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May 30, 2018 / 1:49 PM / Updated 8 minutes ago Misfiring Djokovic still searching for those golden shots Pritha Sarkar 3 Min Read
PARIS (Reuters) - It is just as well Novak Djokovic did not choose archery or shooting as his preferred sport. Tennis - French Open - Roland Garros, Paris, France - May 30, 2018 Serbia's Novak Djokovic in action during his second round match against Spain's Jaume Munar REUTERS/Christian Hartmann
Instead of a small circular board or a flying skeet to aim at, Djokovic has half a tennis court to use as his target.
At the French Open on Wednesday, however, Djokovic’s shots often failed to hit the bulls-eye.
The once all-conquering Serb started off by serving a fault, ended the opening game with a double fault and fired plenty of wayward shots wide and long as he tried to subdue Spanish qualifier Jaume Munar. Related Coverage Highlights of French Open fourth day
While the scorecard will show that Djokovic eked out a straightforward-looking 7-6(1) 6-4 6-4 victory, those following the action on a sweltering Court Suzanne Lenglen will know the second-round win was anything but easy.
“I went through my ups and downs and I’m not really satisfied with the performance. I just played enough in the right moments to win the match,” admitted 20th seed Djokovic, who is still trying to rediscover his golden touch since undergoing elbow surgery this year. Tennis - French Open - Roland Garros, Paris, France - May 30, 2018 Serbia's Novak Djokovic in action during his second round match against Spain's Jaume Munar REUTERS/Christian Hartmann
“I have good days of serving when everything flows. But the issue is that I had to (change) the service motion a lot because of the injury (and) I changed the racket.
“I’ve already had three different service motions this year. So it’s something that I’m working on. At times today, I didn’t feel rhythm at all of the serve. So I was missing a lot of first serves.”
Djokovic was so restless that after being broken by the 155th-ranked Munar in the ninth game, instead of sitting down and taking in fluids, he simply walked over to the other side of the net and went through the motions of playing some air shots.
While it was obvious his game is still a long way from the form he produced to win four slams in a row from 2015 to 2016, he was quick to put his struggles into perspective. Slideshow (3 Images)
“To sit here and talk about how tough it is and you have people starving to death, for me there is no point in talking about that. It’s just the way it is,” said Djokovic, who has failed to add to his haul of 12 Grand Slam titles since triumphing at Roland Garros in 2016.
After shutting down his 2017 season following his quarter-final exit at Wimbledon, Djokovic has suffered more downs than ups in 2018. In the seven tournaments he had played before arriving in Paris, he has been beaten in the first round three times and has yet to reach a final.
“As an athlete I have to face these challenges,” the 31-year-old said with a shrug.
“I’m not playing at the level I wish to (but) I’m trying not to give up.”
He will get a better idea of where his game is at when he faces Spanish 13th seed Roberto Bautista Agut for a place in the last 16. Reporting by Pritha Sarkar, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-djokovic/off-target-djokovic-does-enough-to-reach-round-three-idUKKCN1IV1RN |
May 30, 2018 / 5:57 PM / Updated 2 minutes ago Report: Former offensive lineman Incognito won't be charged for gym altercation Reuters Staff 3 Min Read
Boca Raton police say they won’t charge former Buffalo Bills offensive lineman Richie Incognito after an altercation at a gym last week, according to USA Today Sports. Sep 10, 2017; Orchard Park, NY, USA; Buffalo Bills offensive guard Richie Incognito (64) gestures to fans following the game against the New York Jets at New Era Field. Mandatory Credit: Rich Barnes-USA TODAY Sports
The police said Incognito appeared to be in an “altered, paranoid state” when they held him for mental evaluation in South Florida after the incident.
According to a police incident report obtained by multiple media outlets, Incognito “believed ordinary citizens were government officials that were tracking and recording him.” He told officers he was “running NSA class level 3 documents through my phone” and responded that the officers didn’t have high enough clearance when asked why the government was trying to watch him.
When told his behavior could pose a danger to others, Incognito told a woman in the pool to call the FBI, according to the report.
Incognito was held under Florida’s Baker Act, which allows involuntary mental evaluation. Incognito was not arrested and investigations revealed he had no intent to harm anyone, per the incident report, as “his actions were due to his paranoia that he was being followed, recorded and tracked by the government.”
Police were called to the scene after Incognito allegedly threw a tennis ball and then a dumb bell at a fellow gym patron and into the swimming pool.
The report details that Incognito told officers he had taken an over-the-counter supplement called “Shroom Tech” and showed officers that his hands were shaking heavily. He was also jumping and shifting locations suddenly, according to police.
Officers said they used two sets of handcuffs linked together on Incognito due to his muscular frame and that “it was determined that without care or treatment, there was a substantial likelihood Incognito would cause serious bodily harm to himself or others as evidenced by recent behavior.” Incognito was taken to South County Mental Health Facility for evaluation.
Incognito was released from the reserve/retired list by Buffalo on Monday.
According to an ESPN report, Incognito told the team he planned to unretire, leading to his release. The four-time Pro Bowler, who started all 48 games during his three seasons with the Bills, reportedly hopes to play elsewhere.
Incognito, who turns 35 in July, suddenly retired last month, citing health concerns from his personal physician, but multiple reports indicated his contract played a major role. Incognito reportedly asked the Bills to address his contract in the days before he posted “I’m done” via Twitter.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-football-nfl-buf-incognito/report-former-offensive-lineman-incognito-wont-be-charged-for-gym-altercation-idUSKCN1IV2FM |
President Trump cancelled a planned summit meeting Thursday with North Korean leader Kim Jong Un. WSJ's Gerald F. Seib looks at what might have prompted the change, whether it could be permanent, and how North Korea might react. Photos: Getty Images | ashraq/financial-news-articles | http://live.wsj.com/video/3-questions-about-the-trump-kim-summit-cancellation/E3555555-5018-42A5-8D70-E7C6A0D317B0.html |
37 COMMENTS DEER PARK, Texas—The fans overflowed the bleachers, spilled into the bullpen and stretched three deep along the outfield fence as Santa Fe High School’s baseball team took the field a day after a gunman opened fire at their school, killing 10 and injuring more.
They needed to cheer their team at this game against Kingwood Park High, they said, as much as their ballplayers needed to play it.
So a day after the game was originally scheduled, they packed the ballpark in nearby Deer Park on a perfect Saturday night in a sea of green T-shirts with “Santa Fe strong” and “Indian nation,” a reference to the school’s mascot, emblazoned on the front.
When Rome Shubert, a pitcher who on Friday survived a shot to the head, was announced, the crowd burst into applause.
“Feels great, feels great,” Mr. Shubert, in jersey and shorts, said of being on the field, though he didn’t play. When a friend queried about his injury, Mr. Shubert pointed to the large bandage on his neck, then lifted his curls to show where the bullet struck him.
Rome Shubert, who survived a shot to his head, at Saturday’s game. Photo: Erin Ailworth/The Wall Street Journal “Besides this, I’m doing pretty good,” said the sophomore, who has committed to play baseball at the University of Houston.
The crowd stood solemnly for a moment of silence at the start as the sun hid behind a cloud.
By the bottom of the 2nd inning, the team was down 5-0 to Kingwood, but the fans were still cheering wildly. Players crowded around the starting pitcher, offering him comfort as he was pulled.
Santa Fe players Tyler Martin, left, and Dalton Stevens hugged before Saturday’s game. Photo: David J. Phillip/Associated Press “I think it’s the best medicine for them…takes power away from yesterday,” said Reagan McDonald, 47 years old, whose sophomore son, No. 9, plays for the team. “They’re all here to support each other, just like right now, the guy on the mound didn’t have it, but they’re all out there giving him hugs.”
In the stands, Melissa Nugent’s two children held homemade signs. “Get well soon, Rome,” read the one held by her son Cole, 7. In her 5-year-old daughter Camryn’s hands, a heart-covered message: “Santa Fe strong.”
Related Coverage Shooting Victims: Girl Scout, Exchange Student, Substitute Teachers Texas Shooting Suspect’s Family Expresses Shock President Trump Comments on ‘Horrific Attack’ in Santa Fe, Texas Lives Lost in Three Decades of School Shootings Analysis: Data Show How School Attacks Unfold Most Guns Used in School Shootings Come From Home Designing a School to Stop Shooters Along the outfield fence, Betty Lawson, 47, watched with her 16-year-old daughter, Hannah, a Santa Fe student.
“Even if the team doesn’t win tonight,” Ms. Lawson said, “in our hearts because they wanted to play, they’re already winners.”
With the team down 7-0 in the bottom of the fifth, Santa Fe High fans raised their voices in a chant and began to clap: “Here we go, Santa Fe, here we go. Here we go, Santa Fe, here we go.”
The game ended with a Santa Fe loss, 7-0. As the players went to shake hands with the opposing team, a man in the crowd yelled out, “Keep your heads up, guys. Keep your heads up.”
Some in the crowd sang the Santa Fe fight song: “Santa Fe, dear Santa Fe, surely thou will be, ever worthy of our homage, hail oh hail to thee.”
Write to Erin Ailworth at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/santa-fe-high-takes-the-field-and-takes-a-bow-1526817601 |
OTTAWA, Ontario--(BUSINESS WIRE)-- L3 Technologies Canada announced today that retired Lieutenant-General D. Michael Day has been appointed to its Canadian Board, L3 Technologies Canada Group Inc. The Board’s mandate is to actively develop and promote strategic initiatives that advance L3’s competitive position and growth opportunities in Canada and the global marketplace.
“I am pleased to welcome Mike to the L3 Technologies Canada Board of Directors,” said Christopher E. Kubasik, L3’s Chairman, Chief Executive Officer and President. “As a former Deputy Commander to NATO and Commander of the Canadian Special Operations Forces Command, he has extensive operational and policy knowledge, and will be a great asset to the L3 Technologies team.”
“Mike provides an operator’s perspective and understands the technical requirements that produce results in today’s complex mission environments,” added Richard Foster, Vice President of L3 Technologies Canada and Chairman of L3 Technologies Canada Group Inc. “There is no doubt that he can help the Board make the right decisions to grow our business in Canada and to export innovative L3 Technologies solutions abroad.”
Lieutenant-General (Ret.) Day joined the Canadian Forces in 1983 and has commanded at every level and rank in a variety of units and deployments around the world. The majority of his field and command time has been as an Operator within Canada’s Counter Terrorist and Special Forces community, commanding Joint Task Force Two (JTF2), Canada’s Special Operations Forces Command, as well as a variety of other command assignments.
He also served as the Senior Uniformed Officer in the Defence Policy Group and as Chief Strategic Planner for the Canadian Armed Forces and Department of National Defence, as well as Commander of Canada’s National Special Forces Command. Additionally, he served as a NATO Commander in Afghanistan and was responsible for the training and certification of NATO’s Response Force.
Lieutenant-General (Ret.) Day retired from the military in September 2015, is currently involved in numerous industry initiatives and is an active member on several Boards in Canada. He is a Fellow of the Canadian Global Affairs Institute and is the President of the charitable PPCLI Foundation.
About L3 Technologies Canada
Headquartered in Ottawa, Ontario, L3 Technologies Canada is the Corporate office for L3 in-country, providing strategic guidance in business development, customer relations, government relations, country awareness and public relations. L3 Technologies Canada also provides coordination, planning and management of in-country events and activities, such as trade shows, government events, hospitality and sponsorships.
About L3 Technologies
Headquartered in New York City, L3 Technologies employs approximately 31,000 people worldwide and is a leading provider of a broad range of communication, electronic and sensor systems used on military, homeland security and commercial platforms. L3 is also a prime contractor in aerospace systems, security and detection systems, and pilot training. The company reported 2017 sales of $9.6 billion.
To learn more about L3, please visit the company’s website at www.L3T.com . L3 uses its website as a channel of distribution of material company information. Financial and other material information regarding L3 is routinely posted on the company’s website and is readily accessible.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. Statements that are predictive in nature, that depend upon or refer to events or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “will,” “could” and similar expressions are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the company’s Safe Harbor Compliance Statement for Forward-Looking Statements included in the company’s recent filings, including Forms 10-K and 10-Q, with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005305/en/
L3 Technologies Canada
Richard Foster, 613-569-6877
or
L3 Technologies
Corporate Communications
212-697-1111
Source: L3 Technologies Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-l3-appoints-retired-lieutenant-general-d-michael-day-to-l3-canada-group-board-of-directors.html |
(Reuters) - Powerful storms carrying high winds, torrential rain and hail slammed heavily populated parts of the U.S. Northeast on Tuesday, knocking over trees that killed two people, snarling transport and causing widespread power outages.
Storm clouds gather over Reston, Virginia, U.S., May 14, 2018 in this still image obtained from social media video. Emily Arnold via REUTERS An 11-year-old girl was killed on Tuesday afternoon when strong winds caused a tree to fall on a parked car in Newburgh, New York, the Daily Freeman newspaper in Kingston, N.Y. reported.
A man who had been mowing his lawn and sought refuge in his truck was killed when a tree fell on the vehicle in Danbury, Connecticut, Danbury Mayor Mark Boughton said, according to the Hartford Courant newspaper.
There were nearly 50 reports of hail in states including Ohio, Pennsylvania, New York and Connecticut, the National Weather Service (NWS) said.
Much of the ferocity of the storms had dissipated by 10:30 p.m. ET (0230 GMT) but flash flood warnings were still in effect for eastern Maryland, Delaware and southern New Jersey, where rain continued to be heavy, said Frank Pereira, a meteorologist with the NWS.
Hail the size of tennis balls smashed car and house windows in Hartford, Pereira said.
Nearly 500,000 customers in New York, New Jersey, Connecticut, Pennsylvania and Virginia were without power by late Tuesday night, fewer power outages than earlier Tuesday, tracking service PowerOutage.us said.
At Grand Central Station in New York, Hudson, Harlem and New Haven Line service was suspended due to the storms, the station’s Twitter feed said.
“I got off the subway at about 5:15, and there were hordes of people,” said Jackie Berman, who was attempting to get home to Chappaqua, New York, from Grand Central. “It’s a mess.”
More than 500 flights were canceled at the three major airports serving the New York on Tuesday, and more than 100 at Boston’s Logan International, according to tracking service FlightAware.com.
Rain is expected to continue for the next couple of days over much of the areas that experienced strong winds and rain on Tuesday, but the threat of severe weather has diminished, Pereira said.
(This version of the story has been refiled to correct day of the week in paragraph 7)
Reporting by Jon Herskovitz in Austin, Texas; Additional reporting by David Gaffen in New York; Editing by Sandra Maler and Paul Tait
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-weather/storms-slam-u-s-northeast-snarling-transport-and-causing-power-outages-idUSKCN1IG3FJ |
CLEVELAND, May 1, 2018 /PRNewswire/ -- TransDigm Group Incorporated ("TransDigm Group") (NYSE: TDG) announced today that its wholly-owned subsidiary, TransDigm UK Holdings plc (the "Company"), is planning, subject to market and other conditions, to offer $500 million aggregate principal amount of senior subordinated notes due 2026 (the "Notes") in a private offering that is exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act"). It is expected that the Notes will be guaranteed by TransDigm Group, its wholly-owned subsidiary, TransDigm Inc., and certain of TransDigm Inc.'s existing and future domestic subsidiaries on a senior subordinated basis.
TransDigm Group intends to use the net proceeds from the offering of the Notes and the incremental term loan to replenish the cash used to fund the purchase price for its acquisitions of the Kirkhill elastomers business and Extant Components Group Holding, Inc. This cash and the remainder of the net proceeds will be used for general corporate purposes, including potential future acquisitions, dividends or repurchases under its stock repurchase program.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The Notes and related guarantees are being offered only to qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act, and outside the United States to non-U.S. persons in reliance on the exemption from registration set forth in Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
About TransDigm Group
TransDigm Group Incorporated, through its wholly-owned subsidiaries, is a leading global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today. Major product offerings, substantially all of which are ultimately provided to end-users in the aerospace industry, include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, NiCad batteries and chargers, engineered latching and locking devices, rods and locking devices, engineered connectors and elastomers, cockpit security components and systems, specialized cockpit displays, aircraft audio systems, specialized lavatory components, seatbelts and safety restraints, engineered interior surfaces and related components, lighting and control technology, military personnel parachutes, high performance hoists, winches and lifting devices, and cargo loading, handling and delivery systems.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties that could cause TransDigm Group's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, TransDigm Group. These risks and uncertainties include but are not limited to: the sensitivity of our business to the number of flight hours that our customers' planes spend aloft and our customers' profitability, both of which are affected by general economic conditions; future geopolitical or worldwide events; cyber-security threats and natural disasters; our reliance on certain customers; the U.S. defense budget and risks associated with being a government supplier; failure to maintain government or industry approvals; failure to complete or successfully integrate acquisitions; our substantial indebtedness; potential environmental liabilities; increases in raw material costs, taxes and labor costs that cannot be recovered in product pricing; risks associated with our international sales and operations; and other risk factors. Further information regarding the important factors that could cause actual results to differ materially from projected results can be found in TransDigm Group's Annual Report on Form 10-K and other reports that TransDigm Group or its subsidiaries have filed with the Securities and Exchange Commission. Except as required by law, TransDigm Group undertakes no obligation to revise or update any forward-looking statements contained in this press release.
Contact:
Liza Sabol
Investor Relations
216-706-2945
[email protected]
View original content: http://www.prnewswire.com/news-releases/transdigm-group-announces-proposed-private-offering-of-500-million-of-senior-subordinated-notes-300640176.html
SOURCE TransDigm Group Incorporated | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-transdigm-group-announces-proposed-private-offering-of-500-million-of-senior-subordinated-notes.html |
BEIJING (Reuters) - Chinese President Xi Jinping’s top economic adviser, Vice Premier Liu He, will meet a top-level U.S. trade delegation in Beijing this week, the government said on Wednesday, amid a festering dispute between the world’s two largest economies.
U.S. President Donald Trump has threatened tariffs on up to $150 billion worth of Chinese goods to punish China over its joint-venture requirements and other policies the United States says force American companies to surrender their intellectual property to state-backed Chinese competitors.
China, which denies it coerces such technology transfers, has threatened retaliation in equal measure, including tariffs on U.S. soybeans and aircraft.
In a brief statement, China’s Commerce Ministry welcomed the delegation’s trip to Beijing, set for Thursday and Friday, adding that Liu would meet its members to “exchange views” on issues of mutual concern about Sino-U.S. trade and business ties.
It did not elaborate.
Liu, a Harvard-trained economist, went to Washington in late February for trade talks, but achieved no breakthrough.
Instead, just as he arrived, the Trump administration announced global steel and aluminum tariffs aimed at punishing China for what Washington says is its overproduction of steel that hurts U.S. steel makers.
Related Coverage Key sticking points in the U.S.-China trade dispute This week’s U.S. visitors include Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, White House trade and manufacturing adviser Peter Navarro and new White House economic adviser Larry Kudlow.
China has not said what exactly will be on the agenda, but it says it is determined to open its economy further to the outside world, and has denounced what it calls U.S. protectionism.
Foreign Ministry spokeswoman Hua Chunying told reporters the talks would be constructive so long as the United States came in good faith.
However, owing to the complex nature and sheer size of the relationship, it was not really very realistic to expect everything to be resolved simply with just one round of talks, she said.
FILE PHOTO - Chinese Vice Premier Liu He attends the news conference following the closing session of the National People's Congress (NPC), at the Great Hall of the People in Beijing, China March 20, 2018. REUTERS/Jason Lee ‘LONG LEARNING PROCESS’ The talks needed some give-and-take, the official China Daily said in a Wednesday editorial.
“The time when China could be forced to open its doors is long past, and Beijing is not opening them wider now simply to appease others,” it said.
“If the U.S. delegation comes to China believing Beijing’s resolve to open wider to the outside world is a matter of expediency under pressure from Washington, it will likely mean a lot of time is wasted setting the record straight.”
Lighthizer said on Tuesday he was not looking to negotiate changes to China’s state-driven economic system in the talks, but would seek to expose it to more foreign competition.
Lighthizer told the U.S. Chamber of Commerce he viewed the talks as the start of a long learning process for Washington and Beijing to better manage their trade differences.
Earlier on Tuesday, Ross said Trump was prepared to levy tariffs on China if the delegation did not reach a negotiated settlement to reduce trade imbalances.
Speaking to CNBC television before traveling to China, Ross said he had “some hope” agreements could be reached to resolve the trade tensions between the two sides.
FILE PHOTO - Staff members set up Chinese and U.S. flags for a meeting between Chinese Transport Minister Li Xiaopeng and U.S. Secretary of Transportation Elaine Chao at the Ministry of Transport of China in Beijing, China April 27, 2018. REUTERS/Jason Lee/Pool But Ross and Navarro, who spoke to steel company executives in Washington on Tuesday, both said any final decision would be made by Trump.
Lighthizer played down the potential imposition of tariffs on China in his remarks to the most powerful U.S. business lobby, which has opposed tariffs to try to force changes in China’s trade practices.
The so-called Section 301 investigation tariffs could be imposed sometime in June after the end of a public comment process.
Reporting by Ben Blanchard; Additional reporting by Cheng Fang; Editing by Clarence Fernandez, Robert Birsel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-china-trade-meeting/chinas-vice-premier-to-meet-u-s-trade-delegation-in-beijing-state-tv-idUSKBN1I30BU |
May 10, 2018 / 11:33 AM / in 7 minutes BRIEF-Revlon Reports Qtrly Adjusted Loss Per Share Of $1.43 Reuters Staff
May 10 (Reuters) - Revlon Inc: * QTRLY ADJUSTED LOSS PER SHARE $1.43
* REVLON SEGMENT NET SALES IN Q1 OF 2018 WERE $229.1 MILLION, A 6.0% DECREASE
* ELIZABETH ARDEN SEGMENT NET SALES IN Q1 OF 2018 WERE $105.7 MILLION, A 10.4% INCREASE Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-revlon-reports-qtrly-adjusted-loss/brief-revlon-reports-qtrly-adjusted-loss-per-share-of-1-43-idUSASC0A1DY |
Armenia's standoff resumes with 'civil tsunami' 11:32am EDT - 01:40
Armenia's opposition and Russian-backed political elite are locked in a standoff again. Protests blocked the capital after the ruling party refused to back the opposition - and sole - candidate for prime minister. Reuters Margarita Antidze reports.
Armenia's opposition and Russian-backed political elite are locked in a standoff again. Protests blocked the capital after the ruling party refused to back the opposition - and sole - candidate for prime minister. Reuters Margarita Antidze reports. //reut.rs/2KugQ6s | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/02/armenias-standoff-resumes-with-civil-tsu?videoId=423237257 |
PARSIPPANY, N.J., May 9, 2018 /PRNewswire/ -- Wyndham Worldwide Corporation (NYSE: WYN) today announced that its Board of Directors has approved the previously announced spin-off of its wholly-owned subsidiary Wyndham Hotels & Resorts, Inc., the world's largest hotel franchisor with more than 8,300 affiliated hotels. The distribution is expected to occur after the market close on May 31, 2018 to Wyndham Worldwide stockholders of record as of May 18, 2018. In conjunction with the spin-off, Wyndham Worldwide Corporation will be renamed Wyndham Destinations, Inc. and will continue to be the world's largest vacation ownership and exchange company.
Following the spin-off, Wyndham Hotels & Resorts will trade on the New York Stock Exchange under the symbol "WH," and Wyndham Destinations will continue to trade on the New York Stock Exchange under the new symbol "WYND." Wyndham Hotels & Resorts is expected to begin "regular-way" trading on June 1, 2018.
In addition, the Board of Directors of Wyndham Hotels & Resorts has approved a share repurchase authorization of $300 million, while Wyndham Destinations will have approximately $1 billion remaining under its current share repurchase authorization.
"For more than a decade, Wyndham Worldwide has been focused on providing great experiences for millions of guests around the world while delivering value and return on capital for our stockholders. Throughout this journey, we have been guided by a fundamental commitment to reliable growth in a disciplined and responsible way," said Stephen P. Holmes, Chairman and CEO of Wyndham Worldwide. "We're confident that as two independent companies, Wyndham Hotels & Resorts and Wyndham Destinations have the right focus and strategic flexibility to unlock significant long-term value for stockholders. Each of the new companies will have significant scale and a leadership position within its industry, strong cash flows, and a rich portfolio of trusted brands."
Wyndham Worldwide plans to host an investor meeting on May 16, 2018 to introduce Wyndham Hotels & Resorts and Wyndham Destinations to the financial community. More information about the event, including how to register for the webcast, can be found at investor.wyndhamworldwide.com .
Additional Details on the Distribution
The spin-off will be effected through a pro rata distribution of Wyndham Hotels & Resorts common stock to Wyndham Worldwide stockholders of record as of 5:00pm on May 18, 2018, the record date for the distribution. Each Wyndham Worldwide stockholder will receive one share of Wyndham Hotels & Resorts common stock for each share of Wyndham Worldwide common stock held by such stockholder on the record date. Upon completion of the spin-off, Wyndham Worldwide stockholders will own 100% of the common stock of Wyndham Hotels & Resorts and will continue to own 100% of the common stock of Wyndham Worldwide.
Wyndham Worldwide currently has approximately 100 million shares of common stock outstanding. Based on this number and the distribution ratio described above, approximately 100 million shares of Wyndham Hotels & Resorts common stock will be distributed to Wyndham Worldwide stockholders on the distribution date.
Wyndham Hotels & Resorts' Registration Statement on Form 10, as amended, including an Information Statement describing the spin-off and Wyndham Hotels & Resorts' business, is filed with the Securities and Exchange Commission and is also posted to the investor relations section of Wyndham Worldwide's website.
Trading of Wyndham Hotels & Resorts and Wyndham Destinations Shares
Wyndham Worldwide expects that on or about May 17, 2018, shares of Wyndham Hotels & Resorts will trade on a "when-issued" basis under the ticker symbol "WH WI." Concurrently, "ex-distribution" trading in Wyndham Destinations common stock under the symbol "WYND WI" will commence alongside "regular-way" trading for Wyndham Worldwide common stock. Wyndham Destinations and Wyndham Hotels & Resorts are expected to begin "regular-way" trading on June 1, 2018, at which time "regular-way" trading in Wyndham Destination shares will reflect the distribution of Wyndham Hotels & Resorts shares having occurred.
Wyndham Worldwide stockholders who sell their shares of Wyndham Worldwide common stock in the "regular-way" market prior to or on the distribution date will also be selling their right to receive the distribution of shares of Wyndham Hotels & Resorts common stock. Stockholders are encouraged to consult with their financial advisors regarding the specific implications of selling Wyndham Worldwide common stock.
Wyndham Worldwide stockholders are not required to take any action to receive the shares of Wyndham Hotels & Resorts' common stock in the distribution, and they will not be required to surrender or exchange their Wyndham Worldwide shares.
The distribution agent, transfer agent and registrar for Wyndham Hotels & Resorts shares will be Broadridge Corporate Issuer Solutions, Inc. For questions relating to the transfer or mechanics of the stock distribution, stockholders may contact Broadridge toll-free at (800) 504-8998. If shares are held by a bank, broker or other nominee, stockholders should contact that institution directly.
Additional Information
Wyndham Worldwide intends for the distribution of Wyndham Hotels & Resorts' common stock to be tax-free for its stockholders, except with respect to any cash received in lieu of fractional shares. Consummation of the spin-off remains subject to the satisfaction or waiver of certain conditions.
ABOUT WYNDHAM WORLDWIDE
Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange and managed vacation rentals. With a collective inventory of over 22,000 places to stay across 110 countries on six continents, Wyndham Worldwide and its 39,000 associates welcome people to experience travel the way they want. This is enhanced by Wyndham Rewards®, Wyndham Worldwide's award-winning guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com .
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are those that convey management's expectations as to the future based on plans, estimates and projections at the time Wyndham Worldwide makes the statements and may be identified by words such as "will," "expect," believe," "plan," "anticipate," "intend," "goal," "future," "guidance," "estimate" and similar words or expressions, including the negative version of such words and expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Wyndham Worldwide, Wyndham Hotels & Resorts, Wyndham Destinations or their respective subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to Wyndham Worldwide's current views and expectations with respect to the spin-off and related transactions.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, a market demand for shares of Wyndham Hotels & Resorts common stock; general economic conditions; the performance of the financial and credit markets; the economic environment for the hospitality industry; operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses; uncertainties that may delay or negatively impact the planned spin-off of Wyndham Hotels & Resorts and the planned acquisition of La Quinta's hotel franchising and management businesses or cause the spin-off or the La Quinta acquisition to be delayed or to not occur at all; uncertainties related to Wyndham Destinations' and Wyndham Hotels & Resorts' ability to realize the anticipated benefits of the spin-off, the La Quinta acquisition or the divestiture of Wyndham Worldwide's European vacation rentals business; uncertainties related to Wyndham Worldwide's ability to successfully complete the spin-off on a tax-free basis within the expected time frame or at all; uncertainties related to Wyndham Worldwide's and Wyndham Hotels & Resorts' ability to obtain financing or the terms of such financing, including in connection with the spin-off and the La Quinta acquisition; unanticipated developments related to the impact of the spin-off, the proposed La Quinta acquisition, the divestiture of Wyndham Worldwide's European vacation rentals business and related transactions on Wyndham Worldwide's and Wyndham Hotels & Resorts' relationships with their respective customers, suppliers, employees and others with whom they have relationships; unanticipated developments resulting from possible disruption to the operations of Wyndham Worldwide and Wyndham Hotels & Resorts resulting from the proposed spin-off, the La Quinta acquisition and the divestiture of Wyndham Worldwide's European vacation rentals business; the potential negative effects of the spin-off, the La Quinta acquisition, the divestiture of Wyndham Worldwide's European vacation rentals business and related transactions on the credit ratings of Wyndham Worldwide and Wyndham Hotels & Resorts; uncertainties related to the successful integration of Wyndham Worldwide's and Wyndham Hotels & Resorts' business with La Quinta's hotel franchising and management businesses; uncertainties related to La Quinta's ability to complete the spin-off of its owned real estate assets; the timing and amount of future share repurchases and dividends; as well as those risks described in Wyndham Hotels & Resorts' Registration Statement on Form 10 initially filed with the SEC on March 16, 2018, as amended, Wyndham Worldwide's Annual Report on Form 10-K, filed with the SEC on February 16, 2018, and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.
