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DUBAI, May 29 (Reuters) - The Dubai stock market was sluggish on Tuesday, dragged down by building contractor Drake & Scull International and Dubai Islamic Bank, while other Gulf markets were up slightly in the first hour of trading.
The Dubai index shed 0.3 percent in early trade. Heavyweight Dubai Islamic Bank was down 0.2 percent, as shares continued to slip while trading in a rights issue, which started in mid-May and will end on May 30.
Building contractor Drake & Scull International was 0.8 percent lower, after making significant gains following positive first quarter results.
The company made a net profit of 7.3 million dirhams ($2 million) in the first quarter of this year, against an 838.8 million loss in the first quarter of 2017. However, in a note published earlier this week, research firm AlphaMena said a sustainable recovery in the stock looked unlikely, “since the contractor is still facing liquidity issues and needs to improve its business efficiency.”
Outside of Dubai, Gulf markets were little changed. The Saudi index was up 0.1 percent with Alinma Bank , the second most-traded stock, 0.3 percent higher.
Real estate developer Dar Al Arkan attracted the highest volume in the first hour of trading, and was down 0.6 percent.
The Qatar index was up 0.7 percent at 9,187 points. It was heading towards its next resistance level at 9,200 after breaking away from recent resistance at 9,000, a QNB research note said. ($1 = 3.6726 UAE dirham) (Reporting by Davide Barbuscia, additional reporting by Saeed Azhar Editing by Susan Fenton)
| ashraq/financial-news-articles | https://www.reuters.com/article/mideast-stocks/mideast-stocks-dubai-islamic-bank-weighs-on-dubai-index-qatar-keeps-rising-idUSL5N1T01RD |
American jailed in Venezuela freed - Trump tweet 10:50pm IST - 01:16
Josh Holt, a former American Mormon missionary jailed in Venezuela for nearly two years on gun charges, has been released and is heading back to the U.S., according to a tweet from President Trump. ▲ Hide Transcript ▶ View Transcript
Josh Holt, a former American Mormon missionary jailed in Venezuela for nearly two years on gun charges, has been released and is heading back to the U.S., according to a tweet from President Trump. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KXFeNw | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/26/american-jailed-in-venezuela-freed-trump?videoId=430576794 |
Here’s a puzzle: Why are companies around the world becoming more eager to issue debt whose cost rises as interest rates go up. Already this quarter, U.S. companies have sold some $12 billion of so-called floating-rate bonds–debt whose coupon rises in line with U.S. interest rates–according to Dealogic. That is more than half of the $22.1 billion WSJ Wealth Adviser Briefing: Halfbacks, Hedge Fund Charity, Reclining Nude Next Oil Breaks Through $80 as Firms Exit Iran Due to U.S. Sanctions —Energy Journal | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/17/companies-find-savings-in-issuing-floating-rate-bonds/ |
Slowing UK factory growth sinks chance of BoE rate hike 8:20pm IST - 01:30
British manufacturing growth slid to a 17-month low in April, extending a run of mediocre economic data and further reducing the chances of an interest rate hike by the Bank of England. Sonia Legg reports. ▲ Hide Transcript ▶ View Transcript
British manufacturing growth slid to a 17-month low in April, extending a run of mediocre economic data and further reducing the chances of an interest rate hike by the Bank of England. Sonia Legg 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/2KoL6Qa | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/01/slowing-uk-factory-growth-sinks-chance-o?videoId=422953010 |
May 8 (Reuters) - Antares Pharma Inc:
* ANTARES PHARMA REPORTS FIRST QUARTER 2018 OPERATING AND FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.04 * Q1 REVENUE $12.7 MILLION VERSUS I/B/E/S VIEW $12.9 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.03 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-antares-pharma-reports-q1-loss-per/brief-antares-pharma-reports-q1-loss-per-share-of-0-04-idUSASC0A0E1 |
May 15 (Reuters) - Conifex Timber Inc:
* CONIFEX ANNOUNCES AGREEMENT WITH BLUE WOLF CAPITAL PARTNERS RESULTING IN MAJOR EXPANSION IN SOUTHEASTERN UNITED STATES
* CONIFEX TIMBER - AS A RESULT OF DEAL, CONIFEX’S ANNUAL LUMBER PRODUCTION CAPACITY WILL INCREASE BY APPROXIMATELY 50% TO 1.1 BILLION BOARD FEET
* CONIFEX TIMBER - CO’S CONSIDERATION FOR DEAL HAS $150.0 MILLION PLUS NET WORKING CAPITAL OF BW GROUP AT CLOSING IN CASH
* CONIFEX TIMBER - AS PART OF DEAL, CHARLES MILLER AND GEORGE JUDD SHALL BE APPOINTED TO CONIFEX’S BOARD OF DIRECTORS ON CLOSING OF TRANSACTION
* CONIFEX TIMBER - ESTIMATES THAT INTEGRATING ACQUIRED MILLS WITH ITS EXISTING OPERATIONS WILL GENERATE OVER US$5 MILLION IN SYNERGIES
* CONIFEX TIMBER INC - BELIEVES ANNUAL RUN-RATE BENEFITS WILL BE ACHIEVED WITHIN 12 MONTHS OF CLOSING TRANSACTION
* CONIFEX TIMBER INC - IMMEDIATE CASH FLOW GENERATION AND EARNINGS ACCRETION FROM DEAL Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-conifex-timber-announces-agreement/brief-conifex-timber-announces-agreement-with-blue-wolf-capital-partners-idUSFWN1SM1D3 |
MOSCOW, May 7 (Reuters) - Russia’s Prime Minister Dmitry Medvedev proposed on Monday that Finance Minister Anton Siluanov should retain this role in a new government, while combining his current job with a role of new first deputy prime minister, Interfax reported. (Reporting by Vladimir Soldatkin Writing by Andrey Ostroukh Editing by Alison Williams)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/russia-government-siluanov-finmin/russias-pm-says-siluanov-to-remain-as-finance-minister-ifax-idUSR4N1S9004 |
May 27, 2018 / 4:29 PM / Updated 29 minutes ago English Domestic One-Day Competition Scoreboard Reuters Staff 3 Min Read May 27 (OPTA) - Scoreboard at close of play of between Nottinghamshire and Warwickshire on Sunday at Nottingham, England Warwickshire win by 108 runs Warwickshire 1st innings Ed Pollock c Jake Ball b Matthew Carter 56 Jonathan Trott b Samit Patel 0 Sam Hain st Tom Moores b Matthew Carter 72 Ian Bell c Matthew Carter b Samit Patel 41 Adam Hose c Billy Root b Matthew Carter 51 Tim Ambrose c Billy Root b Matthew Carter 38 Chris Woakes Run Out Riki Wessels 9 Aaron Thomason c Tom Moores b Jake Ball 11 Jeetan Patel lbw Jake Ball 0 Olly Stone Not Out 7 Henry Brookes Not Out 1 Extras 0b 5lb 2nb 0pen 2w 9 Total (50.0 overs) 295-9 Fall of Wickets : 1-5 Trott, 2-83 Pollock, 3-172 Bell, 4-186 Hain, 5-264 Ambrose, 6-270 Hose, 7-283 Woakes, 8-283 Patel, 9-290 Thomason Bowling Ov Md Rn Wk Econ Ex Samit Patel 10 0 48 2 4.80 Jake Ball 10 1 66 2 6.60 1w Luke Fletcher 7 0 62 0 8.86 1nb Matthew Carter 10 0 40 4 4.00 1w Steven Mullaney 10 0 50 0 5.00 Jack Blatherwick 2 0 17 0 8.50 Billy Root 1 0 7 0 7.00 Nottinghamshire 1st innings Chris Nash b Olly Stone 3 Riki Wessels c Adam Hose b Chris Woakes 1 Tom Moores c Ian Bell b Aaron Thomason 33 Ross Taylor c Olly Stone b Henry Brookes 56 Samit Patel c Jonathan Trott b Jeetan Patel 19 Steven Mullaney c Aaron Thomason b Henry Brookes 15 Billy Root c Jeetan Patel b Aaron Thomason 16 Luke Fletcher c Olly Stone b Aaron Thomason 16 Matthew Carter b Olly Stone 8 Jake Ball c Jeetan Patel b Aaron Thomason 0 Jack Blatherwick Not Out 3 Extras 0b 5lb 4nb 0pen 8w 17 Total (38.5 overs) 187 all out Fall of Wickets : 1-4 Nash, 2-4 Wessels, 3-67 Moores, 4-101 Patel, 5-131 Taylor, 6-138 Mullaney, 7-166 Root, 8-178 Fletcher, 9-179 Ball, 10-187 Carter Bowling Ov Md Rn Wk Econ Ex Olly Stone 8.5 1 37 2 4.19 2w 1nb Chris Woakes 6 2 18 1 3.00 1w Henry Brookes 8 1 44 2 5.50 Aaron Thomason 8 0 45 4 5.62 1nb Jeetan Patel 8 0 38 1 4.75 1w Umpire Robert Robinson Umpire Billy Taylor Home Scorer Roger Marshall Away Scorer Melvin Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5REAXXFK |
More than half of balance-carrying credit cardholders don't know their annual percentage rates (APRs), a new CreditCards.com survey finds. Of 1,681 adults with at least one credit card polled online, only 39 percent of those who carried a balance in the past six months said they definitely knew the interest rates on each of their cards, which are prone to change over time.
"An extrapolation based on the U.S. adult population reveals that 59 million people have little or no idea of how much interest they're paying on their card debt," the reports states.
"The problem is, if you don't know what you're paying for money, you're probably paying more than you think," said Ed Mierzwinski, senior director at the U.S. Public Interest Research Group.
APRs change in accordance with the prime rate, which is tied to the federal funds rate. The benchmark federal funds rate has been raised by a quarter percentage point six times since the end of the 2015, the report states, and it's projected to rise from its current median rate, which is between 1.50 and 1.75 percent, to 2.1 percent by the end of 2018 and 2.9 percent next year .
show chapters Why millennials are making a huge mistake by not using credit cards more often 11:49 AM ET Mon, 24 July 2017 | 00:52 The average APR, meanwhile, is currently 16.71 percent. If the Federal Reserve hikes rates a full percentage point, your interest payments will increase $10 for every $1,000 you carry in your balance. So, if you are $5,644 in debt — like the average revolving American consumer — you'll be charged an extra $56.44 in interest per year.
The average household with revolving credit card debt already pays about $1,000 in interest every year . That's why many experts recommend paying off your balance as soon as you can and billionaire Mark Cuban says getting rid of debt is the " best investment you can make ."
If you don't currently have the funds to get out of the red, you should at least be aware of what kind of interest you're paying, as well as how that number might change.
"You can save a lot of money if you look at your statements for one minute a month," Mierzwinski said. "The credit card companies take advantage of the fact that everyone is too busy."
Don't miss: Credit card debt hits record high of over $1 trillion—but one trick can save you thousands
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show chapters Why Mark Cuban and other famous people don't use credit cards 10:18 AM ET Fri, 26 May 2017 | 00:58 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/only-39-percent-of-balance-carrying-cardholders-in-the-us-know-their-apr.html |
May 23, 2018 / 5:00 PM / Updated 8 minutes ago Anything you want - except gay rights, Uzbekistan tells U.N. Reuters Staff 3 Min Read
TASHKENT (Reuters) - Uzbekistan plans to gradually implement hundreds of human rights recommendations from a United Nations council, it said on Wednesday, but it made a point of refusing to decriminalize homosexuality calling it irrelevant to its society.
Human rights groups and bodies routinely criticized the government of the mostly Muslim Central Asian nation over human rights issues under President Islam Karimov who ran the country from 1989 until his death in 2016.
The former Soviet republic of 32 million started re-engaging human rights bodies under the new president, Shavkat Mirziyoyev, as it sought to establish closer ties with the West and attract badly needed foreign investment.
Mirziyoyev has overseen the release of several prominent Karimov-era political prisoners and ordered thousands of people to be stricken off a blacklist of potential exremists. In a landmark ruling, an Uzbek court this month set free a dissident journalist charged with anti-government propaganda.
But its refusal to budge on gay rights shows there are limits to the Tashkent government’s willingness to accommodate Western standards.
Uzbekistan presented its third human rights report at the United Nations Human Rights Council in Geneva this month, the first one since the leadership change.
“When we went to Geneva to present the report there was not the nervousness that there used to be (before),” Deputy Justice Minister Mahmud Istamov told reporters in Tashkent on Wednesday.
“We went there keeping our heads high this time because of the changes that have occurred over the past one-and-a-half years,” he added, referring to Mirziyoyev’s presidency.
Another Uzbek official, director of the National Human Rights Centre Akmal Saidov, said Uzbekistan has received over 200 recommendations at the UN council meeting nearly all of which it would gradually implement.
Officials said, in particular, that Tashkent was considering joining the UN convention on torture and would reduce cotton plantations which have long attracted criticism because of the use of forced labor.
The only recommendation Uzbekistan has flatly rejected was that on LGBT rights.
“This is not on our agenda. We have not accepted this recommendation,” Istamov said. “This is not a topical subject for us.”
Uzbekistan and its neighbor Turkmenistan are the only ex-Soviet nations that have kept in place the Communist-era ban on male homosexual relationships, punishable by prison time. Reporting by Mukhammadsharif Mamatkulov; Writing by Olzhas Auyezov; Editing by Richard Balmforth | ashraq/financial-news-articles | https://www.reuters.com/article/us-uzbekistan-rights/anything-you-want-except-gay-rights-uzbekistan-tells-u-n-idUSKCN1IO2OA |
MILAN, May 17 (Reuters) - Italian steel manufacturer Danieli has halted work on finding financial coverage for orders it won in Iran worth 1.5 billion euros ($1.8 billion) following the U.S. withdrawal from the 2015 Iran nuclear deal.
“With the withdrawal of the U.S. from the treaty the banks are no longer ready to fund Iranian projects for fear of secondary sanctions,” Danieli CEO Alessandro Trivillin said on Thursday.
In 2016 Danieli signed a framework commercial agreement with Iran worth about $5.7 billion. ($1 = 0.8486 euros) (Reporting by Giancarlo Navach, writing by Stephen Jewkes)
| ashraq/financial-news-articles | https://www.reuters.com/article/danieli-iran-sanctions/italys-danieli-iranian-orders-blocked-after-u-s-decision-on-nuclear-deal-idUSI6N1S301Y |
SAN DIEGO--(BUSINESS WIRE)-- Jack in the Box Inc. (NASDAQ: JACK) will report second quarter fiscal 2018 operating results after market close on Wednesday, May 16, 2018, and the company will host a conference call to review the results on Thursday, May 17, 2018, beginning at 8:30 a.m. PT. The call will be webcast live over the Internet.
To access the live call through the Internet, log onto the Jack in the Box Inc. investors page at http://investors.jackinthebox.com at least 15 minutes prior to the call in order to download and install any necessary audio software. A playback of the call will be available through the conference-call link on the Jack in the Box Inc. investors page beginning at approximately 11:30 a.m. PT on May 17, 2018.
About Jack in the Box Inc.
Jack in the Box Inc. (NASDAQ: JACK), based in San Diego, is a restaurant company that operates and franchises Jack in the Box® restaurants, one of the nation’s largest hamburger chains, with more than 2,200 restaurants in 21 states and Guam. For more information on Jack in the Box, including franchising opportunities, visit www.jackinthebox.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005264/en/
Jack in the Box Inc.
Investor Contact:
Carol DiRaimo, (858) 571-2407
or
Media Contact:
Brian Luscomb, (858) 571-2291
Source: Jack in the Box Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-jack-in-the-box-inc-to-webcast-second-quarter-fiscal-2018-earnings-conference-call-on-may-17.html |
A bill aimed at tightening oversight of foreign investment in the United States because of concern about China’s acquisition of critical technology is headed for a vote this month in the U.S. Senate Banking Committee, the panel said on Friday.
FILE PHOTO: The U.S. Capitol building is seen at sunset in Washington, U.S. May 17, 2017. REUTERS/Zach Gibson The committee also released draft proposals that will be voted on to amend the bill, which was introduced last November by Senator John Cornyn.
Proposed changes to the measure appear aimed largely at blunting opposition from high tech companies and investment firms, which had worried that even innocuous transactions would be subject to extended reviews by the Committee on Foreign Investment in the United States, or CFIUS.
CFIUS is an inter-agency panel led by the Treasury Department that assesses potential foreign investment to ensure it does not harm national security.
The bill in the Senate, and a companion measure in the U.S. House of Representatives, would broaden CFIUS’ reach in hopes of reining in China’s acquisition of U.S. high tech knowledge even as China has sought to focus on production of higher-value goods, like robots, computers and telecommunications equipment.
The bipartisan legislation has the support of President Donald Trump’s administration.
The new version eliminates a measure which some tech companies complained would force them to go to CFIUS to get approval for technology sales if they involved intellectual property licensing and support.
The draft also spells out that an investment can be deemed passive, and not subject to CFIUS oversight, if foreign investors have no access to non-public technical information or rights to be on the board of directors of a U.S. critical infrastructure company.
The proposed changes include noting specifically that CFIUS could consider in its national security review if a deal would potentially expose sensitive data about U.S. citizens, including genetic information.
Cornyn supports the proposed changes.
“As China has increasingly weaponized investment, it’s a national security imperative to strengthen the interagency review process to safeguard military and dual-use technology and know-how,” he said in a statement that accompanied the release of the proposed changes.
The panel has killed a long list of deals, including a plan for Chinese conglomerate HNA Group to buy most of SkyBridge Capital, a hedge fund investment firm founded by Trump’s former aide Anthony Scaramucci.
Reporting by Diane Bartz; Editing by Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-cfius-congress/bill-tightening-foreign-investment-oversight-headed-for-senate-vote-idUSKBN1IC2MB |
MOSCOW, May 23 (Reuters) - Russia’s central bank said on Wednesday it planned to take further measures to restrict foreign currency loans in order to reduce systemic risks in foreign currency debt. (Reporting by Elena Fabrichnaya Writing by Tom Balmforth Editing by Vladimir Soldatkin)
| ashraq/financial-news-articles | https://www.reuters.com/article/russia-cenbank-loans/russian-cenbank-says-plans-to-restrict-foreign-exchange-loans-idUSR4N1SN02C |
VANCOUVER, British Columbia, May 29, 2018 (GLOBE NEWSWIRE) -- Grant MacKenzie, President and CEO of Peoples Group, together with David Ghermezian, Chairman of the Board of Directors for Peoples Trust, is pleased to announce the addition of three new members to the Board of Directors. Joining the Board are Johanne Brossard, MBA, ICD.D, Laura Rubino, MBA, and Charles R. Stuart, MBA.
Johanne Brossard, MBA, ICD.D , is an accomplished senior executive with more than 30 years in the financial services industry in Canada, Europe and Japan. As a former President and CEO of Bank West (Zag Bank), a subsidiary of Desjardins and ING Bank of Canada, Ms. Brossard has played a key role in establishing the global ING Direct digital banking model that set a new strategic direction for retail banking in Canada.
Laura D. Rubino, MBA , has over 24 years' experience in the Canadian Financial Services sector spanning Wholesale Banking (Investment Dealers) and Independent Brokerage operations at both the institutional and retail client levels. With a Chartered Financial Analyst designation and an MBA, Ms. Rubino brings expertise in debt capital markets and has held leadership roles in origination, marketing, trading, risk management, structuring and securitization activities.
Charles R. Stuart, MBA , joined the Board of Peoples Group in September 2017 and serves on its Corporate Governance Committee. He has over 30 years of financial services experience in senior leadership positions in both line management and advisory services. As an independent consultant for the past 15 years, Charles has supported major financial institutions on a wide variety of key initiatives. He has also helped several organizations with new bank licence applications, including two successful de novo start-ups, which he advised from initial strategy development through operationalization to achieving licensed bank status.
Grant MacKenzie, CEO of Peoples, said, “Each of these individuals brings a unique perspective adding new strength and diversity to a Board of Directors that is already strong. We are very fortunate to have this new energy and expertise as we move toward a bright and innovative future.”
For more information about Peoples Group, visit www.peoplesgroup.com .
About Peoples Group
As the foundation for Peoples Group, Peoples Trust Company is a federally chartered financial institution that has provided financial services to Canadians for over 30 years. With a focus on exceptional customer service backed by extensive product knowledge and experience, Peoples is a niche company known for their lending and asset securitization expertise who also offer deposit rates that are among the best in Canada.
Also, for more than a decade, Peoples has been providing comprehensive issuing services for prepaid and credit cards as well as innovative programs in the merchant services business sector through Peoples Card Services and Peoples Payment Solutions. Their regulatory expertise and market guidance have helped innovators from around the world establish, launch and grow programs in Canada. For more information, visit www.peoplesgroup.com .
Media Contact
Peoples Group
Grant MacKenzie
604-331-2202
[email protected]
Source:Peoples Trust Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-peoples-group-appoints-three-new-board-members.html |
May 24, 2018 / 3:53 AM / Updated 28 minutes ago Exclusive - Former Malaysia government used money raised from Khazanah to pay 1MDB dues - sources Reuters Staff 2 Min Read
KUALA LUMPUR (Reuters) - The government of former Malaysian Prime Minister Najib Razak used money raised from a deal with sovereign wealth fund Khazanah Nasional Berhad to pay for some of the liabilities of state fund 1Malaysia Development Berhad (1MDB), two sources told Reuters. Malaysia's former prime minister Najib Razak arrives to give a statement to the Malaysian Anti-Corruption Commission (MACC) in Putrajaya, Malaysia May 24, 2018. REUTERS/Lai Seng Sin
Khazanah paid the government 1.2 billion ringgit ($301.05 million) in mid-2017 in exchange for redeemable shares that the finance ministry owned, the sources said, adding that the funds were used to pay some of 1MDB’s dues to Abu Dhabi fund IPIC.
1MDB had agreed to pay $1.2 billion to IPIC as part of a settlement agreement reached in April 2017 after 1MDB defaulted on its bonds.
The finance ministry did not immediately respond to requests for comment. Related Coverage
Khazanah told Reuters in an e-mail that the ministry of finance exercised its right in August 2017 to redeem outstanding Redeemable Convertible Cumulative Preference Shares amounting to 1.2 billion ringgit, which were issued to the ministry in 2011.
However, it did not comment on whether the funds were used for repaying 1MDB’s dues.
