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BERLIN, May 3 (Reuters) - Adidas expects sales in Western Europe to be flat in the second quarter after the first three months were helped by the release of World Cup jerseys, the German sportswear company said on Thursday.
Adidas shares fell after the remarks, trading down 5.7 percent at 1400 GMT.
Chief Executive Kasper Rorsted made the comments on an analyst call after Adidas reported that Western Europe saw sales growth slow to 5 percent in the first quarter.
“We are moving to a flattish revenue number for the second quarter,” Rorsted said, adding that this year’s World Cup in Russia offered less financial opportunities than the last competition in Brazil. (Reporting by Emma Thomasson Editing by Arno Schuetze)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/adidas-results-europe/adidas-sees-flat-sales-in-europe-in-second-quarter-idUSL8N1SA6PV |
BARCELONA (Reuters) - Three people were killed on Saturday when a light aircraft crashed in Spain, authorities said. The nationality of the victims was not immediately known, though the plane began its journey in Cascais, Portugal, and was headed to Reus international airport in northwest Spain, they said. The crash occurred in the department of Tarragona in Catalonia and did not affect traffic at Reus.
Reporting by Sam Edwards, Editing by Angus MacSwan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-spain-portugal-accident/three-killed-when-light-aircraft-crashes-in-spain-idUSKCN1ID0N3 |
HAMILTON, Bermuda--(BUSINESS WIRE)-- Triton International Limited (NYSE: TRTN) ("Triton")
First Quarter Highlights:
Triton reported Net income attributable to shareholders of $80.9 million. Triton reported Adjusted net income of $79.8 million or $0.99 per diluted share. Container pick-up activity was solid and drop-offs were exceptionally low leading to average utilization of 98.6% for the first quarter of 2018. Triton announced a quarterly dividend of $0.52 per share payable on June 22, 2018 to shareholders of record as of June 1, 2018.
Financial Results
The following table summarizes Triton’s selected key financial information for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017.
(in millions, except per share data) Three Months Ended, March 31, 2018 December 31, 2017 March 31, 2017 Total leasing revenues $315.1 $313.9 $265.6 Net income attributable to shareholders (1) $80.9 $207.2 $34.6 Net income per share - Diluted $1.00 $2.57 $0.47 Adjusted net income (2) $79.8 $68.3 $35.4 Adjusted net income per share - Diluted (2) $0.99 $0.85 $0.48 Return on equity (3) 15.4% 13.6% 8.6% (1) Included in Net income attributable to shareholders for the three months ended December 31, 2017 is a one-time tax benefit of $139.4 million recognized as a result of the reduction in the U.S. statutory corporate tax rate as part of the Tax Cuts and Jobs Act. (2) Refer to the "Use of Non-GAAP Financial Measures" and "Non-GAAP Reconciliations of Adjusted Net Income" set forth below. (3) Triton's definition and calculation of Return on equity is annualized Adjusted net income divided by average shareholders' equity for the period. Operating Performance
“Triton’s strong results in the first quarter of 2018 were supported by favorable market conditions and outstanding operational performance,” commented Brian Sondey, Chief Executive Officer of Triton. “We generated $79.8 million in Adjusted net income for the quarter, a sequential increase of 16.8%, which is particularly impressive given our first quarter typically represents a seasonally slow quarter and has the fewest number of revenue days. We are off to a great start to the year, and look forward to carrying the momentum forward as we head toward the peak shipping season.”
“Our key operating metrics remain strong. Container pick-up and deal activity was solid in the first quarter despite the seasonality, while container drop-offs remained exceptionally low. Our utilization increased 10 basis points during the quarter to reach 98.7% as of March 31, 2018, and our utilization currently stands at 98.8%. New container prices held firm in the quarter, while used container sale prices increased, reflecting very low inventories of sale containers. We also benefited from a reduction in our average tax rate during the quarter as a result of corporate tax legislation enacted at the end of last year. We expect our average tax rate will remain in the 10-12% range for the full year of 2018. We have purchased over $850 million of containers for delivery in 2018, which puts us on track for another year of successful investment and growth.”
Outlook
Mr. Sondey continued, “We expect market conditions to remain favorable. Trade growth is anticipated to remain positive, and many of our customers continue to rely heavily on leasing for new container additions to their fleets. The inventory of new containers has increased in the run up to the peak shipping season, but the availability of used leasing containers is exceptionally low, which has kept the overall supply and demand balance for containers favorable. Overall, we expect Adjusted net income to increase gradually throughout 2018.”
Dividend
Triton’s Board of Directors has approved and declared a $0.52 per share quarterly cash dividend on its issued and outstanding common shares, payable on June 22, 2018 to shareholders of record at the close of business on June 1, 2018.
Mr. Sondey concluded, “Our $0.52 per share quarterly dividend represents a 15% increase from our previous dividend level. The increase reflects the strength of our cash flow as well as our optimistic outlook for continued strong performance.”
Investors’ Webcast
Triton will hold a Webcast at 8:30 a.m. (New York time) on Friday, May 4, 2018 to discuss its first quarter results. To listen by phone, please dial 1-866-524-3159 (domestic) or 1-412-317-6759 (international) approximately 15 minutes prior to the start time and reference the Triton International Limited conference call. To access the live Webcast please visit Triton's website at http://www.trtn.com . An archive of the Webcast will be available one hour after the live call.
About Triton International Limited
Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of 5.7 million twenty-foot equivalent units ("TEU"), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.
The following table sets forth the equipment fleet utilization for the periods indicated:
Quarter Ended March 31, 2018 December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Average Utilization (a) 98.6% 98.3% 97.6% 96.5% 95.3% Ending Utilization (a) 98.7% 98.6% 98.0% 97.1% 95.8% (a) Utilization is computed by dividing total units on lease (in cost equivalent units, or "CEUs") by the total units in fleet (in CEUs), excluding new units not yet leased and off-hire units designated for sale.
The following table summarizes the equipment fleet as of March 31, 2018, December 31, 2017 and March 31, 2017:
Equipment Fleet in Units Equipment Fleet in TEU March 31, 2018 December 31, 2017 March 31, 2017 March 31, 2018 December 31, 2017 March 31, 2017 Dry 3,103,671 3,077,144 2,825,562 5,039,302 5,000,043 4,585,569 Refrigerated 221,810 218,429 219,837 426,335 419,673 422,280 Special 90,867 89,066 91,702 163,155 159,172 163,080 Tank 12,188 12,124 11,958 12,188 12,124 11,958 Chassis 22,477 22,523 22,115 40,996 41,068 40,218 Equipment leasing fleet 3,451,013 3,419,286 3,171,174 5,681,976 5,632,080 5,223,105 Equipment trading fleet 12,022 10,510 20,280 19,245 16,907 31,290 Total 3,463,035 3,429,796 3,191,454 5,701,221 5,648,987 5,254,395 Equipment in CEU March 31, 2018 December 31, 2017 March 31, 2017 Operating leases 6,752,636 6,678,282 6,295,201 Finance leases 329,659 328,024 360,869 Equipment trading fleet 53,454 51,762 74,638 Total 7,135,749 7,058,068 6,730,708 Important Cautionary Information Regarding Forward-Looking Statements
Certain statements in this release, other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words "expect," "intend," "plan," "believe," "project," "anticipate," "will," "may," "would" and similar statements of a future or forward-looking nature may be used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton's control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements.
These factors include, without limitation, economic, business, competitive, market and regulatory conditions and the following: uncertainty as to the long-term value of Triton's common shares; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in re-leasing containers after their initial fixed-term leases; our customers' decisions to buy rather than lease containers; our dependence on a limited number of customers for a substantial portion of our revenues; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of our business; decreases in the demand for international trade; disruption to our operations resulting from the political and economic policies of the United States and other countries, particularly China, including increased tariffs; disruption to our operations from failures of, or attacks on, our information technology systems; our compliance or failure to comply with laws and regulations related to economic and trade sanctions, security, anti-terrorism, environmental protection and corruption; our ability to obtain sufficient capital to support our growth; restrictions on our businesses imposed by the terms of our debt agreements; changes in tax laws in the United States and other countries and other risks and uncertainties, including those risk factors set forth in the section entitled "Risk Factors" to in our Form 10-K filed with the SEC, on February 27, 2018.
The foregoing list of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere. Any forward-looking statements made herein are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on Triton or its business or operations. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
-Financial Tables Follow-
TRITON INTERNATIONAL LIMITED
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
March 31,
2018 December 31,
2017 ASSETS: Leasing equipment, net of accumulated depreciation of $2,329,870 and $2,218,897 $ 8,439,971 $ 8,364,484 Net investment in finance leases 286,358 295,891 Equipment held for sale 42,690 43,195 Revenue earning assets 8,769,019 8,703,570 Cash and cash equivalents 118,272 132,031 Restricted cash 128,720 94,140 Accounts receivable, net of allowances of $2,873 and $3,002 199,297 199,876 Goodwill 236,665 236,665 Lease intangibles, net of accumulated amortization of $161,641 and $144,081 136,816 154,376 Other assets 69,495 49,591 Fair value of derivative instruments 22,662 7,376 Total assets $ 9,680,946 $ 9,577,625 LIABILITIES AND SHAREHOLDERS' EQUITY: Equipment purchases payable $ 125,978 $ 128,133 Fair value of derivative instruments — 2,503 Accounts payable and other accrued expenses 109,657 109,999 Net deferred income tax liability 227,727 215,439 Debt, net of unamortized debt costs of $42,982 and $40,636 6,952,815 6,911,725 Total liabilities 7,416,177 7,367,799 Shareholders' equity: Common shares, $0.01 par value, 294,000,000 shares authorized, 80,815,752 and 80,687,757 shares issued and outstanding, respectively 808 807 Undesignated shares, $0.01 par value, 6,000,000 shares authorized, no shares issued and outstanding — — Additional paid-in capital 890,857 889,168 Accumulated earnings 1,206,848 1,159,367 Accumulated other comprehensive income 34,992 26,942 Total shareholders' equity 2,133,505 2,076,284 Non-controlling interests 131,264 133,542 Total equity 2,264,769 2,209,826 Total liabilities and equity $ 9,680,946 $ 9,577,625 TRITON INTERNATIONAL LIMITED
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31, 2018 2017 Leasing revenues: Operating leases $ 310,231 $ 259,585 Finance leases 4,866 6,017 Total leasing revenues 315,097 265,602 Equipment trading revenues 13,375 5,484 Equipment trading expenses (10,384 ) (5,092 ) Trading margin 2,991 392 Net gain on sale of leasing equipment 9,218 5,161 Operating expenses: Depreciation and amortization 130,433 117,880 Direct operating expenses 11,048 21,954 Administrative expenses 19,582 22,967 Transaction and other (income) costs (29 ) 2,472 (Benefit) provision for doubtful accounts (101 ) 574 Total operating expenses 160,933 165,847 Operating income 166,373 105,308 Other expenses: Interest and debt expense 75,098 63,504 Realized (gain) loss on derivative instruments, net (248 ) 599 Unrealized gain on derivative instruments, net (1,186 ) (1,498 ) Other income, net (659 ) (742 ) Total other expenses 73,005 61,863 Income before income taxes 93,368 43,445 Income tax expense 10,503 7,142 Net income $ 82,865 $ 36,303 Less: income attributable to noncontrolling interest 1,973 1,692 Net income attributable to shareholders $ 80,892 $ 34,611 Net income per common share—Basic $ 1.01 $ 0.47 Net income per common share—Diluted $ 1.00 $ 0.47 Cash dividends paid per common share $ 0.45 $ 0.45 Weighted average number of common shares outstanding—Basic 79,968 73,741 Dilutive restricted shares and share options 604 292 Weighted average number of common shares outstanding—Diluted 80,572 74,033 TRITON INTERNATIONAL LIMITED
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended March 31, 2018 2017 Cash flows from operating activities: Net income $ 82,865 $ 36,303 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 130,433 117,880 Amortization of deferred financing costs and other debt related amortization 3,113 2,490 Lease related amortization 18,166 24,138 Share-based compensation expense 2,512 1,057 Net (gain) on sale of leasing equipment (9,218 ) (5,161 ) Unrealized (gain) on derivative instruments (1,186 ) (1,498 ) Deferred income taxes 9,301 6,593 Changes in operating assets and liabilities: Accounts receivable (1,071 ) (6,269 ) Accounts payable and other accrued expenses 844 (3,978 ) Net equipment sold for resale activity (5,185 ) (8,893 ) Other assets 890 279 Net cash provided by operating activities 231,464 162,941 Cash flows from investing activities: Purchases of leasing equipment and investments in finance leases (258,668 ) (265,706 ) Proceeds from sale of equipment, net of selling costs 38,885 34,988 Cash collections on finance lease receivables, net of income earned 14,771 15,580 Other 55 (405 ) Net cash used in by investing activities (204,957 ) (215,543 ) Cash flows from financing activities: Redemption of common shares for withholding taxes (822 ) — Debt issuance costs (4,976 ) (7,517 ) Borrowings under debt facilities 510,210 388,253 Payments under debt facilities and capital lease obligations (469,841 ) (260,475 ) Dividends paid (36,008 ) (33,183 ) Distributions to noncontrolling interest (4,249 ) (4,898 ) Net cash (used in) provided by financing activities (5,686 ) 82,180 Net increase in cash, cash equivalents and restricted cash $ 20,821 $ 29,578 Cash, cash equivalents and restricted cash, beginning of period 226,171 163,492 Cash, cash equivalents and restricted cash, end of period $ 246,992 $ 193,070 Supplemental disclosures: Interest paid $ 56,571 $ 49,043 Supplemental non-cash investing activities: Equipment purchases payable $ 125,978 $ 200,728 Use of Non-GAAP Financial Measures
We use the term "Adjusted net income" throughout this press release.
Adjusted net income is adjusted for certain items management believes are not representative of our operating performance. Adjusted net income is defined as net income attributable to shareholders excluding the write-off of deferred financing costs net of tax, gains and losses on interest rate swaps net of tax, transaction and other costs net of tax, and any foreign income and withholding tax adjustments.
Adjusted net income is not a presentation made in accordance with U.S. GAAP. Adjusted net income should not be considered as an alternative to, or more meaningful than, amounts determined in accordance with U.S. GAAP, including net income.
We believe that Adjusted net income is useful to an investor in evaluating our operating performance because this measure:
is widely used by securities analysts and investors to measure a company’s operating performance; helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the impact of our capital structure, our asset base and certain non-routine events which we do not expect to occur in the future; and is used by our management for various purposes, including as measures of operating performance and liquidity, to assist in comparing performance from period to period on a consistent basis, in presentations to our board of directors concerning our financial performance and as a basis for strategic planning and forecasting.
We have provided a reconciliation of Net income attributable to shareholders, the most directly comparable U.S. GAAP measure, to Adjusted net income in the table below for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017.
TRITON INTERNATIONAL LIMITED
Non-GAAP Reconciliations of Adjusted Net Income
(In Thousands, except per share amounts)
Three Months Ended, March 31, 2018 December 31, 2017 March 31, 2017 Net income attributable to shareholders $ 80,892 $ 207,160 $ 34,611 Add: Unrealized gain on derivative instruments, net (1,052 ) (1,084 ) (1,252 ) Transaction and other (income) costs (26 ) 4,862 2,066 Write-off of deferred financing costs — 2,327 — One-time tax benefit related to U.S. statutory rate reduction (139,359 ) Insurance recovery income — (5,567 ) — Adjusted net income $ 79,814 $ 68,339 $ 35,425 Adjusted net income per share - Basic $ 1.00 $ 0.85 $ 0.48 Adjusted net income per share - Diluted $ 0.99 $ 0.85 $ 0.48 Weighted average number of common shares outstanding - Basic 79,968 79,936 73,741 Weighted average number of common shares outstanding - Diluted 80,572 80,556 74,033 TRITON INTERNATIONAL LIMITED
Calculation of Return on Equity
(In Thousands)
Three Months Ended, March 31, 2018 December 31, 2017 March 31, 2017 Adjusted net income $ 79,814 $ 68,339 $ 35,425 Annualized Adjusted net income (1) 323,690 271,128 143,668 Beginning Shareholders' equity 2,076,284 1,900,028 1,663,233 Ending Shareholders' equity 2,133,505 2,076,284 1,672,925 Average Shareholders' equity $ 2,104,895 $ 1,988,156 $ 1,668,079 Return on equity 15.4 % 13.6 % 8.6 % (1) Annualized Adjusted net income was calculated based on calendar days per quarter.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005106/en/
Triton International Limited
Andrew Greenberg, 914-697-2900
Senior Vice President, Finance & Investor Relations
Source: Triton International Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-triton-international-reports-first-quarter-2018-adjusted-eps-of-0-point-99-and-increases-the-quarterly-dividend-0-point-07.html |
May 31, 2018 / 7:25 PM / Updated 41 minutes ago No practice round, no problem for U.S. Women's Open leader Ariya Andrew Both 3 Min Read
SHOAL CREEK, Ala. (Reuters) - Thailand’s Ariya Jutanugarn shrugged off her lack of course knowledge to take the clubhouse lead with a five-under-par 67 in the opening round at the U.S. Women’s Open on Thursday. May 31, 2018; Shoal Creek, AL, USA; Ariya Jutanugarn walks off the seventh green after putting during the first round of the U.S. Women's Open Championship golf tournament at Shoal Creek. Mandatory Credit: John David Mercer-USA TODAY Sports
Despite wet conditions which made the Shoal Creek course play longer than usual, the powerful Ariya eschewed her driver in favour of a three-wood off the tee.
The tactic paid off handsomely as she largely avoided the wiry rough and took advantage of soft greens to fire approach shots to within birdie range with monotonous regularity.
An eagle at her 15th hole, the par-five sixth, where she hoisted a five-iron to five feet, capped off a near perfect day in the office for the world number five.
“My game was pretty good today,” said Ariya, who headed Americans Michelle Wie and Danielle Kang by two strokes with half the field back in the clubhouse.
Even though more than six inches of rain fell on the course between Sunday night and Wednesday morning, play started on time at the crack of dawn.
The U.S. Golf Association stuck to its plan not to allow preferred lies, despite objections from some competitors who complained luck would become a big factor if players were not allowed to wipe mud from the balls.
But there were few gripes from the early starters, at least from those who shot good scores. LITTLE PRACTICE
Ariya, who won the Kingsmill Championship two weeks ago, was one of many players who started the first round without the benefit of even a full practice round.
She could not play on Monday because her clubs went missing on the flight to Birmingham and then had to wait patiently on Tuesday when the course was closed due to the wet conditions.
Nine holes on Wednesday was the best she could muster.
“It’s tough for me today because I didn’t see the front (nine),” said Ariya, 22, who became the first Thai player to win a major title when she captured the 2016 Women’s British Open.
Wie, meanwhile, was surprised at the condition of the course.
“It’s mind blowing how great the golf course is,” said the former child prodigy and 2014 champion.
“They’ve done an amazing job. I had a couple of mud balls that went in completely different directions to what I thought they were going to do.
“For the most part, it wasn’t really as bad as I thought it was going to be. I thought I was going to get half the ball covered in mud on every shot.” Reporting by Andrew Both; Editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-golf-women-uschamp/no-practice-round-no-problem-for-u-s-womens-open-leader-ariya-idUKKCN1IW2U1 |
CNBC International Market Close Briefing: May 9, 2018 1 Hour Ago CNBC market reporters bring you the latest on the stock markets throughout the day as well as fast, accurate, and actionable business news. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/cnbc-international-market-close-briefing-may-9-2018.html |
MOSCOW (Reuters) - Iran’s foreign minister will travel to Moscow on May 14 and meet his Russian counterpart, the RIA news agency reported on Friday citing Zamir Kabulov, a Russian foreign ministry official.
Reporting by Vladimir Soldatkin; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-russia-visit/irans-foreign-minister-to-meet-counterpart-in-moscow-on-may-14-ria-idUSKBN1IC0N7 |
China is reportedly lining up countries against US in pending trade war 7 Hours Ago China is reportedly looking to line up other countries against the U.S. in a pending trade war, after the White House announced an unexpected move forward on trade tariffs, the Wall Street Journal reported Wednesday. The countries in question are mostly in Europe and Asia, where companies could benefit from China's plans to give foreign companies more open access to its markets. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/china-us-trade-war-trump.html |
(Reuters) - California Governor Jerry Brown is proposing a $199.3 billion state budget for the upcoming fiscal year 2018-2019, a 9 percent increase from the current fiscal year’s budget and a 5 percent increase from the budget he proposed in January.
File Photo: California Governor Jerry Brown speaks before signing a bill hiking California's minimum wage to $15 by 2023 in Los Angeles, California, United States, April 4, 2016. REUTERS/Lucy Nicholson/File Photo The state’s general fund proposed budget was revised to $137.6 billion under the May revision of the budget, a 10 percent increase from this year and a 5 percent increase from the January proposal, according to the state’s department of finance.
Reporting by Robin Respaut in San Francisco; Editing by Paul Simao
| ashraq/financial-news-articles | https://www.reuters.com/article/us-california-budget/brown-proposes-9-percent-hike-in-california-budget-from-current-year-idUSKBN1IC269 |
LONGWOOD, Fla., May 22, 2018 (GLOBE NEWSWIRE) -- Spectrum Global Solutions, Inc. (f/k/a Mantra Venture Group, Ltd.) (the "Company") (OTC:SGSI), reported financial results for the three months ended March 31, 2018.
Roger Ponder, CEO of the Company stated, “Revenue exceeded $4 million for the quarter. This does not include the results for the entire quarter of our recently acquired ADEX subsidiary, which we acquired on February 27. If we had acquired ADEX on January 1, 2018, our revenue would have been over $7 million for the quarter and we are tracking to exceed $30 Million in annual revenue for the year. We will continue to execute on our work in progress and pipeline of sales opportunities, as we work towards achieving profitability"
Mr. Ponder continued: “Our shareholders should also be mindful of the following key events:
Management retired 217 Million Common Shares in April 2018.
Management canceled more than 500,000 Preferred Shares in May 2018.
Management was able to divest non-producing assets in May 2018 and expenses associated with those assets.
Our backlog is over $12 Million with a pipeline of opportunities exceeding $127 Million.
We continue to seek acquisitions and strategic partnerships to grow our business with a goal of being up listed to a national exchange by this time next year.
Financial Highlights:
Revenue for the three-month period ended March 31, 2018 was $4,227,764 as compared to $0 for the same period in 2017. The Company had a net loss attributable to common stockholders of $(108,442) during the period ended March 31, 2018 compared to net loss of $(1,018,921) for the comparable period of 2017. The decrease in net loss was primarily due to revenue derived from our new subsidiaries and decreases in derivative liabilities and other non-cash expenses.
Our operating results for the Period ended March 31, 2018 and 2017 are summarized as follows:
Three Months Ended
March 31, 2018 Three Months Ended
March 31, 2017 Statement of Operations Data: Revenues $ 4,227,764 ) $ 0 Operating expenses 5,071,255 139,873 Loss from operations (743,491 ) (139,873 ) Total other income (expense) 580,276 (902,701 ) Net Income (loss) attributable to common stockholders (108,442 ) (1,018,921 ) Balance sheet data for period ended March 31, 2018: Cash $ 285,339 Accounts receivable, net 6,432,403 Total current assets 6,751,851 Goodwill and intangible assets, net 6,079,902 Total assets 12,926,323 Total current liabilities, excluding derivative liabilities 11,515,194 Derivative liabilities 7,103,644 Stockholders' (deficit) equity (5,692,515 ) About Spectrum Global Solutions:
Spectrum Global Solutions, Inc. (SGSI) operates through its AW Solutions and ADEX Corp subsidiaries.
AW Solutions (AWS) and ADEX Corp (ADEX) are leading providers of telecommunications engineering, infrastructure services and staffing solutions across the United States, Canada, Puerto Rico, Guam and Caribbean. For more information about the Company and its technologies visit the Company’s public filings at SEC.gov .
Forward Looking Statements
Statements in this press release regarding the Company that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements, including, but not limited to, financial guidance, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not directly or exclusively relate to historical facts. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “predicts,” “potential,” or the negative of those terms, and similar expressions and comparable terminology. These include, but are not limited to, statements relating to future events or our future financial and operating results, plans, objectives, expectations and intentions. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these expectations may not be achieved. Forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to known and unknown risks, uncertainties and other factors outside of our control that could cause our actual results, performance or achievement to differ materially from those expressed or implied by these forward-looking statements. In addition to the risks described above, these risks and uncertainties include: our ability to successfully execute our business strategies, including integration of acquisitions and the future acquisition of other businesses to grow our company; customers’ cancellation on short notice of master service agreements from which we derive a significant portion of our revenue or our failure to renew such master service agreements on favorable terms or at all; our ability to attract and retain key personnel and skilled labor to meet the requirements of our labor-intensive business or labor difficulties which could have an effect on our ability to bid for and successfully complete contracts; our failure to compete effectively in our highly competitive industry could reduce the number of new contracts awarded to us or adversely affect our market share and harm our financial performance; our ability to adopt and master new technologies and adjust certain fixed costs and expenses to adapt to our industry’s and customers’ evolving demands; our history of losses, deficiency in working capital and a stockholders’ deficit and our ability to achieve sustained profitability; material weaknesses in our internal control over financial reporting and our ability to maintain effective controls over financial reporting in the future; our substantial indebtedness could adversely affect our business, financial condition and results of operations and our ability to meet our payment obligations; the impact of new or changed laws, regulations or other industry standards that could adversely affect our ability to conduct our business; and changes in general market, economic and political conditions in the United States and global economies or financial markets, including those resulting from natural or man-made disasters.
These forward-looking statements represent our estimates and assumptions only as of the date of this release and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this release. Given these uncertainties, you should not place undue reliance on these forward-looking statements and should consider various factors, including the risks described, among other places, in our most recent Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q, as well as any amendments thereto, filed with the SEC.
CONTACT: Investor Relations Spectrum Global Solutions, Inc. 561-672-7068
Source:Spectrum Global Solutions, Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-spectrum-global-solutions-reports-over-4m-in-revenue-for-the-first-quarter-2018.html |
May 4, 2018 / 1:07 PM / Updated 7 minutes ago BRIEF-Euroseas Ltd Announces Time Charter Contract Reuters Staff 1 Min Read
May 4 (Reuters) - Euroseas Ltd:
* EUROSEAS LTD. ANNOUNCES TIME CHARTER CONTRACT AND FINANCING FOR ITS NEWBUILDING KAMSARMAX M/V EKATERINI AND SETS DATE FOR THE RELEASE OF FIRST QUARTER 2018 RESULTS, CONFERENCE CALL AND WEBCAST
* EUROSEAS LTD - UNIT OF CO ENTERED INTO A TIME CHARTER CONTRACT FOR ITS NEWBUILDING VESSEL, M/V EKATERINI
* EUROSEAS - M/V EKATERINI IS CHARTERED TO A EUROPEAN CHARTERER FOR ABOUT 2 YEARS AT GROSS DAILY RATE OF $13,000
* EUROSEAS LTD - SECURED A BANK LOAN OF ABOUT $18.4 MILLION TO FINANCE ACQUISITION OF THE VESSEL
* EUROSEAS LTD - CHARTER WILL COMMENCE UPON DELIVERY OF VESSEL AND IS EXPECTED TO CONTRIBUTE ABOUT $9.0 MILLION OF NET REVENUES TO CO DURING CONTRACT PERIOD
* EUROSEAS LTD - M/V EKATERINI IS SCHEDULED TO BE DELIVERED TO CO FROM SHIPYARD ON MAY 7
* EUROSEAS-LOAN PROCEEDS TO HELP CO’S LIQUIDITY BY ABOUT $2.2 MILLION AFTER REPAYMENT OF LAST INSTALLMENT TO SHIPYARD, ALL VESSEL DELIVERY RELATED EXPENSES Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-euroseas-ltdannounces-time-charter/brief-euroseas-ltdannounces-time-charter-contract-idUSASC09ZXC |
* U.S. crude stocks fall by 1.4 million barrels -EIA
* Physical spot cargoes trade at discount to financial crude
* Gasoline futures hit 3-1/2 year high
* Global oil demand likely to moderate this year -IEA (Updates prices, adds comment)
NEW YORK, May 16 (Reuters) - Oil prices gained on Wednesday, shaking off the effects of a strengthening dollar, after an inventory report showed U.S. crude and gasoline stocks fell more than expected.
Brent crude futures gained 85 cents to settle at $79.28 a barrel, while U.S. crude futures gained 18 cents to settle at $71.49 a barrel.
"We rallied as the day went on," said Gene McGillian, manager of market research at Tradition in Stamford. "We continued to receive support from concerns about supply from the Iranian nuclear accord, Venezuela ... as well as the draw in crude," McGillian said.
U.S. crude inventories fell by 1.4 million barrels in the week to May 11, compared with analyst expectations for a 763,000 barrel decrease.
U.S. gasoline stocks fell 3.79 million barrels, according to the U.S. Energy Information Administration's weekly report. Analysts had expected a 1.42 million barrel decline. That helped push gasoline futures to their highest levels since October 2014.
"The strength of gasoline, which made new highs, a 3-1/2-year high today ... helped pull up crude later in the session," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
Exports hit a new one-week record, the EIA said.
The report pointed to healthy demand for U.S. crude, Commerzbank analyst Carsten Fritsch said.
In Venezuela, production plunged to 1.5 million barrels last month, its lowest level in decades due to its ongoing economic crisis.
Meanwhile, the dollar firmed to nearly a five-month high against a basket of other major currencies on Wednesday. A stronger greenback makes it more expensive to buy dollar-denominated commodities such as oil.
While futures prices climb, physical crude markets are sagging under the weight of unsold barrels. The 50 percent rise in oil prices in the last year is encouraging major companies such as ExxonMobil, Royal Dutch Shell, Chevron , BP and Total to increase output.
Spot crude oil cargo prices are at their steepest discounts to futures prices in years as sellers struggle to find buyers for West African, Russian and Kazakh cargoes, while pipeline bottlenecks trap supply in West Texas and Canada.
The International Energy Agency warned global demand is likely to moderate this year as crude prices near $80 a barrel and many key importing countries no longer offer consumers generous fuel subsidies.
In its monthly report, the Paris-based IEA cut its forecast for 2018 global demand growth to 1.4 million barrels per day, from 1.5 million bpd.
"On balance, the report is tending more to the negative side. Demand for oil has been revised downwards for the second half of the year from April," PVM Oil Associates strategist Tamas Varga said. (Additional reporting by Amanda Cooper in LONDON and Henning Gloystein in SINGAPORE; Editing by Mark Potter, Paul Simao and Susan Thomas) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/reuters-america-update-8-oil-gains-after-report-shows-larger-than-expected-u-s-stock-draws.html |
MANILA, May 9 (Reuters) - The Philippine Statistics Authority on Wednesday released preliminary data on March exports and imports: KEY DATA Mar Feb Jan Dec Nov Oct Total exports ($bln) 5.51 4.66 5.37 5.08 5.02 5.39 yr/yr chg (pct) -8.2 -1.8 3.5 2.3 2.7 7.1 Electronics ($bln) 3.22 2.58 2.62 2.86 2.88 2.86 yr/yr chg (pct) 6.8 4.6 10.8 15 12.7 13.8 Total imports ($bln) 8.12 7.72 8.54 8.92 8.86 8.21 yr/yr chg (pct) 0.1 18.6 11.4 20.0 20.1 13.1 Electronics ($bln) 2.22 1.97 2.23 2.15 2.42 2.25 yr/yr chg (pct) 6.7 13.5 18.9 20.3 23.4 23.3 Trade balance ($bln) -2.61 -3.07 -3.16 -3.8 -3.85 -2.82 4 - The decline in exports was led by a drop in the shipment of machinery and transport equipment, gold, coconut oil, among others. - Double digit drops in the purchases of transport equipment, industrial machinery equipment, and manufactured articles significantly slowed imports growth in March. (Reporting by Karen Lema and Enrico dela Cruz; Editing by Biju Dwarakanath)
| ashraq/financial-news-articles | https://www.reuters.com/article/philippines-economy-tradefigures/philippines-trade-deficit-narrows-in-march-as-imports-slow-idUSP8N1SE003 |
May 23, 2018 / 5:47 PM / Updated 9 minutes ago Canadian National engineers reach new agreement with union Reuters Staff 1 Min Read
May 23 (Reuters) - Canadian National Railway Co said on Wednesday that about 1,800 of its locomotive engineers had ratified a new agreement with Teamsters Canada regarding wages and benefits.
The new agreement at Canada’s largest railroad comes as conductors and engineers of smaller peer Canadian Pacific Railway Ltd are set to vote on their respective contracts after Teamsters Canada urged members to reject an initial offer and threatened to call a strike.