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SOURCE Wyndham Worldwide Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-wyndham-worldwide-board-of-directors-approves-spin-off-of-hotel-business.html |
May 25, 2018 / 8:04 PM / Updated an hour ago French Open hikes prize money as Brexit eats Wimbledon purse Richard Lough 4 Min Read
PARIS (Reuters) - The French Open will this month serve up the largest prize money pot in Grand Slam tennis so far this year, taking advantage of Brexit’s hit on Wimbledon’s purse as it shakes off its old reputation as the poorer cousin of the big four tournaments. FILE PHOTO: The Musketeers' Trophy and the Suzanne Lenglen trophy are pictured during the draw ceremony for the French Open tennis tournament at the Roland Garros stadium in Paris, France, May 20, 2016. REUTERS/Benoit Tessier/File Photo
This year’s clay-court slam will award prize money totalling 39.20 million euros (34.33 million pounds). That trumps the Australian Open and Wimbledon, though it will almost certainly be knocked off the top spot by the U.S. Open.
In a year in which Swiss great Roger Federer said he was “bored” with having to push the Grand Slams to increase the levels of prize money, the French Tennis Federation (FFT) is increasing its overall pot by 8 percent on 2017.
First round losers will see the biggest rise of 14.3 percent and take home 40,000 euros. Winners of the men’s and women’s singles tournaments will each receive a cheque for 2.2 million euros - just shy of a five percent increase.
Nonetheless, the FFT acknowledges it will be difficult in what is a gruelling wage battle to maintain the near double-digit increases in the coming years.
The modernisation of Roland Garros, including a new centre court with retractable roof, will cost up to 400 million euros, according to Le Monde, financed by the federation itself. FILE PHOTO: Tennis - French Open - Roland Garros, Paris, France - June 11, 2017 General view during the men's final. Reuters/Gonzalo Fuentes/File Photo
“We have the burden of debt, so we will not be able to continue increasing prize money at the rhythm of previous years,” FFT chief Bernard Giudicelli told Reuters.
He added that the French Open was leading the way in narrowing the gap between how much the champions and early losers take home.
“We’re happy to see other Grand Slams follow our example in reducing the winnings ratio between champion and first-round losers,” Giudicelli said. Tennis - French Open - Roland Garros, Paris, France - June 11, 2017 Spain's Rafael Nadal kisses the trophy as he celebrates after winning the final Reuters/Benoit Tessier FIERCE COMPETITION
Competition among the grand slams is fierce - from crowd numbers to roof-top technology to television ratings. But it is on prize money where rivalries are perhaps the hardest fought.
As the smallest of the four Grand Slam venues, Roland Garros has the lowest attendance and generates the least revenue. A decade-long stalemate over expansion plans have left it trailing its peers.
In 2015, the U.S. Open at Flushing Meadows pipped Wimbledon as the most lucrative Grand Slam event, with the French Open trailing a distant fourth.
However, Britain’s vote in 2016 to exit the European Union battered the pound, and wiped some 12 percent off the grass-court tournament’s prize money in U.S. dollar terms.
Two years on, the pound remains under pressure and it is Wimbledon that now trails the French Open, and almost certainly the U.S. Open, in the wage race.
Australian Open prize money rose by 10 percent this year to A$55 million (31.17 million pounds), while Wimbledon, the oldest Grand Slam, has a prize fund of 34 million pounds for 2018, up 7.6 percent from last year.
The U.S. Open, the final Grand Slam of the year starting in August, has yet to announce its prize money. Last year it became the first tennis tournament to top $50 million (37.56 million pounds) following a nine percent rise in the total purse.
The All England Lawn Tennis Club, which runs Wimbledon, said in an emailed statement: “The value of sterling has always been one of the factors we take into account when setting prize money and this year is no different.
“We feel this year’s offering reflects our competitive positioning.” Reporting by Richard Lough; additional reporting by Julien Pretot; Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-prizemoney/french-open-hikes-prize-money-as-brexit-eats-wimbledon-purse-idUKKCN1IQ2XD |
WALTHAM, Mass., May 03, 2018 (GLOBE NEWSWIRE) -- Minerva Neurosciences, Inc. (NASDAQ:NERV), a clinical-stage biopharmaceutical company focused on the development of therapies to treat central nervous system (CNS) disorders, today reported key business updates and financial results for the quarter ended March 31, 2018.
“Minerva now has five late-stage clinical efficacy trials ongoing with three compounds,” said Dr. Remy Luthringer, Executive Chairman and Chief Executive Officer of Minerva. “These include our lead product, roluperidone (MIN-101) for schizophrenia, MIN-117 for MDD and seltorexant (MIN-202) for insomnia disorder and MDD.
“In schizophrenia, the leading unmet medical need as ranked by psychiatrists is negative symptoms, the target indication for roluperidone,” said Dr. Luthringer. “Based on the improvement in negative symptoms measured in clinical tests with roluperidone to date, combined with the observed stability in positive symptoms and a favorable side effect profile, we believe this compound has the potential to be a differentiated therapy in schizophrenia, and we are working on commercialization strategies that address this significant commercial opportunity.”
Clinical Development Updates
Roluperidone (MIN-101):
The Company’s clinical sites in the U.S. are actively enrolling patients in the pivotal Phase 3 trial with roluperidone. The Company has prioritized the initiation of U.S. sites, and now European sites have been initiated. Target enrollment in this trial is approximately 500 patients. Top-line results are expected in the first half of 2019.
MIN-117:
As announced on April 9, 2018, the Company has enrolled the first patient in a Phase 2b trial of MIN-117 to treat the symptoms of patients diagnosed with MDD. Approximately 324 patients will be enrolled at clinical sites in the U.S. and Europe. Top-line results are expected in the first half of 2019.
Seltorexant (MIN-202 or JNJ-42847922) , under joint development with Janssen Pharmaceutica NV (Janssen):
Three Phase 2b clinical trials are ongoing with seltorexant, including two in MDD and one in insomnia disorder. In the first MDD trial, approximately 280 patients are planned to be enrolled at clinical sites in the U.S., Europe and Japan. In the second MDD trial, approximately 100 patients are planned to be randomized at clinical sites in the U.S. The insomnia trial is expected to enroll a total of approximately 360 patients at clinical sites in the U.S., Europe and Japan. These trials are planned for completion in 2019.
First Quarter 2018 Financial Results
Net Loss: Net loss was $12.4 million for the first quarter of 2018, or a loss per share of $0.32 (basic and diluted), compared to a net loss of $10.6 million for the first quarter of 2017, or a loss per share of $0.30 (basic and diluted).
R&D Expenses: Research and development (R&D) expenses were $8.4 million in the first quarter of 2018, compared to $7.6 million in the first quarter of 2017. The increase in R&D expenses primarily reflects higher development expenses for the Phase 3 clinical trial of roluperidone and the Phase 2b clinical trial of MIN-117. These amounts were partially offset by lower development expenses for the seltorexant program due to the amendment to the Company’s Co-Development and License Agreement with Janssen. R&D expenses are expected to increase during 2018 with increased patient enrollment and related support activities for the roluperidone and MIN-117 clinical trials.
G&A Expenses: General and administrative (G&A) expenses were $4.3 million in the first quarter of 2018, compared to $2.9 million in the first quarter of 2017. This increase in G&A expenses was primarily due to an increase in non-cash stock-based compensation expenses and salary costs from increased staffing to support the Company's pre-commerical activities. G&A expenses are expected to increase during 2018 with investment in the infrastructure necessary to support the Company’s growth.
Cash Position: Cash, cash equivalents, restricted cash and marketable securities as of March 31, 2018 were approximately $121.1 million.
Conference Call Information:
Minerva Neurosciences will host a conference call and live audio webcast today at 8:30 a.m. Eastern Time to discuss the quarter and recent business activities. To participate, please dial (877) 312-5845 (domestic) or (765) 507-2618 (international) and refer to conference ID 8885379.
The live webcast can be accessed under “Events and Presentations” in the Investors and Media section of Minerva’s website at ir.minervaneurosciences.com . The archived webcast will be available on the website beginning approximately two hours after the event for 90 days.
About Minerva Neurosciences:
Minerva Neurosciences, Inc. is a clinical-stage biopharmaceutical company focused on the development and commercialization of a portfolio of product candidates to treat CNS diseases. Minerva’s proprietary compounds include: roluperidone (MIN-101), in clinical development for schizophrenia; MIN-117, in clinical development for major depressive disorder (MDD); seltorexant (MIN-202 or JNJ-42847922), in clinical development for insomnia and MDD; and MIN-301, in pre-clinical development for Parkinson’s disease. Minerva’s common stock is listed on the NASDAQ Global Market under the symbol “NERV.” For more information, please visit www.minervaneurosciences.com .
Forward-Looking Safe Harbor Statement
This press release contains which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts, reflect management’s expectations as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the timing and scope of current clinical trials and results of clinical trials with roluperidone, seltorexant, MIN-117 and MIN-301; the timing and scope of future clinical trials and results of clinical trials with these compounds; the clinical and therapeutic potential of these compounds; our ability to successfully develop and commercialize our therapeutic products; the sufficiency of our current cash position to fund our operations; and management’s ability to successfully achieve its goals. These are based on our current expectations and may actual results due to a variety of factors including, without limitation, whether roluperidone, seltorexant, MIN-117 and MIN-301 will advance further in the clinical trials process and whether and when, if at all, they will receive final approval from the U.S. Food and Drug Administration or equivalent foreign regulatory agencies and for which indications; whether any of our therapeutic products will be successfully marketed if approved; whether any of our therapeutic product discovery and development efforts will be successful; management’s ability to successfully achieve its goals; our ability to raise additional capital to fund our operations on terms acceptable to us; and general economic conditions. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption “Risk Factors” in our filings with the Securities and Exchange Commission, including our Q for the quarter ended March 31, 2018, filed with the Securities and Exchange Commission on May 3, 2018. Copies of reports filed with the SEC are posted on our website at www.minervaneurosciences.com . The in this press release are based on information available to us as of the date hereof, and we disclaim any obligation to update any , except as required by law.
CONDENSED CONSOLIDATED BALANCE SHEET DATA (Unaudited) March 31, December 31, 2018 2017 (in thousands) ASSETS Current Assets: Cash and cash equivalents $ 45,126 $ 26,052 Marketable securities 75,871 102,109 Restricted cash 100 80 Prepaid expenses and other current assets 4,243 1,299 Total current assets 125,340 129,540 Marketable securities - noncurrent - 5,023 Equipment, net 47 51 Other noncurrent assets 15 15 In-process research and development 34,200 34,200 Goodwill 14,869 14,869 Total Assets $ 174,471 $ 183,698 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Notes payable $ 2,697 $ 3,962 Accounts payable 2,825 1,436 Accrued expenses and other current liabilities 2,393 1,439 Total current liabilities 7,915 6,837 Long-Term Liabilities: Deferred taxes 4,057 4,057 Deferred revenue 41,176 41,176 Other noncurrent liabilities 30 30 Total liabilities 53,178 52,100 Stockholders' Equity: Common stock 4 4 Additional paid-in capital 298,089 295,975 Accumulated deficit (176,800 ) (164,381 ) Total stockholders' equity 121,293 131,598 Total Liabilities and Stockholders' Equity $ 174,471 $ 183,698
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three (in thousands, except per share amounts) 2018 2017 Revenues $ - $ - Operating expenses: Research and development 8,449 7,614 General and administrative 4,294 2,871 Total operating expenses 12,743 10,485 Foreign exchange losses (18 ) (17 ) Investment income 414 59 Interest expense (71 ) (202 ) Net income (loss) $ (12,418 ) $ (10,645 ) Loss per share: Basic and diluted $ (0.32 ) $ (0.30 ) Weighted average shares: Basic and diluted 38,749 35,370
Contact :
William B. Boni
VP, Investor Relations/
Corp. Communications
Minerva Neurosciences, Inc.
(617) 600-7376
Source:Minerva Neurosciences, Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-minerva-neurosciences-reports-first-quarter-2018-financial-results-and-business-updates.html |
(Reuters) - Ten people suffered minor injuries following a large fire during a Jewish celebration in north London, Hackney police said on Thursday.
“Ten individuals suffered minor injuries following large fire lit as part of local Jewish community celebration in Ravensdale Road, Stamford Hill,” Hackney Police said on Twitter.
“No criminal allegations reported. No serious injuries,” the police added.
The explosion may have been caused by a mobile phone, according to a report by the British daily Express, which reported the incident earlier.
Reporting by Philip George in Bengaluru; Editing by Gopakumar Warrier
| ashraq/financial-news-articles | https://in.reuters.com/article/britain-fire/bonfire-explosion-in-london-injures-up-to-30-express-idINKBN1I40C7 |
DALLAS, May 9, 2018 /PRNewswire/ -- Corporate law attorney Brian Lidji of Lidji Dorey & Hooper has again been named to D Magazine's list of the Best Lawyers in Dallas.
The annual recognition of the most respected lawyers in North Texas will be featured in the May 2018 edition of the magazine. Mr. Lidji earned his place on the 2018 list based on his exceptional work in mergers and acquisitions.
This marks the 13 th time that Mr. Lidji has been named to the D Magazine list of Best Lawyers in Dallas.
"I'm humbled and honored to be recognized by my peers again this year," said Mr. Lidji. "Being selected to D Magazine's Best Lawyers list never gets old."
Mr. Lidji offers clients more than 30 years of experience in M&A and general corporate matters. His clients range from energy independents to consumer and technology companies. He has an extensive portfolio of work in mergers and acquisitions, corporate governance, securities law, business law, contract negotiations and a wide variety of other business transactions.
To learn more about Mr. Lidji, visit https://ldhlaw.com/attorneys/brian-m-lidji/ .
His work also has earned recognition from The Best Lawyers in America every year since 2006 and Texas Super Lawyers each year since the inaugural 2003 listing. He also serves on the executive board of the Southern Methodist University Dedman School of Law, his alma mater.
The full listing of Dallas' top attorneys appears on the D Magazine website at www.dmagazine.com .
Lidji Dorey & Hooper focuses on meeting the corporate legal needs of emerging and middle-market companies by adding value to clients' businesses at every stage of development and maturity. The firm's attorneys have closed billions of dollars of merger and acquisition transactions in a variety of industries, from oil and gas to technology. For more information, visit https://ldhlaw.com/ .
Media Contact:
Mike Androvett
800-559-4534
[email protected]
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SOURCE Lidji Dorey & Hooper | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-brian-lidji-earns-spot-on-d-magazines-2018-best-lawyers-in-dallas-listing.html |
May 3, 2018 / 4:14 AM / Updated 4 hours ago In darkest Borneo, answers to why Malaysia's Najib will survive A. Ananthalakshmi 5 Min Read
SAWAI, Malaysia (Reuters) - One answer to why Malaysian Prime Minister Najib Razak is heading for another victory in next week’s general election can be found in the remote village of Sawai, tucked between vast palm oil plantations and a river in northern Borneo. A Malaysian flag is draped outside a house at Nanga Singat village in Sarawak, Malaysia April 24, 2018.REUTERS/A. Ananthalakshmi
Few of Sawai’s residents have heard of 1MDB, let alone the multi-billion-dollar scandal surrounding the state fund that has dogged the country’s prime minister since 2015 and fuelled opposition to his bid for re-election on May 9.
But everyone here knows about the cash handouts, fishing and farming subsidies, crates of mineral water and life jackets for children who take river boats to school - and they know all that comes from Najib’s long-ruling coalition, Barisan Nasional (BN).
“We are 100 percent Barisan,” said villager Usup Sirai. “The government has done a lot for us. If we support other people, it would not have the same outcome as supporting the government.”
BN is facing its toughest election yet thanks to a challenge led by Malaysia’s former strongman, Mahathir Mohamad, a one-time mentor of Najib and now his fiercest critic.
But the chances of Najib losing are seen as slim, in large part because of villages like Sawai that faithfully vote for BN.
Sawai is part of the Igan parliamentary constituency, which BN won uncontested in 2008 and took again in 2013 with 87 percent of the votes. OPPOSITION TAKES A BACK SEAT
It helps that votes in sparsely populated rural areas carry more clout than votes in cities, where popular disgust over corruption and the cost of living favour the opposition. Women pose for photos with a portrait of Malaysia's Prime Minister Najib Razak at Nanga Semah village in Sarawak, Malaysia April 24, 2018. REUTERS/A. Ananthalakshmi
Igan, with just 19,592 voters, is the country’s smallest constituency in terms of electorate size. By contrast, Bangi, an urban constituency in Selangor state held by the opposition, is the biggest with 178,790 voters. Both elect one lawmaker.
Two-thirds of the constituencies in the Borneo states of Sabah and Sarawak are rural or semi-rural, which means they are important for BN to secure a parliamentary majority even if it loses the popular vote, as it did in the 2013 election. The two states together account for a quarter of all parliament seats.
Critics accuse Najib - as they did Mahathir before him - of gerrymandering to tilt elections in his favour, and point to a recent redrawing of electoral boundaries as further evidence.
The Election Commission insists it is independent and says its electoral map changes in March did not favour BN. The government says there was no political interference.
Eric See-To, deputy director of BN’s strategic communications, said opposition claims of “dirty election” tactics of patronage and gerrymandering in Borneo are part of an “ongoing script of theirs to win sympathy votes”.
He said the Malaysia Agreement of 1963, under which Sabah and Sarawak joined Malaya and Singapore to form Malaysia, stipulated that the two states get representation in parliament that reflects their size. Sabah and Sarawak account for about 60 percent of Malaysia’s land mass.
As a result, nine of Malaysia’s smallest 10 parliamentary constituencies in terms of electorate size are in Sarawak. Slideshow (3 Images) NAJIB? “WE LIKE HIM”
Baru Bian, an opposition leader in Sarawak, says he struggles to win voters over in rural areas, where sometimes he has to explain even the concept of elections.
“To some of these old folks, they see the party as the government and the government as the party ... (they) think if no BN then there will be no development in their areas.”
The development support is indeed impressive, running from prayer halls and river jetties to schools and solar panels.
Take Nanga Singat, an Igan village without electricity that is 90 minutes by boat from the nearest town. Its 500 residents, who mostly live in the same wooden longhouse, use purification tanks installed by BN to make river or rain water drinkable.
“If we vote for the opposition, maybe they will let the longhouse suffer. So we just follow and vote BN,” said Francis Kiah Pengarah, village headman for the past 40 years.
Villagers around him nodded and said they would take the headman’s advice on who to vote for. They were unaware that Mahathir was now leading the opposition, but dismissed the 92-year-old as too old.
Najib, on the other hand, is popular for introducing ‘BR1M’, a cash handout for the poor, and for launching a coastline highway that, when completed, will connect Sabah and Sarawak.
Residents in nearby Nanga Semah village said a local BN official recently gave each longhouse 1,500 ringgit ($380) for a harvest festival. In 2013, BN chartered a boat for villagers working in towns to return home to vote, and those who showed ink-marked fingers proving they had cast a ballot got 20 ringgit ($5), they said.
Asked which party she supported, a 66-year-old who gave her name only as Gata pointed to a framed photograph of Najib. “It’s because of that man, we got BR1M. We like him,” she said. Reporting by A. Ananthalakshmi, additional reporting by Praveen Menon; Editing by John Chalmers and Raju Gopalakrishnan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-election-borneo/in-darkest-borneo-answers-to-why-malaysias-najib-will-survive-idUKKBN1I408E |
HSBC in blockchain first with trade finance deal 1:02pm BST - 01:42
HSBC says it has performed the world's first trade finance transaction using blockchain technology, a major step in boosting efficiency and reducing errors in the multi-trillion-dollar funding of international trade. David Pollard reports.
HSBC says it has performed the world's first trade finance transaction using blockchain technology, a major step in boosting efficiency and reducing errors in the multi-trillion-dollar funding of international trade. David Pollard reports. //reut.rs/2L0iJIH | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/hsbc-in-blockchain-first-with-trade-fina?videoId=426823383 |
Data Sheet Data Sheet—How GE Veered Offtrack With Digital Strategies Former GE CEO Jeff Immelt at the company's new headquarters in Fort Point in Boston on May 8, 2017. Pat Greenhouse—The Boston Globe via Getty Images By Aaron Pressman and Adam Lashinsky 9:08 AM EDT
This is the web version of Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here .
It is painful, but necessary, to read about failure in business.
By any measure the decline of General Electric these past months is an epic fail for the ages. Fortune ’s Geoff Colvin should know. He repeatedly profiled the storied industrial conglomerate during the tenure of its departed CEO, Jeffrey Immelt. Colvin explained in past years what made Immelt a worthy successor to the legendary Jack Welch. He also described Immelt’s struggles to achieve adequate growth at GE—long before its grave problems emerged.
But nothing prepared Colvin or GE’s investors for the precipitous collapse of the company’s market value in the immediate aftermath of Immelt’s abrupt retirement.
In a stunning article titled “ What the Hell Happened? ”, Colvin describes a company that made poor investment decisions, allocated capital badly, and suffered from a decline in its vaunted corporate culture.
The irony is that GE had fashioned itself as an industrial leader of the digital revolution. It was to be a major player in software and putting sensors on its powerful equipment. Immelt’s successor, John Flannery, isn’t backing away from GE’s digital strategy. But he is scaling back its software aspirations and no longer using the flowery language Immelt’s team favored to describe GE industrial hipness.
Colvin’s telling is a sympathetic tale of what can go horribly wrong when a great company becomes distracted or otherwise makes the wrong decisions. GE under Immelt by no means did everything wrong, and Colvin gives the company its due in that regard. But it didn’t do enough things right. It’s a sobering tale.
***
The New York Times published in print Wednesday a piece that echoed the argument I made in Data Sheet about Facebook . I contend that 1990s-era distinctions between print newspapers and newfangled “social networks” are irrelevant. A publisher is a publisher, and Facebook ought to be treated like one under the law. One European lawyer sums it up nicely. As The Times describes it, he argues that social media companies must block offensive content without censoring legitimate debate, and it must foot the bill the same as any other publisher. “If they can’t do it, they should get out of the kitchen.”
Precisely. @adamlashinsky NEWSWORTHY
We’re about to make millions of dollars in frozen orange juice . The Justice Department and the Commodity Futures Trading Commission have opened a criminal probe into possible market manipulation in the markets for bitcoin and ethereum , Bloomberg reported on Thursday morning. The probe is said to be looking at whether some traders engaged in spoofing, or the placing of a high volume of phony orders, and wash trading, in which a person trades back and forth with themselves. The price of bitcoin dropped below $7,400 on the news.
Ready for my closeup. Growing rapidly and reducing its losses, Uber said its gross revenue jumped 55% in the first quarter to $11.3 billion, while net revenue after accounting for payments to drivers was up 70% to $2.5 billion. Uber’s net loss before interest, taxes, and other expenses was $312 million, about half the level of a year earlier. Uber did have an overall profit in accounting terms of $2.5 billion, thanks to the sale of its businesses in Russia and Southeast Asia for a gain of $2.9 billion. Uber also won’t be reviving its self-driving car tests in Arizona, where a pedestrian was killed in March, and will focus on restarting its Pittsburgh effort by year end (which seemed to be news to some key Pittsburgh officials).
Trash collector . To comply with Europe’s General Data Protection Regulation, Apple created a “Privacy Portal” for customers in the region that lets them download all data collected under Apple ID accounts, including activity on the App Store, AppleCare support interactions, and uploaded photos. The portal will be made available to customers in the U.S. and elsewhere in coming months, Apple said. At the other end of the GDPR compliance spectrum, Pinterest said it would have to temporarily shutter its popular Instapaper read-it-later app and service in Europe as it tries to comply with the law. Access will be restored “as soon as possible,” the company said.
Your concern is the bus . Speaking of the iPhone maker, Apple’s once-ambitious plans to build self-driving cars are off the table for now, the New York Times reports. The company was unable to strike deals with BMW and Mercedes-Benz, and is left with just a partnership with Volkswagen to build an autonomous shuttle bus that will run between Apple campuses, according to the report.
Role model . Elon Musk went on an anti-media Twitter rant worthy of President Trump. “The holier-than-thou hypocrisy of big media companies who lay claim to the truth, but publish only enough to sugarcoat the lie, is why the public no longer respects them,” the Tesla CEO wrote in one.
Role model, part two . Speaking of the President’s online rants , a federal judge ruled that the president’s Twitter account constitutes a public forum subject to the protections of the First Amendment. As a result, Trump and his aides cannot block people from reading his feed, Judge Naomi Reice Buchwald concluded. “No government official—including the President—is above the law and all government officials are presumed to follow the law as has been declared,” Buchwald wrote.
Copycats . After Seattle ignored protests from Amazon and imposed a so-called head tax (because it is calculated based on a company’s number of employees), several cities in and around Silicon Valley are considering following suit. San Francisco, Mountain View, Cupertino, and East Palo Alto are all looking at imposing the same kind of tax.
Replay booth . I mistakenly described Facebook’s Terragraph project in yesterday’s newsletter. It’s developing a collection of low-cost wireless technologies for dense urban areas, not building free Wi-Fi networks. Advertisement FOOD FOR THOUGHT
Mega billionaire and Microsoft co-founder Bill Gates is a voracious reader and he’s out this week with his list of recommended summer books. It’s not exactly beach going fare. And some books, like Lincoln in the Bardo by George Saunders, which won the Man Booker Prize last year, aren’t really overlooked gems needing this kind of promotion. But if you’re seeking erudition on global challenges or wanting to explore rich histories, there are a few choices , such as:
Factfulness , by Hans Rosling, with Ola Rosling and Anna Rosling Ronnlund. I’ve been recommending this book since the day it came out. Hans, the brilliant global-health lecturer who died last year, gives you a breakthrough way of understanding basic truths about the world—how life is getting better, and where the world still needs to improve. And he weaves in unforgettable anecdotes from his life. It’s a fitting final word from a brilliant man, and one of the best books I’ve ever read. IN CASE YOU MISSED IT | ashraq/financial-news-articles | http://fortune.com/2018/05/24/data-sheet-general-electric-strategy-digital/ |
May 3 (Reuters) - Guangzhou Zhiguang Electric Co Ltd :
* SAYS IT SIGNS STRATEGIC COOPERATION FRAMEWORK AGREEMENT WITH ALIBABA'S CLOUD COMPUTING ARM ALIYUN Source text in Chinese: bit.ly/2rm6NIe (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-guangzhou-zhiguang-electric-in-str/brief-guangzhou-zhiguang-electric-in-strategic-cooperation-with-alibabas-cloud-computing-firm-idUSH9N1S501W |
May 17 (Reuters) - Arbonia AG:
* ARBONIA ACQUIRES VASCO GROUP, MARKET LEADER FOR RADIATORS FOR BENELUX
* PARTIES HAVE AGREED TO REMAIN SILENT REGARDING PURCHASE PRICE
* ACQUISITION WAS FINANCED BY ARBONIA IN MID-APRIL USING A BONDED LOAN Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-arbonia-acquires-vasco-group/brief-arbonia-acquires-vasco-group-idUSFWN1SO05N |
May 9, 2018 / 3:52 PM / in 28 minutes 'No follow up' from Trump over staying in climate pact: U.N. Environment Correspondent Alister Doyle 3 Min Read
BONN, Germany (Reuters) - U.S. President Donald Trump has yet to outline what changes he wants in a 2015 global climate agreement as the price for dropping his plan to quit, the United Nations’ climate chief said on Wednesday. FILE PHOTO: Patricia Espinosa, Executive Secretary of the United Nations Framework Convention on Climate Change, poses after a news conference at the Finance Ministry ahead of the One Planet Summit in Paris, France, December 11, 2017. REUTERS/Charles Platiau/File Photo
Patricia Espinosa said she had asked Washington for its demands after Trump announced last June that he planned to quit the landmark 2015 Paris Agreement, which aims to end the fossil fuel era this century with a shift to cleaner energies.
“There has not been a follow-up” from Washington, she told Reuters during negotiations in Bonn among almost 200 nations on a “rule book” for the 2015 agreement.
Espinosa, a former Mexican foreign minister who leads the U.N. Climate Change Secretariat, said she had stressed that the pact was flexible, allowing all countries to set their own targets for reducing greenhouse gas emissions.
“I would not like to see the U.S. leaving. I certainly hope there is a reconsideration of this decision,” she said of Trump’s plan to pull out.
Trump doubts the view of mainstream science that man-made greenhouse gases are raising global temperatures.
The rules of the Paris Agreement mean that Trump cannot formally pull out before November 2020, around the time of the next U.S. presidential election.
In announcing the U.S. withdrawal, Trump said Paris was a bad deal that would harm the U.S. economy, but added: “We will see if we can make a deal that’s fair. And if we can, that’s great. And if we can’t, that’s fine.” IRAN DEAL WITHDRAWAL “COMPLETELY SEPARATE”
Espinosa said that Trump’s plan to quit the Iran nuclear deal, announced on Tuesday and again demonstrating that he is willing to defy pleas from U.S. allies, did not dim her hopes that Washington might stay in the Paris accord.
“I think these are completely separate ... spheres of foreign policy and decision making,” she said.
On climate change, she said Trump might be swayed by an accelerating shift among many U.S. states, cities and companies to cleaner energies from fossil fuels.
Asked if the United States would outline its demands at the Bonn talks, a U.S. State Department official said: “We do not have any new information to share at this time on decisions concerning the Paris Agreement.”
The Bonn meeting, which ends on Thursday, is working on rules for the Paris Agreement due to be in place by the end of the year, such as how to measure and account for greenhouse gas emissions and climate finance for developing nations that is meant to reach $100 billion a year by 2020.
“A good set of rules ... should be a way to give comfort and confidence to the concerns they (the United States) could have,” said Espinosa.
Asked if she would be happy for the United States to stay, while watering down deep cuts in emissions promised by former President Barack Obama, Espinosa said: “I think we should not choose between those two scenarios.” Reporting By Alister Doyle; Editing by Gareth Jones | ashraq/financial-news-articles | https://www.reuters.com/article/us-climatechange-accord-un-interview/no-follow-up-from-trump-over-staying-in-climate-pact-u-n-idUSKBN1IA2L5 |
Kilauea volcano on Hawaii's Big Island has been spewing lava and toxic gases since a series of earthquakes last week. The lava has destroyed dozens of homes, with many more at risk as the eruptions continue. Photo: Getty | ashraq/financial-news-articles | http://live.wsj.com/video/footage-from-hawaii-kilauea-volcano-eruption/E22D0275-52B3-4577-AB03-67B6040C7490.html |
Opinion: The Economic Growth Debate--Arthur Laffer Arthur Laffer predicts that the U.S. is going to have a lot of productivity increases. | ashraq/financial-news-articles | http://www.wsj.com/video/opinion-the-economic-growth-debate-arthur-laffer/E8F37B96-F324-4E49-A4DE-BAC016D42F88.html |
May 4, 2018 / 10:32 AM / in 6 minutes Palestinian leader Abbas offers apology for remarks on Jews Stephen Farrell 5 Min Read
JERUSALEM (Reuters) - Palestinian President Mahmoud Abbas on Friday offered an apology after he was accused of anti-Semitism for suggesting that historic persecution of European Jews had been caused by their conduct, not by their religion.