Najib’s government also used about $500 million raised from a land sale agreement with the central bank to pay some of 1MDB’s liabilities to IPIC, Reuters reported earlier. [nL3N1SV1AP]
($1 = 3.9860 ringgit) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-politics-1mdb-khazanah-exclu/exclusive-former-malaysia-government-used-money-raised-from-khazanah-to-pay-1mdb-dues-sources-idUKKCN1IP0GL |
May 8 (Reuters) - Torq Resources Inc:
* TORQ OBTAINS RIGHT TO ACQUIRE THE WEST MERCUR GOLD PROJECT
* TORQ RESOURCES - CO MAY BUY UP TO 100% OF RVX AT ANY TIME WITHIN 2-YRS BY PAYING US$2.4 MILLION IN COMBINATION OF CASH & SHARES TO RVX’S SHAREHOLDERS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-torq-obtains-right-to-acquire-the/brief-torq-obtains-right-to-acquire-the-west-mercur-gold-project-idUSASC0A0EO |
Last week, the Swedish Riksbank celebrated its 350th anniversary. This week brings a significant milestone for a much younger central bank: The European Central Bank turns 20 on Friday. The ECB had a sheltered childhood. For much of the first decade of its existence, inflation was well behaved and monetary policy deeply orthodox. Then came Stocks to Watch: GM, Berkshire Hathaway, Sears, U.S. Steel, Alphabet, Micron, Box, Dollar General, PVH Next Brexit & Beyond: Italian Populists Revive Coalition Talks | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/31/the-ecb-at-twenty-still-facing-growing-pains/ |
C$5.00 per Share Proposal Provides Substantial Premium and will Significantly Enhance Value for Shareholders
Immediate and substantial premium to Nevsun's recent trading prices Lundin Mining’s strong balance sheet and access to financing protects Nevsun shareholders against dilution that will be necessary to fund Timok’s financing requirements Majority ownership in Euro Sun which will focus on enhancing production and cash flows at Bisha, an aggressive exploration program to grow Bisha, and an advanced stage gold-copper development project in Rovina Valley, Romania Opportunity to benefit from growth in Lundin Mining's operations and participation in its dividend policy through consideration in the form of Lundin Mining shares
TORONTO, May 07, 2018 (GLOBE NEWSWIRE) -- Lundin Mining Corporation (TSX:LUN) (Nasdaq Stockholm: LUMI) (“Lundin Mining”), and Euro Sun Mining Inc. (TSX:ESM) ("Euro Sun") today announced that they have submitted a proposal to Nevsun Resources Ltd. (TSX:NSU) (NYSE AMERICAN:NSU) ("Nevsun") to acquire all of Nevsun's outstanding common shares for approximately C$1.5 billion (the "Proposal"). This Proposal has been rejected by Nevsun. Lundin Mining’s numerous attempts to engage Nevsun and propose a mutually beneficial transaction have been unsuccessful.
Working together, Lundin Mining and Euro Sun have identified a way to create significant value. Under the terms of the Proposal, dated April 30, 2018, Nevsun shareholders would receive total consideration of C$5.00 per Nevsun share consisting of: (i) C$2.00 in cash funded by Lundin Mining; (ii) C$2.00 in shares of Lundin Mining; plus (iii) C$1.00 in shares of Euro Sun. The Proposal would result in Lundin Mining owning the European assets of Nevsun including the Timok project and Euro Sun owning the remainder of Nevsun including the Bisha mine and Nevsun's cash balance.
Lundin Mining and Euro Sun believe strongly that the Proposal should be shared with all Nevsun shareholders.
Lundin Mining and Euro Sun believe that the Proposal is extremely compelling for all Nevsun shareholders and represents a fully valued offer for Nevsun. The C$5.00 per share value of the total consideration represents a 40% premium to Nevsun’s closing price on April 30, 2018 on the Toronto Stock Exchange ("TSX"), a 54% premium to Nevsun's 30-day volume weighted average price on the TSX for the period ended April 30, 2018, and a 92% premium to Nevsun's closing price of C$2.61 on the TSX on February 6, 2018, the day prior to Lundin Mining's initial offer.
Mr. Paul Conibear, President and CEO of Lundin Mining commented: "We believe our proposal is extremely compelling and in the best interests of Nevsun shareholders. Our significant experience in underground construction and mining, and track record of operating in Europe demonstrate our ability to be a strong and reputable developer of the Timok project in Serbia. Given the significant near-term financing needs of the Timok project and our strong balance sheet, the timing is ideal for Lundin Mining to acquire the Timok project and bring it into production as soon as possible. Our inclusion of cash and Lundin Mining shares will allow Nevsun shareholders to both crystallize value now and continue to share in the future growth of not only the Timok project, but benefit from the success of Lundin Mining’s operations, while participating in Lundin Mining’s future dividends." Mr. Conibear continued, "After months of attempting to reach an agreement, we are disappointed that Nevsun has prevented its shareholders from considering our premium proposals and at this point in time, we believe that all Nevsun shareholders should be made aware of this opportunity. We remain fully committed to negotiating a transaction with Nevsun under the very attractive terms proposed."
Mr. Scott Moore, President & Chief Executive Officer of Euro Sun commented: "The acquisition of Bisha represents a unique value creation opportunity for both current Euro Sun shareholders and to our prospective new Nevsun shareholders. The addition of an operating asset will substantially de-risk the development of the Rovina Valley gold-copper porphyry project in Romania and we will look to add value at the Bisha mine through an aggressive exploration program. The Board and management of Euro Sun have a demonstrated track record of generating outstanding shareholder returns, including through their prior involvement with Avion Gold, and the purchase of Nevsun’s Tabakoto assets in Mali, which was subsequently sold at a significant premium. We strongly believe the potential of Bisha is well beyond its current mine life and Rovina represents an opportunity for all stakeholders to participate in the second largest gold project in Europe. We look forward to the opportunity to deliver increased value at Bisha and Rovina Valley to all the stakeholders of Nevsun as Euro Sun shareholders."
Background
Lundin Mining has been unable to successfully engage Nevsun in meaningful discussions after numerous attempts. Lundin Mining submitted its first proposal to Nevsun on February 7, 2018 and a further proposal on February 25, 2018, both of which were rejected. On April 3, 2018, Lundin Mining submitted a proposal to Nevsun to acquire Nevsun's European assets, including the Timok project, for cash and shares, which was also rejected.
Lundin Mining has since found a partner to lead the acquisition of 100% of Nevsun at a significant premium. On April 30, 2018 Lundin Mining and Euro Sun submitted the Proposal to Nevsun for its consideration, which would allow Nevsun shareholders to continue to benefit from the advancement of the Timok project and from Lundin Mining’s operations as well as maintain material exposure to the Bisha mine as shareholders of Euro Sun and benefit from Euro Sun’s 100%-owned Rovina Valley gold-copper project in the Tethyan Belt of Romania. On May 7, 2018, Nevsun rejected the Proposal.
Lundin Mining and Euro Sun are highly qualified partners with both parties having a demonstrated track record, a proven project execution ability, an experienced management team, access to capital markets and acquisition integration expertise.
Advisors
TD Securities and GMP Securities are acting as financial advisors to Lundin Mining and Cassels Brock & Blackwell LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are acting as Lundin Mining's legal advisors. Haywood Securities is acting as financial advisor to Euro Sun and Bennett Jones LLP is acting as Euro Sun's legal advisor. Navigator Limited is acting as strategic communications advisors to Lundin Mining and Euro Sun.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations in Chile, the United States of America, Portugal, and Sweden, primarily producing copper, nickel and zinc. In addition, Lundin Mining holds an indirect 24% equity stake in the Freeport Cobalt Oy business, which includes a cobalt refinery located in Kokkola, Finland.
About Euro Sun
Euro Sun is a Toronto Stock Exchange listed mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second largest gold deposit in Europe.
Cautionary Statement in Forward-Looking Information
Certain of the statements made and information contained herein, other than statements of historical fact and historical information, is “forward-looking information” within the meaning of applicable securities laws. Such statements include, but are not limited to, payment of future dividend, and timing and amount thereof. Words such as “believe”, “compelling”, “exploration”, “focus”, “future”, “opportunity”, “possible”, “potential”, “project”, “proposal”, “prospective”, “risk”, “if”, “look to”, “will be”, and “may”, or variations of these terms or similar terminology or statements that certain actions, events or results “could” or “will” occur or be achieved are intended to identify such forward-looking information. Although Lundin Mining and Euro Sun believe that the expectations reflected in the forward-looking information contained herein are reasonable, these statements by their nature involve risks and uncertainties, and are not guarantees of future performance. Forward-looking information is based on a number of assumptions, and subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements. Risks include but are not limited to the risk that no transaction related to the Proposal will be commenced, that the conditions to any transaction will not be satisfied on a timely basis or at all and the failure of any transaction to be consummated for any other reason. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary described in forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. Lundin Mining and Euro Sun disclaim any intention or obligation to update or revise any forward‐looking statements or to explain any material difference between subsequent actual events and such forward‐looking statements, except to the extent required by applicable law.
The information was submitted for publication, through the agency of the contact persons set out below on May 7, 2018 at 6:30 p.m. Eastern Time.
Additional Information for U.S. Investors
This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. This communication relates to a business combination transaction with Nevsun proposed by Lundin Mining and Euro Sun, which may become the subject of a registration statement filed with the U.S. Securities and Exchange Commission (“SEC”). This material is not a substitute for any prospectus or other document Lundin Mining and Euro Sun would file with the SEC regarding the proposed transaction if a negotiated transaction is agreed among Nevsun, Lundin Mining and Euro Sun or for any other document that Lundin Mining and Euro Sun may file with the SEC and send to Nevsun shareholders in connection with the proposed transaction. No tender or exchange offer for the common shares of Nevsun has commenced at this time. In connection with the proposed transaction, Lundin Mining and Euro Sun may file tender or exchange offer documents with the SEC, including a registration statement. Any definitive tender or exchange offer documents will be mailed to shareholders of Nevsun. U.S. INVESTORS AND SECURITY HOLDERS OF NEVSUN ARE URGED TO READ THESE AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Lundin Mining and Euro Sun through the web site maintained by the SEC at http://www.sec.gov .
For investor inquiries, please contact:
Mark Turner, Lundin Mining, Director, Business Valuations and Investor Relations: +1-416-342-5565
Sonia Tercas, Lundin Mining, Senior Associate, Investor Relations: +1-416-342-5583
Robert Eriksson, Lundin Mining, Investor Relations Sweden: +46 8 545 015 50
Lisa Doddridge, Euro Sun Mining, VP Investor Relations and Corporate Communications: +1-416-309-4299
For media inquiries, please contact:
Deirdre McMurdy, Navigator: +1-416-642-6339
Source:Lundin Mining Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-lundin-mining-and-euro-sun-disclose-proposal-to-acquire-nevsun-resources.html |
May 1, 2018 / 12:48 PM / Updated 15 minutes ago UPDATE 1-Israel postpones U.S.-based test of Arrow-3 missile interceptor Reuters Staff 2 Min Read
(Adds background)
JERUSALEM, May 1 (Reuters) - A planned live test of Israel’s Arrow-3 ballistic missile interceptor in the United States has been postponed to improve the system’s readiness, the Israeli Defence Ministry said on Tuesday.
Jointly manufactured by Boeing Co, Arrow-3 is billed as capable of destroying missiles in space, an altitude that would destroy any non-conventional warheads safely. Israel regards it as a bulwark against Iran and Lebanon’s Hezbollah.
No new date was given for the live test. The system passed its first full interception test over the Mediterranean sea in 2015 and was deployed in Israel in 2017.
Israel had planned another test in the summer of 2018 in Alaska, whose expanses would have allowed larger interception distances.
The Defence Ministry statement said the postponement had been agreed upon with the Pentagon, which is Israel’s partner in the Arrow system development, “with the goal of reaching maximum readiness for a test on the American range”.
The operational capacity of Arrow-3, and earlier generation Arrow-2 units also deployed in Israel, was unaffected, it said.
Israel has had difficulties with its Arrow-3 tests.
Its first full trial, scheduled in 2014, was aborted due to what designers said was a faulty flight by the target missile. Follow-up Israeli tests last December and January were also called off at short notice due to technical problems.
Arrow serves as the top tier of an integrated Israeli shield built up to withstand various potential missile or rocket salvoes. The bottom tier is the already deployed short-range Iron Dome interceptor, while a system called David’s Sling, due to be fielded next year, will shoot down mid-range missiles. (Writing by Dan Williams Editing by Angus MacSwan) | ashraq/financial-news-articles | https://www.reuters.com/article/arms-israel-usa-arrow/update-1-israel-postpones-u-s-based-test-of-arrow-3-missile-interceptor-idUSL8N1S82YU |
May 7 (Reuters) - Manpasand Beverages Ltd:
* SAYS CO AND PARLE PRODUCTS TO JOINTLY DISTRIBUTE THEIR BRANDS IN WESTERN MARKETS Source text - bit.ly/2rqpeLB
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-manpasand-beverages-and-parle-prod/brief-manpasand-beverages-and-parle-products-to-jointly-distribute-brands-in-western-markets-idUSFWN1SD02P |
May 11, 2018 / 10:48 PM / Updated 8 hours ago In an interplanetary first, NASA to fly a helicopter on Mars Will Dunham 3 Min Read
WASHINGTON (Reuters) - NASA said on Friday it will send a small helicopter to Mars as part of the U.S. space agency’s 2020 mission to place a next-generation rover on the Martian surface, marking the first time such an aircraft will be used on another world. NASA's Mars Helicopter, a small, autonomous rotorcraft, which will travel with the agency's Mars 2020 rover, currently scheduled to launch in July 2020, to demonstrate the viability and potential of heavier-than-air vehicles on the Red Planet, is shown in this artist rendition from NASA/JPL in Pasadena, California, U.S. May 11, 2018. Courtesy NASA/JPL-Caltech/Handout via REUTERS
The remote-controlled Mars Helicopter, designed to take flight in the thin Martian atmosphere with twin counter-rotating blades, weighs about four pounds (1.8 kilograms), with a fuselage the size of a softball, NASA said. Its blades will spin at almost 3,000 rpm, roughly 10 times the rate employed by helicopters on Earth.
“The altitude record for a helicopter flying here on Earth is about 40,000 feet (12,200 meters). The atmosphere of Mars is only one percent that of Earth, so when our helicopter is on the Martian surface, it’s already at the Earth equivalent of 100,000 feet (30,480 meters) up,” Mimi Aung, the Mars Helicopter project manager at NASA’s Jet Propulsion Laboratory, said in a statement.
NASA officials said the rotorcraft will reach the Red Planet’s surface attached to the car-sized rover. After placing the helicopter on the ground, the rover will be directed to drive to a safe distance to relay commands. Controllers on Earth will command the helicopter to take its first autonomous flight after its batteries are charged and tests are conducted, NASA said.
“The idea of a helicopter flying the skies of another planet is thrilling,” NASA Administrator Jim Bridenstine said in a statement.
The helicopter is intended to demonstrate the viability and usefulness of such aircraft on Mars, NASA said, with potential roles as a low-flying scout or to reach locations inaccessible from the ground.
NASA said it plans a 30-day flight test period that will include up to five flights, starting with a short vertical jaunt to hover for about 30 seconds at an altitude of 10 feet (3 meters) and progressing to flight distances up to a few hundred yards and durations up to 90 seconds.
The helicopter contains solar cells to charge its lithium-ion batteries and a heating mechanism to keep it warm during frigid nights.
The Mars 2020 rover mission is scheduled to launch in July 2020 from Cape Canaveral Air Force Station in Florida and reach Mars in February 2021. The rover is designed to carry out geological studies and ascertain the habitability of the Martian environment, NASA said. Reporting by Will Dunham, Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://in.reuters.com/article/space-mars-helicopter/in-an-interplanetary-first-nasa-to-fly-a-helicopter-on-mars-idINKBN1IC2OX |
May 21, 2018 / 6:53 AM / Updated 20 minutes ago South Africa agrees three-year wage deal with public sector unions Reuters Staff 1 Min Read
CAPE TOWN (Reuters) - The South African government has agreed a three-year wage deal with public sector unions, a spokesman for the NEHAWU union, which represents workers in healthcare, education and other professions, said.
“All of us, everyone in the bargaining council, is signing the agreement today,” NEHAWU’s Khaya Xaba said.
Xaba said the government had offered a three-year deal which made provision for wage hikes of up to 7 percent in the first year, and hikes of up to projected inflation plus 1 percent in the second and third years. Reporting by Wendell Roelf; Writing by Alexander Winning | ashraq/financial-news-articles | https://uk.reuters.com/article/us-safrica-economy-wages/south-africa-agrees-three-year-wage-deal-with-public-sector-unions-idUKKCN1IM0JB |
NEW YORK/LONDON (Reuters) - Gold rose on Thursday as the U.S. dollar backed away from 2018 highs after weaker-than-forecast U.S. inflation data and as tensions between the United States and Iran also supported the precious metal.
Sets of gold bangles are displayed in a showcase of a showroom selling bridal jewellery in Peshawar, Pakistan May 9, 2018. REUTERS/Fayaz Aziz The dollar slipped from a 4-1/2-month peak after U.S. data showed the Consumer Price Index rose 0.2 percent in April, less than the 0.3 percent increase that had been forecast. A weaker dollar makes dollar-priced gold cheaper for non-U.S. investors.
Also helping gold, viewed as a safe-haven investment, was U.S. President Donald Trump’s move on Tuesday to withdraw from a nuclear accord with Iran, raising the risk of conflict in the Middle East.
Israel said on Thursday it had attacked nearly all of Iran’s military infrastructure in Syria after Tehran fired rockets at Israeli-held territory.
“We’ve seen a (dollar rally) in the last few weeks, but actually gold hasn’t gone down as far as you might think, so political tensions are helping,” said Macquarie commodities strategist Matthew Turner.
Turner said the dollar was the main driver for gold and he expects the precious metal to come under pressure in the near term, with the dollar extending its rally.
Spot gold rose 0.6 percent at $1,320.53 per ounce by 1:34 p.m. EDT (1734 GMT). During the session it touched $1,322.76, a 10-day high. U.S. gold futures for June delivery settled up $9.30, or 0.7 percent, at $1,322.30 per ounce.
Risk appetite among investors limited gold’s gains. Global equities hit a three-week high as rising oil prices boosted energy companies, offsetting increased political uncertainty.
“It appears as though the investment side of the equation has not attracted a lot of attention,” said Rob Lutts, chief investment officer of Cabot Wealth Management
“We are at the lower end of the range. It appears we could drift back up to $1,350, but longer term. We really need to see more investment.”
North American gold-backed exchange-traded funds registered inflows in April at their highest level since September 2017, with safe-haven purchases ushered in by a trade stand-off between the United States and China, Syria tensions and worries about possible U.S. sanctions on Russia.
In other precious metals, silver gained 1.4 percent at $16.72 an ounce after earlier hitting a two-week high at $16.74.
Platinum rose 1.7 percent at $925.40 per ounce, earlier hitting $926.20, a two-week high. Palladium rose 2.6 percent at $1,000.70 per ounce, earlier seeing $1,002.10, a 2-1/2-week high.
Additional reporting by Apeksha Nair in Bengaluru; editing by David Goodman and David Gregorio
| ashraq/financial-news-articles | https://in.reuters.com/article/global-precious/gold-edges-down-on-firm-dollar-u-s-bond-yields-idINKBN1IB04Q |
BRASILIA, May 16 (Reuters) - Brazil’s central bank is likely to cut interest rates once again to a new record low on Wednesday despite a currency sell-off as an underwhelming economic recovery keeps a lid on inflation.
The bank’s monetary policy committee, known as Copom, is widely expected to cut the benchmark Selic interest rate by 25 basis points to 6.25 percent at the end of a two-day meeting, according to a Reuters poll of economists.
The decision is expected to be announced at 6 p.m. local time (2100 GMT) on Wednesday.
The near-consensus highlights how stubbornly low inflation has repeatedly frustrated the bank’s plans to halt rate cuts since signaling its intention to do so in February. Inflation is below the bottom end of this year’s target range of 4.5 percent, plus or minus 1.5 percentage points.
With economic indicators spanning everything from retail sales and industrial output to the services sector underwhelming in recent months, it is likely to take a long time before inflation accelerates back to the central bank’s target range.
The weak economy is also expected to limit pass-through from a weak currency, dampening the effect of higher import prices. Concerns over a widening U.S. fiscal deficit and accelerating inflation have bumped up U.S. bond yields, sending emerging markets into a tailspin.
Analysts widely expect that to be the last in the deepest easing cycle in decades, which brought the Selic down from a nine-year high of 14.25 percent in 2015.
“The post-meeting communiqué language will be key for market movements,” Nomura economists João Pedro Ribeiro and Mario Castro wrote in a report. “We continue to expect the Selic rate to remain unchanged throughout the year.” (Reporting by Bruno Federowski; editing by Jonathan Oatis)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-economy-rates/brazil-set-to-cut-rates-again-despite-fx-sell-off-idUSL2N1SM0T6 |
GENEVA (Reuters) - Japan, Russia and Turkey have warned the United States about potential retaliation for its tariffs on steel and aluminum, the World Trade Organization said on Tuesday, bringing the total U.S. tariff bill to around $3.5 billion annually.
FILE PHOTO: A World Trade Organization (WTO) logo is pictured on their headquarters in Geneva, Switzerland, June 3, 2016. REUTERS/Denis Balibouse The three countries detailed their compensation claims in notifications to the world trade body, following similar moves by the European Union, India and China. Each showed how much the disputed U.S. tariffs would add to the cost of steel and aluminum exports to the United States, based on 2017 trade.
Russia said the U.S. tariffs, which President Donald Trump imposed in March, would add duties of $538 million to its annual steel and aluminum exports. Japan put the sum at $440 million. Turkey added a further $267 million.
China, the 28-nation EU and India have put their claims at $612 million, $1.6 billion and $165 million respectively.
They all reject the U.S. view that the import tariffs — 25 percent on steel and 10 percent on aluminum — are justified by U.S. national security concerns and are therefore exempt from the WTO rules.
They say the U.S. tariffs have all the hallmarks of “safeguards”, a trade restriction that can be legitimately used to protect a struggling industry from an unforeseen surge in imports.
A country using safeguards must compensate other WTO members who stand to lose out from the restriction on their trade, normally by rebalancing their trading relationship with a net increase in imports of other goods.
But the United States denies its tariffs are safeguards and has offered no compensation, prompting the retaliatory action.
The compensation would normally take years, but because the U.S. steel and aluminum sectors were not facing an absolute increase in imports, the WTO rules permitted retaliation in just 30 days’ time, they said.
Japan said it was free to impose at least $264 million of its retaliation after 30 days, suggesting that the rest might be delayed, since some of the U.S. products covered by the tariffs were subject to an absolute increase in imports from Japan.
Neither Russia nor Japan specified how they might retaliate against U.S. exports, but Turkey listed 22 U.S. goods that it was planning to target, ranging from nuts, rice and tobacco to cars and steel products.
Reporting by Tom Miles; Editing by Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-japan-russia/russia-and-japan-warn-us-of-1-billion-in-tariff-retaliation-idUSKCN1IN1AK |
April 30 (Reuters) - GULF BANK:
* Q1 NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS 10.8 MILLION DINARS VERSUS 9.4 MILLION DINARS YEAR AGO
* Q1 TOTAL OPERATING REVENUE 48.2 MILLION DINARS VERSUS 44.4 MILLION DINARS YEAR AGO Source:( bit.ly/2HJoGHy ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kuwaits-gulf-bank-q1-profit-rises/brief-kuwaits-gulf-bank-q1-profit-rises-idUSFWN1S70PO |
April 30 (Reuters) - Fidelity Bank PLC:
* FY ENDED DEC 2017 PROFIT BEFORE INCOME TAX OF 20.30 BILLION NAIRA VERSUS 11.06 BILLION NAIRA YEAR AGO
* FY NET INTEREST INCOME OF 71.46 BILLION NAIRA VERSUS 61.93 BILLION NAIRA YEAR AGO
* FOR FY 2017 BOARD RECOMMEND A DIVIDEND OF 11 KOBO PER ORDINARY SHARE Source: bit.ly/2HHt4qI Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fidelity-bank-plc-posts-fy-2017-pr/brief-fidelity-bank-plc-posts-fy-2017-pretax-profit-of-20-30-bln-naira-idUSFWN1S710U |
WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A.:
Do you own shares of Guaranty Bancorp (NASDAQ GS: GBNK )? Did you purchase any of your shares prior to May 22, 2018? Do you think the proposed merger is fair? Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Guaranty Bancorp (“Guaranty” or the “Company”) (NASDAQ GS: GBNK ) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to merge with Independent Bank Group, Inc. (“Independent Bank”) (NASDAQ GS: IBTX ) in a transaction valued at approximately $1.0 billion. Under the terms of the agreement, shareholders of Guaranty will receive 0.45 shares of Independent Bank common stock for each share of Guaranty common stock.
