Street later in the day, with S&P500 and Dow Jones futures down 0.6-0.8 percent .
In Asian trading, MSCI’s ex-Japan Asian equity benchmark fell 0.3 percent and Japan’s Nikkei lost 1.2 percent to reach 1-1/2-week lows.
European shares also fell, with one pan-European stock index down 1 percent.
“People have realised the risk of trade war remains with us,” Swiss wealth manager Prime Partners chief investment officer Francois Savary said.
“Increase in trade was a major reason behind the synchronised global growth and if you blow this up you limit the opportunities for the world economy,” he said.
Such worries were underscored by flash Purchasing Managers’ Index (PMI) data, which showed on Wednesday that the euro zone economy was slowing more sharply than previously expected.
The data, along with the global sentiment setbacks, sent euro zone bond yields broadly lower, while U.S. Treasury yields slipped to an eight-day low after retreating sharply on Tuesday from near seven-year highs. They are now on the cusp of slipping back under the psychologically significant 3-percent level.
“Italy’s political impasse continues, French and German PMIs were soft and global risk sentiment has taken another knock,” Societe Generale analysts said.
Prime Partners’ Savary was more sanguine on the data, noting that growth, while slowing, remained healthy. But he warned that trade issues alongside geopolitics, especially the reimposition of Iran sanctions, could have economic consequences associated with potentially higher inflation.
Oil prices came off 3-1/2-year highs hit on concerns over supply from Venezuela and Iran. Brent futures were down 1 percent, inching further from the $80 per barrel milestone.
Lower U.S. yields sapped some of the appetite for the dollar, taking it more than 1 percent lower against the yen , heading for its biggest daily loss in a year.
Bond and currency traders worldwide are now waiting for U.S. Federal Reserve minutes from its last meeting, to glean clues on how many more times the central bank might raise interest rates in 2018. The minutes are due later on Wednesday.
Against a basket of currencies, the dollar rose 0.2 percent and the euro bore the brunt with a 0.4-percent loss.
The single currency also fell against another “safe” asset, the Swiss franc, touching a near two-month low.
ITALY, TURKEY One reason for the euro’s woes is Italy, where an incoming coalition government comprised of the two anti-establishment parties - the League and 5-Star - looks likely to implement big-spending policies.
That could add to the country’s big debt pile and see Rome clash with the European Union.
Italian bonds fell in value, reversing the modest gains seen on Tuesday and 10-year yields rose 11 basis points (bps) to a new 14-month high. The premium investors demand to hold Italian debt versus safer German bonds rose sharply to 192 bps. The spread was about 120 bps at the start of May.
Italian stocks tumbled 1.8 percent and are so far suffering their biggest monthly losses since mid-2016. Investors are watching to see if the eurosceptic Paolo Savona would be appointed to the economy minister position.
“It is a major blow for Europe potentially,” Savary said. “As long as (coalition partners) play the game of speaking unwisely, bond yields can go higher.”
Elsewhere, emerging markets remained under heavy pressure, with currencies down 0.3-0.6 percent across the board. The selling storm was concentrated on Turkey where the lira fell more than 3.5 percent, bringing losses just in May to more than 16 percent.
Turkish bond yields have jumped to almost 15 percent, more than 250 bps up from the end of April, with an emergency interest rate rise looking all but certain.
“I doubt (the Turkish central bank) have time to wait until June 7 for the scheduled meeting – the lira is in freefall and concrete steps are urgently required to slow down this quite rapid rate of depreciation,” Rabobank analyst Piotr Matys said.
To read Reuters Markets and Finance news, click here
Reporting by Sujata Rao Additional reporting by Hideyuki Sano and Tomo Uetake in Tokyo; Karin Strohecker in London Editing by Louise Ireland
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-trade-and-growth-fears-prompt-dash-for-safe-havens-idUSL5N1SU32R |
NEWARK, Calif.--(BUSINESS WIRE)-- Revance Therapeutics, Inc. (NASDAQ:RVNC), a biotechnology company developing neuromodulators for use in treating aesthetic and therapeutic conditions, today announced that Lauren Silvernail has resigned as Revance’s Chief Financial Officer and Chief Business Officer, effective as of May 29, 2018, to pursue a Chief Financial Officer role at an aesthetics company in Orange County, California, where she resides. Her departure is not based on any disagreement with the company’s accounting principles or practices, internal controls or financial statement disclosures.
Following Ms. Silvernail’s resignation, certain members of management and the Company’s existing finance team will assume the duties and responsibilities of the office on an interim basis.
Revance is initiating a search for its next Chief Financial Officer, who will play an important role as the Company prepares for the commercialization of its lead product candidate, DaxibotulinumtoxinA for Injection (RT002).
About Revance Therapeutics, Inc.
Revance Therapeutics is a biotechnology company developing neuromodulators for use in treating aesthetic and therapeutic conditions, including muscle movement disorders and pain. The company's lead drug candidate, DaxibotulinumtoxinA for Injection (RT002), is currently in development for the treatment of glabellar lines, cervical dystonia and plantar fasciitis, with plans to initiate studies in upper limb spasticity and chronic migraine. RT002 has the potential to be the first long-acting neuromodulator. Revance has developed a proprietary, stabilizing excipient peptide technology designed to create novel, differentiated therapies. The company has a comprehensive pipeline based upon its peptide technology, including injectable and topical formulations of daxibotulinumtoxinA. More information on Revance may be found at www.revance.com .
"Revance Therapeutics" and the Revance logo are registered trademarks of Revance Therapeutics, Inc.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005411/en/
INVESTORS
Revance Therapeutics, Inc.:
Jeanie Herbert, 714-325-3584
[email protected]
or
Burns McClellan, Inc.:
Ami Bavishi, 212-213-0006
[email protected]
or
MEDIA
General Media:
TOGORUN:
Mariann Caprino, 917-242-1087
[email protected]
or
Trade Media:
Nadine Tosk, 504-453-8344
[email protected]
Source: Revance Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-revance-announces-departure-of-chief-financial-officer.html |
May 3, 2018 / 6:55 PM / Updated 2 hours ago Europeans push last bid to salvage Iran deal, but work on plan B John Irish , Robin Emmott 6 Min Read
PARIS/BRUSSELS (Reuters) - European powers still want to hand Donald Trump next week a plan to save the Iran nuclear deal, but they have also started work on protecting EU-Iranian business ties if the U.S. president makes good on a threat to withdraw, six sources told Reuters. FILE PHOTO: Britain's Prime Minister Theresa May is flanked by French President Emmanuel Macron and German Chancellor Angela Merkel before their trilateral meeting at the European Union leaders summit in Brussels, Belgium, March 22, 2018. REUTERS/Francois Lenoir/File Photo
Trump, who says the 2015 accord is a “disaster”, has all but decided to withdraw by May 12, U.S. officials say, and looks set to reject four months of European efforts to address his concerns.
But France, Britain and Germany aim to present to the White House a separate political agreement that commits to taking a tougher stance on Iran if they can agree it in time with the U.S. State Department, their American interlocutors.
Several of the sources said they were sceptical the effort would succeed, and all said the Europeans were also working on damage limitation scenarios if it fails.
“We have a week to continue talking to the Americans to see if we can find an agreement on the deal,” said a senior European diplomat. “But I don’t think there is any reason to be overly optimistic.”
The political agreement, which is a culmination of transatlantic diplomacy, does not include Iran or Russia and China, the other parties to the accord.
It seeks to spell out to Trump that Europe will seek to contain Tehran’s ballistic missile programme, its influence in Syria and Yemen, the terms by which inspectors visit suspect Iranian sites, and “sunset” clauses under which some of its terms expire.
While the Europeans and the Americans have narrowed their differences, they are struggling to agree on how to handle a U.S. desire to extend some of the limits on Iran’s nuclear programme, without reopening the July 2015 accord.
“We’re trying to find the right formulas that respond to the expectations of the Americans, but at the same time do not go against the deal,” said a second senior European diplomat.
“There is a chance of getting an agreement, but even if we have we one, I’m not convinced that it will be enough to stop the U.S. withdrawing,” the diplomat said.
In their package for Trump, the Europeans are also grappling with a U.S. desire to make explicit that Iran must give international inspectors access to military sites. The Europeans say this is already implicit in the original deal.
“There’s a U.S. view that the inspection provisions aren’t strong enough, which is not a view that is shared by the Europeans,” said a third diplomat involved in the discussions. BUYING TIME, CONTINGENCY MEASURES
France’s President Emmanuel Macron and German Chancellor Angela Merkel are continuing to lobby Trump, but with the prospect of him changing his mind remote, the focus has shifted to managing the fallout and avoiding a dangerous vacuum.
Macron in Washington last week proposed that, irrespective of Trump’s decision, there should be a wider discussion between Iran and the powers behind the original deal, which took 12 years to negotiate, working towards a grand bargain.
That would incorporate the existing nuclear deal and the issues currently discussed between Europeans and Americans. But it is hard to see how Iran could be brought back to the table. Tehran says it is abiding by the terms of the 2015 deal and has no intention to renegotiate it.
Iranian Foreign Minister Mohammad Javad Zarif on Thursday rejected any form of renegotiation.
France, Britain and Germany all say they will stay in the deal even if the United States withdraws, and try to protect and foster trade with Iran that has soared since the European Union lifted most of its economic sanctions on Iran.
Iran’s exports of mainly fuel and other energy products to the EU in 2016 jumped 344 percent to 5.5 billion euros (£4.8 billion) compared to the previous year, while investment in Iran jumped to more than 20 billion euros.
If Trump can’t be persuaded not to withdraw, “the second-best solution is to encourage the Americans to ... keep conditions that enable our companies in non-oil related sectors to continue to trade,” said a French official.
The German Economy Ministry said it was waiting for a formal U.S. decision on the Iran deal before deciding whether to stop offering German firms export guarantees for business deals with Tehran. Such guarantees provide state protection for companies doing business abroad when foreign debtors fail to pay.
The prospect of trade with Europe would provide the Europeans with a chance to assuage the Iranians, and dissuade them from rash decisions such as leaving the deal or reviving the nuclear activities they agreed to give up.
Countermeasures could include a special EU blocking statute developed in the 1990s but never fully used, to shield European firms doing business with Iran from U.S. legal action if Washington reimposes sanctions.
But EU plans to keep money flowing to Iran would require the United States to approve non-dollar-denominated export credit facilities and other funding support to help firms enter Iran without fear of American legal ramifications.
Two European officials said reviving the blocking statutes would still be mostly a symbolic step to show the Iranians that Europe was committed to the deal. In practice, companies would fear that investing in Iran would harm their commercial interests with the United States.
A senior Iranian official agreed.
“These are good ideas to show the Europeans are committed to the agreement, but we think that if they have to choose between Iran and the United States, they will choose the America,” said the senior Iranian official. Reporting by John Irish and Robin Emmott; Additional reporting by Arshad Mohammed in Washington and Andrea Shalal in Berlin; Editing by Peter Graff | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-europe/europeans-push-last-bid-to-salvage-iran-deal-but-work-on-plan-b-idUKKBN1I42EM |
The U.S. State Department issued a health alert after a government employee stationed in China was diagnosed with a mild traumatic brain injury, evoking memories of the series of so-called " sonic attacks " on American diplomats in Cuba.
The U.S. official, who was assigned to the southern city of Guangzhou, reported "subtle and vague, but abnormal, sensations of sound and pressure," the State Department said in an alert Wednesday.
The notification from the department said Washington was not currently aware of any similar situations inside or outside the diplomatic community.
The State Department, which did not link the case in China to any other incident, said anyone in China who experienced "acute auditory or sensory phenomena accompanied by unusual sounds or piercing noises" should move away from the area.
Unexplained incidents in Cuba The health alert has inevitably raised comparisons to the flurry of unexplained incidents in Cuba that prompted the withdrawal of most U.S. personnel from the capital city of Havana in 2016.
At that time, the U.S. called back embassy staff stationed in Cuba after they complained of symptoms like hearing loss, dizziness, visual difficulties, headaches and fatigue.
The cause of those reported cases still remains a mystery.
- Additional reporting by Eunice Yoon. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/us-issues-health-warning-after-employee-in-china-suffers-abnormal-sensations-of-sound-and-pressure.html |
PARIS (Reuters) - France and Saudi Arabia will co-host an international conference on Yemen in Paris in June to assess humanitarian needs for the country and possibly contribute to reviving U.N.-backed peace talks.
A Saudi-led coalition backed by the West has carried out air strikes against the armed Houthi movement in a war since 2015 to restore the internationally recognized government.
More than 10,000 people have been killed in a war that has displaced 3 million internally and unleashed the world’s worst humanitarian crisis, the U.N. says.
“We are currently working on how to organize this conference with our various partners, Yemen and the United Nations,” France’s foreign ministry spokeswoman Agnes von der Muhll told reporters in a daily briefing on Wednesday.
“This conference should take stock of humanitarian needs, evaluate the assistance provided and the response mechanisms which need to be improved and define humanitarian actions to improve the situation of civilian populations.”
The French president’s office said the conference would take place at the end of June. A source aware of the plans said it was scheduled for June 27.
Von der Muhll declined to say whether Paris intended to invite representatives of the Iran-aligned Houthis, who control more than 70 percent of Yemen, including the capital Sanaa.
“This work, which we want to be collective, can help to recreate the conditions for a resumption of political discussions under the auspices of the United nations,” Von der Muhll said in a statement on Tuesday.
It is unclear how this would fit into the U.N. Yemen mediator Martin Griffiths’ efforts. He said in April he wanted to present a plan for negotiations within two months to end the conflict, but warned that any new military offensives could “take peace off the table.”
Three rounds of U.N.-backed peace talks between the Houthis and the Yemeni government, with the last held in Kuwait in August 2016, ended without success. Griffiths began his term in March in a bid by the U.N. to revive the stalled peace process.
Reporting by John Irish; Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://www.reuters.com/article/us-yemen-security-france-conference/france-saudi-to-hold-yemen-humanitarian-conference-end-june-idUSKCN1IO2AW |
2 Hours Ago | 02:17
CNBC's Jim Cramer praised Nvidia 's billionaire CEO Jensen Huang ahead of the computer chipmaker's quarterly earnings after Thursday's closing bell on Wall Street.
The " Mad Money " host characterized the Taiwanese-American entrepreneur, who co-founded the Silicon Valley company in 1993, as a "visionary" and possibly the "[Albert] Einstein of our era."
Even Huang's biggest competitors call him a "genius" in private, Cramer said Thursday on " Squawk on the Street ." Cramer's charitable trust owns shares of Nvidia.
"[Huang] is defying Moore's law. He has got more going for him than anyone. When you read his speeches, you have to read them over and over and over again," Cramer added.
Wall Street analysts will be looking for an update on Nvidia's manufacturing business, its internet protocol segment and its data center unit, which produced $606 million in revenue alone in the fourth quarter.
Estimates call for Nvidia to have earned $1.47 per share in the first quarter on total revenue of $2.94 billion — representing year-over-year increases of about 60 percent and 32 percent, respectively.
Cramer said investors will also be keeping an eye on its gaming business.
Nvidia is less a chipmaker nowadays than a catch-all computing company, producing high-powered graphics processing units, or GPUs. For months, Nvidia rode the cryptocurrency wave before analysts soured on the volatile trend . The company's GPUs are used in cryptocurrency mining.
Huang told Cramer in March that the majority of Nvidia's growth comes from its gaming business, professional graphics visualization, the multibillion-dollar data center business and the autonomous car business.
Nvidia, with a market cap of more than $153 billion, has seen its stock rise more than 113 percent over the last 12 months. The stock hit a new 52-week high Thursday.
Huang also said, in CNBC's March interview , that "I'm the product of my parents' dreams and aspirations."
He said his father, after a trip to New York City from Taiwan, vowed to send him and his older brother to America.
"[In] the pursuing years, my mom taught us English to prepare us," the Nvidia chief said. "At the time, my mom didn't understand any English at all."
But that didn't stop his mother, Huang, now 55, told Cramer.
"Every single day, she would pick a random 10 words from the dictionary and ask us to spell it and ask us to tell her the meaning," he said.
