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May 4 (Reuters) - Atkore International Group Inc:
* ATKORE NAMES MICHAEL V. SCHROCK TO BOARD OF DIRECTORS * ATKORE INTERNATIONAL GROUP INC - MICHAEL SCHROCK’S APPOINTMENT GIVES COMPANY TEN DIRECTORS, SEVEN OF WHOM ARE INDEPENDENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-atkore-names-michael-schrock-to-bo/brief-atkore-names-michael-schrock-to-board-of-directors-idUSASC09ZZ4 |
CNBC.com It's not worth paying for active management that simply replicates an index.
The ability to delegate tasks is essential for managers, especially when it comes to decision-making. Delegating not only helps managers focus on more pressing matters but helps employees feel a sense of ownership and like they're adding value to their team.
That's why, when it comes to making decisions, managers should adhere to the 90/10 rule, says Jennifer Dulski, head of groups and community at Facebook and author of " Purposeful ."
"The core idea is that people should be able to make roughly 90 percent of the decisions that are required for them to get the job done," she writes in the book. Only the remaining 10 percent of decisions should be made by managers.
Dulski explains that when you allow employees to make a majority of their decisions on their own, it creates a culture of high expectations, which they rise to meet — and sometimes even exceed. show chapters 12:38 PM ET Thu, 22 Feb 2018 | 01:29
"Not only do people perform better when they feel trusted and supported, they also respect and trust their leaders more too," writes Dulski. She adds that if you're not following the 90/10 rule, you're either asking employees to do things that you shouldn't be asking them to do or you're not empowering them to do as much as you should.
Dulski first saw the 90/10 rule implemented when she was COO at Change.org. At the organization, employees used a "traffic light" system, she writes. Here's how it works: Green: These are decision that employees can make on their own without having to check in with anyone or obtain approval and they should make up 90 percent of the decision-making. Yellow: These are decisions that aren't cut and dry as to whether they need approval, at which point, employees should reach out to their manager to find out. These decisions should make up about 5 percent of the total. Red: The remaining 5 percent of decisions are those that will absolutely need the approval of a manager or senior leader. These types of decisions are hard to reverse, affect multiple parts of the company or require large budgets.
Dulski notes that managers who structure the decision-making process in this way accomplish two things. First, they make employees feel empowered and trusted and they also provide everyone with a "clear, non-threatening way" to discuss decision-making.
In a separate LinkedIn post , Dulski reiterates the importance of allowing employees to work autonomously. She points to a study published in the Harvard Business Review , which looks at performance reviews from managers. The researchers found that managers who show more confidence in their teams tend to have higher performing employees.
"When you give your team the space they need, they find creative ways of reaching their goals," writes Dulski. "If your vision and objectives are clear to them, and there are accountability measures in place, it can open up new approaches and new solutions to your business goals."
However, when people feel that they don't have control over decisions that impact their work, they feel helpless and exhibit weaker performance, says Dulski.
To better understand who makes most of the decisions on your team, she suggests using a log to track them. If it turns out that you're making most of your employees' decisions, that's a good starting point for open and transparent conversations between you and your team, Dulski writes in her book.
"Focus on determining where the decision-making process breaks down," she adds, "and how you can establish clear expectations about who makes which decisions." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/how-the-9010-rule-can-help-you-make-fewer-smarter-decisions.html |
ROME (Reuters) - Italy’s far-right League, struggling to stitch together a coalition deal with the anti-establishment 5-Star Movement, said on Tuesday it was ready to wage war on European Union budget rules and put Italians first.
FILE PHOTO: League party leader Matteo Salvini speaks to the media during the second day of consultations with Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, April 5, 2018. REUTERS/Alessandro Bianchi/File Photo The two parties held a sixth day of negotiations aimed at creating a government and ending 10 weeks of political stalemate following an inconclusive election on March 4.
They had been widely expected to unveil a deal at a meeting with President Sergio Mattarella on Monday, but in the event had to ask for more time after differences emerged over policies and over who should head any new administration.
With frustration growing, League leaders turned their fire on Europe Union financial restrictions which, if followed to the letter, would make it impossible for the anti-immigrant party to enact its big-spending electoral promises.
“We need to be able to speak with a single voice, to say to the EU, to which we pay many billions of euros every year, that for us Italians come first,” the League’s economics chief Claudio Borghi said, echoing U.S. President Donald Trump’s rallying cry “America First”.
“First must come the things that need doing, and only afterwards (we need worry about) absurd rules written many years ago when the world was totally different,” he said.
Borghi called on 5-Star to recognize the need to take on Brussels, and got a response from its leader Luigi Di Maio.
“European (budget) constraints need to be reviewed, together with our partners, but they need to be reviewed,” Di Maio said on Facebook.
Once fiercely eurosceptic, the 5-Star has mellowed in recent months, looking to reassure financial investors that it is fiscally responsible. It has hesitated about signing up to a full-frontal confrontation with Europe over public accounts.
The League has promised to introduce a flat tax rate of 15 percent, which would tax revenues by some 80 billion euros ($95 billion) per year, while 5-Star has pledged new welfare payments for the poor costed at around 17 billion euros.
They have both vowed to scrap an unpopular pension reform — a move that would punch a 15-billion-euro hole in state coffers.
Di Maio said the joint program the two groups are drawing up is “almost completed,” and called on the League not to pull out at the last moment.
Related Coverage Italy's 5-Star chief says policy agenda with League almost completed “This is the time to have the courage to go all the way,” he said, promising measures including tougher penalties for tax evaders and cuts to the so-called “golden pensions” enjoyed by wealthy former politicians and business executives.
“FAR APART” League leader Matteo Salvini told reporters on the way to a meeting with Di Maio on Tuesday evening that there were still areas, including the approach to the EU, where the parties diverged. “We cannot go to Brussels with positions that are far apart,” he said.
With tensions high, Valdis Dombrovskis, the vice president of the European Commission, warned that Italy should maintain its commitment to gradually reduce the public deficit and debt.
“It’s very clear that in current times of economic growth Italy needs to put its debt on a downwards trajectory,” he said.
Another commissioner, Dimitris Avramopoulos, was also Quote: d on Tuesday as weighing in on Italian politics, saying he hoped the new government maintained current immigration policies.
The League has promised a tougher line on migrants arriving from Africa and denounced Avramopoulos’s comments. “We are seeing the latest, unacceptable interference from an unelected official in Europe,” said Salvini.
Di Maio backed his potential coalition partner, saying the nascent government was “receiving constant attacks, even today by some eurocrats who weren’t elected by anyone.”
5-Star has adopted a softer line on migration and Salvini said on Monday this was another area of discord between the two sides. However, three 5-Star sources said the main stumbling point remained who should head the administration.
Salvini and Di Maio have both agreed to drop their own ambitions to be prime minister and are looking for a candidate from outside their parties to enact their program.
In a meeting with Mattarella on Monday, 5-Star proposed little-known law professor Giuseppe Conte, but the League has not yet given its go-ahead, a source in the president’s office said. Mattarella has given them until next week to find an accord. If they fail to do so, fresh elections look inevitable.
($1 = 0.8457 euros)
Additional reporting by Giuseppe Fonte, Steve Scherer and Massimiliano Di Giorgio; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics/italys-5-star-league-struggle-to-reach-government-pact-idUSKCN1IG1VD |
THE WOODLANDS, Texas, May 25, 2018 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) announced today that the board of directors of its general partner, Summit Midstream GP, LLC, has declared a distribution of $47.50 per Series A Preferred Unit, which will be payable on June 15, 2018, to holders of record at the close of business on June 1, 2018.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of SMLP's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, SMLP's distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.
About Summit Midstream Partners, LP
SMLP is a growth-oriented limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States. SMLP provides natural gas, crude oil and produced water gathering services pursuant to primarily long-term and fee-based gathering and processing agreements with customers and counterparties in five unconventional resource basins: (i) the Appalachian Basin, which includes the Marcellus and Utica shale formations in West Virginia and Ohio; (ii) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (iii) the Fort Worth Basin, which includes the Barnett Shale formation in Texas; (iv) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado and Utah; and (v) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming. SMLP is in the process of developing new gathering and processing infrastructure in a sixth basin, the Delaware Basin, in New Mexico. SMLP also owns substantially all of a 40% ownership interest in Ohio Gathering, which is developing natural gas gathering and condensate stabilization infrastructure in the Utica Shale in Ohio. SMLP is headquartered in The Woodlands, Texas, with regional corporate offices in Denver, Colorado, Atlanta, Georgia, Pittsburgh, Pennsylvania and Dallas, Texas.
About Summit Midstream Partners, LLC
Summit Midstream Partners, LLC ("Summit Investments") beneficially owns a 35.2% limited partner interest in SMLP and indirectly owns and controls the general partner of SMLP, Summit Midstream GP, LLC, which has sole responsibility for conducting the business and managing the operations of SMLP. Summit Investments is a privately held company controlled by Energy Capital Partners II, LLC, and certain of its affiliates. An affiliate of Energy Capital Partners II, LLC directly owns an 8.1% limited partner interest in SMLP.
View original content with multimedia: http://www.prnewswire.com/news-releases/summit-midstream-partners-lp-announces-series-a-preferred-distribution-300655163.html
SOURCE Summit Midstream Partners, LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/pr-newswire-summit-midstream-partners-lp-announces-series-a-preferred-distribution.html |
May 16, 2018 / 7:35 AM / in 10 minutes UPDATE 1-German state offloads most of its Pfandbriefbank stake Reuters Staff
* State-owned HRE places 22 mln shares in PBB
* Cuts stake in PBB to 3.5 pct from 20 pct
* German govt to hold on to remaining indirect stake
* PBB shares drop 3.4 percent in early trade (Adds government statement, share price)
FRANKFURT, May 16 (Reuters) - Germany has sold most of its remaining stake in Deutsche Pfandbriefbank, 10 years after bailing out the property lender’s former parent Hypo Real Estate (HRE).
State-owned HRE placed around 22 million shares in Pfandbriefbank (PBB) with institutional investors, raising around 287 million euros ($340 million) and cutting its stake in PBB to 3.5 percent from 20 percent.
HRE said a long-term institutional German investor, whom it did not name, snapped up 4.5 percent of PBB’s stock.
Germany bailed out HRE in 2008 and nationalised it in 2009 after the bank was forced to make massive writedowns on its holdings of mortgage-backed securities, which slumped in value after the failure of U.S. investment bank Lehman Brothers.
HRE was required to sell PBB as a condition of European Commission approval of the bailout and nationalisation. It floated it on the stock exchange in 2015 but retained a 20 percent stake.
According to bookrunners, the 22 million PBB shares were placed at 12.95 euros apiece in the accelerated bookbuilding, a 4 percent discount to Tuesday’s closing price of 13.50 euros.
“The proceeds of the stock market flotation and this share placement total around 2.5 billion euros, exceeding the 2.3 billion euros granted to PBB by the FMS (financial market stability fund),” Jutta Doenges, managing director of Germany’s Finance Agency, said in a statement.
“That is a considerable success in the re-privatisation of PBB,” she said.
The government will remain invested in PBB for the medium to long term via HRE’s remaining 3.5 percent stake, the Finance Agency said.
Shares in PBB fell 3.4 percent to 13.04 euros by 0710 GMT on Wednesday, while the German mid-cap index was flat. ($1 = 0.8449 euros) (Reporting by Maria Sheahan Editing by Victoria Bryan and Alexander Smith) | ashraq/financial-news-articles | https://www.reuters.com/article/deutsche-pfbrfbk-placement-hypo-real/update-1-german-state-offloads-most-of-its-pfandbriefbank-stake-idUSL5N1SN1G6 |
May 3 (Reuters) - LivePerson Inc:
* LIVEPERSON ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 ADJUSTED EARNINGS PER SHARE $0.01 * Q1 EARNINGS PER SHARE VIEW $0.00 — THOMSON REUTERS I/B/E/S
* Q1 LOSS PER SHARE $0.06 * RAISES MIDPOINT OF 2018 REVENUE AND PROFIT GUIDANCE RANGES
* 2018 REVENUE GUIDANCE RANGE IS NOW $239 MILLION TO $243 MILLION
* SEES Q2 ADJUSTED NET INCOME PER SHARE $0.00 - $0.01
* SEES Q2 GAAP NET LOSS PER SHARE $0.13 - $0.11
* SEES Q2 REVENUE $59.0 MILLION - $60.0 MILLION
* SEES FULL YEAR 2018 DILUTED ADJUSTED NET INCOME PER SHARE $0.11 - $0.15
* SEES FULL YEAR 2018 GAAP NET LOSS PER SHARE $0.29 - $0.23
* Q2 EARNINGS PER SHARE VIEW $0.02, REVENUE VIEW $58.7 MILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $0.09, REVENUE VIEW $239.4 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-liveperson-reports-q1-adjusted-ear/brief-liveperson-reports-q1-adjusted-earnings-per-share-0-01-idUSASC09ZQ6 |
May 29 (Reuters) - Fortis Healthcare Ltd on Tuesday decided to initiate a fresh bidding process, after the board’s previous choice of the investment offer in the bidding war did not appeal to shareholders.
Three bidders - a consortium of Hero Enterprise Investment Office and the Burman Family Office, a consortium of TPG and Manipal Health Enterprises, and Malaysia’s IHH Healthcare Bhd - have been invited to participate in the process.
The invited bidders, should submit their interest by May 31, Fortis said here on Tuesday. It also invited other parties to submit their expression of interest. (Reporting by Tanvi Mehta in Bengaluru, Editing by Sherry Jacob-Phillips)
| ashraq/financial-news-articles | https://www.reuters.com/article/fortis-health-ma-bidding/indias-fortis-healthcare-starts-fresh-bidding-process-idUSL3N1T03ID |
9:45 AM EDT
Singapore Airlines says it will soon launch the world’s longest commercial flight this October.
The airliner announced in a statement on Wednesday that it would be launching the flight beginning on October 11, from Singapore to Newark Liberty International Airport, just outside of New York City, using the ultra-long-range Airbus A350-900ULR.
Each flight will carry 67 Business Class passengers and 94 Premium Economy Class passengers across a distance of approximately 10,300 miles, with a travel time of up to 18 hours and 45 minutes. Tickets for the flights will be available for purchase via “various booking channels” beginning Thursday, according to the airline.
Singapore Airlines also promises that passengers will fly in comfort, thanks to “higher ceilings, larger windows, an extra wide body and lighting designed to reduce jet lag,” as well as the aircraft’s carbon composite airframe, which will allow for optimized cabin altitude and humidity levels that will improve air quality for passengers.
The airline previously provided a Singapore-Newark route up until 2013, when service was suspended because the aircraft used at the time, the Airbus A340-500s, were returned to Airbus.
Direct flights on the A350-900ULR between Singapore and Los Angeles are also in the works, according to the airline. Currently, it offers flights between New York and Frankfurt and between Los Angeles and Tokyo, among others. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/30/singapore-airlines-worlds-longest-flight/ |
April 30 (Reuters) - Elevate Credit Inc:
* QTRLY FULLY DILUTED EARNINGS PER SHARE WAS $0.22 * QTRLY REVENUES INCREASED 23.7% FROM Q1 2017, TOTALING $193.5 MILLION COMPARED TO $156.4 MILLION FOR PRIOR-YEAR PERIOD
* FOR THE FULL YEAR 2018, THE COMPANY EXPECTS TOTAL REVENUE OF $780 MILLION TO $820 MILLION
* FOR THE FULL YEAR 2018, COMPANY EXPECTS NET INCOME OF $20 MILLION TO $45 MILLION, OR $0.50 TO $1.05 IN DILUTED EARNINGS PER SHARE
* Q1 EARNINGS PER SHARE VIEW $0.13, REVENUE VIEW $188.7 MILLION — THOMSON REUTERS I/B/E/S
* FY2018 REVENUE VIEW $795.2 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-elevate-credit-reports-qtrly-fully/brief-elevate-credit-reports-qtrly-fully-diluted-eps-of-0-22-idUSFWN1S71CD |
May 1 (Reuters) - Connect Group PLC:
* REVENUE £766.5M VERSUS £793.3M FOR SIX MONTHS ENDED 28 FEBRUARY 2018 FOR
* PROFIT BEFORE TAX £9.5M VERSUS £16.5M FOR SIX MONTHS ENDED 28 FEBRUARY 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-connect-group-posts-hy-revenue-766/brief-connect-group-posts-hy-revenue-766-5-mln-stg-idUSFWN1S71IO |
DELAND, Fla., ARC Group Worldwide, Inc. (“ARC” or the “Company”) (NASDAQ:ARCW) today announced that Drew M. Kelley, Interim Chief Executive Officer, will resign from the Company on May 10 th , 2018. Alan Quasha, Chairman of the Board of Directors of ARC, will assume the dual roles of Chairman and Chief Executive Officer with immediate effect.
Alan Quasha said: “The Board and I appreciate all of the work Drew has done towards the improvement of ARC over the past year and in his previous role as Chief Financial Officer. Drew has completed his primary task of helping ARC right-size its cost structure and has found a significant new opportunity. We are pleased to have had Drew’s important contributions during this critical time, and we are happy that he has found a great new home. We wish him all the best.”
About ARC Group Worldwide
ARC Group Worldwide , Inc. is a global advanced manufacturing and metal 3D printing service provider focused on accelerating speed to market for its customers. ARC provides a holistic set of precision manufacturing solutions, from design and prototyping through full run production. These solutions include metal injection molding , metal 3D printing , metal stamping , plastic injection molding , clean room injection molding, thixomolding , and rapid and conformal tooling . Further, ARC utilizes technology to improve automation in manufacturing through robotics, software and process automation, and lean manufacturing to improve efficiency.
Forward Looking Statements
This press release may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995, which are based on ARC's current expectations, estimates, and projections about future events. These include, but are not limited to, statements, if any, regarding business plans, pro-forma statements, and financial projections, including ARC's ability to expand its services and realize growth. These statements are not historical facts or guarantees of future performance, events, or results. Such statements involve potential risks and uncertainties, and the general effects of financial, economic, and regulatory conditions affecting our industries. Accordingly, actual results may differ materially. ARC does not have any obligation to publicly update or revise any , whether as a result of new information, future events, or otherwise. For further information on risks and uncertainties that could affect ARC’s business, financial condition and results of operations, readers are encouraged to review Item 1A. – Risk Factors and all other disclosures appearing in ARC’s Form 10-K for the fiscal year ended June 30, 2017, as well as other documents ARC files from time to time with the Securities .
CONTACT:
Investor Relations
PHONE: (303) 467-5236
Email: [email protected]
Source:ARC Group Worldwide, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-arc-group-worldwide-announces-interim-chief-executive-officer-departure.html |
TAMPA, Fla.--(BUSINESS WIRE)-- WilsonHCG, global leader and premium provider of innovative talent solutions, further expands its Executive Search division with the appointment of Director Phil Brakewell.
Phil, who brings more than 14 years of talent acquisition leadership experience and most recently served as Head of Executive Search for ResourceBank, will be responsible for leading WilsonHCG’s efforts in the EMEA region. Prior to joining ResourceBank, Phil held consultant and resourcing leadership positions at Hitchenor Wakeford and The Caudwell Group – where he was responsible for developing the business internationally and drove innovative search solutions on behalf of a diverse range of clients.
“WilsonHCG’s reputation speaks for itself,” said Phil. “WilsonHCG tailors its key service offerings – including Executive Search – to suit individual client needs, and I am thrilled to be part of such a dedicated, innovative team. The new Director position, covering EMEA, demonstrates our commitment to both Executive Search and WilsonHCG clients across the region.”
Phil will work alongside Jonathan Edwards , WilsonHCG Vice President of Executive Search, who has led the division since April 2017. Over the past 12 months, the team has quadrupled in size and expanded its footprint and solutions across the globe. Since 2016, WilsonHCG has seen revenue double year-on-year.
“I joined WilsonHCG in April 2017 and can’t believe how much the division has grown in such a short space of time,” said Jonathan. “We’ve experienced amazing growth and will be building on this success for years to come. Phil’s expertise will help us drive growth in the EMEA region as our Executive Search practice continues to expand globally.”
Phil joins WilsonHCG on the heels of Forbes naming the talent solutions provider one of America’s Best Executive Recruiting Firms for the second consecutive year. In 2018, WilsonHCG achieved the No. 132 overall ranking – rising nearly 100 spots from its position of No. 220 in 2017.
About WilsonHCG
WilsonHCG is the premium provider and global leader in innovative talent solutions that operates on the principle of providing true partnership to our clients. At WilsonHCG, the relationships we develop lead to the results our clients realize. Better People, Better Business.®
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522005179/en/
WilsonHCG
Richard Ward
1.715.214.9144
[email protected]
Source: WilsonHCG | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-phil-brakewell-set-to-lead-wilsonhcgs-executive-search-efforts-across-emea-forbes-ranks-wilsonhcg-among-best-executive.html |
Gun vendors love the president, but not what he's doing to the industry 47 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/gun-vendors-love-the-president-but-not-what-hes-doing-to-the-industry.html |
Multiple media sources have now confirmed that American academic Stefan Halper is the “top secret” informant the FBI asked to sidle up to Trump campaign officials in 2016. Some questions follow: Who asked Mr. Halper to keep tabs on the Trump officials, and when and why?
The answers go to the credibility of the Federal Bureau of Investigation’s claim that it didn’t open an official counterintelligence probe into Trump-Russia collusion until July 31, 2016. The answers might also show if Obama Administration officials knew about... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/when-carter-page-met-stefan-halper-1527029988 |
Everything was going smoothly until Southwest Airlines Flight 1380 reached about 32,000 feet . Then there was chaos.
A deafening bang. A puff of gray smoke. Oxygen masks dropped. At first, the plane vibrated violently side to side. Then it lunged to the left. In the cockpit, alarms and warnings rang out — so loud that the pilots had to scream to talk to each other.
"And that all kind of happened all at once," Darren Ellisor, the flight's first officer, told ABC News's "20/20" in an interview that will be broadcast Friday night.
Captain Tammie Jo Shults , who was next to him in the cockpit during the April 17 flight, was not initially supposed to be in that seat. Her husband, Dean Shults, a fellow Southwest pilot, had asked her to swap flights so she could attend their son's track meet.
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"I'm not trading with him anymore," Captain Shults joked.
Captain Shults and Officer Ellisor recounted for the first time publicly the frightening and disorienting moments after the plane's left engine exploded shortly after takeoff from La Guardia Airport in New York on its way to Love Field Airport in Dallas.
In the explosion, a piece of the engine broke off, slammed into a window in Row 14 and shattered it. The passenger sitting in the window seat, Jennifer Riordan, was partially sucked out of the plane before she was pulled back inside the cabin. She later died.
The pilots have been praised, including in a White House visit with President Trump, for bringing the plane under control and averting a far worse outcome.
"As long as you have altitude and ideas, you're O.K.," Captain Shults, who was among the first women to fly fighter jets for the Navy three decades ago, said in the interview. "And we had both."
As passengers strapped on their oxygen masks and flight attendants tried to save Ms. Riordan, the pilots were still trying to make sense of what had just happened, they said in the interview. The plane was shaking, but the cockpit instruments did not offer any clues. Maybe there was an engine seizure, the pilots thought.
Then the cabin and cockpit rapidly decompressed, causing the masks to drop.
"The seizure of the aircraft would not cause a rapid decompression, so we knew that something extraordinary had happened pretty quickly," Captain Shults said.
The plane, a twin-engine Boeing 737-700, banked hard to the left in the skies over Pennsylvania. Officer Ellisor, 44, a former Air Force pilot, was behind the controls, as Captain Shults, 56, kept communication open with air traffic controllers. Captain Shults later took over the controls.
The pilots forced the plane to drop thousands of feet to an altitude where it was safe to breathe without a mask.
"Darren handled it beautifully," Captain Shults said, adding that he did not "force the aircraft to stay on altitude and return to that heading, which is kind of a normal pilot reaction, or can be, to get back on course."
Many passengers feared that the plane would crash. Some sent goodbye texts to their families. Others started streaming live on Facebook.
In the cockpit, the pilots were yelling and using hand signals to communicate with each other and were preparing for a lengthy approach into Philadelphia International Airport.
But there was a change of plans. Flight attendants were finally able to talk to the pilots and told them about Ms. Riordan and a few passengers who had minor injuries. "That's when we decided it was time to go land," Officer Ellisor said.
The Southwest plane landed in Philadelphia at 11:23 a.m. on Runway 27L — about 20 minutes after the engine failure. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/southwest-pilot-who-landed-fatal-flight-wasnt-supposed-to-be-on-it.html |
May 2(Reuters) - Exelixi Investment:
* FY 2017 NET LOSS EUR 34,454 VS LOSS EUR 5,397 YEAR AGO * FY 2017 LOSS PER SHARE EUR 0.10 VS LOSS EUR 0.02 YEAR AG0
Source text : bit.ly/2rePGrE
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S9289 |
ATHENS, Greece, May 07, 2018 (GLOBE NEWSWIRE) -- TEN Ltd. (“TEN”) (NYSE:TNP) (the “Company”), a leading diversified crude, product and LNG tanker operator, today announced that its Board of Directors declared the regular quarterly cash dividend of $0.546875 per share for its Series D Cumulative Perpetual Preferred Shares (the “Series D Preferred Shares”; NYSE; TNPPRD) and the regular quarterly cash dividend of $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares (the “Series E Preferred Shares”; NYSE; TNPPRE).
The dividend on the Series D and Series E is for the period from the most recent dividend payment date on February 28, 2018 through May 27, 2018.
The dividend on the Series D and E Preferred Shares will be paid on May 29, 2018 to all holders of record of Series D and E Preferred Shares as of May 23, 2018. Dividends on the Series D and E Preferred Shares are payable quarterly in arrears on the 28 th day (unless the 28 th falls on a weekend or public holiday, in which case the payment date is moved to the next business day) of February, May, August and November of each year, when, as and if declared by TEN’s board of directors. This is the 12 th dividend on the Series D and the fifth dividend on the Series E since their commencement of trading on the New York Stock Exchange.
TEN has 3,424,803 Series D and 4,600,000 Series E Preferred Shares outstanding as of the date of this press release.
ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993, is one of the first and most established public shipping companies in the world today. TEN’s fleet consists of 64 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 6.9 million dwt. Of these, 46 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers.
COMPANY’S GROWTH TIME-TABLE
# Vessel Name Type Dwt Delivery Status LT Contracts 1 Ulysses VLCC 300,000 May 2016 Delivered Yes 2 Elias Tsakos Aframax 112,700 June 2016 Delivered Yes 3 Thomas Zafiras Aframax 112,700 Aug 2016 Delivered Yes 4 Leontios H Aframax 112,700 Oct 2016 Delivered Yes 5 Parthenon TS Aframax 112,700 Nov 2016 Delivered Yes 6 Sunray Panamax LR1 74,200 Aug 2016 Delivered Yes 7 Sunrise Panamax LR1 74,200 Sep 2016 Delivered Yes 8 Maria Energy LNG 93,616 Oct 2016 Delivered Yes 9 Hercules I VLCC 300,000 Jan 2017 Delivered Yes 10 Marathon TS Aframax 112,700 Feb 2017 Delivered Yes 11 Lisboa DP2 Shuttle 157,000 Mar 2017 Delivered Yes 12 Sola TS Aframax 112,700 Apr 2017 Delivered Yes 13 Oslo TS Aframax 112,700 May 2017 Delivered Yes 14 Stavanger TS Aframax 112,700 July 2017 Delivered Yes 15 Bergen TS Aframax 112,700 Oct 2017 Delivered Yes LT: Long-Term
ABOUT FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
For further information please contact:
Company
Tsakos Energy Navigation Ltd.
George Saroglou
COO
+30210 94 07 710
[email protected]
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Paul Lampoutis
+212 661 7566
[email protected]
Source:Tsakos Energy Navigation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-ten-ltd-declares-dividend-on-its-series-d-and-series-e-cumulative-perpetual-preferred-shares.html |
TORONTO, May 15, 2018 (GLOBE NEWSWIRE) -- Allied Properties REIT (the “REIT”) (TSX:AP.UN) announced today that the Trustees of the REIT have declared a distribution of $0.13 per unit for the month of May 2018, representing $1.56 per unit on an annualized basis. The distribution will be payable on June 15, 2018, to unitholders of record as at May 31, 2018.
Allied Properties REIT is a leading owner, manager and developer of distinctive urban workspace in Canada’s major cities. Its objectives are to provide stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael R. Emory
President and Chief Executive Officer
(416) 977-9002
[email protected]
Cecilia C. Williams
Executive Vice President and Chief Financial Officer
(416) 977-9002
[email protected]
Source: Allied Properties REIT | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-allied-properties-real-estate-investment-trustaannounces-may-2018-distribution.html |
NEW YORK, May 8, 2018 /PRNewswire/ -- Rowley Law PLLC is investigating potential claims against Xcerra Corporation (NASDAQ: XCRA) and its board of directors for breach of fiduciary duty concerning the proposed acquisition of the company by Cohu, Inc. Stockholders will receive $9.00 and 0.2109 shares of Cohu, Inc. common stock for each share of Xcerra Corporation stock that they hold. The transaction is valued at approximately $796 million and is expected to close in the second half of 2018.
If you are a stockholder of Xcerra Corporation and are interested in obtaining additional information regarding this investigation, please visit us at: http://www.rowleylawpllc.com/investigation/xcerra . You may also contact Shane Rowley, Esq. at Rowley Law PLLC, 50 Main Street Suite 1000, White Plains, NY 10606, by email at [email protected] , or by telephone at 914-400-1920 or 844-400-4643 (toll-free).
Rowley Law PLLC represents shareholders nationwide in class actions and derivative lawsuits in complex corporate litigation. For more information about the firm and its attorneys, please visit http://www.rowleylawpllc.com .
Attorney Advertising. Prior results do not guarantee a similar outcome.
View original content: http://www.prnewswire.com/news-releases/alert-rowley-law-pllc-is-investigating-proposed-acquisition-of-xcerra-corporation-300644648.html
SOURCE Rowley Law PLLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-alert-rowley-law-pllc-is-investigating-proposed-acquisition-of-xcerra-corporation.html |
David Paul Morris | Bloomberg | Getty Images Elon Musk, chairman and chief executive officer of Tesla Motors
Tesla board members are facing shareholder scrutiny as the company struggles to contain costs while ramping up production of its Model 3 electric sedans.
Last week, a pension fund adviser called the CtW Investment Group sent a letter to Tesla shareholders urging them to vote against the re-election of three of its board members. The letter makes the argument that Tesla's board is packed with people who lack independence from chairman and CEO Elon Musk, or lack useful automotive industry knowledge.
Specifically, CtW wants shareholders to vote out Valor Equity Partners founder Antonio Gracias, restaurateur Kimball Musk, and media executive James R. Murdoch from the Tesla board.
Gracias invested in PayPal , where Musk first made his fortune, as well as SolarCity, which Tesla bought in 2016. He still has a major stake in another Elon Musk-run company, SpaceX, where he is a board member and director.
Kimball Musk is Elon Musk's brother and a restaurateur by trade. And James Murdoch is the CEO of 21st Century Fox , but lacks any automotive or engineering experience.
In its letter, CtW lamented that Tesla's losses increased to 19% of revenue in its most recent four quarters, and that the company's cash burn has accelerated over this period, too. Different board members could have helped Tesla avoid these losses, they suggested, and may be needed to help Tesla improve its operations in the future.
A separate proposal seeks to remove CEO Elon Musk from his chairman role on Tesla's board. An individual shareholder named Jing Zhao , who owns just 12 shares of common stock in Tesla, initiated this proposal, which shareholders will vote on in June.
In its most recent quarterly report , Tesla maintained this risk statement:
"We are highly dependent on the services of Elon Musk, our Chief Executive Officer, Chairman of our Board of Directors and largest stockholder. Although Mr. Musk spends significant time with Tesla and is highly active in our management, he does not devote his full time and attention to Tesla. Mr. Musk also currently serves as Chief Executive Officer and Chief Technical Officer of Space Exploration Technologies Corp., a developer and manufacturer of space launch vehicles, and is involved in other emerging technology ventures." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/13/tesla-board-is-facing-shareholder-scrutiny--heres-why.html |
May 9, 2018 / 5:02 AM / Updated 5 hours ago South Korean prosecutors raid LG's head office in tax probe Joyce Lee , Ju-min Park 2 Min Read
SEOUL (Reuters) - South Korean prosecutors have raided LG Group’s head office as part of a probe into alleged tax evasion by family members controlling the conglomerate, the prosecutors’ office said on Wednesday. The media gather outside LG headquarters in Seoul, South Korea May 9, 2018. Yonhap via REUTERS
Prosecutors are looking into possible evasion of capital gains tax worth about 10 billion won ($9.25 million) in relation to the transfer of shares of an LG affiliate, the Seoul Central District Prosecutors’ Office said in a text message to reporters.