If you own common stock of Guaranty and purchased any shares before May 22, 2018, if you would like to learn more about this investigation, or if you have any questions concerning this announcement or your rights or interests, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail at [email protected] .
Rigrodsky & Long, P.A. , with offices in Wilmington, Delaware, Garden City, New York, and San Francisco, California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions .
Attorney advertising. Prior results do not guarantee a similar outcome.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005993/en/
Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Gina M. Serra
888-969-4242
302-295-5310
Fax: 302-654-7530
[email protected]
http://www.rigrodskylong.com
Source: Rigrodsky & Long, P.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-guaranty-bancorp-shareholder-alert-rigrodsky-long-p-a-announces-investigation-of-merger.html |
Why Walmart and Amazon Are Battling So Fiercely Over India The picture featuring Flipkart delivery packets on July 11, 2013 in New Delhi, India. Ramesh Pathania—Mint/Hindustan Times via Getty Images By Adam Lashinsky May 7, 2018
This article first appeared in Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here .
No less an authority than Wikipedia attributes the origin of the proverb “the enemy of my enemy is my friend” to Sanskrit, an ancient Hindu language. How appropriate, then, that the saying’s latest proof point is the battle unfolding among global tech players in India.
India is a massive market with relatively puny e-commerce volume and therefore a must-have opportunity for the world’s biggest retailers. Amazon (amzn) already is pumping $5 billion into its hoped-for Indian marketplace. And Walmart (wmt) is said to be finalizing a $15-billion controlling investment in e-commerce startup Flipkart there.
So far this all makes sense. Walmart got schooled in North America by Amazon. Neither company has covered itself in glory in the tough-to-win China market. Competing in India is an existential must for Walmart, the retailer that disrupted Kmart and Sears and doesn’t want to end up as the 21st century version of those dinosaurs.
But wait, there’s more. Alphabet (googl) , parent of search-results publisher (see what I did there ?), Google is said to be investing alongside Walmart. That makes perfect sense if you consider the battle between Google and Amazon. Each competes to fulfill shopper needs, Google through search ads and Amazon through its own retail platform. Each has thrived but wants more share of future transactions. Enter Walmart on the side of Google. The two already announced a limited partnership last year and now are showing they’ll continue to partner against their common foe.
There’s even more here. Walmart does business in China with JD.com, which is closely allied with Tencent, the gaming and messaging company that is an arch-foe of Alibaba, the e-commerce goliath. Guess who’s already an investor in Flipkart? Yes, Tencent, which is challenging Alibaba’s (baba) once-dominant position in payments with its own offering associated with WeChat, which Tencent owns. For its part, Alibaba is an investor in Indian payments company Paytm.
It’s a tangled web these enemies have woven. Competition in fast-growing markets like India is the only thing that will untangle it.
***
The New York Times has published an outstanding profile of European competition boss Margrethe Vestager. If you want to understand how Brussels thinks about Silicon Valley, read this. (Revealing nugget: When Vestager’s term ends she might not get another because the leader of her own country, who belongs to an opposing party, may not re-appoint her.)
***
If you followed me over to Data Sheet last week I hope you enjoyed my switcheroo with Alan Murray. We’re back to normal this week. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/07/walmart-google-india-flipkart-amazon/ |
(Repeats to widen readership)
By Sinéad Carew
May 25 (Reuters) - The consumer staples index, the S&P 500’s biggest laggard for 2018, could have further to fall and may even look less appealing as a defensive play in the event the economy turns sour.
The sector, which includes suppliers of so-called recession-proof items ranging from toilet paper and toothpaste to canned soup and cookies, has fallen 13 percent in 2018, on track for its first annual decline since 2008, while the S&P 500 is up 1.7 percent year-to-date.
Investors have been turning away from staples companies because they are grappling with changing consumer preferences, fierce competition and other obstacles to raising prices even as their costs swell.
On top of this, the sector - long viewed as a defensive play partly because of its high dividends and predictable growth rate - faces tough competition from fixed income investments while U.S. Treasury yields are rising, and from other equities as most industry groups are generating faster earnings growth.
“We think the sector will remain under pressure, especially as investors have better opportunities elsewhere,” said Sameer Samana, global equity and technical strategist at Wells Fargo Investment Institute in St. Louis.
Consumers are showing less loyalty to food and household brands than ever before, according to Burns McKinney, a portfolio manager at Allianz Global Investors in Dallas. As a result shoppers are more easily drawn toward cheaper store-brands for goods such as toilet paper, putting pressure on brand names.
A growing preference for healthier, fresher food is keeping people away from pre-packaged staples. Health concerns are also hurting tobacco companies such as Altria as smokers increasingly favor cigarette alternatives.
And, as brick and mortar retailers face tough competition from online retailers such as Amazon.com, they are putting pressure on product suppliers to keep prices low.
For example, Procter & Gamble, the world’s largest consumer goods maker, in April pointed to pressure from struggling retailers in addition to higher transportation costs and rising commodities prices when it reported disappointing fiscal third-quarter financial results.
Wall Street currently expects 2018 earnings growth of 11.4 percent in the staples sector, down from the 11.6 percent expected on April 1 and slower than all but two of the S&P 500’s 11 other major sectors, according to Thomson Reuters data.
The broader S&P is expected to report earnings growth of 22 percent for 2018.
“We’re right now in an earnings driven market and there are other sectors that have a much better earnings outlook,” said John Praveen, chief investment strategist at Prudential International Investments Advisers LLC in Newark. “I don’t see the catalyst for this sector to do well in the near term.”
The consumer staples sector currently trades at 19 times earnings on a 12-month trailing basis, indicating a roughly 10 percent discount to the S&P 500’s multiple of 21, according to Wells Fargo’s Samana. He adds that the “the trough for staples” typically happens when the sector trades at a 20 percent to 30 percent discount to the rest of the market, implying a multiple of 15 to 17.
To be sure lower valuations and a weak economy could eventually give some support to staples.
“We would get interested if valuations lowered to levels that compensated investors to take on the risk of the sector,” said Samana. “They don’t trade all that cheap compared to the market right now.”
Staples stocks tend to perform better than the broader market in a weak economy as investors bet that even if consumers have to cut back on spending they still need to buy things like toilet paper, soap and food basics. But Prudential’s Praveen sees the U.S. economy staying strong through 2018 and 2019.
But some investors like Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, say current valuations could present an opportunity.
“They’re reasonably priced. It doesn’t mean they’re screaming cheap. You can start to accumulate them here,” said Nolte.
But even if investors do look more kindly on the staples sector in economic downturn, the sector’s may be “less of a port in the storm” than in the past, said Wells Fargo’s Samana.
Reporting By Sinéad Carew; Editing by Steve Orlofsky
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks-weekahead/rpt-wall-st-week-ahead-investors-find-little-appetite-for-consumer-staples-idUSL2N1SW1S8 |
0 COMMENTS WASHINGTON—Two of President Donald Trump’s nominees to the Federal Reserve’s board of governors Tuesday signaled a strong commitment to making policy decisions independently of the executive branch.
Richard Clarida, the economist tapped to serve as the central bank’s No. 2 official, told lawmakers he had never been pressed by the president or other officials on how he would set interest rates.
“In no meeting, at no time, did I ever have any reason to question the independence of the Federal Reserve, absolutely not,” Mr. Clarida told the Senate Banking Committee at his confirmation hearing.
Democratic lawmakers pressed Mr. Clarida and a second nominee, Kansas Bank Commissioner Michelle Bowman, to state they would resist political interference.
Mr. Trump criticized the Fed during his presidential campaign but hasn’t publicly weighed in on the central bank’s interest-rate increases since taking office.
Related
Clarida Promises ‘Balanced Approach’ to Monetary Policy Bowman Says Bank Rules Should Be Tailored for Size, Complexity Bernanke, Fischer Support Clarida Nomination for Fed Vice Chairman Mr. Clarida, if confirmed by the Senate, would work closely with Fed Chairman Jerome Powell in shaping monetary and regulatory policy. But the hearing yielded few clues on the likely outcomes.
Reshaping the Central Bank President Donald Trump has an unusual opportunity to put his stamp on the Federal Reserve early in his term. Trump Pick
Obama Pick
Jerome Powell*
Chair
Richard Clarida
Vice Chair
Not yet confirmed
Lael Brainard
Randal Quarles
Marvin Goodfriend
Not yet confirmed
Michelle Bowman
Not yet confirmed
Vacant
*First selected to a board seat by Obama, and was selected to Chair by Trump. Source: Federal Reserve Photos: Associated Press; Bloomberg News; Zuma Press; Reuters; Office of the state bank commissioner of Kansas
In response to questions, Mr. Clarida said stock-market volatility by itself shouldn’t influence the Fed’s rate-setting decisions.
He also said it would be important for Fed officials to consider a broader range of labor-market measures than just the unemployment rate, which at 3.9% suggests there is very little slack.
“The economy is changing,” said Mr. Clarida. The 3.9% rate “is welcome, but behind that one number is a very, very complex picture.” He said Fed officials consider other measures such as labor-force participation rates.
Historically low participation rates in recent years have suggested more potential slack in the labor market than the unemployment rate indicated.
Mr. Clarida is a Columbia University economist and adviser to Pacific Investment Management Co. He served in the Treasury Department during the George W. Bush administration. He is generally considered more of a pragmatist than an ideologue.
Former Fed Chairman Ben Bernanke and three other leading economic policy makers appointed by presidents from both parties endorsed Mr. Clarida’s nomination in a letter to the top Republican and Democrat on the banking committee Monday.
Michelle Bowman arrives for Tuesday’s hearing on Capitol Hill. Photo: Andrew Harrer/Bloomberg News Mr. Clarida defended the regulatory architecture designed after the 2008 financial crisis, including from the 2010 Dodd-Frank legislation. Republicans have generally supported efforts to roll back those rules, while Democrats in some cases have said regulation should be made tougher for big banks.
The issue is ripe because the Fed recently proposed retooling capital rules and its annual “stress tests” for the largest U.S. financial firms. The changes would reduce the possibility banks would fail the tests, which examine whether firms can continue lending during a severe recession.
The Fed has separately proposed loosening a rule governing capital standards that applies to eight large U.S. banks considered crucial to the functioning of the global financial system. Regulators have been more divided over that measure.
Mr. Clarida resisted efforts to say how he would have voted on the measures, saying he would need to study the details. He said it was important to ensure any changes preserved “the substantial gains” from regulation that had made the financial system more resilient and stable.
The exchange left Sen. Elizabeth Warren (D., Mass.) disappointed. She told him she was “concerned about your unwillingness” to provide more specificity.
Lawmakers focused other questions more on monetary-policy problems of the past decade than on those that officials could face in coming years.
Under questioning, Mr. Clarida said monetary policy might have contributed to the 2008 financial crisis; in the past he has said failures in regulation and bank supervision were primarily responsible.
The confirmations of Mr. Clarida and Ms. Bowman appeared on track after the hearing, though it could be several weeks or months before they would join the Fed board.
“If I had my way, we’d be moving [Mr. Clarida] next week, but again, we’re facing a phenomenally difficult time moving nominees” on the Senate floor, said the banking committee chairman, Mike Crapo (R., Idaho), after the hearing.
Typically, nominees try not to make waves at confirmation hearings, and Tuesday’s wasn’t particularly adversarial. That wasn’t the case in January, when another Fed board nominee—Carnegie Mellon University economist Marvin Goodfriend —left Democrats visibly frustrated with his answers to their questions.
Republicans have a 51-to-49 majority in the chamber and nominees are confirmed with a simple majority. The GOP’s majority is delicate due to the absence of Sen. John McCain (R., Ariz.), who is being treated for brain cancer.
Mr. Goodfriend’s nomination fell into doubt after Sen. Rand Paul (R., Ky.) said he would vote against it , citing his concerns over the economist’s academic writing about tracking cash as it moves in and out of banks.
The banking committee approved Mr. Goodfriend on a party-line vote, but his nomination hasn’t come up before the full Senate.
Write to Nick Timiraos at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/investors-look-for-insights-into-feds-direction-at-hearing-for-nominees-1526385601 |
West Coast Reseller’s 2017 Revenue Exceeded $4.5 Million
EAST HANOVER, NJ, May 21, 2018 (GLOBE NEWSWIRE) -- SilverSun Technologies, Inc. (NASDAQ: SSNT) announced today that its wholly owned subsidiary, SWK Technologies, the premier total solutions provider specializing in business software solutions, has acquired Info Sys Management, Inc. (“ISM”). The company, a leading Portland, Oregon-based reseller of Sage Software and Acumatica solutions, also provides hosting services for business applications to customers throughout the United States. The purchase price for ISM and its affiliate is $1.7 million, including $300,000 cash and a $1.4 million convertible note. The deal will be effective June 1, 2018.
Founded in 2001, ISM has installed solutions at prominent companies both nationally and on the West Coast. ISM currently has offices in Portland, San Diego, Phoenix and Washington, D.C.
Mark Meller, CEO of SilverSun, stated, “ISM and SWK are ideal fits for each other. BJ O’Reilly has done a spectacular job in building and growing a profitable, high-quality organization. The talent, skills and expertise that he and his partner, Carla Brown, bring to our organization, the technical infrastructure and ability to host an array of business applications for our customers, and the geographic differentiation make ISM an excellent acquisition for SWK on many levels.”
“As the new Chief Technology Officer (CTO) of SWK, BJ will bring expertise and experience to our organization which will enable us to continue and even accelerate our exciting growth strategies. Carla Brown, who has exceptional relationships with ISV’s and business partners throughout our ecosystem, will serve as Vice President of Partners and Alliances.”
“As a result of the acquisition, we will now own the infrastructure which will allow us to directly host our clients’ business applications, including Sage 100cloud and Acumatica. This represents a new line of business for the Company, one which we can rapidly scale as a result of our publisher and partner relationships, and as a result of our Sage Partner Success Program (“PSP”).”
BJ O’Reilly, President at ISM, stated, “Our companies have worked together for many years, and we know each other well. The customer‐focused approach and corporate culture at SWK is almost identical to ours. The skill set of their team is exceptional, and both companies share the same corporate values. We have tremendous opportunities in front of us, and the size and scale of the combined organizations will provide us with the resources to take full advantage of these opportunities. We’re better together, and clients on both sides will benefit from this transaction.”
About SilverSun Technologies, Inc.
SilverSun Technologies is involved in the acquisition and build-out of technology and software companies. The Company's growth strategy is to acquire firms in the extensive and expanding, but highly fragmented, business solutions marketplace, as it seeks to create substantial value for shareholders. Since June 2004, SilverSun has acquired SWK Technologies, Inc., Business Tech Solutions Group, Inc., Wolen Katz Associates, and AMP-BEST Consulting, Inc. Through its subsidiaries, the Company offers an array of accounting and business management products, including its own proprietary software, as well as a wide range of value-added services.
For additional information, visit SilverSun’s corporate website: www.silversuntech.com
About ISM
ISM began as a small business with one vision in mind: “Simple answers to difficult questions.” Their goal was to convert complex technology into tangible business value so their clients get more work accomplished using fewer resources. Keeping that same vision in mind, today ISM has grown to become one of the top Sage resellers and business technology providers in the country.
Their diverse professional staff is uniquely qualified to support all major areas of business technology including Customer Relationship Management (CRM), Accounting and operations (ERP), and Human Resource Management and Payroll (HRMS). They also implement the most widely‐used business and accounting software applications on the market including Sage ERP Accpac, Sage ERP MAS 90, Sage ERP MAS 500, SageCRM, Sage CRM SalesLogix, ACT! by Sage, and Sage FAS Fixed Assets.
Go to www.goism.com to learn more about ISM.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding among other things our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to SilverSun Technologies, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
Contact SilverSun Technologies Mark Meller CEO (973) 758-6108 [email protected]
Source:SilverSun Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-silversun-technologies-acquires-info-sys-management-inc.html |
(Adds background on marijuana market, analyst and shareholder quote, share prices)
May 14 (Reuters) - Aurora Cannabis Inc will buy rival MedReleaf Corp for C$3.2 billion ($2.51 billion) in the biggest deal yet to unify major Canadian pot growers, as the country moves toward legalizing marijuana for recreational use.
The deal announced Monday is the latest in a wave of mergers in the industry as marijuana producers emboldened by pot legalizations in Europe and a number of U.S. states seek to cut costs and gain scale.
Canada's relaxed regulations, a mature industry and free-flowing capital have offered firms a unique opportunity to advance research without the legal and political risks that bog down growers in the United States and elsewhere.
Canadian regulators have granted over 70 firms licenses to produce and sell medical marijuana, with more than half granted in 2017 or 2018.
Aurora and MedReleaf together expect to produce over 570,000 kilograms per year of cannabis through nine facilities in Canada and two in Denmark.
"The combination strengthens our capacity to service the rapidly expanding global medical cannabis markets, and amplifies our early-mover advantage," Aurora Chief Executive Officer Terry Booth said in a statement.
Canada is one of the few countries that exports marijuana, allowing growers to take immediate advantage of recent medical pot legalizations in more than 20 countries. The worldwide legal marijuana market is expected to generate revenue worth $146.4 billion by end of 2025, according to California-based market consultancy by Grand View Research.
"(Aurora is) targeting mostly Europe for exports ... the demand is firmly in place, in terms of their medical market," said Alan Brochstein, founder of cannabis-industry information provider 420 Investor.
"(Europe has) perhaps a better program initially in terms of insurance coverage and distribution through pharmacies," he added.
The acquisition is Aurora's second large deal this year, coming just months after it bought CanniMed Therapeutics for C$1.1 billion.
Shares of Aurora and MedReleaf each rose 1 percent on Monday morning on the Toronto Stock Exchange.
Aurora shareholders will own about 61 percent of the combined company, following the all-stock deal. Aurora offered to buy each MedReleaf share for C$29.44, representing an 18.2 percent premium to MedReleaf's Friday closing price.
Aurora would likely sign more deals, but not any as big as the MedReleaf acquisition, Booth said at a media conference in Toronto. The company would also consider listing its shares in New York, he added.
"Aurora has ... been pretty aggressive with their expansion plans but now shareholders will want to see those assets being put to use before the company rushes out and buys something else," said Bruce Campbell, chief investment officer at Cannabis Growth Opportunity Corp.
($1 = 1.2767 Canadian dollars) (Reporting by John Benny and Yashaswini Swamynathan in Bengaluru; Editing by Arun Koyyur and Sai Sachin Ravikumar) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/reuters-america-update-3-aurora-to-buy-medreleaf-for-2-point-5-bln-in-biggest-ever-pot-deal.html |
BRIDGEVIEW, Ill., May 01, 2018 (GLOBE NEWSWIRE) -- Manitex International, Inc. (NASDAQ:MNTX) a leading international provider of cranes and specialized industrial equipment, today announced that management will announce its first quarter 2018 financial results after market close on Wednesday, May 9, 2018. Management will then host a conference call at 4:30 PM Eastern Time to discuss the results with the investment community.
Anyone interested in participating in the call should dial 800-289-0438 if calling within the United States or 323-794-2423 if calling internationally. A replay will be available until May 16, 2018 which can be accessed by dialing 844-512-2921 if calling within the United States or 412-317-6671 if calling internationally. Please use passcode 8829959 to access the replay.
The call will additionally be broadcast live and archived for 90 days over the internet, accessible at the investor relations portion of the Company's corporate website, www.manitexinternational.com/eventspresentations.aspx .
About Manitex International, Inc.
Manitex International, Inc. is a leading worldwide provider of highly engineered specialized equipment including straight-mast and jointed-mast boomtrucks and other cranes. Our products, which are manufactured in facilities located in the USA and Italy, are targeted to selected niche markets where their unique designs and engineering excellence fill the needs of our customers and provide a competitive advantage. We have consistently added to our portfolio of branded products and equipment both through internal development and focused acquisitions to diversify and expand our sales and profit base while remaining committed to our niche market strategy. Our brands include Manitex, PM, Badger, Sabre, and Valla.
Contact:
Manitex International, Inc.
David Langevin Darrow Associates, Inc.
Peter Seltzberg, Managing Director Chairman and Chief Executive Officer
(708) 237-2060 Investor Relations
(516) 419-9915 [email protected] [email protected]
Source:Manitex International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-manitex-international-inc-will-report-first-quarter-2018-financial-results-on-may-9-2018.html |
Maduro win a ‘last straw’ for many Venezuelans 5:26pm IST - 01:26
The re-election of President Nicolas Maduro spurs more Venezuelans to leave their country, adding to the growing emigration crisis. ▲ Hide Transcript ▶ View Transcript
The re-election of President Nicolas Maduro spurs more Venezuelans to leave their country, adding to the growing emigration crisis. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2GF7YYw | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/23/maduro-win-a-last-straw-for-many-venezue?videoId=429347339 |
May 29, 2018 / 2:47 AM / Updated 32 minutes ago Worsening Italian crisis batters stock markets, euro Trevor Hunnicutt 5 Min Read
NEW YORK (Reuters) - A spiralling Italian political crisis provoked a global stock market selloff on Tuesday, cut the euro cut to an 11-month low and spiked short-term borrowing costs for the government in Rome. The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, March 21, 2018. REUTERS/Tilman Blasshofer/Files
Investors fear that repeat elections - which now seem inevitable in the euro zone’s third-largest economy - may become a de-facto referendum on Italian membership of the currency bloc and the country’s role in the European Union.
Safe-haven U.S. Treasury bonds rallied, as did the Japanese yen and the U.S. dollar, but gold was nearly unchanged with spot prices at $1,301.94 an ounce early in U.S. trading after earlier gains.
“As the slide continues, you ask where is the end,” said Saxo Bank’s head of FX strategy, John Hardy. Global contagion is a risk, he said, with the benchmark U.S. S&P 500 stocks index breaching key “technical” support levels.
Hardy recalled a promise made in 2012 by European Central Bank President Mario Draghi to keep the euro intact.
“If this continues for another couple of sessions, I think you will have to see some official (European) response. A ‘whatever it takes’ kind of moment,” he said.
The Dow Jones Industrial Average fell 276.17 points, or 1.12 percent, to 24,476.92, the S&P 500 lost 22.03 points, or 0.81 percent, to 2,699.3 and the Nasdaq Composite dropped 18.84 points, or 0.25 percent, to 7,415.02.
Short-dated Italian bond yields - a sensitive gauge of political risk - soared as much as 150 basis points to their highest since 2013 in their biggest move in 26 years.
The euro dropped towards $1.15 for the first time this year, down 0.8 percent on the day. Against the Swiss franc, it fell to 1.15 francs.
Stocks in Milan slid 2.3 percent on the main index after a 2.1 percent fall on Monday. Bank shares slumped more than 4 percent after losing the same amount in the previous session, bruised by the sell-off in government bonds, a core part of bank portfolios.