— CNBC's Elizabeth Gurdus contributed to this report. Sign Up for Our Newsletter Morning Squawk CNBC's before the bell news roundup SIGN UP NOW Get this delivered to your inbox, and more info about about our products and service. Privacy Policy . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/jim-cramer-calls-nvidia-ceo-jensen-huang-the-einstein-of-our-era.html |
CNBC Tech Check Morning Edition: May 17, 2018 2 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/cnbc-tech-check-morning-edition-may-17-2018.html |
May 2 (Reuters) - ABN AMRO GROUP NV:
* ABN AMRO LAUNCHES ENERGY TRANSITION FUND * FUND VOLUME EXCEEDS 200 MILLION EUROS Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-abn-amro-launches-energy-transitio/brief-abn-amro-launches-energy-transition-fund-idUSFWN1S80RC |
General Electric Co:
* GE UNVEILS CROSS-FLEET GAS TURBINE CAPABILITIES THAT CAN INCREASE PERFORMANCE AND RELIABILITY OF OTHER OEM FLEETS
* GENERAL ELECTRIC CO - HAS MORE THAN $200 MILLION IN ORDERS BACKLOG WITH POWER PRODUCERS IN MEXICO, RUSSIA AND GERMANY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ge-unveils-cross-fleet-gas-turbine/brief-ge-unveils-cross-fleet-gas-turbine-capabilities-that-can-increase-performance-and-reliability-of-other-oem-fleets-idUSFWN1SN0SC |
May 1, 2018 / 11:16 AM / Updated 6 minutes ago BRIEF-Waddell & Reed Financial Posts Q1 Earnings Of $0.56 Per Share Reuters Staff
May 1 (Reuters) - Waddell & Reed Financial Inc:
* WADDELL & REED FINANCIAL, INC. REPORTS FIRST QUARTER RESULTS * Q1 REVENUE $297.6 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.54 — THOMSON REUTERS I/B/E/S
* Q1 REVENUE VIEW $287.5 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-waddell-reed-financial-posts-q1-ea/brief-waddell-reed-financial-posts-q1-earnings-of-0-56-per-share-idUSASC09YI5 |
BUENOS AIRES (Reuters) - Mauro Icardi, the joint top goalscorer in Italy’s Serie A this season, was left out of Argentina’s World Cup squad on Monday as coach Jorge Sampaoli named his 23 players for next month’s tournament in Russia.
FILE PHOTO: Soccer Football - Serie A - Inter Milan vs Juventus - San Siro, Milan, Italy - April 28, 2018 Inter Milan's Mauro Icardi celebrates their second goal REUTERS/Stefano Rellandini Sampaoli named just four forwards in his squad with Lionel Messi, Paulo Dybala, Sergio Aguero and Gonzalo Higuain all selected.
That meant there was no place for Icardi, who scored 29 league goals for Inter Milan this season.
Although Argentina boast some of world football’s most prolific strikers, they have struggled for goals in competitive matches, scoring just 19 times in 18 qualifying matches in the South American group. Only Bolivia scored fewer.
Another surprise in Sampaoli’s 23 was the inclusion of Torino defender Cristian Ansaldi.
Ansaldi has yet to play a competitive match for the two-times world champions, with his five starts all coming in friendlies, the last of which was four years ago.
“I decided on Cristian Ansaldi because he is a full back who can play on both sides of the field,” Sampaoli told reporters.
His inclusion suggests the coach is seeking to revamp a defence that lost two of its last three friendlies 4-2 to Nigeria and 6-1 to Spain.
Unmapped River Plate goalkeeper Franc Armani was also a surprise inclusion, named along with Manchester United’s Sergio Romero and Chelsea’s Willy Caballero.
Sampaoli said the squad is one “that attacks with the ball, that plays the game, that goes looking for a result. I think that Argentina have great potential with lads who really know what do to with the ball.”
The South Americans, who lost in the World Cup final four years ago but only qualified for this year’s tournament thanks to a win in their final qualifying match, have been drawn in Group D alongside Iceland, Croatia and Nigeria.
“If we are up for it and play our game then we are going to be a complex opponent for anyone,” Sampaoli said, adding that both Aguero, who missed the end of the English season with a knee injury, and Messi, are training normally.
“I have spoken with Messi and I see he is very enthusiastic about what is ahead,” Sampaoli said. “Physically, he is in good shape.”
Reporting by Ramiro Scandalo. Writing by Andrew Downie; Editing by Toby Davis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-arg/soccer-marksman-icardi-misses-out-as-argentina-name-world-cup-squad-idUSKCN1IM248 |
May 10, 2018 / 11:49 AM / in 5 hours UK apologises to Libyan ex-rebel and wife over role in 2004 rendition Estelle Shirbon 4 Min Read
LONDON (Reuters) - Britain has apologised to a Libyan former rebel and his wife over the role of British spies in their 2004 rendition to Libya, where they were detained and the husband was tortured by Muammar Gaddafi’s henchmen. Libyan politician Abdul Hakim Belhadj, a known opponent of Gaddafi's regime, speaks during a news conference in Istanbul, Turkey May 10, 2018. REUTERS/Kemal Aslan
Abdul Hakim Belhadj, a known opponent of Gaddafi’s regime, and his pregnant wife Fatima Boudchar were abducted by CIA agents in Thailand after a tip-off from British spies, then illegally transferred to Tripoli.
“It is clear that you were both subjected to appalling treatment and that you suffered greatly, not least the affront to the dignity of Ms Boudchar who was pregnant at the time,” Prime Minister Theresa May wrote in a letter to the couple made public on Thursday.
At the time, Britain and the United States were trying to mend relations with Gaddafi’s Libya for geopolitical reasons, after years during which the Tripoli regime had been an international pariah.
Belhadj was hooded and shackled to the floor of the airplane in a stress position during his 17-hour flight back to Libya, where he was then detained for six years in brutal jails. Boudchar was detained for four months and released three weeks before giving birth.
She was in the public gallery in parliament in London with her son on Thursday to hear a public statement about the case, during which May’s letter of apology was read out in full by Britain’s attorney general.
“The UK government believes your accounts. Neither of you should have been treated in this way,” the letter said. Libyan politician Abdul Hakim Belhadj, a known opponent of Gaddafi's regime, speaks during a news conference in Istanbul, Turkey May 10, 2018. REUTERS/Kemal Aslan
“The UK government’s actions contributed to your detention, rendition and suffering ... On behalf of Her Majesty’s Government, I apologise unreservedly.
“We should have understood much sooner the unacceptable practices of some of our international partners.” A FAX FROM MI6
Under the administration of former President George W. Bush, the CIA practised so-called “extraordinary renditions”, or extra-judicial transfers of people from one country to another, in the wake of the Sept. 11, 2001 attacks. Other nations are alleged to have lent assistance in some cases.
The practise has been widely denounced around the world. Slideshow (13 Images)
The British role in the rendition of Belhadj and Boudchar came to light after documents were discovered in the headquarters of the Gaddafi regime’s intelligence agency after the dictator was toppled in a 2011 revolution.
The documents included a fax apparently sent by MI6, Britain’s foreign intelligence agency, to the Libyan intelligence services in March 2004, giving information about the couple’s then whereabouts in Malaysia.
In written statements sent by their lawyers shortly after the apology was made public, Belhadj and Boudchar thanked the British government.
“A great society does not torture, does not help others to torture, and when it makes mistakes it accepts them and apologises,” Belhadj said.
The couple had brought legal claims against Britain’s former foreign affairs minister, a senior intelligence chief and various government departments and agencies, seeking an apology and symbolic damages.
The British government tried to fight the claims in court but the Supreme Court last year gave the couple the right to sue the defendants.
Attorney General Jeremy Wright told parliament all the claims had now been withdrawn as part of a full and final out-of-court settlement.
As part of that settlement, the government agreed to give Boudchar 500,000 pounds in compensation for her suffering. Belhadj, who had said all along he was seeking an apology rather than money, did not receive a financial settlement.
Wright said no admissions of liability had been made by any of the defendants in the legal claims.
After his release, Belhadj went on to command an Islamist rebel group that helped topple Gaddafi in 2011. He is now a politician in Libya. Editing by Toby Chopra | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-libya-belhadj-apology/uk-apologises-to-libyan-ex-rebel-and-wife-over-role-in-2004-rendition-idUKKBN1IB1LY |
U.S. trade team arrives in Beijing for talks 11:38am BST - 02:00
A U.S. trade delegation lands in Beijing for key talks over tariffs. Trump tweeted out his support for the team, while Chinese state media weighed in saying Beijing will stand up to U.S. bullying, if needed. Reuters' John Ruwitch reports on what trade issues are up for discussion, and which are not.
A U.S. trade delegation lands in Beijing for key talks over tariffs. Trump tweeted out his support for the team, while Chinese state media weighed in saying Beijing will stand up to U.S. bullying, if needed. Reuters' John Ruwitch reports on what trade issues are up for discussion, and which are not. //reut.rs/2KvNjJK | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/03/us-trade-team-arrives-in-beijing-for-tal?videoId=423461631 |
NEW DELHI, May 23 (Reuters) - India wants to take a long-term view on pump prices of petrol and diesel to shield consumers from the volatility in global markets, the country’s law minister said on Wednesday, indicating the government could change its fuel pricing mechanism.
Prices of diesel and petrol in India have surged to a record high. A liter of petrol costs 77.17 rupees ($1.13) while diesel is sold at 68.34 rupees/ liter.
“The government is keen that instead of having an ad hoc measure it may be desirable to have a long-term view which addresses not only the volatility but also takes care of the unnecessary ambiguity arising out of frequent ups and downs,” Ravi Shankar Prasad told a news conference.
Opposition leaders have criticised the government for failing to rein in rising fuel prices, a politically-sensitive issue in one of the world’s biggest economies.
$1 = 68.3650 Indian rupees Reporting by Nidhi Verma; Editing by Sunil Nair
| ashraq/financial-news-articles | https://www.reuters.com/article/india-fuel/india-to-take-a-long-term-view-on-fuel-pricing-minister-idUSD8N1QW02E |
May 1(Reuters) - Kurabo Industries Ltd
* Says it bought back 1.3 million shares for 450.4 million yen in total from April 1 to April 30
* Says this was part of the share repurchase plan announced on Nov. 8, 2017
* Says it accumulatively repurchased 6.4 million shares for 2.23 billion yen in total as of April 30
Source text in Japanese: goo.gl/Qtf7pk
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kurabo-industries-buys-back-13-mln/brief-kurabo-industries-buys-back-1-3-mln-shares-for-450-4-mln-yen-in-april-idUSL3N1S81EW |
BANGKOK (Reuters) - Wearing crisp red-and-white uniforms, a group of 60-year-olds pile into a bus, smiling broadly as they make their way to a school in Ayutthaya, a province in Thailand.
Poonsri Seangnual, 63, who studies at the School for the Elderly in Chiang Rak Noi subdistrict, leaves her house wearing her school uniform, in Ayutthaya, Thailand, March 21, 2018. "I really like going to school. I gained knowledge and it's really fun. I have a lot of friends, know a lot more people," said Seangnual. "I feel lonely whenever I don't go to school, I want to go back and meet my friends. I miss the classroom." REUTERS/Athit Perawongmetha For this group, and others across the country, going back to school offers a way to fight loneliness at a time when changing demographics mean more elderly people are living alone.
“I’ve been looking forward to every Wednesday, when I go to school, dress up as a school student and meet friends. We get to talk and laugh together,” said Somjit Teeraroj, a 77-year-old widow who is a student at the school for the elderly in Ayutthaya’s Chiang Rak Noi subdistrict.
After the death of her husband of 40 years, with her children visiting occasionally, Somjit said it was the school that helped her recover from her loss. (Click reut.rs/2rrLx4x to see a picture package on Thailand's elderly going back to school)
Poonsri Seangnual, 63, has her hair tied back before attending a class at the School for the Elderly in Chiang Rak Noi subdistrict in Ayutthaya, Thailand, March 7, 2018. "I really like going to school. I gained knowledge and it's really fun. I have a lot of friends, know a lot more people," said Seangnual. "I feel lonely whenever I don't go to school, I want to go back and meet my friends. I miss the classroom." REUTERS/Athit Perawongmetha Somjit’s story is emblematic of a larger problem in Thailand - a rapidly ageing population.
Slideshow (23 Images) Thailand, together with China, is ageing faster than its regional neighbours. By 2040, it is expected to have the highest share of elderly people of any developing country in East Asia, according to the World Bank.
Thailand has 7.5 million people aged 65 and over, a figure projected to swell to 17 million by 2040 - more than a quarter of the expected population.
Traditionally, ageing Thais lived at home with their families and were cared for by their children. But with many leaving the countryside to work in the cities, parents and grandparents are increasingly being left alone.
Schools like the one in Ayutthaya, 80 km (49.71 miles) north of Bangkok, that offer weekly classes over three months are the government’s way of offering older people relief from the stresses of living alone.
“It’s stressful just living day by day,” 63-year-old Choochart Supkerd told Reuters.
“I will probably go back to feeling lonely sometimes but I’m also proud of this, of gaining some knowledge in class,” said Choochart, after posing for a picture with the class of 2018 in his gold-trimmed red graduation gown and a flower crown.
Reporting by Amy Sawitta Lefevre, Juarawee Kittisilpa and Athit Perawongmetha; Editing by Himani Sarkar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-thailand-ageing/back-to-school-for-thailands-elderly-idUSKBN1I91IB |
* Andover warehouse is most cutting-edge yet
* Operates with 600 robots
* Has helped Ocado win three major deals in six months
* Expects to sign multiple deals in medium term
* Ocado shares up 117 percent year-on-year
By James Davey
ANDOVER, England, May 9 (Reuters) - As 600 robots swarm on a grid overhead, the technology boss of British online supermarket pioneer Ocado explains why its new high-tech plant has caught the attention of the world’s retail bosses who are racing to crack internet food shopping.
Supermarkets around the world are struggling to develop a sustainable system that delivers food to customers. In the last six months three of the biggest have turned to Ocado, set up by three former Goldman Sachs bankers 18 years ago.
The deals followed the development of Ocado’s 240,000 square foot distribution centre in Andover, southern England, that pulls together an average order of 50 items in a matter of minutes as opposed to the several hours taken by its older centres.
Ocado says Andover, powered by its own software and hardware, is the most advanced system for online grocery on the planet. While boosting its own profitability, it also functions as a shop window to potential customers and the three deals have helped send its share price up by 117 percent in a year.
“We are talking to people across literally every continent apart from Antarctica,” said Paul Clarke, Ocado’s chief technology officer.
Last week’s 7.3 billion pounds ($9.9 billion) agreed bid by Sainsbury’s to buy Walmart’s Asda was in part a response to the growth of online retail, particularly the relentless march of Amazon.
Retailers around the world are experimenting with different ways of picking online grocery orders, seeking to balance speed with cost as ecommerce takes off for food.
Ocado’s recent partnerships have been lapped up by those investors who view it as central to the development of grocery shopping. Sceptics see only a costly and complicated venture that will never make sustained profits.
That risk is baked into the share price — Ocado trades on a ratio to current earnings of 2,258 compared with 17 for Britain’s biggest retailer Tesco.
ROOKS ON A CHESSBOARD U.S. players such as Walmart are focusing on cheaper low tech warehouses as they can afford more of them, closer to customers, rather than the high tech sheds favoured by Ocado and Chinese players.
Dutch supermarket group Ahold, for example, has developed a low-cost centre that has a picking rate of 135 items per hour, according to brokerage Bernstein - far slower than Ocado but without the high capital investments in technology.
Ocado has struck deals for its Ocado Smart Platform (OSP) with France’s Casino, Canada’s Sobeys and Sweden’s ICA Group so they can develop their own e-commerce operations.
Ocado will build warehouse facilities and provide all the end-to-end software - effectively offering a one-stop shop for the partners’ online grocery operations.
At the heart of the system will be replicas of the robots that can be found hidden away in Andover, racing around a grid.
The plant is Ocado’s third automated warehouse, or customer fulfilment centre (CFC). Where the first two required humans to load thousands of crates travelling on miles of conveyor belts, Andover has 600 robots whizzing around at four metres a second. It will have 1,100 when at full capacity.
The robots run on two huge extruded steel and aluminium grids - one for chilled products and another for ambient goods.
“The robots are like rooks on a chessboard,” Clarke said, adding that they are given instructions about 10 times a second and collaborate as a swarm.
Under every chess square is a stack of up to 21 containers holding groceries. Together the stacks make up the body, or “hive”, of the grid.
The robots stop on a square, lower a grabber and pick up a container. They bring the container up into a cavity in their body, then move to drop it off at another stack on a nearby square or move it to the periphery of the grid, where humans fulfil the orders by packing the goods into bags. Containers then shoot them back into the hive for despatch to customers.
Andover, where 300 people work inside the warehouse, is also proving attractive due to its size.
While it will eventually have an annual capacity of about 350 million pounds and some 65,000 orders per week, that’s still about one third of Ocado’s older site in central England.
The smaller size is appealing to those retail bosses operating in more nascent online markets, and Ocado will use the same technology but on a bigger scale at its next plant in Britain, where 42 percent of shoppers go online for at least some of their groceries, according to industry group IGD.
STARTING SMALL “We needed a solution that could scale,” said Clarke. “(Partners) may need to start small in a territory where online grocery is not as evolved,” he said.
“So rather than building a huge facility all in one go, you might want to build it more incrementally and scale-up capacity and capital investment over time.”
Ocado’s own capital expenditure has been rising – 210 million pounds is forecast for 2018, up from 160 million pounds in 2017.
Ocado’s shares have had a rollercoaster ride since listing at 180 pence in 2010. They were trading at 564 pence on Tuesday, valuing the business at 3.7 billion pounds.
Bernstein analyst Bruno Monteyne says the valuation implies 15 platform deals and 17 software deals.
For now, the company itself is confident of further success.