Abbas condemned anti-Semitism and called the Holocaust the “most heinous crime in history” in a statement issued by his office in Ramallah after a four-day meeting of the Palestinian National Council (PNC), at which he had made the remarks.
“If people were offended by my statement in front of the PNC, especially people of the Jewish faith, I apologise to them,” Abbas said in the statement.
“I would like to assure everyone that it was not my intention to do so, and to reiterate my full respect for the Jewish faith, as well as other monotheistic faiths.”
Abbas, 82, was excoriated by Israeli and Jewish leaders and diplomats who accused him of anti-Semitism and Holocaust denial for his remarks on Monday during his opening speech to the PNC, the de facto parliament of the Palestine Liberation Organisation.
He said that Jews living in Europe had suffered massacres “every 10 to 15 years in some country since the 11th century and until the Holocaust”.
Citing books written by various authors, Abbas said: “They say hatred against Jews was not because of their religion, it was because of their social profession. So the Jewish issue that had spread against the Jews across Europe was not because of their religion, it was because of usury and banks.”
Israeli Defence Minister Avigdor Lieberman swiftly rejected Abbas’ apology. He wrote on Twitter: “Abu Mazen is a wretched Holocaust denier, who wrote a doctorate of Holocaust denial and later also published a book on Holocaust denial. That is how he should be treated. His apologies are not accepted.”
Reacting to the speech, Prime Minister Benjamin Netanyahu on Wednesday accused Abbas of grave anti-Semitism and Holocaust denial. Rabbis Marvin Hier and Abraham Cooper of the U.S.-based Jewish human rights organisation the Simon Wiesenthal Center said Abbas’ words were those of “a classic anti-Semite”.
U.N. Middle East envoy Nickolay Mladenov called Abbas’ comments “deeply disturbing”. Related Coverage Israeli defence minister rejects Abbas apology over remarks on Jews
The United States on Friday asked the U.N. Security Council to denounce the comments by Abbas as “unacceptable, deeply disturbing” and not in “the interests of the Palestinian people or peace in the Middle East.” Such statements have to be agreed by consensus. PREVIOUS COMMENTS
A veteran member of Fatah, the PLO’s dominant faction, Abbas served for decades as a loyal deputy of his predecessor, Yasser Arafat. He assumed the leadership of Fatah, the PLO and the Palestinian Authority after Arafat died in 2004, and was re-elected as chairman of the PLO’s Executive Committee on Friday.
In 1982 Abbas obtained a doctorate in history at the Moscow Institute of Orientalism in the then-Soviet Union. His dissertation, entitled “The Secret Relationship between Nazism and the Zionist Movement” - to which Lieberman referred - drew widespread criticism from Jewish groups.
The following year the Simon Wiesenthal Center released translated quotations from the book, including one excerpt about World War Two in which, according to the centre’s translation, Abbas wrote:
“Following the war ... word was spread that six million Jews were amongst the victims and that a war of extermination was aimed primarily at the Jews ... The truth is that no one can either confirm or deny this figure. In other words, it is possible that the number of Jewish victims reached six million, but at the same time it is possible that the figure is much smaller - below one million.”
After Abbas’ speech on Monday, Hier and Cooper said: “The world can now see that see that, for Palestinian Authority President Abbas, nothing has changed in the 45 years since his doctoral dissertation was first published.”
But in his apology on Friday, Abbas said: “I would also like to reiterate our long held condemnation of the Holocaust, as the most heinous crime in history, and express our sympathy with its victims. FILE PHOTO - Palestinian President Mahmoud Abbas heads a Palestinian cabinet meeting in the West Bank city of Ramallah July 28, 2013. REUTERS/Issam Rimawi/Pool/File Photo
“Likewise, we condemn anti-Semitism in all its forms, and confirm our commitment to the two-state solution, and to live side by side in peace and security,” he said, referring to an eventual resolution of the Israel-Palestinian conflict. Reporting by Stephen Farrell, additional reporting by Michelle Nichols at the UNITED NATIONS; Editing by Angus MacSwan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-palestinians-abbas/palestinian-leader-abbas-offers-apology-for-remarks-on-jews-idUKKBN1I513E |
OKLAHOMA CITY, May 15, 2018 /PRNewswire/ -- SandRidge Energy, Inc. ("SandRidge" or the "Company") (NYSE: SD) today announced that it has sent a letter to shareholders regarding the Company's 2018 Annual Meeting of Shareholders to be held on June 19, 2018. The Company also announced that it has filed definitive proxy materials with the Securities and Exchange Commission in connection with the Annual Meeting, in which SandRidge shareholders of record as of the close of business on April 20, 2018 will be entitled to vote.
The SandRidge Board of Directors strongly recommends that shareholders vote on the WHITE proxy card "FOR" all five of SandRidge's highly-qualified directors: Sylvia K. Barnes, Kenneth H. Beer, Michael L. Bennett, William M. Griffin and David J. Kornder. The Board also recommends that shareholders vote "FOR" the addition of only two independent directors proposed by Icahn Capital. The Board has already carefully vetted and offered to appoint John J. "Jack" Lipinski and Randolph C. Read as directors in connection with a settlement proposal that Icahn Capital refused.
The Board also recommends shareholders vote "FOR" the ratification of the continuation of the short-term shareholder rights plan through November 26, 2018 to protect shareholders from unfair, abusive or coercive takeover strategies, including acquisition of control without payment of an adequate premium, while the Board continues its review of strategic alternatives to maximize shareholder value.
Included below is the full text of the letter.
Dear Fellow SandRidge Shareholders:
As a SandRidge Energy shareholder, you face an important decision at the June 19, 2018 Annual Meeting:
We recommend you vote on the
WHITE proxy card to…
ELECT BOARD
NOMINEES WHO ARE:
We recommend you DO NOT vote on the
GOLD proxy card to…
ELECT ICAHN CAPITAL
NOMINEES WHO ARE:
Independent
Dominated by Icahn Capital Employees Demonstrably Responsive to
Shareholder Concerns OR
Inherently Biased Towards a Single Outcome Experienced in Our Industry
Largely Inexperienced in Our Industry Committed to Maximizing Value for
All Shareholders
Intent On Side-Stepping the
Company's Ongoing Strategic Process The SandRidge Board believes the decision to elect an independent Board and maximize shareholder value is the only logical choice.
YOUR BOARD RECOMMENDS THE FOLLOWING ACTIONS TO MAXIMIZE SHAREHOLDER VALUE AND RETAIN CONTROL OF YOUR INVESTMENT
Vote "FOR" existing directors: Sylvia K. Barnes, Kenneth H. Beer, Michael L. Bennett, William M. Griffin and David J. Kornder . Vote "FOR" the addition of only two new independent directors proposed by Icahn Capital – the Board has already carefully vetted and offered to have John J. "Jack" Lipinski and Randolph C. Read join as directors. Vote "FOR" the ratification of the continuation of the short-term shareholder rights plan through November 26, 2018 to protect shareholders from unfair, abusive or coercive takeover strategies, including acquisition of control without payment of an adequate premium, while the Board continues its review of strategic alternatives to maximize shareholder value. DO NOT support nominees employed, or recently employed, by Icahn Capital – Jonathan Christodoro, Jonathan Frates and Nicholas Graziano. DO NOT turn control of the Board over to Icahn Capital's seven nominees. What is at Stake
The SandRidge Board is committed to a thorough and impartial strategic review process.
On March 19, 2018, the Board commenced a review of strategic alternatives to maximize shareholder value. Such alternatives may include divestment or joint venture opportunities associated with our North Park Basin assets and potential corporate and asset combination options with other companies. SandRidge will also evaluate any credible acquisition offers. The Board remains committed to conducting a thorough and impartial strategic review process that seeks to maximize shareholder value and is in the best interest of all shareholders.
Icahn Capital is seeking to gain control of SandRidge without paying an appropriate premium or participating in a competitive process.
Icahn Capital has made clear its desire to acquire SandRidge. Icahn Capital has stated that it "would, after conducting due diligence, be willing to make an all-cash offer" to allow the Company's shareholders to monetize their investment. Rather than competing fairly with other potential counterparties in the thorough and even-handed process being conducted by the SandRidge Board, Icahn Capital has nominated for election a full slate of seven candidates, including two who work directly for Icahn Capital and one recent former employee (the "Icahn Nominees"), to sidestep the ongoing impartial process. If elected, the Icahn Nominees would ostensibly take over the process to evaluate strategic alternatives.
In reality, the election of the Icahn Nominees would end the impartial process, drive away competition and position Icahn Capital to consolidate control as cheaply as possible.
Shareholders would be disadvantaged by a process led by a Board the majority of which consist of the Icahn Nominees because of the distraction and delay caused by their lack of familiarity and limited experience in the upstream oil and gas sector. Worse, a process led by such a Board, in our view, would likely have a chilling effect on the participation of potential counterparties because such a process would be rigged in favor of Icahn Capital, either in perception or reality. For this reason, we believe that otherwise interested third parties will be unwilling to incur the time, cost and expense of participating in a process controlled by Icahn Capital.
Therefore, we believe a process overseen by the current Board has the highest likelihood of maximizing shareholder value relative to an Icahn Nominee-run process.
Our Nominees Are Highly Qualified and Experienced in Our Industry
SandRidge shareholders have the opportunity to elect seven directors at the upcoming Annual Meeting. The Company recommends shareholders vote "FOR" five existing directors: Sylvia K. Barnes, Kenneth H. Beer, Michael L. Bennett, William M. Griffin and David J. Kornder. As set forth below, these directors, have a strong track record in the energy, finance and private equity spaces, with professional experience ranging from 25-40 years per Board member, and all have public company experience.
Our nominees also have experience conducting strategic alternatives processes, and four of our five directors have significant experience in leading strategic sales processes.
SandRidge Directors
(Principal Occupation)
Independence
Additional Information
Sylvia K. Barnes
Principal and owner of
Tanda Resources LLC
Age: 61
Independent (director since 2018)
Ms. Barnes has over thirty years of oil & gas finance experience and a background in engineering. Her qualifications to serve on the Board include her extensive financial analysis and transaction experience and knowledge of the oil & gas industry. Ms. Barnes' experience provides her with valuable insights into corporate strategy, capital allocation, equity and debt financing and the assessment and management of risks faced by energy companies. See page 29 of our proxy statement for more details.
Kenneth H. Beer
EVP and CFO, Stone
Energy Corporation
Age: 60
Independent (director since 2018)
Mr. Beer's nearly forty years of financial analysis, transactional and managerial experience, as well as his knowledge of the oil & gas industry, service on other public company boards and his background in overseeing public company financial management and reporting qualify him to serve on the Board. See page 30 of our proxy statement for more details.
Michael L. Bennett
President and CEO,
Terra Industries, Inc.
(retired)
Age: 64
Independent (director since 2016)
Mr. M. Bennett's forty plus years of technical and managerial experience in the petrochemical industry, senior management experience, his service on other public company boards and his background in overseeing public company financial management and reporting qualify him to serve on the Board. See page 31 of our proxy statement for more details.
William M. Griffin, Jr.
Interim President and
CEO, of SandRidge
Energy, Inc.
Age: 58
Previously independent (director since 2016)
Mr. B. Griffin's thirty-seven years of technical and leadership experience with active public and privately owned upstream energy organizations, along with his demonstrated ability to effectively manage exploration and production businesses while improving profitability and generating value growth through organic asset development and acquisitions qualify him to serve on the Board. See page 31 of our proxy statement for more details.
David J. Kornder
Co-founder and Managing Director,
Sequel Energy Group LLC
Age: 57
Independent (director since 2016)
Mr. Kornder's twenty-five years of experience in the energy industry, senior management experience in the upstream oil and gas sector through various commodity cycles, his prior service on other public and private company boards, his background in energy-focused investing and capital raising activities and his background in overseeing public company financial management and reporting qualify him to serve on the Board. See page 32 of our proxy statement for more details.
We Believe Two Additional Independent Directors Would Be Additive to Our Board
The Board believes that the addition of two new directors who are independent of both management and Icahn Capital can benefit the Company. The Board determined that increasing the size of the Board to seven would allow for additional independent directors to assist in the Board's impartial review of strategic alternatives and add a fresh perspective. The Board also decided to use a universal proxy card at this year's annual meeting to enable shareholders to cast votes for any director nominee on a single card, regardless of who nominated them.
However, the Board believes that the majority of the directors must be well versed in the Company, its operations, assets and industry to credibly evaluate the variety of options that could emerge and effectively complete the strategic alternatives process. As such, shareholders are encouraged to support only two of Icahn Capital's independent nominees. Shareholders should also note that the Board carefully evaluated and offered to appoint Jack Lipinski and Randolph Read to the Board in connection with a settlement offer that Icahn Capital refused. We have not had the opportunity to fully evaluate Ms. Dunlap or Mr. Christodoro given the timing of their nominations, but based on a review of the Icahn Capital nomination materials, it appears that neither has relevant exploration and production industry experience and only Ms. Dunlap could be considered independent.
Icahn Capital Nominees
(Principal Occupation)
Independence
Additional Information
John J. "Jack" Lipinski
CEO and President and a Director of CVR Energy
Age: 67
Independent
Mr. Lipinski has more than forty years of experience in the petroleum refining and nitrogen fertilizer industries, including extensive experience in the role of public company president and CEO, and has served on public and private company boards. See page D-3 of our proxy statement for more details.
SandRidge offered to appoint Mr. Lipinski in a settlement proposal rejected by Icahn Capital.
Randolph C. Read
President and CEO of Nevada Strategic Credit Investments
Age: 65
Independent
Mr. Read has extensive leadership experience in a variety of industries and has served on public and private company boards. See page D-3 of our proxy statement for more details.
SandRidge offered to appoint Mr. Read in a settlement proposal rejected by Icahn Capital.
Bob G. Alexander
Director of CVR Energy
Age: 84
Independent
Mr. Alexander has more than forty years of experience in the exploration and production and oil and gas property management industries, including extensive CEO and M&A experience, as well as service on public company boards and numerous industry committees. See page D-1 of our proxy statement for more details.
Nancy Dunlap
Private Counsel and head of the family office of former New Jersey Governor and Senator Jon S. Corzine
Age: 65
Independence
Under Review
Ms. Dunlap has experience overseeing the personal investment and legal affairs of the family of former New Jersey Governor and United States Senator Jon S. Corzine, before which she served as an attorney focused on commercial real estate transactions. See page D-2 of the proxy statement for more details.
Turning Board Control Over to Icahn Capital is Not in Shareholders' Best Interest
Icahn Capital has nominated for election to the Board two of its current employees and one recent former employee. These candidates lack independence and would present inherent conflicts given Icahn Capital's desire to acquire SandRidge. Combined with their lack of familiarity and experience with the upstream oil and gas sector, a process led by the Icahn Nominees would likely have a chilling effect on participation by potential counterparties to strategic alternatives.
Additional Icahn Capital Nominees
(Principal Occupation)
Independence
Additional Information
Jonathan Christodoro
Private Investor; Former Managing Director of Icahn Capital LP
Age: 42
Not Independent
Based on a review of Icahn Capital's nomination materials, Mr. Christodoro joined the board of an exploration and production company only as a representative of Icahn Capital in the context of a settlement. See page D-1 of our proxy statement for more details.
Jonathan Frates
Associate at Icahn Enterprises L.P.
Age: 35
Not Independent
Based on a review of Icahn Capital's nomination materials, Mr. Frates has very limited experience in the exploration and production industry. See page D-2 of our proxy statement for more details.
Nicholas Graziano
Portfolio Manager of Icahn Capital
Age: 46
Not Independent
Based on a review of Icahn Capital's nomination materials, Mr. Graziano has very limited experience in the exploration and production industry. See page D-2 of our proxy statement for more details.
The SandRidge Board Is Committed to Full Accountability
The Board is fully accountable and responsive to shareholders. In light of the feedback received from extensive discussions with our largest shareholders in December 2017 and January 2018, the Board took clear and decisive action:
Committed the Company to a new strategic direction; Implemented a management transition plan to replace the Company's President and Chief Executive Officer and Chief Financial Officer; and Dramatically reduced the Company's general and administrative expenses.
Further, as detailed in the enclosed proxy statement, the Board is committed to shareholder-centric governance and, in 2017, fully revamped the Company's executive compensation program to reflect input from its shareholders.
Short-Term Rights Plan Is Critical to Protecting Shareholder Interests
Last fall, the Board implemented a short-term shareholder rights plan to encourage the fair and equal treatment of all shareholders by resisting abusive or coercive take-over initiatives absent an appropriate premium. The short-term rights plan will expire unless ratified by shareholders at the Annual Meeting. In light of the Board's commitment to leading a thorough and impartial strategic review process, and taking into consideration the ongoing efforts of Icahn Capital to potentially bias or preempt that process, the Board believes it is in the best interest of shareholders to extend the short-term rights plan. In the absence of the short-term rights plan, Icahn Capital will be able, alone or in concert with others, to acquire creeping control of the Company, or at least a sufficient number of shares to discourage potential counterparties from participating in the strategic alternatives process.
If shareholders choose to extend the short-term rights plan, it will continue in effect until November 26, 2018, at which time it will expire by its terms. The Company believes that this allows for sufficient time to complete the strategic alternatives evaluation prior to the expiration of the short-term rights plan.
Your Vote is Important – Please Sign and Send the White Proxy Card Today
We strongly urge you vote for the entire slate of five highly-qualified and experienced current SandRidge director nominees and two additional fully-independent nominees, as well as vote for the ratification of the short-term rights plan.
Your vote is very important – no matter how many shares you own. Support your Board by voting the WHITE proxy card TODAY . Please follow the instructions on the enclosed WHITE proxy card to vote by telephone or Internet or sign, date and return the enclosed WHITE proxy card in the postage-paid envelope provided.
As we look forward, we are enthusiastic about the opportunities to maximize shareholder value for all Company shareholders while we continue to execute on our business objectives. We are committed to acting in the best interests of the Company and its shareholders. Thank you for your investment.
Sincerely,
Sylvia K. Barnes, Independent Director
Kenneth H. Beer, Independent Director
Michael L. Bennett, Chairman of the Board
William M. Griffin, Jr., Director and Interim President and Chief Executive Officer
David J. Kornder, Independent Director
If you have any questions or require assistance with voting your WHITE proxy card, please call MacKenzie Partners at the phone numbers listed below:
MACKENZIE PARTNERS, INC.
1407 Broadway
New York, New York 10018
(212) 929-5500 (Call Collect)
or
Call Toll-Free (800) 322-2885
Email: [email protected]
About SandRidge Energy, Inc.
SandRidge Energy, Inc. (NYSE: SD) is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma with its principal focus on developing high-return, growth oriented projects in Oklahoma and Colorado. The majority of the Company's production is generated from the Mississippi Lime formation in Oklahoma and Kansas. Development activity is currently focused on the Meramec formation in the NW STACK Play in Oklahoma and multiple oil rich Niobrara benches in the North Park Basin in Colorado.
Important Additional Information
SandRidge, its directors and certain of its executive officers are participants in the solicitation of proxies from the Company's shareholders in connection with the Company's 2018 Annual Meeting of Shareholders (the "2018 Annual Meeting"). The Company has filed a definitive proxy statement and WHITE proxy card with the U.S. Securities and Exchange Commission (the "SEC") in connection with the solicitation of proxies from the Company's shareholders. SHAREHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ THE COMPANY'S DEFINITIVE PROXY STATEMENT, ACCOMPANYING WHITE PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Information regarding the ownership of the Company's directors and executive officers in Company common stock and restricted stock is included in the Company's SEC filings on Forms 3, 4 and 5, which can be found through the Company's website www.sandridgeenergy.com in the section "Investor Relations" or through the SEC's website at www.sec.gov . Information can also be found in the Company's other SEC filings, including the definitive proxy statement, the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and other materials to be filed with the SEC in connection with the 2018 Annual Meeting. Shareholders will be able to obtain any proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC at no charge at the SEC's website at www.sec.gov . Copies will also be available at no charge at the Company's website at www.sandridgeenergy.com in the section "Investor Relations."
Cautionary Statement Regarding Forward-Looking Statements
This communication contains concerning our expectations for future performance, including statements regarding the exploration of strategic alternatives, the pursuit of options that maximize shareholder value and the consideration of candidates for nomination to SandRidge's Board of Directors. These " " are based on currently available information, operating plans and projections about future events and trends. They inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in such forward looking statements. Such risks and uncertainties include, but are not limited to: uncertain outcome, impact, effects and results of SandRidge's exploration of strategic alternatives; and any changes in general economic or industry specific conditions. SandRidge cautions that the foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in SandRidge's public filings with the SEC, which are available at the SEC's website at www.sec.gov . Each forward-looking statement speaks only as of the date of the particular statement, and SandRidge undertakes no obligation to publicly update any of these to reflect events or circumstances that may arise after the date hereof.
Investor Contact:
Johna Robinson
Investor Relations
SandRidge Energy, Inc.
123 Robert S. Kerr Avenue Oklahoma City, OK 73102
+1 (405) 429-5515
MacKenzie Partners, Inc.
Dan Burch, +1 (212) 929-5748, [email protected]
Paul Schulman, +1 (212) 929-5364, [email protected]
Media Contact:
SVC
Bryan Locke, +1 (312) 895-4700, [email protected]
Kelly Kimberly, +1 (832) 680-5120, [email protected]
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SOURCE SandRidge Energy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-sandridge-energy-sends-letter-to-shareholders.html |
TORONTO, May 14, 2018 (GLOBE NEWSWIRE) -- Titan Medical Inc. (TSX:TMD) (OTCQB:TITXF) (“Titan” or “the Company”), a medical device company focused on the design and development of a robotic surgical system for application in minimally invasive surgery (“MIS”), announces financial results for the three months ended March 31, 2018.
All financial results are prepared in accordance with International Financial Reporting Standards, (“IFRS”) and are reported in U.S. dollars, unless otherwise stated. The unaudited condensed interim financial statements and management’s discussion and analysis for the period ended March 31, 2018 may be viewed on SEDAR at www.sedar.com .
David McNally, President and CEO said, “Refinements made to the SPORT Surgical System during the first quarter of 2018 incorporate surgeon input and will be important for future market adoption. With the goal of a successful commercial launch we were pleased to announce our collaboration with Mimic Technologies, a leader in robotic simulation software, and the demonstration of the first two simulation training modules. Also, we secured additional intellectual property protection for features of our robotic surgical system and recently strengthened our capital position.”
Mr. McNally continued, “We are pleased with the medical community’s continued acknowledgment of our progress, as evidenced by the acceptance and presentation of a surgeon-authored abstract at the highly regarded SAGES Annual Meeting. The abstract describes encouraging preclinical validation studies, and we expect that additional presentations related to preclinical evidence will follow at other conferences later this year.”
Highlights for the first quarter of 2018 and recent weeks include:
On February 27, 2018, the Company announced that it had been granted Canadian Patent No. CA 2,982,615, titled “End Effector Apparatus for a Surgical Instrument.” On March 12, 2018, the Company presented at the 30 th Annual ROTH Conference in Laguna Niguel, Calif. On March 20, 2018, the Company presented at the 28 th Annual Oppenheimer Healthcare Conference in New York City. On March 27, 2018, the Company reported the issuance of U.S. Patent No. 9,925,014, titled “Actuator and Drive for Manipulating Tool.” On March 29, 2018, Titan Medical and Mimic Technologies announced a collaboration and the successful demonstration of the first simulation training modules. On April 16, 2018, a surgeon-authored abstract highlighting the early European experience with the SPORT Surgical System was presented at the Society of American Gastrointestinal and Endoscopic Surgeons Annual Meeting in Seattle. On May 3, 2018, the Company presented at the Annual Bloom Burton & Company Healthcare Investor Conference in Toronto.
Financial results for the first quarter of 2018 include (all comparisons are with the first quarter of 2017, unless otherwise stated):
Research and development expenses for the first quarter of 2018 were $3,274,074 compared with $2,946,323. Net and comprehensive loss for the first quarter of 2018 was $808,699, compared with a net and comprehensive loss of $4,988,274. The Company completed a public offering on April 10, 2018 for gross proceeds of $8,035,941. Cash, cash equivalents and deposits with product development service providers as of March 31, 2018 were $24,807,257, compared with $28,668,927 as of December 31, 2017.
About Titan Medical Inc.
Titan Medical Inc. is focused on research and development through to the planned commercialization of computer-assisted robotic surgical technologies for application in minimally invasive surgery. The Company is developing the SPORT Surgical System, a single-port robotic surgical system. The SPORT Surgical System is comprised of a surgeon-controlled patient cart that includes a 3D high-definition vision system and multi-articulating instruments for performing MIS procedures, and a surgeon workstation that provides an advanced ergonomic interface to the patient cart and a 3D endoscopic view inside the patient’s body. Titan intends to initially pursue focused surgical indications for the SPORT Surgical System, which may include one or more of gynecologic, urologic, colorectal or general abdominal procedures.
For more information, please visit the Company’s website at www.titanmedicalinc.com .
Forward-Looking Statements
This news release contains “forward-looking statements” which reflect the current expectations of management of the Company’s future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as “may”, “would”, “could”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “potential for” and similar expressions have been used to identify these forward-looking statements. These statements reflect management’s current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, those listed in the “Risk Factors” section of the Company’s Annual Information Form dated March 31, 2018 (which may be viewed at www.sedar.com ). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements.
CONTACTS:
LHA
Kim Sutton Golodetz
(212) 838-3777
[email protected]
or
Bruce Voss
(310) 691-7100
[email protected]
Source:Titan Medical Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-titan-medical-reports-first-quarter-2018-financial-results.html |
May 28, 2018 / 10:48 AM / Updated 8 hours ago India Uber president to head Asia Pacific operations Aditi Shah 2 Min Read
NEW DELHI (Reuters) - Uber’s India President Amit Jain has been promoted to head of the global ride-hailing firm’s Asia Pacific operations, which includes Australia, New Zealand, Japan, Hong Kong and India, the company said in an emailed statement. FILE PHOTO: The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu/File Photo
Jain will continue to lead India until a successor is found, an Uber spokeswoman said in the statement.
India is one of Uber’s fastest-growing markets and accounts for 10 percent of its total rides.
The move comes weeks after Uber sold its business in Southeast Asia to rival Grab Holdings, which gave rise to speculation about talks on a similar merger in the high stakes India market, where it competes with local rival Ola.
Uber and Ola are both backed by a common investor, SoftBank, which pushed behind the scenes for the merger between Uber and Grab. But it is not clear that SoftBank intends to spur another consolidation in India, an under-penetrated market with a population of 1.3 billion people.
Uber has said it will double down on its investments in India and, while it is open to having conversations with potential partners, it had no interest in entering into minority deals in India or any other country it operates in. Reporting by Aditi Shah; Editing by Alex Richardson | ashraq/financial-news-articles | https://www.reuters.com/article/us-india-uber/india-uber-president-to-head-asia-pacific-operations-idUSKCN1IT0W1 |
VANCOUVER, British Columbia, May 07, 2018 (GLOBE NEWSWIRE) -- The notice is being re-issued as a "Resumption" notice. The corrected notice follows:
Trading resumes in / Reprise des négociations pour:
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L’OCRCVM peut prendre la décision de suspendre (ou d’arrêter) temporairement les opérations à l’égard d’un titre d’une société cotée en bourse. Les arrêts des opérations sont mis en oeuvre afin d’assurer le bon fonctionnement d’un marché équitable.
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IIROC Inquiries
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Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-update-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm-a-ceg.html |
Police seek suspects in Canada bombing 2:39pm BST - 00:57
Canadian police are looking for two suspects who walked into a crowded restaurant and detonated a bomb, injuring 15 people. Linda So reports. ▲ Hide Transcript ▶ View Transcript
Canadian police are looking for two suspects who walked into a crowded restaurant and detonated a bomb, injuring 15 people. Linda So reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KRZXlG | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/25/police-seek-suspects-in-canada-bombing?videoId=430204924 |
Motorcycle-taxi service PT Go-Jek Indonesia will invest $500 million to expand its operations in Southeast Asia, revving up competition in a fast-growing consumer market just two months after Uber Technologies Inc. reached a landmark deal to exit from the region.
The Indonesian company said in a statement Thursday it plans to enter Vietnam, Thailand, Singapore and the Philippines in the next few months and is currently working with regulators and stakeholders across the region.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/hot-on-the-wheels-of-grab-go-jek-rides-further-into-southeast-asia-1527143152 |
Huawei has released a bitcoin wallet on its app store for the first time, allowing Chinese consumers to hold virtual currencies even as Beijing steps up regulation on the nascent industry.
The Shenzhen-based Chinese smartphone maker has teamed up with BTC.com, an online platform for cryptocurrency investors, miners and developers, to add BTC.com's crypto wallet to Huawei's new AppGallery.
The move comes as China cracks down on speculative trading in the cryptocurrency market. Beijing banned initial coin offerings (ICOs) — a form of fundraising for cryptocurrency start-ups — last year, and has closed down domestic bitcoin exchanges .
"Cryptocurrencies have recently expanded the human understanding of digital economy at a large scale," Jaime Gonzalo, vice president of Huawei Mobile Services, said in a statement Friday.
"From our leadership position in China, the tip of the spear of mobile payments, we expect to see massive growth in global cryptocurrency adoption habits in the near future."
Chesnot | Getty Images Digital cryptocurrencies, Bitcoin, Ripple, Ethernum, Dash, Monero and Litecoin. BTC.com said in a statement that it was difficult for Chinese consumers to have access to a cryptocurrency app of any kind as Google's app store is blocked in China. The firm's wallet only supports bitcoin and an offshoot of the world's largest cryptocurrency called bitcoin cash.
Huawei's AppGallery will be pre-installed on all new Huawei and Honor phones and will be rolled out to other devices in the second quarter.