Adding to the uncertainty in Europe, Spanish Prime Minister Mariano Rajoy will face a vote of confidence in his leadership on Friday.
Spain’s bond-yield spread with Germany also went to its widest this year at 132 bps. Madrid’s IBEX bourse was down 2.2 percent.
Asia flinched, too. Japan’s Nikkei slipped 0.6 percent. Chinese and Hong Kong shares ended 0.6 to 0.7 percent in the red.
The dollar was up against almost all major currencies except the safe-haven Japanese yen.
The U.S. currency is heading for its best month since late 2015 - a move that is hurting many emerging market countries that borrow in dollars.
“The biggest contributor is fear of a euro zone crisis, and the spillover from that into demand for safe-haven currencies,” said Koon Chow, an FX strategist at UBP. PLAYING IT SAFE
Away from Europe, the focus was on the on-again, off-again U.S.-North Korean summit and the U.S.-China trade relationship.
An aide to North Korean leader Kim Jong Un arrived in Singapore on Monday, Japanese public broadcaster NHK reported, and the White House said a “pre-advance” team was travelling to the city to meet the North Koreans.
The reports indicate that planning for the summit, initially scheduled for June 12, is moving ahead even though President Donald Trump called it off last week. A day later, Trump said he had reconsidered, and officials from both countries were meeting to work out details.
Italian Prime Minister-designate Carlo Cottarelli will see the President Sergio Mattarella at 4:30 p.m. (1430 GMT), the president’s office said in a statement.
Mattarella effectively vetoed a coalition government of the anti-establishment 5-Star Movement and League party at the weekend. He has asked Cottarelli to form a stop-gap government to lead the country to early elections instead. Cottarelli is expected to announce his cabinet after the meeting. OIL UNDER PRESSURE
Oil struggled to rebound to the near-four-year highs it set earlier in the month. Crude is under pressure from expectations that Saudi Arabia and Russia would pump more oil, even as U.S. output rises.
That has pushed the spread between Brent and U.S. crude to nearly $9 a barrel, its widest since March 2015 because of the depressed price of U.S. crude compared with Brent.
U.S. crude fell 1.87 percent to $66.61 per barrel and Brent was last at $75.42, up 0.13 percent on the day. A money changer counts Euro banknotes at a currency exchange office in Nice, France November 17, 2017. REUTERS/Eric Gaillard/Files Reporting by Trevor Hunnicutt; Additional reporting by Marc Jones in London and Swati Pandey in Sydney; Editing by Nick Zieminski | ashraq/financial-news-articles | https://in.reuters.com/article/global-markets/global-shares-fall-on-italian-turmoil-euro-oil-at-multi-week-lows-idINKCN1IU072 |
Basque separatist ETA has disbanded - reports 10:38pm IST - 01:05
Basque separatist group ETA, which waged a 50-year guerrilla campaign for independence, has completely disbanded, the group said in a letter published on a news site.
Basque separatist group ETA, which waged a 50-year guerrilla campaign for independence, has completely disbanded, the group said in a letter published on a news site. //reut.rs/2Kr6dl7 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/02/basque-separatist-eta-has-disbanded-repo?videoId=423272013 |
May 20, 2018 / 7:46 PM / in 40 minutes Colombia candidate Petro says voting software tampered with, government denies Reuters Staff 2 Min Read
BOGOTA (Reuters) - Leftist Colombian presidential candidate Gustavo Petro said on Sunday that voting software for next week’s contest has been tampered with, in a bid to aid center-right candidate German Vargas, an allegation the government denied. Colombian presidential candidate Gustavo Petro speaks to the media during a news conference in Bogota, Colombia May 20, 2018. REUTERS/Jaime Saldarriaga
Petro, an ex-mayor of Bogota and former M-19 rebel, has long held second place in surveys, behind right-wing candidate Ivan Duque. Vargas is in fourth place.
“The software has algorithm alterations that don’t give a guarantee and could generate a massive fraud,” Petro told journalists, questioning what he said was the absence of a European Union electoral observation mission with the expertise to examine the system.
“We are on the verge of not being able at any time to guarantee electoral transparency,” Petro said, accusing President Juan Manuel Santos and electoral authorities of wanting to aid Vargas, who is an establishment candidate supported by Santos’ party. Slideshow (4 Images)
Polls are notoriously unreliable in Colombia and many analysts have not ruled out the possibility that Vargas’ strong regional and party support could carry him into a second round.
The national registry, which mounts polling places and releases vote counts, said the accusations were false and added that the European Union electoral mission has been present in Colombia since the beginning of May, participating in technical tests and two voting simulations.
“To say now that the software has anomalies or mistaken algorithms is absolutely false,” registry head Juan Carlos Galindo said, adding representatives from Petro’s party have attended the voting simulations. Reporting by Luis Jaime Acosta; Writing by Julia Symmes Cobb; Editing by Sandra Maler | ashraq/financial-news-articles | https://www.reuters.com/article/us-colombia-election/colombia-candidate-petro-says-voting-software-tampered-with-government-denies-idUSKCN1IL0T6 |
May 31, 2018 / 10:31 AM / Updated 10 hours ago Golf: Inexperienced Jazz hoping hit the right notes at Carnoustie Reuters Staff 2 Min Read
(Reuters) - Jazz Janewattananond admits to having almost no experience of playing links golf ahead of his British Open debut this year but the 22-year-old Thai is thriving to get as much information about how to combat the unique demands of such courses.
Jazz finished tied for fourth at the Singapore Open earlier this year to earn one of four places on offer from the tournament for the 147th Open, which is being held at Carnoustie, Scotland from July 19-22.
“I’ve been asking around to find out how it is like to play on a links course,” Jazz said.
“I played with Thongchai (Jaidee) and Kiradech (Aphibarnrat) during a practice round at the China Open last month and they gave me good advice on what I should be prepared for.
“I’m just trying to gather as much information as I can before I head there. It’s going to be a different kind of golf tournament for sure.”
Jazz has vivid memories of watching his idol Tiger Woods play at the event in 2007.
“My father brought me to watch Tiger at Carnoustie when I was 10, so earning my major debut to play at the same venue this year makes me feel really special,” Jazz added.
“I’ve never played there before, so I need to expect the unexpected and go there with an open mind.
“My parents will be heading over with me so I am looking forward to it. Playing in a major is every professional golfer’s dream. I can’t wait to be there.” Reporting by Shrivathsa Sridhar in Bengaluru; Editing by John O'Brien | ashraq/financial-news-articles | https://in.reuters.com/article/golf-open-jazz/golf-inexperienced-jazz-hoping-hit-the-right-notes-at-carnoustie-idINKCN1IW1AO |
A federal appeals court has reinstated a proposed class action over Pharmavite’s vitamin E supplements, finding a lower court wrongly dismissed a California man’s claims that the product had been falsely labeled as promoting cardiovascular health.
In a unanimous decision, the three-judge panel of the 9th U.S. Circuit Court of Appeals said Noah Bradach had standing to pursue his claims under California law, as certain statements on dietary supplement labels were not preempted by the U.S. Food, Drug and Cosmetic Act (FDCA).
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2GEnW5i
| ashraq/financial-news-articles | https://www.reuters.com/article/products-vitamin-e/9th-circuit-revives-vitamin-e-labeling-class-action-idUSL2N1SS1N7 |
BILLINGS, Mont. (AP) — The Latest on sage grouse protections in Western U.S. states: (all times local):
4:25 p.m.
Environmental groups have launched a pair of court battles over protections for an imperiled bird on public land in the Western U.S. but called a truce in a third lawsuit involving its smaller cousin.
Lawsuits filed Monday in Idaho and Montana claim the Trump administration ignored policies meant to protect the greater sage grouse when it sold oil and gas leases in Montana, Wyoming, Utah and Nevada. They ask the court to reverse those sales.
The greater sage grouse is a chicken-sized bird that ranges across 11 Western states.
Also Monday, environmentalists agreed to put on hold another lawsuit over protections for the Gunnison sage grouse, a smaller version of the bird found only in Colorado and Utah.
The federal government agreed to come up with a recovery plan for Gunnison grouse within 2½ years.
2:45 p.m.
Environmental groups have started a new court battle over protections for an imperiled bird on Western U.S. public lands but called a truce in a separate lawsuit involving the bird's smaller cousin.
A lawsuit filed Monday claims the Trump administration ignored policies meant to protect the greater sage grouse when the government sold oil and gas leases across 475 square miles (1,230 square kilometers) in Montana, Wyoming, Utah and Nevada.
The suit asks the court to reverse those sales.
The greater sage grouse is a chicken-sized bird that ranges across 11 Western states.
Also Monday, environmentalists agreed to put on hold another lawsuit over protections for the Gunnison sage grouse, a smaller version of the bird which is found only in Colorado and Utah.
In return, the federal government agreed to come up with a recovery plan for the bird within 2½ years. The environmental groups say that guarantees the plan won't be dragged out for years.
10:50 a.m.
Environmental groups are suing the Trump administration for selling oil and gas leases on huge swaths of Western U.S. public lands while allegedly ignoring policies meant to protect an imperiled bird.
The lawsuit filed Monday in U.S. District Court seeks to reverse lease sales across 475 square miles (1,230 square kilometers) in Montana, Wyoming, Utah and Nevada.
Western Watersheds Project and Center for Biological Diversity also want to block upcoming sales covering 1,800 square miles (4,662 square kilometers) in those four states plus Idaho.
Under former President Barack Obama, the Interior Department in 2015 adopted plans to protect greater sage grouse after the ground-dwelling bird lost much of its habitat due to energy development and other causes.
Trump's Interior secretary, Ryan Zinke, has placed a greater priority on energy development. | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/the-associated-press-the-latest-new-lawsuits-and-a-truce-in-sage-grouse-dispute.html |
Holly Sheffield to Join as EVP, Chief Strategy Officer
Robert Auerbach Appointed President, CooperSurgical
PLEASANTON, Calif., May 23, 2018 (GLOBE NEWSWIRE) -- The Cooper Companies, Inc. (NYSE:COO) today announced the following key management changes:
Holly Sheffield has been appointed Executive Vice President and Chief Strategy Officer of The Cooper Companies, effective June 4, 2018. In this position, Holly will be responsible for corporate strategy, business development and global human resources with a strong focus on driving long-term shareholder value. Holly will report directly to Albert White, President and CEO.
Sheffield joins Cooper from UBS Securities LLC where she was Global Head of Medical Technology within the firms’ Healthcare Banking group. Holly was also co-head of the America’s Investment Bank Diversity and Inclusion Council at UBS along with involvement in several other cultural initiatives within the bank. Prior to UBS, she spent 13 years at Credit Suisse where she was a Managing Director in Healthcare Banking in San Francisco and New York. Sheffield holds an MBA from Columbia Business School and a BA from Cornell University.
Dr. Robert Auerbach, Executive Vice President, Chief Strategy Officer and Chief Medical Officer of CooperSurgical, has been promoted to President of CooperSurgical, effective April 17, 2018. In his new role, he is responsible for CooperSurgical’s worldwide business, reporting directly to Albert White. Auerbach has held a number of leadership roles since joining CooperSurgical in 2005. Prior to joining CooperSurgical, Auerbach was a member of Yale’s clinical faculty in the School of Medicine. He completed his specialty training in obstetrics and gynecology at Yale in 1988. Auerbach succeeds Paul Remmell who has transitioned out of the company after a successful career spanning 27 years.
Commenting on the announcement, White said, “I am very pleased with Holly and Bob’s appointments to our executive management team. Holly brings extensive knowledge and experience in the medical device space, and she will serve as an integral advisor and partner to our leadership team. Bob’s extensive experience as a leader within CooperSurgical for many years, combined with his technical expertise, makes him the ideal candidate to drive CooperSurgical’s global success.”
About The Cooper Companies
The Cooper Companies, Inc. ("Cooper") is a global medical device company publicly traded on the NYSE (NYSE:COO). Cooper is dedicated to being A Quality of Life Company™ with a focus on delivering shareholder value. Cooper operates through two business units, CooperVision and CooperSurgical. CooperVision brings a refreshing perspective on vision care with a commitment to developing a wide range of high-quality products for contact lens wearers and providing focused practitioner support. CooperSurgical is committed to advancing the health of families with its diversified portfolio of products and services focusing on women’s health, fertility and diagnostics. Headquartered in Pleasanton, CA, Cooper has more than 11,000 employees with products sold in over 100 countries. For more information, please visit www.coopercos.com .
COO-G
Source: The Cooper Companies, Inc.
CONTACT:
Kim Duncan
Vice President, Investor Relations
The Cooper Companies, Inc.
[email protected]
Source:The Cooper Companies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-the-cooper-companies-announces-executive-management-changes.html |
Democratic and Republican candidates are running in primaries Tuesday in Nebraska, Idaho, Oregon and Pennsylvania, with each race potentially holding clues about how Americans will vote in November. Here are five things to watch as Tuesday’s results come in:
Can women win where they traditionally haven’t?
Pennsylvania, one of the country’s... | ashraq/financial-news-articles | https://www.wsj.com/articles/what-to-watch-in-tuesdays-republican-and-democratic-primaries-1526376600 |
Atlanta, May 01, 2018 (GLOBE NEWSWIRE) -- LogistiCare, the nation’s largest non-emergency medical transportation (NEMT) broker, today announced Neil Singer has joined the company as chief technology officer. In this newly created position, he will be responsible for establishing and executing the organization’s technology strategy and vision.
Singer joins LogistiCare with more than 30 years of technology industry experience, ranging from startups and midsize companies to divisions of Fortune 500 companies. He previously served as CIO for Billtrust, a leading FinTech company focused on business to business billing within the payments industry. In this position, he led Software as a Service (SaaS) framework projects, product management and technology infrastructure development.
“Neil’s track record in developing proprietary technologies that help companies generate and sustain long-term business success is exceptional,” said Jeff Felton, LogistiCare CEO. “He has a deep understanding of the technology platforms that are critically important in our day to day operations and will be working closely with the team, our customers and our partners to chart our technology strategy into the future. Neil has proven skills in IT strategy, agile software development, platform engineering and operations, information technology service management (ITSM), systems integration and IT governance.”
“LogistiCare’s mission of serving its members and providing safe, reliable and courteous transportation to a medically frail population really resonated with me when I was researching the company,” said Singer. “I look forward to working closely with Jeff to help fulfill his vision of providing an enhanced member experience because every member and every ride matters.”
Singer received his undergraduate degree in industrial engineering from Lehigh University. He is a Certified Information Systems Security Professional (CISSP).
About LogistiCare
LogistiCare, a wholly-owned subsidiary of The Providence Service Corporation (NASDAQ: PRSC), is the nation's largest manager of non-emergency medical transportation programs for state governments and managed care organizations. Its range of services includes call center management, networking credentialing, vendor payment management and non-emergency medical transport management. In 2017, the company maintained a 99 percent complaint-free service rate while managing over 65 million trips and more than 24 million eligible riders. For more information, visit www.logisticare.com .
Attachment
Neil Singer Mike Rieman Cookerly for LogistiCare 404.419.9230 [email protected]
Source: LogistiCare | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-logisticare-names-neil-singer-chief-technology-officer.html |
Nude painting sets record at $157 million 10:31am EDT - 01:25
A nude portrait by Amedeo Modigliani sold for $157.2 million at Sotheby’s on Monday, achieving the 4th-highest price for any work of art at auction. ▲ Hide Transcript ▶ View Transcript
A nude portrait by Amedeo Modigliani sold for $157.2 million at Sotheby’s on Monday, achieving the 4th-highest price for any work of art at auction. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L5KAqy | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/15/nude-painting-sets-record-at-157-million?videoId=427138606 |
May 4, 2018 / 6:02 PM / in 12 minutes BRIEF-Buffalo Coal Retained Northcott Capital As Advisor To Conduct Review Of Strategic Options Reuters Staff
May 4 (Reuters) - Buffalo Coal Corp:
* STRATEGIC REVIEW PROCESS AND WITHDRAWAL OF THE CAUTIONARY ANNOUNCEMENT
* BUFFALO COAL CORP - RETAINED NORTHCOTT CAPITAL LIMITED AS FINANCIAL ADVISOR TO CONDUCT REVIEW OF STRATEGIC OPTIONS Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-buffalo-coal-retained-northcott-ca/brief-buffalo-coal-retained-northcott-capital-as-advisor-to-conduct-review-of-strategic-options-idUSASC09ZY3 |
WASHINGTON (Reuters) - The United States announced on Wednesday the first transfer of a prisoner from the Guantanamo Bay detention center under Trump, lowering the prisoner population at a facility Trump has signaled he would like to repopulate.
FILE PHOTO: The front gate of Camp Delta is shown at the Guantanamo Bay Naval Station in Guantanamo Bay, Cuba September 4, 2007. This photo has been reviewed by the U.S. Military. REUTERS/Joe Skipper/File Photo The U.S. military said Ahmed Muhammed Haza al-Darbi’s transfer to Saudi Arabia reduced the detainee population to 40 from 41. He was the first prisoner to leave the U.S. detention center in Cuba since Jan. 19, 2017 - the day before Trump was inaugurated.
Reuters reported in March that al-Darbi’s transfer was advancing.
Commander Sarah Higgins, a Pentagon spokeswoman, noted that the transfer was provided under the terms of a 2014 plea deal, which will allow al-Darbi to serve out the rest of his 13-year sentence there.
“The United States coordinated with the government of the Kingdom of Saudi Arabia to ensure the transfer took place in accordance with established standards for security and humane treatment,” Higgins said.
Saudi Arabia’s state news agency, SPA, said al-Darbi arrived in the kingdom late on Wednesday.
The prison, opened by Republican President George W. Bush to hold terrorism suspects captured overseas after the Sept. 11, 2001, attacks came to symbolize harsh detention practices that opened the United States to accusations of torture.
U.S. officials have not ruled out adding to the prisoner population again and have acknowledged trouble repatriating Islamic State fighters being held by U.S.-backed forces in Syria, raising the possibility that Guantanamo Bay could be seen as a viable option in the future.
‘BAD DUDES’ Trump’s Democratic predecessor, Barack Obama, reduced the inmate population to 41 from 242, but fell short of fulfilling his promise to close the jail before leaving office last year.
In contrast, Trump pledged during his campaign to repopulate the prison, saying he wanted to “to load it up with some bad dudes.”
Trump signed an order in January to keep the detention center open and hinted in his State of the Union address to Congress this year that Islamic State or al Qaeda fighters could be added to the prison population.
He also asked the Pentagon to re-examine the U.S. military’s detention policy.
To that end, the Pentagon said on Wednesday it updated its guidance on criteria for transferring new detainees to Guantanamo Bay.
“This policy provides our warfighters guidance on nominating detainees for transfer to Guantanamo detention should that person present a continuing, significant threat to the security of the United States,” said Higgins.
A White House National Security Council spokesman confirmed it had received the new detainee criteria.
“We have no further comment at this time,” the spokesman said.
The U.S. military has long struggled with what to do about prisoners of war in an open-ended battle against Islamist extremism, in which militants have come from all corners of the world to fight in places like Syria.
Defense Secretary Jim Mattis told reporters on Monday that there were well over 400 foreign fighters being held by U.S.-backed forces in Syria. Although there was an effort to send those fighters back to their home countries, that was not always easy, he noted.
“In some cases, those countries (where the fighters came from) have stripped them of their citizenship,” Mattis said.
“So they have a different view as far as what their status is today. So this is not simple.”
Critics of the U.S. military detention system say militants can be best prosecuted in civilian courts and have seized on the high costs of housing inmates at Guantanamo Bay as one argument why indefinite detention is misguided.
Reporting by Phil Stewart; Editing by Grant McCool and Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-guantanamo/under-trump-guantanamo-prisoner-population-falls-for-now-with-one-transfer-idUSKBN1I32WT |
LOS ANGELES (AP) — Prosecutors have brought the first criminal charges against 142 people as they aim to tamp down the growing illegal marijuana market in Los Angeles since the state legalized recreational use in January, officials said Wednesday.
The charges involve employees of 32 commercial cannabis companies and a business that delivers marijuana, said City Attorney Mike Feuer.
"The combination of significant amounts of cash and marijuana at these locations can make them dangerous," Feuer said.
Recreational cannabis businesses must be licensed by both the city and state. So far, only 147 city licenses have been issued to sell adult-use, recreational cannabis in Los Angeles. Many illegal marijuana shops operate in plain sight — out of storefronts in busy neighborhoods.
Since the beginning of the year, officers targeting illegal marijuana businesses have served 54 search warrants and arrested 160 people, which includes the 142 people charged by the city attorney, said Lt. Stacy Spell of the LAPD's Gang and Narcotics Division.
Investigators have been prioritizing going after shops that are causing crime and generating complaints from the community, he said.
"We've tried to be very responsible with taxpayer money, understanding that we have limited resources and are not able to necessarily address all of the locations," Spell said.
In addition to the misdemeanor criminal charges, the city attorney's office will also send cease-and-desist letters to other illegal cannabis businesses that prosecutors have identified, Feuer said. He declined to say how many letters would be sent.
Earlier this year, state regulators sent similar letters to about 1,000 marijuana businesses they said were operating illegally statewide.
Mike Balsamo is a member of AP's marijuana beat team. Follow him on Twitter at twitter.com/MikeBalsamo1 . Find complete AP marijuana coverage here: apnews.com/tag/LegalMarijuana . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/the-associated-press-142-charged-in-la-crackdown-on-illegal-marijuana-businesses.html |
May 1 (Reuters) - Obsidian Energy Ltd:
* OBSIDIAN ENERGY REGAINS COMPLIANCE WITH THE NEW YORK STOCK EXCHANGE’S CONTINUED LISTING STANDARD & ANNOUNCES DETAILS FOR ITS FIRST QUARTER RESULTS AND ANNUAL AND SPECIAL MEETING Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-obsidian-energy-regains-compliance/brief-obsidian-energy-regains-compliance-with-nyses-continued-listing-standard-idUSFWN1S80LC |
BERLIN (Reuters) - German Finance Minister Olaf Scholz said on Monday that the planned takeover of Sprint Corp ( S.N ) by Deutsche Telekom’s ( DTEGn.DE ) U.S. unit T-Mobile US ( TMUS.O ) made sense from a business perspective.
German Finance Minister Olaf Scholz arrives for the Informal meeting of economic and financial affairs ministers (ECOFIN) in Sofia, Bulgaria, April 27, 2018. REUTERS/Stoyan Nenov Scholz also said: “I welcome the clear statement from Deutsche Telekom that the transaction will not have any impact on its broadband roll-out in Germany and that planned investment of 5 billion euros per year will be carried out without cutbacks.”
Deutsche Telekom ( DTEGn.DE ) CEO Tim Hoettges expressed confidence on Monday that the $26 billion takeover would clear anti-trust hurdles.
Reporting by Gernot Heller; Writing by Michelle Martin; Editing by Paul Carrel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-sprint-corp-m-a-t-mobile-us-germany/t-mobile-sprint-deal-makes-business-sense-german-finance-minister-says-idUSKBN1I119E |
May 14 (Reuters) - Shares of U.S. optical component makers jumped on Monday after President Donald Trump pledged to help ZTE Corp “get back into business, fast” after a U.S. ban hurt the Chinese telecom equipment maker.
Shares of Acacia Communications Inc, which got 30 percent of its total revenue in 2017 from ZTE, jumped nearly 16 percent in premarket trading.