Canadian National’s five-year contract with the the union body runs through Dec. 31, 2022 and provides wage and benefit improvements for every year of the agreement. It also modifies some work rules that were of concern to both CN and engineers, the company said, but did not give details. (Reporting by Karan Nagarkatti in Bengaluru; Editing by Shounak Dasgupta) | ashraq/financial-news-articles | https://www.reuters.com/article/canadian-natio-rail-labor/canadian-national-engineers-reach-new-agreement-with-union-idUSL3N1SU5GY |
General Motors is a leader in the future autonomous vehicle network space, according to Citigroup, spelling a "raging bull" case for the automaker.
Though analyst Itay Michaeli believes the automaker's shares could nearly double to $70 over the next 12 months, he argued that the stock could soar to $134 over the long term as autonomous vehicle technology networks become commonplace.
"We believe General Motors remains an underappreciated leader in the future autonomous vehicle network space," Michaeli wrote Sunday. "Establishing large autonomous vehicle subscriptions, even as a substitute to traditional leasing, could become a major profit enhancer for low-margin segments like cars and even crossovers." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/general-motors-is-a-raging-bull-opportunity-in-autonomous-car-space-citigroup.html |
May 14, 2018 / 2:57 AM / Updated 2 hours ago Militant family uses child in suicide bomb attack on Indonesian police Kanupriya Kapoor 5 Min Read
SURABAYA, Indonesia (Reuters) - A family of Islamist militants in Indonesia carried an eight-year-old into a suicide bomb attack against police in Surabaya on Monday, a day after another militant family killed 13 people in suicide attacks on three churches in the same city.
The suicide bombers rode two motorbikes up to a checkpoint outside a police station and blew themselves up, police chief Tito Karnavian told a news conference in Indonesia’s second-largest city.
He said the child survived the explosion, and CCTV footage showed the girl stumbling around in the aftermath.
Four officers and six civilians were wounded in the attack, East Java police spokesman Frans Barung Mangera said.
“We hope the child will recover. We believe she was thrown 3 meters (10 ft) or so up into the air by the impact of the explosion and then fell to the ground,” said Mangera, adding she had been rushed to hospital.
President Joko Widodo branded the attacks in Surabaya the “act of cowards”, and pledged to push through a new anti-terrorism bill to combat Islamist militant networks.After some major successes tackling Islamist militancy since 2001, there has been a resurgence in recent years, including in January 2016 when four suicide bombers and gunmen attacked a shopping area in the capital, Jakarta.
Police suspected Sunday’s attacks on the churches were carried out by a cell of the Islamic State-inspired group Jemaah Ansharut Daulah (JAD), an umbrella organization on a U.S. State Department terrorist list that is reckoned to have drawn hundreds Indonesian sympathizers of Islamic State.
“In the case of Surabaya, they escaped detection, but once it happened we moved fast to identify their network,” Karnavian said.
The father of the family involved in those attacks was the head of a JAD cell in the city, the police chief said.
Earlier, police said his family was among 500 Islamic State sympathizers who had returned from Syria, but the police chief said that was incorrect.
During the hunt for the cell, police shot dead four suspects and arrested nine, media reported police as saying.
The police chief said the JAD cell may have been answering a call from Islamic State in Syria to “cells throughout the world to mobilize.”
He said the imprisonment of JAD’s leader, Aman Abdurrahman, could be another motive, and cited clashes with Islamist prisoners at a high-security jail near Jakarta last week in which five counter-terrorism officers were killed.
Karnavian said the JAD attacks used a powerful home-made explosive triacetone triperoxide (TATP), known as the “mother of Satan”, and commonly used in Islamic State-inspired attacks. Police aim their weapons at a man who was being searched by other police officers following an explosion at nearby police headquarters in Surabaya, Indonesia May 14, 2018 in this photo taken by Antara Foto. Antara Foto/ Didik Suhartono / via REUTERS
In another incident in Sidoarjo, south of Surabaya, police recovered pipe bombs at an apartment where an explosion killed three members of a family alleged to have been making bombs, Karnavian said. Three children from the family survived and were taken to hospital.
In all, 31 people have died since Sunday in attacks, including 13 suspected perpetrators and 14 civilians, police said. CHILDREN USED IN ATTACKS
CCTV footage of the blast outside the police station early on Monday morning showed two motorbikes arriving at a checkpoint next to a car followed by an explosion as officers approached.
Security experts said the attacks represented the first time in Indonesia that children had been used by militants on a suicide mission.
“The objective of using a family for terror acts is so it is not easily detected by the police,” said Indonesian security analyst Stanislaus Riyanta.
He said that families could also avoid communicating using technology that could be tracked.
Indonesia’s chief security minister said that police backed by the military would step up checks across Indonesia.
In Surabaya, police officers wearing balaclavas were posted at major hotels and landmarks on Monday.
President Widodo said he would issue a regulation in lieu of a new anti-terror law next month if parliament failed to pass the bill.
Police have complained that laws do not give them enough powers to detain suspects to prevent attacks.
Speaker of parliament Bambang Soesatyo told Metro TV that the house was committed to wrap up debate on the bill this month, but called on the government to help resolve differences. Slideshow (5 Images)
(For a graphic on 'Bomb Attacks in Indonesia' click tmsnrt.rs/2rBtid8 ) Additional reporting by Agustinus Beo Da Costa, Fransiska Nangoy, Tabita Diela and Gayatri Suroyo; Writing by Ed Davies; Editing by Simon Cameron-Moore | ashraq/financial-news-articles | https://www.reuters.com/article/us-indonesia-bomb-police/vehicle-explodes-in-indonesias-surabaya-several-police-wounded-idUSKCN1IF07A |
* 'Gotcha,' tweets Kellyanne Conway on Schneiderman resignation (Washington Post)
The president has begun questioning whether his lawyer Rudy Giuliani should be sidelined from television interviews, according to the Associated Press, citing sources. Trump has become irritated with Giuliani's off-message media blitz.
Newly obtained documents show that EPA chief Scott Pruitt and his staff tried to maintain strict secrecy about the bulk of Pruitt's daily schedule, driven by a desire to avoid tough questions from the public than concerns about security. (NY Times)
A string of 2018 primary elections take place today, shaping elections that will help to determine which party holds the House and Senate after November's midterms. Voters go to the polls in Indiana, North Carolina, Ohio and West Virginia. (CNBC)
Trump will propose canceling $15 billion in federal spending, and nearly half of those cuts would come from the Children's Health Insurance Program, or CHIP, a safety-net program for low-income families that has bipartisan support. (USA Today)
Saftey regulators are sounding the alarm over the surge of pedestrians struck and killed by vehicles in the U.S. The Insurance Institute for Highway Safety said higher speed limits in many municipalities around the country may be a factor. (CNBC)
Facebook (FB) is defining what it considers "issue ads" that will require authorization and labeling on its platform in the U.S. The initial list includes abortion, civil rights, guns, immigration, poverty, terrorism and more. (Axios) STOCKS TO WATCH
Snap (SNAP) CFO Andrew Vollero is stepping down, and will be replaced by former Amazon (AMZN) executive Tim Stone. Stone had led Amazon's integration of Whole Foods after the acquisition of the supermarket chain last year.
Activist investor ValueAct has acquired a $1.2 billion stake in Citigroup (C), according to the Wall Street Journal. A letter to investors seen by the Journal said that ValueAct continues to boost its Citi stake "opportunistically" and that it supports CEO Michael Corbat.
Zillow Group (ZG) reported quarterly earnings of 7 cents per share, beating estimates by a penny. The real estate website operator's revenue was also slightly above forecasts. However, Zillow warned on outlook and announced its CFO will step down at the end of the month.
Hertz Global (HTZ) lost $1.58 per share for its latest quarter, wider than the $1.26 per share loss that analysts were anticipating. The car rental company's revenue did beat forecasts, but it said it still "had work to do."
AMC Entertainment (AMC) beat estimates by 5 cents with quarterly profit of 14 cents per share, and the movie theater operator's revenue was above forecasts as well. AMC said it benefited from higher box office revenue and from the acquisition of Nordic Cinema Group. WATERCOOLER
The 2018 "Heavenly Bodies" costume-themed, Met Gala was last night. Catch all the arrivals , including Rhianna, Katy Perry and even Disney's Black Panther star Chadwick Boseman. (Variety)
It's now red-carpet official : entrepreneur Elon Musk and musician Grimes are an item. The couple confirmed reports as they arrived at the Met Gala together last night. (USA Today) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/modest-losses-seen-for-wall-street-ahead-of-trump-iran-nuclear-decision.html |
IRVING, Texas, May 1, 2018 /PRNewswire/ -- Adeptus Health continues its commitment to provide patients with the highest quality healthcare with the appointment of Dr. Nirav R. Shah as the organization's Advisor in Residence. In this role, Dr. Shah will work with Adeptus Health's executive team and board members to advance the company's regulatory, revenue and research strategies.
"We are honored to have Dr. Shah join our team as a strategic advisor which will be essential as we work towards transforming the delivery of healthcare," said Frank R. Williams, President and CEO of Adeptus. "Dr. Shah's expertise in patient-centered healthcare combined with his experience as a regulator, make him an invaluable resource for Adeptus Health and the perfect fit for our organization."
Dr. Shah is an expert in strategies for high quality, lower-cost patient care, and deploying innovation in healthcare. Currently, Dr. Shah is an adjunct professor at Stanford University and previously served as the senior vice president and Chief Operating Officer for clinical operations at Kaiser Permanente in Southern California. He also was the Commissioner of the New York State Department of Health where he oversaw the health of 19 million New York state residents.
"It is a privilege to join a team that is passionate and committed to providing the best care and patient experience close-to-home," said Dr. Shah. "I look forward to working with Adeptus Health to enhance the strategic vision for the organization's transformative healthcare model."
The addition of Dr. Shah further emphasizes Adeptus Health's priority to provide the best patient experience in the communities it serves, including an outstanding door-to-doctor time rate. In April 2018 alone, patients at Adeptus Health's facilities were seen by a doctor within 11 minutes of entering the facility.
Adeptus Health is a leading operator of hospital satellite emergency departments and free-standing emergency rooms and is continuing to innovate and grow its healthcare model. The organization plans to integrate within hospital networks to increase access to high quality care to provide momentum for the future of healthcare.
About Adeptus
Adeptus Health is a leading patient-centered healthcare organization expanding access to the highest quality emergency medical care through its network of freestanding emergency rooms and partnerships with premier healthcare providers. Adeptus is owned by affiliates of Deerfield Management, an investment firm committed to advancing healthcare through investment, information and philanthropy. For more information, please visit www.adpt.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/adeptus-health-appoints-dr-nirav-r-shah-as-advisor-in-residence-300639506.html
SOURCE Adeptus Health Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-adeptus-health-appoints-dr-nirav-r-shah-as-advisor-in-residence.html |
May 16, 2018 / 7:34 PM / Updated 44 minutes ago Peru will cope without Guerrero, coach says Reuters Staff 2 Min Read
LIMA (Reuters) - Peru named their 24-player squad for the World Cup on Wednesday with coach Ricardo Gareca defiantly claiming they can still be a force without suspended striker Paolo Guerrero. Peruvian soccer player Paolo Guerrero gestures as he arrives in Lima, Peru May 15, 2018. REUTERS/Guadalupe Pardo
Guerrero was left off the list after the Court of Arbitration for Sport increased from six months to 14 months a ban for testing positive for cocaine contained in a tea.
Gareca, who has guided the South Americans to their first World Cup Finals since 1982, said the loss of the captain and top scorer was a blow but did not end their hopes.
“Paolo is a sensational player, an idol, but life goes on and we have to represent the country in the best way possible,” he told reporters.
“We are going to be prepared for the maximum of demands and we are going to resolve all the possible inconveniences that present themselves.
“These boys grow when they come here, they are transformed when they pull on that shirt.”
Guerrero left out 39-year old striker Claudio Pizarro but included forwards Andre Carrillo of Watford, Raul Ruidiaz of Mexican side Monarcas, and Jefferson Farfan, who plays for Locomotiv Moscow.
The latter two are small and quick but the side will continue to play the long-ball game that took them to Russia.
“We are taking two centre forwards with different characteristics,” Gareca said. “Farfan can outjump any defence in the world. Raul Ruidiaz, with his stature, can win balls in the air. We have the means to hold up the ball in attack, as we’ve been doing.”
Peru kick off their World Cup Group C campaign against Denmark on June 16 before facing France and Australia. Reporting by Andrew Downie, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-per/peru-will-cope-without-guerrero-coach-says-idUKKCN1IH2SC |
Trump honors retired SEAL with medal of honor Thursday, May 24, 2018 - 02:00
President Trump awarded the medal of honor to retired SEAL Britt Slabinski for his actions in Afghanistan during the Battle of Takur Ghar in 2002. Rough Cut (no reporter narration).
President Trump awarded the medal of honor to retired SEAL Britt Slabinski for his actions in Afghanistan during the Battle of Takur Ghar in 2002. Rough Cut (no reporter narration). //reut.rs/2IKHKKk | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/24/trump-honors-retired-seal-with-medal-of?videoId=429975772 |
Nasa may be scouring deep space for signs of life . Elon Musk might be looking to Mars . China 's scientists have had an eye cast skyward too – but, at the same time, the country seems keenly focused on challenges much closer to home – mineral riches in our oceans .
For decades, the quest for riches scoured from our oceans has been the stuff of fiction. Back in 1974, the CIA hoaxed the world by saying they were launching Project Azorian, a Pacific Ocean search for mineral-rich manganese nodules 4,900m deep. In fact, they were secretly looking for – and indeed found – the sunken Soviet submarine K-129.
In reality, the cost and uncertainty of deep-sea exploration has frustrated all attempts to begin plundering the assets in the oceans. Until now.
More from the South China Morning Post:
Why US and China have such different views about an American girl in a cheongsam
Nine flying pet peeves on planes – from passengers not putting devices on flight mode to being rude to cabin crew
Xi Jinping likely to make official Japan visit next year as two sides try to mend fences
As governments, mining companies and dozens of alarmed environmental groups prepare for the world's 7th Deep Sea Mining Summit in London later this month, Canada 's Nautilus Minerals, with lots of Chinese money and technical support, is poised to begin combing the Solwara 1 seabed site in the Bismarck Sea in Papua New Guinea.
Last September, Japan completed commercial trials at a depth of 1,600 metres in its exclusive economic zone off Okinawa. So far, the Jamaica-based International Seabed Authority, which polices deep-sea exploration under the United Nations Law of the Sea, has issued 27 licences for exploration.
The argument for seabed mining of minerals like nickel, cobalt, copper and manganese, increasingly in demand to make mobile phones, batteries and solar panels, has been well-articulated. For example, global demand for nickel currently sits at 2 million tonnes a year, and is expected to rise to 4 million by 2030.
But all known resources on land currently sit at 76 million tonnes – little more than 40 years of predictable supply. A further 70 million tonnes are thought to sit on the deep ocean floor and would give us 80 years before we run out. For cobalt, the story is similar – except that more than 60 per cent of all land-based supplies sit in the deeply unstable Democratic Republic of Congo.
Mining companies that often run out of cheaply accessible land-based resources and are increasingly harassed over the deforestation and pollution linked with mining are attracted to the idea of plundering the deep seabed, where there are no truculent communities to protest about local environmental harm and any damage will be out of sight and out of mind.
It is at present unclear whether the environmental harm wrought by deep-sea mining will be less or more than the harm wrought on land. But the environmental information available so far – in an area of research still in its infancy – is troubling.
The targeted minerals are found in three forms and locations – around deep hydrothermal vents that dot the "Ring of Fire" that circles the Pacific; cobalt "crusts" that sit on seabed sediments a few centimetres thick; and manganese nodules that are littered on the seabed. All three targets raise awkward environmental concerns.
The hydrothermal vents (about 500 active worldwide at the moment) are not only extremely hostile and toxic environments that are immensely inaccessible, but also have unique and extraordinary ecosystems with living species that have rarely been seen, let alone studied. Many people fear we are poised to destroy ecosystems we know little about.
The cobalt crusts accumulate a few millimetres every million years, while the manganese nodules grow by around 1cm every million years. As Thomas Peacock at MIT and Matthew Alford at the Scripps Institution of Oceanography note, "harvested regions are unlikely to recover on any human timescale".
Since most of the technical barriers to searching for and scooping up these deep-ocean resources have now been overcome, the only remaining barrier, as mining companies – and resource-poor economies – come closer to launching operations, is the significant matter of economic viability.
As Peacock and Alford calculate, companies would need to collect 3 million tonnes of dry manganese nodules a year to profit – which would mean underwater collector vehicles combing 50km a day, and reaping nodules in concentrations above 10kg per square metre. No wonder the Nautilus/Solwara project is four years behind schedule and perilously short of funding.
No wonder, either, that Canadian Nautilus Minerals has turned to deep-pocketed and patient Chinese partners to provide funds, and also to Fujian Mawei Shipbuilding – perhaps China's most iconic shipbuilder with an illustrious history stretching back to the Qing dynasty – to build its production support vessel.
By now, Chinese companies have three of the 27 licences so far awarded by the International Seabed Authority, and China controls more mining exploration areas in international waters than any other country. Most recently, it has also agreed with Rodrigo Duterte in the Philippines on joint seabed development – though whether this is for seabed minerals or a quest for oil or natural gas is so far unclear.
The priority being given to deep-sea development sits well not just with China's urgent quest for scarce minerals, but also with its " Belt and Road Initiative" : better to develop South China Sea resources together than to fight over possession of it.
How concerned China is about the environmental challenges is another matter. Lin Shanqing, at China's State Oceanic Administration, has said : "Projects that endanger marine ecosystems will not be given the green light." I will need to see that before I believe it.
Follow CNBC International on Twitter and Facebook . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/china-leads-hunt-for-deep-sea-minerals-environmental-concerns-surface.html |
Twins third baseman Eduardo Escobar ripped two solo home runs and doubled in a third run, and Brian Dozier and Logan Morrison added solo homers as Minnesota scored early and beat the Chicago White Sox 6-4 at Guaranteed Rate Field in Chicago.
Dozier, who entered the night mired in a 3-for-43 slump that saw his batting average fall to .226, was moved from the leadoff spot to second in the order, and he responded with three hits, including a triple and the homer.
The Twins, who finished with 12 hits, won for the second time in three games, but it was just their third win in their last 15 games.
Twins right-hander Jose Berrios (3-3), who was hit hard in back-to-back losses in his two previous starts, went six innings, giving up four runs on six hits, including home runs to Jose Abreu and Leury Garcia.
Berrios allowed a hit and an uncharacteristic two walks to load the bases in the bottom of the fifth, but he got White Sox slugger Matt Davidson to ground out to end the threat. Berrios retired the side in order in the sixth.
In the seventh, Twins lefty reliever Zach Duke got the first two outs before giving up a single to Yolmer Sanchez, his third hit of the game.
Duke gave way to right-hander Ryan Pressly, who allowed an infield hit and a walk to load the bases, again bringing Davidson up with the bags full. But Davidson, who has nine homers this season, struck out on a check swing.
The Twins’ bullpen combined for three shutout innings, concluding with Fernando Rodney’s fourth save in seven opportunities.
White Sox starter Carson Fulmer, who was coming off his best start of the season after throwing seven shutout innings in a win in Kansas City on April 28, didn’t make it out of the fourth, giving up five runs (four earned) on seven hits and two walks.
The White Sox jumped out to a 2-0 lead on a two-run home run from Abreu, his seventh, in the first inning.
However, Escobar hit his first homer of the game, his fifth of the season, to lead off the second against Fulmer. Ryan LaMarre singled in a run later in the inning.
In the third, Dozier led off with a bomb to left-center field, and two outs later, Escobar homered to right. Logan Morrison, who homered in Thursday night’s loss to the White Sox, went back-to-back on a long home run to center field.
In the third, Sanchez tripled to right field and scored when Abreu, who had three hits on the night, grounded out.
Garcia, who had two hits, slugged his first home run of the season in the fourth.
Yoan Moncada, who missed Thursday’s game with a sore left hamstring, left Friday’s game in the bottom of the fifth inning after retreating gingerly to first base on a flyout. Adam Engel pinch ran.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-chw-min-recap/escobars-pair-of-hrs-help-twins-over-white-sox-idUSMTZEE558LL69X |
Trump asked Commerce chief to look into China's ZTE 8:58pm EDT - 01:10
President Donald Trump asked Commerce Secretary Wilbur Ross to look into U.S. restrictions placed on Chinese telecommunication company ZTE Corp, a White House spokesman said on Monday, calling the limits ''an issue of high concern for China.'' Rough Cut (no reporter narration).
President Donald Trump asked Commerce Secretary Wilbur Ross to look into U.S. restrictions placed on Chinese telecommunication company ZTE Corp, a White House spokesman said on Monday, calling the limits "an issue of high concern for China." Rough Cut (no reporter narration). //reut.rs/2rJ2PcO | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/trump-asked-commerce-chief-to-look-into?videoId=426927597 |
May 16 (Reuters) - Below are company-related news and stories from French and Benelux media which could have an impact on the region’s markets or individual stocks.
French CAC futures were down 0.1 percent by 0602 GMT.
ALSTOM: French manufacturing group Alstom, which has agreed to merge its rail operations with Germany’s Siemens , reported a rise in annual sales and profits and forecast further growth in profits in the medium term.
It also announced on Tuesday the appointment of Laurent Martinez as CFO.
ELIOR: Elior, Europe’s third-largest catering group, cut full-year guidance after it posted lower-than-expected preliminary results for the first half of fiscal year, citing a tough competitive environment for contract catering in France.
FNAC DARTY SA: Fnac Darty and Germany’s MediaMarktSaturn said on Tuesday they had signed a memorandum of understanding to create a European retail alliance on purchasing.
ROTHSCHILD & CO SCA: Rothschild & Co published on Tuesday a Q1 group revenues down at 420.1 million euros.
Pan-European market data: European Equities speed guide FTSE Eurotop 300 index DJ STOXX index Top 10 STOXX sectors Top 10 EUROSTOXX sectors Top 10 Eurotop 300 sectors Top 25 European pct gainers Top 25 European pct losers Main stock markets: Dow Jones Wall Street report Nikkei 225 Tokyo report FTSE 100 London report Xetra DAX Frankfurt items CAC-40 Paris items World Indices Reuters survey of world bourse outlook European Asset Allocation Reuters News at a glance: Top News Equities Main oil report Main currency report
| ashraq/financial-news-articles | https://www.reuters.com/article/france-benelux-markets/french-and-benelux-stocks-factors-to-watch-on-may-16-idUSL5N1SM91E |
PARIS--(BUSINESS WIRE)-- INTERXION HOLDING NV (NYSE: INXN) , a leading European provider of carrier and cloud-neutral colocation data centre services, today announced that it has officially opened the first phase of MRS2, Interxion’s second data centre in Marseille.
Less than four years after acquiring its first data centre in Marseille, Interxion is continuing to expand its presence in the southern French city. Located at the Port of Marseille Fos, MRS2 will meet the growing demand from international connectivity and content providers, and cloud platforms wanting to use Marseille as a hub to deliver their services and applications to Europe and further afield to Africa, the Middle East and Asia.
MRS2 is being built in three phases, which will offer customers 4,400 sqm of equipable space with over 7MW of available power. The new phase, which is now completed, consists of 700 sqm of equipable space, while the second will offer 1,900 sqm from the second quarter of 2019. The capital expenditure associated with the construction of MRS2 as a whole is expected to be approximately €76 million.
Together with MRS1, the new data centre allows a campus configuration, giving customers diversity of routes to ensure the resilience of their networks, as well as capacity for further expansion.
MRS2 also means the refurbishment of some installations at Marseille Fos Port, which were historically linked to port activity. The data centre is based in former naval workshops, Freyssinet-style buildings, which have been unoccupied since the 1990s. Construction of MRS2 is managed by Cap Ingelec in a consortium with Cari, a subsidiary of Fayat Group.
Marseille has become the Mediterranean capital for telecom, cloud and digital exchanges. Its geographic position as the landing point for 13 submarine telecommunications cables is a significant advantage. These cables, including some that are more than 20,000 km long, connect Marseille to dozens of countries as far as Singapore and China. The city is therefore a crossroads of connectivity between southern Europe, Asia, Africa and the Middle East, and has become a strategic global hub for data exchange. This trend is still ongoing with the arrival of new submarine cables, increasing the available network capacity in Marseille.
“Opening MRS2 is an important second step for Interxion in developing Marseille as a digital hub,” said David Ruberg, Interxion CEO. “This investment in the heart of the Mediterranean will help us to respond to the growing demand of our customers who wish to expand to Marseille to develop their activity in Europe and to reach emerging markets in Africa, the Middle East and Asia.”
For Fabrice Coquio, Managing Director of Interxion France, “MRS2 is the continuation of what we started with MRS1 when Interxion acquired the facility in 2014. I am proud and honoured today to open this new data centre, which is particularly notable due to its position within the grounds of Marseille Fos Port, forming, together with MRS1, the Interxion’s Marseille Campus. The number of telecom providers in Marseille is growing with the arrival of cloud and digital media platforms, confirming Marseille not only as a connectivity hub, but also as a content hub.”
Jean-Claude Gaudin, President of the Aix-Marseille-Provence Metropolis, Mayor of Marseille, Honorary Vice-president of the French Senate said, “We are particularly proud to attend the inauguration of Interxion’s MRS2 data centre, an addition to the several assets the Aix-Marseille-Provence Metropolis has in the digital field. These vast centres of IT servers that store and process data for companies support the digital transformation of our territory. Located in the Port of Marseille Fos, this new site has a role to play in supporting the development of Marseille as a global hub for telecom, cloud and digital exchanges. It reflects the willingness of the Aix-Marseille-Provence Metropolis to place the digital sector at the very heart of its development and attractiveness strategy.”
Mounir Mahjoubi, French Minister of State for Digital Affairs, attached to the Prime Minister said, “The opening of this second Interxion data centre in Marseille is a prime example of the Aix-Marseille region’s attractiveness for companies investing in forward-looking sectors. This infrastructure will contribute to reinforcing Marseille as a growing digital hub, where new uses of the Internet represent a true opportunity for France. Our country has many assets that can be leveraged by the digital sector, has very fine startups and companies, and already attracts a number of foreign investments. I am pleased in the expansion of this industry in Marseille and the Bouches-du-Rhône department – it is a true driver of economic growth and long-term job creation.”
About Interxion
Interxion (NYSE: INXN) is a leading provider of carrier and cloud-neutral colocation data centre services in Europe, serving a wide range of customers through 50 data centres in 11 European countries. Interxion’s uniformly designed, energy efficient data centres offer customers extensive security and uptime for their mission-critical applications.
With over 700 connectivity providers, 21 European Internet exchanges, and most leading cloud and digital media platforms across its footprint, Interxion has created connectivity, cloud, content and finance hubs that foster growing customer communities of interest. For more information, please visit www.interxion.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516005161/en/
Interxion France
Claire Chadourne, +33 (0)1 53 56 69 31
Marketing Manager
[email protected]
or
Vae Solis Corporate
Ludovica Giobbe, +33 (0)6 15 33 64 30
[email protected]
Source: Interxion | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-interxion-opens-mrs2-its-second-data-centre-in-marseille.html |
May 29 (Reuters) - Nissan Motor Co Ltd is slashing production by as much as 20 percent in North America to cope with a decline in automobile sales, the Nikkei reported on Monday.
Cuts are already in progress at two assembly plants in the United States and three in Mexico. Lines will slow to the point where output will drop roughly 10 percent to 20 percent on the year by summer, the Nikkei said. ( s.nikkei.com/2kA8cYl )
Nissan’s employees will not be let go, and production lines will not be completely halted, with the cutbacks expected to wrap up by autumn, the business daily reported. (Reporting by Ambar Warrick in Bengaluru; Editing by Stephen Coates)
| ashraq/financial-news-articles | https://www.reuters.com/article/nissan-usa/nissan-to-cut-north-american-production-by-up-to-20-pct-nikkei-idUSL3N1SZ4Y4 |
INDIANAPOLIS, May 11, 2018 /PRNewswire/ -- Allison Transmission Holdings Inc. (NYSE: ALSN) announced today that its board of directors has appointed G. Frederick Bohley III as Vice President, Chief Financial Officer and Treasurer, effective June 1.
"Fred has been an instrumental member of our organization for many years," said David S. Graziosi, President and CFO of Allison. "I have worked closely with Fred, and I am confident in his ability to continue driving our vision and values in his new role as Chief Financial Officer."
Bohley has been with Allison Transmission since 1991 and currently serves as Vice President, Finance and Treasurer. He began his career with the Finance department where he held positions of increasing responsibility, including General Accountant, Tax Specialist, Internal Auditor, Plant Analyst, Manager of Manufacturing Analysis and Manager of Financial Planning and Analysis. In 2001, Bohley joined Marketing, Sales and Service where he held the position of National Account Executive. In 2003, he relocated to Sao Paulo, Brazil as Director of Latin American Operations, and he returned in 2006 as Director of International Marketing and Business Planning. In October 2007, following Allison's divestiture from General Motors, Bohley rejoined the Finance department and was promoted to Executive Director of Financial Planning and Analysis, Pricing and International Finance. He added Investor Relations to his responsibilities in January 2013 and Business Planning in August 2014. He was promoted to Vice President, with the added responsibility of supervising the treasury department, in March 2016 and became Treasurer in July 2017.
"I am honored to assume the role of Chief Financial Officer," said Bohley. "I look forward to working with Dave, the Allison leadership team and our board of directors to ensure Allison remains an industry leader in fully automatic transmissions, while also realizing new opportunities that lie ahead. We are focused on improving the way the world works."
About Allison Transmission
Allison Transmission (NYSE: ALSN) is the world's largest manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicles and is a leader in electric hybrid-propulsion systems for city buses. Allison transmissions are used in a variety of applications including refuse, construction, fire, distribution, bus, motorhomes, defense and energy. Founded in 1915, the company is headquartered in Indianapolis, Indiana, USA and employs approximately 2,700 people worldwide. With a market presence in more than 80 countries, Allison has regional headquarters in the Netherlands, China and Brazil with manufacturing facilities in the U.S., Hungary and India. Allison also has approximately 1,400 independent distributor and dealer locations worldwide. For more information, visit allisontransmission.com .
Forward-Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release are forward-looking statements, including all statements regarding future financial results. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plans," "project," "anticipate," "believe," "estimate," "predict," "intend," "forecast," "could," "potential," "continue" or the negative of these terms or other similar terms or phrases. Forward-looking statements are not guarantees of future performance and involve known and unknown risks. Factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made include, but are not limited to: risks related to our substantial indebtedness; uncertainty in the global regulatory and business environments in which we operate; our participation in markets that are competitive; the highly cyclical industries in which certain of our end users operate; the failure of markets outside North America to increase adoption of fully-automatic transmissions; the concentration of our net sales in our top five customers and the loss of any one of these; future reductions or changes in government subsidies for hybrid vehicles and other external factors impacting demand; U.S. and foreign defense spending; general economic and industry conditions; the discovery of defects in our products, resulting in delays in new model launches, recall campaigns and/or increased warranty costs and reduction in future sales or damage to our brand and reputation; our ability to prepare for, respond to and successfully achieve our objectives relating to technological and market developments, competitive threats and changing customer needs; risks associated with our international operations; labor strikes, work stoppages or similar labor disputes, which could significantly disrupt our operations or those of our principal customers; our intention to pay dividends and repurchase shares of our common stock and other risks and uncertainties associated with our business described in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. All information is as of the date of this press release, and we undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in expectations.
View original content with multimedia: http://www.prnewswire.com/news-releases/allison-transmission-announces-fred-bohley-as-next-cfo-300646957.html
SOURCE Allison Transmission Holdings Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-allison-transmission-announces-fred-bohley-as-next-cfo.html |
Protests over Argentina's IMF request despite relief for peso 10:28pm IST - 01:50
Argentina is seeking a financing deal with the International Monetary Fund to stabilise its finances after two weeks of financial market volatility that saw the peso hit new lows and the central bank jack interest rates up to 40 percent. As David Pollard reports, the move sparked protests from Argentinians angry about the move..
Argentina is seeking a financing deal with the International Monetary Fund to stabilise its finances after two weeks of financial market volatility that saw the peso hit new lows and the central bank jack interest rates up to 40 percent. As David Pollard reports, the move sparked protests from Argentinians angry about the move.. //reut.rs/2FYXG5p | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/09/protests-over-argentinas-imf-request-des?videoId=425306326 |
May 7 (Reuters) - Capital Appreciation Ltd:
* EXPECT FY EARNINGS PER SHARE (EPS) AND HEADLINE EARNINGS PER SHARE (HEPS) TO INCREASE BY BETWEEN 186% AND 199%
* EXPECT FY NEPS AND NHEPS FOR YEAR TO BE BETWEEN 9.73 CENTS AND 10.05 CENTS PER SHARE Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-capital-appreciation-says-expect-f/brief-capital-appreciation-says-expect-fy-heps-to-increase-by-between-186-and-199-idUSFWN1SE0CY |
When Ford Motor all but eliminated passenger cars from its North American lineup earlier this month to concentrate on trucks and S.U.V.s, it turned the page on a long and storied history of now-defunct but once red-hot nameplates: the Model T, the Model A, the Galaxie, the Fairlane, the Thunderbird and the Falcon, to name several.