People in China are projected to spend more time on their smartphones and other mobile devices than watching television for the first time this year, according to research by eMarketer. Mobile payments are hugely popular in the country, with homegrown companies like Alibaba's Ant Financial and JD.com's JD Finance providing digital payments and lending services.
Huawei is the world's second largest phone manufacturer, according to Counterpoint Research . But the firm has come under increased scrutiny in the U.S., with top intelligence chiefs accusing it of having the ability to spy on consumers. It has struggled to find a carrier in the U.S. that will allow it to sell its phones.
WATCH: A rare look inside Chinese smartphone giant Huawei's headquarters show chapters A rare look inside Chinese smartphone giant, Huawei's headquarters 6:22 AM ET Tue, 8 May 2018 | 04:18 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/huawei-adds-btc-com-cryptocurrency-wallet-to-appgallery-app-store.html |
Expect further downside for the ringgit in the short-term: COO 4 Hours Ago Nick Twidale of Rakuten Securities Australia says volatility in Malaysia's markets is expected over the next few days. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/13/expect-further-downside-for-the-ringgit-in-the-short-term-coo.html |
BELLEVUE, Wash., May 9, 2018 /PRNewswire/ -- Bsquare (NASDAQ: BSQR) announced today that president and CEO Jerry Chase is stepping down to pursue other opportunities. Mr. Chase will also be stepping down from his board seat.
Going forward, Bsquare will be led by board chairman Andrew Harries who will assume an expanded role as executive chairman, and by Kevin Walsh who will serve as acting CEO while continuing to oversee marketing and corporate strategy. Mr. Chase will transition into an advisory role with Bsquare. The company will conduct a search for a new CEO.
"After joining the Bsquare board in 2013 and becoming CEO later that year, Jerry was instrumental in pivoting the company toward the emerging Internet of Things (IoT) market with a software and SaaS product, DataV," stated Mr. Harries. "Under Jerry's leadership, Bsquare was able to secure foundational customers, including PACCAR and Itron, Inc., in multi-million-dollar contracts as well as a significant number of pilots across a variety of industrial sectors. Based on this foundational work, I believe Bsquare is well positioned to accelerate our transition to DataV."
Mr. Chase commented, "It has been a pleasure to work with great people on innovative technology solving challenging business problems for our customers. We are at a point now where it makes sense to make way for new leadership to take DataV to the next level."
As previously announced, the company plans to release its financial results for the first quarter 2018 on Tuesday, May 15, 2018.
About Andrew Harries ( LinkedIn )
Andrew Harries joined the Bsquare board of directors in November, 2012 and was named chairman in July, 2013. He is an accomplished technology executive with almost 30 years' experience with a number of successful public companies and startups. Mr. Harries was co-founder at Sierra Wireless, helping build the company to over $200 million in annual revenues. He has also served as a board member and strategic advisor at several other companies, including as a board member and past chair at Science World British Columbia. Mr. Harries currently runs an advisory practice, and is the Tom Foord Professor of Practice in Entrepreneurship and Innovation at Simon Fraser University's Beedie School of Business in Vancouver, British Columbia.
About Kevin Walsh ( LinkedIn )
Kevin Walsh joined Bsquare in July, 2015 as vice president of marketing. He has over 35 years of industry experience in software development, product management, and marketing roles in a number of networking, software, cloud, and IoT companies. In an executive capacity, Mr. Walsh has worked with several startups, including three that went on to successful initial public offerings. Mr. Walsh has also worked for public companies in an executive capacity, overseeing investor relations and corporate strategy, in addition to marketing and product management.
Cautionary Note Regarding Forward Looking Statements
This release contains " " within the meaning of the safe-harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "expect," "believe," "plan," "strategy," "future," "may," "should," "will," and similar references to future periods. Examples of include, among others: statements we make regarding expected operating results in future periods, such as anticipated revenue, gross margins, profitability, cash and investments; and strategies for customer retention, growth, new product and service developments, and market position. Forward-looking statements are neither historical facts nor assurances about future performance. Instead, they are based on current beliefs, expectations and assumptions about the future of our business and other future conditions. Because relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may those indicated in the . Therefore, you should not rely on any of these .
Important factors that could cause our actual results and financial condition to those indicated in the include, among others: the extent to which we are successful in gaining new long-term customers and retaining existing ones; whether we are able to maintain our favorable relationship with Microsoft as a systems integrator and distributor; our ability to execute our development initiatives and sales and marketing strategies around DataV™, the Internet of Things, and our product and service offerings more generally; our success in leveraging strategic partnering initiatives with companies such as Amazon Web Services (AWS) and Microsoft; and such other risk factors as discussed in our most recent Annual Report on Form 10-K and other filings Commission. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. Except as may be required by law, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
View original content with multimedia: http://www.prnewswire.com/news-releases/bsquare-announces-new-leadership-ceo-steps-down-300645726.html
SOURCE Bsquare | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-bsquare-announces-new-leadership-ceo-steps-down.html |
May 8, 2018 / 12:52 PM / Updated 5 hours ago Comcast races to secure regulatory, political approval for Sky deal Reuters Staff 3 Min Read
LONDON (Reuters) - U.S. group Comcast stepped up its push to buy European pay-TV group Sky on Tuesday, seeking regulatory and political approval even as it maneuvers for a broader deal with bid rival, Rupert Murdoch’s Fox.
Comcast, the world’s biggest entertainment company, set out its plans to keep Sky’s news output independent and fully funded for 10 years to address any political concerns that a takeover could damage Britain’s news market.
Its formal notification to the European Commission of its intention to buy Sky also put it on a similar regulatory timetable to Fox, despite entering the race 14 months later, with verdicts on both bids due next month.
Comcast is keen to prove to Sky’s shareholders that it will face fewer regulatory hurdles in its $30 billion pursuit of Sky than Murdoch’s Fox which has faced repeated delays in its bid to buy the 61 percent of Sky it does not already own.
On Monday the bid battle, which already involves three of the world’s biggest media companies after Disney agreed to buy some Fox assets including Sky, took a further twist when Reuters reported that Comcast is seeking to disrupt the broader Fox-Disney deal by preparing its own counter bid.
According to three people familiar with the matter, Comcast is asking investment banks to increase a bridge financing facility by as much as $60 billion so it can make an all-cash offer for the media assets that Twenty-First Century Fox Inc has agreed to sell to Walt Disney Co.
“As these big groups look to fight off the threat from the likes of Netflix and Amazon then scale becomes more and more important and you need scale and distribution,” Numis media analyst Paul Richards said. FILE PHOTO: The NBC and Comcast logos are displayed on 30 Rockefeller Plaza in midtown Manhattan in New York, U.S., February 27, 2018. REUTERS/Lucas Jackson/File Photo
“You can see why the Fox assets are so important and Sky is rolled in with that.”
Sky is a British-based European pay-TV group that offers services in Britain, Ireland, Germany, Austria and Italy.
It agreed to be sold to its founder and 39-percent owner Fox in December 2016 but regulators and politicians have repeatedly intervened over concerns that the newspaper-owning Murdoch will have too much influence in Britain.
With Fox focused on getting approval, Comcast made its own shock bid for Sky in February, promising an easier approval process and a higher offer. It made its bid formal last month, and on Monday it notified the European Commission and will get an initial verdict on June 15.
On Tuesday it said it had agreed legally binding guarantees with Sky to fund its award-winning news output and to create a board to oversee its independence. FILE PHOTO: The 21st Century Fox logo is displayed on the side of a building in midtown Manhattan in New York, U.S., February 27, 2018. REUTERS/Lucas Jackson/File Photo
“The Sky News Binding Commitments will constitute legally binding commitments on Comcast and Sky which will be enforceable by the Sky News Board,” Comcast said in a statement.
Murdoch’s Fox has set out its own undertakings to protect the funding and independence of Sky News and is waiting to hear from Britain’s media secretary on whether Fox should be allowed to buy Sky. The government will give its verdict on that offer on June 13. Reporting by Kate Holton; Editing by Keith Weir | ashraq/financial-news-articles | https://uk.reuters.com/article/us-sky-m-a-comcast/comcast-races-to-secure-regulatory-political-approval-for-sky-deal-idUKKBN1I91MP |
Charts show more pain possible for oil 17 Hours Ago CNBC's Jim Cramer and technician Carley Garner took to the charts to investigate the likelihood of a further drop or a possible rally in oil. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/charts-show-more-pain-possible-for-oil.html |
Cramer: The challenge at JC Penney is much larger than people realized 7 Hours Ago The “Squawk on the Street” crew discusses Marvin Ellison’s departure from at J.C. Penney as he heads to take the top spot at Lowe’s. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/cramer-the-challenge-at-jc-penney-is-much-larger-than-people-realized.html |
Gyasi Zardes scored twice to take over the Major League Soccer lead for goals and also drew a penalty as the Columbus Crew extended their unbeaten streak to five games with a 3-0 defeat of the visiting Chicago Fire at Mapfre Stadium on Saturday.
May 12, 2018; Columbus, OH, USA; Columbus Crew SC forward Mike Grella (13) jumps over Chicago Fire midfielder Dax McCarty (6) at MAPFRE Stadium. Mandatory Credit: Greg Bartram-USA TODAY Sports Zardes scored in the 50th and 70th minutes after Federico Higuain’s penalty kick gave the Crew (6-3-3) the lead in the 28th minute.
Zack Steffen made four saves and the Crew recorded their third straight shutout for the first time since having four in a row from March 26 to April 17, 2011.
May 12, 2018; Columbus, OH, USA; Chicago Fire midfielder Mo Adams (19) dribbles past Columbus Crew SC midfielder Niko Hansen (28) at MAPFRE Stadium. Mandatory Credit: Greg Bartram-USA TODAY Sports Columbus is 3-0-2 since a three-game losing streak. The Fire are 3-5-2.
Slideshow (5 Images) Higuain forcefully converted the penalty after defender Kevin Ellis pulled Zardes down by the back of his jersey. The goal was Higuain’s third of the season and 51st in his MLS career, of which 18 have been via penalties.
Zardes made it 2-0 with an easy tap-in. Niko Hansen — who came on as a substitute in the 10th minute to replace an injured Pedro Santos — raced down the right sideline from midfield, then dropped a pass to the 6-yard box as he reached the end line.
The advantage became 3-0 with Zardes’ strike from the top of the penalty area. His eight goals, one more than Atlanta United’s Josef Martinez, are second-most in his career to the 16 he scored for the Los Angeles Galaxy in 2014. He had two goals in 24 games for LA last season.
With each team playing for the third time in eight days, there were some notable omissions to the lineup. Crew captain Wil Trapp did not start or play, but the midfielder was dressed on the bench. Chicago midfielder Bastian Schweinsteiger did not make the trip after playing 180 minutes the past two matches.
The Crew play at New England on May 19. The Fire host the Houston Dynamo on May 20.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-usa-col-chi/zardes-shines-as-crew-blank-fire-3-0-idUSKCN1IE037 |
North Korea dismantles its nuclear test site 1:08pm IST - 01:13
North Korea has completely dismantled its Punggye-ri nuclear test ground ''to ensure the transparency of discontinuance of nuclear test,'' according to its state media. No reporter narration.
North Korea has completely dismantled its Punggye-ri nuclear test ground "to ensure the transparency of discontinuance of nuclear test," according to its state media. No reporter narration. //reut.rs/2GP88wK | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/25/north-korea-dismantles-its-nuclear-test?videoId=430104451 |
Los Angeles, CA. , May 21, 2018 (GLOBE NEWSWIRE) -- US Nuclear Corp. (OTCBB: UCLE) and Electronic Sensor Technology Inc. have signed a worldwide sales representative and resale agreement giving US Nuclear non-exclusive rights to sell the revolutionary, high-speed zNose® chemical sniffers.
The zNose
The zNose® chemical sniffers, recently featured in CBS Television’s CSI Miami, use advanced Surface Acoustic Wave sensors and ultra-fast gas chromatography to separate and analyze vapor samples in near real-time. The patented technology detects all compounds within an odor to provide a complete chemical profile, and the software includes an expandable library of over 700 chemicals and odor signatures, allowing the zNose to recognize virtually any target odor.
The zNose® can be used to measure:
Salmonella and E-Coli contamination in food
Chemical warfare agents such as Sarin and Agent Orange
Bomb detection
Purity and safety of milk and foods. Also applicable to cannabis: on-site, point of sale testing and certification assures the customer that the products are free from mold spores, insecticides, and other hazardous materials.
Various known carcinogens, harmful petroleum, and oil vapors
Research on breath analysis for early screening of cancers and pulmonary diseases; clinical studies have shown that these types of analyzers can identify women with early stage breast cancer
Performing analytical measurements of blood, urine, and stool
Recently, Electronic Sensor Technology staff trained a sheriff’s office on the operation of the zNose® for detecting conventional explosives, plastic explosives, and drugs of abuse. The zNose® was demonstrated to detect and quantify the explosives and drugs, and the officers were very pleased that the product could complement trained dogs in detecting the substances.
zNose® products are an excellent fit with US Nuclear’s current markets, including homeland security, first responder and rescue teams, worker safety, environmental monitoring, and military/government agencies.
Safe Harbor Act
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.
Investors may find additional information regarding US Nuclear Corp. at the SEC website at http://www.sec.gov , or the company’s website at www.usnuclearcorp.com
Attachment
zNose CONTACT: US Nuclear Corp. (OTCBB: UCLE) Robert I. Goldstein, President, CEO, and Chairman Rachel Boulds, Chief Financial Officer (818) 883 7043 Email: [email protected]
Source:US Nuclear Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-us-nuclear-appointed-to-sell-znose-high-speed-gc-chemical-sniffers.html |
May 7 (Reuters) - Australia and New Zealand Banking Group Ltd:
* UNVEILS PLAN TO IMPROVE FINANCIAL PLANNING * WILL REMOVE ALL SALES INCENTIVES FOR FINANCIAL PLANNING BONUSES, SPEED UP CUSTOMER REMEDIATION
* COMMITS TO COMPLETING COMPENSATION ON ABOUT 9000 CURRENT INAPPROPRIATE ADVICE CASES BY END OF THE YEAR
* WILL IDENTIFY & REMOVE PLANNERS THAT PROVIDE INAPPROPRIATE ADVICE Source text: bit.ly/2FNXfe4 Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-australia-and-new-zealand-banking/brief-australia-and-new-zealand-banking-group-unveils-plan-to-improve-financial-planning-idUSFWN1SD00F |
Japan's Takeda clinches $62 billion deal to buy drugmaker Shire Takeda Pharma agreed to buy London-listed Shire for 45.3 billion pounds ($61.50 billion). The Japenese company raised the amount of cash in its offer to secure a recommendation. The deal would be the largest overseas acquisition by a Japanese company. Published 12 Hours Ago Reuters Scott Eisen | Bloomberg | Getty Images Signage for Takeda Pharmaceutical is displayed on the exterior of the company's building in Cambridge, Massachusetts, U.S., on Friday, Aug. 5, 2016.
Takeda Pharma agreed to buy London -listed Shire for 45.3 billion pounds ($61.50 billion) on Tuesday after the Japenese company raised the amount of cash in its offer to secure a recommendation.
The deal — assuming it wins the backing of shareholders — will be the largest overseas acquisition by a Japanese company and propel Takeda, led by Frenchman Christophe Weber, into the top ranks of global drugmakers.
The tie-up is one of the largest ever in the pharmaceuticals sector, crowning a hectic few months of deal-making as big drugmakers look to improve their pipelines by bringing in promising medicines developed by younger companies.
The enlarged group will be a leader in treatments in gastroenterology, neuroscience, oncology, rare diseases, and blood-derived therapies, used for serious conditions such as hemophilia.
The agreement came on the last day for Takeda to make a firm bid. Shire had rejected four previous offers, due to price concerns and the fact that the Japanese company is proposing to pay for much of the acquisition in stock.
The final deal is approximately 46 percent cash and 54 percent stock, leaving Shire shareholders owning around half of the combined group.
Shire investors will receive $30.33 in cash and either 0.839 new Takeda shares or 1.678 Takeda American depositary shares for each share, the companies said, valuing the offer at 48.17 pounds a share based on the latest price and exchange rate.
Shire's shares, which had been trading about 10 pounds below the value of Takeda's offer, traded 4 percent higher at just over 40 pounds, still well under the agreed price and indicating that shareholders still have reservations.
Jefferies analysts said they expected the shares to trade at a relatively wide discount to the offer, given the large stock component and the fact that the deal is not expected to close until the first half of 2019.
Although the deal must get the support of 75 percent of Shire's voting shareholders, some of whom do not want to hold Takeda paper, Weber told reporters he believed investors would back the transaction.
"Their board and our board is confident that both shareholders will see the benefit of the acquisition," he said. Going global
Weber became Takeda's first non-Japanese CEO in 2015 and has been hunting for acquisitions to make the company more global and reduce its exposure to a mature Japanese pharmaceutical market.
Buying Shire is a big financial stretch for Takeda but Weber believes it will generate substantial cash flow, enabling the enlarged group to pay down its borrowings quickly.
Takeda said $30.1 billion in bridge loan financing would be replaced with a combination of long-term debt, hybrid capital and available cash ahead of completion, without providing a breakdown.
The Japanese company predicts annual cost synergies of at least $1.4 billion three years after completion and the deal is expected to boost underlying earnings significantly from the first full year after closing.
Jobs will go, with the group's combined 52,000 workforce likely to be reduced by 6-7 percent. The companies have a number of commercial, research, and manufacturing overlaps, particularly in the United States, where both have a large presence in Boston.
Weber argued Takeda would be able to maintain its investment-grade credit rating with a target of achieving a net debt to EBITDA ratio of 2.0 times or less in the medium term.
Some analysts have suggested Takeda could sell off certain Shire businesses to make the deal more manageable but Weber said gastroenterology, neuroscience, oncology, rare diseases and blood products were all important areas to be retained.
There may, however, be opportunities to divest certain medicines falling outside these fields.
"There is 25 percent (of the portfolio) which is more isolated products. Some are doing very well, some less well. That's where you could have some portfolio assessment and potentially some disposals," Weber said.
Shire said last month it would be willing to recommend an offer from Takeda after it rejected four previous approaches.
The company traces its roots back to 1986, when it began as a seller of calcium supplements to treat osteoporosis, operating from an office above a shop in Hampshire, southern England. Since then, it has grown rapidly through acquisitions to generate revenues of about $15.2 billion last year.
But it has been under pressure in the past 12 months due to greater competition from generic drugs and debt from its $32 billion acquisition of Baxalta in 2016, a widely criticized deal.
Takeda was advised by Evercore, J.P. Morgan, and Nomura, while Shire worked with Citi, Goldman Sachs, and Morgan Stanley. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/japans-takeda-agrees-62-billion-takeover-of-shire.html |
LONDON (Reuters) - The euro gave up its early gains and turned negative on Monday after Italy’s president set the country on a path to fresh elections, raising concerns that such a route may deliver an even stronger mandate for the country’s anti-establishment parties.
FILE PHOTO: U.S. dollar and Euro bank notes are photographed in Frankfurt, Germany, in this illustration picture taken May 7, 2017. REUTERS/Kai Pfaffenbach/Illustration/File Photo President Sergio Mattarella’s decision to appoint Carlo Cottarelli to form a stopgap administration sets the stage for elections that are likely to be fought over Italy’s role in the European Union and the euro zone, a prospect that is unnerving global financial markets.
After climbing more than half a percent in early London trading to rise to the day’s highs of $1.17285, the single currency fell sharply to trade at the day’s lows at $1.1647, down 0.1 percent on the day.
“Given the stance towards the euro is the single topic financial markets are most sensitive to, the worries towards Italy are probably only starting to increase in the bigger picture,” Nordea economist Jan Von Gerich said.
With elections likely to be held in the second half of the year, markets are worried the timing of Italy’s elections poses a tricky problem to European Central Bank policymakers who are on track to wind down its bond purchase programme by September.
Nordea’s Gerich believes the ECB may choose a more cautious alternative and extend its bond purchases beyond that month.
The euro has been weakened by the dollar’s rally and by widening bond spreads between Italian and German debt, as markets grappled with the prospects of a spendthrift coalition government in Rome comprising the two parties.
Though investors have initially ignored the impact of the new coalition, the events in the last few days have prompted investors to cut their positions in the single currency.
Latest positioning data shows that net euro long positions are at their lowest levels this year after a fifth consecutive weekly drop in bullish euro bets.
The euro also strengthened by 0.8 percent against the Swiss franc, rebounding from near three-month lows, but was had halved those gains in midday European trading.
Goldman Sachs strategists said political uncertainty will remain elevated, because the prospect of new elections would remain a drag on the economy.
The euro’s weakness meant that the dollar firmed against a basket of rivals on Friday and was trading 0.2 percent up on the day at 94.34 at a fresh six-month high.
Elsewhere, the dollar was flat against the Japanese yen at 109.42 yen. Risk aversion receded after U.S. President Donald Trump said on Sunday a U.S. team had arrived in North Korea to prepare for a summit between him and North Korean leader Kim Jong Un.
Trump had pulled out of the summit last week, which had sapped investor risk appetite and helped push the dollar to a two-week trough of 108.955 yen on Thursday.
Trading volumes were low with Britain and the United States, the two main financial centres for foreign exchange trading, both closed for holidays, thus leading to some exaggerated price moves.
Adding to concerns was news that Spanish Prime Minister Mariano Rajoy would face a vote of confidence in his leadership on Friday.
Reporting by Saikat Chatterjee; Editing by Catherine Evans/
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-global-forex/euro-crawls-off-six-and-a-half-month-lows-italian-political-woes-limit-bounce-idUSKCN1IT01Z |
CANTON, Mass., May 15, 2018 /PRNewswire/ -- Boston Mutual Life Insurance Company, a national provider of insurance solutions for individuals and at the workplace , today announced the appointment of Robert "Bob" Dignazio as Vice President of Underwriting. Mr. Dignazio brings over thirty years of insurance experience in underwriting, sales, and management to Boston Mutual. As vice president, Mr. Dignazio's broad experience within the industry will support the strong partnership between Boston Mutual's Strategic Business Centers (the company's four business areas) to drive sales and producer growth while meeting profitability objectives.
"We're excited to welcome Bob to Boston Mutual as a strategic leader to our underwriting department," said Joseph W. Sullivan, J.D., Executive Vice President and Chief Risk Officer at Boston Mutual Life Insurance Company. "His extensive underwriting experience and sales background will play a key role in expanding our distribution footprint and improving producer relationships as our company continues to grow."
In his new role, Mr. Dignazio will manage the expanding underwriting department, including overseeing the management team, within Boston Mutual's Risk Strategic Business Center. He will lead the assessment of the company's underwriting practices, processes, and rate development, and will contribute to overall enterprise risk management strategies. Mr. Dignazio will also coordinate with various internal divisions and external partners on development and maintenance of key producer relationships.
Robert Dignazio was most recently Assistant Vice President (AVP) of Internal Sales at Sun Life Financial in Wellesley Hills, Massachusetts. Previously, he served in various roles at Sun Life Financial, including AVP of Small Market Management, AVP of Multi-line Regional Underwriting, and Director of Disability/Regional Underwriting. He began his career as an actuarial student at Loyalty Life Insurance Company in 1983.
Mr. Dignazio earned a bachelor's degree from Guilford College in Greensboro, North Carolina. Mr. Dignazio also holds a Disability Income Associate designation from America's Health Insurance Plans (AHIP).
About Boston Mutual Life Insurance Company
Boston Mutual Life Insurance Company is a national insurance carrier providing flexible insurance products for working Americans in the private and public sectors. Boston Mutual offers a range of insurance coverage options for both individuals and employers, with a product portfolio that includes life, critical illness, disability, and accident insurance coverage. Founded in 1891, the company, which is headquartered in Canton, Massachusetts, has enjoyed a long history of financial strength and stability. For more information, please visit www.bostonmutual.com or follow the company on Facebook ( /BostonMutualLifeIns ) or LinkedIn ( /company/boston-mutual-life-insurance ).
Media Contact:
Meredith D'Agostino
Boston Mutual Life Insurance Company
[email protected]
(800) 669-2668 x276
View original content with multimedia: http://www.prnewswire.com/news-releases/boston-mutual-life-insurance-company-welcomes-industry-veteran-as-vice-president-of-underwriting-300647856.html
SOURCE Boston Mutual Life Insurance Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-boston-mutual-life-insurance-company-welcomes-industry-veteran-as-vice-president-of-underwriting.html |
Civil rights groups are outraged about Amazon’s supply of facial recognition technology to law enforcement organizations in the U.S.
The American Civil Liberties Union (ACLU) and 40 other groups on Tuesday demanded that Amazon stop allowing governments to use its Rekognition tool , which the company says can monitor “all faces in group photos, crowded events, and public places.” Existing customers include the city of Orlando and the Washington Country Sheriff’s Office in Oregon, which has built a database of 300,000 mugshot photos to use with Rekognition.
“With Rekognition, a government can now build a system to automate the identification and tracking of anyone,” the ACLU warned in a blog post .
“With this technology, police would be able to determine who attends protests. ICE could seek to continuously monitor immigrants as they embark on new lives. Cities might routinely track their own residents, whether they have reason to suspect criminal activity or not. As with other surveillance technologies, these systems are certain to be disproportionately aimed at minority communities.”
Amazon is defending its tech. “Our quality of life would be much worse today if we outlawed new technology because some people could choose to abuse the technology,” it said in a statement . “Imagine if customers couldn’t buy a computer because it was possible to use that computer for illegal purposes.”
The affair carries echoes of the storm at Google over that company’s “Project Maven” deal with the Pentagon. The deal sees Google supplying the U.S. military with “artificial intelligence” technology for sifting through drone video footage. Employees fear the tech could help target people for death, and some have resigned in protest .
It’s not like there hasn’t been outrage in the past over Big Tech’s links with the U.S. authorities. Edward Snowden’s revelations about programs such as Prism, through which major online platforms provide customer data to intelligence services , were explosive and widely absorbed—but that was a matter of legal compulsion.
Amazon and Google’s controversial deals are a commercial affair, and therefore even more open to criticism. Supplying technology to the military may not be an inherently bad thing—indeed, Google, IBM , Amazon and Microsoft are all currently jostling to sell cloud services to the Pentagon —but nobody is forcing these companies to supply more sensitive image-recognition technology to those who might use it in violation of human or civil rights.
It’s worth noting that some companies are very aware of the ethical considerations around the sale of their cutting-edge tools. Microsoft, for example, told Wired earlier this month that it has refused certain contracts that would have seen the company build custom AI systems, thanks to the deliberations of an internal ethics board.
Google has also talked about setting up new ethical principles to guide its sales. Then again, Google has also just removed any references to its old “Don’t be evil” motto from its employee code of conduct.
The U.S. is still a way off from mirroring the situation in China, where companies such as Alibaba are helping the government build a civil-rights-trampling “social credit” system that would involve mass surveillance with frequent real-life consequences. But the ties between America’s big tech firms and authorities are still clearly getting too cozy for many people inside and outside those corporations. | ashraq/financial-news-articles | http://fortune.com/2018/05/23/amazon-aclu-police-google-military/ |
× × More than half the Dow is in a correction. But one may be setting up for a big move 1 Hour Ago Chris Verrone of Strategas Research Partners and Bill Baruch with Blue Line Futures discuss Dow components with Sara Eisen. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/more-than-half-the-dow-is-in-a-correction-but-one-may-be-setting-up-for-a-big-move.html |
May 4 (Reuters) - XIOR STUDENT HOUSING NV:
* CONFIRMS 2018 OUTLOOK * Q1 NET RENTAL INCOME OF EUR 6.4 MILLION VERSUS EUR 3.5 MILLION YEAR AGO
* OCCUPANCY RATE AT END PERIOD 98.45 PERCENT VERSUS 97.9 PERCENT YEAR AGO
* Q1 NET INCOME EUR 2.0 MILLION VERSUS EUR 2.5 MILLION YEAR AGO
* SEES DIVIDEND OBJECTIVE OF EUR 1.20 GROSS PER SHARE * EXPECTS TO CONFIRM RESULTS COMPARED TO LAST YEAR Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-xior-student-housing-q1-net-income/brief-xior-student-housing-q1-net-income-down-at-2-0-million-euros-idUSFWN1SA1F0 |
China's Xiaomi lifts lid on Hong Kong I.P.O. Thursday, May 03, 2018 - 01:56
Chinese smartphone and connected device maker Xiaomi is bringing its blockbuster initial public offering to Hong Kong, which could give the company a market valuation of up to $100 billion in the largest listing globally in almost four years.
Chinese smartphone and connected device maker Xiaomi is bringing its blockbuster initial public offering to Hong Kong, which could give the company a market valuation of up to $100 billion in the largest listing globally in almost four years. //reut.rs/2KAf4Rg | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/03/chinas-xiaomi-lifts-lid-on-hong-kong-ipo?videoId=423490630 |
May 4 (Reuters) - Casing Macron Technology Co Ltd
* Says it appoints Hung Ting Hung as general manager, effective May 4
Source text in Chinese: goo.gl/oFESbt
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-casing-macron-technology-says-chan/brief-casing-macron-technology-says-change-of-general-manager-idUSL3N1SB2Y8 |
Materials and Metals Military cargo plane crashes in Georgia, killing 5 An Air National Guard C-130 cargo plane crashed Wednesday along a road near a Georgia airport, killing at least five National Guard members from Puerto Rico. The Savannah Air National Guard says the plane was doing a training mission when it crashed near the Savannah/Hilton Head International Airport. Savannah/Hilton Head International Airport said on social media that some flights were being affected though the crash happened off its property. Published 1 Hour Ago The Associated Press James Lavine | AP Flames and smoke rise from an Air National Guard C-130 cargo plane after it crashed near Savannah, Ga., Wednesday, May 2, 2018.
An Air National Guard C-130 cargo plane on a training mission crashed Wednesday along a road near a Georgia airport, killing at least five National Guard members from Puerto Rico, authorities said.
Black smoke rose into the sky from a section of the plane that appeared to have crashed into a median on the road. Firefighters later put out the blaze.
Capt. Jeff Bezore, a spokesman for the Georgia Air National Guard's 165th Air Wing, said the crash killed at least five people. He said he couldn't say how many people in total were on the plane when it crashed around 11:30 a.m.
The Air Force said the plane belonged to the 156th Air Wing out of Puerto Rico, and Puerto Rico National Guard Spokesman Maj. Paul Dahlen told The Associated Press that all those aboard were Puerto Ricans who had recently left the U.S. territory for a mission on the U.S. mainland. He said initial information indicated there were five to nine people aboard the plane, which was heading to Arizona. He did not have details on the mission.