A spokeswoman at LG Corp, the group’s holding company, said the relevant parties will cooperate with the prosecutors’ probe.
The probe appeared to have been caused by differing views on the amount of tax payable after some shareholders sold shares in the market and paid the corresponding taxes, she said.
The probe into the country’s fourth-biggest conglomerate by assets would be the latest of a string of troubles faced by families controlling the country’s conglomerates, known as chaebols.
A tantrum by the heiress of Korean Air Lines Co Ltd earlier this year reignited public anger at the behavior of the rich and powerful, and sparked investigations into her family and its businesses.
The liberal government of Moon Jae-in has pledged to pursue chaebol reform, urging them to improve governance structures to improve transparency and fair competition. A man walks past an LG logo at the Mobile World Congress in Barcelona, Spain, February 27, 2018. REUTERS/Sergio Perez Reporting by Joyce Lee, Ju-min Park; additional reporting by Hyunjoo Jin, Editing by Christopher Cushing and Richard Pullin | ashraq/financial-news-articles | https://in.reuters.com/article/us-lg-raid/south-korean-prosecutors-raid-lgs-head-office-in-tax-probe-idINKBN1IA0CU |
New sports betting rule could boost ratings 1 Hour Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/new-sports-betting-rule-could-boost-ratings.html |
May 3, 2018 / 9:09 AM / Updated 27 minutes ago CORRECTED-Canadian Natural Resources profit more than doubles on higher output Reuters Staff 1 Min Read
(Corrects to “million” from “billion” in paragraph 3)
May 3 (Reuters) - Canadian Natural Resources Ltd, Canada’s largest independent petroleum producer, said on Thursday its quarterly profit more than doubled, helped by higher oil sands production.
The Calgary-based company said net income rose to C$583 million, or 47 Canadian cents per share, in the first quarter ended March 31, from C$245 million, or 22 Canadian cents, a year earlier.
Overall daily production rose to 1.12 million barrels of oil equivalent per day (boepd) from 876,907 boepd. (Reporting by Karan Nagarkatti in Bengaluru; Editing by Amrutha Gayathri) | ashraq/financial-news-articles | https://www.reuters.com/article/canadiannatural-results/canadian-natural-resources-profit-more-than-doubles-on-higher-output-idUSL3N1SA3B4 |
May 15 (Reuters) - POLSKI BANK KOMOREK MACIERZYSTYCH SA :
* SETS BOND ISSUE PROGRAMME OF TOTAL NOMINAL VALUE OF UP TO 100 MILLION ZLOTYS
* UNDER BOND ISSUE PROGRAMME COMPANY MAY ISSUE UNSECURED BONDS OF TOTAL NOMINAL VALUE OF 1,000 ZLOTYS EACH IN SEVERAL TRANCHES
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SM2F6 |
Oil dips further below $80: focus back on OPEC 9:12am EDT - 01:31
Oil fell on Thursday, driven lower by the prospect of the first increase in OPEC output since 2016 in the face of concern over supply from both Venezuela and Iran, while a surprise rise in U.S. crude inventories raised doubt over seasonal demand. Ciara Lee reports ▲ Hide Transcript ▶ View Transcript
Oil fell on Thursday, driven lower by the prospect of the first increase in OPEC output since 2016 in the face of concern over supply from both Venezuela and Iran, while a surprise rise in U.S. crude inventories raised doubt over seasonal demand. Ciara Lee 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/2IHi8Ol | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/24/oil-dips-further-below-80-focus-back-on?videoId=429889783 |
(Adds detail, background)
MADRID, May 4 (Reuters) - Spanish oil major Repsol posted an 8 percent year-on-year increase in adjusted first-quarter net profit on Friday, as higher Brent oil prices and increased production offset lower refining margins.
Repsol said higher prices for oil and gas, including a 24 percent rise in Brent over the year, helped push recurring net profit adjusted for one-off gains and inventory effects (CCS net profit) to 616 million euros ($737.6 million) in January-March.
This compared with 570 million euros in the same period of the previous year, and was in line with median forecast of 615 million euros drawn from six analysts polled by Reuters.
Production rose to 727 barrels per day from 693 a year ago, but the refining margin fell to $6.6 a barrel versus $7.1 a barrel in the first quarter of last year.
Europe’s fifth-largest refiner by market value has focused on cost and debt reduction to improve its balance sheet in recent years, leading to credit rating upgrades.
Repsol said on Friday its first-quarter results were supported by a decrease in financial costs.
Net debt rose 569 million euros from the fourth quarter, to 6.8 billion euros, mainly due to a share buyback undertaken to allow the payment of a scrip dividend.
Credit risk in Venezuela, where political turmoil has led to economic collapse and hyperinflation, prompted a writedown of 433 million euros.
Repsol shares were at 15.96 euros by 0845 GMT, up 0.4 from Thursday’s close.
$1 = 0.8354 euros Reporting by Jose Elias Rodriguez and Isla Binnie; editing by David Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/repsol-results/update-1-higher-oil-price-boosts-profit-for-spains-repsol-idUSL8N1SB1N4 |
Britain will build own satellite system if no access to EU's, Hammond says 8:46am EDT - 00:48
Britain told the European Union on Thursday it will demand the repayment of up to 1 billion pounds ($1.34 billion) if the bloc restricts its access to Galileo. Rough cut, no reporter narration.
Britain told the European Union on Thursday it will demand the repayment of up to 1 billion pounds ($1.34 billion) if the bloc restricts its access to Galileo. Rough cut, no reporter narration. //reut.rs/2KVWoLx | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/25/britain-will-build-own-satellite-system?videoId=430192507 |
Pro says keep an eye on wage data in jobs report 1 Hour Ago Michelle Girard, NatWest Markets U.S. chief economist, and Matthew Luzzetti, Deutsche Bank senior economist, provide their outlook on Friday's jobs report. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/pro-says-keep-an-eye-on-wage-data-in-jobs-report.html |
Lawyers who sued Facebook Inc. and Cambridge Analytica over alleged improper harvesting of users’ personal data say they fear evidence will disappear as the British data-mining company folds up part of its corporate web.
Cambridge Analytica and its SCL affiliates, which worked for the campaign that saw the election of President Donald Trump, have filed for court protection to liquidate in the U.S. and U.K. British employees were sent home recently, told no buyer had emerged to keep the company going.
... RELATED VIDEO The Key to Understanding Facebook's Current Crisis Facebook's current data crisis involving Cambridge Analytica has angered users and prompted government investigations. To understand what's happening now, you have to look back at Facebook's old policies from 2007 to 2014. WSJ's Shelby Holliday explains. Illustration: Laura Kammerman | ashraq/financial-news-articles | https://www.wsj.com/articles/lawyers-chase-missing-cambridge-analytica-unit-1527713583 |
May 14, 2018 / 1:22 AM / Updated 15 hours ago Woods declares himself ready to win again Andrew Both 2 Min Read
PONTE VEDRA BEACH, Fla. (Reuters) - After finishing equal 11th at the Players Championship on Sunday, Tiger Woods declared himself ready to win another title. May 13, 2018; Ponte Vedra Beach, FL, USA; Tiger Woods walks up to the 18th tee box during the final round of The Players Championship golf tournament at TPC Sawgrass - Stadium Course. Mandatory Credit: Jasen Vinlove-USA TODAY Sports
For the second day running, Woods plundered the first 12 holes at TPC Sawgrass, this time picking up six birdies.
He was unable to finish quite so strongly, finding water at the island-green 17th for a double-bogey.
He blamed a gust of wind, rather than a bad shot for that stumble, however.
“I fe1t good on every facet of the game and it’s weird not to mis-hit a shot today and only shoot three-under,” the 14-times major champion said.
Generating as much club-head speed with his driver as almost anyone in the field, the 42-year-old showed he has lost little of his power after last year’s spinal fusion.
He also had good distance control with his irons and bounced back on the greens after putting woefully in Charlotte.
“I didn’t play particularly well the first couple of days but I turned it around this weekend. Unfortunately just didn’t cash in,” he said after finishing seven strokes behind winner Webb Simpson.
“If I would have had the game I had this weekend at the beginning of the week I would have given Webb a little bit of a run.”
Woods will have only one more start, at the Memorial tournament in two weeks, to hone his game before the U.S. Open at Shinnecock Hills.
He has been in contention in the final round in four of his eight starts this year.
“I’m not that far off from winning,” he said. “There’s no way at the beginning of the year that I would have predicted I would have been at this point.” Reporting by Andrew Both; editing by Ian Ransom | ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-players-woods/woods-declares-himself-ready-to-win-again-idUSKCN1IF02F |
JOHANNESBURG (Reuters) - Cape Town Mayor Patricia de Lille has returned to work after a South African court ruled that her removal from office by the opposition Democratic Alliance (DA) party should be temporarily suspended.
FILE PHOTO: Cape Town Mayor Patricia De Lille speaks during the C40 Cities Women4Climate event in New York City, U.S., March 15, 2017. REUTERS/Brendan McDermid The DA’s bitter dispute with de Lille, whom it appointed as mayor through its control of the city council but now accuses of turning a blind eye to corruption, has tarnished its reputation ahead of elections next year in which it aims to challenge the ruling African National Congress (ANC).
De Lille, who denies wrongdoing and has vowed to clear her name, wrote on Twitter on Tuesday that she was “back at work for the sake of the people of Cape Town”.
On Tuesday the High Court in the Western Cape said de Lille should remain as mayor until a further hearing on May 25, a decision the DA called “unfortunate”.
“De Lille continues to put her individual interests above those of the citizens of Cape Town by using legal technicalities to cling on to power,” Natasha Mazzone, deputy chairperson of the DA’s Federal Council, said in a statement on Tuesday.
Cape Town Deputy Mayor Ian Neilson did not respond to a Reuters request for comment on Wednesday.
The DA, which promotes itself as an alternative to the ANC, elected its first black leader three years ago to widen its appeal among voters, and improved its national credentials by winning control of three major cities in 2016.
However it now faces a resurgent ruling party under new President Cyril Ramaphosa, who has vowed to root out corruption and boost economic growth since the ANC named him to replace scandal-plagued Jacob Zuma.
Reporting by Alexander Winning; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-safrica-politics-mayor/cape-town-mayor-returns-to-work-in-headache-for-south-african-opposition-party-idUSKCN1IH1M9 |
May 4, 2018 / 1:08 PM / a day ago Meghan Markle's father to walk her down aisle at wedding to UK's Prince Harry Michael Holden 4 Min Read
LONDON (Reuters) - Meghan Markle’s father will walk her down the aisle when the American actress marries Britain’s Prince Harry this month and both her parents will meet Queen Elizabeth and senior royals in the run-up to the ceremony, Kensington Palace said on Friday. FILE PHOTO: Britain's Prince Harry's fiancee Meghan Markle leaves an ANZAC day service at Westminster Abbey in London, April 25, 2018. REUTERS/Hannah McKay
Both the bride-to-be’s divorced parents, Thomas Markle and Doria Ragland, would have “important roles” in the wedding at Windsor Castle on May 19, Jason Knauf, Harry’s Communications Secretary told reporters.
“On the morning of the wedding, Ms Ragland will travel with Ms Markle by car to Windsor Castle,” Knauf said. “Mr Markle will walk his daughter down the aisle of St George’s Chapel. Ms Markle is delighted to have her parents by her side on this important and happy occasion.”
There had been speculation about what role Markle’s parents, who divorced when she was six, would play in the wedding ceremony. Thomas Markle, 73, a former lighting director for TV soaps and sitcoms had said he had wanted to give his daughter away.[nL8N1O81P7]
Knauf said they would fly over from the United States the week before the wedding and both would for the first time meet their new in-laws including the 92-year-old queen, her husband Prince Philip, Harry’s father Prince Charles, Harry’s elder brother William and his wife Kate.
The detail about Markle’s parents was part of a slew of information released by Knauf ahead about the wedding which is attracting massive global media attention. Meghan Markle and Prince Harry attend the Women's Empowerment reception hosted by Foreign Secretary Boris Johnson during the Commonwealth Heads of Government Meeting at the Royal Aeronautical Society on April 19, 2018 in London, England. Chris Jackson/Pool via Reuters
The three siblings of Harry’s late mother Princess Diana, who was killed in a Paris car crash in 1997 when he was 12, will be at the wedding with her sister Lady Jane Fellowes giving the reading.
“Prince Harry and Ms. Markle both feel honored that Lady Jane will be representing her family and helping to celebrate the memory of the late princess on the wedding day,” Knauf said.
Harry and William, who is his best man, are expected to arrive on foot at the castle’s St George’s Chapel where the ceremony will be held. Markle will meet her father at the church after arriving by car with her mother.
No details were given of the guests but it has already been confirmed that no political figures would be present who were not personal friends of the couple. [nL8N1RN6FG] Slideshow (4 Images)
Knauf also revealed that Markle would not be having a maid of honor, and that the bridesmaids and page boys would all be children.
“She has a very close knit group of friends and she did not want to choose one over the other,” Knauf said. “They have also been actively involved in helping her prepare for the day and are going to be there at Windsor on the day before in London and she’s very pleased to have their support on the day.”
One royal who will not be attending is William and Kate’s new son Louis who was born on April 23, although his mother and two older siblings, George, 4, and Charlotte, 3, will be there.
The queen’s 96-year-old husband Philip is expected to be there having undergone a hip replacement operation last month. [nL9N1NK01Y]
Knauf said the newlyweds would not immediately be heading off on honeymoon and would carry out their first public engagement as a married couple the week after the wedding.
One tradition of recent British royal weddings has been for the newlyweds to share a kiss on the balcony of Buckingham Palace after the ceremony, something that will not be possible with the marriage taking place at Windsor.
Asked if the world would see something similar, Knauf said: “I have no comments on the kissing today.” Editing by Guy Faulconbridge | ashraq/financial-news-articles | https://uk.reuters.com/article/us-britain-royals-wedding/meghan-markles-father-to-walk-her-down-aisle-at-wedding-to-uks-prince-harry-idUKKBN1I51IF |
HOUSTON, May 07, 2018 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE:EGY) today reported operational and financial results for the first quarter 2018.
Highlights and Recent Key Items :
Reported income from continuing operations of $8.7 million ($0.15 per diluted share) for the first quarter of 2018, which was 146% higher compared with $3.5 million ($0.06 per diluted share) in the fourth quarter of 2017; Generated operating income of $13.0 million in the first quarter of 2018, which was $10.5 million higher compared with $2.5 million in the fourth quarter of 2017; Grew Adjusted EBITDAX to $14.5 million, up $10.5 million from $3.9 million in the fourth quarter of 2017; As previously disclosed, income from continuing operations, operating income and Adjusted EBITDAX were positively impacted this quarter by higher realized Brent pricing, no commodity hedges in place and the split lifting that took place during the period from December 31, 2017 to January 1, 2018; Produced an average of 3,611 net barrels of oil per day (BOPD) in the first quarter of 2018, above the guidance range for the quarter, despite two wells that were shut-in during the period as a result of prior year electrical submersible pump (“ESP”) failures on the Avouma platform; Realized pricing of $68.69 per barrel of oil in the first quarter of 2018, up 15% compared with $59.89 per barrel in the fourth quarter of 2017; Increased working capital from continuing operations by $7.9 million, which contributed to the increase in cash and cash equivalents; Reduced debt by $2.1 million, resulting in total debt (principal amount) at March 31, 2018 of $7.1 million.
For the first quarter of 2018, VAALCO reported income from continuing operations of $8.7 million, or $0.15 per diluted share. In the same period in 2017, the Company reported income from continuing operations of $4.4 million, or $0.07 per diluted share, and in the fourth quarter of 2017 reported income from continuing operations of $3.5 million, or $0.06 per diluted share. The average realized price for crude oil in the first quarter of 2018 was $68.69 per barrel, an increase of 32% from $51.99 per barrel in the first quarter of 2017. In the fourth quarter of 2017, the average realized price for crude oil was $59.89 per barrel. Adjusted EBITDAX totaled $14.5 million in the first quarter of 2018 compared with $10.4 million in the same period of 2017, and $3.9 million in the fourth quarter of 2017.
Adjusted EBITDAX and working capital from continuing operations are Non-GAAP financial measures and are described and reconciled to the closest GAAP measure in the attached table under “Non-GAAP Financial Measures.”
Cary Bounds, VAALCO’s Chief Executive Officer commented: “I am very pleased with our strong first quarter 2018 results. With our realized pricing correlated to Brent and no hedges in place for 2018, we were able to generate significant net income and adjusted EBITDAX. As our oil price realizations in the first quarter grew to the highest level since the fourth quarter of 2014, so did our operational margin per barrel, and we were able to increase our operational income from the fourth quarter of 2017 by over $10 million. We also paid down our debt by $2.1 million and grew cash to $32.2 million. We are delivering on guidance and strengthening our balance sheet, while we continue to evaluate development opportunities at Etame that we are considering drilling early next year, subject to approvals from the Gabon government and our partners. We are mobilizing a hydraulic workover unit to our Avouma platform to replace the ESPs in our two wells that are temporarily shut-in and expect to restore approximately 750 BOPD of production from those wells before the end of the second quarter. I am optimistic that we will create substantial value for our shareholders in 2018 by continuing to enhance our operations and improving our balance sheet.
Gabon
In the first quarter of 2018, net oil production exceeded guidance at 3,611 BOPD compared with 3,957 BOPD in the fourth quarter of 2017. The decrease in production was primarily due to the loss of production from two Avouma wells that experienced ESP failures in late 2017.
In late 2016, VAALCO completed a successful workover campaign and replaced ESPs in the South Tchibala 2-H and Avouma 2-H wells on the Avouma platform. Following the failure of the South Tchibala 2-H ESP in July 2017, VAALCO began workover operations in October 2017 to replace failed ESPs in the South Tchibala 1-HB and South Tchibala 2-H wells. While production from the South Tchibala 1-HB well was not restored, the workover operation on the South Tchibala 2-H well was successfully completed in November 2017. Following demobilization of the workover unit in late 2017, the Avouma 2-H well experienced ESP failures, and the well remains temporarily shut-in. VAALCO has worked closely with the original equipment manufacturer and other technical experts to identify the root causes of the ESP failures. Based on the results of the combined team’s analysis, changes have been made to the design, installation and operating systems of the ESPs which the Company believes will reduce the likelihood of untimely failures in the future. VAALCO is mobilizing a hydraulic workover unit to the Avouma platform to replace the ESP systems in the Avouma 2-H and the South Tchibala 1-HB wells and restore approximately 750 BOPD of net production to both wells before the end of the second quarter of 2018. Excluding the Avouma platform wells, the wells with ESPs on our three other platforms have operated without incident for up to four years.
Equatorial Guinea
The Company continues to examine alternative, lower cost development options for discoveries on Block P offshore Equatorial Guinea. These discoveries present unique development opportunities that will be re-evaluated as prices continue to recover.
2018 First Quarter Financial Results
Total oil sales for the first quarter of 2018 were $27.6 million, compared to $17.2 million in the fourth quarter of 2017. During the first quarter of 2018, VAALCO sold approximately 393,000 net barrels of oil at an average price of $68.69 per barrel, compared to 280,000 net barrels at an average price of $59.89 per barrel in the fourth quarter of 2017. In late December, the normal monthly sales lifting from the floating production facility that stores oil produced in the Etame block was not able to be completed by December 31 due to adverse sea and weather conditions. As a result, the December lifting took place during the period from December 31, 2017 to January 1, 2018 with 53,300 net barrels of oil sold in December and the remaining balance of 95,500 net barrels of oil sold in January 2018. In addition to 95,500 net barrels of oil being sold in January 2018 instead of December 2017, the Company also benefited from the split-lifting because VAALCO’s January 2018 pricing was $68.66 per barrel of oil sales as compared to $63.67 per barrel in December 2017.
Costs and Expenses
Total production expense, excluding workovers, was $10.7 million, or $27.17 per barrel of oil of sales, in the first quarter of 2018, compared to $8.1 million, or $20.44 per barrel of oil of sales, in the first quarter of 2017, and $8.2 million, or $29.12 per barrel of sales in the fourth quarter of 2017. Costs per barrel for the fourth quarter of 2017 were impacted by higher FPSO costs and certain regulatory related costs. Workover expense in the first quarter of 2018 was $0.3 million.
Depreciation, depletion and amortization (DD&A) expense was $1.1 million, or $2.86 per barrel of oil of sales in the three months ended March 31, 2018 compared to $1.9 million, or $4.74 per barrel of oil of sales in the comparable period in 2017, and $0.9 million, or $3.28 per barrel of oil of sales in the fourth quarter of 2017. DD&A per barrel decreased due to the increase in proved reserves at December 31, 2017.
General and administrative (G&A) expense for the first quarter 2018 was $2.6 million, or $6.62 per barrel of oil of sales, as compared to $3.1 million, or $7.94 per barrel of oil of sales in the first quarter 2017 and $1.7 million, or $6.15 per barrel of oil of sales in the fourth quarter of 2017. General and administrative expense includes $0.3 million, $0.2 million, and $0.2 million of non-cash compensation expense for the quarters ended March 31, 2018 and 2017 and December 31, 2017, respectively. Fourth quarter 2017 G&A was lower due to a benefit from increased charges to our joint venture partners during the quarter offset by accruals related to a Gabon regulatory audit.
Income tax expense for the first quarter of 2018 was $4.0 million compared to $3.2 million for the same period in 2017, and $1.3 million in the fourth quarter of 2017. The increase in income tax expense in the first quarter of 2018 as compared to the same quarter in 2017 is primarily attributable to higher revenue in VAALCO’s operations in Gabon. Due to the Tax Cuts and Jobs Act enacted in December 2017, a $1.3 million income tax benefit associated with the reversal of the valuation allowance related to AMT credits was recorded during the fourth quarter of 2017.
Capital Investments/Balance Sheet
During the three months ended March 31, 2018, VAALCO invested approximately $0.4 million in capital expenditures on a cash basis, primarily for equipment and enhancements. The Company does not currently have any material commitments for capital investments in 2018 but is considering development drilling offshore Gabon in early 2019.
At the end of the first quarter, VAALCO had an unrestricted cash balance of $32.2 million. This does not include an additional $0.9 million in restricted cash (related primarily to deposits in Gabon) classified as current assets or the additional $1.0 million of restricted cash classified as long term. The unrestricted cash balance includes $4.8 million of cash attributable to non-operating partner advances.
Beginning with the first quarter of 2018, the government of Gabon elected to lift the state’s share of oil (which is reported as income taxes) separately from the Etame joint venture partners. As a result, Gabon income taxes will be settled when the government of Gabon lifts its own share of production. Such settlements are expected to occur once or twice per year, depending on production levels. At March 31, 2018, VAALCO had $1.8 million of foreign taxes payable attributable to such taxes.
During the first quarter of 2018, VAALCO reduced its debt by $2.1 million. At March 31, 2018, debt, net of deferred financing costs, totaled $7.0 million, of which $5.8 million is expected to be repaid during 2018 and was classified as current, reflecting the repayment terms of the loan agreement with the IFC.
Conference Call
As previously announced, the Company will hold a conference call to discuss its first quarter financial and operating results May 8, 2018, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Interested parties may participate by dialing (844) 841-1668. International parties may dial (661) 378-9859. The confirmation code is 8093007. This call will also be webcast on VAALCO’s website at www.vaalco.com .
An audio replay will be available beginning approximately two hours after the end of the call and be available through May 22, 2018 by dialing (855) 859-2056. International parties may dial (404) 537-3406. The confirmation code is 8093007.
Forward Looking Statements
This document includes " " 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. All statements, other than statements of historical facts, included in this document that address activities, events, plans, expectations, objectives or developments that VAALCO expects, believes or anticipates will or may occur in the future are . These statements may include amounts due in connection with the Company’s withdrawal from Angola, expected sources of future capital funding and future liquidity, future operating losses, future changes in oil and natural gas prices, future strategic alternatives, capital expenditures, future drilling plans, prospect evaluations, negotiations with governments and third parties including with the government of the Republic of Gabon in connection with a revised production sharing contract, expectations regarding processing facilities, production and sales projections, reserve growth, and other issues related to our exit from Angola. These statements are based on assumptions made by VAALCO based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond VAALCO's control. These risks include, but are not limited to, oil and gas price volatility, inflation, general economic conditions, the Company's success in discovering, developing and producing reserves, production and sales differences due to timing of liftings, decisions by our current lender or future lenders, the risks associated with liquidity, the risk that our negotiations with the governments of the Republic of Gabon and the Republic of Angola will be unsuccessful, lack of availability of goods, services and capital, environmental risks, drilling risks, foreign regulatory and operational risks, and regulatory changes.
These and other risks are further described in VAALCO's annual report on Form 10-K for the year ended December 31, 2017 and quarterly report on Form 10-Q for the quarter ended March 31, 2018, which will be filed shortly, and other reports filed with the SEC which can be reviewed at http://www.sec.gov , or which can be received by contacting VAALCO at 9800 Richmond Avenue, Suite 700, Houston, Texas 77042, (713) 623-0801. Investors are cautioned that are not guarantees of future performance and that actual results or developments may those projected in the . VAALCO disclaims any intention or obligation to update or revise any , whether as a result of new information, future events, or otherwise.
About VAALCO
VAALCO Energy, Inc. is a Houston, Texas based independent energy company principally engaged in the acquisition, exploration, development and production of crude oil. VAALCO’s strategy is to increase reserves and production through the development and exploitation of international oil and natural gas properties. The Company's properties and exploration acreage are located primarily in Gabon and Equatorial Guinea in West Africa.
Investor Contact
Phil Patman 713-623-0801
VAALCO ENERGY, INC AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share amounts)
March 31, 2018 December 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 32,205 $ 19,669 Restricted cash 866 842 Receivables: Trade 8,260 3,556 Accounts with partners, net of allowance of $0.5 million at March 31, 2018 and December 31, 2017 88 3,395 Other 12 100 Crude oil inventory 1,279 3,263 Prepayments and other 3,767 2,791 Current assets - discontinued operations 3,030 2,836 Total current assets 49,507 36,452 Property and equipment - successful efforts method: Wells, platforms and other production facilities 390,279 389,935 Undeveloped acreage 10,000 10,000 Equipment and other 9,366 9,432 409,645 409,367 Accumulated depreciation, depletion, amortization and impairment (387,046 ) (386,146 ) Net property and equipment 22,599 23,221 Other noncurrent assets: Restricted cash 968 967 Value added tax and other receivables, net of allowance of $6.6 million
and $6.5 million at March 31, 2018 and December 31, 2017, respectively 7,043 6,925 Deferred tax asset 1,260 1,260 Abandonment funding 10,808 10,808 Total assets $ 92,185 $ 79,633 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 10,269 $ 11,584 Accounts with partners 4,822 — Accrued liabilities and other 13,477 12,991 Foreign taxes payable 1,849 — Current portion of long term debt 5,833 6,666 Current liabilities - discontinued operations 15,002 15,347 Total current liabilities 51,252 46,588 Asset retirement obligations 20,434 20,163 Other long term liabilities 283 284 Long term debt, excluding current portion, net 1,119 2,309 Total liabilities 73,088 69,344 Commitments and contingencies Shareholders’ equity: Preferred stock, none issued, 500,000 shares authorized, $25 par value — — Common stock, $0.10 par value; 100,000,000 shares authorized, 66,443,971 shares issued, 58,862,876 shares outstanding as of March 31, 2018 and December 31, 2017 6,644 6,644 Additional paid-in capital 71,400 71,251 Less treasury stock 7,581,095 shares at cost as of March 31, 2018 and December 31, 2017 (37,953 ) (37,953 ) Accumulated deficit (20,994 ) (29,653 ) Total shareholders' equity 19,097 10,289 Total liabilities and shareholders' equity $ 92,185 $ 79,633 VAALCO ENERGY, INC AND SUBSIDIARIES
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share amounts)
Three Months Ended March 31, 2018 March 31, 2017 December 31, 2017 Revenues: Oil and natural gas sales $ 27,645 $ 21,266 $ 17,156 Operating costs and expenses: Production expense 10,960 7,946 11,549 Exploration expense — — 3 Depreciation, depletion and amortization 1,124 1,869 918 General and administrative expense 2,603 3,127 1,723 General and administrative related to shareholder matters — 15 — Bad debt expense (recovery) and other (56 ) 98 220 Total operating costs and expenses 14,631 13,055 14,413 Other operating income (expense), net 24 (63 ) (248 ) Operating income 13,038 8,148 2,495 Other income (expense): Interest expense, net (354 ) (403 ) (306 ) Other, net 69 (116 ) 2,684 Total other income (expense), net (285 ) (519 ) 2,378 Income from continuing operations before income taxes 12,753 7,629 4,873 Income tax expense 4,042 3,194 1,339 Income from continuing operations 8,711 4,435 3,534 Loss from discontinued operations (52 ) (176 ) (103 ) Net income $ 8,659 $ 4,259 $ 3,431 Basic net income (loss) per share: Income (loss) from continuing operations $ 0.15 $ 0.07 $ 0.06 Loss from discontinued operations 0.00 0.00 0.00 Net income per share $ 0.15 $ 0.07 $ 0.06 Basic weighted average shares outstanding 58,863 58,567 58,819 Diluted net income (loss) per share: Income (loss) from continuing operations $ 0.15 $ 0.07 $ 0.06 Loss from discontinued operations 0.00 0.00 0.00 Net income per share $ 0.15 $ 0.07 $ 0.06 Diluted weighted average shares outstanding 58,863 58,580 58,819 VAALCO ENERGY, INC AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Three Months Ended March 31, 2018 2017 Cash Flows From Operating Activities: Net income $ 8,659 $ 4,259 Adjustments to reconcile net income to net cash provided by
operating activities: Loss from discontinued operations 52 176 Depreciation, depletion and amortization 1,124 1,869 Other amortization 60 97 Unrealized foreign exchange gain (75 ) (128 ) Stock-based compensation 314 154 Commodity derivatives loss — 180 Bad debt expense (recovery) and other (56 ) 98 Other operating (gain) loss, net (24 ) 63 Operational expenses associated with equipment and other 172 — Change in operating assets and liabilities: Trade receivables (4,704 ) 255 Accounts with partners 8,129 8,099 Other receivables 37 40 Crude oil inventory 1,984 (124 ) Value added tax and other receivables 83 (317 ) Prepayments and other (804 ) 536 Accounts payable (1,291 ) (9,066 ) Foreign taxes payable 1,849 — Accrued liabilities and other 149 (1,509 ) Net cash provided by continuing operating activities 15,658 4,682 Net cash used in discontinued operating activities (591 ) (584 ) Net cash provided by operating activities 15,067 4,098 CASH FLOWS FROM INVESTING ACTIVITIES: Property and equipment expenditures (423 ) (768 ) Net cash used in continuing investing activities (423 ) (768 ) Net cash used in discontinued investing activities — — Net cash used in investing activities (423 ) (768 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from the issuances of common stock — 38 Debt repayment (2,083 ) (3,750 ) Borrowings — 4,167 Net cash provided by (used in) continuing financing activities (2,083 ) 455 Net cash provided by discontinued financing activities — — Net cash provided by (used in) financing activities (2,083 ) 455 NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 12,561 3,785 CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 32,286 30,643 CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 44,847 $ 34,428 VAALCO ENERGY, INC AND SUBSIDIARIES
Selected Financial and Operating Statistics
(Unaudited)
Three Months Ended March 31, 2018 March 31, 2017 December 31, 2017 NET SALES DATA: Oil (MBbls) 393 394 280 Average daily sales volumes (bbls/day) 4,367 4,378 3,043 NET PRODUCTION DATA Oil (MBbls) 325 416 364 Average daily production volumes (MBbls/day) 3,611 4,622 3,957 AVERAGE SALES PRICES: Oil ($/Bbl) $ 68.69 $ 51.99 $ 59.89 COSTS AND EXPENSES (PER Bbl OF SALES): Production expense $ 27.89 $ 20.17 $ 41.25 Production expense, excluding workovers* 27.17 20.44 29.12 Depreciation, depletion and amortization 2.86 4.74 3.28 General and administrative expense** 6.62 7.94 6.15 Property and equipment expenditures, cash basis (in thousands) $ 423 $ 768 $ 513 *Workover costs excluded from the three months ended March 31, 2018 and 2017 and December 31, 2017 are $0.3 million, $ (0.1) million and $3.4 million, respectively.
**General and administrative expenses include $0.80, $0.39 and $0.59 barrel of oil of sales of non-cash stock-based compensation expense in the three months ended March 31, 2018, and 2017 and December 31, 2017, respectively.