“It took time for us to sign the first few but now we have a lot of work in progress, there’s a lot of companies that we’re talking to,” Clarke said. “We expect to sign multiple deals in the medium term.” ($1 = 0.7408 pounds) (Additional reporting by Emma Thomasson in Berlin Editing by Kate Holton/Keith Weir)
| ashraq/financial-news-articles | https://www.reuters.com/article/ocado-technology/focus-ocado-courts-global-food-retailers-with-robot-army-idUSL8N1RV3Q1 |
US adds troops to guard embassies in Middle East 29 Mins Ago NBC News’ Matt Bradley reports on the unrest in the Middle East two days after Gaza erupted into protests against the U.S. embassy opening in Jerusalem. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/us-adds-troops-to-guard-embassies-in-middle-east.html |
CANBERRA, May 8(Reuters) - - Australian Treasurer Scott Morrison said on Tuesday he would unveil new proposals for taxing multinational digital companies within weeks, extending a concerted push by the Group of 20 nations to bring that sector into the global tax net. \
Australia has been ramping up pressure on cross-border corporates since it introduced a Multinational Anti-Avoidance Law in 2016, along with a task force of some 1,000 specialist officers to police the new regime, which includes harsher penalties for those found flouting the rules.
Morrison said the tougher procedures had already brought around A$7 billion a year in sales revenue by multinationals into the tax net.
“But we need to do more,” he said in his budget speech to parliament, outlining the new changes. “The next big challenge is to ensure big multinational digital and tech companies pay their fair share of tax.”
Australia has been at the forefront of a G20 crackdown on multinational tax avoidance, taking the unprecedented step in December 2016 of publishing the records of hundreds of companies, including Google Inc ( GOOGL.O ) and AppleInc APPL.O, which showed they paid little or no tax on their in-country earnings.
The center-right coalition government last year introduced a UK-style diverted profits tax (DPT), that it expects to raise A$3.9 billion over the next four years. The DPT or so-called “Google tax” will tax multinationals on income they have sought to shift offshore at a penalty rate of 40 percent - well above the current 30 percent company tax rate.
Earlier this year, it pledged changes to the tax treatment of stapled structures, which had allowed some foreign investors to pay tax of 15 percent or less, in contrast to the 30 percent corporate tax rate.
It also promised to amend thin capitalization rules to prevent foreign investors from using multiple layers of flow-through entities, like trusts and partnerships, to convert their trading income into favorably taxed interest income.
The changes to stapled structures come into force from July 1 this year, with the tightening of thin cap rules scheduled for the same date next year.
Reporting By JaneWardell [email protected]; +61 2 93218165; Reuters Messaging: [email protected]: @TheJaneWardell
| ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-dig-tax/australia-to-unveil-proposals-for-multinational-digital-tax-treasurer-idUSKBN1I912G |
WASHINGTON, May 21 (Reuters) - The United States is ready to respond if Iran decides to resume its nuclear program, U.S. Secretary of State Mike Pompeo said on Monday in a speech outlining demands on Tehran to change its behavior.
“Our demands on Iran are not unreasonable: give up your program,” Pompeo said in a speech outlining demands on Iran. “Should they choose to go back, should they begin to enrich, we are fully prepared to respond to that as well,” Pompeo said, declining to detail what the response could be.
“I hope they will make a different decision, choose a different path,” he added.
Reporting by Lesley Wroughton; Editing by Bernadette Baum
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-pompeo/u-s-ready-to-respond-if-iran-decides-to-resume-nuclear-program-pompeo-idUSW1N1RW01Z |
NEW YORK (Thomson Reuters Foundation) - Delaware is poised to become the first of the 50 states in the United States to outlaw child marriage despite years of legislative battles, said officials, who hoped this would pave the way for other states to follow.
The measure banning marriage under age 18 without exception was approved by both legislative houses, and the state governor is expected to sign it into law as early as this week, a governor’s spokesman said on Monday.
While 18 is typically the minimum age for marriage in the United States, every state has legal loopholes or exceptions allowing children to wed at a younger age.
“It’s not an exaggeration to say that this is a significant moment for girls. This is historic,” Fraidy Reiss, founder of Unchained at Last, a non-profit group opposed to child marriage, told the Thomson Reuters Foundation.
Between 2000 and 2010, about 170,000 children under 18 were wed in 38 U.S. states where data was available, according to Unchained at Last.
Globally 12 million girls are married before 18 every year, according to Girls Not Brides, a partnership of organizations working to end child marriage.
Currently in Delaware, a small northeastern state along the Atlantic Ocean coast, children under 18 can marry with parental consent, and there are exceptions in cases of pregnancy.
The measure banning marriage for anyone under 18 passed Delaware’s Senate unanimously last week after passing the state House of Representatives in April.
The successful bill comes after roughly three years in which legislation failed in other U.S. states, Reiss said.
“Almost two dozen states have rejected or watered down legislation,” Reiss said. “This is a vestige of the past that we need to let go of, and legislators were having a tough time doing that.”
Lawmakers in Florida recently considered a bill to ban marriage for anyone under 18 but compromised on a law banning marriage under 17.
A bill to end child marriage in New Jersey is moving through the legislature where it is expected to be approved.
“I’m just hoping that Delaware won’t remain the only state to pass this,” Rep. Kim Williams, a Democrat who sponsored the legislation, told the Thomson Reuters Foundation.
“I’m hoping states throughout the nation will join us.”
Campaigners are concerned that children married young tend to leave school early and are at increased risk of abuse. They have more health issues in pregnancy and childbirth and are poorer than those who marry at a later age, studies show.
Many who oppose ending the practice cite religious freedom or seek exceptions for those in military service or pregnant.
Reporting by Ellen Wulfhorst, Editing by Belinda Goldsmith Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-childmarriage-ban/delaware-on-verge-of-being-first-u-s-state-to-ban-child-marriage-idUSKBN1I82F7 |
CAMDEN, N.J.--(BUSINESS WIRE)-- Campbell Soup Company (NYSE:CPB) appointed Roberto Leopardi as President, Campbell Meals & Beverages. Leopardi, 53, will lead the division that includes Campbell’s North American soup, sauces and shelf-stable beverages brands, as well as Pacific Foods and Plum. Leopardi will report to Luca Mignini, Chief Operating Officer and start at Campbell effective June 4, 2018.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180523005239/en/
Leopardi (Photo: Business Wire)
“Roberto brings extensive consumer-packaged goods industry experience where he has built, grown and transformed global businesses,” said Mignini. “He will offer a fresh perspective to the division that is home to many of our iconic brands. Roberto will play a critical role in delivering against our strategic priorities of stabilizing and then sustaining strong financial results for this important Campbell division.”
Leopardi joins Campbell from SC Johnson, where he spent 24 years leading and transforming SC Johnson operations around the world, including the U.S., Europe, Japan, Korea, Australia, New Zealand and Mexico. He has extensive general manager experience, most recently as Vice President of North America Marketing where he was responsible for driving sales and market share growth for SC Johnson’s portfolio of brands in the U.S. and Canada. Under his leadership, his division grew share through effective e-commerce strategies driven by digital activation and new product introductions. Leopardi started his career at Nestlè where he spent four years working in various marketing roles.
Leopardi graduated from Bocconi University in Italy with a bachelor’s degree in business, economics and statistics. He is also a graduate of the Senior Executive Program at INSEAD, one of the world’s leading and largest graduate business schools.
About Campbell Soup Company
Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food that matters for life’s moments.” We make a range of high-quality soups and simple meals, beverages, snacks and packaged fresh foods. For generations, people have trusted Campbell to provide authentic, flavorful and readily available foods and beverages that connect them to each other, to warm memories and to what’s important today. Led by our iconic Campbell’s brand, our portfolio includes Pepperidge Farm, Bolthouse Farms, Arnott’s, V8, Swanson, Pace, Prego, Plum, Royal Dansk, Kjeldsens, Garden Fresh Gourmet, Pacific Foods, Snyder's of Hanover, Lance, Kettle Brand, KETTLE Chips, Cape Cod, Snack Factory Pretzel Crisps, Pop Secret, Emerald, Late July and other brand names. Founded in 1869, Campbell has a heritage of giving back and acting as a good steward of the planet’s natural resources. The company is a member of the Standard & Poor’s 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo . To learn more about how we make our food and the choices behind the ingredients we use, visit www.whatsinmyfood.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005239/en/
Campbell Soup Company
INVESTOR CONTACT:
Ken Gosnell, 856-342-6081
[email protected]
or
MEDIA CONTACT:
Thomas Hushen, 856-342-5227
[email protected]
Source: Campbell Soup Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-campbell-appoints-roberto-leopardi-president-campbell-meals-beverages.html |
Washington, D.C., May 17, 2018 (GLOBE NEWSWIRE) -- The Aspen Institute announced today that Amy DeMaria will become Executive Vice President for Communications and Marketing, effective June 11, 2018. DeMaria is currently Senior Vice President and Chief Communications Officer of the Cystic Fibrosis Foundation, a nonprofit that has been a pioneer in changing the way rare diseases are treated.
“Amy is a talented, creative, results-oriented executive with a track record of building innovative communications and marketing programs in high-profile nonprofit organizations. As a key member of my senior management team, I believe Amy will add tremendous value as we work to strengthen the Institute’s brand identity, increase the visibility of our programs, and further enhance the impact our work is making in the world,” said incoming Aspen Institute President and CEO Daniel R. Porterfield.
For the past 13 years, DeMaria has led communications at the Cystic Fibrosis Foundation during a time of unprecedented growth and change, including the development of several life-extending drugs that treat the basic genetic defect in cystic fibrosis, a rare, fatal disease that constricts the lungs and makes breathing difficult. She positioned the Foundation in the media as a leader in the development of therapies for rare diseases, rebranded the organization, ushered it into the digital age, and dramatically increased its visibility in national, high-impact media outlets.
DeMaria’s work has garnered a number of high-profile, national awards sponsored by media outlets and organizations including Advertising Age, Modern Healthcare, and the Public Relations Society of America. In 2017, she was named “Woman of the Year” by the industry group Washington Women in PR.
Previously, DeMaria led communications at Georgetown University Medical Center where she managed the communications around the sale of Georgetown University Hospital to a private healthcare company, MedStar Health, and the integration of the two systems. She has also worked at the global communications firm Porter Novelli, and as an aide to Department of Health and Human Services Secretary Donna Shalala. DeMaria received a BA in political science from Emory University.
“I am thrilled to be joining the Aspen Institute, especially at such a transitional point in its history,” said DeMaria. “The Institute’s programming is world renowned, and I am excited to work with its leaders and Trustees to help elevate even further its important work, and to communicate its impact.”
The Aspen Institute is an educational and policy studies organization based in Washington, DC. Its mission is to foster leadership based on enduring values and to provide a nonpartisan venue for dealing with critical issues. The Institute is based in Washington, DC; Aspen, Colorado; and on the Wye River on Maryland’s Eastern Shore. It also has offices in New York City and an international network of partners. For more information, visit www.aspeninstitute.org .
Jon Purves The Aspen Institute 202 736 2111 [email protected]
Source:The Aspen Institute | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-aspen-institute-names-amy-demaria-executive-vice-president-for-communications-and-marketing.html |
* Futures dip: Dow 0.09 pct, S&P 0.17 pct, Nasdaq 0.37 pct
By Medha Singh
May 17 (Reuters) - U.S. stock futures dipped on Thursday after Cisco’s disappointing forecast, while investors fretted about rising U.S. Treasury yields and looming trade talks between the United States and China.
The world’s two economic powerhouses will resume trade negotiations over the next two days and officials from both sides have recently signaled that they are looking for a deal.
Japan is considering tariffs on U.S. exports worth $409 million in retaliation against U.S.-imposed steel and aluminum import tariffs, according to media reports.
Shares of Cisco Systems fell 3.9 percent in premarket trading after the company’s disappointing forecast indicated that its transition to a software-focused business was a work in progress.
Walmart was up 1.1 percent after the retailer’s quarterly ecommerce sales growth slowed year-over-year, but was higher than the previous quarter.
The retailer’s results come after Macy’s strong report helped power Wall Street on Wednesday and pushed the small-cap Russell 2000 to a record high.
At 7:23 a.m. ET, Dow e-minis were down 22 points, or 0.09 percent. S&P 500 e-minis were down 4.5 points, or 0.17 percent and Nasdaq 100 e-minis were down 25.75 points, or 0.37 percent.
Yields on the 10-year Treasury notes eked out a fresh 7-year highs, continuing a climb that was first triggered by Tuesday’s retail sales data that signaled the U.S. economy is on a stronger footing in the second quarter.
Coca-Cola rose 1 percent after Barclays upgraded the stock to “overweight.”
NetEase dropped 9 percent after the Chinese internet company’s first-quarter profit missed Wall Street estimates.
On the economic front, data at 8:30 a.m. ET is expect to show initial jobless claims rose 215,000 last week from 211,000 the week before. (Reporting by Medha Singh in Bengaluru; Editing by Anil D’Silva)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-futures-drop-as-cisco-disappoints-trade-talks-eyed-idUSL3N1SO43N |
May 2 (Reuters) - CSG Systems International Inc:
* CSG SYSTEMS INTERNATIONAL REPORTS RECORD FIRST QUARTER RESULTS FOR 2018
* Q1 NON-GAAP EARNINGS PER SHARE $0.69
* Q1 REVENUE ROSE 5 PERCENT TO $201.7 MILLION * CSG IS ADJUSTING ITS FINANCIAL GUIDANCE FOR FULL YEAR 2018 TO INCLUDE TEN MONTHS OF ITS ACQUIRED BUSINESS INK BUSINESS
* SEES 2018 GAAP REVENUES $845 - $865 MILLION
* SEES 2018 GAAP EPS $1.89 - $2.02
* SEES 2018 NON-GAAP EPS $2.81 - $2.93 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-csg-systems-international-q1-gaap/brief-csg-systems-international-q1-gaap-earnings-per-share-0-42-idUSASC09Z3P |
April 30 (Reuters) - Housing Development Finance Corporation Ltd:
* SAYS CO RECOMMENDED FINAL DIVIDEND OF 16.50 RUPEES PER SHARE
* SAYS CO APPROVED ISSUE OF NCDS UP TO 850 BILLION RUPEES ON PVT PLACEMENT BASIS
* APPROVED THE RE-APPOINTMENT OF KEKI MISTRY AS MD (DESIGNATED AS CEO AND VICE CHAIRMAN)
* APPROVED RAISING OF OVERALL BORROWING POWERS SUCH THAT TOTAL BORROWING DOES NOT EXCEED 5 TRLN RUPEES Source text - bit.ly/2KluE38 Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-housing-development-finance-corp-a/brief-housing-development-finance-corp-approves-re-appointment-of-keki-mistry-as-md-idUSFWN1S70FS |
May 8 (Reuters) - FTD Companies Inc:
* FTD COMPANIES, INC. ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 REVENUE $318.2 MILLION VERSUS I/B/E/S VIEW $294.3 MILLION
* CONSOLIDATED REVENUES WERE $318.2 MILLION FOR Q1 OF 2018, AN INCREASE OF 0.5%
* EXPECTS FY RESULTS WILL BE NEAR LOW END OF PREVIOUS GUIDANCE RANGE FOR CONSOLIDATED REVENUES AND ADJUSTED EBITDA
* QTRLY LOSS PER SHARE $0.24 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ftd-companies-q1-loss-per-share-02/brief-ftd-companies-q1-loss-per-share-0-24-idUSASC0A0NW |
HERNDON, Va.--(BUSINESS WIRE)-- ViON, a cloud service provider and market leader in the design, delivery and maintenance of mission-critical IT infrastructure solutions, announced today that CRN® , a brand of The Channel Company , has named Elizabeth Anthony, Senior Vice President Marketing to its prestigious 2018 Women of the Channel list. The executives who comprise this annual list span the IT channel, representing vendors, distributors, solution providers and other organizations that figure prominently in the channel ecosystem. Each is recognized for her outstanding leadership, vision and unique role in driving channel growth and innovation.
CRN editors select the Women of the Channel honorees based on their professional accomplishments, demonstrated expertise and ongoing dedication to the IT channel.
Anthony has over 20 years of experience implementing marketing plans and strategic communications across the globe. Since coming to ViON, she has focused on building channel partnerships based on open communication, customized solution business plans and disciplined portfolio budgeting. She has led her team to create a strategic partner-marketing program that engages ViON’s network to better tell the ViON brand story. This program has helped ViON expand its channel business over the past several years.
“This accomplished group of leaders is steadily guiding the IT channel into a prosperous new era of services-led business models and deep, strategic partnerships,” said Bob Skelley, CEO of The Channel Company. “CRN’s 2018 Women of the Channel list honors executives who are driving channel progress through a number of achievements—exemplary partner programs, innovative product development and marketing, effective team-building, visionary leadership and accelerated sales growth—as well as advocacy for the next generation of women channel executives.”
“Liz Anthony has been integral to ViON’s success in expanding our channel business over the last several years and launching our ViON MarketPlace, which is changing how the channel delivers technology to customers,” said Tom Frana, President and CEO of ViON Corporation. “Her strategic vision, innovation and experience creating a path to Cloud for strategic partners has dramatically increased the value to the channel and strengthened our partner relationships.”
The 2018 Women of the Channel list will be featured in the June issue of CRN Magazine and online at www.CRN.com/wotc .