Shares of Oclaro Inc, which earned 18 percent of its fiscal 2017 revenue from ZTE, rose about 8 percent.
Lumentum Holdings Inc, which has signed a deal to acquire Oclaro, rose 5.5 percent, while Finisar Corp gained 4.5 percent.
Trump’s unexpected announcement was a stunning reversal, given Washington’s tough stance on Chinese trade practices that have put the world’s two largest economies on course for a possible trade war.
Shares of optical component makers have tumbled in the past month since the U.S. Commerce Department banned American companies from selling to ZTE for seven years as punishment for breaking a 2017 agreement. (Reporting by Shreyashi Sanyal in Bengaluru)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-china-zte-suppliers/u-s-optical-stocks-jump-as-trump-softens-on-chinas-zte-idUSL3N1SL4PK |
TORONTO--(BUSINESS WIRE)-- KEW MEDIA GROUP INC. (“KEW MEDIA” or the “Company”) (TSX:KEW and KEW.WT) today announced that the Company will release its 2018 first quarter financial results after market close on Tuesday, May 15, 2018.
Steven Silver, Chief Executive Officer, and Geoff Webb, Chief Financial Officer, will host a conference call for analysts and investors on Wednesday, May 16, 2018 at 9:00 a.m. (ET). The dial-in numbers for participants are 416 981 9011 in Canada, 888 754 4437 elsewhere in North America and 0800 496 0827 in the United Kingdom.
In the event of difficulty in accessing the conference call with the above numbers, the backup numbers are 647 722 9148 in Canada and +44 203 300 0079 in the UK.
A replay of the call will be available until 11:59 pm ET, on June 15, 2018. To access the replay, call 416 626 4100 in Canada, 800 558 5253 elsewhere in North America or +4408700003081 in the United Kingdom, and enter reservation number 21888800. A transcript of the call will be posted on the Company’s website.
About KEW MEDIA GROUP INC.
KEW MEDIA GROUP is a leading publicly-listed content company that produces and distributes multi-genre content worldwide. Companies included in the KEW family are the production companies: Architect Films, Bristow Global Media, Campfire Film & Television, Collins Avenue Productions, Frantic Films, Jigsaw Productions, Media Headquarters, Our House Media, Sienna Films and Spirit Digital Media; and the distribution companies: Content Media Corporation (now re-branded KEW MEDIA) and TCB Media Rights.
With primary offices in London, Los Angeles, New York and Toronto, the KEW MEDIA GROUP companies develop, produce and distribute more than 1,000 hours of content every year, as well as distribute a library of more than 10,000 hours, to almost every available viewing platform internationally. KEW aspires to offer great content from all over the world to viewers of all ages and tastes. We promote transparency, equality, respect, and inclusiveness and plan to grow with the benefit of people from a wide range of perspectives and backgrounds.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005135/en/
KEW MEDIA GROUP INC.
Steven Silver: 647-956-1965
Chief Executive Officer
[email protected]
Source: KEW MEDIA GROUP INC. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-kew-media-to-announce-q1-2018-financial-results-may-15th.html |
LOS ANGELES, May 23, 2018 /PRNewswire/ -- MWest Holdings, a Los Angeles-based real estate and investment firm with over 2 million square feet of residential and commercial property across the U.S., today announced the sale of 4130 Cahuenga Boulevard, a 71,308 square foot office building in Toluca Lake, CA for $21.7 million, $304.75 per square foot. The asset was purchased by Harbor Associates, who are looking to purchase properties in Southern California, Denver and Salk Lake City over the next two years.
MWest Holdings purchased the asset in 2011 for $15.2 million from a family trust. In 2017, the office space served as a temporary office space for the headquarters of MWest Holdings during a renovation of their permanent office space in Sherman Oaks. "The sale of this asset is a result of our core strategy to continue our expansion of multifamily properties," said Karl Slovin, President of MWest Holdings.
About MWest Holdings . MWest Holdings is a vertically integrated real estate investment and property management company with over 2 million square feet of residential and commercial property across the United States. Founded in 1991, MWest is known for creating innovative development solutions that instill a sense of neighborhood and integrity and create a lasting, tangible value. The company specializes in enhancing classic, core-plus and value-add properties, as well identifying opportunistic strategies that showcase fine or historic architecture and invigorate the culture and aesthetics of communities they serve. As a highly successful and stable owner and operator of real estate, MWest has continually employed sound business practices, low leverage and stringent underwriting guidelines for each investment opportunity. The company's success is anchored in a philosophy that imagination is the only limiting factor to growth.
MEDIA CONTACT: Kathleen Wolf ∙818.501.5600 ∙ [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/mwest-holdings-announces-sale-of-71k-sf-commercial-building-in-toluca-lake-for-over-21m-300654078.html
SOURCE M West Holdings, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-mwest-holdings-announces-sale-of-71k-sf-commercial-building-in-toluca-lake-for-over-21m.html |
QUETTA, Pakistan (Reuters) - Pakistan’s military said it killed a senior member of an Islamist militant group Lashkar-e-Jhangvi(LeJ) and two would-be suicide bombers in a raid and later on Thursday five bombers who tried to mount a revenge suicide attack.
A senior military intelligence officer was killed and four other soldiers wounded during an operation targeting Salman Badeni, the Baluchistan regional chief of LeJ, on the outskirts of provincial capital Quetta late Wednesday, the army said.
The military said two would-be suicide bombers were also killed in the raid, but gave no details.
Hours later, five suicide bombers tried to drive a vehicle laden with ammunition and explosives into a military facility in the Quetta city on Thursday, the army said.
Troops responded when one of the attackers detonated his explosive at the entrance, Khan Wasey, a local paramilitary spokesman said, and gunfire ensued.
All five attackers were killed, the army statement said, adding that the failed attempt was a response to the earlier military raid.
LeJ, a group which subscribes to the hardline Takfiri Deobandi school of Islam, considers Shi’ites apostates and has carried out scores of bomb and gun attacks in the southwestern province over the past two decades, most of them aimed at the Shi’ite Hazara community.
Badeni had been “involved in killings of over 100 innocent personnel of the Hazara community and police”, the army said in its statement.
An LeJ spokesman, Ali bin Sufyian, said Badeni was not a member of the group. “He wasn’t our member,” he said in a statement. He said the militant belonged to Islamic State.
Islamic State, which operates from the lawless border regions of Pakistan and Afghanistan, has had worked in alliance with local militants such as the LeJ in several strikes in past.
Islamic State did not immediately issue any statement claiming or disowning Badeni.
Earlier this month members of the Hazara community went on a hunger strike in Quetta to protest against the spate of killings targeting them and to demand greater protection in the resource-rich province that has been plagued by violence and insurgency.
Over the past couple of years Islamic State militants have also targeted the Hazara community in Baluchistan.
The Hazaras called off the protest after meeting with Pakistan’s powerful army chief General Qamar Javed Bajwa, who vowed greater protection and promised those targeting Hazaras “shall suffer twice as much”.
Bajwa said on Thursday the army was determined to “sacrifice anything and everything” to defend the country. “When a soldier sacrifices his life I lose part flesh of my body,” he said at the funeral of the senior officer who died in the raid.
Violence in Baluchistan is a worry for China, which has voiced concerns about security in the province that hosts a key route in the $57-billion China Pakistan Economic Corridor (CPEC), a transport and energy link planned to run from western China to Pakistan’s southern deep-water port of Gwadar.
Islamist militants have killed thousands of people in Pakistan since early 2000s, in their bid to impose a hardline version of Islam.
Additional Reporting by Saud Mahsud in Dera Ismail Khan, Pakistan and Asif Shahzad in Islamabad; Writing by Drazen Jorgic; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://in.reuters.com/article/pakistan-militants/pakistan-kills-senior-lashkar-e-jhangvi-militant-in-baluchistan-raid-idINKCN1II0E8 |
May 30, 2018 / 12:15 AM / Updated 15 hours ago ABC loses prime TV showcase with 'Roseanne' cancellation Lisa Richwine Walt Disney Co’s decision to cancel “Roseanne” leaves ABC without its most-watched primetime program and an important platform for the television network to promote the rest of its lineup in a highly competitive battle for viewers. Anzuoni
ABC ended its revival of 1990s hit “Roseanne” on Tuesday hours after star and creator Roseanne Barr posted a tweet that compared former official Valerie Jarrett, who is black, to an ape.
It was a rare move by a network to scrap its most popular entertainment program because of the off-screen behavior of a star.
The recent success of “Roseanne” helped lift ABC ratings at a time when broadcast networks are struggling to attract audiences who are migrating to streaming services like Netflix Inc.
The “Roseanne” revival had aired only nine episodes and generated $22.8 million from advertisers, or 2.5 percent of ABC’s ad revenue for according to data from measurement firm iSpot.
ABC had ordered a new season that was expected to run for 13 episodes and had touted the comedy in a recent sales pitch to advertisers. Potential ad dollars from those airings would have been as much as $60 million, research firm Kantar Media estimated. FRANCHISE OFF THE TABLE
Aside from ad revenue, ABC is losing a large audience to which it could promote the network’s other sports and entertainment programming, said Jason Damata, founder of Fabric Media, which advises TV networks and measurement companies.
“The pain is really coming from taking a franchise off the table and all the things that come with it,” Damata said.
“Roseanne” could have helped draw online audiences to ABC’s website and mobile apps, he added.
Cable networks also will take a financial hit. Three Viacom Inc channels and E.W. Scripps Co’s Laff TV said Tuesday they were pulling reruns of the original 1990s “Roseanne” series.
Reruns of “Roseanne” have been a big draw for advertisers, generating $1.2 billion in ad revenue for the syndicators and cable networks that aired them from 1995 to 2017, according to Kantar Media.
It is unusual for a show with such strong revenue potential to get canceled, but off-screen controversies have toppled a few others in recent years.
In April 2017, Fox News fired Bill O’Reilly after The New York Times reported Fox and O’Reilly had paid five women a total of $13 million to settle harassment claims. O’Reilly said in a statement at the time that he had settled only to spare his children from controversy.
His popular show, “The O’Reilly Factor,” brought in $147.13 million in advertising revenue in 2016, Kantar Media said.
In 2014, Comcast Corp’s NBC and Netflix canceled plans for new shows featuring comedian Bill Cosby over sexual assault allegations against him, and reruns of “The Cosby Show” also were taken off the air. Cosby was convicted in April 2018 of drugging and sexually assaulting a onetime friend in 2004. Reporting by Lisa Richwine; Editing by Bill Tarrant and Cynthia Osterman | ashraq/financial-news-articles | https://www.reuters.com/article/us-television-roseanne-advertisers/abc-loses-prime-tv-showcase-with-roseanne-cancellation-idUSKCN1IV00N |
May 22 (Reuters) - ONTEX GROUP NV:
* ANNOUNCES TRANSFER AND CONSOLIDATION OF PRODUCTION IN BRAZIL TO ITS SENADOR CANEDO UNIT
* THIS IS EXPECTED TO RESULT IN ANNUALIZED RECURRING EBIT SAVINGS OF EUR 7 MILLION.
* CHANGE WILL OCCUR THROUGH Q3 OF 2018 * TRANSFER TO RESULT IN NON-RECURRING PRE-TAX CHARGE IN 2018 OF UP TO EUR 30 MILLION
* ABOUT EUR 10 MILLION OF THE NON-RECURRING PRE-TAX CHARGE WILL BE CASH COST Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ontex-group-announces-transfer-and/brief-ontex-group-announces-transfer-and-consolidation-of-production-in-brazil-idUSFWN1ST02Y |
IRVINE, Calif. (AP) _ CorVel Corp. (CRVL) on Thursday reported fiscal fourth-quarter net income of $9 million.
On a per-share basis, the Irvine, California-based company said it had profit of 47 cents.
The health care management company posted revenue of $143.6 million in the period.
For the year, the company reported profit of $35.7 million, or $1.87 per share. Revenue was reported as $558.4 million.
CorVel shares have increased 3 percent since the beginning of the year. The stock has climbed 17 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on CRVL at https://www.zacks.com/ap/CRVL | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/the-associated-press-corvel-fiscal-4q-earnings-snapshot.html |
May 18, 2018 / 6:51 AM / Updated 34 minutes ago Metals traders weigh their options as Shanghai trials new copper contract Reuters Staff
* Simulated copper options trading to start on ShFE on Monday
* No timeframe set for actual launch, but mkts expect by year-end
* China is pushing to develop commodity derivatives
By Melanie Burton and Tom Daly
HONG KONG, May 18 (Reuters) - The latest step in China’s push to develop its commodities derivatives market gets under way on Monday as the Shanghai Futures Exchange (ShFE) launches a month-long test of a much-anticipated copper options contract.
The options, approved by China’s securities regulator in November, are on track to be the country’s first industrial options after sugar and soymeal launched last year.
An options contract gives the buyer the right - but no obligation - to assume a futures position at a specified price.
Simulated trading will begin on the ShFE on May 21, according to a notice on the bourse’s website. It will run concurrently with the ShFE’s daytime trading hours until June 22, but there will be no night session. No timeframe has been set for the contract to launch for real, but participants expect it before year-end.
The options have been touted as a way for Chinese metal firms to manage their price exposure.
Traders from units of China Minmetals Corp and Jiangxi Copper, two of China’s biggest state-run metals firms, said they would participate in the trial. A trader from international trading house Trafigura said his company would also take part. The traders declined to be identified as they were not authorised to speak with media.
He Jinbi, chairman and CEO of Maike Metals Group, told Reuters on the sidelines of the LME Asia Week conference in Hong Kong that his company would not participate in the trial but that its brokerage subsidiary, Maike Futures, would.
The listed options contracts for the simulation will run from June 2018 to May 2019. But Guy Wolf, global head of market analytics at brokerage Marex Spectron, was sceptical about the project’s chances given that the “vast majority of liquidity” on the ShFE is in the front-month copper contract.
“You cannot create a liquid options market around an illiquid future,” he said.
ShFE did not immediately respond to requests for comment on potential liquidity.
In a bid to encourage companies to step up and play the role of market makers, the exchange said it would hand out rewards to participants, including two ‘first prizes’ based on the number of active accounts, average transaction volumes and positions. It did not say what those prizes would be.
Market sources said they expected the ShFE to look for market makers for when the contract is up and running, but will probably only take Chinese companies linked to state-owned enterprises or top-tier China brokers rather than any overseas firms.
Meanwhile, traders at the industry event in Hong Kong said it was unlikely that Shanghai copper futures would be opened up to international investors in 2018. Reporting by Melanie Burton and Tom Daly; Editing by Christian Schmollinger and Joseph Radford | ashraq/financial-news-articles | https://www.reuters.com/article/lmeweek-asia-copper/metals-traders-weigh-their-options-as-shanghai-trials-new-copper-contract-idUSL3N1SN247 |
Ford halts some F-150 production 1 Hour Ago CNBC's Phil LeBeau reports on Ford's outlook for F-150 production following a fire at a supplier's plant. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/ford-halts-some-f-150-production.html |
HANOI, May 29 (Reuters) - Vietnam’s coffee exports for the January to May period rose an estimated 1.8 percent from the same period a year ago, while rice exports surged an estimated 20.4 percent during the same period, government data showed on Tuesday.
COFFEE Coffee exports from Vietnam will rise an estimated 1.8 percent between January and May from a year ago to 825,000 tonnes, equal to 13.75 million 60-kg bags, the General Statistics Office said in a report on Tuesday.
Coffee export revenue for Vietnam, the world’s second- biggest producer of the robusta bean, dropped 12 percent annually to $1.6 billion in the five-month period, the report said.
May coffee exports were estimated at 140,000 tonnes, worth $276 million.
RICE Rice exports in January-May from Vietnam were forecast to rise 20.4 percent from a year ago to 2.8 million tonnes. Revenue from rice exports in the period were forecast to rise 51.1 percent year-on-year to $1.57 billion.
May rice exports from Vietnam, the world’s third-largest shipper of the grain, were recorded at 600,000 tonnes, worth $460 million.
ENERGY Vietnam’s January-to-May crude oil exports plunged 40.1 percent year-on-year to an estimated 1.67 million tonnes.
Crude oil export revenue in the first five months of 2018 fell 20.4 percent to $919 million.
Oil product imports in the five-month period increased 11 percent from the same time last year to an estimated 5.56 million tonnes, while the value of the product imports rose 35.3 percent to $3.6 billion.
Vietnam’s January-to-May liquefied petroleum gas imports increased 19.5 percent from a year earlier to 618,000 tonnes. (Reporting by Mai Nguyen, Editing by Sherry Jacob-Phillips)
| ashraq/financial-news-articles | https://www.reuters.com/article/vietnam-commodities-exports/vietnam-jan-may-coffee-exports-seen-up-1-8-pct-y-y-rice-to-rise-20-4-pct-y-y-idUSL3N1T01HJ |
Discussing the challenges of denuclearizing North Korea 16 Hours Ago Eric Larson of RAND Corporation says there might be "as many as 141" weapons of mass destruction sites that need to be inspected and dismantled in North Korea. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/discussing-the-challenges-of-denuclearizing-north-korea.html |
EMERGING MARKETS-Latam markets sink on global uncertainty, Petrobras shares slide Bruno Federowski Published 5 Hours Ago Reuters
slide@ (Updates prices, adds details on Mexico stocks and peso) BRASILIA, May 24 (Reuters) - Brazilian stocks fell for a second day on Thursday, pressured by national oil company Petrobras, while other Latin American markets were also down after the United States canceled a North Korea summit and proposed exploring auto tariffs. Brazil's Petroleo Brasileiro SA, better known as Petrobras, saw shares plummet more than 13 percent after announcing a temporary diesel price cut, contributing to the benchmark Bovespa index's 1 percent fall. Brazilian truckers on Thursday kept up protests against high prices despite the diesel announcement, crippling highways nationwide. The truckers say they will only end protests once the Senate votes on diesel tax cuts. Brazil's lower house of Congress voted on Wednesday to eliminate certain diesel taxes. In Mexico, the benchmark IPC index lost ground after two positive sessions, falling 0.76 percent, amid a wave of risk aversion after U.S. President Donald Trump called off a historic meeting with North Korean leader Kim Jong Un. Markets across Latin America also fell. Mexico's peso dipped 0.21 percent after the Trump administration said it studying higher U.S. tariffs on auto imports. Mexico is a major car and truck supplier to the United States and the announcement frustrated hopes that talks to renegotiate the North American Free Trade Agreement (NAFTA) could conclude quickly. Meanwhile, Canadian Prime Minister Justin Trudeau said on Thursday that Washington was using the possible auto tariffs to pressure its NAFTA trade partners. "We know that this is very much linked to ongoing negotiations around moving forward on NAFTA," he said. In Argentina, the benchmark Merval index slipped 2.4 percent, following days of financial volatility.
Key Latin American stock indexes and currencies at 1944 GMT:
Stock indexes Latest daily % change YTD % change MSCI Emerging 1135.04 0.17 -2.19
Markets
MSCI LatAm 2684.72 -0.76 -4.34 Brazil Bovespa 80066.33 -0.99 4.80 Mexico IPC 45427.72 -0.76 -7.96 Chile IPSA 5571.62 -0.73 0.13 Chile IGPA 28140.03 -0.92 0.57 Argentina MerVal 29508.65 -2.4 -1.85 Colombia IGBC 12095.84 0.34 6.38 Venezuela IBC 27237.94 10.13 2056.37 Currencies Latest daily % change YTD % change Brazil real 3.6479 -0.66 -9.17 Mexico peso 19.6700 -0.21 0.15 Chile peso 626.8 -0.72 -1.94 Colombia peso 2852.3 0.73 4.55 Peru sol 3.266 -0.06 -0.89 Argentina peso 24.5750 -0.35 -24.31
(interbank)
Argentina peso 25.5 -0.39 -24.59
(parallel) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/reuters-america-emerging-markets-latam-markets-sink-on-global-uncertainty-petrobras-shares-slide.html |
May 11, 2018 / 10:32 AM / Updated 9 minutes ago Taliban kill dozens of police in western Afghan province Reuters Staff 3 Min Read
HERAT, Afghanistan (Reuters) - Taliban fighters attacked Afghan bases in the western province of Farah, killing more than 30 police, officials said on Friday, as the insurgents stepped up their offensive in a region with vital opium smuggling routes into neighbouring Iran.
Farid Bakhtawar, head of the Farah provincial council, said fighters had stormed a police base overnight in Balabuluk, a district that has been under heavy pressure for months, killing at least 23 and wounding three.
In a separate attack in Farah city, Taliban fighters killed 11 police and seized a large quantity of weapons and equipment, he said.
The latest violence underlines the extent of the pressure faced by the Western-backed government of President Ashraf Ghani, already heavily criticized for a spate of suicide bombings in the capital, Kabul.
Last week, Taliban fighters, who challenge government control in almost half the country, seized a district in the northern province of Baghlan and there has been heavy fighting in areas from Faryab in the northwest to Ghazni, south of Kabul.
Farah, a remote and sparsely populated province between Iran to the west and the Taliban heartland of Helmand province in the south, has been a key battleground for the insurgents for months, with heavy fighting in Balabuluk district.
The region covers major smuggling routes into Iran from Helmand, source of much of Afghanistan’s opium crop.
Afghan special forces, backed by air support, have been heavily involved in the fighting but have been unable to prevent repeated attacks by the insurgents.
Farah’s governor resigned in January, claiming political interference and corruption, and residents have complained bitterly about security in the province.
Since the Taliban announced the start of their annual spring offensive last month, fighting has been intense in many areas of the country and it is expected to pick up further once the opium harvest is completed in coming weeks.
Violence has also increased around voter registration centres set up ahead of parliamentary and district council elections that are due in October.
U.S. and NATO officials say Afghan forces, backed by thousands more U.S. military advisers and intensified air strikes, have been steadily improving and are matching and beating the Taliban.
However a recent report by SIGAR, a U.S. Congressional watchdog, said that the number of Afghan security forces personnel had fallen by 11 percent over the past year, even as fighting has intensified. Police, army and air force numbers were almost 40,000 below the authorized strength of 334,000, the report said.
The report showed the government controlled areas with about 65 percent of the population and controlled or influenced 56.3 percent of districts, the second lowest level since 2015, the first year after most international forces left Afghanistan. Reporting by Jalil Rezaiee; Editing by Nick Macfie | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-afghanistan-taliban/taliban-kill-dozens-of-police-in-western-afghan-province-idUKKBN1IC12R |
Trump, Europe may split on Iran deal Tuesday 5:39am EDT - 01:45
France has warned that it, Britain, and Germany will remain in the Iran nuclear deal regardless of what decision U.S. President Donald Trump announces on Tuesday afternoon.