NON-GAAP FINANCIAL MEASURES
Adjusted EBITDAX is a supplemental non-GAAP financial measure used by VAALCO’s management and by external users of the Company’s financial statements, such as industry analysts, lenders, rating agencies, investors and others who follow the industry as an indicator of the Company’s ability to internally fund exploration and development activities and to service or incur additional debt. Adjusted EBITDAX is a non-GAAP financial measure and as used herein represents net income before discontinued operations, interest income (expense) net, income tax expense, depletion, depreciation and amortization, impairment of proved properties, exploration expense, non-cash and other items including stock compensation expense and commodity derivative loss.
Adjusted EBITDAX has significant limitations, including that it does not reflect the Company’s cash requirements for capital expenditures, contractual commitments, working capital or debt service. Adjusted EBITDAX should not be considered as a substitute for net income (loss), operating income (loss), cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDAX excludes some, but not all, items that affect net income (loss) and operating income (loss) and these measures may vary among other companies. Therefore, the Company’s Adjusted EBITDAX may not be comparable to similarly titled measures used by other companies.
The table below reconciles the most directly comparable GAAP financial measures to Adjusted EBITDAX.
VAALCO ENERGY, INC AND SUBSIDIARIES
Reconciliations of Non-GAAP Measures
(Unaudited)
(in thousands)
Three Months Ended Reconciliation of Net income to Adjusted EBITDAX March 31, 2018 March 31, 2017 December 31, 2017 Net income $ 8,659 $ 4,259 3,431 Add back: Impact of discontinued operations 52 176 103 Interest expense, net 354 403 306 Income tax expense 4,042 3,194 1,339 Depreciation, depletion and amortization 1,124 1,869 918 Exploration expense — — 3 Non-cash or unusual items: Stock-based compensation 314 154 165 Accrued liabilities reversal — — (2,614 ) Shareholder matters — 15 — Commodity derivative loss — 180 61 Equipment (recovery) write-offs (24 ) 63 — Bad debt expense (recovery) and other (56 ) 98 220 Adjusted EBITDAX $ 14,465 $ 10,411 $ 3,932 Reconciliation of Changes in Working Capital From Continuing Operations March 31, 2018 December 31, 2017 Change Current assets $ 46,477 $ 33,616 $ 12,861 Current liabilities 36,250 31,241 5,009 Working capital (1) $ 10,227 $ 2,375 $ 7,852 Excludes current assets and current liabilities attributable to discontinued operations.
Source:VAALCO Energy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-vaalco-energy-inc-announces-first-quarter-2018-results.html |
DAKAR (Thomson Reuters Foundation) - Five million people in West Africa’s Sahel region will need food aid in the coming months following a drought, but current funding will be insufficient to prevent starvation, the United Nations said on Thursday.
Six countries in the Sahel, a semi-arid belt below the Sahara, are facing the worst hunger in years after poor rains caused little vegetation to grow, U.N. agencies said.
The peak of the crisis has not yet hit, but more supplies must be ordered now to prevent deaths from malnutrition in June and July, said the U.N. children’s agency UNICEF.
“For once, the agencies and our partners are calling for action before the tragedy,” UNICEF’s regional director Marie-Pierre Poirier told journalists in Senegal’s capital Dakar.
“We must act now, immediately, to avoid children dying.”
More than 1.6 million children in the region are at risk of severe acute malnutrition, 50 percent more than during the Sahel’s last major food crisis in 2012, UNICEF said.
The agency expects it will need 1.3 million packets of therapeutic food to save the most vulnerable, but it has only been able to order 700,000 so far, said Poirier.
The area at risk includes parts of Mali, Niger, Burkina Faso, Chad, southern Mauritania and northern Senegal.
The Sahel has only one growing season, so if it goes poorly due to climate shocks or conflict people must survive on whatever they have until the next one, said Abdou Dieng, regional director of the World Food Programme (WFP).
This year, many families have already exhausted food stocks meant to last until September, and herders have been forced to migrate four months early in search of grass, U.N. agencies said.
“We are hearing of people cutting down the number of daily meals and children dropping out of school,” said Dieng.
“If we don’t do anything for these people, what will they do? Die, or join terrorist groups, or migrate,” he said.
Various conflicts in the region, home to a number of Islamist militant groups, have exacerbated the situation and will make it difficult to provide aid, he added.
Collectively, WFP, UNICEF and the U.N. Food and Agriculture Organization said they need $676 million to respond.
Reporting by Nellie Peyton; Please credit Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, and climate change. Visit www.trust.org
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-sahel-hunger-un/u-n-calls-for-urgent-aid-to-sahel-as-hunger-crisis-looms-idUSKBN1I42CL |
North Korea's U.S. prisoners may have been moved 10:29am BST - 01:22
The U.S. government is looking into reports that three Americans detained in North Korea have been relocated from a labor camp to a hotel near Pyongyang ahead of a planned summit between President Donald Trump and North Korean leader Kim Jong Un, a U.S. official said on Wednesday.
The U.S. government is looking into reports that three Americans detained in North Korea have been relocated from a labor camp to a hotel near Pyongyang ahead of a planned summit between President Donald Trump and North Korean leader Kim Jong Un, a U.S. official said on Wednesday. //reut.rs/2rgoDfF | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/03/north-koreas-us-prisoners-may-have-been?videoId=423415578 |
Amazon and Apple engage in turf war for location of second headquarters 10 Hours Ago Didi Caldwell, Global Location Strategies founding principal provides insight to two of the world's most valuable tech companies battling each other for some of the same cities to build new corporate campuses. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/amazon-and-apple-engage-in-turf-war-for-location-of-second-headquarters.html |
SINGAPORE, May 24 (Reuters) - Germany-based Bomin Group has started delivering ultra-low sulphur fuel oil (ULSFO) as a marine fuel to ships calling in the Amsterdam-Rotterdam-Antwerp region, the company said in a statement on Thursday.
* The ULSFO marine fuel has a maximum 0.1 sulphur content and complies with regulations on designated Emissions Control Areas (ECAs)as well as the International Maritime Organization’s (IMO) global sulphur cap in 2020.
* Coming IMO rules will slash the amount of sulphur emissions that ships worldwide are allowed to burn from 3.5 to 0.5 percent by 2020.
* Shipowners would benefit economically from consuming 0.1 percent fuel to clean their high-sulphur fuel systems rather than cleaning, or needing to dry dock prior to 2020 to ensure compliance with 0.5 percent sulphur cap in 2020, the company statement said.
* “Without cleaning or conducting several voyages on 0.1 percent fuel, shipowners risk not being compliant in time,” the company said. (Reporting by Roslan Khasawneh; Editing by Sunil Nair)
| ashraq/financial-news-articles | https://www.reuters.com/article/fueloil-bunker-imo/bomin-group-launches-imo-compliant-ultra-low-sulphur-marine-fuel-idUSL3N1SV38P |
US CRUDE OIL FUTURES RISE ABOVE $70 PER BARREL FOR THE 1ST TIME SINCE NOV, 2014 ON IRAN TENSION, VENEZUELA CRISIS | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/06/reuters-america-us-crude-oil-futures-rise-above-70-per-barrel-for-the-1st-time-since-nov-2014-on-iran-tension-venezuela-crisis.html |
The U.S. dollar was pushed lower on Thursday as the euro rallied on news that Italian parties made last-ditch efforts to form a government and avert snap elections, going some way toward easing concerns about a political crisis in the euro zone's third-largest economy.
The rise of a potentially euroskeptic government in Italy and the impact that could have on the stability of Europe had driven the euro to 10-month lows against the dollar on Tuesday.
"Italy has gone back to being seen as a problem, but maybe a contained problem, less of a global risk than it was on Monday and that's weighing on the USD," said Daniel Katzive, head of FX strategy North America at BNP Paribas in New York.
The euro strengthened against the dollar on Thursday, climbing 0.11 percent to $1.1674, after having risen 1.1 percent the previous day, its second-biggest daily gain this year. It hit a 10-month low of $1.1510 on Tuesday.
The rally followed remarks by Italian Prime Minister-designate Carlo Cottarelli on Wednesday that possibilities had emerged "for the birth of a political government," suggesting politicians, rather than technocrats like himself, might be able to steer the country out of deadlock.
That eased fears of a snap election that some say would effectively be a referendum on Italy's euro membership.
Euro zone inflation jumped far more than expected in May on higher energy costs, data showed on Thursday, bringing some relief to the European Central Bank after market turbulence that has jeopardized its planned exit from its crisis-era stimulus program.
An economic slowdown in Europe has pushed the euro lower since mid-April and reduced expectations for an early rate hike from the ECB. Thursday's inflation data could help put an ECB hike and unwinding back in play.
The inflation data had minimal immediate impact on the euro. But combined with Wednesday's hawkish message from the Bank of Canada, which strengthened the loonie as much as 1.4 percent against the dollar, it left the U.S. dollar vulnerable. This hurts the greenback more broadly "because it reinforces the theme that the rest of the G10 is normalizing rates and the ( Federal Reserve ) is no longer a unique central bank," said Katzive.
Following the President Trump's announcement of tariffs on Canadian, Mexican and the European Union steel and aluminum, the dollar gained 0.84 percent against the Canadian dollar at 1.2981.
The dollar gained 1.42 percent at 20.0022 against the Mexican peso.
Canadian Prime Minister Justin Trudeau called the tariffs "totally unacceptable" during an announcement on Thursday. He introduced dollar-for-dollar tariffs he said would remain until U.S. leadership came to its senses.
"That Canada could be considered a national security threat to the United States is inconceivable," he added.
The dollar shed 0.25 percent to 108.63 yen , edging back toward Tuesday's five-week low of 108.10 yen.
The dollar index, which measures the greenback against a basket of six major currencies, was down 0.08 percent at 94.08 after having dipped as much as 0.4 percent on the day to 93.717.
show chapters Trading Nation: Fade the dollar rally? 3:26 PM ET Wed, 30 May 2018 | 02:19 --CNBC's Chloe Aiello contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/euro-wins-reprieve-as-italy-seeks-to-calm-political-turmoil.html |
(Reuters) - For decades, tennis players from Sweden traveled to Roland Garros with high expectations but the sport is going to need an iconic figure like soccer star Zlatan Ibrahimovic if they are to regain their former glory, Robin Soederling has told Reuters.
The two-time French Open finalist, who lost to Roger Federer in 2009 and Rafael Nadal in 2010, was speaking ahead of the French Open, the event where his compatriots notched some of their biggest successes from the late 1970s to 2010.
“It started with Bjorn Borg, we had a big star and tennis was very popular. Success breeds interest, and tennis was featured a lot in the media, and I think a lot of kids had tennis as their first choice of sport,” Soederling explained.
“We had (Stefan) Edberg, (Mats) Wilander and the rest, and then the next generation, and that was the reason I started. There was always Swedes to follow at tournaments. I didn’t have a favorite player but I liked to follow the Swedes,” the 33-year-old said.
“Success breeds success, so I think we’re going to see the same thing in soccer with Zlatan (Ibrahimovic). In a number of years there’ll be a lot of kids who started playing because of him.”
The current biggest hope for the Swedes is 22-year-old Elias Ymer, who qualified for the French Open by beating Prajnesh Gunneswaran on Friday.
Ymer, who is coached by Soederling and is just outside the top 100 in the ATP world rankings, is hoping to follow in the footsteps of Bjorn Borg who claimed the title at Roland Garros four years in a row from 1978 to 1981.
When Borg failed to make the final in 1982, it was left to his compatriot Mats Wilander to raise the trophy after defeating Argentina’s Guillermo Vilas in the final.
Wilander went on to win again in 1985 and 1988 and he lost the final in 1987, with fellow Swedes Mikael Pernfors and Stefan Edberg also finishing as runners-up during a golden decade for Swedish tennis.
SLIM PICKINGS Since then it’s been slim pickings for the Swedes, with a losing appearance by Magnus Norman in the 2000 final and consecutive defeats for Soederling the closest they have come to winning since Wilander’s 1988 victory.
Many in Swedish tennis thought that Soederling himself might be that shining light that would convince kids to turn to tennis, but his career was cut short by illness and he played his last match aged just 26.
Soederling says that the competition is much tougher these days and kids are choosing other sports like ice hockey and soccer, but that there is still hope for tennis.
“I think the Swedish people were spoiled in previous years, having so many stars during our heyday, but there are kids of 14, 15 who are very talented and we will see in the coming years how it goes for them,” Soederling said.
“Even if we have developed within the association and as coaches, we need to attract the most talented athletes to the sport of tennis.”
Reporting by Philip O'Connor; Editing by Christian Radnedge
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-swedes/swedish-tennis-needs-a-star-like-zlatan-says-soederling-idUSKCN1IQ1CT |
May 9 (Reuters) - Craft Brew Alliance Inc:
* CRAFT BREW ALLIANCE REPORTS STRONG FIRST QUARTER RESULTS FUELED BY INCREASES IN NET SALES, GROSS MARGIN, AND EPS
* Q1 SALES $47.5 MILLION VERSUS I/B/E/S VIEW $43.9 MILLION * Q1 EARNINGS PER SHARE VIEW $-0.02 — THOMSON REUTERS I/B/E/S
* RECONFIRMED GUIDANCE FOR FULL YEAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-craft-brew-alliance-reports-q1-ear/brief-craft-brew-alliance-reports-q1-earnings-per-share-0-01-idUSASC0A11X |
By Michael Hirtzer CHICAGO, May 21 (Reuters) - Cattle futures jumped the most in more than a month on Monday, buoyed by technical short covering and optimism that demand from beef packers that resulted in last week's large cattle slaughter will continue this week, traders and analysts said. Front-month June live cattle futures briefly rose by their daily 3.000-cent price limit, before settling up 2.525 cents at 104.925 cents per pound while the most-active August contract ended 2.400 cents higher at 100.625 cents. The June contract's percentage gains of 2.7 percent were the largest since April 4 and followed a nearly 5 percent weekly drop last week. August feeder cattle futures were up 2.875 cents at 140.500 cents per pound. Some traders were exiting short bets ahead of a monthly U.S. cattle supply report due on Friday and the three-day U.S. Memorial Day holiday weekend. Commodity Futures Trading Commission data released last week showed speculative investors adding new short bets and cutting long positions. The cattle slaughter of 660,000 head last week was up from the same week in 2017 of 612,000 head, and the year-to-date slaughter is up 2.8 percent from last year, according to the U.S. Department of Agriculture. "Not many guys want to hold sizable short positions ahead of a long weekend," said Top Third Ag Marketing analyst Craig VanDyke. "We've had some monster kills the last two weeks and the (beef) product has been moving very well." Increased slaughter suggested packers were enjoying robust demand for beef. Sales of beef and other meats typically spike in the summer, when more U.S. consumers cook on outdoor grills. News of easing trade tensions between the United States and China also underpinned cattle prices, even though China was unlikely to significantly boost its imports of U.S. beef, the analysts said. Hog futures were lower at the Chicago Mercantile Exchange, pressured by technical selling and despite hopes that China could eliminate a tariff on imports of U.S. pork. Chicago Mercantile Exchange June lean hogs were down 0.700 cent at 74.000 cents per pound, the lowest since May 7. The contract could test its lifetime lows reached early in April, VanDyke said. (Reporting by Michael Hirtzer in Chicago Editing by Matthew Lewis)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-livestock/livestock-cattle-surge-on-technical-buying-packer-demand-idUSL2N1SS1QW |
Lifetime's "Harry & Meghan" premieres in Beverly Hills 5:48pm BST - 01:59
The stars of the upcoming release explained the challenges they faced when making the film. Rough cut (no reporter narration)
The stars of the upcoming release explained the challenges they faced when making the film. Rough cut (no reporter narration) //reut.rs/2KA1FZC | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/04/lifetimes-harry-meghan-premieres-in-beve?videoId=423868670 |
MADRID, May 18 (Reuters) - Human rights experts from the United Nations called on Spain on Friday to halt extraditions of Chinese and Taiwanese nationals to China because of concerns they would be exposed to the risk of torture, ill treatment or the death penalty.
They cited the Dec. 2016 arrest of 269 suspects, including 219 Taiwanese, over their alleged involvement in telecom scams to defraud Chinese citizens in a police swoop dubbed Operation Wall.
Two Taiwanese individuals were reported to have been extradited to China on Thursday and the UN experts said they feared others would also be deported soon.
“We are dismayed by the decision by the Spanish courts to extradite these individuals. The ruling clearly contravenes Spain’s international commitment to refrain from expelling, returning or extraditing people to any state where there are well-founded reasons to believe that they might be in danger of being subjected to torture,” the experts said.
The experts also said some of those detained may be victims of human trafficking after they stated they had been brought to Spain under the promise they would work as tourist guides.
The Justice Ministry did not immediately respond to a request for comment. (Reporting by Paul Day Editing by Richard Balmforth)
| ashraq/financial-news-articles | https://www.reuters.com/article/spain-extradition-china/un-experts-call-on-spain-to-halt-extraditions-to-china-idUSL5N1SP5SE |
Highlights:
Q1 2018 orders totaled $28 million – strong Gearing orders and initial tower order following 2017 inventory correction
Q1 2018 revenue of $30 million down from $56 million in Q1 2017, but up 69% sequentially as tower production begins to ramp up
EPS loss of $.32 due to low tower production
Initiated restructuring plan for Abilene fabrications facility and exit of CNG business
CICERO, Ill., May 04, 2018 (GLOBE NEWSWIRE) -- Broadwind Energy, Inc. (NASDAQ:BWEN) reported sales of $30.0 million in Q1 2018, down 47% compared to $56.1 million in Q1 2017. The sharp decrease was primarily due to a $32.1 million decrease in Towers and Heavy Fabrications segment revenue due to a 64% reduction in tower sections sold, as the two tower production facilities were restarting operations following a near shutdown in the fourth quarter of 2017, and a lower average sales price on the product mix sold. Partially offsetting were increased sales for the Gearing segment, up 127% compared to Q1 2017 due to the strong demand from oil and gas customers, and higher Process Systems revenue, due to the recovery in mining and other industrial markets.
The Company reported a net loss from continuing operations of $4.8 million, or $.32 per share, in Q1 2018, compared to a net income from continuing operations of $6.5 million, or $.43 per share, in Q1 2017. The prior-year quarter included a $5.1 million, or $.34 per share income tax benefit due primarily to the partial release of a tax valuation allowance related to the Red Wolf acquisition. The remaining difference is primarily due to low tower production in the first quarter of 2018.
The Company reported near break-even results from discontinued operations in Q1 2018, compared to net loss from discontinued operations of $.2 million in Q1 2017. The Company reported non-GAAP adjusted EBITDA loss (earnings before interest, taxes, depreciation, amortization, share-based payments and restructuring costs) of $1.6 million in Q1 2018, compared to non-GAAP adjusted EBITDA of $3.9 million in Q1 2017 (please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release). The $5.5 million decrease was mainly attributable to significantly lower production volume in the Towers and Heavy Fabrications segment, partly offset by improvements in the other business segments.
Broadwind CEO Stephanie Kushner stated, “We are regaining our footing after a very difficult second half of 2017. We booked $28 million in orders during Q1 2018, which included the first significant tower order in a year following an inventory correction triggered by the merger of our two large tower customers. Our operational leaders did a good job restarting production in our tower plants following a near shutdown last year. Our visibility has improved, although our capacity utilization will only gradually recover this year and we are monitoring the steel tariff impact carefully. We are on track with our 2018 customer diversification initiative of more than $40 million in orders outside of our core customer base.
Kushner continued, “Our Gearing segment is off to a strong start, with first quarter revenue more than double last year. With the resurgence in demand from oil and gas customers, we are continuing to deal with supply chain constraints and general growing pains, which we expect to iron out as the year progresses. Our order visibility is significantly improved in this segment, as customers have secured production slots in response to the threat of rising input costs and lengthening material lead times, and our production is largely booked out for 2018.
Following the decision to exit the CNG market, we will consolidate into one production facility in Abilene, Texas, where we will produce both towers and other heavy fabrications, which will save us about $600 thousand in manufacturing overhead annually.”
Kushner concluded, “As our tower business recovers and our gearing and heavy fabrications orders accelerate, we expect consolidated Q2 revenue to rise to $36-38 million and to return to positive EBITDA generation.”
Orders and Backlog
The Company booked $28.1 million of net new orders in Q1 2018, compared to $40.0 million in Q1 2017. Towers and Heavy Fabrications orders, which vary considerably from quarter to quarter, totaled $7.8 million in Q1 2018, down from $29.1 million in Q1 2017. Gearing orders totaled $15.4 million in Q1 2018, more than double Q1 2017 orders of $7.3 million, as a result of increased orders from oil & gas and industrial customers. Process Systems orders totaled $4.9 million in Q1 2018 compared to $3.6 million in Q1 2017 as a result of the timing of the Red Wolf acquisition in the prior year.
At March 31, 2018, total backlog was $136.3 million, compared to $138.2 million at December 31, 2017.
Segment Results
Towers and Heavy Fabrications (formerly known as Towers and Weldments)
Broadwind Energy produces fabrications for wind, oil and gas, mining and other industrial applications, specializing in the production of wind turbine towers.
Towers and Heavy Fabrications segment sales totaled $16.8 million in Q1 2018, compared to $48.9 million in Q1 2017. The significant decrease was due to a 64% reduction in tower sections sold as our largest customer halted orders beginning in Q2 2017 in order to work off excess inventory, and a lower average sales price on the product mix sold. This was partially offset by increased heavy fabrications volume due primarily to an expanded customer base and the recovery in mining and other industrial markets. The Towers and Heavy Fabrications segment operating loss totaled $1.5 million in Q1 2018 compared to operating income of $5.8 million in Q1 2017. The significant reduction was primarily due to operating at a low capacity level, a less favorable product mix and significant start-up costs related to the quick production ramp up from near shutdown levels in Q4 2017. These factors were partially offset by $1.3 million in savings attributable to reduced labor and overhead expense. The net loss for the Towers and Heavy Fabrications segment totaled $1.1 million in Q1 2018, compared to net income of $4.0 million in Q1 2017. Non-GAAP Adjusted EBITDA in Q1 2018 was a loss of $.1 million compared to non-GAAP adjusted EBITDA of $7.0 million in Q1 2017. The decrease was due to the factors described above.
Gearing
Broadwind Energy engineers, builds and remanufactures precision gears and gearboxes for oil and gas, mining, steel, wind and other specialized applications.
Gearing segment sales totaled $8.8 million in Q1 2018, compared to $3.9 million in Q1 2017. The $4.9 million increase was due to successful expansion of the customer base and continued strong sales to oil & gas and other industrial customers related to the rebound in these markets. The operating loss narrowed to $.6 million in Q1 2018, compared to $1.5 million in Q1 2017. The improvement was due to the increase in revenue noted above, partially offset by the residual impact of supply chain delays that led to operating inefficiencies, and higher manufacturing variances to support the increased production. The net loss for the Gearing segment totaled $.6 million in Q1 2018, compared to $1.5 million in Q1 2017. The Gearing segment reported slightly positive Non-GAAP adjusted EBITDA for Q1 2018 compared to a Non-GAAP adjusted EBITDA loss of $.9 million in Q1 2017. The $.9 million improvement was due to the factors described above (please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release).
Process Systems
Broadwind Energy designs and manufactures custom, modular systems for compression, filtration and other specialized process applications for the global market. On February 1, 2017, the Company acquired Red Wolf which has been combined with the Abilene-based compressed natural gas (“CNG”) and fabrication business, previously reported as a part of Towers and Heavy Fabrications, to form the Process Systems segment.
The Company acquired Red Wolf on February 1, 2017, therefore the 2017 results included only a partial quarter for that operation. Process Systems revenue totaled $4.4 million in Q1 2018 compared to $3.3 million in Q1 2017 due to the recovery in mining and other industrial markets. The operating loss totaled $.9 million in Q1 2018 compared to $.8 million in Q1 2017 due to a less favorable product mix.
Corporate
Corporate and other expenses totaled $1.5 million in Q1 2018, down from $1.9 million in Q1 2017. The decrease was primarily due to a reduction in incentive compensation and lower salaries and benefits expense due to reduced staffing.
Cash and Liquidity
During Q1 2018, operating working capital (accounts receivable and inventory, net of accounts payable and customer deposits) increased to $14.3 million as production levels increased to support higher scheduled tower deliveries.
Capital expenditures, net of disposals, in Q1 2018 totaled $.3 million.
Debt and capital leases totaled $21.2 million at March 31, 2018, including the $2.6 million New Markets Tax Credit loan, which is expected to be substantially forgiven when it matures in Q3 18. The Company was not in compliance with the minimum EBITDA covenant of its credit facility as of March 31, 2018. On May 3, 2018, the Company and Canadian Imperial Bank of Commerce (“CIBC”) executed an amendment to the loan agreement waiving compliance with this covenant. The Company’s $25 million line of credit with CIBC had a balance of $14.2 million at March 31, 2018 and $9.9 million of availability.
Cash assets (cash and short-term investments) remained near zero as expected because the Company’s cash and receipts are automatically applied to the outstanding credit line balance consistent with the terms of the line.
About Broadwind Energy, Inc.
Broadwind Energy (NASDAQ:BWEN) is a precision manufacturer of structures, equipment and components for clean tech and other specialized applications. From gears and gearing systems for wind, oil and gas and mining applications, to wind towers and industrial weldments, we have solutions for the clean tech, energy and infrastructure needs of the future. With facilities throughout the U.S., Broadwind Energy's talented team is committed to helping customers maximize performance of their investments—quicker, easier and smarter. Find out more at www.bwen.com
Forward-Looking Statements
This release contains “forward looking statements”—that is, statements related to future, not past, events—as defined in Section 21E of the Securities Exchange Act of 1934, as amended, that reflect our current expectations regarding our future growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities, as well as assumptions made by, and information currently available to, our management. Forward looking statements include any statement that does not directly relate to a current or historical fact. We have tried to identify forward looking statements by using words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “may,” “plan” and similar expressions, but these words are not the exclusive means of identifying forward looking statements.
Our may include or relate to our beliefs, expectations, plans and/or assumptions with respect to the following: (i) state, local and federal regulatory frameworks affecting the industries in which we compete, including the wind energy industry, and the related extension, continuation or renewal of federal tax incentives and grants and state renewable portfolio standards; (ii) our customer relationships and our substantial dependency on a few significant customers and our efforts to diversify our customer base and sector focus and leverage relationships across business units; (iii) our ability to continue to grow our business organically and through acquisitions; (iv) the sufficiency of our liquidity and alternate sources of funding, if necessary; (v) our ability to realize revenue from customer orders and backlog; (vi) our ability to operate our business efficiently, manage capital expenditures and costs effectively, and generate cash flow; (vii) the economy and the potential impact it may have on our business, including our customers; (viii) the state of the wind energy market and other energy and industrial markets generally and the impact of competition and economic volatility in those markets; (ix) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities; (x) the effects of the recent change of administrations in the U.S. federal government; (xi) our ability to successfully integrate and operate the business of Red Wolf Company, LLC and to identify, negotiate and execute future acquisitions; (xii) the potential loss of tax benefits if we experience an “ownership change” under Section 382 of the Internal Revenue Code of 1986, as amended; and (xiii) the impact of future sales of our common stock or securities convertible into our common stock on our stock price. These statements are based on information currently available to us and are subject to various risks, uncertainties and other factors that could cause our actual growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. We are under no duty to update any of these statements. You should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or other factors that could cause our current beliefs, expectations, plans and/or assumptions to change.
BROADWIND ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
March 31, December 31, 2018 2017 ASSETS CURRENT ASSETS: Cash and cash equivalents .. $ 26 $ 78 Accounts receivable, net .. 15,925 13,644 Inventories, net . 22,294 19,279 Prepaid expenses and other current assets 1,819 1,798 Current assets held for sale 579 580 Total current assets 40,643 35,379 LONG-TERM ASSETS: Property and equipment, net .. 53,707 55,693 Goodwill .. 4,993 4,993 Other intangible assets, net 15,607 16,078 Other assets . 195 207 TOTAL ASSETS $ 115,145 $ 112,350 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Line of credit, NMTC and other notes payable .. $ 18,028 $ 14,138 Current maturities of long-term debt . 114 114 Current portions of capital lease obligations . 771 762 Accounts payable .. 13,905 11,756 Accrued liabilities 6,046 4,393 Customer deposits 9,988 9,791 Current liabilities held for sale 29 30 Total current liabilities 48,881 40,984 LONG-TERM LIABILITIES: Long-term debt, net of current maturities .. 1,523 797 Long-term capital lease obligations, net of current portions 745 941 Other .. 2,333 3,557 Total long-term liabilities 4,601 5,295 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued or outstanding - - Common stock, $0.001 par value; 30,000,000 shares authorized; 15,650,956 and 15,480,299 shares issued as of March 31, 2018 and December 31, 2017, respectively . 16 15 Treasury stock, at cost, 273,937 shares at March 31, 2018 and December 31, 2017 . (1,842 ) (1,842 ) Additional paid-in capital .. 380,434 380,005 Accumulated deficit (316,945 ) (312,107 ) Total stockholders' equity 61,663 66,071 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY . $ 115,145 $ 112,350 BROADWIND ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended March 31, 2018 2017 Revenues .. $ 29,967 $ 56,060 Cost of sales . 29,984 49,686 Restructuring . 115 - Gross (loss)/profit . (132 ) 6,374 OPERATING EXPENSES: Selling, general and administrative .. 3,898 4,420 Intangible amortization 471 351 Restructuring . 36 - Total operating expenses . 4,405 4,771 Operating (loss) income (4,537 ) 1,603 OTHER INCOME, net: Interest expense, net . (298 ) (139 ) Other, net . (3 ) - Total other expense, net . (301 ) (139 ) Net (loss) income before benefit for income taxes .. (4,838 ) 1,464 Benefit for income taxes . (27 ) (5,018 ) (LOSS) INCOME FROM CONTINUING OPERATIONS ..……… (4,811 ) 6,482 LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX ……….. (27 ) (155 ) NET (LOSS) INCOME $ (4,838 ) $ 6,327 NET (LOSS) INCOME PER COMMON SHARE - BASIC: (Loss) income from continuing operations .. $ (0.32 ) $ 0.43 Loss from discontinued operations .. . - (0.01 ) Net (loss) income .. $ (0.32 ) $ 0.42 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - Basic 15,257 14,929 NET INCOME (LOSS) PER COMMON SHARE - DILUTED: (Loss) income from continuing operations .. . $ (0.32 ) $ 0.43 Loss from discontinued operations .. . - (0.01 ) Net (loss) income . $ (0.32 ) $ 0.42 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - Diluted 15,257 15,195 BROADWIND ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
Three Months Ended March 31, 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income…... $ (4,838 ) $ 6,327 Loss from discontinued operations . (27 ) (155 ) (Loss) income from continuing operations (4,811 ) 6,482 Adjustments to reconcile net cash used in operating activities: Depreciation and amortization expense . 2,357 2,101 Deferred income taxes . (27 ) (5,050 ) Stock-based compensation .. 262 222 Allowance for doubtful accounts . (15 ) 8 Common stock issued under defined contribution 401(k) plan . 167 - Gain on disposal of assets . - (2 ) Changes in operating assets and liabilities: Accounts receivable .. (2,266 ) (9,037 ) Inventories (2,577 ) 382 Prepaid expenses and other current assets .. 21 423 Accounts payable . 2,956 2,883 Accrued liabilities 1,653 (2,356 ) Customer deposits . 197 (4,440 ) Other non-current assets and liabilities . (1,210 ) 239 Net cash used in operating activities of continued operations (3,293 ) (8,145 ) CASH FLOWS FROM INVESTING ACTIVITIES: Cash paid in acquisition .. - (16,659 ) Sales of available for sale securities ...………….. - 2,221 Maturities of available for sale securities ...……. - 950 Purchases of property and equipment ...……. (229 ) (3,261 ) Proceeds from disposals of property and equipment - 2 Net cash used in investing activities of continued operations (229 ) (16,747 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from line of credit .. 32,886 51,852 Payments on line of credit . (29,202 ) (45,358 ) Principal payments on capital leases .. (187 ) (114 ) Net cash provided by financing activities of continued operations 3,497 6,380 DISCONTINUED OPERATIONS: Operating cash flows .. (27 ) 74 Financing cash flows .. - (109 ) Net cash used in discontinued operations (27 ) (35 ) Add: Cash balance of discontinued operations, beginning of period - 2 Less: Cash balance of discontinued operations, end of period - - NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH………… . (52 ) (18,545 ) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH beginning of the period…… . 78 18,800 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH end of the period .. $ 26 $ 255 Supplemental cash flow information: Interest paid . .. $ 233 $ 77 Income taxes paid .. $ - $ 3 Non-cash activities: Issuance of restricted stock grants .. $ 262 $ 222 Contingent consideration related to business acquisition .. $ - $ 2,944 Red Wolf acquisition: Assets acquired . . $ - 27,157 Liabilities assumed .. $ - 7,554
BROADWIND ENERGY, INC. AND SUBSIDIARIES
SELECTED SEGMENT FINANCIAL INFORMATION
(IN THOUSANDS)
(UNAUDITED)
Three Months Ended March 31, 2018 2017 ORDERS: Towers and Heavy Fabrications $ 7,842 $ 29,088 Gearing 15,366 7,319 Process Systems 4,933 3,615 Total orders $ 28,141 $ 40,022 REVENUES: Towers and Heavy Fabrications $ 16,785 $ 48,895 Gearing 8,805 3,871 Process Systems 4,377 3,294 Corporate and Other - - Total revenues $ 29,967 $ 56,060 OPERATING PROFIT/(LOSS): Towers and Heavy Fabrications $ (1,503 ) $ 5,849 Gearing (626 ) (1,531 ) Process Systems (893 ) (822 ) Corporate and Other (1,514 ) (1,893 ) Total operating (loss)/profit $ (4,537 ) $ 1,603 Non-GAAP Financial Measure
The Company provides non-GAAP adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, and stock compensation) as supplemental information regarding the Company’s business performance. The Company’s management uses adjusted EBITDA when it internally evaluates the performance of the Company’s business, reviews financial trends and makes operating and strategic decisions. The Company believes that this non-GAAP financial measure is useful to investors because it provides investors with a better understanding of the Company’s past financial performance and future results allows investors to evaluate the Company’s performance using the same methodology and information as used by the Company’s management. The Company's definition of adjusted EBITDA may be different from similar non-GAAP financial measures used by other companies and/or analysts.