There was one conspicuous survivor: the Mustang.
"Get rid of the Mustang?" asked James D. Farley Jr., Ford's president of global markets, when I asked him this week how the Mustang had survived. "The Mustang is like Rocky: It survived the 1970s fuel crisis, the glam 1980s, the move to S.U.V.s. It's made it through every round of cuts."
More from the New York Times:
Ford Will Drop Focus and Fusion Sedans in North America
Ford Changed Leaders, Looking for a Lift. It's Still Looking.
Can Ford turn itself into a tech company?
For me, the Mustang's reprieve came as welcome news: I took my driver's test in my mother's 1967 turquoise Mustang notchback. On the rare occasions I was allowed to drive it, it conferred instant status and triggered unabashed envy among my high school classmates.
Wall Street probably would have been just as happy to see the Mustang go the way of the Fusion, Taurus and Fiesta, current models that Ford said it would phase out and which Mr. Farley dismissed as "commodity silhouettes." (Ford says it will continue to make passenger vehicles, but they just won't be in the shape of today's sedan. The Focus, for example, will survive, but as a crossover S.U.V.)
That's because in its last earnings report, Ford revealed for the first time that a relatively small number of products, including the hugely popular F-150 pickup truck series, accounted for 150 percent of its earnings before interest and taxes, with profit margins in the midteens. Another group was barely profitable. By contrast, Ford said its "low performing" products lost money, with negative margins of more than 10 percent.
Using Ford's disclosures, Morgan Stanley automotive analyst Adam Jonas extrapolated that the low performing businesses accounted for 40 percent of Ford's revenue yet sharply reduced the company's earnings. Ford didn't say which models fall into the category, but Mr. Jonas included North American passenger cars and Lincoln models. (So far, at least, Ford hasn't altered its Lincoln lineup, which includes several passenger sedans.)
Mr. Jonas applauded Ford's decision to drop most of its passenger cars, assuming the company actually follows through on it. "If a disproportionate effort is going into products that don't make money and consumers don't want, then what are they doing?" he asked.
Ford doesn't break out financial results by model, but Mr. Jonas believes the Mustang is modestly profitable. The base hardtop starts at $25,845, but popular options can quickly drive up the cost. The convertible starts at $31,345. The most popular model, the Mustang GT fastback, can easily top $40,000, and the 526-horsepower Shelby GT350 starts at more than $57,000. A racing version of the Mustang Cobra can hit six figures.
"I can't think of another car where some models sell for four times the base price, " Mr. Farley said. "We sell a lot of Mustangs that are $70,000."
The Mustang has continued to sell well. Ford said it sold nearly 126,000 last year in 146 countries and that it was the world's best-selling sports car. (By contrast, the Toyota Corolla, the world's best-selling passenger sedan, sold nearly a million cars.)
But the Mustang's survival isn't really about numbers. "Five years from now, whether Ford decided to keep the Mustang or not isn't going to be a material factor," Mr. Jonas said. "It's more of an emotional thing. They're trying to preserve the sexuality of motoring the way it used to be known."
From the day it was introduced 54 years ago, Mustang was positioned as a stylish, affordable and practical alternative to expensive European sports cars. In various tests, the Mustang GT still compares favorably to the Porsche 911, which starts at over $90,000.
So iconic is the Mustang that it has been commemorated with a Postal Service stamp — twice. The latest one , in 2013, depicts a blue 1967 model bisected by two white stripes.
Mustangs have appeared in countless movies and television shows, becoming an indelible image of American culture. In "Goldfinger," James Bond ran a white 1965 Mustang convertible with red interior off the road.
Steve McQueen drove a dark green 1968 fastback in "Bullitt," in which Mustang emerged as a classic "muscle" car. This year Ford is selling a 475-horsepower Bullitt anniversary edition, complete with, in a nod to the original, a cue ball on the stick shift. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/mustang-means-freedom-why-ford-is-saving-an-american-icon.html |
Subway CEO Suzanne Greco is retiring from the post she took over from her brother following his death three years ago.
Subway said in statement Wednesday that Greco will retire on June 30, and Trevor Haynes will take over as interim CEO. Haynes is currently the company's chief business development officer.
Greco took over as CEO in 2015 after her brother Fred DeLuca died of leukemia. DeLuca co-founded the company in 1965 as a single restaurant in Connecticut. He was 17; Greco was seven.
Under Greco's leadership, the privately held company launched a redesign with brighter atmospheres and ordering tablets in an attempt to stem a decline in sales. In February, the company changed its loyalty-rewards program, giving customers the ability to earn $2 discounts instead of free Footlong sandwiches. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/subway-ceo-to-retire-3-years-after-taking-over-from-brother.html |
U.S. President Donald Trump on Wednesday cast further doubt on whether a planned summit with North Korean leader Kim Jong Un would take place next month in Singapore , telling reporters it would be made certain next week.
His statement followed Trump's suggestion on Tuesday that the meeting could be delayed or scrapped entirely. North Korea also threw the summit in doubt earlier this month when it pushed back against what it called "unilateral nuclear abandonment." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/trump-throws-more-doubt-on-planned-summit-with-north-korean-leader.html |
May 16 (Reuters) - TMX Finance LLC:
* TMX FINANCE LLC ANNOUNCES PROPOSED PRIVATE OFFERING OF SENIOR SECURED NOTES
* TMX FINANCE LLC - SEEKING TO RAISE $450 MILLION THROUGH AN INSTITUTIONAL PRIVATE PLACEMENT OF SENIOR SECURED NOTES DUE 2023 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tmx-finance-announces-proposed-pri/brief-tmx-finance-announces-proposed-private-offering-of-senior-secured-notes-idUSASC0A2MS |
May 15 (Reuters) - China Pharma Holdings Inc:
* CHINA PHARMA HOLDINGS, INC. REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.01 * CHINA PHARMA HOLDINGS - QTRLY REVENUE $3.6 MILLION VERSUS $3.3 MILLION Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-pharma-holdings-reports-q1-l/brief-china-pharma-holdings-reports-q1-loss-per-share-0-01-idUSASC0A26P |
May 8, 2018 / 1:51 PM / Updated 26 minutes ago Canadian pension fund raised stake in Kinder Morgan - Financial Post Reuters Staff 2 Min Read
May 8 (Reuters) - British Columbia Investment Management Corp, one of Canada’s largest pension fund managers, recently boosted its stake in TransMountain pipeline operator Kinder Morgan Inc, the Financial Post reported, citing regulatory filings.
BCIMC, which manages British Columbia public-sector pension funds, bought 21,214 shares of Kinder Morgan during the fourth quarter, the newspaper reported.
The purchase raised BCIMC's stake to 1.12 million shares, making its position worth more than $18 million, the Financial Post said here
The fund and Kinder Morgan did not immediately respond to requests for comment.
News of the purchase comes a month after Kinder Morgan said it halted most work on the C$7.4 billion oil pipeline expansion which was fiercely opposed by British Columbia’s left-leaning New Democratic government, activists and some aboriginal groups. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Maju Samuel) | ashraq/financial-news-articles | https://www.reuters.com/article/kinder-morgan-de-british-columbia/canadian-pension-fund-raised-stake-in-kinder-morgan-financial-post-idUSL3N1SF56H |
May 18, 2018 / 9:24 PM / Updated 7 hours ago Obamacare tied to earlier cancer detection in young women Shereen Lehman 5 Min Read
(Reuters Health) - Under the Affordable Care Act (ACA) provision allowing adult children to stay on their parents’ health insurance policy until age 26, young women with gynecological cancers were diagnosed and treated sooner, researchers say.
Before the law, often called Obamacare, went into effect, one in three women aged 19 to 26 years had health insurance, and today more than four in five women in this age group are insured, the study team notes in Obstetrics & Gynecology.
In a comparison of young women who would have had access to insurance coverage under the law, and slightly older women who would not have had the same access, researchers found that 3.6 percent more of the younger group had their cancers diagnosed at an early stage.
“Each year in the U.S., several thousand young women are diagnosed with gynecological cancers, including cervical, endometrial, ovarian and vulvovaginal cancers,” the study’s authors, Drs. Anna Smith and Amanda Fader, told Reuters Health in an email.
“We know that diagnosing and treating women in the earlier stage of disease helps them live longer and healthier, which is particularly important for young women. However, prior to the ACA, young people were more likely to be uninsured than any other group of Americans,” said Smith and Fader, both gynecologists at Johns Hopkins School of Medicine in Baltimore.
Although cancer is diagnosed less frequently in young adults compared with older people in the U.S., it’s a leading cause of death in this population, Smith and Fader said.
“Additionally, while the incidence of many types of cancer in the U.S. is plateauing or decreasing, the incidence of some gynecologic cancers and pre-cancers is increasing. This means that more younger women are potentially susceptible,” they noted.
For example, because endometrial cancer is strongly associated with obesity and there is a major obesity epidemic in the U.S. and globally, we are seeing the incidence of this cancer rise over the last two decades, and more women under the age of 45 are being diagnosed, Smith and Fader said.
For their study, the researchers analyzed data from a national cancer database. They included in the analysis women aged 21 to 35 diagnosed with uterine, cervical, ovarian, vulvar or vaginal cancer during the years 2004 to 2009, before the ACA went into effect, and 2011 to 2014, after the ACA went into effect.
Among women diagnosed at ages 21 to 26, the study team identified a total of 1,912 gynecologic cancer cases before the ACA and 2,059 during the ACA, and among women diagnosed between 27 and 35, there were 9,782 cases before ACA and 10,456 cases during the ACA.
In addition to the younger women being more likely to be insured and diagnosed when their cancer was at an earlier stage, women in both age groups were more likely to receive fertility-sparing cancer treatments during the ACA years, the study found.
“This study adds to the evidence of the positive effects of improved coverage through the ACA on young women’s healthcare costs and choices,” Dr. Laura Havrilesky, a gynecologist at Duke University Medical Center in Durham, North Carolina, writes in an editorial accompanying the study.
“This is an important study looking at the effects of the Affordable Care Act on insurance coverage in young women with a cancer diagnosis,” Havrilesky told Reuters Health in an email.
The immediate extension of insurance coverage to dependents under age 26 by the ACA in 2010 resulted in improved insurance coverage rates and earlier stage at diagnosis of uterine cancer in young women aged 21 to 25, she added.
“This is important because younger women with low-stage cancer can sometimes be candidates for fertility-sparing surgery,” Havrilesky said.
Young women have traditionally faced discriminatory insurance practices such as higher insurance premiums than men at the same age and denial of maternity care coverage, she noted.
“The ACA has resulted in a measurable reduction in the rate at which women skip recommended screening and prevention tests as well as a huge savings from improved oral contraceptive coverage,” Havrilesky said.
These are just two examples of areas where the coverage of young women ultimately affects the entire population, she said.
SOURCE: bit.ly/2IjhvdF and bit.ly/2rLzXQT Obstetrics and Gynecology, online May 7, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-cancer-gyn-insurance/obamacare-tied-to-earlier-cancer-detection-in-young-women-idUKKCN1IJ2RJ |
May 3, 2018 / 1:34 PM / Updated 14 minutes ago BRIEF-T. Rowe Price Head Of Fixed Income Ted Wiese To Step Down At Year-End Reuters Staff 1 Min Read
May 3 (Reuters) - T. Rowe Price Group Inc:
* T. ROWE PRICE HEAD OF FIXED INCOME TED WIESE TO STEP DOWN AT YEAR-END, RETIRE FROM FIRM NEXT MAY; VETERAN PORTFOLIO MANAGER ANDREW MCCORMICK TO TAKE OVER JANUARY 1, 2019 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-t-rowe-price-head-of-fixed-income/brief-t-rowe-price-head-of-fixed-income-ted-wiese-to-step-down-at-year-end-idUSASC09ZL1 |
May 17 (Reuters) - Nutrien Ltd:
* TIANQI LITHIUM AGREES TO PURCHASE NUTRIEN’S SQM A SHARE INVESTMENT
* NUTRIEN LTD - ANNOUNCED TRANSACTION REPRESENTS ENTIRETY OF NUTRIEN’S “A SHARES” AT A GROSS VALUATION OF APPROXIMATELY US$4.07 BILLION.
* NUTRIEN - CO, TIANQI LITHIUM SIGNED AGREEMENT, WHEREBY TIANQI LITHIUM AGREED TO PURCHASE 62,556,568 “A SHARES” OF SOCIEDAD QUÍMICA Y MINERA DE CHILE
* NUTRIEN LTD - STILL RETAINS OWNERSHIP OF 20,166,319 SQM “B SHARES” AND EXPECTS TO DIVEST THESE SHARES IN DUE COURSE
* NUTRIEN - SALE OF SQM HOLDINGS REQUIRED BY COMPETITION COMMISSION OF INDIA AND MINISTRY OF COMMERCE IN CHINA TO PROVIDE CLEARANCE FOR MERGER Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-tianqi-lithium-agrees-to-purchase/brief-tianqi-lithium-agrees-to-purchase-nutriens-sqm-a-share-investment-idUSFWN1SO0KP |
(Adds White House statement in paragraph 6)
OTTAWA, May 25 (Reuters) - Canadian Prime Minister Justin Trudeau spoke with U.S. President Donald Trump on Friday and raised “strong concerns” about a U.S. probe into car and truck imports that was launched this week, the prime minister’s office said.
The two leaders also discussed the North American Free Trade Agreement (NAFTA) negotiations and bringing talks to a timely conclusion, Trudeau’s office said.
The Trump administration earlier this week began a national security investigation into auto imports that could lead to new U.S. tariffs similar to those imposed on imported steel and aluminum in March.
The move was seen as adding pressure to the ongoing NAFTA negotiations, where auto provisions have become a critical part of the talks.
Trudeau “raised strong concerns about the U.S.’s Section 232 investigation on automobile imports, given the mutually beneficial integration of the Canadian and American auto industries,” his office said in a statement.
In a brief statement about the call, the White House said the two leaders discussed NAFTA and other trade and economic issues. It gave no other details.
In an interview with Reuters on Thursday, Trudeau said the investigation was based on flimsy logic and was part of pressure from Washington to renegotiate the NAFTA trade pact.
Mexico’s economy minister said on Friday there was about a 40 percent chance of concluding the NAFTA talks before Mexico’s presidential election on July 1. (Reporting by Leah Schnurr Editing by Cynthia Osterman and James Dalgleish)
| ashraq/financial-news-articles | https://www.reuters.com/article/trade-nafta-canada/update-1-canadas-trudeau-raises-u-s-auto-import-probe-concerns-with-trump-idUSL2N1SW23A |
Primary voters in four states will head to the polls on Tuesday ahead of the November mid-term elections .
The voting in Ohio, Indiana, North Carolina and West Virginia come as Democrats try to wrest control of the U.S. House of Representatives while Republicans try to hold onto their majority and potentially pick up Senate seats.
Here are some races to watch:
West Virginia: West Virginia’s Senate primary may be the most closely watched of the May 8 primaries, and that’s because of former Massey Energy CEO Don Blankenship . After an explosion at Massey’s Upper Big Branch Mine in 2010 killed 29 miners, he spent a year in federal prison after a federal jury convicted him of conspiring to violate mine safety and health standards.
Blankenship is running against more conventional Republican candidates Rep. Evan Jenkins and Attorney General Patrick Morrisey, while railing against Senate Majority Leader Mitch McConnell (Blankenship calls him “Cocaine Mitch”). Mainstream Republicans worry that Blankenship may score an upset win in the primary, but then, because of his pugnacious style and checkered history, lose the general election in November to incumbent Sen. Joe Manchin II, a moderate Democrat. (Manchin does have a primary challenger, Paula Jean Swearengin , but he is expected to prevail.)
On Monday morning, President Donald Trump tweeted to ask West Virginia voters to steer clear of Blankenship and instead vote for his opponents, saying Blankenship “can’t win the General Election in your State…No way!” Trump also said “Remember Alabama,” invoking Roy Moore’s primary victory in Alabama and eventual loss in the general election after multiple women accused him of sexual misconduct .
To the great people of West Virginia we have, together, a really great chance to keep making a big difference. Problem is, Don Blankenship, currently running for Senate, can’t win the General Election in your State…No way! Remember Alabama. Vote Rep. Jenkins or A.G. Morrisey!
— Donald J. Trump (@realDonaldTrump) May 7, 2018
Ohio:
The House primary races to watch, according to Vox , are in the 1st, 7th, 10th, 12th, 14th, and 15th Congressional districts that Democrats are trying to flip from Republican control.
But the big races to watch are the U.S. Senate and the gubernatorial primaries.
Democratic incumbent Sen. Sherrod Brown is up for reelection, and the May 8 primary will decide who the progressive Senator will face. There are two Republicans in the field: Rep. Jim Renacci—who Trump endorsed—versus businessman Mike Gibbons.
The primary will decide who will fight to replace current Gov. John Kasich, who has can’t run again after serving two terms. The Cincinnati Enquirer has characterized the race as a “wacky, bitter battle.”
On the Republican side, State Attorney General Mike DeWine is up against Lt Gov. Mary Taylor. On the Democratic side, the fight is between former Rep. Dennis Kucinich, and former head of the Consumer Financial Protection Bureau during the Obama administration Rich Cordray.
Indiana: Indiana is Vice President Mike Pence’s home state, which Trump won by 19 points in the 2016 general election. Eyeing his margin, the three Republican Senate candidates have clung close to Trump as they try to take out Democratic incumbent Sen. Joe Donnelly. They are Rep. Todd Rokita, Rep Luke Messer, and businessman and former Indiana State Rep. Mike Braun. This primary race has been called the “nation’s nastiest,” according to the I ndianapolis Star, and it’s unclear who will win.
North Carolina: Every 12 years, North Carolina has a Blue Moon election—or an election with no statewide races on the ballot—that translates into lower voter turnout . And 2018 is one of them. The primaries to watch, according to The Hill and Vox, are those deciding the Democratic challengers to incumbent Republican Reps. Richard Hudson, Robert Pittenger, Ted Budd, and George Holding. | ashraq/financial-news-articles | http://fortune.com/2018/05/07/election-2018-heres-what-you-need-to-know-about-the-may-8-primary-elections/ |
Updated: May 18, 2018 9:33 AM ET
So much for the Blockchain Week bounce.
With thousands of cryptocurrency diehards swarming into Manhattan for this week’s Consensus 2018 conference, the prediction from Bitcoin bulls like Tom Lee of Fundstrat Global Advisors was that the hype-filled gathering would trigger a market rally.
Alas, not even a trio of (rented) Lamborghinis, a 1,000-person yacht party and a performance by 46-year-old rapper Snoop Dogg could prevent the value of virtual currencies tracked by Coinmarketcap.com from sinking by $45 billion since May 11. Bitcoin, the most popular of the bunch, dropped 3.7 percent this week to $8,117.43 even as Arthur Hayes — the crypto exchange executive whose firm rented the Lamborghinis — predicted a surge to $50,000 by year-end.
This week’s slump is far from extreme by crypto standards, but the market’s resistance to Blockchain Week’s ballyhoo highlights one of the arguments often used by virtual currency pessimists — that most people who are willing to buy the coins have already piled in.
While bulls point to a vast pool of pent-up demand from professional money managers, it’s far from clear that regulations in the U.S. and elsewhere will evolve in ways that attract institutional investors. Many Wall Street pros have dismissed the market as a speculative bubble, while Warren Buffett has likened Bitcoin to “rat poison squared.”
This week’s losses may have been the result of unmet expectations surrounding Consensus 2018, said Sunny Lu, the chief executive officer of blockchain-based logistics company VeChain Tech and one of the conference speakers.
“The quality of projects and speakers were not really as good as expected,” Lu said. “I guess people just got disappointed.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/18/bitcoin-price-consensus-2018-news/ |
May 6 (Reuters) - Lanhai Medical Investment Co Ltd :
* SAYS SHARE TRADE TO HALT FROM MAY 7 PENDING DIVESTMENT PLAN Source text in Chinese: bit.ly/2rmJE90 Further company coverage: (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-lanhai-medical-investments-share-t/brief-lanhai-medical-investments-share-trade-to-halt-pending-divestment-plan-idUSL3N1SD06O |
Alaska Communications Systems Group Inc:
* ALASKA COMMUNICATIONS ANNOUNCES EXEMPTION PROCESS FOR TAX BENEFITS PRESERVATION PLAN Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-alaska-communications-announces-ex/brief-alaska-communications-announces-exemption-process-for-tax-benefits-preservation-plan-idUSFWN1SM1CD |
May 9, 2018 / 1:23 AM / Updated 8 minutes ago Japan's Recruit to buy U.S. job site operator Glassdoor for $1.2 billion Reuters Staff 2 Min Read
TOKYO (Reuters) - Japanese HR services provider Recruit Holdings Co ( 6098.T ) said on Wednesday it will buy Glassdoor Inc for $1.2 billion to tap into the California-based job-site operator’s database of company reviews and salary data. FILE PHOTO: A pedestrian walks under the logo of Recruit Holdings in front of its headquarters building in Tokyo September 10, 2014. REUTERS/Yuya Shino/File Photo
Privately held Glassdoor, founded in 2007, last raised funds in 2016, valuing the company at $1 billion. It counts billionaire Chase Coleman’s hedge fund Tiger Global Management, Google Capital, and T. Rowe Price among its investors.
Buying Glassdoor will expand Recruit’s reach in the United States, a market it tapped through its acquisition of Connecticut-based job search site Indeed in 2012.
"Glassdoor's database of employer information and the job search capabilities of Indeed complement each other well," Recruit's chief operating officer, Hisayuki Idekoba, said in a statement. ( bit.ly/2rA6ydx )
Glassdoor will continue to be led by its current chief executive and co-founder, Robert Hohman, Recruit said.
Recruit will fund the deal with cash on hand and expects it to close during the July-September quarter, subject to regulatory approvals.
Earlier this year, Bloomberg reported, citing people familiar with the matter that Glassdoor was interviewing banks to advise on an IPO expected in the second half of the year. Reporting by Chang-Ran Kim and Sayantani Ghosh; Editing by Himani Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/us-glassdoor-m-a-recruit-holdings/japans-recruit-to-buy-job-site-operator-glassdoor-for-1-2-billion-idUKKBN1IA062 |
TORONTO, May 03, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L’OCRCVM a suspendu la négociation des titres suivants :
Company / Société : Harte Gold Corp. TSX Symbol / Symbole TSX :
HRT (all issues) Reason / Motif : Pending News / Nouvelle en attente
Halt Time (ET) / Heure de la suspension (HE) 3:28 PM ET / 15 h 28 (HE) IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L’OCRCVM peut prendre la décision de suspendre (ou d’arrêter) temporairement les opérations à l’égard d’un titre d’une société cotée en bourse. Les arrêts des opérations sont mis en oeuvre afin d’assurer le bon fonctionnement d’un marché équitable. L’OCRCVM est l’organisme d’autoréglementation national qui surveille l’ensemble des courtiers en placement et l’ensemble des opérations effectuées sur les marchés des titres de capitaux propres et les marchés des titres de créance au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--hrt-all-issues.html |
First quarter revenue increased 16% (increased 10% on a constant currency basis) compared to the prior year period and exceeded guidance across all businesses First quarter EPS exceeded guidance and was: GAAP basis: $2.29 compared to guidance of $2.13 to $2.18 Non-GAAP basis: $2.36 compared to guidance of $2.20 to $2.25 EPS included a positive impact of $0.20 per share related to foreign currency translation, which was in line with guidance Full year 2018 EPS outlook raised despite reduced foreign currency benefit: GAAP basis: Raised to $8.81 to $8.91 from $8.76 to $8.86 previously Non-GAAP basis: Raised to $9.05 to $9.15 from $9.00 to $9.10 previously EPS outlook now includes a reduced positive impact of $0.12 per share related to foreign currency translation, compared to $0.35 previously
NEW YORK--(BUSINESS WIRE)-- PVH Corp. (NYSE:PVH) reported 2018 first quarter results.
Non-GAAP Amounts:
Amounts stated to be on a non-GAAP basis exclude the items that are described below under the heading “Non-GAAP Exclusions.” Amounts stated on a constant currency basis are also deemed to be on a non-GAAP basis. Reconciliations of amounts on a GAAP basis to amounts on a non-GAAP basis are presented later in this release and identify and quantify all excluded items.
CEO Comments:
Commenting on these results, Emanuel Chirico, Chairman and Chief Executive Officer, noted, “We are very pleased with our first quarter 2018 results, which exceeded our expectations. We experienced broad-based strength across our businesses globally and our performance underscored the power of our diversified business model and the continued momentum in our global designer lifestyle brands, CALVIN KLEIN and TOMMY HILFIGER.”
Mr. Chirico continued, “We are applying our consumer-centric mindset by growing our presence where our consumers prefer to shop, creating exciting brand experiences across our distribution channels and capitalizing on creative new ways to connect with the next generation of consumers. We are also driving our long-term vision by making investments to ensure that we adapt to the evolving consumer landscape, without compromising on our commitment to sustainable development throughout the business.”
Mr. Chirico concluded, “We are pleased to increase our earnings guidance for the year, despite the continuing volatility in the macroeconomic and geopolitical environments, which is resulting in a significantly lower foreign currency benefit than previously planned for the year. As I think about the strength of our teams, our brands and our platforms, I believe that PVH is in a powerful position to deliver a sustainable trajectory of long-term growth and stockholder value creation. Our strategic priorities will continue to serve as our guidelines for growth and I believe that we will execute on the significant opportunities that PVH has ahead of it.”
First Quarter Business Review:
Due to the 53rd week in 2017, first quarter 2018 comparable store sales are more appropriately compared with the thirteen week period ended May 7, 2017, instead of the period ended April 30, 2017. All comparable store sales discussed in this release are presented on this one week shifted basis.
Calvin Klein
Revenue in the Calvin Klein business for the quarter increased 18% to $890 million (increased 12% on a constant currency basis) compared to the prior year period. Calvin Klein International revenue increased 25% to $475 million (increased 14% on a constant currency basis) compared to the prior year period, driven by continued outstanding performance in Europe and Asia, including a 9% increase in comparable store sales. Calvin Klein North America revenue increased 10% (also on a constant currency basis) to $415 million compared to the prior year period as a result of strong wholesale performance across all categories and a 5% increase in comparable store sales.
Earnings before interest and taxes for the quarter increased to $109 million, inclusive of a $5 million positive impact due to foreign currency translation, from $93 million in the prior year period, principally attributable to the revenue increase noted above.
Tommy Hilfiger
Revenue in the Tommy Hilfiger business for the quarter increased 21% to $1.0 billion (increased 11% on a constant currency basis) compared to the prior year period. Tommy Hilfiger International revenue increased 25% to $655 million (increased 10% on a constant currency basis) compared to the prior year period, driven by continued strong performance across all regions and channels, including a 9% increase in comparable store sales. Tommy Hilfiger North America revenue increased 13% (also on a constant currency basis) to $361 million compared to the prior year period, principally attributable to a 9% increase in comparable store sales and strong performance in the wholesale business.
Earnings before interest and taxes on a GAAP basis for the quarter increased to $132 million from $33 million in the prior year period. Included in earnings before interest and taxes for the quarter were costs of $7 million incurred related to the April 2016 acquisition of the 55% interest in the Company’s former Tommy Hilfiger joint venture in China (“TH China”) that it did not already own (the “TH China acquisition”), consisting of noncash amortization of short-lived assets. Included in earnings before interest and taxes for the prior year period were costs of (i) $54 million incurred in connection with the agreements to restructure the Company’s supply chain relationship with Li & Fung Trading Limited (“Li & Fung”), under which the Company terminated its non-exclusive buying agency agreement with Li & Fung during 2017 (the “Li & Fung termination”), (ii) $7 million incurred related to the TH China acquisition, primarily consisting of noncash amortization of short-lived assets, and (iii) $7 million incurred in connection with the relocation of the Tommy Hilfiger office in New York, including noncash depreciation expense. Earnings before interest and taxes on a non-GAAP basis discussed below excludes these amounts.
Earnings before interest and taxes on a non-GAAP basis for the quarter increased to $139 million, inclusive of a $12 million positive impact due to foreign currency translation, from $101 million in the prior year period. The earnings increase was principally due to the strong revenue increase noted above, as well as gross margin improvements across all regions and channels.
Heritage Brands
Revenue in the Heritage Brands business for the quarter increased 5% to $409 million compared to the prior year period, principally due to a shift in the timing of shipments into the first quarter from the second quarter as compared to the prior year periods. Comparable store sales increased 1%.
Earnings before interest and taxes for the quarter increased to $42 million from $32 million in the prior year period, primarily driven by the increase in revenue noted above, as well as gross margin improvements.
First Quarter Consolidated Results:
First quarter revenue increased 16% to $2.3 billion (increased 10% on a constant currency basis) compared to the prior year period.
Earnings per share on a GAAP basis was $2.29 for the first quarter of 2018 compared to $0.89 in the prior year period. These results include the amounts with respect to the applicable period described under the heading “Non-GAAP Exclusions” later in this release. Earnings per share on a non-GAAP basis for these periods, as discussed below, exclude these amounts.
Earnings per share on a non-GAAP basis was $2.36 for the first quarter of 2018 compared to $1.65 in the prior year period. Earnings per share on both a GAAP and non-GAAP basis for the first quarter of 2018 included the $0.20 positive impact related to foreign currency translation.
Earnings before interest and taxes on a GAAP basis for the quarter increased to $244 million from $113 million in the prior year period. Included in earnings before interest and taxes for the quarter were costs of $7 million incurred related to the TH China acquisition. Included in earnings before interest and taxes for the prior year period were $79 million of costs consisting of (i) $54 million incurred in connection with the Li & Fung termination, (ii) $9 million incurred in connection with the noncash settlement of certain of the Company’s retirement plan benefit obligations, (iii) $7 million incurred in connection with the relocation of the Tommy Hilfiger office in New York, including noncash depreciation expense, (iv) $7 million incurred related to the TH China acquisition and (v) $2 million incurred in connection with the consolidation within the Company’s warehouse and distribution network in North America. Earnings before interest and taxes on a non-GAAP basis discussed below excludes these amounts.
Earnings before interest and taxes on a non-GAAP basis for the quarter was $251 million compared to $193 million in the prior year period. The improvement in earnings was driven by growth across all businesses.
Net interest expense of $28 million was relatively flat as compared to the prior year period. The effective tax rate on a GAAP basis was 17.1% as compared to 17.0% in the prior year period. The effective tax rate on a non-GAAP basis was 17.3% as compared to 20.7% in the prior year period.
Inventory levels increased 22% as compared to the prior year period due to a shift in the timing of inventory receipts as a result of the 53rd week in 2017 and an expected increase in second quarter of 2018 sales as compared to the prior year period.
Stock Repurchase Program:
During the first quarter of 2018, the Company repurchased 400,000 shares of its common stock for $54 million (7.1 million shares for $745 million since inception) under the $1.250 billion stock repurchase program authorized by the Board of Directors through June 3, 2020. Stock repurchases under the program may be made from time to time over the period through open market purchases, accelerated share repurchase programs, privately negotiated transactions or other methods, as the Company deems appropriate. Purchases are made based on a variety of factors, such as price, corporate requirements and overall market conditions, applicable legal requirements and limitations, restrictions under the Company’s debt arrangements, trading restrictions under the Company’s insider trading policy and other relevant factors. The program may be modified by the Board, including to increase or decrease the repurchase limitation or extend, suspend, or terminate the program, at any time, without prior notice.
2018 Outlook:
The Company’s effective tax rate projections for 2018 include estimates of the impacts of the U.S. Tax Cuts and Jobs Act of 2017 (the “Tax Legislation”) enacted on December 22, 2017, including (i) the reduction of the corporate income tax rate from 35% to 21%, (ii) the implementation of a modified territorial tax system, (iii) the introduction of a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations (known as “GILTI”) and (iv) the introduction of a base erosion anti-abuse tax measure (known as “BEAT”) that taxes certain payments between U.S. corporations and their subsidiaries. These projections are subject to adjustment in 2018, including as a result of changes in the provisional net tax benefit of $53 million recorded in the fourth quarter of 2017, during the measurement period allowed by the Securities and Exchange Commission as regulatory guidance needs to be issued in regard to the Tax Legislation and as the Company completes its final analysis of the impacts of the Tax Legislation.
Please see the section entitled “Full Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts” at the end of this release for further detail and reconciliations of GAAP to non-GAAP amounts discussed in this section.
Full Year Guidance
The Company currently projects that 2018 earnings per share on a GAAP basis will be in a range of $8.81 to $8.91 compared to $6.84 in 2017. The Company currently projects that 2018 earnings per share on a non-GAAP basis will be in a range of $9.05 to $9.15 compared to $7.94 in 2017. Both the GAAP and non-GAAP projections include the expected positive impact of approximately $0.12 per share related to foreign currency translation.