France has warned that it, Britain, and Germany will remain in the Iran nuclear deal regardless of what decision U.S. President Donald Trump announces on Tuesday afternoon. //reut.rs/2FUZsV8 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/08/trump-europe-may-split-on-iran-deal-tues?videoId=424924390 |
May 22 (Reuters) - eHi Car Services Ltd:
* BURFORD CAPITAL INVESTMENT MANAGEMENT REPORTS 6.6 PERCENT STAKE IN EHI CAR SERVICES AS OF MAY 22 - SEC FILING
* BURFORD CAPITAL INVESTMENT MANAGEMENT - ON MAY 22, GKC SENT A LETTER TO RAY RUIPING ZHANG, CHAIRMAN OF EHI CAR SERVICES LTD
* BURFORD CAPITAL INVESTMENT - GKC'S LETTER REQUESTS THAT EHI CAR SERVICES' BOARD CONSIDER OCEAN LINK CONSORTIUM'S OFFER Source text: ( bit.ly/2KO4JAP ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-burford-capital-investment-managem/brief-burford-capital-investment-management-reports-6-6-pct-stake-in-ehi-car-services-idUSFWN1ST0PU |
NEW YORK--(BUSINESS WIRE)--
Regulatory News:
Philip Morris International Inc. (NYSE:PM) will host a live audio webcast of its 2018 Annual Meeting of Shareholders at www.pmi.com/2018annualmeeting today at 9:00 a.m. ET. The webcast will be in a listen-only mode. Louis C. Camilleri, Chairman of the Board, will address shareholders and answer questions. André Calantzopoulos, Chief Executive Officer, will give the business presentation, including an overview of PMI’s reduced-risk products business and strategy, particularly in Japan.
PMI revises its 2018 full-year reported diluted EPS guidance, for currency only, to a range of $5.15 to $5.30, representing a projected increase of approximately 33% to 37% versus $3.88 in 2017. This guidance includes a favorable currency impact of approximately $0.06 per share, at prevailing exchange rates, and represents a growth rate, excluding currency, of approximately 8% to 11% compared to adjusted diluted EPS of $4.72 in 2017. This 2018 forecast excludes the impact of any future acquisitions, unanticipated asset impairment and exit cost charges, future changes in currency exchange rates, further developments related to the Tax Cuts and Jobs Act, and any unusual events.
“Last year, we recorded full-year net revenue growth of 9.4%, excluding currency, driven by higher volume for heated tobacco units and IQOS devices across all IQOS launch markets, coupled with favorable pricing for our combustible tobacco portfolio,” said Mr. Calantzopoulos.
“In 2018, the in-market sales of heated tobacco unit consumables for IQOS are poised to more than double. In fact, IQOS is projected to grow this year in every single market where it has been commercialized – including Japan.”
“Dividend increases will continue to be the primary use of our operating cash flow after capital expenditures. Last September, we increased our annual dividend for the tenth consecutive year since the spin in 2008, representing a total increase of approximately 133% and a compound annual growth rate of 9.8%. We remain steadfast in our commitment to generously reward our shareholders over the long term.”
Final voting results will be included in a Form 8-K that PMI will file with the SEC within the next few days.
An archived copy of the audio webcast of PMI’s Annual Meeting of Shareholders will be available until 5:00 p.m. ET on Thursday, June 7, 2018 at www.pmi.com/2018annualmeeting . Presentation slides and script will also be available at the same website address.
Forward-Looking and Cautionary Statements
The presentation, related discussion and this release contain statements that, to the extent they do not relate strictly to historical or current facts, constitute "forward-looking statements" within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates and expectations, and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements.
The risks and uncertainties relating to the forward-looking statements in the presentation, related discussion and this release include those described under Item 1A. “Risk Factors” in PMI’s Form 10-Q for the quarter ended March 31, 2018, filed with the Securities and Exchange Commission. PMI does not undertake to publicly update or revise any forward-looking statements, except in the normal course of its public disclosure obligations.
Philip Morris International: Who We Are
We are a leading international tobacco company engaged in the manufacture and sale of cigarettes and other nicotine-containing products in markets outside the United States of America. We’re building our future on smoke-free products that are a much better consumer choice than continuing to smoke cigarettes. Through multidisciplinary capabilities in product development, state-of-the-art facilities and scientific substantiation, we aim to ensure that our smoke-free products meet adult consumer preferences and rigorous regulatory requirements. Our vision is that these products ultimately replace cigarettes to the benefit of adult smokers, society, our company and our shareholders. For more information, see www.pmi.com and www.pmiscience.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005641/en/
Investor Relations:
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or
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Source: Philip Morris International Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-philip-morris-international-inc-pmi-holds-2018-annual-meeting-of-shareholders-revises-for-currency-only-2018-full-year.html |
May 23 (Reuters) - Aptinyx Inc
* APTINYX INC FILES FOR IPO OF UP TO $80 MILLION – SEC FILING
* APTINYX INC SAYS IT INTENDS TO APPLY TO HAVE ITS COMMON STOCK LISTED ON NASDAQ MARKET UNDER THE SYMBOL “APTX”
* APTINYX INC SAYS J.P. MORGAN, COWEN, LEERINK PARTNERS ARE AMONG UNDERWRITERS TO IPO
* APTINYX INC SAYS BMO CAPITAL MARKETS IS ALSO AMONG UNDERWRITERS TO IPO
* APTINYX INC SAYS PROPOSED IPO PRICE IS AN ESTIMATE SOLELY FOR CALCULATING SEC REGISTRATION FEE Source text : ( bit.ly/2x4t4jy )
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aptinyxinc-files-for-ipo-of-up-to/brief-aptinyxinc-files-for-ipo-of-up-to-80-mln-idUSEMN3U5Q5F |
May 2 (Reuters) - Mastercard Inc:
* ORPORATED REPORTS FIRST-QUARTER 2018 FINANCIAL RESULTS
* FIRST-QUARTER ADJUSTED NET INCOME OF $1.6 BILLION, OR $1.50 PER ADJUSTED DILUTED SHARE
* FIRST-QUARTER NET INCOME OF $1.5 BILLION, OR $1.41 PER DILUTED SHARE
* FIRST-QUARTER GROSS DOLLAR VOLUME UP 14% AND PURCHASE VOLUME UP 15%
* MASTERCARD - AS OF MARCH 31, CO’S CUSTOMERS HAD ISSUED 2.4 BILLION MASTERCARD, MAESTRO-BRANDED CARDS, ADJUSTED FOR IMPACT OF VENEZUELA DECONSOLIDATION
* Q1 EARNINGS PER SHARE VIEW $1.25 — THOMSON REUTERS I/B/E/S
* FIRST-QUARTER NET REVENUE OF $3.6 BILLION, OR AN INCREASE OF 31%
* QTRLY INCREASE IN CROSS-BORDER VOLUMES OF 21% ON A LOCAL CURRENCY BASIS
* Q1 REVENUE VIEW $3.25 BILLION — THOMSON REUTERS I/B/E/S * MASTERCARD’S CEO SAYS “WE ARE INVESTING IN AREAS SUCH AS SAFETY AND SECURITY AND OUR DIGITAL SOLUTIONS TO DRIVE LONG-TERM GROWTH”
* INCREASE IN SWITCHED TRANSACTIONS OF 17%, ADJUSTED FOR IMPACT OF VENEZUELA DECONSOLIDATION, TO 16.7 BILLION IN QUARTER Source text for Eikon: ( bit.ly/2rfeEYR ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mastercard-reports-first-quarter-a/brief-mastercard-reports-first-quarter-adj-net-income-of-1-50-per-share-idUSFWN1S90OM |
Toronto, ON, May 01, 2018 (GLOBE NEWSWIRE) -- LifeLabs, Canada’s largest medical laboratory, has announced its new President and CEO with the appointment of Charles Brown, an accomplished executive with a demonstrated track record of success and community involvement.
“I am honoured to have been chosen to lead LifeLabs, which plays a key role in supporting Canadians and their healthcare system. Through strong partnerships and customer service, the LifeLabs team is working each day to maintain Canadians’ trust. To sustain this, we must aspire to continuously improve and innovate for the benefit of the patients we serve,” Brown said. “LifeLabs has an impressive base of patients and healthcare partners, which presents exciting opportunities to find new and innovative solutions for improved health outcomes.”
The announcement is effective May 1st, 2018. Jon Hantho, Chair of LifeLabs Board of Directors, says Brown’s appointment comes at a pivotal and exciting time for the company.
“On behalf of the entire LifeLabs organization, I warmly welcome Charles to his new role. LifeLabs is rapidly advancing its position as the leading diagnostics and health technology provider in Canada serving patients, physicians and healthcare partners, including more than 2.3 million Canadians who rely on us for online access to their testing results,” Hantho said. “We continue to make significant investments in medical and scientific innovations in areas such as genetic testing and digital health. Given Charles’ experience in market focused innovation, we welcome his leadership to LifeLabs where he will be supported by a highly skilled medical and scientific leadership team.”
Brown most recently served as President of The Source, Canada’s largest consumer electronics and mobile retailer, owned and operated by Bell Canada. Charles led The Source to impressive results and growth by building an exceptional customer experience. During his tenure with the Bell executive team, Charles also served as Executive Vice President of Strategic Initiatives, where he led the delivery of Bell’s telecommunications at the Vancouver 2010 Olympic and Paralympic Winter Games. He brings more than 25 years of success as an innovative technology leader, from entrepreneurial start-ups to large corporate entities, including serving as President and CEO of Wave Wireless and Chief Information Officer of Clearnet. Further, he has a reputation as an effective partner in developing critical relationships with governments and regulators.
In addition to his impressive work experience, Brown has a passion for community service. He currently serves as the Chair of Kids Help Phone, Canada's only national 24-hour, bilingual and anonymous counselling service for children and youth. He is also a past member and long-time supporter of the United Way of Toronto and York Region’s Campaign Cabinet. Charles holds a Bachelor of Arts degree from University of Toronto and a Master of Business Administration from the Ivey School of Business at Western University.
About LifeLabs:LifeLabs is Canada’s leading provider of laboratory diagnostic information and digital health connectivity systems enabling patients and healthcare practitioners to diagnose, treat, monitor, and prevent disease. We support 20 million patient visits annually and conduct over 100 million laboratory tests through leading edge technologies and our 5,700 talented and dedicated employees. We are a committed innovator in supporting Canadians to live healthier lives, operating Canada's first commercial genetics lab and the country's largest online patient portal, with more than 2.3 million Canadians receiving their results online. LifeLabs is 100% Canadian owned by OMERS Infrastructure, the infrastructure investment manager of one of Canada’s largest defined benefit pension plans. Learn more at www.lifelabs.com
Chris Carson, SVP Partner Relations LifeLabs [email protected]
Source: LifeLabs | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-lifelabs-announces-new-president-and-ceo.html |
May 8, 2018 / 10:45 AM / in 9 minutes BRIEF-Denbury Reports Q1 Adj. Earnings Per Share $0.12 Denbury Resources Inc:
* DENBURY REPORTS FIRST QUARTER 2018 RESULTS; ANNOUNCES SUCCESSFUL ADDITIONAL MISSION CANYON WELLS * Q1 EARNINGS PER SHARE $0.09
* Q1 EARNINGS PER SHARE VIEW $0.11 — THOMSON REUTERS I/B/E/S
* Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.12
* PRODUCTION OF 60,338 BARRELS OF OIL EQUIVALENT PER DAY IN Q1 2018
* ADJUSTED CASH FLOW FROM OPERATIONS OF $125 MILLION FOR Q1 2018
* BANK CREDIT FACILITY BORROWING BASE REAFFIRMED AT $1.05 BILLION
* DENBURY’S ESTIMATED 2018 PRODUCTION IS UNCHANGED FROM PREVIOUSLY DISCLOSED RANGE OF 60,000 TO 64,000 BOE/D
* DENBURY - 2018 CAPITAL BUDGET, EXCLUDING ACQUISITIONS & CAPITALIZED INTEREST, REMAINS UNCHANGED FROM PREVIOUSLY ESTIMATED RANGE | ashraq/financial-news-articles | https://www.reuters.com/article/brief-denbury-reports-q1-adj-earnings-pe/brief-denbury-reports-q1-adj-earnings-per-share-0-12-idUSASC0A0D7 |
May 3 (Reuters) - CarGurus Inc:
* CARGURUS ANNOUNCES FIRST QUARTER 2018 RESULTS: * Q1 REVENUE $98.7 MILLION VERSUS I/B/E/S VIEW $94.2 MILLION
* Q1 NON-GAAP EARNINGS PER SHARE $0.06
* Q1 GAAP EARNINGS PER SHARE $0.03 * Q1 EARNINGS PER SHARE VIEW $0.02 — THOMSON REUTERS I/B/E/S
* SEES Q2 TOTAL REVENUE$103 TO $104 MILLION * SEES Q2 NON-GAAP EPS $0.03 TO $0.04
* SEES 2018 TOTAL REVENUE $415 TO $418 MILLION * SEES 2018 NON-GAAP EPS $0.19 TO $0.21
* Q2 EARNINGS PER SHARE VIEW $0.03 — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $0.16, REVENUE VIEW $400.9 MILLION — THOMSON REUTERS I/B/E/S
* Q2 REVENUE VIEW $97.6 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cargurus-inc-q1-revenue-987-millio/brief-cargurus-inc-q1-revenue-98-7-million-idUSASC09ZPD |
May 16, 2018 / 4:23 PM / in 32 minutes Bank of Canada says NAFTA uncertainty weighing on investment Leah Schnurr , Andrea Hopkins 3 Min Read
OTTAWA (Reuters) - Uncertainty about NAFTA renegotiations is one of the reasons the Bank of Canada has kept interest rates low, because concern about U.S. trade policy is dragging down business investment, Deputy Governor Lawrence Schembri said on Wednesday. A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. REUTERS/Chris Wattie
The central bank also has “a bit more room” than previously thought to support demand without sparking excessive inflation, because it has revised up its projected growth rate of potential output, Schembri said in a speech in Ottawa.
Schembri’s comments suggested a resolution of the North American Free Trade Agreement between Canada, the United States and Mexico could clear the way for higher rates. The Bank of Canada in April held interest rates steady after hiking three times since July 2017.
Schembri said the uncertainty over NAFTA has hampered investment and exports, but domestic consumer demand has companies running close to full capacity.
“That’s part of the reason why we believe that the economy is operating close to potential, inflation is less than (or) close to our target of 2 percent, yet monetary policy is below the neutral rate, in part because we have to lean against the drag coming from the uncertainty created by NAFTA,” Schembri said in response to an audience question.
The United States is pushing for a NAFTA deal, but Canadian and Mexican officials were not due in Washington for talks before a Thursday deadline.
The bank has long blamed worries about NAFTA for sluggish business investment. Some 75 percent of Canadian exports go to the United States, and any change to the trade agreement could imperil supply chains and profitability.
While analysts expect at least one more rate hike in 2018, the bank has said it will proceed cautiously given the uncertainty about NAFTA and the record levels of debt held by Canadian households.
Adding to his dovish comment, Schembri said the bank’s upward revision in April to its projected growth rate of potential output gives policymakers “a bit more room” than previously thought to support demand without sparking excessive inflation pressures.
“The higher the projected growth rate of potential output, the faster the economy can grow without inflation rising persistently above our target,” Schembri said in the speech.
“That means that, in the near term, we have a bit more room than we thought to support demand without sparking undue inflationary pressures.” Reporting by Andrea Hopkins and Leah Schnurr; Editing by Frances Kerry and Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-canada-cenbank/rising-potential-output-gives-bank-of-canada-bit-more-room-idUSKCN1IH2AV |
SCOTUS rejects Arkansas abortion law challenge Tuesday, May 29, 2018 - 01:24
In a setback to abortion rights advocates, the U.S. Supreme Court on Tuesday paved the way for Republican-backed restrictions on medication-induced abortions to take effect in Arkansas that could lead to the shuttering of two of the state's three abortion clinics. Colette Luke has more. ▲ Hide Transcript ▶ View Transcript
In a setback to abortion rights advocates, the U.S. Supreme Court on Tuesday paved the way for Republican-backed restrictions on medication-induced abortions to take effect in Arkansas that could lead to the shuttering of two of the state's three abortion clinics. Colette Luke has more. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2H14Bvs | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/29/scotus-rejects-arkansas-abortion-law-cha?videoId=431509731 |
May 14 (Reuters) - Sears Holdings Corp:
* SEARS HOLDINGS ANNOUNCES INITIATION OF FORMAL PROCESS TO EXPLORE POTENTIAL SALE OF ASSETS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sears-holdings-announces-initiatio/brief-sears-holdings-announces-initiation-of-formal-process-to-explore-potential-sale-of-assets-idUSFWN1SL0XS |
PARIS, May 3 (Reuters) - Utility Veolia said first-quarter revenue rose 3.7 percent to 6.4 billion euros ($7.7 billion), slightly better than forecasts for 6.3 billion, lifted by growth in new services such as toxic waste handling and so-called ‘smart’ water.
The French water and waste group’s core earnings before interest, tax, depreciation and amortisation (EBITDA) rose 3.4 percent to 876 million euros, in line with forecasts for 872 million euros.
Current EBIT (earnings before interest and tax) rose 4.8 percent to 448 million, while net profit jumped 26 percent to 193 million euros partly because of capital gains on the sale of its industrial services division in the United States.
The strong euro weighed on earnings, with exchange rate changes having a 204 million euro negative impact on revenue, which was up 7 percent at constant exchange rates.
Veolia also confirmed its 2018 and 2019 earnings guidance.
$1 = 0.8346 euros Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta
Our | ashraq/financial-news-articles | https://www.reuters.com/article/veolia-results/utility-veolias-q1-revenues-rise-3-7-pct-boosted-by-new-services-idUSL8N1SA0KB |
CNBC.com Getty Images A homeless man sits by the waterfront with the San Francisco Bay Bridge in the background in San Francisco, California.
With about one quarter of the nation's homeless population in California , the state's next governor will face the formidable challenge of how to make a dent in the crisis.
As of 2017, California had about 134,000 homeless people , up nearly 14 percent from the prior year, according to a U.S. Housing and Urban Development Department report. And California accounted for almost half of country's unsheltered population during 2017.
"Among the state's progressives and the progressive wing of the Democratic Party, homelessness is rising on the agenda," said Sherry Bebitch Jeffe, a professor of the practice of public policy communication at the USC Sol Price School of Public Policy. "The betting by Republican leaders is that their electorate will be energized by immigration, by opposition to sanctuary cities and the sanctuary state law."
Today, homeless individuals sleeping on benches, doorways, sidewalks and under freeways are common sights in major cities up and down the state. Some of those people get off the street and into homeless shelters, but hurdles to building more and a chronic shortage of affordable housing and rental units is only exacerbating the situation. Off the streets and into institutions
"This problem has been left unaddressed for decades," said Travis Allen, a California assemblyman from Orange County and a Republican candidate for governor. "It's about time the state steps in and takes its proper role to take care of California's most vulnerable and to clean up the streets of California."
Allen's plan to address the homeless problem is to build "statewide institutions" where homeless would be forced to go. He said they could receive mental health services, substance abuse treatment if needed or job assistance at these state-run facilities.
"No longer will we allow people to break our laws and sleep on our sidewalks, under our bridges and beside our roads," he said in an interview. "California has laws against loitering, vagrancy and public camping – and those laws will be enforced."
Homeless advocates caution that mandating people to go into institutions wouldn't make economic sense and would also face a host of legal obstacles if it's enforced against someone's free will.
But Allen counters that his solution will be "vastly less expensive than the current situation today. Homelessness in California has a massive public cost in terms of the stress it's putting on our medical system and our justice system. It's also dramatically impacting the quality of life for California citizens." Hot topic in the gubernatorial race
In all, there are 27 candidates vying to be elected governor of California to replace Democratic Gov. Jerry Brown , but only the top two finishers in the June 5 primary, regardless of party affiliation, will go on to the general election. While Democrat Gavin Newsom has been out front in the polls, the rest of the candidates have been slugging it out for the second-place spot.
San Diego businessman John H. Cox, a Republican running for governor, has emerged in polls in second place with 18 percent after Newsom's 30 percent showing, according to a poll released last month by UC Berkeley's Institute of Governmental Studies . Allen garnered 16 percent support among those surveyed in Berkeley's IGS Poll.
Cox, who Friday received an endorsement from President Donald Trump in a tweet, blames the homeless problem on the lack of affordable housing in the state and substance abuse. Former President Barack Obama has not formally endorsed any of the candidates for governor.
"The regulations and politicians have driven up the cost of housing and kicked people out of their homes," Cox said in a gubernatorial debate last week in San Jose hosted by NBC Bay Area and the Silicon Valley Community Foundation.
According to Cox, repeal of the California Environmental Quality Act, or CEQA, would go a long way to help easing the shortage of affordable housing, including apartments. CEQA requires that state and local agencies determine if there are significant environmental impacts of proposed development projects, and to avoid or mitigate those impacts.
Cox, who is in the housing business, said during the debate that he can build apartments for $80,000 in Indiana but it costs $700,000 in the San Francisco Bay area.
"Every builder I talk to says it's because of the politicians here have driven up the costs with impact fees, regulation, litigation, the delay," he said. Newsom's inconsistent record
Cox also took a swipe at frontrunner Newsom, who is the state's current lieutenant governor and former mayor of San Francisco. As a supervisor in San Francisco, Newsom championed an initiative called "Care Not Cash" designed to curb homelessness by slashing welfare payments to the city's homeless and instead favoring housing and other social services.
"Gavin Newsom's solution was to throw money at the problem and in return San Francisco is littered with human waste and used needles," Cox said in a statement to CNBC.
However, Newsom – mayor of San Francisco from 2004 until early 2011 – defends his record in city government.
"In San Francisco we were successful in reducing our street population 40 percent," Newsom said last week during the debate. "We got 12,000 people off the street."
PolitiFact, meanwhile, calls Newsom's claim about cutting homelessness by 40 percent only "half true," pointing out that it doesn't include the city's overall homeless population but only a subset. The homeless count stood at 6,248 in early 2005, and by 2011, when he left to become lieutenant governor, it was at 6,455. The year after Newsom exited as mayor, the homeless population topped 7,300; last year it was nearly 7,500 people .
Paul Boden, executive director of the Western Regional Advocacy Project in San Francisco, describes Newsom as "more PR than substance." He recalls seeing the former San Francisco mayor washing the feet of homeless people with hordes of media cameras to catch the scene.
Boden, whose group advocates for homeless people, said that Newsom and City Hall in general has done a "lousy job and only redirected money and taken it from people. We still have many people suffering out there." Kids on the street
Homeless advocates say the problem of homeless youth is especially troubling in the state, with some students going to school and living in homeless encampments at night or sleeping in alleys. They say more should be done to address the issue in Sacramento.
The problem of kids living on the street is especially apparent in Los Angeles, where there are more than double the number of homeless youth than the next largest American city. The public school system in Los Angeles estimated the homeless student population jumped more than 50 percent in 2016. At community colleges in the region, some estimates are roughly one out of every five students has been homeless .
If elected governor, Newsom promises to name a cabinet-level secretary to oversee an interagency council on homelessness.
"What lacks is leadership in the state," Newsom said last week. He said the position of state homelessness secretary would "break through the morass and lead the effort across the state."
One of Newsom's rivals, Antonio Villaraigosa, was mayor of the city of Los Angeles from 2005 until 2013. Villaraigosa said that his plan to address homelessness includes a "permanent support of services" around housing. Sandy Huffaker | The Washington Post | Getty Images A homeless woman walks with her belongings in the East Village area of Downtown San Diego, California.
"We need to build dramatically more housing," Villaraigosa said in a statement. "We need to provide the mental health and substance abuse care to address the reasons so many people end up on the street. And we need to have the health care workforce to make this care a reality."
Moreover, the former Los Angeles mayor said the state needs to add "more good jobs. And we need to keep fighting this fight even though it seems impossible – because basic human dignity tells us we do not leave our brothers and sisters on the streets."