"It's a sad day for the National Guard, and our thoughts and prayers are with the families of everyone involved and everyone with the National Guard as we work through this," he said.
A photo tweeted by the Savannah Professional Firefighters Association shows the tail end of a plane and a field of flames and black smoke as an ambulance stood nearby.
The only part of the plane that remained intact was the tail section, said Chris Hanks, the assistant public information officer with the Savannah Professional Firefighters Association. The tail section was sitting on Highway 21 and the ground in front of it was black and littered with debris, he said.
The Savannah Air National Guard says the plane was doing a training mission when it crashed near the Savannah/Hilton Head International Airport.
Savannah's Air National Guard base has been heavily involved in hurricane recovery efforts in Puerto Rico. In September 2017, it was designated by the Air National Guard as the hub of operations to the island in the aftermath of hurricanes Irma and Maria, the base announced at the time.
Savannah/Hilton Head International Airport said on social media that some flights were being affected though the crash happened off its property. The airport advised passengers to check with their airline for updated flight information. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/at-least-five-dead-in-crash-of-puerto-rican-air-national-guard-plane.html |
11 Hours Ago | 03:50
Despite caution over medium-term policy uncertainty following Malaysia's historic election result , the risks remain hypothetical for now, one expert said.
In a stunning election victory last week, the Pakatan Harapan opposition alliance beat the ruling Barisan Nasional coalition, which had been in power for the past 60 years.
"The two keywords ... are 'if' and 'could. The rating agencies have said, yes, there's some credit negative aspects to the potential fiscal policy, but it's still some way off," Ashley Perrott, head of pan-Asia fixed income at UBS Asset Management, told CNBC's Nancy Hungerford.
"I think yes, if they follow through with everything they're talking about doing, the infrastructure concerns, the GST (goods and services tax) repeal, that could be credit negative, sure. But I think that's six months before we really get something concrete from the agencies," he added.
The country's new Prime Minister Mahathir Mohamad had pledged during the campaign trail to scrap the unpopular GST and following his victory, added that infrastructure projects committed to by ousted leader Najib Razak will be re-looked.
But Moody's Investor Service had cautioned in a note on Monday that replacing GST with a proposed sales and services tax — without corresponding measures to match revenue collection — could prove to be credit negative for Malaysia.
"There is little clarity on Pakatan Harapan's economic policy agenda, apart from a few specific campaign pledges that are credit negative at the outset, but lack details that would allow a full assessment of budgetary and macroeconomic effects," Anushka Shah, sovereign risk group senior analyst at Moody's Investor Service, said in a note.
But what Malaysia could lose in tax revenues would be diminished by the broad move higher in oil prices — good news for the oil exporter.
"If they were to repeal the GST in an environment where oil prices were actually declining — you go back 12 months, that was the story — that would be much more problematic," Perrott said, adding that oil prices at their current levels allowed for fiscal flexibility for the government.
The yield on the 10-year Malaysian government bond last stood at 4.21 percent after earlier yielding 4.255 percent, its highest since January 2017. Bond yields move inversely to prices. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/malaysia-election-medium-term-uncertainty-but-oil-prices-a-positive.html |
Point72 veteran Dan Lota succeeds Phil Villhauer
STAMFORD, Conn.--(BUSINESS WIRE)-- Point72 Asset Management, L.P. (Point72), has named Dan Lota its new Head of U.S. Trading, Point72 announced today.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180501005984/en/
Dan Lota (Photo: Business Wire)
Lota was named after the Firm conducted an extensive candidate search.
“We have concluded that the best candidate already sits within the Firm,” said the co-heads of Point72’s Central Liquidity Group, Drs. Hamid Biglari and Massoud Heidari. The Central Liquidity Group is Point72’s global trading organization.
“During his six-month tenure as Acting Head of U.S. Trading, Dan has done a superb job leading the U.S. traders,” said Dr. Biglari.
“In his 15 years at Point72, Dan has built strong relationships with Steve, Portfolio Managers, within the trading team, and has developed a deep institutional knowledge of the Firm,” said Dr. Heidari.
Mr. Lota assumes his new role immediately.
About Point72
Point72 is a global asset management firm led by Steven Cohen that uses Discretionary Long/Short, Macro, and Systematic strategies to invest in eight offices across the globe. We look for people who want to build a career with us – people who want to innovate, experiment, and be the best at what they do – while adhering to the highest ethical standards.
Point72 is headquartered in Stamford, Connecticut, and maintains affiliated offices in New York, Hong Kong, London, Tokyo, Singapore, Paris, and Palo Alto. We invest in a wide range of asset classes and situations through our businesses: Point72 Asset Management, EverPoint Asset Management, Point72 Ventures, Cohen Private Ventures, and Cubist Systematic Strategies.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005984/en/
Media :
Point72 Asset Management, L.P.
Mark Herr, 203-517-8957
[email protected]
Source: Point72 Asset Management, L.P. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-point72-announces-new-head-of-u-s-trading.html |
May 15 (Reuters) - Biorem Inc:
* Q1 REVENUE ROSE 26 PERCENT TO C$3.9 MILLION * QTRLY DILUTED EARNINGS PER SHARE $0.00 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-biorem-reports-q1-diluted-earnings/brief-biorem-reports-q1-diluted-earnings-per-share-0-00-idUSASC0A2D9 |
EditorsNote: rewords second graf
The matchup of rookie left-handed starters went to the Miami Marlins in San Diego on Monday afternoon.
Miami’s Caleb Smith allowed one run on four hits over seven-plus innings while his teammates jumped Padres starter Eric Lauer for five runs in the first 14 hitters as the Marlins scored a 7-2 win.
Smith (4-5) issued one walk and struck out four while lowering his ERA to 3.51.
Lauer (1-3) was done after 2 1/3 innings, giving up five runs on seven hits and two walks with three strikeouts. His ERA skyrocketed to 7.67. Nine of the 15 batters Lauer faced reached base.
The Marlins jumped on Lauer for four runs on five consecutive hits in the first.
Brian Anderson started the assault with a one-out double and scored on a single by Starlin Castro, who moved to third on a double by Justin Bour. Former Padre Cameron Maybin singled home Castro. After Maybin stole second, Yadiel Rivera singled home Bour and Maybin.
The Marlins’ fifth run off Lauer came in the third. Castro opened the inning with a double and scored on the second of three singles by Maybin, who paced Miami’s 15-hit attack.
Miami’s final runs came against Padres right-hander Bryan Mitchell in the ninth. Rivera opened the inning with his second single and scored on a two-out double by pinch hitter Derek Dietrich, who scored on Miguel Rojas’ second single.
The only run off Smith was Franmil Reyes’ 378-foot homer leading off the second. It was the second homer by the 6-foot-5, 275-pound Reyes since he was promoted from Triple-A El Paso on May 14.
The 26-year-old Smith equaled his longest start of the season, departing after pinch hitter Travis Jankowski opened the bottom of the eighth with a single. That snapped a string of 10 consecutive Padres retired since Freddy Galvis blooped a double into left.
Smith threw 103 pitches, with 59 going for strikes.
After Lauer departed, left-hander Robbie Erlin allowed no runs on four hits with no walks and three strikeouts over 5 2/3 innings for the Padres.
San Diego’s Christian Villanueva doubled in the ninth and scored on an infield single by Hunter Renfroe, who was activated from a rehab assignment with El Paso earlier in the day.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-sd-mia-recap/marlins-jump-out-early-top-padres-7-2-idUSMTZEE5TGOBEHN |
May 3, 2018 / 8:42 AM / Updated 34 minutes ago VW still looking at whether to spin-off assets: CEO Reuters Staff 3 Min Read
BERLIN (Reuters) - Volkswagen ( VOWG_p.DE ) is still looking at whether to spin off assets such as motorcycle maker Ducati and transmissions maker Renk, its new chief executive said, as the autos group strives to streamline its operations and become more efficient. Herbert Diess, Volkswagen's new CEO, poses during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt
Under former CEO Matthias Mueller, who was ousted last month by the carmaker’s major shareholders, attempts to slim down the group by selling Ducati and Renk foundered amid opposition from labor leaders and the controlling Porsche and Piech families.
“For non-core businesses such as Ducati, Renk and (large engines unit) MAN Diesel & Turbo, we will draw up sustainable future perspectives,” new CEO Herbert Diess said on Thursday at the carmaker’s annual shareholder meeting in Berlin.
The deliberations could lead to expanding those businesses and developing growth strategies, but spin-offs “are also conceivable”, Diess said. Slideshow (4 Images)
Since the former BMW ( BMWG.DE ) executive took office on April 12, Volkswagen (VW) has announced steps to prepare its truck operations for a possible stock market listing and to reorganize its multiple car brands in an effort to boost synergies.
Separately, the CEO on Thursday pledged a new drive to improve compliance and integrity at VW, where some managers are still struggling to adapt to reforms in the wake of its 2015 emissions scandal.
“Volkswagen has to become more honest, more open, more truthful,” Diess said.
The CEO also said VW had so far picked partners to provide battery cells and related technology worth around 40 billion euros ($48 billion) for its electric-car program, four-fifths of the planned volume of 50 billion euros.
To ensure VW and its peers benefit from future growth in battery technology, Diess called on the industry to step up talks about possibility making battery cells in Europe.
Europe’s largest automotive group is in robust health both operationally and financially, Diess said, predicting “another good year.”
($1 = 0.8333 euros) | ashraq/financial-news-articles | https://uk.reuters.com/article/us-volkswagen-agm/volkswagen-weighs-spin-offs-of-non-core-assets-ceo-idUKKBN1I40R8 |
CANONSBURG, Pa., CONSOL Coal Resources LP (NYSE: CCR) today reported financial and operating results for the 2018.
First Quarter 2018 Results
Highlights of the CCR first quarter 2018 results include:
Cash distribution of $0.5125 per limited partner unit for the first quarter; Net income of $22.0 million; Adjusted EBITDA 1 of $35.1 million; Distribution coverage ratio 1 of 1.8x; Net leverage ratio 1 improves to 1.8x; Reduced borrowings on Affiliated Company Credit Agreement by $9.6 million; Reduced 2018 cash spending by approximately $2.5 million through lease conversions; Expect to invest approximately $5.0 million through 2019 in efficiency improvement capital spending.
Management Comments
"The first quarter of 2018 marks the best financial results in our history as a public company," said Jimmy Brock, Chief Executive Officer of CONSOL Coal Resources GP LLC (the "general partner"). "Today we announced a very strong distribution coverage on an industry-leading distribution yield. We continue to return a significant amount of capital to our unitholders, opportunistically re-invest in our business and simultaneously derisk the balance sheet. The strong quarterly performance was driven by record production out of our Bailey mine and improved coal prices on our netback contracts. This quarter was a testament to our differentiated marketing strategy, which enables us to capture significant pricing upside during peak weather events while delivering consistent volume and pricing performance at other times. Our netback contracts provide asymmetric pricing opportunity that we believe aligns us with the profitability of coal-fired power generation on the dispatch curve. The volume consistency and potential for pricing upside associated with these contracts ties well to the low-cost structure, scale, and longevity of our mining operations, and thus they are a valuable component of our overall sales portfolio. Our revenue per ton on traditional domestic contracts was also improved compared to the year-ago period, providing evidence of improved supply-demand fundamentals in the eastern U.S. coal markets that we serve. We are also pleased to announce that we are off to a very strong start for the year, and the improving outlook allows us to boost our full year adjusted EBITDA guidance."
Sales & Marketing
Our Sales and Marketing team sold 1.7 million tons of coal during the first quarter of 2018 at an average revenue per ton of $52.98 compared to 1.7 million tons at an average revenue per ton of $46.80 in the year-ago period. The improvement was largely driven by greater-than-expected revenue on our netback contracts, which reflected strong PJM West power prices during the quarter. Our revenue per ton also benefited from improved pricing under our non-netback domestic contracts and from continued strengths in the export markets. Offsetting these improvements were weather-driven challenges that affected rail and port logistics and limited further upside to shipments.
On the domestic front, heating degree days during the quarter in the Middle Atlantic, South Atlantic and East North Central regions we serve were approximately 11-23% greater than the year-ago period, but still approximately 3-7% below normal, based on preliminary data. Although the quarter, as a whole, was still slightly milder than average, the significant improvement in heating demand compared to the year-ago period translated into improved burn at our customers' power plants and helped to further draw down coal inventories. According to the U.S. Energy Information Administration, inventories at domestic utilities stood at approximately 121 million tons at the end of February 2018, down by approximately 25% from year-ago levels. More importantly, we believe inventories at several of our key Northern Appalachian rail-served power plants now stand below 20 days. This gives us tremendous confidence in our ability to ship all of our contracted coal, despite recent softness in natural gas prices. We are 95+% contracted for 2018 shipments and are 74% and 26% contracted for 2019 and 2020, assuming an annual production run rate of 6.75 million tons. We anticipate that our cost structure and differentiated marketing strategy will allow our customers to stay competitive with natural gas for the foreseeable future.
Furthermore, while Henry Hub spot prices averaged just $3.08/mmBtu during the quarter, the return to more normal winter temperatures helped to boost PJM West day-ahead power prices to an average of $45.31/MWh, marking the highest quarterly average price since the first quarter of 2015. This was due, in part, to the cold weather event in early January, but the month of March also turned in the third-highest monthly PJM West power price ($33.69/MWh) that has been observed in the last 32 months, even though Henry Hub spot prices averaged just $2.69/mmBtu in March. These improvements in power prices boosted average revenue per ton under our netback contracts, as noted above.
Overall, global coal demand growth continues to improve, tying to overall broadening and accelerating economic growth. On the export front, while demand in Europe has softened, growth in India has more than compensated for this lower demand. Prior to 2017, our coal moving to India was primarily going into the industrial sector in the brick and cement industries; however, we are now beginning to penetrate into India's coal-fired power generation sector, which has created additional upside for our high calorific value coal. We are also expecting additional demand improvement from Turkey, pending easing sulfur restrictions. We are seeing improved demand growth around the globe in many more countries. This global demand growth, coupled with a supply side that has experienced minimal investment in recent years, is increasingly creating an imbalance in the international marketplace for coal. In our view, this has created an opportunity for the United States to become an essential piece of the seaborne market rather than a swing supplier.
Additional Details on Export Contract
As previously disclosed, against the strong export backdrop in the fourth quarter of 2017, we succeeded in concluding a multi-year contract for approximately 3.5 million tons of coal in the export markets with shipments beginning in May 2018 and extending through April 2020. The contracted volume is comprised of approximately 70% thermal coal and 30% crossover metallurgical coal. Coal prices in the first year of the contract are fixed and are captured in our current guidance for 2018. For the second year of the contract, the price of coal is collared with an average floor price that is greater than our 2017 average revenue per ton of $45.52. This contractual arrangement not only highlights the global attractiveness of our coal assets, but also speaks to our ability to take advantage of market volatility and derisk a substantial portion of our revenue at attractive prices.
Operations Summary
CCR achieved strong first quarter production of 1.7 million tons, which compares to 1.7 million tons in the first quarter of 2017. During the quarter, we benefited from strong production at the Bailey mine, partially offset by a longwall move at the Harvey mine and adverse geological conditions at the Enlow Fork mine. Our Bailey mine produced at a record-setting level of 953 thousand tons for CCR's share in the first quarter, surpassing its previous high mark of 869 thousand tons set in the fourth quarter of 2016.
CCR shipped 1.7 million tons during the first quarter, compared to 1.7 million tons in the year-ago quarter. While there were logistical challenges synchronizing the rail and port availability, partially due to harsh weather conditions, our Sales and Marketing team was successful in minimizing the overall impact. Total coal revenue for the first quarter came in at $87.8 million and improved by $8.6 million compared to the year-ago quarter, primarily driven by higher revenue per ton of coal sold. Our average revenue per ton increased to $52.98 from $46.80 in the year-ago quarter, largely due to higher average revenue per ton on our netback contracts.
Total costs during the first quarter were $72.5 million compared to $69.2 million in the year-ago quarter. Average cash cost of coal sold per ton 1 was $29.21 compared to $28.75 in the year-ago quarter. This increase was essentially driven by higher royalties and production taxes, which are tied to the higher sales prices we received in the quarter. Average cash margin per ton sold 1 for the first quarter of 2018 expanded by $5.72, or 32%, to $23.77 per ton compared to the year-ago period, driven by higher average revenue per ton.
For the quarter, other costs increased by $2.5 million compared to the year-ago quarter, including approximately $1.2 million in demurrage expense created by the above-mentioned rail and port logistical challenges.
Three Months Ended
March 31, 2018
March 31, 2017
Coal Production
million tons
1.7
1.7
Coal Sales
million tons
1.7
1.7
Average Revenue Per Ton
per ton
$52.98
$46.80
Average Cash Cost of Coal Sold 1
per ton
$29.21
$28.75
Average Cash Margin Per Ton Sold 1
per ton
$23.77
$18.05
Reducing Cash Costs and Improving Cost of Capital
During the first quarter, we took advantage of a strong leasing market and bought out one set of longwall shields at our Bailey mine from the operating lease agreement and refinanced it as a capital lease. This strategy allowed us to lower our overall cash spending even after accounting for the interest expense of the lease. In the month of April, we also executed an early buyout option on Harvey longwall shields, terminated the operating lease and refinanced it as a capital lease. The financing rates on both of these leases are significantly below our weighted average cost of capital, and the transactions are immediately accretive to our cash flows. In aggregate, we expect an approximately $2.5 million reduction in 2018 cash spending as a result of these refinancings. Furthermore, the financing charges on these capital leases are fixed and insulate us from future increases in interest rates.
Quarterly Distribution
During the first quarter of 2018, CCR generated net cash provided by operating activities of $29.3 million and distributable cash flow 1 of $25.3 million, yielding a distribution coverage ratio of 1.8x 1 . Our distribution coverage ratio calculation is based on estimated maintenance capital expenditures of $9.0 million, while our actual cash maintenance capital expenditures for the first quarter were $4.9 million. Based on our current outlook for the coal markets and a strong distribution coverage ratio, the board of directors of the general partner has elected to pay a cash distribution of $0.5125 per unit to all limited partner unitholders and the holder of the general partner interest. As previously announced on April 25, 2018, the distribution to all unitholders of the Partnership will be made on May 15, 2018, to such holders of record at the close of business on May 8, 2018.
2018 Guidance and Outlook
Based on our strong first quarter results, current contracted position, coal market outlook and production expectations, we are improving several items of our financial and operating performance guidance for 2018.
Coal sales volumes - 6.55-6.80 million tons Coal average revenue per ton - $47.15-$48.75 Cash cost of coal sold per ton 2 - $28.50-$30.00 Adjusted EBITDA 2 - $95-$115 million Capital expenditures - $31-$36 million
First Quarter Earnings Conference Call
A conference call and webcast, during which management will discuss the first quarter of 2018 financial and operational results, is scheduled for May 3, 2018 at 10:00 AM ET. Prepared remarks by members of management will be followed by a question and answer session. Interested parties may listen via webcast on the Events page of our website, www.ccrlp.com . An archive of the webcast will be available for 30 days after the event.
Participant dial in (toll free)
1-855-656-0928
Participant international dial in
1-412-902-4112
Availability of Additional Information
Prior to the earnings conference call, we will make available additional information in a presentation slide deck to provide investors with further insights into our financial and operating performance. This material can be accessed through the "Events and Presentations" page of our website, www.ccrlp.com .
We have also filed our Form 10-Q with the Securities and Exchange Commission (SEC) in conjunction with this earnings release. Investors seeking our detailed financial statements can refer to the Form 10-Q.
1 "adjusted EBITDA", "distribution coverage ratio", "distributable cash flow", "total cost of coal sold", "average cash cost of coal sold per ton", "average cash margin per ton sold" and "net leverage ratio" are non-GAAP financial measures, which are reconciled to GAAP financial measures under the caption "Reconciliation of Non-GAAP Financial Measures".
2 CCR is unable to provide a reconciliation of adjusted EBITDA guidance to net income or cash cost of coal sold per ton guidance to total costs, the most comparable financial measure calculated in accordance with GAAP, due to the unknown effect, timing and potential significance of certain income statement items.
About CONSOL Coal Resources LP
CONSOL Coal Resources (NYSE: CCR) is a master limited partnership formed in 2015 to manage and further develop all of CONSOL Energy Inc.'s (NYSE: CEIX) active coal operations in Pennsylvania. CCR's assets include a 25% undivided interest in, and operational control over, the Pennsylvania mining complex, which consists of three underground mines - Bailey, Enlow Fork and Harvey - and related infrastructure. For its ownership interest, CCR has an effective annual production capacity of 7.1 million tons of high-Btu North Appalachian thermal and crossover metallurgical coal. More information is available on our website www.ccrlp.com .
Contacts:
Investor:
Mitesh Thakkar, (724) 485-3133
[email protected]
Media:
Zach Smith, (724) 485-4017
[email protected]
Reconciliation of Non-GAAP Financial Measures
We evaluate our cost of coal sold and cash cost of coal sold on a cost per ton basis. Our cost of coal sold per ton represents our costs of coal sold divided by the tons of coal we sell. We define cost of coal sold as operating and other production costs related to produced tons sold, along with changes in coal inventory, both in volumes and carrying values. The cost of coal sold per ton includes items such as direct operating costs, royalty and production taxes, direct administration, and depreciation, depletion and amortization costs. Our costs exclude any indirect costs such as selling, general and administrative costs, freight expenses, interest expenses and other costs not directly attributable to the production of coal. The GAAP measure most directly comparable to cost of coal sold is total costs. The cash cost of coal sold includes cost of coal sold less depreciation, depletion and amortization cost on production assets. The GAAP measure most directly comparable to cash cost of coal sold is total costs.
We define average cash margin per ton as average coal revenue per ton, net of average cash cost of coal sold per ton. The GAAP measure most directly comparable to average cash margin per ton is total coal revenue. We define adjusted EBITDA as (i) net income (loss) before net interest expense, depreciation, depletion and amortization, as adjusted for (ii) certain non-cash items, such as long-term incentive awards including phantom units under the CONSOL Coal Resources LP 2015 Long-Term Incentive Plan ("unit-based compensation"). The GAAP measure most directly comparable to adjusted EBITDA is net income.
We define distributable cash flow as (i) net income (loss) before net interest expense, depreciation, depletion and amortization, as adjusted for (ii) certain non-cash items, such as unit-based compensation, less net cash interest paid and estimated maintenance capital expenditures, which is defined as those forecasted average capital expenditures required to maintain, over the long-term, the operating capacity of our capital assets. These estimated capital expenditures do not reflect the actual cash capital expenditures incurred in the period presented. Distributable cash flow will not reflect changes in working capital balances. The GAAP measures most directly comparable to distributable cash flow are net income and net cash provided by operating activities.
We define net leverage ratio as the ratio of net debt to last twelve month (LTM) earnings before interest expense, depreciation, depletion and amortization, adjusted for certain non-cash items, such as long-term incentive awards, amortization of debt issuance and capitalized interest.
The following table presents a reconciliation of total costs to cost of coal sold and cash cost of coal sold, the most directly comparable GAAP financial measure, on a historical basis for each of the periods indicated (in thousands).
Three Months Ended March 31,
2018
2017
Total Costs
$
72,544
$
69,214
Freight Expense
(4,472)
(3,070)
Selling, General and Administrative Expenses
(3,020)
(3,283)
Interest Expense
(1,951)
(2,457)
Other Costs (Non-Production)
(4,026)
(1,493)
Depreciation, Depletion and Amortization (Non-Production)
(540)
(550)
Total Cost of Coal Sold
$
58,535
$
58,361
Depreciation, Depletion and Amortization (Production)
(10,274)
(9,971)
Total Cash Cost of Coal Sold
$
48,261
$
48,390
The following table presents a reconciliation of average cash margin per ton sold to coal revenue, the most directly comparable GAAP financial measure, for each of the periods indicated (in thousands, except per ton information).
Three Months Ended March 31,
2018
2017
Coal Revenue
$
87,752
$
79,112
Operating and Other Costs
52,287
49,883
Less: Other Costs (Non-Production)
(4,026)
(1,493)
Cash Cost of Coal Sold
48,261
48,390
Depreciation, Depletion and Amortization
10,814
10,521
Less: Depreciation, Depletion and Amortization (Non-Production)
(540)
(550)
Cost of Coal Sold
$
58,535
$
58,361
Total Tons Sold
1,656
1,690
Average Revenue Per Ton Sold
$
52.98
$
46.80
Average Cash Cost Per Ton Sold
29.21
28.75
Depreciation, Depletion and Amortization Per Ton Sold
6.13
5.77
Average Cost Per Ton Sold
35.34
34.52
Average Margin Per Ton Sold
17.64
12.28
Add: Total Depreciation, Depletion and Amortization Costs Per Ton Sold
6.13
5.77
Average Cash Margin Per Ton Sold
$
23.77
$
18.05
The following table presents a reconciliation of adjusted EBITDA to net income, the most directly comparable GAAP financial measure, on a historical basis for each of the periods indicated. The table also presents a reconciliation of distributable cash flow to net income and operating cash flows, the most directly comparable GAAP financial measures, on a historical basis for each of the periods indicated (in thousands).
Three Months Ended March 31,
2018
2017
Net Income
$
21,957
$
14,066
Plus:
Interest Expense
1,951
2,457
Depreciation, Depletion and Amortization
10,814
10,521
Unit Based Compensation
359
866
Adjusted EBITDA
$
35,081
$
27,910
Less:
Cash Interest
828
2,161
Distributions to Preferred Units 3
—
1,851
Estimated Maintenance Capital Expenditures
8,963
8,989
Distributable Cash Flow
$
25,290
$
14,909
Net Cash Provided by Operating Activities
$
29,264
$
17,662
Plus:
Interest Expense
1,951
2,457
Other, Including Working Capital
3,866
7,791
Adjusted EBITDA
$
35,081
$
27,910
Less:
Cash Interest
828
2,161
Distributions to Preferred Units 3
—
1,851
Estimated Maintenance Capital Expenditures
8,963
8,989
Distributable Cash Flow
$
25,290
$
14,909
Distributions
$
14,346
$
12,228
Distribution Coverage
1.8
1.2
3 Distributions to Preferred Units represents preferred units prior to conversion.
The following table presents a reconciliation of the net leverage ratio to net income (in thousands, except per ton information).
Twelve Months Ended
March 31, 2018
Net Income
$
48,355
Plus:
Interest Expense
8,803
Depreciation, Depletion and Amortization
41,730
Unit Based Compensation
5,366
Cash Payments for Legacy Employee Liabilities, Net of Non-Cash Expense
1,355
Loss on Extinguishment of Debt
2,468
Other Adjustments to Net Income
572
EBITDA Per Affiliated Company Credit Agreement
$
108,649
Borrowings under Affiliated Company Credit Agreement
$
187,000
Capitalized Leases
5,586
Total Debt
192,586
Less:
Cash on Hand
748
Net Debt Per Affiliated Company Credit Agreement
$
191,838
Net Leverage Ratio (Net Debt/EBITDA)
1.8
Cautionary Statements
We are including the following cautionary statement in this press release to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any made by us. With the exception of historical matters, the matters discussed in this press release are (as defined in Section 21E of the Exchange Act) that involve risks and uncertainties that could cause actual results to projected results. Accordingly, investors should not place undue reliance on as a prediction of actual results. The may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending. When we use the words "believe," "continue," "intend," "expect," "may," "should," "anticipate," "could," "estimate," "plan," "predict," "project," "will," or their negatives, or other similar expressions, the statements which include those words are usually . When we describe strategy that involves risks or uncertainties, we are making . The in this press release speak only as of the date of this press release; we disclaim any obligation to update these statements unless required by securities law, and we caution you not to rely on them unduly. We have based these on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties relate to, among other matters, the following: changes in coal prices or the costs of mining or transporting coal; uncertainty in estimating economically recoverable coal reserves and replacement of reserves; our ability to develop our existing coal reserves, acquire additional reserves and successfully execute our mining plans; changes in general economic conditions, both domestically and globally; competitive conditions within the coal industry; changes in the consumption patterns of coal-fired power plants and steelmakers and other factors affecting the demand for coal by coal-fired power plants and steelmakers; the availability and price of coal to the consumer compared to the price of alternative and competing fuels; competition from the same and alternative energy sources; energy efficiency and technology trends; our ability to successfully implement our business plan; the price and availability of debt and equity financing; operating hazards and other risks incidental to coal mining; major equipment failures and difficulties in obtaining equipment, parts and raw materials; availability, reliability and costs of transporting coal; adverse or abnormal geologic conditions, which may be unforeseen; natural disasters, weather-related delays, casualty losses and other matters beyond our control; operating in a singe geographic area; interest rates; our reliance on a few major customers; labor availability, relations and other workforce factors; defaults by our sponsor under our operating agreement, employee services agreement and Affiliated Company Credit Agreement; restrictions in our Affiliated Company Credit Agreement that may adversely affect our business; changes in our tax status; delays in the receipt of, failure to receive or revocation of necessary governmental permits; the effect of existing and future laws and government regulations, including the enforcement and interpretation of environmental laws thereof; the effect of new or expanded greenhouse gas regulations; the effects of litigation; conflicts of interest that may cause our general partner or our sponsor to favor their own interests to our detriment; the requirement that we distribute all of our available cash; and other factors discussed in our 2017 Annual Report Form 10-K under "Risk Factors," as updated by any subsequent Forms 10-Q, which are on file at the Securities and Exchange Commission.
View original content with multimedia: releases/consol-coal-resources-lp-announces-results-for-the-first-quarter-2018-300641659.html
SOURCE CONSOL Coal Resources LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-consol-coal-resources-lp-announces-results-for-the-first-quarter-2018.html |
May 4, 2018 / 11:34 AM / in 2 hours West Brom focused on Spurs as relegation looms Reuters Staff 2 Min Read
(Reuters) - West Bromwich Albion could be relegated from the Premier League this weekend but caretaker manager Darren Moore is only focused on extending a recent positive run when they host Tottenham Hotspur on Saturday. FILE PHOTO: Soccer Football - Premier League - Newcastle United v West Bromwich Albion - St James' Park, Newcastle, Britain - April 28, 2018 West Bromwich Albion caretaker manager Darren Moore Action Images via Reuters/Lee Smith
West Brom must beat Tottenham to stand any chance of avoiding relegation to the Championship (second tier) but they could go down even with victory if either Southampton or Swansea City win their respective matches at Everton and Bournemouth this weekend.