About ViON Corporation
ViON Corporation is a cloud service provider with over 37 years’ experience designing and delivering enterprise data center solutions to government agencies and commercial businesses. The company provides IT as-a-Service solutions including on-premise public cloud capabilities to simplify the challenges facing business leaders and agency executives. Focused on supporting the customer’s evolution to the next generation data center, ViON’s Data Center as-a-Service offering provides innovative solutions from OEMs and disruptive technology providers via a consumption-based model. ViON delivers expertise and an outstanding customer experience at every step with professional and managed services, backed by highly-trained, cleared resources. A veteran-owned company based in Herndon, Virginia, the company has field offices throughout the U.S. ( www.vion.com )
About the Channel Company
The Channel Company enables breakthrough IT channel performance with our dominant media, engaging events, expert consulting and education, and innovative marketing services and platforms. As the channel catalyst, we connect and empower technology suppliers, solution providers and end users. Backed by more than 30 years of unequaled channel experience, we draw from our deep knowledge to envision innovative new solutions for ever-evolving challenges in the technology marketplace. www.thechannelco.com
CRN is a registered trademark of The Channel Company, LLC. All rights reserved.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006366/en/
ViON Corporation
Mariryan Starr, 919-601-5058
[email protected]
or
The Channel Company
Kim Sparks, 508-416-1193
[email protected]
Source: ViON Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-elizabeth-anthony-of-vion-corporation-recognized-as-one-of-crnas-2018-women-of-the-channel.html |
May 16, 2018 / 8:24 PM / Updated 22 minutes ago Lawyer for Russian company says Mueller's office slow to hand over evidence Sarah N. Lynch 3 Min Read
WASHINGTON (Reuters) - A lawyer representing a Russian company charged with funding a propaganda operation to meddle in the 2016 U.S. presidential election accused Special Counsel Robert Mueller’s office of delays in handing over evidence at a testy hearing on Wednesday.
The attorney for Concord Management and Consulting LLC traded barbs with prosecutors at the federal court hearing over issues ranging from the handling of evidence to accusations by prosecutors that defence lawyers hung up on the government after a nine-minute phone call last Friday.
“Any suggestion in that regard is absolutely false - it is demonstrably false,” defence attorney Eric Dubelier said. “I resent the implication that the special prosecutor made in court that I would hang up the phone on somebody. I didn’t do it.”
Concord is one of three companies and 13 Russian individuals indicted in February in what prosecutors say was an elaborate scheme to sow discord in the U.S. political system by using false personas to push divisive messages over social media and staging political rallies.
Prosecutors have charged Concord with funding the operation, and alleged the company is controlled by Russian businessman Evgeny Prigozhin, who is also charged individually in the case and is known as “Putin’s cook” because his catering business has organised banquets for Russian President Vladimir Putin.
Prosecutors say the propaganda operation was designed to help support President Donald Trump’s 2016 campaign and disparage Democratic rival Hillary Clinton. Russia denies meddling in the election and Trump denies any collusion between his campaign and Moscow.
Concord has pleaded not guilty and Dubelier said he expected to seek to have the case dismissed on grounds including claims that the case is unconstitutional, fails to charge a crime and contains due process violations.
The government disclosed at the hearing it had collected nearly two terabytes worth of social media profiles as evidence.
An estimated 310,000 photos or 17,000 hours of music could fit into one terabyte alone, according to a blog post by an IT expert and professor at the University of Oregon.
Dubelier complained that no evidence has been turned over, and said the social media data was largely in Russian and irrelevant to his client’s case. He said his client had nothing to do with the creation of the social media profiles and was not associated with individual defendants in the case.
“I anticipate that we’re going to get this massive dump of social media stuff that’s in Russian,” Dubelier said.
Prosecutor Jeannie Rhee disputed that assertion, saying it was “not irrelevant material.”
The next hearing in the case was scheduled for June 15. Reporting by Sarah N. Lynch; Editing by Peter Cooney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-russia-concord/lawyer-for-russian-company-says-muellers-office-slow-to-hand-over-evidence-idUKKCN1IH2VJ |
TSX: MFI
www.mapleleaffoods.com
MISSISSAUGA, ON, May 2, 2018 /PRNewswire/ - Maple Leaf Foods Inc. (TSX: MFI) today reported its financial results for the first quarter ending March 31, 2018.
Sales volume growth across the business, except in fresh pork with temporary supply interruption Adjusted EBITDA margins(1) of 10.1% Strong commercial and operating performance across the business, offset by less favorable market conditions Excellent momentum in our U.S platform and in plant protein Preparing for launch in core brand renovations in the second quarter
Financial Highlights
Measure (a)
(Unaudited)
Three months ended March 31,
2018
2017
% Change
Sales (b)
$
817.5
$
811.2
0.8%
Net Earnings
$
27.9
$
30.1
(7.3)%
Basic Earnings per Share
$
0.22
$
0.23
(4.3)%
Adjusted EBITDA Margin
10.1%
10.8%
-70 bps
Adjusted Operating Earnings (2)
$
52.8
$
59.0
(10.6)%
Adjusted Earnings per Share (3)
$
0.29
$
0.33
(12.1)%
Free Cash Flow (4)
$
(3.3)
$
34.8
(109.5)%
(a)
All financial measures in millions except Adjusted EBITDA Margin and Basic and Adjusted Earnings per Share.
(b)
2018 sales include the impact of the adoption of new accounting standard IFRS 15 - Revenue from Contracts with Customers. Refer to note 2(b) of the unaudited condensed consolidated interim financial statements for further details on the impact of the adoption of new accounting standards.
Note: Several items are excluded from the discussions of underlying earnings performance as they are not representative of ongoing operational activities. Refer to the section entitled Reconciliation of Non-IFRS Financial Measures at the end of this news release for a description and reconciliation of all non-IFRS financial measures.
"As anticipated, it was a more challenging start to the year in 2018 although we were pleased to have delivered EBITDA margins of 10.1% in these conditions, which reflects our balanced portfolio, brand strength and value-added product mix," said Michael H. McCain, President and CEO. "We realized excellent commercial and operating gains in the prepared meat portfolio, offset by the much-anticipated headwinds of market conditions. We are now launching the most extensive food and brand renovation in our history, which will be one of our strategic growth foundations for years to come."
OPERATING REVIEW
The following table summarizes the Company's total sales and Adjusted Operating Earnings for the quarter.
($ thousands)
(Unaudited)
Three months ended March 31,
2018
2017
Total Sales
$
817,509
$
811,185
Adjusted Operating Earnings
$
52,772
$
59,030
Adjusted EBITDA Margin
10.1%
10.8%
Sales and Earnings Review
Sales in the first quarter increased 0.8% to $817.5 million, or 2.4% after adjusting for the adoption of a new accounting standard, foreign exchange, and acquisitions. Sales were driven by prepared meats, which benefited from innovation and the Company's expansion in the U.S. market as well as pricing taken in fall of 2017. The Lightlife and Field Roast brands contributed to sales increases in the quarter. Sales in value-added fresh pork were impacted by lower market values and a transitory reduction in hog supply from PEDv in 2017.
Adjusted Operating Earnings were $52.8 million compared to $59.0 million in the first quarter of 2017. Positive trends and commercial performance in the underlying business were offset by market conditions in pork markets which were materially below prior year. First quarter earnings benefited from improvement in prepared meats related to volume growth, strong margins and increased supply chain efficiency. Performance in value-added poultry and pork and plant protein also contributed to our earnings.
Net earnings for the first quarter were $27.9 million ($0.22 per basic share) compared to $30.1 million ($0.23 per basic share) in the first quarter of 2017.The decrease in net earnings was consistent with factors noted above and partially offset by lower restructuring costs.
Other Matters
On May 2, 2018, the Board of Directors approved a dividend of $0.13 per share payable June 29, 2018 to shareholders of record at the close of business on June 8, 2018. Unless indicated otherwise by the Company at or before the time the dividend is paid, this dividend will be considered an eligible dividend for the purposes of the "Enhanced Dividend Tax Credit System".
Conference Call
An investor presentation related to the Company's first quarter financial results is available at www.mapleleaffoods.com and can be found under Investor Information on the Investors page. A conference call will be held at 2:30 p.m. EDT on May 2, 2018, to review Maple Leaf Foods' first quarter financial results. To participate in the call, please dial 416-340-2216 or 1-800-273-9672. For those unable to participate, playback will be made available an hour after the event at 905-694-9451 or 1-800-408-3053 (Passcode: 9110367#).
A webcast presentation of the first quarter financial results will also be available at:
https://edge.media-server.com/m6/p/4xp9svdj
The Company's full unaudited condensed consolidated interim financial statements and related Management's Discussion and Analysis are available on the Company's website.
Reconciliation of Non-IFRS Financial Measures
The Company uses the following non-IFRS measures: Adjusted Operating Earnings, Adjusted Earnings per Share, Adjusted EBITDA, Free Cash Flow and Net Cash. Management believes that these non-IFRS measures provide useful information to investors in measuring the financial performance of the Company for the reasons outlined below. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS.
Adjusted Operating Earnings
Adjusted Operating Earnings, a non-IFRS measure, is used by Management to evaluate financial operating results. It is defined as earnings before income taxes adjusted for items that are not considered representative of ongoing operational activities of the business and items where the economic impact of the transactions will be reflected in earnings in future periods when the underlying asset is sold or transferred. The table below provides a reconciliation of net earnings as reported under IFRS in the unaudited condensed consolidated interim statements of net earnings to Adjusted Operating Earnings for the three months ended, as indicated below. Management believes that this basis is the most appropriate on which to evaluate operating results, as they are representative of the ongoing operations of the Company.
($ thousands)
(Unaudited)
Three months ended March 31,
2018
2017
Net earnings
$
27,918
$
30,105
Income taxes
11,507
11,980
Earnings before income taxes
$
39,425
$
42,085
Interest expense and other financing costs
1,653
1,227
Other (income) expense
2,854
2,704
Restructuring and other related costs
2,055
6,490
Earnings from operations
$
45,987
$
52,506
Decrease (increase) in fair value of biological assets (5)
7,097
(2,797)
Unrealized (gain) loss on derivative contracts (5)
(312)
9,321
Adjusted Operating Earnings
$
52,772
$
59,030
Adjusted Earnings per Share
Adjusted Earnings per Share, a non-IFRS measure, is used by Management to evaluate financial operating results. It is defined as basic earnings per share and is adjusted on the same basis as Adjusted Operating Earnings. The table below provides a reconciliation of basic earnings per share as reported under IFRS in the unaudited condensed consolidated interim statements of earnings to Adjusted Earnings per Share for the three months ended, as indicated below. Management believes this basis is the most appropriate on which to evaluate financial results as they are representative of the ongoing operations of the Company.
($ per share)
(Unaudited)
Three months ended March 31,
2018
2017
Basic earnings per share
$
0.22
$
0.23
Restructuring and other related costs (6)
0.01
0.04
Items included in other income not considered representative of ongoing operations (7)
0.02
0.02
Change in the fair value of biological assets (8)
0.04
(0.02)
Change in the fair value of unrealized (gain) loss on derivative contracts (8)
—
0.05
Adjusted Earnings per Share (9)
$
0.29
$
0.33
Adjusted Earnings Before Interest, Income Taxes, Depreciation, and Amortization
Adjusted EBITDA is calculated as earnings before interest and income taxes plus depreciation and intangible asset amortization, adjusted for items that are not considered representative of ongoing operational activities of the business, and items where the economic impact of the transactions will be reflected in earnings in future periods when the underlying asset is sold or transferred. The following table provides a reconciliation of net earnings as reported under IFRS in the unaudited condensed consolidated interim statements of earnings to Adjusted EBITDA for the three months ended, as indicated below. Management believes Adjusted EBITDA is useful in assessing the performance of the Company's ongoing operations and its ability to generate cash flows to fund its cash requirements, including the Company's capital investment program.
($ thousands)
(Unaudited)
Three months ended March 31,
2018
2017
Net earnings
$
27,918
$
30,105
Income taxes
11,507
11,980
Earnings before income taxes
$
39,425
$
42,085
Interest expense and other financing costs
1,653
1,227
Items included in other income not representative of ongoing operations
2,690
3,479
Restructuring and other related costs
2,055
6,490
Change in the fair value of biological assets and unrealized (gains) losses on derivative contracts
6,785
6,524
Depreciation and amortization
29,874
28,062
Adjusted EBITDA
$
82,482
$
87,867
Adjusted EBITDA Margin
10.1%
10.8%
Free Cash Flow
Free Cash Flow, a non-IFRS measure, is used by Management to evaluate cash flow after investing in the maintenance or expansion of the Company's asset base. It is defined as cash provided by (used in) operations, less additions to long-term assets. The following table calculates Free Cash Flow for the periods indicated below.
($ thousands)
(Unaudited)
Three months ended March 31,
2018
2017
Cash provided by operating activities
$
32,055
$
55,008
Additions to long-term assets
(35,360)
(20,255)
Free Cash (Out) In Flow
$
(3,305)
$
34,753
Net Cash (10)
The following table reconciles Net Cash to amounts reported under IFRS in the Company's consolidated financial statements for the three months ended, as indicated below. The Company calculates Net Cash as cash and cash equivalents, less long-term debt and bank indebtedness. Management believes this measure is useful in assessing the amount of financial leverage employed.
($ thousands)
(Unaudited)
Three months ended March 31,
2018
2017
Cash and cash equivalents
$
67,697
$
143,596
Current portion of long-term debt
$
(816)
$
(837)
Long-term debt
(59,938)
(8,998)
Total debt
$
(60,754)
$
(9,835)
Net cash
$
6,943
$
133,761
FORWARD-LOOKING STATEMENTS
This document contains, and the Company's oral and written public communications often contain, "forward-looking information" within the meaning of applicable securities law. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which the Company operates, as well as beliefs and assumptions made by Management of the Company. Such statements include, but are not limited to, statements with respect to objectives and goals, in addition to statements with respect to beliefs, plans, objectives, expectations, anticipations, estimates, and intentions. Specific forward-looking information in this document includes, but is not limited to, statements with respect to: expectations regarding the use of derivatives, futures and options; the expected use of cash balances; source of funds for ongoing business requirements; capital investments and expectations regarding capital expenditures; expectations regarding the implementation of environmental sustainability initiatives; expectations regarding the adoption of new accounting standards and the impact of such adoption on financial position; expectations regarding pension plan performance and future pension plan liabilities and contributions; expectations regarding levels of credit risk; and expectations regarding outcomes of legal actions. Words such as "expect", "anticipate", "intend", "may", "will", "plan", "believe", "seek", "estimate", and variations of such words and similar expressions are intended to identify such forward-looking information. These statements are not guarantees of future performance and involve assumptions, risks, and uncertainties that are difficult to predict.
In addition, these statements and expectations concerning the performance of the Company's business in general are based on a number of factors and assumptions including, but not limited to: the condition of the Canadian, U.S., and Japanese economies; the rate of exchange of the Canadian dollar to the U.S. dollar, and the Japanese yen; the availability and prices of raw materials, energy and supplies; product pricing; the availability of insurance; the competitive environment and related market conditions; improvement of operating efficiencies; continued access to capital; the cost of compliance with environmental and health standards; no adverse results from ongoing litigation; no unexpected actions of domestic and foreign governments; and the general assumption that none of the risks identified below or elsewhere in this document will materialize. All of these assumptions have been derived from information currently available to the Company, including information obtained by the Company from third-party sources. These assumptions may prove to be incorrect in whole or in part. In addition, actual results may differ materially from those expressed, implied, or forecasted in such forward-looking information, which reflect the Company's expectations only as of the date hereof.
Factors that could cause actual results or outcomes to differ materially from the results expressed, implied, or forecasted by forward looking information include, among other things:
risks associated with the Company focusing solely on the protein business; risks related to the Company's decisions regarding any potential return of capital to shareholders; risks associated with concentration of production in fewer facilities; risks associated with the availability of capital; risks associated with changes in the Company's information systems and processes; risks associated with cyber threats; risks posed by food contamination, consumer liability, and product recalls; risks associated with acquisitions, divestitures, and capital expansion projects; impact on pension expense and funding requirements of fluctuations in the market prices of fixed income and equity securities and changes in interest rates; cyclical nature of the cost and supply of hogs and the competitive nature of the pork market generally; risks related to the health status of livestock; impact of a pandemic on the Company's operations; the Company's exposure to currency exchange risks; ability of the Company to hedge against the effect of commodity price changes through the use of commodity futures and options; impact of changes in the market value of the biological assets and hedging instruments; risks associated with the supply management system for poultry in Canada; risks associated with the use of contract manufacturers; impact of international events on commodity prices and the free flow of goods; risks posed by compliance with extensive government regulation; risks posed by litigation; impact of changes in consumer tastes and buying patterns; impact of extensive environmental regulation and potential environmental liabilities; risks associated with a consolidating retail environment; risks posed by competition; risks associated with complying with differing employment laws and practices, the potential for work stoppages due to non-renewal of collective agreements, and recruiting and retaining qualified personnel; risks associated with pricing the Company's products; risks associated with managing the Company's supply chain; and risks associated with failing to identify and manage the strategic risks facing the Company. Impact of changes in International Financial Reporting Standards and other accounting standards that the Company is required to adhere to for regulatory purposes
The Company cautions the reader that the foregoing list of factors is not exhaustive. These factors are discussed in more detail under the heading "Risk Factors" in the Company's Annual Management's Discussion and Analysis for the year ended December 31, 2017, that is available on SEDAR at www.sedar.com . The reader should review such section in detail. Some of the forward-looking information may be considered to be financial outlooks for purposes of applicable securities legislation including, but not limited to, statements concerning future capital expenditures. These financial outlooks are presented to evaluate anticipated future uses of cash flows, and may not be appropriate for other purposes and readers should not assume they will be achieved. The Company does not intend to, and the Company disclaims any obligation to, update any forward-looking information, whether written or oral, or whether as a result of new information, future events or otherwise, except as required by law. Additional information concerning the Company, including the Company's Annual Information Form is available on SEDAR at www.sedar.com .