BROADWIND ENERGY, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(IN THOUSANDS)
(UNAUDITED)
Consolidated Three Months Ended March 31, 2018 2017 Net (Loss)/Income from continuing operations . $ (4,811 ) $ 6,482 Interest Expense . 298 139 Income Tax Provision/(Benefit) (27 ) (5,018 ) Depreciation and Amortization 2,357 2,101 Share-based Compensation and Other Stock Payments 429 222 Restructuring Costs . 151 - Adjusted EBITDA (Non-GAAP) . $ (1,603 ) $ 3,926
Towers and Heavy Fabrications Segment Three Months Ended March 31, 2018 2017 Net (Loss)/Income . $ (1,115 ) $ 4,003 Interest Expense/(Benefit) . 31 15 Income Tax (Benefit)/Provision (419 ) 1,831 Depreciation and Amortization 1,255 1,092 Share-based Compensation and Other Stock Payments 143 58 Adjusted EBITDA (Non-GAAP) .. $ (105 ) $ 6,999
Gearing Segment Three Months Ended March 31, 2018 2017 Net Income/(Loss)…………... . $ (631 ) $ (1,537 ) Interest Expense 3 4 Income Tax Provision/(Benefit) 3 2 Depreciation and Amortization 590 625 Share-based Compensation and Other Stock Payments 66 19 Adjusted EBITDA (Non-GAAP) .. $ 31 $ (887 )
Process Systems Three Months Ended March 31, 2018 2017 Net Income/(Loss) $ (644 ) $ (699 ) Interest Expense . 1 1 Income Tax Provision/(Benefit) (253 ) (125 ) Depreciation and Amortization . 451 334 Share-based Compensation and Other Stock Payments………… 28 6 Restructuring Expense . 152 - Adjusted EBITDA (Non-GAAP) $ (265 ) $ (483 )
Corporate and Other Three Months Ended March 31, 2018 2017 Net(Loss)/Income .. $ (2,421 ) $ 4,715 Interest Expense 263 119 Income Tax Provision/(Benefit) 642 (6,726 ) Depreciation and Amortization 61 51 Share-based Compensation and Other Stock Payments 192 138 Adjusted EBITDA (Non-GAAP) . $ (1,263 ) $ (1,703 ) BWEN INVESTOR CONTACT: Joni Konstantelos, 708.780.4819 [email protected]
Source:Broadwind Energy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-broadwind-energy-announces-q1-2018-results.html |
Stacey Abrams won Georgia’s Democratic primary for governor Tuesday, setting her up for a general election in which she is bidding to become the nation’s first black woman elected governor.
The Associated Press declared Ms. Abrams, a former minority leader of the Georgia state House, the winner in the intraparty contest against Stacey Evans, a former state representative.
She... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/stacey-abrams-wins-georgia-governor-democratic-primary-1527039752 |
May 9, 2018 / 11:16 AM / in 10 minutes BRIEF-Tecnoglass Q1 Adjusted Earnings Per Share $0.14 Reuters Staff
May 9 (Reuters) - Tecnoglass Inc: * Q1 REVENUE ROSE 29 PERCENT TO $84.9 MILLION
* REAFFIRMS FULL YEAR 2018 OUTLOOK FOR DOUBLE-DIGIT REVENUE AND ADJUSTED EBITDA GROWTH Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tecnoglass-q1-adjusted-earnings-pe/brief-tecnoglass-q1-adjusted-earnings-per-share-0-14-idUSASC0A0X0 |
May 8, 2018 / 7:23 AM / Updated 10 hours ago UK rail companies say fare system should be simplified Reuters Staff 2 Min Read
LONDON (Reuters) - Britain’s train operators said they will start a process aimed at simplifying the current system of rail fares which means that customers using UK railways can end up paying more for tickets than they should.
The industry body that represents the UK’s train operators said on Tuesday that it was beginning a public consultation on fares and ticketing regulation, alongside which it would commission an independent report, before presenting proposals to government for reform.
Britain’s rail services were privatised in the 1990s and since then different companies have bid to run sections of the network.
The industry body, the Rail Delivery Group (RDG), said that this process had led to layers of requirements building up and as a result it was hard to buy the right ticket.
“Unpicking the regulation of a 10 billion pounds a year fares system that underpins such a vital public service means there are no quick-and-easy solutions,” RDG Chief Executive Paul Plummer said in a statement.
“This consultation will enable us to create a clear roadmap with the country so that we can make the right changes for the long-term more quickly.”
The RDG’s members include Govia Thameslink, a partnership between British company Go-Ahead and France’s Keolis, and First Great Western, part of First Group. Reporting by Sarah Young, editing by James Davey | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-railway-fares/uk-rail-companies-say-fare-system-should-be-simplified-idUKKBN1I90NL |
May 15 (Reuters) - TapImmune Inc:
* TAPIMMUNE AND MARKER THERAPEUTICS ANNOUNCE ENTRY INTO MERGER AGREEMENT, CREATING A TRANSFORMATIONAL IMMUNO-ONCOLOGY PLATFORM
* TAPIMMUNE - MARKER STOCKHOLDERS RECEIVE NEW SHARES, WARRANTS OF CO’S STOCK RELATED TO DEAL EQUAL TO NUMBER OF CO SHARES, WARRANTS OUTSTANDING AT DEAL CLOSE
* TAPIMMUNE INC - PROPOSED DEAL TO BE A MERGER-OF-EQUALS UNDER WHICH STOCKHOLDERS OF TAPIMMUNE AND MARKER WILL EACH OWN ABOUT 50% OF COMBINED COMPANY Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tapimmune-and-marker-therapeutics/brief-tapimmune-and-marker-therapeutics-announce-entry-into-merger-agreement-idUSFWN1SM0LQ |
LONDON, May 9 (Reuters) - British permanent job placements increased in April at the weakest pace this year, adding to mixed signals from the labour market ahead of this week’s Bank of England interest rate decision, a survey showed on Wednesday.
The Recruitment and Employment Confederation (REC) also said growth in starting salaries for permanent staff edged up last month after falling to a ten-month low in March, although it was still the second-weakest reading since June 2017.
Still, pay rates for temporary staff picked up at the fastest rate in two years.
Britain’s economy grew by just 0.1 percent in the first three months of 2018, its weakest performance in five years, due in part to heavy snow in late February and early March.
But since then business surveys have recovered less than expected and BoE Governor Mark Carney has suggested the central bank could wait before raising rates, causing a sharp shift in financial markets away from bets on a rate hike this Thursday.
The latest REC survey showed weakness centred especially around the retail sector. Earlier on Wednesday, figures from the British Retail Consortium and payments company Barclaycard pointed to a subdued consumer economy.
“Following the recent headlines about high street closures, it’s unsurprising to see demand for retail staff falling this month,” REC director of policy Tom Hadley said.
Already this year Toys R Us UK, electricals group Maplin and drinks wholesaler Conviviality have filed for protection from creditors, while fashion retailer New Look is also closing stores.
Official data last month showed British workers’ pay is still rising by less than inflation despite the lowest unemployment rate since 1975, but wage growth turned out weaker than expected in the three months to February. (Reporting by Ana De Liz, editing by Andy Bruce)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-economy-labour/uk-recruiters-report-weakest-growth-in-permanent-jobs-this-year-rec-idUSL3N1SF5L8 |
May 5, 2018 / 9:45 AM / in 4 hours Earthquakes, lava fissures could last for months on Hawaii - USGS Karin Stanton 3 Min Read
PAHOA, Hawaii (Reuters) - More homes on Hawaii’s Big Island were destroyed on Saturday as eruptions linked to the Kilauea volcano increased, spewing lava into residential areas and forcing nearly 2,000 people to evacuate, officials said.
Scientists forecast more eruptions and more earthquakes, perhaps for months to come, after the southeast corner of the island was rocked by a 6.9 tremor on Friday, the strongest on the island since 1975.
The U.S. Geological Survey (USGS) said on Saturday that several new lava fissures had opened in the Leilani Estates subdivision of Puna District, about a dozen miles (19 km) from the volcano. Not all the fissures were still active, it added.
The Hawaiian Volcano Observatory said at midday local time on Saturday that “eruptive activity is increasing and is expected to continue.”
Janet Babb, a spokeswoman for the observatory, said by telephone that the eruptions could carry on “for weeks or months.”
Babb said the activity since Thursday is beginning to show similarities to another event in the area in 1955 that lasted for 88 days, when far fewer people lived near the volcano.
Although no significant lava flows have yet formed, additional outbreaks of lava, which can reach temperatures of about 2,100 degrees Fahrenheit (1,150 Celsius), were expected, the Hawaii County Civil Defense Agency said.
The Hawaii Fire Department reported “extremely dangerous air quality conditions due to high levels of sulfur dioxide gas in the evacuation area,” civil defense officials said on Saturday. The gas can cause skin irritations and breathing difficulties. Lava emerges from the ground after Kilauea Volcano erupted, on Hawaii's Big Island May 3, 2018, in this still image taken from video obtained from social media. Jeremiah Osuna/via REUTERS
Ken Smith of Mountain View on the island ran errands on Friday evening on streets usually busy with pre-weekend traffic, “but the roads were totally empty,” he said by telephone. “It felt almost apocalyptic.”
Kilauea, one of the world’s most active volcanoes and one of five on the island, has been in constant eruption for 35 years. Lava flows from the volcano have covered 48 square miles (125 square km), according to the USGS.
Kilauea began spewing lava into residential areas on Thursday after a series of earthquakes over the preceding week. Starting around 11 a.m. on Friday, the island experienced a flurry of earthquakes, culminating in the massive magnitude 6.9 tremor.
No injuries or deaths were reported, but Hawaii Governor David Ige activated the Hawaii National Guard to provide emergency help.
U.S. Representative Tulsi Gabbard of Hawaii called on federal officials to send help quickly.
Gabbard, a Democrat, in a letter sent Friday, asked Federal Emergency Management Agency Administrator William Long to respond to “short- and long-term housing, infrastructure, agriculture, and public health effects to Hawaii Island.” Slideshow (3 Images)
Gabbard said more than 1,800 residents in Leilani Estates and Lanipuna Gardens have been ordered to leave their homes since Thursday, when public works officials first reported steam and lava erupting from fissures in a road. Additional reporting by Brendan O'Brien in Milwaukee and Bernie Woodall in Fort Lauderdale, Florida; Editing by Toby Chopra and Jonathan Oatis | ashraq/financial-news-articles | https://uk.reuters.com/article/us-hawaii-volcano/hawaiis-big-island-on-high-alert-after-earthquakes-lava-fissures-idUKKBN1I608N |
May 2 (Reuters) - China Demeter Financial Investments Ltd :
* EXPECTED TO RECORD A SUBSTANTIAL DECREASE IN LOSS FOR THREE MONTHS ENDED 31 MARCH 2018
* EXPECTED DECREASE IN QTRLY LOSS IS ESTIMATED TO BE HK$1.0 MILLION OR APPROXIMATELY 60%
* EXPECTED DECREASE IN LOSS DUE TO EXCHANGE GAIN ON TRANSLATION FOREIGN OPERATIONS OF HK$0.3 MILLION DURING 2017 Q1 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-demeter-financial-investment/brief-china-demeter-financial-investments-expects-to-record-a-60-pct-decrease-in-loss-for-q1-idUSFWN1S90K1 |
5/19/2018 11:06AM The Royal Wedding: Prince Harry Marries Meghan Markle The couple tied the knot in a unique wedding that melded Hollywood glitz and glamour with centuries-old royal traditions inside Windsor Castle, a royal residence about 20 miles west of London. They took the titles the Duke and Duchess of Sussex. | ashraq/financial-news-articles | http://www.wsj.com/video/the-royal-wedding-prince-harry-marries-meghan-markle/C0ED3084-FAC6-4697-93A6-C38C9CA8903C.html |
CAMBRIDGE, Mass., May 29, 2018 /PRNewswire/ -- As the Woodrow Wilson Academy of Teaching and Learning ( www.woodrowacademy.org ) prepares for its July 1 launch as an independent not-for-profit institution following its three-year incubation at the Woodrow Wilson National Fellowship Foundation, the WW Academy's Board of Trustees today announced that Dr. James Tracy has been unanimously selected as the first president of the innovative new graduate school of education. Dr. Tracy is currently the Head of School at the Rocky Hill School, co-chair of the MassRobotics Work of the Future Committee, and the Senior Advisor to the Board of the Boston-based edtech accelerator LearnLaunch.
The Stanford University Ph.D., who originally dropped out from high school before earning his GED, is also a leading national voice on education innovation and the use of technology in school improvement.
"As the Woodrow Wilson Academy works to transform how prospective teachers are prepared and how tomorrow's learners are taught, it needs a president who brings a rich understanding in educator preparation, how k-12 classrooms currently operate, and what tomorrow brings for the classrooms of today. We were fortunate to find such a leader in Dr. Jim Tracy," said Carl Ferenbach, the chairman of the WW Academy Board and founder of the High Meadows Foundation.
"I am honored to accept this important post, building on Arthur Levine's and the Woodrow Wilson Foundation's vision for how we transform teacher education to meet the demands and opportunities ahead," said Tracy, who will assume the role on July 1. "Change, in society as a whole and certainly in higher education, is both inexorable and unavoidable. It is essential that institutions like the Woodrow Wilson Academy are driving such change, ensuring that all teachers and learners are making the most of what the future holds."
The WW Academy, in collaboration with MIT, is reinventing teacher education for the 21st century. Teacher candidates progress through a problem-based, individualized, adaptive curriculum by mastering core teaching competencies. WW Academy students experience the challenge-based curriculum in a blended environment, including online and face-to-face learning. Candidates are also immersed in clinical settings throughout their formal education in both Boston-area public schools and outside-of-school-time (OST) environments. Throughout their first two years of teaching they receive continued mentoring and professional development.
Tracy assumes the Academy presidency as the institution of higher education prepares to welcome its first class of master's degree candidates. In late 2017, the Massachusetts Board of Higher Education approved the Academy's application to establish a mastery-based graduate school of education. The followed approval from the Commonwealth of Massachusetts to offer an initial, post-baccalaureate license for middle and secondary school teachers in biology, chemistry, and math.
The WW Academy's efforts are built, in part, on the Woodrow Wilson Foundation's ongoing efforts in teacher and education leader preparation. Currently, the Foundation partners with five states—Georgia, Indiana, Michigan, New Jersey, and Ohio—to offer the Woodrow Wilson Teaching Fellowships. Working with 28 universities in those states, the WW Foundation is redesigning teacher education to center on a master's degree program that integrates a yearlong clinical experience and three years of mentoring.
Earlier this year, the Chan Zuckerberg Initiative announced a major grant to support the Academy's efforts in mastery-based education and personalized learning. CZI joins the Amgen Foundation, Bezos Family Foundation, Bill & Melinda Gates Foundation, Carnegie Corporation of New York, Nellie Mae Education Foundation, Simons Foundation, and several anonymous major donors that have supported the development of the WW Academy.
Media contact:
Patrick Riccards
[email protected]
703-298-8283
View original content with multimedia: http://www.prnewswire.com/news-releases/woodrow-wilson-academy-names-nationally-recognized-education-innovator-as-first-president-of-cutting-edge-graduate-school-300655740.html
SOURCE Woodrow Wilson Foundation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-woodrow-wilson-academy-names-nationally-recognized-education-innovator-as-first-president-of-cutting-edge-graduate-school.html |
May 1 (Reuters) - China Media Group:
* SAYS IT REVISES ASSET RESTRUCTURING PLAN, TO BUY STAKE IN VEHICLE INTELLIGENT TECHNOLOGY FIRM FOR ABOUT 3.0 BILLION YUAN ($473.75 million) VIA CASH, SHARE ISSUE Source text in Chinese: bit.ly/2jjYEAf Further company coverage: ($1 = 6.3325 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-media-to-buy-stake-in-vehicl/brief-china-media-to-buy-stake-in-vehicle-intelligent-technology-firm-idUSL3N1S82WV |
May 10, 2018 / 8:57 AM / Updated 23 minutes ago Obama-era architect of climate accord seeks to keep it on track Alister Doyle Environment Correspondent 3 Min Read
BONN, Germany (Reuters) - A U.S. architect of the Paris climate accord under ex-President Barack Obama has been working to bolster the pact at global talks in Germany, reckoning it matches long-term U.S. interests despite U.S. plans to pull out. FILE PHOTO: U.S. Special Envoy for Climate Change Todd Stern is surrounded by reporters after the final draft of the climate pact was presented during the COP 21 United Nations conference on climate change on December 12, 2015 at Le Bourget, on the outskirts of Paris. REUTERS/Mandel Ngan/Pool/File Photo
“I don’t want to see the Paris Agreement roll off the tracks,” Todd Stern, who was Obama’s Special Envoy for Climate Change, told Reuters during two-week talks ending on Thursday in Germany on a detailed “rule book” for the 2015 Paris Agreement.
“That’s not in the interests of the United States,” he told Reuters. Stern is with the World Resources Institute think-tank at the Bonn meeting of almost 200 nations and also works at the Brookings Institution.
He, and many other delegates, said the United States has been concerned for decades under both Republican and Democratic administrations to ensure that rules governing environmental pacts were strong and oblige China, for instance, to abide by the same standards as rich nations.
In Bonn, the U.S. delegation is also insisting on strong rules for reporting and monitoring greenhouse gas emissions in a rare overlap between Obama’s and Trump’s interests. A rule book is due to be in place by the end of 2018 at a meeting in Poland.
A strong rule book “is not only in the interests of the U.S. … It would mean everyone can say: ‘that’s a pretty good deal’,” Stern said. Stern said he was listening to delegates and giving advice.
Washington is still formally part of the Paris accord, which aims to end the fossil fuel era this century, even though Trump announced plans to quit last year and bolster the U.S. fossil fuel industry. Formally, a pullout will only take effect in 2020.
“It’s not surprising to me,” Patricia Espinosa, head of the U.N. Climate Change Secretariat, said of Stern’s presence.
She told Reuters there is always a need “for people with skills, who can advise people, who can give a perspective on different things.”
Asked about Stern, a U.S. State Department official said: “the United States has always supported access for non-party stakeholders in the (U.N. climate) process, including business groups, NGOs, and other civil society representatives.”
Alden Meyer, of the Union of Concerned Scientists, said a strong rule book could make it easier for a future U.S. administration to re-enter the deal.
“U.S. policy since the 1990s has been to hold countries to the same standards,” he said. Reporting By Alister Doyle; Editing by Richard Balmforth | ashraq/financial-news-articles | https://in.reuters.com/article/climatechange-accord-stern/obama-era-architect-of-climate-accord-seeks-to-keep-it-on-track-idINKBN1IB100 |
* Rehearsal of the wedding procession
* Royal fans and journalists convene on Windsor
* For a graphic of the wedding: tmsnrt.rs/2IhvlgJ
By Guy Faulconbridge and Michael Holden
WINDSOR, England, May 17 (Reuters) - Britain’s armed forces will on Thursday rehearse the carriage procession that Prince Harry and American actress Meghan Markle are to make through the crowded streets of Windsor after their wedding this weekend.
Harry, sixth-in-line to the throne, and Markle, a star in TV drama “Suits”, will tie the knot at St George’s Chapel in Windsor Castle, home to the British royal family for nearly 1,000 years.
After the hour-long ceremony which will be attended by Harry’s grandmother, Queen Elizabeth, the couple will make a procession through the town’s ancient streets on a 19th Century Ascot Landau carriage pulled by four Windsor Grey horses.
The sumptuous show of British pageantry is likely to attract a huge world audience while supporters hope the union of one of the most popular royals and a glamorous American actress, a divorcee with a white father and an African-American mother, will reinvigorate the monarchy.
However, much of the carefully-planned and choreographed build-up to the ceremony has been overshadowed in recent days by confusion over whether Markle’s father would attend and intensive media focus on other members of her family in the run up to the wedding.
Thomas Markle, a former lighting director for TV soaps and sitcoms, has given a series of contradictory statements about whether he will walk his daughter down the aisle. The Los Angeles-based celebrity website TMZ.com said he underwent heart surgery on Wednesday.
The website said it had spoken to him and that “he seemed alert and coherent, telling us doctors implanted stents in his blood vessels”. It was not known when he would be out of the hospital.
Police are expecting more than 100,000 people to throng the streets outside Windsor Castle, the queen’s home west of London and the oldest and largest inhabited fortress in the world, and have said there would be tight security for the event.
A large number of officers were present as large crowds gathered to watch the troops in colourful uniforms who will accompany the newlyweds in a carriage procession after the ceremony perform a practice run on Thursday.
Beside the British royal family, which blends sometimes stuffy European traditions with the global popularity of modern superstars, Markle has brought some Hollywood glamour and modernity to the House of Windsor.
She is due to arrive at the chapel in a car with her mother, Doria Ragland, though it is now unclear who will walk her down the aisle.
Ragland, a yoga instructor and social worker, has arrived in Britain and is due to meet the 92-year-old monarch and her husband Prince Philip, 96, on Thursday.
GLOBAL SPECTACLE More than 5,000 media and support staff have registered for official positions in Windsor for the wedding, along with more than 160 photographers and 79 international TV networks, Kensington Palace said.
Britain’s monarchy continues to be a source of fascination around the world and few other countries can emulate the pageantry which surrounds the royals.
A global audience will be watching but how polls have suggested that most Britons are not as enthralled by the nuptials as the media.
A YouGov poll, commissioned by anti-monarchist pressure group Republic, found that 66 percent of Britons were not interested in the event, with 60 percent of Britons planning to have a normal weekend.
The poll also showed that 57 percent of respondents believed the royal family should pay not only for the wedding but also for the costs of police, which are expected to surpass the 6 million pound ($8 million) price tag for the 2011 wedding of Harry’s brother Prince William to wife Kate.
However, other surveys show most Britons are in favour of the monarchy continuing in Britain and that the wedding and the birth last month of William and Kate’s third child, Prince Louis, were events of which Britain could be proud.
The YouGov survey suggested that the popularity of the royal family is contingent on the personalities of its members. While the queen and younger royals such as Harry score highly, heir-to-the-throne Charles is far less popular.
“This YouGov poll shows a very clear picture of a nation disinterested and apathetic about the royal family,” Graham Smith, chief executive of Republic, said.
“We’re not a nation of republicans yet - but we’ve stopped being a nation of royalists.” ($1 = 0.7411 pounds) (Editing by Alison Williams)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-royals-wedding/with-carriage-rehearsal-britain-gears-up-for-prince-harry-and-meghan-markles-wedding-idUSL5N1SO2NB |
2 COMMENTS Generic drug companies like Mylan have been out of favor with investors for several years. It might finally be time to bet on a turnaround.
Mylan, which reported first-quarter sales of $2.7 billion and adjusted earnings of $0.96 a share on Wednesday morning, looks especially interesting. Those figures, down 1% and up 3% from a year earlier, respectively, were hardly spectacular.
But its shares were 4% higher Wednesday because those numbers start to look a little better when one considers the backdrop. Mylan shares are down by about 15% so far this year and 50% from their 2015 peak. EpiPen revenues have been in decline ever since the 2016 pricing scandal. Mylan’s headquarters were raided later that year by the Federal Bureau of Investigation as part of an investigation throughout the industry into generic drug price collusion.
Wednesday’s results didn’t resolve every problem the company and industry face. First-quarter earnings calls from rivals like Teva Pharmaceutical Industries TEVA 2.28% and Novartis haven’t given any indication that U.S. pricing pressure is easing.
That prolonged slump in generic drug prices continues to weigh on Mylan’s income statement: North American sales were down 19% from a year ago, though Mylan blamed falling EpiPen sales and other one-time factors. Moves to diversify Mylan’s geographic reach, like the 2016 acquisition of Swedish drug company Meda, are paying off. First-quarter European sales grew by 16%.
And, while nobody knows when the U.S. pricing environment will improve, stock markets are forward looking; the stock is likely to rally before results improve, not after.
An investment in Mylan has a nice margin of safety in absolute and relative terms. Its debt adjusted market value is less than eight times forward earnings before interest, taxes, depreciation and amortization. By contrast, Teva fetches more than 10 times and Mylan traded north of 14 times back in 2015.
Major product launches for generic versions of blockbuster brands might be in Mylan’s near-term future. The Food and Drug Administration is set to rule next month on Mylan’s applications to sell a generic version of the asthma blockbuster Advair and a biosimilar version of cancer drug Neulasta.
Mylan has a chance to have the first version of each hit the market, which carries advantages like favorable pricing and a six-month window of exclusivity. Those drugs combined for more than $8 billion in world-wide revenues last year.
After a long wait for good news, capturing even a small part of those sales would brighten Mylan’s outlook in a hurry.
Write to Charley Grant at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/mylan-may-be-gem-in-rough-generic-sector-1525885093 |
May 3, 2018 / 8:58 AM / Updated 31 minutes ago Smith & Nephew, financials knock FTSE off three-month high Helen Reid 3 Min Read
LONDON (Reuters) - Britain’s top share index slipped on Thursday as a tumble in Smith & Nephew’s shares and weakness across financials and health stocks dragged the FTSE 100 off a three-month high. A broker looks at a graph on his computer screen on the dealing floor at ICAP in London, Britain January 3, 2018. REUTERS/Simon Dawson
Despite a firmer start to trading and a weaker pound, the blue chip FTSE 100 .FTSE turned lower and ended the session down 0.54 percent at 7,502.69 points, only slightly outperforming a negative European market.
Results dominated trading with sharp falls for some stocks, but investors remained positive on the overall picture for the UK earnings season.
Shares in Smith & Nephew ( SN.L ) had their worst performance in close to 10 years, down 7 percent after Europe’s biggest artificial hip and knee maker downgraded its revenue and profit forecasts following a weak first quarter.
Go Ahead Group ( GOG.L ) tumbled 11.2 percent after Deutsche Bank downgraded the stock to ‘hold’ from ‘buy’, saying that in the absence of future rail franchise wins it is no longer clear the shares are significantly undervalued.
Glencore ( GLEN.L ) shares climbed 0.4 percent after the commodities trader and miner said it expected 2018 earnings from its trading division to be at the top end of its previously forecast range.
Despite the negative mood on the day, Britain’s leading stock index has enjoyed a rapid revival in recent weeks. It is up a hefty 9 percent since it hit a 15-month low as recently as March 26.
“I would not be surprised if we continue to see very strong UK equities numbers and a really quite material re-rating,” said Guy Monson, chief investment officer at Sarasin & Partners, adding that if Brexit talks result in a settlement there could be a flight back into UK equities.
“We have been tactically adding on dark days,” he added, saying he was keeping a UK focus “for a real backing of the underdog.”
Inbound M&A interest in British assets continued apace with French property group Fonciere des Regions ( FDR.PA ) buying 14 upmarket hotels in Britain from Starwood Capital for 858 million pounds ($1.2 billion).
The deal would also see InterContinental Hotels Group ( IHG.L ) sign long-term leases for 13 of those 14 hotels and subsequently rebranding and running them.
“We have seen absolutely record levels of M&A,” said Sarasin’s Monson.
“The deal market began the year dotted with a few intra-UK announcements, but has since seen a flurry of large inbound acquisition attempts,” said Liberum strategists.
“These stocks have offered growing revenue and international exposure at a depressed valuation.”
Graphic: May 3 FTSE sector performance - reut.rs/2JOtrAn Reporting by Helen Reid; Editing by Keith Weir and Hugh Lawson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-stocks/commodities-help-ftse-outperform-while-smith-nephew-tumbles-idUKKBN1I40SX |
May 7 (Reuters) - Winning Tower Group Holdings Ltd :
* QTRLY PROFIT ATTRIBUTABLE HK$2.0 MILLION VERSUS LOSS HK$3.0 MILLION
* QTRLY REVENUE HK$35.3 MILLION VERSUS HK$32.1 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-winning-tower-group-holdings-posts/brief-winning-tower-group-holdings-posts-qtrly-profit-attributable-hk2-mln-idUSFWN1SE0GE |
HONG KONG (Reuters) - Leshi Internet Information & Technology Corp Beijing has been formally asked whether its assets, which have fallen 98 percent over the past year, are at risk of turning negative and triggering a share trading halt and possible eventual delisting.
The logo of of Leshi Internet Information & Technology Corp is seen on its building in Beijing, China March 15, 2018. REUTERS/Stringer The Shenzhen Stock Exchange’s website on Wednesday showed the bourse had sent Leshi 33 questions, including about its assets. Under its rules, a year of negative net assets results in “suspension from being a listed company”, with two years ending in delisting.
Leshi, a video-streaming company that also makes internet-connected television sets, has seen revenue and profit dwindle since mid-2017 amid a funding crisis involving parent conglomerate LeEco and its founder Jia Yueting.
Net assets attributable to shareholders stood at 304 million yuan ($47.70 million) at the end of March, from 13.6 billion yuan a year earlier. It reported a net loss of 307 million yuan for January-March 2018 and a loss of 13.9 billion yuan for all of 2017.
The Shenzhen bourse also questioned Leshi about its operations, asset impairment and auditing. It asked the firm to detail its debts, explain slumping performance at subsidiaries, and disclose ownership relations with other companies as well as whether units conduct transactions with other group companies.
It also asked for an update on Jia and his related parties’ repayment of debt to Leshi, and whether there has been a change in the company’s decision-making personnel.
Leshi, which since July has been managed by second-largest shareholder Sunac China Holdings Ltd, in January said Jia and LeEco owed it 7.5 billion yuan. LeEco disputed the figure.
Jia, who remains Leshi’s largest shareholder, has been residing in the United States to work on his electric vehicle start-up company, though Chinese regulators have requested his return.
The Shenzhen exchange has also asked Leshi to explain how its salary expense rose in 2017 though headcount dropped.
It has requested a reply from Leshi by May 18.
A Leshi spokeswoman said the company had no immediate comment when contacted by Reuters.
Leshi’s shares were down 2.6 percent in morning trade in a flat broader market.
Reporting by Sijia Jiang and Hong Kong newsroom; Editing by Christopher Cushing
| ashraq/financial-news-articles | https://www.reuters.com/article/us-le-com-bourse/chinas-leshi-questioned-by-bourse-over-trading-suspension-risk-idUSKBN1IA0AL |
Meghan Markle’s royal pain in the neck — US taxes 44 Mins Ago CNBC’s Ylan Mui reports on the tax issues Meghan Markle faces before she joins the British royal family. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/meghan-markles-royal-pain-in-the-neck--us-taxes.html |
* Thomas Markle’s plans unclear ahead of daughter’s wedding
* For a graphic of the wedding: tmsnrt.rs/2IhvlgJ
* Royal fans and journalists convene on Windsor
* Windsor dressed with union flags and royal merchandise (Adds Quote: s from police, U.S. fan)
By Alex Fraser and Michael Holden
WINDSOR, England, May 16 (Reuters) - Meghan Markle’s father overshadowed his daughter’s wedding to Prince Harry by sowing confusion about whether he would walk her down the aisle or snub the British royal family by pulling out of the intricately planned celebration at the last minute.
As royal fans convened on the genteel English town of Windsor where Harry is due to wed the American actress on Saturday, the role of her father, Thomas Markle, was still unclear after he issued a flurry of statements to an American news website.
On Monday he was reported by the Los Angeles-based celebrity website TMZ.com to be unable to attend due to a heart attack and embarrassment over whether he had staged pictures with a paparazzi photographer. But the same website said on Tuesday he had changed his mind and would go to be part of history.