The Baggies, who are bottom of the table and five points behind 17th-placed Swansea having played one game more, have won two and drawn two of their league matches under Moore and the interim boss is eager for his side to continue their recent good form.
“What we are doing here is just focusing on the next game,” Moore told reporters. “Anything else that happens away from that... I can’t manage that.
“We’ve hit some good form recently and we want to continue that. This is a tough game for us against Spurs. I’m focusing on preparing us for the game.
“Any team you face in the Premier League pose threats. Collectively as a group we have to come together to work hard to get a result. It’s the last home game of the season and we want to give a good account of ourselves.”
Goalkeeper Ben Foster was among a host of players and pundits to praise Moore in recent weeks and the 44-year-old, who is in charge of West Brom until the end of the season, welcomed the support.
“Support from anywhere is excellent really,” Moore added. “It’s excellent to have it from players and staff within.
“It shows that we are supporting each other and continuing to support each other... To have support, from any department of the club, has to be a positive.”
Midfielders James Morrison (Achilles tendon) and Gareth Barry (knee) are the only doubts for West Brom as the club look to get their first home league win since January.
West Brom travel to Crystal Palace for their final Premier League match of the season on May 13. Reporting by Aditi Prakash in Bengaluru; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-wba-moore/west-brom-focused-on-spurs-as-relegation-looms-idUKKBN1I51AX |
May 1 (Reuters) - NuVasive Inc:
* NUVASIVE ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 NON-GAAP EARNINGS PER SHARE $0.39
* SEES FY 2018 REVENUE $1.095 BILLION TO $1.105 BILLION * FY2018 REVENUE VIEW $1.10 BILLION — THOMSON REUTERS I/B/E/S
* SEES FULL-YEAR 2018 NON-GAAP DILUTED EARNINGS PER SHARE IN A RANGE OF $2.44 TO $2.47
* EXPECTS CURRENCY TO HAVE A POSITIVE IMPACT IN 2018 OF APPROXIMATELY $10 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nuvasive-reports-q1-gaap-loss-per/brief-nuvasive-reports-q1-gaap-loss-per-share-of-0-53-idUSASC09YPX |
CHICAGO and NEW YORK and ALBANY, New York, May 21, 2018 (GLOBE NEWSWIRE) -- Affiliates of GTCR and Sycamore Partners, two leading private equity firms, today announced the closing of the acquisition of CommerceHub, Inc. (“CommerceHub” or the “Company”), a leading distributed commerce network for retailers and brands.
Sycamore Partners Logo
“The closing of this transaction represents a new and exciting chapter for CommerceHub,” said Frank Poore, CommerceHub’s Founder, President and CEO, who will continue in these roles. “GTCR and Sycamore Partners each bring deep industry expertise to help us to execute our vision for the future of retail. Together, we look forward to accelerating the development of CommerceHub’s platform to transform how retailers and brands drive growth through ecommerce.”
“CommerceHub benefits from a highly strategic position in ecommerce due to its differentiated platform that enables retailers’ most critical growth strategies,” said Mark Anderson, Managing Director of GTCR. “We are excited to build on CommerceHub’s momentum and deliver on its vision for a platform and network to tie together all sources of demand, supply and delivery in global ecommerce.”
“We are excited about this opportunity to build on CommerceHub’s unique position as a valued strategic partner to leading retailers,” said Stefan Kaluzny, Managing Director of Sycamore Partners. “We look forward to working with Frank and CommerceHub’s talented team as we leverage the Company's leading platform to drive continued growth.”
CommerceHub’s stockholders approved the transaction on May 18, 2018. With the completion of the transaction, CommerceHub’s Series A and Series C common stock are no longer listed for trading on NASDAQ, effective today. In addition, CommerceHub’s Series B common stock will no longer be Quote: d on the OTC Markets.
About CommerceHub
CommerceHub is a distributed commerce network connecting supply, demand and delivery that helps retailers and brands increase sales by expanding product assortments, promoting products on the channels that perform, and enabling rapid, on-time customer delivery. With its robust platform and proven scalability, CommerceHub helped over 11,500 retailers, brands, and distributors achieve an estimated $16 billion in Gross Merchandise Value in 2017.
About GTCR
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Growth Business Services, Technology, Media & Telecommunications, Healthcare and Financial Services & Technology industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $15 billion in over 200 companies. For more information, please visit www.gtcr.com .
About Sycamore Partners
Sycamore Partners is a private equity firm based in New York specializing in consumer and retail investments. The firm has more than $3.5 billion in capital under management. The firm's strategy is to partner with management teams to improve the operating profitability and strategic value of their businesses. The firm's investment portfolio currently includes Belk, Coldwater Creek, CommerceHub, EMP Merchandising, Hot Topic, MGF Sourcing, NBG Home, Nine West Holdings, Staples, Inc., Staples’ United States Retail Business, Staples’ Canadian Retail Business, Talbots, The Limited and Torrid.
CommerceHub Media Contact
Austin Rotter, 5W PR
646-862-6866
[email protected]
GTCR Media Contact
Eileen Rochford
(312) 953-3305
[email protected]
Sycamore Partners Media Contact
Joele Frank, Wilkinson Brimmer Katcher
Michael Freitag or Arielle Rothstein
(212) 355-4449
Source:CommerceHub, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-gtcr-and-sycamore-partners-complete-acquisition-of-commercehub.html |
NAPERVILLE, Ill., May 1, 2018 /PRNewswire/ -- Calamos Investments ®* has announced monthly distributions and sources of distribution paid in May 2018 to shareholders of its six closed-end funds (the Funds) pursuant to the Funds' managed distribution plans, which went into effect as of January 1, 2018, as announced in the Funds' October 31, 2017 annual report.
Fund
Distribution
(Level Rate)
Payable
date
Record
date
Ex-dividend
date
CHI (inception 06/26/2002)
Calamos Convertible Opportunities and Income Fund
$0.0950
5/21/18
5/14/18
5/11/18
CHY (inception 05/28/2003)
Calamos Convertible and High Income Fund
$0.1000
5/21/18
5/14/18
5/11/18
CSQ (inception 03/26/2004)
Calamos Strategic Total Return Fund
$0.0825
5/21/18
5/14/18
5/11/18
CGO (inception 10/27/2005)
Calamos Global Total Return Fund
$0.1000
5/21/18
5/14/18
5/11/18
CHW (inception 06/27/2007)
Calamos Global Dynamic Income Fund
$0.0700
5/21/18
5/14/18
5/11/18
CCD (inception 03/27/2015)
Calamos Dynamic Convertible and Income Fund
$0.1670
5/21/18
5/14/18
5/11/18
The information below is required by an exemptive order granted to the Funds by the U.S. Securities and Exchange Commission and includes the information sent to shareholders regarding the sources of the Funds' distributions.
The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Funds estimate the following percentages, of their respective total distribution amount per common share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per common share for the Funds.
Estimated Per Share Sources of Distribution
Estimated Percentage of Distribution
Fund
Per Share
Distribution
Net
Income
Short-Term
Gains
Long-Term
Gains
Return of
Capital
Net
Income
Short-Term
Gains
Long-Term
Gains
Return of
Capital
CHI
Current Month
0.0950
0.0484
0.0466
-
-
50.9%
49.1%
0.0%
0.0%
Fiscal YTD
0.6650
0.2894
0.0900
-
0.2856
43.5%
13.5%
0.0%
42.9%
Net Asset Value
10.93
CHY
Current Month
0.1000
0.0565
0.0435
-
-
56.5%
43.5%
0.0%
0.0%
Fiscal YTD
0.7000
0.3214
0.0846
-
0.2940
45.9%
12.1%
0.0%
42.0%
Net Asset Value
11.52
CSQ
Current Month
0.0825
0.0059
-
0.0766
-
7.2%
0.0%
92.8%
0.0%
Fiscal YTD
0.5775
0.1424
0.1452
0.1959
0.0940
24.7%
25.1%
33.9%
16.3%
Net Asset Value
12.64
CGO
Current Month
0.1000
-
0.1000
-
-
0.0%
100.0%
0.0%
0.0%
Fiscal YTD
0.7000
0.0270
0.5782
-
0.0948
3.9%
82.6%
0.0%
13.5%
Net Asset Value
13.05
CHW
Current Month
0.0700
0.0172
0.0528
-
-
24.6%
75.4%
0.0%
0.0%
Fiscal YTD
0.4900
0.0722
0.3077
0.0424
0.0677
14.7%
62.8%
8.7%
13.8%
Net Asset Value
8.95
CCD
Current Month
0.1670
0.1013
-
-
0.0657
60.7%
0.0%
0.0%
39.3%
Fiscal YTD
1.1690
0.5263
-
-
0.6427
45.0%
0.0%
0.0%
55.0%
Net Asset Value
20.49
Note: NAV returns are as of April 30, 2018 and Distribution Returns include the distribution announced today.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's plan.
If the Fund(s) estimate(s) that it has distributed more than its income and capital gains, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.
The amounts and sources of distributions reported in this 19(a) notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099 DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Return figures provided below are based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to distribution record date.
Annualized
Fund
5-Year
NAV Return (1)
Fiscal YTD
NAV Dist Rate
Fiscal YTD
NAV Return
Fiscal YTD
NAV Dist Rate
CHI
6.70%
10.43%
1.34%
6.08%
CHY
6.57%
10.42%
1.35%
6.08%
CSQ
11.95%
7.83%
3.16%
4.57%
CGO
7.62%
9.20%
1.73%
5.36%
CHW
8.64%
9.39%
1.72%
5.47%
CCD
4.95%
9.78%
2.35%
5.71%
1 Since inception for CCD
Note: NAV returns are as of April 30, 2018 and Distribution Returns include the distribution announced today.
While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. Past performance does not guarantee future results.
Monthly distributions offer shareholders the opportunity to accumulate more shares in a fund via the automatic dividend reinvestment plan. For example, if a fund's shares are trading at a premium, distributions will be automatically reinvested through the plan at NAV or 95% of the market price, whichever is greater; if shares are trading at a discount, distributions will be reinvested at the market price through an open market purchase program. Thus, the plan offers current shareholders an efficient method of accumulating additional shares with a potential for cost savings. Please see the dividend reinvestment plan for more information.
Important Notes about Performance and Risk
Past performance is no guarantee of future results. As with other investments, market price will fluctuate with the market and upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Returns at NAV reflect the deduction of the Fund's management fee, debt leverage costs and other expenses. You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a discount which is a market price that is below their net asset value.
About Calamos
Calamos Investments is a diversified global investment firm offering innovative investment strategies including U.S. growth equity, global equity, convertible, fixed income, multi-asset and alternatives. The firm offers strategies through separately managed portfolios, mutual funds, closed-end funds, private funds, and UCITS funds. Clients include major corporations, pension funds, endowments, foundations and individuals, as well as the financial advisors and consultants who serve them. Headquartered in the Chicago metropolitan area, the firm also has offices in London, New York, San Francisco, and the Miami area. For more information, please visit www.calamos.com .
*Calamos Investments LLC, referred to herein as Calamos Investments ® , is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Investments LLP and Calamos Financial Services LLC.
View original content: http://www.prnewswire.com/news-releases/calamos-closed-end-funds-nasdaq-chi-chy-csq-cgo-chw-and-ccd-announce-monthly-distributions-and-notification-of-sources-of-distribution-300640412.html
SOURCE Calamos Investments | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-calamos-closed-end-funds-nasdaq-chi-chy-csq-cgo-chw-and-ccd-announce-monthly-distributions-and-notification-of-sources-of.html |
TORONTO, May 09, 2018 (GLOBE NEWSWIRE) -- Mezzotin Minerals Inc. (“ Mezzotin ” or the “ Company ”) (NEX:MEZ.H) announced today that a definitive agreement has been entered into by the Company’s Zimbabwean subsidiary for the sale of its Sabi Star rare earth property (the “Property Sale”) to a Zimbabwean subsidiary (the “Purchaser”) of Hong-Kong based Max Mind Investment Limited (“Max Mind”), an arm’s length private investment company.
The Sabi Star property consists of 30 mineral claims covering approximately 2,348 hectares located in Eastern Zimbabwe. The Purchaser is currently operating the Sabi Star property under a royalty arrangement entered into by the parties in late 2015 and which runs to 2020, subject to extension at the Purchaser’s option for an additional five years (the “Tribute Agreement”). The purchase price for the Sabi Star property is US$125,000 payable in cash.
On April 11, 2018, the Company announced a proposed debt settlement with Max Mind (the “Debt Settlement”) whereby loans advanced to the Company in connection with the Tribute Agreement, and accrued interest thereon, would be converted into 8,014,969 common shares of the Company, which would represent 14.1% of the outstanding shares of the Company following the Debt Settlement. The Debt Settlement is subject to regulatory approval which has not yet been received and no common shares have been issued to Max Mind. Max Mind currently owns no common shares of the Company. Neither the Property Sale nor the Debt Settlement is conditional upon the completion of the other transaction.
Solely by virtue of the Debt Settlement, Max Mind is considered to be a “related party” of the Company under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (the “Rule”) and TSX Venture Exchange Policy 5.9 (the “Policy”) and the proposed Property Sale is considered to be a “related party transaction” under the Rule and Policy. The Property Sale is however, exempt from the formal valuation requirements of the Rule and Policy as the Company’s common shares are not listed on a specified stock exchange or market. In addition, the proposed Property Sale is exempt from the minority approval requirements of the Rule and Policy as the proposed transaction is supported by Paul Ekon, President and Chief Executive Officer of the Company and beneficial owner of approximately 52.6% of the outstanding common shares of the Company.
As the sale of the Sabi Star property will constitute the indirect sale of substantially all of property and assets of the Company, the proposed transaction is subject to the approval of shareholders holding not less than two-thirds of the common shares of the Company voting on the matter. An annual and special meeting of shareholders has been scheduled for June 25, 2018 in Toronto to consider the proposed Property Sale and other matters of annual and special business. The proposed Property Sale is also subject to all necessary regulatory approvals, including the approval of the NEX Board of the TSX Venture Exchange, and the receipt by the board of directors of an independent valuation of the Sabi Star property indicating that the purchase price is fair to the Company. The proposed transaction is anticipated to be completed in early July 2018 assuming that all regulatory and shareholder approvals have been obtained. A copy of the Sale of Claims Agreement relating to the proposed transaction will be filed and available for viewing and download on the Company’s profile on SEDAR ( www.sedar.com ).
In the event that the proposed Property Sale is completed, the Company intends to search for assets or businesses in a broad range of sectors and industries to merge with or acquire to reactivate the Company and maximize value for shareholders. The can be no assurance that the proposed Property Sale transaction will be completed as proposed or at all.
About Mezzotin Minerals Inc.
Mezzotin Minerals Inc. is a junior exploration company listed on the NEX Board of the TSX Venture Exchange in Canada. The Company is engaged in the exploration of mineral properties in Zimbabwe and holds exploration permits and mining claims known as the Sabi Star project covering approximately 2,348 hectares which has been optioned to Max Mind Investments (Zimbabwe) (Private) Limited. The project is located in Eastern Zimbabwe approximately 150 kilometres from Harare, the capital of Zimbabwe, and approximately 250 kilometres from the border of South Africa. The project is located on the Odzi Gold Belt, a known mineralization belt having historically produced gold, copper, tin, tantalum, niobium and diamonds.
For additional information please contact:
Lawrence Schreiner
Chief Financial Officer
Mezzotin Minerals Inc.
Tel. 416-496-3077
[email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source:Mezzotin Minerals Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-mezzotin-minerals-announces-agreement-for-sale-of-sabi-star-property.html |
FORT COLLINS, Colo.—The fast-growing business offers all the perks a pampered Silicon Valley tech worker might expect: An on-site tap flows with craft beer and the kitchen is stocked with locally roasted espresso beans. There is a putting green and a smoker for brisket lunches. Next up: a yoga studio.
Welcome to the gushing job market…for plumbers.
Colorado’s... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/perks-for-plumbers-hawaiian-vacations-craft-beer-and-a-lot-of-zen-1527087328 |
May 14 (Reuters) - Wynn Resorts Ltd:
* ELAINE P. WYNN URGES SHAREHOLDERS TO VOTE WITHHOLD ON WYNN RESORTS LEGACY DIRECTOR JOHN J. HAGENBUCH AT UPCOMING ANNUAL MEETING Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-elaine-wynn-urges-shareholders-to/brief-elaine-wynn-urges-shareholders-to-vote-withhold-on-wynn-resorts-legacy-director-john-hagenbuch-idUSFWN1SL0XN |
He had been embroiled in a scandal involving an affair with his former hairdresser which led to a broader investigation by prosecutors and state legislators. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/missouri-gov-eric-greitens-facing-possible-impeachment-says-he-will-resign.html |
May 8 (Reuters) - Canada’s WestJet Airlines Ltd reported a 20.3 percent drop in first-quarter profit on Tuesday, partly hurt by higher fuel prices.
The company’s net earnings fell to C$37.2 million ($28.66 million), or 32 Canadian cents per share, for the quarter ended March 31 from C$46.7 million, or 40 Canadian cents per share, a year earlier.
Revenue rose to C$1.19 billion from C$1.11 billion
$1 = 1.2979 Canadian dollars Reporting by Akshara P in Bengaluru; Editing by Arun Koyyur
| ashraq/financial-news-articles | https://www.reuters.com/article/westjet-airlines-results/canadas-westjet-airlines-reports-20-pct-drop-in-quarterly-profit-idUSL3N1SF483 |
First Quarter Exceeds Company Guidance
Dispensers, Refill, and Exchange Segments Report Strong Growth
Raises Net Sales Outlook for 2018
WINSTON-SALEM, N.C., May 08, 2018 (GLOBE NEWSWIRE) -- Primo Water Corporation (Nasdaq:PRMW) today reported the first quarter ended March 31, 2018.
First Quarter 2018 Business Highlights:
Net sales increased 21.3% to $73.7 million
Dispensers net sales increased 82.6% to $13.9 million
Refill net sales increased 14.1% to $41.5 million
Exchange net sales increased 9.0% to $18.3 million
Net income of $1.2 million, or $0.04 per diluted share
Adjusted EBITDA increased 26.6% to $12.4 million
Record sell-thru of dispenser units; an increase of 29.0% to 185,000
Acceleration of U.S. Exchange same-store unit growth to 9.5%
(All comparisons above are with respect to the first quarter ended March 31, 2017)
“We are excited with the strong start to 2018, with results significantly ahead of our expectations for the first quarter,” commented Matt Sheehan, Primo Water's President and Chief Executive Officer. “We are pleased to see that the promotions in the fourth quarter of 2017 helped drive the connectivity to our water and many of our marketing tests and operational enhancements are on or ahead of track. This led to an acceleration of our U.S. Exchange same-store unit growth and drove momentum in our Dispensers, Refill and Exchange business segments. These results and our team’s executional focus around our purpose of inspiring healthier lives thru better water and our core strategies give us the confidence to raise our net sales outlook for the remainder of 2018.”
First Quarter Results
Net sales increased to $73.7 million from $60.7 million for the prior year quarter, with growth in all three segments. Dispensers segment net sales increased 82.6% to $13.9 million from $7.6 million for the prior year quarter, due primarily to the timing of shipments and record sell-thru of 185,000 units for the first quarter of 2018. Refill net sales increased 14.1% to $41.5 million from $36.4 million for the prior year quarter. The Refill net sales increase was primarily due to the Glacier and Primo Refill contract integration, an increase in unit volume, and price increases at certain outdoor coin-operated locations, which were implemented near the end of the first quarter. Exchange net sales increased 9.0% to $18.3 million from $16.7 million for the prior year quarter, driven by an acceleration in U.S. same-store unit growth to 9.5%.
Gross margin was 27.5% compared to 29.5% for the prior year quarter, primarily due to changes in sales mix as the Dispensers segment net sales made up a higher portion of overall sales for the first quarter of 2018. Selling, general and administrative expenses (“SG&A”) were $9.2 million, or 12.5% as a percentage of net sales, compared to $10.5 million, or 17.4% as a percentage of net sales, for the prior year quarter. The decrease in SG&A was primarily due to the reduction in employee-related expenses, driven by efficiency gains related to the Glacier integration, and a decrease in non-cash stock-based compensation expense, partially offset by the planned increase in marketing expenses.
U.S. GAAP net income was $1.2 million, or $0.04 per diluted share, compared to a net loss of $11.9 million, or $0.37 per diluted share in the prior year quarter.
Adjusted EBITDA increased 26.6% to $12.4 million, or 16.8% of net sales from $9.8 million, or 16.1% of net sales for the prior year quarter, driven by the increase in net sales and SG&A leverage as described above.
2018 Outlook
For the second quarter of 2018, we expect net sales of $70.5 million to $73.5 million and adjusted EBITDA of $14.7 million to $15.2 million.
We are raising our net sales guidance for 2018 to a range of $303.0 million to $307.0 million, compared to our previous range of $298.0 million to $302.0 million. We are reiterating our guidance for adjusted EBITDA of $61.0 million to $63.0 million, as we expect to invest the contribution from the incremental sales growth into existing and new marketing initiatives.
We do not provide guidance for the most directly comparable GAAP measure to adjusted EBITDA, net income, and similarly cannot provide a reconciliation between our forecasted Adjusted EBITDA and net income metrics without unreasonable effort due to the unavailability of reliable estimates, which include interest expense, non-recurring and acquisition related costs. These items, among others, are not within our control and may vary greatly between periods and could significantly impact future financial results.
Conference Call and Webcast
We will host a conference call to discuss these matters at 4:30 p.m. ET today, May 8, 2018. Participants from the company will be Matt Sheehan, President and Chief Executive Officer and David Mills, Chief Financial Officer. The call will be broadcast live over the Internet hosted at the Investor Relations section of Primo Water's website at www.primowater.com , and will be archived online through May 22, 2018. In addition, listeners may dial (866) 712-2329 in North America, and international listeners may dial (253) 237-1244.
About Primo Water Corporation
Primo Water Corporation (Nasdaq:PRMW) is an environmentally and ethically responsible company with a purpose of inspiring healthier lives through better water. Primo is North America's leading single source provider of water dispensers, multi-gallon purified bottled water, and self-service refill water. Primo’s Dispensers, Exchange and Refill products are available in over 45,000 retail locations and online throughout the United States and Canada. For more information and to learn more about Primo Water, please visit our website at www.primowater.com .
Forward-Looking Statements
Certain statements contained herein are not based on historical fact and are "forward-looking statements" within the meaning of the applicable securities laws and regulations. These statements include the Company’s financial guidance and statements regarding our belief that we have a robust runway for future growth in net sales and profitability, particularly as we begin to accelerate our brand marketing activation initiatives in 2018. These statements can otherwise be identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "feel," "forecast," "intend," "may," "plan," "potential," "project," “seek,” "should," "would,” “will,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those stated herein. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the loss of major retail customers of the Company or the reduction in volume or change in timing of purchases by major retail customers; the consolidation of retail customers and disruption of the retail business model; lower than anticipated consumer and retailer acceptance of and demand for the Company's products and services; difficulties realizing the anticipated benefits and synergies from the Glacier Water acquisition and managing our expanded operations following the acquisition; highly competitive environment in which we operate and the entry of a competitor with greater resources into the marketplace; competition and other business conditions in the water and water dispenser industries in general; adverse changes in the Company's relationships with its independent bottlers, distributors and suppliers in its Exchange business; the loss of key Company personnel; risks associated with the Company’s potential expansion into international markets, and the risk that the current U.S. presidential administration may implement changes to international trade relations, particularly with China, that could be harmful to our business and operations; the Company’s experiencing product liability, product recall or higher than anticipated rates of sales returns associated with product quality or safety issues; dependence on key management information systems; the Company's inability to efficiently expand operations and capacity to meet growth; the Company's inability to develop, introduce and produce new product offerings within the anticipated timeframe or at all; general economic conditions; the possible adverse effects that decreased discretionary consumer spending may have on the Company’s business; changes in the regulatory framework governing the Company's business; significant liabilities or costs associated with litigation or other legal proceedings; the possibility that our ability to use our net operating loss carryforwards in the United States may be limited; the restrictions imposed upon our business as a result the restrictive covenants contained in our credit agreements; the Company’s inability to comply with its covenants in its credit facility; the possibility that we may fail to generate sufficient cash flow to service our debt obligations; the negative effects that global capital and credit market issues may have on our liquidity; the costs of borrowing on our operations as well as other risks described more fully in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K filed on March 7, 2018 and its subsequent filings under the Securities Exchange Act of 1934. Forward-looking statements reflect management's analysis as of the date of this press release. The Company does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases or as otherwise required by applicable securities laws.
Use of Non-U.S. GAAP Financial Measures
To supplement its financial statements, the Company provides investors with information related to adjusted EBITDA and adjusted net income from continuing operations, which are not financial measures calculated in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Adjusted EBITDA is calculated as income (loss) from continuing operations before depreciation and amortization; interest expense, net; income tax (benefit) expense; non-cash change in fair value of warrant liability; non-cash, stock-based compensation expense; non-recurring and acquisition-related costs; and loss on disposal and impairment of property and equipment and other. Adjusted net income is defined as net income (loss) less income tax (benefit) expense; change in fair value of warrant liability; non-cash, stock-based compensation expense; non-recurring and acquisition-related costs; and loss (gain) on disposal and impairment of property and equipment. The Company believes these non-U.S. GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. Management uses these non-U.S. GAAP financial measures to compare the Company's performance to that of prior periods for trend analyses and planning purposes. These non-U.S. GAAP financial measures are also presented to the Company’s Board of Directors and adjusted EBITDA is used in its credit agreements.
Non-U.S. GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP. These non-U.S. GAAP measures exclude significant expenses that are required by U.S. GAAP to be recorded in the Company's financial statements and are subject to inherent limitations.
FINANCIAL TABLES TO FOLLOW
Primo Water Corporation Condensed Consolidated Statements of Operations (Unaudited; in thousands, except per share amounts) Three Months Ended March 31, 2018 2017 Net sales $ 73,659 $ 60,737 Operating costs and expenses: Cost of sales 53,421 42,814 Selling, general and administrative expenses 9,200 10,544 Non-recurring and acquisition-related costs 77 4,448 Depreciation and amortization 6,057 6,391 Loss (gain) on disposal and impairment of property and equipment 133 (6 ) Total operating costs and expenses 68,888 64,191 Income (loss) from operations 4,771 (3,454 ) Interest expense, net 5,286 5,002 Change in fair value of warrant liability – 3,220 Loss before income taxes (515 ) (11,676 ) Income tax (benefit) provision (1,725 ) 186 Net income (loss) $ 1,210 $ (11,862 ) Earnings (loss) per common share: Basic $ 0.04 $ (0.37 ) Diluted $ 0.04 $ (0.37 ) Weighted average shares used in computing loss per share Basic 33,164 32,364 Diluted 34,424 32,364 Primo Water Corporation Segment Information (Unaudited; in thousands) Three Months Ended March 31, 2018 2017 Segment net sales Refill $ 41,475 $ 36,365 Exchange 18,258 16,745 Dispensers 13,926 7,627 Total net sales $ 73,659 $ 60,737 Segment income (loss) from operations Refill 11,584 8,708 Exchange 5,263 5,152 Dispensers 1,144 580 Corporate (6,953 ) (7,061 ) Non-recurring and acquisition-related costs (77 ) (4,448 ) Depreciation and amortization (6,057 ) (6,391 ) Loss (gain) on disposal and impairment of property and equipment (133 ) 6 $ 4,771 $ (3,454 )
Primo Water Corporation Condensed Consolidated Balance Sheets (In thousands, except par value data) March 31, December 31, 2018 2017 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 5,330 $ 5,586 Accounts receivable, net 22,700 18,015 Inventories 5,816 6,178 Prepaid expenses and other current assets 5,652 3,409 Total current assets 39,498 33,188 Bottles, net 4,588 4,877 Property and equipment, net 100,409 100,692 Intangible assets, net 143,241 144,555 Goodwill 92,789 92,934 Investment in Glacier securities ($3,895 and $3,881 available-for-sale, at fair value at March 31, 2018 and December 31, 2017, respectively) 6,524 6,510 Other assets 551 997 Total assets $ 387,600 $ 383,753 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 26,107 $ 18,698 Accrued expenses and other current liabilities 7,938 9,878 Current portion of long-term debt and capital leases 3,581 3,473 Total current liabilities 37,626 32,049 Long-term debt and capital leases, net of current portion and debt issuance costs 274,531 269,793 Deferred tax liability, net 6,730 8,455 Other long-term liabilities 2,260 1,985 Total liabilities 321,147 312,282 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.001 par value - 10,000 shares authorized, none issued and outstanding – – Common stock, $0.001 par value - 70,000 shares authorized, 31,003 and 30,084 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 31 30 Additional paid-in capital 321,197 327,178 Common stock warrants 18,785 18,785 Accumulated deficit (272,542 ) (273,752 ) Accumulated other comprehensive loss (1,018 ) (770 ) Total stockholders’ equity 66,453 71,471 Total liabilities and stockholders’ equity $ 387,600 $ 383,753
Primo Water Corporation Condensed Consolidated Statements of Cash Flows (Unaudited; in thousands) Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net income (loss) $ 1,210 $ (11,862 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 6,057 6,391 Loss (gain) on disposal and impairment of property and equipment 133 (6 ) Stock-based compensation expense 1,292 2,335 Non-cash interest income (20 ) (41 ) Change in fair value of warrant liability – 3,220 Deferred income tax (benefit) expense (1,725 ) 186 Realized foreign currency exchange loss and other, net 470 35 Changes in operating assets and liabilities: Accounts receivable (4,861 ) 519 Inventories 356 (2,211 ) Prepaid expenses and other assets (1,793 ) (722 ) Accounts payable 4,259 2,618 Accrued expenses and other liabilities (912 ) (415 ) Net cash provided by operating activities 4,466 47 Cash flows from investing activities: Purchases of property and equipment (3,490 ) (4,466 ) Purchases of bottles, net of disposals (275 ) (656 ) Proceeds from the sale of property and equipment 58 11 Additions to intangible assets (8 ) (76 ) Net cash used in investing activities (3,715 ) (5,187 ) Cash flows from financing activities: Borrowings under Revolving Credit Facility 12,000 – Payments under Revolving Credit Facility (6,500 ) – Term loan and capital lease payments (883 ) (872 ) Bank overdraft 2,695 – Stock option and employee stock purchase activity and other, net (8,303 ) (3,287 ) Net cash used in financing activities (991 ) (4,159 ) Effect of exchange rate changes on cash and cash equivalents (16 ) 29 Net decrease in cash and cash equivalents (256 ) (9,270 ) Cash and cash equivalents, beginning of year 5,586 15,586 Cash and cash equivalents, end of period $ 5,330 $ 6,316
Primo Water Corporation Non-GAAP EBITDA and Adjusted EBITDA Reconciliation (Unaudited; in thousands) Three Months Ended March 31, 2018 2017 Net income (loss) $ 1,210 $ (11,862 ) Depreciation and amortization 6,057 6,391 Interest expense, net 5,286 5,002 Income tax (benefit) provision (1,725 ) 186 EBITDA 10,828 (283 ) Change in fair value of warrant liability – 3,220 Non-cash, stock-based compensation expense 1,292 2,335 Non-recurring and acquisition-related costs 77 4,448 Loss on disposal and impairment of property and equipment and other 184 59 Adjusted EBITDA $ 12,381 $ 9,779
Primo Water Corporation Non-GAAP Adjusted Net Income From Continuing Operations Reconciliation (Unaudited; in thousands, except per share amounts) Three Months Ended March 31, 2018 2017 Net income (loss) $ 1,210 $ (11,862 ) Income tax (benefit) provision (1,725 ) 186 Loss before income taxes (515 ) (11,676 ) Change in fair value of warrant liability – 3,220 Non-cash, stock-based compensation expense 1,292 2,335 Non-recurring and acquisition-related costs 77 4,448 Loss (gain) on disposal and impairment of property and equipment 133 (6 ) Adjusted net income (loss) $ 987 $ (1,679 ) Adjusted earnings (loss) per share: Basic $ 0.03 $ (0.05 ) Diluted $ 0.03 $ (0.05 ) Weighted average shares used in computing earnings per share: Basic 33,164 32,364 Diluted 34,424 32,364 Contact:
Primo Water Corporation
David Mills, Chief Financial Officer
(336) 331-4000
ICR Inc.