Revenue in 2018 is projected to increase approximately 6% (increase approximately 5% on a constant currency basis) as compared to 2017. Revenue for the Calvin Klein business is projected to increase approximately 8% (increase approximately 7% on a constant currency basis). Revenue for the Tommy Hilfiger business is projected to increase approximately 7% (increase approximately 6% on a constant currency basis). Revenue for the Heritage Brands business is projected to be relatively flat.
Net interest expense in 2018 is projected to decrease to approximately $120 million from $122 million in 2017. The Company estimates that the 2018 effective tax rate will be in a range of 14% to 15%, which includes the estimated impact of the Tax Legislation.
The Company’s estimate of 2018 earnings per share on a non-GAAP basis excludes approximately $25 million of pre-tax costs to be incurred related to the TH China acquisition, consisting of noncash amortization of short-lived assets, and the resulting estimated tax effect.
Second Quarter Guidance
Second quarter 2018 earnings per share on a GAAP basis is projected to be in a range of $1.98 to $2.03 compared to $1.52 in the prior year period. The Company projects that second quarter 2018 earnings per share on a non-GAAP basis will be in a range of $2.05 to $2.10 compared to $1.69 in the prior year period. Both the GAAP and non-GAAP projections include the expected positive impact of approximately $0.03 per share related to foreign currency translation.
Revenue in the second quarter of 2018 is projected to increase approximately 10% (increase approximately 9% on a constant currency basis) compared to the prior year period. Revenue for the Calvin Klein business in the second quarter is projected to increase approximately 15% (increase approximately 14% on a constant currency basis). Revenue for the Tommy Hilfiger business in the second quarter is projected to increase approximately 13% (increase approximately 12% on a constant currency basis). Revenue for the Heritage Brands business in the second quarter is projected to decrease approximately 4% compared to the prior year period.
Net interest expense in the second quarter of 2018 is projected to be relatively flat compared to $30 million in the prior year period. The Company estimates that the second quarter 2018 effective tax rate will be in a range of 19% to 20%, which includes the estimated impact of the Tax Legislation.
The Company’s estimate of second quarter 2018 earnings per share on a non-GAAP basis excludes approximately $7 million of pre-tax costs to be incurred related to the TH China acquisition, consisting of noncash amortization of short-lived assets, and the resulting estimated tax effect.
Non-GAAP Exclusions:
The discussions in this release that refer to non-GAAP amounts exclude the following:
Pre-tax costs of approximately $25 million to be incurred in 2018 related to the TH China acquisition, consisting of noncash amortization of short-lived assets, of which $7 million was incurred in the first quarter and approximately $7 million is to be incurred in the second quarter. Pre-tax costs of $83 million incurred in the fourth quarter of 2017 in connection with an amendment to Mr. Tommy Hilfiger’s employment agreement pursuant to which the Company made a cash buyout of a portion of the future payments to Mr. Hilfiger. Pre-tax costs of $54 million incurred in the first quarter of 2017 in connection with the Li & Fung termination. Pre-tax costs of $28 million incurred in the fourth quarter of 2017 in connection with the Company’s redemption and issuance of senior notes, including $24 million related to the early redemption of the $700 million 4 1/2% senior notes and $4 million related to the issuance of €600 million 3 1/8% senior notes. Pre-tax costs of $27 million incurred in 2017 related to the TH China acquisition, primarily consisting of noncash amortization of short-lived assets, of which $7 million was incurred in the first quarter, $7 million was incurred in the second quarter, $6 million was incurred in the third quarter and $7 million was incurred in the fourth quarter. Pre-tax costs of $19 million incurred in 2017 in connection with the relocation of the Tommy Hilfiger office in New York, including noncash depreciation expense, of which $7 million was incurred in the first quarter, $7 million was incurred in the second quarter and $5 million was incurred in the third quarter. Pre-tax costs of $9 million incurred in the first quarter of 2017 in connection with the noncash settlement of certain of the Company’s benefit obligations related to its retirement plans as a result of an annuity purchased for certain participants, under which such obligations were transferred to an insurer. Pre-tax net costs of $8 million incurred in 2017 in connection with the consolidation within the Company’s warehouse and distribution network in North America, of which $2 million of costs were incurred in the first quarter, $6 million of costs were incurred in the second quarter, $3 million of costs were incurred in the third quarter and a net gain of $2 million was recorded in the fourth quarter, which included the impact of the sale of a warehouse and distribution center. Pre-tax loss of $3 million recorded in the fourth quarter of 2017 related to the recognized actuarial loss on retirement plans. Discrete tax benefits of $23 million recorded in 2017 primarily related to the resolution of uncertain tax positions, of which $13 million was recorded in the third quarter and $10 million was recorded in the fourth quarter. Discrete net tax benefit of $53 million recorded in the fourth quarter of 2017 in connection with the Tax Legislation, consisting of a $265 million benefit primarily from the remeasurement of the Company’s net deferred tax liabilities, partially offset by a $38 million valuation allowance on the Company’s foreign tax credits and a $174 million transition tax on earnings of foreign subsidiaries deemed to be repatriated. Discrete tax benefit of $15 million recorded in the fourth quarter of 2017 related to an excess tax benefit from the exercise of stock options by the Company’s Chief Executive Officer. Estimated tax effects associated with the above pre-tax items, which are based on the Company’s assessment of deductibility. In making this assessment, the Company evaluated each item that it had identified above as a non-GAAP exclusion to determine if such item is taxable or tax deductible, and if so, in what jurisdiction the tax expense or tax deduction would occur. All items above were identified as either primarily taxable or tax deductible, with the tax effect taken at the statutory income tax rate of the local jurisdiction, or as non-taxable or non-deductible, in which case the Company assumed no tax effect.
As a supplement to the Company’s GAAP results, the Company presents constant currency revenue information, which is a non-GAAP financial measure. The Company presents results in this manner because it is a global company that transacts business in multiple currencies but reports financial information in U.S. dollars. Foreign currency exchange rate fluctuations affect the amounts reported by the Company in U.S. dollars with respect to its foreign revenues. Exchange rate fluctuations can have a significant effect on reported revenues. The Company believes presenting constant currency revenue information provides useful information to investors, as it provides information to assess how its businesses performed excluding the effects of changes in foreign currency exchange rates and assists investors in evaluating the effectiveness of the Company’s operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance.
The Company calculates constant currency revenue information by translating its foreign revenues for the current year period into U.S. dollars at the average exchange rates in effect during the comparable prior year period (rather than at the actual exchange rates in effect during the current year period).
Constant currency performance should be viewed in addition to, and not in lieu of or as superior to, the Company’s operating performance calculated in accordance with GAAP. The constant currency revenue information presented may not be comparable to similarly described measures reported by other companies.
Please see Tables 1 through 6 and the sections entitled “Reconciliations of 2018 Constant Currency Revenue” and “Full Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts” later in this release for reconciliations of GAAP to non-GAAP amounts.
The Company webcasts its conference calls to review its earnings releases. The Company’s conference call to review its first quarter earnings release is scheduled for Thursday, May 31, 2018 at 9:00 a.m. EDT. Please log on to the Company’s web site at www.PVH.com and go to the Events page included in the Investors section to listen to the live webcast of the conference call. The webcast will be available for replay for one year after it is held, commencing approximately two hours after the live broadcast ends. Please log on to www.PVH.com as described above to listen to the replay. In addition, an audio replay of the conference call is available for 48 hours starting approximately two hours after it is held. The replay of the conference call can be accessed by calling (domestic) 888-203-1112 and (international) 719-457-0820 and using passcode 2302365. The conference call and webcast consist of copyrighted material. They may not be re-recorded, reproduced, re-transmitted, rebroadcast or otherwise used without the Company’s express written permission. Your participation represents your consent to these terms and conditions, which are governed by New York law.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Forward-looking statements in this press release and made during the conference call/webcast, including, without limitation, statements relating to the Company’s future revenue and earnings, plans, strategies, objectives, expectations and intentions are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not be anticipated, including, without limitation, (i) the Company’s plans, strategies, objectives, expectations and intentions are subject to change at any time at the discretion of the Company; (ii) the Company may be considered to be highly leveraged and uses a significant portion of its cash flows to service its indebtedness, as a result of which the Company might not have sufficient funds to operate its businesses in the manner it intends or has operated in the past; (iii) the levels of sales of the Company’s apparel, footwear and related products, both to its wholesale customers and in its retail stores, the levels of sales of the Company’s licensees at wholesale and retail, and the extent of discounts and promotional pricing in which the Company and its licensees and other business partners are required to engage, all of which can be affected by weather conditions, changes in the economy, fuel prices, reductions in travel, fashion trends, consolidations, repositionings and bankruptcies in the retail industries, repositionings of brands by the Company’s licensors, and other factors; (iv) the Company’s ability to manage its growth and inventory, including the Company’s ability to realize benefits from acquisitions; (v) quota restrictions, the imposition of safeguard controls and the imposition of duties or tariffs on goods from the countries where the Company or its licensees produce goods under its trademarks, any of which, among other things, could limit the ability to produce products in cost-effective countries, or in countries that have the labor and technical expertise needed; (vi) the availability and cost of raw materials; (vii) the Company’s ability to adjust timely to changes in trade regulations and the migration and development of manufacturers (which can affect where the Company’s products can best be produced); (viii) changes in available factory and shipping capacity, wage and shipping cost escalation, civil conflict, war or terrorist acts, the threat of any of the foregoing, or political or labor instability in any of the countries where the Company’s or its licensees’ or other business partners’ products are sold, produced or are planned to be sold or produced; (ix) disease epidemics and health related concerns, which could result in closed factories, reduced workforces, scarcity of raw materials and scrutiny or embargoing of goods produced in infected areas, as well as reduced consumer traffic and purchasing, as consumers become ill or limit or cease shopping in order to avoid exposure; (x) acquisitions and divestitures and issues arising with acquisitions, divestitures and proposed transactions, including, without limitation, the ability to integrate an acquired entity or business into the Company with no substantial adverse effect on the acquired entity’s, the acquired business’s or the Company’s existing operations, employee relationships, vendor relationships, customer relationships or financial performance, and the ability to operate effectively and profitably the Company’s continuing businesses after the sale or other disposal of a subsidiary, business or the assets thereof; (xi) the failure of the Company’s licensees to market successfully licensed products or to preserve the value of the Company’s brands, or their misuse of the Company’s brands; (xii) significant fluctuations of the U.S. dollar against foreign currencies in which the Company transacts significant levels of business; (xiii) the Company’s retirement plan expenses recorded throughout the year are calculated using actuarial valuations that incorporate assumptions and estimates about financial market, economic and demographic conditions, and differences between estimated and actual results give rise to gains and losses, which can be significant, that are recorded immediately in earnings, generally in the fourth quarter of the year; (xiv) the impact of new and revised tax legislation and regulations, particularly the recently enacted U.S. Tax Cuts and Jobs Act that might disproportionately affect the Company as compared to some of its peers due to the specific tax structure of the Company and its greater percentage of revenues and income generated outside of the U.S.; and (xv) other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”).
This press release includes, and the conference call/webcast will include, certain non-GAAP financial measures, as defined under SEC rules. Reconciliations of these measures are included in the financial information later in this release, as well as in the Company’s Current Report on Form 8-K furnished to the SEC in connection with this earnings release, which is available on the Company’s website at www.PVH.com and on the SEC’s website at www.sec.gov .
The Company does not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimate regarding revenue or earnings, whether as a result of the receipt of new information, future events or otherwise.
PVH CORP. Consolidated GAAP Income Statements (In millions, except per share data) Quarter Ended 5/6/18
4/30/17
Net sales $ 2,193.5 $ 1,875.0 Royalty revenue 89.4 87.3 Advertising and other revenue 31.7 26.7 Total revenue $ 2,314.6 $ 1,989.0 Gross profit on net sales $ 1,169.9 $ 966.8 Gross profit on royalty, advertising and other revenue 121.1 114.0 Total gross profit 1,291.0 1,080.8 Selling, general and administrative expenses 1,053.0 960.9 Non-service related pension and postretirement (income) cost (2.5 ) 7.1 Equity in net income of unconsolidated affiliates 3.8 0.4 Earnings before interest and taxes 244.3 113.2 Interest expense, net 28.4 28.7 Pre-tax income 215.9 84.5 Income tax expense 37.0 14.4 Net income 178.9 70.1 Less: Net loss attributable to redeemable non-controlling interest (1) (0.5 ) (0.3 ) Net income attributable to PVH Corp. $ 179.4 $ 70.4 Diluted net income per common share attributable to PVH Corp. (2) $ 2.29 $ 0.89 Quarter Ended 5/6/18
4/30/17
Depreciation and amortization expense $ 83.2 $ 77.2 Please see following pages for information related to non-GAAP measures discussed in this release.
(1) The Company and Arvind Limited have a joint venture in Ethiopia in which the Company owns a 75% interest. (2) Please see Note A in the Notes to Consolidated GAAP Income Statements for reconciliations of GAAP diluted net income per common share to diluted net income per common share on a non-GAAP basis. PVH CORP.
Non-GAAP Measures
(In millions, except per share data)
The Company believes it is useful to investors to present its results for the quarters ended May 6, 2018 and April 30, 2017 excluding (i) the costs incurred in those quarters related to the acquisition of the 55% interest in TH Asia, Ltd. (“TH China”), its former joint venture for TOMMY HILFIGER in China, that it did not already own (the “TH China acquisition”), primarily consisting of noncash amortization of short-lived assets; (ii) the costs incurred in the first quarter of 2017 in connection with agreements to restructure its supply chain relationship with Li & Fung Trading Limited (“Li & Fung”), under which the Company terminated its non-exclusive buying agency agreement with Li & Fung in 2017 (the “Li & Fung termination”); (iii) the costs incurred in the first quarter of 2017 in connection with the noncash settlement of certain of its benefit obligations related to its retirement plans as a result of an annuity purchased for certain participants, under which such obligations were transferred to an insurer; (iv) the costs incurred in the first quarter of 2017 in connection with the relocation of the Tommy Hilfiger office in New York, including noncash depreciation expense; (v) the costs incurred in the first quarter of 2017 in connection with the consolidation within its warehouse and distribution network in North America; and (vi) the tax effects associated with the foregoing pre-tax items, which are on a non-GAAP basis. The Company excludes such amounts that it deems non-recurring or non-operational and believes that this (i) facilitates comparing current results against past and future results by eliminating amounts that it believes are not comparable between periods, thereby permitting management to evaluate performance and investors to make decisions based on the ongoing operations of the Company and (ii) assists investors in evaluating the effectiveness of the Company’s operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. The Company believes that investors often look at ongoing operations of an enterprise as a measure of assessing performance. The Company uses its results excluding these amounts to evaluate its operating performance and to discuss its business with investment institutions, the Company’s Board of Directors and others. The Company’s results excluding the items described above are also the basis for certain incentive compensation calculations. The non-GAAP measures should be viewed in addition to, and not in lieu of or superior to, the Company’s operating performance measures calculated in accordance with GAAP. The information presented on a non-GAAP basis may not be comparable to similarly titled measures reported by other companies.
The following table presents the non-GAAP measures that are discussed in this release. Please see Tables 1 through 6 for reconciliations of the GAAP amounts to amounts on a non-GAAP basis.
Quarter Ended 5/6/18
4/30/17
Non-GAAP Measures Selling, general and administrative expenses (1) $ 1,046.1 $ 891.0 Non-service related pension and postretirement income (2) (2.3 ) Earnings before interest and taxes (3) 251.2 192.5 Income tax expense (4) 38.5 33.9 Net income attributable to PVH Corp. (5) 184.8 130.2 Diluted net income per common share attributable to PVH Corp. (6) $ 2.36 $ 1.65 Depreciation and amortization expense (7) $ 76.3 $ 66.4 (1)
Please see Table 3 for reconciliations of GAAP selling, general and administrative (“SG&A”) expenses to SG&A expenses on a non-GAAP basis.
(2)
Please see Table 4 for reconciliation of GAAP non-service related pension and postretirement cost to non-service related pension and postretirement income on a non-GAAP basis.
(3)
Please see Table 2 for reconciliations of GAAP earnings before interest and taxes to earnings before interest and taxes on a non-GAAP basis.
(4)
Please see Table 5 for reconciliations of GAAP income tax expense to income tax expense on a non-GAAP basis and an explanation of the calculation of the tax effects associated with the pre-tax items identified as non-GAAP exclusions.
(5)
Please see Table 1 for reconciliations of GAAP net income to net income on a non-GAAP basis.
(6)
Please see Note A in the Notes to Consolidated GAAP Income Statements for reconciliations of GAAP diluted net income per common share to diluted net income per common share on a non-GAAP basis.
(7)
Please see Table 6 for reconciliations of GAAP depreciation and amortization expense to depreciation and amortization expense on a non-GAAP basis.
PVH CORP.
Reconciliations of GAAP to Non-GAAP Amounts
(In millions, except per share data)
Table 1 - Reconciliations of GAAP net income to net income on a non-GAAP basis
Quarter Ended 5/6/18
4/30/17
Net income attributable to PVH Corp. $ 179.4 $ 70.4 Diluted net income per common share attributable to PVH Corp. (1) $ 2.29 $ 0.89 Pre-tax items excluded: SG&A expenses associated with the Li & Fung termination 54.2 SG&A expenses associated with the relocation of the Tommy Hilfiger office in New York (including noncash depreciation expense) 7.0 SG&A expenses associated with the TH China acquisition (primarily consisting of noncash amortization of short-lived assets) 6.9 6.9 SG&A expenses associated with the consolidation within the Company’s warehouse and distribution network in North America 1.8 Expenses associated with the noncash settlement of certain of the Company’s retirement plan benefit obligations (recorded in non-service related pension and postretirement (income) cost) 9.4 Tax effects of the above pre-tax items (2) (1.5 ) (19.5 ) Net income on a non-GAAP basis attributable to PVH Corp. $ 184.8 $ 130.2 Diluted net income per common share on a non-GAAP basis attributable to PVH Corp. (1) $ 2.36 $ 1.65 (1) Please see Note A in the Notes to the Consolidated GAAP Income Statements for reconciliations of GAAP diluted net income per common share to diluted net income per common share on a non-GAAP basis. (2) Please see Table 5 for an explanation of the calculation of the tax effects of the above items. Table 2 - Reconciliations of GAAP earnings before interest and taxes to earnings before interest and taxes on a non-GAAP basis
Quarter Ended 5/6/18
4/30/17
Earnings before interest and taxes $ 244.3 $ 113.2 Items excluded: SG&A expenses associated with the Li & Fung termination 54.2 SG&A expenses associated with the relocation of the Tommy Hilfiger office in New York (including noncash depreciation expense) 7.0 SG&A expenses associated with the TH China acquisition (primarily consisting of noncash amortization of short-lived assets) 6.9 6.9 SG&A expenses associated with the consolidation within the Company’s warehouse and distribution network in North America 1.8 Expenses associated with the noncash settlement of certain of the Company’s retirement plan benefit obligations (recorded in non-service related pension and postretirement (income) cost) 9.4 Earnings before interest and taxes on a non-GAAP basis $ 251.2 $ 192.5 PVH CORP.
Reconciliations of GAAP to Non-GAAP Amounts (continued)
(In millions)
Table 3 - Reconciliations of GAAP SG&A expenses to SG&A expenses on a non-GAAP basis
Quarter Ended 5/6/18
4/30/17
SG&A expenses $ 1,053.0 $ 960.9 Items excluded: Expenses associated with the Li & Fung termination (54.2 ) Expenses associated with the relocation of the Tommy Hilfiger office in New York (including noncash depreciation expense) (7.0 ) Expenses associated with the TH China acquisition (primarily consisting of noncash amortization of short-lived assets) (6.9 ) (6.9 ) Expenses associated with the consolidation within the Company’s warehouse and distribution network in North America (1.8 ) SG&A expenses on a non-GAAP basis $ 1,046.1 $ 891.0 Table 4 - Reconciliation of GAAP non-service related pension and postretirement cost to non-service related pension and postretirement income on a non-GAAP basis Quarter Ended 4/30/17
Non-service related pension and postretirement cost $ 7.1 Items excluded: Expenses associated with the noncash settlement of certain of the Company’s retirement plan benefit obligations (9.4 ) Non-service related pension and postretirement income on a non-GAAP basis $ (2.3 ) Table 5 - Reconciliations of GAAP income tax expense to income tax expense on a non-GAAP basis
Quarter Ended 5/6/18
4/30/17
Income tax expense $ 37.0 $ 14.4 Items excluded: Tax effects of pre-tax items identified as non-GAAP exclusions (1) 1.5 19.5 Income tax expense on a non-GAAP basis $ 38.5 $ 33.9 (1) The estimated tax effects associated with the Company’s exclusions on a non-GAAP basis are based on the Company’s assessment of deductibility. In making this assessment, the Company evaluated each pre-tax item that it had identified above as a non-GAAP exclusion to determine if such item is taxable or tax deductible and, if so, in what jurisdiction the tax expense or tax deduction would occur. All of the pre-tax items identified as non-GAAP exclusions were identified as either primarily taxable or tax deductible, with the tax effect taken at the statutory income tax rate of the local jurisdiction, or as non-taxable or non-deductible, in which case the Company assumed no tax effect. PVH CORP. Reconciliations of GAAP to Non-GAAP Amounts (continued) (In millions) Table 6 - Reconciliations of GAAP depreciation and amortization expense to depreciation and amortization expense on a non-GAAP basis Quarter Ended 5/6/18
4/30/17
Depreciation and amortization expense $ 83.2 $ 77.2 Items excluded: Amortization of short-lived assets associated with the TH China acquisition (6.9 ) (6.3 ) Depreciation associated with the relocation of the Tommy Hilfiger office in New York (4.5 ) Depreciation and amortization expense on a non-GAAP basis $ 76.3 $ 66.4 PVH CORP. Notes to Consolidated GAAP Income Statements (In millions, except per share data) A. The Company computed its diluted net income per common share as follows:
Quarter Ended Quarter Ended 5/6/18 4/30/17 GAAP Non-GAAP GAAP Non-GAAP Results
Adjustments
(1) Results
Results
Adjustments
(2) Results
Net income attributable to PVH Corp. $ 179.4 $ (5.4 ) $ 184.8 $ 70.4 $ (59.8 ) $ 130.2 Weighted average common shares 77.1 77.1 78.2 78.2 Weighted average dilutive securities 1.1 1.1 0.8 0.8 Total shares 78.2 78.2 79.0 79.0 Diluted net income per common share attributable to PVH Corp. $ 2.29 $ 2.36 $ 0.89 $ 1.65 (1) Represents the impact on net income in the quarter ended May 6, 2018 from the elimination of the costs incurred related to the TH China acquisition, consisting of noncash amortization of short-lived assets, and the resulting tax effect. Please see Table 1 for a reconciliation of GAAP net income to net income on a non-GAAP basis. (2) Represents the impact on net income in the quarter ended April 30, 2017 from the elimination of (i) the costs incurred related to the TH China acquisition, primarily consisting of noncash amortization of short-lived assets; (ii) the costs incurred in connection with the Li & Fung termination; (iii) the costs incurred in connection with the noncash settlement of certain of the Company’s benefit obligations related to its retirement plans as a result of an annuity purchased for certain participants, under which such obligations were transferred to an insurer; (iv) the costs incurred in connection with the relocation of the Tommy Hilfiger office in New York, including noncash depreciation expense; (v) the costs incurred in connection with the consolidation within the Company’s warehouse and distribution network in North America; and (vi) the tax effects associated with the foregoing pre-tax items. Please see Table 1 for a reconciliation of GAAP net income to net income on a non-GAAP basis. PVH CORP. Consolidated Balance Sheets (In millions) 5/6/18 4/30/17 ASSETS Current Assets: Cash and Cash Equivalents $ 434.5 $ 490.9 Receivables 812.3 712.5 Inventories 1,524.9 1,253.8 Other 269.9 198.0 Total Current Assets 3,041.6 2,655.2 Property, Plant and Equipment 873.5 751.6 Goodwill and Other Intangible Assets 7,434.9 7,163.4 Other Assets 364.6 342.1 $ 11,714.6 $ 10,912.3 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY Accounts Payable and Accrued Expenses $ 1,472.6 $ 1,335.7 Short-Term Borrowings 254.5 42.5 Current Portion of Long-Term Debt — — Other Liabilities 1,408.2 1,498.6 Long-Term Debt 3,013.2 3,157.1 Redeemable Non-Controlling Interest 1.5 3.4 Stockholders’ Equity 5,564.6 4,875.0 $ 11,714.6 $ 10,912.3 Note: Year over year balances are impacted by changes in foreign currency exchange rates.
PVH CORP. Segment Data (In millions) REVENUE BY SEGMENT
Quarter Ended Quarter Ended 5/6/18 4/30/17 Calvin Klein North America
Net sales $ 367.3 $ 330.1 Royalty revenue 34.0 35.1 Advertising and other revenue 13.2 10.2 Total 414.5 375.4 Calvin Klein International
Net sales 448.8 354.8 Royalty revenue 18.5 19.6 Advertising and other revenue 8.2 6.0 Total 475.5 380.4 Total Calvin Klein
Net sales 816.1 684.9 Royalty revenue 52.5 54.7 Advertising and other revenue 21.4 16.2 Total 890.0 755.8 Tommy Hilfiger North America
Net sales 338.9 298.1 Royalty revenue 18.4 16.5 Advertising and other revenue 3.9 3.9 Total 361.2 318.5 Tommy Hilfiger International
Net sales 637.2 507.8 Royalty revenue 12.0 10.1 Advertising and other revenue 5.4 5.6 Total 654.6 523.5 Total Tommy Hilfiger
Net sales 976.1 805.9 Royalty revenue 30.4 26.6 Advertising and other revenue 9.3 9.5 Total 1,015.8 842.0 Heritage Brands Wholesale
Net sales 340.8 326.8 Royalty revenue 5.4 5.0 Advertising and other revenue 0.9 0.9 Total 347.1 332.7 Heritage Brands Retail
Net sales 60.5 57.4 Royalty revenue 1.1 1.0 Advertising and other revenue 0.1 0.1 Total 61.7 58.5 Total Heritage Brands
Net sales 401.3 384.2 Royalty revenue 6.5 6.0 Advertising and other revenue 1.0 1.0 Total 408.8 391.2 Total Revenue
Net sales 2,193.5 1,875.0 Royalty revenue 89.4 87.3 Advertising and other revenue 31.7 26.7 Total $ 2,314.6 $ 1,989.0 PVH CORP. Segment Data (continued) (In millions) EARNINGS BEFORE INTEREST AND TAXES BY SEGMENT
Quarter Ended Quarter Ended 5/6/18 4/30/17 Results Results Under Non-GAAP Under Non-GAAP GAAP
Adjustments (1)
Results
GAAP
Adjustments (2)
Results
Calvin Klein North America $ 43.5 $ 43.5 $ 41.9 $ 41.9 Calvin Klein International 65.1 65.1 51.6 51.6 Total Calvin Klein 108.6 108.6 93.5 93.5 Tommy Hilfiger North America 40.8 40.8 (18.8 ) $ (38.3 ) 19.5 Tommy Hilfiger International 91.2 $ (6.9 ) 98.1 52.1 (29.8 ) 81.9 Total Tommy Hilfiger 132.0 (6.9 ) 138.9 33.3 (68.1 ) 101.4 Heritage Brands Wholesale 39.8 39.8 30.3 30.3 Heritage Brands Retail 1.8 1.8 1.5 1.5 Total Heritage Brands 41.6 41.6 31.8 31.8 Corporate (37.9 ) (37.9 ) (45.4 ) (11.2 ) (34.2 ) Total earnings before interest and taxes $ 244.3 $ (6.9 ) $ 251.2 $ 113.2 $ (79.3 ) $ 192.5 (1) Adjustment for the quarter ended May 6, 2018 represents the elimination of the costs incurred related to the TH China acquisition, consisting of noncash amortization of short-lived assets. (2) Adjustments for the quarter ended April 30, 2017 represent the elimination of (i) the costs incurred related to the TH China acquisition, primarily consisting of noncash amortization of short-lived assets; (ii) the costs incurred in connection with the Li & Fung termination; (iii) the costs incurred in connection with the noncash settlement of certain of the Company’s benefit obligations related to its retirement plans as a result of an annuity purchased for certain participants, under which such obligations were transferred to an insurer; (iv) the costs incurred in connection with the relocation of the Tommy Hilfiger office in New York, including noncash depreciation expense; and (v) the costs incurred in connection with the consolidation within the Company’s warehouse and distribution network in North America. PVH CORP.
Reconciliations of 2018 Constant Currency Revenue
(In millions)
As a supplement to the Company’s reported operating results, the Company presents constant currency revenue information, which is a non-GAAP financial measure. The Company presents results in this manner because it is a global company that transacts business in multiple currencies but reports financial information in U.S. dollars. Foreign currency exchange rate fluctuations affect the amounts reported by the Company in U.S. dollars with respect to its foreign revenues. Exchange rate fluctuations can have a significant effect on reported revenues. The Company believes presenting constant currency revenue information provides useful information to investors, as it provides information to assess how its businesses performed excluding the effects of changes in foreign currency exchange rates and assists investors in evaluating the effectiveness of the Company’s operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance.
The Company calculates constant currency revenue information by translating its foreign revenues for the current year period into U.S. dollars at the average exchange rates in effect during the comparable prior year period (rather than at the actual exchange rates in effect during the current year period).
Constant currency performance should be viewed in addition to, and not in lieu of or as superior to, the Company’s operating performance calculated in accordance with GAAP. The constant currency revenue information presented may not be comparable to similarly described measures reported by other companies.
GAAP Revenue % Change Quarter Ended GAAP Positive Impact of
Foreign Exchange
Constant
Currency
5/6/18 4/30/17 Calvin Klein North America $ 414.5 $ 375.4 10.4 % 0.5 % 9.9 % Calvin Klein International 475.5 380.4 25.0 % 10.7 % 14.3 % Total Calvin Klein 890.0 755.8 17.8 % 5.7 % 12.1 % Tommy Hilfiger North America $ 361.2 $ 318.5 13.4 % 0.5 % 12.9 % Tommy Hilfiger International 654.6 523.5 25.0 % 14.8 % 10.2 % Total Tommy Hilfiger 1,015.8 842.0 20.6 % 9.4 % 11.2 % Total Revenue $ 2,314.6 $ 1,989.0 16.4 % 6.2 % 10.2 % PVH CORP.
Full Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts
The Company is presenting its 2018 estimated results excluding the costs to be incurred related to the TH China acquisition, consisting of noncash amortization of short-lived assets and the resulting estimated tax effect. The 2018 estimated results are presented on both a GAAP and non-GAAP basis. The Company believes presenting these results on a non-GAAP basis provides useful additional information to investors. The Company excludes such amounts that it deems non-recurring or non-operational and believes that this (i) facilitates comparing current results against past and future results by eliminating amounts that it believes are not comparable between periods, thereby permitting management to evaluate performance and investors to make decisions based on the ongoing operations of the Company, and (ii) assists investors in evaluating the effectiveness of the Company’s operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. The Company has provided the reconciliations set forth below to present its estimates on a GAAP basis and excluding these amounts. The Company uses its results excluding these amounts to evaluate its operating performance and to discuss its business with investment institutions, the Company’s Board of Directors and others. The Company’s results excluding the item described above are also the basis for certain incentive compensation calculations. The non-GAAP measures should be viewed in addition to, and not in lieu of or as superior to, the Company’s operating performance measures calculated in accordance with GAAP. The information presented on a non-GAAP basis may not be comparable to similarly titled measures reported by other companies. The estimated tax effect associated with the above pre-tax item is based on the Company’s assessment of deductibility. In making this assessment, the Company evaluated the item identified above as a non-GAAP exclusion to determine if such item is taxable or tax deductible, and if so, in what jurisdiction the tax expense or tax deduction would occur. The item is identified as tax deductible, with the tax effect taken at the statutory income tax rate of the local jurisdiction.