TMZ later Quote: d him as saying the trip was off due to his need for immediate heart surgery.
Markle, who lives in Mexico, had been due to walk his daughter down the aisle on Saturday at St George’s Chapel in Windsor Castle in front of 600 guests including all the senior British royals and a smattering of celebrities.
Britain’s Sun newspaper, the country’s best selling, had to scramble to update its front page to reflect what it called the “Royal Sensation” of Thomas Markle’s absence under the headline: “I’ve got heart op today”. It offered four pages of analysis.
HEARTBREAKING “It must be heartbreaking for them, because her father can’t come because he is in poor health,” said 46-year-old Maria Scott who had travelled from Newcastle to camp out in Windsor to get a glimpse of the couple on Saturday.
“It must be really upsetting but I’m sure her mum will do a fine job,” Scott told Reuters.
Harry, grandson of Queen Elizabeth and sixth-in-line to the throne, and Markle, a star in U.S. TV drama “Suits”, will tie the knot at Windsor Castle, home to the British royal family for nearly 1,000 years.
On Windsor’s streets, hundreds of tourists and journalists mingled with dedicated royals fans - some draped with UK flags and holding photographs of Harry and Markle - while armed police patrolled.
Some fans are sleeping out on the street until the wedding, seeking to secure the best positions to see the couple.
“I want them to come through those gates. I want them to look at me, wave and smile,” Donna Werner, who flew 3,000 miles from New Fairfield, Connecticut, to be in Windsor told Reuters.
“That will make it all worthwhile. It really will,” said Werner, 66, camped outside the Castle, dressed head to toe in a mix of British and U.S. flag-themed attire, including a shirt that read “Prince Harry, I’m still available. Last chance!”
Windsor, which is dominated by the royal castle, was decorated with swathes of red, white and blue “Union Jack” flags. Stalls sold Harry and Meghan scarves for 15 pounds ($20) and commemorative caps for 10 pounds.
More than 100,000 people are expected to descend on the town on Saturday. They will have to clear airport-style security before being allowed near the main venue, said Superintendent Jim Weems, the police’s tactical commander for the day.
Britain is on its second-highest threat level of severe, meaning an attack by militants is considered highly likely. Last year 36 people died in four attacks. Despite the tight security, Weems said there was no particular threat against the wedding.
“There’s no intelligence to support that this event is going to be particularly targeted,” he told Reuters.
GLOBAL SUPERSTARS Harry, 33, a former army officer and one-time royal wild child, met his bride-to-be on a blind date in July 2016 after being set up through a mutual friend.
Beyond the pomp of a royal wedding which enthrals millions, the union marries the Hollywood glamour of Markle with one of the royal family’s most popular members.
As a divorcee, with a white father and an African-American mother, Markle’s background has provided a source of huge interest and comment, not all positive.
Details about the wedding have been closely controlled by Kensington Palace but reports of Thomas Markle’s intentions have thrown their intricate plans into flux. Kensington Palace declined to comment on Wednesday.
The bride-to-be’s parents are divorced and while Harry has been pictured with her mother Doria Ragland, 61, there had been speculation about the relationship with Thomas Markle, a former lighting director for TV soaps and sitcoms.
Thousands of journalists are descending on Windsor, and Thomas Markle told TMZ earlier this week that the media attention had taken its toll.
He said he had been offered up to $100,000 for interviews and been ambushed by paparazzi whose snaps had shown him buying beer and looking dishevelled.
TMZ said he had agreed to the staged pictures, which showed him looking at images of the couple on a computer and being sized up for a suit, because he hoped they would improve his image.
In response to the initial reports on Monday, Kensington Palace said it was “a deeply personal moment for Ms Markle”, asking for respect and understanding for her father. ($1 = 0.7423 pounds) (Writing by Guy Faulconbridge Editing by Matthew Mpoke Bigg)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-royals-wedding/update-1-meghan-markles-father-overshadows-wedding-to-prince-harry-idUSL5N1SN4B3 |
May 3, 2018 / 6:04 AM / Updated 22 minutes ago UPDATE 1-ADB chief sees boon for Asia in AIIB collaboration, not competition Reuters Staff
* More co-financed projects seen for ADB, AIIB
* No signs of trade, sentiment impact from China-U.S. row
* AIIB no threat, no reason to change ADB strategy - Nakao (Recast, adds quotes, details)
By Neil Jerome Morales and Karen Lema
MANILA, May 3 (Reuters) - The Asian Development Bank wants to collaborate with the Asian Infrastructure Investment Bank (AIIB) to meet the region’s growing investment needs and does not see the emerging China-led lender as a rival, the ADB president said on Thursday.
Addressing media on day one of the ADB’s annual meeting in Manila, Takehiko Nakao said that although China was an important international lender and borrower, its rise and that of the AIIB would not be motivating factors behind any changes in the ADB’s future strategy.
Nakao said the two institutions were different in many ways, which meant they could collaborate more effectively.
“AIIB, it’s not the kind of threat to us,” he said.
“We can cooperate with AIIB because we need larger investment in Asia and we can collaborate,” he said
He said the AIIB had observed “very high standards” in terms of its programmes, and the AIIB and the ADB this year hoped to approve several projects which they would co-finance. He did not elaborate.
The two have so far jointly provided combined loans of more than $700 million for four infrastructure projects, three of them in South Asia. WARNING ON PROTECTIONISM
Referring to U.S.-China tensions, Nakao said the ADB was concerned about protectionism and trade troubles as Asia would suffer, but there were so far no signs of that.
The ADB has forecast growth of 6.0 percent for developing Asia this year, fuelled by solid export demand, but it has warned that U.S. protectionist measures and subsequent retaliation could undermine trade.
“If trade is interrupted, it will have large damage to Asian countries as well as to other countries in the world. If this continues to escalate, it will have negative impact,” Nakao said.
“At this moment it does not have impact on sentiment of people, investors and market players,” he said
The May 3-6 meeting comes as the Japanese-led ADB, formed in 1966 to help pull millions of Asians out of poverty, is watching closely as China asserts itself internationally via its vaunted “belt and road” initiative, and pushes regional infrastructure plans with support of its state-owned banks and the AIIB.
Key topics to be discussed are free trade, globalisation, ageing populations, environmental degradation, gender equality, and the trend towards automation.
Nakao said he was optimistic that there were more opportunities in Asia to create jobs rather than lose them to machines and software, and said developments in technology are helping to boost equality among populations.
The ADB estimates developing Asia needs to invest $1.7 trillion per year in infrastructure until 2030 to maintain its growth momentum and the regional lender’s targets on poverty and climate change.
Nakao said that along with infrastructure development and poverty reduction, there was a need to introduce social security and universal healthcare to Asian economies, and make progressive tax reforms. (Writing by Martin Petty; Editing by Richard Borsuk) | ashraq/financial-news-articles | https://www.reuters.com/article/adb-asia-aiib/update-1-adb-chief-sees-boon-for-asia-in-aiib-collaboration-not-competition-idUSL3N1SA21R |
May 23, 2018 / 5:14 PM / in a minute Germany's far-right AfD offers members cash to travel to protest Michelle Martin 3 Min Read
BERLIN (Reuters) - The anti-immigrant Alternative for Germany is offering some members money to go to a rally in Berlin on Sunday where they will protest against mass migration and express their concerns about the future of Germany.
The AfD expects at least 2,500 people to attend the protest under the motto “Germany’s future” and said demonstrators would wind their way through the center of Berlin from the main train station to the Brandenburg Gate. Counter-protests are expected using slogans such as: “Stop the hate. Stop the AfD”.
Left-wing website Exif published an email in which Uwe Junge, leader of the AfD in the western state of Rhineland-Palatinate, offered the first 30 members in the region who come forward 50 euros to subsidise their travel to the demonstration.
Robin Classen, spokesman for the AfD in the western state of Rhineland-Palatinate, confirmed the contents of the email, saying the AfD there had considered chartering a bus, as other parties typically do for events or demonstrations, but decided against that because its members were spread around the state.
“It’s a round trip of 1,200 kilometers so it’s a half day of traveling so this isn’t a payment for demonstrating - it’s basically a drop in the ocean to make the journey possible or easier for people,” Classen said.
He said members would need to prove they had attended the demonstration - such as by sending in a photograph of themselves there with Junge.
At a news conference in Berlin on Wednesday, Steffen Koeniger, a lawmaker for the AfD in the eastern state of Brandenburg who is helping to organize the demonstration, said AfD members did not need to be given money to attend.
“They do it as they are dissatisfied - they even take a day off work, pay for a bus ticket, pay for a hotel room, pay accommodation just to be there,” he said.
Georg Pazderski, a member of the AfD’s executive board, told reporters on Wednesday that Germany could no longer afford mass migration, needed to close its borders and be more rigorous in deporting people.
“We need to finally end the shameless exploitation of our social state,” he said, adding that he was also concerned about other issues such as pensions, security on the streets and organized crime.
More than 1.6 million migrants, many from the Middle East, have arrived in Germany since 2014, becoming a hot political issue which helped the AfD enter the national parliament for the first time in last year’s election. Reporting by Michelle Martin; Editing by Alexandra Hudson | ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-afd/germanys-far-right-afd-offers-members-cash-to-travel-to-protest-idUSKCN1IO2QA |
SHANGHAI/SYDNEY (Reuters) - Australia’s trade minister said on Friday there was “limited scope” to resolve irritants in ties with major trading partner China, including customs delays for an Australian wine maker, during his visit to Shanghai this week.
Australian Minister for Trade, Tourism and Investment, Steven Ciobo, attends a news conference of an Australian Football League event in Shanghai, China May 17, 2018. REUTERS/Aly Song Steve Ciobo, who arrived in China’s financial hub on Thursday, has talked up trade and cultural links in trying to put a positive spin on what some analysts say is the worst patch for ties in decades.
“We do have irritants from time to time, but you know what? We have irritants pretty much in every relationship that we have globally,” Ciobo told reporters after touring the site for an import fair China will host in November.
“So there’s nothing unique about that,” he added. “We talk through it, we work through it in a constructive way for the mutual benefit of both China and Australia.”
Ciobo’s visit has been overshadowed by delays at Chinese customs that held up product exports by Australia’s Treasury Wine Estates Ltd, the company said on Thursday, sparking fears that the cooling in diplomatic ties is now affecting trade.
China’s customs department has not responded to a facsimile request from Reuters to seek comment.
Ciobo, on a three-day visit to Shanghai arranged months ago, said on Thursday he was “mobilized” to tackle the Treasury Wine issue and a diplomatic team was on the case.
On Friday, Ciobo said he would have the opportunity to meet officials during the trip, but his schedule did not include a stop in Beijing, the capital and seat of government.
“We are in Shanghai, not Beijing, so there’s obviously limited scope for opportunities to meet with senior government officials,” he said.
Ciobo’s limited contact with officials in Shanghai has raised questions about how effective his trip will be in mending ties.
At Thursday’s gala dinner for Australian businesses, he sat next to a deputy head of Shanghai’s municipal commerce office. On his last day in China on Saturday, Ciobo and a Shanghai vice mayor are expected to attend an Australian Football League (AFL) match.
“It is clear he is not going to be getting access to the political decision makers, who are in Beijing,” said James Laurenceson, deputy director of the Australia-China Relations Institute at the University of Technology, Sydney.
“Even if he was in Beijing, I’m not sure he would be given those scheduling options anyway.”
STRAINED TIES Two-way trade has grown to A$170 billion($128 billion)last year after Australia and China signed a trade pact in 2015, but ties have frayed since Turnbull complained late last year about undue Chinese influence in his country.
The rift took a more serious turn on Thursday, when Treasury Wine’s revelation of the delays sent its shares tumbling.
The delays have dragged a diplomatic tussle into the trade arena, analysts said, and put the spotlight on Ciobo’s visit, the first by an Australian minister in more than six months.
A source familiar with the minister’s schedule sought to downplay suggestions he was being shunned.
“The visit was organized months ago around the AFL game” and a food expo, he said.
“This issue only came to the minister’s attention less than two days ago and being in Shanghai, it will be difficult to add any additional meetings,” the source said, referring to Treasury Wines.
Turnbull, on a visit to rural Australia, said the bilateral relationship was “strong” and he looked forward to visiting China later this year.
“We have a very close relationship at every level - economic, cultural, family, social - it’s a very strong relationship,” he told reporters.
Australian Foreign Minister Julie Bishop hoped to meet her Chinese counterpart, Wang Yi, next week while in Argentina for a G20 meeting, said a source familiar with Bishop’s schedule.
But the source did not expect the wine issue to be raised.
“She doesn’t plan to raise the issue of Treasury Wine, it will be much broader than that,” the source said.
Reporting by John Ruwitch and Colin Packham; Editing by Darren Schuettler and Clarence Fernandes
| ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-china/in-shanghai-australian-minister-sees-limits-to-tackling-irritants-in-ties-idUSKCN1IJ0XA |
LONDON, May 21, 2018 /PRNewswire/ -- nChain Group, the leading blockchain research and development group, has closed deal terms to acquire a majority stake in HandCash. HandCash is a Bitcoin Cash mobile wallet which uses near field communication (NFC) technology to make it as easy for users to send Bitcoin Cash to someone as if they were handing cash. The deal was made through nChain Group's investment entity, nChain Reaction Ltd.
HandCash was co-founded in Spain by Alejandro Pascual Agut and Rafael Jiménez Seibane. With NFC technology, the mobile application allows mobile wallets to complete instant transfer of Bitcoin Cash funds with each other through "contactless" means once users' mobile devices are in close proximity to each other (similar to contactless credit card and Apple Pay functionality).
HandCash co-founder Alex Agut explains: "Bitcoin was conceived to be peer-to-peer electronic cash. We wondered why Bitcoin was not being used like cash. That gave us the idea to create a wallet application that allows you to send Bitcoin in a way that resembles handing someone cash, by merely placing a sender's mobile device close to the recipient's device. That's why we named our project HandCash. We also knew the application could only work on Bitcoin Cash, with its low fees and instant confirmations."
HandCash also makes it easier to send Bitcoin Cash without having to ask for a complicated receipt address or even a QR code, as most current Bitcoin applications require. Instead, users can identify and send funds to each other using "handle" names. In addition, users can keep their funds safe with easy ways to back up their wallets on the cloud or inside any NFC chip.
HandCash also supports growth of Bitcoin Cash for merchant payments, with plans to create easy "contactless" payment mechanisms at the retailer point-of-sale. Its anticipated payment features will ignite greater merchant adoption of Bitcoin Cash.
HandCash co-founder Rafa Seibane remarks: "In addition to financial investment, nChain will provide us access to its research, intellectual property and deep Bitcoin Cash expertise. We believe this technical support will give HandCash advantages in becoming a leading Bitcoin Cash wallet and payment system."
nChain Group CEO Jimmy Nguyen comments: "For Bitcoin Cash to grow, user interfaces need to become better and easier to use. We are impressed with HandCash and its vision for simplifying the Bitcoin Cash transaction process to a contactless approach. nChain is thrilled to support HandCash on its journey to make Bitcoin Cash wallets and payment systems easy to use around the world, and to ignite global adoption of Bitcoin Cash."
nChain's deal with HandCash follows just days after the May 15, 2018 protocol upgrade for the Bitcoin Cash network. This recent upgrade implements two key changes:
Increasing the default size of blocks on the Bitcoin Cash blockchain from 8MB to 32MB; and Restoring certain OP_Codes for advanced functionality.
The BCH 32 MB default block size is significantly larger than Bitcoin Core (BTC)'s small 1 MB block. This larger block size allows BCH network capacity to be over 8 million transactions per day, which is more than PayPal processes. This ensures usage of BCH can rapidly grow while maintaining the capacity needed to process greater transaction volumes, at fast speeds, but keeping fees very low. The upgrade validates HandCash's vision in creating its wallet product for Bitcoin Cash.
Website: nChain.com
Twitter: @nChainGlobal
ABOUT NCHAIN GROUP: The nChain Group is the global leader in research and development of blockchain technologies. Its mission is to enable massive growth and worldwide adoption of the Bitcoin network - focusing on Bitcoin Cash as the true Bitcoin. The nChain Group includes these business units: 1) nChain Limited – a blockchain research and development service provider in London, United Kingdom; 2) nChain Holdings Limited – a intellectual property holding and commercialization company; 3) nChain Reaction – an investment entity which supports ventures that have Bitcoin Cash products or applications; 4) nCrypt – a Bitcoin wallet and exchange in Canada; and 5) BMG Operations – a Bitcoin Cash mining operation.
View original content with multimedia: http://www.prnewswire.com/news-releases/nchain-acquires-majority-stake-in-handcash-wallet-for-bitcoin-cash-300652058.html
SOURCE nChain Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-nchain-acquires-majority-stake-in-handcash-wallet-for-bitcoin-cash.html |
To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 11:30 am: GST Council meeting in New Delhi. 02:00 pm: Castrol India earnings conference call in Mumbai. 05:00 pm: RBI to release weekly foreign exchange data in Mumbai. 07:00 pm: Trade Minister Suresh Prabhu at convocation function of Indian Institute of Foreign Trade in New Delhi. LIVECHAT - QUIZ EAST Our Friday quiz focuses on Asia and the week's top news. Test your wits and googling speed at 11:30 am IST. To join the conversation, click on the link: here INDIA TOP NEWS • Flipkart buys back shares worth $350 million Indian online marketplace Flipkart has bought back $350 million worth of shares from its investors as it seeks to convert its Singapore-incorporated company to a private limited firm, in a move that could ease the way in for a new strategic investor. • Vedanta Q4 profit climbs 81 percent Vedanta, the Indian unit of diversified mining group Vedanta Resources, posted an 81 percent surge in quarterly profit on Thursday, helped by higher volumes and favourable commodity prices. • Rural purchases to boost Indian gold demand through December -WGC Indian gold demand may improve through to December as positive monsoon rains and government efforts to raise farmer incomes could boost rural purchases enough to offset higher prices because of the weak rupee, the World Gold Council said. • Lanco Infratech to file for potential liquidation Lanco Infratech said on Thursday a panel of its creditors has not approved an insolvency resolution plan and that its administrator will file for potential liquidation of the company. GLOBAL TOP NEWS • U.S. Treasury Secretary says having good trade talks in China A U.S. trade delegation in China has been having very good conversations, U.S. Treasury Secretary Steven Mnuchin said, as he heads into the second and likely last day of talks in Beijing. • Trading in Samsung Elec shares surges after stock split Shares in Samsung Electronics opened at 53,000 won each after a 50:1 stock split which makes it easier for retail investors to buy into the South Korean technology giant. • Ex-Volkswagen CEO Winterkorn charged in U.S. over diesel scandal The U.S. Justice Department on Thursday disclosed the filing of criminal charges against former Volkswagen Chief Executive Martin Winterkorn, accusing him of conspiring to cover up the German automaker's diesel emissions cheating. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty nearest-month futures were trading at 10,658.00, down 0.5 percent from its previous close. • The Indian rupee is expected to open higher against the dollar amid a minor pullback in the U.S. currency ahead of the closely watched non-farm payroll data. • Indian government bonds are likely to trade little changed ahead of a weekly debt auction today, amid concerns over overall demand. The yield on the benchmark 7.17% bond maturing in 2028 is likely to trade in 7.71 percent - 7.76 percent band today. GLOBAL MARKETS • The S&P 500 ended lower on Thursday after a choppy session as disappointing earnings reports from several companies offset strong economic data. • Asian shares stepped back while the Japanese yen held onto overnight gains as financial markets turned their attention to the looming U.S. payrolls data for fresh catalysts. • The dollar held steady against a basket of currencies, having retreated from four-month highs on profit-taking, with the focus on whether U.S. jobs data will provide the spark for another push higher. • U.S. Treasury yields slid on Thursday, pressured by falls in Europe after a surprising drop in euro zone inflation that could constrain the European Central Bank's efforts to unwind its monetary stimulus this year. • Oil prices held steady after shedding earlier gains, as market jitters kicked in over the prospect of geopolitical risks from possible new U.S. sanctions against Iran. • Gold prices were little changed as investors awaited key U.S. jobs data due later in the day, while the dollar held steady after declining from 2018 highs hit earlier this week. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 66.55/66.58 May 3 -$22.20 mln $130.70 mln 10-yr bond yield 7.73 pct Month-to-date - -$110.22 mln Year-to-date $1.13 bln -$1.78 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 66.66 Indian rupees) (Compiled by Priyanka Das in Bengaluru)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/india-morningcall/morning-news-call-india-may-4-idUSL3N1SB1PE |
Here's what's happening with financials: Sandler O’Neill 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/heres-whats-happening-with-financials-sandler-oneill.html |
May 2 (Reuters) - Nuuo Inc
* Says it will issue up to 6 million shares via private placement, to replenish working capital
Source text in Chinese: goo.gl/RAFkv5
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nuuo-to-issue-up-to-6-mln-shares-v/brief-nuuo-to-issue-up-to-6-mln-shares-via-private-placement-idUSL3N1S90RV |
May 17 (Reuters) - Cytokinetics Inc:
* CYTOKINETICS AND CURE SMA RENEW AND EXPAND PARTNERSHIP TO ADVANCE EDUCATION AND AWARENESS OF SMA
* CYTOKINETICS INC - URE SMA, CO ANNOUNCED EXPANDED PARTNERSHIP TO INCREASE EDUCATION, AWARENESS AND FUNDRAISING FOR SPINAL MUSCULAR ATROPHY Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cytokinetics-and-cure-sma-renew-an/brief-cytokinetics-and-cure-sma-renew-and-expand-partnership-to-advance-education-and-awareness-of-sma-idUSFWN1SO0IJ |
May 2 (Reuters) - White Mountains Insurance Group Ltd :
* WHITE MOUNTAINS REPORTS FIRST QUARTER RESULTS * SAYS MEDIAALPHA Q1 REVENUE $72 MILLION VERSUS $33 MILLION
* SAYS BOOK VALUE PER SHARE OF $916 AND ADJUSTED BOOK VALUE PER SHARE OF $903 AS OF MARCH 31, 2018
* QTRLY TOTAL REVENUES $42.1 MILLION VERSUS $88.8 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-white-mountains-reports-q1-results/brief-white-mountains-reports-q1-results-idUSL8N1S94QS |
WESTMINSTER, Calif., BioLargo, Inc. (OTCQB:BLGO), an innovator of sustainable science and technology and full-service environmental engineering company, announced that on May 14, 2018, it had filed its 10-Q quarterly report. Highlights from the quarterly report, found on the SEC’s website here , include:
Revenue from product sales for the three months ended March 31, 2018 increased by over 400% compared with the three months ended March 31, 2017, to approximately $225,000; Revenue from product sales continues to increase after the end of the 1 st quarter, reaching nearly $200,000 midway into the 2 nd quarter; and Average monthly revenue has increased from approximately $25,000 the first half of 2017, to almost $60,000 the second half of 2017, to approximately $95,000 per month thus far in 2018.
The company’s commercial prospects are further discussed in the Form 10-Q, as summarized here:
Odor-No-More:
A significant increase in sales to the U.S. Military of our Specimen Transport Solidifiers; Recent approval as supplier for 100% of the regional locations of one of our large national waste management accounts; In excess of $300,000 of bids submitted for design/construct/install of service equipment and systems to expand the use of CupriDyne Clean in client operations; and Hiring of additional sales and account management staff to capitalize on momentum.
BioLargo Engineering, Science & Technologies (BLEST):
BLEST has been retained as “Owner’s Engineer” for a proposed $687M integrated biofuels production project on the east coast; BLEST has more than 40 client proposals outstanding, for projects such as Legionella mitigation, VOC and oil & gas by-product control, and wastewater management, most significantly as a preferred supplier to a top oil & gas company to solve produced water clean up challenges at one of their facilities (if awarded, the contract is estimated to be worth $1.3M in revenue);
Clyra Medical
While we face delay in our first application for pre-market clearance filed with the FDA under Section 510(k), we have concluded design on a second product and are finalizing its 510(k) application; While we remain confident that we will ultimately receive premarket clearance for our products, we can make no assurance or prediction as to success of Clyra’s efforts, and must wait patiently for the process with the FDA to conclude.
Advanced Oxidation System (AOS):
$235,000 Canadian grant awarded from the Canadian Government to fund the first on-site AOS pilot project, in the poultry industry, planned for 2018, the purpose of which is to lay the foundation for commercialization of the AOS; and The company has also submitted and are currently submitting applications for a series of substantial government grants (totaling more than $4M USD) to focus on specific targets in industry, like wastewater, food processing and oil and gas applications.
Dennis P. Calvert, President of BioLargo, commented, “We are highly focused on executing our plan to grow sales and infrastructure for Odor-No-More, excited to see our engineering division bidding on significant projects, remain patient with the FDA at Clyra, and are looking forward to our pilot project for the AOS in Canada."
BioLargo proudly and regularly publishes information about its employees, products and activities through social media, including:
Blogs at http://biolargo.blogspot.com/ , http://biolargowater.blogspot.ca/ , and http://biolargoengineering.blogspot.com/ Facebook pages at: https://www.facebook.com/BioLargo1/ https://www.facebook.com/CupridyneClean/
You can follow our twitter feeds here:
@BioLargo @BioLargoWater @OdorNoMore @CupriDyneClean
About BioLargo, Inc.
BioLargo, Inc. is an innovative technology incubator and environmental engineering company driven by a mission to “ make life better” by delivering robust, sustainable solutions for a broad range of industries and applications, with a focus on clean water, clean air, and advanced wound care. We incubate disruptive technologies by providing the capital, support, and expertise to expedite them from “cradle” to “maturity” ( www.biolargo.com ). Our engineering division features experienced professional engineers dedicated to integrity, reliability, and environmental stewardship ( www.biolargoengineering.com ). Our industrial odor control division, Odor-No-More ( www.odornomore.com ) features CupriDyne Clean Industrial Odor Eliminator ( www.cupridyne.com ), which eliminates the odor-causing compounds and VOCs rather than masking them, and is now winning over leading companies in the solid waste handling and wastewater industries and other industries that contend with malodors and VOCs. Our subsidiary BioLargo Water ( www.biolargowater.ca ) develops the Advanced Oxidation System “AOS”, a disruptive industrial water treatment technology designed to eliminate waterborne pathogens and recalcitrant contaminants with better energy-efficiency and lower operational costs than incumbent technologies. Our subsidiary Clyra Medical ( www.clyramedical.com ) features effective and gentle solutions for chronic infected wounds to promote infection control and regenerative tissue therapy.
John Browning
[email protected]
Source:BioLargo, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-biolargo-achieves-record-product-sales-and-revenues-in-q1-2018.html |
EditorsNote: Corrects day in lede
Mallex Smith drove in the only run of the game with a two-out single in the top of the 13th inning Monday afternoon, giving the Tampa Bay Rays a 1-0 victory over the Oakland Athletics in the opener of a four-game series in Oakland, Calif.
In a game that began as a scoreless pitching duel between Tampa Bay’s Chris Archer and Oakland’s Trevor Cahill, the Rays managed to push across the difference-making run after Chris Hatcher (3-2), the A’s fifth pitcher, retired the first two batters he faced in the 13th.
Johnny Field kept the game-winning rally alive with an infield single, after which Jesus Sucre lined a single to center field, setting the stage for Smith’s heroics.
A’s right fielder Stephen Piscotty made a leaping catch at the fence to deny C.J. Cron’s attempt to add to the lead, ending the inning, but the Tampa Bay bullpen didn’t need any additional help.
Ryne Stanek (1-0) got two outs in the last of the 13th, before Jonny Venters came on with one runner aboard to strike out Matt Olson for the final out. The save was the first for Venters since 2011.
Both starting pitchers worked out of two serious jams to keep the game scoreless.
The Rays’ Archer allowed four hits and two walks in six innings. He struck out seven.
He stranded Olson at second after a two-out double in the fourth, then faced Olson again in the sixth after Jonathan Lucroy’s single and two walks loaded the bases with one out. Archer got Olson to ground into a double play, ending the threat.
The A’s Cahill went eight innings, also allowing four hits. He struck out six and did not walk a batter.
Cahill twice allowed a two-out double with a runner at first — by Smith in the third inning and Joey Wendle in the sixth — before denying the Rays both times and stranding the two base runners on each occasion.
Sucre and Smith had two hits apiece for the Rays, who opened a nine-game trip with the 10th win in their last 14 games. They’ve won seven of their last eight on the road.
Piscotty and Jed Lowrie had two hits each for the A’s, who had a two-game winning streak snapped while falling to 3-4 on their ongoing 10-game homestand.
Both teams had seven hits.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-oak-tb-recap/smith-breaks-scoreless-tie-in-13th-lifts-rays-over-as-idUSMTZEE5TGRR5JG |
April 30 (Reuters) - ACADIA Pharmaceuticals Inc:
* ACADIA PHARMACEUTICALS SAYS CEO STEPHEN DAVIS'S FY 2017 TOTAL COMPENSATION WAS $15.2 MILLION, INCLUDING $13.9 MILLION IN OPTION AWARDS - SEC FILING Source : bit.ly/2ra1j3J Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-acadia-pharmaceuticals-says-ceo-st/brief-acadia-pharmaceuticals-says-ceo-stephen-daviss-fy-2017-total-compensation-was-15-2-mln-idUSFWN1S71AP |
One of the largest lenders in Italy is studying options to make new partnerships and improve its operations across Europe.
Carlo Messina, chief executive officer at Intesa Sanpaolo told CNBC on Thursday that he is looking at potential new partners to scale up the business, after last month closing a deal with debt collection company Intrum that involved a 10-year contract for the servicing of Intesa's bad-loan portfolio.
Messina wants to focus now on revamping the asset under management arm, under its Eurizon's business.
"If you want to play a role at the European level, you need to do something that can create a European leader," Messina told CNBC's "Squawk Box."
"To create a European leader, my idea is that it is possible to find an agreement with a big global partner that can make a commercial or strategic agreement buying a minority stake of Eurizon and that can allow us to work with other counterparts in order to create a European champion," Messina added, without wanting to disclose any names of potential partners.
Marco Bertorello | AFP | Getty Images The Intesa Sanpaolo trademark on the facade of the headquarter of Intesa SanPaolo building in Turin. "If I were to be able to find a global partner and then a second step to find a counter party with whom it would be possible to create this new leader Europe, this could be something I consider very strategic."
Intesa Sanpaolo said Tuesday that it is well on-track to deliver this year a net income above the 3.8 billion euros ($4.51 billion) registered in 2017. Intesa Sanpaolo reported a net income of 1.25 million euros in the first quarter of the year, about 43 percent of its total net income last year.
As a result, Messina said the Italian lender will be able to pay a "generous dividend" this year.
Last October, Messina criticized Ray Dalio, from the hedge fund Bridgewater, for betting against his company. At the time, there were reports that Dalio's firm made a multi-million dollar bet against Intesa Sanpaolo, expecting the shares to come down in the short-term.
Messina told CNBC on Thursday that his firm is a good investment. "We are a good solution for investments in the long-term, so better to reduce the negative position to Intesa Sanpoaolo if you want to have an upside in the future."
show chapters Italy is in good shape, Intesa Sanpaolo CEO says 9 Hours Ago | 02:20 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/intesa-sanpaolo-ceo-opens-the-door-to-new-deals-hopes-to-thrive-in-europe.html |
WASHINGTON, May 23 (Reuters) - Europe and the United States remain “far from a compromise” over Washington’s position on the 2015 Iran nuclear accord, German Foreign Minister Heiko Maas said on Wednesday after meeting with U.S. Secretary of State Mike Pompeo.
Maas said no new information came up during the meeting, and said he had suggested a four-way meeting with Germany, Britain, France and the United States about a way forward.
“I think we’re far away from a compromise,” Maas said. (Reporting by Reuters Television Writing by Andrea Shalal)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-germany-usa-maas/europe-u-s-far-from-a-compromise-on-iran-nuclear-deal-germany-idUSB4N1KO01T |
Trump criticizes China on trade Thursday, May 17, 2018 - 01:58
U.S. President Donald Trump said China became ''very spoiled'' on trade, and that it ''ripped off '' the U.S. for years as U.S. and Chinese officials hold high-level trade talks in Washington. Aleksandra Michalska reports.
U.S. President Donald Trump said China became "very spoiled" on trade, and that it "ripped off " the U.S. for years as U.S. and Chinese officials hold high-level trade talks in Washington. Aleksandra Michalska reports. //reut.rs/2KyRzHB | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/17/trump-criticizes-china-on-trade?videoId=427863754 |
May 3, 2018 / 7:42 PM / Updated 27 minutes ago Gene tied to migraines may have helped humans adapt to cold Lisa Rapaport 4 Min Read
(Reuters Health) - A common gene variant linked to migraine headaches may have proliferated because it made it easier for early humans adapt to cold weather in northern climates, a new study suggests.