Katie Turner
(646) 277-1228
Source:Primo Water Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-primo-water-announces-first-quarter-2018-financial-results.html |
BERLIN (Reuters) - The euro zone should press ahead with its efforts to strengthen the currency bloc despite the political stalement in Italy, German Finance Minister Olaf Scholz said on Tuesday, adding that he viewed Italy as one of the most pro-European countries.
FILE PHOTO: German Finance Minister Olaf Scholz smiles during a news conference in Berlin, Germany, April 17, 2018. To match Analysis GERMANY-SCHOLZ/ REUTERS/Hannibal Hanschke/File Photo “Despite the fact that there is a broad spectrum of political perspectives in different countries, there is something we have in common,” Scholz told a conference in Berlin, speaking in English.
“And Italy is one of the most pro-European nations we have. If I understand right, the majority of the Italian people is pro-European ... and this is also necessary to understand how we act and we will do it very cautiously,” Scholz added.
A deepening political and constitutional crisis in Italy, the euro zone’s third biggest economy, fuelled a sharp rise in the country’s short-term borrowing costs on Tuesday and renewed selling in the euro and stocks.
Reporting by Michael Nienaber; Editing by Paul Carrel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-germany-scholz/euro-zone-should-reform-despite-situation-in-italy-german-finance-minister-idUSKCN1IU1K0 |
April 30 (Reuters) - ONE Gas Inc:
* ONE GAS ANNOUNCES FIRST-QUARTER 2018 FINANCIAL RESULTS
* Q1 EARNINGS PER SHARE $1.72 * Q1 EARNINGS PER SHARE VIEW $1.47 — THOMSON REUTERS I/B/E/S
* ONE GAS AFFIRMED ITS 2018 FINANCIAL GUIDANCE * CAPITAL EXPENDITURES ARE EXPECTED TO BE $375 MILLION IN 2018
* FY2018 EARNINGS PER SHARE VIEW $3.11 — THOMSON REUTERS I/B/E/S
* QTRLY TOTAL REVENUE $638.5 MILLION VERSUS $550.4 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-one-gas-reports-q1-earnings-per-sh/brief-one-gas-reports-q1-earnings-per-share-of-1-72-idUSASC09YC2 |
May 25 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
- The Uber Technologies Inc self-driving car involved in a fatal crash in Arizona identified an object on the road six seconds before impact and didn't determine the need for emergency braking until nearly five seconds later, U.S. safety investigators said Thursday. on.wsj.com/2GMLtkw
- Diageo Plc is shopping Canadian whisky Seagrams VO and cinnamon schnapps Goldschlager among other brands as it looks to pivot toward higher-growth products, according to people familiar with the matter. on.wsj.com/2kouHzp
- A federal judge on Thursday said he needed more information before deciding whether to dismiss lawsuits by San Francisco and Oakland alleging that five of the world's largest oil companies should pay to protect the cities' residents from the impacts of climate change. on.wsj.com/2ILza9U
- Ohio-based Spangler Candy Co made a winning bid of $18.83 million at a federal bankruptcy auction in Boston on Wednesday for the assets of the New England Confectionery Co, the 171-year-old maker of the Necco candy. on.wsj.com/2KUUHOd (Compiled by Bengaluru newsroom)
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* Dollar index dips, edges back from 4-1/2-mth highs
* Ringgit slides after local markets reopen after shock election (Adds details and Quote: s, updates prices)
By Shinichi Saoshiro
TOKYO, May 14 (Reuters) - The dollar’s recent rally ran out of steam on Monday with U.S. yields sinking as investors wound back expectations that the U.S. Federal Reserve will launch a series of rapid rate hikes this year.
The dollar index against a basket of six major currencies was down 0.15 percent at 92.402.
The index hit a 4-1/2-month high of 93.416 last Wednesday, as a rise in U.S. Treasury yields highlighted the wide interest rate gap between the United States and other countries.
However, it drifted lower after soft April U.S. consumer price data lowered the likelihood of the Fed raising rates as many as four times in 2018 as had been expected.
“For the dollar to resume its rally, it needs the Fed to hike rates in June - that would be a bare minimum requirement. It also needs the 10-year Treasury yield to build a firm foothold above 3 percent,” said Koji Fukaya, president at FPG Securities in Tokyo.
The U.S. central bank raised rates in March, its first monetary tightening in 2018, and investors expect it to hike as many as three more times through the rest of the year.
The 10-year Treasury yield stood at 2.960 percent after poking briefly above 3 percent towards the end of April.
The euro was 0.2 percent higher at $1.1964, having recovered last week from $1.1823, its weakest since Dec. 22.
Still, the common currency was expected to face political headwinds, limiting its bounce against the U.S. currency.
“The euro is likely to draw continued support from the dollar’s temporary downturn. But uncertainty over Italian politics and resulting weakness in the Italian bond market will cap the euro,” said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo.
Italy’s anti-establishment 5-Star Movement and the far-right League spent the weekend in talks to forge a common policy programme. The parties were adversaries as recently as March but now look likely to form Italy’s next government.
Italian government bond prices fell and their yields rose sharply last week because of the uncertainty about the country’s political future.
The dollar was effectively flat at 109.345 yen, its two attempts to break convincingly above the 110.00 threshold earlier this month having failed.
The Malaysian ringgit slid nearly 1 percent to a four-month low of 3.985 per dollar after the local markets re-opened following holidays on Thursday and Friday.
The holidays were declared after the opposition led by former Malaysian prime minister Mahathir Mohamad defeated the ruling coalition at last week’s elections - a shock win that led to a first change of government since the country’s independence from Britain more than six decades ago.
The ringgit had already lost much ground in the offshore non-deliverable forwards market and was poised to start sharply lower when the Malaysian markets re-opened.
The Australian dollar was 0.2 percent higher at $0.7558 after rallying back from an 11-month low of $0.7413 plumbed on Wednesday.
The New Zealand dollar’s bounce was more modest. The kiwi was nearly flat at $0.6966 after sliding to a five-month low of $0.6903 on Thursday after the Reserve Bank of New Zealand took a dovish-sounding monetary stance. (Reporting by Shinichi Saoshiro; Editing by Richard Pullin and Eric Meijer)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-dips-as-sagging-us-yields-sap-momentum-malaysia-ringgit-drops-idUSL3N1SL05P |
May 2, 2018 / 7:47 PM / Updated an hour ago U.S. pro bowler charged in attempted extortion of actor Kevin Hart Reuters Staff 2 Min Read
LOS ANGELES (Reuters) - A professional bowler who enjoyed a bit part in a movie starring Kevin Hart was charged on Wednesday with attempting to extort the actor with a surreptitiously recorded video of the married comedian “with a woman,” Los Angeles prosecutors said.
Jonathan Todd Jackson, 41, who is known publicly as “JT” and “Action Jackson,” was charged with attempted extortion and extortion by threatening letter, the Los Angeles District Attorney’s office said in a statement.
Jackson is accused of seeking an undisclosed amount of money from Hart, 38, in August last year and of also trying to sell a video of Hart in Las Vegas with a woman to numerous celebrity news websites.
Hart’s publicist did not return a request for comment. Efforts to reach Jackson were unsuccessful.
Hart, the star of “Jumanji” and “Ride Along,” was dogged by media reports last year that he had cheated on his wife and previous partners.
In September, the comedian released a video on his Instagram account saying he had made a “bad error in judgment” and would not “allow a person to have financial gain off of my mistakes.”
If convicted on both charges, Jackson faces a maximum sentence of four years in prison.
Jackson, who is credited for parts in Hart’s “Think Like a Man Too” and stand-up special “Kevin Hart: Let Me Explain,” has been a member of the Professional Bowlers Association for 12 years, according to its website. Reporting by Eric Kelsey; Editing by Steve Orlofsky | ashraq/financial-news-articles | https://in.reuters.com/article/us-people-kevinhart/u-s-pro-bowler-charged-in-attempted-extortion-of-actor-kevin-hart-idINKBN1I32QR |
EditorsNote: Minor edits throughout
Ryan Braun didn’t start the game Saturday for Milwaukee, but he decided it, hitting a two-out, two-run double in the eighth inning to give the Brewers a 5-3 win over the visiting Pittsburgh Pirates.
Braun, who has been nursing a calf injury, entered as a pinch-hitter in the seventh and struck out. With a 3-3 tie in the eighth against reliever George Kontos (2-3), he drove in Domingo Santana, who doubled to open the inning, and Eric Sogard, who drew a two-out walk.
The Brewers will go for a weekend series win Sunday after dropping the opener.
The Pirates forged 1-1 and 3-3 ties but could not overcome a third deficit.
They have lost five of their past six overall and nine of their past 10 road games.
Jhoulys Chacin, who got the start for Milwaukee after Zach Davies went on the disabled list Thursday because of a right rotator cuff issue, allowed one run and three hits in six innings, with two walks and four strikeouts.
Reliever Josh Hader (1-0) pitched the final two innings and gave up two runs on Starling Marte’s homer but was bailed out by Braun.
Pittsburgh starter Jameson Taillon, who entered on a three-game losing streak, left with a no-decision. He gave up one run and six hits in five innings, with two walks and one strikeout.
The Brewers took a 1-0 lead in the fourth when Travis Shaw walked and, an out later, scored on Hernan Perez’s double to left.
Pittsburgh tied it in the sixth. Adam Frazier and Gregory Polanco opened with singles, Frazier going to third. Marte drove in Frazier with a sacrifice fly.
In the seventh, Christian Yelich hit an RBI single for a 2-1 Brewers lead after Sogard and Lorenzo Cain walked. Cain scored on a passed ball to make it 3-1.
The Pirates tied it once more in the eighth when Marte hit a two-run homer to right, his fifth, after Polanco drew a one-out walk. It came a night after Marte hit an inside-the-park homer.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-mil-pit-recap/braun-pushes-brewers-past-pirates-idUSMTZEE56ACQPL6 |
S&P 500 nears turning point, could break out to 3,000 says Randy Watts 3:13pm EDT - 03:50
William O'Neil's chief investment strategist tells Reuters' Fred Katayama the S&P 500's pennant formation suggests the index will soon make a decisive move. He also comments on oil prices in light of the U.S. move to exit the Iran nuclear deal. ▲ Hide Transcript ▶ View Transcript
William O'Neil's chief investment strategist tells Reuters' Fred Katayama the S&P 500's pennant formation suggests the index will soon make a decisive move. He also comments on oil prices in light of the U.S. move to exit the Iran nuclear deal. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rtDOSQ | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/08/sp-500-nears-turning-point-could-break-o?videoId=425037059 |
April 30 (Reuters) - Salesforce.com Inc:
* SALESFORCE.COM INC - CO ENTERED INTO SECOND AMENDED & RESTATED CREDIT AGREEMENT - SEC FILING
* SALESFORCE.COM INC - REVOLVING CREDIT AGREEMENT AMENDS AND RESTATES THAT CERTAIN AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF JULY 7, 2016
* SALESFORCE.COM INC - REVOLVING CREDIT AGREEMENT IS A FIVE-YEAR UNSECURED, MULTICURRENCY REVOLVING FACILITY
* SALESFORCE.COM INC - INITIALLY, COMMITMENT OF ALL LENDERS UNDER REVOLVING CREDIT AGREEMENT WILL BE EQUAL TO $1.0 BILLION Source : bit.ly/2HCpK4h Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-salesforcecom-enters-into-second-a/brief-salesforce-com-enters-into-second-amended-restated-credit-agreement-idUSFWN1S71DL |
Argentina: respite for plunging peso on IMF hopes Wednesday, May 16, 2018 - 01:34
Argentina gains some respite in its currency crisis as the peso snaps a losing streak. But inflation has reached a dizzying 25 per cent, and the government is facing fierce opposition on the streets after asking the IMF for support. David Pollard reports.
Argentina gains some respite in its currency crisis as the peso snaps a losing streak. But inflation has reached a dizzying 25 per cent, and the government is facing fierce opposition on the streets after asking the IMF for support. David Pollard reports. //reut.rs/2L6oJiP | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/16/argentina-respite-for-plunging-peso-on-i?videoId=427407926 |
JOHANNESBURG, May 4 (Reuters) - South African drugstore chain Dis-Chem Pharmacies reported on Friday a 13.7 percent increase in full-year adjusted earnings and 13.3 percent jump in turnover, supported by a growing store base and tight cost controls.
The firm said adjusted headline earnings per share (HEPS) for the year ended Feb. 28 increased to 78.7 cents per share from 69.2 cents per share in the prior year.
HEPS strips out certain one-off items and is the main profit measure in South Africa.
Group turnover increased to 19.6 billion rand ($1.56 billion) from 17.3 billion rand in the prior year.
The group declared a gross final dividend of 12.73 cents per share, compared with 7.3 cents in the prior year. ($1 = 12.5860 rand) (Reporting by Nomvelo Chalumbira; Editing by Subhranshu Sahu)
| ashraq/financial-news-articles | https://www.reuters.com/article/dis-chem-results/growing-store-base-lifts-south-african-pharmacy-group-dis-chems-fy-profit-idUSL8N1S15B0 |
iQIYI's new Yuke on demand movie theaters open in China. Photo credit: iQIYI, Inc. By Aaron Pressman May 29, 2018
This is the web version of Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here .
Today brings news that ticks three of our favorite boxes at Data Sheet: Futurism (the future is already here, it’s just not evenly distributed), clicks to bricks (online retailers opening physical stores), and the growth of Chinese tech giants (via a unit of Baidu in this case). Aaron in for Adam on this four-day U.S. work week, thinking about the future of movies.
The actual news event is of the starting small variety. Baidu’s iQIYI, a video streaming service sometimes dubbed the Netflix of China, opened a tiny movie theater in the city of Zhongshang in the southern province of Guangdong. Adding a few dozen seats to the theater capacity of the city of about 3 million people sounds like a drop in the bucket.
But the new theater, called Yuke, is actually a series of mini-theaters, each with two to 10 seats, that can be rented by the hour to show any content available from iQIYI’s library. With cushy chairs, Dolby audio, and a screen much larger than a home TV, the on demand Yuke theaters represent a new hybrid way to consume streaming video. iQIYI, which went public in the United States a few months ago, says it plans to bring the Yuke concept to all of China’s major cities.
There have been rumors that Netflix was pondering a more traditional theater play , as well. The Los Angeles Times reported last month that Netflix considered buying the Landmark Theatres chain, but ultimately rejected the idea as too costly. With malls facing increasing vacancies, maybe something more like iQIYI’s on-demand mini-theaters would be a smarter move for Netflix.
Aaron Pressman @ampressman [email protected] NEWSWORTHY
Big time funding, 20th century style . Speaking of Chinese tech giants, Alibaba’s payments unit, Ant Financial , raised $10 billion in a private capital deal valuing the company at $150 billion, two and half times its value in a 2016 fundraising.
Big time funding, 21st century style . Digital currency startup block.one plans to complete a year-long initial coin offering this week after raising proceeds of $4 billion, making it the largest ICO ever. The company is building a platform for hosting web apps called EOS and has pledged to invest at least $1 billion in EOS developers.
Chips and dip . Apple is expected finally to allow outside developers to gain wider access to the wireless capabilities of the near-field communication chip in every iPhone. Apple has previously mostly limited use of the NFC chip to its own apps, including Apple Pay. But at WWDC next month, Apple will expand the “Core NFC” capability available to developers, tech news site The Information reported. That could allow iPhone owners to use their phones directly to unlock doors and pay transit fares, for example.
Chips and splits . Top Republican lawmakers have split with President Trump over barring Chinese telecom equipment makers like ZTE from operating in the United States. After ZTE was banned for violating sanctions against Iran, Trump said he wanted to negotiate a deal with China to spare the company, which is a significant customer of U.S. vendors like Qualcomm. On Sunday, Republican Senator Marco Rubio said the anti-ZTE proposals had enough votes to withstand a presidential veto. In possibly related news, Chinese regulators are said to be on the verge of approving Qualcomm’s $44 billion purchase of NXP Semiconductors after a lengthy delay.
Things that make you go hmm . Billionaire space fan Elon Musk continued his media criticism over the weekend, initially tweeting praise of an article that accused the Wall Street Journal and the New York Times of “slanted” coverage of the Tesla CEO. Turned out the web site that posted the article was linked to a sex-trafficking cult, and Musk deleted his tweet. As online discussions continued, however, Musk defended the article. “Sadly, it had better critical analysis than most non-cult media,” he tweeted.
Is it really this simple? The FBI asked all consumers and small businesses to take the first step in the IT fix-it manual by restarting their routers. Turning off and back on the data switching devices should help fend off a massive malware attack from Russia known as VPN Filter, the FBI said.
Not acceptable . The U.S. Equal Employment Opportunity Commission is reviewing whether Intel violated age discrimination laws in a massive layoff almost three years ago, the Wall Street Journal reports. Factors such as age, race, and other forbidden criteria “were not part of the process when we made those decisions,” Intel said.
Advertisement FOOD FOR THOUGHT
As we weigh social media’s impact on society, here’s one for the positive side of the ledger. At BuzzFeed, Gray Chapman is barking about the use of Facebook, Instagram, and other sites by animal shelters to help place abandoned dogs . The approach is helping save the lives of many animals that would otherwise be put down. A nonprofit called LifeLine that runs shelters in Atlanta has hired two full-time, on-site social media coordinators, she reports.
“Ten, fifteen years ago, these jobs wouldn’t have even existed,” says Neely Conway, LifeLine’s social media director. “And I can’t imagine them not existing now.”
With hundreds of animals in the facility, there’s no way LifeLine can give every single dog the full Glamour Shots treatment. Instead, shelter employees triage incoming dogs based on which will need the most help. A cute puppy or a purebred golden retriever is likely to get scooped up quickly even with a grainy intake mugshot; the stocky dogs with big, blocky heads that make up the majority of LifeLine’s population usually require a more strategic approach.
(Social media coordinator Kaitlyn Garrett) recalls a pit mix named Rusty whose shyness in the kennel was causing shelter visitors to walk right past her. “So, we changed her name to Turtle, got a new picture of her, did a PJ video, and boom, she got adopted.”
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Advertisement BEFORE YOU GO
Another beloved social science experiment has been called into question by additional research. Remember the test about how long kids could wait and not eat one marshmallow in order to receive two marshmallows later? Turns out the links to future successful behaviors as adolescents probably aren’t significant . May as well eat that one marshmallow now, I guess.
This edition of Data Sheet was curated by Aaron Pressman . Find past issues, and sign up for other Fortune newsletters . | ashraq/financial-news-articles | http://fortune.com/2018/05/29/data-sheet-on-demand-movie-theater-netflix/?iid=recirc_f500landing-zone2 |
SAO PAULO (Reuters) - Brazil’s Anfavea automakers association said on Thursday that all production lines in the country would halt work on Friday because of a nationwide truckers’ strike that has paralyzed many sectors in Latin America’s largest economy. [nL2N1SV0EJ]
In an emailed statement, Anfavea did not indicate when the auto industry, which accounts for roughly one-fourth of Brazil’s industrial gross domestic product, would resume production.
Reporting by Alberto Alerigi; Writing by Brad Brooks; Editing by Sandra Maler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-transport-automakers/brazil-trucker-strike-will-paralyze-all-auto-production-lines-anfavea-idUSKCN1IP3U3 |
BEIRUT (Reuters) - Syria’s foreign ministry said on Thursday that Israel’s latest move towards “direct confrontation ... indicates the start of a new phase of aggression against” Damascus.
“This aggressive conduct by the Zionist entity ... will lead to nothing but an increase in tensions in the region,” state news agency SANA cited an official in the ministry as saying.
Israel said it hit Iran’s military infrastructure in Syria after Iranian forces fired rockets at Israeli targets near the border for the first time. There was no immediate comment from Tehran.
Reporting by Ellen Francis, editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-ministry/syrian-fm-israel-attack-shows-start-of-new-phase-state-media-idUSKBN1IB1MJ |
May 2, 2018 / 9:46 PM / Updated 28 minutes ago Simeone wants stadium to explode with noise against Arsenal Richard Martin 3 Min Read
MADRID (Reuters) - Atletico Madrid coach Diego Simeone called on his side’s supporters to create an explosive atmosphere to push his team into the Europa League final when they host Arsenal in Thursday’s semi-final second leg. Soccer Football - Europa League - Atletico Madrid Press Conference - Wanda Metropolitano, Madrid, Spain - May 2, 2018 Atletico Madrid coach Diego Simeone during the press conference REUTERS/Juan Medina
Atletico left the first leg at the Emirates Stadium with a 1-1 draw having played most of the game with 10 men after Sime Vrsjalko was sent off, defending with their backs against the wall while Arsenal dominated but failed to capitalise.
Atletico have reached three European finals under Simeone, winning the 2012 Europa League final against Athletic Bilbao and losing the Champions League showpieces in 2014 and 2016 to Real Madrid.
Arsenal have made it to two European finals under Arsene Wenger, who is leaving the club at the end of the season after 22 years, losing the 2000 UEFA Cup final to Galatasaray and the 2006 Champions League final to Barcelona.
“We need positive energy and the stadium to explode,” Simeone told a news conference. “We have a huge will to get to the final.”
Simeone’s success with Atletico has been built on a rock-solid defence, intense pressing and making the most of their chances and the Argentine coach was under no illusions as to how his side will play against Arsenal, knowing that a goalless draw would be enough to send the Spaniards through.
“We will try to be very well organised,” said Simeone, whose side have not conceded a goal in their last 11 games in all competitions at their home the Wanda Metropolitano, last letting in a goal against Girona on Jan. 20.
“We will try to be very direct and blunt and live every second at the maximum intensity knowing how important each ball is.”
Simeone was sent off along with Vrsaljko in the first leg and long-time assistant German ‘Mono Burgos will be on the sidelines in his place.
Thursday will be Wenger’s 250th European game as a coach and getting past Atletico and beating either Olympique de Marseille or Salzburg in the final in Lyon is his last chance to sign out on his long Arsenal career on a high.
The Frenchman won the Premier League three times and seven FA Cups since taking over at Arsenal in 1996 although his legacy has been tarnished by failing to compete for league titles in recent years or go beyond the last 16 of the Champions League since 2010.
Arsenal have also failed to finish in the top four in the league in the last two seasons and winning the Europa League is their last chance to avoid missing out on Champions League qualification for a second year in a row.
“The target is to get to 251 European games,” said Wenger.
“The next game is always the most important in my life. It influences the future of my club. That’s why it’s a very, very big game for us. Will we qualify for the Champions League or not?” Reporting by Richard Martin, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-europa-atm-ars/simeone-wants-stadium-to-explode-with-noise-against-arsenal-idUKKBN1I330B |
Race, Royals and Meghan Markle 10:34am EDT - 01:53
The upcoming royal wedding of biracial actress Meghan Markle to Prince Harry, sixth-in-line to the British throne, has caused a new conversation among black Britons. Jayson Mansaray reports.
The upcoming royal wedding of biracial actress Meghan Markle to Prince Harry, sixth-in-line to the British throne, has caused a new conversation among black Britons. Jayson Mansaray reports. //reut.rs/2KK4c3w | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/08/race-royals-and-meghan-markle?videoId=425066328 |
Dow Jones, a News Corp company News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services Dow Jones | ashraq/financial-news-articles | http://jp.wsj.com/articles/SB10157421023270284774804584242292901144948 |
HONOLULU, Hawaii (Reuters) - Cruise ships have canceled stops on Hawaii’s Big Island. Hotel rooms will sit vacant this summer despite price cuts.
FILE PHOTO: People watch ash erupt from the Halemaumau Crater near the community of Volcano during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 19, 2018. REUTERS/Terray Sylvester/File Photo And guest house owners and tour guides that depend on the 2 million visitors each year to Hawaii Volcanoes National Park are wondering how long their families will go without any income.
Tourism authorities say summer bookings for hotels on Hawaii’s Big Island have fallen almost 50 percent since the volcano began spewing lava and toxic gases on May 3.
MORE: Lava creeps onto gepthermal plant site on Big Island
The closure of the park, the state’s top tourist destination, alone is costing the island $166 million, the National Park Service said on Monday.
The lost revenue rises to $222 million when some 2,000 jobs indirectly impacted by park tourists are included, according to a park service report. ( bit.ly/1NoB40V )
Tourism is the Big Island’s largest industry, and by far, biggest employer, providing more than 30 percent of private sector jobs in 2017, according to the Hawaii Visitors Bureau.
Lava flows downhill, in this image from a helicopter overflight of Kilauea Volcano's lower East Rift zone, during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 19, 2018. USGS/Handout via REUTERS
Lava flows downhill in this helicopter overflight image of Kilauea Volcano's lower East Rift zone during ongoing eruptions in Hawaii, May 19, 2018. USGS/Handout via REUTERS Erik Storm’s EcoGuides business, which conducts tours of Hawaii Volcanoes National Park, ground to a halt a month ago when volcanic conditions made it too dangerous to visit lava areas.
“We have a family to support so we hope that the National Park will reopen again soon, otherwise this could have a serious impact on our life.”
SPOOKED BY LAVA The volcano, however, shows no sign of quieting down. Geologists say the current cycle of eruption is among the worst events in a century from one of the world’s most active volcanoes. A series of Kilauea eruptions in 1955 lasted 88 days.
People watch as lava flows into the Pacific Ocean southeast of Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 20, 2018. REUTERS/Terray Sylvester Potential visitors to the Big Island have been spooked by images of lava torching homes, soldiers wearing gas masks and now deadly white clouds of acid and glass shards as molten rock streams into the Pacific.
Lava flows into the Pacific Ocean, southeast of Pahoa, during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 20, 2018. REUTERS/Terray Sylvester While Kilauea’s lava flows are in a small, roughly 10-square-mile rural area in the southeast Puna district, the volcano is having an impact on tourism across the Big Island, home to 200,000 people.
Beverly Oka’s family-run Uncle Billy’s Kona Bay Hotel is 120 miles (193 km) west of the lava flows, but bookings through the summer months are down around 40 percent.
“We are not affected. We have some vog, but not more than usual,” said Oka of the volcanic smog that routinely blows from Kilauea, which has been in a near constant state of eruption since 1983. Her hotel is offering a 30 percent discount to try to lure customers.
Norwegian Cruise Line canceled stops on the Big Island for its cruise ships due to “adverse conditions.” Royal Caribbean Cruises nixed a port call in Hilo, the island’s largest city, which is about 20 miles (32 km) northeast of the volcano.
Rob Guzman and his husband Bob Kirk fled their guest-house rental business just 6 miles (10 km) from the lava flows, unnerved by near constant tremors, clouds of toxic sulfur dioxide gas and risks highway escape routes would be cut off.
“We’ve lost more than half of our household income and many other people will be in the same situation indefinitely,” said Guzman, a resident of Kalapana Seaview Estates, who is staying with friends north of Hilo.
Reporting by Jolyn Rosa; Writing by Andrew Hay in Taos, New Mexico; Editing by Bill Tarrant and Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/us-hawaii-volcano-tourism/hawaii-volcano-eruption-driving-away-millions-in-tourism-dollars-idUSKCN1IN04Y |
May 9 (Reuters) - Pan American Silver Corp:
* PAN AMERICAN SILVER REPORTS NET EARNINGS OF $48.2 MILLION IN Q1 2018
* PAN AMERICAN SILVER CORP - QTRLY SILVER PRODUCTION WAS 6.1 MILLION OUNCES AND GOLD PRODUCTION WAS 46.2 THOUSAND OUNCES
* PAN AMERICAN SILVER CORP - PRODUCTION ON PACE TO ACHIEVE ANNUAL GUIDANCE
* PAN AMERICAN SILVER CORP - GUIDANCE FOR 2018 MAINTAINED
* PAN AMERICAN SILVER CORP - QTRLY ADJUSTED EARNINGS PER SHARE $0.20
* PAN AMERICAN SILVER CORP - QTRLY BASIC EARNINGS PER SHARE $0.31 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pan-american-silver-reports-net-ea/brief-pan-american-silver-reports-net-earnings-of-48-2-mln-in-q1-2018-idUSASC0A18F |
May 24, 2018 / 9:25 AM / Updated 12 minutes ago Indian state seeks permanent closure of Vedanta's copper smelter - officials Sudarshan Varadhan 3 Min Read
THOOTHUKUDI, India (Reuters) - India’s Tamil Nadu state said on Thursday that it was seeking a permanent closure of a big copper smelter run by London-listed Vedanta Resources ( VED.L ) after 13 people died in protests demanding the closure of the plant on environmental grounds. Demonstrators shout slogans during a protest, after at least 13 people were killed when police fired on protesters seeking closure of plant on environmental grounds in town of Thoothukudi in southern state of Tamil Nadu, in Chennai, India, May 24, 2018. REUTERS/P.Ravikumar
“The government’s position is very clear, it doesn’t want the plant to run,” said Sandeep Nanduri, the top official of the district where the plant is located, after a meeting with senior state government officials.