About Maple Leaf Foods Inc.
Maple Leaf Foods Inc. is a leading consumer protein company, making high quality, innovative products under national brands including Maple Leaf®, Maple Leaf Prime®, Maple Leaf Natural Selections®, Schneiders®, Schneiders® Country Naturals®, Mina®, Lightlife™ and Field Roast Grain Meat Co.™. Maple Leaf employs approximately 11,500 people and does business in Canada, the U.S. and Asia. The Company is headquartered in Mississauga, Ontario and its shares trade on the Toronto Stock Exchange (MFI).
Footnote Legend
1.
Adjusted EBITDA is calculated as earnings before interest and income taxes plus depreciation and intangible asset amortization, adjusted for items that are not considered representative of ongoing operational activities of the business, and items where the economic impact of the transactions will be reflected in earnings in future periods when the underlying asset is sold or transferred. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by sales. Please refer to the section entitled Non-IFRS Financial Measures in the Company's 2018 first quarter Management's Discussion and Analysis.
2.
Adjusted Operating Earnings, a non-IFRS measure, is used by Management to evaluate financial operating results. It is defined as earnings before income taxes adjusted for items that are not considered representative of ongoing operational activities of the business, and items where the economic impact of the transactions will be reflected in earnings in future periods when the underlying asset is sold or transferred. Please refer to the section entitled Non-IFRS Financial Measures in the Company's 2018 first quarter Management's Discussion and Analysis.
3.
Adjusted Earnings per Share, a non-IFRS measure, is used by Management to evaluate financial operating results. It is defined as basic earnings per share and is adjusted on the same basis as Adjusted Operating Earnings. Please refer to the section entitled Non-IFRS Financial Measures in the Company's 2018 first quarter Management's Discussion and Analysis.
4.
Free Cash Flow, a non-IFRS measure, is used by Management to evaluate cash flow after investing in the maintenance or expansion of the Company's asset base. It is defined as cash provided by operations, less additions to long-term assets. Please refer to the section entitled Non-IFRS Financial Measures in the Company's 2018 first quarter Management's Discussion and Analysis.
5.
Unrealized gains/losses on derivative contracts is reported within cost of sales in the Company's 2018 first quarter unaudited condensed consolidated interim financial statements. For biological assets information, please refer to Note 6 of the Company's 2018 first quarter unaudited condensed consolidated interim financial statements.
6.
Includes per share impact of restructuring and other related costs, net of tax.
7.
Primarily includes (gains) and losses on disposal of investment properties, acquisition related costs, interest income, and litigation costs, net of tax.
8.
Includes per share impact of the change in unrealized losses on derivative contracts and the change in fair value of biological assets, net of tax.
9.
May not add due to rounding.
10.
Net cash, a non-IFRS measure, is used by Management to assess the amount of financial leverage that has been employed. It is defined as total cash and cash equivalents less total long-term debt. Please refer to the section entitled Non-IFRS Financial Measures in the Company's 2018 first quarter Management's Discussion and Analysis.
Consolidated Interim Balance Sheets
(In thousands of Canadian dollars)
As at March 31,
2018
As at March 31,
2017
As at December 31,
2017
(Unaudited)
(Unaudited) (i)
ASSETS
Current assets
Cash and cash equivalents
$
67,697
$
143,596
$
203,425
Accounts receivable
128,457
128,066
123,968
Notes receivable
27,727
31,886
28,918
Inventories
325,618
313,620
273,365
Biological assets
109,419
116,884
111,735
Prepaid expenses and other assets
18,862
27,393
24,393
Assets held for sale
—
4,837
—
$
677,780
$
766,282
$
765,804
Property and equipment
1,127,381
1,086,182
1,116,309
Investment property
1,883
1,920
1,892
Employee benefits
21,751
8,104
9,856
Other long-term assets
8,135
6,311
6,125
Goodwill
665,615
522,584
517,387
Intangible assets
213,153
225,413
215,197
Total assets
$
2,715,698
$
2,616,796
$
2,632,570
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accruals
$
312,577
$
280,438
$
300,659
Provisions
8,687
12,607
9,335
Current portion of long-term debt
816
837
805
Income taxes payable
10,584
8,410
7,855
Other current liabilities
17,773
50,721
31,597
$
350,437
$
353,013
$
350,251
Long-term debt
59,938
8,998
8,443
Employee benefits
115,474
111,430
117,808
Provisions
9,891
15,755
11,273
Other long-term liabilities
14,183
12,146
12,689
Deferred tax liability
89,510
52,610
80,498
Total liabilities
$
639,433
$
553,952
$
580,962
Shareholders' equity
Share capital
$
835,701
$
846,066
$
835,154
Retained earnings
1,275,377
1,239,713
1,253,035
Accumulated other comprehensive (loss) income
(4,448)
706
(9,620)
Treasury stock
(30,365)
(23,641)
(26,961)
Total shareholders' equity
$
2,076,265
$
2,062,844
$
2,051,608
Total liabilities and equity
$
2,715,698
$
2,616,796
$
2,632,570
(i)
Restated, see Note 17(b) of the Company's 2018 first quarter unaudited condensed consolidated interim financial statements.
Consolidated Interim Statements of Net Earnings
(In thousands of Canadian dollars, except share amounts)
(Unaudited)
Three months ended March 31,
2018
2017
Sales
$
817,509
$
811,185
Cost of goods sold
685,340
677,489
Gross margin
$
132,169
$
133,696
Selling, general and administrative expenses
86,182
81,190
Earnings before the following:
$
45,987
$
52,506
Restructuring and other related costs
(2,055)
(6,490)
Other income (expense)
(2,854)
(2,704)
Earnings before interest and income taxes
$
41,078
$
43,312
Interest expense and other financing costs
1,653
1,227
Earnings before income taxes
$
39,425
$
42,085
Income tax expense
11,507
11,980
Net earnings
$
27,918
$
30,105
Earnings per share:
Basic earnings per share
$
0.22
$
0.23
Diluted earnings per share
$
0.22
$
0.22
Weighted average number of shares (millions)
Basic
126.2
130.5
Diluted
129.3
134.3
Consolidated Interim Statements of Other Comprehensive Income (Loss)
(In thousands of Canadian dollars)
(Unaudited)
Three months ended March 31,
2018
2017
Net earnings
$
27,918
$
30,105
Other comprehensive (loss) income
Actuarial gains (losses) that will not be reclassified to profit or loss
(Net of tax of $4.2 million; 2017: $1.0 million)
$
11,775
$
(2,840)
Items that are or may be reclassified subsequently to profit or loss:
Change in accumulated foreign currency translation adjustment
(Net of tax of $0.0 million; 2017: $0.0 million)
$
11,829
$
(2,076)
Change in foreign exchange losses on long-term debt designated as a net
investment hedge (Net of tax of $0.5 million; 2017: $0.0 million)
(1,497)
—
Change in unrealized (losses) gains on cash flow hedges
(Net of tax of $1.1 million; 2017: $0.4 million)
(5,160)
1,163
Total items that are or may be reclassified subsequently to profit or loss
$
5,172
$
(913)
Total other comprehensive income (loss)
$
16,947
$
(3,753)
Comprehensive income
$
44,865
$
26,352
Consolidated Interim Statements of Changes in Total Equity
Accumulated other
comprehensive income
(loss) (i)
(In thousands of Canadian dollars)
(Unaudited)
Share
capital
Retained
earnings
Contributed
surplus
Foreign
currency
translation
adjustment
Unrealized
gains and
losses on
cash flow
hedges
Treasury
stock
Total
equity
Balance as at December 31, 2017
$
835,154
$
1,253,035
$
—
$
(11,420)
$
1,800
$
(26,961)
$
2,051,608
Impact of new IFRS standards (iii)
—
(3,695)
—
—
—
(3,695)
Net earnings
—
27,918
—
—
—
—
27,918
Other comprehensive income (loss) (ii)
—
11,775
—
10,332
(5,160)
—
16,947
Dividends declared ($0.13 per share)
—
(16,475)
—
—
—
—
(16,475)
Share-based compensation expense
—
—
4,870
—
—
—
4,870
Deferred taxes on share-based compensation
—
—
(1,500)
—
—
—
(1,500)
Repurchase of shares
333
5,477
(3,370)
—
—
—
2,440
Exercise of stock options
214
—
—
—
—
—
214
Settlement of share-based compensation
—
(2,658)
—
—
—
1,596
(1,062)
Shares purchased by RSU trust
—
—
—
—
—
(5,000)
(5,000)
Balance as at March 31, 2018
$
835,701
$
1,275,377
$
—
$
(1,088)
$
(3,360)
$
(30,365)
$
2,076,265
Accumulated other
comprehensive income
(loss) (i)
(In thousands of Canadian dollars)
(Unaudited)
Share
capital
Retained
earnings
Contributed
surplus
Foreign
currency
translation
adjustment
Unrealized
gains and
losses on
cash flow
hedges
Treasury
stock
Total
equity
Balance as at December 31, 2016
$
853,633
$
1,247,737
$
—
$
2,116
$
(497)
$
(14,966)
$
2,088,023
Net earnings
—
30,105
—
—
—
—
30,105
Other comprehensive income (loss) ( ii)
—
(2,840)
—
(2,076)
1,163
—
(3,753)
Dividends declared ($0.11 per share)
—
(14,325)
—
—
—
—
(14,325)
Share-based compensation expense
—
—
7,213
—
—
—
7,213
Deferred taxes on share-based compensation
—
—
2,750
—
—
—
2,750
Repurchase of shares
(9,174)
(18,681)
(9,963)
—
—
—
(37,818)
Exercise of stock options
1,607
—
—
—
—
—
1,607
Settlement of share-based compensation
—
(2,283)
—
—
—
1,325
(958)
Shares purchased by RSU trust
—
—
—
—
—
(10,000)
(10,000)
Balance at March 31, 2017
$
846,066
$
1,239,713
$
—
$
40
$
666
$
(23,641)
$
2,062,844
(i)
Items that are or may be subsequently reclassified to profit or loss.
(ii)
Included in other comprehensive income (loss) is the change in actuarial gains and losses that will not be reclassified to profit or loss and has been reclassified to retained earnings.
(iii)
See Note 2(b) of the Company's 2018 first quarter unaudited condensed consolidated interim financial statements.
Consolidated Interim Statements of Cash Flows
(In thousands of Canadian dollars)
(Unaudited)
Three months ended March 31,
2018
2017
CASH PROVIDED BY (USED IN):
Operating activities
Net earnings
$
27,918
$
30,105
Add (deduct) items not affecting cash:
Change in fair value of biological assets
7,097
(2,797)
Depreciation and amortization
29,884
28,071
Share-based compensation
4,870
7,213
Deferred income taxes
6,106
10,478
Income tax current
5,401
1,502
Interest expense and other financing costs
1,653
1,227
Loss on sale of long-term assets
385
321
Change in fair value of non-designated derivative financial instruments
185
8,183
Change in net pension liability
1,705
1,064
Net income taxes paid
(2,468)
(2,658)
Interest paid
(1,174)
(818)
Change in provision for restructuring and other related costs
(585)
2,614
Change in derivatives margin
6,530
(2,430)
Other
(6,443)
(913)
Change in non-cash working capital
(49,009)
(26,154)
Cash provided by operating activities
32,055
55,008
Financing activities
Dividends paid
$
(16,475)
$
(14,325)
Net increase (decrease) in long-term debt
49,337
(185)
Exercise of stock options
214
1,607
Repurchase of shares
(22,090)
(81,980)
Payment of deferred financing fees
(29)
(64)
Purchase of treasury stock
(5,000)
(10,000)
Cash provided by (used in) financing activities
$
5,957
$
(104,947)
Investing activities
Additions to long-term assets
$
(35,360)
$
(20,255)
Acquisition of business, net of cash acquired
(138,380)
(189,917)
Proceeds from sale of long-term assets
—
86
Cash used in investing activities
$
(173,740)
$
(210,086)
Decrease in cash and cash equivalents
$
(135,728)
$
(260,025)
Cash and cash equivalents, beginning of period
203,425
403,621
Cash and cash equivalents, end of period
$
67,697
$
143,596
View original content with multimedia: http://www.prnewswire.com/news-releases/maple-leaf-foods-reports-first-quarter-2018-financial-results-300641045.html
SOURCE Maple Leaf Foods Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-maple-leaf-foods-reports-first-quarter-2018-financial-results.html |
AT&T paid Essential Consultants, a company set up by U.S. President Donald Trump 's lawyer Michael Cohen , more than the $200,000 that came to light late on Tuesday, a source familiar with the matter told Reuters on Wednesday.
Payments by AT&T were described on Tuesday by Michael Avenatti, a lawyer for porn actress Stormy Daniels , who also said a company owned by Russian oligarch Viktor Vekselberg and other corporations had paid Essential Consultants for certain services.
Avenatti's document said that AT&T paid Essential Consultants $50,000 in October, November and December of 2017, and another $50,000 in January of 2018, making a total of $200,000.
AT&T confirmed those payments as described by Avenatti, saying they were aimed at gaining "insights" into the new administration.
However, the contract was for a year, the source told Reuters, meaning AT&T paid more than $200,000 to Cohen's company.
A full year contract for $50,000 per month would total $600,000 for the year. The source declined to give a total for the payments made by AT&T to Cohen's company.
Shares of AT&T were down 1 percent at $31.37. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/att-payments-to-trump-lawyer-more-than-reported.html |
May 18, 2018 / 6:13 AM / Updated 2 hours ago Lloyds sells Irish mortgage business to Barclays for £4 billion Lawrence White , Maiya Keidan 4 Min Read
LONDON (Reuters) - Lloyds Banking Group ( LLOY.L ) has sold its Irish residential mortgage portfolio to Barclays ( BARC.L ) for around 4 billion pounds in cash, as part of a plan to focus on its core British market. FILE PHOTO: People walk past a branch of Lloyds Bank on Oxford Street in London, Britain July 28, 2016. REUTERS/Peter Nicholls/File Photo
The deal was the last action Lloyds needed to take to complete its exit from the Irish market, following its closure of its retail banking operation there in 2010.
Lloyds is left only with around 4 billion pounds worth of additional Irish mortgages that it will allow to expire over time.
Lloyds will now be able to focus on tackling an increasing threat to its dominant position in the British markets from new entrants eager to cut prices to win business.
Of the assets sold on Friday, 300 million pounds worth are impaired — meaning borrowers are struggling to pay them. They generated a pretax loss of around 40 million pounds last year, Lloyds said in a statement. Related Coverage
A year to the day after its return to private ownership following the British government’s last sale of its stake in Lloyds, Britain’s biggest lender faces a battle to maintain its grip on the mortgage market. UNDER PRESSURE
Lloyds shares have fallen 7.6 percent in its first year free from government ownership after a bailout. That makes them the worst-performing stock among Britain’s four biggest banks with rivals RBS and HSBC climbing an average of 10 percent in the same period.
Investors fear that Lloyds as the biggest mortgage lender, with a market share of 20 percent, has most to fear from a low interest rate environment that makes finding profitable lending opportunities for banks difficult.
“We are concerned about the competition from the mortgage market from new entrants. We think Lloyds has the most to lose; it has the biggest share of the market,” said a U.S.-based hedge fund manager with about $1.2 billion in assets.
The fund manager is shorting Lloyds shares, meaning he will profit if the stock declines.
The threat to Lloyds’ position comes not just from so-called challenger mid-sized banks like Virgin Money ( VM.L ), CYBG ( CYBGC.L ) and Metro Bank ( MTRO.L ), but also from HSBC ( HSBA.L ) which has to grow its market share to meet profit goals in its newly separated UK banking unit.
The rules designed after the financial crisis to partition British banks’ core domestic deposit and savings franchises from their riskier and more internationally-focused investment banking units, have effectively created ‘new’ competitors in the market in the form of British-only lenders such as HSBC UK.
“I do think that Lloyds have some challenges. Competition is heating up. It’s not just an issue for Lloyds,” said Jerry Del Missier, founding partner and chief investment officer at Copper Street Capital, which has $162 million in assets.