Migraines have long been more common in people of European descent than those from Africa, and both genetics and environment are thought to play a role. For the current study, researchers focused on TRPM8, a gene involved in regulating the ability to detect cold that’s also associated with vulnerability to migraines.
Researchers discovered that a genetic variant upstream from this gene, which may regulate it, became increasingly common in populations living in cold climates. For example, 88 percent of people of Finnish ancestry carry the variant, compared with just 5 percent of people of Nigerian ancestry.
“The direct link between cold sensation and migraine is unknown; however, both are related to pain which provides a possible, but speculative, link,” said lead study author Felix Key of the Max Planck Institute for the Science of Human History in Leipzig, Germany.
Within the last 50,000 years, some humans left the warm climate of Africa to colonize colder locales in Asia, Europe, and other parts of the world, researchers note in PLoS Genetics. Genetic adaptations to help humans respond to cold temperatures may have helped people survive this migration.
The gene TRPM8 helps control the only known receptor that enables people to detect and respond to cold temperatures. Variants found in people whose ancestors lived in cold climates thousands of years ago might help shut off or reduce the ability to detect cold or feel pain from the cold.
The researchers found that a variant of this gene became increasingly common in populations living in higher latitudes and colder climates during the past 25,000 years.
While this gene has been linked to migraines in previous research, the current study authors speculate that adaptation to cold temperatures in early human populations may at least partially explain the variation in migraine prevalence among different groups of people.
“Most genetic variants have very similar frequencies across human populations,” said senior study author Aida Andres of University College London in the UK.
“So it was surprising that this (variant) is at very low frequency in some populations, say Yoruba, Nigeria, and very high frequency in others, for example Finnish in northern Europe,” Andres said by email.
But the exact molecular cause of migraines remains unknown, and even in populations where most people are of northern European descent, only about 10 to 15 percent suffer from migraines, said Andy Weyer, a researcher at Pacific University in Forest Grove, Oregon, who wasn’t involved in the study.
“Just because a person’s DNA contains this variant does not mean that they will suffer from migraines,” Weyer said by email.
While drugmakers are currently exploring whether it’s possible to develop migraine medicines that work by targeting TRPM8, the current study findings won’t change how people are currently treated for these headaches, Weyer added.
People may manage migraines by trying to avoid triggers like stress, lack of sleep or poor diet that can make the headaches more likely. Some patients may also take painkillers or antidepressants for acute migraines.
Cold is can be a trigger, noted Greg Dussor, a researcher at the University of Texas at Dallas who wasn’t involved in the study.
“Stressors, or deviations from normal patterns, seem to be triggers for migraine attacks and exposure to cold is a stressor that the body doesn’t like,” Dussor said by email. “The migraine might be a warning sign that the stressor, in this case cold, could be dangerous and the person should protect themself from the temperature.”
SOURCE: bit.ly/2Kw2Hps PLoS Genetics, online May 3, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-migraines-genetics/gene-tied-to-migraines-may-have-helped-humans-adapt-to-cold-idUKKBN1I42HQ |
May 30, 2018 / 9:36 PM / Updated 3 minutes ago U.S. hits allies with tariffs as risk of trade war rises Jason Lange , Ingrid Melander 7 Min Read
WASHINGTON/PARIS (Reuters) - The United States on Thursday said it will impose tariffs on aluminium and steel imports from Canada, Mexico and the European Union, reigniting investor fears of a global trade war as Washington’s allies took steps to retaliate against U.S. goods.
The move, announced by U.S. Commerce Secretary Wilbur Ross in a telephone briefing on Thursday, ended months of uncertainty about potential tariff exemptions and suggested a hardening of the Trump administration’s approach to trade negotiations.
It also sent a chill through financial markets, with the Dow Jones Industrial Average .DJI down about 1 percent and the S&P 500 .SPX off around 0.6 percent. Shares of industrial heavyweights Boeing ( BA.N ) fell 1.5 percent while those of Caterpillar ( CAT.N ) shed 2 percent.
A 25 percent tariff on steel imports and 10 percent tariff on aluminium imports will be imposed on the EU, Canada and Mexico starting at midnight (0400 GMT on Friday), Ross told reporters.
“We look forward to continued negotiations, both with Canada and Mexico on the one hand, and with the European Commission on the other hand, because there are other issues that we also need to get resolved,” he said.
Canada and Mexico, embroiled in talks with the United States to modernize the North American Free Trade Agreement (NAFTA), responded swiftly.
Canada, the largest supplier of steel to the United States, will impose retaliatory tariffs covering C$16.6 billion in imports from the United States, including whiskey, orange juice, steel, aluminium and other products, Canadian Foreign Minister Chrystia Freeland said.
Ottawa will also challenge the tariffs under NAFTA and World Trade Organization rules, she said.
Mexico announced what it described as “equivalent” measures on a wide range of U.S. farm and industrial products. Related Coverage Steel, aluminium tariffs seen hurting U.S. economy - Moody's
The measures, which target pork legs, apples, grapes and cheese as well as steel and other products, will be in place until the U.S. government eliminates its tariffs, Mexico’s Economy Ministry said.
The S&P 500’s packaged foods and meats industry sub-index .SPLRCFOOD fell 2.4 percent, with shares of meat producer Tyson Foods Inc ( TSN.N ) dropping 4 percent. Campbell Soup Co ( CPB.N ) was down 3.2 percent and spice maker McCormick & Co Inc ( MKC.N ) shed 3.6 percent.
The Mexican peso MXN= dropped about 1 percent and the Canadian dollar CAD= shed about 0.6 percent. At its low, the peso was at its weakest against the dollar in nearly 15 months. The European Union has threatened tariffs on Harley Davidson motorcycles and bourbon, measures aimed at the political bases of U.S. Republican legislators.
“This (U.S.) measure brings the danger of a spiral of escalation, which in the end harms everyone,” German government spokesman Steffen Seibert said in a statement, adding that Germany would continue to push for free trade and open markets.
EU members have given broad support to a European Commission plan to set duties on 2.8 billion euros (£2.4 billion) of U.S. exports if Washington ends the tariff exemption. EU exports potentially subject to U.S. duties are worth 6.4 billion euros.
“It’s entirely up to U.S authorities whether they want to enter into a trade conflict with their biggest partner, Europe,” France’s Finance Minister Bruno Le Maire said after meeting with Ross on Thursday. Slideshow (7 Images) ‘SIGNIFICANT THREAT’
U.S. President Donald Trump announced the tariffs in March as part of an effort to protect U.S. industry and workers from what he described as unfair international competition, a key theme of his “America First” agenda.
Temporary exemptions were granted to a number of nations and permanent ones to several countries including Australia, Argentina and South Korea. U.S. trading partners had demanded that the exemptions be extended or made permanent.
The tariffs are aimed at allowing the U.S. steel and aluminium industries to increase their capacity utilization rates above 80 percent for the first time in years.
Although many in the U.S. business community have reacted with alarm, Trump’s actions have won him favour in the domestic steel and aluminium industry.
On Thursday, shares of U.S. Steel Corp ( X.N ) were up 1.1 percent while those of Nucor Corp ( NUE.N ) gained 0.3 percent. AK Steel ( AKS.N ) fell 2 percent and Steel Dynamics Inc ( STLD.O ) was down 0.9 percent. Shares of Century Aluminum Co ( CENX.O ) jumped 2.9 percent but Alcoa Corp ( AA.N ) shed 0.9 percent. EYES ON CHINA
The U.S. administration also launched a national security investigation last week into car and truck imports, using the same 1962 law it has applied to curb incoming steel and aluminium.
“The Trump administration seems to regard overt threats, including tariffs and repudiation of previous agreements, as a key element for gaining leverage in trade negotiations,” said Eswar Prasad, a former head of the International Monetary Fund’s China division and now a professor at Cornell University.
Prasad, however, warned that the United States was doing so at the cost of alienating key allies and undercutting broad international pressure on China to change its trade and economic practices.
Ross himself heads to Beijing on Friday where he will attempt to get firm deals to export more U.S. goods in a bid to cut America’s $375 billion (£282.1 billion) trade deficit with China.
The Trump administration has demanded that Beijing make concessions and threatened to punish it for allegedly stealing U.S. technology by imposing tariffs on $50 billion of imports from China. Reporting by Eric Walsh, David Shepardson and David Chance in Washington, Ingrid Melander in Paris, Madeline Chambers in Berlin, Philip Blenkinsop in Brussels and Allison Martell in Toronto; Writing by Paul Simao; Editing by Robin Pomeroy and Susan Thomas | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trade-metals-europe/u-s-to-slap-tariffs-soon-on-steel-aluminium-from-eu-wsj-idUKKCN1IV2TR |
(Reuters) - The center of tropical depression Alberto, which threatens heavy rainfall, is moving across west-central Indiana, with little-change in strength forecast during the next 36 hours, the U.S. National Hurricane Center (NHC) said on Wednesday.
Subtropical Storm Alberto is pictured nearing the Florida Panhandle in this May 27, 2018 NASA handout photo. NASA/Handout via REUTERS The system will transition to an extratropical wave cyclone as the remnant circulation encounters an upper level trough moving east across the Great Lakes through Thursday, the Miami-based weather forecaster said.
Tropical depression Alberto is located about 70 miles (113 km) south of South Bend, Indiana with maximum sustained winds of 30 miles per hour (45 kph), it said.
Reporting by Vijaykumar Vedala and Sumita Layek in Bengaluru; Editing by Lisa Shumaker
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-storm-alberto/nhc-says-tropical-depression-alberto-moving-across-west-central-indiana-idUSKCN1IV2SF |
SYRACUSE, N.Y.--(BUSINESS WIRE)-- Carrols Restaurant Group, Inc. (“Carrols” or the “Company”) (NASDAQ:TAST) today announced financial results for the first quarter ended April 1, 2018 and updated its full year 2018 outlook.
Highlights for first quarter of 2018 versus first quarter of 2017 include:
Restaurant sales increased 13.2% to $271.6 million from $239.9 million in the first quarter of 2017 including contributions from 64 restaurants acquired in 2017; Comparable restaurant sales increased a solid 6.2% compared to a 0.6% decrease in the prior year quarter; Adjusted EBITDA (1) increased 36.3% to $18.9 million from $13.9 million in the prior year quarter; Net loss was $3.1 million, or $0.09 per diluted share, compared to net loss of $5.6 million, or $0.16 per diluted share, in the prior year quarter; and Adjusted net loss (1) was $2.8 million, or $0.08 per diluted share, compared to adjusted net loss of $4.8 million, or $0.14 per diluted share, in the prior year quarter.
(1) Adjusted EBITDA, Restaurant-level EBITDA and Adjusted net income (loss) are non-GAAP financial measures. Refer to the definitions and reconciliation of these measures to net income (loss) or to income (loss) from operations in the tables at the end of this release.
At the end of the first quarter of 2018, Carrols owned and operated 807 BURGER KING® restaurants.
Daniel T. Accordino, the Company's Chief Executive Officer said, “Our strong start to 2018 included double-digit top line growth, a robust 6.2% increase in comparable restaurant sales, and solid improvements in restaurant-level EBITDA and Adjusted EBITDA as we successfully leveraged these sales increases against most expenses. We are pleased that BURGER KING’s impactful marketing strategy, effective balance of premium, value and limited time menu items, and its pipeline of innovation continues to resonate with consumers in a highly competitive QSR environment as evidenced by our sales performance. Notable promotions during the first quarter included the 2 for $6 WHOPPER® or Crispy Chicken Sandwich promotion, the extension of the KING™ Sandwich line, and the launch of the new Spicy Crispy Chicken Sandwich. These products positively contributed to both average check and transaction growth.”
Accordino added, “Given our first quarter performance and continued sales momentum early in the second quarter, we are increasingly confident in our ability to meet our sales and Adjusted EBITDA outlook as updated for our first quarter results. Although labor costs continue to rise as expected, we now forecast that commodity inflation should be somewhat lower than our earlier guidance. With respect to acquisitions, we closed a small transaction in the first quarter and have two small transactions expected to close in the next few weeks. We also continue to focus on our acquisition pipeline and believe that as the year progresses that we will close additional transactions.”
First Quarter 2018 Financial Results
Restaurant sales increased 13.2% to $271.6 million in the first quarter of 2018 compared to $239.9 million in the first quarter of 2017.
Comparable restaurant sales increased 6.2%, including an average check increase of 5.9% and customer traffic increase of 0.3% from the prior year period.
Restaurant-level EBITDA was $33.4 million in the first quarter of 2018 and increased 19.8% from $27.9 million in the first quarter of 2017. Restaurant-Level EBITDA margin was 12.3% of restaurant sales and increased 67 basis points from the prior year period. Nearly all operating costs were favorably leveraged due to the strong sales performance in the quarter. Cost of sales, however, increased slightly as a percentage of restaurant sales as higher ground beef costs and increased promotional activity compared to the prior year quarter were offset by 3.3% of effective pricing and improved operating performance.
General and administrative expenses were $16.1 million in the first quarter of 2018 compared to $15.6 million in the prior year period. As a percentage of restaurant sales, general and administrative expenses decreased 55 basis points to 5.9% compared to the prior year period.
Adjusted EBITDA increased 36.3% to $18.9 million in the first quarter of 2018 compared to $13.9 million in the first quarter of 2017. Adjusted EBITDA margin increased 118 basis points to 7.0% of restaurant sales.
Income from operations was $2.7 million in the first quarter of 2018 compared to a loss from operations of $1.4 million in the prior year period.
Interest expense increased to $5.9 million in the first quarter of 2018 from $4.8 million in the same period last year due to the Company’s $75 million add-on offering and issuance of senior secured second lien notes completed in the second quarter of 2017. Cash balances totaled $34.5 million at the end of the first quarter of 2018.
Net loss was $3.1 million for the first quarter of 2018, or $0.09 per diluted share, compared to net loss of $5.6 million, or $0.16 per diluted share, in the prior year period.
Net loss in the first quarter of 2018 included $0.3 million of impairment and other lease charges and $0.1 million of acquisition expenses. For the same period last year, net loss included $0.5 million of impairment and other lease charges and $0.7 million of acquisition expenses.
Adjusted net loss in the first quarter of 2018 was $2.8 million, or $0.08 per diluted share, compared to adjusted net loss of $4.8 million, or $0.14 per diluted share, in the prior year period.
Full Year 2018 Outlook
The Company is updating its guidance for 2018. As a reminder, while the Company may acquire additional BURGER KING® restaurants, this guidance does not include any impact from such potential acquisitions:
Total restaurant sales are expected to be $1.15 billion to $1.17 billion (previously $1.14 billion to $1.17 billion), including a comparable restaurant sales increase of 3% to 5%; Commodity costs are now expected to increase 1% to 2% (previously 2% to 3%) including a 2% to 3% increase in beef costs (previously 3% to 5%); General and administrative expenses are expected to be $58 million to $60 million, excluding stock compensation expense and acquisition-related costs; Adjusted EBITDA is now expected to be $95 million to $102 million (previously $93 million to $100 million); An effective income tax rate of 0% to 5%. Capital expenditures before discretionary growth-related expenditures (i.e., new restaurant development and acquisitions) are expected to be $50 million to $60 million (previously $45 million to $50 million). In addition, capital expenditures for the construction of 10 to 15 new units and remaining costs from 2017 construction late in the year are expected to be $15 million to $25 million; Proceeds from sale/leasebacks are expected to be $10 million to $15 million; and The Company expects to close 20 to 25 existing restaurants, three of which were closed during the first quarter.
The Company has not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because it does not provide guidance for net income or for the various reconciling items. The Company is unable to provide guidance for these reconciling items since certain items that impact net income are outside of the Company’s control or cannot be reasonably predicted.
Conference Call Today
Daniel T. Accordino, Chief Executive Officer, and Paul R. Flanders, Chief Financial Officer, will host a conference call to discuss first quarter 2018 financial results today at 8:30 AM ET.
The conference call can be accessed live over the phone by dialing 323-794-2423. A replay will be available one hour after the call and can be accessed by dialing 719-457-0820; the passcode is 1067765. The replay will be available until Tuesday, May 15, 2018. Investors and interested parties may listen to a webcast of this conference call by visiting www.carrols.com under the tab “Investor Relations”.
About the Company
Carrols is the largest BURGER KING® franchisee in the United States with 807 restaurants as of April 1, 2018 and has operated BURGER KING® restaurants since 1976. For more information on Carrols, please visit the company's website at www.carrols.com .
Forward-Looking Statements
Except for the historical information contained in this news release, the matters addressed are forward-looking statements. Forward-looking statements, written, oral or otherwise made, represent Carrols' expectation or belief concerning future events. Without limiting the foregoing, these statements are often identified by the words "may", "might", "believes", "thinks", "anticipates", "plans", "expects", "intends" or similar expressions. In addition, expressions of our strategies, intentions, plans or guidance are also forward-looking statements. Such statements reflect management's current views with respect to future events and are subject to risks and uncertainties, both known and unknown. You are cautioned not to place undue reliance on these forward-looking statements as there are important factors that could cause actual results to differ materially from those in forward-looking statements, many of which are beyond our control. Investors are referred to the full discussion of risks and uncertainties as included in Carrols' filings with the Securities and Exchange Commission.
Carrols Restaurant Group, Inc.
Consolidated Statements of Operations
(in thousands except per share amounts)
(unaudited) Three Months Ended (a) April 1, 2018 April 2, 2017 Restaurant sales $ 271,586 $ 239,852 Costs and expenses: Cost of sales 73,005 64,236 Restaurant wages and related expenses 91,144 81,071 Restaurant rent expense 19,974 17,597 Other restaurant operating expenses 42,839 39,195 Advertising expense 11,265 9,901 General and administrative expenses (b) (c) 16,136 15,576 Depreciation and amortization 14,250 13,151 Impairment and other lease charges 309 531 Total costs and expenses 268,922 241,258 Income (loss) from operations 2,664 (1,406 ) Gain on bargain purchase (22 ) — Interest expense 5,926 4,801 Loss before income taxes (3,240 ) (6,207 ) Benefit for income taxes (138 ) (611 ) Net loss $ (3,102 ) $ (5,596 ) Basic and diluted net loss per share (d) (e)
$ (0.09 ) $ (0.16 ) Basic and diluted weighted average common shares outstanding 35,666 35,384 (a) The Company uses a 52 or 53 week fiscal year that ends on the Sunday closest to December 31. The three months ended April 1, 2018 and April 2, 2017 each included thirteen weeks. (b) General and administrative expenses include acquisition costs of $105 and $718 for the three months ended April 1, 2018 and April 2, 2017, respectively. (c) General and administrative expenses include stock-based compensation expense of $1,585 and $883 for the three months ended April 1, 2018 and April 2, 2017, respectively. (d) Basic net loss per share was computed excluding loss attributable to preferred stock and non-vested restricted shares unless the effect would have been anti-dilutive for the periods presented. (e) Diluted net loss per share was computed including shares issuable for convertible preferred stock and non-vested restricted shares unless their effect would have been anti-dilutive for the periods presented. Carrols Restaurant Group, Inc.
Supplemental Information
The following table sets forth certain unaudited supplemental financial and other data for the periods indicated (in thousands, except number of restaurants, percentages and average weekly sales per restaurant):
(unaudited) Three Months Ended (a) April 1, 2018 April 2, 2017 Total Restaurant Sales $ 271,586 $ 239,852 Change in Comparable Restaurant Sales (a) 6.2 % (0.6 )% Average Weekly Sales per Restaurant (b) 25,978 24,140 Restaurant-Level EBITDA (c) $ 33,359 $ 27,852 Restaurant-Level EBITDA margin (c) 12.3 % 11.6 % Adjusted EBITDA (c) $ 18,913 $ 13,877 Adjusted EBITDA margin (c) 7.0 % 5.8 % Adjusted net loss (c) $ (2,792 ) $ (4,822 ) Adjusted diluted net loss per share (c) $ (0.08 ) $ (0.14 ) Number of Restaurants: Restaurants at beginning of period 807 753 New restaurants 2 1 Restaurants acquired 1 43 Restaurants closed (3) (9) Restaurants at end of period 807 788 Average Number of Restaurants: 804.2 764.3 At 4/1/18 At 12/31/2017 Long-term debt (d) $ 285,945 $ 281,884 Cash 34,501 29,412 (a) Restaurants are generally included in comparable restaurant sales after they have been operated by us for 12 months. The calculation of changes in comparable restaurant sales is based on the comparable 13-week period. (b) Average weekly sales per restaurant are derived by dividing restaurant sales for the comparable 13-week period by the average number of restaurants operating during such period. (c) EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Restaurant-Level EBITDA, Restaurant-Level EBITDA margin and Adjusted net loss are non-GAAP financial measures and may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation. Refer to the Company's reconciliation of net loss to EBITDA, Adjusted EBITDA and Adjusted net loss, and to the Company's reconciliation of income (loss) from operations to Restaurant-Level EBITDA for further detail. Both Adjusted EBITDA margin and Restaurant-Level EBITDA margin are calculated as a percentage of restaurant sales. Adjusted diluted net loss per share is calculated based on Adjusted net income and reflects the dilutive impact of shares, where applicable, based on Adjusted net loss. (d) Long-term debt (including current portion and excluding deferred financing costs) at April 1, 2018 included $275,000 of the Company's 8% Senior Secured Second Lien Notes, $4,500 of outstanding revolving borrowings under the Company's senior credit facility, $1,203 of lease financing obligations and $5,242 of capital lease obligations. Long-term debt (including current portion and excluding deferred financing costs) at December 31, 2017 included $275,000 of the Company's 8% Senior Secured Second Lien Notes, $1,203 of lease financing obligations and $5,681 of capital lease obligations. Carrols Restaurant Group, Inc.
Reconciliation of Non-GAAP Measures
(In thousands, except per share amounts)
(unaudited) Three Months Ended (a) April 1, 2018 April 2, 2017 Reconciliation of EBITDA and Adjusted EBITDA: (a) Net loss $ (3,102 ) $ (5,596 ) Benefit for income taxes (138 ) (611 ) Interest expense 5,926 4,801 Gain on bargain purchase (22 ) — Depreciation and amortization 14,250 13,151 EBITDA 16,914 11,745 Impairment and other lease charges 309 531 Acquisition costs (b) 105 718 Stock-based compensation expense 1,585 883 Adjusted EBITDA $ 18,913 $ 13,877 Reconciliation of Restaurant-Level EBITDA: (a) Income (loss) from operations $ 2,664 $ (1,406 ) Add: General and administrative expenses 16,136 15,576 Depreciation and amortization 14,250 13,151 Impairment and other lease charges 309 531 Restaurant-Level EBITDA $ 33,359 $ 27,852 Reconciliation of Adjusted net loss: (a) Net loss $ (3,102 ) $ (5,596 ) Add: Impairment and other lease charges 309 531 Gain on bargain purchase (22 ) — Acquisition costs (b) 105 718 Income tax effect on above adjustments (c) (82 ) (475 ) Adjusted net loss $ (2,792 ) $ (4,822 ) Adjusted diluted net loss per share $ (0.08 ) $ (0.14 ) (a) Within our press release, we make reference to EBITDA, Adjusted EBITDA, Restaurant-Level EBITDA and Adjusted net loss which are non-GAAP financial measures. EBITDA represents net loss before benefit for income taxes, interest expense and depreciation and amortization. Adjusted EBITDA represents EBITDA as adjusted to exclude impairment and other lease charges, acquisition costs, stock-based compensation expense and other non-recurring income or expense. Restaurant-Level EBITDA represents income (loss) from operations as adjusted to exclude general and administrative expenses, depreciation and amortization, impairment and other lease charges and other income. Adjusted net loss represents net loss as adjusted to exclude impairment and other lease charges, acquisition costs and other non-recurring income or expense. We are presenting Adjusted EBITDA, Restaurant-Level EBITDA and Adjusted net loss because we believe that they provide a more meaningful comparison than EBITDA and net loss of the Company's core business operating results, as well as with those of other similar companies. Additionally, we present Restaurant-Level EBITDA because it excludes the impact of general and administrative expenses and other income, all of which are non-recurring at the restaurant level. Management believes that Adjusted EBITDA, Restaurant-Level EBITDA and Adjusted net loss, when viewed with the Company's results of operations in accordance with GAAP and the accompanying reconciliations in the table above, provide useful information about operating performance and period-over-period growth, and provide additional information that is useful for evaluating the operating performance of the Company's core business without regard to potential distortions. Additionally, management believes that Adjusted EBITDA and Restaurant-Level EBITDA permit investors to gain an understanding of the factors and trends affecting our ongoing cash earnings, from which capital investments are made and debt is serviced. However, EBITDA, Adjusted EBITDA, Restaurant-Level EBITDA and Adjusted net loss are not measures of financial performance or liquidity under GAAP and, accordingly, should not be considered as alternatives to net income, income from operations or cash flow from operating activities as indicators of operating performance or liquidity. Also, these measures may not be comparable to similarly titled captions of other companies. The tables above provide reconciliations between net loss and EBITDA, Adjusted EBITDA and Adjusted net loss and between income (loss) from operations and Restaurant-Level EBITDA. (b) Acquisition costs for the periods presented include legal and professional fees incurred in connection with restaurant acquisitions. (c) The income tax effect related to the adjustments for impairment and other lease charges and acquisition costs during the periods presented was calculated using an effective income tax rate of 21% for the three months ended April 1, 2018 and 38% for the three months ended April 2, 2017.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005423/en/
Investor Relations:
Carrols Restaurant Group, Inc.
800-348-1074, ext. 3333
[email protected]
Source: Carrols Restaurant Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-carrols-restaurant-group-inc-reports-financial-results-for-the-first-quarter-2018.html |
TAMPA, Fla., May 24, 2018 /PRNewswire/ -- WellCare Health Plans, Inc. (NYSE: WCG) today announced that Amy Compton-Phillips, M.D., executive vice president and chief clinical officer of Providence St. Joseph Health, and Kathleen E. Walsh, president and chief executive officer of Boston Medical Center, have been elected to the company's board of directors.
"We're thrilled to welcome Dr. Compton-Phillips and Ms. Walsh to our board," said Chris Michalik, WellCare's chairman of the board. "From Dr. Compton-Phillips' clinical experience to Ms. Walsh's background in hospital administration, both women bring strong leadership skills, experience in partnering with providers, and a deep understanding of our nation's hospitals and health systems—all of which will be invaluable in supporting WellCare's focus on providing access to high-quality care and services to our more than 4.3 million members across the country."
Dr. Compton-Phillips has served as executive vice president and chief clinical officer at Providence St. Joseph Health since 2015. Previously, she served as chief quality officer at The Permanente Federation (part of Kaiser Permanente). Dr. Compton-Phillips joined Kaiser Permanente in 1993 and held a variety of roles including internal medicine service chief, physician director of the Columbia, Maryland geographic region, physician director for population care and guideline director. Dr. Compton-Phillips serves on the board of Multiscale Health Networks, a joint venture between Providence St. Joseph Health and the Institute for Systems Biology to provide healthcare technology solutions. Dr. Compton-Phillips is a board-certified internist. She received her B.S. in biology from Johns Hopkins University and her medical degree from the University of Maryland School of Medicine.
Kathleen E. Walsh has served as president and chief executive officer of Boston Medical Center since 2010. Previously, she served as executive vice president and chief operating officer for Brigham and Women's Hospital; chief operating officer for Novartis Institutes for Biomedical Research; and senior vice president of medical services for Massachusetts General Hospital. She has also held hospital administrator positions in a number of New York City hospitals including Montefiore Medical Center, Columbia Presbyterian Medical Center, Saint Luke's—Roosevelt Hospital Center, and the New York City Health and Hospitals Corporation. Ms. Walsh serves on several boards of directors, including the Federal Reserve Bank of Boston, the Boston Public Health Commission, the Massachusetts Hospital Association, the AAMC Council of Teaching Hospitals, Pine Street Inn, the Greater Boston YMCA Board of Overseers, the Green Ribbon Commission's Health Care Sector and fellow of the Yale Corporation. She received her bachelor's degree and a master's degree in public health from Yale University.
About WellCare Health Plans, Inc.
Headquartered in Tampa, Fla., WellCare Health Plans, Inc. (NYSE: WCG) focuses exclusively on providing government-sponsored managed care services through Medicaid, Medicare Advantage and Medicare Prescription Drug Plans to families, children, seniors and individuals with complex medical needs. The company serves approximately 4.3 million members nationwide as of March 31, 2018. For more information about WellCare, please visit the company's website at www.wellcare.com or view the company's videos at www.youtube.com/user/WellCareHealthPlan .
View original content with multimedia: http://www.prnewswire.com/news-releases/wellcare-elects-amy-compton-phillips-and-kathleen-e-walsh-to-board-of-directors-300654048.html
SOURCE WellCare Health Plans, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-wellcare-elects-amy-compton-phillips-and-kathleen-e-walsh-to-board-of-directors.html |
Gaming, burgers, music & more in the blitz 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/trader-blitz-shake-shack-facebook-activision-blizzard-pandora-materials-newell-brands.html |
AUSTIN, Texas, May 10, 2018 (GLOBE NEWSWIRE) -- Superconductor Technologies Inc. (STI) (Nasdaq:SCON) reported financial results for the quarter ended March 31, 2018.
Jeff Quiram, STI’s president and CEO, stated, “In the first quarter of 2018, as previously announced, we expanded our Conductus® wire product development efforts related to next generation electric machines (NGEMs) with the US Department of Energy (DOE) and widened our NGEM scope to multiple applications. We are now implementing a 2018 plan focused on producing wire optimized to operate at low temperatures in the presence of a magnetic field, the characteristics necessary for success in NGEM applications. Our product improvements in late 2017 and planned development in 2018 align our roadmap with market demand as our customers seek to secure wire supply for future projects.
“Regarding our NGEM project with the DOE, all of our partners in the program, TECO Westinghouse Motor Company, Massachusetts Institute of Technology, and the University of North Texas, are actively engaged as we integrate our efforts to complete the program objectives as outlined in the statement of work. We will be providing an annual review on milestone progress to the DOE in July.”
In April, STI participated in the International Energy Agency (IEA) and The Institute of Electrical and Electronics Engineers (IEEE) conferences. The company engaged with its customers and other industry leaders to review how STI can help them capitalize on several accelerating energy megatrends: decentralized renewable energy, high energy efficiency, and sustainable transportation.
First Quarter Highlights
STI’s first quarter 2018 net revenues were $246,000, compared to $1,000 in the first quarter of 2017 and $305,000 in the fourth quarter of 2017. Net loss for the first quarter 2018 was $2.2 million, or a loss of $0.20 per basic and diluted share, compared to a net loss of $2.6 million, or a loss of $0.26 per basic and diluted share, in the first quarter of 2017, and a net loss of $1.9 million, or a loss of $0.17 per basic and diluted share in the fourth quarter of 2017.
On March 7, 2018, STI raised approximately $1.7 million in net proceeds from a registered direct offering. As of March 31, 2018, STI had $2.9 million in cash and cash equivalents.
Investor Conference Call
STI will host a conference call and simultaneous webcast today, May 10 th , at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time to discuss its results. To listen to the call live, please dial 1-800-263-0877 at least 10 minutes before the start of the conference. International participants may dial 1-323-794-2094. The conference ID is 5629713. The call will be webcast and can be accessed from the “Investor Relations” section of the company’s website. A telephone replay will be available until midnight ET on May 14 th by dialing 1-844-512-2921 or 1-412-317-6671, and entering pass code 5629713. A replay will also be available at the web address above.
About IEA
The IEA works to ensure reliable, affordable and clean energy for its 30 member countries and beyond. Its mission is guided by four main areas of focus: energy security, economic development, environmental awareness and engagement worldwide. For more information about IEA’s efforts on HTS, please visit http://www.iea.org/tcp/end-use-electricity/hts/ .
About IEEE
IEEE and its members inspire a global community to innovate for a better tomorrow through its more than 423,000 members in over 160 countries, and its highly cited publications, conferences, technology standards, and professional and educational activities. IEEE is the trusted “voice” for engineering, computing, and technology information around the globe. For more information on IEEE, please visit https://www.ieee.org/ .
About Superconductor Technologies Inc. (STI)
Superconductor Technologies Inc. is a global leader in superconducting innovation. Its Conductus ® superconducting wire platform offers high performance, cost-effective and scalable superconducting wire. With 100 times the current carrying capacity of conventional copper and aluminum, superconducting wire offers zero resistance with extreme high current density. This provides a significant benefit for electric power transmission and also enables much smaller or more powerful magnets for motors, generators, energy storage and medical equipment. Since 1987, STI has led innovation in HTS materials, developing more than 100 patents as well as proprietary trade secrets and manufacturing expertise. For more than 20 years STI utilized its unique HTS manufacturing process for solutions to maximize capacity utilization and coverage for Tier 1 telecommunications operators. Headquartered in Austin, TX, Superconductor Technologies Inc.'s common stock is listed on the NASDAQ Capital Market under the ticker symbol “SCON.” For more information about STI, please visit http://www.suptech.com .