When Villaraigosa was mayor, the city's homeless population went from 65,287 in 2005 to 44,359 in 2015, a decline of some 32 percent, according to figures from the L.A. Homeless Services Authority. Homeless encampments in Los Angeles
Still, some community leaders are critical of how Villaraigosa handled the homeless issue, especially the increasing number of encampments in neighborhoods such as Venice. There also are homeless at encampments in other parts of the city and some have been blamed for causing destructive brush fires .
"Villaraigosa was AWOL when he was mayor on dealing with the structural problem, which is there is not enough affordable housing," said Mark Ryavec, president of Venice Stakeholders Association, a nonprofit community advocacy group.
Ryavec, a former chief deputy assessor for Los Angeles County, also faults the former mayor for "giving away the store to city employees with a 5 percent increase [in pay] for four years. That was approved just before the recession started."
But Villaraigosa claims he made progress in addressing the homeless issue and affordable housing. "When I was mayor, we didn't shy from the big challenges before us. We took them on and made progress." -Antonio Villaraigosa, Democratic candidate for governor, former L.A. mayor
Six months after becoming L.A.'s mayor, Villaraigosa announced plans to build more than 2,500 new subsidized apartments for primarily homeless people while also offering them counseling, job training and medical care. He also set a goal of 20,000 new rental units for families and claims to have exceeded that goal within four years.
"When I was mayor, we didn't shy from the big challenges before us," said Villaraigosa. "We took them on and made progress." More funds for housing
Another Democratic challenger, John Chiang, has been state treasurer since 2015 and previously was California's state controller. Chiang said he's already helped with the state housing shortage by increasing financing as state treasurer for new and rehabilitated housing by over 80 percent from 2014 levels, including funding to help the homeless.
Last month's Berkeley IGS Poll placed Chiang's support at 7 percent, while Villaraigosa received 9 percent support. By comparison, voter preferences in December 2017's poll showed Villaraigosa at 17 percent and Chiang at 5 percent.
Both Chiang and Villaraigosa have launched a media blitz in the final weeks of the crowded race before the primary. Villaraigosa has received substantial funding for ad buying from several billionaires: Netflix CEO Reed Hastings and Eli Broad, the Los Angeles philanthropist who founded what is now KB Home .
Chiang's message in his ads has been his fiscal experience that helped California through the tough times. He has overseen California agencies responsible for investment, finance and state check-writing.
"Financing the creation of more affordable housing has been a top priority of mine, and one that I will continue to act on as governor," Chiang said in a statement. "I strongly believe we need to think big and act boldly to address a housing problem that has become an economic and humanitarian crisis."
Chiang also takes credit for helping to lead a coalition last year to fight for an affordable housing measure and getting the proposed $4 billion housing bond on the November ballot. He also promises to push for a $9 billion affordable housing bond measure if elected governor along with "rapid rehousing, increased state tax credits, and increased permitting."
Unlike GOP candidate Cox, though, Chiang doesn't want to get rid of all the environmental protections under CEQA. But he does say the state must "look at land use, resurrect and reimagine our redevelopment agencies, and remove the obstacles to getting housing built."
"We cannot live with half measures, and we know that for those who do have to sleep on streets or in shelters, criminalizing homelessness is not the right approach," Chiang added. "That's what both Antonio Villaraigosa and Gavin Newsom did as former mayors of Los Angeles and San Francisco, and what you can never expect from me." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/19/californias-homelessness-crisis-a-major-issue-in-governors-race.html |
May 11 (Reuters) - Novoheart Holdings Inc:
* REPORTS THIRD QUARTER 2018 FINANCIAL RESULTS * QTRLY LOSS PER SHARE OF C$0.02 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-novoheart-holdings-qtrly-loss-per/brief-novoheart-holdings-qtrly-loss-per-share-of-c0-02-idUSASC0A1UK |
May 15 (Reuters) - Greenlight Capital Inc:
* GREENLIGHT CAPITAL INC CUTS SHARE STAKE IN APPLE INC BY 71.4 PERCENT TO 628,100 SHARES
* GREENLIGHT CAPITAL INC TAKES SHARE STAKE IN ABERCROMBIE & FITCH OF 212,500 SHARES - SEC FILING
* GREENLIGHT CAPITAL INC DISSOLVES SHARE STAKE IN BEST BUY INC
* GREENLIGHT CAPITAL INC DISSOLVES SHARE STAKE IN NORDSTROM INC
* GREENLIGHT CAPITAL INC CUTS SHARE STAKE IN CNX RESOURCES CORP BY 40.3 PERCENT TO 10.6 MILLION SHARES
* GREENLIGHT CAPITAL INC DISSOLVES SHARE STAKE IN J C PENNEY CO
* GREENLIGHT CAPITAL INC - CHANGE IN HOLDINGS ARE AS OF MARCH 31, 2018 AND COMPARED WITH THE PREVIOUS QUARTER ENDED AS OF DEC 31, 2017 Source for the quarter ended Mar 31, 2018: bit.ly/2rInDBI Source for the quarter ended Dec 31, 2017: bit.ly/2nZmLXw
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-greenlight-capital-inc-cuts-share/brief-greenlight-capital-inc-cuts-share-stake-in-apple-cnx-resources-idUSFWN1SM1C6 |
LONDON (Reuters) - The European Central Bank should pay greater attention to economic and financial considerations when making decisions on the euro zone banks it supervises, ECB Supervisory Board member Ignazio Angeloni said on Wednesday.
The ECB has to balance its roles as the watchdog in charge of cleaning up the euro zone’s banking sector and as the authority tasked with shoring up inflation in the bloc by stimulating banks to lend more.
In the most high-profile example of this dilemma, an initiative that would have forced banks to set aside more money against their stock of bad loans risks being shelved due to concerns about its side-effects on lenders.
“The ECB needs to develop more systematic analyses of the broader impact of its microprudential decisions,” Angeloni told an audience in London. “Synergies between the two approaches should be exploited fully, and the analytical functions of ECB Banking Supervision could be further developed.”
Euro zone banks have cut their stock of bad loans to 721 billion euros ($862.82 billion) at the end of 2017 from 877 billion euros a year earlier.
But the problem remains sizeable in countries such as Portugal and Italy, which did not use state-backed bad banks to buy up toxic assets during the financial crisis.
ECB Vice-President Vitor Constancio said further progress in cutting bad loans, while necessary, should be gradual.
Angeloni also said that in his personal view he believed banks needed to prepare better for rising interest rates across the model, as many of their internal models tended to be based on declining rates. “The banks are not fully prepared,” he said.
($1 = 0.8356 euros)
Reporting by Tommy Wilkes; writing by Francesco Canepa; editing by Mark Heinrich
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-banks-ecb/ecb-must-think-of-broader-picture-when-deciding-on-banks-angeloni-idUSKBN1I32DM |
MOGADISHU (Reuters) - An explosion killed at least five people and wounded 10 on Wednesday in a market for the stimulant leaf khat in southern Somalia, police and residents said, and al Qaeda-linked al Shabaab said it was behind the blast.
The blast occurred in the busy market in the town of Wanlaweyn in the Lower Shabelle region, about 90 km (55 miles) to the northwest of the coastal capital Mogadishu.
Given Wanlaweyn’s lack of hospitals able to take in multiple casualties, residents said they took many of the wounded to their homes for the time being after the afternoon blast near a busy cluster of khat kiosks.
Police said they were investigating whether the explosion was caused by a planted bomb or by a suicide bomber.
“The blast at the khat kiosks killed at least five civilians and injured more others including soldiers. We are investigating whether there are more casualties and the cause of the blast,” police Captain Farah Ismail told Reuters.
“The death toll may rise,” he added.
Residents said the kiosks were busy with soldiers buying khat. “I counted five dead people, including two shoe shiners, a mother who sold khat and two customers. There were 10 other injured civilians,” shopkeeper Ahmed Mohamud told Reuters.
“I could also see several soldiers in uniform being transported from the blast scene but I could not confirm whether they were dead or wounded.”
Abdiasis Abu Musab, al Shabaab’s military operation spokesman, said the group was behind the attack and that its target was the soldiers.
Al Shabaab is fighting to overthrow Somalia’s central government and establish its own rule based on its interpretation of Islamic law.
Since being pushed out of Mogadishu in 2011, the group has lost control of most of Somalia’s cities and towns. But it retains a strong presence in regions outside the capital.
Additional reporting by Feisal Omar in Mogadishu; Editing by George Obulutsa
| ashraq/financial-news-articles | https://www.reuters.com/article/us-somalia-security/blast-kills-at-least-5-people-in-somali-khat-market-near-mogadishu-idUSKBN1IA2DU |
May 18 (Reuters) - Wayfair Inc:
* WAYFAIR NAMES ANDREA JUNG TO ITS BOARD OF DIRECTORS * WAYFAIR INC - JUNG CURRENTLY SERVES ON BOARDS OF APPLE INC AND UNILEVER NV Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-wayfair-names-andrea-jung-to-its-b/brief-wayfair-names-andrea-jung-to-its-board-of-directors-idUSASC0A2WO |
May 3 (Reuters) - Television Broadcasts Ltd:
* CO TO SUBSCRIBE FOR US$83 MILLION CONVERTIBLE BONDS AT INTEREST RATE OF 7.5% PER ANNUM FOR TWO YEARS, ISSUED BY SMI HOLDINGS GROUP Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-television-broadcasts-to-subscribe/brief-television-broadcasts-to-subscribe-for-83-mln-convertible-bonds-issued-by-smi-holdings-group-idUSFWN1S91CA |
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(Reuters) - It has been called the “Teachers’ Spring” in the United States, with educators from five states staging an unprecedented wave of protests demanding increases in pay and school budgets.
FILE PHOTO: Participants take part in a march in Phoenix, Arizona, U.S., April 26, 2018 in this picture obtained from social media. Christy Chavis/File Photo via REUTERS Encouraged by progressive resistance to President Donald Trump and the #MeToo movement, the protests by the nation’s teachers, more than three-quarters of whom are women, mark the first statewide walkouts since the 1990s.
Some educators have likened their movement to the “Arab Spring”, a series of anti-government uprisings that hit Arab countries in North Africa and the Middle East beginning in 2010.
The movement has already prompted lawmakers to allocate pay increases for teachers and more money for schools in West Virginia, Oklahoma and Colorado, while Arizona’s legislature is also trying to hammer out a deal.
WHY THEY BEGAN The strikes started in West Virginia in February and then spread to Kentucky, Oklahoma and Arizona, all of them Republican-controlled states that put limits on education spending during the 2007-2009 recession and never fully removed them. Teachers in Colorado, which has a Democratic governor, walked out last week.
According to the National Education Association, a group representing public school teachers nationwide, the average teacher salary in the United States decreased by four percent from 2008‒09 to 2017‒18, after inflation adjustment.
The West Virginia strike, which shut schools for almost two weeks, ended with a five percent pay raise. Teachers in Oklahoma returned to classrooms after the legislature passed its first major tax increases in a quarter century, raising about $450 million in revenue for education.
Arizona teachers have sought a 20 percent pay rise. Arizona Governor Doug Ducey on Friday announced a deal with state legislative leaders to raise teachers’ pay 20 percent by 2020, but it was unclear how the money would be raised.
SUPPORT FOR TEACHERS Teachers’ demands for pay increases have gained widespread public support and won bi-partisan attention from legislators ahead of November midterm elections.
But conservative groups, who oppose education funding increases through tax increases, point to data from education reform group EdChoice showing that nationwide, per-pupil funding adjusted for inflation rose 27 percent between 1992 and 2014 as schools added ranks of non-teaching support staff.
These conservative groups say school districts need to cut back on non-teaching staff rather than seek bigger budgets.
WHICH STATES COULD BE NEXT TO SEE A WALKOUT? The protests have been largely driven by social media, rather than union leadership, allowing activists to organize rapidly. Arizona’s movement began with a Facebook page that encouraged teachers to show up for work wearing red - the color of the movement.
They have moved West through states where teacher pay is among the lowest in the country, per-pupil funding has fallen in real terms since the recession and where state legislatures largely control teacher salaries. Other states with a similar profile include Mississippi, Alabama, North Carolina, New Mexico, Utah and South Dakota, according to a study by Brookings Institution analyst Michael Hansen.
A teachers’ group in North Carolina has called for a march on the state capitol on May 16. At the same time, legislatures for states such as South Dakota and Alabama have recently voted to increase teacher pay, possibly heading off protests.
Walkouts crossed a political divide when they spread to Colorado, where Democrats control the governorship and lower house and Republicans hold the senate. Other states with mixed political control and relatively low teacher pay include New Mexico and Nevada.
Reporting By Andrew Hay; Editing by Bill Tarrant, Robert Birsel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-education-arizona-explainr/teachers-spring-forcing-lawmakers-to-find-money-for-schools-idUSKBN1I23J8 |
Jason Vargas finally earned his first win as a member of the New York Mets on Monday night, when he twirled five solid innings and combined with five relievers on a five-hit shutout of the visiting Miami Marlins, 2-0, at Citi Field.
The Mets have won four straight. The Marlins have lost three in a row and four of five.
Vargas (1-3), who went 0-2 with a 12.19 ERA in two starts with the Mets in 2007 and entered Monday 0-3 with a 13.86 ERA in three starts this season, allowed two hits and one walk while striking out seven. He retired the first nine batters before Martin Prado singled leading off the fourth.
Vargas, who signed a two-year deal with the Mets in February, lowered his season ERA to 9.87 and his overall Mets ERA to 10.73.
The Marlins mounted their biggest threat in the sixth, when Paul Sewald and Jerry Blevins combined to load the bases with two outs. But AJ Ramos struck out pinch hitter Derek Dietrich and then worked a hitless seventh.
Seth Lugo allowed a two-out triple to Starlin Castro in the eighth before left fielder Brandon Nimmo preserved the shutout with a diving catch of Brian Anderson’s sinking liner. Jeurys Familia then earned his 13th save with a one-hit ninth. Familia recorded the final out when Lewis Brinson was called out trying to slide headfirst into first with a runner at second.
Asdrubal Cabrera had two hits for the Mets, including an RBI double in the third. Wilmer Flores provided some insurance with a pinch-hit run-scoring single in the seventh. Michael Conforto added two hits.
Castro had two hits for the Marlins.
Rookie Elieser Hernandez (0-1) took the hard-luck loss for the Marlins after allowing one run on five hits and no walks while striking out three over five innings. It was the second career start for the 23-year-old Hernandez, whom Miami selected from the Houston Astros in the Rule 5 draft last December.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-nym-mia-recap/vargas-leads-mets-to-shutout-of-marlins-idUSMTZEE5M3Y8NYS |
MOSCOW, May 28 (Reuters) - Russian Foreign Minister Sergei Lavrov said on Monday that only Syrian government troops should have a presence on the country’s southern border which is close to Jordan and Israel, the RIA news agency reported.
Lavrov was cited as making the comments at a joint news conference in Moscow with Jose Condungua Pacheco, his counterpart from Mozambique. (Reporting by Maria Kiselyova Editing by Andrew Osborn)
| ashraq/financial-news-articles | https://www.reuters.com/article/mideast-crisis-syria-russia/only-syrian-army-should-be-on-countrys-southern-border-russia-idUSR4N1SW02S |
MUNICH (Reuters) - The next CEO of ProSiebenSat.1 ( PSMGn.DE ) urged shareholders on Wednesday to be patient as he prepares to take the helm at the German broadcaster, recently dropped from the DAX blue-chip index after prolonged share-price underperformance.
Max Conze, former CEO of British home appliances firm Dyson, was making his first public appearance since being named to replace Thomas Ebeling. He starts the job on June 1.
“If we don’t succeed in clearly raising our share price in three years, then I stand ready to be held to account,” Conze told ProSieben’s annual shareholders meeting. “But please don’t judge us from quarter to quarter.”
Related Coverage ProSieben: would buy back Nucom stake if General Atlantic exits Ebeling presided over a 30-fold increase in ProSieben’s share price during his nine-year tenure but was ultimately undone by a series of forecast downgrades resulting from overly optimistic estimates of advertising revenue.
Before leaving, Ebeling oversaw a restructuring of ProSieben into entertainment, content and e-commerce divisions, simplifying a structure that had been viewed by some analysts as a clumsy attempt to diversify away from its core free-to-air TV offering.
Conze, 48, backed the strategic shakeup and said he was counting on the creativity and passion of his team to succeed.
“We don’t have to reinvent the wheel,” he said. “The potential of our business model is still enormous.”
ProSieben put in a solid performance in the first quarter but a warning that core earnings would be weak in the second and third quarters triggered a selloff in its shares, which have fallen by a fifth over the past year.
Reporting by Joern Poltz; Writing by Douglas Busvine; Editing by Jon Boyle
| ashraq/financial-news-articles | https://www.reuters.com/article/us-prosieben-media-agm/next-prosieben-ceo-to-shareholders-judge-me-in-three-years-idUSKCN1IH1CY |
St. Louis Cardinals left fielder Marcell Ozuna, who overslept and was a late arrival to Busch Stadium, was scratched from the lineup for Wednesday’s day game against the Kansas City Royals.
May 21, 2018; St. Louis, MO, USA; St. Louis Cardinals left fielder Marcell Ozuna (23) hits a single off Kansas City Royals starting pitcher Ian Kennedy (not pictured) during the fifth inning at Busch Stadium. Mandatory Credit: Jeff Curry-USA TODAY Sports “I came to the park and said sorry to my teammates and my coach,” Ozuna told reporters following the Cardinals’ 5-2 loss in 10 innings. “Everybody makes a mistake. Today it was me.”
His replacement in left field, rookie Tyler O’Neill, made an error in the sixth inning that helped the Royals score their second run, which tied the game. O’Neill finished 1-for-4 at the plate and scored a run.
Cardinals manager Mike Matheny is a stickler for on-time arrivals, so he made the decision to pull Ozuna from the lineup.
—The National League-best Milwaukee Brewers will add more reinforcements on Thursday when first baseman/outfielder Ryan Braun and right-hander Zach Davies are reinstated from the disabled list.
First baseman/outfielder Ji-Man Choi, who hit .267 with a home run in six games with Milwaukee, and right-hander Brandon Woodruff, who has a 6.05 ERA in eight games (three starts), were optioned to Triple-A Colorado Springs.
Davies, a 17-game winner last year, has a 4.24 ERA in six starts with the Brewers this season. He has been sidelined since May 3 with right rotator cuff inflammation. Braun returns after missing the team’s past nine games with middle back tightness. The 34-year-old has hit .222 with five home runs and 20 RBIs this season.
—Oakland Athletics slugger Khris Davis was placed on the disabled list due to a strained right groin muscle, the team announced. Davis sustained the injury during a swing on Sunday in Oakland’s game against the Toronto Blue Jays.
Davis, who is batting .235 with 13 home runs and 38 RBIs, could miss anywhere from 10 days to three weeks.
Oakland recalled infielder Franklin Barreto and right-hander Daniel Gossett from Triple-A Nashville. The club also designated right-hander Wilmer Font for assignment. Barreto was batting .235 with six homers and 17 RBIs in 32 games at Nashville. Gossett is 0-1 with an 11.05 ERA in two games for Oakland this season. He is 4-0 with a 1.63 ERA in seven appearances (five starts) for Nashville.
—The Seattle Mariners and the Washington State Major League Baseball Stadium Public Facilities District (PFD) came to terms on a new 25-year lease for the team at Safeco Field, which includes a long-term plan to spend up to $385 million on capital improvements.
The agreement, which takes effect next year, also allows for a pair of three-year options that could push the terms through 2049. The team’s current lease ends this year.
“We want this ballpark to be our home for the next 100 years. Safeco Field should be to Seattle and to the Mariners what Wrigley Field is to Chicago and the Cubs and Fenway Park is to Boston and the Red Sox,” Mariners chairman and managing partner John Stanton said in a statement.
—Former All-Star outfielder Lenny Dykstra was arrested after allegedly threatening an Uber driver in Linden, N.J. Dykstra allegedly pulled out a gun, held it to the driver’s head and threatened to kill the man.
Dykstra, 55, was charged with making terroristic threats and with multiple drug offenses. According to Linden police, Dykstra was in possession of cocaine, marijuana and ecstasy when taken into custody around 3:30 a.m. ET.
Dykstra was a three-time All-Star for the Philadelphia Phillies during a 12-year playing career in which he was known for feisty and aggressive play. He finished second in National League MVP voting in 1993 when he went batted .305 and walked 129 times en route to scoring 143 runs. He played for the New York Mets for 4 1/2 seasons, beginning in 1985, until being traded to the Phillies.
—Houston placed right fielder Josh Reddick on the 10-day disabled list prior to the Astros’ afternoon game against the San Francisco Giants. Reddick is dealing with an infection near his left knee.
The Astros recalled outfielder Jake Marisnick from Triple-A Fresno.
Reddick is batting .227 with six homers and 18 RBIs. Marisnick struggled with the Astros earlier this season as he batted just .141 with three homers and 41 strikeouts in 85 at-bats.
—Cincinnati activated right-handed reliever Michael Lorenzen off the disabled list, only to see Raisel Iglesias (sore left biceps) and Austin Brice (back) go on the 10-day disabled list, each retroactive to May 20.
Lorenzen rejoined the team for the first time this season after sustaining a muscle strain in his throwing shoulder during spring training. Right-hander Tanner Rainey was recalled from the Triple-A Louisville to complete the roster shuffle.
Iglesias has a 2.08 ERA and eight saves in 20 outings this season, striking out 27 batters in 21 2/3 innings. Interim manager Jim Riggleman indicated he would be willing to use multiple relievers in save situations, including Lorenzen, who has a 4.57 ERA in 132 games (21 starts) in his three years in the majors.
—The Tampa Bay Rays placed right-hander Jake Faria on the 10-day disabled list due to a strained left oblique.
Faria, 3-3 with a 5.48 ERA this season, sustained the injury during his Tuesday start against the Boston Red Sox and is expected to miss at least six weeks, manager Kevin Cash told reporters. He departed with two outs in the third inning Tuesday night.
Tampa Bay recalled journeyman left-hander Vidal Nuno from Triple-A Durham to fill the roster spot. Nuno has a 5-21 record in 138 career appearances (42 starts) over five previous major league seasons. He has a 4.29 ERA and 283 strikeouts in 344 innings.
—The New York Yankees called up left-hander Ryan Bollinger from Double-A Trenton, the first major league stint for the 27-year-old, who is back in a major league organization this season for the first time since 2013.
Bollinger played in Canada, Germany and Australia before catching the eyes of the Yankees and landing a minor league deal. He owns a tidy 0.90 ERA while winning all three of his starts at Trenton. He also made two starts at Triple-A Scranton/Wilkes-Barre earlier this season and went 0-1 with a 4.00 ERA.
New York had a roster opening after sending right-hander Giovanny Gallegos to Scranton/Wilkes-Barre after a Tuesday game against the Texas Rangers. Gallegos pitched two scoreless innings on Tuesday and allowed two hits.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-notebook/major-league-baseball-notebook-cards-ozuna-benched-for-late-arrival-idUSKCN1IP09R |
EU Goldman Sachs bets on oil, cash near term as 'Goldilocks' backdrop fades Goldman Sachs tells investors to bet on commodities like oil and copper over the next few months, as equities try to rally from the year's flatline trend. The bank also upgrades cash to overweight as a combination of slower growth and uncertain policy makes other asset classes more attractive. "With the Fed funds rate moving up faster than inflation ... the competition from cash for other asset classes has picked up," wrote Goldman's Christian Mueller-Glissmann. CNBC.com David Cayless | Getty Images
Goldman Sachs advised clients to buy commodities and cash in the next few months as equities look to shake off a "fat and flat" trend of little growth so far this year.