“If you think about what’s happening to the UK banking market with ringfencing, you have a number of banks, including challenger banks chasing the same business,” he added. Additional reporting by Simon Jessop and Emma Rumney; Editing by Susan Fenton and Keith Weir | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-lloyds-bank-uk-ireland-mortgages/lloyds-sells-irish-mortgage-book-to-barclays-for-4-billion-pounds-idUKKCN1IJ0GG |
SAN MATEO, Calif., May 17, 2018 /PRNewswire/ -- Bertram Capital ("Bertram") today announced it has completed the sale of Clarus ("Clarus" or the "Company") to The Riverside Company, a global private equity firm. This represents Bertram's ninth exit since the firm's inception in 2006.
Bertram Capital first invested in Clarus in March 2015 and quickly deployed its value creation strategy, the Bertram High 5 SM . During Bertram's three-plus years of ownership, Clarus tripled in revenue, bolstered its leadership team, invested in a dedicated R&D department, hired new vertical managers for end market expansion and more than doubled its production capacity.
"The Bertram Industrial Team, led by Kevin Yamashita, Tim Heston and Ray Kataria, successfully executed our differentiated value creation strategy to build a market leader in the new and growing writable glassboard market," said Jeff Drazan, Managing Partner. "By combining the vision of the Company's founders, the hard work of our management team, and the addition of Cosmo Santullo, who initially served as a Board member and then most recently as the Company's CEO, we succeeded in rapidly expanding an under-developed market and creating a path for significant future growth."
Founded in 2009, Clarus is the largest and fastest growing designer and producer of glass visual display solutions in North America. The Company pioneered the product category, which includes glass writeable surfaces, with its unique channel development strategy, differentiated, vertically-integrated manufacturing capability and innovative product offering.
"With the closing of the Clarus transaction, we mark the completion of a successful partnership with an exceptional management team and category-defining company," said Kevin Yamashita, Partner at Bertram Capital and investment lead for Clarus. "Through the addition of key management and sales and operational resources to the Company's core team, we helped build on what was already a premier operating platform to create an undisputed market leader. Our Bertram Labs' team worked closely with management to implement a new ERP system and design new marketing tools. The combined efforts of the Clarus team and Bertram Capital solidified the Company's market presence and significantly accelerated profitable growth in the business. We would like to recognize the team of John Tye and Tripp Griffin at Piper Jaffray, whose experience and leadership selling high growth, high margin companies was invaluable to achieving a successful outcome."
"We are very fortunate to have had the opportunity to partner with the Bertram Capital team," said Cosmo Santullo, CEO of Clarus. "Under Bertram Capital's leadership, the Company's Board of Directors provided us with the guidance and resources to build the leading player in glass visual display systems for multiple end verticals."
Lisa Hedrick and Andrew Lohmann of Hirschler Fleischer provided transaction support as the legal counsel for Bertram.
About Clarus
Clarus is the leader in glassboards and glass visual display systems for offices, healthcare environments, educational institutions and other commercial spaces with a wide range of glassboard and architectural glass products. Clarus are made in the USA, eco-friendly and will last the life of your wall. Visit www.clarusglassboards.com for more information.
About Bertram Capital
With over $1.4 billion in committed capital, Bertram Capital is a private equity firm targeting investments in lower middle market companies. By supplying flexible investment capital and committing a wealth of operational and strategic resources to each investment, we make it our core objective to move companies, management teams and employees toward unlocking their full potential. Visit www.bertramcapital.com for more information.
View original content with multimedia: http://www.prnewswire.com/news-releases/bertram-capital-completes-sale-of-clarus-300650118.html
SOURCE Bertram Capital | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-bertram-capital-completes-sale-of-clarus.html |
Celebrities flock to premiere of Chinese film 'Ash is Purest White' in Cannes Friday, May 11, 2018 - 01:26
Director Jia Zhangke walked the red carpet at the film festival with two of the film's cast members, Zhao Tao and Liao Fan. Rough cut (no reporter narration)
Director Jia Zhangke walked the red carpet at the film festival with two of the film's cast members, Zhao Tao and Liao Fan. Rough cut (no reporter narration) //reut.rs/2KTr0Ol | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/11/celebrities-flock-to-premiere-of-chinese?videoId=426005473 |
May 16, 2018 / 6:34 PM / a few seconds ago Fed's Quarles suggests U.S. could revisit capital requirements for foreign banks Reuters Staff 1 Min Read
WASHINGTON (Reuters) - The top regulatory official for the Federal Reserve suggested Wednesday regulators could consider lowering capital requirements for foreign banks operating in the U.S. FILE PHOTO: Randal Quarles, Federal Reserve board member and Vice Chair for Supervision, takes part in a swearing-in ceremony for Chairman Jerome Powell at the Federal Reserve in Washington, U.S., Febuary 5, 2018. Picture taken February 5, 2018. REUTERS/Aaron P. Bernstein/File Photo
Randal Quarles, the Fed’s vice chair for supervision, said he wanted the central bank to review its current rules for foreign banks, particularly the levels it requires global banks to hold internally to guard against failures of U.S. operations.
He said he would recommend the Fed review its policies on this front in the coming weeks, and invite comment on possible changes. Reporting by Pete Schroeder; Editing by Chizu Nomiyama | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-fed-capital/feds-quarles-suggests-u-s-could-revisit-capital-requirements-for-foreign-banks-idUKKCN1IH2NK |
CNBC.com Eclipse Sportswire | Getty Images A man walks through the paddock area on Belmont Stakes Day before the 148th Belmont Stakes.
For some, it may feel as though #MeToo has dominated headlines and conversations for months, but a new survey reveals that 41 percent of men say they've never heard of the movement.
The survey, conducted by Glamour and GQ , asked 1,147 men between the ages of 18 and 55 to answer questions about sexual harassment.
Among those surveyed, results showed that young, Southern and married men with incomes over $100,000 were least likely to be aware of the #MeToo movement. Overall, the study showed that 47 percent of men haven't talked about the topic at all with anyone, and just 31 percent said they have discussed it with a female friend.
GQ editor Benjy Hansen-Bundy says he believes that many men are wary about how to approach the issue and therefore, they avoid discussing it altogether.
"To be honest, I feel some of that trepidation too," he writes in the in GQ's story about the survey.
When looking at the responses from the anonymous group of men, Hansen-Bundy and Glamour editor Justine Harman saw a mix of answers that indicated some men feel angry, torn or anxious about how to discuss the topic. show chapters 10:15 AM ET Fri, 25 May 2018 | 02:32
One respondent wrote, "Most men are unsure of how to handle speaking to women on a normal basis. Now they are even more unsettled and confused about how to approach a woman, handle a conversation or give a compliment. Some have said that the movement may not have a true, lasting effect."
In a Facebook post earlier this year, Sheryl Sandberg explained why this fear of interacting with a female colleague can have a negative impact on a woman's career.
"If men think that the way to address workplace sexual harassment is to avoid one-on-one time with female colleagues – including meetings, coffee breaks and all the interactions that help us work together effectively – it will be a huge setback for women," she wrote.
For men who really want to create change, she suggests mentoring women rather than avoiding them as a solution to the problem.
"People with mentors are more likely to get promotions – yet women are less likely than men to be mentored, and women of color get the least support of all," she adds. "If we're going to change the power imbalance that enables so much sexual harassment in the first place, we need to ensure women get more mentorship and sponsorship, not less."
As Glamour and GQ work to make the conversation around #MeToo more inclusive of everyone, Hansen-Bundy says that one upside to the fear men have around the topic is that is forces them to rethink their actions. Results from the survey showed that 38 percent of the men said that #MeToo has made them reevaluate their past sexual experiences.
"It's part of a course correction," adds Hansen-Bundy. "The data also shows that younger men are more likely to say #MeToo will improve workplace equality, which I think shows that the movement may be educating guys on a broader cultural level." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/41-percent-of-men-say-theyve-never-heard-of-the-metoo-movement.html |
WARSAW (Reuters) - Warsaw will oppose any European Union budget plan that doesn’t balance the needs of its various member states, Poland’s deputy foreign minister said on Wednesday.
FILE PHOTO: European Union's chief Brexit negotiator Michel Barnier listens to Polish European Affairs Minister Konrad Szymanski during an EU's General Affairs Council in Brussels, Belgium, February 27, 2018. REUTERS/Francois Lenoir The European Commission proposed its new multi-year financial plan earlier on Wednesday, including provisions that could result in cash being withheld from Poland over its treatment of the judiciary.
“The way to the full compromise over the EU budget is still very long,” Konrad Szymanski told reporters in Warsaw.
Reporting by Anna Koper and Marcin Goclowski; Editing by Justyna Pawlak
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-eu-budget-poland/poland-says-cant-accept-members-differentiation-in-new-eu-budget-idUSKBN1I31T1 |
* Canadian dollar at C$1.2912, or 77.45 U.S. cents * Loonie is on track to fall 0.7 percent for the week * Bond prices higher across the yield curve TORONTO, May 4 (Reuters) - The Canadian dollar weakened to a one-month low against a broadly firmer greenback on Friday as investors weighed U.S. jobs data and trade discussions between top officials from China and the United States. The U.S. dollar climbed against a basket of major currencies despite a smaller-than-expected rise in U.S. jobs for the month of April. Officials from China and the United States reached a consensus on some aspects of the countries' trade row, but disagreements over other issues remain "relatively big," China said. Canada's commodity-linked economy could be hurt if the trade spat between the two economic giants slows global growth. At 9:25 a.m. EDT (1325 GMT), the Canadian dollar was trading 0.4 percent lower at C$1.2912 to the greenback, or 77.45 U.S. cents. The currency touched its weakest level since April 3 at C$1.2917. For the week, the loonie was on track to fall 0.7 percent. Losses for the loonie on Friday came after data the day before showed that Canada's trade deficit had widened to a record in March. The price of oil, one of Canada's major exports, stayed below recent highs as global supplies remained tight and the market awaited news from Washington on possible new U.S. sanctions against Iran. U.S. crude prices were up 0.06 percent at $68.47 a barrel. Canadian government bond prices were higher across the yield curve in sympathy with U.S. Treasuries. The two-year rose 2.5 Canadian cents to yield 1.897 percent and the 10-year gained 22 Canadian cents to yield 2.300 percent. (Reporting by Fergal Smith; Editing by Bernadette Baum)
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-forex/canada-fx-debt-c-hits-1-month-low-as-greenback-broadly-climbs-idUSL1N1SB0P1 |
May 24, 2018 / 2:00 AM / in 14 hours United Air CEO grilled over NRA discount, workers rights at annual meeting Alana Wise 2 Min Read
CHICAGO (Reuters) - United Airlines executives faced questions about ending its discount for a gun rights group and how it treats its workers at the carrier’s annual shareholders meeting on Wednesday. FILE PHOTO: Oscar Munoz, CEO of United Airlines, discusses his vision for the company, in Chicago, Illinois, U.S., March 21, 2018. REUTERS/Kamil Krzaczynski
Asked about United’s decision to sever ties with the National Rifle Association (NRA) in the wake of the recent U.S. high school shooting in Parkland, Florida, Chief Executive Oscar Munoz said the decision was reached largely in response to a United pilot’s daughter who was killed in the massacre.
United was one of several companies, including rival Delta Air Lines Inc, to end its relationship with the NRA after the Feb. 14 shooting at Marjory Stoneman Douglas High School that left 17 students and staff members dead.
“We aren’t here to strike political debate... It wasn’t political. It was personal in regards to my family at United,” Munoz said.
Munoz was also grilled over what some employees described as the “second-class citizen” treatment of workers attempting to unionize.
“How is it that we work for a multi-billion dollar company, and we can’t even afford an apartment on our own?” one woman, who identified herself as an employee at the carrier’s Denver hub, said.
Munoz defended the carrier to say United pays competitively, and pushed back on accusations of managerial mistreatment of employees amid unionization efforts.
The shareholders meeting comes as executive and board shakeups have put United in the spotlight in recent weeks.
Thee carrier’s chief financial officer, Andrew Levy, announced his resignation last week, stoking rumors of executive turmoil at the airline. And last month, board Chairman Robert Milton and director Laurence Simmons announced their resignations.
The board will meet over the next two days to elect a new director. The carrier said it is looking for a permanent replacement for the CFO role. Reporting by Alana Wise; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-ual-shareholders/united-air-ceo-grilled-over-nra-discount-workers-rights-at-annual-meeting-idUSKCN1IP07X |
May 4 (Reuters) - Komercni Banka as:
* KOMERCNI BANKA CFO SAYS EXPECTS 2018 LENDING GROWTH IN MID SINGLE DIGITS
* KOMERCNI BANKA CFO SAYS EXPECTS BANKING REVENUE BROADLY FLATTISH IN 2018
* KOMERCNI BANKA CFO SAYS WE DON’T EXPECT IN CHANGES IN TREND IN COSTS THAT WAS SEEN IN Q1
* KOMERCNI BANKA FY COSTS EXPECTED TO BE SLIGHTLY LOWER THAN INFLATION Source text for Eikon: Further company coverage: (Reporting By Jason Hovet)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-komercni-banka-confirms-lending-re/brief-komercni-banka-confirms-lending-revenue-outlook-idUSP7N1PY014 |
May 25, 2018 / 8:12 PM / Updated 9 minutes ago BUZZ-U.S. stocks weekly: On again, off again Reuters Staff 2 Min Read
** S&P 500 finishes week up 0.3 pct even as trade tensions linger and U.S. summit with North Korea is put on hold
** Indeed, it’s been toil and trouble for E-Mini S&P Futures , though SPX may be building a base camp on higher ground
** E-Mini Dow Jones Futures still adrift in choppy waters. This with the DJI still on a waiting path
** Nevertheless, breadth measures paint a more buoyant picture
** Most sectors gain; utilities, tech and consumer discretionary rise, while energy slumps
** Tech up 1.3 pct. Group’s top stock Micron surges 15 pct on announced $10 bln buyback program, chipmaker’s biggest ever
** Cons Discretionary up 1.2 pct. Best S&P performer Foot Locker jumps 28 pct, stomps past Q1 expectations and Tiffany a close second, up 25 pct on results, $1 bln buyback plan. Lowe’s leaps as Ackman makes about $1 bln bet on home improvement retailer. Netflix’s market value eclipses Walt Disney’s for first time
** Industrials up 0.5 pct. Airline stocks climb as oil prices drop. General Electric gyrates, but ultimately loses ground after CEO Flannery’s presentation unnerves investors. Shares back in full retreat on the charts
** Financials off 0.4 pct. Banks dip as U.S. 10-yr TSY yield slips to 3-week low
** Energy slides 4.5 pct. Crude prices plunge as OPEC and Russia consider output boost. E&P ConocoPhillips and oil services co Schlumberger fall 6-8 pct. Energy ETF key reversal may lead to greater pressure
** SPX sector performance over past 12 mths: reut.rs/2LtouP7
** Meanwhile, small caps, last year’s also-ran, now a horse in the hunt | ashraq/financial-news-articles | https://www.reuters.com/article/buzz-us-stocks-weekly-on-again-off-again/buzz-u-s-stocks-weekly-on-again-off-again-idUSL2N1SW13E |
May 17, 2018 / 3:02 PM / Updated 5 minutes ago Safe-crackers called in to bust open safe at home of Malaysia's former PM Tom Westbrook , Fathin Ungku 3 Min Read
KUALA LUMPUR (Reuters) - Locksmiths were called in to break open an old safe inside the grand private home of Malaysia’s ousted prime minister on Thursday, as the spectacle of a police search at his residence drew the world’s media and onlookers from across the country. Police arrive outside former prime minister Najib Razak's residence in Kuala Lumpur, Malaysia May 16, 2018. REUTERS/Lai Seng Sin
In scenes scarcely imaginable before the May 9 general election, which Najib Razak stunningly lost, armed police entered his home late on Wednesday as part of a renewed probe into a multibillion-dollar corruption scandal.
Officers cordoned off the street and reporters camped outside the sprawling compound in the upscale Kuala Lumpur neighborhood of Taman Duta. For the past 24 hours many have streamed the drama live online, drawing thousands of views and crowd at the scene that at one stage swelled to 100 people.
For a while, all attention was focused on a police truck being loaded with seized items. Then the old safe - and how to get it open - emerged as a stumbling block after Najib’s lawyer said it had not been unlocked in two decades because the family had lost the key.
It was only long in to a sweltering afternoon on Thursday that the two locksmiths tasked with opening it arrived, walking past journalists and ambling up the small hill towards the house - one wearing a jacket emblazoned with the safe’s manufacturer’s name: Lion Steelworks Sdn Bhd.
“Can open, is not difficult, we manufactured it,” said Lion’s manager, Tan See Chong, in a text message confirming the men work at the firm. “It’s a very old safe ... this type will take longer time because of anti-drill features,” he said.
Through the night and day police vehicles brought officers to the home, while journalists pointed cameras and tape recorders at Najib’s family and friends arriving in BMW and Merecedes cars, as the search went on.
Amer Kent, who voted against Najib’s party, climbed out of his car and said he had driven all the way from Penang, some 350 km (220 miles) “to see the thief’s house,” and take a photograph to post on his Facebook page. He snapped - and then drove off.
On Wednesday squad cars had filled the street outside Najib’s home some 20 minutes after he had elliptically tweeted asking “forgiveness for past sins,” while returning from prayers on the eve of the holy month of Ramadan on Wednesday.