2018 Net Income Per Common Share Reconciliations
Current Guidance Previous Guidance Full Year
2018
(Estimated) Second Quarter
2018
(Estimated) Full Year
2018
(Estimated)
First Quarter
2018
(Estimated) GAAP net income per common share attributable to PVH Corp. $8.81 - $8.91 $1.98 - $2.03 $8.76 - $8.86 $2.13 - $2.18 Estimated per common share impact of item identified as a non-GAAP exclusion $(0.24) $(0.07) $(0.24) $(0.07) Net income per common share attributable to PVH Corp. on a non-GAAP basis $9.05 - $9.15 $2.05 - $2.10 $9.00 - $9.10 $ 2.20 - $2.25 The GAAP net income per common share attributable to PVH Corp. amounts presented in the above table, as well as the amounts excluded in providing non-GAAP earnings guidance, would be expected to change as a result of (i) acquisition, restructuring, divestment or similar transactions or activities, (ii) the timing and strategy of restructuring and integration initiatives or other one-time events, if any, that the Company engages in or suffers during the period, (iii) any market or other changes affecting the Company’s expected actuarial gain or loss on retirement plans, (iv) the imposition of significant tariffs on apparel, footwear and accessories imported from China or any of the Company’s other significant sourcing countries, (v) adjustments to the Company’s income tax provision related to the U.S. Tax Cuts and Jobs Act of 2017 (the “Tax Legislation”), including as a result of changes in the provisional amounts recorded in 2017, during the measurement period allowed by the SEC as regulatory guidance needs to be issued related to the Tax Legislation and as the Company completes its final analysis of the impacts of the Tax Legislation, or (vi) any discrete tax events including changes in tax rates or tax law and events arising from audits or the resolution of uncertain tax positions. The Company has no current understanding or agreement regarding any such transaction or definitive plans regarding any such activity that has not been announced or completed.
PVH CORP.
Full Year and Quarterly Reconciliations of GAAP to Non-GAAP Amounts (continued)
2018 Estimated Revenue on a Constant Currency Basis Reconciliation
Full Year 2018
(Estimated)
(Consolidated)
Full Year 2018
(Estimated)
(Calvin Klein)
Full Year 2018
(Estimated)
(Tommy
Hilfiger)
Second
Quarter 2018
(Estimated)
(Consolidated)
Second
Quarter 2018
(Estimated)
(Calvin Klein)
Second
Quarter 2018
(Estimated)
(Tommy Hilfiger)
GAAP revenue increase 6% 8% 7% 10% 15% 13% Positive impact of foreign exchange 1% 1% 1% 1% 1% 1% Non-GAAP revenue increase on a constant currency basis 5% 7% 6% 9% 14% 12% Please refer to the section entitled “Reconciliations of 2018 Constant Currency Revenue” for a description of the presentation of constant currency amounts.
Reconciliation of GAAP Diluted Net Income Per Common Share to Diluted Net Income Per Common Share on a Non-GAAP Basis
Full Year 2017 Second Quarter 2017 (Actual) (Actual) (In millions, except per share data)
Results
Under
GAAP
Adjustments (1) Non-
GAAP
Results
Results
Under
GAAP
Adjustments (2) Non-
GAAP
Results
Net income $ 537.8 $ (86.6 ) $ 624.4 $ 119.7 $ (13.4 ) $ 133.1 Total weighted average shares 78.6 78.6 78.7 78.7 Diluted net income per common share $ 6.84 $ 7.94 $ 1.52 $ 1.69 (1) Represents the impact on net income in the year ended February 4, 2018 from the elimination of (i) a $2.5 million recognized actuarial loss on retirement plans; (ii) $26.9 million of costs incurred related to the TH China acquisition, primarily consisting of noncash amortization of short-lived assets; (iii) $54.2 million of costs incurred in connection with the Li & Fung termination; (iv) $19.2 million of costs incurred in connection with the relocation of the Tommy Hilfiger office in New York, including noncash depreciation expense; (v) $9.4 million of costs incurred in connection with the noncash settlement of certain of the Company’s benefit obligations related to its retirement plans as a result of an annuity purchased for certain participants, under which such obligations were transferred to an insurer; (vi) $8.0 million of net costs incurred in connection with the consolidation within the Company’s warehouse and distribution network in North America, which included a gain recorded on the sale of a warehouse and distribution center; (vii) $82.9 million of costs incurred in connection with an amendment to Mr. Tommy Hilfiger’s employment agreement pursuant to which the Company made a cash buyout of a portion of future payments to Mr. Hilfiger; (viii) $23.9 million of costs incurred in connection with the early redemption of the Company’s $700 million 4 1/2% senior notes; (ix) $4.2 million of costs incurred in connection with the issuance of the Company’s €600 million 3 1/8% senior notes; (x) $54.0 million of tax benefits associated with the foregoing pre-tax items; (xi) $22.6 million of discrete tax benefits related to the resolution of uncertain tax positions; (xii) a $52.8 million discrete net tax benefit associated with the Tax Legislation; and (xiii) a $15.2 million discrete tax benefit related to an excess tax benefit from the exercise of stock options by the Company’s Chief Executive Officer. (2) Represents the impact on net income in the quarter ended July 30, 2017 from the elimination of (i) $6.6 million of costs incurred related to the TH China acquisition, primarily consisting of noncash amortization of short-lived assets; (ii) $7.1 million of costs incurred in connection with the relocation of the Tommy Hilfiger office in New York, including noncash depreciation expense; (iii) $5.5 million of costs incurred in connection with the consolidation within the Company’s warehouse and distribution network in North America; and (iv) $5.8 million of tax benefits associated with the foregoing pre-tax items.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006282/en/
PVH Corp.
Dana Perlman, (212) 381-3502
Treasurer, Senior Vice President, Business Development and Investor Relations
[email protected]
Source: PVH Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-pvh-corp-reports-2018-first-quarter-revenue-and-eps-above-guidance-and-raises-full-year-eps-outlook.html |
DENVER, RLH Corporation (NYSE:RLH) today announced that it closed its acquisition of the Knights Inn brand from Wyndham Hotel Group, LLC a subsidiary of Wyndham Worldwide (NYSE:WYN).
As a result of the acquisition, the Company acquired approximately 350 economy segment franchise contracts across North America and a pipeline of additional contracts. The acquisition is another step in RLH Corporation’s transformation into an asset-light franchised hotel company. The Company expects the transaction will be immediately accretive to the Company’s earnings and cash flow.
"We are enthusiastic to have closed the acquisition of Knights Inn," commented Greg Mount, President and Chief Executive Officer. "Our team is working closely with all Knights Inn hotels to ensure a smooth integration into our systems. We will continue to focus on accelerating the growth of the Knights Inn brand along with all RLH Corporation brands. We are committed to delivering additional value and opportunities to all of our hoteliers and associates, as well as earnings accretion to our shareholders."
To learn more about franchising with RLH Corporation, visit franchise.rlhco.com . We don’t wait for the future. We create it.
About RLH Corporation
Red Lion Hotels Corporation is an innovative hotel company doing business as RLH Corporation and focuses on the franchising, management and ownership of upscale, midscale and economy hotels. The company focuses on maximizing return on invested capital for hotel owners across North America through relevant brands, industry-leading technology and forward-thinking services. For more information, please visit the company's website at www.rlhco.com .
Social Media:
www.Facebook.com/myhellorewards
www.Twitter.com/myhellorewards
www.Instagram.com/myhellorewards
www.Linkedin.com/company/rlhco
Investor Relations Contact:
Amy Koch
O: 509-777-6417
C: 917-579-5012
[email protected]
Media Contact:
Dan Schacter
Director, Social Engagement and Public Relations
509-777-6222
[email protected]
Source: RLHC (Red Lion Hotels Corporation) | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-rlh-corporation-closes-acquisition-of-the-knights-inn-brand-from-wyndham-hotel-group.html |
May 2 (Reuters) - Mayne Pharma Group Ltd:
* NEW DRUG APPLICATION FOR SUBA-ITRACONAZOLE CAPSULES ACCEPTED FOR REVIEW BY U.S. FOOD AND DRUG ADMINISTRATION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mayne-pharmas-nda-for-suba-itracon/brief-mayne-pharmas-nda-for-suba-itraconazole-capsules-accepted-for-review-by-u-s-fda-idUSFWN1S80P1 |
May 1 (Reuters) - Empire Industries Ltd:
* EMPIRE INDUSTRIES - UNIT , DYNAMIC ATTRACTIONS, HAS AGREED TO TERMS OF A 5 YEAR STRATEGIC COOPERATION AGREEMENT WITH A THEME PARK CONGLOMERATE IN ASIA Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-empire-industries-announces-5-year/brief-empire-industries-announces-5-year-strategic-cooperation-agreement-with-asian-theme-park-owner-idUSFWN1S71J3 |
-- Kristin M. Neff joins as VP, Clinical Operations and Project Management –
-- Joyce A. Pinkham joins as VP, Program Management –
-- Jonathan Yeadon joins as Director, Finance –
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- ImmusanT, Inc. , a clinical stage company that is leveraging its Epitope-Specific Immuno-Therapy (ESIT) platform to translate and deliver first-in-class peptide-based immune therapies to patients living with autoimmune diseases, today announced the appointment of three senior leaders to the ImmusanT management team:
Kristin M. Neff will serve as Vice President, Clinical Operations and Project Management, Joyce A. Pinkham will hold the position of Vice President, Program Management, and Jonathan Yeadon joins ImmusanT as Director, Finance.
“The additions of Kristin, Joyce and Jon broaden our in-house expertise and capabilities to reflect ImmusanT’s clinical expansion as we prepare to enter Phase 2 development of Nexvax2, our novel vaccine for the treatment of celiac disease,” said Leslie Williams, Chief Executive Officer of ImmusanT. “The collective talent, leadership and industry experience of our new team members will greatly enhance our ability to achieve our clinical and corporate goals and address the needs of people living with celiac disease. On behalf of all of us at ImmusanT, I welcome Kristin, Joyce and Jon to our team.”
ImmusanT expects to initiate a Phase 2 study in celiac disease in the third quarter of 2018, and is actively expanding its platform through studies of other autoimmune diseases including type 1 diabetes. The hires announced today will support the company's expanded clinical program as well as provide corporate support as ImmusanT continues to leverage the Epitope-Specific Immuno-Therapy (ESIT) platform to develop new treatments for autoimmune diseases.
Kristin Neff joins ImmusanT from InVivo Therapeutics where she was Vice President, Clinical Operations and Project Management. In this role, she led clinical operations activities to support research and development of a novel medical device to treat acute spinal cord injury. Prior to joining InVivo, Kristin was Senior Director, Clinical Operations at TARIS Biomedical where she was responsible for integrated product development of novel drug/device combination products to treat bladder pain with focus on clinical development.
Joyce Pinkham will join ImmusanT on June 11 and will bring over 15 years of program management experience to the role of VP, Program Management. Most recently, Joyce was Vice President of Program and Alliance Management at Juniper Pharmaceuticals. Previously, Joyce held leadership positions at Cubist Pharmaceuticals, where she was Senior Director, Program and Portfolio Management and at Genzyme, a Sanofi Company, where she was Senior Director, Program and Portfolio Management Late Development.
Jonathan Yeadon brings over twelve years of experience overseeing finance operations in the life sciences sector. Prior to starting with ImmusanT, Jon served as Director of Finance at Wolfe Laboratories. Earlier in his career he served as Controller for a variety of companies and was a Certified Public Accountant at Coopers & Lybrand.
To learn more about these additions and the ImmusanT management team, please visit http://www.immusant.com/team/management.php .
About Celiac Disease
Celiac disease is an acquired, T cell-mediated autoimmune gastrointestinal disease triggered by the ingestion of gluten from wheat, rye and barley. About 90% of individuals affected by celiac disease carry the human leukocyte antigen-DQ2.5 (HLA-DQ2.5) immune recognition gene, which facilitates the immune response to peptide fragments of gluten. A gluten-free diet is the only current management for this disease. The global prevalence of celiac disease is approximately 1%. General awareness of celiac disease is increasing as serological testing becomes more widespread in medical practice, but presently over 80% of cases go unrecognized in the United States. When a person with celiac disease consumes gluten, the individual’s immune system responds by triggering T cells to fight the offending proteins, damaging the small intestine and inhibiting the absorption of important nutrients into the body. Undiagnosed, celiac disease can contribute to poor educational performance and failure to thrive in children. Untreated disease in adults is associated with osteoporosis and increased risk of fractures, anemia, reduced fertility, problems during pregnancy and birth, short stature, dental enamel hypoplasia, dermatitis, recurrent stomatitis and cancer. With no available drug therapy, the only option is a strict and lifelong elimination of gluten from the diet. Compliance is challenging and the majority of people live in fear of gluten contamination and continue to have residual damage to their small intestine in spite of adherence to a gluten-free diet.
About Nexvax2 ®
Nexvax2 ® is the most advanced therapeutic approach for celiac disease in clinical development today that targets the fundamental cause of the disease; the loss of immune tolerance to gluten. Nexvax2 is a therapeutic vaccine that reprograms the T-cells responsible for the symptoms of celiac disease to stop triggering a pro-inflammatory response. Nexvax2 intends to protect patients with celiac disease against inadvertent exposure to gluten.
About ImmusanT, Inc.
ImmusanT is a privately held biotechnology company focused on protecting patients with celiac disease against the effects of gluten. By harnessing new discoveries in immunology, ImmusanT aims to improve diagnosis and medical management of celiac disease by protecting against the effects of gluten exposure while patients maintain a gluten-free diet. The company is developing Nexvax2 ® , a therapeutic vaccine for celiac disease, and diagnostic and monitoring tools to improve celiac disease management. ImmusanT’s targeted immunotherapy discovery platform can be applied to a variety of autoimmune diseases. To learn more about ImmusanT, visit www.ImmusanT.com , or follow ImmusanT on Twitter.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005395/en/
MacDougall Biomedical Communications
George E. MacDougall, 781-235-3093
[email protected]
Source: ImmusanT, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-immusant-expands-management-team-to-strengthen-financial-operations-and-accelerate-clinical-development.html |
Chinese tech companies are still 'very dependent' on the West: Professor 9 Hours Ago The discussion of technology transfer and intellectual property rights could be a "major, major obstacle and a stumbling block" for U.S. Commerce Secretary Wilbur Ross when he visits China for trade talks, says Alex Capri of the NUS Business School. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/chinese-tech-companies-are-still-very-dependent-on-the-west-professor.html |
Harry and Meghan seal marriage with a kiss 1:24pm BST - 00:45
Britain's royal newlyweds kiss outside St George's Chapel as they begin a procession around Windsor. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Britain's royal newlyweds kiss outside St George's Chapel as they begin a procession around Windsor. Rough cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2Le1unb | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/19/harry-and-meghan-seal-marriage-with-a-ki?videoId=428408511 |
May 4, 2018 / 5:14 PM / in 5 minutes Motor racing - Agag makes 600m euro bid for Formula E Alan Baldwin 3 Min Read
LONDON (Reuters) - Formula E founder and chief executive Alejandro Agag has made a 600 million euro (529.73 million pounds) bid to take full ownership of the company, the all-electric series said on Friday. FILE PHOTO: Alejandro Agag, Formula E CEO, speaks during an interview with Reuters ahead of round four of the Formula E championship in Buenos Aires January 8, 2015. REUTERS/Marcos Brindicci
A Formula E spokesman confirmed the Spanish entrepreneur had written to the chairman of the board of directors setting out his plans.
“I strongly believe in the future of Formula E and this offer is an expression of that confidence,” Agag wrote in the letter.
“For this reason I would like to make a proposal to buy all the shares in the company at a value of 600 million euros equity value.”
Formula E’s shareholders include John Malone’s Liberty Global and Discovery Communications.
Agag told Reuters last year, when Formula E posted an operating loss of 33.7 million euros to end-July 2016, that the series would have broken even without a decision to invest significantly in marketing and promotion.
Excerpts from his letter were published by the motorsport.com website, whose owner the Motorsport Network last year acquired an undefined stake in Formula E.
Formula E also announced last month that 2016 Formula One champion Nico Rosberg had become a shareholder, without giving any details.
The city-based series held its inaugural race in 2014 and, now in its fourth season, is attracting increasing manufacturer interest with Porsche and Mercedes due to enter in the 2019-20 championship.
Full works teams include Audi, Citroen’s DS and Jaguar while Nissan is due to replace Renault in 2018-19 when a new Gen2 car is introduced and BMW also becomes an official manufacturer entry.
“Formula E is an exciting platform and against all odds Alejandro and his team have managed to build a series which is interesting for many people,” Mercedes F1 boss Toto Wolff said in February.
“It clearly hits the Zeitgeist, corporate boardrooms are talking about it and what he and his team has been doing is truly amazing.”
The series, with audiences and costs that are far lower than Liberty Media-owned Formula One, has yet to convince the likes of Ferrari however.
“With all due respect to Formula E, I think we have a long, long way to go before that becomes a potential substitute for Formula One,” Ferrari chief executive and chairman Sergio Marchionne told analysts on Thursday.
“I understand it directionally. I just don’t think we’re there. I think it’s lacking a lot of things... I don’t think in its present form it is a threat to Formula One.” Reporting by Alan Baldwin, editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-racing-electric-agag/formula-e-boss-agag-makes-600-million-euro-ownership-bid-idUKKBN1I5270 |
May 1, 2018 / 12:18 AM / a minute ago U.S. postpones steel tariff decision for U.S. allies until June 1 Reuters Staff 1 Min Read
WASHINGTON (Reuters) - President Donald Trump has postponed a decision on imposing steel and aluminum tariffs on Canada, the European Union and Mexico until June 1, and has reached an agreement in principle with Argentina, Australia and Brazil, a source familiar with the decision said on Monday. FILE PHOTO: Steel Rectangular Tubular Profiles (PTR) are pictured at Kalisch Steel factory in Ciudad Juarez, Mexico March 27, 2018. REUTERS/Jose Luis Gonzalez/File Photo
Trump imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum in March, but granted temporary exemptions to Canada, Mexico, Brazil, the European Union, Australia and Argentina. The temporary exemptions were due to expire at 12:01 a.m. ET (0401 GMT) on Tuesday. Reporting by David Lawder; Editing by Sandra Maler | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-trade-metals-announcement/u-s-postpones-steel-tariff-decision-for-u-s-allies-until-june-1-idUKKBN1I22H2 |
The Trump-Russia ties hiding in plain sight 20 Hours Ago Trump's in-plain-sight embrace of Russia gets obscured by the Trump news avalanche. But long before running for president, Trump relied on Russian money. Trump also consistently defends Russia and attacks U.S. officials investigating Russia. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/trump-russia-ties-in-plain-sight.html |
SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE: WFC) today announced that it has named Amanda “Mandy” Norton as chief risk officer. Norton, a 29-year financial services veteran, most recently served as chief risk officer of consumer and community banking at JPMorgan Chase. Norton will join the company this summer and will be based in San Francisco. Mike Loughlin, who announced his plans to retire in 2018, will continue to serve as Wells Fargo’s chief risk officer until Norton’s employment with the company begins, ensuring a smooth transition.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180507005923/en/
Amanda Norton, new chief risk officer for Wells Fargo (Photo: Business Wire)
“Mandy’s deep experience and proven commitment to the risk discipline make her an ideal choice for Wells Fargo,” said Timothy J. Sloan, Wells Fargo’s president and chief executive officer. “She has significant credit and operational experience, has spent time overseeing both wholesale and institutional risk, and has extensive consumer experience. Her track record leading complex risk management environments at large financial institutions will serve all our stakeholders well.”
As Wells Fargo’s chief risk officer, Norton will oversee all aspects of the company’s independent corporate risk function and risk oversight activities, including credit risk, market risk, operational risk, compliance, information security risk and conduct risk. She will report directly to Sloan and to the risk committee of the company’s Board of Directors. She will also serve as a member of the company’s Operating Committee and as an executive officer. Norton will be instrumental in driving the company’s efforts to become a leader in risk management, one of the company’s six goals.
Norton, who spent the first six years of her career at Chase Manhattan Bank, joined JPMorgan Chase in 2011 as the chief risk officer for home lending; in 2013 she took on her most recent role, where her responsibilities included risk oversight for home lending, card services, auto finance, business banking, consumer banking, and payments. Previously, she was with Ally Financial serving as a market and credit risk executive. She also spent 14 years at Bank of America in various roles. Norton is a board director of the Risk Management Association. She also volunteers her time with The Financial Clinic and with the University of Bath Alumni Foundation. At Bath University, she established a scholarship for female students pursuing mathematical sciences, and a scholarship for those pursuing a PhD in Mathematics.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through 8,200 locations, 13,000 ATMs, the internet ( wellsfargo.com ) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005923/en/
Media Contact
Richele Messick, 651-724-5234
[email protected]
@RJMessickWF
or
Investor Relations
John Campbell, 415-396-0523
[email protected]
Source: Wells Fargo & Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-amanda-norton-named-wells-fargo-chief-risk-officer.html |
April 30 (Reuters) - Edwards Lifesciences Corp:
* EDWARDS GRANTED CE MARK FOR FIRST TRANSCATHETER TRICUSPID THERAPY Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-edwards-granted-ce-mark-for-first/brief-edwards-granted-ce-mark-for-first-transcatheter-tricuspid-therapy-idUSFWN1S719T |
MEXICO CITY—Mexico’s auto manufacturing industry on Monday rejected a proposal presented last week by U.S. trade authorities that would impose new rules on the origin of components used in cars and pickup trucks sold tariff-free under the North American Free Trade Agreement.
Last Thursday in Washington, the U.S. Nafta negotiating team presented a proposal requiring 40% of the parts used in light vehicles and 45% of parts used in pickup trucks to originate in high-wage countries, according to Eduardo Solis, president of the... | ashraq/financial-news-articles | https://www.wsj.com/articles/mexican-auto-industry-opposes-latest-u-s-proposal-on-nafta-rules-1525123237 |
A small group of Facebook Inc. employees have permission to access users’ profiles without the users finding out.
Yet any time a Facebook employee accesses a colleague’s personal profile, the colleague is notified through what is often referred to within the company as a Sauron alert—a reference to the all-seeing eye in the The Lord of the Rings trilogy, people familiar with the matter say.
Similar... RELATED VIDEO The Key to Understanding Facebook's Current Crisis Facebook's current data crisis involving Cambridge Analytica has angered users and prompted government investigations. To understand what's happening now, you have to look back at Facebook's old policies from 2007 to 2014. WSJ's Shelby Holliday explains. Illustration: Laura Kammerman To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/facebooks-double-standard-on-privacy-employees-vs-the-rest-of-us-1525383859 |
JAKARTA, Indonesia, May 4, 2018 /PRNewswire/ -- Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara today announced that it is extending the expiration of the previously announced separate, but concurrent, tender offers to purchase for cash (the "Tender Offers") any and all of the outstanding 2019 Notes, 2020 Notes, and 2037 Notes (together with the 2019 Notes and the 2020 Notes, the "Notes"). The Tender Offers are being made pursuant to a Tender Offer Memorandum, dated April 25, 2018 (the "Tender Offer Memorandum"). Capitalized terms used but not defined herein have the meanings assigned to them in the Tender Offer Memorandum.
The expiration time (the "Expiration Time") and expiration date (the "Expiration Date") applicable to each Tender Offer, previously scheduled for 5:00 p.m., New York time, on May 4, 2018, have been extended, with respect to each Tender Offer, to 5:00 p.m., New York time, on May 9, 2018, unless further extended or earlier terminated. This is also the deadline for Noteholders who have tendered Notes in the Tender Offers to be able to validly withdraw such Notes. For the avoidance of doubt, the results announcement date is currently expected to be on May 10, 2018 (the Business Day following the Expiration Date), the Guaranteed Delivery Date has been extended, with respect to each Tender Offer, to 5:00 p.m., New York time, on May 11, 2018 (the second Business Day after the Expiration Date), and the Payment Date is currently expected to be on May 14, 2018 (the third Business Day following the Expiration Date).
All other terms and conditions applicable to each Tender Offer as described in the Tender Offer Memorandum (including, but not limited to, the relevant Consideration) remain unchanged.
Noteholders who have already tendered their Notes and do not wish to withdraw them do not have to retender their Notes or take any other action as a result of the extension of the expiration applicable to each Tender Offer.
Each Tender Offer for a given Series is subject to certain conditions as described in the Tender Offer Memorandum. The Company may, in its sole discretion, terminate, extend or amend any of the Tender Offer as described in the Tender Offer Memorandum.
As of 5:00 p.m., New York time, on May 3, 2018, approximately U.S.$1,079,693,000 aggregate principal amount of the Notes (including approximately U.S.$365,164,000 aggregate principal amount of the 2019 Notes, U.S.$598,607,000 aggregate principal amount of the 2020 Notes, and U.S.$115,922,000 aggregate principal amount of the 2037 Notes) was validly tendered (and not validly withdrawn) in the Tender Offers.
Questions regarding any Tender Offer should be directed to D.F. King at the contact details provided. Documents for the Tender Offers, including the Tender Offer Memorandum and Notice of Guaranteed Delivery, are available at https://sites.dfkingltd.com/pln and may also be obtained by contacting D.F. King by telephone at New York: +1 (212) 269 5550 / Toll Free: +1 (866) 864 7964, London: +44 20 7920 9700 and Hong Kong: +852 3953 7230 or by email at [email protected] . Holders of the Notes are urged to review the Tender Offer Memorandum for the detailed terms of each Tender Offer and the procedures for tendering Notes.
About Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara:
The Company is Indonesia's state-owned electric utility company and is wholly-owned by the Government of the Republic of Indonesia, which is represented by the Ministry of State-Owned Enterprises.
The Company provides most of the public electricity and electricity infrastructure in Indonesia, including construction of power plants, power generation, transmission, distribution and retail sales of electricity. It is the largest electricity producer in Indonesia, and as of December 31, 2017 had a power generation capacity of approximately 42,656 MW (excluding power generation capacities of independent power producers with which it has entered into power purchase agreements and energy sales contracts) that accounted for over 76% of the total installed generation capacity in Indonesia of 55,926 MW and served approximately 68.1 million customers.
Majapahit Holding B.V., the issuer of the 2019 Notes, 2020 Notes and 2037 Notes, was incorporated as a private company with limited liability under the laws of the Netherlands and has its corporate seat in Amsterdam, The Netherlands.
Cautionary Statement Concerning Forward-Looking Statements:
This press release contains both historical and forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. These forward-looking statements are not historical facts, but only predictions and generally can be identified by use of statements that include phrases such as "will," "may," "should," "continue," "anticipate," "believe," "expect," "plan," "appear," "project," "estimate," "intend," or other words or phrases of similar import. Similarly, statements that describe our objectives, plans or goals also are forward-looking statements. These forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated. The forward-looking statements included in this press release are made only as of the date of this press release, and we undertake no obligation to update publicly these forward-looking statements to reflect new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events might or might not occur. We cannot assure you that projected results or events will be achieved.
DISCLAIMER
This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to acquire or exchange any notes is being made pursuant to this announcement. This announcement and the Tender Offer Memorandum contain important information, which must be read carefully before any decision is made with respect to any Tender Offer. If any holder of Notes is in any doubt as to the action it should take, it is recommended to seek its own legal, tax and financial advice, including as to any tax consequences, from its stockbroker, bank manager, solicitor, accountant or other independent financial adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to participate in any Tender Offer. None of the Company, the Dealer Managers, D.F. King, or any person who controls, or is a director, officer, employee or agent of such persons, or any affiliate of such persons, makes any recommendation as to whether holders of Notes should participate in any Tender Offer.
United Kingdom
The communication of this announcement, the Tender Offer Memorandum and any other documents or materials relating to the Tender Offers are not being made, and such documents and/or materials have not been approved, by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000 (the "FSMA"). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials is exempt from the restriction on financial promotions under section 21 of the FSMA on the basis that it is only directed at and may be communicated to (i) persons who are existing members or creditors of the Company or other persons within the meaning of Article 43 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); (ii) persons who fall within Article 49 of the Order ("high net worth companies, unincorporated associations etc."); or (iii) any other persons to whom these documents and/or materials may lawfully be communicated. Any investment or investment activity to which this announcement or the Tender Offer Memorandum relate is available only to such persons or will be engaged only with such persons and other persons should not rely on it.
General
This announcement, the Tender Offer Memorandum and any related documents do not constitute an offer to buy or the solicitation of an offer to sell securities in any circumstances or jurisdictions in which such offer or solicitation is unlawful. If a jurisdiction requires the Tender Offers to be made by a licensed broker or dealer, and any of the Dealer Managers or any of their respective affiliates is such a licensed broker or dealer in such jurisdictions, the Tender Offers shall be deemed to be made by such Dealer Manager or such affiliate (as the case may be) on behalf of the Company in such jurisdiction.
In addition to the representations referred to above in respect of the United Kingdom, each holder of Notes participating in a Tender Offer will also be deemed to give certain representations in respect of the other jurisdictions referred to above and generally as set out in "Procedures for Tendering Notes" in the Tender Offer Memorandum. Any tender of Notes for purchase pursuant to any Tender Offer from a holder of Notes that is unable to make these representations will not be accepted. Each of the Company, the Dealer Managers and D.F. King reserves the right, in its absolute discretion, to investigate, in relation to any tender of Notes for purchase pursuant to the Tender Offers, whether any such representation given by a holder of Notes is correct and, if such investigation is undertaken and as a result the Company determines (for any reason) that such representation is not correct, such tender of Notes shall not be accepted.
Investor and Media Contact:
Name: Eka Nurwati
Position: Deputy Manager of Investor Relations and GCG
Phone: +62 21 725 1234; +62 21 726 1122 ext. 4255
Email: [email protected]
Name: Kevin Marsahala Siahaan
Position: Assistant Analyst of Investor Relations
Phone: +62 21 725 1234; +62 21 726 1122 ext. 1918
Email: [email protected]
View original content: http://www.prnewswire.com/news-releases/perusahaan-perseroan-persero-pt-perusahaan-listrik-negara-the-company-announces-extension-of-the-expiration-of-its-separate-cash-tender-offers-300642708.html
SOURCE Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-perusahaan-perseroan-persero-pt-perusahaan-listrik-negara-the-company-announces-extension-of-the-expiration-of-its-separate.html |
ADNOC aiming to expand engagement with Asia, CEO says 3 Hours Ago Most of the growth in the downstream industry is coming from Asia, Sultan Ahmed Al Jaber said. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/13/adnoc-aiming-to-expand-engagement-with-asia-ceo-says.html |
12 Hours Ago | 03:15
The U.S. is almost certainly preparing to impose targeted crude sanctions against Venezuela , analysts told CNBC on Monday, in a move likely to constitute a "devastating" blow for the oil-dependent state.
Venezuelan President Nicolas Maduro won re-election to another six-year term on Sunday, despite widespread anger over the South American country's crushing economic and social crises. The vote was marred by low voter turnout, allegations of vote-rigging and an opposition boycott.
"The next step is sanctions against the oil sector," Diego Moya-Ocampos, principal political analyst for Latin America at IHS Markit, told CNBC's "Squawk Box Europe" on Monday.
"This is crucial because (Venezuela's) oil sector represents 25 percent of GDP (gross domestic product), 50 percent of fiscal revenues and 97 percent of revenue from foreign exchange… So, obviously, sanctions on the oil sector in Venezuela will be a game changer." Oil sanctions would be 'devastating'
Amid widespread food shortages, the collapse of the country's traditional currency and relentless hyperinflation, Maduro was widely expected to emerge victorious on Sunday. The socialist leader is now set to serve as Venezuela's premier until at least 2024.
Officials from the United Nations , the U.S., the European Union and Venezuela's regional neighbors have all denounced the presidential election as a sham. JUAN BARRETO | AFP | Getty Images Venezuelan President and presidential candidate Nicolas Maduro attends the closing rally of his campaign ahead of the weekend's presidential election, in Caracas, on May 17, 2018.
Meanwhile, in the aftermath of Maduro's disputed success, all eyes have turned to see whether President Donald Trump 's administration will impose sanctions on the country's all-important oil sector — as it has repeatedly threatened to do .
Alongside the EU, surrounding Latin American countries have also warned Caracas they would be prepared to take additional measures against Maduro's government if it went ahead with the election.
"Oil sanctions would be devastating to the Venezuelan economy and to the regime's internal stability as they would very strongly impact the revenues that flow through the patronage regime," Fernando Freijedo, Latin America analyst at the Economist Intelligence Unit, told CNBC via email. 'Epic story of economic mismanagement'
Maduro's leftist administration is almost entirely dependent on crude sales in order to try to decelerate its spiraling crises.Yet, the country's production collapse has seen its crude output drop to around 1.4 million barrels a day (bpd) in recent months — a spectacular fall of nearly 40 percent since 2015.
"The sharp decline in oil prices has nothing to do with the dire state of the economy… (Instead) it is an epic story of economic mismanagement and indeed widespread corruption," IHS Markit's Moya-Ocampos said. Roman Camacho | SOPA Images | LightRocket via Getty Images Protesters seen marching toward the OEA while holding the Venezuelan flag at the demonstration.
The price of oil collapsed from near $120 a barrel in June 2014 due to weak demand, a strong dollar and booming U.S. shale production. Brent crude futures have since rebounded to multi-year highs of nearly $80 a barrel, amid a tightening energy market and ongoing OPEC-led production cuts. Sam Meredith Digital Reporter, CNBC.com Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/us-likely-to-slap-oil-sanctions-on-venezuela-after-maduro-election.html |
May 14, 2018 / 3:29 PM / Updated 8 minutes ago Britain raises concerns with French over EU's satellite system snub Reuters Staff 2 Min Read
LONDON (Reuters) - Britain’s foreign secretary Boris Johnson said on Monday he had raised concerns with his French counterpart over the European Commission’s decision to exclude the country from a new satellite navigation system.