"We keep our overweight [rating on] commodities, which has been the strongest asset class year to date and still has the strongest return potential near-term, based on our commodities team's estimates, driven by their bullish view on oil and copper in particular," wrote Goldman equity strategist Christian Mueller-Glissmann.
"While the growth/inflation mix has turned less favourable, we continue to see bear market and recession risk as low," he added.
While Goldman is still optimistic on equities over the next 12 months, the strategist said the so-called Goldilocks backdrop that helped stocks grind higher throughout 2017 could fade nearer term.
Burgeoning oil and copper prices should bode well for commodity investors, but inflationary pressures could embolden the Federal Reserve in its quest to hike rates. show chapters 23 Hours Ago | 03:01
The central bank kept its benchmark interest rate unchanged last week, but did note that inflation is beginning to creep up. The Federal Open Market Committee said that "overall inflation and inflation for items other than food and energy have moved close to 2 percent," a target rate considered a healthy level of inflation.
For their part, Goldman Sachs economists still maintain that the Fed will raise rates three more times this year, well ahead of Wall Street consensus. Mueller-Glissmann upgraded cash for the next three months. "The competition from cash for other asset classes has picked up."
The dollar index surged 0.4 percent on Tuesday, to 93.16, a 2018 high against a basket of other currencies as a rout of the euro prompted traders to buy the greenback. The dollar has now risen for three consecutive weeks.
While rising interest rates can be a sign of a stronger economy, some worry that rising short-term Treasury payments could become competitive with stocks and add to market jitters.
Major stock indexes have underwhelmed in 2018 after a spell of volatility in February and March sent the Dow Jones industrial average and the S&P 500 spiraling into correction territory.
The Goldman team added that political uncertainty around trade and U.S. midterm elections doesn't help the investing thesis either.
"In addition to a worsening growth/inflation mix investors had to digest a pick-up in policy uncertainty, a lot of which has been concentrated in the U.S: continued risk of a trade war and regulation uncertainty on the U.S. tech sector, which is the largest in the U.S. equity market."
Stocks fell modestly Tuesday afternoon ahead of President Donald Trump's decision on the Iran nuclear deal, a landmark diplomatic agreement forged under the Obama administration.
— CNBC's Patty Martell contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/goldman-sachs-bets-on-oil-cash-near-term-as-goldilocks-backdrop-fades.html |
May 17, 2018 / 5:30 AM / Updated 9 hours ago Bumrah enhances death-overs reputation to keep Mumbai alive Amlan Chakraborty 3 Min Read
NEW DELHI (Reuters) - Jasprit Bumrah may not have exactly set alight this year’s Indian Premier League (IPL) but the 24-year-old showed his death-overs prowess once again to keep Mumbai Indians alive in the playoff race. FILE PHOTO: Cricket - Sri Lanka v India - Third One Day International Match - Pallekele, Sri Lanka - August 27, 2017 - India's Jasprit Bumrah in action. REUTERS/Dinuka Liyanawatte
The right-arm paceman’s awkward sling-arm action is difficult to score off but it is his late innings mastery which makes him an asset, and which India will hope to see reprised on tour in England next month.
Bumrah displayed that skill in Wednesday night’s three-run victory against Kings XI Punjab to lift Mumbai to fourth place in the eight-team league.
Bowling the second over of the Punjab innings to the dangerous Chris Gayle and the in-form Lokesh Rahul, Bumrah conceded only one run before being taken out of attack.
He conceded four in his second over, the 12th of the innings.
Rahul and Aaron Finch were going great guns when Mumbai skipper Rohit Sharma pressed Bumrah into action again and the bowler did not let him down.
He dismissed Finch (46) and Marcus Stoinis in the 17th over and dealt a body blow in his next, getting rid of Rahul (94) to finish with figures of 4-0-15-3.
“I think Bumrah has come a long way in the past two years, worked really hard on his bowling,” Sharma said at the presentation ceremony.
“Never easy to do what he does but he has taken the responsibility. Coming out there and bowling at set batsmen who are trying to finish the job — he’s doing it perfectly for us.”
His ability to bowl yorkers almost at will and his unpredictable bounce make him a death-overs nightmare for most batsmen. He attributes it all to clear thinking.
“Clarity is very important when you bowl at the death otherwise there’ll be doubt,” he said after collecting his man-of-the-match award.
“Even on a bad day when a batsman hits you, you just have to execute your plan. (Rahul) has been batting really well so it’s sometimes difficult to bowl to a batsman like that. But I was backing myself.
“I was clear ... On this wicket when the slower ball was bowled on a good length, it wasn’t gripping, so I looked to bowl a dipper and it worked.” Reporting by Amlan Chakraborty in New Delhi; editing by Ian Ransom | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-t20-ipl-bumrah/bumrah-enhances-death-overs-reputation-to-keep-mumbai-alive-idUKKCN1II0HE |
Baghdad (Reuters) - Already pressured by the U.S. withdrawal from the nuclear deal, Iran faces a major test in managing Shi’ite cleric Moqtada al-Sadr, a formidable opponent who beat Tehran’s longtime allies to achieve a shock victory in Iraq’s parliamentary election.
But if Tehran overplays its hand by squeezing Sadr out of a coalition government dominated by its allies, it risks losing influence by provoking conflict between Iranian-backed Shi’ites and those loyal to Sadr.
Populist Sadr swept Iraq’s parliamentary election by tapping into growing public resentment directed at Iran and what some voters say is a corrupt political elite that has failed to help the poor.
But Iran is unlikely to relinquish influence in Iraq, its most important ally in the Middle East, and will push for a coalition that will preserve its interests.
“Iran will do everything in its power to remain strong in Iraq and to apply pressure,” said independent Iraqi analyst Wathiq al-Hashimi. “It’s a very critical situation.”
Before the election, Iran publicly stated it would not allow Sadr’s bloc - an unlikely alliance of Shi’tes, communists and other secular groups - to govern.
For his part, Sadr has made clear he is unwilling to compromise with Iran by forming a coalition with its main allies, Hadi al-Amiri, leader of the Badr paramilitary group and perhaps the most powerful man in Iraq, and former prime minister Nuri al-Maliki.
After the election results were announced, he said he would only cooperate with Prime Minister Haider al-Abadi, Kurds and Sunnis.
IRAQI POLITICS Iran has manipulated Iraqi politics in its favour in the past, notably following the 2003 U.S.-led invasion that overthrew its enemy, Sunni dictator Saddam Hussein.
In the 2010 election, Vice President Ayad Allawi’s group won the largest number of seats, albeit with a narrow margin, but he was prevented from becoming prime minister. He blamed Tehran, which manoeuvred Maliki into power.
On that occasion, Tehran overplayed its hand.
Critics said Maliki pursued a sectarian agenda which alienated Sunnis and created conditions which enabled Islamic State to seize one third of the country.
Blocking Sadr would also carry grave risks. His campaign resonated with millions of impoverished Iraqis, especially in his strongholds in Baghdad and Shi’ite heartlands.
Sadr derives legitimacy from a dynasty of Shi’ite religious scholars. He made his name leading two violent uprisings against U.S. troops following the invasion in 2003, while in 2016, he mobilised tens of thousands of supporters to storm Baghdad’s fortified Green Zone.
FILE PHOTO: Iraqi Shi'ite cleric Moqtada al-Sadr attends to cast his vote at a polling station during the parliamentary election in Najaf, Iraq May 12, 2018. REUTERS/Alaa al-Marjani/File Photo NO FOREIGN INTERFERENCE Lawmaker Dhiaa al-Asadi, who heads Sadr’s bloc in the outgoing parliament, said they would seek alliances to counter any Iranian interference in attempts to form a government, and ruled out deals with Amiri or Maliki.
“We don’t conceal our fear that there will be some intervention and meddling either by internal or external powers, and Iran is one of them,” he said.
He hoped political leaders had learned not to let Iranian interference dictate the election’s outcome.
Asadi said Sadr’s bloc would exert pressure through legal and democratic channels rather than in popular protests should Tehran try to influence the make-up of the government.
There is already bad blood between Sadr and Maliki, who as prime minister in 2008 cracked down on Sadr’s Mehdi Army militia in the southern city of Basra in a violent Shi’ite feud. More than 200 people were killed.
Sadr had pulled out of Maliki’s government the year before when the prime minister refused to set a deadline for U.S. troop withdrawals.
Renad Mansour, research fellow at Chatham House, said Iran would try to maintain its influence by working behind the scenes though allies such as Maliki and Amiri.
Iran may rely more heavily on Amiri, who spent two decades in Iran in opposition to Saddam and speaks Farsi. Through his Badr organisation, he controls key positions in the interior ministry and security forces.
Sadr is likely to try and loosen the grip of Iran’s allies on the security services and other government institutions and seek a major government role.
Portraying himself as an Iraqi nationalist, Sadr has long opposed foreign interference, whether by American invaders or Iranian proxies.
Strife could be avoided if Sadr enters into an alliance with Iranian-backed parties which would offer him a cabinet post, former foreign minister Hoshyar Zebari said.
“He might be given a major ministry, like interior or foreign, in return for stepping back. Sadr would meanwhile form an opposition bloc in parliament,” Zebari said.
But that seems unlikely and it is unclear how Sadr will use his election victory.
Always unpredictable, he opposed Iranian influence but went into self-imposed exile there. Then in 2003, he appeared out of the blue and assembled a militia to fight the Americans.
Slideshow (3 Images) A Western diplomat described him as “very hard to read”.
Reporting by Michael Georgy and John Davison; Editing by Giles Elgood
| ashraq/financial-news-articles | https://in.reuters.com/article/iraq-election-iran/shiite-clerics-election-win-puts-iran-to-the-test-in-iraq-idINKCN1IG2CH |
BEVERLY HILLS, Calif. (AP) — California Gov. Jerry Brown on Thursday urged greater cooperation with China to resolve a trade dispute, while taking an apparent swipe at President Donald Trump.
"Globalization is here. We are not going to get rid of it. And a trade war is stupid," Brown said.
Speaking Thursday at the annual California-China Business Summit in Beverly Hills, Brown said as the world's two largest economies, the United States and China are inextricably linked through business, climate and security issues.
He said both need to rise above the conflict and work together in an ever-shifting global economy.
"No tariff, no little trade dispute or big trade dispute is going to stop us," Brown said. "The stuff that's not working today, let's figure out how to make it work."
The governor spoke as Chinese and U.S. officials met in Beijing in an attempt to resolve a dispute that has taken the countries the closest they've ever come to a trade war.
The Trump administration has threatened to impose new tariffs on roughly $150 billion in Chinese goods, which prompted China to announce its own tariffs on U.S. products.
At one point, in what appeared to be a reference to Trump's presidency, Brown assured the business leaders that "this too will pass."
"I'm not telling you what I'm referring to," Brown said, eliciting laughter from the audience.
In another apparent dig, Brown said the two countries have great potential as future trade partners but "all you need is a great leader."
The annual conference is intended to promote stronger ties between Chinese business officials and industry leaders in California.
China's consul general in Los Angeles, Zhang Ping, said trade between California and China reached $175 billion last year, an increase of nearly 20 percent from 2013.
He warned that a bitter trade war would harm both counties, while disrupting the international supply chain.
"Trade war inflicts mutual disruption," he said. "To avoid it, the only way is to seek win-win solutions through negotiation ... rather than confrontation."
Brown, a frequent Trump critic, argued that it was in the interest of California's massive economy, among the world's largest, to maintain strong ties with China.
"In California we're not encumbered by Washington politics. We have our own politics," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/the-associated-press-california-governor-warns-against-trade-war-with-china.html |
May 17, 2018 / 11:51 AM / Updated an hour ago Brazil lucky to have both Jesus and Firmino, says Guardiola Reuters Staff 2 Min Read
(Reuters) - Manchester City manager Pep Guardiola said Brazil face a selection dilemma whether to start with his team’s striker Gabriel Jesus or Liverpool’s Roberto Firmino at the World Cup. FILE PHOTO: Soccer Football - Premier League - Manchester City vs Huddersfield Town - Etihad Stadium, Manchester, Britain - May 6, 2018 Manchester City's Gabriel Jesus celebrates with the trophy after winning the Premier League title REUTERS/Phil Noble
Jesus scored 17 goals across all competitions for Premier League champions City this season while Firmino has netted 27 to help Liverpool secure a fourth-placed league finish and reach the Champions League final.
Brazil manager Tite suggested during his squad announcement on Monday that Jesus’ record of nine goals in 15 international matches could see the 21-year-old start over Firmino at the World Cup.
Guardiola, however, remained neutral on the selection debate, saying both players had their qualities.
“Lucky for Brazil that they have two incredible strikers. Gabriel has an energy, his desire is contagious, his movement... I think that this will calm down with age. Firmino is older, has already played in other places,” Guardiola told ESPN. FILE PHOTO: Soccer Football - Premier League - Liverpool vs Brighton & Hove Albion - Anfield, Liverpool, Britain - May 13, 2018 Liverpool's Roberto Firmino celebrates after the match REUTERS/Phil Noble
“I can imagine what Brazil can be like in a World Cup on a media level. If you play one, you have to play the other, if you play the other, you have to play the one. It’s an endless discussion.
“It’s Tite’s problem, not mine. But it’s a debate.”
City have flourished under Guardiola this campaign, embarking on a record-breaking run to seal the title, but his first season at the club was not as successful with the Etihad outfit failing to win any silverware.
“Last season has helped us to understand a lot of things so that we apply this season,” Guardiola said. “People usually believe that coaches, no matter who they are, arrive at a club and things start working fine. And it is not like that.”
The former Barcelona and Bayern Munich boss dismissed the notion that he doubted himself during City’s poor run, saying he was “very clear and psychologically strong” about the club’s playing style. Reporting by Aditi Prakash in Bengaluru; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-mci-guardiola/brazil-lucky-to-have-both-jesus-and-firmino-says-guardiola-idUKKCN1II1LY |
Iran deal 'not dead' - French FM 5:05am EDT - 00:46
French Foreign Minister Jean-Yves Le Drian says President Macron will contact Iran's president on Wednesday and that the nuclear deal isn't over after President Trump's withdrawal. Rough cut (no reporter narration).
French Foreign Minister Jean-Yves Le Drian says President Macron will contact Iran's president on Wednesday and that the nuclear deal isn't over after President Trump's withdrawal. Rough cut (no reporter narration). //reut.rs/2FYEpkt | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/09/iran-deal-not-dead-french-fm?videoId=425208030 |
NEW YORK, May 07, 2018 (GLOBE NEWSWIRE) -- Williamsville Sears Management, Inc. (OTC Pink:WSML) (“WSML” or the “Company”) today announced the appointment of Kent A. D. Clark as the new chair of Williamsville Sears’ board of directors effective June 1, 2018 following the company’s extraordinary Board meeting on April 25, 2018.
Mandla J. Gwadiso, Founder of Williamsville Sears Management, Inc., stated, “I have played my part very well and today Williamsville Sears is a public company, at the end of the month I will hand over the reigns to the capable hands of Kent Clark and I know that under his leadership the Company will continue on the already established growth trajectory and most importantly uphold my ideals and convictions that are the blueprint of our corporate DNA.”
Kent will succeed Mandla J. Gwadiso, who is retiring from the board after founding the Company and leaded the successful transition to the public markets. Kent who is current serving as the Vice-Chairman of Williamsville Sears will also be succeeded by David Smith as new Vice-Chairman and David Smith is currently a member of the Board of the Company.
“ I want to extend our most sincere thanks to our Founder, MJ Gwadiso for his immense contributions during his tenure at Williamsville Sears Management, Inc. He hands over the Company having led its great initial performance, structural and business transformation, and MJ will assist me with the seamless transition. With WSML’s unique geographic footprint, and a strong push on our diverse agenda to better serve our global partners, we are well positioned to compete, grow and prosper in the markets we serve. I look forward to working even closer with another great leader Mr. David Smith as my Vice-Chairman and with the awesome WSML management team to continue building upon our strong foundations and find further opportunities to unlock value for our wonderful and inspiring shareholders.” I also welcome the opportunity to serve and lead WSML as Chairman into the future said Kent A. D. Clark.
David Smith, incoming Vice-Chairman of Williamsville Sears Management, Inc., also stated, “I am honored and excited to have been offered the Vice-Chairman position. I truly look forward to working with our new Chairman, Mr. Kent Clark, the extremely experienced Board of Directors and the talented management team at Williamsville Sears Management, Inc. We are certainly poised to take great advantage of the many opportunities to expand our footprint and gain strength in the particular markets we serve.”
About Williamsville Sears Management Inc.
Williamsville Sears Management is a diversified holding corporation that was formed by Mandla J. Gwadiso. The group operates its own assets through a range of subsidiary companies up under its purview. The group’s primary focus is in real estate, mining, media, transportation, entertainment and technology. The group uses vertical integration as a strategy of diversification and growth. The group plans to grow through acquisitions in Africa, United Kingdom and the United States.
Williamsville Sears Management actively seeks a select portfolio of high-calibre strategic subsidiaries which it acquires based on market trends and their ability to deliver strong returns to shareholders whilst enhancing the communities in which the investments are located. www.williamsville.us
Forward-Looking Information:
Cautionary Note:
The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
For more information:
Tel:+ 1-212-709-8206
Fax:+1-212-943-2300
Source:Williamsville Sears Management Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-williamsville-sears-appoints-a-new-chairman-and-vice-chairman-of-the-board-as-the-founder-steps-down.html |
April 30 (Reuters) - LIVANIS PUBLICATIONS SA:
* SAYS WILL NOT PAY DIVIDEND FOR 2017 Source text : bit.ly/2HEFeEE Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-livanis-will-not-pay-dividend-for/brief-livanis-will-not-pay-dividend-for-2017-idUSFWN1S70CE |
* MSCI Asia-Pacific index up 0.05 pct, Nikkei rises 0.2 pct
* Markets eye ongoing U.S.-China trade negotiations
* Dollar/yen hits near 4-mth high with US yields at 7-yr peak
* Crude dips back from 2014 peak, still poised for big weekly gain
By Shinichi Saoshiro
TOKYO, May 18 (Reuters) - Asian stocks edged up on Friday as investors kept a cautious watch on developments in U.S.-China trade negotiations, while the dollar was perched near a five-month peak against a basket of currencies thanks to the benchmark U.S. Treasury yield topping a seven-year high.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.05 percent higher. The index was headed for a 1 percent loss this week.
Japan’s Nikkei rose 0.2 percent, South Korea’s KOSPI was up 0.25 percent and Australian stocks edged up 0.05 percent.
Wall Street ended slightly lower on Thursday as investors grappled with U.S.-China trade tensions after U.S. President Donald Trump said that China “has become very spoiled on trade”.
But helping ease some of the tension, Beijing has offered President Trump a package of proposed purchases of American goods and other measures aimed at reducing the U.S. trade deficit with China by some $200 billion a year, U.S. officials familiar with the proposal said.
A second round of talks between senior Trump administration officials and their Chinese counterparts started on Thursday, focused on cutting China’s U.S. trade surplus and improving intellectual property protections.
“President Trump does not do the actual trade negotiations, which are done by officials from both sides,” said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities in Tokyo.
“China should be well accustomed to Trump’s ways by now. Judging from how the talks are proceeding so far, there is a greater chance of the negotiations ending in some sort of a compromise instead of falling through, and such an outcome would bode well for risk sentiment,” he said.
In currencies, the dollar index against a basket of six major currencies was steady at 93.482 after rising to a five-month peak of 93.632 on Thursday.
The index has gained about 1 percent this week, buoyed by a surge in Treasury yields.
The euro was up 0.05 percent at $1.1800, but not far off a five-month trough of $1.1763 brushed on Wednesday. The currency has fallen nearly 1.2 percent this week, largely pressured by concerns about Italian political uncertainty.
The dollar extended an overnight rally and rose to 110.870 yen, its highest since late January. The greenback has gained nearly 1.4 percent against its Japanese peer this week.
In commodities, Brent crude futures stood little changed at $79.42 a barrel after rising to $80.50 on Thursday, their highest since November 2014.
Brent has risen 3 percent this week and headed for the sixth week of gains.
A rapid slide in oil supply from Venezuela, concern that U.S. sanctions will disrupt exports from Iran, and falling global inventories have all combined to push oil prices up nearly 20 percent in 2018.
The 10-year U.S. Treasury note yield stood near a seven-year high of 3.122 percent marked on Thursday.
Inflation concerns, strong U.S. economic indicators and worries over increasing debt supply have pushed Treasury yields higher this week. (Editing by Shri Navaratnam)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-asia-stocks-edge-up-investors-cautious-on-us-china-trade-talks-idUSL3N1SP060 |
May 18 (Reuters) - Agree Realty Corp:
* AGREE REALTY-ENTERED SEPARATE ATM EQUITY DISTRIBUTION AGREEMENTS RELATING TO OFFER, SALE OF SHARES OF STOCK HAVING OFFERING PRICE UP TO $250 MILLION Source bit.ly/2IsgxM8 Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-agree-realty-entered-into-separate/brief-agree-realty-entered-into-separate-atm-equity-agreements-idUSFWN1SP0Y1 |
May 28, 2018 / 7:10 AM / Updated 3 minutes ago Italian markets rally as eurosceptic coalition attempt to form government crumbles Reuters Staff 2 Min Read
LONDON (Reuters) - Italian bonds, stocks and the euro rallied on Monday after Italy’s president rejected a eurosceptic pick for the key role of economy minister prompting anti-establishment parties 5-Star Movement and League to abandon plans to form a government. FILE PHOTO: The Milan stock exchange building is seen in downtown Milan March 18, 2013. REUTERS/Alessandro Garofalo/File Photo - RC1C18E78150
Italy’s president Sergio Mattarella is expected to ask a former International Monetary Fund official on Monday to head a stopgap government amidst political and constitutional turmoil, with early elections looking inevitable.
But the stance to block a eurosceptic economy minister boosted sentiment towards the currency.
The euro EUR=EBS rallied 0.6 percent to $1.1728, pulling itself above 6-1/2 month lows. It strengthened 0.8 percent against the Swiss franc EURCHF=EBS , bouncing sharply from near 3-month lows.
Italian 10-year government bond yields dropped 10 basis points to 2.35 percent in early trade IT10YT=RR while two-year yields dropped as much as 14 bps IT2YT=RR and was set for its biggest daily drop in three years.
The closely-watched Italian/German 10-year bond yield spread tightens nearly 15 bps from Friday’s close DE10IT10=RR.
European stock futures rose on Monday, indicating a stronger open across euro zone benchmarks as an anti-establishment government failed to materialize in Italy and the U.S. showed signs of progressing towards a summit with North Korea. Reporting by Abhinav Ramnarayan and Helen Reid, Editing by Saikat Chatterjee | ashraq/financial-news-articles | https://uk.reuters.com/article/us-eurozone-bonds-italy/italian-markets-rally-as-eurosceptic-coalition-attempt-to-form-government-crumbles-idUKKCN1IT0I5 |
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