Police pored over “thousands and thousands of personal items,” according to Najib’s lawyer, seizing handbags, before their attention turned to the safe.
“Although the police team said that they would be leaving after packing the last box ... drilling continues although it is past 5 p.m now and there is absolutely no peace and quiet at his residence,” Najib’s lawyer, Harpal Singh Grewal, said in a statement to journalists outside the house in the early evening.
“This harassment has continued for almost 18 hours and nothing meaningful has come from the search.” Reporting by Tom Westbrook; Editing by Richard Balmforth | ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-najib/safe-crackers-called-in-to-bust-open-safe-at-home-of-malaysias-former-pm-idUSKCN1II25X |
TORONTO, May 18, 2018 (GLOBE NEWSWIRE) -- US Financial 15 Split Corp ("US Financial 15") declares its monthly distribution of $0.04003 for each Preferred share, or 5.25% annually based on the previous month end net asset value. Distributions are payable June 8, 2018 to shareholders on record as at May 31, 2018.
US Financial 15 invests in a portfolio consisting of 15 U.S. financial services companies as follows: American Express, Bank of America, Bank of New York Mellon Corp., Citigroup, CME Group Inc., Fifth Third Bancorp, The Goldman Sachs Group, J.P. Morgan Chase & Co., Morgan Stanley, PNC Financial Services group Inc., Regions Financial Corp., State Street Corp., SunTrust Banks, U.S. Bancorp, and Wells Fargo.
Distribution Details Preferred Share (FTU.PR.B) $0.04003 Ex-Dividend Date: May 30, 2018 Record Date: May 31, 2018 Payable Date: June 8, 2018 Investor Relations:
1-877-478-2372
Local: 416-304-4443
www.financial15.com
[email protected]
Source:US Financial 15 Split Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-us-financial-15-split-corp-preferred-dividend-declared.html |
May 10, 2018 / 1:08 PM / Updated 7 hours ago Walmart Go Back! Some Indian trader, farmer groups decry Flipkart deal Aditi Shah , Manoj Kumar 5 Min Read
NEW DELHI (Reuters) - A day after U.S. retail giant Walmart ( WMT.N ) struck its largest deal with a big ticket investment in Indian online marketplace Flipkart, a right-wing Hindu group that fears small traders will suffer staged a protest in New Delhi calling for the deal to be scrapped. Activists from Swadeshi Jagran Manch, a wing of Hindu nationalist organisation Rashtriya Swayamsevak Sangh (RSS), scuffle with police during a protest against U.S. retailer REUTERS/Adnan Abidi
Walmart said on Wednesday it would pay some $16 billion for a roughly 77 percent stake in the Indian e-commerce firm, stepping up competition with rival Amazon.com ( AMZN.O ) in a major growth market.
While Thursday’s protest was small and unlikely to affect the deal, such sentiments pose a challenge for Indian Prime Minister Narendra Modi and his Hindu nationalist Bharatiya Janata Party (BJP) as it prepares to fight an election next year.
For Modi, appeasing small traders and farmers, who are part of the BJP’s core constituency, is as important as upholding India’s image as a place that welcomes foreign investment.
Officials have been advised not to comment on the Walmart-Flipkart deal, a senior government official said. The ruling party has previously opposed foreign direct investment in the multi-brand retail sector.
“Politically, the government may find it difficult to digest the deal,” the official said.
The Communist Party of India (Marxist) also taunted the Modi government, noting the BJP had decried such investments when it was in the opposition and accusing it of betraying promises. Slideshow (4 Images)
Officials in the Prime Minister’s office did not respond to calls by Reuters for comment.
According to the deal, Walmart’s investment is in Flipkart’s online marketplace platform, where foreign investment is allowed. The U.S. company cannot open physical stores in India, according to rules governing the multi-brand retail sector.
However, Walmart’s CEO Doug McMillon told media in New Delhi on Thursday that it was open to the idea of setting up stores via a franchise model in the future. It already operates wholesale stores in the country.
“We can be very flexible. I think as a company not just in India, but around the world, the concept of franchising isn’t out of bounds,” said McMillon, adding Walmart was not yet ready to make any such announcements.
That could fan fears of some trader and farmer groups, who contend the U.S. company is using the deal as a back-door entry into India’s bricks and mortar retail market, and that it could squeeze out small corner shops that dominate Indian retail. FRINGE PROTESTS
Some 80 people gathered outside a Delhi hotel holding placards reading “Walmart Go Back!” and shouting slogans asking people to ditch imported products for Indian-made goods. Inside the hotel, McMillon was talking to a dozen journalists about the deal.
“Whoever is protesting also has a story to tell. If you look at our history as a country, there was a history of colonialism. And there is always a fear that you start with trade and then it becomes control,” said Devangshu Dutta, head of retail consultancy firm Third Eyesight.
The protesters were from the Swadeshi Jagran Manch (SJM), a nationalist group linked to Rashtriya Swayamsevak Sangh (RSS), the ideological parent of Modi’s party. The group has said the deal is against “national interests” and will hurt Modi’s “Make in India” drive.
It has also written to Modi asking the government to intervene.
Separately, a traders’ union, the Confederation of All India Traders (CAIT) said that it may consider taking legal action against the two companies or lodging a complaint with the country’s competition watchdog, depending on how the deal was structured.
Traders say they are most concerned about predatory pricing and steep discounting by e-commerce firms with deep pockets thanks to foreign funding that could edge out smaller rivals.
“Already offline trade is deeply hurt by e-commerce as there is no policy or regulatory mechanism to govern those companies,” said Praveen Khandelwal, secretary general of CAIT. “It is a free-for-all game and ultimately it is the offline trade which is feeling the pinch.” Additional reporting by Adnan Abidi and Euan Rocha in New Delhi and Sankalp Phartiyal in Mumbai; Editing by Alex Richardson | ashraq/financial-news-articles | https://www.reuters.com/article/us-flipkart-m-a-walmart-protests/walmart-go-back-some-indian-trader-farmer-groups-decry-flipkart-deal-idUSKBN1IB1V3 |
- Return on Equity of 7.2% , Net Profit totaled NIS 628 million -
- Net Profit, excluding provisions in respect of US Investigation, totaled NIS 688 million and Return on Equity would have been 7.9% -
- The Bank's credit portfolio grew by 2 % -
- Dividend payment in respect of first quarter profits totaled NIS 251 million -
TEL AVIV, Israel, May 24, 2018 (GLOBE NEWSWIRE) -- Bank Hapoalim (TASE:POLI) (ADR:BKHYY), Israel's leading financial group, today announced its financial results for the first quarter ended March 31, 2018.
Key highlights:
Net Profit - totaled NIS 628 million, compared with a net profit of NIS 767 million in the corresponding quarter of 2017. Excluding provision in connection with the investigation of the Bank Group’s business with American clients in the amount of NIS 60 million, net profit in the first quarter totaled NIS 688 million. Return on Equity - reached 7.2%, compared with 9.2% in the corresponding quarter of 2017. Excluding the provision in connection with the investigation of the Bank Group’s business with American clients, Return on Equity in the first quarter of 2018 stood at 7.9%. Total income from regular financing activity totaled NIS 2,289 million, compared with NIS 2,121 million in the corresponding quarter of 2017, an increase of 7.9%. Credit growth: total credit portfolio grew by 2.0% in the first quarter of 2018. Improvement in asset quality: NPL ratio (impaired credit to the public not accruing interest income) as a percentage of total credit stood at only 0.70%. The Bank manages a diversified credit portfolio with a high diversification of credit segments (individuals, mortgages, small businesses, commercial and corporate). Retail Deposit base in Israel increased by 1.7%. Tier 1 capital ratio: The Bank exceeded the capital adequacy targets required by the Bank of Israel and the Bank's Capital Plan. Tier 1 Capital Ratio stood at 11.05% as at March 31, 2018. Dividend payments: Total dividend payment in respect of first quarter profits totaled NIS 251 million, representing a 40% payout ratio.
Key developments in the financial statements for the first quarter of 2018:
Profit from regular financing activity totaled NIS 2,289 million in the first quarter of 2018 compared with NIS 2,121 million in in the same period last year, an increase of 7.9%. The increase is mainly attributed to the growth in the Bank's business activity as part of its strategic framework. Fees and other income in Israel – totaled NIS 1,276 million in the first quarter of 2018 compared with NIS 1,282 million in the same period last year. Net provision for credit losses totaled NIS 250 million in the first quarter of 2018, 0.35% of the average credit to the public, compared with NIS 107 million, 0.16% of the average credit to the public, in the same period last year. The increase is related to the significant increase in the collective provision, mainly as a result of increase in balances of corporate credit in the quarter. Gross provision for credit losses , before recoveries, stood at 0.71% in the first quarter of 2018, compared with 0.52% in the same period last year. Operating and other expenses , totaled NIS 2,353 million in the first quarter of 2018, compared with NIS 2,217 million in same period last year. Social responsibility - The Bank continues to lead in contribution to the community in the form of financial donations, especially in the field of education, culture and welfare, which totaled NIS 13 million the first quarter of 2018.
Key developments in Balance Sheet items for the first quarter of 2018:
Consolidated balance sheet as at March 31, 2018 totaled NIS 448.2 billion, compared with NIS 454.4 billion at the end of 2017, a decrease of 1.4%. Net Credit to the public totaled NIS 284.1 billion, compared with NIS 278.7 billion at the end of 2017, an increase of 2.0%, caused mainly by the increase in corporate lending, commercial customers and housing loans. Consumer credit in Israel totaled NIS 40.0 billion compared with NIS 40.3 billion at the end of 2017, a decrease of 0.7%. Housing loans in Israel totaled NIS 75.6 billion compared with NIS 74.1 billion at the end of 2017, an increase of 2.0%. Credit to small businesses in Israel totaled NIS 30.9 billion compared with NIS 31.2 billion at the end of 2017, a decrease of 1.0%. Credit to the commercial segment in Israel totaled NIS 34.8 billion compared with NIS 33.9 billion at the end of 2017, an increase of 2.9%. Credit to the corporate segment in Israel totaled NIS 68.6 billion compared with NIS 65.5 billion at the end of 2017, an increase of 4.8%. Deposits from the public totaled NIS 344.8 billion compared with NIS 347.4 billion at the end of 2017, a decrease of 0.7%. Retail Deposits in Israel totaled NIS 174.5 billion compared with NIS 171.5 billion at the end of 2017, an increase of 1.7%. Small businesses Deposits in Israel totaled NIS 38.8 billion compared with NIS 38.2 billion at the end of 2017, an increase of 1.6%. Shareholders' equity totaled NIS 36.1 billion as at March 31, 2018, compared with NIS 35.9 billion at the end of 2017, an increase of 0.6%. Total capital ratio stood at 14.06% as at March 31, 2018, compared with 14.64% as at December 31, 2017. Leverage ratio representing the ratio of the capital measurement (Tier 1 capital) to the exposure measurement (total balance sheet exposures, derivatives exposures and securities financing transactions, and off-balance sheet items), stood at 7.38% at the end of the first quarter of 2018. Liquidity coverage ratio representing the ratio between the supply of "high-quality liquid assets” to the net expected outgoing cash flow in a stress scenario, stood at 119% at the end of the first quarter of 2018.
Conference Call Information
Bank Hapoalim will host a conference call today at 4:00 p.m. Israel Time/ 09:00 a.m. Eastern Time to discuss the results. The call will be accompanied by a slide presentation.
In order to participate, please dial the following numbers (at least ten minutes ahead of the scheduled start time): United States 1-888-281-1167; United Kingdom 0-800-051-8913; International (972) 3-9180685. No password is required.
The slide presentation, earnings release and the first quarter 2018 financial statements will be available on the Bank's website, www.bankhapoalim.com , under Investor Relations - Financial Information.
Following the conclusion of the call, a replay of the call will be available by audio playback on Bank Hapoalim's website. The replay can be accessed until May 31, 2018 by calling (972) 3-9255918 (international).
Please note: The conference call does not replace the need to peruse the immediate reports and the Financial Statements of the Bank, including all the forward-looking information included therein in accordance with Section 32A of the Securities Law, 1968.
Contact:
Karen Mazor, SVP
Head of Investor Relations
Bank Hapoalim
T: +972 54 228 8039
E: [email protected]
Condensed financial information Condensed financial information and principal performance indicators over time For the three months ended For the year ended December 31 March 31, December 31, September 30, June 30, March 31, 2017 2016 2018 2017 2017 2017 2017 Main performance indicators Return of net profit on equity attributed to shareholders of the Bank (1) 7.16 % 6.96 % 5.31 % 9.51 % 9.22 % 7.50 % 7.72 % Return of net profit on equity attributed to shareholders of the Bank excluding extraordinary items (1)(2) 7.86 % 10.45 % 9.91 % 9.51 % 9.22 % 9.44 % *10.04 % Return on average assets (1) 0.56 % 0.54 % 0.41 % 0.72 % 0.69 % 0.59 % 0.60 % Efficiency ratio - cost-income ratio 63.75 % 70.42 % 71.62 % 59.28 % 61.55 % 65.73 % 64.47 % Efficiency ratio - cost-income ratio excluding extraordinary items (2) 62.12 % 62.43 % 60.85 % 59.28 % 61.55 % 61.03 % 60.95 % Financing margin from regular activity (1)(3) 2.21 % 2.21 % 2.20 % 2.24 % 2.07 % 2.16 % 2.09 % Liquidity coverage ratio (4) 119 % 122 % 123 % 127 % 128 % 122 % 124 % As at As at December 31 March 31, December 31, September 30, June 30, March 31, 2017 2016 2018 2017 2017 2017 2017 Ratio of common equity Tier 1 capital to risk components (5) 11.05 % 11.26 % 11.26 % 11.35 % 11.21 % 11.26 % 11.01 % Ratio of total capital to risk components (5) 14.06 % 14.64 % 14.85 % 14.99 % 14.90 % 14.64 % 15.11 % Leverage ratio (5) 7.38 % 7.37 % 7.37 % 7.36 % 7.30 % 7.37 % 7.25 % For the three months ended For the year ended
December 31 March 31, December 31, September 30, June 30, March 31, 2017 2016 2018 2017 2017 2017 2017 Main credit quality indicators Allowance for credit losses as a percentage of credit to the public 1.38 % 1.36 % 1.39 % 1.40 % 1.45 % 1.36 % 1.49 % Impaired debts and debts in arrears of 90 days or more as a percentage of credit to the public 1.23 % 1.27 % 1.29 % 1.48 % 1.55 % 1.27 % 1.76 % Net charge-offs as a percentage of average credit to the public (1) 0.14 % 0.13 % 0.06 % 0.36 % 0.39 % 0.23 % 0.19 % Provision for credit losses as a percentage of average credit to the public (1) 0.35 % 0.03 % 0.04 % 0.24 % 0.16 % 0.12 % 0.10 % * Restated for inclusion of the effects of the reduction of corporate tax as part of profit excluding extraordinary items in 2016. In the Periodic Report for 2017 (and the subsequently published presentation for 2017), net profit and return on equity for 2016 and 2017 were presented excluding expenses in respect of the update of the provision in connection with the investigation of the Bank Group's business with American clients and the discontinuation of activity in Switzerland only. In 2016, net profit and return on equity for 2016 were presented also excluding the effects of the reduction of corporate tax (in addition to the exclusion of the update of the provisions in respect of the investigation, as noted). Within the process of preparation for filing a shelf prospectus of Hapoalim Hanpakot Ltd. (the issuance arm of the Bank, which is a company under full ownership), the Israel Securities Authority requested that the Bank present these data for 2016 in a manner that consistently applies the aforesaid excluded components.
(1) Calculated on an annualized basis
(2) Does not include expenses in respect of the update of the provision in connection with the Bank Group’s business with American clients, and costs in respect of the discontinuation of activity in Switzerland.
(3) Financing profit from regular activity (see the Report of the Board of Directors and Board of Management, in the section “Material developments in income, expenses, and other comprehensive income”) divided by total financial assets after allowance for credit losses, net of non-interest bearing balances in respect of credit cards.
(4) For additional information, see the section “Liquidity and refinancing risk,” in the Consolidated Financial Statements.
(5) For additional information, see the section “Capital, capital adequacy, and leverage,” in the Consolidated Financial Statements.
Condensed financial information and principal performance indicators over time (continued) For the three months ended For the year ended December 31 March 31, December 31, September 30, June 30, March 31, 2017 2016 2018 2017 2017 2017 2017 NIS millions Main profit and loss data Net profit attributed to shareholders of the Bank 628 612 469 812 767 2,660 2,628 Net profit attributed to shareholders of the Bank excluding extraordinary items (2) 688 908 861 812 767 3,348 ***3,417 Net interest income 2,158 2,228 2,163 2,233 2,073 8,697 8,193 Provision (income) for credit losses 250 24 25 167 107 323 269 Net financing profit** 2,384 2,395 2,315 2,369 2,255 9,334 9,345 Non-interest income 1,533 1,474 1,477 1,453 1,529 5,933 6,528 Of which: fees 1,280 1,271 1,284 1,254 1,302 5,111 5,216 Operating and other expenses 2,353 2,607 2,607 2,185 2,217 9,616 9,490 Of which: salaries and related expenses 1,130 *1,115 *1,126 *1,132 *1,182 *4,555 *4,571 Total income 3,691 3,702 3,640 3,686 3,602 14,630 14,721 Net earnings per ordinary share (in NIS) Basic net earnings per share in NIS attributed to shareholders of the Bank 0.47 0.46 0.36 0.60 0.58 2.00 1.98 * Reclassification of certain actuarial cost components of employee benefits from salary expenses to other expenses. For further details, see Note 1C(3) to the Condensed Financial Statements.