Safe Harbor Statement
Statements in this press release regarding our business that are not historical facts are " " that involve risks and uncertainties. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors, which could cause materially from the These factors and uncertainties include, but are not limited to: our limited cash and a history of losses; our need to materially grow our revenues from commercial operations and/or to raise additional capital (which financing may not be available on acceptable terms or at all) in the very near future, before cash reserves are depleted (which reserves are expected to be sufficient into the third quarter of 2018), to implement our current business plan and maintain our viability; the performance and use of our equipment to produce wire in accordance with our timetable; overcoming technical challenges in attaining milestones to develop and manufacture commercial lengths of our HTS wire; the possibility of delays in customer evaluation and acceptance of our HTS wire; the limited number of potential customers and customer pressures on the selling prices of our products; the limited number of suppliers for some of our components and our HTS wire; there being no significant backlog from quarter to quarter; our market being characterized by rapidly advancing technology; the impact of competitive products, technologies and pricing; manufacturing capacity constraints and difficulties; the impact of any financing activity on the level of our stock price; the dilutive impact of any issuances of securities to raise capital; the steps required to maintain the listing of our common stock with a U.S. national securities exchange and the impact on the liquidity and trading price of our common stock if we fail to maintain such listing; the cost and uncertainty from compliance with environmental regulations; and local, regional, and national and international economic conditions and events and the impact they may have on us and our customers.
Forward-looking statements can be affected by many other factors, including, those described in the "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of STI's Annual Report on Form 10-K for the year ended December 31, 2017 and in STI's other public filings. These documents are available online at STI's website, www.suptech.com , or through the SEC's website, www.sec.gov . Forward-looking statements are based on information presently available to senior management, and STI has not assumed any duty to update any
Investor Relations Contact
Moriah Shilton or Kirsten Chapman
LHA +1-415-433-3777 [email protected]
– Tables to Follow –
SUPERCONDUCTOR TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended March 31, 2018 April 1, 2017 Commercial product revenues $ - $ 1,000 Government contract revenues 246,000 - Total revenues 246,000 1,000 Costs and expenses: Cost of commercial product revenues 639,000 862,000 Cost of government contract revenues 183,000 - Research and development 577,000 650,000 Selling, general and administrative 1,041,000 1,120,000 Total costs and expenses 2,440,000 2,632,000 Loss from operations (2,194,000 ) (2,631,000 ) Other Income and Expense: Adjustments to fair value of warrant derivatives 33,000 (3,000 ) Adjustment to warrant exercise price (24,000 ) - Other income 7,000 5,000 Net loss $ (2,178,000 ) $ (2,629,000 ) Basic and diluted net loss per common share
$
(0.20
)
$
(0.26
) Basic and diluted weighted average number of common shares outstanding 11,021,261 9,967,932
SUPERCONDUCTOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31, 2018 2017 (Unaudited) (See Note) ASSETS Current Assets: Cash and cash equivalents $ 2,919,000 $ 3,056,000 Accounts receivable, net 181,000 151,000 Inventories, net 169,000 102,000 Prepaid expenses and other current assets 16,000 82,000 Total Current Assets 3,285,000 3,392,000 Property and equipment, net of accumulated depreciation of $11,511,000 and $11,200,000, respectively 1,486,000 1,793,000 Patents, licenses and purchased technology, net of accumulated amortization of $994,000 and $984,000, respectively 733,000 742,000 Other assets 69,000 69,000 Total Assets $ 5,573,000 $ 5,996,000 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 424,000 $ 349,000 Accrued expenses 422,000 481,000 Total Current Liabilities 846,000 830,000 Other long term liabilities 76,000 54,000 Total Liabilities 922,000 884,000 Commitments and Contingencies (Notes 5 and 6) Stockholders’ Equity: Preferred stock, $.001 par value, 2,000,000 shares authorized, 328,925 and 328,925 shares issued and outstanding, respectively - - Common stock, $.001 par value, 250,000,000 shares authorized, 11,936,594 and 10,746,594 shares issued and outstanding, respectively 12,000 11,000 Capital in excess of par value 318,430,000 316,714,000 Accumulated deficit (313,791,000 ) (311,613,000 ) Total Stockholders' Equity 4,651,000 5,112,000 Total Liabilities and Stockholders' Equity $ 5,573,000 $ 5,996,000 Note – December 31, 2017 balances were derived from audited financial statements.
SUPERCONDUCTOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended March 31, 2018 April 1, 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (2,178,000 ) $ (2,629,000 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 323,000 568,000 Stock-based compensation expense 17,000 103,000 Adjustments to fair value of warrant derivatives (33,000 ) 3,000 Adjustment to warrant exercise price 24,000 - Changes in assets and liabilities: Accounts receivable (30,000 ) 9,000 Inventories (67,000 ) 15,000 Prepaid expenses and other current assets 68,000 90,000 Patents and licenses (1,000 ) (41,000 ) Other assets - 27,000 Accounts payable, accrued expenses and other current liabilities 45,000 (183,000 ) Net cash used in operating activities (1,832,000 ) (2,038,000 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (5,000 ) - Net proceeds from the sale of property and equipment - - Net cash used in investing activities (5,000 ) - CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds from the sale of common stock 1,700,000 - Net proceeds from the exercise of outstanding warrants - - Net cash provided by financing activities 1,700,000 - Net decrease in cash and cash equivalents (137,000 ) (2,038,000 ) Cash and cash equivalents at beginning of period 3,056,000 10,452,000 Cash and cash equivalents at end of period $ 2,919,000 $ 8,414,000
Source:Superconductor Technologies Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-superconductor-technologies-reports-first-quarter-2018-results.html |
May 1 (Reuters) - Oceania Natural Ltd:
* MALCOLM LINDEQUE, INCUMBENT CFO, WILL TERMINATE HIS EMPLOYMENT WITH ONL EFFECTIVE FROM 1ST MAY 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-oceania-natural-says-malcolm-linde/brief-oceania-natural-says-malcolm-lindeque-incumbent-cfo-will-terminate-his-employment-idUSFWN1S71FS |
May 4, 2018 / 1:49 PM / Updated 2 hours ago Pochettino pleased with European impact of Arsenal exit Reuters Staff 3 Min Read
(Reuters) - Tottenham Hotspur manager Mauricio Pochettino is pleased that the Premier League’s top four teams are guaranteed a Champions League group stage spot next season following Arsenal’s Europa League exit on Thursday. FILE PHOTO: Soccer Football - Premier League - Tottenham Hotspur v Watford - Wembley Stadium, London, Britain - April 30, 2018 Tottenham manager Mauricio Pochettino Action Images via Reuters/Paul Childs
If Arsenal had won the Europa League this season, the fourth-placed league team, currently Tottenham, would have been forced to play qualifiers early next campaign to seal a Champions League spot.
Arsene Wenger’s team slumped to a 2-1 defeat by Atletico Madrid in the Europa League semi-finals, meaning the league’s top four sides are guaranteed a Champions League group berth.
“Now it is guaranteed that top four means you are going to play in the Champions League,” Pochettino told a news conference.
“Of course I am not happy about (the result), I’m not a person who enjoys when another team loses, but for our interests always our focus is to finish third and if it’s not possible then fourth.”
Tottenham are a point behind third-placed Liverpool, who have played a game more, and six adrift of second-placed Manchester United but Pochettino is hopeful that his team can grab second place if Jose Mourinho’s team slip up.
“Yes, it is not up to us. In our hands is to finish third because we have one game more than Liverpool,” Pochettino told a news conference. “We need to win the three games but we have to wait for Manchester United to lose.
“All can happen in football, which is why it is such an amazing sport.”
Chelsea are challenging Tottenham for a fourth-placed league finish but Pochettino is confident that his team can hold on as their fifth-placed rivals sit five points behind, having played a game more.
“No, I wasn’t worried and I am not now. I am worried about being focused on performing better than Monday, to perform better and be sure that we are going to win the games ahead. That is my only worry,” he added.
The Argentine boss said that midfielder Mousa Dembele was a doubt for Saturday’s league trip to West Bromwich Albion due to an ankle injury.
A win for Tottenham or a draw at the Hawthorns will ensure West Brom’s relegation to the Championship. Reporting by Aditi Prakash in Bengaluru; Editing by Keith Weir | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-wba-tot-pochettino/pochettino-pleased-with-european-impact-of-arsenal-exit-idUKKBN1I51MY |
LONDON (Reuters) - European shares inched toward four-month highs on Tuesday, as an easing of pressure on Italy’s debt markets coincided with China’s latest move to open up its giant economy to the rest of the world.
Market prices are reflected in a glass window at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, February 6, 2018. REUTERS/Toru Hanai A pause in the dollar’s recent rally also meant respite for some battered emerging markets — though still not Turkey — while signs of better U.S. and China trade relations had Wall Street futures pointing higher. [.N][EMRG/FRX]
Early European trading saw Italian government bond yields come off 14-month highs, after six days of heavy selling on concerns over high-spending policies mooted by a potential new ruling coalition.
The proposed tie-up of the anti-establishment 5-Star Movement and the far-right League has pushed Rome’s 10-year yields up nearly 70 basis points since the start of the month. And plenty of questions remain. [GVD/EUR]
“Who will be the next finance minister in Italy, that is the question in the market at the moment,” said Rabobank’s head of macro strategy Elwin de Groot.
One of the names in the frame is Paolo Savona, an 81-year-old economist and former industry minister. “He is seen as quite a eurosceptic,” de Groot added. “It would be quite tough for the market to digest.”
Italy’s main bourse also outperformed as the news flow eased.
Europe’s big carmakers Volkswagen ( VOWG_p.DE ), BMW and Daimler jumped 1 to 1.6 percent too, after China said it would cut import duty on passenger cars and car parts from July 1.[.EU]
Shares of Ford, General Motors and electric car maker Tesla were up between 0.8 percent and 2.4 percent in pre-U.S. market trading. [.N]
In Asia overnight, Japan’s Nikkei had ended 0.2 percent lower and Australian shares fell 0.7 percent. Chinese stocks also finished in the red, with the blue-chip CSI300 off 0.4 percent. [.SS]
Analysts said investors in the region were worried about the growth outlook, with the U.S. Federal Reserve’s plans to increase its interest rates pushing up global borrowing costs.
“Stocks have rallied several times on the belief that trade tensions were easing, only to fall back down as investors took the opposite view,” said James McGlew, executive director of stockbroking at Perth-based Argonaut.
A total of three hikes is almost fully priced-in by the market for 2018 although some investors expect the Fed to be more aggressive. The U.S. central bank will publish minutes of its May 2 meeting, when it held rates steady, later this week.
CURRENCIES AND OIL Emerging market stocks snapped a three-day losing streak and many of the more beaten-down currencies, such as the South African rand, Mexican peso and Indian rupee, pulled out of their recent dives as the dollar eased back. [EMRG/FRX]
Turkey’s lira had initially clawed higher too, only to fall sharply again, to a fresh record low, after another warning about the country’s credit rating. It has now plunged over 18 percent since the start of the year.
“The market is clearly screaming out for a massive rate hike, but it’s not getting it, and the (rising) oil price is killing them too,” said Standard Life Aberdeen’s Kevin Daly.
“We are short the lira and short Turkish bonds so we are certainly not being tempted at this point.”
The dollar index, which measures the U.S. currency against the other main world currencies, was last down 0.3 percent at 93.40 from Monday’s five-month top of 94.058, as the euro clawed back above $1.18. [/FRX]
Elsewhere, oil prices bobbed just under highs last seen in 2014 after Venezuela’s weekend presidential election heightened persistent worries about falls in global oil output.
The market is bracing for the possibility of additional U.S. sanctions on the country following President Nicolas Maduro’s re-election.
U.S. crude added 31 cents to $72.55 per barrel and Brent rose 52 cents to $79.73. [O/R]
The combination of higher oil and conciliatory actions on the U.S.-China trade front boosted the Australian dollar, a liquid proxy for risk, to a one-month peak.
As the dollar edged back, gold prices eased off December lows to get to $1,294 an ounce.
Reporting by Marc Jones; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-markets/dollar-holds-near-four-month-highs-oil-near-multi-year-top-idUSKCN1IN054 |
SAN DIEGO, May 3, 2018 /PRNewswire/ -- Histogen, Inc., a regenerative medicine company focused on stimulating the body's stem cells to regenerate tissues and restore youthful function, has received approval of its Investigational New Drug (IND) application from the US Food and Drug Administration (FDA) to study its lead product in female diffuse hair loss. The Company also received renewal of its clinical manufacturing license from the Food & Drug Branch (FDB) of the State of California this week.
Hair Stimulating Complex (HSC660) is a soluble formulation of a subset of naturally-secreted growth factors developed as an injectable treatment for hair growth. Through Histogen's patented technology process, fibroblast cells are induced to become multipotent stem cells, and there is upregulation of growth factors which have been shown to be important in hair viability. HSC660 is manufactured from the purification of cell conditioned media to enrich for these growth factors. Key growth factors within HSC660 include KGF, VEGF, and follistatin, which have been shown to be important in hair formation and the stimulation of resting hair follicles. Follistatin, in particular, has been linked to hair follicle stem cell proliferation.
"HSC660 is the first complex biologic consisting of a cocktail of naturally-secreted growth factors to be approved by the FDA as an investigational injectable treatment for alopecia," said Dr. Martin Latterich, Histogen Vice President of Technical Operations. "After seeing promising results in early trials of our cell conditioned media, we are excited to launch our first Company-sponsored clinical trial of HSC660 in women."
Pilot and Phase 1/2 Clinical Trials of an HSC660 predecessor were completed in male pattern baldness outside the US, with results that produced statistically significant efficacy indicators and a clear safety profile. More recently, a physician-sponsored 10 patient study in the US showed cosmetically significant results in both men and women. In addition to seeing a 100% female responder rate in the physician-sponsored study, previous trials have shown efficacy in other difficult-to-treat populations including men over 40 years of age and temporal recession hair loss. More detailed information about results to date can be found at http://www.histogeninc.com/applications/hsc.htm .
About Histogen
Histogen is a regenerative medicine company developing innovative products from cells grown under simulated embryonic conditions, including low oxygen and suspension. Through this unique technology process, newborn cells are directed to naturally produce vital proteins and growth factors from which the Company has developed its rich product portfolio. Histogen's technology focuses on stimulating a patient's own stem cells by delivering a proprietary complex of multipotent human proteins that have been shown to support stem cell growth and differentiation. For more information, please visit www.histogen.com .
Contact:
Eileen Brandt
858-200-9520
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/us-fda-approves-histogen-ind-for-female-hair-loss-trial-300642407.html
SOURCE Histogen, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-us-fda-approves-histogen-ind-for-female-hair-loss-trial.html |
VANCOUVER, British Columbia, May 10, 2018 (GLOBE NEWSWIRE) -- Finning International Inc. (TSX:FTT) (“Finning” or the “Company”) reported first quarter 2018 results today. All monetary amounts are in Canadian dollars unless otherwise stated.
Q1 2018 HIGHLIGHTS
All comparisons are to restated Q1 2017 results (1) unless indicated otherwise.
EPS (2) of $0.42 per share included insurance proceeds related to Alberta wildfires of $0.03 per share. Adjusted EPS (3)(4) of $0.39 per share was up 42% on a 19% increase in revenues. Canada achieved improved operating leverage. Excluding insurance proceeds received in the quarter related to the 2016 Alberta wildfires, Canada’s SG&A (2) as a percentage of revenue declined by 380 basis points and EBIT margin improved by 80 basis points to 7.5%. South America reported a 13% increase in product support revenues in functional currency, driven by stronger demand from the Chilean mining sector, and an EBIT margin of 8.4%. Working capital to sales ratio improved by 340 basis points to 27.1% - the lowest level over the last two years - on higher sales and supply chain efficiencies. Adjusted return on invested capital (3)(4) of 13.5% was the highest in the last two years. Equipment backlog (3) increased by over $300 million from Q4 2017 to $1.6 billion, driven by strong order intake (3) across all regions and market segments. The current backlog more than doubled from Q1 2017 and is at the highest level since Q2 2012. Annualized dividend was raised by 5.3% to $0.80 per share, reflecting the expectation of improved market conditions and sustainable earnings growth.
“I am encouraged by the continued positive market momentum and growing backlog at the start of 2018. We achieved strong revenue growth and improved profitability in the first quarter as we continue to benefit from leverage of additional revenues on fixed costs. I am particularly pleased with the progress we are making on our digital and supply chain initiatives, which enable us to reduce our cost to serve while transforming our customer experience. Looking ahead, we remain focused on capturing profitable growth opportunities in our markets, generating improved returns on invested capital, and advancing our long-term strategic priorities,” said Scott Thomson, President and CEO of Finning.
Q1 2018 FINANCIAL SUMMARY
All comparisons are to restated Q1 2017 results (1) unless indicated otherwise.
Quarterly Overview
$ millions, except per share amounts Q1 2018 Q1 2017
Restated (1) % change Revenue 1,670 1,401 19 EBIT 113 86 32 EBIT margin 6.8 % 6.1 % EBITDA (2)(3) 157 131 20 EBITDA margin (3) 9.4 % 9.3 % Net income 71 47 53 EPS 0.42 0.28 53 Free cash flow (263 ) (76 ) (244 ) Included in Q1 2018 results is the following significant item that management does not consider indicative of operational and financial trends either by nature or amount. This significant item is summarized below and described in more detail on page 3 of the Company’s management discussion and analysis dated May 10, 2018 (MD&A). There were no significant items in Q1 2017.
Q1 2018 EBIT and EBITDA by Operation
$ millions, except per share amounts Canada South America UK &
Ireland Corporate & Other Finning Total EPS EBIT / EPS 71 46 10 (14 ) 113 0.42 Insurance proceeds related to Alberta wildfires (7 ) - - - (7 ) (0.03 ) Adjusted EBIT / Adjusted EPS 64 46 10 (14 ) 106 0.39 Adjusted EBITDA (3)(4) 86 61 17 (14 ) 150 EBIT margin 8.4 % 8.4 % 3.7 % - 6.8 % Adjusted EBIT margin 7.5 % 8.4 % 3.7 % - 6.4 % Adjusted EBITDA margin (3)(4) 10.1 % 11.1 % 6.3 % - 9.0 %
Q1 2017 EBIT and EBITDA by Operation
$ millions, except per share amounts; restated (1) Canada South America UK &
Ireland Corporate & Other Finning Total EPS EBIT / EPS 46 44 7 (11 ) 86 0.28 EBIT margin 6.7 % 8.8 % 3.3 % - 6.1 % EBITDA 70 59 13 (11 ) 131 EBITDA margin 10.1 % 11.8 % 6.5 % - 9.3 % Revenue was up 19% driven by improved customer activity in key industries across all regions. New equipment sales increased by 37%, reflecting stronger demand in mining, construction, and power systems markets, particularly in Canada. Product support revenue grew by 10%, with all regions reporting higher parts and service revenues in mining and construction segments. Gross profit increased by 12%. Gross profit margin of 26.3% was below gross profit margin of 28.0% in Q1 2017 primarily due to a shift in revenue mix to new equipment sales. New equipment sales comprised 35% of total revenue compared to 30% in Q1 2017. Excluding insurance proceeds received in the quarter related to the 2016 Alberta wildfires, SG&A as a percentage of revenue declined by 180 basis points from Q1 2017 to 20.1%, reflecting leverage of additional revenues on fixed costs. Adjusted EBIT was up 24% to $106 million and Adjusted EBIT margin increased by 30 basis points to 6.4%, driven mostly by improved operating leverage in Canada. Adjusted EPS was $0.39 per share, up 42% from $0.28 per share in Q1 2017, primarily due to higher Adjusted EBIT. Q1 2018 free cash flow was ($263) million use of cash compared to ($76) million use of cash in Q1 2017 due to higher working capital requirements to meet stronger customer demand.
Invested Capital (3) and ROIC (2) Q1 2018 Q4 2017
restated (1) Q1 2017
restated (1) Invested capital ($ millions) Consolidated 3,226 2,830 2,940 Canada 1,778 1,621 1,630 South America (U.S. dollars) 884 784 773 UK & Ireland (U.K. pound sterling) 178 147 172 Invested capital turnover (3) (times) 2.13 2.09 1.89 Working capital to sales ratio 27.1 % 27.4 % 30.5 % Inventory turns (times) 2.80 2.82 2.61 Adjusted ROIC (%) Consolidated 13.5 13.1 10.0 Canada 14.0 13.2 10.2 South America 17.8 18.1 15.6 UK & Ireland 13.4 12.8 7.7 Excluding the impact of foreign exchange, invested capital was up by 12% from Q4 2017 mostly due to an increase in new equipment inventory in all regions to meet stronger demand, and higher parts inventory in Canada in line with growing product support volumes. Lower accounts payable balances in South America due to timing, and an increase in unbilled work-in-progress in all operations due to stronger market activity also contributed to higher invested capital levels compared to Q4 2017. Invested capital turnover and working capital to sales ratio continued to improve and were the best in the last two years, reflecting higher sales and supply chain efficiencies. Adjusted ROIC increased by 40 basis points from Q4 2017, driven mostly by higher Adjusted ROIC in Canada, and was the highest Adjusted ROIC in two years.
Q1 2018 HIGHLIGHTS BY OPERATION
All comparisons are to restated Q1 2017 results (1) unless indicated otherwise. All numbers are in functional currency: South America – U.S. dollar; UK & Ireland – U.K. pound sterling.
Canada
Revenues were up 23%, driven by a 62% increase in new equipment sales spanning mining, construction, and power systems markets. Product support revenues rose by 11%, reflecting stronger demand for parts and service in the construction sectors and higher component rebuild activity in mining. Adjusted EBIT of $64 million increased by 40% and Adjusted EBIT margin of 7.5% improved by 80 basis points from Q1 2017, reflecting leverage of additional revenues on fixed costs. Excluding insurance proceeds received in the quarter related to the 2016 Alberta wildfires, SG&A as a percentage of revenue declined by 380 basis points from Q1 2017.
South America
Revenues were up 15%. Product support revenues were up 13%, on higher demand from Chilean mining customers. Improved activity in construction and power systems markets drove a 12% increase in new equipment sales. EBIT increased by 9% and EBIT margin was 8.4%, which was in line with management’s expectations.
United Kingdom & Ireland
Revenues increased 19%, with higher revenues in all lines of business. New equipment sales were up 29%, driven by active construction and power systems markets, including industrial, marine, and electric power. Product support revenues increased by 6%, driven mostly by higher parts sales. EBIT was up by £1.3 million to £5.5 million and EBIT margin improved by 40 basis points to 3.7% from Q1 2017 as a result of leverage of higher revenue on fixed costs. SG&A as a percentage of revenue decreased by 140 basis points from Q1 2017.
CORPORATE AND BUSINESS DEVELOPMENTS
Dividend
The Board of Directors has approved a 5.3% increase in the quarterly dividend to $0.20 per share from $0.19 per share, payable on June 8, 2018 to shareholders of record on May 25, 2018. This dividend will be considered an eligible dividend for Canadian income tax purposes.
Investor Meeting – May 10, 2018
Finning will host an Investor Meeting on May 10, 2018 from 10:00 AM to 1:30 PM Pacific Time at the Sutton Place Hotel - Versailles Ballroom, 845 Burrard Street, Vancouver, British Columbia. The event will focus on Finning’s strategic plan to improve customer experience through the use of technology and to achieve profitable and capital efficient growth. The presentations will include more information about the Company’s digital strategy, the economic outlook, opportunities and priorities in each of the regions, global supply chain initiatives, and financial performance objectives. Following prepared remarks, there will be a Q&A with Finning’s leadership team. The Investor Meeting’s video webcast and supporting presentation will be available livestream and archived following the event at: https://www.finning.com/en_CA/company/investors/events-presentations/2018-events-presentations.html
SELECTED CONSOLIDATED FINANCIAL INFORMATION $ millions, except per share amounts Three months ended March 31 2018 2017
restated (1) % change New equipment 584 425 37 Used equipment 96 73 31 Equipment rental 50 51 (3 ) Product support 936 849 10 Other 4 3 Total revenue 1,670 1,401 19 Gross profit 440 393 12 Gross profit margin 26.3 % 28.0 % SG&A (328 ) (307 ) (7 ) SG&A as a percentage of revenue (19.6 )% (21.9 )% Equity earnings (loss) of joint ventures & associate 1 (1 ) Other income - 1 EBIT 113 86 32 EBIT margin 6.8 % 6.1 % Adjusted EBIT 106 86 24 Adjusted EBIT margin 6.4 % 6.1 % Net income 71 47 53 Basic EPS 0.42 0.28 53 Adjusted EPS 0.39 0.28 42 EBITDA 157 131 20 EBITDA margin 9.4 % 9.3 % Adjusted EBITDA 150 131 15 Adjusted EBITDA margin 9.0 % 9.3 % Free cash flow (263 ) (76 ) (244 ) Mar 31, 2018 Dec 31, 2017 Invested capital 3,226 2,830 Invested capital turnover (times) 2.13 2.09 Net debt to invested capital (2) 36.1 % 30.2 % ROIC 13.7 % 13.1 % Adjusted ROIC 13.5 % 13.1 % To download Finning's complete Q1 2018 results in PDF, please open the following link: http://resource.globenewswire.com/Resource/Download/6203123b-020b-4e79-ae7a-09a8ecaf1d45
Q1 2018 INVESTOR CALL
The Company will hold an investor call on May 10, 2018 at 10:00 am Eastern Time. Dial-in numbers: 1-800-319-4610 (Canada and US), 1-416-915-3239 (Toronto area), 1-604-638-5340 (international). The call will be webcast live and archived for three months at http://www.finning.com/en_CA/company/investors.html . Finning no longer provides a phone playback recording; please use the webcast to access the archived call.
About Finning
Finning International Inc. (TSX:FTT) is the world’s largest Caterpillar equipment dealer delivering unrivalled service to customers for 85 years. Finning sells, rents, and provides parts and service for equipment and engines to help customers maximize productivity. Headquartered in Vancouver, B.C., the Company operates in Western Canada, Chile, Argentina, Bolivia, the United Kingdom and Ireland.
Contact information
Mauk Breukels
Vice President, Investor Relations and Corporate Affairs
Phone: (604) 331-4934
Email: [email protected]
https://www.finning.com
Footnotes
(1) The 2017 comparative results described in this earnings release have been restated to reflect the Company’s adoption of IFRS 15, Revenue from Contracts with Customers and IFRS 9, Financial Instruments effective for the financial year beginning January 1, 2018. More information on the impact of this adoption can be found in note 1 of the Company’s interim condensed consolidated financial statements. (2) Earnings Before Finance Costs and Income Taxes (EBIT); Basic Earnings per Share (EPS); Earnings Before Finance Costs, Income Taxes, Depreciation and Amortization (EBITDA); Selling, General & Administrative Expenses (SG&A); Return on Invested Capital (ROIC). (3) These financial metrics, referred to as “non-GAAP financial measures”, do not have a standardized meaning under International Financial Reporting Standards (IFRS), which are also referred to herein as Generally Accepted Accounting Principles (GAAP), and therefore may not be comparable to similar measures presented by other issuers. For additional information regarding these financial metrics, including definitions and reconciliations from each of these non-GAAP financial measures to their most directly comparable measure under GAAP, where available, see the heading “Description of Non-GAAP Financial Measures and Reconciliations” in the Company’s MD&A. Management believes that providing certain non-GAAP financial measures provides users of the Company’s consolidated financial statements with important information regarding the operational performance and related trends of the Company's business. By considering these measures in combination with the comparable IFRS measures set out in the MD&A, management believes that users are provided a better overall understanding of the Company's business and its financial performance during the relevant period than if they simply considered the IFRS measures alone. (4) Certain 2018 and 2017 financial metrics were impacted by significant items management does not consider indicative of operational and financial trends either by nature or amount; these significant items are described on page 3 of the MD&A. The financial metrics which have been adjusted to take into account these items are referred to as “Adjusted” metrics. Forward-Looking Disclaimer
This report contains statements about the Company’s business outlook, objectives, plans, strategic priorities and other statements that are not historical facts. A statement Finning makes is forward-looking when it uses what the Company knows and expects today to make a statement about the future. Forward-looking statements may include terminology such as aim, anticipate, assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, project, seek, should, strategy, strive, target, and will, and variations of such terminology. Forward-looking statements in this report include, but are not limited to, statements with respect to: expectations with respect to the economy, markets and activities and the associated impact on the Company’s financial results; expectations that the continued progress on the global supply chain will drive further working capital efficiencies and supply annual free cash flow in 2018; in Canada, recovery of commodity prices, activity levels from mining producers and contractors, expected deliveries of new equipment, demand for parts and services, upcoming infrastructure and pipeline projects, demand for construction equipment and power systems products, activity in the oil and gas sector, and competitive market conditions; the rate of recovery being dependent on commodity markets and timing of significant infrastructure projects; in South America, expected demand for mining equipment and product support as a result of copper production levels and fleet utilization, expectations of increased investment in infrastructure by the new Chilean government and resultant activity in the construction sector, expectations regarding the acceleration of oil and gas development in Argentina and the growing construction market, and Finning’s continued investment in a new ERP system expected to go live in 2018 and the impact on EBIT margin; in the UK & Ireland, activity levels in the quarry, general construction, and plant hire sectors and the resultant demand for new equipment and product support, demand in the power systems sector, competitive pricing pressure in the equipment market, and the impact of Brexit; expected impact of and volatility in foreign exchange markets; Finning’s belief that it continues to have sufficient liquidity to meet operational needs and planned growth and development; expected range of the Company’s effective tax rate; the Company’s focus on generating earnings leverage while investing in growth opportunities and long-term strategic initiatives; expected progress on optimizing the global supply chain and its expected results; expected results from cost reductions and sustainability improvements; the Company’s commitment to grow return on invested capital; and expected results from execution of the Company's strategy framework. All such forward-looking statements are made pursuant to the ‘safe harbour’ provisions of applicable Canadian securities laws.
Unless otherwise indicated by us, forward-looking statements in this report reflect Finning’s expectations at the date in this MD&A. Except as may be required by Canadian securities laws, Finning does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Forward-looking statements, by their very nature, are subject to numerous risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results could differ materially from the expectations expressed in or implied by such forward-looking statements and that Finning’s business outlook, objectives, plans, strategic priorities and other statements that are not historical facts may not be achieved. As a result, Finning cannot guarantee that any forward-looking statement will materialize. Factors that could cause actual results or events to differ materially from those expressed in or implied by these forward-looking statements include: general economic and market conditions; foreign exchange rates; commodity prices; the level of customer confidence and spending, and the demand for, and prices of, Finning’s products and services; Finning’s ability to maintain its relationship with Caterpillar; Finning’s dependence on the continued market acceptance of its products, including Caterpillar products, and the timely supply of parts and equipment; Finning’s ability to continue to improve productivity and operational efficiencies while continuing to maintain customer service; Finning’s ability to manage cost pressures as growth in revenue occurs; Finning’s ability to negotiate satisfactory purchase or investment terms and prices, obtain necessary approvals, and secure financing on attractive terms or at all; Finning’s ability to manage its growth strategy effectively; Finning’s ability to effectively price and manage long-term product support contracts with its customers; Finning’s ability to reduce costs in response to slowing activity levels; Finning’s ability to attract sufficient skilled labour resources as market conditions, business strategy or technologies change; Finning’s ability to negotiate and renew collective bargaining agreements with satisfactory terms for Finning’s employees and the Company; the intensity of competitive activity; Finning’s ability to raise the capital needed to implement its business plan; regulatory initiatives or proceedings, litigation and changes in laws or regulations; stock market volatility; changes in political and economic environments for operations; the occurrence of one or more natural disasters, pandemic outbreaks, geo-political events, acts of terrorism or similar disruptions; fluctuations in defined benefit pension plan contributions and related pension expenses; the availability of insurance at commercially reasonable rates or that the amount of insurance coverage will be adequate to cover all liability or loss incurred by Finning; the potential of warranty claims being greater than Finning anticipates; the integrity, reliability and availability of, and benefits from information technology and the data processed by that technology; and Finning’s ability to protect itself from cybersecurity threats or incidents. Forward-looking statements are provided in this report for the purpose of giving information about management’s current expectations and plans and allowing investors and others to get a better understanding of Finning’s operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any other purpose.
Source: Finning International Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-finning-reports-q1-2018-results-and-increases-dividend.html |
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(Reuters) - There are two very significant words you will not find in a consumer protection bill passed last week by Vermont lawmakers: mandatory arbitration.
That is no accident. To be clear: Proponents of the law, which is now on the desk of Vermont’s Republican governor, Phil Scott, very much want to deter corporations from forcing Vermonters to sign contracts that require them to arbitrate disputes. When the bill was originally introduced in the Vermont Senate, drafters expressly said their intention was “to prohibit forced arbitration of consumer disputes.”