Other state officials confirmed the government’s position.
On Tuesday, police opened fire on protesters demanding that the smelter in the port city of Thoothukudi be shut down. In all, 13 protesters have been killed this week. Slideshow (3 Images)
Residents and environmental activists say emissions from the plant, India’s second biggest, are polluting the air and water, affecting people’s health.
Earlier on Thursday, authorities cut the power to the smelter. The pollution control board of Tamil Nadu said the smelter, which was shut pending renewal of its operating license, was found last week to be preparing to resume production without permission.
On Thursday, Vedanta’s Indian stock ( VDAN.NS ) closed down 2 percent.
A company spokesman did not immediately respond to a Reuters’ email seeking comment on Tamil Nadu’s closure plan and the allegation that it had been preparing to resume production without approvals. Vedanta has previously denied that the smelter has been polluting the air and water.
“The issue of renewal of consent for the year 2018-2023 has been rejected ... due to non compliance of certain conditions,” the Tamil Nadu Pollution Control Board (TNPCB) said in an order dated Wednesday.
It did not elaborate on the conditions the smelter had not met but said it “shall be disconnected with power supply and closed with immediate effect”.
The agency told Vedanta it could not resume operations without permission.
The plant has already been shut for more than 50 days and had been ordered to stay closed until at least June 6, pending environmental clearances.
(This version of the story was refiled to correct company name in headline and paragraph 7) Reporting by Sudarshan Varadhan; Writing by Krishna N. Das; Editing by Sanjeev Miglani, Robert Birsel and Martin Howell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-vedanta-smelter/india-cuts-power-to-smelter-after-deadly-anti-pollution-protests-idUKKCN1IP1BO |
NEW YORK (Thomson Reuters Foundation) - A year after President Donald Trump vowed to pull the United States out of a global pact to fight climate change, experts lamented the move but welcomed efforts by cities and states to fill the gap.
FILE PHOTO: U.S. President Donald Trump refers to amounts of temperature change as he announces his decision that the United States will withdraw from the landmark Paris Climate Agreement, in the Rose Garden of the White House in Washington, U.S., June 1, 2017. REUTERS/Kevin Lamarque Trump’s announcement of June 1 last year to ditch the deal agreed upon by nearly 200 countries came over opposition by U.S. businesses and the powerful nation’s allies.
Trump said leaving the deal signed by his predecessor Barack Obama would boost domestic energy production and speed economic growth.
But it raised fears among supporters of the agreement that other nations would follow suit.
“That was a dark day,” said Vicki Arroyo, executive director of Georgetown University’s Climate Center. “A domino effect could have happened.”
Instead two more countries - Syria and Nicaragua - signed on after Trump’s announcement.
But Trump’s decision means some U.S.-based businesses now have less incentive to move toward clean energy, said Christiana Figueres, the U.N. climate chief when the 2015 Paris Agreement was signed.
That will put them at a competitive disadvantage as global competitors shift away from polluting fossil fuels faster, she said.
Promoting the use of coal over renewable energy sources “is like prohibiting people from using cell phones and asking them to go back to landlines”, she told the Thomson Reuters Foundation in an interview on Thursday.
“That’s a pretty sad position to be advocating.”
But growing public concerns about the health risks of air pollution from coal and other fossil fuels are also driving broader interest in curbing climate change, she said.
For a long time, people tended to think climate change was happening far away, to others, or would only affect future generations, she said.
Now more understand that “this is happening right now and we can do something about it”, she added.
The 2015 Paris deal committed nations to reducing greenhouse gas emissions and keeping the global hike in temperatures “well below” 2 degrees Celsius (3.6F) above pre-industrial times.
In December, countries will meet in Poland to set rules for the accord’s implementation, including how to monitor emissions.
Experts say momentum is compromised in the absence of the United States, the world’s second-largest greenhouse gas emitter after China.
“We need the U.S. back at the table,” said Selwin Hart, the ambassador of Barbados, at a panel in Washington organized by the World Resources Institute (WRI).
Andrew Norton, director of the London-based International Institute for Environment and Development, said Trump’s decision to stop further U.S. payments into a major fund to help poorer countries adopt clean energy and adapt to climate threats also threatened climate action around the world.
“Without the money and support crucial to delivering the Paris Agreement, the global effort to address climate change may be fatally undermined,” he warned in a statement.
Nevertheless, a deluge of state- and city-level policies adopted over the last 12 months in the United States, from emissions reductions targets to a push for electric cars, is a silver lining, said experts on the WRI panel.
The planned U.S. departure from the Paris pact “gave us a galvanizing point”, said Angela Navarro, Virginia’s deputy secretary of commerce and trade.
Former Virginia Gov. Terry McAuliffe last year ordered a push for a cap-and-trade system to cut emissions from power plants, citing the federal government’s retreat from the climate debate.
California Gov. Jerry Brown is planning a global climate summit in September.
States, cities and businesses representing more than half the U.S. economy and population have adopted targets to reduce greenhouse gas emissions, according to WRI.
However, piecemeal regulation cannot match the policy reach of the federal government, Arroyo said.
“I don’t think that anyone would argue that we’re in a better position,” she said. “The task definitely got harder.”
Reporting by Sebastien Malo @sebastienmalo in New York and Laurie Goering in London, Editing by Ellen Wulfhorst and Megan Rowling.; 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
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-climatechange/regrets-and-relief-one-year-after-u-s-ditched-global-climate-deal-idUSKCN1IV2SN |
NILES, Ill.--(BUSINESS WIRE)-- Johnson & Quin , a recognized name in full-service direct mail production and mailing services, announced that Jim Onorato has joined the company as National Sales Director. Onorato will be responsible for new business development and fostering relationships with accounts in a variety of vertical markets throughout the country. Onorato has extensive experience working with corporate clients in a variety of industries to develop strategic marketing plans for printing and direct mail programs. He has developed practical, cost-effective marketing solutions that meet client response and financial objectives.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180530006472/en/
Jim Onorato (Photo: Business Wire)
Onorato has worked with many leading marketing services and technology companies including Vision Integrated Graphics Group, SG360° (a Segerdahl Company), RT Associates, Inc. and others throughout his extensive career in print and direct mail. He has been responsible for customer acquisition and retention, as well as sales leadership and strategic business development.
“Jim brings extensive knowledge in digital print technologies, direct mail and multi-channel marketing services to provide our clients with innovative marketing and communications solutions. Our sales team looks forward to working with Jim to identify new business opportunities and develop solutions here at Johnson & Quin. We have made significant investments in high speed color inkjet, color digital printing and high-speed production equipment. Jim will focus on presenting these exciting technologies and our secure, quality processes to clients and prospects,” said Andrew Henkel , Vice President of Sales at Johnson & Quin. “We are very excited to welcome Jim to the company.”
About Johnson & Quin
Johnson & Quin offers the latest production technologies including high-speed full color inkjet printing in combination with postal and mailing services to achieve the lowest postage and delivery costs. Johnson & Quin offers data services, other digital personalization and printing options, and certified data security. Johnson & Quin excels at high volume complex projects requiring personalized and variable data printing. For more information see www.j-quin.com , or find Johnson & Quin on Twitter or Facebook .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006472/en/
Johnson & Quin, Inc.
Kay Wilt, 847-588-4549
Director Marketing
[email protected]
Source: Johnson & Quin | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-jim-onorato-joins-johnson-quin-as-national-sales-director.html |
MOSCOW (Reuters) - Russia’s agriculture safety watchdog said on Monday it had introduced temporary restrictions on pig and pork imports from Hungary due to an outbreak of African swine fever in Hungary’s Heves region.
It said it had excluded from the list of prohibited imports those products that have undergone treatment which guarantees the termination of the virus.
Reporting by Olga Popova; Writing by Vladimir Soldatkin; Editing by Mark Potter
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-hungary-pork/russia-restricts-pig-pork-imports-from-hungary-due-to-disease-idUSKBN1I81R7 |
May 3, 2018 / 1:12 AM / Updated 8 hours ago Sunderland slide brings relegation battle into sharper focus Mitch Phillips 4 Min Read
LONDON (Reuters) - Sunderland’s precipitous plunge from top flight to third tier in successive seasons will have sent shock waves through the Premier League, where almost half the teams go into the final weeks of the season still haunted by the spectre of relegation. Soccer Football - Championship - Sunderland v Burton Albion - Stadium of Light, Sunderland, Britain - April 21, 2018 Sunderland fan before the match Action Images/Lee Smith
Instead of filling their coffers from the off-the-scale TV revenues and fixtures against some of the biggest clubs in the world, Sunderland will next year be playing Accrington Stanley and Fleetwood.
Their demise will further sharpen the focus of players, fans, owners and shareholders of the many clubs desperately trying to scramble clear of the log jam at the bottom of the Premier League.
So congested is the bottom half of the table that Crystal Palace, who began the season by failing to score a goal in seven successive defeats, have climbed to 11th, 38 points and probable safety.
They visit Stoke City on Saturday with the hosts in dire trouble on 30 points, three adrift of safety, despite battling to three successive draws.
“When we do get chances we have to take them – this is a must win game for us,” Stoke manager Paul Lambert told Premier League Productions.
“They (the fans) can see the fight and the spirit that the lads have given them and I think that’s what Stoke City fans want - they want players battling for everything. That’s what they’ve done since we’ve been here and because of that we’re still well within the fight.”
West Bromwich Albion, bottom on 28 points, have also shown fight recently but it’s almost certainly come too late and anything other than a home win over Tottenham Hotspur will seal their fate.
Southampton also occupy a relegation place, on 32 points, though they have three games remaining and still have a chance to get clear.
They visit Everton on Saturday ahead of a potentially decisive clash with Swansea and a last-day appointment with champions Manchester City. BEST PERFORMANCES
Southampton produced an excellent performance to beat Everton 4-1 at St Mary’s in November and though they would dearly love a repeat, a draw at Goodison Park might prove a good result.
Swansea, a point above the Saints, have their future in their own hands with games against Bournemouth, Southampton and Stoke to come but, having not won for two months, they are very short of confidence.
Huddersfield have the opposite run-in and will be desperately hoping their 35 points is enough to avoid an instant return to the Championship as they face trips to Manchester City and Chelsea before hosting Arsenal in Arsene Wenger’s last game in charge.
Despite wrapping up the title weeks ago, Pep Guardiola’s side are unlikely to relax as they are on 93 points, two short of Chelsea’s 2004-05 Premier League record and with three games left to try to reach the magic 100.
West Ham United are also on 35 points and their fans will be wondering which version of their wildly inconsistent team will turn up after they followed two battling draws with 4-1 defeats by Arsenal and Man City.
David Moyes’s side visit Leicester City on Saturday ahead of a clash with Manchester United and a last-day home game against Everton - fixtures that should enable them to avoid the embarrassment of playing second-tier games in the Olympic Stadium next season.
Fifth-placed Chelsea’s slim hopes of remaining in the mix for a Champions League place almost certainly depend on beating Liverpool on Sunday, when the outgoing champions will hope the visitors will be suffering a hangover from their Champions League exertions in Rome. Reporting by Mitch Phillips, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england/sunderland-slide-brings-relegation-battle-into-sharper-focus-idUKKBN1I402Q |
CANNES, France (Reuters) - The actors in a film tipped for prizes at Cannes were not only amateurs plucked from the streets, they were also living lives as precarious as those of their characters, with one thrown in jail during the shoot and another deported afterwards.
71st Cannes Film Festival - photocall for the film "Capernaum" (Capharnaum) in competition - Cannes, France May 18, 2018. Director Nadine Labaki, cast member Zain Al Rafeea and guests. REUTERS/Stephane Mahe “Capharnaum”, a realist drama set in the slums of Beirut, follows the life of Zain, a 12-year-old boy trying in vain to prevent his younger sister being married off as she comes into puberty.
The film starts and ends with a courtroom scene in which he is suing his parents, who have countless children and another on the way, for giving birth to him - the only plot contrivance in a film that otherwise sticks to facts witnessed by the director and lived by many of the cast.
Daily Telegraph critic Robbie Collin called it “a social-realist blockbuster – fired by furious compassion and teeming with sorrow, yet strewn with diamond-shards of beauty, wit and hope” that he predicted would win the Palme d’Or, to be awarded at the end of the Cannes Film Festival on Saturday.
Nadine Labaki, one of three women directors among the 21 in competition for the prize, said she filmed 520 hours of footage over six months as her novice actors, many of them young children, improvised - to achieve the intense realism.
ACTING’S “EASY” The protagonist is played by Zain Al Rafea, whose family fled the Syrian war and who, like his character, has been working from a young age rather than going to school.
71st Cannes Film Festival - conference for the film "Capernaum" (Capharnaum) in competition - Cannes, France May 18, 2018. Director Nadine Labaki and cast member Zain Al Rafeea. REUTERS/Jean-Paul Pelissier “It’s easy,” the 13-year-old told a news conference when asked about acting. “She asks me sometimes to be sad, sometimes to be happy - that’s it.”
Things were far harder for his co-star, Yordanos Shiferaw, a refugee from Eritrea who plays Rahil, an illegal immigrant who takes Zain under her wing but then disappears, leaving him with her year-old baby. We later learn she has been arrested and locked in an overcrowded jail cell.
“After the arrest scene, I was arrested for real,” she told reporters, tears streaming down her face. “I lived exactly the same thing.” After two weeks the movie producers managed to get her released and she returned to complete filming.
The baby boy, whom Zain pulls around town on a pram he has improvised from a large cooking pot atop a stolen skateboard, is also a real-life refugee.
Born in Beirut to parents from Africa, Boluwatife Treasure Bankole, the infant actor, actually a girl, was deported in March to Kenya with her mother. Her father was sent back to his home in Nigeria, the other side of Africa.
“Capharnaum”, a word that Webster’s Dictionary defines as “a confused jumble”, is a film about these people, and, as Labaki said, “the absurd importance of this paper (identity documents) that we need to prove we exist.”
Writing by Robin Pomeroy; editing by Andrew Roche
| ashraq/financial-news-articles | https://www.reuters.com/article/us-filmfestival-cannes-capharnaum/tipped-for-cannes-glory-beirut-slum-actors-play-their-real-lives-idUSKCN1IJ28O |
Alex Tabarrok writing at MarginalRevolution.com, April 16:
What could be more ours than our friends? Yet I have hundreds of friends on Facebook, most of whom I don’t know well and have never met. But my Facebook friends are friends. We share common interests and, most of the time, I’m happy to see what they are thinking and doing and... | ashraq/financial-news-articles | https://www.wsj.com/articles/notable-quotable-friends-1525213707 |
SAN FRANCISCO, May 16, 2018 /PRNewswire/ -- Wine.com, the nation's leading online wine retailer, today announced the appointment of Kevin Saliba to its board of directors.
With more than fifteen years of experience in eCommerce, Saliba currently serves as Senior Vice President of Marketing at online retailer, zulily, a wholly owned subsidiary of Qurate Retail, Inc. Saliba leads the marketing team in bringing together the best in commerce, content, and media & entertainment and is focused on redefining the next generation of shopping.
Since Saliba stepped into the head of marketing role, zulily has seen record-breaking active customer growth, including the launch of successful customer experience programs.
"Kevin has deep experience in eCommerce and knows how to scale online retailers," said Rich Bergsund, CEO of Wine.com . "The timing is perfect, as we look to continue our accelerated growth and build a very large business in the online wine sector."
"I'm extremely excited to be joining the Wine.com Board of Directors," said Saliba. "Having worked with two high-growth companies during major inflection points -- Expedia and zulily -- I see a similar opportunity at Wine.com . My goal is to be a strategic advisor to the management team as Wine.com continues to scale and innovate, build its team, and focus on driving customer acquisition and marketing."
Prior to zulily, Saliba served as Vice President of Business Development for CafePress.com , where he developed strategic initiatives and partnerships that helped take the company public in 2012. Additionally, Saliba has led business development teams and strategic partnerships at Expedia and Amazon. Kevin Saliba has an Engineering degree from the University of Waterloo and an MBA from Cornell University.
About Wine.com
Wine.com is the nation's leading online wine retailer, offering selection, guidance and convenience not found in brick and mortar stores. The company provides its customers access to the world's largest wine store, with live chat wine experts available 7 days a week on its mobile and full websites. Wine.com delivers in 1-2 days to most addresses, offering date-certain delivery and the convenience of shipping to over 10,000 Walgreens and FedEx Office local pickup sites. The company's popular StewardShip program provides unlimited wine delivery and exclusive access to new releases for $49 per year. Wine.com 's mission is to inspire the wine lifestyle through innovation. For more information, visit the company's website at http://www.wine.com or download its app in the Apple Store or Google Play.
View original content: http://www.prnewswire.com/news-releases/winecom-appoints-zulily-executive-kevin-saliba-to-board-of-directors-300649104.html
SOURCE Wine.com | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-wine-com-appoints-zulily-executive-kevin-saliba-to-board-of-directors.html |
EditorsNote: Edits throughout
The Tampa Bay Lightning punched their ticket to the Eastern Conference finals for the third time in the last four seasons after eliminating the visiting Boston Bruins with a 3-1 win in Game 5 of their semifinal series Sunday.
Brayden Point (fourth playoff goal), J.T. Miller and Anton Stralman each had goals and Andrei Vasilevskiy made 27 saves for the Lightning, who will face either the Washington Capitals or Pittsburgh Penguins.
Boston won the series opener 6-2 in Tampa but was outscored 15-7 in the next four games.
“No one probably would have predicted, including ourselves, that we’d beat a team of that quality in four straight games, but we found a way and it feels good,” Lightning captain Steven Stamkos told NBC after the game.
David Krejci scored for Boston. Tuukka Rask recorded 19 saves.
The Bruins fell to 0-23 all-time when trailing 3-1 in a best-of-seven series.
“We scored against Toronto, so it’s not like after 89 games we forgot how to score or not playing the right way,” Bruins coach Bruce Cassidy said after his team was outscored 17-13 in the series. The Bruins scored 28 goals in their seven-game, first-round series against the Maple Leafs.
The Lightning won the Atlantic Division and finished with the top seed in the Eastern Conference. Tampa Bay also defeated the New Jersey Devils in a five-game, first-round series before dispatching Boston.
Tampa Bay lost to the Penguins in a seven-game series in its last trip to the conference finals in 2015-16. One year prior, the Lightning bested the New York Rangers in seven games before losing to the Chicago Blackhawks in the Stanley Cup Finals.
Krejci opened the scoring with 48 seconds left in the opening period. Boston had been 22-2 in playoff games when Krejci scored a goal.
Tampa Bay scored twice in the second, with Point connecting at 10:43 and Miller adding his goal at 14:00.
The Bruins had one last chance after David Pastrnak was tripped by Ryan McDonagh with 4:18 remaining in the third, but the Lightning killed off the penalty.
Stralman added an empty-netter with 1:29 left.
Boston’s David Backes was ruled out of the game early in the third after taking a head-to-head hit from Miller in the second period.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/icehockey-nhl-tbl-bos-recap/lightning-knock-out-bruins-advance-to-conference-finals-idUSMTZEE56BVHNTS |
Results Reuters Staff 1 Results Semi-final .. Malek Jaziri (TUN) beat Taro Daniel (JPN) beat | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-results-mens-singles/atp-world-tour-250-istanbul-mens-singles-results-idUKMTZXEE559QISRN |
May 2 (Reuters) - Guangdong Jiaying Pharmaceutical Co Ltd
* Says 11.3 percent stake (57.2 million shares) held by Shenzhen-ased assets management firm was frozen by Lanzhou Intermediate People’s Court
Source text in Chinese: goo.gl/qtiJqh
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-guangdong-jiaying-pharmaceutical-s/brief-guangdong-jiaying-pharmaceutical-says-11-3-pct-stake-held-by-assets-management-firm-frozen-by-court-idUSL3N1S910M |
Acquisition partners two cooperative purchasing leaders to generate combined savings and value for public agencies
FRANKLIN, Tenn.--(BUSINESS WIRE)-- OMNIA Partners announces that it has finalized the purchase of Communities Program Management, LLC (CPM), the organization that staffs and manages the operations of the U.S. Communities Government Purchasing Alliance (U.S. Communities). CPM has managed the U.S. Communities program since its inception and will continue to do so going forward.
The U.S. Communities program provides world-class procurement resources and solutions to local and state government agencies, school districts (K-12), higher education, and nonprofits. Participants have access to a broad range of competitively-solicited contracts with best-in-class national suppliers.
OMNIA Partners is a national group purchasing organization that includes four subsidiaries: National IPA, Prime Advantage, Corporate United, and now, U.S. Communities.
“With the completion of the purchase, we will begin to explore the synergies of all OMNIA Partners companies and identify ways to provide value to their respective stakeholders,” says M. Todd Abner, President and CEO of OMNIA Partners. “Since 1996, U.S. Communities has been a trusted resource for public procurement professionals. We are enthusiastic about what we’ll be able to accomplish now that they are part of the OMNIA Partners organization.”
“U.S. Communities has long held the goal of driving benefit to public agencies,” says Kevin Juhring, President of CPM/U.S. Communities. “Now we’ll be able to work towards this goal with OMNIA’s support. I’m encouraged that together, we’ll be able to drive improvements that will benefit public agencies and the supplier companies who serve them.”
About OMNIA Partners
OMNIA Partners is a leading group purchasing organization (GPO) in procurement and supply chain management. Comprised of four subsidiaries: Corporate United, Prime Advantage, National IPA and U.S. Communities, OMNIA Partners serves over 35 industries in both the private and public sector. Through Corporate United, the GPO provides world-class indirect supply and service offerings for companies across the globe, including more than 20% of the Fortune 1000. Through Prime Advantage, the GPO offers access to elite direct materials suppliers specializing in commodities, engineered components, raw materials, services and supplies. The GPO also covers sourcing needs across the public sector through National IPA and newly acquired U.S. Communities, with fully transparent, value-driven pricing. OMNIA Partners leverages the economies of scale of its group with decades of procurement experience to execute mutually rewarding contracts in a multitude of verticals, while providing an extensive portfolio of sourcing solutions and partnerships for its members and suppliers.
About U.S. Communities
U.S. Communities is a leading national government purchasing cooperative, providing world class government procurement resources and solutions to local and state government agencies, school districts (K-12), higher education institutions, and nonprofit organizations. U.S. Communities was founded in 1996 in partnership with several National Sponsors. Today, those National Sponsors include the Association of School Business Officials, the National Association of Counties, the National League of Cities, the United States Conference of Mayors, and the National Governors Association. More than 55,000 registered agencies, education institutions and nonprofits utilize U.S. Communities contracts to procure more than $2.7 billion in products and services annually.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005157/en/
For OMNIA Partners
Paul Lindsley, 615-585-3487
[email protected]
Source: OMNIA Partners | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-omnia-partners-finalizes-purchase-of-u-s-communities.html |
May 10 (Reuters) - Algonquin Power & Utilities Corp :
* ALGONQUIN POWER & UTILITIES CORP. ANNOUNCED 10% DIVIDEND INCREASE AND DECLARES SECOND QUARTER 2018 COMMON SHARE DIVIDEND OF U.S. $0.1282 (C$0.1648) Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-algonquin-power-utilities-corp-ann/brief-algonquin-power-utilities-corp-announced-10-pct-dividend-increase-idUSASC0A1P1 |
May 6, 2018 / 1:23 PM / Updated 2 hours ago Israeli troops kill two Palestinians trying to cross from Gaza - army Reuters Staff 2 Min Read
GAZA (Reuters) - Israeli soldiers shot and killed two Palestinians who tried to cross into Israel from the Gaza Strip on Sunday, the military said. A relative of a Palestinian who was killed at the Israel-Gaza border reacts at a hospital, in the southern Gaza Strip May 6, 2018. REUTERS/Ibraheem Abu Mustafa
“Troops fired towards three suspects who attempted to infiltrate into Israel from the southern Gaza Strip and to damage security infrastructure in the area of the security fence,” the military said in a statement. “Two suspects were killed.”
Palestinian health officials said the two men had been killed by Israeli gunfire near the town of Khan Younis.
The area is near the border with Israel, where more than 40 Palestinians have been killed by Israeli forces in protests that began on March 30, dubbed by organisers as “The Great March of Return”. A relative of a Palestinian who was killed at the Israel-Gaza border reacts at a hospital, in the southern Gaza Strip May 6, 2018. REUTERS/Ibraheem Abu Mustafa
I response to international criticism over its use of live fire in the demonstrations, the Israeli army says it is protecting its border and takes such action only when protesters, some hurling firebombs and trying to plant explosives, come too close.
Late on Saturday, an explosion killed six gunmen belonging to Hamas, the Islamist group that controls Gaza.
Hamas on Sunday blamed Israel and threatened a response. The Israeli military declined to comment on the blast.
“We hold the enemy directly responsible for this crime, and for previous crimes, and the Zionist enemy will pay a dear price,” said a statement issued by Hamas’s armed wing after the funeral marches on Sunday. Reporting by Nidal al-Mughrabi and Ari Rabinovitch; Editing by Kevin Liffey | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-palestinians-violence/israeli-troops-kill-two-palestinians-trying-to-cross-from-gaza-army-idUKKBN1I70GH |
May 26, 2018 / 7:31 AM / Updated 11 hours ago Actor Morgan Freeman apologizes after accusations Reuters Staff 3 Min Read
(Reuters) - Actor Morgan Freeman said on Friday any suggestion he assaulted women or created an unsafe workplace is false and apologized to anyone he may have upset after media reported that women have accused him of inappropriate behavior or harassment. FILE PHOTO: Actor Morgan Freeman takes part in the opening ceremonies of the Invictus Games in Orlando Florida, U.S., May 8, 2016. REUTERS/Carlo Allegri/File Photo
The accusations against the Oscar-winning actor are the latest in a torrent against male actors, filmmakers and agents that have roiled Hollywood since October 2017, leading in some cases to resignations and the halting of projects.
On Friday, movie mogul Harvey Weinstein was charged with rape and other sex crimes.
Similar accusations have also engulfed men in U.S. politics and business, and inspired a #MeToo social media movement by victims sharing their stories of sexual harassment or abuse.
CNN reported on Thursday that it spoke with 16 people as part of its investigation into the 80-year-old actor, some of whom also alleged inappropriate behavior by Freeman at his production company, Revelations Entertainment.
“I am devastated that 80 years of my life is at risk of being undermined, in the blink of an eye, by Thursday’s media reports,” Freeman said in a statement on Friday, a day after he initially apologized.
“But I also want to be clear: I did not create unsafe work environments. I did not assault women. I did not offer employment or advancement in exchange for sex. Any suggestion that I did so is completely false,” he added.
CNN said eight people told the network they were victims of what some labeled harassment and others called inappropriate behavior by Freeman. It said eight others told the network they witnessed the actor’s alleged misconduct.
CNN also said other sources denied having seen any questionable behavior by the actor, and that those sources described him as being professional on set and in the office.
Freeman said he is someone who feels a need to try to make women and men feel appreciated and at ease around him. As part of that, he would often try to joke with and compliment women, in what he thought was a light-hearted and humorous way, he said.
“Clearly I was not always coming across the way I intended. And that is why I apologized Thursday and will continue to apologize to anyone I might have upset, however unintentionally,” he said.
Reuters was unable to independently confirm any of the allegations.
Freeman, whose career has spanned 50 years and more than 100 movies, won a Oscar in 2005 as best supporting actor for his role as a former boxer in “Million Dollar Baby.” Reporting by Brendan O'Brien in Milwaukee, Editing by Louise Heavens | ashraq/financial-news-articles | https://in.reuters.com/article/us-people-morgan-freeman/actor-morgan-freeman-apologizes-after-accusations-idINKCN1IR076 |
The Securities and Exchange Commission subpoenaed Jay-Z on Thursday.
The Wall Street regulator filed the action against Shawn Carter, known artistically as Jay-Z, in federal court in the Southern District of New York as part of an ongoing case investigating the financial reporting of New York-based Iconix Brand Group.
Carter received more than $200 million from Iconix in 2007 in a deal to acquire his Rocawear fashion brand.
The investigation into whether partnerships like the Rocawear purchase “should potentially have been consolidated in the company’s historical results” began in late 2015 .
This isn’t the first time the rapper and businessman has been called to testify. Carter was initially subpoenaed in Nov. 16, 2017. Then second subpoena for his testimony was issued on Feb. 23, 2018, after changes to his legal team.
“Carter failed to appear as required by the subpoenas and, through his counsel, Carter has declined to provide any additional dates on which he will agree to appear for investigative testimony,” the SEC said in a statement .
The subpoena “does not reflect a determination by the SEC or its staff that Carter has violated provisions of the federal securities laws at issue in the investigation,” they said.
“We are aware that the SEC is seeking information on Iconix’ s financial reporting,” a representative from Roc Nation told Fortune in an email. “Mr. Carter had no role in that reporting or Iconix’ s other actions as a public company. Mr. Carter is a private citizen who should not be involved in this matter.”
This story has been updated to include the statement from Roc Nation. | ashraq/financial-news-articles | http://fortune.com/2018/05/03/jay-z-subpoenaed-sec-rocawear/ |
FRANKFURT, May 29 (Reuters) - German ecommerce investor Rocket Internet said its main holdings saw more revenue growth and narrowed their losses in the first quarter, while the company was well funded with gross cash of 2.6 billion euros ($3.03 billion).
Rocket’s biggest holdings Delivery Hero, HelloFresh, Home24 and Global Fashion Group have already reported quarterly figures, while Home24 announced plans earlier this month for an initial public offering.
Rocket said its African ecommerce group Jumia, also a possible candidate for a stock market listing, saw gross merchandise value - the value of goods sold via the site - rose 71 percent to 151 million euros, adding it remained well funded.
Online home furnishings site Westwing saw sales rise 18 percent to 71 million and reported its second consecutive profitable quarter, with an adjusted earnings before interest, taxation, depreciation and amortisation margin of 1.7 percent. ($1 = 0.8593 euros) (Reporting by Emma Thomasson; Editing by Christoph Steitz)
| ashraq/financial-news-articles | https://www.reuters.com/article/rocket-internet-results/rocket-internet-says-start-ups-grow-sales-limit-losses-idUSASO0005L0 |
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