** Net financing profit includes net interest income and non-interest financing income (expenses).
*** Restated for inclusion of the effects of the reduction of corporate tax as part of profit excluding extraordinary items in 2016. In the Periodic Report for 2017 (and the subsequently published presentation for 2017), net profit and return on equity for 2016 and 2017 were presented excluding expenses in respect of the update of the provision in connection with the investigation of the Bank Group's business with American clients and the discontinuation of activity in Switzerland only. In 2016, net profit and return on equity for 2016 were presented also excluding the effects of the reduction of corporate tax (in addition to the exclusion of the update of the provisions in respect of the investigation, as noted). Within the process of preparation for filing a shelf prospectus of Hapoalim Hanpakot Ltd. (the issuance arm of the Bank, which is a company under full ownership), the Israel Securities Authority requested that the Bank present these data for 2016 in a manner that consistently applies the aforesaid excluded components.
(6) Calculated on an annualized basis.
(7) Not include expenses in respect of the update of the provision in connection with the Bank Group’s business with American clients, and costs in respect of the discontinuation of activity in Switzerland.
Condensed financial information and principal performance indicators over time (continued) As at As at December 31 March 31, December 31, September 30, June 30, March 31, 2017 2016 2018 2017 2017 2017 2017 NIS millions Main balance sheet data Total assets 448,195 454,424 449,815 449,734 445,847 454,424 448,105 Of which: Cash and deposits with banks 78,148 86,114 85,606 81,959 77,088 86,114 80,378 Securities 61,538 65,442 64,196 70,499 74,894 65,442 71,449 Net credit to the public 284,103 278,663 275,505 272,949 269,982 278,663 271,957 Net problematic credit risk 7,249 7,092 7,430 7,469 8,018 7,092 7,600 Net impaired balance sheet debts 2,056 2,121 2,283 2,522 2,749 2,121 3,110 Total liabilities 411,979 418,420 414,070 414,105 410,769 418,420 413,880 Of which: Deposits from the public 344,810 347,351 342,747 340,768 337,518 347,351 338,502 Deposits from banks 3,602 4,149 3,544 4,329 4,199 4,149 4,377 Bonds and subordinated notes 26,214 29,058 29,411 30,736 31,171 29,058 33,560 Shareholders’ equity 36,084 35,863 35,591 35,458 34,909 35,863 34,047 Nonperforming asset balances (NPL) 2,015 2,110 2,209 2,601 2,997 2,110 3,507 Additional data Share price at end of period (in NIS) 24.0 25.6 24.7 23.5 22.1 25.6 22.9 For the three months ended For the year ended December 31 March 31, December 31, September 30, June 30, March 31, 2017 2016 2018 2017 2017 2017 2017 Total dividend per share 18.35 14.08 24.37 22.98 3.1 64.53 51.44 (in agorot)* Ratio of fees to average assets 0.28 % 0.28 % 0.28 % 0.28 % 0.29 % 1.14 % 1.18 % * According to the date of declaration.
Source:Bank Hapoalim | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-bank-hapoalim-announces-first-quarter-2018afinancial-results.html |
May 1, 2018 / 11:16 AM / Updated 6 minutes ago BRIEF-Merck Announces Q1 GAAP EPS Of $0.27 Reuters Staff
May 1 (Reuters) - Merck & Co Inc:
* MERCK ANNOUNCES FIRST-QUARTER 2018 FINANCIAL RESULTS * Q1 GAAP EARNINGS PER SHARE $0.27
* Q1 EARNINGS PER SHARE VIEW $1.00 — THOMSON REUTERS I/B/E/S
* Q1 NON-GAAP EARNINGS PER SHARE $1.05
* NARROWS AND RAISES 2018 FULL-YEAR REVENUE RANGE TO BE BETWEEN $41.8 BILLION AND $43.0 BILLION
* FIRST-QUARTER 2018 GAAP EPS WAS $0.27, REFLECTING A $1.4 BILLION AGGREGATE CHARGE RELATED TO FORMATION OF A COLLABORATION WITH EISAI * LOWERS 2018 GAAP EPS RANGE TO BE BETWEEN $2.45 AND $2.57
* NARROWS AND RAISES 2018 FULL-YEAR NON-GAAP EPS RANGE TO BE BETWEEN $4.16 AND $4.28
* QTRLY JANUVIA/JANUMET SALES $1,424 MILLION VERSUS $1,335 MILLION REPORTED LAST YEAR
* FIRST-QUARTER PHARMACEUTICAL SALES INCREASED 9 PERCENT TO $8.9 BILLION, INCLUDING A 5 PERCENT POSITIVE IMPACT FROM FOREIGN EXCHANGE
* QTRLY KEYTRUDA SALES $1,464 MILLION VERSUS $584 MILLION REPORTED LAST YEAR
* FIRST-QUARTER 2018 WORLDWIDE SALES WERE $10.0 BILLION, AN INCREASE OF 6 PERCENT
* QTRLY REMICADE SALES $167 MILLION VERSUS $229 MILLION REPORTED LAST YEAR * Q1 REVENUE VIEW $10.11 BILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $4.20, REVENUE VIEW $41.89 BILLION — THOMSON REUTERS I/B/E/S
* QTRLY PHARMACEUTICAL SALES INCREASE WAS PRIMARILY DRIVEN BY GROWTH IN ONCOLOGY, HOSPITAL ACUTE CARE AND DIABETES
* MERCK - PHARMACEUTICAL SALES GROWTH IN QUARTER WAS PARTIALLY OFFSET BY LOWER SALES IN VIROLOGY, LARGELY REFLECTING A SIGNIFICANT DECLINE IN ZEPATIER Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-merck-announces-q1-gaap-eps-of-027/brief-merck-announces-q1-gaap-eps-of-0-27-idUSASC09YI6 |
NEW YORK (Reuters) - A New York state appeals court on Thursday denied U.S. President Donald Trump’s bid to halt a defamation lawsuit by a former contestant on his reality TV show “The Apprentice” who accused him of making unwanted sexual advances.
U.S. President Donald Trump hosts a "California Sanctuary State Roundtable" at the White House in Washington. U.S., May 16, 2018. REUTERS/Kevin Lamarque In a one-page order, the Appellate Division in Manhattan did not explain why it refused to stay the lawsuit by Summer Zervos while the president appeals a March 20 lower court ruling that allowed the California restaurateur to pursue her case.
The White House was not immediately available for comment.
Trump is appealing a ruling by Justice Jennifer Schecter of the State Supreme Court in Manhattan, which rejected his claim that as president he was immune from lawsuits over private conduct predating his entering the White House.
Zervos, an “Apprentice” contestant in 2005, accused Trump of kissing her against her will at a 2007 meeting in New York and later groping her at a Beverly Hills hotel.
She first came forward in October 2016, a month before the presidential election, following the release of a 2005 “Access Hollywood” recording in which Trump spoke in vulgar terms about women.
While Trump apologized for his comments, he said repeatedly during his campaign that all accusations made by women after the “Access Hollywood” recording became public were “lies.” He also republished on Twitter a post calling Zervos’ claims a hoax.
Zervos has said those denials amounted to defamation and that diners avoided her restaurant after she was branded a liar.
“We look forward to proving Ms. Zervos’s claim that defendant lied when he maliciously attacked her for reporting his sexually abusive behavior,” Zervos’ law firm, Cuti Hecker Wang said in a statement on Thursday.
Several women have accused Trump of improper sexual conduct or said he had affairs with them.
Stormy Daniels, a pornographic film actress whose real name is Stephanie Clifford, is seeking to end an agreement in which Trump’s personal lawyer Michael Cohen paid her $130,000 not to discuss her alleged affair with Trump.
Reporting by Jonathan Stempel in New York; editing by Chizu Nomiyama, Richard Chang and Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-apprentice-lawsuit/ny-appeals-court-rejects-trump-bid-to-halt-defamation-lawsuit-idUSKCN1II2DB |
May 11, 2018 / 3:45 AM / Updated an hour ago Malaysia's Mahathir eyes speedy pardon for foe-turned ally Anwar Rozanna Latiff , Fathin Ungku 4 Min Read
KUALA LUMPUR (Reuters) - Malaysia’s newly-elected Prime Minister Mahathir Mohamad said on Friday that the country’s monarch has indicated he was willing to grant a full royal pardon to jailed politician Anwar Ibrahim immediately.
The Southeast Asian nation’s political landscape has been shaped for decades by a bitter feud between Anwar and Mahathir, whose decision to sack Anwar as his deputy sparked an opposition movement, Reformasi, or Reform, in 1998.
But in 2016, Mahathir abandoned the long-ruling Barisan Nasional (BN) coalition, and joined Anwar’s opposition alliance to fight against scandal-hit former premier Najib Razak.
“It is going to be a full pardon, which means not only pardoned, but he is released immediately and after that he will be free to participate fully in politics,” Mahathir told reporters a day after he was sworn to office following his alliance’s shock win in Wednesday’s election.
At 92, he is the world’s oldest elected leader.
Mahathir said the king indicated he was willing to pardon Anwar immediately. A full pardon by the king would mean Anwar can return to active politics.
Before the election, Mahathir had said he would step down and give the prime minister’s post to Anwar when he is pardoned. He has said Anwar’s wife Wan Azizah Wan Ismail will be the deputy prime minister in his cabinet. Related Coverage Malaysia's Anwar can be freed in days - wife
Reporters and Anwar supporters gathered outside a hospital in Kuala Lumpur where he is recovering from a shoulder surgery. His wife, who visited Anwar in hospital, later told reporters he could be freed in days and pardoned within a week.
“The Agong (king) wants the pardon to happen as soon as possible,” Wan Azizah said. “If the director of prisons is satisfied ... then he may be released in 2-3 days. Freedom is easier (than getting a pardon).”
Anwar, 70, was due to be released on June 8 with time taken off his sentence for good behaviour. He began a five-year sentence for sodomy in 2015, a charge he and his supporters say was politically motivated.
Mahathir said he will announced a cabinet on Saturday that would include himself, Wan Azizah and 10 others, including the ministers for finance, foreign affairs, defence and home affairs.
“Whether Anwar will be part of the cabinet or not will be decided when the time comes,” he said. New Malaysian Prime Minister Mahathir Mohamad speaks during a news conference in Kuala Lumpur, Malaysia, May 11, 2018. REUTERS/Athit Perawongmetha NERVOUS INVESTORS
Mahathir said his government’s initial policies would focus on fulfilling promises made in the alliance’s manifesto, including the abolition of a goods and services tax (GST).
“In the case of foreign affairs, we want to maintain good relations with all countries regardless of their policies,” he said. “We do not want to favour any country, we want to ensure that the market for Malaysia is as large as possible.”
Mahathir has vowed to reassure financial markets and return billions of dollars lost in a graft scandal at state fund 1Malaysia Development Berhad (1MDB), which was a major factor in the election and in the ouster of Najib, Mahathir’s predecessor and former protege.
The new prime minister said the country’s attorney general was wrong to clear Najib in the 1MDB probe in 2016.
“He, in fact, has hidden evidence of wrongdoing, and that is wrong in law. We have to do what is permitted by the laws of this country,” Mahathir said.
Malaysian markets were closed and will reopen on Monday, but overseas investors were nervous about Najib’s ouster after a decade in office. Slideshow (4 Images)
Mahathir said his government would look into measures to stabilise the ringgit, and talk to departments on what could be done.
Mahathir, dubbed the “Father of Modern Malaysia” during his previous 22 years in power until 2003, was known for his strong-arm, sometimes pugnacious style of rule, marked by an intolerance for dissent. But he was also credited for transforming his Southeast Asian country from a sleepy backwater into a modern industrialised nation. Additional reporting by Emily Chow, Liz Lee and Joseph Sipalan; Editing by Raju Gopalakrishnan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-election/election-over-new-malaysia-pm-gets-down-to-business-idUKKBN1IC09I |
NORTH BRANFORD, Conn., May 24, 2018 /PRNewswire/ -- Brook & Whittle, a portfolio company of Snow Phipps Group and provider of prime labels in pressure sensitive and shrink sleeve formats to consumer and medical end markets, today announced the appointment of Mark Pollard as Chief Executive Officer. Pollard succeeds Snow Phipps Group Operating Partner Don Sturdivant, who will remain Non-Executive Chairman.
"After a thorough and deliberate selection process, the Board of Directors is delighted that Mark will lead Brook & Whittle as we navigate the growing and evolving label landscape," said Mr. Sturdivant. "Mark is a dynamic, experienced leader who has a comprehensive understanding of growth businesses, innovation, label supply chain and go-to-market strategies. We are confident that he is the right person to lead Brook & Whittle through a critical period of growth."
"We are very excited to have Mark join the Brook & Whittle family," said co-founder and Board Director Steve Stewart. "Mark's background and expertise serving the label universe will prove to be an invaluable asset to Brook & Whittle as we continue our pursuit of pressure sensitive and shrink sleeve market leadership."
"I'm delighted to be joining the Brook & Whittle team," said Mr. Pollard. "I have known the company for a number of years and have watched and admired them as they built one of the leading label printers in North America. We are well-positioned in the key growth markets of the premium prime label business and deliver best-in-class quality and service to some of the world's leading brands. The customer-centric business approach is a credit to the experienced team, guided by the skilled leadership of Steve Stewart, Scott Murchison and most recently Don Sturdivant. The production platform gives us a great spring board for future business growth, both organically and through acquisition. I'm excited by our strategic ambitions and look forward to seeing the results of combining the Brook and Whittle printing expertise with the investment and industry experience of Snow Phipps."
Mark has spent the majority of his career at UPM Raflatac, a leading global supplier of materials for the Pressure Sensitive label markets. Mark most recently served as Senior Vice President of Global Films Business and the America Region, covering over 123 countries, and has substantial domestic and international label market and operational expertise. Prior to that role, Mark was Senior Vice President for the Americas. Mark has also had key management and leadership roles in strategy development, sales and marketing, IT and supply chain throughout his career, and has developed extensive knowledge of the label industry through his years as a supplier of materials to many of the global leading label producers.
About Brook & Whittle
Brook & Whittle is a leading technically-oriented North American manufacturer of premium prime label solutions with highly differentiated capabilities, entrusted by some of the largest global brands. The Company provides pressure sensitive labels, shrink labels and medical packaging, with a focus on unique product configurations and decorative effects requiring significant technical expertise. With a heritage rooted in product development and comprehensive in-house manufacturing operations, the Company draws on its wide variety of specialized printing expertise, including UV and LED flexographic, rotogravure and digital capabilities, to create unique decorated labels across a range of substrates, including pressure sensitive materials and shrink film. Brook and Whittle operates three production facilities in North Branford, CT, Guilford, CT and Amherst, NY. To learn more about Brook and Whittle, visit www.brookandwhittle.com .
About Snow Phipps Group
Snow Phipps is a private equity firm focused on lower middle-market control investments with $2.4 billion of total capital commitments raised since its founding in 2005. The firm generally focuses on companies in attractive sub-sectors across the Industrials, Services and Consumer industries and targets platform investments with enterprise values ranging from $100 million to $500 million. The Snow Phipps investment team collaborates with its Operating Partners and portfolio management teams to create value through an operationally focused strategy often led by organic or acquisition-driven growth. Snow Phipps has made 23 platform investments and over 45 add-on acquisitions. The firm has been investing Snow Phipps III, L.P., with $913 million of total commitments, since 2016. To learn more about Snow Phipps, visit www.snowphipps.com .
View original content: http://www.prnewswire.com/news-releases/brook--whittle-appoints-mark-pollard-chief-executive-officer-300654327.html
SOURCE Snow Phipps Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-brook-whittle-appoints-mark-pollard-chief-executive-officer.html |
May 7 (Reuters) - Rane Holdings Ltd:
* MARCH QUARTER CONSOL NET PROFIT 287.1 MILLION RUPEES VERSUS PROFIT 428.1 MILLION RUPEES YEAR AGO
* MARCH QUARTER CONSOL REVENUE FROM OPERATIONS 6.19 BILLION RUPEES VERSUS 5.79 BILLION RUPEES YEAR AGO
* RECOMMENDED FINAL DIVIDEND OF 9 RUPEES PER SHARE Source text - bit.ly/2rlxxbE
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-rane-holdings-march-qtr-con/brief-indias-rane-holdings-march-qtr-consol-profit-falls-idUSFWN1SE0BJ |
A magical Disney trade 16 Hours Ago Trade Management 101 with a magical Disney trade. With CNBC's Melissa Lee and the Options Action traders, Carter Worth, Mike Khouw and Dan Nathan. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/a-magical-disney-trade.html |
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