But that language would probably have doomed the law, as business lobbyists rushed to tell Vermont legislators. The U.S. Supreme Court, as you know, was manifestly clear in 2011’s AT&T Mobility v. Concepcion that the Federal Arbitration Act preempts state attempts to invalidate mandatory arbitration provisions as unconscionable. Had Vermont lawmakers approved the original bill - which required businesses to obtain specific authorization of arbitration clauses from consumers and categorically exempted constitutional and civil rights claims from arbitration – the state would have been “flooded with costly, collateral litigation about its legality,” said telecom lawyer Seamus Duffy of Drinker Biddle & Reath in April 6 testimony to Vermont lawmakers. And ultimately, Duffy predicted, Vermont would have lost.
The final bill stripped out those troublesome clauses to anticipate the inevitable preemption challenge the law will face if Governor Scott signs it. Instead of highlighting mandatory arbitration provisions, the bill homed in on particular contract terms that frequently are part of arbitration clauses – but, critically, said those conditions are presumptively unconscionable in any standard-form contract between an individual consumer (or employee) and the counterparty (presumably a business) that drafted the contract. By generalizing the law, said lobbyist David Mickenberg of Mickenberg Dunn Lachs & Smith, Vermont can argue that it’s not preempted by the Federal Arbitration Act because it doesn’t apply only to arbitration clauses.
It’s a shrewd tactic. The law deems unconscionable contract language that requires individuals to bring claims in an inconvenient venue; to waive redress rights under state or federal law; to give up the ability to seek punitive damages; to agree to time limits more restrictive than the relevant statute of limitations; or to pay fees and costs beyond what Vermont state and federal courts would require. Mandatory arbitration clauses typically contain an assortment of those contract conditions, explained Mickenburg, but the bill is couched as an effort to restore the rights of individuals in every standard-form contract.
“Hopefully, this will act as a deterrent,” said Mickenberg, who represents the Vermont Association for Justice. “Our goal is not to play a game of gotcha. It’s to not have these terms in standard-form contracts.”
Mickenberg said the law is not intended to transform Vermont into a hub of consumer and employment class actions. If it’s signed by Governor Scott, the legislation will allow Vermonters to go to court to challenge the prohibited contract conditions. Businesses that impose prohibited conditions have a chance to rebut the presumption that they’re unconscionable, but once the conditions are deemed unenforceable, the business faces a $1,000-per-violation penalty. Mickenberg said it’s possible that Vermont residents bound by the same unconscionable contract condition could line up to seek the same $1,000 penalty, but he said the business could fend off claims by agreeing not to enforce prohibited contract terms.
“Our goal isn’t to create some massive class action boutique,” he said.
Drinker Biddle partner Duffy, who did not respond to my email, said in his testimony to Vermont lawmakers that the bill will do exactly that. “It would open the floodgates to the sort of lawyer-driven, no-injury class action litigation that does very little for actual consumers and is a drain on the judicial system and a threat to local businesses,” Duffy said.
The biggest obstacle to Governor Scott’s approval of the law seems to be opposition from ski and other recreational businesses, which are obviously a big source of revenue in Vermont. The final version of the bill acknowledges the importance of these businesses and says the law is not meant to mitigate their standard negligence waivers. “It is not the intent of the General Assembly to change the way courts allocate responsibility for the inherent risks of any outdoor recreational activity or sport,” the bill said.
Scott ran on a pro-business platform and was the owner of a family construction business before entering politics. But Mickenberg told me the bill had sponsors from both Democrats and Republicans (and lefties from the state’s Progressive Party), so the governor will have to think hard about rejecting it.
If the Vermont law is enacted, it will be the first win for arbitration opponents in a very long time – and perhaps the start of something big.
The views expressed in this article are not those of Reuters News.
| ashraq/financial-news-articles | https://www.reuters.com/article/legal-us-otc-vermont/how-can-states-block-mandatory-arbitration-clauses-vermont-may-have-found-a-way-idUSKCN1IF2R3 |
President Donald Trump paid a Memorial Day tribute at Arlington National Cemetery on Monday, saying he came to "sacred soil" to "honor the lives and deeds of America's greatest heroes."
The commander in chief, speaking before an audience of Cabinet members, military leaders, veterans and families assembled in the marble amphitheater near the Tomb of the Unknown Soldier, said, "We mourn alongside their families and we strive to be worthy of their sacrifice."
Trump's somber tone contrasted with a self-promotional tweet earlier Monday in which he said fallen soldiers would be "very proud and happy at how well our country is doing today," citing the economy and low unemployment.
During his second Memorial Day trip to Arlington as president, Trump laid a wreath at the tomb before making his remarks. He recognized military figures, including Bob Dole, the former senator and 1996 Republican presidential nominee, who served in World War II. And he spoke warmly about a number of military families in attendance, including a young boy named Christian Jacobs, whose father is buried at Arlington.
Trump said the boy showed him his father's grave last year, calling it "a moment I will always remember."
Before heading to the hallowed grounds across the Potomac River from the nation's capital, Trump tweeted that "those who died for our great country would be very happy and proud at how well our country is doing today."
But the president then veered from the somber to the self-congratulatory in the tweet, citing what he said was the "Best economy in decades, lowest unemployment numbers for Blacks and Hispanics EVER (& women in 18years), rebuilding our Military and so much more. Nice!"
TRUMP TWEET
The president also posted quotes in line with his criticism of the Justice Department and investigations into ties between his winning campaign and Russia.
TRUMP TWEET 2
He was criticized for his tone by a number of people, including a former chairman of the Joint Chiefs of Staff during the Obama administration, retired Army Gen. Martin Dempsey, who wrote, "This day, of all days of the year, should not be about any one of us."
Memorial Day messages from first lady Melania Trump and Ivanka Trump , the president's daughter, struck to a theme of remembrance and thanks.
"As we remember our fallen servicemen and women, our hearts are filled with gratitude for their sacrifice and awe of their courage," Ivanka Trump tweeted.
And Melania Trump thanked service members and their families for helping safeguard the country. "We honor the many Americans who laid down their lives for our great country. As one nation under God, we come together to remember that freedom isn't free," she tweeted.
At Arlington, Trump said the heroes who died for America "rest in these hallowed fields, in cemeteries, battlefields and burial grounds near and far, and are drawn from the full tapestry of American life."
He said they came from "every generation, from towering cities and wind-swept prairies, from privilege and from poverty. They were generals and privates, captains and corporals of every race, color and of every creed, but they were all brothers and sisters in arms. And they were all united then, as they are united now, forever, by their undying love of our great country."
Gen. Joseph Dunford, the current chairman of the Joint Chiefs of Staff, honored the more than a million Americans he said "gave their last full measure so we could live in freedom and raise our children in peace."
He also honored the families "they left behind and for whom every day is Memorial Day."
Those who fought and died for America, he said, "shared a commitment to something greater than themselves and they were people who understand what we have in this country is worth fighting for."
Those who attended the Memorial Day tribute included Trump's chief of staff, John Kelly , whose son, Marine 2nd Lt. Robert M. Kelly, was killed in November 2010 after he stepped on a land mine while on patrol in southern Afghanistan. He is buried at Arlington. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/28/trump-honors-fallen-us-soldiers-after-touting-his-economic-record-in-a-tweet.html |
NEW YORK, May 31, 2018 /PRNewswire/ -- Extreme Reach, the cloud technology platform for TV and video ad workflow and Talent and Rights management, announced today the expansion of its New York sales team and the promotion of two of its long-time leaders. Justin Farrell joins as Sales Director in New York. Maegan Buckler and Brendan Gill, formerly Regional Vice Presidents, are now Senior Vice Presidents with teams spanning all regions.
Farrell brings more than a decade of experience working in digital media and adtech, most recently as Regional Sales Director for retail analytics provider, Commerce Signals. He previously served as East Coast Sales Director at Vindico (a division of Viant).
Buckler and Gill are veterans of Extreme Reach, having joined in 2009 and 2008 respectively, as the first two sales people at the company. Over the past decade they have been instrumental in building a client base that now includes the top 100 leading brands and their agencies. In their new roles, they will continue to work with clients across every vertical and drive further growth for Extreme Reach, which is uniquely positioned at the convergence of TV and video advertising.
"I'm delighted to welcome Justin to our growing sales team in New York and know we'll benefit from the skills and relationships he's developed during his 10-plus years in digital media," said Matt Timothy, Chief Revenue Officer, Extreme Reach. "I'm also very pleased to announce the well deserved promotions of Maegan and Brendan. They are outstanding leaders and have great insight into the challenges brands and agencies face in managing their creative assets as the entire advertising industry is disrupted."
The promotions are effective immediately.
About Extreme Reach
Extreme Reach offers the only enterprise technology designed distinctly to bring together the TV and video ad workflow and all aspects of Talent & Rights management in a single, easy-to-use cloud platform. One platform and one process make brand advertising easier, and analytics more insightful, with the assurance of rights compliance wherever ads play. Founded in 2008, Extreme Reach proudly serves the world's biggest brands, agencies, post-production houses, all media destinations, and the talent community, altogether simplifying the process for every team that touches an ad campaign from start to finish. Headquartered in Needham, MA, Extreme Reach has offices in 19 cities worldwide.
Press Contact:
Michelle O'Rourke
Clarity PR for Extreme Reach
[email protected]
646.207.6187
View original content with multimedia: http://www.prnewswire.com/news-releases/extreme-reach-expands-new-york-sales-team-promotes-two-sales-leaders-300657156.html
SOURCE Extreme Reach | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-extreme-reach-expands-new-york-sales-team-promotes-two-sales-leaders.html |
The following factors could affect Italian markets on Wednesday.
Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).
For a complete list of diary events in Italy please click on .
POLITICS An attempt by a little-known professor to become Italy’s next prime minister hit a hurdle on Tuesday following allegations that he had inflated his academic credentials.
The leader of Italy’s far-right League said on Tuesday he would like to see eurosceptic economist Paolo Savona as economy minister in the government he is trying to form with the anti-establishment 5-Star Movement.
DEBT Treasury announces sale of CTZ and BTPei bonds, with relative amounts to be auctioned on May 28.
(*) BPER BANCA CEO Alessandro Vandelli told Il Sole 24 Ore in an interview the bank had found a potential investor for the mezzanine and junior tranches in a 1 billion euro bad loan securitisation sale currently underway and was confident it would close another 2 billion euro one by the end of the year, as previously indicated. Vandelli confirmed the bank would pay a higher dividend over 2018 results and said the new business plan due in September would focus on boosting the bank’s fee business. He added the bank’s bad loan unit had drawn interest though BPER was focused on its bad loan reduction plan at present.
(*) AZIMUT HOLDING Top shareholder Timone Fiduciaria, which is owned by the group’s managers and employees, is in talks to bring in a private equity fund as a new investor, Il Sole 24 Ore reported, adding a possible candidate was British fund Peninsula Capital.
UNIPOLSAI, UNIPOL Unipol group has bought a further 0.56 percent of UnipolSai to take its overall stake to 75.26 percent on May 16.
DATALOGIC Annual and extraordinary shareholders’ meetings (0900 GMT).
(*) FIERA MILANO The Milan trade fair group said on Wednesday it targeted an average yearly core profit of 28-32 million euros under a new 2018-2022 plan on revenues of 260-280 million euros per year.
ITALIA INDEPENDENT GROUP Annual and extraordinary shareholders’ meeting (0730 GMT).
CDR ADVANCE CAPITAL Board meeting on FY results.
Modelleria Brambilla
Board meeting on FY results.
For Italian market data and news, click on codes in brackets:
20 biggest gainers (in percentage)
20 biggest losers (in percentage)
FTSE IT allshare index
FTSE Mib index
FTSE Allstars index...
FTSE Mid Cap index....
Block trades
Stories on Italy IT-LEN
For pan-European market data and news, click on codes in brackets: European Equities speed guide FTSEurofirst 300 index DJ STOXX index Top 10 STOXX sectors Top 10 EUROSTOXX sectors Top 10 Eurofirst 300 sectors Top 25 European pct gainers Top 25 European pct losers Main stock markets: Dow Jones Wall Street report Nikkei 225 Tokyo report FTSE 100 London report Xetra DAX Frankfurt market stories CAC-40 Paris market stories... World Indices Reuters survey of world bourse outlook Western European IPO diary European Asset Allocation Reuters News at a Glance: Equities Main currency report:
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-factors-may-23/italy-factors-to-watch-on-may-23-idUSL5N1SS20R |
May 22, 2018 / 9:31 AM / Updated 5 hours ago Commentary: Iron ore market dynamics are shifting beneath calm facade Clyde Russell 6 Min Read
SINGAPORE (Reuters) - The seaborne iron ore market appears to be in something of a sweet spot currently, with largely steady demand and prices that have been flatlining for the past couple of months. File photo: Trucks drive inside an iron ore dump site at the Huanggang Terminal of Qingdao Port, in Qingdao, Shandong province. REUTERS/Fayen Wong
Of course, another way of saying that a market is enjoying relatively stable and good times is that it’s boring, but in iron ore there is plenty of action bubbling beneath the seemingly calm exterior.
It’s not so much that iron ore prices or volumes are expected to shift dramatically in the coming months, it’s more that structural changes in the world’s biggest importer, China, are re-shaping how the industry works.
China imported 353.4 million tonnes of iron ore in the first four months of 2018, a mere 0.2 percent more than the same period last year, according to customs data.
Prices have largely reflected this tepid demand growth and the fact that additions to supply have been modest.
The price of benchmark ore with 62 percent iron content at China’s Qingdao port, as assessed by Argus Media, stood at $65.05 a tonne on Monday, largely unchanged since last March.
It’s down 12 percent since the end of last year, but is still within the broad $60-$80 range that has persisted since the middle of last year.
The big iron ore story of last year is still present, namely the widening of the premium for high grade ore and deepening discount for lower quality ore.
Ore with 65 percent iron ended at $84.10 a tonne on Monday, down 4 percent from the end of last year, while 58 percent ore finished at $53.05, down 9.4 percent since the end of 2017.
The discount from benchmark 62 percent ore to the 58 percent grade has averaged 35 percent over the past year, according to data from consultants Wood Mackenzie.
This is a massive increase in the spread, which more usually was around 5 to 10 percent until it started widening from mid-2016 onwards. STEEL PROFITS
This dynamic follows structural changes in the vast Chinese steel sector, including the closure of older, inefficient furnaces, the consolidation of steel makers and policy-driven moves to reduce air pollution.
The main market impact they had was to boost the profitability of steel mills. None of these trends are likely to reverse, or even slow, in coming years.
Wood Mackenzie research director for iron ore, Paul Gray, told a media briefing in Singapore on Tuesday that the margin on steel rebar for mills in China is currently as high as 1,000 yuan ($157) a tonne.
This isn’t a level Wood Mackenzie, or indeed most analysts, expect is sustainable over the longer term, with Gray expecting it to drop to around 200 yuan a tonne in coming years.
Assuming this forecast is on the money, the interesting question then becomes what happens to the premium for high-grade ore and the discount for lower quality?
The switch to high-grade ore was driven by Chinese steel mills enjoying extraordinary profits and seeking ways to maximise output. They can produce more steel by using high-grade iron ore than lower quality ore.
But as profit margins contract for steel mills, the economics are likely to switch, with higher-grade ores losing out to medium and lower grade material as input costs trump the need to maximise output.
Wood Mackenzie expects the discount for lower grade ore to narrow as the steel profit margin shrinks, but not to the levels seen previously. Rather it will be some 10 percentage points wider.
Even this expectation is premised on Chinese steel mills placing economics above all other considerations when working out how to deal with lower steel margins, something that they may not be able to do.
Much will depend on how the authorities in Beijing and steel-producing provinces develop policies to reduce emissions, and the signs are that these will get stricter over time.
This may well force steel mills to continue to use higher grade ore, even if it would be cheaper to switch to lower quality.
This in turn has implications for iron ore miners, especially producers of lower quality grades, such as Australia’s Fortescue Metals Group.
Fortescue, the third-biggest producer in the world’s top iron ore exporter, enjoys low production costs and can still be profitable at low prices for its ore. It may have to consider longer-term plans to diversify away from China, or improve the quality of its product.
The miner is already selling more iron ore to India, but these flows are small compared to its overall production.
Other producers of lower-grade ore may find themselves uncompetitive, including some smaller Australian miners, those in Iran and Chinese domestic producers.
Conversely, Brazil, the top producer of higher grade ores, stands to benefit, as does South Africa, another producer of higher grade ore and the third-biggest exporter to China.
Overall, the picture of steady seaborne volumes and prices stuck in a range may continue for the rest of 2018, but within the market significant changes are afoot.
The opinions expressed here are those of the author, a columnist for Reuters. Editing by Richard Pullin | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-column-russell-ironore-china/commentary-iron-ore-market-dynamics-are-shifting-beneath-calm-facade-idUKKCN1IN111 |
NEW YORK (Reuters) - U.S. oil fell nearly 2 percent on Thursday, despite a larger-than-expected decline in U.S. crude inventories, while global benchmark Brent was little changed, pushing the spread between the two to its widest in more than three years.
FILE PHOTO: Employee works at the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico January 17, 2014. REUTERS/Henry Romero/File Photo U.S. crude stockpiles fell 3.6 million barrels last week, the Energy Information Administration said, exceeding expectations for a decline of 525,000 barrels. Gasoline and diesel stocks rose, but the crude drawdown was a salve for recent losses in U.S. futures. [EIA/S]
Brent crude losses were more limited, as the prospect that the Organization of the Petroleum Exporting Countries will bring its supply-cut deal to a close by the end of the year has had a greater effect on the U.S. benchmark due to ongoing worries about U.S. infrastructure constraints.
“The market is concerned that in the longer term increases in oil production combined with refining problems and limited outbound pipeline capacity,” said Andrew Lipow, president of Lipow Oil Associates in Houston.
U.S. crude production has been rising to record high levels since late last year. In March, it jumped 215,000 bpd to 10.47 million bpd, a new monthly record, the EIA said on Thursday.
Brent crude futures for August LCOv1 ended down 14 cents to $77.56 a barrel, while U.S. West Texas Intermediate July crude CLc1 settled $1.17, or 1.7 percent, lower at $67.04 a barrel.
At one point, the premium for Brent over WTI WTCLc1-LCOc1 surpassed $11 a barrel, the largest spread since March 2015. That spread has doubled in less than a month, as a lack of pipeline capacity in the United States has trapped a lot of output inland.
“The Brent/WTI is blowing out. I think there must be what looks like some capitulation going on in the spread between those two contracts,” Saxo Bank senior manager Ole Hansen said.
The wider premium makes U.S. crude exports more competitive than those linked to the Brent price, such as North Sea or West African grades of oil.
Brent had hit a three-week low below $75 a barrel on Monday after OPEC and its allies, including Russia, indicated they could adjust their deal to curb supplies and increase production.
OPEC and non-OPEC producers have committed to cut output by 1.8 million bpd until the end of 2018 but are ready to make gradual supply adjustments to deal with shortages, a Gulf source familiar with Saudi thinking told Reuters late on Wednesday.
That news helped boost Brent as it suggests a slightly less committal approach to adding barrels to the market.
Sources told Reuters last week that Saudi Arabia, the effective leader of OPEC, and Russia were discussing boosting output by about 1 million bpd to compensate for losses in supply from Venezuela and to address concerns about the impact of U.S. sanctions on Iranian output.
“The fact that we saw the Saudi/Russia announcement last week could have attracted some interest in narrowing the spread, given that we were looking for some of the geopolitical risk (in Brent) to be removed, but that’s been overtaken by the domestic widening in crude prices in the U.S.,” Hansen said.
Prices for physical barrels of U.S. light sweet crude delivered at Midland are at their largest discount to the benchmark U.S. futures price in almost four years. Concerns about U.S. bottlenecks are contributing to the decline in U.S. futures as well. [CRU/O]
Additional reporting by Roslan Khasawneh in Singapore and Jane Chung in Seoul; Amanda Cooper in London; Editing by Marguerita Choy
| ashraq/financial-news-articles | https://in.reuters.com/article/global-oil/oil-prices-dip-on-unexpected-growth-in-u-s-crude-stocks-idINKCN1IW02V |
May 24, 2018 / 7:46 AM / Updated 35 minutes ago Nestle streamlines R&D to speed up product innovation Martinne Geller 6 Min Read
LONDON (Reuters) - Food giant Nestle ( NESN.S ) plans to combine its scientific research operations into a single unit in an attempt to speed up development of new products at a time when competition from smaller rivals is intensifying. FILE PHOTO: The Nestle logo, April 12, 2018. REUTERS/Pierre Albouy/File Photo
The world’s biggest packaged food maker, with brands including Nescafe coffee and Perrier water, has been struggling with slowing sales growth for years. Now it is also under pressure from activist shareholder Daniel Loeb to increase investor returns.
To better compete, the Swiss company told Reuters it would merge its Nestle Research Center and Nestle Institute of Health Sciences (NIHS) into one organization called Nestle Research.
The new entity, to be announced later on Thursday, will continue to be based in Lausanne, Switzerland and will employ around 800 people.
The reorganization, effective July 1, will not involve job cuts or the closure of facilities, a spokesman said.
By linking the “blue-sky” research done at NIHS with the more commercially focused Research Center, it hopes to accelerate the translation of scientific discoveries into marketable products.
It also hopes this will help it compete with smaller, nimbler rivals who have been eating away at the market share of Nestle and other big firms like Danone ( DANO.PA ), Unilever ( ULVR.L ), Kraft Heinz ( KHC.O ) and Kellogg ( K.N ).
Nestle Chief Technology Officer Stefan Palzer acknowledged earlier this month that his company had to keep pace with rising demand for goods that are organic, gluten-free or vegan.
“Big trends are embraced by smaller companies a bit more actively than the big companies,” Palzer told Reuters before Nestle’s streamlining plans had been finalised.
“We are adjusting our portfolio, doing many innovations and renovations to make the portfolio more relevant and to address those trends, but smaller companies are more agile.”
In the United States - the world’s biggest packaged food market - small challenger brands could account for 15 percent of a $464 billion sector in a decade’s time, up from about 5 percent last year, Bernstein Research predicted last year. SPEEDING THINGS UP
The combination of research units is the latest move by Palzer aimed at speeding up development and ensuring research efforts are commercially viable.
Palzer, who took over Nestle’s innovation and research and development operations in January, is also supplementing long-term research projects with incremental product launches made faster by experimenting with new ideas more quickly.
Last month, for example, Palzer and colleagues got the idea for a vegetarian or vegan food product while on a business trip.
“Thursday we had an idea, Friday we returned to Switzerland and Monday evening I was able to taste the first prototype,” Palzer said. “Wednesday, this prototype was shown to the executive board, and Friday it was in the global pipeline.”
He declined to give more details of the product, except to say it is currently being assessed by the operations team to see how long it will take to produce and on what machinery.
Other steps include efforts to apply specific developments to more products, such as Nestle’s recent designer sugar crystals launched in low-sugar Milkybars in March, which will go into other products in the future.
The importance of agility was underlined by Nestle’s recent struggle to capitalize on resurgent demand for frozen foods.
The company says it reformulates one third of its product portfolio every year. LACK OF IDEAS CAN BE COSTLY
Nestle spent 1.72 billion Swiss francs ($1.73 billion) on R&D last year, down slightly from 2016 but up 22 percent from 2012. The company’s sales fell 2.6 percent over the same period.
As a percentage of sales, its expenditure has fluctuated only a little, but demands on the unit have increased.
Wells Fargo analyst John Baumgartner said that across 10 large publicly traded U.S. food companies, median expenses for R&D and advertising have declined 20 percent over the past five years.
“As voids of ideas and marketing have emerged, start-ups have been more responsive to consumer needs, won the culture and created the emotional connections that drive sales,” he said in a recent note.
Palzer said some industry peers had been outsourcing innovation to cut costs, relying on acquisitions of small brands or partnerships with suppliers.
But he said it was critical for Nestle to maintain scientific expertise in-house to keep its own portfolio fresh and to be an attractive partner for collaboration with others. Nestle does R&D around the world, involving around 5,000 people.
Fundamental scientific research will remain key at Nestle, Palzer said, but he also highlighted the value of external partnerships and acquisitions that can bring in new research or capabilities more easily.
Scientific research and innovation itself is not necessarily the reason why big breakthroughs tend to be rare for multinational companies, said Shaun Browne, investment banker at Houlihan Lokey, who advises food companies on deals.
“They often don’t have the patience or passion that is really required,” Browne said. “Often these things are one individual who is just totally determined and passionate about their product and sees it through.” Reporting by Martinne Geller; Editing by Mike Collett-White | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-nestle-research/nestle-streamlines-rd-to-speed-up-product-innovation-idUKKCN1IP112 |
MCLEAN, Va., May 02, 2018 (GLOBE NEWSWIRE) -- Gladstone Capital Corporation (NASDAQ:GLAD) (the “Company”) today announced earnings for its second fiscal quarter ended March 31, 2018. Please read the Company’s Quarterly Report on Form 10-Q filed today with the U.S. Commission (the “SEC”), which is available on the SEC’s website at www.sec.gov , and the Company’s website at www.GladstoneCapital.com .
Summary Information (dollars in thousands, except per share data) (unaudited) :
For the Quarter Ended: March 31,
2018 December 31,
2017 Change % Change Total investment income $ 11,086 $ 10,859 $ 227 2.1 % Total expenses, net of credits (5,473 ) (5,282 ) 191 (3.6 ) Net investment income 5,613 5,577 36 0.6 Net investment income per common share 0.21 0.21 — — Cash distribution per common share 0.21 0.21 — — Net realized gain 324 441 (117 ) (26.5 ) Net unrealized appreciation 3,367 1,142 2,225 194.8 Net increase in net assets resulting from operations 9,304 7,160 2,144 29.9 Weighted average yield on interest-bearing investments 11.5 % 12.0 % (0.5 )% (4.2 ) Total invested $ 19,439 $ 56,938 $ (37,499 ) (65.9 ) Total repayments and net proceeds 14,198 19,843 (5,645 ) (28.4 ) As of: March 31,
2018 December 31,
2017 Change % Change Total investments, at fair value $
402,138 $ 392,430 $ 9,708 24.7 % Fair value, as a percent of cost 88.0 % 87.2 % 0.8 % 0.9 Net asset value per common share $ 8.62 $ 8.48 $ 0.14 1.7 Second Fiscal Quarter 2018 Highlights:
Portfolio Activity: Invested $8.1 million in one new portfolio company and $11.3 million in existing portfolio companies. Received $14.2 million in repayments and net proceeds from portfolio companies resulting in net originations of $5.2 million. ATM Program: Sold 265,579 shares of our common stock at a weighted-average price of $8.89 per share through our at-the-market program for gross proceeds of $2.4 million. LOC Amendment: Entered into Amendment No. 4 (the “Amendment”) to the Fifth Amended and Restated Credit Agreement with KeyBank as administrative agent, managing agent and lead arranger, Gladstone Management Corporation, the Company’s financial adviser, as servicer, and certain other lenders party thereto (together with the Amendment, the “Credit Facility”). Amendment No. 4 amended the Credit Facility to:
-- Extend the revolving period from January 19, 2019 to January 15, 2021;
-- Extend the maturity date from May 1, 2020 to April 15, 2022, at which time all principal and interest will be due and payable;
-- Reduce the interest rate margin by 40 basis points effective immediately to 2.85% for the balance of the revolving period (January 15, 2021), after which the margin increases to 3.25% for the balance of the facility term;
-- Change the unused commitment fee from 0.50% of the total unused commitment amount to 0.50% when the average unused commitment amount for the reporting period is less than or equal to 50%, 0.75% when the average unused commitment amount for the reporting period is greater than 50% but less than or equal to 65%, and 1.00% when the average unused commitment amount for the reporting period is greater than 65%; and
-- Increase the current commitment amount from $170 million to $190 million with the ability to expand to a total facility amount of $265 million through additional commitments of existing lenders.
Recurring Distributions and Dividends: For each of January, February, and March 2018, paid monthly distributions to common stockholders ($0.07 per common share) and monthly dividends to preferred stockholders ($0.125 per share of the Company’s 6.00% Series 2024 Term Preferred Stock).
Second Fiscal Quarter 2018 Results:
Interest income increased by approximately $0.3 million, or 3.1%, due to an increase in the weighted-average interest-bearing portfolio balance, slightly offset by a decrease in the weighted-average yield and a decrease in other income quarter over quarter. Total expenses increased slightly by 3.6% quarter over quarter, primarily due to an increase in interest expense as a result of increased borrowings outstanding quarter over quarter.
Net Investment Income for the quarter ended March 31, 2018 was approximately $5.6 million, or $0.21 per share, an increase of 0.6% as compared to the prior quarter.
The Net Increase in Net Assets Resulting from Operations for the quarters ended March 31, 2018 and December 31, 2017 was $9.3 million, or $0.35 per share, compared to $7.2 million, or $0.27 per share, respectively. The quarter over quarter increase was primarily driven by $3.4 million in net unrealized appreciation.
Subsequent Events: Subsequent to March 31, 2018, the following significant events occurred:
Portfolio Activity:
-- In April 2018, we invested $3.0 million in CHA Holdings, Inc. through secured second lien debt.
Distributions and Dividends Declared: In April 2018, our Board of Directors declared the following monthly distributions to common stockholders and monthly dividends to preferred shareholders:
Record Date Payment Date Distribution
per
Common Share Distribution
per Series
2024 Term
Preferred Share April 20, 2018 April 30, 2018 $ 0.07 $ 0.125 May 22, 2018 May 31, 2018 0.07 0.125 June 20, 2018 June 29, 2018 0.07 0.125 Total for the Quarter $ 0.21 $ 0.375 Small Business Credit Availability Act: On April 10, 2018, our Board of Directors, including a “required majority” (as such term is defined in Section 57(o) of the Investment Company Act of 1940, as amended (the “1940 Act”))) thereof, approved the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act. As a result, the Company’s asset coverage requirements for senior securities will be changed from 200% to 150%, effective one year after the date of the Board of Director’s approval, or April 10, 2019.
Comments from Gladstone Capital’s President, Bob Marcotte: “The combination of interest income, net of interest expense, increasing 25% over the prior year quarter and the broad based portfolio appreciation this quarter, has lifted our return on equity to 16.3% in the current quarter and to 12.6% for the last four quarters. We continue to be well positioned to improve on our results over the balance of fiscal year 2018 as the full benefit of our recently reduced bank debt costs and the expected rise in floating rates are realized.”
Conference Call for Stockholders: The Company will hold its earnings release conference call on Thursday, May 3, 2018, at 8:30 a.m. EDT. Please call (855) 465-0177 to enter the conference. An operator will monitor the call and set a queue for any questions. A replay of the conference call will be available through May 10, 2018. To hear the replay, please dial (855) 859-2056 and use conference number 54345967. The replay of the conference call will be available beginning approximately one hour after the call concludes. The live audio broadcast of the Company’s quarterly conference call will also be available online at www.GladstoneCapital.com . The event will be archived and available for replay on the Company’s website through July 3, 2018.
About Gladstone Capital Corporation: Gladstone Capital Corporation is a publicly traded business development company that invests in debt and equity securities, consisting primarily of secured first and second lien term loans to lower middle market businesses in the United States. Including distributions through today, the Company has paid 183 consecutive monthly or quarterly cash distributions on its common stock. Information on the business activities of all the Gladstone funds can be found at www.GladstoneCompanies.com .
To obtain a paper copy of the Company’s most recent Form 10-Q, please contact the Company at 1521 Westbranch Drive, Suite 100, McLean, VA 22102, ATTN: Investor Relations. The financial information above is not comprehensive and is without notes, so readers should obtain and carefully review the Company’s Form 10-Q for the quarter ended March 31, 2018, including the notes to the consolidated financial statements contained therein.
Investor Relations Inquiries : Please visit www.gladstonecompanies.com or +1-703-287-5893.
Forward-looking Statements:
The statements in this press release about future growth and shareholder returns are "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. These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on our current plans that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in our filings with the U.S. Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward looking statements that may be made to reflect any future events or otherwise, except as required by law.
Source:Gladstone Capital Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-gladstone-capital-corporation-reports-financial-results-for-its-second-quarter-ended-march-31-2018.html |
Student creates water-colour paints made from discarded cosmetics 12:37pm BST - 02:09
A British university student has created a range of water-colour paints made from discarded cosmetics, which she calls an example of how the so-called 'circular economy' can help improve the environment.
A British university student has created a range of water-colour paints made from discarded cosmetics, which she calls an example of how the so-called 'circular economy' can help improve the environment. //reut.rs/2KLblzQ | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/23/student-creates-water-colour-paints-made?videoId=429572129 |
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