Britain is considering setting up a satellite navigation system to rival the European Union’s Galileo project amid a row over attempts to restrict Britain’s access to sensitive security information after Brexit.
The European Commission has started to exclude Britain and its companies from sensitive future work on Galileo ahead of the country’s exit from the EU in a year’s time.
“I mentioned our slight puzzlement about what had happened with the commission’s decision on Galileo and the satellite,” Johnson said. “But our determination, nonetheless, (is) to go ahead with a UK satellite if that proved to be necessary.”
A rival satellite navigation system would cost about 3 billion pounds, one expert said last week.
Asked about the issue on Monday, a French presidential adviser said there was no decision from the EU to exclude Britain from Galileo, and that the current “uncertainty” was simply the direct result of Britain’s decision to leave.
“It’s simple: Britain is part of Galileo today as an EU member, but won’t be automatically part of Galileo tomorrow as a third-party state,” he said. “That’s the mechanical, legal consequence of Brexit.”
The adviser said the issue could only be settled as part of the EU’s post-Brexit security agreement with Britain.
“In principle, the EU and France in particular have no intention of keeping Britain away or outside Galileo after Brexit, quite the contrary,” he said. “But there are ways and means in terms of access, questions in terms of security data, it’s complicated.” Reporting by Andrew MacAskill in London and Michel Rose in Paris; Editing by Michael Holden and Mark Potter | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-galileo/britain-raises-concerns-with-french-over-eus-satellite-system-snub-idUKKCN1IF25W |
May 15 (Reuters) - Pershing Square Capital Management:
* PERSHING SQUARE CAPITAL MANAGEMENT TAKES SOLE SHARE STAKE OF 1.9 MILLION SHARES IN UNITED TECHNOLOGIES - SEC FILING
* PERSHING SQUARE CAPITAL MANAGEMENT CUTS SOLE SHARE STAKE IN AUTOMATIC DATA PROCESSING TO 7.9 MILLION SHARES FROM 8.8 MILLION SHARES - SEC FILING
* PERSHING SQUARE CAPITAL MANAGEMENT MORE THAN HALVES SOLE SHARE STAKE IN HOWARD HUGHES TO 2.2 MILLION SHARES - SEC FILING
* PERSHING SQUARE CAPITAL MANAGEMENT - 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/2L4V2P5
Source For the quarter ended Dec 31, 2017: bit.ly/2EFtq31
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-pershing-square-capital-management/brief-pershing-square-capital-management-takes-sole-share-stake-in-united-technologies-idUSFWN1SM1ER |
May 31, 2018 / 8:24 AM / Updated 10 minutes ago Hamburg to maintain diesel bans until Berlin enforces retrofits Jan Schwartz , Riham Alkousaa 3 Min Read
HAMBURG/BERLIN (Reuters) - Hamburg, Germany’s second largest city with a population of some 1.8 million, will uphold a ban on older diesel cars from two streets until air quality improves or Chancellor Angela Merkel’s government enforces vehicle retrofits. FILE PHOTO: Traffic signs, which ban diesel cars are installed by workers at the Max-Brauer Allee in downtown Hamburg, May 30, 2018. REUTERS/Fabian Bimmer/File Photo
Germany’s top administrative court ruled in February that Stuttgart, home to Daimler and Porsche ( VOWG_p.DE ), and Duesseldorf should consider such a ban.
Jens Kerstan, Hamburg’s Senator for the Environment said on Thursday that the bans will be maintained until the federal government gets automakers to install new emissions cleaning systems in older diesel cars, which the manufacturers oppose.
Merkel’s Social Democrat coalition partners have repeatedly called for hardware fixes as a means to tackle diesel pollution but Transport Minister Andreas Scheuer of the Christian Social Union, the sister party of Merkel’s Christian Democrats opposes such action. FILE PHOTO: A car passes a traffic sign showing a ban on diesel cars at the Max-Brauer Allee in downtown Hamburg, Germany May 23, 2018. REUTERS/Fabian Bimmer/File Photo
“It’s our goal and our responsibility to protect the citizens against harmful exhaust gases,” Kerstan, a member of the Green Party, said at a press briefing.
The German Association of the Automotive Industry (VDA) said hardware retrofits were complicated and needed years of development, suggesting that software refits made more sense.
“Manufacturers are equipping millions of diesel cars with new engine software. This will reduce nitrogen oxide emissions 25 to 30 percent on average,” a VDA spokesman told Reuters.
Critics expect the restrictions to shift toxic nitrogen oxide (NOx) emissions to adjacent streets as drivers of older diesel cars find other routes, while policing the bans will be hard if the cars are not labeled in some way.
“Many other streets in Hamburg with even higher pollution levels got excluded from the bans,” one environmental activist said on condition of anonymity, adding that politicians were only acting in order to avoid potential fines.
Germany and five other European states face possible fines for violating air quality standards after the European Commission said this month it would take them to the region’s highest court over the matter.
Of Hamburg’s 4,000 kilometer road network, only 2.2 kilometers are affected by the bans, Kerstan said. Reporting by Jan Schwartz; Additional reporting by Riham Alkousaa in Berlin; Writing by Andreas Cremer; Editing by Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/us-germany-emissions-hamburg/hamburg-says-will-uphold-diesel-bans-until-government-forces-retrofits-idUKKCN1IW0VK |
WASHINGTON (Reuters) - A trial date for U.S. President Donald Trump’s former campaign manager, Paul Manafort, for alleged financial crimes been postponed to July 24 in the Eastern District of Virginia District Court, according to a court filing on Friday.
U.S. President Trump's former campaign manager Paul Manafort arrives for a motions hearing regarding evidence in his case at U.S. District Court in Washington, U.S., May 23, 2018. REUTERS/Yuri Gripas The judge said the cause of the postponement from July 10 was “owing to a family member’s medical procedure.”
Manafort, along with his business associate Richard Gates, was indicted in the Virginia court for charges related to false income tax returns, failing to file reports of foreign bank and financial accounts and bank fraud.
Manafort also faces charges in a Washington, D.C., court of conspiracy against the United States, conspiracy to launder money and failing to register as a foreign agent.
The charges stemmed from a probe being conducted by U.S. Special Counsel Robert Mueller, who is looking into whether Russia meddled in the 2016 U.S. election and, as part of that, whether the Trump campaign colluded with Russia.
Moscow and Trump both deny any wrongdoing.
The Virginia judge has not yet responded to a request from Manafort to dismiss the charges, although a different judge refused a separate effort to dismiss charges in the Washington court.
Manafort has pleaded not guilty and argued that the charges have nothing to do with Mueller’s probe.
Lawyers for Manafort did not immediately respond to requests for comment. A spokesman for the special counsel’s office declined to comment.
Reporting by Makini Brice; Editing by Doina Chiacu and Alistair Bell
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-russia-manafort/trial-for-ex-trump-aide-pushed-to-july-24-court-filing-idUSKCN1IQ2LZ |
Allied Motion Increases Quarterly Cash Dividend Reuters Staff
May 2 (Reuters) - Allied Motion Technologies Inc: * ALLIED MOTION INCREASES QUARTERLY CASH DIVIDEND
* ALLIED MOTION TECHNOLOGIES INC - APPROVED A QUARTERLY CASH DIVIDEND PAYMENT OF $0.03 PER SHARE, UP FROM PREVIOUS RATE OF $0.025 PER SHARE | ashraq/financial-news-articles | https://www.reuters.com/article/brief-allied-motion-increases-quarterly/brief-allied-motion-increases-quarterly-cash-dividend-idUSASC09Z5W |
5/2/2018 7:47PM Police Release Body-Camera Footage From Mandalay Bay Shooting Las Vegas police released body-camera footage of their entry to Stephen Paddock’s Mandalay Bay suite, on Oct. 1, 2017. Before shooting himself, Paddock killed 58 people and injured 851. Photo: AP | ashraq/financial-news-articles | http://www.wsj.com/video/police-release-body-camera-footage-from-mandalay-bay-shooting/0CB734D1-FB99-424B-AD41-E93EBE0D2963.html |
* NZ’s largest lenders are Australian-owned
* Australian banking inquiry reveals widespread misconduct
* RBNZ, FMA seek assurances that NZ banks businesses are sound
* NZ bank bosses say no systemic problems
WELLINGTON, May 2 (Reuters) - New Zealand financial authorities have written to the country’s biggest banks seeking assurances they are not engaged in the sort of misconduct exposed at their Australian parent banks by a powerful judicial inquiry.
The Royal Commission, as the Australian inquiry is called, has been a publicity disaster for Australia’s major lenders - all of which own New Zealand banks - turning out revelations of widespread corporate malfeasance since it began in February.
Among other revelations, Australia’s largest listed wealth manager, AMP Ltd, was found to have charged customers for advice it never provided, then deceived the corporate regulator. Australia’s biggest mortgage lender, Commonwealth Bank of Australia, charged fees to dead clients, the inquiry heard.
“To date we haven’t seen any evidence of systemic abuses along the lines of the Australian industry, but as we’ve said to the New Zealand banks, we can’t afford to be complacent,” Financial Markets Authority (FMA) Chief Executive Rob Everett told Radio New Zealand on Wednesday.
“We’ve asked them to provide assurances to us ... that they have scrubbed their business models, and that they have a basis for being confident that these issues don’t exist here.”
A deadline was not set and the FMA expects it will be weeks before the banks reply, Radio New Zealand reported.
If they fail to cooperate “then they’ll see more of us in court”, Everett said.
The Reserve Bank of New Zealand (RBNZ) governor has also contacted the lenders, RBNZ spokesman Angus Barclay told Reuters.
Australia and New Zealand Banking Group operates a New Zealand subsidiary, as does Westpac Banking Corp, while Commonwealth Bank owns New Zealand’s ASB Bank and the National Australia Bank owns Bank of New Zealand. None had an immediate reply to Reuters’ requests for comment.
Australia’s Royal Commission was convened after years of financial-sector scandals including rate-rigging and alleged money-laundering.
“That just hasn’t happened here,” Westpac’s New Zealand Chief Executive Officer and New Zealand Banking Association chair David McLean told Radio New Zealand.
ANZ Bank, Westpac and ASB agreed during 2014 and 2015 to pay a total of NZ$24 million ($17 million) in compensation after admitting to engaging in misleading conduct over the sale of interest rate swaps to New Zealand farmers.
ANZ New Zealand Chief Executive David Hisco said there were “no systemic issues” and his bank welcomed the scrutiny.
“We’re not seeing or hearing the stuff that’s over there,” he said in an interview with Radio New Zealand. ($1 = 1.4288 New Zealand dollars) (Reporting by Charlotte Greenfield in Wellington and Tom Westbrook in Sydney; Editing by Stephen Coates)
| ashraq/financial-news-articles | https://www.reuters.com/article/australia-banks-inquiry-newzealand/new-zealand-asks-banks-whether-tainted-by-australian-misconduct-idUSL3N1S901P |
May 17, 2018 / 2:50 PM / a few seconds ago Scotiabank quits as primary dealer of UK government debt: DMO Reuters Staff 1 Min Read
LONDON (Reuters) - Scotiabank has resigned as a primary dealer of British government debt, the Debt Management Office said on Thursday. A man withdraws cash from a Scotiabank ATM adorned in colours of the Pride rainbow flag symbolizing gay rights, in downtown Toronto, Ontario, Canada June 13, 2017. Picture taken June 13, 2017. REUTERS/Chris Helgren - RC11F4CA95F0
“The UK Debt Management Office (DMO) is announcing that it has today accepted the resignation of Scotiabank Europe plc as a Gilt-Edged Market Maker (GEMM) in both the conventional and index-linked gilt sectors,” the DMO said in a statement.
The resignation takes effect from Friday, it said.
Scotiabank was not immediately available for comment. Reporting by Andy Bruce and William Schomberg. Editing by Andrew MacAskill | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-bonds/scotiabank-quits-as-primary-dealer-of-uk-government-debt-dmo-idUSKCN1II259 |
May 17, 2018 / 2:53 PM / in 10 minutes Chile copper mine Sierra Gorda reopens following fatal accident Reuters Staff 1 Min Read
SANTIAGO, May 17 (Reuters) - The Chilean copper mine Sierra Gorda, controlled by Polish firm KGHM has returned to normal operations after a temporary shutdown due to a fatal accident earlier this week involving a contract worker, a KGHM spokesman said on Thursday.
The man, an employee of equipment supply company Finning, died on Tuesday morning during routine maintenance work. The spokesman told Reuters that normal operations were restored on Wednesday. I
KGHM took control of Sierra Gorda in 2011 when it bought the Canadian company Quadra FNX for $2.1 billion. The remaining 45 percent of the deposit belongs to Japan’s Sumitomo.
Sierra Gorda produced 101,700 tonnes of Chile’s 5.5 million-tonne total copper output last year. (Reporting by Fabian Cambero, writing by Aislinn Laing; Editing by Bernadette Baum) | ashraq/financial-news-articles | https://www.reuters.com/article/chile-mining/chile-copper-mine-sierra-gorda-reopens-following-fatal-accident-idUSL2N1SO0YY |
BERWYN, Pa., May 2, 2018 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) today announced that it has completed the acquisition of SoundCom Systems, a leader in the design, integration, installation, and support of clinical workflow and communication systems for healthcare facilities, educational institutions and corporations.
SoundCom also serves as a value-added reseller for AMETEK Rauland's mission-critical healthcare communication workflow solutions in Ohio and Michigan. SoundCom joins existing Rauland owned value-added resellers in Florida and California.
"SoundCom is an excellent acquisition for AMETEK given its 40-year history as a valued business partner to Rauland," comments David A. Zapico, AMETEK Chairman and Chief Executive Officer. "The acquisition expands Rauland's presence in the attractive healthcare and education markets in the Midwest while providing our customers with expanded value-added solutions and services."
SoundCom was a privately held company and is headquartered in Cleveland, Ohio. SoundCom has annual sales of approximately $40 million. It joins AMETEK as part of its Electronic Instruments Group (EIG) - a leader in advanced analytical, monitoring, testing, calibrating and display instruments with annualized sales of $2.9 billion.
Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with annualized sales of more than $4.7 billion. AMETEK's Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic Acquisitions, Global & Market Expansion and New Products. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. The common stock of AMETEK is a component of the S&P 500 Index.
Contact:
AMETEK, Inc.
Kevin Coleman
Vice President, Investor Relations
1100 Cassatt Road
Berwyn, Pennsylvania 19312
[email protected]
Phone: 610.889.5247
View original content: http://www.prnewswire.com/news-releases/ametek-acquires-soundcom-systems-300640497.html
SOURCE AMETEK, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-ametek-acquires-soundcom-systems.html |
show chapters Stocks kick off May on a low note during a key week for the market 22 Hours Ago | 04:26 The first earnings season since corporate tax cuts was meant to be the markets' saving grace. It hasn't exactly turned out that way.
Matt Maley , equity strategist at Miller Tabak, is trying to get to the bottom of the discrepancy.
"Everybody's been saying, 'Don't worry, the earnings season is going to bail us out.' Sure enough we've had a fabulous earnings season so far," Maley told CNBC's " Trading Nation " on Tuesday. But the season "hasn't moved the S&P at all. In fact, the S&P is actually down slightly since the earnings season began."
Tax cuts have so far delivered a big boost to corporate bottom lines this quarter. Of nearly two-thirds of the S&P 500 that have reported so far, earnings growth has averaged 27 percent in the first quarter, according to Thomson Reuters. That is higher than the initial estimates of 18 percent growth a month ago.
While earnings have soared, the S&P 500 has plateaued. Since the big banks kicked off earnings in mid-April, the S&P 500 has dipped 0.3 percent.
The problem is the stock market was priced to perfection coming into 2018, said Maley. Now, external factors are beginning to intrude on the fundamental bull case.
"Things have changed since January, whether it be talk on trade, whether it be tech regulation, certainly the Fed has started to shrink its balance sheet in a more aggressive way," said Maley. "There's certain things that have made it a little bit tougher when we were priced for perfection like we were back in January."
That has put a ton of pressure on the rest of the earnings season to beat estimates and raise guidance to appease an unimpressed market, according to his analysis.
If the rest of earnings "can't be a catalyst to take the market higher, these other issues I think are going to reassert themselves and that could pose a problem for the market," he said. "The next week or so, maybe 10 days, will be very, very important."
To Gina Sanchez , CEO of Chantico Global, last year's rally put stock valuations at untenable levels, setting the market up for a pullback or two.
"A lot of those downside risks are really starting to get priced into the market," Sanchez told "Trading Nation." "That's healthy. This market has been stretched for some time."
At the market's peak on Jan. 26, the S&P 500's price-to-earnings ratio climbed to 18.6 times forward earnings. Sell-offs in early February and mid-March have pulled its multiple down to around 16.
The market's mindset also explains the disconnect between this earnings season and the S&P 500's subdued reaction, Maley said.
"Last year we had a situation where good news, bad news, no matter what, the market went up. Now not so much. So the psychology is starting to change a little bit," he said.
The S&P 500 is down 0.7 percent so far in 2018. By this time last year, the benchmark index had rallied nearly 7 percent.
Apple could move markets Wednesday after beating profit and revenue growth estimates in its fiscal second quarter. The closely watched metric of iPhone sales was slightly under expectations. The stock was up 4.3 percent in Wedneday's premarket.
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Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/earnings-are-blockbuster-but-markets-arent-listening-heres-why.html |
May 2 (Reuters) - Formycon AG:
* BIOSIMILAR CANDIDATE FYB201 SHOWS EFFICACY COMPARABLE TO REFERENCE PRODUCT IN PHASE III STUDY Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-formycon-says-biosimilar-candidate/brief-formycon-says-biosimilar-candidate-fyb201-shows-efficacy-comparable-to-reference-product-in-phase-iii-study-idUSFWN1S9015 |
May 8 (Reuters) - Encore Capital Group Inc:
* ENCORE CAPITAL GROUP ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 GAAP EARNINGS PER SHARE $0.83 * Q1 REVENUE $327 MILLION VERSUS I/B/E/S VIEW $326.3 MILLION
* Q1 EARNINGS PER SHARE VIEW $1.04 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-encore-capital-reports-q1-gaap-ear/brief-encore-capital-reports-q1-gaap-earnings-per-share-of-0-83-idUSASC0A0NF |
May 24, 2018 / 11:17 PM / Updated an hour ago In corporate Japan, little movement on harassment policies - Reuters poll Thomas Wilson 5 Min Read
TOKYO (Reuters) - Three-quarters of Japanese companies have made no changes to sexual harassment policies over the last year and don’t plan to do so, a Reuters poll found, though awareness of harassment is on the rise. Protesters hold placards during a rally against harassment at Shinjuku shopping and amusement district in Tokyo, Japan, April 28, 2018. REUTERS/Issei Kato
The survey results come after a top Japanese bureaucrat was toppled over a harassment scandal and amid a global #MeToo movement that has forced workplace sexual harassment into national focus.
The Finance Ministry’s Junichi Fukuda resigned last month after accusations he sexually harassed a female reporter. Fukuda denied the allegation, but the ministry later said he had harassed the reporter and docked his pay.
Protests and fierce debate followed the scandal, with a Japanese cabinet minister calling for a law to strengthen relief and protection for victims of sexual harassment. Others hoped Japan might be at a turning point in attitudes towards harassment.
It is difficult to accurately gauge how common sexual harassment is at Japanese companies. Lawyers and activists say victims are often wary of speaking out for fear of being blamed or damaging their career.
But data points to the depth of the problem. More than 42 percent of women have experienced or witnessed harassment at work, according to a survey last year by Rengo, Japan’s biggest trade union confederation.
In the Reuters Corporate Survey, conducted May 9-21, 78 percent of companies said they hadn’t strengthened measures to deal with sexual harassment during the last year. A further 77 percent said they weren’t even considering changes.
“We’ve put in place measures in the past, and haven’t added anything in particular,” wrote a manager at a chemical products firm.
Companies responded anonymously to the survey, conducted monthly for Reuters by Nikkei Research. Of the 541 large and mid-sized non-financial firms polled, 232 answered questions on sexual harassment policies.
For graphic on Japan Inc's inaction on sexual harassment click reut.rs/2GK0hQW
For graphic on three quarters of firms don't plan to boost steps on sexual harassment click reut.rs/2GHnmUC
For graphic on corporate Japan's attitude towards sexual harassment click reut.rs/2KMvy8g Protesters hold placards reading '#MeToo' during a rally against harassment at Shinjuku shopping and amusement district in Tokyo, Japan, April 28, 2018. REUTERS/Issei Kato AWARENESS RISES
Japan lags far behind other developed countries on gender equality, ranking 114th out of 144 countries in the World Economic Forum’s latest Global Gender Gap report.
The divide is especially pronounced in the workplace. Women make up only 3.7 percent of board members at listed Japanese firms, compared with 16.4 in the United States and 27 percent in Germany.
But the Reuters poll shows awareness of sexual harassment has grown over the last year.
Thirty-nine percent of firms noted a shift in culture and awareness on the issue, with 7 percent citing a major change. Companies said they have expanded education, through improved e-learning and training of workers and executives.
“For senior staff, an old-fashioned attitude remains,” wrote a manager at a service sector company. “But recently consciousness has greatly increased, and they are becoming more aware of their actions.”
The Labour Ministry has also seen an uptick in the number of Japanese companies seeking government advice on sexual harassment policies since the Fukuda scandal, said Ryouko Awayama, who oversees policy on workplace harassment. FEW COME FORWARD
Since 1999, Japanese companies have been obliged by law to prevent and deal with sexual harassment via training, consultation channels and swift action after complaints.
Still, specialist lawyers told Reuters that many companies, although meeting their legal obligations, are too slow to respond to complaints and have failed to create environments where women who experience harassment feel able to speak out.
Only 14 percent of companies said they had received complaints of sexual harassment in the last year, the Reuters poll found.
Ikumi Sato, a lawyer who has trained companies on sexual harassment, said that concrete action following complaints was rare, and that there was a often a lack of redress for victims. That could discourage them from doing anything at all, she said.
“Even if there’s a system in place, they don’t make complaints,” Sato said. “Many claims simply don’t surface.” Reporting by Thomas Wilson; Editing by Gerry Doyle | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-japan-companies-harassment/in-corporate-japan-little-movement-on-harassment-policies-reuters-poll-idUKKCN1IP3U5 |
Wall St drops as healthcare slides, oil climbs 3:02pm BST - 01:12
Wall Street fell on Monday as healthcare stocks slid and rising oil prices and a looming deadline for exemptions to U.S. steel and aluminum tariffs weighed on investor sentiment. Fred Katayama reports.
Wall Street fell on Monday as healthcare stocks slid and rising oil prices and a looming deadline for exemptions to U.S. steel and aluminum tariffs weighed on investor sentiment. Fred Katayama reports. //reut.rs/2KsDX1d | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/01/wall-st-drops-as-healthcare-slides-oil-c?videoId=422736018 |
7 Hours Ago | 01:20
Researchers at MIT's Computer Science and Artificial Intelligence Laboratory (CSAIL) and the Senseable City Lab in the Department of Urban Studies and Planning (DUSP) have designed a fleet of 3D-printed autonomous boats. In the future, the driverless boats could eventually taxi people and deliver goods. The four-by-two meter boat can be printed in about 60 hours and is equipped with a power supply, Wi-Fi, GPS and a microcontroller. Its rectangular shape allows it to move sideways and attach itself to other boats. The goal is to eventually program the boats to self-assemble into larger structures, like floating docks and concert stages. MIT says they can also be equipped to monitor a city's water quality.It's part of the "Roboat" project, a collaboration between the MIT Senseable City Lab and the Amsterdam Institute for Advanced Metropolitan Solutions (AMS). In 2016, a prototype was tested within Amsterdam's canal system to provide research on how urban waterways can be used more efficiently. Researchers say the next step is to develop controllers that adapt to different water currents and conditions. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/mit-designed-self-driving-3d-printed-boats-that-could-reduce-traffic.html |
May 14 (Reuters) - Pure Industrial Real Estate Trust :
* PURE INDUSTRIAL REAL ESTATE TRUST QTRLY FFO PER UNIT $0.10
* PURE INDUSTRIAL REAL ESTATE TRUST QTRLY AFFO PER UNIT $0.09 Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-pure-industrial-real-estate-trust/brief-pure-industrial-real-estate-trust-qtrly-ffo-per-unit-0-10-idUSFWN1SL154 |
MUMBAI—Walmart Inc.’s battle with Amazon.com Inc. is heading to India.
Walmart is near a deal to invest around $15 billion for a roughly 75% stake in Flipkart Group, India’s largest e-commerce company, according to a person familiar with the matter. It would be a big bet by Walmart that India will be a source of growth at a time when Amazon is gaining ground in the country.
Flipkart,... | ashraq/financial-news-articles | https://www.wsj.com/articles/walmart-seeking-to-buy-stake-in-indian-e-commerce-giant-flipkart-1525437107 |
Trump tweets about 'Roseanne' cancellation 31 Mins Ago The "Squawk Alley" news team discusses President Trump's tweet about ABC's decision to cancel Roseanne Barr's namesake show after she took to Twitter with racist comments. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/trump-tweets-about-roseanne-cancellation.html |
ZURICH (Reuters) - Books for Swiss drugmaker Polyphor’s ( POLN.S ) initial public offering are already covered less than half way through the subscription period, two people familiar with the transaction said.
The company aims to raise 100-150 million Swiss francs ($100-150 million) in an all-primary offering.
It was too early to say where the issue price would be set, one of the sources said. The indicated price range is 30-40 francs per share.
Subscriptions close on May 14, with trade on the SIX Swiss Exchange set to start a day later.
($1 = 0.9971 Swiss francs)
Reporting by Oliver Hirt, Editing by Michael Shields
| ashraq/financial-news-articles | https://www.reuters.com/article/us-polyphor-ipo/books-for-polyphor-swiss-ipo-already-covered-sources-idUSKBN1I412P |
May 4 (Reuters) - Glencore Plc:
* STAKE IN ROSNEFT HELD BY GLENCORE-QIA CONSORTIUM
* REFERS TO ANNOUNCEMENT ON 16 OCTOBER 2017 CONCERNING CONSORTIUM’S AGREEMENT TO SELL TO CEFC CHINA ENERGY COMPANY LIMITED A 14.16% STAKE IN ROSNEFT
* SENT A NOTICE TO CEFC TO TERMINATE THAT AGREEMENT IN ACCORDANCE WITH ITS TERMS AND ACCORDINGLY THAT PROPOSED SALE WILL NO LONGER PROCEED
* GLENCORE - MEMBERS OF CONSORTIUM AGREED TO DISSOLVE CONSORTIUM ORIGINALLY PUT IN PLACE IN DECEMBER 2016 FOR PURPOSES OF ACQUIRING A 19.5% STAKE IN ROSNEFT
* CONSORTIUM HAS TODAY ENTERED INTO AN AGREEMENT TO TRANSFER A 14.16% STAKE IN ROSNEFT TO A WHOLLY OWNED SUBSIDIARY OF QIA
* CONSIDERATION FOR THE TRANSFER WILL TO BE USED FOR SETTLEMENT OF CONSORTIUM’S LIABILITIES
* AGREEMENT WILL BECOME EFFECTIVE ON 7 MAY 2018 * ON COMPLETION OF TRANSACTION, CONSORTIUM WILL BE WOUND UP AND MARGIN GUARANTEES PROVIDED BY GLENCORE WILL BE TERMINATED
* GLENCORE - AT COMPLETION, GLENCORE WILL RETAIN AN EQUITY STAKE IN ROSNEFT SHARES COMMENSURATE WITH ITS ORIGINAL EQUITY INVESTMENT ANNOUNCED IN JANUARY 2017
* GLENCORE - CONSIDERATION FOR TRANSACTION ATTRIBUTABLE TO GLENCORE’S INTEREST IN CONSORTIUM (BEING 50% OF CONSIDERATION FOR TRANSACTION) IS ABOUT EUR 3.7 BILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-glencore-says-consortium-sent-noti/brief-glencore-says-consortium-sent-notice-to-cefc-to-terminate-rosneft-stake-agreement-idUSFWN1SB18V |
May 3, 2018 / 4:33 AM / Updated 14 minutes ago Widow of dissident Liu Xiaobo is losing hope of leaving China, friend says Reuters Staff 3 Min Read
BEIJING (Reuters) - Liu Xia, the widow of China’s Nobel Peace Prize-winning dissident, Liu Xiaobo, is losing hope of leaving the country and says she may die there, a friend who recently spoke to her by telephone has said. FILE PHOTO: Liu Xia, wife of jailed Nobel Peace Prize Laureate Liu Xiaobo, looks out of a car window after a trial outside a court in the Huairou district of Beijing, China June 9, 2013. REUTERS/Petar Kujundzic/File Photo
Liu Xia, a poet and artist who suffers from depression, has effectively been under house arrest since her husband won the prize in 2010. Liu Xiaobo died in Chinese custody in July last year, after being denied permission to go abroad for treatment of advanced liver cancer.
Delayed talks between China and Western governments about the possibility of Liu Xia moving abroad have sparked fears in recent weeks that Beijing will not let her, a Western diplomat involved in the case told Reuters.
“Now I’ve got nothing to be afraid of. If I can’t leave, I’ll die in my home,” Liu Xia said on Monday in a telephone call with Liao Yiwu, a Chinese writer living in Germany.
Their conversation was quoted by Liao on Wednesday in an essay on chinachange.org, a blog that regularly publishes content from Chinese dissidents and activists.
“Using death to defy could not be any simpler for me,” Liu Xia said, according to the post.
Liao said he and other friends of Liu Xia had been making preparations for her to come to Germany and receive treatment.
Liao also released a recording of a previous telephone conversation from April 8, when he encouraged a weeping Liu Xia to keep up hope and continue applying to leave China.
Reuters was unable to reach Liu Xia for comment. China’s justice department and foreign ministry did not immediately respond to faxed requests for comment on Liao’s essay.
China has previously said that Liu Xia, as a private citizen, is free to do as she pleases and that the details of the case remain an internal affair.
In the past, Chinese dissidents have been allowed to leave the country and take up residence in a willing Western nation.
However, since coming to power in 2013, President Xi Jinping has presided over a sweeping campaign to quash dissent throughout Chinese society, detaining hundreds of rights activists and lawyers, with dozens jailed. Reporting by Christian Shepherd; Editing by Darren Schuettler | ashraq/financial-news-articles | https://in.reuters.com/article/china-rights/widow-of-dissident-liu-xiaobo-is-losing-hope-of-leaving-china-friend-says-idINKBN1I4094 |
May 18, 2018 / 4:03 PM / Updated 29 minutes ago Government proposal leaves markets gasping -- and Italians vaping Massimiliano Di Giorgio 2 Min Read
ROME (Reuters) - While Italy’s 5-Star Movement and League party left financial markets gasping on Friday with promises to raise government spending dramatically, users and producers of electronic cigarettes were breathing more easily. FILE PHOTO: E-cigarettes are displayed in a shop in downtown Rome, Italy February 27, 2015. REUTERS/Tony Gentile/File Photo
The parties’ 57-page “contract”, which is supposed to underpin a new coalition government, includes two lines promising to lower levies on smokeless cigarettes to the benefit of Italy’s 2 million e-smokers, and a business worth 350 million euros ($400 million) a year.
“Out with the tax on electronic cigarettes!” League leader Matteo Salvini said earlier this week in a video streamed on Facebook, before the program had been finalised. FILE PHOTO: Northern League's leader Matteo Salvini smokes a cigarette during an electoral rally in Palermo, Italy February 14, 2018. REUTERS/Guglielmo Mangiapane/File Photo
Salvini recently gave up smoking regular cigarettes, though he also has complained that he should not have tried to quit during the stressful government negotiations. FILE PHOTO: E-cigarettes are displayed in a shop in downtown Rome, Italy February 27, 2015. REUTERS/Tony Gentile/File Photo
Current taxation has doubled the cost of liquid refills for so-called vape pens to as much as 9 euros, an industry source told Reuters.
“The League listened to us,” said Gianluca Giorgetti, a supporter of the far-right party who owns Svapoart, a producer of liquids for electronic cigarettes. “Now this unjust tax must be eliminated.”
The euro, bonds and stocks all tumbled due to investors’ fears the contract will set Italy on a spending binge, increasing its already enormous debt pile and putting it on a collision course with European Union fiscal rules.
A new government could be finally take power next week after almost two months of stalemate following inconclusive elections.
The global science community is divided over e-cigarettes and whether or not they are a useful public health tool as a nicotine replacement therapy. Writing by Steve Scherer; editing by David Stamp | ashraq/financial-news-articles | https://uk.reuters.com/article/us-italy-politics-ecigarettes/government-proposal-leaves-markets-gasping-and-italians-vaping-idUKKCN1IJ252 |
5/10/2018 6:00AM Global Leaders on Technology and Automation Global executives speak to the Wall Street Journal about embracing and incorporating new technology and automation into their businesses—and how that could affect jobs in their industries. | ashraq/financial-news-articles | http://www.wsj.com/video/global-leaders-on-technology-and-automation/301C37D2-57ED-4163-9C51-C7C9E9312CBB.html |
Furthers Company’s Goal to Create Full Line of K-12 Blended Personalized Learning Solutions Aligned to State, and College and Career Readiness Standards Nationwide
SAN ANTONIO, Texas--(BUSINESS WIRE)-- Asteria Education, Inc., DBA ECS Learning Systems , the leading Integrated Standards Prep™ company and developer of STAAR MASTER, announced today the acquisition of Miami-based PREPWORKS , an international, award winning education technology company. The combination adds personalized learning to ECS Learning Systems’ approach to its test preparation offerings. It also expands PREPWORKS’ Learning Positioning System® (LPS), currently focused on seventh to twelfth grade End-of-Course Tests, into the critical developmental lower grades. By combining the strengths of both companies, ECS Learning Systems will offer a new kind of blended, personalized test preparation solution that aligns with rigorous State, and College and Career readiness standards.
Commenting on the transaction, ECS Learning Systems’ President and CEO David Cumberbatch, formerly of ACT, said, “Acquiring PREPWORKS allows us to expand ECS Learning Systems’ offerings into high school and the addition of LPS accelerates our mission to help all students achieve academic success harnessing the power of the latest educational technology. We will continue our investment in the industry-leading LPS computer adaptive learning platform, as we transform STAAR MASTER and TEST SMART® into our complete suite of K through 12 blended offerings.”
PREPWORKS’ Founder and CEO Tracy LaFlamme Ortega will join ECS Learning Systems as Chief Product Officer, and PREPWORKS Michael Penney will join ECS Learning Systems maintaining his role as CTO.
“We are proud to join the ECS Learning Systems family of education leaders and distinct brands,” said LaFlamme Ortega. “The combination enables both companies to reach our mutual goal of making learning easy and accessible through cutting-edge educational technology. PREPWORKS’ LPS facilitates the science of one-to-one learning by leveraging artificial intelligence that can personalize a student’s path through the curriculum. Together, our educational solutions can scale and continue to grow, providing all learners the opportunity for better academic achievement.”
ECS Learning Systems has also provided bilingual supplemental materials for Spanish-speaking students in Texas for over 20 years. Through the acquisition, ECS Learning Systems plans to continue to serve the national community of bilingual Hispanic students and hopes to expand the company’s efforts in the coming years.
Available immediately from ECS Learning Systems are the STAAR MASTER and TEST SMART® solutions for Grades 1 to 8 and PREPWORKS high school programs in PSAT, SAT, ACT, Algebra I, Geometry, Civics, Biology, and U.S. History. Additional core courses are in development.
About PREPWORKS®
Currently serving students across the U.S. and in 68 countries, the PREPWORKS’ model translates the science of one-to-one tutoring into an adaptive learning online platform. PREPWORKS and its adaptive learning technology, the Learning Positioning System® (LPS), has won more than 40 national awards, including the 2018 BESSIE Awards for Best College and Career Readiness, Algebra, Geometry, and Civics programs. LPS leverages artificial intelligence to personalize a student’s path through the curriculum and will become the platform for ECS Learning Systems’ adaptive, blended learning solutions across its product lines. Today, PREPWORKS’ LPS transforms the way students in Grades 6 through 12 learn and achieve improved results on high-stakes tests. It evaluates each student's starting position, by utilizing micro and macro assessments throughout a student’s program. PREPWORKS delivers learning activities targeted at each student’s strengths and weaknesses tracking student progress in real-time. LPS enables up to 281 trillion personalized learning paths across ACT, SAT, Algebra, Geometry, and Civics programs. The methodology has resulted in student improvement on precollege admissions tests, including the SSAT, ISEE, HSPT, PSAT, SAT, ACT, SAT, Subject Tests, and AP Exams. For End-of-Course Exams, students see an average increase of 29% in scores and an average improvement of 300 SAT points and 5 ACT points.
About ECS Learning Systems
ECS Learning Systems pioneered the Integrated Standards Prep™ approach in its quality education solutions that build core knowledge fully aligned to state standards and works to ensure students complete tests with confidence. Founded in 1982 in San Antonio, Texas, ECS Learning Systems is the Integrated Standards Prep company that helps almost half a million students annually with STAAR MASTER® , TEST SMART® , and NOVEL UNITS ®, and now P REPWORKS ®. Building on its strong presence in Texas with STAAR MASTER, the Company publishes proprietary supplemental test-prep materials nationally under the TEST SMART brand and literature guides under the NOVEL UNITS brand.
About STAAR MASTER®
STAAR MASTER is an Integrated Standards Preparation™ learning system of work texts and practice tests. It is designed to rigorously prepare students in grades 1 through 8 for the Texas Essential Knowledge and Skills (TEKS) standards and the State of Texas Assessments of Academic Readiness (STAAR) Tests. ECS Learning Systems utilizes the latest information provided by the Texas Education Agency (TEA) to create and annually maintain the highest degree of alignment to the standards with multiple levels of cognitive complexity. STAAR MASTER is a market leader in Texas and is used by almost half of Texas school districts.
For more information, visit www.ecslearningsystems.com or www.prepworks.com .
Connect with ECS Learning Systems:
Twitter https://twitter.com/ecslearn
Facebook https://www.facebook.com/ECSLearningSystems/
LinkedIn https://www.linkedin.com/company/ecs-learning-systems-inc./
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005788/en/
For ECS Learning Systems
Jan Jahosky, 407-331-4699
[email protected]
Source: ECS Learning Systems | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-ecs-learning-systems-developer-of-staar-mastera-acquires-prepworksa-to-create-industry-leading-adaptive-k-12-test-prep.html |
May 14, 2018 / 2:10 PM / Updated 5 hours ago PGA Fedex Cup FedEx Cup Rankings Reuters Staff 2 Min Read May 14 (OPTA) - The PGA Fedex Cup Rankings on May 13 Rnk Prv Total 1. (1) Justin Thomas (US) 1874 2. (2) Jason Day (Australia) 1533 3. (3) Phil Mickelson (US) 1348 4. (4) Patton Kizzire (US) 1329 5. (5) Patrick Reed (US) 1315 6. (6) Bubba Watson (US) 1292 7. (7) Dustin Johnson (US) 1228 8. (36) Webb Simpson (US) 1228 9. (8) Jon Rahm (Spain) 1144 10. (9) Tony Finau (US) 1118 11. (11) Justin Rose (England) 1069 12. (10) Paul Casey (England) 1047 13. (12) Andrew Landry (US) 1014 14. (13) Pat Perez (US) 1006 15. (14) Luke List (US) 1002 16. (16) Patrick Cantlay (US) 997 17. (19) Chesson Hadley (US) 983 18. (15) Brendan Steele (US) 977 19. (17) Bryson DeChambeau (US) 961 20. (18) Rickie Fowler (US) 920 21. (22) Alex Noren (Sweden) 882 22. (20) Brian Harman (US) 879 23. (21) Chez Reavie (US) 874 24. (25) Ian Poulter (England) 842 25. (23) Austin Cook (US) 821 | ashraq/financial-news-articles | https://in.reuters.com/article/golf-pga-rankings/pga-fedex-cup-fedex-cup-rankings-idINMTZXEE5EQ1UGLG |
ST. PAUL, Minn.--(BUSINESS WIRE)-- The Board of Directors, Finance Committee, of Deluxe Corporation (NYSE: DLX) declared a quarterly dividend of $0.30 per share on the Company’s outstanding common stock. The dividend will be payable on June 4, 2018 to shareholders of record as of the close of business on May 21, 2018.
About Deluxe Corporation
Deluxe is a growth engine for small businesses and financial institutions. Nearly 4.4 million small business customers access Deluxe's wide range of products and services, including customized checks and forms, as well as website development and hosting, email marketing, social media, search engine optimization and logo design. For our approximately 4,900 financial institution customers, Deluxe offers industry-leading programs in checks, data analytics and customer acquisition and treasury management solutions including fraud prevention and profitability. Deluxe is also a leading provider of checks and accessories sold directly to consumers. For more information, visit us at www.deluxe.com , www.facebook.com/deluxecorp or www.twitter.com/deluxecorp .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006256/en/
Deluxe Corporation
Edward A. Merritt, 651-787-1068
Treasurer and Vice President of Investor Relations
Source: Deluxe Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-deluxe-corporation-declares-dividend.html |
May 2 (Reuters) - Cwc Energy Services Corp:
* ANNOUNCES FIRST QUARTER 2018 RESULTS AND RECORD Q1 2018 REVENUE AND SERVICE RIG OPERATING HOURS
* QTRLY EARNINGS PER SHARE $0.00 * MANAGEMENT CONTINUES TO ACTIVELY PURSUE OPPORTUNITIES TO CONSOLIDATE THE NORTH AMERICAN DRILLING AND WELL SERVICING INDUSTRY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cwc-energy-services-corp-reports-q/brief-cwc-energy-services-corp-reports-q1-rev-c48-9-mln-idUSASC09ZAM |
Flight path for U.S. drones without Amazon, DJI Wednesday, May 09, 2018 - 01:47
The Transportation Department on Wednesday announced 10 drone projects that will be part of a pilot program to test a much larger range of flights than is currently allowed. But Amazon and China's DJI aren't on any winning tickets. ▲ Hide Transcript ▶ View Transcript
The Transportation Department on Wednesday announced 10 drone projects that will be part of a pilot program to test a much larger range of flights than is currently allowed. But Amazon and China's DJI aren't on any winning tickets. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KNGbss | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/09/flight-path-for-us-drones-without-amazon?videoId=425394019 |
MOSCOW (Reuters) - Russian Olympic Committee president Alexander Zhukov will not run for re-election when his term ends on May 29, TASS news agency cited him as saying on Wednesday.
Zhukov’s presidency coincided with a turbulent time for Russian sport as a doping scandal led to the country being banned from February’s Winter Olympics in South Korea, with some Russian athletes able to compete only under a neutral flag.
“In the current complicated situation in international sport it is very important that the head of the Russian Olympic Committee (ROC) can work in the ROC full-time,” Zhukov, who is also a lawmaker in Russia’s lower house of parliament, was cited as saying.
“I am unable to do that at the moment due to my heavy workload in parliament,” the 61-year-old, who has led the Russian Olympic Committee since 2010, reportedly added.
Allegations that Russia carried out a widespread doping cover-up scheme at the 2014 Sochi Winter Olympics led to suspensions from subsequent Games and a string of investigations by the International Olympic Committee (IOC) and the World Anti-Doping Agency (WADA).
Russian authorities acknowledged transgressions have taken place but have repeatedly denied the existence of a systematic state-sponsored doping program.
Writing by Polina Ivanova; Editing by Christian Radnedge
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-olympics/russian-olympic-committee-chair-will-not-run-for-re-election-tass-idUSKBN1I3141 |
VANCOUVER, British Columbia, May 22, 2018 /PRNewswire/ --
Future Farm Technologies Inc. (the "Company" or "Future Farm") ( CSE: FFT ) ( OTCQX: FFRMF ) is pleased to provide an update with respect to its planned Florida application to cultivate cannabis at its 10-acre operating greenhouse in Apopka.
Future Farm has retained the services of two strategic consultants, Michael Minardi and Brett Puffenbarger, to assist with its application to the Florida Department of Health. The goal is to submit the application after the newly released application form is made final. The Florida Department of Public Health has not stated when that will occur. There is a public hearing on the proposed new form scheduled for May 24, 2018.
Michael Minardi, Esq. is an experienced Florida cannabis law attorney. He has counseled other applicants who successfully received licenses. Attorney Minardi is the campaign manager of Regulate Florida, part of the NORML legal committee, and serves as a board member of The Silver Tour, Minorities 4 Medical Marijuana and The Florida Cannabis Action Network. He is also a board member and legal director of NORML Florida.
Brett Puffenbarger is a consultant to companies in the cannabis industry with extensive knowledge, contacts, and resources in all facets of the cannabis industry, from education to activism, extraction equipment to compliance. He is also a Marine Corps veteran. Mr. Puffenbarger has acted as General Manager of Florida's first dispensary and has been trained in cannabis business operations and software such as Biotrack THC, LightShade, and CultureED. Mr. Puffenbarger founded The Cannabis Consort and Professor Cannabis in order to provide patients, doctors, dispensaries and secondary market companies with the most up to date and easy to understand information regarding all aspects of the cannabis industry.
"Our team already had a good start to the application, but we are excited to have the guidance and local expertise that Mike and Brett bring to our efforts," states Bill Gildea, Future Farm's CEO.
Florida now has over 100,000 registered medical cannabis patients. The Florida Office of Medical Marijuana Use is currently processing over 2,000 applications per week and it is expected that the number will continue to grow significantly over the next few years. Much of that projected growth is believed to be due to the large number of retirees residing in Florida. Analysts have also predicted that the Florida cannabis market will grow to be second largest in the United States after California, which in the last quarter of 2017 represented 34% percent of legal cannabis sales in the US. Combined legal cannabis sales for Colorado, Washington and Oregon in the same period were 41% of the US total.
While it prepares to file the application, Future Farm continues to operate and develop its 10-acre greenhouse in Apopka, Florida, which sells ornamental flowers to large retailers nationwide. The greenhouse is in a designated legal grow zone with proximity to Orlando, which has a local population of almost 2.5 million and attracts over 62 million visitors annually, making it a prime location.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, Chairman and CEO
About Future Farm Technologies Inc.
Future Farm is a Canadian company with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. The Company's mission is to advance sustainable agriculture through production of wholesale and retail cannabis products, including hemp. As a leader in its field, Future Farm is committed to using only the highest quality processes and products. Towards this goal, the Company acquires or partners with licensed cannabis operators, and acquires or develops leading technologies in cannabis production, breeding, genetics, and Controlled Environment Agriculture (CEA). Future Farm's scalable, indoor CEA systems utilize minimal land, water and energy resources. The Company holds an exclusive, worldwide license to use a patented vertical farming technology that, when compared to traditional plant production methods, generates yields up to 10 times greater per square foot of land.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
F or further information, contact:
William Gildea
Director
+(888)387-3761
SOURCE Future Farm Technologies Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-future-farm-hires-consultants-for-florida-application-to-cultivate-cannabis.html |
From the abstract of a 2018 scholarly paper published in the Journal of Youth Development:
Camp staff have hope that summer camp plays a role in helping youth bridge differences. . . . This study draws on prior school research and critical Whiteness studies to examine race-evasiveness among camp staff. Grounded theory analysis resulted... | ashraq/financial-news-articles | https://www.wsj.com/articles/notable-quotable-whiteness-at-summer-camp-1525302556 |
Tyler O’Neill homered for the third straight game and Miles Mikolas hurled his first career shutout Monday night as the St. Louis Cardinals blanked the hapless Kansas City Royals 6-0 at Busch Stadium in St. Louis.
In becoming the first Cardinal pitcher to start 6-0 since Allen Watson did it 25 years ago, Mikolas allowed only four hits and walked one while fanning nine. Mikolas, who threw 77 of his 109 pitches for strikes, has issued only six walks in 60 1/3 innings over nine starts.
O’Neill, who cracked his first big league homer on Saturday and then walloped his second on Sunday, capped a four-run third inning with a towering three-run shot into the St. Louis bullpen in right-center field. The 388-foot blast scored Jose Martinez and Marcell Ozuna.
Ozuna started the scoring before O’Neill’s blast, poking an RBI single to right to end an 0-for-23 skid. Ozuna, who got a day off Sunday after starting the first 43 games, added another hit in the fifth and scored on O’Neill’s double into the left field corner that made it 5-0.
Carpenter topped off the Cardinals’ 10-hit attack in the seventh with a leadoff homer to right, his fourth of the year. Carpenter enjoyed his second straight three-hit game, raising his average to .210. He was batting an MLB-worst .140 entering Wednesday’s game.
Shortstop Greg Garcia left the contest for the Cardinals with lower-back tightness after hitting a single in the sixth. He was replaced by pinch runner Yairo Munoz.
Ian Kennedy (1-5) absorbed the loss for Kansas City, yielding nine hits and five runs over 5 2/3 innings with one walk and five strikeouts. Kennedy fell to 3-7 in his career against St. Louis, with an ERA of more than 7.00, and has allowed 12 homers in 56 2/3 innings when facing the Cardinals.
Kansas City’s best chance to touch Mikolas came in the first when it got consecutive two-out singles from Mike Moustakas and Salvador Perez. But Mikolas bounced back to fan Whit Merrifield, ending the first by striking out the side.
The night went downhill from there for the Royals, who are 14-33 and have been outscored by an American League-worst 90 runs.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-stl-kc-recap/cardinals-mikolas-improves-to-6-0-with-shutout-of-royals-idUSMTZEE5M40300D |
'Goosebumps!' Fans elated at royal wedding glitz 2:35pm EDT - 01:48
Tens of thousands of people gather outside Windsor Castle to watch the glitzy wedding of Prince Harry and Meghan Markle. Rosanna Philpott reports.
Tens of thousands of people gather outside Windsor Castle to watch the glitzy wedding of Prince Harry and Meghan Markle. Rosanna Philpott reports. //reut.rs/2IuqoRC | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/19/goosebumps-fans-elated-at-royal-wedding?videoId=428481431 |
May 15, 2018 / 2:44 AM / Updated 18 minutes ago Thieves suck millions out of Mexican banks in transfer heist Michael O'Boyle 3 Min Read
MEXICO CITY (Reuters) - Thieves siphoned hundreds of millions of pesos out of Mexican banks, including No. 2 Banorte, by creating phantom orders that wired funds to bogus accounts and promptly withdrew the money, two sources close to the government’s investigation said. FILE PHOTO: A sign of Banorte bank is pictured at its headquarters in Monterrey, Mexico, December 5, 2017. REUTERS/Daniel Becerril
Hackers sent hundreds of false orders to move amounts ranging from tens of thousands to hundreds of thousands of pesos from banks including Banorte, to fake accounts in other banks, the sources said, and accomplices then emptied the accounts in cash withdrawals in dozens of branch offices.
One source said the thieves transferred more than 300 million pesos (11.4 million pounds). Daily newspaper El Financiero said about 400 million pesos had been stolen in the hack, citing an anonymous source.
It was not clear how much of the money transferred was later withdrawn in cash. Some of the attempts to fraudulently transfer funds were blocked, the sources said.
Mexico’s central bank Governor Alejandro Diaz de Leon told journalists late Monday that the attack on the payment system was unprecedented and that he hoped that measures being taken would stop future incidents.
“There’s no evidence that would allow us to say with certainty that this is over,” he said. “We’re taking corrective and mitigating action.”
Diaz de Leon declined to name banks or confirm amounts stolen, but said the central bank is still investigating what happened.
He later said in a radio interview that all the evidence, which is so far only partial, pointed to a cyberattack. Lorenza Martinez, head of Banxico’s payment system, told Reuters on Friday that five institutions saw “unauthorised transfers.”
Inter-bank transfers slowed in later April, feeding worries that Latin America’s second biggest economy could be the latest victim in a global wave of cyber attacks.
Hackers may have had help inside bank branches, since such big cash withdrawals are uncommon, one source said. “In terms of the security of the bank’s offices, I think that is part of the analysis that each bank is doing,” Martinez said.
He said that the central bank’s SPEI interbank transfer system was not compromised but that the problem had to do with software developed by institutions or third-party providers to connect to the payment system.
Many banks have migrated to an alternate, slower technology to connect to the payment system, she said.
A Banorte spokeswoman declined to answer questions from Reuters on Monday, and pointed to a May 9 statement from the bank that said clients’ deposits were not affected by the “incident.”
Mexico’s SPEI system is a domestic network similar to the SWIFT global messaging system that moves trillions of dollars each day. Hackers have used SWIFT connections to attack banks around the world.
The central bank also said that no clients had been affected so far. Martinez said that the transfers hit accounts of financial institutions in the central bank. Reporting by Michael O'Boyle; Editing by Lisa Shumaker and Darren Schuettler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mexico-cyber/thieves-suck-millions-out-of-mexican-banks-in-transfer-heist-idUKKCN1IF1X9 |
NEW YORK--(BUSINESS WIRE)-- A committee of the board of directors (the “Board”) of Sierra Income Corporation (“SIC”) has approved a decrease in its public offering price from $8.15 per share to $8.00 per share.
The decrease in SIC’s public offering price is effective as of SIC’s May 11, 2018 closing and first applied to subscriptions received from April 6, 2018 through May 10, 2018. The change in offering price reflects the updated NAV per share.
If SIC continues to experience underlying portfolio fluctuations, the Board may further increase or decrease the per share offering price of its shares of common stock for its future weekly closings, pursuant to SIC’s pricing policy included in its prospectus which requires a price update if NAV per share fluctuates more than 2.5% from net offering price per share. SIC has not yet determined that a further adjustment to the newly-established offering price of $8.00 per share will be necessary. In the event SIC determines to adjust its public offering price, a separate announcement will be issued.
About Sierra Income Corporation
Sierra is a non-traded business development company that invests primarily in first lien senior secured debt, second lien secured debt and, to a lesser extent, subordinated debt of middle market companies in a broad range of industries with annual revenue between $50 million and $1 billion. Sierra’s investment objective is to generate current income, and to a lesser extent, long-term capital appreciation. Sierra is externally managed by SIC Advisors LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. For additional information, please visit Sierra Income Corporation at www.sierraincomecorp.com .
About SIC Advisors LLC
SIC Advisors LLC is an affiliate of Medley Management Inc. (NYSE: MDLY) (“Medley”). Medley is an alternative asset management firm offering yield solutions to retail and institutional investors. Medley’s national direct origination franchise, with over 75 people, is a premier provider of capital to the middle market in the U.S. Medley has over $5 billion of assets under management in two business development companies, Medley Capital Corporation (NYSE: MCC) (TASE: MCC) and Sierra Income Corporation, a credit interval fund, Sierra Total Return Fund (NASDAQ: SRNTX) and several private investment vehicles. Over the past 15 years, we have provided capital to over 400 companies across 35 industries in North America 1 . For additional information, please visit Medley Management Inc. at www.mdly.com .
Medley LLC, the operating company of Medley Management Inc., has outstanding bonds which trade on the New York Stock Exchange under the symbols (NYSE:MDLX) and (NYSE:MDLQ). Medley Capital Corporation is dual-listed on the New York Stock Exchange (NYSE:MCC) and the Tel Aviv Stock Exchange (TASE: MCC) and has outstanding bonds which trade on both the New York Stock Exchange under the symbols (NYSE:MCV), (NYSE:MCX) and the Tel Aviv Stock Exchange under the symbol (TASE: MCC.B1).
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Sierra believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Sierra undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in Sierra’s expectations.
This is not an offer or a solicitation of an offer to buy any securities of Sierra Income Corporation. Such an offer can be made only by means of a prospectus. A copy of the prospectus can be obtained by visiting www.sierraincomecorp.com . This is a speculative security and as such, involves a high degree of risk.
1 Medley Management Inc. is the parent company of Medley LLC and several registered investment advisors (collectively,”Medley”). Assets under management refers to assets of our funds, which represents the sum of the net asset value of such funds, the drawn and undrawn debt (at the fund level, including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). Assets under management are as of December 31, 2017.
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or
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Source: Sierra Income Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-sierra-income-corporation-decrease-in-public-offering-price.html |
Quarterly loss of $0.05 per share Quarterly earnings from operations 1 of $0.17 per share Quarterly GAAP combined ratio of 102.6 Return on equity of (1.0)% Book value per share of $19.90
COLUMBUS, Ohio--(BUSINESS WIRE)-- State Auto Financial Corporation (NASDAQ:STFC) today reported a first quarter 2018 net loss of $2.1 million, or $0.05 per diluted share, compared to net loss of $3.3 million, or $0.08 per diluted share, for the same 2017 period. Net earnings from operations per diluted share for the first quarter 2018 was $0.17 versus net loss from operations per diluted share of $0.20 for the same 2017 period.
GAAP Operating Results
STFC’s GAAP combined ratio for the first quarter 2018 was 102.6 compared to 108.7 for the same 2017 period. Catastrophe losses during the first quarter 2018 accounted for 3.1 points of the 67.4 total loss ratio points, or $9.8 million, versus 10.8 points of the total 73.7 loss ratio points, or $34.3 million, for the same period in 2017. Non-catastrophe losses and ALAE during the first quarter 2018 included 5.1 points of favorable development relating to prior years, or $16.0 million, versus 1.5 points of favorable development, or $4.8 million, for the same period in 2017.
Net written premium for the first quarter 2018 decreased 4.8% compared to the same period in 2017. By insurance segment, net written premium for the personal and commercial segments increased 22.4% and 7.4%, respectively, and the specialty segment decreased 80.9%. The increase in the personal segment was primarily due to rate actions taken to improve the profitability in personal auto and a higher level of new business policies for the first quarter 2018 compared to the first quarter 2017. The increase in the commercial segment was primarily driven by a higher level of new business production from middle market commercial package, workers’ compensation, and farm & ranch during the first quarter 2018 compared to the first quarter 2017. The decline in the specialty insurance segment was primarily driven by our decision to exit specialty business.
SAP Personal and Commercial Operating Results
The SAP personal and commercial segments combined ratio 2 for the first quarter 2018 was 101.4% compared to 107.9% for the same 2017 period. Catastrophe losses during the first quarter 2018 accounted for 3.7 points of the total 66.5 loss ratio points, or $9.8 million, versus 12.5 points of the total 73.1 points or $32.1 million for the same period in 2017. Non-catastrophe loss and ALAE during the first quarter 2018 included 6.0 points of favorable development relating to prior years, or $16.3 million, versus 2.1 points or $5.3 million, for the same period in 2017.
Book Value and Return on Equity
STFC’s book value was $19.90 per share as of March 31, 2018 as compared to $20.63 3 on December 31, 2017. The decrease was driven by the market value of our investment portfolio. Return on stockholders’ equity for the 12 months ended March 31, 2018, was (1.0)% compared to 1.7% for the 12 months ended March 31, 2017.
STFC’s Chairman, President and CEO Mike LaRocco commented on the quarter as follows:
“Our journey continues and we’re making terrific progress. The personal and commercial segments combined ratio for the first quarter was 101.4%, an improvement of 6.5 points, largely driven by personal and commercial auto, homeowners, middle market, workers’ compensation and farm & ranch. Our go forward products are once again growing, up over 15% from first quarter 2017.
“I could not be more proud of our agents and associates. Over the last three years we’ve taken them through a significant amount of change. They embraced the change, helped make us better, and now we’re all reaping the benefits. We know a great deal of work remains ahead of us, but rather than just fixing problems, we have more capacity to focus on improvements that will get us to consistent profitability and growth. Our digital strategy allows us to implement changes quickly. We know what’s left to be done; we have actions in place to make corrections where needed, and I’m confident we’ll see continued improvement.
“We’ve completed the plan to exit our specialty segment and all of our lines will be in run-off by June 1. This is a positive step forward for State Auto, as we’re now a simpler and more focused company. Our digital strategy and our commitment to agents is clear and aligned with our go forward products. We believe that our intermediated distribution and digital strategy make us unique in the market. As a result, we have significant opportunities ahead. The last few quarters, including first quarter 2018, demonstrate that our potential is being realized.
“State Auto is now a very different company: a digital company that’s committed to the independent agency channel. Buying a policy from us is similar to any online purchase. In our industry, that’s quite unique, and customers are responding by trusting us with their business. Our progress to date is motivating us to deliver even greater progress in the months ahead.”
About State Auto Financial Corporation
State Auto Financial Corporation, headquartered in Columbus, Ohio, is a super regional property and casualty insurance holding company and is proud to be a Trusted Choice® company partner. STFC stock is traded on the NASDAQ Global Select Market, which represents the top fourth of all NASDAQ listed companies.
The insurance subsidiaries of State Auto Financial Corporation are part of the State Auto Group. The State Auto Group markets its insurance products throughout the United States, through independent insurance agencies, which include retail agencies and wholesale brokers. The State Auto Group is rated A- (Excellent) by the A.M. Best Company and includes State Automobile Mutual, State Auto Property & Casualty, State Auto Ohio, State Auto Wisconsin, Milbank, Meridian Security, Patrons Mutual, Rockhill Insurance, Plaza Insurance, American Compensation and Bloomington Compensation. Additional information on State Auto Financial Corporation and the State Auto Insurance Companies can be found online at http://www.StateAuto.com/STFC .
1 Net earnings (loss) from operations, a non-GAAP financial measure which management believes is informative to Company management and investors, differs from GAAP net income (loss) only by the exclusion of net investment gain (loss), net of applicable taxes, on investment activity for the periods being reported. For STFC, this amounted to loss of $0.22 per diluted share for the first quarter 2018 versus income of $0.12 per diluted share for the first quarter 2017.
2 Insurance industry regulators require STFC's insurance subsidiaries to report their financial condition and results of operations using Statutory Accounting Practices ("SAP"). The SAP personal and commercial segments combined ratio is a measure used by management to evaluate STFC’s operating performance for its ongoing operations. Details behind the compilation of these results can be found on page 19 of this release.
3 The first quarter of 2017 results have been restated to correct an error discovered during the first quarter of 2018 relating to the calculation of deferred acquisition costs (DAC) along with making other adjustments not previously recorded relating to that same time period. Although the error was immaterial to STFC’s previously issued financial statements, the cumulative correction would have a material effect on the 2018 financial statements. Accordingly, prior period amounts throughout this release have been adjusted to incorporate the revised amounts, where applicable. Please refer to our quarterly report on Form 10-Q for the quarterly period ending March 31, 2018 for further information.
STFC has scheduled a conference call with interested investors for Tuesday, May 8, at 11 a.m. ET to discuss the Company’s first quarter 2018 performance. Live and archived broadcasts of the call can be accessed at http://www.StateAuto.com/STFC . A replay of the call can be heard beginning at 2 p.m., May 8, by calling 855-859-2056, conference ID 9788379. Supplemental schedules detailing the Company’s first quarter 2018 financial, sales and underwriting results are made available on http://www.StateAuto.com/STFC prior to the conference call.
Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in State Auto Financial's Form 10-K and Form 10-Q reports and exhibits to those reports, and include (but are not limited to) legislative changes at both the state and federal level, state and federal regulatory rule making promulgations and adjudications, class action litigation involving the insurance industry and judicial decisions affecting claims, policy coverages and the general costs of doing business, the impact of competition on products and pricing, inflation in the costs of the products and services insurance pays for, product development, geographic spread of risk, weather and weather-related events, and other types of catastrophic events. State Auto Financial undertakes no obligation to update or revise any forward-looking statements.
STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
Selected Consolidated Financial Data ($ in millions, except per share amounts) (unaudited) Three months ended March 31 2018 2017 3 Net premiums written $ 292.2 $ 306.9 Earned premiums 314.9 318.1 Net investment income 19.9 18.7 Net investment (loss) gain (11.7 ) 7.8 Other income 0.6 0.5 Total revenue 323.7 345.1 Loss before federal income taxes (3.3 ) (4.0 ) Federal income tax benefit (1.2 ) (0.7 ) Net loss $ (2.1 ) $ (3.3 ) Loss per common share: - basic $ (0.05 ) $ (0.08 ) - diluted $ (0.05 ) $ (0.08 ) Earnings (loss) per share from operations (A) : - basic $ 0.17 $ (0.20 ) - diluted $ 0.17 $ (0.20 ) Weighted average shares outstanding: - basic 42.6 41.9 - diluted 42.6 41.9 Return on average equity (LTM) (1.0 )% 1.7 % Book value per share $ 19.90 $ 21.38 Dividends paid per share $ 0.10 $ 0.10 Total shares outstanding 42.7 41.9 GAAP ratios: Cat loss and ALAE ratio 3.1 10.8 Non-cat loss and LAE ratio 64.3 62.9 Loss and LAE ratio 67.4 73.7 Expense ratio 35.2 35.0 Combined ratio 102.6 108.7 (A) Reconciliation of non-GAAP financial measure: Net income (loss) from operations: Net loss $ (2.1 ) $ (3.3 ) Net investment (loss) gain, net of tax (9.2 ) 5.1 Net income (loss) from operations $ 7.1 $ (8.4 ) STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets ($ and shares in millions, except per share amounts) (unaudited) March 31 December 31 2018 2017 3 ASSETS Fixed maturities, available-for-sale, at fair value (amortized cost $2,199.0 and $2,173.1, respectively) $ 2,181.6 $ 2,192.8 Equity securities 350.2 365.3 Other invested assets 55.5 56.0 Other invested assets, at cost 5.6 5.6 Notes receivable from affiliate 70.0 70.0 Total investments 2,662.9 2,689.7 Cash and cash equivalents 60.9 91.5 Accrued investment income and other assets 40.4 36.5 Deferred policy acquisition costs 105.1 110.3 Reinsurance recoverable on losses and loss expenses payable 2.1 3.1 Prepaid reinsurance premiums 6.4 6.4 Current federal income taxes 5.7 4.8 Net deferred federal income taxes 66.6 58.8 Property and equipment, net 7.2 7.3 Total assets $ 2,957.3 $ 3,008.4 LIABILITIES Losses and loss expenses payable $ 1,247.6 $ 1,255.6 Unearned premiums 589.2 611.8 Notes payable (affiliates $15.2 and $15.2, respectively) 122.1 122.1 Pension and postretirement benefits 63.6 64.5 Due to affiliate 11.8 2.7 Other liabilities 73.9 76.7 Total liabilities 2,108.2 2,133.4 STOCKHOLDERS' EQUITY Common stock, without par value. Authorized 100.0 shares; 49.5 and 49.2 shares issued, respectively, at stated value of $2.50 per share
123.8 123.0 Treasury stock, 6.8 and 6.8 shares, respectively, at cost (116.9 ) (116.8 ) Additional paid-in capital 180.3 171.8 Accumulated other comprehensive (loss) income (48.8 ) 36.7 Retained earnings 710.7 660.3 Total stockholders' equity 849.1 875.0 Total liabilities and stockholders' equity $ 2,957.3 $ 3,008.4 STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Income ($ in millions, except per share amounts) (unaudited) Three months ended March 31 2018 2017 3 Earned premiums $ 314.9 $ 318.1 Net investment income 19.9 18.7 Net investment (loss) gain (11.7 ) 7.8 Other income from affiliates 0.6 0.5 Total revenues 323.7 345.1 Losses and loss expenses 212.3 234.3 Acquisition and operating expenses 110.8 111.5 Interest expense 1.6 1.4 Other expenses 2.3 1.9 Total expenses 327.0 349.1 Loss before federal income taxes (3.3 ) (4.0 ) Federal income tax benefit (1.2 ) (0.7 ) Net loss $ (2.1 ) $ (3.3 ) Loss per common share: Basic $ (0.05 ) $ (0.08 ) Diluted $ (0.05 ) $ (0.08 ) Dividends paid per common share $ 0.10 $ 0.10 STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income ($ in millions) (unaudited) Three months ended March 31 2018 Net loss $ (2.1 ) Other comprehensive income, net of tax: Net unrealized holding losses on fixed maturities: Unrealized holding losses (36.7 ) Reclassification adjustments for losses realized in net income (0.4 ) Income tax benefit 7.8 Total net unrealized holding losses on fixed maturities (29.3 ) Net unrecognized benefit plan obligations: Reclassification adjustments for amortization to statements of income: Prior service credit (1.4 ) Net actuarial loss 2.2 Income tax expense (0.2 ) Total net unrecognized benefit plan obligations 0.6 Other comprehensive loss (28.7 ) Comprehensive loss $ (30.8 ) Consolidated Statements of Comprehensive Income
($ in millions) (unaudited) Three months ended March 31 2017 3 Net loss $ (3.3 ) Other comprehensive income, net of tax: Net unrealized holding gains on investments: Unrealized holding gains 30.8 Reclassification adjustments for gains realized in net income (7.8 ) Income tax expense (8.0 ) Total net unrealized holding gains on investments 15.0 Net unrecognized benefit plan obligations: Reclassification adjustments for amortization to statements of income: Prior service credit (1.4 ) Net actuarial loss 2.1 Income tax expense (0.3 ) Total net unrecognized benefit plan obligations 0.4 Other comprehensive income 15.4 Comprehensive income $ 12.1 STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statement of Stockholders' Equity ($ and shares in millions) (unaudited) Three Months Ended Year Ended March 31 December 31 2018 2017 3 Common shares: Balance at beginning of year 49.2 48.6 Issuance of shares 0.3 0.6 Balance at period ended 49.5 49.2 Treasury shares: Balance at beginning of year (6.8 ) (6.8 ) Balance at period ended (6.8 ) (6.8 ) Common stock: Balance at beginning of year $ 123.0 $ 121.6 Issuance of shares 0.8 1.4 Balance at period ended 123.8 123.0 Treasury stock: Balance at beginning of year $ (116.8 ) $ (116.5 ) Shares acquired on stock award exercises and vested restricted shares (0.1 ) (0.3 ) Balance at beginning of year and period ended (116.9 ) (116.8 ) Additional paid-in capital: Balance at beginning of year $ 171.8 $ 159.9 Issuance of common stock 6.2 8.8 Stock awards granted 2.3 3.1 Balance at period ended 180.3 171.8 Accumulated other comprehensive income: Balance at beginning of the year $ 36.7 $ 32.5 Cumulative effect of change in accounting for equity securities and other
invested assets and reclassification of stranded tax effects as of January 1, 2018
(56.8 ) — Adjusted beginning balance at January 1, 2018 (20.1 ) — Change in unrealized losses on available-for-sale investments, net of tax (29.3 ) 3.2 Change in unrecognized benefit plan obligations, net of tax 0.6 1.0 Balance at period ended (48.8 ) 36.7 Retained earnings: Balance at beginning of year $ 660.3 $ 687.9 Cumulative effect of change in accounting for equity securities and other
invested assets and reclassification of stranded tax effects as of January 1, 2018
56.8 — Adjusted beginning balance at January 1, 2018 717.1 — Net loss (2.1 ) (10.7 ) Cash dividends paid (4.3 ) (16.9 ) Balance at period ended 710.7 660.3 Total stockholders' equity at period ended $ 849.1 $ 875.0 STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flow ($ in millions) (unaudited) Three months ended March 31 2018 2017 3 Cash flows from operating activities: Net loss $ (2.1 ) $ (3.3 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation and amortization, net 2.9 3.1 Share-based compensation — 1.7 Net investment (loss) gain 11.7 (7.8 ) Changes in operating assets and liabilities: Deferred policy acquisition costs 5.2 5.8 Accrued investment income and other assets (3.8 ) (0.5 ) Postretirement and pension benefits (0.3 ) (2.9 ) Other liabilities and due to/from affiliates, net 6.3 (14.0 ) Reinsurance recoverable on losses and loss expenses payable and prepaid reinsurance premiums 1.0 (1.1 ) Losses and loss expenses payable (8.0 ) 35.7 Unearned premiums (22.6 ) (11.3 ) Federal income taxes (1.0 ) (0.9 ) Net cash (used in) provided by operating activities (10.7 ) 4.5 Cash flows from investing activities: Purchases of fixed maturities available-for-sale (99.0 ) (120.5 ) Purchases of equity securities (61.5 ) (39.0 ) Purchases of other invested assets (0.5 ) (0.2 ) Maturities, calls and pay downs of fixed maturities available-for-sale 55.5 54.1 Sales of fixed maturities available-for-sale 15.3 50.7 Sales of equity securities 65.1 47.6 Sales of other invested assets 0.3 0.3 Net cash used in investing activities (24.8 ) (7.0 ) Cash flows from financing activities: Proceeds from issuance of common stock 9.3 1.5 Payments to acquire treasury stock (0.1 ) (0.2 ) Payment of dividends (4.3 ) (4.3 ) Net cash provided by (used in) financing activities 4.9 (3.0 ) Net decrease in cash and cash equivalents (30.6 ) (5.5 ) Cash and cash equivalents at beginning of period 91.5 51.1 Cash and cash equivalents at end of period $ 60.9 $ 45.6 Supplemental disclosures:
Interest paid (affiliates $0.2 and $0.2, respectively) $ 1.6 $ 1.4 STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
Fixed Maturities ($ in millions, at fair value) unaudited March 31 December 31 2018 % 2017 % Fixed Maturities: U.S. treasury securities and obligations of U.S. government agencies $ 410.9 18.8 % $ 436.9 19.9 % Obligations of states and political subdivisions 507.2 23.2 % 525.8 24.0 % Corporate securities 509.8 23.5 % 529.7 24.2 % U.S. government agencies mortgage-backed securities 753.7 34.5 % 700.4 31.9 % Total fixed maturities $ 2,181.6 100.0 % $ 2,192.8 100.0 % Ratings Quality* AAA $ 57.7 2.6 % $ 56.0 2.6 % AA** 1,338.8 61.4 % 1,329.6 60.5 % A 430.5 19.7 % 450.1 20.5 % BBB 350.5 16.1 % 352.7 16.2 % Below investment grade 4.1 0.2 % 4.4 0.2 % Total fixed maturities $ 2,181.6 100.0 % $ 2,192.8 100.0 % TIPS, at fair value $ 147.4 $ 155.8 TIPS, at amortized cost $ 140.7 $ 146.5 Obligations of states and political subdivisions: By type of bond State general obligations $ 13.6 2.7 % $ 13.9 2.6 % Local general obligations 83.2 16.4 % 85.0 16.2 % Revenue bonds 281.1 55.4 % 303.8 57.8 % Pre Refunded bonds 50.4 9.8 % 40.2 7.6 % Other 78.9 15.7 % 82.9 15.8 % Total $ 507.2 100.0 % $ 525.8 100.0 % Top 10 States Top 10 States New York $ 78.1 15.4 % New York $ 78.1 14.9 % Texas 53.5 10.5 % Texas 53.5 10.2 % Ohio 49.4 9.7 % Ohio 50.6 9.6 % Washington 47.7 9.4 % Washington 49.2 9.4 % Georgia 26.1 5.1 % Georgia 26.7 5.1 % North Carolina 23.0 4.5 % North Carolina 23.5 4.5 % Nevada 20.2 4.0 % Nevada 20.8 4.0 % Maryland 17.7 3.5 % Maryland 18.0 3.4 % Dist of Columbia 17.6 3.5 % Dist of Columbia 17.9 3.4 % Louisiana 17.1 3.4 % Louisiana 17.4 3.3 % Ratings Quality* AAA $ 38.6 7.6 % $ 36.6 7.0 % AA** 302.6 59.7 % 318.2 60.5 % A 156.3 30.8 % 161.1 30.6 % BBB 9.7 1.9 % 9.9 1.9 % Total $ 507.2 100.0 % $ 525.8 100.0 % *Based on ratings by nationally recognized rating agencies. All ratings exclude credit enhancements. **The AA rating category includes securities which have been either pre-refunded or escrowed to maturity. STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
Net Investment Income ($ in millions) unaudited 3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018 Quarter to Date Gross investment income: Fixed maturities $ 14.6 $ 14.2 $ 14.8 $ 14.5 $ 15.0 TIPS 1.2 1.7 0.6 1.6 1.1 Total fixed maturities 15.8 15.9 15.4 16.1 16.1 Equity securities 1.7 2.0 2.0 4.8 2.5 Other 1.5 1.5 1.6 1.7 1.7 Total gross investment income 19.0 19.4 19.0 22.6 20.3 Less: Investment expenses 0.3 0.3 0.3 0.3 0.4 Net investment income $ 18.7 $ 19.1 $ 18.7 $ 22.3 $ 19.9 Year to Date Gross investment income: Fixed maturities $ 14.6 $ 28.8 $ 43.6 $ 58.1 $ 15.0 TIPS 1.2 2.9 3.5 5.1 1.1 Total fixed maturities 15.8 31.7 47.1 63.2 16.1 Equity securities 1.7 3.7 5.7 10.5 2.5 Other 1.5 3.0 4.6 6.3 1.7 Total gross investment income 19.0 38.4 57.4 80.0 20.3 Less: Investment expenses 0.3 0.6 0.9 1.2 0.4 Net investment income $ 18.7 $ 37.8 $ 56.5 $ 78.8 $ 19.9 3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018 TIPS, fair value $ 171.9 $ 170.7 $ 153.5 $ 155.8 $ 147.4 TIPS, book value $ 162.3 $ 163.4 $ 145.5 $ 146.5 $ 140.7 STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
Income Taxes ($ in millions) unaudited The following table sets forth the tax effects of temporary differences that give rise to significant portions of deferred tax assets
and deferred tax liabilities at March 31, 2018 and December 31, 2017:
March 31
December 31
2018
2017 3
Deferred tax assets: Unearned premiums not currently deductible $ 24.6 $ 25.5 Losses and loss expenses payable discounting
11.6
22.0 Postretirement and pension benefits
13.4
13.6 Net unrealized holding losses on investments
3.7
— Realized loss on other-than-temporary impairment
2.2
2.1 Other liabilities
8.8
9.2 Net operating loss carryforward
29.9
34.3 Tax credit carryforwards
2.7
3.7 Other
—
2.5 Total deferred tax assets
96.9
112.9 Deferred tax liabilities: Deferral of policy acquisition costs
22.1
23.1 Net unrealized holding gains on investments
—
20.3 Other
8.2
10.7 Total deferred tax liabilities
30.3
54.1 Net deferred federal income taxes $ 66.6 $ 58.8 The following table sets forth the federal income tax expense components for the three months ended March 31: 2018
2017 3
Loss before federal income taxes $ (3.3 ) $ (4.0 ) Federal income tax benefit: Current
(1.0 )
(0.1 ) Deferred
(0.2 )
(0.6 ) Total federal income tax benefit
(1.2 )
(0.7 ) Net loss $ (2.1 ) $ (3.3 ) STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
SAP Personal Insurance Segment Results unaudited ($ in millions) Three months ended March 31, 2018 Personal Auto Homeowners Other Personal Total Net written premiums $ 101.9 $ 54.3 $ 5.5 $ 161.7 Net earned premiums 93.5 57.9 4.9 156.3 Losses and LAE incurred: Cat loss and ALAE 0.1 4.7 0.4 5.2 Non-cat loss and ALAE Prior accident years non-cat loss and ALAE (4.0 ) (2.8 ) 0.2 (6.6 ) Current accident year non-cat loss and ALAE 66.9 28.4 2.0 97.3 Total non-cat loss and ALAE 62.9 25.6 2.2 90.7 Total Loss and ALAE 63.0 30.3 2.6 95.9 ULAE 5.0 4.0 0.3 9.3 Total Loss and LAE 68.0 34.3 2.9 105.2 Underwriting expenses 28.9 18.2 2.3 49.4 Net underwriting (loss) gain $ (3.4 ) $ 5.4 $ (0.3 ) $ 1.7 Cat loss and ALAE ratio 0.1 % 8.2 % 7.9 % 3.4 % Non-cat loss and ALAE ratio Prior accident years non-cat loss and ALAE ratio (4.3 )% (4.8 )% 4.8 % (4.2 )% Current accident year non-cat loss and ALAE ratio 71.6 % 49.0 % 40.9 % 62.2 % Total non-cat loss and ALAE ratio 67.3 % 44.2 % 45.7 % 58.0 % Total Loss and ALAE ratio 67.4 % 52.4 % 53.6 % 61.4 % ULAE ratio 5.2 % 6.9 % 5.2 % 5.9 % Total Loss and LAE ratio 72.6 % 59.3 % 58.8 % 67.3 % Expense ratio 28.4 % 33.6 % 42.5 % 30.6 % Combined ratio 101.0 % 92.9 % 101.3 % 97.9 % ($ in millions)
Three months ended March 31, 2017 Personal Auto 3 Homeowners Other Personal Total 3 Net written premiums $ 82.6 $ 45.2 $ 4.2 $ 132.0 Net earned premiums 83.2 55.5 4.9 143.6 Losses and LAE incurred: Cat loss and ALAE 3.2 18.0 1.0 22.2 Non-cat loss and ALAE Prior accident years non-cat loss and ALAE (0.6 ) 2.8 0.1 2.3 Current accident year non-cat loss and ALAE 56.4 20.1 1.5 78.0 Total non-cat loss and ALAE 55.8 22.9 1.6 80.3 Total Loss and ALAE 59.0 40.9 2.6 102.5 ULAE 4.7 4.7 0.5 9.9 Total Loss and LAE 63.7 45.6 3.1 112.4 Underwriting expenses 23.6 15.5 1.6 40.7 Net underwriting (loss) gain $ (4.1 ) $ (5.6 ) $ 0.2 $ (9.5 ) Cat loss and ALAE ratio 3.9 % 32.5 % 18.9 % 15.4 % Non-cat loss and ALAE ratio Prior accident years non-cat loss and ALAE ratio (0.7 )% 5.1 % 1.0 % 1.6 % Current accident year non-cat loss and ALAE ratio 67.8 % 36.1 % 33.0 % 54.3 % Total non-cat loss and ALAE ratio 67.1 % 41.2 % 34.0 % 55.9 % Total Loss and ALAE ratio 70.9 % 73.7 % 52.9 % 71.4 % ULAE ratio 5.6 % 8.5 % 9.0 % 6.9 % Total Loss and LAE ratio 76.6 % 82.2 % 61.9 % 78.2 % Expense ratio 28.7 % 34.3 % 38.6 % 30.9 % Combined ratio 105.3 % 116.5 % 100.5 % 109.2 % STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
SAP Commercial Insurance Segment Results unaudited ($ in millions) Three months ended March 31, 2018 Commercial
Auto
Small
Commercial
Package
Middle
Market
Commercial
Workers'
Comp
Farm &
Ranch
Other
Commercial
Total Net written premiums $ 18.6 $ 30.4 $ 28.7 $ 24.4 $ 11.5 $ 4.5 $ 118.1 Net earned premiums 18.4 30.4 28.1 22.8 11.0
4.2 114.9 Losses and LAE incurred: Cat loss and ALAE — 3.2 1.5 — (0.1 ) — 4.6 Non-cat loss and ALAE Prior accident years non-cat loss and ALAE (3.5 ) (0.5 ) (5.5 ) (2.3 ) 0.3 1.8 (9.7 ) Current accident year non-cat loss and ALAE 12.4 18.2 21.5 15.1 4.2 2.0
73.4 Total non-cat loss and ALAE 8.9 17.7 16.0
12.8 4.5 3.8 63.7 Total Loss and ALAE 8.9 20.9 17.5 12.8 4.4 3.8 68.3 ULAE 1.2 1.3 1.5 2.3 0.3 0.3 6.9 Total Loss and LAE 10.1 22.2 19.0
15.1 4.7 4.1 75.2 Underwriting expenses 8.1 13.8 11.3 8.0
4.8 2.0
48.0
Net underwriting gain (loss) $ 0.2 $ (5.6 ) $ (2.2 ) $ (0.3 ) $ 1.5 $ (1.9 ) $ (8.3 ) Cat loss and ALAE ratio — % 10.7 % 5.2 % — % (0.5 )% (0.1 )% 4.1 % Non-cat loss and ALAE ratio Prior accident years non-cat loss and ALAE ratio (18.9 )% (1.5 )% (19.7 )% (10.0 )% 2.9 % 42.0
% (8.4 )% Current accident year non-cat loss and ALAE ratio 67.2 % 59.4 % 76.9 % 66.2 % 37.4 % 49.7 % 63.7 % Total non-cat loss and ALAE ratio 48.3 % 57.9 % 57.2 % 56.2 % 40.3 % 91.7 % 55.3 % Total Loss and ALAE ratio 48.3 % 68.6 % 62.4 % 56.2 % 39.8 % 91.6 % 59.4 % ULAE ratio 6.3 % 4.2 % 5.3 % 9.8 % 3.0
% 7.2 % 6.0
% Total Loss and LAE ratio 54.6 % 72.8 % 67.7 % 66.0
% 42.8 % 98.8 % 65.4 % Expense ratio 43.8 % 45.4 % 39.6 % 33.1 % 41.7 % 42.8 % 40.7 % Combined ratio 98.4 % 118.2 % 107.3 % 99.1 % 84.5 % 141.6 % 106.1 % STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
($ in millions) Three months ended March 31, 2017 Commercial
Auto
Small
Commercial
Package
Middle
Market
Commercial
Workers'
Comp
Farm &
Ranch
Other
Commercial
Total Net written premiums $ 18.4 $ 30.5 $ 25.8 $ 21.7 $ 9.9 $ 3.8 $ 110.1 Net earned premiums 19.5 31.3 27.0
21.5 9.4 4.3 113.0
Losses and LAE incurred: Cat loss and ALAE 0.3 4.1 3.1 — 2.4 — 9.9 Non-cat loss and ALAE Prior accident years non-cat loss and ALAE (1.5 ) (2.0 ) 1.0
(1.9 ) — (3.2 ) (7.6 ) Current accident year non-cat loss and ALAE 14.4 15.7 16.0
14.6 3.5 2.1 66.3 Total non-cat loss and ALAE 12.9 13.7 17.0
12.7 3.5 (1.1 ) 58.7 Total Loss and ALAE 13.2 17.8 20.1 12.7 5.9 (1.1 ) 68.6 ULAE 1.1 0.9 1.6 2.2 0.7 0.2 6.7 Total Loss and LAE 14.3 18.7 21.7 14.9 6.6 (0.9 ) 75.3 Underwriting expenses 7.6 13.3
10.0
6.9 3.6 2.0
43.4 Net underwriting (loss) gain $ (2.4 ) $ (0.7 ) $ (4.7 ) $ (0.3 ) $ (0.8 ) $ 3.2 $ (5.7 ) Cat loss and ALAE ratio 1.6 % 13.0
% 11.6 % — % 25.6 % — % 8.8 % Non-cat loss and ALAE ratio Prior accident years non-cat loss and ALAE ratio (7.8 )% (6.5 )% 3.8 % (8.7 )% (0.3 )% (72.7 )% (6.7 )% Current accident year non-cat loss and ALAE ratio 73.8 % 50.5 % 59.3 % 67.6 % 37.7 % 47.2 % 58.6 % Total non-cat loss and ALAE ratio 66.0
% 44.0
% 63.1 % 58.9 % 37.4 % (25.5 )% 51.9 % Total Loss and ALAE ratio 67.6 % 57.0
% 74.7 % 58.9 % 63.0
% (25.5 )% 60.7 % ULAE ratio 6.1 % 2.8 % 5.7 % 10.3 % 7.1 % 4.8 % 6.0
% Total Loss and LAE ratio 73.7 % 59.8 % 80.4 % 69.2 % 70.1 % (20.7 )% 66.7 % Expense ratio 41.2 % 43.5 % 38.5 % 31.9 % 36.6 % 51.7 % 39.3 % Combined ratio 114.9 % 103.3 % 118.9 % 101.1 % 106.7 % 31.0
% 106.0
% STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
SAP Personal & Commercial Insurance Segment Results ($ in millions) unaudited YTD 2018 YTD 2017 3 Net written premiums $ 279.8 $ 242.2 Net earned premiums 271.2 256.7 Losses and LAE incurred: Cat loss and ALAE 9.8 32.1 Non-cat loss and ALAE Prior accident years non-cat loss and ALAE (16.3 ) (5.3 ) Current accident year non-cat loss and ALAE 170.7 144.3 Total non-cat loss and ALAE 154.4 139.0
Total Loss and ALAE 164.2 171.1 ULAE 16.2 16.6 Total Loss and LAE 180.4 187.7 Underwriting expenses 97.4 84.1 Net underwriting loss $ (6.6 ) $ (15.2 ) Cat loss and ALAE ratio 3.7 % 12.5 % Non-cat loss and ALAE ratio Prior accident years non-cat loss and ALAE ratio (6.0 )% (2.1 )% Current accident year non-cat loss and ALAE ratio 62.9 % 56.2 % Total non-cat loss and ALAE ratio 56.9 % 54.1 % Total Loss and ALAE ratio 60.6 % 66.6 % ULAE ratio 5.9 % 6.5 % Total Loss and LAE ratio 66.5 % 73.1 % Expense ratio 34.9 % 34.8 % Combined ratio 101.4 % 107.9 % STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
SAP Specialty Insurance Segment Results unaudited ($ in millions) Three months ended March 31, 2018 E&S Property E&S Casualty Programs Total Net written premiums $ (2.7 ) $ 15.3 $ (0.2 ) $ 12.4 Net earned premiums 6.2 25.4 12.1 43.7 Losses and LAE incurred: Cat loss and ALAE 0.2 — (0.2 ) — Non-cat loss and ALAE Prior accident years non-cat loss and ALAE (0.2 ) 1.9 (1.4 ) 0.3 Current accident year non-cat loss and ALAE 2.5 18.6 8.9 30.0
Total non-cat loss and ALAE 2.3 20.5 7.5 30.3 Total Loss and ALAE 2.5 20.5 7.3 30.3 ULAE 0.1 1.1 1.0
2.2 Total Loss and LAE 2.6 21.6 8.3 32.5 Underwriting expenses 2.0
6.3 1.3 9.6 Net underwriting gain (loss) $ 1.6 $ (2.5 ) $ 2.5 $ 1.6 Cat loss and ALAE ratio 2.8 % — % (1.6 )% (0.1 )% Non-cat loss and ALAE ratio Prior accident years non-cat loss and ALAE ratio (4.0 )% 7.6 % (11.7 )% 0.7 % Current accident year non-cat loss and ALAE ratio 41.7 % 73.1 % 73.5 % 68.7 % Total non-cat loss and ALAE ratio 37.7 % 80.7 % 61.8 % 69.4 % Total Loss and ALAE ratio 40.5 % 80.7 % 60.2 % 69.3 % ULAE ratio 1.2 % 4.1 % 8.8 % 5.0
% Total Loss and LAE ratio 41.7 % 84.8 % 69.0
% 74.3 % Expense ratio (73.9 )% 41.1 % (508.0 )% 77.2 % Combined ratio (32.2 )% 125.9 % (439.0 )% 151.5 % ($ in millions)
Three months ended March 31, 2017 E&S Property 3 E&S Casualty Programs 3 Total 3 Net written premiums $ 9.2 $ 26.7 $ 28.9 $ 64.8 Net earned premiums 11.0
23.3 27.2 61.5 Losses and LAE incurred: Cat loss and ALAE 2.1 — 0.1 2.2 Non-cat loss and ALAE Prior accident years non-cat loss and ALAE 0.4 (0.2 ) 0.3 0.5 Current accident year non-cat loss and ALAE 2.9 17.6 21.7 42.2 Total non-cat loss and ALAE 3.3 17.4 22.0
42.7 Total Loss and ALAE 5.4 17.4 22.1 44.9 ULAE (0.4 ) 1.0
1.4 2.0
Total Loss and LAE 5.0
18.4 23.5 46.9 Underwriting expenses 4.8 9.6 8.4 22.8 Net underwriting gain (loss) $ 1.2 $ (4.7 ) $ (4.7 ) $ (8.2 )
Cat loss and ALAE ratio 19.5 % (0.1 )% 0.4 % 3.6 %
Non-cat loss and ALAE ratio Prior accident years non-cat loss and ALAE ratio 4.0
% (0.8 )% 1.1 % 0.9 %
Current accident year non-cat loss and ALAE ratio 25.7 % 75.4 % 79.8 % 68.5 %
Total non-cat loss and ALAE ratio 29.7 % 74.6 % 80.9 % 69.4 %
Total Loss and ALAE ratio 49.2 % 74.5 % 81.3 % 73.0
%
ULAE ratio (3.4 )% 4.3 % 5.4 % 3.4 %
Total Loss and LAE ratio 45.8 % 78.8 % 86.7 % 76.4 %
Expense ratio 52.1 % 35.9 % 28.8 % 35.0
%
Combined ratio 97.9 % 114.7 % 115.5 % 111.4 %
STATE AUTO FINANCIAL CORPORATION AND SUBSIDIARIES
SAP Insurance Segment Results ($ in millions) unaudited YTD 2018 YTD 2017 3 Net written premiums $ 292.2 $ 306.9 Net earned premiums 314.9 318.1 Losses and LAE incurred: Cat loss and ALAE 9.8 34.3 Non-cat loss and ALAE Prior accident years non-cat loss and ALAE (16.0 ) (4.8 ) Current accident year non-cat loss and ALAE 200.7 186.5 Total non-cat loss and ALAE 184.7 181.7 Total Loss and ALAE 194.5 216.0
ULAE 18.4 18.6 Total Loss and LAE 212.9 234.6 Underwriting expenses 107.0
106.9 Net underwriting loss $ (5.0 ) $ (23.4 ) Cat loss and ALAE ratio 3.1 % 10.8 % Non-cat loss and ALAE ratio Prior accident years non-cat loss and ALAE ratio (5.1 )% (1.5 )% Current accident year non-cat loss and ALAE ratio 63.8 % 58.6 % Total non-cat loss and ALAE ratio 58.7 % 57.1 % Total Loss and ALAE ratio 61.8 % 67.9 % ULAE ratio 5.8 % 5.9 % Total Loss and LAE ratio 67.6 % 73.8 % Expense ratio 36.7 % 34.8 % Combined ratio 104.3 % 108.6 % The following table provides a reconciliation of our statutory underwriting results to GAAP consolidated income before federal income taxes for the first quarters ended March 31:
($ millions) YTD 2018 YTD 2017 3 Segment income (loss) before federal income taxes: Insurance segments: Personal insurance SAP underwriting gain (loss) 1.7 $ (9.5 ) Commercial insurance SAP underwriting (loss) gain (8.3 ) (5.7 ) Specialty insurance SAP underwriting loss 1.6 (8.2 ) Total insurance segments (5.0 ) (23.4 ) Investment operations segment: Net investment income 19.9 18.7 Net Investment (loss) gain (11.7 ) 7.8 Total investment operations segment 8.2 26.5 All other segments income 0.1 0.1 Reconciling items: GAAP adjustments (4.0 ) (4.9 ) Interest expense on corporate debt (1.6 ) (1.4 ) Corporate expenses (1.0 ) (0.9 ) Total reconciling items (6.6 ) (7.2 ) Total consolidated income before federal income taxes $ (3.3 ) $ (4.0 )
View source version on businesswire.com: https://www.businesswire.com/news/home/20180508005603/en/
State Auto Financial Corporation
Media:
Kyle Anderson, 614-917-5497
[email protected]
or
Investors:
Tara Shull, 614-917-4478
[email protected]
Source: State Auto Financial Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-state-auto-financial-reports-first-quarter-2018-results.html |
May 11 (Reuters) - Itron Inc:
* ITRON INC FILES FOR NON-TIMELY 10-Q - SEC FILING
* ITRON INC SAYS ANTICIPATED THAT THE QUARTERLY REPORT ON FORM 10-Q WILL BE FILED ON OR BEFORE MAY 15 Source text : [ bit.ly/2IfgpM1 ] Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-itron-inc-files-for-non-timely-10/brief-itron-inc-files-for-non-timely-10-q-idUSFWN1SI0KZ |
* Euro struggles near $1.18 mark
* Dollar rise leaves Yen at weakest since January
* Emerging market currencies suffer more falls
* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh (Adds Quote: , updates figures)
By Tom Finn
LONDON, May 18 (Reuters) - The euro was headed on Friday for its fifth successive weekly decline versus the dollar, in what would be a first for the currency since 2015, as political uncertainty in Italy worried investors.
The euro has slumped six cents from more than $1.24 in the space of three weeks after a huge dollar rally and amid concerns about the demands of populist parties likely to form Italy’s next government.
The far-right League and 5-Star Movement have agreed on a governing accord that would slash taxes and ramp up welfare spending.
Ratings agency DBRS warned on Thursday that the economic proposals of the anti-establishment parties could threaten Italy’s sovereign credit rating.
The euro on Friday hovered near a five-month low of $1.1763. It has declined nearly 1.2 percent versus the dollar this week and fallen sharply against the Swiss franc, which typically attracts capital in times of uncertainty.
“The possibility of a eurosceptic government in Rome is shaking investor confidence ... at this point a larger fiscal deficit and greater bond issuance [in Italy] does seem likely,” said David Madden, a strategist at CMC Markets.
A founding member of the EU and the euro, Italy accounts for 15.4 percent of Eurozone GDP and the parties’ hostility toward the European Union stance is the biggest challenge to the bloc since Britain voted to leave two years ago.
Still, some investors have played down the broader impact on the euro and questioned whether the Italian parties will really follow through on such plans.
Only five percent of Italian government bonds are held by non-EU residents, making the chances of a massive flight of capital unlikely.
A powerful rally by the dollar is also hurting the euro.
On Friday the greenback edged higher against the yen and set a fresh four-month high, buoyed by a further rise in U.S. Treasury yields that suggests an upbeat outlook for the world’s largest economy.
The dollar’s index against a basket of six major currencies stood at 93.570 and briefly surpassed a five-month high of 93.632 set earlier this week.
The dollar has risen 5 percent since mid-February and investors are betting that U.S. interest rates will need to rise further to curb inflation.
That has forced investors who took big positions against the dollar anticipating it would fall in 2018 to rush to unwind and cover their positions, pushing the greenback even higher.
“We continue to anticipate dollar gains,” Hans Redeker, global head of currency strategy at Morgan Stanley in London, said in a note.
“Global growth divergence is continuing, with US retail sales and industrial production contrasting with growth weakness in Europe and Japan,” he said.
In a note to clients, strategists at Citibank also said the dollar rally would not last long.
The U.S. budget deficit, which is projected to balloon to more than $1 trillion in 2019, they said, would contribute to a drop of 5 percent in the dollar index over the next 12 months. (Editing by Richard Balmforth)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-euro-headed-for-fifth-successive-weekly-decline-as-italy-concerns-persist-idUSL5N1SP3G6 |
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